View
13
Download
1
Category
Preview:
DESCRIPTION
primaire
Citation preview
Reacutefeacuterentielde compeacutetencesdu cours de religion
islamique
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ampRXUVGH5HOLJLRQVODPLTXH
5pIpUHQWLHOGH ampRPSpWHQFHV
0DL
6RPPDLUH
QWURGXFWLRQJpQpUDOH
ampDGUHOpJDOHWVWUXFWXUHO
8QFRXUVVSpFLILTXHHQPLOLHXVFRODLUH
8QHDSSURFKHEDVpHVXUOXQLFLWpGHLHX
8QHDSSURFKHKLVWRULTXH
8QHDSSURFKHSRXUXQDYHQLUFRPPXQ
8QHGpPDUFKHYRORQWDULVWH
HVREMHFWLIVJpQpUDX[SDUGHJUp
$ 3UHPLHUGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HX[LqPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
amp 7URLVLqPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HVWKqPHVDERUGpV
HVPDFURVFRPSpWHQFHV
$ ampRQVWUXLUHVDSHUVRQQDOLWpGRQQHUXQVHQVjVDYLH
6paraRXYULUDXPRQGH
amp 6paraHQJDJHUHWVparaLQYHVWLUGHPDQLqUHUHVSRQVDEOH
)DLUHXQHOHFWXUHGQDPLTXHHWVQWKpWLTXHGHODSHQVpHLVODPLTXH
9 HVFRPSpWHQFHV7HUPLQDOHV
$UWLFXODWLRQGHVFRPSpWHQFHVWHUPLQDOHVHWGLVFLSOLQDLUHV
qPH GHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
qPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HUGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
9 6HQVGHVFRPSpWHQFHVGLVFLSOLQDLUHVDXVHFRQGDLUHHWDXSULPDLUH
HVFRPSpWHQFHVGLVFLSOLQDLUHVGXqPHGHJUpVHFRQGDLUH
ampRPSpWHQFHVGLVFLSOLQDLUHVGXqPHGHJUp
ampRPSpWHQFHVGLVFLSOLQDLUHVSRXUOHHU GHJUp FRPSpWHQFHVVRFOHV
HX[LqPHpWDSHGHOparaHQVHLJQHPHQWSULPDLUH
3UHPLqUHpWDSHGHOparaHQVHLJQHPHQWSULPDLUH
5HSqUHVSpGDJRJLTXHV
9ampRPSpWHQFHVWUDQVYHUVDOHVDXSULPDLUHHWDXVHFRQGDLUH
9ampRPSpWHQFHVFRPPXQHVjFRQVWUXLUHGDQVOHFDGUHGparaDFWLYLWpVGHUHQFRQWUH
HWGHFROODERUDWLRQHQWUHFRXUVGHUHOLJLRQ
$QWURGXFWLRQ
ampampDGUHGparaDSSOLFDWLRQ
ampRPSpWHQFHVjWUDYDLOOHUGDQVOHVDFWLYLWpVFRPPXQHV
ampRXUVGH5HOLJLRQVODPLTXH 5pIpUHQWLHOGHampRPSpWHQFHV
Ǥ plusmnplusmnͳǤ plusmn
D ampRPPXQDXWp )UDQoDLVH RUJDQLVH XQ HQVHLJQHPHQW TXL HVW QHXWUH D QHXWUDOLWp
LPSOLTXH QRWDPPHQW OH UHVSHFW GHV FRQFHSWLRQV SKLORVRSKLTXHV LGpRORJLTXHV RX
UHOLJLHXVHVGHVSDUHQWVHWGHVpOqYHV
HV pFROHV RUJDQLVpHV SDU OHV SRXYRLUV SXEOLFV RIILFLHOV RIIUHQW MXVTXparaj OD ILQ GH
OparaREOLJDWLRQVFRODLUHILQGHOparaHQVHLJQHPHQWVHFRQGDLUHOHFKRL[HQWUHOparaHQVHLJQHPHQW
GparaXQHGHVUHOLJLRQVUHFRQQXHVHWFHOXLGHODPRUDOHQRQFRQIHVVLRQQHOOH$UWHU
paraHQVHLJQHPHQW UHOLJLHX[GLVSHQVpGDQV OHV UpVHDX[GparaHQVHLJQHPHQWRIILFLHOSUpVHQWH
GHV VSpFLILFLWpV LQVFULWHV GDQV XQ FDGUH OpJDO UpJL SDU OHVpFUHWV TXL GpILQLVVHQW OHV
PLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWHWODQHXWUDOLWpLQKpUHQWHjFHWHQVHLJQHPHQW
4XHOTXHVH[WUDLWV HpFUHWGpILQLVVDQW OHVPLVVLRQVSULRULWDLUHVGH OparaHQVHLJQHPHQW IRQGDPHQWDOHW
GH OparaHQVHLJQHPHQWVHFRQGDLUHHW OHV VWUXFWXUHVSURSUHVj OHVDWWHLQGUH MXLOOHW
ampHGHUQLHUDDVVLJQpTXDWUHPLVVLRQVSULRULWDLUHVjOparapFROHDUWLFOH pYHORSSHUODSHUVRQQHGHFKDTXHpOqYH 5HQGUHOHVMHXQHVDSWHVjSUHQGUHXQHSODFHDFWLYHGDQVODYLHpFRQRPLTXHVRFLDOHHW
FXOWXUHOOH HV SUpSDUHU j rWUH GHV FLWRHQV UHVSRQVDEOHV GDQV XQH VRFLpWp GpPRFUDWLTXH
VROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHVFXOWXUHV$VVXUHUjWRXVGHVFKDQFHVpJDOHVGparapPDQFLSDWLRQVRFLDOH
HpFUHWGpILQLVVDQWODQHXWUDOLWpGHOparaHQVHLJQHPHQWPDUV
paraDUWLFOHVWLSXOH TXH
DQVOHVpWDEOLVVHPHQWVGHQVHLJQHPHQWRUJDQLVp SDUODampRPPXQDXWpOHVIDLWVVRQW
H[SRVpVHWFRPPHQWpVTXHFHVRLWRUDOHPHQWRXSDU pFULWDYHFODSOXVJUDQGH
REMHFWLYLWpSRVVLEOHODYpULWpHVWUHFKHUFKpHDYHFXQHFRQVWDQWHKRQQrWHWp
LQWHOOHFWXHOOHODGLYHUVLWpGHVLGpHVHVWDFFHSWpHOHVSULWGHWROpUDQFHHVWGpYHORSSpHW
FKDFXQHVWSUpSDUpjVRQUOHGHFLWRHQUHVSRQVDEOHGDQVXQHVRFLpWpSOXUDOLVWH
ϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
HpFUHWRUJDQLVDQWODQHXWUDOLWpLQKpUHQWHjOparaHQVHLJQHPHQWRIILFLHO
VXEYHQWLRQQp HWSRUWDQWGLYHUVHVPHVXUHVHQPDWLqUHGparaHQVHLJQHPHQWGpFHPEUH
SUpFLVHTXpara copyDXFXQHYpULWpQparaHVWLPSRVpHDX[pOqYHVFHX[FLpWDQWHQFRXUDJpVj
UHFKHUFKHUHWjFRQVWUXLUHOLEUHPHQWODOHXU ordf FKDSHU$UW
8QFDGUHOpJDOHWLQVWLWXWLRQQHOSRXUODSURPRWLRQGXWUDYDLOFRPPXQ
HpFUHWPLVVLRQVOHpFUHWFUpDQWOHampRQVHLO6XSpULHXUGHV FRXUVSKLORVRSKLTXHVHW
OHpFUHWFLWRHQQHWpFUpHQWGHVHVSDFHVGHUHQFRQWUHVGparapFKDQJHVGHGLVFXVVLRQVHW
GparaHQJDJHPHQW
HpFUHWampRQVHLOGHVFRXUVSKLORVRSKLTXHV 0
$UWHUOHVWFUppDXSUqVGXRXYHUQHPHQWGHODampRPPXQDXWpIUDQoDLVHXQampRQVHLOFRQVXOWDWLI
VXSpULHXUGHVFRXUVSKLORVRSKLTXHVFLDSUqVGpQRPPpcopyOHFRQVHLOordf
HFRQVHLODSRXUPLVVLRQ
GHIRUPXOHUWRXWHVSURSRVLWLRQVUHODWLYHVDX[RSSRUWXQLWpVGparapFKDQJHVGHVDYRLUVHWGHSUDWLTXHV
HQWUHOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHV
GHIRUPXOHUGDQVOHUHVSHFWGHVVSpFLILFLWpVGHFKDFXQHWGDQVOHFDGUHGXGpFUHWPLVVLRQVWRXWHV
SURSRVLWLRQV VXVFHSWLEOHV GparaHQFRXUDJHU OH GLDORJXH HQWUH OHV GLIIpUHQWHV UHOLJLRQV UHFRQQXHV HW OH
FRXUVGHPRUDOHQRQFRQIHVVLRQQHOOHHWGHSURPRXYRLUOHVYDOHXUVFRPPXQHV
GH IRUPXOHU FRQIRUPpPHQW DX GpFUHW WRXW DYLV VXU OparaRUJDQLVDWLRQ GparaDFWLYLWpV RUJDQLVpHV
FRQMRLQWHPHQWSDUOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHVDXWRXUGHWKqPHVIL[pVSDUOHFRQVHLO
GH IRUPXOHU WRXW DYLV VXU OD SUpVHQFH GparaLQLWLDWLRQ j OD GpPDUFKH SKLORVRSKLTXH HW VXU
OparaLQWURGXFWLRQGparapOpPHQWVGHSKLORVRSKLHHWGparaKLVWRLUHFRPSDUpHGHVUHOLJLRQVGDQVFKDFXQGHVFRXUV
SKLORVRSKLTXHV WHO TXH UHFRQQX SDU OD ORL GX PDL FRPSULV Oj R XQ VHXO FRXUV
FRUUHVSRQGDQWDXFDUDFWqUHFRQIHVVLRQQHOGHOparaHQVHLJQHPHQWHVWRUJDQLVp
pFUHWUHODWLIDXUHQIRUFHPHQWGHOpGXFDWLRQjODFLWRHQQHWpUHVSRQVDEOHHWDFWLYHDXVHLQGHVpWDEOLVVHPHQWVRUJDQLVpVRXVXEYHQWLRQQpVSDUODampRPPXQDXWpIUDQoDLVH
0$UWLFOH HUH FKHIGpWDEOLVVHPHQWGDQVOHQVHLJQHPHQWRUJDQLVpSDUODampRPPXQDXWp
IUDQoDLVHRXOH3RXYRLURUJDQLVDWHXUGDQVOHQVHLJQHPHQWVXEYHQWLRQQpYHLOOHjFHTXLOVRLWpODERUp
HWPLVHQdegXYUHDXPRLQVXQHIRLVGXUDQWFKDTXHFFOHGXFRQWLQXXPSpGDJRJLTXHGpILQL jODUWLFOH
HUGXGpFUHWcopy0LVVLRQVordfHWDXPRLQVXQHIRLVGXUDQWFKDTXHGHJUpGHV+XPDQLWpVJpQpUDOHVHW
WHFKQRORJLTXHVRXGHV+XPDQLWpVSURIHVVLRQQHOOHVHWWHFKQLTXHVWHOTXHGpILQLHVDX[FKDSLWUHV9HW9
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϳ
GXGpFUHWcopy0LVVLRQVordfXQHDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQ
SRXUXQHFLWRHQQHWpUHVSRQVDEOHHWDFWLYH
3DUDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQSRXUXQH
FLWRHQQHWpUHVSRQVDEOHHWDFWLYHLODOLHXGHQWHQGUHDXVHQVGXSUpVHQWGpFUHWXQHDFWLYLWp
UHTXpUDQWODPLVHHQdegXYUHGHFRPSpWHQFHVUHOHYDQWGDXPRLQVGHX[GLVFLSOLQHVGLIIpUHQWHVHWYLVDQW
jSURPRXYRLUODFRPSUpKHQVLRQGHOpYROXWLRQHWGXIRQFWLRQQHPHQWGHVLQVWLWXWLRQV
GpPRFUDWLTXHVOHWUDYDLOGHPpPRLUHODUHVSRQVDELOLWpYLVjYLVGHVDXWUHVGHOHQYLURQQHPHQWHWGX
SDWULPRLQHDXQLYHDXORFDORXjXQQLYHDXSOXVJOREDO
2XWUHOHVGHX[GLVFLSOLQHVYLVpHVjODOLQpDSUpFpGHQWOpODERUDWLRQHWODPLVHHQdegXYUHGHVDFWLYLWpV
YLVpHVSHXYHQW UDVVHPEOHU OHVpOqYHV LQVFULWVjGHVFRXUVSKLORVRSKLTXHVGLIIpUHQWVVRXV OD WXWHOOH
GHVHQVHLJQDQWVFKDUJpVGHFHVFRXUVdegXYUDQWHQSDUWHQDULDW
ϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹǤ plusmn
LVODP pWDQW GHYHQX OXQH GHV FRPSRVDQWHV GX SDVDJH FXOWXUHO HW UHOLJLHX[ GH OD
HOJLTXHOHQVHLJQHPHQWGHFHWWHUHOLJLRQHWGHODPRUDOHTXLVHQLQVSLUHQHGRLWrWUH
QL OD WkFKHGHcopyODUWLVDQDYLGHordfQL OHGRPDLQHGXcopyIRQGDPHQWDOLVWH IUXVWUpordf LO VDJLW
SOXWWGXQVHFWHXUTXLGRLWrWUHPLVDXVHUYLFHGH OpOqYHHQGHKRUVGH WRXWHVRUWHGH
WXWHOOHPDOYHLOODQWH HW ORLQ GHV GpPDUFKHVGLQVWUXPHQWDOLVDWLRQ GH WRXV ERUGVnot FHW
pJDUG WRXWHV OHV UHOLJLRQV PRQRWKpLVWHV OH MXGDwVPH OH FKULVWLDQLVPH HW OLVODP
VDFFRUGHQWVXU OH IDLWTXH ODUHOLJLRVLWpQHPSrFKHDXFXQHPHQWOLQGLYLGXGHYLYUHHQ
KDUPRQLHDYHFVRQWHPSV WRXWHQREVHUYDQW OHVSULQFLSHVGHVDSURSUHUHOLJLRQOHVW
GRQFERQGHVRXOLJQHUTXparaKLVWRULTXHPHQWOLVODPHQWDQWTXHSUDWLTXHVparaHVWYXGpFOLQp
HQ IRQFWLRQ GHV FXOWXUHV HW GHV PdegXUV ampHVW GDQV FHWWH SHUVSHFWLYH GDGDSWDWLRQ
FRQWH[WXHOOHTXHVLQVFULWOHFRXUVGHUHOLJLRQLVODPLTXHHFRXUVYLVHXQHQVHLJQHPHQW
TXLWLHQWFRPSWHjODIRLVGXQHDXWKHQWLTXHOHFWXUHGXWH[WHHWGHVH[LJHQFHVGHQRWUH
pSRTXH OSULYLOpJLHXQHDSSURFKHSDVVDQWQpFHVVDLUHPHQWSDUODYRLHGXQHGpPDUFKH
TXL SUHQG HQ FRPSWH OHV YDOHXUV GparapFKDQJH HW GH UHVSHFW PXWXHO GDQV XQH VRFLpWp
SOXULHOOH
͵Ǥ plusmnplusmn
3DU OHV TXHVWLRQV TXLO VRXOqYH OH FRXUV WHQG j VXVFLWHU OD FXULRVLWp GH OpOqYH SRXU
VparapYHLOOHUjOXQLFLWpGLYLQHHWVXVFLWHUOpPHUYHLOOHPHQWGHYDQWODJUDQGHXUGHLHXOD
PXOWLSOLFLWpGHVrWUHVHWOHXUVUpDOLWpVVHQVLEOHVampHSHQGDQWOHFRXUVQHWLHQWSDVOLHXGH
FDWpFKqVHSDVSOXVTXparaLOQparaDGHIRQFWLRQGH[KRUWDWLRQRXGHPpPRULVDWLRQGHGRQQpHV
DEVWUDLWHVHWILJpHV
O QH YLVH SDV QRQ SOXV j SURPRXYRLU GHV copyrWUHV UHOLJLHX[ordf XQLFLWp GLYLQH TXL
FRQVWLWXH OH WKqPH FHQWUDO GX FRXUV QHVW HQ DXFXQ FDV XQ FRQFHSW LQHUWH RX
ODIILUPDWLRQGXQPRQRWKpLVPHDEVWUDLW
ͶǤ
pYRFDWLRQGHVJUDQGHVGDWHV HW GHV JUDQGHV ILJXUHVGH OKLVWRLUHGH OVODP UDSSHOOH
TXH OD FLYLOLVDWLRQ PXVXOPDQH QD SX SURVSpUHU TXH SDUFH TXHOOH D FRQFLOLp IRL HW
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϵ
UDLVRQHWTXHVDJUDQGHXUIXWOHIUXLWGXQGLDORJXHFXOWXUHOHQSOHLQHHIIHUYHVFHQFH HW
FHPDOJUpGHVVLWXDWLRQVSDUIRLVKRVWLOHVpWXGHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVHW
OHXU SHUFHSWLRQ GDQV OHXUV SURSUHV VVWqPHV GH UpIpUHQFH PqQHQW j XQH OHFWXUH
FRQVFLHQWH GH OKLVWRLUHpOqYH SRXUUD DLQVL VH OLEpUHU GHV SUpMXJpV TXL UHSUpVHQWHQW
SRXUOXLXQYpULWDEOHEORFDJHDOWpULWpQHVWpWXGLpHTXHQWDQWTXHUDSSRUWHWQRQHQ
WDQWTXHEDUULqUH
ͷǤ
DQRWLRQGHFURDQFHHQXQLHXXQLTXHDSRXUEXWGHIDYRULVHUORXYHUWXUHGHOpOqYH
jXQDYHQLUFRPPXQHWGHOHVHQVLELOLVHUjODQpFHVVLWpGXQHVRFLpWpSOXULHOOHOSRXUUD
pJDOHPHQW SDUWLFLSHU DFWLYHPHQW j OD YLH HQ VRFLpWp HW VH UpDOLVHU SOHLQHPHQW HQ WDQW
TXLQGLYLGXVXUOHVSODQVLQWHOOHFWXHOVRFLDODIIHFWLIHWPRUDO
Ǥ plusmn
6DYRLUSHQVHUUpIOpFKLUFRQVLGpUHUHWFRPSUHQGUHVRQWSDUPLOHVFRPSpWHQFHV
jDWWHLQGUH3DUWDQWGHVVRXUFHVLVODPLTXHVFRPPXQpPHQWDGPLVHVHWGparaDXWUHVFKDPSV
GLVFLSOLQDLUHV OH FRXUV FRQWULEXH DLQVL j IRUPHU GHV HVSULWV OLEUHV HW FULWLTXHV O VH
GRQQHSRXUREMHFWLIGH IRUPHUGHVFLWRHQVUHVSRQVDEOHVFUpDWLIVRXYHUWVDX[DXWUHV
FXOWXUHV FDSDEOHVGH VH SUHQGUH HQPDLQ IDFH DX[ H[LJHQFHVGH OD YLH DWWHQWLIV j OD
FRPSOH[LWp GX UpHO DQV OD SHUVSHFWLYH LVODPLTXH OKRPPH HVW HQ GHYHQLU HQ
FRQVWUXFWLRQ HW GpWHUPLQH OXLPrPH VRQ DYHQLU SDU OD FRQQDLVVDQFH OD OLEHUWp HW OD
UHVSRQVDELOLWp
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ampRXUVGH5HOLJLRQVODPLTXH
5pIpUHQWLHOGH ampRPSpWHQFHV
0DL
6RPPDLUH
QWURGXFWLRQJpQpUDOH
ampDGUHOpJDOHWVWUXFWXUHO
8QFRXUVVSpFLILTXHHQPLOLHXVFRODLUH
8QHDSSURFKHEDVpHVXUOXQLFLWpGHLHX
8QHDSSURFKHKLVWRULTXH
8QHDSSURFKHSRXUXQDYHQLUFRPPXQ
8QHGpPDUFKHYRORQWDULVWH
HVREMHFWLIVJpQpUDX[SDUGHJUp
$ 3UHPLHUGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HX[LqPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
amp 7URLVLqPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HVWKqPHVDERUGpV
HVPDFURVFRPSpWHQFHV
$ ampRQVWUXLUHVDSHUVRQQDOLWpGRQQHUXQVHQVjVDYLH
6paraRXYULUDXPRQGH
amp 6paraHQJDJHUHWVparaLQYHVWLUGHPDQLqUHUHVSRQVDEOH
)DLUHXQHOHFWXUHGQDPLTXHHWVQWKpWLTXHGHODSHQVpHLVODPLTXH
9 HVFRPSpWHQFHV7HUPLQDOHV
$UWLFXODWLRQGHVFRPSpWHQFHVWHUPLQDOHVHWGLVFLSOLQDLUHV
qPH GHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
qPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HUGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
9 6HQVGHVFRPSpWHQFHVGLVFLSOLQDLUHVDXVHFRQGDLUHHWDXSULPDLUH
HVFRPSpWHQFHVGLVFLSOLQDLUHVGXqPHGHJUpVHFRQGDLUH
ampRPSpWHQFHVGLVFLSOLQDLUHVGXqPHGHJUp
ampRPSpWHQFHVGLVFLSOLQDLUHVSRXUOHHU GHJUp FRPSpWHQFHVVRFOHV
HX[LqPHpWDSHGHOparaHQVHLJQHPHQWSULPDLUH
3UHPLqUHpWDSHGHOparaHQVHLJQHPHQWSULPDLUH
5HSqUHVSpGDJRJLTXHV
9ampRPSpWHQFHVWUDQVYHUVDOHVDXSULPDLUHHWDXVHFRQGDLUH
9ampRPSpWHQFHVFRPPXQHVjFRQVWUXLUHGDQVOHFDGUHGparaDFWLYLWpVGHUHQFRQWUH
HWGHFROODERUDWLRQHQWUHFRXUVGHUHOLJLRQ
$QWURGXFWLRQ
ampampDGUHGparaDSSOLFDWLRQ
ampRPSpWHQFHVjWUDYDLOOHUGDQVOHVDFWLYLWpVFRPPXQHV
ampRXUVGH5HOLJLRQVODPLTXH 5pIpUHQWLHOGHampRPSpWHQFHV
Ǥ plusmnplusmnͳǤ plusmn
D ampRPPXQDXWp )UDQoDLVH RUJDQLVH XQ HQVHLJQHPHQW TXL HVW QHXWUH D QHXWUDOLWp
LPSOLTXH QRWDPPHQW OH UHVSHFW GHV FRQFHSWLRQV SKLORVRSKLTXHV LGpRORJLTXHV RX
UHOLJLHXVHVGHVSDUHQWVHWGHVpOqYHV
HV pFROHV RUJDQLVpHV SDU OHV SRXYRLUV SXEOLFV RIILFLHOV RIIUHQW MXVTXparaj OD ILQ GH
OparaREOLJDWLRQVFRODLUHILQGHOparaHQVHLJQHPHQWVHFRQGDLUHOHFKRL[HQWUHOparaHQVHLJQHPHQW
GparaXQHGHVUHOLJLRQVUHFRQQXHVHWFHOXLGHODPRUDOHQRQFRQIHVVLRQQHOOH$UWHU
paraHQVHLJQHPHQW UHOLJLHX[GLVSHQVpGDQV OHV UpVHDX[GparaHQVHLJQHPHQWRIILFLHOSUpVHQWH
GHV VSpFLILFLWpV LQVFULWHV GDQV XQ FDGUH OpJDO UpJL SDU OHVpFUHWV TXL GpILQLVVHQW OHV
PLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWHWODQHXWUDOLWpLQKpUHQWHjFHWHQVHLJQHPHQW
4XHOTXHVH[WUDLWV HpFUHWGpILQLVVDQW OHVPLVVLRQVSULRULWDLUHVGH OparaHQVHLJQHPHQW IRQGDPHQWDOHW
GH OparaHQVHLJQHPHQWVHFRQGDLUHHW OHV VWUXFWXUHVSURSUHVj OHVDWWHLQGUH MXLOOHW
ampHGHUQLHUDDVVLJQpTXDWUHPLVVLRQVSULRULWDLUHVjOparapFROHDUWLFOH pYHORSSHUODSHUVRQQHGHFKDTXHpOqYH 5HQGUHOHVMHXQHVDSWHVjSUHQGUHXQHSODFHDFWLYHGDQVODYLHpFRQRPLTXHVRFLDOHHW
FXOWXUHOOH HV SUpSDUHU j rWUH GHV FLWRHQV UHVSRQVDEOHV GDQV XQH VRFLpWp GpPRFUDWLTXH
VROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHVFXOWXUHV$VVXUHUjWRXVGHVFKDQFHVpJDOHVGparapPDQFLSDWLRQVRFLDOH
HpFUHWGpILQLVVDQWODQHXWUDOLWpGHOparaHQVHLJQHPHQWPDUV
paraDUWLFOHVWLSXOH TXH
DQVOHVpWDEOLVVHPHQWVGHQVHLJQHPHQWRUJDQLVp SDUODampRPPXQDXWpOHVIDLWVVRQW
H[SRVpVHWFRPPHQWpVTXHFHVRLWRUDOHPHQWRXSDU pFULWDYHFODSOXVJUDQGH
REMHFWLYLWpSRVVLEOHODYpULWpHVWUHFKHUFKpHDYHFXQHFRQVWDQWHKRQQrWHWp
LQWHOOHFWXHOOHODGLYHUVLWpGHVLGpHVHVWDFFHSWpHOHVSULWGHWROpUDQFHHVWGpYHORSSpHW
FKDFXQHVWSUpSDUpjVRQUOHGHFLWRHQUHVSRQVDEOHGDQVXQHVRFLpWpSOXUDOLVWH
ϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
HpFUHWRUJDQLVDQWODQHXWUDOLWpLQKpUHQWHjOparaHQVHLJQHPHQWRIILFLHO
VXEYHQWLRQQp HWSRUWDQWGLYHUVHVPHVXUHVHQPDWLqUHGparaHQVHLJQHPHQWGpFHPEUH
SUpFLVHTXpara copyDXFXQHYpULWpQparaHVWLPSRVpHDX[pOqYHVFHX[FLpWDQWHQFRXUDJpVj
UHFKHUFKHUHWjFRQVWUXLUHOLEUHPHQWODOHXU ordf FKDSHU$UW
8QFDGUHOpJDOHWLQVWLWXWLRQQHOSRXUODSURPRWLRQGXWUDYDLOFRPPXQ
HpFUHWPLVVLRQVOHpFUHWFUpDQWOHampRQVHLO6XSpULHXUGHV FRXUVSKLORVRSKLTXHVHW
OHpFUHWFLWRHQQHWpFUpHQWGHVHVSDFHVGHUHQFRQWUHVGparapFKDQJHVGHGLVFXVVLRQVHW
GparaHQJDJHPHQW
HpFUHWampRQVHLOGHVFRXUVSKLORVRSKLTXHV 0
$UWHUOHVWFUppDXSUqVGXRXYHUQHPHQWGHODampRPPXQDXWpIUDQoDLVHXQampRQVHLOFRQVXOWDWLI
VXSpULHXUGHVFRXUVSKLORVRSKLTXHVFLDSUqVGpQRPPpcopyOHFRQVHLOordf
HFRQVHLODSRXUPLVVLRQ
GHIRUPXOHUWRXWHVSURSRVLWLRQVUHODWLYHVDX[RSSRUWXQLWpVGparapFKDQJHVGHVDYRLUVHWGHSUDWLTXHV
HQWUHOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHV
GHIRUPXOHUGDQVOHUHVSHFWGHVVSpFLILFLWpVGHFKDFXQHWGDQVOHFDGUHGXGpFUHWPLVVLRQVWRXWHV
SURSRVLWLRQV VXVFHSWLEOHV GparaHQFRXUDJHU OH GLDORJXH HQWUH OHV GLIIpUHQWHV UHOLJLRQV UHFRQQXHV HW OH
FRXUVGHPRUDOHQRQFRQIHVVLRQQHOOHHWGHSURPRXYRLUOHVYDOHXUVFRPPXQHV
GH IRUPXOHU FRQIRUPpPHQW DX GpFUHW WRXW DYLV VXU OparaRUJDQLVDWLRQ GparaDFWLYLWpV RUJDQLVpHV
FRQMRLQWHPHQWSDUOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHVDXWRXUGHWKqPHVIL[pVSDUOHFRQVHLO
GH IRUPXOHU WRXW DYLV VXU OD SUpVHQFH GparaLQLWLDWLRQ j OD GpPDUFKH SKLORVRSKLTXH HW VXU
OparaLQWURGXFWLRQGparapOpPHQWVGHSKLORVRSKLHHWGparaKLVWRLUHFRPSDUpHGHVUHOLJLRQVGDQVFKDFXQGHVFRXUV
SKLORVRSKLTXHV WHO TXH UHFRQQX SDU OD ORL GX PDL FRPSULV Oj R XQ VHXO FRXUV
FRUUHVSRQGDQWDXFDUDFWqUHFRQIHVVLRQQHOGHOparaHQVHLJQHPHQWHVWRUJDQLVp
pFUHWUHODWLIDXUHQIRUFHPHQWGHOpGXFDWLRQjODFLWRHQQHWpUHVSRQVDEOHHWDFWLYHDXVHLQGHVpWDEOLVVHPHQWVRUJDQLVpVRXVXEYHQWLRQQpVSDUODampRPPXQDXWpIUDQoDLVH
0$UWLFOH HUH FKHIGpWDEOLVVHPHQWGDQVOHQVHLJQHPHQWRUJDQLVpSDUODampRPPXQDXWp
IUDQoDLVHRXOH3RXYRLURUJDQLVDWHXUGDQVOHQVHLJQHPHQWVXEYHQWLRQQpYHLOOHjFHTXLOVRLWpODERUp
HWPLVHQdegXYUHDXPRLQVXQHIRLVGXUDQWFKDTXHFFOHGXFRQWLQXXPSpGDJRJLTXHGpILQL jODUWLFOH
HUGXGpFUHWcopy0LVVLRQVordfHWDXPRLQVXQHIRLVGXUDQWFKDTXHGHJUpGHV+XPDQLWpVJpQpUDOHVHW
WHFKQRORJLTXHVRXGHV+XPDQLWpVSURIHVVLRQQHOOHVHWWHFKQLTXHVWHOTXHGpILQLHVDX[FKDSLWUHV9HW9
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϳ
GXGpFUHWcopy0LVVLRQVordfXQHDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQ
SRXUXQHFLWRHQQHWpUHVSRQVDEOHHWDFWLYH
3DUDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQSRXUXQH
FLWRHQQHWpUHVSRQVDEOHHWDFWLYHLODOLHXGHQWHQGUHDXVHQVGXSUpVHQWGpFUHWXQHDFWLYLWp
UHTXpUDQWODPLVHHQdegXYUHGHFRPSpWHQFHVUHOHYDQWGDXPRLQVGHX[GLVFLSOLQHVGLIIpUHQWHVHWYLVDQW
jSURPRXYRLUODFRPSUpKHQVLRQGHOpYROXWLRQHWGXIRQFWLRQQHPHQWGHVLQVWLWXWLRQV
GpPRFUDWLTXHVOHWUDYDLOGHPpPRLUHODUHVSRQVDELOLWpYLVjYLVGHVDXWUHVGHOHQYLURQQHPHQWHWGX
SDWULPRLQHDXQLYHDXORFDORXjXQQLYHDXSOXVJOREDO
2XWUHOHVGHX[GLVFLSOLQHVYLVpHVjODOLQpDSUpFpGHQWOpODERUDWLRQHWODPLVHHQdegXYUHGHVDFWLYLWpV
YLVpHVSHXYHQW UDVVHPEOHU OHVpOqYHV LQVFULWVjGHVFRXUVSKLORVRSKLTXHVGLIIpUHQWVVRXV OD WXWHOOH
GHVHQVHLJQDQWVFKDUJpVGHFHVFRXUVdegXYUDQWHQSDUWHQDULDW
ϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹǤ plusmn
LVODP pWDQW GHYHQX OXQH GHV FRPSRVDQWHV GX SDVDJH FXOWXUHO HW UHOLJLHX[ GH OD
HOJLTXHOHQVHLJQHPHQWGHFHWWHUHOLJLRQHWGHODPRUDOHTXLVHQLQVSLUHQHGRLWrWUH
QL OD WkFKHGHcopyODUWLVDQDYLGHordfQL OHGRPDLQHGXcopyIRQGDPHQWDOLVWH IUXVWUpordf LO VDJLW
SOXWWGXQVHFWHXUTXLGRLWrWUHPLVDXVHUYLFHGH OpOqYHHQGHKRUVGH WRXWHVRUWHGH
WXWHOOHPDOYHLOODQWH HW ORLQ GHV GpPDUFKHVGLQVWUXPHQWDOLVDWLRQ GH WRXV ERUGVnot FHW
pJDUG WRXWHV OHV UHOLJLRQV PRQRWKpLVWHV OH MXGDwVPH OH FKULVWLDQLVPH HW OLVODP
VDFFRUGHQWVXU OH IDLWTXH ODUHOLJLRVLWpQHPSrFKHDXFXQHPHQWOLQGLYLGXGHYLYUHHQ
KDUPRQLHDYHFVRQWHPSV WRXWHQREVHUYDQW OHVSULQFLSHVGHVDSURSUHUHOLJLRQOHVW
GRQFERQGHVRXOLJQHUTXparaKLVWRULTXHPHQWOLVODPHQWDQWTXHSUDWLTXHVparaHVWYXGpFOLQp
HQ IRQFWLRQ GHV FXOWXUHV HW GHV PdegXUV ampHVW GDQV FHWWH SHUVSHFWLYH GDGDSWDWLRQ
FRQWH[WXHOOHTXHVLQVFULWOHFRXUVGHUHOLJLRQLVODPLTXHHFRXUVYLVHXQHQVHLJQHPHQW
TXLWLHQWFRPSWHjODIRLVGXQHDXWKHQWLTXHOHFWXUHGXWH[WHHWGHVH[LJHQFHVGHQRWUH
pSRTXH OSULYLOpJLHXQHDSSURFKHSDVVDQWQpFHVVDLUHPHQWSDUODYRLHGXQHGpPDUFKH
TXL SUHQG HQ FRPSWH OHV YDOHXUV GparapFKDQJH HW GH UHVSHFW PXWXHO GDQV XQH VRFLpWp
SOXULHOOH
͵Ǥ plusmnplusmn
3DU OHV TXHVWLRQV TXLO VRXOqYH OH FRXUV WHQG j VXVFLWHU OD FXULRVLWp GH OpOqYH SRXU
VparapYHLOOHUjOXQLFLWpGLYLQHHWVXVFLWHUOpPHUYHLOOHPHQWGHYDQWODJUDQGHXUGHLHXOD
PXOWLSOLFLWpGHVrWUHVHWOHXUVUpDOLWpVVHQVLEOHVampHSHQGDQWOHFRXUVQHWLHQWSDVOLHXGH
FDWpFKqVHSDVSOXVTXparaLOQparaDGHIRQFWLRQGH[KRUWDWLRQRXGHPpPRULVDWLRQGHGRQQpHV
DEVWUDLWHVHWILJpHV
O QH YLVH SDV QRQ SOXV j SURPRXYRLU GHV copyrWUHV UHOLJLHX[ordf XQLFLWp GLYLQH TXL
FRQVWLWXH OH WKqPH FHQWUDO GX FRXUV QHVW HQ DXFXQ FDV XQ FRQFHSW LQHUWH RX
ODIILUPDWLRQGXQPRQRWKpLVPHDEVWUDLW
ͶǤ
pYRFDWLRQGHVJUDQGHVGDWHV HW GHV JUDQGHV ILJXUHVGH OKLVWRLUHGH OVODP UDSSHOOH
TXH OD FLYLOLVDWLRQ PXVXOPDQH QD SX SURVSpUHU TXH SDUFH TXHOOH D FRQFLOLp IRL HW
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϵ
UDLVRQHWTXHVDJUDQGHXUIXWOHIUXLWGXQGLDORJXHFXOWXUHOHQSOHLQHHIIHUYHVFHQFH HW
FHPDOJUpGHVVLWXDWLRQVSDUIRLVKRVWLOHVpWXGHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVHW
OHXU SHUFHSWLRQ GDQV OHXUV SURSUHV VVWqPHV GH UpIpUHQFH PqQHQW j XQH OHFWXUH
FRQVFLHQWH GH OKLVWRLUHpOqYH SRXUUD DLQVL VH OLEpUHU GHV SUpMXJpV TXL UHSUpVHQWHQW
SRXUOXLXQYpULWDEOHEORFDJHDOWpULWpQHVWpWXGLpHTXHQWDQWTXHUDSSRUWHWQRQHQ
WDQWTXHEDUULqUH
ͷǤ
DQRWLRQGHFURDQFHHQXQLHXXQLTXHDSRXUEXWGHIDYRULVHUORXYHUWXUHGHOpOqYH
jXQDYHQLUFRPPXQHWGHOHVHQVLELOLVHUjODQpFHVVLWpGXQHVRFLpWpSOXULHOOHOSRXUUD
pJDOHPHQW SDUWLFLSHU DFWLYHPHQW j OD YLH HQ VRFLpWp HW VH UpDOLVHU SOHLQHPHQW HQ WDQW
TXLQGLYLGXVXUOHVSODQVLQWHOOHFWXHOVRFLDODIIHFWLIHWPRUDO
Ǥ plusmn
6DYRLUSHQVHUUpIOpFKLUFRQVLGpUHUHWFRPSUHQGUHVRQWSDUPLOHVFRPSpWHQFHV
jDWWHLQGUH3DUWDQWGHVVRXUFHVLVODPLTXHVFRPPXQpPHQWDGPLVHVHWGparaDXWUHVFKDPSV
GLVFLSOLQDLUHV OH FRXUV FRQWULEXH DLQVL j IRUPHU GHV HVSULWV OLEUHV HW FULWLTXHV O VH
GRQQHSRXUREMHFWLIGH IRUPHUGHVFLWRHQVUHVSRQVDEOHVFUpDWLIVRXYHUWVDX[DXWUHV
FXOWXUHV FDSDEOHVGH VH SUHQGUH HQPDLQ IDFH DX[ H[LJHQFHVGH OD YLH DWWHQWLIV j OD
FRPSOH[LWp GX UpHO DQV OD SHUVSHFWLYH LVODPLTXH OKRPPH HVW HQ GHYHQLU HQ
FRQVWUXFWLRQ HW GpWHUPLQH OXLPrPH VRQ DYHQLU SDU OD FRQQDLVVDQFH OD OLEHUWp HW OD
UHVSRQVDELOLWp
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
6RPPDLUH
QWURGXFWLRQJpQpUDOH
ampDGUHOpJDOHWVWUXFWXUHO
8QFRXUVVSpFLILTXHHQPLOLHXVFRODLUH
8QHDSSURFKHEDVpHVXUOXQLFLWpGHLHX
8QHDSSURFKHKLVWRULTXH
8QHDSSURFKHSRXUXQDYHQLUFRPPXQ
8QHGpPDUFKHYRORQWDULVWH
HVREMHFWLIVJpQpUDX[SDUGHJUp
$ 3UHPLHUGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HX[LqPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
amp 7URLVLqPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HVWKqPHVDERUGpV
HVPDFURVFRPSpWHQFHV
$ ampRQVWUXLUHVDSHUVRQQDOLWpGRQQHUXQVHQVjVDYLH
6paraRXYULUDXPRQGH
amp 6paraHQJDJHUHWVparaLQYHVWLUGHPDQLqUHUHVSRQVDEOH
)DLUHXQHOHFWXUHGQDPLTXHHWVQWKpWLTXHGHODSHQVpHLVODPLTXH
9 HVFRPSpWHQFHV7HUPLQDOHV
$UWLFXODWLRQGHVFRPSpWHQFHVWHUPLQDOHVHWGLVFLSOLQDLUHV
qPH GHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
qPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HUGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
9 6HQVGHVFRPSpWHQFHVGLVFLSOLQDLUHVDXVHFRQGDLUHHWDXSULPDLUH
HVFRPSpWHQFHVGLVFLSOLQDLUHVGXqPHGHJUpVHFRQGDLUH
ampRPSpWHQFHVGLVFLSOLQDLUHVGXqPHGHJUp
ampRPSpWHQFHVGLVFLSOLQDLUHVSRXUOHHU GHJUp FRPSpWHQFHVVRFOHV
HX[LqPHpWDSHGHOparaHQVHLJQHPHQWSULPDLUH
3UHPLqUHpWDSHGHOparaHQVHLJQHPHQWSULPDLUH
5HSqUHVSpGDJRJLTXHV
9ampRPSpWHQFHVWUDQVYHUVDOHVDXSULPDLUHHWDXVHFRQGDLUH
9ampRPSpWHQFHVFRPPXQHVjFRQVWUXLUHGDQVOHFDGUHGparaDFWLYLWpVGHUHQFRQWUH
HWGHFROODERUDWLRQHQWUHFRXUVGHUHOLJLRQ
$QWURGXFWLRQ
ampampDGUHGparaDSSOLFDWLRQ
ampRPSpWHQFHVjWUDYDLOOHUGDQVOHVDFWLYLWpVFRPPXQHV
ampRXUVGH5HOLJLRQVODPLTXH 5pIpUHQWLHOGHampRPSpWHQFHV
Ǥ plusmnplusmnͳǤ plusmn
D ampRPPXQDXWp )UDQoDLVH RUJDQLVH XQ HQVHLJQHPHQW TXL HVW QHXWUH D QHXWUDOLWp
LPSOLTXH QRWDPPHQW OH UHVSHFW GHV FRQFHSWLRQV SKLORVRSKLTXHV LGpRORJLTXHV RX
UHOLJLHXVHVGHVSDUHQWVHWGHVpOqYHV
HV pFROHV RUJDQLVpHV SDU OHV SRXYRLUV SXEOLFV RIILFLHOV RIIUHQW MXVTXparaj OD ILQ GH
OparaREOLJDWLRQVFRODLUHILQGHOparaHQVHLJQHPHQWVHFRQGDLUHOHFKRL[HQWUHOparaHQVHLJQHPHQW
GparaXQHGHVUHOLJLRQVUHFRQQXHVHWFHOXLGHODPRUDOHQRQFRQIHVVLRQQHOOH$UWHU
paraHQVHLJQHPHQW UHOLJLHX[GLVSHQVpGDQV OHV UpVHDX[GparaHQVHLJQHPHQWRIILFLHOSUpVHQWH
GHV VSpFLILFLWpV LQVFULWHV GDQV XQ FDGUH OpJDO UpJL SDU OHVpFUHWV TXL GpILQLVVHQW OHV
PLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWHWODQHXWUDOLWpLQKpUHQWHjFHWHQVHLJQHPHQW
4XHOTXHVH[WUDLWV HpFUHWGpILQLVVDQW OHVPLVVLRQVSULRULWDLUHVGH OparaHQVHLJQHPHQW IRQGDPHQWDOHW
GH OparaHQVHLJQHPHQWVHFRQGDLUHHW OHV VWUXFWXUHVSURSUHVj OHVDWWHLQGUH MXLOOHW
ampHGHUQLHUDDVVLJQpTXDWUHPLVVLRQVSULRULWDLUHVjOparapFROHDUWLFOH pYHORSSHUODSHUVRQQHGHFKDTXHpOqYH 5HQGUHOHVMHXQHVDSWHVjSUHQGUHXQHSODFHDFWLYHGDQVODYLHpFRQRPLTXHVRFLDOHHW
FXOWXUHOOH HV SUpSDUHU j rWUH GHV FLWRHQV UHVSRQVDEOHV GDQV XQH VRFLpWp GpPRFUDWLTXH
VROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHVFXOWXUHV$VVXUHUjWRXVGHVFKDQFHVpJDOHVGparapPDQFLSDWLRQVRFLDOH
HpFUHWGpILQLVVDQWODQHXWUDOLWpGHOparaHQVHLJQHPHQWPDUV
paraDUWLFOHVWLSXOH TXH
DQVOHVpWDEOLVVHPHQWVGHQVHLJQHPHQWRUJDQLVp SDUODampRPPXQDXWpOHVIDLWVVRQW
H[SRVpVHWFRPPHQWpVTXHFHVRLWRUDOHPHQWRXSDU pFULWDYHFODSOXVJUDQGH
REMHFWLYLWpSRVVLEOHODYpULWpHVWUHFKHUFKpHDYHFXQHFRQVWDQWHKRQQrWHWp
LQWHOOHFWXHOOHODGLYHUVLWpGHVLGpHVHVWDFFHSWpHOHVSULWGHWROpUDQFHHVWGpYHORSSpHW
FKDFXQHVWSUpSDUpjVRQUOHGHFLWRHQUHVSRQVDEOHGDQVXQHVRFLpWpSOXUDOLVWH
ϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
HpFUHWRUJDQLVDQWODQHXWUDOLWpLQKpUHQWHjOparaHQVHLJQHPHQWRIILFLHO
VXEYHQWLRQQp HWSRUWDQWGLYHUVHVPHVXUHVHQPDWLqUHGparaHQVHLJQHPHQWGpFHPEUH
SUpFLVHTXpara copyDXFXQHYpULWpQparaHVWLPSRVpHDX[pOqYHVFHX[FLpWDQWHQFRXUDJpVj
UHFKHUFKHUHWjFRQVWUXLUHOLEUHPHQWODOHXU ordf FKDSHU$UW
8QFDGUHOpJDOHWLQVWLWXWLRQQHOSRXUODSURPRWLRQGXWUDYDLOFRPPXQ
HpFUHWPLVVLRQVOHpFUHWFUpDQWOHampRQVHLO6XSpULHXUGHV FRXUVSKLORVRSKLTXHVHW
OHpFUHWFLWRHQQHWpFUpHQWGHVHVSDFHVGHUHQFRQWUHVGparapFKDQJHVGHGLVFXVVLRQVHW
GparaHQJDJHPHQW
HpFUHWampRQVHLOGHVFRXUVSKLORVRSKLTXHV 0
$UWHUOHVWFUppDXSUqVGXRXYHUQHPHQWGHODampRPPXQDXWpIUDQoDLVHXQampRQVHLOFRQVXOWDWLI
VXSpULHXUGHVFRXUVSKLORVRSKLTXHVFLDSUqVGpQRPPpcopyOHFRQVHLOordf
HFRQVHLODSRXUPLVVLRQ
GHIRUPXOHUWRXWHVSURSRVLWLRQVUHODWLYHVDX[RSSRUWXQLWpVGparapFKDQJHVGHVDYRLUVHWGHSUDWLTXHV
HQWUHOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHV
GHIRUPXOHUGDQVOHUHVSHFWGHVVSpFLILFLWpVGHFKDFXQHWGDQVOHFDGUHGXGpFUHWPLVVLRQVWRXWHV
SURSRVLWLRQV VXVFHSWLEOHV GparaHQFRXUDJHU OH GLDORJXH HQWUH OHV GLIIpUHQWHV UHOLJLRQV UHFRQQXHV HW OH
FRXUVGHPRUDOHQRQFRQIHVVLRQQHOOHHWGHSURPRXYRLUOHVYDOHXUVFRPPXQHV
GH IRUPXOHU FRQIRUPpPHQW DX GpFUHW WRXW DYLV VXU OparaRUJDQLVDWLRQ GparaDFWLYLWpV RUJDQLVpHV
FRQMRLQWHPHQWSDUOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHVDXWRXUGHWKqPHVIL[pVSDUOHFRQVHLO
GH IRUPXOHU WRXW DYLV VXU OD SUpVHQFH GparaLQLWLDWLRQ j OD GpPDUFKH SKLORVRSKLTXH HW VXU
OparaLQWURGXFWLRQGparapOpPHQWVGHSKLORVRSKLHHWGparaKLVWRLUHFRPSDUpHGHVUHOLJLRQVGDQVFKDFXQGHVFRXUV
SKLORVRSKLTXHV WHO TXH UHFRQQX SDU OD ORL GX PDL FRPSULV Oj R XQ VHXO FRXUV
FRUUHVSRQGDQWDXFDUDFWqUHFRQIHVVLRQQHOGHOparaHQVHLJQHPHQWHVWRUJDQLVp
pFUHWUHODWLIDXUHQIRUFHPHQWGHOpGXFDWLRQjODFLWRHQQHWpUHVSRQVDEOHHWDFWLYHDXVHLQGHVpWDEOLVVHPHQWVRUJDQLVpVRXVXEYHQWLRQQpVSDUODampRPPXQDXWpIUDQoDLVH
0$UWLFOH HUH FKHIGpWDEOLVVHPHQWGDQVOHQVHLJQHPHQWRUJDQLVpSDUODampRPPXQDXWp
IUDQoDLVHRXOH3RXYRLURUJDQLVDWHXUGDQVOHQVHLJQHPHQWVXEYHQWLRQQpYHLOOHjFHTXLOVRLWpODERUp
HWPLVHQdegXYUHDXPRLQVXQHIRLVGXUDQWFKDTXHFFOHGXFRQWLQXXPSpGDJRJLTXHGpILQL jODUWLFOH
HUGXGpFUHWcopy0LVVLRQVordfHWDXPRLQVXQHIRLVGXUDQWFKDTXHGHJUpGHV+XPDQLWpVJpQpUDOHVHW
WHFKQRORJLTXHVRXGHV+XPDQLWpVSURIHVVLRQQHOOHVHWWHFKQLTXHVWHOTXHGpILQLHVDX[FKDSLWUHV9HW9
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϳ
GXGpFUHWcopy0LVVLRQVordfXQHDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQ
SRXUXQHFLWRHQQHWpUHVSRQVDEOHHWDFWLYH
3DUDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQSRXUXQH
FLWRHQQHWpUHVSRQVDEOHHWDFWLYHLODOLHXGHQWHQGUHDXVHQVGXSUpVHQWGpFUHWXQHDFWLYLWp
UHTXpUDQWODPLVHHQdegXYUHGHFRPSpWHQFHVUHOHYDQWGDXPRLQVGHX[GLVFLSOLQHVGLIIpUHQWHVHWYLVDQW
jSURPRXYRLUODFRPSUpKHQVLRQGHOpYROXWLRQHWGXIRQFWLRQQHPHQWGHVLQVWLWXWLRQV
GpPRFUDWLTXHVOHWUDYDLOGHPpPRLUHODUHVSRQVDELOLWpYLVjYLVGHVDXWUHVGHOHQYLURQQHPHQWHWGX
SDWULPRLQHDXQLYHDXORFDORXjXQQLYHDXSOXVJOREDO
2XWUHOHVGHX[GLVFLSOLQHVYLVpHVjODOLQpDSUpFpGHQWOpODERUDWLRQHWODPLVHHQdegXYUHGHVDFWLYLWpV
YLVpHVSHXYHQW UDVVHPEOHU OHVpOqYHV LQVFULWVjGHVFRXUVSKLORVRSKLTXHVGLIIpUHQWVVRXV OD WXWHOOH
GHVHQVHLJQDQWVFKDUJpVGHFHVFRXUVdegXYUDQWHQSDUWHQDULDW
ϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹǤ plusmn
LVODP pWDQW GHYHQX OXQH GHV FRPSRVDQWHV GX SDVDJH FXOWXUHO HW UHOLJLHX[ GH OD
HOJLTXHOHQVHLJQHPHQWGHFHWWHUHOLJLRQHWGHODPRUDOHTXLVHQLQVSLUHQHGRLWrWUH
QL OD WkFKHGHcopyODUWLVDQDYLGHordfQL OHGRPDLQHGXcopyIRQGDPHQWDOLVWH IUXVWUpordf LO VDJLW
SOXWWGXQVHFWHXUTXLGRLWrWUHPLVDXVHUYLFHGH OpOqYHHQGHKRUVGH WRXWHVRUWHGH
WXWHOOHPDOYHLOODQWH HW ORLQ GHV GpPDUFKHVGLQVWUXPHQWDOLVDWLRQ GH WRXV ERUGVnot FHW
pJDUG WRXWHV OHV UHOLJLRQV PRQRWKpLVWHV OH MXGDwVPH OH FKULVWLDQLVPH HW OLVODP
VDFFRUGHQWVXU OH IDLWTXH ODUHOLJLRVLWpQHPSrFKHDXFXQHPHQWOLQGLYLGXGHYLYUHHQ
KDUPRQLHDYHFVRQWHPSV WRXWHQREVHUYDQW OHVSULQFLSHVGHVDSURSUHUHOLJLRQOHVW
GRQFERQGHVRXOLJQHUTXparaKLVWRULTXHPHQWOLVODPHQWDQWTXHSUDWLTXHVparaHVWYXGpFOLQp
HQ IRQFWLRQ GHV FXOWXUHV HW GHV PdegXUV ampHVW GDQV FHWWH SHUVSHFWLYH GDGDSWDWLRQ
FRQWH[WXHOOHTXHVLQVFULWOHFRXUVGHUHOLJLRQLVODPLTXHHFRXUVYLVHXQHQVHLJQHPHQW
TXLWLHQWFRPSWHjODIRLVGXQHDXWKHQWLTXHOHFWXUHGXWH[WHHWGHVH[LJHQFHVGHQRWUH
pSRTXH OSULYLOpJLHXQHDSSURFKHSDVVDQWQpFHVVDLUHPHQWSDUODYRLHGXQHGpPDUFKH
TXL SUHQG HQ FRPSWH OHV YDOHXUV GparapFKDQJH HW GH UHVSHFW PXWXHO GDQV XQH VRFLpWp
SOXULHOOH
͵Ǥ plusmnplusmn
3DU OHV TXHVWLRQV TXLO VRXOqYH OH FRXUV WHQG j VXVFLWHU OD FXULRVLWp GH OpOqYH SRXU
VparapYHLOOHUjOXQLFLWpGLYLQHHWVXVFLWHUOpPHUYHLOOHPHQWGHYDQWODJUDQGHXUGHLHXOD
PXOWLSOLFLWpGHVrWUHVHWOHXUVUpDOLWpVVHQVLEOHVampHSHQGDQWOHFRXUVQHWLHQWSDVOLHXGH
FDWpFKqVHSDVSOXVTXparaLOQparaDGHIRQFWLRQGH[KRUWDWLRQRXGHPpPRULVDWLRQGHGRQQpHV
DEVWUDLWHVHWILJpHV
O QH YLVH SDV QRQ SOXV j SURPRXYRLU GHV copyrWUHV UHOLJLHX[ordf XQLFLWp GLYLQH TXL
FRQVWLWXH OH WKqPH FHQWUDO GX FRXUV QHVW HQ DXFXQ FDV XQ FRQFHSW LQHUWH RX
ODIILUPDWLRQGXQPRQRWKpLVPHDEVWUDLW
ͶǤ
pYRFDWLRQGHVJUDQGHVGDWHV HW GHV JUDQGHV ILJXUHVGH OKLVWRLUHGH OVODP UDSSHOOH
TXH OD FLYLOLVDWLRQ PXVXOPDQH QD SX SURVSpUHU TXH SDUFH TXHOOH D FRQFLOLp IRL HW
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϵ
UDLVRQHWTXHVDJUDQGHXUIXWOHIUXLWGXQGLDORJXHFXOWXUHOHQSOHLQHHIIHUYHVFHQFH HW
FHPDOJUpGHVVLWXDWLRQVSDUIRLVKRVWLOHVpWXGHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVHW
OHXU SHUFHSWLRQ GDQV OHXUV SURSUHV VVWqPHV GH UpIpUHQFH PqQHQW j XQH OHFWXUH
FRQVFLHQWH GH OKLVWRLUHpOqYH SRXUUD DLQVL VH OLEpUHU GHV SUpMXJpV TXL UHSUpVHQWHQW
SRXUOXLXQYpULWDEOHEORFDJHDOWpULWpQHVWpWXGLpHTXHQWDQWTXHUDSSRUWHWQRQHQ
WDQWTXHEDUULqUH
ͷǤ
DQRWLRQGHFURDQFHHQXQLHXXQLTXHDSRXUEXWGHIDYRULVHUORXYHUWXUHGHOpOqYH
jXQDYHQLUFRPPXQHWGHOHVHQVLELOLVHUjODQpFHVVLWpGXQHVRFLpWpSOXULHOOHOSRXUUD
pJDOHPHQW SDUWLFLSHU DFWLYHPHQW j OD YLH HQ VRFLpWp HW VH UpDOLVHU SOHLQHPHQW HQ WDQW
TXLQGLYLGXVXUOHVSODQVLQWHOOHFWXHOVRFLDODIIHFWLIHWPRUDO
Ǥ plusmn
6DYRLUSHQVHUUpIOpFKLUFRQVLGpUHUHWFRPSUHQGUHVRQWSDUPLOHVFRPSpWHQFHV
jDWWHLQGUH3DUWDQWGHVVRXUFHVLVODPLTXHVFRPPXQpPHQWDGPLVHVHWGparaDXWUHVFKDPSV
GLVFLSOLQDLUHV OH FRXUV FRQWULEXH DLQVL j IRUPHU GHV HVSULWV OLEUHV HW FULWLTXHV O VH
GRQQHSRXUREMHFWLIGH IRUPHUGHVFLWRHQVUHVSRQVDEOHVFUpDWLIVRXYHUWVDX[DXWUHV
FXOWXUHV FDSDEOHVGH VH SUHQGUH HQPDLQ IDFH DX[ H[LJHQFHVGH OD YLH DWWHQWLIV j OD
FRPSOH[LWp GX UpHO DQV OD SHUVSHFWLYH LVODPLTXH OKRPPH HVW HQ GHYHQLU HQ
FRQVWUXFWLRQ HW GpWHUPLQH OXLPrPH VRQ DYHQLU SDU OD FRQQDLVVDQFH OD OLEHUWp HW OD
UHVSRQVDELOLWp
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
qPHGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
HUGHJUpGHOparaHQVHLJQHPHQWVHFRQGDLUH
9 6HQVGHVFRPSpWHQFHVGLVFLSOLQDLUHVDXVHFRQGDLUHHWDXSULPDLUH
HVFRPSpWHQFHVGLVFLSOLQDLUHVGXqPHGHJUpVHFRQGDLUH
ampRPSpWHQFHVGLVFLSOLQDLUHVGXqPHGHJUp
ampRPSpWHQFHVGLVFLSOLQDLUHVSRXUOHHU GHJUp FRPSpWHQFHVVRFOHV
HX[LqPHpWDSHGHOparaHQVHLJQHPHQWSULPDLUH
3UHPLqUHpWDSHGHOparaHQVHLJQHPHQWSULPDLUH
5HSqUHVSpGDJRJLTXHV
9ampRPSpWHQFHVWUDQVYHUVDOHVDXSULPDLUHHWDXVHFRQGDLUH
9ampRPSpWHQFHVFRPPXQHVjFRQVWUXLUHGDQVOHFDGUHGparaDFWLYLWpVGHUHQFRQWUH
HWGHFROODERUDWLRQHQWUHFRXUVGHUHOLJLRQ
$QWURGXFWLRQ
ampampDGUHGparaDSSOLFDWLRQ
ampRPSpWHQFHVjWUDYDLOOHUGDQVOHVDFWLYLWpVFRPPXQHV
ampRXUVGH5HOLJLRQVODPLTXH 5pIpUHQWLHOGHampRPSpWHQFHV
Ǥ plusmnplusmnͳǤ plusmn
D ampRPPXQDXWp )UDQoDLVH RUJDQLVH XQ HQVHLJQHPHQW TXL HVW QHXWUH D QHXWUDOLWp
LPSOLTXH QRWDPPHQW OH UHVSHFW GHV FRQFHSWLRQV SKLORVRSKLTXHV LGpRORJLTXHV RX
UHOLJLHXVHVGHVSDUHQWVHWGHVpOqYHV
HV pFROHV RUJDQLVpHV SDU OHV SRXYRLUV SXEOLFV RIILFLHOV RIIUHQW MXVTXparaj OD ILQ GH
OparaREOLJDWLRQVFRODLUHILQGHOparaHQVHLJQHPHQWVHFRQGDLUHOHFKRL[HQWUHOparaHQVHLJQHPHQW
GparaXQHGHVUHOLJLRQVUHFRQQXHVHWFHOXLGHODPRUDOHQRQFRQIHVVLRQQHOOH$UWHU
paraHQVHLJQHPHQW UHOLJLHX[GLVSHQVpGDQV OHV UpVHDX[GparaHQVHLJQHPHQWRIILFLHOSUpVHQWH
GHV VSpFLILFLWpV LQVFULWHV GDQV XQ FDGUH OpJDO UpJL SDU OHVpFUHWV TXL GpILQLVVHQW OHV
PLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWHWODQHXWUDOLWpLQKpUHQWHjFHWHQVHLJQHPHQW
4XHOTXHVH[WUDLWV HpFUHWGpILQLVVDQW OHVPLVVLRQVSULRULWDLUHVGH OparaHQVHLJQHPHQW IRQGDPHQWDOHW
GH OparaHQVHLJQHPHQWVHFRQGDLUHHW OHV VWUXFWXUHVSURSUHVj OHVDWWHLQGUH MXLOOHW
ampHGHUQLHUDDVVLJQpTXDWUHPLVVLRQVSULRULWDLUHVjOparapFROHDUWLFOH pYHORSSHUODSHUVRQQHGHFKDTXHpOqYH 5HQGUHOHVMHXQHVDSWHVjSUHQGUHXQHSODFHDFWLYHGDQVODYLHpFRQRPLTXHVRFLDOHHW
FXOWXUHOOH HV SUpSDUHU j rWUH GHV FLWRHQV UHVSRQVDEOHV GDQV XQH VRFLpWp GpPRFUDWLTXH
VROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHVFXOWXUHV$VVXUHUjWRXVGHVFKDQFHVpJDOHVGparapPDQFLSDWLRQVRFLDOH
HpFUHWGpILQLVVDQWODQHXWUDOLWpGHOparaHQVHLJQHPHQWPDUV
paraDUWLFOHVWLSXOH TXH
DQVOHVpWDEOLVVHPHQWVGHQVHLJQHPHQWRUJDQLVp SDUODampRPPXQDXWpOHVIDLWVVRQW
H[SRVpVHWFRPPHQWpVTXHFHVRLWRUDOHPHQWRXSDU pFULWDYHFODSOXVJUDQGH
REMHFWLYLWpSRVVLEOHODYpULWpHVWUHFKHUFKpHDYHFXQHFRQVWDQWHKRQQrWHWp
LQWHOOHFWXHOOHODGLYHUVLWpGHVLGpHVHVWDFFHSWpHOHVSULWGHWROpUDQFHHVWGpYHORSSpHW
FKDFXQHVWSUpSDUpjVRQUOHGHFLWRHQUHVSRQVDEOHGDQVXQHVRFLpWpSOXUDOLVWH
ϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
HpFUHWRUJDQLVDQWODQHXWUDOLWpLQKpUHQWHjOparaHQVHLJQHPHQWRIILFLHO
VXEYHQWLRQQp HWSRUWDQWGLYHUVHVPHVXUHVHQPDWLqUHGparaHQVHLJQHPHQWGpFHPEUH
SUpFLVHTXpara copyDXFXQHYpULWpQparaHVWLPSRVpHDX[pOqYHVFHX[FLpWDQWHQFRXUDJpVj
UHFKHUFKHUHWjFRQVWUXLUHOLEUHPHQWODOHXU ordf FKDSHU$UW
8QFDGUHOpJDOHWLQVWLWXWLRQQHOSRXUODSURPRWLRQGXWUDYDLOFRPPXQ
HpFUHWPLVVLRQVOHpFUHWFUpDQWOHampRQVHLO6XSpULHXUGHV FRXUVSKLORVRSKLTXHVHW
OHpFUHWFLWRHQQHWpFUpHQWGHVHVSDFHVGHUHQFRQWUHVGparapFKDQJHVGHGLVFXVVLRQVHW
GparaHQJDJHPHQW
HpFUHWampRQVHLOGHVFRXUVSKLORVRSKLTXHV 0
$UWHUOHVWFUppDXSUqVGXRXYHUQHPHQWGHODampRPPXQDXWpIUDQoDLVHXQampRQVHLOFRQVXOWDWLI
VXSpULHXUGHVFRXUVSKLORVRSKLTXHVFLDSUqVGpQRPPpcopyOHFRQVHLOordf
HFRQVHLODSRXUPLVVLRQ
GHIRUPXOHUWRXWHVSURSRVLWLRQVUHODWLYHVDX[RSSRUWXQLWpVGparapFKDQJHVGHVDYRLUVHWGHSUDWLTXHV
HQWUHOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHV
GHIRUPXOHUGDQVOHUHVSHFWGHVVSpFLILFLWpVGHFKDFXQHWGDQVOHFDGUHGXGpFUHWPLVVLRQVWRXWHV
SURSRVLWLRQV VXVFHSWLEOHV GparaHQFRXUDJHU OH GLDORJXH HQWUH OHV GLIIpUHQWHV UHOLJLRQV UHFRQQXHV HW OH
FRXUVGHPRUDOHQRQFRQIHVVLRQQHOOHHWGHSURPRXYRLUOHVYDOHXUVFRPPXQHV
GH IRUPXOHU FRQIRUPpPHQW DX GpFUHW WRXW DYLV VXU OparaRUJDQLVDWLRQ GparaDFWLYLWpV RUJDQLVpHV
FRQMRLQWHPHQWSDUOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHVDXWRXUGHWKqPHVIL[pVSDUOHFRQVHLO
GH IRUPXOHU WRXW DYLV VXU OD SUpVHQFH GparaLQLWLDWLRQ j OD GpPDUFKH SKLORVRSKLTXH HW VXU
OparaLQWURGXFWLRQGparapOpPHQWVGHSKLORVRSKLHHWGparaKLVWRLUHFRPSDUpHGHVUHOLJLRQVGDQVFKDFXQGHVFRXUV
SKLORVRSKLTXHV WHO TXH UHFRQQX SDU OD ORL GX PDL FRPSULV Oj R XQ VHXO FRXUV
FRUUHVSRQGDQWDXFDUDFWqUHFRQIHVVLRQQHOGHOparaHQVHLJQHPHQWHVWRUJDQLVp
pFUHWUHODWLIDXUHQIRUFHPHQWGHOpGXFDWLRQjODFLWRHQQHWpUHVSRQVDEOHHWDFWLYHDXVHLQGHVpWDEOLVVHPHQWVRUJDQLVpVRXVXEYHQWLRQQpVSDUODampRPPXQDXWpIUDQoDLVH
0$UWLFOH HUH FKHIGpWDEOLVVHPHQWGDQVOHQVHLJQHPHQWRUJDQLVpSDUODampRPPXQDXWp
IUDQoDLVHRXOH3RXYRLURUJDQLVDWHXUGDQVOHQVHLJQHPHQWVXEYHQWLRQQpYHLOOHjFHTXLOVRLWpODERUp
HWPLVHQdegXYUHDXPRLQVXQHIRLVGXUDQWFKDTXHFFOHGXFRQWLQXXPSpGDJRJLTXHGpILQL jODUWLFOH
HUGXGpFUHWcopy0LVVLRQVordfHWDXPRLQVXQHIRLVGXUDQWFKDTXHGHJUpGHV+XPDQLWpVJpQpUDOHVHW
WHFKQRORJLTXHVRXGHV+XPDQLWpVSURIHVVLRQQHOOHVHWWHFKQLTXHVWHOTXHGpILQLHVDX[FKDSLWUHV9HW9
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϳ
GXGpFUHWcopy0LVVLRQVordfXQHDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQ
SRXUXQHFLWRHQQHWpUHVSRQVDEOHHWDFWLYH
3DUDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQSRXUXQH
FLWRHQQHWpUHVSRQVDEOHHWDFWLYHLODOLHXGHQWHQGUHDXVHQVGXSUpVHQWGpFUHWXQHDFWLYLWp
UHTXpUDQWODPLVHHQdegXYUHGHFRPSpWHQFHVUHOHYDQWGDXPRLQVGHX[GLVFLSOLQHVGLIIpUHQWHVHWYLVDQW
jSURPRXYRLUODFRPSUpKHQVLRQGHOpYROXWLRQHWGXIRQFWLRQQHPHQWGHVLQVWLWXWLRQV
GpPRFUDWLTXHVOHWUDYDLOGHPpPRLUHODUHVSRQVDELOLWpYLVjYLVGHVDXWUHVGHOHQYLURQQHPHQWHWGX
SDWULPRLQHDXQLYHDXORFDORXjXQQLYHDXSOXVJOREDO
2XWUHOHVGHX[GLVFLSOLQHVYLVpHVjODOLQpDSUpFpGHQWOpODERUDWLRQHWODPLVHHQdegXYUHGHVDFWLYLWpV
YLVpHVSHXYHQW UDVVHPEOHU OHVpOqYHV LQVFULWVjGHVFRXUVSKLORVRSKLTXHVGLIIpUHQWVVRXV OD WXWHOOH
GHVHQVHLJQDQWVFKDUJpVGHFHVFRXUVdegXYUDQWHQSDUWHQDULDW
ϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹǤ plusmn
LVODP pWDQW GHYHQX OXQH GHV FRPSRVDQWHV GX SDVDJH FXOWXUHO HW UHOLJLHX[ GH OD
HOJLTXHOHQVHLJQHPHQWGHFHWWHUHOLJLRQHWGHODPRUDOHTXLVHQLQVSLUHQHGRLWrWUH
QL OD WkFKHGHcopyODUWLVDQDYLGHordfQL OHGRPDLQHGXcopyIRQGDPHQWDOLVWH IUXVWUpordf LO VDJLW
SOXWWGXQVHFWHXUTXLGRLWrWUHPLVDXVHUYLFHGH OpOqYHHQGHKRUVGH WRXWHVRUWHGH
WXWHOOHPDOYHLOODQWH HW ORLQ GHV GpPDUFKHVGLQVWUXPHQWDOLVDWLRQ GH WRXV ERUGVnot FHW
pJDUG WRXWHV OHV UHOLJLRQV PRQRWKpLVWHV OH MXGDwVPH OH FKULVWLDQLVPH HW OLVODP
VDFFRUGHQWVXU OH IDLWTXH ODUHOLJLRVLWpQHPSrFKHDXFXQHPHQWOLQGLYLGXGHYLYUHHQ
KDUPRQLHDYHFVRQWHPSV WRXWHQREVHUYDQW OHVSULQFLSHVGHVDSURSUHUHOLJLRQOHVW
GRQFERQGHVRXOLJQHUTXparaKLVWRULTXHPHQWOLVODPHQWDQWTXHSUDWLTXHVparaHVWYXGpFOLQp
HQ IRQFWLRQ GHV FXOWXUHV HW GHV PdegXUV ampHVW GDQV FHWWH SHUVSHFWLYH GDGDSWDWLRQ
FRQWH[WXHOOHTXHVLQVFULWOHFRXUVGHUHOLJLRQLVODPLTXHHFRXUVYLVHXQHQVHLJQHPHQW
TXLWLHQWFRPSWHjODIRLVGXQHDXWKHQWLTXHOHFWXUHGXWH[WHHWGHVH[LJHQFHVGHQRWUH
pSRTXH OSULYLOpJLHXQHDSSURFKHSDVVDQWQpFHVVDLUHPHQWSDUODYRLHGXQHGpPDUFKH
TXL SUHQG HQ FRPSWH OHV YDOHXUV GparapFKDQJH HW GH UHVSHFW PXWXHO GDQV XQH VRFLpWp
SOXULHOOH
͵Ǥ plusmnplusmn
3DU OHV TXHVWLRQV TXLO VRXOqYH OH FRXUV WHQG j VXVFLWHU OD FXULRVLWp GH OpOqYH SRXU
VparapYHLOOHUjOXQLFLWpGLYLQHHWVXVFLWHUOpPHUYHLOOHPHQWGHYDQWODJUDQGHXUGHLHXOD
PXOWLSOLFLWpGHVrWUHVHWOHXUVUpDOLWpVVHQVLEOHVampHSHQGDQWOHFRXUVQHWLHQWSDVOLHXGH
FDWpFKqVHSDVSOXVTXparaLOQparaDGHIRQFWLRQGH[KRUWDWLRQRXGHPpPRULVDWLRQGHGRQQpHV
DEVWUDLWHVHWILJpHV
O QH YLVH SDV QRQ SOXV j SURPRXYRLU GHV copyrWUHV UHOLJLHX[ordf XQLFLWp GLYLQH TXL
FRQVWLWXH OH WKqPH FHQWUDO GX FRXUV QHVW HQ DXFXQ FDV XQ FRQFHSW LQHUWH RX
ODIILUPDWLRQGXQPRQRWKpLVPHDEVWUDLW
ͶǤ
pYRFDWLRQGHVJUDQGHVGDWHV HW GHV JUDQGHV ILJXUHVGH OKLVWRLUHGH OVODP UDSSHOOH
TXH OD FLYLOLVDWLRQ PXVXOPDQH QD SX SURVSpUHU TXH SDUFH TXHOOH D FRQFLOLp IRL HW
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϵ
UDLVRQHWTXHVDJUDQGHXUIXWOHIUXLWGXQGLDORJXHFXOWXUHOHQSOHLQHHIIHUYHVFHQFH HW
FHPDOJUpGHVVLWXDWLRQVSDUIRLVKRVWLOHVpWXGHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVHW
OHXU SHUFHSWLRQ GDQV OHXUV SURSUHV VVWqPHV GH UpIpUHQFH PqQHQW j XQH OHFWXUH
FRQVFLHQWH GH OKLVWRLUHpOqYH SRXUUD DLQVL VH OLEpUHU GHV SUpMXJpV TXL UHSUpVHQWHQW
SRXUOXLXQYpULWDEOHEORFDJHDOWpULWpQHVWpWXGLpHTXHQWDQWTXHUDSSRUWHWQRQHQ
WDQWTXHEDUULqUH
ͷǤ
DQRWLRQGHFURDQFHHQXQLHXXQLTXHDSRXUEXWGHIDYRULVHUORXYHUWXUHGHOpOqYH
jXQDYHQLUFRPPXQHWGHOHVHQVLELOLVHUjODQpFHVVLWpGXQHVRFLpWpSOXULHOOHOSRXUUD
pJDOHPHQW SDUWLFLSHU DFWLYHPHQW j OD YLH HQ VRFLpWp HW VH UpDOLVHU SOHLQHPHQW HQ WDQW
TXLQGLYLGXVXUOHVSODQVLQWHOOHFWXHOVRFLDODIIHFWLIHWPRUDO
Ǥ plusmn
6DYRLUSHQVHUUpIOpFKLUFRQVLGpUHUHWFRPSUHQGUHVRQWSDUPLOHVFRPSpWHQFHV
jDWWHLQGUH3DUWDQWGHVVRXUFHVLVODPLTXHVFRPPXQpPHQWDGPLVHVHWGparaDXWUHVFKDPSV
GLVFLSOLQDLUHV OH FRXUV FRQWULEXH DLQVL j IRUPHU GHV HVSULWV OLEUHV HW FULWLTXHV O VH
GRQQHSRXUREMHFWLIGH IRUPHUGHVFLWRHQVUHVSRQVDEOHVFUpDWLIVRXYHUWVDX[DXWUHV
FXOWXUHV FDSDEOHVGH VH SUHQGUH HQPDLQ IDFH DX[ H[LJHQFHVGH OD YLH DWWHQWLIV j OD
FRPSOH[LWp GX UpHO DQV OD SHUVSHFWLYH LVODPLTXH OKRPPH HVW HQ GHYHQLU HQ
FRQVWUXFWLRQ HW GpWHUPLQH OXLPrPH VRQ DYHQLU SDU OD FRQQDLVVDQFH OD OLEHUWp HW OD
UHVSRQVDELOLWp
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ampRXUVGH5HOLJLRQVODPLTXH 5pIpUHQWLHOGHampRPSpWHQFHV
Ǥ plusmnplusmnͳǤ plusmn
D ampRPPXQDXWp )UDQoDLVH RUJDQLVH XQ HQVHLJQHPHQW TXL HVW QHXWUH D QHXWUDOLWp
LPSOLTXH QRWDPPHQW OH UHVSHFW GHV FRQFHSWLRQV SKLORVRSKLTXHV LGpRORJLTXHV RX
UHOLJLHXVHVGHVSDUHQWVHWGHVpOqYHV
HV pFROHV RUJDQLVpHV SDU OHV SRXYRLUV SXEOLFV RIILFLHOV RIIUHQW MXVTXparaj OD ILQ GH
OparaREOLJDWLRQVFRODLUHILQGHOparaHQVHLJQHPHQWVHFRQGDLUHOHFKRL[HQWUHOparaHQVHLJQHPHQW
GparaXQHGHVUHOLJLRQVUHFRQQXHVHWFHOXLGHODPRUDOHQRQFRQIHVVLRQQHOOH$UWHU
paraHQVHLJQHPHQW UHOLJLHX[GLVSHQVpGDQV OHV UpVHDX[GparaHQVHLJQHPHQWRIILFLHOSUpVHQWH
GHV VSpFLILFLWpV LQVFULWHV GDQV XQ FDGUH OpJDO UpJL SDU OHVpFUHWV TXL GpILQLVVHQW OHV
PLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWHWODQHXWUDOLWpLQKpUHQWHjFHWHQVHLJQHPHQW
4XHOTXHVH[WUDLWV HpFUHWGpILQLVVDQW OHVPLVVLRQVSULRULWDLUHVGH OparaHQVHLJQHPHQW IRQGDPHQWDOHW
GH OparaHQVHLJQHPHQWVHFRQGDLUHHW OHV VWUXFWXUHVSURSUHVj OHVDWWHLQGUH MXLOOHW
ampHGHUQLHUDDVVLJQpTXDWUHPLVVLRQVSULRULWDLUHVjOparapFROHDUWLFOH pYHORSSHUODSHUVRQQHGHFKDTXHpOqYH 5HQGUHOHVMHXQHVDSWHVjSUHQGUHXQHSODFHDFWLYHGDQVODYLHpFRQRPLTXHVRFLDOHHW
FXOWXUHOOH HV SUpSDUHU j rWUH GHV FLWRHQV UHVSRQVDEOHV GDQV XQH VRFLpWp GpPRFUDWLTXH
VROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHVFXOWXUHV$VVXUHUjWRXVGHVFKDQFHVpJDOHVGparapPDQFLSDWLRQVRFLDOH
HpFUHWGpILQLVVDQWODQHXWUDOLWpGHOparaHQVHLJQHPHQWPDUV
paraDUWLFOHVWLSXOH TXH
DQVOHVpWDEOLVVHPHQWVGHQVHLJQHPHQWRUJDQLVp SDUODampRPPXQDXWpOHVIDLWVVRQW
H[SRVpVHWFRPPHQWpVTXHFHVRLWRUDOHPHQWRXSDU pFULWDYHFODSOXVJUDQGH
REMHFWLYLWpSRVVLEOHODYpULWpHVWUHFKHUFKpHDYHFXQHFRQVWDQWHKRQQrWHWp
LQWHOOHFWXHOOHODGLYHUVLWpGHVLGpHVHVWDFFHSWpHOHVSULWGHWROpUDQFHHVWGpYHORSSpHW
FKDFXQHVWSUpSDUpjVRQUOHGHFLWRHQUHVSRQVDEOHGDQVXQHVRFLpWpSOXUDOLVWH
ϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
HpFUHWRUJDQLVDQWODQHXWUDOLWpLQKpUHQWHjOparaHQVHLJQHPHQWRIILFLHO
VXEYHQWLRQQp HWSRUWDQWGLYHUVHVPHVXUHVHQPDWLqUHGparaHQVHLJQHPHQWGpFHPEUH
SUpFLVHTXpara copyDXFXQHYpULWpQparaHVWLPSRVpHDX[pOqYHVFHX[FLpWDQWHQFRXUDJpVj
UHFKHUFKHUHWjFRQVWUXLUHOLEUHPHQWODOHXU ordf FKDSHU$UW
8QFDGUHOpJDOHWLQVWLWXWLRQQHOSRXUODSURPRWLRQGXWUDYDLOFRPPXQ
HpFUHWPLVVLRQVOHpFUHWFUpDQWOHampRQVHLO6XSpULHXUGHV FRXUVSKLORVRSKLTXHVHW
OHpFUHWFLWRHQQHWpFUpHQWGHVHVSDFHVGHUHQFRQWUHVGparapFKDQJHVGHGLVFXVVLRQVHW
GparaHQJDJHPHQW
HpFUHWampRQVHLOGHVFRXUVSKLORVRSKLTXHV 0
$UWHUOHVWFUppDXSUqVGXRXYHUQHPHQWGHODampRPPXQDXWpIUDQoDLVHXQampRQVHLOFRQVXOWDWLI
VXSpULHXUGHVFRXUVSKLORVRSKLTXHVFLDSUqVGpQRPPpcopyOHFRQVHLOordf
HFRQVHLODSRXUPLVVLRQ
GHIRUPXOHUWRXWHVSURSRVLWLRQVUHODWLYHVDX[RSSRUWXQLWpVGparapFKDQJHVGHVDYRLUVHWGHSUDWLTXHV
HQWUHOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHV
GHIRUPXOHUGDQVOHUHVSHFWGHVVSpFLILFLWpVGHFKDFXQHWGDQVOHFDGUHGXGpFUHWPLVVLRQVWRXWHV
SURSRVLWLRQV VXVFHSWLEOHV GparaHQFRXUDJHU OH GLDORJXH HQWUH OHV GLIIpUHQWHV UHOLJLRQV UHFRQQXHV HW OH
FRXUVGHPRUDOHQRQFRQIHVVLRQQHOOHHWGHSURPRXYRLUOHVYDOHXUVFRPPXQHV
GH IRUPXOHU FRQIRUPpPHQW DX GpFUHW WRXW DYLV VXU OparaRUJDQLVDWLRQ GparaDFWLYLWpV RUJDQLVpHV
FRQMRLQWHPHQWSDUOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHVDXWRXUGHWKqPHVIL[pVSDUOHFRQVHLO
GH IRUPXOHU WRXW DYLV VXU OD SUpVHQFH GparaLQLWLDWLRQ j OD GpPDUFKH SKLORVRSKLTXH HW VXU
OparaLQWURGXFWLRQGparapOpPHQWVGHSKLORVRSKLHHWGparaKLVWRLUHFRPSDUpHGHVUHOLJLRQVGDQVFKDFXQGHVFRXUV
SKLORVRSKLTXHV WHO TXH UHFRQQX SDU OD ORL GX PDL FRPSULV Oj R XQ VHXO FRXUV
FRUUHVSRQGDQWDXFDUDFWqUHFRQIHVVLRQQHOGHOparaHQVHLJQHPHQWHVWRUJDQLVp
pFUHWUHODWLIDXUHQIRUFHPHQWGHOpGXFDWLRQjODFLWRHQQHWpUHVSRQVDEOHHWDFWLYHDXVHLQGHVpWDEOLVVHPHQWVRUJDQLVpVRXVXEYHQWLRQQpVSDUODampRPPXQDXWpIUDQoDLVH
0$UWLFOH HUH FKHIGpWDEOLVVHPHQWGDQVOHQVHLJQHPHQWRUJDQLVpSDUODampRPPXQDXWp
IUDQoDLVHRXOH3RXYRLURUJDQLVDWHXUGDQVOHQVHLJQHPHQWVXEYHQWLRQQpYHLOOHjFHTXLOVRLWpODERUp
HWPLVHQdegXYUHDXPRLQVXQHIRLVGXUDQWFKDTXHFFOHGXFRQWLQXXPSpGDJRJLTXHGpILQL jODUWLFOH
HUGXGpFUHWcopy0LVVLRQVordfHWDXPRLQVXQHIRLVGXUDQWFKDTXHGHJUpGHV+XPDQLWpVJpQpUDOHVHW
WHFKQRORJLTXHVRXGHV+XPDQLWpVSURIHVVLRQQHOOHVHWWHFKQLTXHVWHOTXHGpILQLHVDX[FKDSLWUHV9HW9
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϳ
GXGpFUHWcopy0LVVLRQVordfXQHDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQ
SRXUXQHFLWRHQQHWpUHVSRQVDEOHHWDFWLYH
3DUDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQSRXUXQH
FLWRHQQHWpUHVSRQVDEOHHWDFWLYHLODOLHXGHQWHQGUHDXVHQVGXSUpVHQWGpFUHWXQHDFWLYLWp
UHTXpUDQWODPLVHHQdegXYUHGHFRPSpWHQFHVUHOHYDQWGDXPRLQVGHX[GLVFLSOLQHVGLIIpUHQWHVHWYLVDQW
jSURPRXYRLUODFRPSUpKHQVLRQGHOpYROXWLRQHWGXIRQFWLRQQHPHQWGHVLQVWLWXWLRQV
GpPRFUDWLTXHVOHWUDYDLOGHPpPRLUHODUHVSRQVDELOLWpYLVjYLVGHVDXWUHVGHOHQYLURQQHPHQWHWGX
SDWULPRLQHDXQLYHDXORFDORXjXQQLYHDXSOXVJOREDO
2XWUHOHVGHX[GLVFLSOLQHVYLVpHVjODOLQpDSUpFpGHQWOpODERUDWLRQHWODPLVHHQdegXYUHGHVDFWLYLWpV
YLVpHVSHXYHQW UDVVHPEOHU OHVpOqYHV LQVFULWVjGHVFRXUVSKLORVRSKLTXHVGLIIpUHQWVVRXV OD WXWHOOH
GHVHQVHLJQDQWVFKDUJpVGHFHVFRXUVdegXYUDQWHQSDUWHQDULDW
ϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹǤ plusmn
LVODP pWDQW GHYHQX OXQH GHV FRPSRVDQWHV GX SDVDJH FXOWXUHO HW UHOLJLHX[ GH OD
HOJLTXHOHQVHLJQHPHQWGHFHWWHUHOLJLRQHWGHODPRUDOHTXLVHQLQVSLUHQHGRLWrWUH
QL OD WkFKHGHcopyODUWLVDQDYLGHordfQL OHGRPDLQHGXcopyIRQGDPHQWDOLVWH IUXVWUpordf LO VDJLW
SOXWWGXQVHFWHXUTXLGRLWrWUHPLVDXVHUYLFHGH OpOqYHHQGHKRUVGH WRXWHVRUWHGH
WXWHOOHPDOYHLOODQWH HW ORLQ GHV GpPDUFKHVGLQVWUXPHQWDOLVDWLRQ GH WRXV ERUGVnot FHW
pJDUG WRXWHV OHV UHOLJLRQV PRQRWKpLVWHV OH MXGDwVPH OH FKULVWLDQLVPH HW OLVODP
VDFFRUGHQWVXU OH IDLWTXH ODUHOLJLRVLWpQHPSrFKHDXFXQHPHQWOLQGLYLGXGHYLYUHHQ
KDUPRQLHDYHFVRQWHPSV WRXWHQREVHUYDQW OHVSULQFLSHVGHVDSURSUHUHOLJLRQOHVW
GRQFERQGHVRXOLJQHUTXparaKLVWRULTXHPHQWOLVODPHQWDQWTXHSUDWLTXHVparaHVWYXGpFOLQp
HQ IRQFWLRQ GHV FXOWXUHV HW GHV PdegXUV ampHVW GDQV FHWWH SHUVSHFWLYH GDGDSWDWLRQ
FRQWH[WXHOOHTXHVLQVFULWOHFRXUVGHUHOLJLRQLVODPLTXHHFRXUVYLVHXQHQVHLJQHPHQW
TXLWLHQWFRPSWHjODIRLVGXQHDXWKHQWLTXHOHFWXUHGXWH[WHHWGHVH[LJHQFHVGHQRWUH
pSRTXH OSULYLOpJLHXQHDSSURFKHSDVVDQWQpFHVVDLUHPHQWSDUODYRLHGXQHGpPDUFKH
TXL SUHQG HQ FRPSWH OHV YDOHXUV GparapFKDQJH HW GH UHVSHFW PXWXHO GDQV XQH VRFLpWp
SOXULHOOH
͵Ǥ plusmnplusmn
3DU OHV TXHVWLRQV TXLO VRXOqYH OH FRXUV WHQG j VXVFLWHU OD FXULRVLWp GH OpOqYH SRXU
VparapYHLOOHUjOXQLFLWpGLYLQHHWVXVFLWHUOpPHUYHLOOHPHQWGHYDQWODJUDQGHXUGHLHXOD
PXOWLSOLFLWpGHVrWUHVHWOHXUVUpDOLWpVVHQVLEOHVampHSHQGDQWOHFRXUVQHWLHQWSDVOLHXGH
FDWpFKqVHSDVSOXVTXparaLOQparaDGHIRQFWLRQGH[KRUWDWLRQRXGHPpPRULVDWLRQGHGRQQpHV
DEVWUDLWHVHWILJpHV
O QH YLVH SDV QRQ SOXV j SURPRXYRLU GHV copyrWUHV UHOLJLHX[ordf XQLFLWp GLYLQH TXL
FRQVWLWXH OH WKqPH FHQWUDO GX FRXUV QHVW HQ DXFXQ FDV XQ FRQFHSW LQHUWH RX
ODIILUPDWLRQGXQPRQRWKpLVPHDEVWUDLW
ͶǤ
pYRFDWLRQGHVJUDQGHVGDWHV HW GHV JUDQGHV ILJXUHVGH OKLVWRLUHGH OVODP UDSSHOOH
TXH OD FLYLOLVDWLRQ PXVXOPDQH QD SX SURVSpUHU TXH SDUFH TXHOOH D FRQFLOLp IRL HW
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϵ
UDLVRQHWTXHVDJUDQGHXUIXWOHIUXLWGXQGLDORJXHFXOWXUHOHQSOHLQHHIIHUYHVFHQFH HW
FHPDOJUpGHVVLWXDWLRQVSDUIRLVKRVWLOHVpWXGHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVHW
OHXU SHUFHSWLRQ GDQV OHXUV SURSUHV VVWqPHV GH UpIpUHQFH PqQHQW j XQH OHFWXUH
FRQVFLHQWH GH OKLVWRLUHpOqYH SRXUUD DLQVL VH OLEpUHU GHV SUpMXJpV TXL UHSUpVHQWHQW
SRXUOXLXQYpULWDEOHEORFDJHDOWpULWpQHVWpWXGLpHTXHQWDQWTXHUDSSRUWHWQRQHQ
WDQWTXHEDUULqUH
ͷǤ
DQRWLRQGHFURDQFHHQXQLHXXQLTXHDSRXUEXWGHIDYRULVHUORXYHUWXUHGHOpOqYH
jXQDYHQLUFRPPXQHWGHOHVHQVLELOLVHUjODQpFHVVLWpGXQHVRFLpWpSOXULHOOHOSRXUUD
pJDOHPHQW SDUWLFLSHU DFWLYHPHQW j OD YLH HQ VRFLpWp HW VH UpDOLVHU SOHLQHPHQW HQ WDQW
TXLQGLYLGXVXUOHVSODQVLQWHOOHFWXHOVRFLDODIIHFWLIHWPRUDO
Ǥ plusmn
6DYRLUSHQVHUUpIOpFKLUFRQVLGpUHUHWFRPSUHQGUHVRQWSDUPLOHVFRPSpWHQFHV
jDWWHLQGUH3DUWDQWGHVVRXUFHVLVODPLTXHVFRPPXQpPHQWDGPLVHVHWGparaDXWUHVFKDPSV
GLVFLSOLQDLUHV OH FRXUV FRQWULEXH DLQVL j IRUPHU GHV HVSULWV OLEUHV HW FULWLTXHV O VH
GRQQHSRXUREMHFWLIGH IRUPHUGHVFLWRHQVUHVSRQVDEOHVFUpDWLIVRXYHUWVDX[DXWUHV
FXOWXUHV FDSDEOHVGH VH SUHQGUH HQPDLQ IDFH DX[ H[LJHQFHVGH OD YLH DWWHQWLIV j OD
FRPSOH[LWp GX UpHO DQV OD SHUVSHFWLYH LVODPLTXH OKRPPH HVW HQ GHYHQLU HQ
FRQVWUXFWLRQ HW GpWHUPLQH OXLPrPH VRQ DYHQLU SDU OD FRQQDLVVDQFH OD OLEHUWp HW OD
UHVSRQVDELOLWp
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
HpFUHWRUJDQLVDQWODQHXWUDOLWpLQKpUHQWHjOparaHQVHLJQHPHQWRIILFLHO
VXEYHQWLRQQp HWSRUWDQWGLYHUVHVPHVXUHVHQPDWLqUHGparaHQVHLJQHPHQWGpFHPEUH
SUpFLVHTXpara copyDXFXQHYpULWpQparaHVWLPSRVpHDX[pOqYHVFHX[FLpWDQWHQFRXUDJpVj
UHFKHUFKHUHWjFRQVWUXLUHOLEUHPHQWODOHXU ordf FKDSHU$UW
8QFDGUHOpJDOHWLQVWLWXWLRQQHOSRXUODSURPRWLRQGXWUDYDLOFRPPXQ
HpFUHWPLVVLRQVOHpFUHWFUpDQWOHampRQVHLO6XSpULHXUGHV FRXUVSKLORVRSKLTXHVHW
OHpFUHWFLWRHQQHWpFUpHQWGHVHVSDFHVGHUHQFRQWUHVGparapFKDQJHVGHGLVFXVVLRQVHW
GparaHQJDJHPHQW
HpFUHWampRQVHLOGHVFRXUVSKLORVRSKLTXHV 0
$UWHUOHVWFUppDXSUqVGXRXYHUQHPHQWGHODampRPPXQDXWpIUDQoDLVHXQampRQVHLOFRQVXOWDWLI
VXSpULHXUGHVFRXUVSKLORVRSKLTXHVFLDSUqVGpQRPPpcopyOHFRQVHLOordf
HFRQVHLODSRXUPLVVLRQ
GHIRUPXOHUWRXWHVSURSRVLWLRQVUHODWLYHVDX[RSSRUWXQLWpVGparapFKDQJHVGHVDYRLUVHWGHSUDWLTXHV
HQWUHOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHV
GHIRUPXOHUGDQVOHUHVSHFWGHVVSpFLILFLWpVGHFKDFXQHWGDQVOHFDGUHGXGpFUHWPLVVLRQVWRXWHV
SURSRVLWLRQV VXVFHSWLEOHV GparaHQFRXUDJHU OH GLDORJXH HQWUH OHV GLIIpUHQWHV UHOLJLRQV UHFRQQXHV HW OH
FRXUVGHPRUDOHQRQFRQIHVVLRQQHOOHHWGHSURPRXYRLUOHVYDOHXUVFRPPXQHV
GH IRUPXOHU FRQIRUPpPHQW DX GpFUHW WRXW DYLV VXU OparaRUJDQLVDWLRQ GparaDFWLYLWpV RUJDQLVpHV
FRQMRLQWHPHQWSDUOHVGLIIpUHQWVFRXUVSKLORVRSKLTXHVDXWRXUGHWKqPHVIL[pVSDUOHFRQVHLO
GH IRUPXOHU WRXW DYLV VXU OD SUpVHQFH GparaLQLWLDWLRQ j OD GpPDUFKH SKLORVRSKLTXH HW VXU
OparaLQWURGXFWLRQGparapOpPHQWVGHSKLORVRSKLHHWGparaKLVWRLUHFRPSDUpHGHVUHOLJLRQVGDQVFKDFXQGHVFRXUV
SKLORVRSKLTXHV WHO TXH UHFRQQX SDU OD ORL GX PDL FRPSULV Oj R XQ VHXO FRXUV
FRUUHVSRQGDQWDXFDUDFWqUHFRQIHVVLRQQHOGHOparaHQVHLJQHPHQWHVWRUJDQLVp
pFUHWUHODWLIDXUHQIRUFHPHQWGHOpGXFDWLRQjODFLWRHQQHWpUHVSRQVDEOHHWDFWLYHDXVHLQGHVpWDEOLVVHPHQWVRUJDQLVpVRXVXEYHQWLRQQpVSDUODampRPPXQDXWpIUDQoDLVH
0$UWLFOH HUH FKHIGpWDEOLVVHPHQWGDQVOHQVHLJQHPHQWRUJDQLVpSDUODampRPPXQDXWp
IUDQoDLVHRXOH3RXYRLURUJDQLVDWHXUGDQVOHQVHLJQHPHQWVXEYHQWLRQQpYHLOOHjFHTXLOVRLWpODERUp
HWPLVHQdegXYUHDXPRLQVXQHIRLVGXUDQWFKDTXHFFOHGXFRQWLQXXPSpGDJRJLTXHGpILQL jODUWLFOH
HUGXGpFUHWcopy0LVVLRQVordfHWDXPRLQVXQHIRLVGXUDQWFKDTXHGHJUpGHV+XPDQLWpVJpQpUDOHVHW
WHFKQRORJLTXHVRXGHV+XPDQLWpVSURIHVVLRQQHOOHVHWWHFKQLTXHVWHOTXHGpILQLHVDX[FKDSLWUHV9HW9
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϳ
GXGpFUHWcopy0LVVLRQVordfXQHDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQ
SRXUXQHFLWRHQQHWpUHVSRQVDEOHHWDFWLYH
3DUDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQSRXUXQH
FLWRHQQHWpUHVSRQVDEOHHWDFWLYHLODOLHXGHQWHQGUHDXVHQVGXSUpVHQWGpFUHWXQHDFWLYLWp
UHTXpUDQWODPLVHHQdegXYUHGHFRPSpWHQFHVUHOHYDQWGDXPRLQVGHX[GLVFLSOLQHVGLIIpUHQWHVHWYLVDQW
jSURPRXYRLUODFRPSUpKHQVLRQGHOpYROXWLRQHWGXIRQFWLRQQHPHQWGHVLQVWLWXWLRQV
GpPRFUDWLTXHVOHWUDYDLOGHPpPRLUHODUHVSRQVDELOLWpYLVjYLVGHVDXWUHVGHOHQYLURQQHPHQWHWGX
SDWULPRLQHDXQLYHDXORFDORXjXQQLYHDXSOXVJOREDO
2XWUHOHVGHX[GLVFLSOLQHVYLVpHVjODOLQpDSUpFpGHQWOpODERUDWLRQHWODPLVHHQdegXYUHGHVDFWLYLWpV
YLVpHVSHXYHQW UDVVHPEOHU OHVpOqYHV LQVFULWVjGHVFRXUVSKLORVRSKLTXHVGLIIpUHQWVVRXV OD WXWHOOH
GHVHQVHLJQDQWVFKDUJpVGHFHVFRXUVdegXYUDQWHQSDUWHQDULDW
ϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹǤ plusmn
LVODP pWDQW GHYHQX OXQH GHV FRPSRVDQWHV GX SDVDJH FXOWXUHO HW UHOLJLHX[ GH OD
HOJLTXHOHQVHLJQHPHQWGHFHWWHUHOLJLRQHWGHODPRUDOHTXLVHQLQVSLUHQHGRLWrWUH
QL OD WkFKHGHcopyODUWLVDQDYLGHordfQL OHGRPDLQHGXcopyIRQGDPHQWDOLVWH IUXVWUpordf LO VDJLW
SOXWWGXQVHFWHXUTXLGRLWrWUHPLVDXVHUYLFHGH OpOqYHHQGHKRUVGH WRXWHVRUWHGH
WXWHOOHPDOYHLOODQWH HW ORLQ GHV GpPDUFKHVGLQVWUXPHQWDOLVDWLRQ GH WRXV ERUGVnot FHW
pJDUG WRXWHV OHV UHOLJLRQV PRQRWKpLVWHV OH MXGDwVPH OH FKULVWLDQLVPH HW OLVODP
VDFFRUGHQWVXU OH IDLWTXH ODUHOLJLRVLWpQHPSrFKHDXFXQHPHQWOLQGLYLGXGHYLYUHHQ
KDUPRQLHDYHFVRQWHPSV WRXWHQREVHUYDQW OHVSULQFLSHVGHVDSURSUHUHOLJLRQOHVW
GRQFERQGHVRXOLJQHUTXparaKLVWRULTXHPHQWOLVODPHQWDQWTXHSUDWLTXHVparaHVWYXGpFOLQp
HQ IRQFWLRQ GHV FXOWXUHV HW GHV PdegXUV ampHVW GDQV FHWWH SHUVSHFWLYH GDGDSWDWLRQ
FRQWH[WXHOOHTXHVLQVFULWOHFRXUVGHUHOLJLRQLVODPLTXHHFRXUVYLVHXQHQVHLJQHPHQW
TXLWLHQWFRPSWHjODIRLVGXQHDXWKHQWLTXHOHFWXUHGXWH[WHHWGHVH[LJHQFHVGHQRWUH
pSRTXH OSULYLOpJLHXQHDSSURFKHSDVVDQWQpFHVVDLUHPHQWSDUODYRLHGXQHGpPDUFKH
TXL SUHQG HQ FRPSWH OHV YDOHXUV GparapFKDQJH HW GH UHVSHFW PXWXHO GDQV XQH VRFLpWp
SOXULHOOH
͵Ǥ plusmnplusmn
3DU OHV TXHVWLRQV TXLO VRXOqYH OH FRXUV WHQG j VXVFLWHU OD FXULRVLWp GH OpOqYH SRXU
VparapYHLOOHUjOXQLFLWpGLYLQHHWVXVFLWHUOpPHUYHLOOHPHQWGHYDQWODJUDQGHXUGHLHXOD
PXOWLSOLFLWpGHVrWUHVHWOHXUVUpDOLWpVVHQVLEOHVampHSHQGDQWOHFRXUVQHWLHQWSDVOLHXGH
FDWpFKqVHSDVSOXVTXparaLOQparaDGHIRQFWLRQGH[KRUWDWLRQRXGHPpPRULVDWLRQGHGRQQpHV
DEVWUDLWHVHWILJpHV
O QH YLVH SDV QRQ SOXV j SURPRXYRLU GHV copyrWUHV UHOLJLHX[ordf XQLFLWp GLYLQH TXL
FRQVWLWXH OH WKqPH FHQWUDO GX FRXUV QHVW HQ DXFXQ FDV XQ FRQFHSW LQHUWH RX
ODIILUPDWLRQGXQPRQRWKpLVPHDEVWUDLW
ͶǤ
pYRFDWLRQGHVJUDQGHVGDWHV HW GHV JUDQGHV ILJXUHVGH OKLVWRLUHGH OVODP UDSSHOOH
TXH OD FLYLOLVDWLRQ PXVXOPDQH QD SX SURVSpUHU TXH SDUFH TXHOOH D FRQFLOLp IRL HW
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϵ
UDLVRQHWTXHVDJUDQGHXUIXWOHIUXLWGXQGLDORJXHFXOWXUHOHQSOHLQHHIIHUYHVFHQFH HW
FHPDOJUpGHVVLWXDWLRQVSDUIRLVKRVWLOHVpWXGHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVHW
OHXU SHUFHSWLRQ GDQV OHXUV SURSUHV VVWqPHV GH UpIpUHQFH PqQHQW j XQH OHFWXUH
FRQVFLHQWH GH OKLVWRLUHpOqYH SRXUUD DLQVL VH OLEpUHU GHV SUpMXJpV TXL UHSUpVHQWHQW
SRXUOXLXQYpULWDEOHEORFDJHDOWpULWpQHVWpWXGLpHTXHQWDQWTXHUDSSRUWHWQRQHQ
WDQWTXHEDUULqUH
ͷǤ
DQRWLRQGHFURDQFHHQXQLHXXQLTXHDSRXUEXWGHIDYRULVHUORXYHUWXUHGHOpOqYH
jXQDYHQLUFRPPXQHWGHOHVHQVLELOLVHUjODQpFHVVLWpGXQHVRFLpWpSOXULHOOHOSRXUUD
pJDOHPHQW SDUWLFLSHU DFWLYHPHQW j OD YLH HQ VRFLpWp HW VH UpDOLVHU SOHLQHPHQW HQ WDQW
TXLQGLYLGXVXUOHVSODQVLQWHOOHFWXHOVRFLDODIIHFWLIHWPRUDO
Ǥ plusmn
6DYRLUSHQVHUUpIOpFKLUFRQVLGpUHUHWFRPSUHQGUHVRQWSDUPLOHVFRPSpWHQFHV
jDWWHLQGUH3DUWDQWGHVVRXUFHVLVODPLTXHVFRPPXQpPHQWDGPLVHVHWGparaDXWUHVFKDPSV
GLVFLSOLQDLUHV OH FRXUV FRQWULEXH DLQVL j IRUPHU GHV HVSULWV OLEUHV HW FULWLTXHV O VH
GRQQHSRXUREMHFWLIGH IRUPHUGHVFLWRHQVUHVSRQVDEOHVFUpDWLIVRXYHUWVDX[DXWUHV
FXOWXUHV FDSDEOHVGH VH SUHQGUH HQPDLQ IDFH DX[ H[LJHQFHVGH OD YLH DWWHQWLIV j OD
FRPSOH[LWp GX UpHO DQV OD SHUVSHFWLYH LVODPLTXH OKRPPH HVW HQ GHYHQLU HQ
FRQVWUXFWLRQ HW GpWHUPLQH OXLPrPH VRQ DYHQLU SDU OD FRQQDLVVDQFH OD OLEHUWp HW OD
UHVSRQVDELOLWp
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϳ
GXGpFUHWcopy0LVVLRQVordfXQHDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQ
SRXUXQHFLWRHQQHWpUHVSRQVDEOHHWDFWLYH
3DUDFWLYLWpLQWHUGLVFLSOLQDLUHVLQVFULYDQWGDQVODSHUVSHFWLYHGXQHpGXFDWLRQSRXUXQH
FLWRHQQHWpUHVSRQVDEOHHWDFWLYHLODOLHXGHQWHQGUHDXVHQVGXSUpVHQWGpFUHWXQHDFWLYLWp
UHTXpUDQWODPLVHHQdegXYUHGHFRPSpWHQFHVUHOHYDQWGDXPRLQVGHX[GLVFLSOLQHVGLIIpUHQWHVHWYLVDQW
jSURPRXYRLUODFRPSUpKHQVLRQGHOpYROXWLRQHWGXIRQFWLRQQHPHQWGHVLQVWLWXWLRQV
GpPRFUDWLTXHVOHWUDYDLOGHPpPRLUHODUHVSRQVDELOLWpYLVjYLVGHVDXWUHVGHOHQYLURQQHPHQWHWGX
SDWULPRLQHDXQLYHDXORFDORXjXQQLYHDXSOXVJOREDO
2XWUHOHVGHX[GLVFLSOLQHVYLVpHVjODOLQpDSUpFpGHQWOpODERUDWLRQHWODPLVHHQdegXYUHGHVDFWLYLWpV
YLVpHVSHXYHQW UDVVHPEOHU OHVpOqYHV LQVFULWVjGHVFRXUVSKLORVRSKLTXHVGLIIpUHQWVVRXV OD WXWHOOH
GHVHQVHLJQDQWVFKDUJpVGHFHVFRXUVdegXYUDQWHQSDUWHQDULDW
ϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹǤ plusmn
LVODP pWDQW GHYHQX OXQH GHV FRPSRVDQWHV GX SDVDJH FXOWXUHO HW UHOLJLHX[ GH OD
HOJLTXHOHQVHLJQHPHQWGHFHWWHUHOLJLRQHWGHODPRUDOHTXLVHQLQVSLUHQHGRLWrWUH
QL OD WkFKHGHcopyODUWLVDQDYLGHordfQL OHGRPDLQHGXcopyIRQGDPHQWDOLVWH IUXVWUpordf LO VDJLW
SOXWWGXQVHFWHXUTXLGRLWrWUHPLVDXVHUYLFHGH OpOqYHHQGHKRUVGH WRXWHVRUWHGH
WXWHOOHPDOYHLOODQWH HW ORLQ GHV GpPDUFKHVGLQVWUXPHQWDOLVDWLRQ GH WRXV ERUGVnot FHW
pJDUG WRXWHV OHV UHOLJLRQV PRQRWKpLVWHV OH MXGDwVPH OH FKULVWLDQLVPH HW OLVODP
VDFFRUGHQWVXU OH IDLWTXH ODUHOLJLRVLWpQHPSrFKHDXFXQHPHQWOLQGLYLGXGHYLYUHHQ
KDUPRQLHDYHFVRQWHPSV WRXWHQREVHUYDQW OHVSULQFLSHVGHVDSURSUHUHOLJLRQOHVW
GRQFERQGHVRXOLJQHUTXparaKLVWRULTXHPHQWOLVODPHQWDQWTXHSUDWLTXHVparaHVWYXGpFOLQp
HQ IRQFWLRQ GHV FXOWXUHV HW GHV PdegXUV ampHVW GDQV FHWWH SHUVSHFWLYH GDGDSWDWLRQ
FRQWH[WXHOOHTXHVLQVFULWOHFRXUVGHUHOLJLRQLVODPLTXHHFRXUVYLVHXQHQVHLJQHPHQW
TXLWLHQWFRPSWHjODIRLVGXQHDXWKHQWLTXHOHFWXUHGXWH[WHHWGHVH[LJHQFHVGHQRWUH
pSRTXH OSULYLOpJLHXQHDSSURFKHSDVVDQWQpFHVVDLUHPHQWSDUODYRLHGXQHGpPDUFKH
TXL SUHQG HQ FRPSWH OHV YDOHXUV GparapFKDQJH HW GH UHVSHFW PXWXHO GDQV XQH VRFLpWp
SOXULHOOH
͵Ǥ plusmnplusmn
3DU OHV TXHVWLRQV TXLO VRXOqYH OH FRXUV WHQG j VXVFLWHU OD FXULRVLWp GH OpOqYH SRXU
VparapYHLOOHUjOXQLFLWpGLYLQHHWVXVFLWHUOpPHUYHLOOHPHQWGHYDQWODJUDQGHXUGHLHXOD
PXOWLSOLFLWpGHVrWUHVHWOHXUVUpDOLWpVVHQVLEOHVampHSHQGDQWOHFRXUVQHWLHQWSDVOLHXGH
FDWpFKqVHSDVSOXVTXparaLOQparaDGHIRQFWLRQGH[KRUWDWLRQRXGHPpPRULVDWLRQGHGRQQpHV
DEVWUDLWHVHWILJpHV
O QH YLVH SDV QRQ SOXV j SURPRXYRLU GHV copyrWUHV UHOLJLHX[ordf XQLFLWp GLYLQH TXL
FRQVWLWXH OH WKqPH FHQWUDO GX FRXUV QHVW HQ DXFXQ FDV XQ FRQFHSW LQHUWH RX
ODIILUPDWLRQGXQPRQRWKpLVPHDEVWUDLW
ͶǤ
pYRFDWLRQGHVJUDQGHVGDWHV HW GHV JUDQGHV ILJXUHVGH OKLVWRLUHGH OVODP UDSSHOOH
TXH OD FLYLOLVDWLRQ PXVXOPDQH QD SX SURVSpUHU TXH SDUFH TXHOOH D FRQFLOLp IRL HW
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϵ
UDLVRQHWTXHVDJUDQGHXUIXWOHIUXLWGXQGLDORJXHFXOWXUHOHQSOHLQHHIIHUYHVFHQFH HW
FHPDOJUpGHVVLWXDWLRQVSDUIRLVKRVWLOHVpWXGHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVHW
OHXU SHUFHSWLRQ GDQV OHXUV SURSUHV VVWqPHV GH UpIpUHQFH PqQHQW j XQH OHFWXUH
FRQVFLHQWH GH OKLVWRLUHpOqYH SRXUUD DLQVL VH OLEpUHU GHV SUpMXJpV TXL UHSUpVHQWHQW
SRXUOXLXQYpULWDEOHEORFDJHDOWpULWpQHVWpWXGLpHTXHQWDQWTXHUDSSRUWHWQRQHQ
WDQWTXHEDUULqUH
ͷǤ
DQRWLRQGHFURDQFHHQXQLHXXQLTXHDSRXUEXWGHIDYRULVHUORXYHUWXUHGHOpOqYH
jXQDYHQLUFRPPXQHWGHOHVHQVLELOLVHUjODQpFHVVLWpGXQHVRFLpWpSOXULHOOHOSRXUUD
pJDOHPHQW SDUWLFLSHU DFWLYHPHQW j OD YLH HQ VRFLpWp HW VH UpDOLVHU SOHLQHPHQW HQ WDQW
TXLQGLYLGXVXUOHVSODQVLQWHOOHFWXHOVRFLDODIIHFWLIHWPRUDO
Ǥ plusmn
6DYRLUSHQVHUUpIOpFKLUFRQVLGpUHUHWFRPSUHQGUHVRQWSDUPLOHVFRPSpWHQFHV
jDWWHLQGUH3DUWDQWGHVVRXUFHVLVODPLTXHVFRPPXQpPHQWDGPLVHVHWGparaDXWUHVFKDPSV
GLVFLSOLQDLUHV OH FRXUV FRQWULEXH DLQVL j IRUPHU GHV HVSULWV OLEUHV HW FULWLTXHV O VH
GRQQHSRXUREMHFWLIGH IRUPHUGHVFLWRHQVUHVSRQVDEOHVFUpDWLIVRXYHUWVDX[DXWUHV
FXOWXUHV FDSDEOHVGH VH SUHQGUH HQPDLQ IDFH DX[ H[LJHQFHVGH OD YLH DWWHQWLIV j OD
FRPSOH[LWp GX UpHO DQV OD SHUVSHFWLYH LVODPLTXH OKRPPH HVW HQ GHYHQLU HQ
FRQVWUXFWLRQ HW GpWHUPLQH OXLPrPH VRQ DYHQLU SDU OD FRQQDLVVDQFH OD OLEHUWp HW OD
UHVSRQVDELOLWp
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹǤ plusmn
LVODP pWDQW GHYHQX OXQH GHV FRPSRVDQWHV GX SDVDJH FXOWXUHO HW UHOLJLHX[ GH OD
HOJLTXHOHQVHLJQHPHQWGHFHWWHUHOLJLRQHWGHODPRUDOHTXLVHQLQVSLUHQHGRLWrWUH
QL OD WkFKHGHcopyODUWLVDQDYLGHordfQL OHGRPDLQHGXcopyIRQGDPHQWDOLVWH IUXVWUpordf LO VDJLW
SOXWWGXQVHFWHXUTXLGRLWrWUHPLVDXVHUYLFHGH OpOqYHHQGHKRUVGH WRXWHVRUWHGH
WXWHOOHPDOYHLOODQWH HW ORLQ GHV GpPDUFKHVGLQVWUXPHQWDOLVDWLRQ GH WRXV ERUGVnot FHW
pJDUG WRXWHV OHV UHOLJLRQV PRQRWKpLVWHV OH MXGDwVPH OH FKULVWLDQLVPH HW OLVODP
VDFFRUGHQWVXU OH IDLWTXH ODUHOLJLRVLWpQHPSrFKHDXFXQHPHQWOLQGLYLGXGHYLYUHHQ
KDUPRQLHDYHFVRQWHPSV WRXWHQREVHUYDQW OHVSULQFLSHVGHVDSURSUHUHOLJLRQOHVW
GRQFERQGHVRXOLJQHUTXparaKLVWRULTXHPHQWOLVODPHQWDQWTXHSUDWLTXHVparaHVWYXGpFOLQp
HQ IRQFWLRQ GHV FXOWXUHV HW GHV PdegXUV ampHVW GDQV FHWWH SHUVSHFWLYH GDGDSWDWLRQ
FRQWH[WXHOOHTXHVLQVFULWOHFRXUVGHUHOLJLRQLVODPLTXHHFRXUVYLVHXQHQVHLJQHPHQW
TXLWLHQWFRPSWHjODIRLVGXQHDXWKHQWLTXHOHFWXUHGXWH[WHHWGHVH[LJHQFHVGHQRWUH
pSRTXH OSULYLOpJLHXQHDSSURFKHSDVVDQWQpFHVVDLUHPHQWSDUODYRLHGXQHGpPDUFKH
TXL SUHQG HQ FRPSWH OHV YDOHXUV GparapFKDQJH HW GH UHVSHFW PXWXHO GDQV XQH VRFLpWp
SOXULHOOH
͵Ǥ plusmnplusmn
3DU OHV TXHVWLRQV TXLO VRXOqYH OH FRXUV WHQG j VXVFLWHU OD FXULRVLWp GH OpOqYH SRXU
VparapYHLOOHUjOXQLFLWpGLYLQHHWVXVFLWHUOpPHUYHLOOHPHQWGHYDQWODJUDQGHXUGHLHXOD
PXOWLSOLFLWpGHVrWUHVHWOHXUVUpDOLWpVVHQVLEOHVampHSHQGDQWOHFRXUVQHWLHQWSDVOLHXGH
FDWpFKqVHSDVSOXVTXparaLOQparaDGHIRQFWLRQGH[KRUWDWLRQRXGHPpPRULVDWLRQGHGRQQpHV
DEVWUDLWHVHWILJpHV
O QH YLVH SDV QRQ SOXV j SURPRXYRLU GHV copyrWUHV UHOLJLHX[ordf XQLFLWp GLYLQH TXL
FRQVWLWXH OH WKqPH FHQWUDO GX FRXUV QHVW HQ DXFXQ FDV XQ FRQFHSW LQHUWH RX
ODIILUPDWLRQGXQPRQRWKpLVPHDEVWUDLW
ͶǤ
pYRFDWLRQGHVJUDQGHVGDWHV HW GHV JUDQGHV ILJXUHVGH OKLVWRLUHGH OVODP UDSSHOOH
TXH OD FLYLOLVDWLRQ PXVXOPDQH QD SX SURVSpUHU TXH SDUFH TXHOOH D FRQFLOLp IRL HW
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϵ
UDLVRQHWTXHVDJUDQGHXUIXWOHIUXLWGXQGLDORJXHFXOWXUHOHQSOHLQHHIIHUYHVFHQFH HW
FHPDOJUpGHVVLWXDWLRQVSDUIRLVKRVWLOHVpWXGHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVHW
OHXU SHUFHSWLRQ GDQV OHXUV SURSUHV VVWqPHV GH UpIpUHQFH PqQHQW j XQH OHFWXUH
FRQVFLHQWH GH OKLVWRLUHpOqYH SRXUUD DLQVL VH OLEpUHU GHV SUpMXJpV TXL UHSUpVHQWHQW
SRXUOXLXQYpULWDEOHEORFDJHDOWpULWpQHVWpWXGLpHTXHQWDQWTXHUDSSRUWHWQRQHQ
WDQWTXHEDUULqUH
ͷǤ
DQRWLRQGHFURDQFHHQXQLHXXQLTXHDSRXUEXWGHIDYRULVHUORXYHUWXUHGHOpOqYH
jXQDYHQLUFRPPXQHWGHOHVHQVLELOLVHUjODQpFHVVLWpGXQHVRFLpWpSOXULHOOHOSRXUUD
pJDOHPHQW SDUWLFLSHU DFWLYHPHQW j OD YLH HQ VRFLpWp HW VH UpDOLVHU SOHLQHPHQW HQ WDQW
TXLQGLYLGXVXUOHVSODQVLQWHOOHFWXHOVRFLDODIIHFWLIHWPRUDO
Ǥ plusmn
6DYRLUSHQVHUUpIOpFKLUFRQVLGpUHUHWFRPSUHQGUHVRQWSDUPLOHVFRPSpWHQFHV
jDWWHLQGUH3DUWDQWGHVVRXUFHVLVODPLTXHVFRPPXQpPHQWDGPLVHVHWGparaDXWUHVFKDPSV
GLVFLSOLQDLUHV OH FRXUV FRQWULEXH DLQVL j IRUPHU GHV HVSULWV OLEUHV HW FULWLTXHV O VH
GRQQHSRXUREMHFWLIGH IRUPHUGHVFLWRHQVUHVSRQVDEOHVFUpDWLIVRXYHUWVDX[DXWUHV
FXOWXUHV FDSDEOHVGH VH SUHQGUH HQPDLQ IDFH DX[ H[LJHQFHVGH OD YLH DWWHQWLIV j OD
FRPSOH[LWp GX UpHO DQV OD SHUVSHFWLYH LVODPLTXH OKRPPH HVW HQ GHYHQLU HQ
FRQVWUXFWLRQ HW GpWHUPLQH OXLPrPH VRQ DYHQLU SDU OD FRQQDLVVDQFH OD OLEHUWp HW OD
UHVSRQVDELOLWp
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϵ
UDLVRQHWTXHVDJUDQGHXUIXWOHIUXLWGXQGLDORJXHFXOWXUHOHQSOHLQHHIIHUYHVFHQFH HW
FHPDOJUpGHVVLWXDWLRQVSDUIRLVKRVWLOHVpWXGHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVHW
OHXU SHUFHSWLRQ GDQV OHXUV SURSUHV VVWqPHV GH UpIpUHQFH PqQHQW j XQH OHFWXUH
FRQVFLHQWH GH OKLVWRLUHpOqYH SRXUUD DLQVL VH OLEpUHU GHV SUpMXJpV TXL UHSUpVHQWHQW
SRXUOXLXQYpULWDEOHEORFDJHDOWpULWpQHVWpWXGLpHTXHQWDQWTXHUDSSRUWHWQRQHQ
WDQWTXHEDUULqUH
ͷǤ
DQRWLRQGHFURDQFHHQXQLHXXQLTXHDSRXUEXWGHIDYRULVHUORXYHUWXUHGHOpOqYH
jXQDYHQLUFRPPXQHWGHOHVHQVLELOLVHUjODQpFHVVLWpGXQHVRFLpWpSOXULHOOHOSRXUUD
pJDOHPHQW SDUWLFLSHU DFWLYHPHQW j OD YLH HQ VRFLpWp HW VH UpDOLVHU SOHLQHPHQW HQ WDQW
TXLQGLYLGXVXUOHVSODQVLQWHOOHFWXHOVRFLDODIIHFWLIHWPRUDO
Ǥ plusmn
6DYRLUSHQVHUUpIOpFKLUFRQVLGpUHUHWFRPSUHQGUHVRQWSDUPLOHVFRPSpWHQFHV
jDWWHLQGUH3DUWDQWGHVVRXUFHVLVODPLTXHVFRPPXQpPHQWDGPLVHVHWGparaDXWUHVFKDPSV
GLVFLSOLQDLUHV OH FRXUV FRQWULEXH DLQVL j IRUPHU GHV HVSULWV OLEUHV HW FULWLTXHV O VH
GRQQHSRXUREMHFWLIGH IRUPHUGHVFLWRHQVUHVSRQVDEOHVFUpDWLIVRXYHUWVDX[DXWUHV
FXOWXUHV FDSDEOHVGH VH SUHQGUH HQPDLQ IDFH DX[ H[LJHQFHVGH OD YLH DWWHQWLIV j OD
FRPSOH[LWp GX UpHO DQV OD SHUVSHFWLYH LVODPLTXH OKRPPH HVW HQ GHYHQLU HQ
FRQVWUXFWLRQ HW GpWHUPLQH OXLPrPH VRQ DYHQLU SDU OD FRQQDLVVDQFH OD OLEHUWp HW OD
UHVSRQVDELOLWp
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϭϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmnplusmnplusmnǤ plusmnǯ
parapOqYH D XQH FRQQDLVVDQFH GHV DVSHFWV LPSRUWDQWV GH OparaLVODP GH VHV VRXUFHV VHV
ILJXUHV PDUTXDQWHV VHV YDOHXUV SULYLOpJLpHV O VDLW UpIOpFKLU VXU GHV TXHVWLRQV
H[LVWHQWLHOOHV OH VHQV GH OD YLH GH OD PRUW GH OD GHVWLQpH GH OD VRXIIUDQFH GX
ERQKHXUlaquo
Ǥ degplusmnǯ
parapOqYHDDFTXLVGHVKDELOHWpVIDYRULVDQWODFRQQDLVVDQFHGHVRLHWGHOparaDXWUHjSDUWLUGH
VHVSURSUHVUHSUpVHQWDWLRQVODSULVFRQVFLHQFHGHVRQSURSUHLPDJLQDLUHHWGHFHTXparaLO
QparaHVW SDV OH VHXO SRVVLEOH LO VDLW UpIOpFKLU VXU OHV YDOHXUV MXVWLFH GLJQLWp OLEHUWp
UHVSHFW pTXLWplaquo O SHUoRLW OD SRUWpH GparaXQ VHQV FLYLTXH GDQV OparaH[SUHVVLRQ GHV
FRQYLFWLRQVHWGHVYDOHXUVGHOparaLVODP
Ǥ degplusmnǯ
$ODOXPLqUHGHVSULQFLSHVJpQpUDX[GHOparaLVODPGHVHVILQDOLWpVLOVDLWDYRLUXQHYLVLRQ
JOREDOH GH OD UpDOLWp O VDLW XWLOLVHU XQH GpPDUFKH UDWLRQQHOOH SRXU DSSUpKHQGHU GHV
VLWXDWLRQVSUREOpPDWLTXHVHWGpYHORSSHUXQMXJHPHQW
deg plusmn ǣ
para([LVWHQFH DMXVWLFH HERQKHXU9 DOLEHUWp9 DSDL[9 DGLJQLWp9 DUHVSRQVDELOLWp9 parapWKLTXH DVROLGDULWp paraRXYHUWXUH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϭ
Ǥ plusmnǤ plusmnǡ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
parapYROXHUGDQVXQHVSDFHGHOLEHUWpGparapFKDQJHHWGHGLDORJXH
HSUHQGUHFRQVFLHQFHGHVRQLGHQWLWpHQpYROXWLRQGQDPLTXHGDQVXQHVRFLpWp
SOXULHOOH
H SRVHU GHV TXHVWLRQV DXWRXU GX WKqPH GH OparaXQLFLWp GH LHX D[H FHQWUDO GX
FRXUV LQWHUURJHU VD IRL SDU XQH GQDPLTXH TXL FRQIqUH j FKDFXQ HW j FKDTXH
FKRVHXQVHQV
H VH FRQVWUXLUH DLQVL XQH LGHQWLWp GDQV XQ HQYLURQQHPHQWPXOWLFXOWXUHO XQH
SHUVRQQDOLWppSDQRXLHHWjOpFDUWGHWRXWH[FqV
ampKRLVLU OD IRUPH VRXV ODTXHOOH LO DGDSWH VRQ LGpDO HW GpILQLU OH FDGUH VH VRQ
DSSUHQWLVVDJH
Ǥ ǯ
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUH OpOqYHHVWFDSDEOH
GHPHQHUXQHUpIOH[LRQ VXUVRQHQWRXUDJHVXUOHVSDUWLFXODULWpVVRFLpWDOHVSDUOH
ELDLVGparaXQGpFUSWDJHVXUOparaDOWpULWpHWOHVFKDQJHPHQWVPXOWLFXOWXUHOV
H VH SRVLWLRQQHU VXU XQSKpQRPqQHGH VRFLpWp FRPSRUWDQW XQ HQMHXPRUDO j
WUDYHUVXQHDQDOVHHWXQHDUJXPHQWDWLRQUpIOpFKLHV
HPHQHUXQGpEDWHWGHVWUXFWXUHUVHV LGpHVVXUGHVVXMHWVTXLSRUWHQWVXUGHV
UpDOLWpV FRQWHPSRUDLQHV O HVW HQ PHVXUH GH UHFRQQDvWUH OD SHUWLQHQFH HW OD
FRKpUHQFHGHVpOpPHQWVTXLFRQVWLWXHQWXQHSRVLWLRQRXXQSRLQWGHYXH
GH UHVSHFWHU OHV UqJOHVGXGLDORJXHHW GHSURSRVHUGHVPRHQVSRXU UHPpGLHU
DX[ GLIILFXOWpV UHQFRQWUpHV paraXWLOLVHU GHV UHVVRXUFHV GHV UpIpUHQFHV HW XQ
YRFDEXODLUH DSSURSULp j OREMHW GX GLDORJXH SRXU pODERUHU XQ SRLQW GH YXH
FRPSRUWDQWGHVpOpPHQWVSHUWLQHQWVHWFRKpUHQWVHWDUJXPHQWHUjSDUWLUGHIDLWVHW
QRQGRSLQLRQV
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϭϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapWDEOLU XQH DQDOVH HW XQ OLHQ HQWUH OHV FLYLOLVDWLRQV DX QLYHDX GHV
UHSUpVHQWDWLRQV HW GHV FRQVLGpUDWLRQV HW GpJDJHU GHV pOpPHQWV GparaDSSDUWHQDQFH
FRPPXQH
paraDGDSWHUVRQFRPPHQWDLUHVXUOHVUpDOLWpVVRFLDOHVFRPSOH[HVVHORQ OHFRQWH[WH
VSDWLRWHPSRUHO
HFRPSUHQGUH ODULFKHVVHGXYLYUHHQVHPEOHHWGHPHWWUHHQYDOHXUOparaDSSRUWGHV
GLIIpUHQWHV FXOWXUHV HW OHV LQWHUDFWLRQV HQWUH HOOHV HQ VparapORLJQDQW GH OD OHFWXUH
VXSHUILFLHOOHHWHQDGRSWDQWXQHOHFWXUHFULWLTXHGQDPLTXH
H VparaLQWHUURJHU VXU VHV PXOWLSOHV DVSHFWV HW HQ FRQVWUXLUH VHV UHSUpVHQWDWLRQV
DSSURSULpHVDILQGHGpYHORSSHUXQVDYRLUrWUHHWXQVDYRLUDJLUGDQV OparaH[HUFLFH
GparaXQHFLWRHQQHWpUHVSRQVDEOH
Ǥ ǯǯdeg
$X WHUPHGHV WURLVGHJUpVGH OparaHQVHLJQHPHQWVHFRQGDLUH OpOqYH HVWFDSDEOH
GH
(WDEOLUOHVFULWqUHVGHOparaHQJDJHPHQWUHVSRQVDEOH
QWpJUHU OparapWKLTXH PXVXOPDQH FRPPH pOpPHQW UpIpUHQWLHO GDQV OparaDFWLRQ
SHUVRQQHOOH
3RUWHU XQ MXJHPHQW FULWLTXH HW DUJXPHQWp VXVFHSWLEOH GH GpERXFKHU VXU XQH
DGDSWDWLRQGHVRQHQJDJHPHQWHW GHVRQLQYHVWLVVHPHQW
(YDOXHUHWDGDSWHUVRQHQJDJHPHQWHQIRQFWLRQGXUpVXOWDWREWHQX
pYHORSSHU XQHUpIOH[LRQJOREDOHVXUOHVYDOHXUVFRPPXQHV
-XVWLILHU OHVGLIIpUHQWHVRSWLRQVRXDFWLRQVSRVVLEOHVjSDUWLUGHUHSqUHVSHUWLQHQWV
HQWHQDQWFRPSWHGHVVHQVLELOLWpVHWHQH[DPLQDQWOHVHIIHWVVXUVRLVXUOHVDXWUHV
HWVXUODVLWXDWLRQGRQQpHSRXUXQPHLOOHXUYLYUHHQVHPEOH
(WDEOLU GHVFULWqUHVGparaDQDOVHSRXUXQHVLWXDWLRQGRQQpHDYHFREMHFWLYLWpHQYXH
GHPHWWUHHQSODFHXQHDFWLRQHWGHUHOHYHUOHVYDOHXUVHWOHVQRUPHVHQSUpVHQFH
TXLSHXYHQWrWUHVRXUFHVGHWHQVLRQVRXGHFRQIOLWV
5HYRLU VHV GpPDUFKHV HQ YXH GH UHFWLILHU HW GparaDGDSWHU RX GparaH[DPLQHU
FRQVFLHQFLHXVHPHQW OD SHUIRUPDQFHGH OparaDFWLRQ VL OD VLWXDWLRQ OparaH[LJH(WUH HQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϯ
PHVXUHGHFRPSDUHUOHVHQVGHFHUWDLQVUHSqUHVGDQVGLIIpUHQWVSURMHWVGparaDFWLRQV
FRPPXQHVHWpWXGLHUODSRUWpHGHFRQWH[WH
7LVVHU IDFLOHPHQWXQ OLHQ VRFLDOHWGHV FRQWDFWVGHSUR[LPLWpGparaLFL HWGparaDLOOHXUV
DILQGparaDLJXLVHUVRQVDYRLUIDLUHHWGparapFKDQJHUOHVDSSUHQWLVVDJHVGDQVXQHVSDFH
TXLYLVHOparaLQWpUrWFRPPXQ
H IDLUH XQH VQWKqVH GH VHV DSSUHQWLVVDJHV j WUDYHUV VRQ HQJDJHPHQW HW VHV
LQYHVWLJDWLRQVHQpYDOXHUOHIILFDFLWpHWVparaLQWHUURJHUVXUODSRUWpHGHVDGpPDUFKH
HQYXHGHODPpOLRUHUVLEHVRLQHVW
ampKRLVLUjWUDYHUVOHVILQDOLWpVOLpHVjVHVUpIpUHQWLHOVOHVGpPDUFKHVHWOHVRXWLOV
UHTXLV SDUPL FHX[ PLV j VD GLVSRVLWLRQ HQ WUDYDLOODQW GH IDoRQ PRGpUpH
REMHFWLYHHWSUpYHQWLYH
Ǥ plusmn plusmn
$XWHUPHGHVWURLVGHJUpVGHOparaHQVHLJQHPHQWVHFRQGDLUHOpOqYHHVWFDSDEOH
GH PRELOLVHU VHV FRQQDLVVDQFHV SDUWLFXOLqUHV GDQV XQ FRQWH[WH SURIHVVLRQQHO
GRQQpRXXQTXRWLGLHQYpFX
GLQWHUSUpWHUXQHLQIRUPDWLRQGHGRQQHUXQVHQVjXQVDYRLUVHORQXQHFHUWDLQH
PpWKRGRORJLH UpIpUHQWLHOOH DILQGHSRXYRLU UpSRQGUH UDSLGHPHQWHW SRVpPHQW j
XQSUREOqPHGRQQpRXXQSKpQRPqQHGHVRFLpWp
GHFRPSUHQGUHODSHQVpHLVODPLTXHHWVHVH[SUHVVLRQVWRXWHQUpDOLVDQWTXparaHOOH
QparaHVW SDV XQ PRXOH LPPXDEOH RX XQH PDWLqUH SUpIDEULTXpH LQVHQVLEOH DX
FKDQJHPHQW
GH GLVFHUQHU OH SHUPDQHQW HW OparapYROXWLI OparaHVVHQWLHO HW OparaDFFHVVRLUH OH UpHO HW
OparaLPDJLQDLUH
GHVparaLQWHUURJHUVXUFHUWDLQVSRLQWVGHYXHVTXLVRQWSDUIRLVFRQWUDGLFWRLUHVYRLUH
RSSRVpV DX VHLQPrPHGH OD SHQVpH LVODPLTXH O VHUD FDSDEOHGH FRPSUHQGUH
TXH SHUVRQQH QparaHVW j OparaDEUL GH OparaHUUHXU HQ PDWLqUH GparaLQWHUSUpWDWLRQ GX WH[WH
UpIpUHQWLHO
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϭϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
GparaDSSUpKHQGHU OH VHQV GHV ILQDOLWpV pWDpHV SDU OHV H[pJqWHV j WUDYHUV OHV
FRQMRQFWXUHVVRFLRSROLWLTXHV
GparapWDEOLUXQOLHQHQWUHOparaLGHQWLWpGHODSHQVpHLVODPLTXHDYHFOHVUpIpUHQFHVGDQV
OHVTXHOOHVHOOHVparaLQVFULWHWTXLOXLGRQQHODYLVLRQHWOHFDGUHMXULGLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϱ
Ǥ plusmn 3URGXLUHXQHDUJXPHQWDWLRQHWXQHFRQWUHDUJXPHQWDWLRQjSDUWLUGparaXQHVLWXDWLRQ
SUREOqPHWH[WHSURMHFWLRQ9YLGpRlaquoVXUEDVHGparaXQHOHFWXUHSHUVRQQHOOHGHVUpIpUHQFHV
ampHWWH FRPSpWHQFHQparaHVW ELHQVUSDVXQDERXWLVVHPHQWFDUHOOHVparaHQWUHPrOH GXUDQWOHV
GLIIpUHQWHVpWDSHVGHOparaHQVHLJQHPHQWDYHFFHOOHVTXLODSUpFqGHQWHWGRQWOparaDFTXLVLWLRQ
GHPHXUH LQGLVSHQVDEOH GDQV XQH GpPDUFKH SpGDJRJLTXH SXLVTXparaHOOH VparaLQVSLUH
ODUJHPHQWGXYpFX
HGLVFXUVLIVparapWHQGjWRXWODQJDJH GLVFRXUVWH[WHVDUWLFOHVDQHFGRWHV1parapWDQWSDV
LPPXDEOH OparaDQDOVH GH WRXW ODQJDJH HQ SHUSpWXHO pYROXWLRQ SUpVXSSRVH GRQF XQH
GpPDUFKH YRORQWDULVWH HW XQH OHFWXUH GQDPLTXH HW SHUVRQQHOOH $PHQHU OparapOqYH j
GpYHORSSHU XQHPpWKRGRORJLH DGDSWpHGDQV OD FRPSUpKHQVLRQ GHV WH[WHV HW pODERUHU
DLQVLXQHUpIOH[LRQFODLUHHWDUJXPHQWpHHVWXQHFRQVWUXFWLRQGRQWFHUWDLQVFULWqUHVVRQW
pQRQFpVGDQVOHVFRPSpWHQFHVFLWpHVFLGHVVRXV
6XU EDVH GparaXQH VLWXDWLRQ GRQQpH UHODWLYH j XQH TXHVWLRQ GH VRFLpWp DFWXHOOHGpYHORSSHU XQH DQDOVH VXU EDVH GX UpIpUHQWLHO LVODPLTXH VXU FH TXL HVWSHUPDQHQW HW FH TXL HVW pYROXWLI HW SODQLILHU XQH DFWLRQ HQ YXH GparaHQJDJHU XQHGQDPLTXHFRQWH[WXHOOH
HVpOqYHVQHVRQWELHQKHXUHXVHPHQWSDVLQVHQVLEOHVDX[IDLWVGHVRFLpWpDX[TXHOVLOV
VRQW FRQIURQWpV ampHV GHUQLHUV SqVHQW LQGpQLDEOHPHQW VXU OHXUV MXJHPHQWV
SULQFLSDOHPHQWORUVTXparaLOVLQWHUSHOOHQWOHVHQWLPHQWUHOLJLHX[
DQV FHWWH VLWXDWLRQ GparaDSSUHQWLVVDJH OparapOqYH VH WURXYH IDFH j XQ WULSOH GpIL j VDYRLU
FRQVWUXLUH j SDUWLU GparaXQH VLWXDWLRQ GRQQpH XQH OHFWXUH SHUVRQQHOOH WRXW HQ UHVWDQW
ILGqOHjODWUDGLWLRQUHOLJLHXVHLVODPLTXHHWGDQVXQUHVSHFWLQWHUFRQYLFWLRQQHO(WjFH
VWDGH GH OparaHQVHLJQHPHQW OparaDXWRQRPLH HW OD FUpDWLYLWp VRQW OHVPDvWUHPRWVGDQV FHWWH
WkFKH parapYDOXDWLRQ GH FHWWH FRPSpWHQFH GHYLHQW GqV ORUV SDUWLFXOLqUHPHQW GpOLFDWH
$LQVL VHUD HVWLPp FKH] OparapOqYH VD FRPSUpKHQVLRQGHV pQRQFpV HW GHV FRQVLJQHV VRQ
HVSULW GparaDQDOVH VD FDSDFLWp GH FRQWH[WXDOLVDWLRQ VD FRPSUpKHQVLRQ HW VD UpSRQVH
PrPHKSRWKpWLTXHDX[SUREOqPHVSRVpV
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϭϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$ SDUWLUGparaXQHVLWXDWLRQTXRWLGLHQQHUHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGHYXHGLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX SKLORVRSKLTXH SUpMXJpV VWpUpRWSHVdegFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU XQH VROXWLRQ DUJXPHQWpH HW XQH SRVLWLRQDGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
(VWLOSRVVLEOHjSDUWLUGXGRQQpUpYpOpGHGpYHORSSHUXQHUpIOH[LRQUDWLRQQHOOHRXHVWLO
HQFRUH SRVVLEOH GH WUDLWHU OHV SUREOqPHV DFWXHOV j OparaDXQH GHV WH[WHV VFULSWXUDLUHV
4XRLTXH OD GpPRFUDWLH JDUDQWLVVH IRUPHOOHPHQW OHV OLEHUWpV GH FRQVFLHQFH HW GH
FURDQFH HW HQ YHUWX GH FHV GURLWV IRQGDPHQWDX[ LO HVW QpDQPRLQV YLWDO j OparaKHXUH
DFWXHOOH GH VparaRULHQWHU DX WUDYHUV GH GLIIpUHQWV FKDPSV GLVFLSOLQDLUHV )DYRULVDQWXQH
IRUPH GH FRPPXQLFDWLRQ QRQ YLROHQWH XQH WHOOH GpPDUFKH SUpYLHQGUDLW DVVXUpPHQW
WRXWHVOHVIRUPHVGHFRQIHVVLRQQDOLVPHH[FHVVLIDLQVLTXHOHFRPPXQDXWDULVPHTXHFH
GHUQLHUVRXVWHQG
parapOqYHTXLFRQVWUXLWVRQLGHQWLWpFRQVWUXLWDXVVLVHVFRQQDLVVDQFHV$LQVLFRQIURQWpj
GHVOLWWpUDWXUHVYDULpHV UHOLJLHXVHVSKLORVRSKLTXHVOLWWpUDLUHVHWVFLHQWLILTXHV OparapOqYH
GpYHORSSH GHV RXWLOV DGDSWpV OXL SHUPHWWDQW GH IDLUH IDFH DX[ VLWXDWLRQV GLYHUVHV HW
GLIILFLOHVWHOOHV OHVVWpUpRWSHVOHVUDLVRQQHPHQWVIDOODFLHX[OHVDJUHVVLRQVYHUEDOHVlaquo
6XUEDVHGparaXQRXGHX[WH[WHV jSRUWpHXQLYHUVHOOHHWGparaXQHSUREOpPDWLTXHDFWXHOOHSRVHU XQHQVHPEOHGHTXHVWLRQV VXU FHWWHSUREOpPDWLTXH HWSUpSDUHU XQHDFWLRQFLWRHQQHTXLHVWUHODWLYH
0RELOLVHUHWFRRUGRQQHUVHVDSWLWXGHVHW VHVVDYRLUVHVWXQGHVREMHFWLIVJpQpUDX[GH
OparaHQVHLJQHPHQWHVFRQQDLVVDQFHVTXparaHOOHVVRLHQWOHIUXLWGHVVFLHQFHVH[DFWHV RXGHV
VFLHQFHV KXPDLQHV pYROXHQW HW VRXOqYHQW GH QRPEUHXVHV TXHVWLRQV HOOHVPrPHV
LPSDFWpHVSDUGHVIDLWVGHVRFLpWpampparaHVWGLUHOparaHQWUHSULVHTXLLQFRPEHDX[SURIHVVHXUV
GDQV OHXU DFFRPSDJQHPHQW HW OD WUDQVPLVVLRQ GHV VDYRLUV GHV VDYRLUVIDLUH HW GHV
VDYRLUVrWUH
parapOqYH IDLW GRQF IDFH j XQH GRXEOH WkFKH TXL VparaDUWLFXOH DXWRXU GH FRPSpWHQFHV j
DFTXpULUPHQWLRQQpHVFLGHVVRXVDSUHPLqUHHVWGHVDLVLUODSRUWpHGparaXQGRQQpUpYpOp
RX GparaXQ WH[WH XQLYHUVHOOHPHQW UHoX ampRPSUHQGUH DQDOVHU VWUXFWXUHU HW VQWKpWLVHU
VRQWOHVMDORQVQpFHVVDLUHV OHVTXHOVGpWHUPLQHQWODFRQVWUXFWLRQHWOHGpYHORSSHPHQWGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϳ
OparaLQGLYLGXDGHX[LqPHWkFKHFRQYRTXHDXVVLELHQFHUWDLQVFRQFHSWVTXHGHVVDYRLUV
rWUH parapOqYH SUHQDQW HQ FRQVLGpUDWLRQ VRQPLOLHX VRFLDO SUREOpPDWLVH HW GpYHORSSH
XQH DUJXPHQWDWLRQ VRLJQpH VXU OHV TXHVWLRQV GpEDWWXHV HW GpYHORSSH SDU VXLWH GHV
SURMHWVFLWRHQVVparaUDSSRUWDQW
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW GH VXSSRUWV GLYHUV WH[WH FRUDQLTXHKLVWRLUHV GH ILJXUHV PDUTXDQWHV GH OparaLVODP GH SUDWLTXHV FXOWXHOOHV GHVPEROHVlaquo SRVHU XQH RX SOXVLHXUV TXHVWLRQV VXU OH VHQV OLp j OpararWUH HW j VRQLGHQWLWpHWPRQWUHUHQTXRLFHODSHXWLQIOXHUVXUOparaDJLUGHODSHUVRQQH
paraDFFHQW VHUDPLV VXU FH TXL WRXFKH j OpararWUH HW j OD FRQVWUXFWLRQ GH OparaLGHQWLWp ampHWWH
FRQVWUXFWLRQ LQGLVVRFLDEOHGH OD FRQVWUXFWLRQGHV FRQQDLVVDQFHV SDVVH LQpYLWDEOHPHQW
SDU XQH SULVH GH FRQVFLHQFH SHUVRQQHOOH HW XQH REVHUYDWLRQ GH VLWXDWLRQV RX GH
FRQWH[WHV GDQVWRXWHVOHXUVGLPHQVLRQVVFLHQWLILTXHHWSKLORVRSKLTXH
6paraDSSURFKHURXVHSHQFKHUVXUVRLDYDQWGHVparapYHLOOHUDXUDSSRUWDX[DXWUHVHWWRXWFH
TXparaLOVQRXVUpYqOHQWHVWXQSURFHVVXVTXLGHYUDLWDFFRPSDJQHUOparapOqYHWRXWDXORQJGH
VRQDSSUHQWLVVDJH (WUHVRLPrPHTXLQparaHVWHQDXFXQFDVXQUHSOLVXUVRLQparaHVWFHSDV
HVVDHUGH WURXYHUGHVUpSRQVHVDX[LQWHUURJDWLRQVTXHVRXOqYHQRWUHH[LVWHQFH HV
LQWHUURJDWLRQV SRXU OHVTXHOOHV FKDTXH WUDGLWLRQ SKLORVRSKLTXH DSSRUWH VRQ SURSUH
pFODLUDJH
$ SDUWLU GparaXQ WH[WH FRUDQLTXH GparaXQ WH[WH SURSKpWLTXH GparaXQ IDLW KLVWRULTXH GparaXQHVLWXDWLRQ YpFXH HWRX GparaXQH VLWXDWLRQ SUREOpPDWLTXH HIIHFWXHU XQH FRPSDUDLVRQVHORQXQFHUWDLQQRPEUHGparapOpPHQWVGparaDQDOVH
ampRQWUDLUHPHQW j FHUWDLQHV LGpHV UHoXHVGLVSHQVHUXQ FRXUV GH UHOLJLRQ LVODPLTXH XQ
FRXVFRQIHVVLRQQHO GDQVXQHVSULWKXPDQLVWHRXSDUOHUGHLHXDYHFXQHWRQDOLWpMXVWH
HVWXQHQVHLJQHPHQWTXLIDYRULVHODFDSDFLWpGHMXJHPHQWpPDQFLSDWULFHHWSUpGLVSRVH
DLQVL j XQH LQWpULRULVDWLRQGH VDYRLUV HW GH VDYRLUVrWUH HVVHQWLHOVSRXUXQHPHLOOHXUH
FRQQDLVVDQFHGHVRL ampHWUDYDLOGparaLQWURVSHFWLRQLOOXVWUHELHQODYLVpHSUHPLqUHGX7H[WH
copy WULSWTXH GH OparakPHQDIV ordf TXL DPELWLRQQH XQH SDL[ LQWpULHXUH j ODTXHOOH LQVSLUHQW
WRXVOHVrWUHV
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϭϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampHW HQVHLJQHPHQW SUHQG ELHQ pYLGHPPHQW HQ FRQVLGpUDWLRQ OHV RXWLOV TXHPHWWHQW j
QRWUH GLVSRVLWLRQ OHV SpGDJRJXHV HW SOXV JpQpUDOHPHQW OHV VFLHQFHV GH OparapGXFDWLRQ
paraLQWpJUDWLRQ GH FHV VDYRLUV RSpUDWLRQQHOV FRPELQH GHV FRPSpWHQFHV WUDQVYHUVDOHV
PDLVpJDOHPHQWGHVFRPSpWHQFHVGLVFLSOLQDLUHVH[SOLFLWpHVFLGHVVRXV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϭϵ
plusmn
͵deg plusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
3URGXLUH XQH DUJXPHQWDWLRQ HW XQH
FRQWUH DUJXPHQWDWLRQ j SDUWLU GparaXQH
VLWXDWLRQ SUREOqPH WH[WH SURMHFWLRQ
9YLGpRlaquo VXU EDVH GparaXQH OHFWXUH
SHUVRQQHOOHGHVUpIpUHQFHV
6XUEDVHGparaXQHVLWXDWLRQGRQQpHUHODWLYH
j XQH TXHVWLRQ GH VRFLpWp DFWXHOOH
GpYHORSSHU XQH DQDOVH VXU EDVH GX
UpIpUHQWLHO LVODPLTXH VXU FH TXL HVW
SHUPDQHQW HW FH TXL HVW pYROXWLI HW
SODQLILHUXQHDFWLRQHQYXHGparaHQJDJHUXQH
GQDPLTXHFRQWH[WXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV5pIOpFKLUVXUODVLJQLILFDWLRQGHV
VPEROHVHWGHVULWHV
LVWLQJXHUOHVGLIIpUHQWHVIRUPHVGH
GLVFRXUVWKpRORJLTXHV
SKLORVRSKLTXHVVFLHQWLILTXHVlaquo
$SSUpKHQGHUOparaHVWKpWLTXHVRXVWRXWHV
FHVIRUPHVGparaH[SUHVVLRQ
(ODERUHUXQHDUJXPHQWDWLRQpWKLTXH
GHQWLILHUOHVVSpFLILFLWpVGHVFURDQFHV
HWGHVSUDWLTXHVPXVXOPDQHV
ampRQYRTXHUOparapFODLUDJHGHVVFLHQFHV
KXPDLQHV
6paraHQJDJHUGDQVXQHFLWRHQQHWp
SDUWLFLSDWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVLUHFRPSUHQGUHHWLQWHUSUpWHUOHVWH[WHVVFULSWXUDLUHV
3UDWLTXHUOH TXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϮϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ʹdegplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$ SDUWLU GparaXQH VLWXDWLRQ TXRWLGLHQQH
UHODWLYHjXQHFRQIURQWDWLRQGHSRLQWVGH
YXH GLIIpUHQWV HQ PDWLqUH UHOLJLHXVH RX
SKLORVRSKLTXH SUpMXJpV VWpUpRWSHV
degFXPpQLVPHlaquo OparapOqYH GRLW WURXYHU
XQHVROXWLRQDUJXPHQWpHHWXQHSRVLWLRQ
DGpTXDWHGDQVXQHVSULWGparaRXYHUWXUH
6XU EDVH GparaXQ RX GHX[ WH[WHV j SRUWpH
XQLYHUVHOOH HW GparaXQH SUREOpPDWLTXH
DFWXHOOHSRVHUXQHQVHPEOHGHTXHVWLRQV
VXU FHWWH SUREOpPDWLTXH HW SUpSDUHU XQH
DFWLRQFLWRHQQHTXLHVWUHODWLYH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6HSRVHUODTXHVWLRQGHVUHODWLRQVDIIHFWLYHHWVH[XHOOH
ampXOWLYHUOHMXJHPHQWGHJRW
LVWLQJXHUOHVSUDWLTXHVUHOLJLHXVHVGHVSUDWLTXHVFXOWXUHOOHV3DUWDJHUOHVSRLQWVGHYXH
3ODQLILHUXQHDFWLRQFLWRHQQHUpIOpFKLH
ampRQWH[WXDOLVHUHWGpFRGHUOHVHQVGHVWH[WHVGHUpIpUHQFH
pYHORSSHUGHVVWUDWpJLHVRXGHVSURMHWVTXLUpSRQGHQWjXQPHLOOHXUYLYUHHQVHPEOH
pYHORSSHUXQTXHVWLRQQHPHQWVXUXQHSUREOpPDWLTXHDFWXHOOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHV([SOLTXHU VRQ DSSDUWHQDQFHSKLORVRSKLTXH j WUDYHUV OD FXOWXUH UHOLJLHXVH HW OHVVPEROHV
ampRPSDUHUVRQSRLQWGHYXHFRQYLFWLRQQHOjFHOXLGHVHVFRQGLVFLSOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϭ
ͳplusmn ǯ
ampRPSpWHQFHVWHUPLQDOHV
$X GpSDUW GparaXQH VLWXDWLRQ SUREOqPH HW
GH VXSSRUWV GLYHUV WH[WH FRUDQLTXH
KLVWRLUHV GH ILJXUHV PDUTXDQWHV GH
OparaLVODP GH SUDWLTXHV FXOWXHOOHV GH
VPEROHVlaquo SRVHU XQH RX SOXVLHXUV
TXHVWLRQVVXUOHVHQVOLpjOpararWUHHWjVRQ
LGHQWLWp HW PRQWUHU HQ TXRL FHOD SHXW
LQIOXHUVXUOparaDJLUGHODSHUVRQQH
$SDUWLUGparaXQWH[WHFRUDQLTXHWH[WH
SURSKpWLTXHGparaXQIDLWKLVWRULTXHGparaXQH
VLWXDWLRQYpFXHHWRXGparaXQHVLWXDWLRQ
SUREOpPDWLTXHHIIHFWXHUXQH
FRPSDUDLVRQVHORQXQFHUWDLQQRPEUH
GparapOpPHQWVGparaDQDOVH
ampRPSpWHQFHVGLVFLSOLQDLUHV FRPSpWHQFHVGLVFLSOLQDLUHV6paraDSSURSULHUODVLJQLILFDWLRQGHVGLIIpUHQWVVPEROHV2EVHUYHUVRQHQYLURQQHPHQWHWHQPpGLWHUOHVHQV6paraLQWHUURJHUVXUOHVHQVGHVRQH[LVWHQFHDXWUDYHUVGXIDFWHXUWHPSV5pIOpFKLUVXUODTXHVWLRQGHODWUDQVFHQGDQFHHQVparaLQWHUURJHDQWVXUODQRWLRQGXGLYLQ(QRQFHUGHVTXHVWLRQVVXUVRLVRQLGHQWLWpHWVXUVRQUDSSRUWDXPRQGH
ampRPSDUHUGLIIpUHQWVWH[WHVGHUpIpUHQFHVGparaDXWUHVFRXUDQWVSKLORVRSKLTXHV$JLUHQFLWRHQUHVSRQVDEOH
ampRPSpWHQFHVGLVFLSOLQDLUHVFRPPXQHVampRPSUHQGUHHWDQDOVHUGHVWH[WHVGHUpIpUHQFHVampRUDQHWKDGLWKVampRPSUHQGUHOHVpYpQHPHQWVPDUTXDQWVGHODELRJUDSKLHGXSURSKqWH0RKDPPHGHWOHVVLWXHUGDQVOHXUFRQWH[WH5pIOpFKLUVXUOHVHQVOHVYDOHXUVHWOHVILQDOLWpVGHVSUDWLTXHVFXOWXHOOHV
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϮϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥ plusmn
plusmn͵degplusmn ȋȌ
ϭ gtŝƌĞĐŽŵƉƌĞŶĚƌĞĞƚŝŶƚĞƌƉƌĠƚĞƌůĞƐƚĞdžƚĞƐƐĐƌŝƉƚƵƌĂŝƌĞƐ
HSXLV OparaLVODP QDLVVDQW OHV 0XVXOPDQV QparaRQW HX GH FHVVH GparapODERUHU XQH
KHUPpQHXWLTXHHQWRXWHOLEHUWpHQDGpTXDWLRQDYHFOHXUVDWWHQWHVHWOHXUVWHPSV
ampHSHQGDQW OH OHFWHXU GX WH[WH FRUDQLTXH SHXW rWUH RFFDVLRQQHOOHPHQW GpFRQFHUWp
SDUWLFXOLqUHPHQW ORUVTXparaLO QparaD DFFqV DX ampRUDQ TXparaDX WUDYHUV GHV WUDGXFWLRQV QRQ
H[HPSWV GH SUpMXJpV $LQVL QRPEUHX[ VRQW FHX[ TXL QH WLHQQHQW SDV FRPSWH GH VD
copy UKpWRULTXH VpPLWLTXH ordf LQGLVSHQVDEOH SRXU OD FRPSUpKHQVLRQ HW OparaLQWHOOLJHQFH GX
WH[WHampHWDUJXPHQWVparaDSSOLTXHpJDOHPHQWjODGHX[LqPHVRXUFHVFULSWXUDLUHGHOparaLVODP
ODWUDGLWLRQSURSKpWLTXH
ampRQMXJXpHV DX SDWULPRLQH H[pJpWLTXH SOXVLHXUV DSSURFKHV SHXYHQW rWUH SULYLOpJLpHV
SRXUOparaDQDOVHGHVWH[WHVVFULSWXUDLUHV
paraDSSURFKHFRPSDUDWLYHFRQIURQWHUOHV UpFLWVFRUDQLTXHVDX[DXWUHVWH[WHVVDFUpV
DILQGHIDLUHUHVVRUWLUOHVUHVVHPEODQFHVHWRXOHVDVSHFWVGLYHUJHQWV
paraDSSURFKH DQWKURSRORJLTXH ODLVVHU GRPLQHU OparaHVSULW GX ampRUDQ VXU VD OHWWUH HW
GLVWLQJXHUOHVUpIRUPHVLQVWDXUpHVSDUOHWH[WHVXUOHVSULQFLSHVGLWVcopy LQWDQJLEOHV ordf
paraDSSURFKH SKLORVRSKLTXH GpFHOHU OHV VWUXFWXUHV ORJLTXHV GX WH[WH
TXHVWLRQQHPHQWVSROpPLTXHVGLDOHFWLTXH
paraDSSURFKH VWOLVWLTXH SHUPHWGHGLVWDQFLHU OH OHFWHXUSDU OHELDLVGH ILJXUHVGH
VWOHGXFDUDFWqUH QRUPDWLITXLSqVHVXUOH7H[WH
parapOqYHGHYUDGRQF GHQWLILHUOHVGLIIpUHQWHVVRXUFHVVFULSWXUDLUHVGDQVOHXUGHJUpGparaLPSRUWDQFH
QIpUHUGHVLQIRUPDWLRQVjSDUWLUGHVGLWHVVRXUFHV
6LWXHUXQHLQIRUPDWLRQGDQVVHVFRQWH[WHVKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUGDQVOH7H[WHFHTXLDFDUDFWqUHDSRGLFWLTXHGHFHTXLHVWDVVHUWRULTXH
$SSUpKHQGHUGDQVVDFRPSOH[LWpODORQJXHHWVDYDQWHWUDQVPLVVLRQGX7H[WH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϯ
pJDJHUXQHRXGHVFRPSUpKHQVLRQVSRVVLEOHVTXHUHFqOHOH7H[WH
0HWWUH HQ FRUUpODWLRQ OparaKpULWDJH VFULSWXUDLUH LVODPLTXH DX[ DXWUHV WUDGLWLRQV
SKLORVRSKLTXHVHWUHOLJLHXVHV
Ϯ ĚĞŶƚŝĨŝĞƌůĞƐƐƉĠĐŝĨŝĐŝƚĠƐĚĞƐĐƌŽLJĂŶĐĞƐĞƚĚĞƐƉƌĂƚŝƋƵĞƐŵƵƐƵůŵĂŶĞƐ
$XGHOj GHV EDUULqUHV OLQJXLVWLTXHV HW FRQIHVVLRQQHOOHV OparaLVODP SURGXLUD VRQ SURSUH
VVWqPH GH SHQVpH TXL GpOLPLWHUD GHV FURDQFHV HW GHV SUDWLTXHV TXH GparaDXFXQV
DSSHOOHQWampRUSXV2IILFLHOampORVparapWXGHGHFHampRUSXVSHUPHWGHUHPRQWHUOHWHPSVHW
GH GpWHUPLQHU GDQV XQH YXH GparaHQVHPEOH OD JHQqVH GH WRXWHV OHV SUDWLTXHV HW OHV
FURDQFHVLVODPLTXHV GHOHXUEDOEXWLHPHQWVMXVTXparajOHXUVVVWpPDWLVDWLRQV
6LFKDTXHFURDQFHHWFKDTXHSUDWLTXHJUDYLWHQWDXWRXUGHODQRWLRQGparaXQLFLWpGHLHX
VL FKqUH j OparaLVODP FHV GHUQLqUHV QH VRQW FHUWHV SDV SRXU DXWDQW KHUPpWLTXHV j
OparaLQIOXHQFHGHVDXWUHVFXOWXUHVHW GHVUHOLJLRQV
parapOqYHGHYUDGqVORUV
LVWLQJXHU GLYHUV FRQFHSWV XQLFLWp PRQRWKpLVPH SDQWKpLVPH SROWKpLVPH
KpQRWKpLVPHPRQROkWULVPHUHOLJLRQVVRWpULRORJLTXHVlaquo
GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
$QDOVHU OHV LQWHUIpUHQFHV HW OHV LQIOXHQFHV GHV GLIIpUHQWHV FLYLOLVDWLRQV VXU OHV
SUDWLTXHVHWOHVFURDQFHVGHOparaLVODP
6DLVLU OHVFRQWH[WHVWKpRORJLFRSROLWLTXHVTXLRQWIDoRQQpOHVFRXUDQWVRUWKRGR[HV
HWKpWpURGR[HVϯ ZĠĨůĠĐŚŝƌƐƵƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐƐLJŵďŽůĞƐĞƚĚĞƐƌŝƚĞƐ
HampRUDQVFDQGHGHYLEUDQWHVH[KRUWDWLRQVjODPpGLWDWLRQ8QHPpGLWDWLRQVXUFHTXparaLO
DSSHOOHQRPPpPHQWGHVVLJQHVDFFHVVLEOHVjWRXV3DUDLOOHXUVSDUDEROHVHWVPEROHV
VparaHQWUHPrOHQWGDQVOH7H[WHSRXUcopy IUDSSHU ordfOHVHVSULWV (QGpSLWGHVHIIRUWVGpSORpV
SDU OHV SKLORVRSKHV OHV WKpRVRSKHV OHV WKpRORJLHQV HW OHV SRqWHV OD PDUJH
GparaLQWHUSUpWDWLRQ GH QRWUH PRQGH QDWXUH KRPPH GHPHXUH KHXUHXVHPHQW JUDQGH
RXYHUWHDIRQFWLRQGHVULWHVHVWGRQFGpWHUPLQDQWHGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
SXLVTXparaLOV VRQWGHVcopy VPEROHVPLVHQDFWLRQ ordfRXGHVUpFHSWDFOHVVSLULWXHOV
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
Ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
DQV XQH SHUVSHFWLYH SUDJPDWLTXH HW DX YX GH OparapYROXWLRQ GH OparaKLVWRLUH LO HVW
LQGLVSHQVDEOH GH TXHVWLRQQHU OHV ULWHV HW OHV VPEROHV SHUoXV SDUIRLV FRPPH
DUFKDwTXHVHWGpSDVVpV
parapOqYHGHYUDGqVORUV
(QWUHYRLUOHVDLVLVVDEOHGDQVOHVGLIIpUHQWVVPEROHVHWULWHVPXVXOPDQVWDmicroOvO
LVWLQJXHUOHVQRPEUHXVHVIRQFWLRQVTXHSURSRVHQWOHVVLJQHVVPEROHV
eWDEOLUXQHWSRORJLHGHVULWHV
GHQWLILHUOHVOLHX[GXVHQVGDQVOH7H[WH
ampODVVHU OHVULWHVVHORQOHXURUGUHGparaLPSRUWDQFH
pFRXYULUSDUXQHOHFWXUHVXEMHFWLYHOHVVHQVLQGLUHFWVTXHUHFqOHQWOHVVPEROHVHW
OHVULWHV
pSDVVHUOHULWXDOLVPHDWURSKLDQWHWGpYHORSSHUXQHDSSURFKHFULWLTXH
DQVXQHDSSURFKHUDWLRQQHOOHHWPRUDOHLQWHUURJHUOHVULWHVDILQGparaHQGpJDJHUOH
VHQVpWKLTXH
ϰ ŝƐƚŝŶŐƵĞƌůĞƐĚŝĨĨĠƌĞŶƚĞƐĨŽƌŵĞƐĚĞĚŝƐĐŽƵƌƐƚŚĠŽůŽŐŝƋƵĞƉŚŝůŽƐŽƉŚŝƋƵĞƐĐŝĞŶƚŝĨŝƋƵĞͿ
HV GLVFRXUV QH VH UpGXLVHQW DEVROXPHQW SDV DX[ VHXOV WURLV UHJLVWUHV UHOLJLHX[
SKLORVRSKLTXH HW VFLHQWLILTXH 0DLV FHV WURLV GHUQLHUV RIIUHQW SUREDEOHPHQW OD
SURGXFWLRQODSOXVPDVVLYHHWpQRQFHQWjSURSRV OHVKSRWKqVHVTXLWHQWHQWGparaH[SOLTXHU
ODTXHVWLRQGXGLYLQ
ampRPPHQW FHV WURLV UHJLVWUHV RQWLOV pYROXp GDQV OparaDLUH LVODPLTXH 3URSRVHQWLOV GHV
UpSRQVHVDQWLQRPLTXHV 6LRXLFRPPHQWDORUVDSSULYRLVHUGHWHOVSDUDGR[HV ltDWLO
DFWXHOOHPHQWXQUpWUpFLVVHPHQWGHODUpIOH[LRQLQWHOOHFWXHOOH
$WUDYHUVXQHGHVFULSWLRQWUDQTXLOOHFHVLQWHUURJDWLRQVSRVHQWODTXHVWLRQGHOparaDGKpVLRQ
OLEUHjOparaLGpHGXQRQUDWLRQQHORXGXVXUQDWXUHO
parapOqYHGHYUDGqVORUV
GHQWLILHUODQDWXUHGparaXQGLVFRXUVVRQDUJXPHQWDWLRQHWOHFODVVHUVHORQOHVFULWqUHV
SUpDODEOHPHQWpWDEOLV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϱ
6LWXHUOparaLQIRUPDWLRQGDQVXQFDGUHKLVWRULTXH
([SORLWHUOHVLQIRUPDWLRQVHWFRQIURQWHUOHVGLIIpUHQWVUHJLVWUHVDQDOVpV
$X WUDYHUV GHV WURLV UHJLVWUHV UHSpUHU OHV RULJLQHV GX VDFUp HW OHV FODVVLILFDWLRQV
TXparaLOVHQSURSRVHQW
ϱ ƉƉƌĠŚĞŶĚĞƌůĞƐƚŚĠƚŝƋƵĞƐŽƵƐĚŝǀĞƌƐĞƐĨŽƌŵĞƐĚĞdžƉƌĞƐƐŝŽŶ
paraDQLFRQLVPH DYpUpGDQV OHV WH[WHV VFULSWXUDLUHV QparaHPSrFKHUDSDV OHV UHSUpVHQWDWLRQV
ILJXUDWLYHV QL FH TXparaLO HVW FRPPXQpPHQW DSSHOp DXMRXUGparaKXL copy DUW PXVXOPDQ ordf D
WHUPLQRORJLHTXHUHFqOHFHWDUWHQGLWORQJVXUOparaLQJpQLRVLWpHWOparaLQYHQWLYLWpGRQWILUHQW
SUHXYH OHV DUWLVDQV j WUDYHUV OparaKLVWRLUH ELGUL DLJXLqUHPLQEDU LZDQ HQOXPLQXUHlaquo
copy LHXSDUFHTXparaOHVWEHDXDLPHODEHDXWp ordfQRXVGLWXQHWUDGLWLRQDSODFHDFFRUGpH
jODEHDXWpVRXVWRXWHVVHVIRUPHVHVWFHOOHTXLLQVSLUDHWFRQWLQXHGparaLQVSLUHUOHVDUWLVWHV
TXHOOHVTXH VRLHQWOHXUVRULJLQHV
$SSUHQGUHjYRLUHVWXQDYDQWWRXWXQDUW8QDUWTXLWUDQVFHQGHOHVFURDQFHVHWSHUPHW
GHYRDJHUjWUDYHUVOHVHVSDFHVJpRJUDSKLTXHVHWOHVUpDOLVDWLRQVKXPDLQHVYDFLOODQWHV
HQWUHVDFUpHWSURIDQH
parapOqYHDSSUHQGUDGRQFj
$IIWHUVRQUHJDUGHVWKpWLTXH
(WDEOLUXQHFRUUpODWLRQSRVVLEOHHQWUHOHVGHX[UHJDUGVHVWKpWLTXHHWVSLULWXHO
GHQWLILHUFKURQRORJLTXHPHQWOHVFRQFHSWLRQVSUpGRPLQDQWHVGHOparaDUWPXVXOPDQ
5pWDEOLU GDQV OHXU GLYHUVLWp OHV LQIOXHQFHV GHV DXWUHV FLYLOLVDWLRQV VXU OHV DUWV GH
OparaLVODP
5HVWLWXHU OHV GpEDWV VXU OparaRSSRVLWLRQ HQWUH DXWKHQWLFLWp HW DUWLILFHV WHFKQLTXHV
DVkODLKGkWK
$UWLFXOHUODTXHVWLRQHVWKpWLTXHDX[SUREOqPHVGHWROpUDQFHHWGHOLEHUWp
ϲ ŽŶǀŽƋƵĞƌůĠĐůĂŝƌĂŐĞĚĞƐƐĐŝĞŶĐĞƐŚƵŵĂŝŶĞƐ
HV UpFLWV FLUFRQVWDQFLpV TXparaH[SRVH OparaKLVWRLUH GH OD SHQVpH LVODPLTXH SRXUUDLHQW VH
UpVXPHU j XQH FRQYHUJHQFH GHV RSSRVLWLRQV 2X j WRXW OH PRLQV XQ SHUSpWXHO
TXHVWLRQQHPHQW VXU OH GHYHQLU GH OparaKRPPH D 7UDGLWLRQPXVXOPDQH YDULH GRQF HQ
IRQFWLRQGHVFXOWXUHVTXLOparaRQWYXHQDvWUHHWpYROXHU
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
Ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$QDOVHU OH IDLW UHOLJLHX[ HW SOXV SDUWLFXOLqUHPHQW OparaLVODP j OparaDXQH GHV VFLHQFHV
KXPDLQHV D SRXU REMHFWLI GH VHQVLELOLVHU OHV pOqYHV DX[ PpWKRGHV HW DX[ TXHVWLRQV
VRXOHYpHV SDU OHV GLWHV VFLHQFHV HW GH FRQIURQWHU VHUHLQHPHQW OHXUV WKpRULHV OHXUV
UHFKHUFKHVDX[GRQQpV UpYpOpV
parapOqYHDSSUHQGUDj
ampRQYRTXHUOparaDSSRUWGHVVFLHQFHVKXPDLQHVVXUOHIDLWUHOLJLHX[HQJpQpUDOHWVXUOH
IDLWLVODPLTXHSOXVSDUWLFXOLqUHPHQW
0HWWUHHQOXPLqUHOHSOXUDOLVPHLQWHUSUpWDWLIVXUXQHPrPHTXHVWLRQ
pSDVVHU OHV FOLYDJHV HQWUH VFLHQFHV KXPDLQHV HW VFLHQFHV UHOLJLHXVHV MHWDQW GHV
SRQWVHQWUHOHVGLIIpUHQWVvORWVGHVDYRLU
5HSpUHUOHVDXWHXUVOHVdegXYUHVHWOHVWKpRULHVFOpVHQPDWLqUHGHSHQVpHUHOLJLHXVH
5DSSURFKHUGLIIpUHQWVFKDPSGHUpIpUHQFH
ϳ WƌĂƚŝƋƵĞƌůĞƋƵĞƐƚŝŽŶŶĞŵĞŶƚƉŚŝůŽƐŽƉŚŝƋƵĞ
)RL HW UDLVRQ QH PqQHQWLOV SDV j XQH LPSDVVH 6L HQWUHSUHQGUH XQH UpIOH[LRQ
UDWLRQDOLVWH DUWLFXOpH DX GRQQp UpYpOp HVW WDQWW XQ H[HUFLFH IDVWLGLHX[ WDQWW XQH
GRPHVWLFDWLRQ VHUHLQH GH OD SHQVpH OHV FRQFOXVLRQV FUpGLWpHV QparaHQ GHPHXUHQW SDV
PRLQVUHODWLYHV
4XparaHVWFHTXHODQDWXUHTXparaHVWFHTXHOparaKRPPH 4XHSXLVMHVDYRLU RXHQFRUHTXparaHVW
FHTXHODYpULWpODMXVWLFHRXOHELHQ HYLEUDQWHVTXHVWLRQV H[LVWHQWLHOOHV TXLHQWUH
GLUHFWLYHV HW QDUUDWLRQV SRQFWXHQW OparapQRQFpFRUDQLTXH9RLOjSRXUTXRLQRXVSRXYRQV
LQGpQLDEOHPHQW DIILUPHU TXH OH TXHVWLRQQHPHQW SKLORVRSKLTXH ODWR VHQVX RXPLHX[
HQFRUHOHTXHVWLRQQHPHQWNDQWLHQIRUPXOpGDQVampULWLTXHGHODUDLVRQSXUH WURXYHQW
pFKR GDQV OH GLVFRXUV FRUDQLTXH ampH GHUQLHU QparaHVW ELHQ pYLGHPPHQW SDV XQ WUDLWp
WKpRULTXHHWQHVHSUpWHQGSDVFRPPHWHOFHSHQGDQWGHVcopy PLHWWHVSKLORVRSKLTXHV ordf
VRQWSDUVHPpHVOHVTXHOOHVRQWHQULFKLHWLQDXJXUpGHVSHQVpHVQRYDWULFHV
)DFH j OD SHQVpH XQLTXH RX OH IDVW WKLQNLQJ OD FDSDFLWp GparapWRQQHPHQW TXL HVW
YUDLVHPEODEOHPHQWjORULJLQHGXTXHVWLRQQHPHQWSKLORVRSKLTXHHVWXQHGHVPRGDOLWpV
YRLUHXQGpILSHUPHWWDQW GHUpLQYHQWHUQRWUHUHJDUGDXPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϳ
QWHUURJHU DQDOVHU SUREOpPDWLVHU HQ SDUWDQW GH OparaRQWRORJLH MXVTXparaj OparapWKLTXH VRQW
DVVXUpPHQWGHVYRLHVpPDQFLSDWULFHV
parapOqYHGHYUDGqVORUV
1parapOXGHUDXFXQHTXHVWLRQTXLIDLWVHQV
6DLVLUOHVHQVH[DFWGHVTXHVWLRQV
([SRVHUHWGpYHORSSHUVHVLGpHVGHIDoRQVWUXFWXUpH
3UpFLVHU VD PpWKRGH RX VRQ DUJXPHQWDWLRQ HW IRQGHU VRQ MXJHPHQW GDQV XQH
SUREOpPDWLTXHGHFRQILUPDWLRQGHUpIXWDWLRQRXGparaDSSURIRQGLVVHPHQW
pSDVVHU OHV copy FOWXUHV GRJPDWLTXHV ordf OHV TXHUHOOHV SKLORVRSKLTXHV HQ VXJJpUDQW
GHVHVVDLVGHUpSRQVHVRXGHQRXYHOOHVSLVWHVGH UpIOH[LRQ
QWHUURJHU OHV QRWLRQV LPSRUWDQWHV TXL QRXUULVVHQW OparaHQVHPEOH GHV GpEDWV DFWXHOV
ODwFLWpOLEHUWpWROpUDQFHLQWpJUDWLRQlaquo
ϴ WƌĂƚŝƋƵĞƌůĞĚŝĂůŽŐƵĞŝŶƚĞƌĐŽŶǀŝĐƚŝŽŶŶĞů
ampKDTXH rWUH HVW XQLTXH2XWUH FH SRVWXODW YHUWLJLQHX[ LO YD GH VRL TXH OD UHODWLRQ j
OparaDXWUHELHQTXparaHOOHVRLWUpJLHGDYDQWDJHDXMRXUGparaKXLGDQVXQHSHUVSHFWLYHMXULGLTXHHW
SROLWLTXH QparaHPSrFKHSDV GpararWUH HQYLVDJpH GH SUpIpUHQFH FRPPHXQH H[SpULHQFHGH
YLH
HV DSSHOV OpJLWLPHV DX GLDORJXH VRQW FHSHQGDQW VRXVMDFHQWV GparaXQ PDODLVH GparaXQ
SDWKRVGHQRWUHVRFLpWp(WVLOparaH[LJHQFHGpPRFUDWLTXHLPSOLTXHXQGLDORJXHHQWUHOHV
GLIIpUHQWVSLOLHUVGHODVRFLpWpLOYDGHVRLTXHFHWWH copy RXYHUWXUHUDLVRQQpHjOparaDOWpULWp ordf
QHSHXWVHIDLUHVRXVFRXYHUWGHUHODWLYLVPHFXOWXUHORXPXOWLFXOWXUHO6HXOXQGLDORJXH
DXWKHQWLTXH HW OLEUH TXL WLHQW FRPSWH GHV HQMHX[ SROLWLTXHV HW VRFLDX[ GHYUDLW GRQF
SHUPHWWUH XQH VRUWLH GX UHJLVWUH FRPPXQDXWDULVWH RX GDQVXQHPRLQGUHPHVXUHGparaXQ
degFXPpQLVPHPRX
3DUHLOOHPHQW j OparaLQWHUGLVFLSOLQDULWp TXL MHWWH GHV SRQWV HQWUH GHV vORWV GH VDYRLUV HQ
DSSDUHQFHDOORJqQHVOparapGXFDWLRQLQWHUFXOWXUHOOHRXOHGLDORJXHLQWHUFRQYLFWLRQQHO GRLW
pJDOHPHQW MHWHU GHV SDVVHUHOOHV HQWUH OHV DUWLVDQV GX GLDORJXH 8QH pGXFDWLRQ TXL
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
Ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
pWDEOLUDLWGHQRXYHDX[VFKqPHV GHGLDORJXHVDILQGparaDSSUpKHQGHUQRWUHVRFLpWpGDQVVD
GLYHUVLWp8QHSOXUDOLWpGHV FXOWXUHVHW GHV QRUPHVSHUoXHQRQSOXV FRPPHXQ FODVK
PDLVFRPPH YDOHXUVHWSRVVLELOLWpV
parapOqYHGHYUDGqVORUV
$SSUpKHQGHUODGLYHUVLWpFXOWXUHOOHVRXVVHVGLIIpUHQWHVIDFHWWHV 6parapGXTXHUDX[GURLWVGHOparaKRPPH ampRQQDvWUH HW LQWHUURJHU OHV GLIIpUHQWV FRQFHSWV WHOV XQLYHUVDOLWp GpPRFUDWLH
ODwFLWplaquo LVFHUQHU OHSDUDGLJPHFXOWXUDOLVWHDLQVLTXH ODKLpUDUFKLVDWLRQ FXOWXUHOOHGDQV OHVdegXYUHV
OHVDFWHVHWOHVSURSRVFRQVLGpUpV ampXOWLYHUODSUDWLTXHGXGLDORJXHLQWHUFRQYLFWLRQQHO 3UHQGUH HQ FRPSWH SDU GHV pFKDQJHV OD GLYHUVLWp GHV RULHQWDWLRQV GDQV OD YLH
FROOHFWLYH 6paraDIILUPHUHQDVVXPDQWODTXHVWLRQGHOparaDOWpULWpGDQVcopy OparaHVSDFHFLWRHQ ordf
ϵ ůĂďŽƌĞƌƵŶĞĂƌŐƵŵĞŶƚĂƚŝŽŶĠƚŚŝƋƵĞ
HVSULQFLSHVPRUDX[SUQpVSDUOHWH[WHFRUDQLTXHWURSVRXYHQWUpGXLWVjOHXUSRUWpH
MXULGLTXH RQW WRXWHIRLV LQVSLUp GH QRPEUHX[ SHQVHXUV DXWRXU GHV JUDQGHV TXHVWLRQV
pWKLTXHV OHELHQ OHPDO OHERQKHXU OD MXVWLFH OD OLEHUWp ODYHUWX OD UHVSRQVDELOLWp
OparaLQWpUrW OD PRUWlaquoampHV YDOHXUV IRQGDPHQWDOHV TXparaHOOHV VRLHQW SHQVpHV j OparaDXQH GX
UHOLJLHX[ RX GH OD UDLVRQ VH SHUSpWXHQW HW FRQWLQXHQW GH QRXUULU OD SHQVpH
FRQWHPSRUDLQH
D UppGLWLRQ GHV RXYUDJHV GH OD SpULRGHPpGLpYDOH TXL UpSRQGDLHQW SHX RX SURX DX
TXHVWLRQQHPHQWGHOHXUWHPSVPRQWUHjTXHOSRLQWFHVGHUQLHUVJDUGHQWHQFRUHGHQRV
MRXUV OHXU RULJLQDOLWp HW OHXU DFWXDOLWp$X VHLQ GH WRXWHV OHV DLUHV FXOWXUHOOHV MXLYHV
FKUpWLHQQHV HWPXVXOPDQHV OHV SKLORVRSKHV HW WKpRVRSKHV DUDEHV SHQVqUHQW WRXWH OD
TXHVWLRQKXPDLQHHWVDGHVWLQpHPLVHHQFKDQWLHUSDUOHXUVSUpGpFHVVHXUVJUHFVRLQ
GH WRXWH PRUDOH PRUDOLVDWULFH OparaKpULWDJH Gpara$O LQGL $O )DUDEL $O KD]DOL HW
0DwPRQLGH SRXU QH FLWHU TXparaHX[ ODLVVH DSSDUDvWUH OHV WHQVLRQV GH WRXWH UHODWLRQ
VRFLDOH YRLUH GH OD UHODWLRQ GH LHX DX PRQGH QRXV SHUPHWWDQW GparaDSSUpKHQGHU
UDWLRQQHOOHPHQWOHUDSSRUWGHQRWUHLGHQWLWpjOpara$XWUH3HQVHUpWKLTXHPHQWOHVPXWDWLRQV
GHODVRFLpWpQHSHXWTXparaHQULFKLUDXGHPHXUDQWFODULILHUOHVGpEDWV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ Ϯϵ
parapOqYHVHUDGRQFHQPHVXUHGH
eWDEOLUXQHGLVWLQFWLRQHQWUHOparapWKLTXHHWODPRUDOH 3UHQGUHFRQVFLHQFHGparaXQHTXHVWLRQGparaRUGUHpWKLTXHGHVHVGLPHQVLRQVHWGHVHV
HQMHX[ 3RVHUHWUpSRQGUHjGHVTXHVWLRQVGDQVXQODQJDJHFODLUHWSUpFLV ampRQIURQWHUFHUWDLQHVYDOHXUVSURPXHVSDUOH7H[WHDYHFGHVSUREOpPDWLTXHV
DFWXHOOHV $QDOVHUHWFULWLTXHUGHVWH[WHVGHVGRFXPHQWVGHVDUWLFOHVlaquo
ϭϬ ^ĞŶŐĂŐĞƌĚĂŶƐƵŶĞĐŝƚŽLJĞŶŶĞƚĠ ƉĂƌƚŝĐŝƉĂƚŝǀĞ
HUOHSRVLWLIGHOparaLQWHUDFWLRQVRFLDOHGDQVXQHVRFLpWpGparaLQGLYLGXVHVWFRQMRLQWHPHQW
OLp j OHXUV LQGpSHQGDQFHV HW OHXUV OLEHUWpV HYDQW OHV GURLWV TXH JDUDQWLW OD VRFLpWp
FKDTXH FLWRHQ HVW LQYHVWL GparaXQH UHVSRQVDELOLWp LQGLYLGXHOOH HW FROOHFWLYH ampH TXH
GparaDXFXQV QRPPH FLWRHQQHWp FRQQDvW GLIIpUHQWHV GpFOLQDLVRQV HQ IRQFWLRQ GHV
FRQWH[WHVVRFLRKLVWRULTXHV7RXWHIRLVOHVGpEDWVGHFHWWHGHUQLqUHGpFHQQLHDXWRXUGH
ODTXHVWLRQGHOparapGXFDWLRQjODFLWRHQQHWp PRQWUHQWjTXHOSRLQWOHUHJLVWUHGXSDWKRV
OparaHPSRUWH PDOKHXUHXVHPHQWVXUFHOXLGHODUDLVRQ
DQV OH VLOODJH GH OD SHQVpH GH EQ NKDOGRXQ TXL VWLSXODLW TXH copy OparaKRPPH QH SHXW
H[LVWHU TXH SDUPL OHV VLHQV ordf )UDQoRLVH +pULWLHU DIILUPHUD ELHQ SOXV WDUG TXH copy SDU
HVVHQFH FKDTXH LQGLYLGX HVW XQ PL[WH ordf ampHSHQGDQW ERQV QRPEUHV GH GLVFRXUV
SROLWLTXHV HW GH UHSUpVHQWDWLRQV FROOHFWLYHV WURXYHQW XQ JUDQG FUHX[ GDQV FHV YpULWpV
DQWKURSRORJLTXHV
QpYLWDEOHPHQWWRXWHFLWRHQQHWpSRVHODTXHVWLRQGXVDFUpGDQVODFLWpPDLVDXVVLGX
FXOWXUHOHWGXSROLWLTXH3DFLILHUODVRFLpWpGHVHVWHQWDWLRQVVHFWDULVWHVHVWGqVORUVXQ
GpILGHFKDTXHLQVWDQW (WWRXWHpGXFDWLRQjODFLWRHQQHWpQHSHXWIDLUHOparapFRQRPLHGH
OparaDIILUPDWLRQOpYLVWUDXVVLHQQH copy ODGLYHUVLWpGHVFXOWXUHVKXPDLQHVHVWGHUULqUHQRXV
DXWRXUGHQRXVHWGHYDQWQRXV ordf
parapOqYHVHUDGqVORUVFDSDEOHGH
ampRQQDvWUHGHV FRQFHSWV OLpV j OD TXHVWLRQGH OD FLWRHQQHWp WHOV GURLW GHYRLU
LQWHUFXOWXUDOLVPH UDFLVPH GLVFULPLQDWLRQ PXOWLFXOWXUDOLVPH LQWpJUDWLRQ
DVVLPLODWLRQGLIIpUHQFLDOLVPHlaquo
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϯϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
6LWXHUODQRWLRQGHFLWRHQQHWpVRQpPHUJHQFHHWVRQpYROXWLRQ GDQVOHWHPSVHW
GDQVOparaHVSDFH
(ODERUHUXQSURMHWFROOHFWLI
6paraLPSOLTXHUGDQVXQHDFWLYLWpVRFLDOHHWFXOWXUHOOH
plusmnʹdegplusmn
ϭ džƉůŝƋƵĞƌ ƐŽŶ ĂƉƉĂƌƚĞŶĂŶĐĞ ƉŚŝůŽƐŽƉŚŝƋƵĞ ă ƚƌĂǀĞƌƐ ůĂ ĐƵůƚƵƌĞƌĞůŝŐŝĞƵƐĞĞƚůĞƐƐLJŵďŽůĞƐ
H FUX HW OH VX RX OparaDSSDUWHQDQFH SKLORVRSKLTXH UHOqYHQW GH OparaRUGUH GH OparaLQWLPH
7UDGXLUH FH VHQWLPHQW QparaHVW SDV FKRVH DLVpH HW QpFHVVLWH j OD IRLV GHV EDOLVHV HW XQH
YLVLRQJOREDOHGHVRQVVWqPHUHOLJLHX[
paraLVODP ELHQ TXH SDUWDJHDQW XQ IRQGV KLVWRULTXH DYHF OD FXOWXUH HXURSpHQQH
SULQFLSDOHPHQWMXGpRFKUpWLHQQHHVWHQSHUSpWXHOOH FRQVWUXFWLRQ3DVpWRQQDQWGHYRLU
DORUV WRXWHV OHV FRPPXQDXWpVPXVXOPDQHV GpFOLQHU OHXUV LVODPLWpV HQ YHUWX GH OHXUV
RULJLQHVGparaXQHSDUWHWGHVFXOWXUHVORFDOHVTXLOHVRQWDFFXHLOOLVGparaDXWUHSDUW
HVVPEROHVUHOLJLHX[YDULHQWHX[DXVVLVHORQOHVDLUHVFXOWXUHOOHVFHSHQGDQWFHUWDLQV
WUDQVFHQGHQWWRXWHVOHVFXOWXUHVHWSURFqGHQWGHFHIDLWGHVVPEROHVXQLYHUVHOVWHOVOH
OLYUHOHFURLVVDQWODSOXPHOparaHQFULHUlaquo
parapOqYHVHUDGRQFHQPHVXUHGH
6LWXHU GDQV GHV WH[WHV VFULSWXUDLUHV FKRLVLV OHV SULQFLSDX[ DUWLFOHV GH IRL
PXVXOPDQH
5HFRQQDvWUHHWLGHQWLILHUGDQVODOLWWpUDWXUHRXOHVDUWVFHUWDLQVVPEROHVUHODWLIVj
ODFXOWXUHLVODPLTXH
pILQLU OHV SULQFLSDX[ WUDLWV GH OD FURDQFH PXVXOPDQH HW OHV VPEROHV
FRPPXQpPHQWDGPLVFRPPHDSSDUWHQDQWj ODFXOWXUHLVODPLTXH
([SOLTXHUGHPDQLqUHFRQVWUXLWHHWFRQFLVHOHVpOpPHQWVFRQVWLWXDQWODSURIHVVLRQ
GHIRL
3URSRVHUGHVOHFWXUHVSHUVRQQHOOHVGHGLIIpUHQWVVPEROHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϭ
Ϯ ĐŽŵƉĂƌĞƌƐŽŶƉŽŝŶƚĚĞǀƵĞĐŽŶǀŝĐƚŝŽŶŶĞůăĐĞůƵŝĚĞƐĞƐĐŽŶĚŝƐĐŝƉůĞƐ
paraLVODPGDQVOparaHVSDFHHXURSpHQQparaHVWVWUXFWXUpSDUDXFXQFOHUJpFHTXLQparaH[FOX SDVXQ
FHUWDLQOHDGHUVKLSUHOLJLHX[paraDXWRULWpGHFHOHDGHUVKLSHVWDXMRXUGparaKXLYDFLOODQWHPDLV
JDUGH XQH FHUWDLQH FKDUJH VPEROLTXH GDQV OparaLPDJLQDLUH PXVXOPDQ ampHWWH UpDOLWp
VRFLRORJLTXH GH OparaDXWRULWp UHOLJLHXVH HVW HQ YpULWp XQH RSSRUWXQLWp SRXU WRXV OHV
PXVXOPDQVSXLVTXparaDXFXQQHSHXWVHSUpYDORLUGparaXQHLQWHUSUpWDWLRQH[FOXVLYHGHVWH[WHV
VDFUpVHWGHFHIDLWODLVVHSODFHjXQHcopy KHUPpQHXWLTXHpFODWpH ordf
+RUPLV GHV degXYUHV FODVVLTXHV VXU OD GRJPDWLTXH LVODPLTXH TXL YHUVDLHQW OH SOXV
VRXYHQW GDQV OD VFRODVWLTXH OHV WUDLWpV GH WKpRORJLH RX OHV EUpYLDLUHV GH OD FURDQFH
PXVXOPDQHRQW OD UpSXWDWLRQGparaDYRLUpWppFULWVGDQVXQ VWOH OLPSLGHHW FRQFLVGRQF
DFFHVVLEOHVDXODUJHSXEOLF
parapOqYHGHYUDGqVORUV
7URXYHUGHVDUJXPHQWVGDQVOHVVRXUFHV PXVXOPDQHV FRPPXQpPHQWDGPLVHV
(QRQFHUVHVSURSUHVFRQYLFWLRQVGHIDoRQFODLUHHWDUJXPHQWpH
LVFXWHUOHVGLIIpUHQWHVKSRWKqVHV
$VVRFLHUGHVSRLQWVGHYXHGLYHUJHQWVVXUXQPrPHVXMHW
ϯ ^ĞƉŽƐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐƌĞůĂƚŝŽŶƐĂĨĨĞĐƚŝǀĞĞƚƐĞdžƵĞůůĞ
6pGXFWLRQGpVLU IUXVWUDWLRQHWFKDVWHWpVRQW OHVPDvWUHPRWV ORUVTXparaLOHVWTXHVWLRQGH
GpEDWWUH VXU OD VH[XDOLWp H GpEDW JDJQH HQ FRPSOH[LWp HW SUHQG GHV WRXUQXUHV GH
FRQIOLWVORUVTXHODTXHVWLRQHVWDSSURFKpHVRXVOparaDQJOHGXUHOLJLHX[
8QH IRL SHXWHOOH VparaDFFRPPRGHU GH GpVLU HW GparaXQH DFWLYLWp VH[XHOOH VDQV WDERX H
VH[HHVWLOPRUDOQRUPDO HSXLVOparaDQWLTXLWpMXVTXparajODSpULRGHPRGHUQHGHVUpSRQVHV
RQWpWpDSSRUWpHVjFHWWHTXHVWLRQGRQWEHDXFRXSDXMRXUGparaKXLDSSDUDLVVHQWGpVXqWHVj
QRVHX[
HSXLV OD OLEpUDWLRQ VH[XHOOH OHV PRGqOHV FXOWXUHOV QparaRQW GH FHVVH GparaDSSRUWHU GHV
UpSRQVHVSDUDGR[DOHVSDUIRLVFRQWUDGLFWRLUHVIDFHjOparapYROXWLRQGHVPdegXUV
ampRQWUDLUHPHQWjXQHLGpHUHoXHOparaLVODPHQWDQWTXHVVWqPHUHOLJLHX[HQPDUJHDYHF
OparaVODPFXOWXUHOWHQGjPRQWUHUXQHFHUWDLQHVRXSOHVVHYRLUHULVTXRQVOparaDQDFKURQLVPH
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϯϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
XQUHJDUGPRGHUQHVXUODVH[XDOLWp$XVVLORLQGHWRXWH[RWLVPHOparaRQSHXWDIILUPHUTXH
OD VH[XDOLWp GDQV OparaLGpDO LVODPLTXH HVW FRQVWDPPHQW copy PDULpH ordf DX VDFUp ampHSHQGDQW
XQHFHUWDLQHWUDGLWLRQH[pJpWLTXHSULYLOpJLDQW OHJHQUH PDVFXOLQFRQWLQXHGHSHVHUVXU
OHVFRQVFLHQFHVH[FOXDQWWRXWHVXEMHFWLYLWpIpPLQLQH GDQVODFXOWXUHVH[XHOOH
parapOqYHGHYUDGRQF
pJDJHUOHVWKqPHVFHQWUDX[GparaXQSDVVDJHWH[WXHO
ampRQQDvWUHHWGpILQLUFHUWDLQVYRFDEOHVOLpVjODVH[XDOLWp
eQRQFHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVDX[UHODWLRQVDIIHFWLYHVHWVH[XHOOHV
ampRQIURQWHU GHV WH[WHV FRQWHPSRUDLQV VXU OD TXHVWLRQ DYHF FHUWDLQV WH[WHV
VFULSWXUDLUHV
([SULPHUGHPDQLqUHFODLUHHWFRQFLVHVRQRSLQLRQ
ϰ ƵůƚŝǀĞƌůĞũƵŐĞŵĞŶƚĚĞŐŽƸƚ
-XJHUDSSUpFLHUODEHDXWpOHEHDXOHVXEOLPHRXHVWLPHUXQHdegXYUHHVWFHUWHVXQDUWHW
FRPPHWRXWDUWLOVHFXOWLYHLOVHSDUWDJHLHQTXHGpSRXUYXGHUqJOHHWGHFRQFHSWLO
SHXWWRXWHIRLVVparaDSSUHQGUHHWVparaHQVHLJQHUHEHDXDGRQFELHQXQHKLVWRLUH HWFKDTXH
FXOWXUHHQDXQHUHSUpVHQWDWLRQVSpFLILTXH
DQVOHPRGqOHLVODPLTXHODTXHVWLRQGHOparaHVWKpWLTXHGXEHDXHVWFRQVXEVWDQWLHOOHjOD
VSLULWXDOLWp LHX DUWLVDQ SDU H[FHOOHQFH HVW EHDX HW DLPH OD EHDXWp QRXV GLW XQH
WUDGLWLRQ $LQVL OD FUpDWLYLWp OparaLQVSLUDWLRQ TXL VH GpJDJH GH OparadegXYUH KXPDLQH HVW
VFUXWpHSDUQRVVHQVQRVpPRWLRQVHWQRVUHJDUGVVXEMHFWLIV
HSDWULPRLQHDUWLVWLTXHPRQGLDOVRXYHQWSpWULGH VDFUpHWGH UHOLJLHX[QpFHVVLWHXQH
ILEUH DUWLVWLTXH TXL SHXW VparaDFTXpULU j SDUWLU GH VRQ SURSUH FKDPS FXOWXUHO HW
FRQYLFWLRQQHO DIDFXOWpGH MXJHUVDQVFULWqUHVIRUPHOOHPHQWpWDEOLVGHYLHQW GqV ORUV
XQH[HUFLFHOLEUHHWSDUWDJpSDUWRXVVDQVGLVWLQFWLRQ
parapOqYHGHYUDGRQFrWUHFDSDEOHGH
6LWXHUGDQVOH7H[WHGHVSDVVDJHVTXLVXJJqUHQWXQMXJHPHQWGHJRW
(VWLPHUXQHUHSUpVHQWDWLRQLFRQRJUDSKLTXHXQHdegXYUHGparaDUW
pFRXYULUOHVYDOHXUVTXHUHFqOHOHSDWULPRLQHDUWLVWLTXH
5HSpUHUjSDUWLUGHTXHOTXHVSUDWLTXHVFXOWXHOOHVXQHGLPHQVLRQDUWLVWLTXH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϯ
(PHWWUHXQMXJHPHQWFRQVWUXLWHWpWDp
5HFRQQDvWUHTXHOTXHVdegXYUHVSUpDODEOHPHQWFKRLVLHV
ϱ WůĂŶŝĨŝĞƌƵŶĞĂĐƚŝŽŶĐŝƚŽLJĞŶŶĞƌĠĨůĠĐŚŝĞ
HSXLV OparaDYqQHPHQW GHV XPLqUHV OparaLQGLYLGX HVW j OparaKRQQHXU 3DUDGR[DOHPHQW OD
VRFLpWp HVW UpJLH SDU GHV OLHQV VRFLDX[ SURGXLWV SDU GHV JURXSHV GparaLQGLYLGXV HV
SKLORVRSKHVOHVSROLWLTXHVVHGLVSXWHQWFRQWURYHUVHQWHWGpEDWWHQWGHODPHLOOHXUHFLWp
TXL VLHG SURSRVDQW DLQVL GHV UpSRQVHV VDOXWDLUHV TXH VRXOqYH WRXWH VRFLpWp )DLUH GX
FLWRHQXQVXMHWGHGHYRLUVHWGHGURLWVHVWSUREDEOHPHQWXQGHVSULQFLSHVLQKpUHQWVj
WRXWHGpPRFUDWLH
D FLWRHQQHWp UpSRQG GRQF j XQ SURMHW FRPPXQ TXL UDVVHPEOH GHV LQGLYLGXV
GparaKRUL]RQVGLYHUVDX[FURDQFHVHWFRQYLFWLRQVYDULpHV
ampKDTXH GpPDUFKH FLWRHQQH TXparaHOOH VRLW YRORQWDLUH RX GLFWpH SDU OH GHYRLU FLYLTXH
SDUWLFLSHGHFHSURMHWFRPPXQ3ODQLILHUXQHDFWLRQFLWRHQQHFRUUHVSRQGSUpFLVpPHQW
DX UHVSHFW GX GURLW FRPPXQ GpPRFUDWLTXH HW UpGXLW LQKLEH WRXWH IRUPH GH
FRPPXQDXWDULVPHRXGHUHODWLYLVPHFXOWXUHO
parapOqYHVHUDHQPHVXUHGH
pILQLUGHVFRQFHSWVFOpVWHOV FLWRHQQHWppJDOLWpGURLWGHYRLU
CcedilWUHFDSDEOHGparaDGDSWHUFHVFRQFHSWVjXQWUDYDLOSUDWLTXH
6paraHQJDJHUDFWLYHPHQWGDQVOHSURFHVVXVGHSUpSDUDWLRQGparaXQSURMHWFRPPXQ
(ODERUHULQGLYLGXHOOHPHQWRXFROOHFWLYHPHQWXQHDFWLRQFLWRHQQHUpIOpFKLH
ϲ ŽŶƚĞdžƚƵĂůŝƐĞƌĞƚĚĠĐŽĚĞƌůĞƐĞŶƐĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞ
0DOJUp VRQ HPSORL WRXV D]LPXWV OH WHUPH copy FRQWH[WXDOLVHU ordf VparaHVW GHSXLV TXHOTXHV
GpFHQQLHVYXOJDULVp GDQV OH GLVFRXUV UpIRUPLVWHPXVXOPDQampH YRFDEOH VHUD FRPSULV
GDQV VRQ VHQV KHUPpQHXWLTXH OH SOXV UHVWUHLQW HW QRQ SDV GDQV VRQ DFFHSWLRQ
GLGDFWLTXHjVDYRLUUHSODFHUWRXWVLPSOHPHQWXQWH[WHGDQVVRQFRQWH[WH
ampRQWH[WXDOLVHUXQ WH[WH UpYpOp FRQVLVWHj OparaLQYHVWLU j OparaHQJDJHUGDQVXQHSHUVSHFWLYH
DFWXHOOH 3DUHLOOHPHQW FparaHVW OparaHQYLVDJHU GDQV VRQ pODQ SRpWLTXH DSSUpKHQGHU OHV
PHQWDOLWpV TXL OparaRQW UHoX RX UpIXWp XQH WkFKH FRPSOH[H LPSOLTXDQW XQH YDVWH
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϯϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
FRQQDLVVDQFHFRQQDLVVDQFHTXLEURVVHWRXWH OparapSLVWpPpLVODPLTXH8Q WHOSURJUDPPH
UHOqYHWLO GparaXQH JDJHXUH ampHUWHV OHV JULOOHV GH OHFWXUH TXH SURSRVHQW OHV
copy FRQWH[WXDOLVWHV ordfVRQWGLYHUVLILpHVHWSDUIRLVGLIILFLOHVGparaDFFqVPDLVLOHVWSHUPLVVDQV
OHMDUJRQVDYDQWGHGpJDJHUXQHOHFWXUHQHXYHWRXWHQUHVWDQWILGqOHjOparaHVSULWGXWH[WH
$LQVLLOHVWSRVVLEOHHWXUJHQWGparaLQWHUURJHUOHWH[WHHWODWUDGLWLRQjOparaDXQHGHVILQDOLWpV
GH OparaLVODPGH ODPRGHUQLWpGH OD VpFXODULVDWLRQHWGHVYDOHXUVTXparaHOOHVVRXVWHQGHQW
8QHLQWHUURJDWLRQTXLVparaLPSRVHIDFHjFHIOpDXGHcopy OparaLJQRUDQFHLQVWLWXWLRQQDOLVpH ordf0
$UNRXQTXH UpSDQGOparaH[WUpPLVPHVRXVWRXWHVVHVYDULDQWHV
parapOqYHVHUDHQPHVXUHGH
8WLOLVHUOHVFRQFHSWVFOpVpWXGLpV
LVWLQJXHUODSRUWpHGparaXQpQRQFpGXFRQWH[WHGDQVOHTXHOLOpYROXH
pJDJHUGHVXQLYHUVDX[jSDUWLUGHWH[WHVSUpDODEOHPHQWFKRLVLV
QWHUURJHU OHV VRXUFHV VFULSWXUDLUHV DX WUDYHUV GH FRQFHSWV WHOV OD OLEHUWp OD
GpPRFUDWLHOparapJDOLWplaquo
ϳ ŝƐƚŝŶŐƵĞƌůĞƐƉƌĂƚŝƋƵĞƐƌĞůŝŐŝĞƵƐĞƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵƌĞůůĞƐ
(WDEOLU XQH GLVWLQFWLRQ HQWUH OHV SUDWLTXHV UHOLJLHXVHV HW OHV SUDWLTXHV FXOWXUHOOHV HVW
DXVVL XQH IRUPH GH FRQWH[WXDOLVDWLRQ H[FHSWp TXparaLO QH VparaDJLW SDV LFL GparaLQYHVWLU
H[FOXVLYHPHQWOHFKDPSWH[WXHOampHWWHFRPSpWHQFHH[SOLFLWHGRQFFHOOHTXLOparaDSUpFqGH
$XVHLQGHODSHQVpH LVODPLTXH GHSXLVORQJWHPSV OHGLVWLQJXRDpWppWDEOLHQWUHFHTXL
UHOqYHGXFXOWHHWFHTXLDWUDLWjODFXOWXUHDXSURIDQHHWDX[PdegXUVampRPPHSRXUWRXV
OHV VVWqPHV GH FURDQFHV VparaDMRXWHQW DX[ SUDWLTXHV UHOLJLHXVHV GH OparaLVODP SHX
QRPEUHXVHV DX GpSDUW GHV XVDJHV GHV FRXWXPHV GHV FURDQFHV VpFXODLUHV TXL OparaRQW
HQULFKLWDQWVXUOHSODQFXOWXUHOTXHVXUOHSODQFLYLOLVDWLRQQHO
parapOqYHGHYUDGqVORUV
RQQHUXQHGpILQLWLRQGHVGLIIpUHQWHVSUDWLTXHVUHOLJLHXVHVHQLVODPDLQVLTXHGH
ODSUDWLTXHFXOWXUHOOH
(QRQFHUOHVGLIIpUHQFHVQRWRLUHVHQWUHSUDWLTXHUHOLJLHXVHHWSUDWLTXHFXOWXUHOOH
6LWXHUGDQVXQFDGUHFKURQRORJLTXHOHVSUDWLTXHVSULQFLSDOHVGHOparaLVODP
5pGLJHUXQFRXUWWUDYDLOVXUFHUWDLQHVSUDWLTXHVHWHQWLUHUOHVFRQFOXVLRQV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϱ
ϴ ĠǀĞůŽƉƉĞƌĚĞƐƐƚƌĂƚĠŐŝĞƐŽƵĚĞƐƉƌŽũĞƚƐƋƵŝƌĠƉŽŶĚĞŶƚăƵŶŵĞŝůůĞƵƌ
ǀŝǀƌĞͲĞŶƐĞŵďůĞ
D7HUUHDYHFVHVFRQWLQHQWVVHVRFpDQVHWVHVPLOOLDUGVGparaKDELWDQWVHVWXQYLOODJHGLW
RQ7RXWHVOHVGLVFLSOLQHVWRXWHVOHVVFLHQFHVFRQFRXUHQWjH[SORUHUjH[SOLTXHUQRWUH
HQYLURQQHPHQW1RXV UHPDUTXRQV DXVVL HQ REVHUYDQW OHV GLIIpUHQWV pFRVVWqPHV XQH
YpULWDEOHKDUPRQLHSRXUWDQWVL IUDJLOH8QHKDUPRQLHj ODTXHOOHQHGpURJHQWSDVQRQ
SOXVOHVLQQRPEUDEOHVVRFLpWpVDQLPDOHV
4XparaHQ HVWLO GHV VRFLpWpV KXPDLQHV HW GH OHXU KDUPRQLH 6DQV YHUVHU GDQV OH
FDWDVWURSKLVPH FHOOHFL VHPEOH OHXU IDLUHGpIDXW GDQV OHVRSLQLRQV HW OHV DFWLRQV$X
TXRWLGLHQGHODcopy VRFLpWpRXYHUWH ordfOHVUDSSRUWVOHVUHODWLRQVKXPDLQHVUHTXLqUHQWGHV
VWUDWpJLHVVDQVOHVTXHOOHVOHFRUSVVRFLDOVHUDLWDQpPLp
D UpDOLVDWLRQ GH WRXW SURMHW DXVVL OLPLWp VRLWLO GpSHQG HQ SDUWLH GH SULQFLSHV
LQDOLpQDEOHVWHOVODOLEHUWpOparapJDOLWpHWOHUHVSHFW
parapOqYHGHYUDrWUHHQPHVXUHGH
ampRQQDvWUHTXHOTXHVIRQGHPHQWVGXYLYUHHQVHPEOHOLEHUWppJDOLWpUHVSHFWlaquo
3HUFHYRLUXQSURMHWGDQVXQHYXHGparaHQVHPEOH
LVWLQJXHUGLIIpUHQWVWSHVGHVWUDWpJLHV
5pDOLVHUHWSDUWLFLSHUjOparapODERUDWLRQGparaXQSURMHWFRPPXQ
WĂƌƚĂŐĞƌ OHVSRLQWVGHYXH
$GRSWHUXQSRLQWGHYXHPpGLWHUXQHPD[LPHIDLUHOparapORJHGparaXQHSHQVpHOLUHXQHLGpH
TXL GpUDQJH QpFHVVLWHQW XQ FHUWDLQ GLVFHUQHPHQW HW XQH ULJXHXU UDWLRQQHOOH D
SURGXFWLRQ SKLORVRSKLTXH FRQWHPSRUDLQH VXU OD GLDOHFWLTXH RX OparapWKLTXH GDQV OD
GLVFXVVLRQ HVW FDSLWDOHSOXV SDUWLFXOLqUHPHQW OD SHUVSHFWLYHKDEHUPDVLHQQHTXL SRVH
HQWUHDXWUHODTXHVWLRQGXGpEDWGDQVOparaHVSDFHSXEOLF
DQV ODGLPHQVLRQLVODPLTXH OH IDLWGHSDUWDJHUVRQSRLQWGHYXHVHVFRQQDLVVDQFHV
SURFqGHQRQVHXOHPHQWGparaXQHpGXFDWLRQLQWHUDFWLYHPDLVDXVVLGparaXQHUHVSRQVDELOLWpTXL
LQFRPEHDX[ LQGLYLGXVPDOJUp OHV FRQWH[WHVKRVWLOHV6DQVPDvWULVHU OD VWOLVWLTXHQL
OHVUqJOHVGHODUKpWRULTXHFODVVLTXHpFRXWHUGHVSODLGRLULHVGHVH[SRVpVGHVGLVFRXUV
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϯϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
RXGHVSUrFKHVSHUPHWGRQFGparaDFTXpULURXWLOVHWSUDWLTXHVDILQGHPLHX[OHV WUDGXLUH
GDQVVRQYpFX
DQVXQHVSULWKXPDQLVWHSDUWDJHUVRQSRLQWGHYXHVDQVYRXORLUJDJQHUOparaDVVHQWLPHQW
GHVDXWUHVSRXUDXWDQWGHYUDLWVparaH[HUFHUORLQGHWRXWpODQSURVpOWH(WVLOparaLGpHHQFUpH
XQHDXWUHOHSDUWDJHOXLDXVVLFUpHOHSDUWDJH
parapOqYHVHUDHQPHVXUHGH
3RVHUGHVTXHVWLRQVVparaH[SULPHURVHUSDUOHU
5HFRQQDvWUH XQ DUJXPHQWDLUH j SDUWLU GparaXQ SDVVDJH YRFDEXODLUH FRQQHFWHXUV
DUJXPHQWDWLIVPRWVOLHQ
pYHORSSHUVRQSRLQWGHYXHGHPDQLqUHFODLUHHWDUJXPHQWp
pYHORSSHUGHVVWUDWpJLHVGHFRPPXQLFDWLRQQRQYLROHQWH
QWHUDJLUDYHFOHJURXSHVXUXQHTXHVWLRQ GRQQpH
ϭϬ ĠǀĞůŽƉƉĞƌƵŶƋƵĞƐƚŝŽŶŶĞŵĞŶƚƐƵƌƵŶĞƉƌŽďůĠŵĂƚŝƋƵĞĂĐƚƵĞůůĞ
0RUDOLVHU OD YLH SROLWLTXH RX OD ILQDQFH OD VRFLpWp GH FRQVRPPDWLRQ OHV FULVHV
pFRQRPLTXHV OH FKDQJHPHQW FOLPDWLTXH OHV GURLWV GH OparaKRPPH VFLHQFHV HW pWKLTXH
VRQWDXWDQWGHVORJDQVRXGHWLWUHVTXLUWKPHQWTXRWLGLHQQHPHQWQRVYLHVparaKRPPH
DFWXHO QH SHXW GqV ORUVTXH VH SpWULU GH OD FXOWXUH ORFDOH QDWLRQDOH HW LQWHUQDWLRQDOH
)RUW KHXUHXVHPHQW OHV WULVWHV QRXYHOOHV QparaDIIHFWHQW QXOOHPHQW QRWUH IDVFLQDWLRQ GX
EHDXPRQGH QL QRWUH FDSDFLWp GparaHQWHQGHPHQW LQGLVSHQVDEOHV j WRXW TXHVWLRQQHPHQW
3DUHLOOHPHQW HQ FRQWH[WH SpGDJRJLTXH SOXV DXFXQ VWDGH GH OparaDSSUHQWLVVDJH QH SHXW
VparaHQYLVDJHUVDQVOHcopy SDUDGLJPHSUREOqPH ordf
1RWUH EHDX PRQGH QH ODLVVH GRQF WKpRULTXHPHQW SHUVRQQH LQGLIIpUHQW ampHWWH
LQGLIIpUHQFH WDQWGpFULpHGDQV OD WUDGLWLRQ LVODPLTXHFODVVLTXHHVWSRXUWDQW UpFXSpUpH
DXMRXUGparaKXLjGHVILQVFRPPXQDXWDULVWHV DERQQHFRPSUpKHQVLRQGXSDVVpQRXVDLGH
jPLHX[DSSUpKHQGHUOHSUpVHQWHWjIDoRQQHUGHPHLOOHXUVOHQGHPDLQV
parapOqYHVHUDGqVORUV HQPHVXUHGH
QWHUURJHUHWLQWHUSUpWHUGHVWH[WHVGHVDUWLFOHVRXGHVIDLWVGHVRFLpWp
LUH XQH GRFXPHQWDWLRQ OLpH j XQH SUREOpPDWLTXH DFWXHOOH HW HQ H[WUDLUH OHV
LQIRUPDWLRQVYLVpHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϳ
6LWXHUODSUREOpPDWLTXHGDQVVRQFDGUHVRFLRpFRQRPLTXHSROLWLTXHHWUHOLJLHX[
(WDEOLUGHVUHODWLRQVHQWUHODSUREOpPDWLTXHGRQQpHHWVRQFRQWH[WHGDQVOparaHVSDFHHWOHWHPSV
plusmnͳ plusmn ǣplusmn
ϭ ŽŵƉƌĞŶĚƌĞĞƚĂŶĂůLJƐĞƌĚĞƐƚĞdžƚĞƐĚĞƌĠĨĠƌĞŶĐĞƐŽƌĂŶĞƚŚĂĚŝƚŚƐͿ
4XHOOHVTXH VRLHQWOHVFRQVLGpUDWLRQVTXHOparaRQSRUWHDX[WH[WHVGLWVcopy VDFUpV ordfODYDOHXU
HW OparaKLVWRLUH TXparaRQ GDLJQH OHXU DWWDFKHU OHXU FRPSUpKHQVLRQ GHPHXUH VRPPH WRXWH
VXEMHFWLYHparaKLVWRLUHGHODSHQVpHLVODPLTXHUHIOqWHELHQFHWWHVXEMHFWLYLWpHWPRQWUHj
TXHO SRLQW OHV RSLQLRQV GLYHUJHQWHV DXWRXU GHV UHSUpVHQWDWLRQV GHV FRQFHSWV HW GHV
GRJPHVVRQWWULEXWDLUHVGHVWHQGDQFHVGHVVDYRLUVHWGHVVHQVLELOLWpVTXLRQWDFKHPLQp
WRXWH FHWWH OLWWpUDWXUH H[pJpWLTXH GRQW RQ GLVSRVH DFWXHOOHPHQW 8QH OLWWpUDWXUH TXH
FKDTXHJpQpUDWLRQ HVWWHQXHGHSRXUVXLYUHVHORQVHVDWWHQWHVHWVHVTXHVWLRQQHPHQWV
HV WH[WHV VFULSWXUDLUHV RQW FRQQX GqV ORUV XQH FDQRQLVDWLRQ FRQWUDLUHPHQW j OD
FRPSUpKHQVLRQ GX WH[WH TXL VRLW GLW HQ SDVVDQW HVW DXVVL YLHLOOH TXH OHXU FROODWLRQ
LHQTXH OHWH[WHUHFqOHSOXVLHXUVUHJLVWUHV QRUPDWLI PpWDSKVLTXHQDUUDWLIpWKLTXH
VHXOV OHVGHX[GHUQLHUVUHWLHQGURQWQRWUHDWWHQWLRQHWRFFXSHURQWOHFKDPSGparaDQDOVH
qVORUVOparapOqYHGHYUDJUDGXHOOHPHQWrWUHFDSDEOH GH
LUHHWFRPSUHQGUHOHVWH[WHVjODOXPLqUHGHVYDOHXUVpWKLTXHV
([WUDLUHHWH[SOLTXHUOHVSRLQWVHVVHQWLHOVGDQVXQODQJDJHFODLU
6LWXHUXQUpFLWFRUDQLTXHGDQVVRQFRQWH[WHKLVWRULTXHHWJpRJUDSKLTXH
LVWLQJXHUODQDUUDWLRQFRUDQLTXHGHODQDUUDWLRQSURSKpWLTXH
QIpUHU XQ VHQV DILQ GH OH FRQWH[WXDOLVHU GDQV VRQ YpFX HW DLQVL pYLWHU WRXWH
OHFWXUHIURQWDOHHWOLWWpUDOH
6DYRLU pWDEOLU GHV FULWqUHV GH FRPSDUDLVRQ DILQ GH UHSpUHU GDQV GHV WH[WHV GH
UpIpUHQFHGHVUHVVHPEODQFHVRXGHVGLYHUJHQFHVHQWHQDQWFRPSWHGHVIDFWHXUV
WHPSVHVSDFH
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϯϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ϯ ŽŵƉĂƌĞƌ ĚŝĨĨĠƌĞŶƚƐ ƚĞdžƚĞƐ ĚĞ ƌĠĨĠƌĞŶĐĞƐ ĚĂƵƚƌĞƐ ĐŽƵƌĂŶƚƐƉŚŝůŽƐŽƉŚŝƋƵĞƐ
DSDUHQWp SKLORVRSKLTXHLQWHOOHFWXHOOHHWUHOLJLHXVHHQWUHOHVJUDQGHVFXOWXUHVTXLVRQW
j OparaRULJLQHGHVJUDQGHVIDPLOOHVSKLORVRSKLTXHVHWVSLULWXHOOHVQparaHVWSOXVjGpPRQWUHU
ampHSHQGDQWjOparaDXQHGXQRXYHDXPLOOpQDLUHOHVH[FOXVLYLVPHVOHVFRPPXQDXWDULVPHV
YRLUHOHVIRQGDPHQWDOLVPHVGparaDXFXQVVHUHYHQGLTXHQWLQFRQGLWLRQQHOOHPHQWVpYLVVHQW
PDOKHXUHXVHPHQWHQFRUHGDQVQRWUHVRFLpWpHcopy FKRF ordfGHVLJQRUDQFHVIDLWIORUqVHW
PHWjPDODXMRXUGparaKXLOHVFRQQDLVVDQFHVPXWXHOOHV
9RLOj SRXUTXRL LO HVW LQGLVSHQVDEOH GH FRQQDvWUH PrPH VXFFLQFWHPHQW GDQV XQH
SHUVSHFWLYHWUDQVYHUVDOHOHVQRPEUHXVHVWUDGLWLRQVFXOWXUHOOHVHWUHOLJLHXVHV
1RXVWURXYRQVDXGHOjGHVGRJPHVGHVPWKHVGHVFRQFHSWVDEVFRQVDXVHLQGHQRV
UpIpUHQFHV UHVSHFWLYHV XQ VRFOH GH YDOHXUV FRPPXQHV TXL SHUPHWWHQW GH SUpYHQLU
copy OparaDQDOSKDEpWLVPHUHOLJLHX[ ordfHWSKLORVRSKLTXHGHVMHXQHV
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVSULQFLSDX[LQVWLJDWHXUVGHVIDPLOOHVSKLORVRSKLTXHV
Ͳ ampRQQDvWUHOHVSDUWLFXODULWpVGHVGLIIpUHQWVKpULWDJHVUHOLJLHX[HWSKLORVRSKLTXHV
Ͳ GHQWLILHUOHVVSpFLILFLWpVGXPRQRWKpLVPHPXVXOPDQ
Ͳ 6LWXHUOparapPHUJHQFHGHVJUDQGVFRXUDQWVSKLORVRSKLTXHVGDQVOparaHVSDFHWHPSV
Ͳ ampRPSDUHUOHVGLIIpUHQWVWH[WHVGHUpIpUHQFHVGHVJUDQGVFRXUDQWVSKLORVRSKLTXHV
HWUHOLJLHX[
Ͳ )DYRULVHUOHVpFKDQJHVLQWHUFRQYLFWLRQQHOV
ϯ ŽŵƉƌĞŶĚƌĞůĞƐĠǀĠŶĞŵĞŶƚƐŵĂƌƋƵĂŶƚƐĚĞůĂďŝŽŐƌĂƉŚŝĞĚƵƉƌŽƉŚğƚĞDŽŚĂŵŵĞĚĞƚůĞƐƐŝƚƵĞƌĚĂŶƐůĞƵƌĐŽŶƚĞdžƚĞ
$ERUGHUOHVpYpQHPHQWVTXLRQWPDUTXpODYLHGXSURSKqWHGHOparaLVODPDLQVLTXHFHOOH
GH VHV FRQWHPSRUDLQV j OD OXPLqUHGH OHXU FRQWH[WHQparaHVW SDV FKRVH DLVpHampRPPHQW
DSSURFKHU XQH ILJXUHPDMHXUH GH Opara+LVWRLUH DXUpROpHSDU OD WUDGLWLRQGparaXQ UpFLW TXDVL
PWKLTXH 4XHOOH VRQW OHV FDUDFWpULVWLTXHV HW OHV VSpFLILFLWpV GH OparaDSRVWRODW GH
0RKDPPDG HV UpFLWV UHWUDoDQW OHV IDVWHV GH OD YLH SURSKpWLTXH DSSHOpV VvUD
FRQVWLWXHQWXQJHQUHOLWWpUDLUHjSDUWHQWLqUHGDQVOparaKLVWRLUHGHOparapFULWXUHGHVWH[WHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϯϵ
D copy PpPRLUH LVODPLTXH ordf VDQV VH GLVVRFLHU GH VRQ LPDJLQDLUH FROOHFWLI EURVVH XQ
SRUWUDLW GX SURSKqWH DXWUH TXH FHOXL GpSHLQW SDU OparaKLVWRLUH TXL HOOH SXLVH GDQV OHV
GRQQpHV DUFKpRORJLTXHV HW OHV DUFKLYHV HQWUH DXWUHV 2XWUH OHV GHX[ PpWKRGHV TXH
FHUWDLQVWHQWHQWGHUHFRXSHUODILJXUHGXSURSKqWHVPEROLVHHQFRUHDXMRXUGparaKXLGDQV
OparaLPDJLQDLUHPXVXOPDQOHPRGqOHGLJQHGparaLPLWDWLRQ
parapOqYHGHYUDGqVORUV
Ͳ 6LWXHUOHVJUDQGHVSKDVHVGHODYLHGX3URSKqWHGHOparaLVODP
Ͳ 6LWXHUODWUDPHSURSKpWLTXHGDQVOparaHVSDFHWHPSV
Ͳ LVWLQJXHUOHVGLIIpUHQWVJHQUHVOLWWpUDLUHV
Ͳ LVWLQJXHUOD YLHSURIDQHGXSURSKqWHGHVRQDSRVWRODW
Ͳ (QRQFHUOHVVSpFLILFLWpVGXSURSKpWLVPHcopy PXVXOPDQ ordf
Ͳ 3UpVHQWHUVXFFLQFWHPHQWTXHOTXHVILJXUHVGHSURXHSURFKHVGXSURSKqWH
ϰ ZĠĨůĠĐŚŝƌƐƵƌůĞƐĞŶƐůĞƐǀĂůĞƵƌƐ ĞƚůĞƐĨŝŶĂůŝƚĠƐĚĞƐƉƌĂƚŝƋƵĞƐĐƵůƚƵĞůůĞƐ
parapQRQFp FRUDQLTXH FRPPH OD WUDGLWLRQ SURSKpWLTXH UDSSHOOHQW j SOXV GparaXQ WLWUH
OparaLPSRUWDQFHGHV ULWHVGDQVODVWUXFWXUDWLRQGHWRXWHOparaH[LVWHQFHGHOparaLQGLYLGXLQVWDQW
FFOHV SpULRGHVlaquo ampHV ULWHV RX FHV SUDWLTXHV QH VRQW FHUWDLQHPHQW SDV GpQXpV GH
VHQVDXVVLWRXWHSHUVRQQHHVWFRQYLpHjPpGLWHUOHXUVKRUL]RQVOHXUVPVWqUHV OHXUV
JHVWXHOOHV HWGHWURXYHUDLQVLXQHWRQDOLWpMXVWHHQWUHOHUDSSRUWDXGLYLQHWjOparaKXPDLQ
6paraDSSDUHQWDQWjXQHLQWURVSHFWLRQFHWWH UpIOH[LRQIRQGDPHQWDOHGHYUDLWDERXWLUjXQH
FRPSUpKHQVLRQPHLOOHXUHHWJpQpUHXVHGHV ILQDOLWpV PDTkVLGGH WRXWHV OHVSUDWLTXHV
ULWXHOOHVRQVQRPEUHVGHWKpRORJLHQVHWWKpRVRSKHVDYDQoDLHQWDLQVLOparaDUJXPHQWVHORQ
OHTXHO WRXWHV SUDWLTXHV TXL YHUVDLHQW GDQV OH IRUPDOLVPH HW OparaRVWHQWDWLRQ pWDLHQW
SXUHPHQW HW VLPSOHPHQW XQH DOWpUDWLRQGH OD OHWWUH HW GH VRQ HVSULWLHQ SOXV WRXWH
SUDWLTXH GHYUDLW DEVROXPHQW VparaDFFRPPRGHU GH OD copy FRQMRQFWXUH KXPDLQH ordf $LQVL
VRXSOHVVH HW GpURJDWLRQ VRQW OH UHIOHW GH WRXWH SUDWLTXH FXOWXHOOH 3DU FRQVpTXHQW OH
ULWXDOLVPHRVWHQVLEOHSDUIRLVUHSURFKpjOparaLVODPQparaDSRXUEDVHDXFXQIRQGHPHQW
HV SUDWLTXHV ULWXHOOHV SHX QRPEUHXVHV HW WUqV WW KLpUDUFKLVpHV FRPPH SRXU OHV
DUWLFOHVGHIRLELHQTXparaDWHPSRUHOOHVQHVHYDOHQWSDVHWVparaDUWLFXOHQWOHSOXVVRXYHQWDX
IDFWHXUWHPSV
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϰϬ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
parapOqYHGHYUDLFL
Ͳ ampRQQDvWUHOHVGLIIpUHQWHVSUDWLTXHVULWXHOOHV
Ͳ 3UHQGUHFRQVFLHQFHGHODGLPHQVLRQKLVWRULTXHHWUHOLJLHXVHGHVGLIIpUHQWVULWHV
Ͳ LVWLQJXHUOHVGLIIpUHQWHVSUDWLTXHVVHORQOHXUGHJUpGparaLPSRUWDQFH
Ͳ 5HWUDFHU GDQV XQH OLJQH GX WHPSV JUpJRULHQQH HW KpJLULHQQH OHV SULQFLSDOHV
SUDWLTXHVFXOWXHOOHVGHOparaLVODP
Ͳ 6DLVLUODILQDOLWpGHVFLQTSLOLHUVGHOparaLVODP
ϱ ^ĂƉƉƌŽƉƌŝĞƌůĂƐŝŐŶŝĨŝĐĂƚŝŽŶĚĞƐĚŝĨĨĠƌĞŶƚƐƐLJŵďŽůĞƐ
HVVPEROHVUHSUpVHQWHQWGHVUHSqUHVGHVKDOWHVPpGLWDWLYHVHWLQWHUSUpWDWLYHVGDQVOD
FRPSUpKHQVLRQGHQRWUHPRQGHRLQGHVFRQFHSWVDEVWUDLWVLOVMRXHQWDXVVLOHUOHGH
YLDWLTXHRXGHSRQWGDQVODFRQVWUXFWLRQGHOparaLQGLYLGX
HFRUDQHWODVXQQDSURSRVHQWFKDFXQGDQVVRQVWOHGHVVPEROHVDPWKkODX[VHQV
VXSHUSRVpV OparaHDX OparaDLU ODWHUUHOHIHXOHIHUOparaHQFUHHWODSOXPHOparaHVSDFHHWOHWHPSV
WRXWH IRUPH GparaDOOLDQFH DOODQW GH OparaLQILQLPHQW SHWLW MXVTXparaj OparaLQILQLPHQW JUDQG ampHV
GHUQLHUV VRXYHQW IRUPXOpV H[SOLFLWHPHQW SHXYHQW RFFDVLRQQHOOHPHQW OpararWUH GH IDoRQ
LPSOLFLWH
ampKDFXQ GRQF DSSURFKHUD HW VparaDSSURSULHUD OHV GLYHUV VPEROHV HQ YHUWX GH VHV
VHQVLELOLWpV GH VHV DWWHQWHV HW GH VHV LQWHUURJDWLRQV IDYRULVDQW DLQVL XQ YpULWDEOH
SURFHVVXVGparaLQGLYLGXDWLRQ
parapOqYHGHYUDGRQF
Ͳ pILQLUODRXOHVQRWLRQVGHVPEROHVSURSRVpHVSDUOH7H[WH
Ͳ 5HSpUHUTXHOTXHVVPEROHVIRUPXOpVGDQVOH7H[WH
Ͳ 6DLVLUOHPRQGHGDQVVDGLYHUVLWpHWGDQVVDFRPSOH[LWp
Ͳ 3URSRVHUXQHLQWHUSUpWDWLRQSHUVRQQHOOHGDQVXQODQJDJHFODLUHWSUpFLVGHVGLWV
VPEROHV
Ͳ (WDEOLUXQOLHQORJLTXHHQWUHOHVVPEROHVHWQRWUHPRQGH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϭ
ϲ KďƐĞƌǀĞƌƐŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĞƚĞŶŵĠĚŝƚĞƌůĞƐĞŶƐ
paraREVHUYDWLRQDXVHQVODUJHQD]DUHVWGDQVODWUDGLWLRQLVODPLTXHpOHYpHDXUDQJGH
FXOWHHWpTXLYDXWWKpRORJLTXHPHQWjODPLVHHQYDOHXUGH OparaHQYLURQQHPHQWHSOXVVRQ
UOHHVWFRQVLGpUpFRPPHSULQFLSLHOGDQVQRWUHH[LVWHQFH6HQVLELOLVHUOHVLQGLYLGXVVXU
ODUHODWLRQTXLOHVDVVRFLHjOparaHQYLURQQHPHQWHVWGRQFXQHGHVSUpURJDWLYHVSUHPLqUHV
GHOparaLVODP8QHSUpURJDWLYHSURFKHGHODYRLHFRQWHPSODWLYH
DQV OD QDUUDWLRQ FRUDQLTXH WRXV OHV PLOLHX[ OHV RFpDQV OHV YDVWHV HVSDFHV
VPEROLVHQWOHcopy GpSWRQWRORJLTXH ordfGRQWODVDXYHJDUGHHWOparaDPpQDJHPHQWLQFRPEHQW
j WRXV OHV KRPPHV VDQV GLVWLQFWLRQ paraLQGLYLGX VHQW VSRQWDQpPHQW OH EHVRLQ GH
copy SURWpJHUOHYDLVVHDXWHUUHVWUH ordfSXLVTXHGHFHVHQWLPHQWGpSHQGOparaDYHQLUGHVRQJHQUH
HW FHOXL GHV DXWUHV DYDQW PrPH GH OH FRQVLGpUHU FRPPH XQ OLHX WKpRSKDQLTXH D
TXHVWLRQGHOparaHQYLURQQHPHQWTXLWUDQVFHQGHOHVFURDQFHVOHVRULHQWDWLRQVSROLWLTXHVHW
SKLORVRSKLTXHVQHSHXWGqVORUVVparaDSSUpKHQGHUVRXVXQVHXODQJOH
parapOqYHGHYUDGqVORUV
Ͳ 5HFRQQDvWUH HW OH YRFDEXODLUH UHODWLI j OparaHQYLURQQHPHQW GDQV GHV VRXUFHV
VFULSWXUDLUHV
Ͳ 3RVHUGHVTXHVWLRQVSHUWLQHQWHVOLpHVjOparaHQYLURQQHPHQW
Ͳ (QRQFHU GHV RULHQWDWLRQV TXH SURSRVH OH 7H[WH SRXU OD ERQQH JpUDQFH GH
OparaHQYLURQQHPHQW
Ͳ ([SORLWHUGLIIpUHQWHVVRXUFHVWUDLWDQWGHVSUREOpPDWLTXHVHQYLURQQHPHQWDOHV
ϳ ^ŝŶƚĞƌƌŽŐĞƌƐƵƌůĞƐĞŶƐĚĞƐŽŶĞdžŝƐƚĞŶĐĞĂƵƚƌĂǀĞƌƐĚƵĨĂĐƚĞƵƌƚĞŵƉƐ
H YLQJWLqPH VLqFOH DXUD SUREDEOHPHQW pWp FHOXL GX TXHVWLRQQHPHQW VXU OH PRL
4XHVWLRQQHPHQWGparaDXWDQWSOXVGLIILFLOHORUVTXparaRQOparaDUWLFXOHjODQRWLRQGXWHPSV
HWHPSVQRXVHVWFRPSWpOHWHPSVVparaDFFpOqUH3HXWRQGRPHVWLTXHUOHWHPSV3DUWDQW
GH OD SKLORVRSKLH MXVTXparaj OD SKVLTXH OH WHPSV GLPHQVLRQ OH WHPSV PDWLqUH RX
VXEVWDQFH QH FHVVHQW GH SDVVLRQQHU OHV GpEDWV ampDOHQGULHUV VDEOLHUV KRUORJHV QRXV
SHUPHWWHQW FHUWHV GH FDGHQFHU QRV KHXUHV QRV MRXUV QRV DQQpHV PDLV TXparaHQ HVWLO
UpHOOHPHQWGHOparaLQIOXHQFHGXWHPSVVXUQRWUHrWUHVXUQRV pPRWLRQV
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϰϮ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ampKDTXHFXOWXUHFRPPHFKDTXHUHOLJLRQDGpYHORSSpVRQSURSUHUDSSRUWDXWHPSVD
WUDGLWLRQPXVXOPDQHHOOHDIILUPHTXHLHXHVWOHWHPSVOXLPrPHDODKUUDSSHODQW
DLQVL QRWUH UHVSRQVDELOLWp IDFH j QRXVPrPH HW DXPRQGHTXL QRXV HQWRXUHRLQGH
YHUVHU GDQV OparaDQDOVH KHLGHJJpULHQQH OparaDSSURFKH LVODPLTXH LQVLVWHUD GDYDQWDJH VXU
OparaLQVWDQWDQpLWpGHOparaLQWHQWLRQHWGH OparaDFWLRQ$FHQLYHDXGH OparaHQVHLJQHPHQW OHV WH[WHV
SKLORVRSKLTXHV VXU FHWWH TXHVWLRQ VRQW GLIILFLOHV GparaDFFqV FHSHQGDQW XQH OHFWXUH
VpOHFWLYH GH FHUWDLQV SDVVDJHV GHV WH[WHV VFULSWXUDLUHV SHUPHWWUDLHQW GparaDPRUFHU GHV
TXHVWLRQVOLpHVjODYLHODPRUWOparaDOWpULWpODWUDQVPLVVLRQlaquo
parapOqYHGHYUDGqVORUV
Ͳ GHQWLILHUFHUWDLQHVQRWLRQVOLpHVjOpararWUHHWDXWHPSVGDQVODWUDGLWLRQ VFULSWXUDLUH
Ͳ pFRXYULUGDQVOHVWH[WHVFKRLVLVGHVTXHVWLRQQHPHQWVVXUOpararWUHHWRXVXUOHWHPSV
Ͳ (WDEOLUXQHUHODWLRQHQWUHOpararWUHOparaH[LVWHQFHHWOHWHPSVGDQVGHVWH[WHVVFULSWXUDLUHV
Ͳ LUHXQHOLJQHGXWHPSV
Ͳ 6LWXHUOHFDOHQGULHUPXVXOPDQSDUUDSSRUWDX[DXWUHVFDOHQGULHUVcopy UHOLJLHX[ ordf
ϴ ZĠĨůĠĐŚŝƌƐƵƌ ůĂƋƵĞƐƚŝŽŶĚĞůĂƚƌĂŶƐĐĞŶĚĂŶĐĞĞŶƐŝŶƚĞƌƌŽŐĞĂŶƚƐƵƌůĂŶŽƚŝŽŶĚƵĚŝǀŝŶ
HLHX DFWDQW GpSHLQW SDU OD WUDGLWLRQ LVODPLTXH OparaHVW DXVVL ELHQ SDU GHV DVVHUWLRQV
DIILUPDWLYHVTXHQpJDWLYHV$LQVLODPDMHXUHSDUWLHGXGLVFRXUVLVODPLTXHVXUOHGLYLQ
SHXW rWUH FDQWRQQpH j OD copy WKpRORJLH DSRSKDWLTXH ordf (W OHV RXYUDJHV RX OHV VRPPHV
WUDLWDQWGHOparaHVVHQFHGLYLQHGHVHVQRPVHWGHVHVDWWULEXWVQHPDQTXHQWSDV
5D]qV KD]DOL 7Vv HW EQ $UDEv SRXU QH FLWHU TXH OHV SOXV FpOqEUHV RQW FKDFXQ
DIILUPpVHORQXQHDSSURFKHVLQJXOLqUHOparaDEVROXHWUDQVFHQGDQFHGHLHXWDZKvGHXUV
DSSURFKHVHQTXHVWLRQYDFLOOHQWHQWUHYRLHFRQWHPSODWLYHHWYRLHcopy UDWLRQQHOOH ordf1RXV
SRXYRQV OLUH FHVdegXYUHV FRPPH GHV LQWHUURJDWLRQV RXPpGLWHU OH VHQV GHV UpSRQVHV
TXparaHOOHV DSSRUWHQW WRXW HQ JDUGDQW j OparaHVSULW OHXUV DSSRUWV HW OHXUV OLPLWHV
HVVHQWLHOOHPHQWORUVTXparaHOOHVH[SRVHQWGHVWKqVHVFRPPHGHVcopy YpULWpVWKpRORJLTXHV ordf
parapOqYHGHYUDGqVORUV
Ͳ ampRQQDvWUHOHVQRWLRQVFHQWUDOHV GXPRQRWKpLVPHPXVXOPDQ
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϯ
Ͳ ampRQQDvWUH TXHOTXHV QRPV HW DWWULEXWV GLYLQV OHXUV VLJQLILFDWLRQV HW OHXUV
LPSOLFDWLRQV
Ͳ ampRPSDUHUOHPRQRWKpLVPHPXVXOPDQDX[DXWUHVPRQRWKpLVPHV
Ͳ ([SRVHUGHPDQLqUHFODLUHHWFRQFLVHOHVTXHVWLRQVFODVVLTXHVVXUOparaH[LVWHQFHOHV
DWWULEXWVHWOparaDFWLRQGLYLQH
Ͳ QWHUURJHUFHUWDLQVSDVVDJHVFRUDQLTXHVTXLIRQWpWDWGHOparaDFWLRQGLYLQH
ϵ ŶŽŶĐĞƌ ĚĞƐ ƋƵĞƐƚŝŽŶƐ ƐƵƌ ƐŽŝ ƐŽŶ ŝĚĞŶƚŝƚĠ Ğƚ ƐƵƌ ƐŽŶ ƌĂƉƉŽƌƚ ĂƵŵŽŶĚĞ
D UHOLJLRQ OD SKLORVRSKLH HW OparaDQWKURSRORJLH QRXV VRQW GparaXQH JUDQGH DLGH SRXU
OparaDQDOVH GX PRL GH OparaDOWpULWp PDLV OHXUV DSSURFKHV pFODLUDQWHV FHUWHV QH VRQW
FHUWDLQHPHQWSDVOHVVHXOHVjHQYLVDJHU
$SSUHQGUH j VH FRQQDLWUH HVW WRXW XQ SURJUDPPH ampHWWH GpFRXYHUWH HVW SRXUWDQW XQ
OHYLHU SULPRUGLDOj OparaDSSURFKHGHVDXWUHVHWGHOHXUVGLIIpUHQFHVparaLGHQWLWpWHUPHWDQW
JDOYDXGp GH QRV MRXUV HVW JpQpUDOHPHQW DSSDUHQWpH j OparaLGpH GparaXQH DSSDUWHQDQFH
XQLTXHampHUWDLQVJUHIIHQWH[FOXVLYHPHQW OHVHQWLPHQWUHOLJLHX[ HWOparaLGHQWLWpVHYRLW
DORUV FRQIpUpH XQ copy FDUDFWqUH ILFWLI HW ODEULQWKLTXH ordf VHORQ OparaH[SUHVVLRQ GH $
HQPDNKORXI
copy 5LHQGHFHTXLHVWKXPDLQQHPparaHVWpWUDQJHU ordf GLWXQHVDJHVVHKXPDQLVWHDQVFHWWH
SHUVSHFWLYHHWDXGHOjGHVRSSRVLWLRQVWRXVOHVrWUHVRQWSOXVGHSRLQWVFRPPXQVTXH
GHGLIIpUHQFHVHWFKDFXQ SHXWVHUHWURXYHUHQOparaDXWUHTXHOOHTXHVRLWVRQDSSDUWHQDQFH
ampHUDSSRUWjOparaDXWUHSDFLILHOparaCcedilWUHHWIDYRULVHLQpOXFWDEOHPHQWODFRQQDLVVDQFHGHVRL
parapOqYHVHUDGqVORUVHQPHVXUHGH
Ͳ GHQWLILHUGDQVGHV WH[WHVSUpDODEOHPHQW FKRLVLV OHV WHUPHV OLpVj OparaLGHQWLWpHW j
OparaDOWpULWp
Ͳ RQQHUXQHGpILQLWLRQSHUVRQQHOOHGHOparaLGHQWLWpHWGHOparaDOWpULWp
Ͳ )RUPXOHUFODLUHPHQWGHVTXHVWLRQVVXUVDSURSUHLGHQWLWpHWFHOOHGHVDXWUHV
Ͳ 6H GpFHQWUHU SDU UDSSRUW j OD TXHVWLRQ LGHQWLWDLUH HQ GLVWLQJXDQW OparaHVVHQWLHO GH
OparaDFFHVVRLUH
Ͳ (QWUHSUHQGUHGHVSURMHWVGHJURXSHV
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϰϰ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
ϭϬ ŐŝƌĞŶĐŝƚŽLJĞŶƌĞƐƉŽŶƐĂďůĞ
ampHWWHFRPSpWHQFHVparaLQVFULWGDQVODFRQWLQXLWpGH ODSUpFpGHQWH(QGpILQLWLYHOparaDFWLRQ
FLWRHQQH UHVSRQVDEOH HVW OD SLHUUH GparaDFKRSSHPHQW GH OparaHQVHLJQHPHQW RX HOOH HQ
FRQVWLWXH VD ILQDOLWp SUHPLqUH 6paraDSSDUHQWDQW j XQH pGXFDWLRQ FLYLTXH FHWWH DFWLRQ
FRQYRTXHSOXVLHXUVFRQQDLVVDQFHVHWOparaHQVHLJQHPHQWGHWSHOLQpDLUHHVWGpSDVVpSDUOD
WUDQVYHUVDOLWpGHVGLVFLSOLQHV
3RXUUHSUHQGUHXQFRQFHSWSVFKDQDOWLTXHQRXVSDUOHURQVGHWULDQJXODWLRQHQWUHWURLV
VSKqUHVTXHVRQWOpara(WDWOparapFROHHWOparapOqYH((( 1parapYROXDQWSDVHQYDVHFORVOparapOqYH
TXLVHFRQVWUXLWHW LQWHUDJLWDYHF OparapWDWHW OparapFROHGRLWSRXYRLUPHWWUHHQSUDWLTXHVHV
DFTXLVHWVHVH[SpULHQFHVSRXUVRQLQWpUrWHWFHOXLGXJURXSHOQHSHXWDVSLUHUVDQV
FRQQDvWUH OHV PLOLHX[ GDQV OHVTXHOV LO pYROXH YLOOHV LQVWLWXWLRQV pFROHVlaquo
5HVSRQVDELOLWp OLEHUWppJDOLWp VRQWGHVYDOHXUV HWGHVSULQFLSHVTXL RSqUHQWGDQV FHV
GLIIpUHQWVFKDPSVGparaDFWLRQ
$LJXLVHU FKH] OparapOqYH OH VHQWLPHQW GH UHVSRQVDELOLWp QH SHXW VparaDWWHLQGUH TXH SDU GHV
H[HUFLFHVUpFXUUHQWVPHWWDQWHQVFqQHGHVFRPPXQDXWpVKpWpURJqQHVTXLDSSUHQGURQWj
PLHX[JpUHUOHVFRQIOLWVGparaLGpHHWGHJURXSH
parapOqYHGHYUDSDUFRQVpTXHQW
Ͳ pILQLUSHUVRQQHOOHPHQWOHVQRWLRQVGHUHVSRQVDELOLWpGHFLWRHQQHWpGparapWDWGH
YLHSULYpHHWSXEOLTXH
Ͳ 7URXYHUGDQVGHVWH[WHVFKRLVLVGHVSDVVDJHVPHWWDQWHQYDOHXUODUHVSRQVDELOLWp
HWOparaDFWLRQFROOHFWLYH
Ͳ 5pDOLVHUGHVSURMHWVLQGLYLGXHOVHWFROOHFWLIV
Ͳ ([SULPHUFODLUHPHQWVRQRSLQLRQGDQVOHUHVSHFWGHVDXWUHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϱ
degplusmnǯ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGH
VparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWjFKHUFKHUGHVUpSRQVHV
SDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLHFDSDEOHVGparaLQVXIIOHUXQH
GQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGHOparapOqYH
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGHDSSUpKHQGpHFRPPHSOXV
YDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQYLYUHHQVHPEOH
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHVGHUQLqUHVRXYUHQW DXQLYHDX
LQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
$FFXHLOOLUOHVYDOHXUVYpKLFXOpHVSDUOHVWH[WHVGHUpIpUHQFHampRUDQHWWUDGLWLRQSURSKpWLTXHDILQGHVparaHQJDJHUSURJUHVVLYHPHQWGDQVXQDJLUUHVSRQVDEOH
HFURDQWPXVXOPDQ HVW FRQVLGpUpSDU OH WH[WH FRUDQLTXHFRPPHGRWp GparaXQPDQGDW
copy GparaVWLNKODI ordfVXUWHUUH3OXVTXparaXQKRQQHXUFHUOHDVVLJQpjOparaKRPPHHVWDYDQWWRXW
XQHLQMRQFWLRQjDJLUGHODPHLOOHXUHGHVPDQLqUHVampHWWHUHVSRQVDELOLWpGRLWVparaH[HUFHUj
WRXVOHVQLYHDX[VXUOHVTXHOVOHFURDQWDODSRVVLELOLWpGHSRVHUXQDFWHEpQpILTXH
copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDX
GpYHORSSHPHQWGparaXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[DXWUHV
FXOWXUHV ordf HVW XQH GHVPLVVLRQV TXH OparaHQVHLJQHPHQW GRLWPHQHU j ELHQ H FRXUV GH
UHOLJLRQLVODPLTXHQparaDSDVSRXUREMHFWLIODFRPSLODWLRQGparaXQHVpULHGHIDLWVKLVWRULTXHV
ILJpV O VH GRLW DX FRQWUDLUH HQ VparaDSSXDQW VXU OHV WH[WHV GH UpIpUHQFH GpararWUH XQ
WUHPSOLQSHUPHWWDQWjOparapOqYHGparaDMXVWHUHQSHUPDQHQFHVRQFRPSRUWHPHQWHQYXHGparaXQH
UHVSRQVDELOLVDWLRQ WRXMRXUV JUDQGLVVDQWH D SURWHFWLRQ GH OparaHQYLURQQHPHQW DX FdegXU
GHV SUpRFFXSDWLRQV DFWXHOOHV OD VHQVLELOLVDWLRQ j OD SDXYUHWp OD OXWWH FRQWUH OD
FRQVRPPDWLRQcopy VDXYDJH ordflaquoVRQWDXWDQWGH WKqPHVVXU OHVTXHOV OparapOqYHVHUD LQYLWpj
UpIOpFKLUHWjVDPHVXUHjDJLU
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϰϲ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
$IIWHUVDFDSDFLWpjVHUHPHWWUHHQTXHVWLRQjSRVHUXQTXHVWLRQQHPHQWHWj
FKHUFKHUGHVUpSRQVHVSDUVRLPrPHRXSDUODFRQIURQWDWLRQGHVLGpHV
H FRQIRUPLVPH HQJHQGUp SDU OD JHOpH GHV SHQVpHV LQGLYLGXHOOHV HW SDU OH PDQTXH
GparaHVSULW FULWLTXH PqQH VRXYHQW DX[ H[WUrPHV QRWUH KLVWRLUH UpFHQWH HQ HVW
PDOKHXUHXVHPHQWXQ WpPRLQ FHUWDLQ6RXYHQWQRWUH VRFLpWp VHUW OH copySUrW jSHQVHU ordf j
YRORQWpHWODLVVHSHXGHSODFHjXQHGLVWDQFLDWLRQSRXUWDQWQpFHVVDLUH
HFRXUVGH UHOLJLRQLVODPLTXHYHLOOHUDGRQFjVXVFLWHUFKH] OparapOqYHFHWWHFDSDFLWpGH
GLVFHUQHUGHQXDQFHUHWGHVHUHPHWWUHHQTXHVWLRQ
6RXPHWWUHVRQWUDYDLODX[DXWUHVHWSURILWHUGHOHXUVFULWLTXHVHVWLQFRQWHVWDEOHPHQWXQ
DWRXW FparaHVW DYHF OHV DXWUHV TXH OparaRQ FRQVWUXLW VHV VDYRLUV HW VHV UHSUpVHQWDWLRQV O
VparaDJLWGparaDLGHU OHVpOqYHV jVH WUDQVIRUPHUGparaXQHVLWXDWLRQGHcopy VLPSOHVFRQVRPPDWHXUV
SDVVLIV HQYpULWDEOHVFKHUFKHXUV ordf
QWpJUHUOHVGLIIpUHQWVUpFLWVSURSKpWLTXHVFRPPHGHYpULWDEOHVOHoRQVGHYLH
FDSDEOHVGparaLQVXIIOHUXQHGQDPLTXHQRXYHOOHGDQVOHFKHPLQHPHQWGXFURDQW
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDXUDDFTXLVXQHFRQQDLVVDQFHcopy KLVWRULTXH ordfGHV
SULQFLSDX[UpFLWVSURSKpWLTXHVampHWWHFRQQDLVVDQFHIDFWXHOOHQHVXIILWpYLGHPPHQWSDV
parapOqYH GHYUD GpV ORUV DSSUpKHQGHU FHV UpFLWV GDQV XQ UHJLVWUH VPEROLTXH SRXU HQ
GpJDJHU OH VHQV SURIRQG HV KLVWRLUHV SURSKpWLTXHV UHODWpHV GDQV OH WH[WH FRUDQLTXH
VRQWXQHLQYLWDWLRQjODUpIOH[LRQHWSDUWDQWGHOjjOparaDFWLRQSDUOparapOpYDWLRQJUDGXHOOHGH
ODPRUDOLWpGHOpararWUHKXPDLQHVKLVWRLUHVSURSKpWLTXHVQHVRQWUpHOOHPHQWLQVWUXFWLYHV
TXHORUVTXparaHOOHVSHUPHWWHQWODPLVHHQSODFHGHQRXYHOOHV GQDPLTXHV
6paraRXYULUjOparaDOWpULWpSDUODSULVHGHFRQVFLHQFHGHODGLYHUVLWpGXPRQGH
DSSUpKHQGpHFRPPHSOXVYDOXHHWGHODQpFHVVLWpGHFRQVWUXLUHOHVMDORQVGparaXQ
YLYUHHQVHPEOH
$ OparaKHXUH R OH PRQGH HVW GHYHQX SDU OparapFORVLRQ GHV QRXYHOOHV WHFKQRORJLHV XQ
YLOODJH OD QpFHVVLWp GparaRXYULU XQ HVSDFH GH UHQFRQWUH QparaHVW SOXV j SURXYHU O VparaDJLW
GpVRUPDLVGparaXQHIRUPLGDEOHRSSRUWXQLWpSOXVHQFRUHGparaXQHQpFHVVLWpSRXUTXLVDLWHQ
PHVXUHU OH EpQpILFH SDWHQW parapFROH R IRLVRQQHQW OHV LQGLYLGXDOLWpVPXOWLSOHV HOOHV
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϳ
PrPHV VH GpFOLQDQW HQ LGHQWLWpV FRPSRVpHV HVW XQ WHUUHDX IHUWLOH SRXU VHPHU OHV
JUDLQHVGparaXQHDOWpULWpUHFRQQXHHWUHVSHFWpH
DQV FHWWH SHUVSHFWLYH OH FRXUV GH UHOLJLRQ LVODPLTXH HQWHQG j DLGHU OparapOqYH D
GpYHORSSHU XQH DWWLWXGH GparaRXYHUWXUH j OD GLIIpUHQFH TXH FHOOHFL VRLW GparaRUGUH
FRQYLFWLRQQHO FXOWXUHO VRFLDO RX DXWUH 8QH DQDOVH GH FHUWDLQV WH[WHV GH UpIpUHQFH
SHUPHWWUDjOparapOqYHGHFRPSUHQGUHWRXWHODGLPHQVLRQUHOLJLHXVHGHFHWpYHLOjOparaDOWpULWp
pOHYpDXUDQJGHYpULWDEOHGHYRLU
H TXHVWLRQQHPHQW SKLORVRSKLTXH HVW XQH DXWUH YRLH j H[SORLWHU SRXU VRXWHQLU FHWWH
GpPDUFKHGHFRQVWUXFWLRQGparaXQYLYUHHQVHPEOHpFODLUpHWIRUFpPHQWpFODLUDQW
pFUSWHUDXVHLQGHVSUDWLTXHVULWXHOOHVOHVGLIIpUHQWVKRUL]RQVTXHFHV
GHUQLqUHVRXYUHQW DXQLYHDXLQGLYLGXHOVRFLDOVSLULWXHOHWFLWRHQ
HV SUDWLTXHV ULWXHOOHV QH VRQW SDV GHV ILQV HQ VRL 9pFXHV FRPPH GHV SUDWLTXHV
SXUHPHQWcopy RSpUDWRLUHV ordfHOOHVVRQWWRWDOHPHQWYLGpHVGH OHXUVXEVWDQFHVLJQLILFDWLYH
H FRXUV GH UHOLJLRQ QparaD SDV SRXU PLVVLRQ GH IDoRQQHU GHV copy URERWV ordf VLPSOHV
PDULRQQHWWHVH[pFXWDQWDYHFSOXVRXPRLQVGHGH[WpULWpXQPRGHRSpUDWRLUHGRQQp
$XGHOjGXULWHLOVparaDJLUDGRQFSRXUOparapOqYHGparaHQVDLVLUOHVHQVHWOHVILQDOLWpVSURIRQGHV
DLQVLTXHOHVEpQpILFHV DXQLYHDX VSLULWXHOVRFLDOFLWRHQRXPRUDO
degplusmnǯ
(YROXHU GDQVODFRQVFLHQFHHWOparaDSSUpFLDWLRQGHVRLPrPH
3URJUHVVHU SHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQOHVVLJQHVGHODSUpVHQFHGLYLQH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
6HFRQVWUXLUH ODUHSUpVHQWDWLRQGparaXQLHX XQLTXHHWHPSOLGHFRPSDVVLRQ
ϭ ǀŽůƵĞƌĚĂŶƐůĂĐŽŶƐĐŝĞŶĐĞĞƚůĂƉƉƌĠĐŝĂƚŝŽŶĚĞƐŽŝͲŵġŵĞ
copy 3URPRXYRLUODFRQILDQFHHQVRLHW OHGpYHORSSHPHQWGH ODSHUVRQQHGHFKDFXQGHV
pOqYHV ordf HVWXQGHVREMHFWLIVDVVLJQpVSDUOHcopy pFUHW0LVVLRQV ordfjOparaHQVHLJQHPHQW
HV FRXUV SKLORVRSKLTXHV VRQW OHV OLHX[ GparapYHLO LGpDX[ SRXU HQFRXUDJHU FH copy OkFKHU
SULVH ordfHWDPHQHUOparapOqYHjVRUWLUGHVDUpVHUYH
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϰϴ ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
H FRXUV GH UHOLJLRQ LVODPLTXH DPqQHUD GRQF SURJUHVVLYHPHQW OparapOqYH j SUHQGUH
FRQVFLHQFH GH VHV VHQWLPHQWV GH VHV pPRWLRQV HW GH VHV GpVLUV O SRXUUD GpSORHU
WRXWHV OHV IDFHWWHV GH VRQ LGHQWLWp FRPSULV pYLGHPPHQW VRQ DSSDUWHQDQFH j XQH
FRQYLFWLRQ6HVHQWLUPHPEUHjSDUW HQWLqUHGparaXQHFRPPXQDXWpGH IRL UHFRQQXHSHXW
IDLUH pPHUJHU FHWWH HVWLPH GH VRL WDQW QpFHVVDLUH SRXU SRXYRLU SDU OD VXLWH MHWHU GHV
SRQWV HQWUH copy VRL ordf HW OH PRQGH H[WpULHXU D SRVVLELOLWp GH VparaRXYULU j OparaDXWUH HVW
FRQGLWLRQQpHSDUODFDSDFLWpGHOparapOqYH jVparaDVVXPHUWHOTXparaLOHVWHWjSRXYRLUOparaH[SULPHU
$SSUHQGUHj OparapOqYHj DVVXPHUFHTXparaLO HVW j VparaDXWRYDORULVHUHW jYDORULVHU DXWUXLj
SUHQGUH JDUGH DX[ DSSDUHQFHV WURPSHXVHV HW j VparapORLJQHU GX GpQLJUHPHQW HW GH
OparaLQGLIIpUHQFHVRQWTXHOTXHVMDORQVVXU OHFKHPLQGHFHWWHTXrWH
3URJUHVVHUSHUVRQQHOOHPHQWHQUHVSRQVDELOLWp
HFRXUVGHUHOLJLRQLVODPLTXHDSRXUEXWGHIDLUHJHUPHUGqVOHSOXVMHXQHkJHFKH]
OparapOqYHOHVHQVGHVUHVSRQVDELOLWpVparapOqYHDSSUHQGUDTXparaHIIHFWLYHPHQWHQWDQWTXHWHO
LO D GHVGURLWVPDLVTXH FHVGHUQLHUVQH VDXUDLHQW rWUHGLVVRFLDEOHVGH VHVGHYRLUV O
DSSUHQGUD HQ GHV WHUPHV VLPSOHV TXparaj VRQ QLYHDX LO HVW GpMj FDSDEOH GparaDVVXPHU VD
SDUWGHUHVSRQVDELOLWp
LIIpUHQWHV UHVVRXUFHV QpFHVVDLUHV FRQWHV SKLORVRSKLTXHV KLVWRLUHV GHV SURSKqWHV
WUDGLWLRQ SURSKpWLTXHlaquoHWF VHURQW H[SORLWpHV DILQ GH JXLGHU SURJUHVVLYHPHQW OparapOqYH
VXUOHFKHPLQGparaXQHUHVSRQVDELOLVDWLRQHQGHYHQLU
3UHQGUHVRLQGHVRQFRUSVHWGHVRQHQYLURQQHPHQWLPPpGLDWJUDFLHXVHPHQWSUrWpVSDU
LHXVRQWXQH[HPSOHGparaDFWLRQVFRQFUqWHVTXHOparapOqYHVHUDDPHQpjUHOHYHU+LVVHUOH
UHVSHFWGHVSDUHQWVHWGHVSURIHVVHXUVDXUDQJGHWUDGLWLRQSURSKpWLTXHHQHVWXQDXWUH
H[HPSOH
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞZĞůŝŐŝŽŶƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϰϵ
pFRXYULUSDUOHTXHVWLRQQHPHQWHWOparaREVHUYDWLRQODFRQWHPSODWLRQOHVVLJQHV
GHODSUpVHQFHGLYLQH
HV MHXQHV HQIDQWV IRQW VRXYHQW SUHXYH GparaXQH FXULRVLWp GpERUGDQWH OV REVHUYHQW
FRPSDUHQW TXHVWLRQQHQWlaquoEUHI LOV RQW OHV HX[ JUDQGV RXYHUWV 0DOKHXUHXVHPHQW
FHWWH IDFXOWpGparapPHUYHLOOHPHQW D WHQGDQFHj GLVSDUDLWUH FRPPHQHLJH DX VROHLO DX ILO
GHVDQQpHVTXLSDVVHQWampHFLHVWGparaDXWDQWSOXVYUDLDXMRXUGparaKXLRODcopy FRQWHPSODWLRQ ordf
DXVHQVJUHFGXWHUPHDFpGpODSODFHDX[pFUDQVGHVWpOpYLVLRQVGHVMHX[YLGpRHWGHV
RUGLQDWHXUVSORQJHDQWOparaHQIDQWGDQVXQHIRUPHGH SDVVLYLWpSUpMXGLFLDEOH
2UOHFURDQWHVWHQFRXUDJpjSOXVGparaXQWLWUHGDQVOHampRUDQjPpGLWHUVXUOHVpOpPHQWV
QDWXUHOVTXLOparaHQWRXUHQWHFRXUVGHUHOLJLRQLVODPLTXHGHYUDGRQFPDLQWHQLUHWUDYLYHU
FHWWHFXULRVLWpQDWXUHOOHPHQWSUpVHQWHFKH] OparapOqYHampHGHUQLHUVHUDDPHQpjREVHUYHU
OparaLQILQLHFRPSOH[LWpGXPRQGHOXLPrPHOHVDQLPDX[ODURQGHGHVVDLVRQVlaquoHWFD
FRQIURQWDWLRQDYHFOHUpHOGpSORpGDQVWRXWHVDVSOHQGHXUGHYUDOXLSHUPHWWUHGHOLUH
OHVVLJQHVGHODSUpVHQFHGparaXQLHXSUpYRDQWHWSRXUYXGparaXQHERQWpLQILQLH
6HIDPLOLDULVHUDYHFFHUWDLQHVSUDWLTXHVFXOWXHOOHV
$FHVWDGHGHOparaHQVHLJQHPHQWOparapOqYHDSSUpKHQGHUDGHPDQLqUHVLPSOLILpHFHUWDLQVULWHV
LVODPLTXHVODXUDXQHLGpHJpQpUDOHGHVFLQTSLOLHUVGHOparaLVODPHWGHODPDQLqUHGHOHV
SUDWLTXHU O SRXUUD VH IDLUH XQH UHSUpVHQWDWLRQ GX OLHX GH FXOWH TXL UHJURXSH OHV
PXVXOPDQVHWSRXUUDGLVWLQJXHUFHOXLFLGHVHQGURLWVFXOWXHOVIUpTXHQWpVSDUOHVDGHSWHV
GHV DXWUHV FRPPXQDXWpV UHOLJLHXVHV$XPRPHQWGH OD FpOpEUDWLRQGHV JUDQGHV IrWHV
UHOLJLHXVHV OH FRXUV PHWWUD OparaDFFHQW VXU OHV DVSHFWV IHVWLI VRFLDO HW VSLULWXHO GH FHV
FRPPpPRUDWLRQVLPSRUWDQWHVGDQVODYLHGXFURDQW
$FFXHLOOLUODUHSUpVHQWDWLRQGparaXQLHXXQLTXHHWHPSOLGHFRPSDVVLRQ
D IRL HQ XQ LHX XQLTXH FRQVWLWXH OparapOpPHQW FHQWUDO GH OD FURDQFH LVODPLTXH8Q
LHXGRQWOparaRPQLVFLHQFHHWOparaRPQLSRWHQFHH[FOXHQWWRXWHDXWUHDVVRFLDWLRQGLYLQH$FH
VWDGH OparapOqYH VHUD FDSDEOH GH UpIOpFKLU VXU OparaXQLFLWp GH LHX HW GparaHQ FRPSUHQGUH OH
VHQV ODXUDXQHUHSUpVHQWDWLRQVLPSOHPDLVFODLUHGHLHX
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϱϬŽ
ƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
degplusmn
5HSqUHVSpGDJRJ
LTXHV
(QVHLJQHPHQWS
ULPDLUH
6DLQWamp
RUDQ
amp20
DQLHUWRXFKHUOH6DLQWampRUDQ
amp2(
[SORUHUOH6DLQWampRUDQGHPDQLqUHP
pWKRGLTXHHW
YDULpH
amp25
pH[SULP
LHUOHWH[WHFRUDQLTXH
6LUDK
6
LVFHUQHUGDQVOH6DLQWampRUDQHWOD6XQQDKODSHUVRQQHGX
SURSKqWHSEVO
65
HFRQQDLWUHOD6XQQDKFRPPHVRXUFHGH)RL
6
5HFRQQDLWUH
OD6XQQDK
FRPPH
FRPPXQDXWpGH
WpPRLJQDJHHWGHVHUYLFHUHQGXDXPRQGH
6pFRXYULUOHGpURXOHPHQWGHOparaDQQpHKpJLULHQQHHQVHV
JUDQGHVpWDSHV
+LVWRLUH
VHWUp
FLWV
SURS
KpWLT
XHV
+3LVFHUQHUGDQVOH6
DLQWamp
RUDQHWOD6
XQQDKOD
SHUVRQQHGHOparaHQVHP
EOHGHVSURSKqWHVPHQWLRQQpVGDQV
OH6DLQWampRUDQ
+33HUFHYRLU
OHV
UpFLWVSURSKpWLTXHV
FRPPH
XQH
FRQWLQXLWpGXPHVVDJHGLYLQ
HQWUHOHV
GLIIpUHQWV
SURSKqWHV
ampXOWH
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGH)RL
amp85
HFRQQDLWUHODPRVTXpHFRP
PHFRPPXQDXWpGHFpOpEUDWLRQHWGH)RL
amp8
pFRXYULUOHVGLIIpUHQWHVIrWHVHWFpOpEUDWLRQV
amp85
HFRQQDLWUHOparaDWWHVWDWLRQGH)RLFRP
PHH
USLOLHUGHOparaVODP
amp85
HFRQQDLWUHODSULqUHFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOparaDXP
QHFRPPHqSLOLH
UGHOparaVODP
amp85
HFRQQDLWUHOH-HXQHGX5DP
DGDQFRP
PHqSLOLHUGHOparaVODP
amp85
HFRQQDLWUHOHSqOHULQDJHFRPPHqSLOLHUGHOparaVODP
)RL
)2$
SSURIRQGLUODFRQQDLVVDQFHGHLHX6RQ$PRXUHW6D
-XVWLFHSDUTXHOTXHVSDVVDJHVFKRLVLVGDQVOH6DLQWampRUDQ
)23HUFHYRLUOHVOLYUHVUpYpOpVFRPPHODSUpSDUDWLRQHWOD
SURP
HVVHGHODSDL[
)25
HVSHFWHUHWUHFRQQDvWUHHQWRXVOHVSURSKqWHVOH
PHVVDJHGparaXQLHXXQLTXH
)2QWpJUHUOHFRQFHSWGHUpVXUUHFWLRQODYLHDSUqV
OD
PRUW
)2LVWLQJXHUOHGHVWLQGXGpWHUPLQLVPHHWGXIDWDOLVPH
0RUDOHHW6D
YRLU9LYUH
069$FFXHLOOLU
OHVYDOHXUVpWKLTXHVG
HODWUDGLWLRQ
PXVXOPDQH
069
ampRP
SUHQGUH
OHV
LPSOLFDWLRQVGHV
YDOHXUV
PXVXOPDQHVGDQVOparaDXMRXUGparaKXLGHQRVYLHV
069
6paraHQJDJHUSURJUHVVLYHP
HQW
GDQVXQDJLU
UHVSRQVDEOH
0695
HFRQQDLWUHOHFKHPLQWRXMRXUVRXYHUWT
XparaRIIUHOH
SDUGRQ
0696
XVFLWHUXQHDWWLWXGHFRQVWUXFWLYLVWHHWWROpUDQWH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϭ
Ǥ
plusmn
HVFRPSpWHQFHVWUDQVYHUVDOHVFRQVWLWXHQWjGHVGHJUpVGLYHUVGHVpOpP
HQWVjP
RELOLVHUHVVHQWLHOVDXGpYHORSSHP
HQWHWj
OparaH[HUFLFHGHVFRPSpWHQFHVWHUPLQDOHVLQVFULWHVDXSURJUDPPHOH[LVWHHQHIIHWGHVOLHQVpWURLWVHQWUHFRP
SpWHQFHVWUDQVYHUVDOHV
HWFRP
SpWHQFHVWHUPLQDOHVOparapOqYHHVWVROOLFLWpSRXUH[HUFHUHQULFKLUHWFRQVROLGHUFHVFRP
SpWHQFHVWUDQVYHUVDOHVWRXWDXORQJGH
VDVFRODULWp
7SHV
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
ampRP
SpWHQFHVjODILQGHOD
qUH
pWDSHQLYSULP
6RFOHVGHFRPSpWHQFHVGHILQ
GX
HUGHJUpGXQLYHDXVHFRQGDLUH
ampRP
SpWHQFHVGXq
PHGHJUpGX
QLYHDXVHFRQGDLUH
(0$5amp+(6
0(7+2224
8(6
$amp
RPSpWHQFHVOLpHVjODFRP
PXQLFDWLRQ
D6DYRLUIRUPXOHUGHVTXHVWLRQV
ELUHHWpFRXWHUHIILFDFHP
HQW
D6DYRLUIRUPXOHUGHVTXHVWLRQVHW
PHQHUGHVHQTXrWHVG
LYHUVHV
YLVLWHVHQTXrWHVGDQVOHVOLYUHV
SH[FRQVXOWHUXQGLFWLRQQDLUH
OHVE
LEOLRWKqTXHVHWGLYHUVVXSSRUWV
GHOparaLQIRUP
DWLRQ
ELUHHWpFRXWHUHIILFDFHP
HQW
DLUHHWpFRXWHUHIILFDFHP
HQW
EampRP
PXQLTXHUHIILFDFHP
HQW
FGHQWLILHUjERQHVFLHQWOH
ODQJDJHVSpFLILTXHjFKDTXH
GLVFLSOLQH
GampRP
SUHQGUHOHVFRQVLJQHV
D5HVSHFWHUOHVFRQYHQWLRQV
OLQJXLVWLTXHVHWOHVDSSOLTXHUGDQV
GLIIpUHQWVFRQWH[WHVHWVLWXDWLRQV
EampRP
SUHQGUHOHVG
LUHFWLYHVGH
WUDYDLO
amp
RPSpWHQFHVOLpHVD
X[PpWKRGHVG
HWUDYDLO
DampRP
SUHQGUHXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
GpFRXUDJHU
D0
pPRULVHUFRP
SUHQGUHHW
RUJDQLVHUXQHFRQVLJQH
EpUHUVR
QPDWpULHOHWVRQWHPSV
SRXUOHWUDYDLOGHP
DQGp
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
G3RXYRLUUHFRPPHQFHUVDQVVH
D$SSOLTXHUOHVFRQVLJQHV
E2UJDQLVHUVR
QWUDYDLODYHF
PpWKRGH
F5pDOLVHUVR
QWUDYDLODYHFVR
LQ
D3UHQGUHGHVQRWHV
EpUHUVR
QHP
SORLGXWHPSV
F6HIL[HUGHVREMHFWLIVHWGHV
SULRULWpVUHVSHFWHUXQSODQGH
WUDYDLOpWDEOL
G6HGRQQHUXQHQYLURQQHP
HQW
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϱϮ
GpFRXUDJHU
IDYRUDEOH
H5HVSHFWHUOHVG
pODLV
I)LQDOLVHUOHVWUDYDX[
ampamp
RPSpWHQFHVOLpHVjOparaXWLOLVDWLRQGHVRXWLOV
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHSOXPLHUFDKLHUMRXUQDO
GHFODVVH
D$SSUHQGUHjJpUHUVR
QPDWpULHO
VFRODLUHHWjWHQLUVHVGRFXP
HQWVHQ
RUGUHFDKLHUVMRXUQDOGHFODVVH
E$SSUHQGUHjXWLOLVHUOHVR
XWLOVGH
WUDYDLOGLFWLRQQDLUHVHWRXYUDJHV
GHUpIpUHQFHDSSUHQGUHjXWLOLVHU
GHVWDEOHVG
HPDWLqUHV
D7HQLUVHVG
RFXP
HQWVHQRUGUH
MRXUQDOGHFODVVHFDKLHUV
ILFKLHUVlaquo
E8WLOLVHUDYHFSHUWLQHQFHOHV
RXWLOVG
HWUDYDLOGLFWLRQQDLUHVHW
RXYUDJHVGHUpIpUHQFHGRFXP
HQWV
DXGLRYLVXHOVVXSSRUWV
LQIRUPDWLTXHVlaquo
D5HSpUHUH[SORLWHUYDOLGHUHW
XWLOLVHUGLYHUVHVVRXUFHV
GparaLQIRUPDWLRQVQpFHVVDLUHVjVRQ
WUDYDLO
(0$5amp+(6
0(17$(6
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůĂƉ
ƉƌĠŚ
ĞŶƐŝŽŶ
ĞƚĂ
ƵƚƌĂŝƚĞŵĞŶ
ƚĚĞůŝŶĨŽƌŵĂƚŝŽŶ
DCcedilWUHFXULHX[DYRLUOHJRW
OparaDSSpWLWOHGpVLUOparaLQWpUrW
GparaREVHUYHUGHFRPSUHQGUHHW
GparaDSSUHQGUHOHVpYpQHPHQWVOHV
UpDOLWpVP
DWpULHOOHVVRLP
rPHHW
OHVDXWUHV
E3RVHUGHVTXHVWLRQV
$YRLUXQHVSULWGH
TXHVWLRQQHP
HQW
$YRLUXQHFDSDFLWpGHUpIOH[LRQ
DGHQWLILHUREVHUYHUUHSpUHU
FRPSDUHUFODVVHUUHIRUPXOHU
VQWKpWLVHUUpVXP
HUpYDOXHU
FULWLTXHUP
pPRULVHUOparaLQIRUP
DWLRQ
ELVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
F6DYRLURUJDQLVHUOHV
LQIRUPDWLRQV
DGHQWLILHU
E2EVHUYHUUHSpUHU
FampRP
SDUHU
GLVWLQJXHUOparaHVVHQWLHOGH
OparaDFFHVVRLUH
HampODVVHU
I5HIRUPXOHU
J6QWKpWLVHU
K5pVXP
HU
L(YDOXHUFULWLTXHU
D$QDOVHUHWVQWKpWLVHU
EpYHORSSHUHWXWLOLVHUOD
PpP
RLUH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϯ
M0pP
RULVHU
Ž
ŵƉĠ
ƚĞŶĐĞƐůŝĠĞ
ƐăůƵƚŝůŝƐĂƚŝŽ
ŶĞƚăůĂĐŽŵ
ŵƵŶ
ŝĐĂƚŝŽŶĚĞ
ůŝŶĨŽƌŵ
ĂƚŝŽŶ
D([SOLTXHUODGpPDUFKH
HIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D([SOLTXHUODGpPDUFKHHIIHFWXpH
E([SRVHUOHVUpVXOWDWVGHVRQ
WUDYDLO
D)RUPXOHUXQHKSRWKqVH
E$QDOVHU
FQGXLUHGpGXLUH
G7UDQVSRVHU
H8WLOLVHUVDFUpDWLYLWpVDSHQVpH
GLYHUJHQWH
I6paraDXWRpYDOXHU
J5HVWLWXHU
K7UDGXLUHGparaXQODQJDJHGDQVXQ
DXWUHGpFRGHUGLYHUVODQJDJHV
D3HQVHUGHIDoRQFODLUHHW
RUJDQLVpHLVWLQJXHU
OHIDLWGHOparaRSLQLRQ
OHFRQFHSWGXIDLW
ODSUHXYHGHOparaDIILUP
DWLRQ
OparaKSRWKqVHGXIDLWYpULILp
ODFDXVHGHODFRQGLWLRQ
ODFRQGLWLRQQpFHVVDLUHGHOD
FRQGLWLRQVX
IILVDQWH
ODFDXVHGHOparaHIIHW
E5DLVRQQHUGHIDoRQYDOLGHSDU
LQGXFWLRQRXGpGXFWLRQ
FeYDOXHUHWVparaDXWRpYDOXHU
G$QDOVHUVHVSURSUHVSURFHVVXV
GHUpIOH[LRQ
HpYHORSSHUVDFUpDWLYLWpHW
OparaH[HUFLFHGXVHQVHVWKpWLTXH
IampRP
PXQLTXHUHWVparaH[SULP
HU
FRUUHFWHPHQWYHUEDOHP
HQWHWSDU
pFULW
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϱϰ
amp203(
7(1amp(6
para255(
5($72
11((7
$7778(6
$amp
RPSpWHQFHVOLpHVjODUHODWLRQjVRL
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUV
SHUVRQQHOOHVS
ULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D
pYHORSSHUOparaHVWLPHGHVR
L
E
pYHORSSHUGHVYLUWXDOLWpV
VHQVRULHOOHVFRUSRUHOOHVSH[
SUHQGUHFRQVFLHQFHGXVFKpPD
FRUSRUHOFDUDFWpULHOOHVPHQWDOHV
FRPSRUWHPHQWDOHV
Fe
ODERUHUHWUpDOLVHUGHVSURMHWV
SHUVRQQHOV
G
pILQLUGHVY
DOHXUVSHUVRQQHOOHV
SULRULWDLUHV
H
pYHORSSHUVDSURSUH
DXWRQRPLH
D6HUHVSHFWHU
E3UHQGUHFRQVFLHQFHGHVR
Q
FRUSVGHVR
QFDUDFWqUHGHVRQ
PRGHGHIRQFWLRQQHP
HQWP
HQWDO
GHVHVFRP
SRUWHPHQWVlaquo
FpYHORSSHUGHVSURMHWV
SHUVRQQHOV
GCcedilWUHFDSDEOHGHGpILQLUVHV
SULRULWpV
H3UHQGUHGHVUHVSRQVDELOLWpV
IpYHORSSHUOparaDXWRQRP
LHHWOD
FRQILDQFHHQVR
L
D$SSOLTXHUOHVUqJOHVUHODWLYHVjOD
FRQVHUYDWLRQGHODVDQWp
EpYHORSSHUXQVHQVHVWKpWLTXH
FpYHORSSHUXQHpWKLTXH
SHUVRQQHOOH
GCcedilWUHFDSDEOHGparaHQJDJHP
HQW
amp
RPSpWHQFHVOLpHVj
ODFRQQDLVVDQFHHWDXUHVSHFWGHOparaDXWUH
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
FLHQpFRXWHUOHVLGpHVG
HVDXWUHV
TXLVRQWGLIIpUHQWVGHVRL
D$SSUHQGUHjPDvWULVHUVHV
UpDFWLRQVDIIHFWLYHV
E$SSUHQGUHjGLDORJXHU
F3HUFHYRLUUHVSHFWHUHW
SURP
RXYRLUGHVG
LIIpUHQFHV
D0
DvWULVHUVHVUpDFWLRQV
DIIHFWLYHV
E5HVSHFWHUOparaDXWUHUHFRQQDvWUH
SRVLWLYHP
HQWVHVGLIIpUHQFHV
D(QWUHUHQUHODWLRQDYHFOHVDXWUHV
HQXWLOLVDQWOHVPRHQVDSSURSULpV
DX[VLWXDWLRQVHWDX[FRQWH[WHV
ampamp
RPSpWHQFHVOLpHVDXYLYUHHQVHPEOH
D3UHQGUHFRQVFLHQFHGHVDSODFH
SDUPLOHVDXWUHV
EpYHORSSHUGHVVR
OLGDULWpVHW
D6paraLQVpUHUGDQVX
QJURXSHVR
FLDO
SOXVODUJH
E
pYHORSSHUGHVVR
OLGDULWpVHW
D6HVLWXHUGDQVX
QJURXSHVR
FLDO
SOXVLP
SRUWDQW
EpYHORSSHUGHVVR
OLGDULWpV
D$SSOLTXHUGDQVODYLH
TXRWLGLHQQHGHVUqJOHVG
HYLHHQ
VRFLpWpGpPRFUDWLTXH
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚ
ĞZĞ
ůŝŐŝŽŶƐůĂŵŝƋƵĞ
ZĠĨĠƌĞŶ
ƚŝĞůĚĞŽ
ŵƉĠ
ƚĞŶĐĞƐ
ϱϱ
GHVHQJDJHP
HQWV
F5HVSHFWHUGHVUqJOHVpWDEOLHVS
DU
OHJURXSH
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
GCcedilWUHFDSDEOHGHWUDYDLOOHUDYHF
GparaDXWUHV
HCcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
GHVHQJDJHP
HQWV
F0HWWUHHQdegXYUHGHVYDOHXUV
GpPRFUDWLTXHVG
DQVOHFDGUHGH
UpDOLVDWLRQVELHQGpILQLHVSH[
HQYLURQQHP
HQW
G7UDYDLOOHUHQJURXSHFRRSpUHU
HCcedilWUHLQLWLpDX[IRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ICcedilWUHLQLWLpHWVDYRLUJRWHUDX[
DUWVSODVWLTXHVODPXVLTXHOHMHX
GUDP
DWLTXHSRXUSUHQGUHSODLVLU
VparapP
RXYRLUVHGLUH
VparaDIILUPHU
JCcedilWUHLQLWLpjOparaDQDOVHGHIDLWVGH
VRFLpWpHQUpIpUHQFHjGHVY
DOHXUV
GpPRFUDWLTXHV
F7UDYDLOOHUHQJURXSHFRRSpUHU
QpJRFLHU
G6HIDPLOLDULVHUDYHFOHVIRUPHV
FRQWHP
SRUDLQHVGHFRPPXQLFDWLRQ
HWGparaH[SUHVVLRQSODVWLTXHV
JHVWXHOOHVDXGLRYLVXHOOHV
LQIRUPDWLTXHVlaquo
ECcedilWUHRXYHUWjODGLYHUVLWp
FXOWXUHOOHHWUHVSHFWHUOHV
GLIIpUHQFHV
F5HVSHFWHUOparaHQYLURQQHP
HQW
KXPDLQHWELRSKVLTXH
GampRQQDvWUHDQDOVHUHWFULWLTXHU
OHVP
pGLDV
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ϱϲ ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ
Ǥplusmn
ǯplusmn
Ǥ
(Q OHV LQVSHFWHXUVGHV FRXUVGH UHOLJLRQHW GHPRUDOHQRQ FRQIHVVLRQQHOOHRQW
SXEOLpXQHEURFKXUHFRPPXQHGDQVODTXHOOHLOVH[SULPDLHQWOHVYDOHXUVFRPPXQHVHW
LGpDX[GHFHTXparaRQDSSHOOHDXMRXUGparaKXLOHVFRXUVSKLORVRSKLTXHV
x Ǽ plusmnǡplusmn plusmnǡicircplusmndegplusmnǡǯǡǯplusmnǯ Ǣ
x ǡplusmnǡǡǯplusmnǯ Ǣ
x plusmn ǯ plusmn ǯ plusmnǯplusmn Ǣ
x ǯplusmnplusmnǯplusmnǤ ǽͷ
$XGHOj GHV FRPSpWHQFHV SURSUHV j FKDTXH FRXUV GH UHOLJLRQ OHV DXWRULWpV GH FXOWH
SURSRVHQWGDQVFHFKDSLWUHXQUpIpUHQWLHOGHFRPSpWHQFHVFRPPXQHVampHOXLFLSRXUUDLW
VHUYLUGHFDGUHGHUpIpUHQFHVSRXUOparaRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHV
OSRXUUDLWHQRXWUHVHUYLUGHEDVH GHGLVFXVVLRQSRXUOparapWDEOLVVHPHQWGHFRPSpWHQFHV
FRPPXQHVjOparaHQVHPEOHGHVFRXUVSKLORVRSKLTXHV
HSUpVHQWUpIpUHQWLHOQparaLPSOLTXHDXFXQHPRGLILFDWLRQGHVUpIpUHQWLHOVHWSURJUDPPHV
H[LVWDQWV
HHU DYLVGXampRQVHLOampRQVXOWDWLI6XSpULHXUGHVampRXUV3KLORVRSKLTXHVFLDSUqVGpQRPPpampamp6amp3UHODWLIjODFLWRHQQHWpPHQWLRQQHFHVYDOHXUVFRPPXQHVHWLGpDX[SRXUVRXOLJQHUTXHOHVFRXUVSKLORVRSKLTXHVFRQWULEXHQWjODUpDOLVDWLRQGparaXQHGHVPLVVLRQVSULRULWDLUHVGHOparaHQVHLJQHPHQWUHSULVHjOpara$UWGXpFUHWcopy 0LVVLRQV ordfjVDYRLU copy 3UpSDUHUWRXVOHVpOqYHVjrWUHGHVFLWRHQVUHVSRQVDEOHVFDSDEOHVGHFRQWULEXHUDXGpYHORSSHPHQWGXQHVRFLpWpGpPRFUDWLTXHVROLGDLUHSOXUDOLVWHHWRXYHUWHDX[XWUHVFXOWXUHV ordf9RLU3RLQWHVGRFXPHQWVUHODWLIVDXampRQVHLOFRQVXOWDWLIVXSpULHXUGHVFRXUVSKLORVRSKLTXHVVRQWHQOLJQHVXUOHVLWHHQVHLJQHPHQWEH jODGUHVVHVXLYDQWHKWWSZZZHQVHLJQHPHQWEHLQGH[SKSSDJH paraRUJDQLVDWLRQGparaDFWLYLWpVFRPPXQHVDpWpVRXKDLWpHSDUOHampamp6amp3GqVVRQSUHPLHUDYLV9RLU3RLQW HVPRGDOLWpVGparaRUJDQLVDWLRQRQWpWpSUpFLVpHVGDQVVRQGHX[LqPHDYLV9RLU3RLQWj
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϳ
Ǥplusmn
plusmn
HVFRPSpWHQFHVVRQWFRPPXQHVSDUFHTXparaHOOHVVHWURXYHQWGpMjVRXVGHVIRUPXODWLRQV
GLYHUVHV GDQV OHV UpIpUHQWLHOV SURSUHV j FKDTXH FRXUV (OOHV SHXYHQW HQ RXWUH rWUH
WUDYDLOOpHV HQ FRPPXQ ORUV GH UHQFRQWUHV GparapOqYHV LQVFULWV GDQV GparaDXWUHV FRXUV GH
UHOLJLRQ
plusmn
HVSDUFRXUVSpGDJRJLTXHVSURSUHV j FKDTXHFRXUVSHXYHQW rWUHSRQFWXpVGparaDFWLYLWpV
FRPPXQHVFRQFHUWpHVHQWUHWLWXODLUHVGHVFRXUVGHUHOLJLRQ
qVOHGpEXWGHODVFRODULWpREOLJDWRLUHOHVpOqYHVVHFRQVWUXLVHQWXQHLGHQWLWpSURSUH
WRXWHQpWDQWRXYHUWVDXGLDORJXHHWjODGLIIpUHQFHjODIRLVGDQVOHVFRXUVVSpFLILTXHV
HWORUVGparaDFWLYLWpVFRPPXQHVTXLSHXYHQWOHXUrWUHSURSRVpHV
HVFRPSpWHQFHVLQGLVSHQVDEOHVjOparaH[HUFLFHGXGLDORJXHVRQWHQRXWUHWUDYDLOOpHVGDQV
OH FDGUHGHV FRXUV VSpFLILTXHV DILQ GHSUpSDUHU OHV pOqYHV j FHV DFWLYLWpV FRPPXQHV
pMj HQ OparaLQVSHFWLRQ GHV FRXUV GH UHOLJLRQ HW GH PRUDOH QRQ FRQIHVVLRQQHOOH
DYDLWGpILQLGHVFRPSpWHQFHVFRPPXQHVHQUHODWLRQDYHFOHVVDYRLUVSURSUHVDX[FRXUV
VSpFLILTXHVj VDYRLU eFRXWHUFRPPXQLTXHUGDQV OH UHVSHFWGHVGLIIpUHQFHV
XWLOLVHUGHVRXWLOVSHUWLQHQWVSRXUDQDOVHUGHVGRFXPHQWVGpYHORSSHUXQHSHQVpH
SHUVRQQHOOHFULWLTXHHWDUJXPHQWpHpWDEOLUGHVOLHQVHQWUHOHVVDYRLUVOHVYDOHXUVHW
ODTXHVWLRQGXVHQVGHODYLH
Ǥǯ
DQV OH FDGUH GparaDFWLYLWpV FRPPXQHV GH UHQFRQWUH HW GH FROODERUDWLRQ OHV
HQVHLJQDQWHVVHFRQFHUWHQWDILQGHGpWHUPLQHUTXHOVVDYRLUVVDYRLUIDLUHHWDWWLWXGHV
SURSUHVjOHXUVUpIpUHQWLHOVVSpFLILTXHVVRQWPRELOLVpVSRXUGpYHORSSHUOHVFRPSpWHQFHV
FRPPXQHV ampHV UpIpUHQWLHOV SHUPHWWHQW pJDOHPHQW GH GpWHUPLQHU OH QLYHDX GH
FRPSpWHQFHVjDWWHLQGUH HSUpVHQWUpIpUHQWLHOUpSRQGHQFHODDXVRXKDLWH[SULPpSDUOHampamp6amp3GDQVVRQGHX[LqPHDYLV9RLU3RLQW
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ͷ
ͷͺ ǣplusmnplusmnplusmn
ǯplusmnplusmnǤxHV FRPSpWHQFHV UHFRQQXHV FRPPH FRPPXQHV UHSUpVHQWHQW XQH SDUWLH GHV
FRPSpWHQFHV GLVFLSOLQDLUHV GH FKDTXH UpIpUHQWLHO ampHFL LPSOLTXH TXH OHV DFWLYLWpV
FRPPXQHV QH SRXUURQW SDV SUHQGUH XQH LPSRUWDQFH WHOOH TXparaHOOHV HPSrFKHUDLHQW
OparaDFTXLVLWLRQGHVDXWUHVFRPSpWHQFHVGLVFLSOLQDLUHV
xDQV OH FDGUH GHV FRPSpWHQFHV FRPPXQHV OHV HQVHLJQDQWHV UHVWHQW PDvWUHV HQ
FRQFHUWDWLRQ GHV WKpPDWLTXHV HW FRQWHQXV WUDYDLOOpV GDQV OH FDGUH GHV DFWLYLWpV
FRPPXQHV
plusmnplusmnplusmn ǣ
3UDWLTXHUOHTXHVWLRQQHPHQWSKLORVRSKLTXH
3UDWLTXHUOHGLDORJXHLQWHUFRQYLFWLRQQHO
([SORUHUOHVIRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHVGHODFLWRHQQHWp
ͳǤ
D SUDWLTXH GX TXHVWLRQQHPHQW SKLORVRSKLTXH copy FRQFHUQH j OD IRLV OparapGXFDWLRQ j XQ
HVSULW FULWLTXH OHV KDELOHWpV GH SHQVpH OHV FRPSpWHQFHV ODQJDJLqUHV HW OparaDQDOVH
UpIOH[LYH GHV JUDQGHV TXHVWLRQV H[LVWHQWLHOOHV (OOH YLVHUD OD FRQVWUXFWLRQ GparaXQ rWUH
SHQVDQW UpIOH[LI HW DXWRQRPH GDQV OD UHFKHUFKH GH VHQV GH OparaH[LVWHQFH HW GHV
RULHQWDWLRQVjGRQQHUDX[DFWLRQVSRXUTXparaHOOHVVparaLQVFULYHQWGDQVOHUHVSHFWGHYDOHXUV
HWILQDOLWpVUHFRQQXHVFRPPHXQLYHUVHOOHV
HX[ JUDQGHV VSKqUHV SHXYHQW rWUH GLVWLQJXpHV GDQV OH FKDPS GX TXHVWLRQQHPHQW
SKLORVRSKLTXH FHOOH GX copy 3RXUTXRL YLYUH HW DJLU ordf HW FHOOH GX copy ampRPPHQW YLYUH HW
DJLU ordfDVVRFLDQWTXHVWLRQQHPHQWSKLORVRSKLTXHHWDUJXPHQWDWLRQpWKLTXH ordf
9RLUOHTXDWULqPHDYLVGXampamp6amp39RLU3RLQWampHWDYLVGpWDLOOHOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWSKLORVRSKLTXHELGHP3RLQWVHW
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ŽƵƌƐĚĞƌĞůŝŐŝŽŶŝƐůĂŵŝƋƵĞ ZĠĨĠƌĞŶƚŝĞůĚĞŽŵƉĠƚĞŶĐĞƐ ϱϵ
ʹǤ ͷ
D SUDWLTXH GX GLDORJXH LQWHUFRQYLFWLRQQHO YLVH j DSSUHQGUH DX[ pOqYHV SDU
OparaRUJDQLVDWLRQ GparaDFWLYLWpV FRPPXQHV j VH IRUJHU XQH LGHQWLWp SHUVRQQHOOH GDQV
OparaRXYHUWXUHELHQYHLOODQWHHWODFRPSUpKHQVLRQGparaDXWUHVPDQLqUHVGHSHQVHUHWGHYLYUH
LHX[GHTXHVWLRQQHPHQWGHUHFKHUFKHVHWGHGpFRXYHUWHVYpFXHVDYHFXQPD[LPXP
GH FRQYLYHQFH FHV DFWLYLWpV GHYLHQQHQW GHV ODERUDWRLUHV GH FLWRHQQHWp R VH
UHQFRQWUHQWGHVSHUVRQQHVRVHEUDVVHQWGHVLGpHVHWGHVFXOWXUHVRVHFURLVHQWGHV
UHJDUGV SOXULHOV TXL KRQRUHQW OD ULFKHVVH GHV GLIIpUHQFHV HW pYLWHQW OHV FORLVRQV TXL
VpSDUHQWDSUDWLTXHGXGLDORJXH LQWHUFRQYLFWLRQQHOSHUPHWDX[pOqYHVGH UHQFRQWUHU
OparaDXWUH HQ YpULWp HQ GpSDVVDQW MXJHPHQWV HW SUpMXJpV VDQV UHQLHU SRXU DXWDQW VHV
FRQYLFWLRQV
͵Ǥplusmnplusmn
(Q PDWLqUH GparapGXFDWLRQ j OD FLWRHQQHWp LO FRQYLHQW GH GLVWLQJXHU GHX[ SDUWLHV
FRPSOpPHQWDLUHV HW LQGLVSHQVDEOHV OparaLQVWUXFWLRQ FLYLTXH HW OHV IRQGHPHQWV
SKLORVRSKLTXHV HW WKpRORJLTXH GH OD FLWRHQQHWp D UpIOH[LRQ HW OH TXHVWLRQQHPHQW
UHODWLIVDX[IRQGHPHQWVSKLORVRSKLTXHVHWWKpRORJLTXHGHODFLWRHQQHWpVRQWSUpVHQWV
GDQV OHV SURJUDPPHV GHV FRXUV GH UHOLJLRQ OV VparaLQWqJUHQW SOXV ODUJHPHQW GDQV OD
UpIOH[LRQH[LVWHQWLHOOHHWODUHFKHUFKHGHVHQVWHOOHVTXparaHOOHVVRQWSUDWLTXpHVjODIRLV
GDQVOHVDFWLYLWpVSURSUHVjFKDFXQGparaHQWUHHX[HWGDQVOHVDFWLYLWpVFRPPXQHVampHWWH
UpIOH[LRQ IRQGDPHQWDOH VXU OparaHQJDJHPHQW pWKLTXH HW OD UHVSRQVDELOLWp FLWRHQQHRIIUH
OparaRSSRUWXQLWpSRXUOHVpOqYHVGHUHYLVLWHUOHVRULJLQHVHWOparapYROXWLRQKLVWRULTXHGHOHXUV
LGHQWLWpVSURSUHVHWGHOHXUVLPSOLFDWLRQVVRFLpWDOHV
paraLQVWUXFWLRQ FLYLTXH SUpYXH SDU OH GpFUHW copy FLWRHQQHWp ordf QparaHVW SDV XQH PDWLqUH
SURSUHDX[FRXUVSKLORVRSKLTXHV(OOHSHXWHQHIIHWrWUHDERUGpHGDQVGLIIpUHQWVFRXUV
HWGDQVGHVDFWLYLWpVLQWHUGLVFLSOLQDLUHV
HFKDPSOHVHQMHX[HWODPpWKRGRORJLHGXTXHVWLRQQHPHQWHWGXGLDORJXHLQWHUFRQYLFWLRQQHOVGDQVOHFDGUHGHVFRXUVSKLORVRSKLTXHVRQWpWpFODLUHPHQWGpWDLOOpVGDQVOHFLQTXLqPHDYLVGXampamp6amp32QVparaUpIpUHUDSRXUSOXVGHGpWDLOV9RLU3RLQWVHW parapQRQFpGHFHWWHFRPSpWHQFHVparaDSSXLHVXUOparaDUJXPHQWDWLRQGpYHORSSpHGDQVOHSUHPLHUDYLVGXampamp6amp39RLU$YLV ampIU3UHPLHUDYLVGXampamp6amp3UHODWLIjODFLWRHQQHWp9RLU3RLQW
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
ͷ
Ͳ ǣplusmnplusmnplusmn
Ǥ plusmnplusmn
$ILQGH WUDYDLOOHUGDQV OH FDGUHGH OD SpGDJRJLHGHV FRPSpWHQFHVHW GHSUpSDUHUGHV
DFWLYLWpVpYDOXDEOHVLOHVWSURSRVpGHVWUXFWXUHUOHVDFWLYLWpVFRPPXQHVGHUHQFRQWUHHW
GHFROODERUDWLRQDXWRXUGHVFLQTFRPSpWHQFHVVXLYDQWHV
$XGpSDUWGparaXQHVLWXDWLRQSUREOpPDWLTXHVLJQLILFDWLYHIRUPXOHUXQTXHVWLRQQHPHQWSRUWHXUGH
VHQVTXLPRWLYHHWVWUXFWXUHOparaDFWLYLWpFRPPXQH
(QOLHQDYHFOHTXHVWLRQQHPHQWGpILQLUDVVHPEOHUOHVUHSUpVHQWDWLRQVGRQWOHVpOqYHVVRQW
SRUWHXUVGHVVDYRLUVFRQVWUXLWVDLQVLTXHWRXWHVH[SUHVVLRQVFXOWXUHOOHVUHOLJLHXVHV
WUDGLWLRQQHOOHVLGpRORJLTXHVRXDUWLVWLTXHVFRQVWLWXWLYHVGHOHXUVLGHQWLWpV
6XUOHTXHVWLRQQHPHQWGpILQLSUREOpPDWLVHUFRQFHSWXDOLVHUHWFRQVWUXLUHXQHDUJXPHQWDWLRQHQ
FRQIURQWDQWpYHQWXHOOHPHQWOHVpOqYHVjGparaDXWUHVH[SUHVVLRQVFXOWXUHOOHVWHOOHVTXHWH[WHVUpFLWV
WpPRLJQDJHVILOPVRXDXWUHVdegXYUHVDUWLVWLTXHV
6HUpDSSURSULHUOHWUDYDLOGXJURXSHSDUODFRQVWUXFWLRQGparaXQHDUJXPHQWDWLRQSHUVRQQHOOH
SRUWHXVHGHVHQVSRXUVRQSURSUHFKDPSGparaH[LVWHQFH
QWpJUHUODSOXUDOLWpGHVDUJXPHQWDWLRQVHQSUpVHQFHSDUODSURGXFWLRQGparaXQHRXGHSOXVLHXUV
degXYUHVGHFRPPXQLFDWLRQpFULWHVGHVVLQpHVSKRWRJUDSKLTXHVYLGpRILOPpHVWKpkWUDOHVRX
VFpQLTXHV
ampHV FRPSpWHQFHV VparaDUWLFXOHQW DX[ FRPSpWHQFHV SURSUHV j FKDTXH UpIpUHQWLHO (OOHV
YLVHQWjFUpHUXQGLDORJXHTXLVRLWUpHOOHPHQWLQWHUFRQYLFWLRQQHOHWSURGXFWHXUGHVHQV
ampHVFRPSpWHQFHVVRQWQRXUULHVGHVFRPSpWHQFHVDFTXLVHVSDUOHVpOqYHVHQWHUPHGH
VDYRLUV GH VDYRLUIDLUH HW GparaDWWLWXGHV WHOV TXparaLOV VRQW GpILQLV GDQV OHV UpIpUHQWLHOV GH
FRPSpWHQFHVSURSUHVjFKDTXHFRXUVGHUHOLJLRQHWDXURQWpWpSUpDODEOHPHQWWUDYDLOOpV
GDQVOHVFRXUVVSpFLILTXHV
3DU copy VLWXDWLRQ SUREOpPDWLTXH VLJQLILFDWLYH ordf LO IDXW HQWHQGUH GHV VLWXDWLRQV TXL UHOqYHQW QRWDPPHQW GH OparapWKLTXH LQGLYLGXHOOH RXFROOHFWLYHGHODSROLWLTXHGHODFLWRHQQHWpGHODFXOWXUHGXTXHVWLRQQHPHQWSKLORVRSKLTXHVSLULWXHORXWKpRORJLTXHGHV LGpRORJLHVHWGHVUHOLJLRQVGHOparapGXFDWLRQjODYLHUHODWLRQQHOOHDPRXUHXVHHWVH[XHOOH(95$6Opara(GXFDWLRQUHODWLYHjOpara(QYLURQQHPHQW(U( 3DUDOOqOHPHQWDX[FRPSpWHQFHVOLpHVDX[VDYRLUIDLUHHWDX[DWWLWXGHV WHOTXparapQRQFpDX[SRLQWVHWamp OHVHQVHLJQDQWHV
SUpSDUHQWOHXUVpOqYHVDX[DFWLYLWpVFRPPXQHVGHUHQFRQWUHHWGHFROODERUDWLRQSDUODFRQVWUXFWLRQGHVDYRLUVOVHOOHVWUDYDLOOHQWQRQ
VHXOHPHQW OHV UHSUpVHQWDWLRQVTXH OHVpOqYHVRQW GH OHXU LGHQWLWpSURSUHPDLVpODUJLVVHQW DXVVL OHXUV FRQQDLVVDQFHVSDUXQHDSSURFKH
FULWLTXHHWGRFXPHQWpHGHOHXULGHQWLWpGDQVVHVGLPHQVLRQVKLVWRULTXHJpRJUDSKLTXHHWVRFLRORJLTXH
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
Reacutefeacuterentielde compeacutetencesdu cours de religion
orthodoxe
eacutedition 2013
avec les compeacutetences communes aux cours des religionscatholiqueislamiqueisraeacuteliteorthodoxeprotestante
Recommended