35e&$87,216(7&216(,/6'25'5(*e1e5$/
3RXUWLUHUOHPHLOOHXUSDUWLGHYRWUHDSSDUHLOOLVH]DWWHQWLYHPHQWODQRWLFHGHPSORLHWFRQVHUYH]ODSRXUWRXWHFRQVXOWDWLRQ
IXWXUH
&HVLQVWUXFWLRQVQHVRQWYDODEOHVTXHSRXUOHVSD\VPHQWLRQQpVDXGRVGHODQRWLFHGXWLOLVDWLRQHWVXUODSSDUHLO
/HVHPEDOODJHVVDFVHQSODVWLTXHpOpPHQWVHQSRO\VW\UqQHHWFGRLYHQWrWUHWHQXVKRUVGHODSRUWpHGHVHQIDQWVFDULOV
UHSUpVHQWHQWXQGDQJHUSRWHQWLHO
9pULILH]TXHODWDEOHGHFXLVVRQQDSDVpWpHQGRPPDJpHSHQGDQWOHWUDQVSRUWHWUHWLUH]WRXVOHVILOPVGHSURWHFWLRQGHV
pOpPHQWVGHYRWUHDSSDUHLO
&HWDSSDUHLO&ODVVHHVWFRQ
XH[FOXVLYHPHQWFRPPHDSSDUHLOGHFXLVVRQ7RXWHDXWUHXWLOLVDWLRQSRXU
FKDXIIHUXQHSLqFHSDUH[HPSOHHVWFRQVLGpUpHFRPPHLPSURSUHHWGRQFGDQJHUHXVH
$VVXUH]YRXVTXHOLQVWDOODWLRQHWOHVEUDQFKHPHQWVpOHFWULTXHVRQWpWpUpDOLVpVSDUXQWHFKQLFLHQTXDOLILp
FRQIRUPpPHQWDX[UpJOHPHQWDWLRQVGHVpFXULWpORFDOHVHQYLJXHXU
&HWDSSDUHLOGRLWrWUHXWLOLVpH[FOXVLYHPHQWGDQVXQHSLqFHFRUUHFWHPHQWYHQWLOpHFRQIRUPpPHQWDX[
UpJOHPHQWDWLRQVHQYLJXHXU9HXLOOH]OLUHDWWHQWLYHPHQWOHVLQVWUXFWLRQVDYDQWGLQVWDOOHUHWGXWLOLVHUYRWUH
DSSDUHLO
/HVGRQQpHVUHODWLYHVDXUpJODJHGXJD]HWjODSUHVVLRQGDOLPHQWDWLRQILJXUHQWVXUODSODTXHVLJQDOpWLTXH
SUpVHQWHVRXVODWDEOHGHFXLVVRQ6LOHW\SHGHJD]XWLOLVpHVWGLIIpUHQWGHFHOXLLQGLTXpVXUODSODTXH
VLJQDOpWLTXHYHXLOOH]YRXVUpIpUH]DXSDUDJUDSKH´$GDSWDWLRQjGLIIpUHQWVW\SHVGHJD]µ
5e)e5(1&($8;5e*/(0(17$7,216/2&$/(6
/LQVWDOODWLRQHWOHQWUHWLHQGHODSSDUHLOGRLYHQWrWUHHIIHFWXpHVSDUXQWHFKQLFLHQTXDOLILpFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
HQYLJXHXUHWHQSDUWLFXOLHU
'pFUHWGXDRW
5qJOHPHQWVWHFKQLTXHVHWHQPDWLqUHGHVpFXULWpDSSOLFDEOHVDX[LQVWDOODWLRQVIRQFWLRQQDQWDXJD]FRPEXVWLEOHHWDX[
K\GURFDUEXUHVOLTXpILpVVLWXpHVGDQVGHVKDELWDWLRQVHWGHVGpSHQGDQFHV
1RUPH'783
,QVWDOODWLRQVDXJD]DQWpULHXUHPHQW'78Q,QVWDOODWLRQVDXJD]$YULOVXSSOpPHQWQ
GH-XLOOHW
5pJOHPHQWDWLRQVHQPDWLqUHGH6DQWpDSSOLFDEOHVGDQVOHGpSDUWHPHQW
&RQFHUQDQWOHVDSSDUHLOVEUDQFKpVVXUOHVHFWHXU
1RUPH1)&
,QVWDOODWLRQVpOHFWULTXHVEDVVHWHQVLRQ1RUPHV
&216(,/63285/$3527(&7,21'(/(19,5211(0(17
(PEDOODJH
/HPEDOODJHVHFRPSRVHGHPDWpULDX[HQWLqUHPHQWUHF\FODEOHVHWSRUWHOHV\PEROHGHUHF\FODJH FHTXLVLJQLILHTXH
FHVPDWpULDX[GRLYHQWrWUHHQYR\pVYHUVGHVFHQWUHVORFDX[GpOLPLQDWLRQGHVGpFKHWV
3URGXLW
&HWDSSDUHLOSRUWHOHV\PEROHGXUHF\FODJHFRQIRUPpPHQWjOD'LUHFWLYH(XURSpHQQH&(FRQFHUQDQWOHV
'pFKHWVG·eTXLSHPHQWVeOHFWULTXHVHWeOHFWURQLTXHV'(((RX:(((
(QSURFpGDQWFRUUHFWHPHQWjODPLVHDXUHEXWGHFHWDSSDUHLOYRXVFRQWULEXHUH]jHPSrFKHUWRXWHFRQVpTXHQFHQXLVLEOH
SRXUO·HQYLURQQHPHQWHWODVDQWpGHO·KRPPH
/HV\PEROH SUpVHQWVXUO·DSSDUHLORXVXUODGRFXPHQWDWLRQTXLO·DFFRPSDJQHLQGLTXHTXHFHSURGXLWQHSHXWHQ
DXFXQFDVrWUHWUDLWpFRPPHGpFKHWPpQDJHU,OGRLWSDUFRQVpTXHQWrWUHUHPLVjXQFHQWUHGHFROOHFWHGHVGpFKHWV
FKDUJpGXUHF\FODJHGHVpTXLSHPHQWVpOHFWULTXHVHWpOHFWURQLTXHV
3RXUODPLVHDXUHEXWUHVSHFWH]OHVQRUPHVUHODWLYHVjO·pOLPLQDWLRQGHVGpFKHWVHQYLJXHXUGDQVOHSD\VG·LQVWDOODWLRQ
3RXUREWHQLUGHSOXVDPSOHVGpWDLOVDXVXMHWGXWUDLWHPHQWGHODUpFXSpUDWLRQHWGXUHF\FODJHGHFHWDSSDUHLOYHXLOOH]
YRXVDGUHVVHUDXEXUHDXFRPSpWHQWGHYRWUHFRPPXQHjODVRFLpWpGHFROOHFWHGHVGpFKHWVRXGLUHFWHPHQWjYRWUH
UHYHQGHXU
)5
'pFODUDWLRQGHFRQIRUPLWp
&HWWHWDEOHGHFXLVVRQDpWpFRQoXHIDEULTXpHHWFRPPHUFLDOLVpHHQFRQIRUPLWpDX[
QRUPHVGHVpFXULWpGHODGLUHFWLYH&((´*D]µ
REMHFWLIVGHVpFXULWpGHODGLUHFWLYH&((´%DVVHWHQVLRQµ
H[LJHQFHVGHSURWHFWLRQGHODGLUHFWLYH&((´&(0µ
H[LJHQFHVGHOD'LUHFWLYH&((
&HWWHWDEOHGHFXLVVRQHVWFRQoXHSRXUrWUHPLVHHQFRQWDFWDYHFGHVGHQUpHVDOLPHQWDLUHVHWDpWpIDEULTXpH
FRQIRUPpPHQWjOD'LUHFWLYH&((
5(0$548(6
8QHXWLOLVDWLRQLQDSSURSULpHGHVJULOOHVSHXWHQGRPPDJHUODWDEOHGHFXLVVRQ1HSRVLWLRQQH]SDVOHVJULOOHVVHQVGHVVXV
GHVVRXVRXQHOHVIDLWHVSDVJOLVVHUVXUODWDEOHGHFXLVVRQ
6LYRWUHWDEOHGHFXLVVRQHVWpTXLSpHGXQUHYrWHPHQWYLWURFpUDPLTXHQXWLOLVH]HQDXFXQFDV
GHSODTXHVHQIRQWHRXGHVXVWHQVLOHVGHFXLVVRQHQWHUUHFXLWH
GHGLIIXVHXUVGHFKDOHXUJULOODJHPpWDOOLTXHSDUH[
GHX[EUOHXUVSRXUXQPrPHXVWHQVLOHGHFXLVVRQ
(QFDVGXWLOLVDWLRQSURORQJpHLOSHXWVDYpUHUQpFHVVDLUHGHYHQWLOHUGDYDQWDJHODSLqFHVRLWHQRXYUDQWXQHIHQrWUHVRLW
HQDXJPHQWDQWODSXLVVDQFHGDVSLUDWLRQGHODKRWWH
0DLQWHQH]OHVHQIDQWVjGLVWDQFHGHODSSDUHLOORUVTXHFHOXLFLHVWHQVHUYLFHHWHPSrFKH]OHVGHMRXHUDYHFOHVpOpPHQWV
GHODSSDUHLO
$YHUWLVVHPHQW
OHVSLHGVGHSURWHFWLRQHQFDRXWFKRXFDSSOLTXpVVXUOHVJULOOHVVRQWXQHVRXUFHGHGDQJHUSRWHQWLHO
SRXUOHVMHXQHVHQIDQWV$SUqVDYRLUQHWWR\pOHVJULOOHVYHXLOOH]YRXVDVVXUHUTXHOHVSLHGVHQFDRXWFKRXFRQWpWp
FRUUHFWHPHQWUHPLVHQSODFH
$WWHQWLRQ
OHFRXYHUFOHHQYHUUHVLGLVSRQLEOHSHXWVHEULVHUVRXVOHIIHWGXQHVXUFKDXIIH$YDQWGHIHUPHUODSSDUHLO
DVVXUH]YRXVTXHWRXVOHVEUOHXUVVRQWELHQpWHLQWV
$SUqVXWLOLVDWLRQDVVXUH]YRXVTXHOHVERXWRQVVRQWELHQHQSRVLWLRQG$55È7HWIHUPH]OHURELQHWSULQFLSDOGDUULYpHGXJD]
RXOHURELQHWGHODERXWHLOOHGHJD]
,167$//$7,21
,1)250$7,2167(&+1,48(63285/87,/,6$7(85
/DWDEOHGHFXLVVRQSHXWrWUHHQFDVWUpHGDQVXQSODQGHWUDYDLOGHjPPGpSDLVVHXU
6LYRXVQLQVWDOOH]SDVGHIRXUHQGHVVRXVGHODWDEOHGHFXLVVRQSODFH]XQSDQQHDXGHVpSDUDWLRQGRQWOD
VXUIDFHHVWpJDOHRXVXSpULHXUHjFHOOHGHORXYHUWXUHSUDWLTXpHGDQVOHSODQGHWUDYDLO&HSDQQHDXGRLWrWUH
LQVWDOOpjXQHGLVWDQFHPD[LPXPGHPPHQGHVVRXVGHODVXUIDFHVXSpULHXUHGXSODQGHWUDYDLOHWHQ
DXFXQFDVjPRLQVGH PPGHODSDUWLHLQIpULHXUHGHODWDEOHGHFXLVVRQ6LYRXVDYH]OLQWHQWLRQGLQVWDOOHU
XQIRXUHQGHVVRXVGHODWDEOHGHFXLVVRQDVVXUH]YRXVTXLOHVWIDEULTXpSDUQRVVRLQVHWTXLOHVWGRWpGXQ
V\VWqPHGHUHIURLGLVVHPHQW/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpVLOHIRXULQVWDOOpHQGHVVRXVGHODWDEOH
GHFXLVVRQHVWGXQHDXWUHPDUTXH
$YDQWGHSURFpGHUjOLQVWDOODWLRQDVVXUH]YRXVTXH
OHVFRQGLWLRQVGHGLVWULEXWLRQORFDOHQDWXUHHWSUHVVLRQGXJD]VRQWFRPSDWLEOHVDYHFOHVUpJODJHVGHOD
WDEOHGHFXLVVRQLQGLTXpVVXUODILFKHSURGXLWHWGDQVOHWDEOHDXGHVLQMHFWHXUV
OHVVXUIDFHVH[WpULHXUHVGHVPHXEOHVRXGHVDSSDUHLOVDGMDFHQWVjODWDEOHGHFXLVVRQUpVLVWHQWjODFKDOHXUFRQIRUPpPHQW
DX[UpJOHPHQWDWLRQVORFDOHVHQYLJXHXU
OHVSURGXLWVGHODFRPEXVWLRQVRQWpYDFXpVYHUVOH[WpULHXUjWUDYHUVXQHKRWWHRXGHVYHQWLODWHXUVpOHFWULTXHVLQVWDOOpV
VXUXQPXUHWRXVXUXQHIHQrWUH
ODFLUFXODWLRQQDWXUHOOHHWFRQWLQXHGHODLUHVWJDUDQWLHSDUXQHRXYHUWXUHGDXPRLQVFP
SUDWLTXpHGDQVXQPXU
&HWWHRXYHUWXUHPXUDOHGRLWrWUH
D SHUPDQHQWHHWSUDWLTXpHGDQVXQPXUGRQQDQWVXUOH[WpULHXUGHODSLqFHjYHQWLOHU
E FRQoXHGHPDQLqUHjFHTXHOOHQHSXLVVHrWUHREVWUXpHPrPHSDVGHPDQLqUHDFFLGHQWHOOHWDQWGHOLQWpULHXUTXHGH
OH[WpULHXU
F SURWpJpHSDUXQHJULOOHRXXQJULOODJHPpWDOOLTXHHWFGHIDoRQjQHSDVUpGXLUHODVXUIDFHHIIHFWLYHGHYHQWLODWLRQ
PHQWLRQQpHFLGHVVXV
G VLWXpHSUqVGXQLYHDXGXVROHWSRVLWLRQQpHGHPDQLqUHjQHSDVLQWHUIpUHUDYHFOHVGLVSRVLWLIVGpYDFXDWLRQGHVIXPpHV