1±UDELL,
%8//(7,12)),&,(/
$UWLFOH
1HXWUDOLWpGHVHIIHWV
$XFXQHGpFLVLRQGHMXVWLFHLPSOLTXDQWXQHDSSUpFLDWLRQVXU
OH FRPSRUWHPHQW G XQH SHUVRQQH QH SHXW DYRLU SRXU IRQGHPHQW
XQ WUDLWHPHQW DXWRPDWLVp GH GRQQpHV j FDUDFWqUH SHUVRQQHO
GHVWLQpjpYDOXHUFHUWDLQVDVSHFWVGHVDSHUVRQQDOLWp
$XFXQH DXWUH GpFLVLRQ SURGXLVDQW GHV HIIHWV MXULGLTXHV j
O pJDUG G XQH SHUVRQQH QH SHXW rWUH SULVH VXU OH VHXO IRQGHPHQW
G XQWUDLWHPHQWDXWRPDWLVpGHGRQQpHVGHVWLQpjGpILQLUOHSURILO
GHO LQWpUHVVpRXjpYDOXHUFHUWDLQVDVSHFWVGHVDSHUVRQQDOLWp
1H VRQW SDV FRQVLGpUpHV FRPPH SULVHV VXU OH VHXO
IRQGHPHQWG XQWUDLWHPHQWDXWRPDWLVpOHVGpFLVLRQVSULVHVGDQVOH
FDGUH GH OD FRQFOXVLRQ RX GH O H[pFXWLRQ G XQ FRQWUDW HW SRXU
OHVTXHOOHVODSHUVRQQHFRQFHUQpHDpWpPLVHjPrPHGHSUpVHQWHU
VHV REVHUYDWLRQV QL FHOOHV VDWLVIDLVDQW OHV GHPDQGHV GH OD
SHUVRQQHFRQFHUQpH
I O LQWHUFRQQH[LRQGHILFKLHUVUHOHYDQWG XQHRXGHSOXVLHXUV
SHUVRQQHV PRUDOHV JpUDQW XQ VHUYLFH SXEOLF HW GRQW OHV ILQDOLWpV
G LQWpUrW SXEOLF VRQW GLIIpUHQWHV RX O LQWHUFRQQH[LRQ GH ILFKLHUV
UHOHYDQW G DXWUHV SHUVRQQHV PRUDOHV HW GRQW OHV ILQDOLWpV
SULQFLSDOHVVRQWGLIIpUHQWHV
G XQHGpFODUDWLRQSUpDODEOHGDQVOHVDXWUHVFDV
6HFWLRQSUHPLqUH±'
'pFODUDWLRQSUpDODEOH
$UWLFOH
/DGpFODUDWLRQSUpDODEOHSUpYXHjO DUWLFOHFLGHVVXVTXL
FRPSRUWH O HQJDJHPHQW TXH OH WUDLWHPHQW VHUD HIIHFWXp
FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL HVW GpSRVpH
DXSUqVGHOD&RPPLVVLRQQDWLRQDOHGDQVOHVFRQGLWLRQVSUpYXHVj
ODSUpVHQWHVHFWLRQ
&HWWHGpFODUDWLRQDSRXUREMHWGHSHUPHWWUHjOD&RPPLVVLRQ
QDWLRQDOH G H[HUFHU OHV FRPSpWHQFHV TXL OXL VRQW GpYROXHV SDU OD
SUpVHQWH ORL DILQ GH FRQWU{OHU OH UHVSHFW GH VHV GLVSRVLWLRQV HW
G DVVXUHUODSXEOLFLWpGXWUDLWHPHQWGHVGRQQpHVSHUVRQQHOOHV
&KDSLWUH,,,
$UWLFOH
'(62%/,*$7,216'(65(63216$%/(6'875$,7(0(17
/H UHVSRQVDEOH GX WUDLWHPHQW RX OH FDV pFKpDQW VRQ
UHSUpVHQWDQW GRLW DGUHVVHU XQH GpFODUDWLRQ j OD &RPPLVVLRQ
QDWLRQDOH SUpDODEOHPHQW j OD PLVH HQ RHXYUH G XQ WUDLWHPHQW
HQWLqUHPHQWRXSDUWLHOOHPHQWDXWRPDWLVpRXG XQHQVHPEOHGHWHOV
WUDLWHPHQWVD\DQWXQHPrPHILQDOLWpRXGHVILQDOLWpVOLpHV
$UWLFOH
6DXIGLVSRVLWLRQVOpJLVODWLYHVSDUWLFXOLqUHVOHWUDLWHPHQWGH
GRQQpHVjFDUDFWqUHSHUVRQQHOGRLWIDLUHO REMHW
G XQH DXWRULVDWLRQ SUpDODEOH ORUVTXH OHV WUDLWHPHQWV
FRQFHUQHQW
D OHV GRQQpHV VHQVLEOHV YLVpHV j O DOLQpD GH O DUWLFOH
SUHPLHUFLGHVVXV
7RXWHIRLV VRQW GLVSHQVpV GH ODGLWH DXWRULVDWLRQ OHV
WUDLWHPHQWV PLV HQ °XYUH SDU XQH DVVRFLDWLRQ RX WRXW DXWUH
JURXSHPHQW j EXW QRQ OXFUDWLI HW j FDUDFWqUH UHOLJLHX[
SKLORVRSKLTXHSROLWLTXHV\QGLFDOFXOWXUHORXVSRUWLI
±SRXU OHV VHXOHV GRQQpHV TXL UpYqOHQW O¶XQH RX SOXVLHXUV
GHV FDUDFWpULVWLTXHV YLVpHV DX SDUDJUDSKH GH O¶DUWLFOH
SUHPLHU FLGHVVXV HW FRUUHVSRQGDQW j O REMHW GH ODGLWH
DVVRFLDWLRQRXGXGLWJURXSHPHQW
±VRXV UpVHUYH TXH OHV GRQQpHV QH FRQFHUQHQW TXH OHV
PHPEUHVGHFHWWHDVVRFLDWLRQRXGHFHJURXSHPHQWHWOH
FDVpFKpDQWOHVSHUVRQQHVTXLHQWUHWLHQQHQWDYHFFHOXLFL
GHVFRQWDFWVUpJXOLHUVGDQVOHFDGUHGHVRQDFWLYLWp
±HW TX LOV QH SRUWHQW TXH VXU GHV GRQQpHV QRQ
FRPPXQLTXpHV j GHV WLHUV j PRLQV TXH OHV SHUVRQQHV
FRQFHUQpHV Q \ FRQVHQWHQW H[SUHVVpPHQW HW TXH OH
JURXSHPHQWSXLVVHIRXUQLUODSUHXYHGHFHFRQVHQWHPHQWj
SUHPLqUHUHTXrWHGHO¶DXWRULWpFRPSpWHQWH
E O XWLOLVDWLRQ GH GRQQpHV j FDUDFWqUH SHUVRQQHO j G DXWUHV
ILQVTXHFHOOHVSRXUOHVTXHOOHVHOOHVRQWpWpFROOHFWpHV
F GHV GRQQpHV JpQpWLTXHV j O H[FHSWLRQ GH FHX[ PLV HQ
RHXYUH SDU GHV SHUVRQQHOV GH VDQWp HW TXL UpSRQGHQW j GHV ILQV
PpGLFDOHV TX LO V DJLVVH GH OD PpGHFLQH SUpYHQWLYH GHV
GLDJQRVWLFVRXGHVVRLQV
G GHV GRQQpHV SRUWDQW VXU OHV LQIUDFWLRQV FRQGDPQDWLRQV
RXPHVXUHVGHVUHWpjO H[FHSWLRQGHFHX[PLVHQ°XYUHSDUOHV
DX[LOLDLUHVGHMXVWLFH
H GHV GRQQpHV FRPSRUWDQW OH QXPpUR GH OD FDUWH G LGHQWLWp
QDWLRQDOHGHODSHUVRQQHFRQFHUQpH
$UWLFOH
/D GpFODUDWLRQ SUpYXH j O DUWLFOH FLGHVVXV GRLW
FRPSUHQGUH
D OHQRPHWO DGUHVVHGXUHVSRQVDEOHGXWUDLWHPHQWHWOHFDV
pFKpDQWGHVRQUHSUpVHQWDQW
E ODGpQRPLQDWLRQOHVFDUDFWpULVWLTXHVHWODRXOHVILQDOLWpV
GXWUDLWHPHQWHQYLVDJp
F XQH GHVFULSWLRQ GH OD RX GHV FDWpJRULHV GH SHUVRQQHV
FRQFHUQpHV HW GHV GRQQpHV RX GHV FDWpJRULHV GH GRQQpHV j
FDUDFWqUHSHUVRQQHOV \UDSSRUWDQW
G OHV GHVWLQDWDLUHV RX OHV FDWpJRULHV GH GHVWLQDWDLUHV
DX[TXHOVOHVGRQQpHVVRQWVXVFHSWLEOHVG rWUHFRPPXQLTXpHV
H OHVWUDQVIHUWVGHGRQQpHVHQYLVDJpVjGHVWLQDWLRQG¶(WDWV
pWUDQJHUV
I ODGXUpHGHFRQVHUYDWLRQGHVGRQQpHV
J OH VHUYLFH DXSUqV GXTXHO OD SHUVRQQH FRQFHUQpH SRXUUD
H[HUFHU OH FDV pFKpDQW OHV GURLWV TXL OXL VRQW UHFRQQXV SDU OHV
GLVSRVLWLRQVGHODSUpVHQWHORLDLQVLTXHOHVPHVXUHVSULVHVSRXU
IDFLOLWHUO H[HUFLFHGHFHX[FL
K XQHGHVFULSWLRQJpQpUDOHSHUPHWWDQWG DSSUpFLHUGHIDoRQ
SUpOLPLQDLUH OH FDUDFWqUH DSSURSULp GHV PHVXUHV SULVHV SRXU
DVVXUHU OD FRQILGHQWLDOLWp HW OD VpFXULWp GX WUDLWHPHQW HQ
DSSOLFDWLRQGHVGLVSRVLWLRQVGHVDUWLFOHVHWFLGHVVRXV
L OHV UHFRXSHPHQWV OHV LQWHUFRQQH[LRQV RX WRXWHV DXWUHV
IRUPHV GH UDSSURFKHPHQW GHV GRQQpHV DLQVL TXH OHXU FHVVLRQ
VRXVWUDLWDQFH VRXV WRXWH IRUPH j GHV WLHUV j WLWUH JUDWXLW RX
RQpUHX[
7RXWH PRGLILFDWLRQ DX[ LQIRUPDWLRQV FLGHVVXV HW WRXWH
VXSSUHVVLRQ GH WUDLWHPHQW GRLYHQW rWUH SRUWpHV VDQV GpODL j OD
FRQQDLVVDQFHGHOD&RPPLVVLRQQDWLRQDOH
(Q FDV GH FHVVLRQ G XQ ILFKLHU GH GRQQpHV OH FHVVLRQQDLUH
HVW WHQX GH UHPSOLU OHV IRUPDOLWpV GH GpFODUDWLRQ SUpYXHV SDU OD
SUpVHQWHORL