&$5$&7e5,67,48(6
0RGqOH 7+*)&,139FD
$OLPHQWDWLRQ 9FD+]
&KDUJH $PD[UpVLVWLYHVHXOHPHQW
&DSDFLWp :#9FD
'LVMRQFWHXUGHIXLWHjODWHUUH*)&, P$DXGpFOHQFKHPHQW
+RPRORJDWLRQ &6$&86
3ODJHG·DIILFKDJH & j& )j)
3ODJHGHUpJODJH &j& )j)
9DOHXUSDUGpIDXW &)
9DOHXUSDUGpIDXW &)
(QWUHSRVDJH &j& )j)
5pJXODWLRQGHWHPSpUDWXUH 3URSRUWLRQQHOOHF\FOHVGHPLQXWHV
3UpFLVLRQ &):
*$5$17,(
*$5$17,(//,0,7e(''·81$$1''($$8%(77(&+12/2*,(6,,1&
&H SURGXLW HVW JDUDQWL FRQWUH OHV YLFHV GH IDEULFDWLRQ SHQGDQW XQ DQ
VXLYDQW OD GDWH LQLWLDOH GDFKDW GDQV XQ PDJDVLQ DXWRULVp 'XUDQW FHWWH
SpULRGH$8%(WHFKQRORJLHVLQFVHQJDJHjUpSDUHURXjUHPSODFHUDYHFXQ
SURGXLWQHXIRXGHTXDOLWppTXLYDOHQWHjVRQFKRL[HWVDQVIUDLVWRXWSURGXLW
GpIHFWXHX[D\DQWpWpXWLOLVpGDQVGHVFRQGLWLRQVQRUPDOHV
/D JDUDQWLH QH SUpYRLW SDV OH UHPERXUVHPHQW GHV IUDLV GH WUDQVSRUW HW QH
VDSSOLTXH SDV j XQ SURGXLW TXL DXUDLW pWp PDO LQVWDOOp PDO XWLOLVp RX
DFFLGHQWHOOHPHQW HQGRPPDJp &HWWH JDUDQWLH QH FRXYUH SDV OH FRW
GLQVWDOODWLRQGHGpEUDQFKHPHQWRXGHUpLQVWDOODWLRQ
&HWWH JDUDQWLH OLPLWpH DQQXOH RX UHPSODFH WRXWH DXWUH JDUDQWLH H[SUHVVH RX
WDFLWH GH OD FRPSDJQLH DLQVL TXH WRXW DXWUH HQJDJHPHQW TXH OD FRPSDJQLH
DXUDLW SX SUHQGUH (Q DXFXQ FDV $8%( WHFKQRORJLHV LQF QHVW OLp j GHV
GRPPDJHV FRQVpFXWLIV RX IRUWXLWV UpVXOWDQW GH OLQVWDOODWLRQ GH FH SURGXLW
&HUWDLQVeWDWVRXSURYLQFHVQHSHUPHWWHQWSDVOH[FOXVLRQRXODOLPLWDWLRQGHV
GRPPDJHVGLUHFWVRX LQGLUHFWV3DU FRQVpTXHQWOHVOLPLWDWLRQV RX H[FOXVLRQV
FLGHVVXVSHXYHQWQHSDVVDSSOLTXHUjYRWUHFDV&HWWHJDUDQWLHYRXVGRQQHGHV
GURLWV VSpFLILTXHVHW LOVH SHXWTXH YRXVEpQpILFLH] pJDOHPHQW GDXWUHVGURLWV
OHVTXHOVGLIIqUHQWGXQeWDWjODXWUH
/HSURGXLWGpIHFWXHX[DLQVLTXHODIDFWXUHRULJLQDOHGRLYHQWrWUHUHWRXUQpVDX
OLHXGDFKDWRXH[SpGLpVSDUODSRVWHSRUWSD\pHWDVVXUpjODGUHVVHVXLYDQWH
$8%(WHFKQRORJLHVLQF6HUYLFHjODFOLHQWqOH$Y0RQWULFKDUG
6DLQW-HDQVXU5LFKHOLHX4XpEHF-;.
ZZZDXEHWHFKFRPVHUYLFH#DXEHWHFKFRP
3RXUWRXWHVTXHVWLRQVVXUOLQVWDOODWLRQRXODSURJUDPPDWLRQGXSURGXLWYHXLOOH]
FRPPXQLTXHUDYHFODVVLVWDQFHWHFKQLTXHHQFRPSRVDQWSRXU
OD UpJLRQ GH 0RQWUpDO RX $$8%( SRXU OH[WpULHXU GH OD
UpJLRQGXOXQGLDXYHQGUHGLHQWUHHWKHXUHGHO(VW
0,6(62867(16,21
0HWWUHOHWKHUPRVWDWVRXVWHQVLRQ
9e5,),&$7,21'8',6-21&7(85'()8,7(/$7(55(
$MXVWHU OD WHPSpUDWXUH GH FRQVLJQH
DILQ TXH OLQGLFDWHXU GH FKDXIIDJH
VDOOXPHjOpFUDQ$SSX\HUVXU
OHERXWRQ7(67/HWHVWHVWFRQFOXDQWVL
OH WpPRLQ OXPLQHX[ *)&, VXU OH
WKHUPRVWDWVDOOXPHHWTXHOHFRXUDQW
jODFKDUJHHVWFRXSp5pLQLWLDOLVHUOH
GLVMRQFWHXU GH IXLWH j OD WHUUH HQ
DSSX\DQWVXUOHERXWRQ5(6(7
6LOHWHVWpFKRXH
9pULILHUOHVILOVGH OD FKDUJH/HWKHU
PRVWDW GRLW rWUH HQ PRGH GH
FKDXIIDJH SRXU HIIHFWXHU OH WHVW
LQGLFDWHXUGHFKDXIIDJHDOOXPp
/H WHVW GX GLVMRQFWHXU GH IXLWH j OD
WHUUH'')7 *)&, GHYUDLW VHIIHFWXHU
PHQVXHOOHPHQW 6L OH WHVW pFKRXH
FRXSHU ODOLPHQWDWLRQ pOHFWULTXH GX
V\VWqPH GH FKDXIIDJH HW FRQWDFWHU
OH VHUYLFH j OD FOLHQWqOH RX UHWRXUQHU
OH WKHUPRVWDW FKH] YRWUH IRXUQLVVHXU
SRXU YpULILFDWLRQ 6L OH WpPRLQ
OXPLQHX[ VDOOXPH ORUV GH ORSpUDWLRQ
QRUPDOH FRXSHU ODOLPHQWDWLRQ pOHF
WULTXH GX FLUFXLW HW IDLWHV YpULILHU
OLQVWDOODWLRQSDUXQpOHFWULFLHQ
23e5$7,21
6XU OH WKHUPRVWDW RQ UHWURXYH TXDWUH ERXWRQV SRXU OH FRQWU{OH GH OD
WHPSpUDWXUH GX SODQFKHU /HV ERXWRQVHWDMXVWHQW OD WHPSpUDWXUH GH
FRQVLJQH /HV ERXWRQVHWVHUYHQW j PpPRULVHU HW UDSSHOHU OHV
WHPSpUDWXUHVGHFRQVLJQH
9DOHXUVSDUGpIDXW
3RXUHIIDFHUO·HQUHJLVWUHPHQWGHVFRQVLJQHVHWHWOHVUHPSODFHUSDUOHV
YDOHXUVSDUGpIDXW&)HW&)FKDQJHUODSRVLWLRQGHO·LQ
WHUUXSWHXU&)HWSODFH]OHjODSRVLWLRQSUpFpGHQWH
$MXVWHPHQWGHODWHPSpUDWXUHGHFRQVLJQH
8QHSUHPLqUHSUHVVLRQVXUOHERXWRQRXDIILFKHODWHPSpUDWXUHGHFRQVLJQH
j O·pFUDQ 3RXU WRXWHV SUHVVLRQV VXEVpTXHQWHV OD WHPSpUDWXUH GH FRQVLJQH
FKDQJHUDGHXQGHJUp
(QUHJLVWUHPHQWGHVWHPSpUDWXUHVGHFRQVLJQH&RQIRUWHWeFRQRPLH
/DPpPRULVDWLRQGHGHX[WHPSpUDWXUHVGHFRQVLJQHYRXVSHUPHWGHSDVVHUG·XQH
WHPSpUDWXUHGLWHGHFRQIRUWjXQHWHPSpUDWXUHpFRQRPLTXHHWYLFHYHUVDSDUOD
VLPSOHSUHVVLRQGXERXWRQRX
(QUHJLVWUHPHQWGHODWHPSpUDWXUHGHFRQVLJQH&RQIRUW
O·DLGH GHV ERXWRQVRXDMXVWHU OD WHPSpUDWXUH GH FRQVLJQH YRXOXH
0DLQWHQH] HQIRQFp OH ERXWRQjVHFRQGHV MXVTX·j FH TXH O·LF{QH
DSSDUDLVVHjO·pFUDQ
%
/RUV GH OD SUHPLqUH PLVH VRXV WHQVLRQ
OpFUDQGRLWDIILFKHUO·KHXUHODWHP
SpUDWXUHGXSODQFKHUHWO·LF{QHGXPRGH
0DQXHO,OVHSHXWTXHOHWKHUPR
VWDW DIILFKH GDXWUHV LQIRUPDWLRQV VL OLQ
VWDOODWLRQ QHVW SDV FRQIRUPH RX HVW
GpIHFWXHXVH/HWpPRLQOXPLQHX[*)&,
GRLWrWUHpWHLQW
/H PHVVDJH /2 RX +, DSSDUDvWUD j
O·pFUDQVL ODVRQGH GHWHPSpUDWXUHQ·HVW
SDV LQVWDOOpH HVW GpIHFWXHXVH RX VL OD
WHPSpUDWXUH GX SODQFKHU HVW VRXV &
) RX VXSpULHXUH j & )
$XVVL O·LQGLFDWHXU GH FKDXIIDJH VHUD
DIILFKpHWOHVUHODLVIHUPpVODFKDUJHHVW
DOLPHQWpH
(QUHJLVWUHPHQWGHODWHPSpUDWXUHGHFRQVLJQHeFRQRPLH
O·DLGH GHV ERXWRQVRXDMXVWHU OD WHPSpUDWXUH GH FRQVLJQH GpVLUpH
0DLQWHQH] HQIRQFp OH ERXWRQ j VHFRQGHV MXVTX·j FH TXH O·LF{QH
DSSDUDLVVHjO·pFUDQ
(QUHJLVWUHPHQWGHODWHPSpUDWXUHGHFRQVLJQH9DFDQFHV
3RXUHQUHJLVWUHUODWHPSpUDWXUHGH9DFDQFHVVpOHFWLRQQH]OHGHJUp
GpVLUp DYHF OHV WRXFKHVHWDSSX\H] VLPXOWDQpPHQW VXU OHV WRXFKHV
HWMXVTXjODSSDULWLRQGHOLF{QHjOpFUDQHQYLURQVHFRQGHV
127( /RUVTXH OD WHPSpUDWXUH GH FRQVLJQH XWLOLVpH HVWRXRXYRXV
SRXYH]TXDQGPrPHXWLOLVHUOHVERXWRQVRXSRXU FKDQJHUODFRQVLJQH
VDQVWRXWHIRLVFKDQJHUO·HQUHJLVWUHPHQWGHODFRQVLJQH
5DSSHOGHVWHPSpUDWXUHVGHFRQVLJQHPpPRULVpHV
8QHIRLVPpPRULVpHVOHVWHPSpUDWXUHVGHFRQVLJQHSHXYHQWrWUHUDSSHOpHVSDUOD
VLPSOHVpOHFWLRQGHVERXWRQVRXRXHWSRXU
