
0RGLQH0DQXIDFWXULQJ&RPSDQ\
'H.RYHQ$YHQXH
5DFLQH:,
7pOpSKRQH+($7
ZZZPRGLQHKYDFFRP
0RGLQH0DQXIDFWXULQJ&RPSDQ\
&RPPHOD0RGLQH0DQXIDFWXULQJ&RPSDQ\DXQSURJUDPPHGDPpOLRUDWLRQSHUPDQHQWHGHVHVSURGXLWVHOOHVHUpVHUYHOHGURLWGH
PRGLILHUODFRQFHSWLRQHWOHVFDUDFWpULVWLTXHVWHFKQLTXHVVDQVSUpDYLV
*$5$17,(&200(5&,$/(
/H9HQGHXUJDUDQWLWTXHVHVSURGXLWVVHURQWGpSRXUYXVGHYLFHGHPDWpULHOHWGH
IDEULFDWLRQ¬/(;&/86,217287()2,6GHSDQQHVLPSXWDEOHVjOHPSORLGHPDWpULHOV
VRXPLVjGHVFRQGLWLRQVGXUJHQFHSRXUOHVPDWpULHOVQRUPDOHPHQWHPSOR\pV&HWWH
JDUDQWLHFRXYUHOHUHPSODFHPHQWGHWRXWHSLqFHIRXUQLHSDUOXVLQHGX9HQGHXUPDLVQH
FRXYUHSDVODPDLQG°XYUHHWOHVPDWpULHOVQRQIRXUQLVSDUOH9HQGHXUGHPrPHTXH
WRXVOHVIUDLVSRXUOHVGLWVPDLQVG°XYUHHWPDWpULHOVTXHFHWWHPDLQG°XYUH
FHVPDWpULHOVRXFHVIUDLVVRLHQWGXVDXUHPSODFHPHQWGHSLqFHVUpJODJHVUpSDUDWLRQV
RXWRXWDXWUHWUDYDLOHIIHFWXp&HWWHJDUDQWLHQHVDSSOLTXHjDXFXQpTXLSHPHQWTXLDpWp
UpSDUpRXDOWpUpHQGHKRUVGHOXVLQHGX9HQGHXUGHWHOOHPDQLqUHjFRPSURPHWWUHVD
VWDELOLWpVHORQOH9HQGHXURXDpWpVRXPLVjXQHXWLOLVDWLRQDEXVLYHXQHQpJOLJHQFHRX
GHVFRQGLWLRQVGXWLOLVDWLRQQRQFRQIRUPHVjFHOOHVSRXUOHVTXHOOHVFHWpTXLSHPHQWDpWp
FRQoX&HWWHJDUDQWLHQHFRXYUHSDVOHVHIIHWVGXVDX[SURSULpWpVSK\VLTXHVRXFKLPLTXHV
GHODYDSHXUGHOHDXRXGDXWUHVOLTXLGHVRXJD]XWLOLVpVGDQVOpTXLSHPHQW
/$&+(7(855(&211$Ì748(/$*$5$17,('89(1'(85¬/e*$5''(6
'e)$876'()$%5,&$7,2128'(0$7,Ê5(6$9(&/(6/,0,7$7,216e121&e(6
,&,7,(17/,(8(7(;&/877287($875()250('(*$5$17,(7$17(;35(66(
48,03/,&,7(48(//('e&28/('(/$/2,'(5$332576'$))$,5(6
'(635$7,48(6&200(5&,$/(6868(//(628$875(6(748,/1(
%e1e),&,(3$6'$875(6*$5$17,(6127$00(17'(48$/,7e0$5&+$1'(
28'$37,78'(¬8186$*(3$57,&8/,(5$8'(/¬'(/$'(6&5,37,21'8
352'8,7&21),50e(3$5/$&+(7(85(7/(9(1'(85¬/$'$7('(
/$&&25'),1$/
3RXUOHVDSSDUHLOVIRQFWLRQQDQWDXJD]RXDXPD]RXWFHWWHJDUDQWLHHVWDQQXOpHVLOH
SRXYRLUFDORULILTXHGXFRPEXVWLEOHXWLOLVpGpSDVVHGHSOXVGHODYDOHXUQRPLQDOH
LQVFULWHVXUODSODTXHVLJQDOpWLTXHGXSURGXLWRXVLOHSURGXLWDGHODYLVGX9HQGHXUpWp
LQVWDOOpGDQVXQHDWPRVSKqUHFRUURVLYHH[SRVpjODFWLRQGHOLTXLGHVRXGHJD]FRUURVLIV
RXDpWpVRXPLVjXQHXWLOLVDWLRQDQRUPDOHRXQpJOLJHQWHjXQDFFLGHQWjXQFKRF
WKHUPLTXHH[FHVVLIjXQHKXPLGLWpH[FHVVLYHjGHVGRPPDJHVSK\VLTXHVjGHVFKRFV
PpFDQLTXHVjODEUDVLRQjGHVPRGLILFDWLRQVQRQDXWRULVpHVRXjXQIRQFWLRQQHPHQWQRQ
FRQIRUPHDX[LQVWUXFWLRQVLPSULPpHVGX9HQGHXURXHQFRUHGRQWOHQXPpURGHVpULH
DpWpDOWpUpUHQGXLOOLVLEOHRXHQOHYp
/$&+(7(85&219,(1748(1$8&81&$6/(9(1'(851(6(5$
5(63216$%/('(6&2Ó76'(75$,7(0(17'(63(57(6'(5(9(186
'(63(57(6'$&+$/$1'$*(28$875(6'200$*(6,1&,'(17628
&216e&87,)6'e&28/$17'(/$&200$1'(28'(/87,/,6$7,21'(6(6
352'8,7648,/662,(17/(5e68/7$7'81215(63(&7'(6&/$86(6'(
*$5$17,('81(121&21)250,7e$8;63e&,),&$7,216'(&200$1'(
'(5(7$5'6'(/,95$,62128'(7287($875(3(57(68%,(
3$5/$&+(7(85
/(5(&2856'(/$&+(7(85(1&$6'('e)$,//$1&(6286*$5$17,(
¬/(;&/86,21'(7286/(65(0Ê'(635e9863$5/$/2,(67/,0,7e
¬/$5e3$5$7,2128$85(03/$&(0(17$8*5e'(/86,1('89(1'(85
'(7287&20326$1748,'85$17/$3e5,2'('(9$/,',7e'(*$5$17,(
$33/,&$%/('e),1,(,&,(7$35Ê6$8725,6$7,21e&5,7('(95$Ç75(
5(72851e$89(1'(85(1325735e3$<e(7'217/(;$0(13$5
/(9(1'(85$85$35289e/$'e)$,//$1&(6$8)6,/(352'8,7(67
'(67,1e‚75(,1&25325e3$5/$&+(7(85'$1681&20326$17
'(/e48,3(0(17)$%5,48e3$5/8,$848(/&$6/$'85e('(/2%/,*$7,21
'89(1'(85$9(&/(6/,0,7$7,216e121&e(6&,'(66866(5$/,0,7e(
¬81$1¬&2037(5'(/$'$7('(;3e',7,213$5/(9(1'(853285/(6
$33$5(,/6'(&+$8))$*($8*$=,167$//e6'$1681(19,5211(0(17
¬+$877$8;'+80,',7e(787,/,6$17'(6e&+$1*(856'(&+$/(85(1
$&,(5,12;<'$%/(/$'85e('(/2%/,*$7,21'89(1'(85$9(&/(6
/,0,7$7,216e121&e(6&,'(66866(5$/,0,7e(¬',;$16¬&2037(5
'(/$'$7('(;3e',7,213$5/(9(1'(85
&HVJDUDQWLHVVRQWGRQQpHVXQLTXHPHQWDXSURSULpWDLUHXWLOLVDWHXULQLWLDOHWQHVRQWSDV
FHVVLEOHVRXDVVLJQDEOHV$XFXQHGLVSRVLWLRQQHVWSULVHGDQVFHVJDUDQWLHVSRXUOD
SDUWLFLSDWLRQDX[IUDLVGHPDLQG°XYUHVXUVLWHRXODPLVHjGLVSRVLWLRQGHPDLQG°XYUH
/H9HQGHXUQHUHPERXUVHUDSDVOHVIUDLVHQFRXUXVHQVRQQRPSRXUGHVUpSDUDWLRQV
HIIHFWXpHVVXUOXQGHVHVSURGXLWVTXHOTXLOVRLW$XFXQFUpGLWQHVHUDpPLVSRXUXQH
SLqFHGpIHFWXHXVHUHWRXUQpHVDQVDXWRULVDWLRQpFULWHDGpTXDWH\FRPSULVPDLVVDQV
V\OLPLWHUQXPpURGHPRGqOHQXPpURGHVpULHGDWHGHSDQQHHWFHWVDQVSRUWSUpSD\p
*$5$17,(6833/e0(17$,5((1237,21
6RXVUpVHUYHGHODFKDWGXQHJDUDQWLHVXSSOpPHQWDLUHOHYHQGHXUSURORQJHODJDUDQWLH
IRXUQLHHQFHFLGHTXDWUHDQQpHVVXSSOpPHQWDLUHVSRXUFHUWDLQVFRPSUHVVHXUV6RXV
UpVHUYHGHODFKDWGXQHJDUDQWLHVXSSOpPHQWDLUHOH9HQGHXUSURORQJHODJDUDQWLHHQFHFL
GHTXDWUHDQQpHVRXQHXIDQQpHVVXSSOpPHQWDLUHVSRXUFHUWDLQV
pFKDQJHXUVWKHUPLTXHV
(;&/86,21'(&216200$%/(6(7'(&21',7,216$8'(/¬'8&2175Ð/(
'89(1'(85
&HWWHJDUDQWLHQHVDSSOLTXHSDVDX[DUWLFOHVVXLYDQWVJD]IULJRULJqQHFRXUURLHVILOWUHV
IXVLEOHVHWDXWUHVDUWLFOHVFRQVRPPpVRXQRUPDOHPHQWXVpVRXFRQGLWLRQVDXGHOjGX
FRQWU{OHGX9HQGHXU\FRPSULVVDQVOLPLWDWLRQTXDQWjVDJpQpUDOLWpFRUSVpWUDQJHU
SROOXWLRQRXFRQWDPLQDWLRQGDQVODLURXOHDXXWLOLVpVSRXUOHUHIURLGLVVHPHQWGH
OpFKDQJHXUWKHUPLTXHFRQGHQVHXURXVLODSDQQHGHODSLqFHHVWFDXVpHSDUXQH
DOLPHQWDWLRQHQDLURXHQHDXLQDGpTXDWHRXXQWX\DXGDOLPHQWDWLRQGHWDLOOH
LQDGpTXDWHRXLQFRUUHFWH
&RPSRVDQW
0RGqOHVDSSOLFDEOHV ©3e5,2'('(*$5$17,($33/,&$%/(ª
eFKDQJHXUVGHFKDOHXU
$SSDUHLOVGHFKDXႇDJHDXJD]
eFKDQJHXUVGHFKDOHXU
0RGqOHVLQIUDURXJHVGHIDLEOHLQWHQVLWp
&RPSUHVVHXUV
&RQGHQVHXUVSRXUFDVVHWWHV
%UOHXUV
0RGqOHVLQIUDURXJHVGHIDLEOHLQWHQVLWp
$XWUH
&RPSRVDQWVjOH[FOXVLRQGHVpFKDQJHXUV
WKHUPLTXHVVHUSHQWLQVFRQGHQVHXUVEUOHXUVW{OH
eFKDQJHXUVWKHUPLTXHV6HUSHQWLQV
6\VWqPHVHWFKDXGLqUHVFDQDOLVpVGLQWpULHXU
HWGH[WpULHXUPRGqOHVjYDSHXUHDXFKDXGH
PRGqOHVDXPD]RXWPRGqOHVpOHFWULTXHV
FDVVHWWHVYHQWLODWHXUVYHUWLFDX[DSSDUHLOV
JpRWKHUPLTXHV
&RPSUHVVHXUV
9HQWLODWHXUVYHUWLFDX[DSSDUHLOVJpRWKHUPLTXHV
%UOHXUV
0RGqOHVLQIUDURXJHVGHKDXWHLQWHQVLWp
3LqFHVHQW{OH
7RXVOHVSURGXLWV
',;$16¬3$57,5'(/$'$7('(35(0,(586$*(%e1e),&,$,5(3$5/$&+(7(85287287
$875(87,/,6$7(85',;$16¬3$57,5'(/$'$7('(5(9(17(3$5/$&+(7(85287287
$875(87,/,6$7(85',;$16¬3$57,5'(/$'$7('(5(9(17(3$5/$&+(7(85¬/e7$7
,1&+$1*e28&(179,1*76,;02,6¬3$57,5'(/$'$7('(;3e',7,21'(/86,1('8
9(1'(856(/21/$35(0,Ê5('(&(6e&+e$1&(6
&,14$16¬3$57,5'(/$'$7('(35(0,(586$*(%e1e),&,$,5(3$5/$&+(7(8528
7287$875(87,/,6$7(85&,14$16¬3$57,5'(/$'$7('(5(9(17(3$5/$&+(7(85
287287$875(87,/,6$7(85&,14$16¬3$57,5'(/$'$7('(5(9(17(3$5
/$&+(7(85¬/e7$7,1&+$1*e2862,;$17(6,;02,6¬3$57,5'(/$'$7('(;3e',7,21
'(/86,1('89(1'(856(/21/$35(0,Ê5('(&(6e&+e$1&(6
'(8;$16¬3$57,5'(/$'$7('(35(0,(586$*(%e1e),&,$,5(3$5/$&+(7(8528
7287$875(87,/,6$7(85'(8;$16¬3$57,5'(/$'$7('(5(9(17(3$5/$&+(7(85
¬/e7$7,1&+$1*e2875(17(02,6¬3$57,5'(/$'$7('(;3e',7,21'(/86,1('8
9(1'(856(/21/$35(0,Ê5('(&(6e&+e$1&(6
81$1¬3$57,5'(/$'$7('(35(0,(586$*(%e1e),&,$,5(3$5/$&+(7(85287287
$875(87,/,6$7(8581$1¬3$57,5'(/$'$7('(5(9(17(3$5/$&+(7(85¬/e7$7
,1&+$1*e28',;+8,702,6¬3$57,5'(/$'$7('(;3e',7,21'(/86,1('89(1'(85
6(/21/$35(0,Ê5('(&(6e&+e$1&(6