ODLWWHHQPROHPPLQSXROLQPPV\Y\\GHOOHNDDSLQ
VLVlUHXQDDQPPODLWWHHQ\OlSXROHOOH
7\|QQlODLWHNRNRQDDQNDDSLVWRRQ
9DUR WlOO|LQ WDLWWDPDVWD OLLWRVMRKWRD MlWWlPlVWl MRKWRD SXULVWXNVLLQ
WDLYHWlPlVWlVLWlWHUlYLHQUHXQRMHQ\OL
$VHWDODLWHNHVNHOOHDXNNRDMDYDDWUDDVH
/DLWWHHQMDYLHUHLVWHQNDDSLVWRMHQHWXUHXQRMHQYlOLLQRQMllWlYl
YlKLQWllQPPQLOPDUDNR
7DUNLVWDYHVLYDDNDDNl\WWlHQHWWlODLWHRQDVHQQHWWXWDUNDVWL
YDDNDWDVRRQ
.LLQQLWlODLWHRKHLVHOODUXXYLOOD3RLVWDOXXNXVVDROHYDW
NXOMHWXVVXRMDW
/XXNXQKLHQRVllW|
/DLWWHHQOXXNNXDYRLGDDQWDUYLWWDHVVDKLHQRVllWllYlKlQ
9HGlVLWlYDUWHQODLWHWWDYlKlQXORVDVHQQXVV\YHQQ\NVHVWl
/DLWWHHQ\OlRVDVVDRQVDUDQRLGHQSXROHOODVRLNHDDXNNR3RLVWD
VXRMXV/|\VW\WlPROHPSLDUXXYHMDNXXVLRNROR PPKLXNDQ
PXWWD lOl NLHUUl QLLWl LUWL +LHQRVllGl OXXNNX VLYXOOD ROHYDOOD UXXYLOOD
7RU[WlWlYDUWHQSLWllOXXNNXHKNlDYDWDMDWDDVVXONHD
7DUNDVWDVllW|MDNLHUUlPROHPPDWUXXYLWNXXVLRNROR PPWDDV
NLLQQL/DLWDVXRMXVSDLNDOOHHQ
+XRPDXWXNVLD
■/DLWWHHQOXXNNXRQWRLPLWHWWDHVVDKLHQRVllGHWW\SDLNDOOHHQ
/XXNXQKLHQRVllW|HLROHWDYDOOLVHVWLWDUSHHQ
■/DLWWHHQOXXNXQDVHQWRDYRLGDDQKLHQRVllWllVDUDQDVWDMRWWD
VDXPDUDNRRQWlVPlOOLQHQ
■/XXNNXDHLYRLVllWllNRUNHXVVXXQQDVVD
<KGLVWlPLQHQXXQLQNDQVVD
$VHQQDHQVLQ\KGLVWHOPlK|\U\XXQLVHQMlONHHQXXQL
<KGLVWlPLQHQOlPS|ODDWLNRQNDQVVD
$VHQQDHQVLQOlPS|ODDWLNNR:61RXGDWDOlPS|ODDWLNRQ
DVHQQXVRKMHWWD
7\|QQlXXQLOlPS|ODDWLNRQ\OlSXROHOOHNDDSSLLQ9DUR
YDXULRLWWDPDVWDOlPS|ODDWLNRQHWXSDQHHOLD
.DDSLVWRVWDSXUNDPLQHQ
.DWNDLVHODLWWHHVWDYLUWD
,UURWDNLLQQLW\VUXXYLW
1RVWDODLWHWWDKLHPDQMDYHGlXORV
fr
Þ1RWLFHGHPRQWDJH
5HPDUTXHVLPSRUWDQWHV
: 5LVTXHGHEOHVVXUH
/DSSDUHLOHVWORXUG SHUVRQQHVVRQWQpFHVVDLUHVSRXUGpSODFHU
ODSSDUHLO8WLOLVHUH[FOXVLYHPHQWGHVPR\HQVDSSURSULpV
■/LUHDWWHQWLYHPHQWFHWWHQRWLFHHWODFRQVHUYHUVRLJQHXVHPHQW
6HXOHXQHLQVWDOODWLRQHIIHFWXpHVHORQFHWWHQRWLFHGHPRQWDJH
JDUDQWLWXQHXWLOLVDWLRQHQWRXWHVpFXULWp/LQVWDOODWHXUHVW
UHVSRQVDEOHHQFDVGHGRPPDJHVUpVXOWDQWGXQHLQVWDOODWLRQ
LQFRUUHFWH
■$YDQWWRXWHLQWHUYHQWLRQVXUODSSDUHLOFRXSHUODOLPHQWDWLRQ
pOHFWULTXH
■3RUWHUGHVJDQWVGHSURWHFWLRQSRXUpYLWHUWRXWHFRXSXUH
&HUWDLQHV SLqFHV DFFHVVLEOHV ORUV GX PRQWDJH SHXYHQW SRVVpGHU
GHVDUrWHVFRXSDQWHV
■&RQWU{OHUOpWDWGHODSSDUHLODSUqVODYRLUGpEDOOp1HSDVOH
UDFFRUGHUVLOSUpVHQWHGHVDYDULHVGHWUDQVSRUW
■1H SDV VRXOHYHU ODSSDUHLO SDU OD SRUWH QL SDU OD SRLJQpH GH SRUWH
■3RXU OLQVWDOODWLRQ REVHUYHU OHV QRUPHV GH FRQVWUXFWLRQ DFWXHOOHV
HQ YLJXHXU DLQVL TXH OHV SUHVFULSWLRQV GX GLVWULEXWHXU GpOHFWULFLWp
ORFDO
■$SSDUHLO j PRQWHU GDQV XQ PHXEOH GH FXLVLQH FRQIRUPpPHQW DX
VFKpPDGLQVWDOODWLRQREVHUYHUOHVFRWHVPLQLPDOHV
■0RQWDJH GHUULqUH GHV SRUWHV GH PHXEOH OD IHUPHWXUH GH FH W\SH
GH SRUWHV SHQGDQW OH IRQFWLRQQHPHQW GRLW rWUH H[FOXH HQ SUHQDQW
GHVPHVXUHVDSSURSULpHV,OH[LVWHXQULVTXHGHVXUFKDXIIH
ORUVTXH OD SRUWH QH UHVWH SDV RXYHUWH SHQGDQW OH IRQFWLRQQHPHQW
RXORUVGXUHIURLGLVVHPHQWPRGHYHQWLODWHXU
■$YDQWODPLVHHQVHUYLFHUHWLUHUOHPDWpULDXGHPEDOODJHHWOHV
ILOPV DGKpVLIV GX FRPSDUWLPHQW GH FXLVVRQ HW FHX[ SUpVHQWV VXU
ODSRUWH
■0HVXUHVGHVILJXUHVHQPP
,QVWUXFWLRQVGHSODQLILFDWLRQ
3RUWHQRQUpYHUVLEOH
'LVWDQFHHQWUHOHFRUSVGHPHXEOHHWODVXUIDFHGKDELOODJH
PP
3UHQH]HQFRPSWHOHGpERUGSRXUORXYHUWXUHGHVWLURLUVVLWXpVj
F{WpGHODSSDUHLO
/RUVGHODSODQLILFDWLRQGXQSODFHPHQWHQDQJOHWHQH]FRPSWH
GXQDQJOHGRXYHUWXUHGHSRUWHGDXPRLQV
$XFXQ DXWUH DSSDUHLO pOHFWULTXH QH GRLW rWUH LQVWDOOp GDQV ODUPRLUH
DXGHVVXVGHFHWDSSDUHLO
1LQVWDOOH]SDVODYHUVLRQGHODSSDUHLODYHFOHSDQQHDXGH
FRPPDQGHHQEDVVXUXQODYHYDLVVHOOH/DYDSHXUVpFKDSSDQW
GXODYHYDLVVHOOHULVTXHGHQGRPPDJHUOHVFRPSRVDQWV
pOHFWURQLTXHVGHODSSDUHLO
3UpSDUDWLRQGHVPHXEOHV
/HVPHXEOHVRVRQWHQFDVWUpVOHVDSSDUHLOVGRLYHQWUpVLVWHU
MXVTXjXQHWHPSpUDWXUHGH &HWOHVIDoDGHVGHVPHXEOHV
YRLVLQVMXVTXj &
/DSULVHGHFRXUDQWGRLWVHWURXYHUjOH[WpULHXUGHODQLFKH
GHQFDVWUHPHQW
)DLUHOHVGpFRXSHVVXUOHPHXEOHDYDQWGHPHWWUHODSSDUHLOHQ
SODFHeOLPLQHUOHVFRSHDX[TXLSRXUUDLHQWDIIHFWHUOH
IRQFWLRQQHPHQWGHFRPSRVDQWVpOHFWULTXHV
6LOHVPHXEOHVQHVRQWSDVIL[pVLOIDXWOHVIL[HUDXPXUDXPR\HQ
GXQHpTXHUUHGXFRPPHUFH
3ODFHUODSSDUHLOjXQHKDXWHXUWHOOHTXLOVRLWHQFRUHSRVVLEOHGH
VRUWLUIDFLOHPHQWOHVDFFHVVRLUHV
5DFFRUGHPHQWpOHFWULTXH
/DSSDUHLOHVWFRQIRUPHjODFODVVHGHSURWHFWLRQ,HWGRLW
XQLTXHPHQWrWUHXWLOLVpDYHFXQHSULVHjFRQGXFWHXUGHSURWHFWLRQ
/DSURWHFWLRQSDUIXVLEOHGRLWVHIIHFWXHUFRQIRUPpPHQWj
OLQGLFDWLRQGHSXLVVDQFHVXUODSODTXHVLJQDOpWLTXHHWDX[
SUHVFULSWLRQVORFDOHV
3RXU WRXV OHV WUDYDX[ GH PRQWDJH ODSSDUHLO GRLW rWUH KRUV WHQVLRQ
/DSSDUHLOGRLWXQLTXHPHQWrWUHUDFFRUGpDXPR\HQGXFRUGRQ
GDOLPHQWDWLRQVHFWHXUIRXUQL&RQQHFWH]OHFRUGRQGDOLPHQWDWLRQ
VHFWHXUDXGRVGHODSSDUHLOFOLFVRQRUH
/HFRUGRQGDOLPHQWDWLRQVHFWHXUGRLWXQLTXHPHQWrWUHUHPSODFp
SDUXQFkEOHGRULJLQHTXLSHXWrWUHFRPPDQGpDXSUqVGXVHUYLFH
DSUqVYHQWH
/HQFDVWUHPHQWGRLWJDUDQWLUODSURWHFWLRQFRQWUHOHVFRQWDFWV
DFFLGHQWHOV
&RUGRQGDOLPHQWDWLRQVHFWHXUDYHFILFKHDYHFWHUUH
/DSSDUHLOGRLWrWUHUDFFRUGpLPSpUDWLYHPHQWjXQHSULVHGH
FRXUDQWGHVpFXULWpLQVWDOOpHGHPDQLqUHUpJOHPHQWDLUH
6LODSULVHQHVWSOXVDFFHVVLEOHDSUqVOLQVWDOODWLRQXQV\VWqPH
FRXSHFLUFXLWGDQVOHVSKDVHVHVWjSUpYRLUGDQVOLQVWDOODWLRQj
FkEODJHIL[HFRQIRUPpPHQWDX[GLVSRVLWLRQVGLQVWDOODWLRQ
&RUGRQGDOLPHQWDWLRQVHFWHXUVDQVILFKHDYHFWHUUH
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
'DQVOLQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQV
OHVSKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
GLQVWDOODWLRQ,GHQWLILH]OHFRQGXFWHXUGHSKDVHHWOHFRQGXFWHXU
QHXWUHGDQVODSULVHGHUDFFRUGHPHQW/DSSDUHLOULVTXHGrWUH
HQGRPPDJpHQFDVGHUDFFRUGHPHQWLQFRUUHFW
3RXU OD WHQVLRQ UHSRUWH]YRXV j OD SODTXH VLJQDOpWLTXH 5DFFRUGH]
OHV ILOV GX FRUGRQ GDOLPHQWDWLRQ VHFWHXU FRQIRUPpPHQW DX FRGH GH
FRXOHXUV YHUWMDXQH FRQGXFWHXU GH SURWHFWLRQ < EOHX QHXWUH
PDUURQ SKDVHFRQGXFWHXUH[WpULHXU
&RQQH[LRQDXUpVHDXGRPHVWLTXH/$1
&HW DSSDUHLO SHXW rWUH PLV HQ UpVHDX HW SHXW rWUH UDFFRUGp DYHF XQ
FkEOH/$1DXUpVHDXGRPHVWLTXHFkEOH/$1QRQIRXUQL
%UDQFKH]OHFkEOH/$1DYDQWOHPRQWDJHGDQVODSULVHVLWXpHj
ODUULqUH GH ODSSDUHLO HW IL[H] OH FkEOH DYHF XQ VHUUHFkEOH 5HOLH] OH
FkEOH/$1jXQHSULVHUpVHDX
3RVHGHODSSDUHLO
■(QFDVGHSRVHGHGHX[DSSDUHLOVF{WHjF{WH /HVGHX[
SRLJQpHVGHSRUWHGRLYHQWrWUHWRXUQpHVYHUVOHPLOLHX
■6LOQ\DSDVGHIRQGLQWHUPpGLDLUHDXGHVVXVGHODSSDUHLO
EORTXHU FH GHUQLHU SRXU OHPSrFKHU GH EDVFXOHU GDQV OH PHXEOH
IL[HUGHX[pTXHUUHVGXFRPPHUFHGHVGHX[F{WpVGXPHXEOH
SURIRQGHXU PP PPDXGHVVXVGHODKDXWHXUGH
ODSSDUHLO
,QVpUHUFRPSOqWHPHQWODSSDUHLOGDQVOHPHXEOH
1HSDVFRXGHUOHFRUGRQpOHFWULTXHQLOHFRLQFHURXOHIDLUH
SDVVHUVXUGHVDUrWHVYLYHV