Text preview for : Manuel DevPic84.pdf part of Xrelais 3.1 X relais 3.1 Xrelais 3.1 loucozener
Back to : XRELAIS_3_1_COMP.part01.r | Home
0DQXHO'HY3LF
SDJH
'HY3LF
6RPPDLUH
3UpVHQWDWLRQGXORJLFLHO (GLWHXU $VVHPEOHXU 'LUHFWLYHV 6\PEROHV 2SpUDWHXUVH[SUHVVLRQV 6LPXODWHXU 3pULSKpULTXHV 'pERJXHXUVRXUFH 0pPRLUH 3URJUDPPDWHXU &DUWHGHGpYHORSSHPHQW $VVLVWDQWGHSURWRW\SDJH
$QQH[H
,QVWUXFWLRQV 'LUHFWLYHV 0DFURLQVWUXFWLRQV
0DQXHO'HY3LF
SDJH
3UpVHQWDWLRQ
'(Y3LFHVWXQHQYLURQQHPHQWGHWUDYDLOLQWpJUpSRXUGpYHORSSHUGHVSURJUDPPHVVXU 0LFURFRQWU{OHXU3,&) /HVSULQFLSDOHVIRQFWLRQVDVVXUpHVVRQW
'HY3LF
$VVHPEODJH PXOWLILFKLHUV
6LPXODWLRQ
'pVDVVHPEODJH
0LVHDXSRLQW GDQVOHVRXUFH
3pULSKpULTXHV
0LVHHQ pYLGHQFH GHODV\QWD[H
(GLWLRQPXOWLSOH
$FFqVjOD PpPRLUH
3URWRW\SDJH
([SDQVLRQGHV PDFURV
$VVLVWDQFH 2XWLOV
7pOpFKDUJHPHQW ODQFHPHQWGHV SURJUDPPHV
8QH$SSOLFDWLRQ GH'HY3LFVHFRPSRVHGH
7H[WHVRXUFH$VVHPEOHXU F
HVWOHWH[WHVDLVLDXFODYLHU 7H[WHVVRXUFHLQFOXV 'pFODUDWLRQGHV\PEROHVGpILQLWLRQGHPDFURVURXWLQHVGLYHUVHV /LVWLQJOHVQXPpURVGHVVRXUFHVOHVDGUHVVHVHWOHVFRGHVREMHWVRQWLQVpUpVGDQVOHWH[WH VRXUFH 7UDPH+(; (OOHFRQWLHQWOHVFRGHVjWpOpFKDUJHU
'HY3LFHVWpTXLSpG
XQSHWLWFRPSLODWHXUFDSDEOHGHWUDQVIRUPHUOHVVWUXFWXUHVDOJRULWKPLTXHV 3DVFDO HQODQJDJH$VVHPEOHXU
0DQXHO'HY3LF
SDJH
3DUWLFXODULWpVGHO
pGLWHXU 7H[WHV
/
pGLWHXUSHUPHWGHWUDYDLOOHUVLPXOWDQpPHQWVXUSOXVLHXUV DSSOLFDWLRQV &HFLSHUPHWG
pFKDQJHUGHVPRUFHDX[GHWH[WHG
XQHDSSOLFDWLRQjO
DXWUHSDU&RSLHU&ROOHURXSDU JOLVVHUGpSODFHU 6LO
RSWLRQGHPLVHHQpYLGHQFHGHODV\QWD[HHVWDFWLYpHGDQVOHVWH[WHVVRXUFHHWOHVOLVWLQJVOHV PRWVVRQWFRORUpVHQOLDLVRQDYHFOHXUIRQFWLRQGDQVOHWH[WH 8QHVHXOHIRQWHGHFDUDFWqUHVHWXQHVHXOHWDLOOHVRQWVXSSRUWpHVSDUO
pGLWHXU /HVVW\OHV*5$6HW,7$/,48(VRQWWROpUpV2QSHXWOHVFKDQJHUGHSXLVOHPHQX2SWLRQV(GLWHXU /DOLJQHHQFRXUVGHVDLVLHHVWUppYDOXpHjFKDTXHIUDSSHGXFODYLHU 'DQVOHWH[WHVRXUFHRQSHXWFOLTXHUVXUXQV\PEROHSRXUYRLUODYDOHXUQXPpULTXHDVVRFLpH &OLTXHUVXUXQHLQVWUXFWLRQRXXQHPDFURSRXUDYRLUGHO
DLGH (QPDLQWHQDQWODWRXFKH&WUOHQIRQFpHFOLTXHUVXUOHQRPG
XQWH[WHH[WHUQHSRXUOHYLVXDOLVHU &OLTXHUVXUXQHYDOHXUQXPpULTXHDIILFKHODFRUUHVSRQGDQFHGHFHWWHYDOHXUHQ'pFLPDO +H[DJRQDOHWELQDLUH 6DXYHJDUGH
/HVOLVWLQJVOHVWUDPHV+(;QHVRQWSDVDXWRPDWLTXHPHQWVDXYpVVXUOHGLVTXH,OIDXWVLQpFHVVDLUH XWLOLVHUODUXEULTXH&UpHU)LFKLHU2EMHWGXPHQX)LFKLHUV ,QGHQWDWLRQDXWRPDWLTXH (QIUDSSDQWODWRXFKH(QWUpH!OHFXUVHXUYLHQWVHSRVLWLRQQHUjODOLJQHVXLYDQWHDXQLYHDXGX SUHPLHUFDUDFWqUHGHODOLJQHHQFRXUV/
LQGHQWDWLRQSHXWrWUHVXSSULPpHGDQVOHPHQX 2SWLRQV(GLWHXU 7DEXODWLRQ /DWRXFKH7$%SURYRTXHXQHWDEXODWLRQF
HVWjGLUHOHSDVVDJHjODFRORQQHSQQHWSHQWLHUV SRVLWLIVLPPpGLDWHPHQWVXSpULHXUH /DODUJHXUGHWDEXODWLRQSHVWIL[H 0LVHHQSDJHDXWRPDWLTXHGXWH[WH &HWWHIRQFWLRQGXPHQX(GLWLRQ)RUPDWHUSHUPHWG
DPpOLRUHUODSUpVHQWDWLRQ2QSHXWGRQFVDLVLUOH WH[WHVDQVWURSVHVRXFLHUGHODPLVHHQSDJH
0DQXHO'HY3LF
SDJH
9LVXDOLVDWLRQGHVHUUHXUV
/HVHUUHXUVG
DVVHPEODJHVRQWPRQWUpHVGDQVOHWH[WHODOLJQHGHO
HUUHXUDSSDUDvWVXUIRQGURXJH (OOHHVWUHIRUPDWpHGqVTXHO
RQUHFWLILHO
HUUHXU
/DSOXSDUWGHVHUUHXUVGHV\QWD[HVRQWGpWHFWpHVLPPpGLDWHPHQWHWXQLF{QHG¶HUUHXUDSSDUDvWDORUV GDQVODPDUJH 0DUTXDJHGHODOLJQHFRXUDQWH
'HSXLVOHGpERJXHXURXO
RXWLOGHUHFKHUFKHHWUHPSODFHPHQWODOLJQHFRXUDQWHHVWYLVXDOLVpHVXUIRQG GHFRXOHXU 3RXUXQHUHFKHUFKHODFRXOHXUGHIRQGHVWREWHQXHS DULQYHUVLRQGHODFRXOHXUFRXUDQWH 'DQVOHGpERJXHXUGHX[FRXOHXUVVRQWXWLOLVpHV 9HUWMDXQHVLODOLJQHDpWpWURXYpHGLUHFWHPHQW 9LROHWVLODOLJQHDpWpWURXYpHSDUDSSUR[LPDWLRQ &RPPDQGHVSDUWLFXOLqUHV
2XWUHOHVFRPPDQGHVFODVVLTXHVGH0LFURVRIW:LQGRZVFHUWDLQVUDFFRXUFLVRQWpWpDMRXWpV 3RXUHIIDFHUXQHOLJQH&WUO< 3RXUUHFRSLHUXQHOLJQH&WUO5 3RXUFKDQJHUG
DSSOLFDWLRQ&WUO)VLSOXVLHXUVDSSOLFDWLRQVFKDUJpHV 3RXUFRPPXWHUHQPRGH,QVHUWLRQ5HFRXYUH PHQW,16(5
8QPHQXFRQWH[WXHOERXWRQGURLWGHODVRXULVSHUPHWG
DOOHUDXGpEXWRXjODILQGXWH[WH&WUO'HW &WUO) 8QHEDUUHG
RXWLOVUHSUHQGHWFRPSOqWHFHVFRPPDQGHV
8QRXWLOGHFRQYHUVLRQSHUPHWG¶H[SRUWHUOHWH[WHVRXUFHDXIRUPDW57)5LFK7H[W)LOHSRXUSRXYRLU OHUHSUHQGUHHQFRXOHXUVjO¶DLGHGH06:RUGRX:RUG3DG 0HQX)LFKLHUV([SRUWHU /DWDLOOHPD[LPDOHGHVWH[WHV*RQ¶HVWMDPDLVDWWHLQWHHQSUDWLTXH
0DQXHO'HY3LF
SDJH
$VVHPEOHXU
/
DVVHPEOHXUHVWXQSURJUDPPHGRQWODIRQFWLRQHVWGHSURGXLUHO
LPDJHGX FRGHREMHW ODQJDJH PDFKLQHjSDUWLUG
XQRXSOXVLHXUVWH[WHV WH[WHVVRXUFH ,OHIIHFWXHFHWWHWkFKHHQXQHVHXOHSDVVH /
DVVHPEOHXUHVWDXVVLXQODQJDJHGRQWOHVpOpPHQWVVRQW OHVV\PEROHV OHVH[SUHVVLRQV OHVLQVWUXFWLRQV OHVPDFURLQVWUXFWLRQV OHVGLUHFWLYHV
(OpPHQWVGXODQJDJH
6LXQHOLJQHGXWH[WHVRXUFHQ
HVWSDVYLGHHWQ¶HVWSDVXQFRPPHQWDLUHHOOHVHFRPSRVHGHTXDWUH FKDPSVGRQWFHUWDLQVSHXYHQWrWUHYLGHV/HFKDPS2SpUDQGHSHXWFRQWHQLURXpOpPHQWV ([HPSOHV (WLTXHWWH 0QpPRQLTXH 2SpUDQGHV 'LUHFWLYH 0DFUR
EVI
&RPPHQWDLUH 3DJH PRYOIHVWXQHPDFUR
'HEXW
7HPSR
HTX
67$78653
PRYOI
[3257%
7H[WHV VRXUFH 7H[WHV LQFOXV
3UpSURFHVVHXU 2SWLRQV\QWD[H pWHQGXH &RGH2EMHW $VVHPEOHXU
(Q7rWHV
0DFURV
0DQXHO'HY3LF
'LUHFWLYHV
SDJH
8QHGLUHFWLYHHVWXQRUGUHGRQQpjO¶DVVHPEOHXU SRXUOXLIDLUHHIIHFWXHUXQHWDFKHRXSRXUPRGLILHU VRQFRPSRUWHPHQW /DGLUHFWLYHQ
DGRQFG
H[LVWHQFHTXHSHQGDQWO
DVVHPEODJHHOOHQHGpERXFKHSDVVXUXQFRGH PDFKLQH 9RLFLOHVGLUHFWLYHVGHO
DVVHPEOHXU)[
%$1.6(/V\QWD[HpWHQGXH %DQN6HO 5HJLVWUH!JpQqUHXQHLQVWUXFWLRQSRXUSRVLWLRQQHUOHVELWV53HW53GH67$786 SRXUTXH5HJLVWUH!VRLWDFFHVVLEOH &HFLpYLWHDXSURJUDPPHXUGHFRQVXOWHUODGRFXPHQWDWLRQSRXUORFDOLVHUOHUHJLVWUH /HSUpSURFHVVHXUGRLWrWUHDFWLYpGHSXLVOHPHQX2SWLRQV3URJUDPPHV6\QWD[HpWHQGXH ([ HVWpTXLYDOHQWj EDQNVHO 75,6% 67$78653 RXHQFRUHj EIV FDU75,6%HVWHQEDQTXH EDQN
&21),*
GpILQLWOHPRWGHFRQILJXUDWLRQIXVH
N N N N
FRQILJ;!SHXWrWUH FRGHSURWHFWLRQGXFRGHQRQSDUGpIDXW &3 RXLQRQ! 3:57 RXLQRQ! 7LPHU3:57RXLSDUGpIDXW :'7 RXLQRQ! FKLHQGHJDUGHRXLSDUGpIDXW W\SHSHXWrWUH+6;7/35& 26& W\SH!
FRQILJ FRQILJ!>FRQILJ!@
'(),1(V\QWD[HpWHQGXH
RXL SHXWrWUHUHPSODFpSDURQHQDEOHG\HV HWQRQ SHXWrWUHUHPSODFpSDURIIGLVDEOHGQR /HPRWGHFRQILJXUDWLRQHVWjO
DGUHVVH[
5HPSODFHPHQWG
XQV\PEROHSDUXQHRXSOXVLHXUVH[SUHVVLRQV
GHILQH V\PEROH!H[SU!>H[SU!@$YDQWDVVHPEODJHOHSUpSURFHVVHXUUHPSODFHOH V\PEROHSDUOHVH[SUHVVLRQV '$7$
,PSODQWHGHVGRQQpHVHQ((3URP (WLTXHWWH!GDWD H[SU!>H[SU!@'pILQLWGHVFRQVWDQWHVHQ((3520GHGRQQpH
0DQXHO'HY3LF
SDJH
'7V\QWD[HpWHQGXH
'HILQH7DEOH,PSODQWHGHVGRQQpHVHQ]{QHSURJUDPPH /HVH[SUHVVLRQVSHXYHQWrWUH QXPpULTXHV3257$HWF GHVFDUDFWqUHV
D
E
GHVFKDLQHV LOIDLWEHDX (1' (48
GW H[SU!>H[SU!@ &RQVWUXLWGHVLQVWUXFWLRQVUHWOZ SURYRTXHODILQG
DVVHPEODJHWRXWFHTXLVXLWHVWLJQRUp
V\PEROH!HTX H[SU!DVVRFLHXQQRPEUHUpVXOWDWGHO
H[SUHVVLRQH[SUjXQV\PEROH (5525 HUURUSURYRTXHXQHHUUHXUG
DVVHPEODJH'LUHFWLYHXWLOLVpHSHQGDQWOHGpYHORSSHPHQWSRXU VLJQDOHUXQHDQRPDOLHOLpHHQJpQpUDOjO
DVVHPEODJHFRQGLWLRQQHO (;,70 H[LWP 3URYRTXHODVRUWLHLPPpGLDWHG
XQHPDFUR8WLOLVpHDYHFO
DVVHPEODJHFRQGLWLRQQHO
,)(/6(HW(1',)
$VVHPEODJHFRQGLWLRQQHO
/D]RQHHOVHHVWRSWLRQQHOOH ,1&/8'( LQFRUSRUHXQWH[WHH[WHUQH LQFOXGH
LIH[SU! FRGH! >HOVH FRGH!@ HQGLI
6L([SU! FRGH!HVWDVVHPEOp VLQRQF
HVWFRGH!TXLHVWDVVHPEOp
/
LQFOXVLRQSHXWrWUHUpFXUUHQWHOHWH[WH1RP)LFKLHU!SHXWFRQWHQLUGHVGLUHFWLYHV LQFOXGH
1RP)LFKLHU!
,QFRUSRUHOHWH[WH1RP)LFKLHU!
0DQXHO'HY3LF
SDJH
/2&$/(1'/2&$/ ORFDO (WDW(Q&RXUV PRYOZ HQGORFDO
'pEXWG
XQEORFGHV\PEROHVORFDX[ HTX )LQGXEORFGHV\PEROHVORFDX[ (WDW(Q&RXUV
8V\PEROHGpFODUpGDQVOHEORFHVWXQV\PEROHORFDOV¶LOHVWSUpIL[pSDU© 8QV\PEROHORFDOQ
HVWYLVLEOHTXHGDQVOHEORF 8QEORFORFDOSHXWrWUHLQFOXVGDQVXQDXWUH 0$&52(1'0 1RP'H0DFUR!PDFUR 'pILQLWXQHPDFUR GpILQLWLRQGHODPDFUR!FHWH[WHSHXWIDLUHUpIpUHQFHjGHVSDUDPqWUHV HQGP /HVSDUDPqWUHVVRQWGRQQpVVRXVODIRUPH 5pFXUVLYLWp 8QHPDFURSHXWHQDSSHOHUXQHDXWUH 25*
ª
RUJDGUHVVH! IL[HO
DGUHVVHFRXUDQWHGDQVODPpPRLUHFRXUDQWHSURJUDPPHUHJLVWUHRX GRQQpH RUJ DGUHVVH!PRGH!IL[HO
DGUHVVHFRXUDQWHHWODPpPRLUHFRXUDQWH IL[HODPpPRLUHFRXUDQWH RUJ PRGH! PRGH HVWXQGHVPRWVUpVHUYpVVXLYDQWV
]SURJ
SRXUOD]RQHSURJUDPPH
]UHJ
SRXUOD]RQHUHJLVWUH
]GDWD
SRXUOD]RQHGRQQpHVHQ((3520
3DUGpIDXWPRGHFRUUHVSRQGj]SURJ 3,&,'
'pILQLWOHVPRWVGHELWVSRXUO
LGHQWLILFDWLRQGX3,& 50 SLFLGLG!LG!LG!LG!
DGUHVVHV[j[
5pVHUYDWLRQPpPRLUHGDQVOD]{QHUHJLVWUHV (WLTXHWWH!UP 6(7
H[SU!5pVHUYHH[SU!RFWHWVHQ5$0ILOHUHJLVWHU
V\PEROH!VHW H[SU!FRPPHHTX PDLVOHV\PEROHSHXWrWUHUHGpILQLDXJUpGHVEHVRLQV
0DQXHO'HY3LF
6\PEROHV
SDJH
8QV\PEROHHVWXQHFKDvQHGHFDUDFWqUHV TXLVDWLVIDLWDX[H[LJHQFHVVXLYDQWHV
Â/HVFDUDFWqUHVVRQWGHVPLQXVFXOHVGHVPDMXVFXOHVGHVFKLIIUHVRXOHVRXOLJQp
B
Â/HVHVSDFHVQHVRQWSDVDXWRULVpV Â/HSUHPLHUFDUDFWqUHQHSHXWSDVrWUHXQFKLIIUH
8QV\PEROHHVWWRXMRXUVDVVRFLpjXQHYDOHXUQXPpULTXH7RXWHUpIpUHQFHDXV\PEROHHVWXQH UpIpUHQFHjODYDOHXUQXPpULTXHDVVRFLpH 3RXUFRQWULEXHUjODOLVLELOLWpGXSURJUDPPH OHV\PEROHGRLWrWUHUHSUpVHQWDWLIGHODIRQFWLRQ DVVXUpH SDUODSDUWLHGXSURJUDPPHDXTXHOLODSSDUWLHQW
/HFKRL[GHVV\PEROHVGXSURJUDPPHLQFRPEHDXSURJUDPPHXU,OpYLWHUDOHVV\PEROHVSDVVHSDUWRXW WHOVTXHPDFKLQWUXFERXFOHWRWRHWF8QV\PEROHSHXWWKpRULTXHPHQWFRQWHQLUXQQRPEUHLOOLPLWp GHFDUDFWqUHVFHTXLSHUPHWG
DFFROHUSOXVLHXUVPRWVSDUH[HPSOH /HFWXUH&DSWHXUV (WHLQGUH9R\DQW6L1HFHVVDLUH GUDSHDXBLQWHUBWLPHU 5HPDUTXHUOHU{OHGHVPDMXVFXOHVOLVLELOLWp
8QHpWLTXHWWHHVWXQV\PEROHSODFpHQGpEXWGHOLJQH
/¶pWLTXHWWHPDUTXHXQHSRVLWLRQGDQVOHSURJUDPPHF¶HVWjGLUHXQHDGUHVVHPpPRLUH'pVTXH O
pWLTXHWWHHVWWURXYpHGDQVOHWH[WHVRXUFHO
DVVHPEOHXUOXLDVVRFLHXQQRPEUHHQWLHUGHELWV FRUUHVSRQGDQWjO
DGUHVVHFRXUDQWHF
HVWjGLUHjO
DGUHVVHGHO
LQVWUXFWLRQTXLVXLWO
pWLTXHWWH 3DUH[HPSOHOHVpWLTXHWWHVVXLYDQWHV 6RQWDXWRULVpHV ,QLWLDOLVDWLRQ 'HEXW,QWHU 'HEXWB,QWHU BDEF 6RQWLQWHUGLWHV HUH,QLW 'HEXW,QWHU 'HEXWG
,QWHU DEF
0DQXHO'HY3LF
SDJH
2SpUDWHXU
6LJQHGpVLJQDQWXQHRSpUDWLRQHQWUHGHX[pOpPHQWVHQWUHGHX[YDOHXUVQXPpULTXHVRXHQWUH XQV\PEROHHWXQHYDOHXUQXPpULTXH /HVRSpUDWHXUVXWLOLVDEOHVVRQW
a
_ A !! 5HSUpVHQWHQWO
DGUHVVHFRXUDQWH PRLQVXQDLUH FRPSOpPHQWjXQREWHQXHQFKDQJHDQWWRXVOHVELWV PXOWLSOLFDWLRQ GLYLVLRQHQWLqUH PRGXORUHVWHGHODGLYLVLRQHQWLqUH (7ELWjELW DGGLWLRQ VRXVWUDFWLRQ 28ELWjELW 28H[FOXVLIELWjELW 'pFDODJHjJDXFKH 'pFDODJHjGURLWH pJDOLWp ! QRQpJDOLWp LQIpULHXUj RX LQIpULHXURXpJDOj ! VXSpULHXUj ! RX ! VXSpULHXURXpJDOj
([SUHVVLRQV
8QHH[SUHVVLRQHVWXQHFRPELQDLVRQGHYDOHXUVHQWLqUHVHWGHV\PEROHVOLpVSDUGHVRSpUDWHXUV (OOHHVWpYDOXpHGHODJDXFKHYHUVODGURLWHVDXIVLGHVSDUHQWKqVHVVRQWXWLOLVpHV /
H[SUHVVLRQQHGRLWSDVFRQWHQLUG
HVSDFHV (OpPHQWVG
H[SUHVVLRQVFODVVpVSDURUGUHGHSULRULWpGpFURLVVDQWH &RQVWDQWHVHQWLqUHV /HVIRUPDWVQXPpULTXHVDFFHSWpVVRQW 1RPEUH+H[DGpFLPDO[$)!RX K
$)!
$)!KOHHUFDUDFWqUHGRLWrWUHXQFKLIIUH 1RPEUHVRFWDO !RRX R
!
1RPEUHELQDLUH E
!
RX !E 1RPEUHGpFLPDO QRPEUHVVDQVSUpIL[HRXG
!
6\PEROHV 5HSUpVHQWHQWO
DGUHVVHFRXUDQWH
RX
9UDLVLV\PEROHHVWGpILQLVLQRQ)$8; GHILQHGV\PEROH 9UDLVLOHVFKDvQHVVRQWLGHQWLTXHV VWUHTVWUVWU 9UDLVLDUJHVWXQHFKDvQHHQWUHGRXEOHJXLOOHPHW V LVVWUDUJ 5HQYRLHOHFRGH$6&,,GXQLqPHFDUDFWqUHGHODFKDvQHVWU DVFRGHVWUQ RX! RX ! ! RX ! a
_ A !! /HVRSpUDWHXUVGHFRPSDUDLVRQUHQYRLHQW95$,RX)$8; /HVH[SUHVVLRQVVRQWpYDOXpHVVXUELWV
0DQXHO'HY3LF
3UpVHQWDWLRQGXVLPXODWHXU
SDJH
/HVLPXODWHXUDOOLpDXGpERJXHXUSHUPHWODPLVHDXSRLQWGHVSURJUDPPHV 7RXWHVOHVIRQFWLRQVGXPLFURFRQWU{OHXU3,&) VRQWVLPXOpHV 8QHUHSUpVHQWDWLRQVFKpPDWLTXHGX&SHUPHWGHVXUYHLOOHUVRQFRPSRUWHPHQW
'XUpHG¶H[pFXWLRQ
$WWHQWLRQDX[WHPSRULVDWLRQVTXLULVTXHQWG
rWUHSOXVORQJXHVTX
HQUpHOUpGXLUHOHVWHPSV
%LHQTXHUpJODEOHODGXUpHG¶H[pFXWLRQG
XQHLQVWUXFWLRQQ
DULHQjYRLU DYHFODGXUpHUpHOOHHOOHHVWOLpHjODUDSLGLWpGHO
RUGLQDWHXU (OOHHVWHQJpQpUDOSOXVJUDQGHHQPRGHVLPXOpTX
HQ PRGHUpHOFDUOHPDWpULHOHVWpPXOpSDUORJLFLHO
0DQXHO'HY3LF
SDJH
&RQILJXUDWLRQHWH[pFXWLRQ
/DIHQrWUHSULQFLSDOHGXVLPXODWHXUUHSUpVHQWHOHPLFURFRQWU{OHXUHWVXSSRUWHXQHEDUUHGHERXWRQV (QSKDVHG¶H[pFXWLRQGXSURJUDPPHOHVpWDWVORJLTXHVGHVVRUWLHVVRQWDIILFKpV /HVIOqFKHVUHSUpVHQWDQWOHVHQVGHWUDQVIHUWGHVVLJQDX[VRQWDFWXDOLVpHV(QWUpHRXVRUWLH /DEDUUHGHWLWUHGpVLJQHODIRQFWLRQHQFRXUV'pILQLWLRQGHVEURFKHVjVXUYHLOOHURXH[pFXWLRQGX SURJUDPPH 0RGH&RQILJXUDWLRQ 2EWHQXHQFOLTXDQWVXUOHERXWRQ&RQILJXUDWLRQGXVLPXODWHXU 'pILQLWLRQGHVVWLPXOL /HERXWRQ
6pOHFWLRQGHVEURFKHVjVXUYHLOOHU &OLTXHUVXUOHQRPGHODEURFKHSRXUODVpOHFWLRQQHU,ODSSDUDvWDORUVHQURXJH /HFKURQRJUDPPHDVVRFLpVHUDWUDFpGDQVODIHQrWUHGHVUpVXOWDWVGHVLPXODWLRQ 6LXQVWLPXOXVDpWpGpILQLOHVV\PEROHVHW!DFFRPSDJQHQWOHQRPGHODEURFKH 0RGH([pFXWLRQ 2EWHQXHQODQoDQWOHSURJUDPPHWRXFKH)VLOHERXWRQHVWHQIRQFp 0RGLILFDWLRQGHO
pWDWG
XQHHQWUpH &OLTXHUVXUOD]RQHLQGLTXDQWO
pWDWORJLTXHGHO
HQWUpH8QpWDWSURYRTXHODPLVHj8QpWDW SURYRTXHODPLVHj 7HQWHUG
DSSOLTXHUXQQLYHDXVXUXQHVRUWLHSURYRTXHO
DIILFKDJHG
XQPHVVDJHGHPLVHHQJDUGH 5{OHGHVERXWRQV
2XYUHODIHQrWUHGHGpILQLWLRQGHVVWLPXOL
5pLQLWLDOLVH5(6(70&/5OHPLFURFRQWU{OHXUVLPXOpHWUHODQFHOHSURJUDPPH VRXUFH 0DUTXHXQHSDXVHGDQVO¶H[pFXWLRQ GXSURJUDPPH/DOLJQHDVVRFLpHHVWPRQWUpHGDQVOHWH[WH
3URYRTXHO¶DUUrWGHO¶H[pFXWLRQGXSURJUDPPH 2XYUHODIHQrWUHGHVFKURQRJUDPPHVSRXUYRLUOHVUpVXOWDWVGHVLPXODWLRQ 8QERXWRQGH5(6(70&/5SHUPHWG
LQLWLDOLVHUOHPLFURFRQWU{OHXU
0DQXHO'HY3LF
SDJH
&KURQRJUDPPHV
/DIHQrWUHGHVFKURQRJUDPPHVDGHX[IRQFWLRQV
N N 'pILQLWLRQGHVVWLPXOL 9LVXDOLVDWLRQGHVFKURQRJUDPPHV
(OOHHVWFRPSRVpHG
XQH]RQHJUDSKLTXHUHSUpVHQWDQWOHVVLJQDX[HWG
XQHEDUUHVXSSRUWDQWOHV FRPPDQGHV
/
RULJLQHGHVWHPSVHVWDMXVWpHDXPR\HQG
XQHEDUUHGHGpILOHPHQW/DEDUUHGHGpILOHPHQWSHXW SUHQGUHSOXVGHPLOOLDUGVGHSRVLWLRQVAFHTXLSHUPHWGHWUDFHUOHVVLJQDX[SHQGDQWSOXVG
XQ TXDUWG
KHXUHDYHFXQHUpVROXWLRQGHO
RUGUHGHVDYHFXQTXDUW]GH0+]3RXUIDFLOLWHUVRQ UpJODJHXQHSURJUHVVLRQORJDULWKPLTXHDpWpDGRSWpH 'pILQLWLRQGHVVWLPXOL /
D[HGHVWHPSVHVWWRXMRXUVJUDGXpHQSpULRGHVG
KRUORJH8QERXWRQ9DOLGHUSHUPHWG
pFULUHOH ILFKLHUGHVWLPXOLVXUOHGLVTXH3RXUREWHQLUXQVWLPXOXVSpULRGLTXHFOLTXHUDYHFOHERXWRQGURLWGHOD VRXULV5XEULTXHVLJQDOSpULRGLTXH 9LVXDOLVDWLRQGHVFKURQRJUDPPHV
/HVVLJQDX[PRQWUpVVRQW
/HQRPEUHPD[LPXPGHVLJQDX[HVWGH/DKDXWHXUGHODIHQrWUHV
DMXVWHDXWRPDWLTXHPHQW
/HVVWLPXOLGpILQLV /HVpWDWVGHVEURFKHVVXUYHLOOpHV
8QHJUDGXDWLRQVXUO
pFKHOOHGHVWHPSVHVWWRXMRXUVXQPXOWLSOHGHODSpULRGHG
KRUORJH(OOHSHXW FRUUHVSRQGUHj SpULRGHVG
KRUORJH /DSpULRGHG
KRUORJH 7HHVWFDOFXOpHjSDUWLUGHODIUpTXHQFHGXTXDUW]GpFODUpHGDQVOHPHQX 2SWLRQV0DWpULHO (QGpSODoDQWOHFXUVHXUGDQVOD]RQHJUDSKLTXHRQSHXWPHVXUHUGHVWHPSVRXGHVLQWHUYDOOHVGHWHPSV HQOLVDQWODIHQrWUHW 6LODSpULRGHGXVLJQDOHVWWUqVJUDQGH SDUUDSSRUWjODSpULRGHG
KRUORJHLOHVWGLIILFLOHYRLUH LPSRVVLEOHGHSRVLWLRQQHUODEDUUHGHGpILOHPHQWSRXUYLVXDOLVHUXQIURQW/HERXWRQGURLWGHODVRXULV DFWLYHXQPHQXFRQWH[WXHOTXLSHUPHWGHUHFKHUFKHUDXWRPDWLTXHPHQWXQIURQW 2QSHXWDXVVLXWLOLVHUOHVWRXFKHVHWGXFODYLHUSRXUUHFKHUFKHUOHVIURQWV
,OHVWVRXYHQWSOXVIDFLOHGHVHGpSODFHUVXUO
D[HGHVWHPSVHQXWLOLVDQWOHVIOqFKHVJDXFKHHWGURLWH GXFODYLHU2QSHXWDXVVLXWLOLVHUODPROHWWHGHODVRXULV
0DQXHO'HY3LF
SDJH
/HVSpULSKpULTXHV
/HVSpULSKpULTXHVVRQWGHVRXWLOVTXLDGMRLQWVDXVLPXODWHXUUHPSODFHQWSURYLVRLUHPHQWOHVGLVSRVLWLIV UpHOV,OVRQWLQVWDOOpVGHSXLVOHPHQX3pULSKpULTXHV
,OQHVRQWDFWLIVTXHSHQGDQWXQHVHVVLRQGHVLPXODWLRQFDULOVVRQWDQLPpVSDUODPrPHKRUORJHTXH OHVLPXODWHXU $LQVLSDUH[HPSOHVLHQPRGH3DVj3DVRQFOLTXHVXUXQHWRXFKHGXSpULSKpULTXH&ODYLHUFHOOHFL UHVWHHQIRQFpHOHWHPSVHVWILJpMXVTX
jFHTXHVRQWpWDWVRLWSULVHQFRPSWHSDUOHSURJUDPPH ,OVRQWWRXMRXUVYLVXHOVPDWpULDOLVpVjO
pFUDQ
'HVH[HPSOHVGHSURJUDPPHVOHVXWLOLVDQWVRQWIRXUQLVGDQVOHWXWRULDO
$IILFKHXUVHJPHQWVj/('
&HWDIILFKHXUSDUDOOqOHPXOWLSOH[pGHjFKLIIUHVQ
DSDVGHFRQQH[LRQIL[HLO GRLWrWUHFRQQHFWp VHORQOHVEHVRLQV,OIDXGUDSUpFLVHU $QRGHRXFDWKRGHFRPPXQH jO
DLGHGXERXWRQ$. /
pWDWGHO
DIILFKHXUHVWPRQWUpGDQVODEDUUHGHWLWUH
$TXHOOHVEURFKHVGX3,&VRQWUHOLpVOHVVHJPHQWV &OLTXHUVXUOHVHJPHQWGDQVODERLWH$IILFKHXURXVXUOHGHVVLQGHVVHJPHQWV &OLTXHUVXUODEURFKHGDQVODERLWH& &OLTXHUVXUOHW\SHGHOLDLVRQ GpVLUpGDQVODERLWH/LDLVRQ $TXHOOHVEURFKHVGX3,&VRQWUHOLpVOHVDQRGHVRXFDWKRGHV &OLTXHUVXUO
DQRGHRXFDWKRGHGDQVODERLWH$IILFKHXU &OLTXHUVXUODEURFKHGDQVODERLWH& &OLTXHUVXUOHW\SHGHOLDLVRQ GpVLUpGDQVODERLWH/LDLVRQ /HQRPEUHGHFKLIIUHVGpVLUpGHj
3HQGDQWFHWWHSKDVHGHFRQILJXUDWLRQOHVLPXODWHXUQHIRQFWLRQQHSDV/¶pWDWGHO
DIILFKHXUPRQWUp Q
DGRQFDXFXQHVLJQLILFDWLRQLOIDXGUDH[pFXWHUOHSURJUDPPHSRXUREWHQLUOHIRQFWLRQQHPHQWGH O
DIILFKHXU 1RPEUHGHEURFKHVXWLOLVp 1RPEUHGHFKLIIUHV 6HJPHQWV 'LJLW 7RWDO HQXWLOLVDQWXQLQYHUVHXU WRXWHVOHVEURFKHVG
(6
0DQXHO'HY3LF
SDJH
&RQYHUWLVVHXU$1
&HSpULSKpULTXHSHUPHWGHVLPXOHUXQ&$1H[WHUQH 8QELWGHFRQWU{OH ODQFHODFRQYHUVLRQ 8QGUDSHDX VLJQDOHTXHODFRQYHUVLRQHVWWHUPLQpH
/DWHQVLRQDQDORJLTXHjFRQYHUWLUHVWGpILQLHSDUVRQWpTXDWLRQXW 6RQFKURQRJUDPPHVHUDPRQWUpGXUDQWO
H[pFXWLRQGXSURJUDPPH /DFRQYHUVLRQGpEXWHSDUXQpFKDQWLOORQQDJHGXVLJQDOFHOXLFLHVWPDWpULDOLVpVXUOHFKURQRJUDPPH SDUXQWLUHWKRUL]RQWDO &RQILJXUHUOH&$1
(QWUHUO
pTXDWLRQGXVLJQDOjFRQYHUWLU &KRLVLUODEURFKHTXLHQYHUUDOHVLJQDOGHGpEXWGHFRQYHUVLRQ &KRLVLUODEURFKHTXLUHFHYUDOHVLJQDOGHILQGHFRQYHUVLRQ 'LUHVLYRXVGpVLUH]rWUHDYHUWLHQILQGHFRQYHUVLRQ )L[HUODGXUpHGHFRQYHUVLRQ 9DOLGHUODFRQILJXUDWLRQ
/DQFHUOHSURJUDPPH LO\DXQH[HPSOHGDQVOHWXWRULDO /HFKURQRJUDPPHGHODWHQVLRQDQDORJLTXHHVWFRQVWUXLWHWOHSRUW%UHoRLWOHVYDOHXUVQXPpULTXHV FRUUHVSRQGDQWHV 2QSHXWPRGLILHUO
pFKHOOHGHWHPSVRXUHYHQLUjODFRQILJXUDWLRQHQFOLTXDQWVXUOHVERXWRQVGHOD EDUUHGHWLWUH
&RQYHUWLVVHXU1$
&HSpULSKpULTXHSHUPHWGHVLPXOHUXQ&1$H[WHUQH /
pYROXWLRQGHODWHQVLRQDQDORJLTXHREWHQXHHVWPRQWUpHHQIRQFWLRQGXWHPSVGXUDQWO
H[pFXWLRQGX SURJUDPPH /HFRQYHUWLVVHXUQHSHXWIRQFWLRQQHUTXH VLOHSURJUDPPHHVWODQFpYRLUH[HPSOHSURGXFWLRQ VLQXVGDQVOHWXWRULDO /HFKURQRJUDPPHGHODWHQVLRQDQDORJLTXHHVWFRQVWUXLWHQIRQFWLRQGHVYDOHXUVQXPpULTXHV SUpVHQWHVVXUOHSRUW% 2QSHXWPRGLILHUO
pFKHOOHGHVWHPSV HQFOLTXDQWVXUOHVERXWRQVGHOD EDUUHGHWLWUH ([HPSOHGH&1$jUpVLVWDQFHV 3RQGpUpHV
0DQXHO'HY3LF
SDJH
&ODYLHU+H[DGpFLPDO
&HFODYLHUPDWULFLHO[HVWFRQQHFWpDXSRUW% 5%j5%VRQW
GHVVRUWLHVDORUVTXH5%j5%VRQWGHVHQWUpHV
/HV UpVLVWDQFHV H[WHUQHV SHXYHQW pYHQWXHOOHPHQW rWUH OHV UpVLVWDQFHV GH WLUDJH GX SRUW % 3XOO8S &HWWH FRQILJXUDWLRQ 3XOO83HVWDXWRPDWLTXHPHQWGpWHFWpHSDUOHSpULSKpULTXH ,OQ
\DSDVGHUHERQGVXQHWRXFKHHQIRQFpHUHVWHGDQVFHWpWDW WDQW TXH FHWWH DFWLRQ Q
D SDV pWp SULVH HQ FRPSWH SDU OH SURJUDPPH /HSURJUDPPHHQYRLHXQHLPSXOVLRQVXUXQHFRORQQH5% HWWHVWHOHVOLJQHV5% 9RLUO
H[HPSOH&ODYLHUKH[DDVPGXWXWRULDO
5RXHVFRGHXVHV
8QHURXHFRGHXVHLPSRVHVXUHQWUpHVXQTXDUWHWQRPEUHGHjFRUUHVSRQGDQWjVDSRVLWLRQ 2QSHXWFKRLVLUOHSRUWXWLOLVp 'HX[URXHVVXUOHSRUW%SHUPHWWHQWGHJpQpUHUXQRFWHWSRLGVIRUWVjJDXFKH
/HVURXHVQHIRQFWLRQQHQWTXHVLXQSURJUDPPHHVWODQFp 3DUH[HPSOHVLXQHURXHHVWFRQQHFWpHVXUOHSRUW$OHSURJUDPPHVXLYDQWUHFRSLHOHTXDUWHWJpQpUp SDUODURXHVXUOHSRUW% RUJ]UHJ EDQN FOUI75,6% EDQN
SRUW%HQVRUWLH
%RXFOHPRYII3257$3257% JRWR%RXFOH HQG
0DQRHXYUHUODURXHFRGHXVHDSUqVDYRLUODQFpFHSURJUDPPHHWH[DPLQHUOHSRUW%
0DQXHO'HY3LF
SDJH
'pERJXHXUVRXUFH
&HSURFHVVXVV
DSSXLHVXUOHVLPXODWHXU LOSHUPHWGHVXLYUHO¶H[pFXWLRQG
XQSURJUDPPHHQYLVXDOLVDQW /DSRVLWLRQGHO
LQVWUXFWLRQHQFRXUVGDQVOHVWH[WHVRXUFHVTXLFRPSRVHQWO
DSSOLFDWLRQ /HVUHJLVWUHVGXPLFURFRQWU{OHXU /HVYDULDEOHVGXSURJUDPPH 7RXWH]RQH PpPRLUH &RPPDQGHV 3DVjSDVDSSURIRQGL 0HQX'HEXJ5DFFRXUFL ) RXERXWRQGHODEDUUHG
RXWLOV SRXUH[pFXWHU O
LQVWUXFWLRQVXLYDQWH &HWWHFRPPDQGHODQFHO¶H[pFXWLRQGHO
LQVWUXFWLRQVXLYDQWHGDQVOHSURJU DPPH HWPRQWUHODOLJQHGHGHVWLQDWLRQGDQVOHWH[WHVRXUFH 3DVjSDVUDSLGH 0HQX'HEXJ5DFFRXUFL )SRXUH[pFXWHU OHVLQVWUXFWLRQV VXLYDQWHVVDQV V
DUUrWHUGDQVOHVVRXVSURJUDPPHV &HWWHFRPPDQGHHVWVLPLODLUHjODSUpFpGHQWHPDLVORU VTX
XQHLQVWUXFWLRQ G
DSSHOGHVRXVSURJUDPPHHVWUHQFRQWUpHFDOO OHGpERJXHXUH[pFXWHODFRPPDQGH)WDQWTXHODSLOHQ
HVWSDVUHYHQXH jO
pWDWLQLWLDO 'DQVXQH]RQHVDQVDSSHOGHVRXVSURJUDPPH)HVWSUpIpUDEOHj) FDUSOXVUDSLGH SDVGHVXUYHLOODQFHGHODSLOH
([pFXWHUMXVTX
DXFXUVHXU 0HQX'HEXJ5DFFRXUFL )SRXUH[pFXWHU OHV LQVWUXFWLRQVVXLYDQWHVMXVTX
jODOLJQHGXFXUVHXU /HGpERJXHXUGpWHUPLQHO
DGUHVVHOLpHjODOLJQHFRXUDQWHFHOOHGXFXUVHXU GDQVOHWH[WHVRXUFHDVVHPEOHXU,OH[pFXWHOHSURJUDPPHWDQWTXH FHWWHDGUHVVHQ
HVWSDVWURXYpH 3ODFHUXQSRLQWG
DUUrW 0HQX'HEXJ5DFFRXUFL &WUO)SRXUDUUrWHUO¶H[pFXWLRQGXSURJUDPPH &HWWHFRPPDQGHQ
DDXFXQVHQVHQPRGHSDVjSDV (OOH Q
HVWDFWLYHTXHVLRQODQFHOHSURJUDPPHHQH[pFXWLRQOLEUH
2XYULUWRXWHVOHVVRXUFHV 0HQX'HEXJ5DFFRXUFL )SRXUYRLUWRXWHVOHVVRXUFHVXWLOLVpHVSDUO
DVVHPEOHXU /HVWH[WHVSHXYHQWrWUHQRPEUHX[ 5pFHSWLRQVpULHOOH 0HQX'HEXJ5DFFRXUFL &WUO)SRXUYRLUGHVGRQQpHVHQYR\pHVSDUODFDUWH 8QHIHQrWUHGHFRPPXQLFDWLRQSHUPHWGHYRLUFHTXLDUULYHVXUOHSRUWVpULHGHO
RUGLQDWHXU
0DQXHO'HY3LF
SDJH
0pPRLUH
/DIHQrWUHGHWUDYDLOVXUODPpPRLUH VHSUpVHQWHVRXVIRUPHG
XQFODVVHXUFRPSRVpGHSOXVLHXUV SDJHV 3DJH3URJUDPPH 3DJH5HJLVWUHV 3DJH'RQQpHV 3DJH&RQILJ 3DJH3LOH OHVPRWVGHELWVFRPSRVDQWOHFRGHH[pFXWDEOH OHVUHJLVWUHVGX&HWOD5$0 O
((3URPGHGRQQpHVRFWHWV OD]RQHGHFRQILJXUDWLRQGX& OHVPRWVGHELWVGHODSLOHHWODSRVLWLRQGXSRLQWHXU
3DJH3URJUDPPH
6HXOVOHVFRGHVLQIpULHXUVj)))VRQW PRQWUpVVDXIVLO
RQIRUFHOHXUDIILFKDJH GHSXLV OH PHQX 2SWLRQV3URJUDPPHV 2Q SHXWHQWUHUGHVFRGHVPDQXHOOHPHQW ,O Q
HVW SDV SRVVLEOH G
pFULUH GDQV OD ]RQH$6&,,
3DJH5HJLVWUHV
/HV DGUHVVHV FRUUHVSRQGDQW DX[ UHJLVWUHVVRQWPRQWUpHVVXUIRQGEODQF /HV DGUHVVHV FRUUHVSRQGDQW DX[ YDULDEOHVVRQWPRQWUpHVVXUIRQGMDXQH /HV DXWUHV 5$0 XWLOLVDWHXU VRQW PRQWUpHVVXUIRQGJULV /HV DGUHVVHV EDUUpHV DYHF ; Q
RQW SDV GHPpPRLUH 2Q SHXW HQWUHU GHV YDOHXUV PDQXHOOHPHQW ,O Q
HVW SDV SRVVLEOH G
pFULUH GDQV OD ]RQH$6&,,
0DQXHO'HY3LF
SDJH
3DJH'RQQpHV
6HXOHV OHV GRQQpHV LQIpULHXUHV j )) VRQW PRQWUpHV VDXI VL O
RQ IRUFH OHXU DIILFKDJHGHSXLV OH PHQX 2SWLRQV3URJUDPPHV 2Q SHXWHQWUHUGHVFRGHVPDQXHOOHPHQW ,O HVW SRVVLEOH G
pFULUH GDQV OD ]RQH $6&,,
3DJH&RQILJ 2QSHXWHQWUHUGHVFRGHVPDQXHOOHPHQW ,OHVWSRVVLEOHG
pFULUHGDQVOD]RQH $6&,,
3DJH3LOH
2Q SHXW HQWUHU GHV YDOHXUV PDQXHOOHPHQW PDLV ,O IDXW rWUH SUXGHQW /H SRLQWHXU Q
HVW SDV PDQLSXODEOH GHSXLVFHWWHIHQrWUH
0DQXHO'HY3LF
2XWLOGHSURJUDPPDWLRQ
SDJH
3RXUODQFHUOHSURJUDPPDWHXUPHQX2XWLOV3URJUDPPDWLRQRXGLUHFWHPHQW) /HSURJUDPPDWHXUQ
HVWSDVDFFHVVLEOHVLO
RQHVWHQPRGH
VLPXODWLRQ
OHERXWRQ QHGRLWSDVrWUH HQIRQFp /HSURJUDPPDWHXUSHUPHWGH /LUHOHV]RQHVPpPRLUHSURJUDPPHGRQQpHHWFRQILJXUDWLRQ (FULUHGDQVFHV]RQHV 9pULILHU&RPSDUHUOHVYDOHXUVpFULWHVHWOXHV 3URWpJHUFHV]RQHVUHQGUHO
pFULWXUHHWODOHFWXUHLPSRVVLEOHV (IIDFHUFHV]RQHVPpPRLUHHQHQOHYDQWODSURWHFWLRQ
7RXWHVFHVRSpUDWLRQVVRQWDFFHVVLEOHVSDUPHQXGpURXODQWVLODFDUWHGHGpYHORSSHPHQWHVWGpWHFWpH $XODQFHPHQWGXSURJUDPPDWHXUXQPHVVDJHVLJQDOHODSUpVHQFHGHODFDUWH 6LO
RQDRXEOLpGHFRQQHFWHURXG
DOLPHQWHUODFDUWHRQGLVSRVHDORUVGHTXHOTXHVVHFRQGHVSRXUOH IDLUH 6LJQLILFDWLRQGHVYDOHXUVLQGLTXpHVGDQVOHVJULOOHV
$XODQFHPHQW 7RXWHVWj]pUR&HVYDOHXUVUHIOqWHQWO
pWDWGHVWDPSRQVGDQVO
RUGLQDWHXUHWQ
RQWDXFXQHVLJQLILFDWLRQ SDUWLFXOLqUH $SUqVDVVHPEODJH /
DVVHPEOHXUDIIHFWHGLUHFWHPHQWOHV]RQHVSURJUDPPHGRQQpHVHWFRQILJ/HUpVXOWDWHVWPRQWUpGDQV OHVJULOOHV $SUqVOHFWXUH /HVWDPSRQVHWOHVJULOOHVFRQWLHQQHQWO
LPDJHGHVPpPRLUHVGX3,&
0RGLILFDWLRQPDQXHOOHG
XQYDOHXU 'DQVOHV]RQHVRQSHXWPRGLILHUXQHYDOHXUKH[DGpFLPDOH 3ODFHUOHFXUVHXUVXUODFDVHjPRGLILHU (FULUHODQRXYHOOHYDOHXUKH[DGpFLPDOH )UDSSHUODWRXFKH
(QWUpH
SRXUODYDOLGHU &HWWHYDOHXUHVWDORUVpFULWHGDQVOHWDPSRQHOOHQ
HVWSDVHQFRUHpFULWHGDQVODPpPRLUHGX3,& 3RXUO
pFULUHLOIDXGUDODQFHUO
pFULWXUHGHSXLVOHPHQX 'DQVOD]RQHGHGRQQpHVRQSHXWDXVVLHQWUHUGLUHFWHPHQWGHVFDUDFWqUHVGDQVODFRORQQH$6&,, 2QQHSHXWSDVOHIDLUHGDQVOHV]RQHV
3URJUDPPH
HW
&RQILJ
'HSXLVO
HQYLURQQHPHQWLQWpJUpLOQ
HVWSDVQpFHVVDLUHG
RXYULUODIHQrWUHGHSURJUDPPDWLRQSRXU WpOpFKDUJHUXQSURJUDPPH 3DUH[HPSOHGHSXLVOHWH[WHVRXUFHIUDSSHUODWRXFKH)SRXUDVVHPEOHUWpOpFKDUJHUHWH[pFXWHUOH SURJUDPPHOHERXWRQGHVLPXODWLRQ QHGRLWSDVrWUHHQIRQFp
0DQXHO'HY3LF
&DUWHGHGpYHORSSHPHQW
SDJH
YRLUGRFXPHQWDWLRQGHODFDUWH3LF'HY
5HOLpHjODSULVHVpULHGHO
RUGLQDWHXUXQHSHWLWHFDUWHGHGpYHORSSHPHQWSHUPHWGHPHWWUH UDSLGHPHQWHQRHXYUHOHPLFURFRQWU{OHXU,O\DGHX[XWLOLVDWLRQVSRVVLEOHV GHFHWWHFDUWH &HOOHFLHVWUHOLpHjO¶RUGLQDWHXUSDUXQFRUGRQVpULHGHW\SH02'(0QRQFURLVpRX /HVEURFKHVGHVSRUWV$HW%VRQWUpSpWpHVVXUEURFKHVjZUDSSHU GLRGHV/('LQGLTXHQW 3,&) /DFDUWHHVWDOLPHQWpHURXJH N FRUGRQ (FULWXUHOHFWXUHPpPRLUHMDXQH N 2UGLQDWHXU3& &DUWHGHGpYHORSSHPHQW 5HVHWGXPLFURFRQWU{OHXU9HUWH N VpULH /HPLFURFRQWU{OHXUHVWVXUO¶DSSOLFDWLRQ /HPLFURFRQWU{OHXUHVWVXUODFDUWHGHGpYHORSSHPHQW
&HOOHFLHVWUHOLpHjODFDUWHGHGpYHORSSHPHQWSDUXQFkEOHILOV0&/5*1'5%5% /DSURJUDPPDWLRQHVWGRQFHIIHFWXpHGLUHFWHPHQWVXUO¶DSSOLFDWLRQ,63
FRUGRQ VpULH &LUFXLWGHFRXSODJH ILOV 3,&)
2UGLQDWHXU3&
&DUWHGHGpYHORSSHPHQW
$SSOLFDWLRQ
&HWWHGLVSRVLWLRQSHUPHWGHWHVWHUOHIRQFWLRQQHPHQWGHO¶DSSOLFDWLRQVDQVPDQLSXODWLRQGX 3,& 3ULQFLSHGHFRQQH[LRQ jO¶RUGLQDWHXU
)LFKH'% '75 &76 576 7' 5'
/HV SpULSKpULTXHV FRQQHFWpV j 0&/55%HW5%QHGRLYHQW SDV FRQVRPPHU SOXV GH P$ SRXU SHUPHWWUH j OD FDUWH GH GpYHORSSHPHQW GH IL[HU OH SRWHQWLHO GH FHV EURFKHV ORUV G
XQH RSpUDWLRQ GH OHFWXUH RX G
pFULWXUH
9
3,&)
5%'$7$
5%&/.
2Q QH SHXW SDV SURWpJHU RX GpSURWpJHU XQ 3,& VXU O
DSSOLFDWLRQ SRXU HIIHFWXHU FHVRSpUDWLRQVLOIDXWOHSODFHU VXUODFDUWHGHGpYHORSSHPHQW
0&/5 966
6*
0DQXHO'HY3LF
8WLOLVDWLRQGHO
DVVLVWDQWGHSURWRW\SDJH
SDJH
/
DVVLVWDQWGHSURWRW\SDJHSHUPHWG
pFULUHUDSLGHPHQWXQSURJUDPPHHQDXWRPDWLVDQW /DFRQVWUXFWLRQGHO
HQWrWHGpFODUDWLRQVGLYHUVHV /DGpILQLWLRQGHVHQWUpHVVRUWLHV /
LPSODQWDWLRQGHPRGXOHVH[LVWDQWV /DFRQVWUXFWLRQGHWHPSRULVDWLRQVORJLFLHOOHV /
LPSODQWDWLRQGHVWUXFWXUHVDOJRULWKPLTXHV
3RXUOHODQFHUVpOHFWLRQQHUOHPHQX2XWLOV3URWRW\SDJHRXFOLTXHUVXUOHERXWRQ 1RXYHOOHDSSOLFDWLRQDYHFSURWRW\SDJH 6pOHFWLRQQHUHQVXLWHO
RQJOHWGpVLUp
'pFODUDWLRQV
/
DVVLVWDQWGHSURWRW\SDJHLPSODQWHOHVGpFODUDWLRQVVXLYDQWHV
7H[WHVLQFOXV (TXLYDOHQFHVVWDQGDUG5(*,675(6+ 0DFURVVWDQGDUG67'0$&+VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH 9DULDEOH 8QHYDULDEOHELWV7HPSSRXUUDrWUHXWLOLVpHFRPPHUHJLVWUHWHPSRUDLUH
,QWHUUXSWLRQV VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH 2QGRLWpJDOHPHQWFRFKHUOHVLQWHUUXSWLRQVjXWLOLVHUGDQVODUXEULTXHFRUUHVSRQGDQWH /HVpWLTXHWWHV,QWHU5%,17,QWHU705,QWHU3RUW%HW,QWHU:((3URPVRQW
LPSODQWpHVPrPHVLOHVLQWHUUXSWLRQVFRUUHVSRQGDQWHV QHVRQWSDV XWLOLVpHV 2QSRXUUDVXSSULPHUFHVODEHOVLQXWLOHV
((3URPGHGRQQpHVVLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH 8QHOLJQHRUJ]GDWDHVWLPSODQWpHVXLYLG
XQHOLJQHG
H[HPSOHGHFRQVWDQWHV &KLHQGHJDUGH VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH /DOLJQHFRQILJ FRQWLHQWZGW RXL 3RZHU2Q7LPHU VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH /DOLJQHFRQILJ FRQWLHQWSZUW RXL 2VFLOODWHXUj4XDUW] VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH /DOLJQHFRQILJ FRQWLHQWRVF [WVLQRQHOOHFRQWLHQWRVF UF
'pEXWGX&RGH([pFXWDEOH
/
DVVLVWDQWGHSURWRW\SDJHSODFHOH'pEXWGXSURJUDPPH H[pFXWDEOH
5HVHW RUJ[]SURJ DGUHVVHG
H[pFXWLRQVXLWHj0&/5 6WDUW ,QLWLDOLVDWLRQ EDQN /LJQHVGpSHQGDQWHVGHVFDVHVFRFKpHV EDQN )LQ,QLW
/HEORFG
LQVWUXFWLRQGpOLPLWpSDUOHVOLJQHVEDQNHWEDQNGpSHQG GXUHFRXUVDX[LQWHUUXSWLRQV GHODFRQILJXUDWLRQGHVHQWUpHVVRUWLHV /
DGUHVVHGHODQFHPHQWHVWWRXMRXUV[
0DQXHO'HY3LF
'LUHFWLRQGHVGRQQpHV
SDJH
/DSDJH3RUWVGHO
DVVLVWDQWPRQWUHOHVSRUWVGX& ,OVXIILWGHFOLTXHUVXUOHVIOqFKHVSRXUFKDQJHUODGLUHFWLRQGHVGRQQpHV(QWUpHRXVRUWLH /
LQWHUYDOOHHQWUHEDQNHWEDQNVHUDFRPSOpWpHQIRQFWLRQGXVHQVGHVIOqFKHV (QFRXUVG
H[pFXWLRQOHSURJUDPPHSHXWPRGLILHUODFRQILJXUDWLRQGHVSRUWV
,QLWLDOLVDWLRQGHVSRUWV
/
DVVLVWDQWLQLWLDOLVHOHVYHUURXVDVVRFLpVDX[SRUWV
FOUI3257$ FOUI3257% YHUURXj YHUURXj
/
DVVLVWDQWPDQLSXOHOHELW5%38 GXUHJLVWUH237,21 VLOHVUpVLVWDQFHVGHWLUDJHGXSRUW%VRQW GHPDQGpHV
0RGXOHVVWDQGDUG
/HVPRGXOHVVRQWGHVVRXVSURJUDPPHVDVVXUDQWGHVIRQFWLRQVJpQpUDOHVUpXWLOLVDEOHVSDUG
DXWUHV SURJUDPPHV
8QPRGXOHSHXWFRQWHQLUSOXVLHXUVVRXVSURJUDPPHV/HVPRGXOHVVRQWSODFpVVXUOHGLVTXHGDQVOH UpSHUWRLUH0RGXOHVVRXVIRUPHGHILFKLHUV$60 4XHOTXHVPRGXOHVVRQWIRXUQLVHQVWDQGDUGDYHF 'HY3LF
$IILFKDJH /&' &RPPDQGH G
XQ DIILFKHXU /&' JHQUH /0 OLJQHV GH RX FDUDFWqUHV/DFRPPDQGHVHIDLWVXUELWV/D OLJQH 5: Q
HVW SDV XWLOLVpH OD UHOLHU j 9(( *1'SRXUUpFXSpUHUODEURFKH5%9((HVW UHOLp j *1' SRXU REWHQLU OH PD[LPXP GH FRQWUDVWH $MXVWHPHQWGpFLPDO3HUPHWG
DIILFKHUXQQRPEUHRXELWVHQGpFLPDODYHFRXFKLIIUHV (QHQWUpH8QHYDULDEOHRX ELWV1RPEUHFRQWLHQWOHQRPEUHjDIILFKHU (QVRUWLHXQHYDULDEOH%&'VXURXRFWHWVFRQWLHQWOHVFKLIIUHVjDIILFKHU &RPPXQLFDWLRQDV\QFKURQH OLDLVRQVpULHW\SH569 &HVIRQFWLRQVSHUPHWWHQWG
HQYR\HUVXU5%HWGHUHFHYRLUVXU5%GHVFDUDFWqUHVHQVpULHjEGV DYHFTXDUW]0+]RX NEGVTXDUW]0+] (OOHV Q
XWLOLVHQW SDV G
LQWHUUXSWLRQ 8Q WUDQVFHLYHU GH OLJQH HVW QpFHVVDLUH LO HVW SUpVHQW VXU OD FDUWH 3LF'HYSRXUVRUWLUVXU5%
0DQXHO'HY3LF
SDJH
*HVWLRQGXEXV,&
/H3,&HVWWRXMRXUVPDvWUH &RQWU{OH G
XQ EXV ,& 6WDUW $GUHVVH $FTXLWWHPHQW'RQQpHVHW$FTXLWWHPHQW $OOXPDJHpYHQWXHOG
XQH/('VXU5$ VL O¶DFTXLWWHPHQW HVW UHoX /H & pWDQW PDvWUHSURGXLWOHVLJQDOG
KRUORJH6&/ 3URGXFWLRQVLJQDOG
DSSHOWpOpSKRQLTXH'70) (QHQWUpHOHUHJLVWUH:FRQWLHQWOHQXPpURGHODWRXFKHHQIRQFpHGXFODYLHUWpOpSKRQLTXHVWDQGDUG (QVRUWLHOHVLJQDO'70)HVWGLVSRQLEOHVXUXQ&1$SODFpVXUOHSRUW%8QUpVHDX55FRQYLHQW
,QVpUHUXQPRGXOH
3RXULQVpUHUXQPRGXOHGDQVOHSURJUDPPH RXYULUO
DVVLVWDQWGHSURWRW\SDJH GHSXLVOHPHQX2XWLOV 3URWRW\SDJH&OLTXHUVXUO
RQJOHW0RGXOHV/DOLVWHGHVPRGXOHVGLVSRQLEOHVV
DIILFKH 'RXEOH&OLTXHUVXUOHPRGXOHjLPSODQWHU/HYLVXDOLVHUpYHQWXHOOHPHQW 'DQVOHWH[WHVRXUFHSODFHUOHFXUVHXUjO
HQGURLWG
DSSHOGHVVRXVSURJUDPPHVGXPRGXOH &OLTXHUVXU,PSODQWHUOHPRGXOH7RXVOHVDSSHOVDX[VRXVSURJUDPPHVVRQWLPSODQWpV 2QSRXUUDHQVXSSULPHU/HFRGHGHVVRXVSURJUDPPHVGXPRGXOHHVWDMRXWpjODILQGXWH[WHVRXUFH GXSURJUDPPH
6L O
RQ Q
XWLOLVH SDV WRXWHV OHV IRQFWLRQV RQ SHXW VXSSULPHU OHV VRXVSURJUDPPHV HW GpFODUDWLRQV LQXWLOLVpHV &HUWDLQVPRGXOHVSHXYHQWHQXWLOLVHUG
DXWUHV8QPHVVDJHG
DYHUWLVVHPHQWLQYLWHDORUVO
XWLOLVDWHXU jLPSODQWHUWRXVOHVPRGXOHVXWLOLVpV
3URGXLUHXQPRGXOH
8QPRGXOHHVWXQWH[WHVRXUFHDVVHPEOHXU,OHVWGRQFIDFLOHGHSURGXLUHVHVSURSUHVPRGXOHV 4XHOTXHVUqJOHVGHV\QWD[HVRQWFHSHQGDQWjUHVSHFWHU /HPRGXOHQHFRQWLHQW48(GHVVRXVSURJUDPPHV /HVVRXVSURJUDPPHVGRQWOHQRPFRPPHQFHSDUXQVRXOLJQpBVHURQWSUpVHQWVGDQVODVHFWLRQGHV DSSHOVGHVRXVSURJUDPPHVTXLVHUDLPSODQWpHGDQVOHWH[WHVRXUFH
/HVGLUHFWLYHVRUJ]SURJVHURQWVXSSULPpHV/HPRGXOHSRXYDQWrWUHLPSODQWpjXQHDGUHVVH TXHOFRQTXHWRXWHUpIpUHQFHjXQHDGUHVVHIL[HVHUDVXSSULPpHSDU'HY3LF
/HV GpFODUDWLRQV GH ILFKLHUV LQFOXV VWDQGDUG VHURQW VXSSULPpHV SDU 'HY3LF SRXU pYLWHU OD UHGRQGDQFH,OV
DJLWGH67'0$&+HWGH5(*,675(6+ /HVOLJQHVGHFRPPHQWDLUHVHURQWDQDO\VpHVSDU'HY3LF (OOHVVHURQWVXSSULPpHVVLHOOHVFRPPHQFHQWSDUXQSRLQWYLUJXOHVXLYLG
XQSRLQW (OOHVVHURQWVXSSULPpHVHWSURYRTXHURQWXQPHVVDJHG
DYHUWLVVHPHQWVLHOOHVFRPPHQFHQWSDUXQ SRLQWYLUJXOHVXLYLG
XQWLUHW (OOHVVHURQWFRQVHUYpHVGDQVOHVDXWUHVFDV
/HVGpFODUDWLRQVGHYDULDEOHV50VHURQWUHJURXSpHVDYHFFHOOHVGXSURJUDPPH
0DQXHO'HY3LF
SDJH
8WLOLVDWLRQGHVVWUXFWXUHVDOJRULWKPLTXHV
3RXULQVpUHUXQHLWpUDWLRQRXXQHVpTXHQFHFRQGLWLRQQHOOHODQFHUOHSURWRW\SHXUHWVpOHFWLRQQHUO
RQJOHW $/*25,7+0(/HVVWUXFWXUHVVRQWSURSRVpHVHQODQJDJH 3DVFDO 6pOHFWLRQQHUHQVXLWHODVWUXFWXUHjLPSODQWHUHQFOLTXDQWVXUOHERXWRQFRUUHVSRQGDQW )25'2 :+,/('2 5(3($7817,/ ,)7+(1(/6(
/
DOJRULWKPHDSSDUDvWDORUVGDQVODIHQrWUHGHJDXFKH 2QSHXWDORUV 5HQRPPHUODYDULDEOHGHFRQWU{OH 0RGLILHUOHVERUQHV ,QVpUHUHQDVVHPEOHXUODVpTXHQFHUpSpWpHRXFRQGLWLRQQHOOH
4XDQGFHWDOJRULWKPHFRUUHVSRQGDXSURFHVVXVVRXKDLWp 'DQVOHWH[WHVRXUFHSODFHUOHFXUVHXUjO
HQGURLWRXGRLWrWUHLPSODQWpHODVWUXFWXUH &OLTXHUVXUOHERXWRQ&203,/(5
/DVWUXFWXUHHVWDORUVFRQYHUWLHHQDVVHPEOHXUHWLQVpUpHGDQVOHWH[WH /DGpFODUDWLRQGHVYDULDEOHVHVWFRPSOpWpH /HVH[SUHVVLRQVQHVRQWSDVFDOFXOpHVSDUOHFRPSLODWHXUHOOHVOHVHURQWSDUO
DVVHPEOHXU
,WpUDWLRQ)25
/
LQVWUXFWLRQ)25SURYRTXHO
H[pFXWLRQGHO
LQVWUXFWLRQDVVRFLpHDX'2XQHIRLVSRXUFKDTXHYDOHXUGH ODYDULDEOHGHFRQWU{OH9DU&RQW 6\QWD[H )25 9DU&RQW 'HEXW72 )LQ'2 6HTXHQFH! 2X )25 9DU&RQW 'HEXW'2:172 )LQ'2 6HTXHQFH!
&HWWHYDULDEOHGHFRQWU{OHGHERXFOHHWVHVYDOHXUVOLPLWHVGRLYHQWrWUHGHVQRPEUHVHQWLHUVVXUELWV /H PRW UpVHUYp 72 LQFUpPHQWH OD YDULDEOH SRXU DWWHLQGUH OD YDOHXU )LQ DORUV TXH '2:172 OD GpFUpPHQWH 'pEXWHW)LQSHXYHQWrWUHGHVFRQVWDQWHVRXGHVYDULDEOHVELWV
/HVFRQVWDQWHVSHXYHQWrWUHGHVH[SUHVVLRQVUHFRQQXHVSDUO
DVVHPEOHXU(OOHVSHXYHQWFRQWHQLUGHV V\PEROHV DVVRFLpV j GHV FRQVWDQWHV (OOH QH SHXYHQW SDV FRPPHQFHU SDU XQ V\PEROH FDU OH FRPSLODWHXU Q
D DXFXQ PR\HQ GH WULHU HQWUH V\PEROH FRQVWDQW HW YDULDEOH /HV H[SUHVVLRQV QH GRLYHQWSDVFRQWHQLUG
HVSDFH
0DQXHO'HY3LF
SDJH
([HPSOHG
LWpUDWLRQ)25 )RU, 7R'R %HJLQ DVP UOI3257% HQGDVP (QG
,WpUDWLRQ:+,/(
8QHFRQVWUXFWLRQZKLOH FRPSRUWHXQHH[SUHVVLRQTXLFRQWU{OHO
H[pFXWLRQUpSpWpHG
XQHVpTXHQFH EORFG
LQVWUXFWLRQV 6\QWD[H :+,/(&RQGLWLRQ!'2VpTXHQFH!
/
LQVWUXFWLRQDVVRFLpHDX'2HVWH[pFXWpHGHPDQLqUHUpSpWpHWDQWTXHODFRQGLWLRQHVWYUDLH
/DFRQGLWLRQHVWpYDOXpHDYDQWO
H[pFXWLRQDLQVLVLHOOHHVWIDXVVHGqVOHGpEXWO
LQVWUXFWLRQQ
HVWSDV H[pFXWpH /DFRQGLWLRQSHXWrWUHFRQVWLWXpHGH 'HX[YDULDEOHVELWVQRQVLJQpHVUHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ ! ! 8QHYDULDEOHELWVQRQVLJQpHHWXQHFRQVWDQWHjUHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ
/DFRQVWDQWHSHXWrWUHXQHH[SUHVVLRQUHFRQQXHSDUO
DVVHPEOHXU(OOHSHXWFRQWHQLUGHVV\PEROHV DVVRFLpVjGHVFRQVWDQWHV(OOHQHSHXWSDVFRPPHQFHUSDUXQV\PEROHFDUOHFRPSLODWHXUQ
DDXFXQ PR\HQGHWULHUHQWUHV\PEROHFRQVWDQWHWYDULDEOH/HVH[SUHVVLRQVQHGRLYHQWSDVFRQWHQLUG
HVSDFH ([HPSOHG
LQVWUXFWLRQ:+,/( L :KLOHL'2 %HJLQ DVP PRYIIL3257% LQFIL HQGDVP (QG
,WpUDWLRQ5(3($7817,/
/HVLQVWUXFWLRQVHQWUH5(3($7HW817,/VRQWH[pFXWpHVHQVpTXHQFHMXVTX
jFH TXHHQILQGHVpTXHQFHODFRQGLWLRQVRLWYUDLH7UXH 6\QWD[H 5(3($7 LQVWUXFWLRQ LQVWUXFWLRQ LQVWUXFWLRQ1 817,/FRQGLWLRQ
0DQXHO'HY3LF
SDJH
/DVpTXHQFHHVWH[pFXWpHDXPRLQVXQHIRLV
/DFRQGLWLRQSHXWrWUHFRQVWLWXpHGH 'HX[YDULDEOHVELWVQRQVLJQpHVUHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ ! ! 8QHYDULDEOHELWVQRQVLJQpHHWXQHFRQVWDQWHjUHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ
/DFRQVWDQWHSHXWrWUHXQHH[SUHVVLRQUHFRQQXHSDUO
DVVHPEOHXU(OOHSHXWFRQWHQLUGHVV\PEROHV DVVRFLpVjGHVFRQVWDQWHV(OOHQHSHXWSDVFRPPHQFHUSDUXQV\PEROHFDUOHFRPSLODWHXUQ
DDXFXQ PR\HQGHWULHUHQWUHV\PEROHFRQVWDQWHWYDULDEOH/HVH[SUHVVLRQVQHGRLYHQWSDVFRQWHQLUG
HVSDFH ([HPSOHG
LWpUDWLRQ5(3($7 5HSHDW DVP PRYII3257$&DSWHXU HQGDVP 8QWLO&DSWHXU!
$OWHUQDWLYH,)7+(1(/6(
(OOHSHUPHWGHFRQVWUXLUHGHVVpTXHQFHVjH[pFXWLRQFRQGLWLRQQHOOH 6\QWD[H ,) &RQGLWLRQ!7+(1 6pTXHQFH! RX ,) &RQGLWLRQ!7+(1 6pTXHQFH!(/6( 6pTXHQFH!
6LODFRQGLWLRQVXLYDQW,) HVWYUDLHODVpTXHQFHDVVRFLpHj7+(1 HVWH[pFXWpH 6LQRQHOVHF
HVWODVpTXHQFHDVVRFLpHj (/6( IDFXOWDWLITXLHVWH[pFXWpH
/DFRQGLWLRQSHXWrWUHFRQVWLWXpHGH 'HX[YDULDEOHVELWVQRQVLJQpHVUHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ ! ! 8QHYDULDEOHELWVQRQVLJQpHHWXQHFRQVWDQWHjUHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ
/DFRQVWDQWHSHXWrWUHXQHH[SUHVVLRQUHFRQQXHSDUO
DVVHPEOHXU(OOHSHXWFRQWHQLUGHVV\PEROHV DVVRFLpVjGHVFRQVWDQWHV(OOHQHSHXWSDVFRPPHQFHUSDUXQV\PEROHFDUOHFRPSLODWHXUQ
DDXFXQ PR\HQGHWULHUHQWUHV\PEROHFRQVWDQWHWYDULDEOH/HVH[SUHVVLRQVQHGRLYHQWSDVFRQWHQLUG
HVSDFH ([HPSOHVG
LQVWUXFWLRQV,) ,I&RQVLJQH9LWHVVH90LQ7KHQ %HJLQ DVP FOUI3257%DUUHWGXPRWHXU EVI3257$DODUPH HQGDVP (QG (OVH %HJLQ DVP PRYII&RQVLJQH9LWHVVH3257%1RXYHOOHYLWHVVH HQGDVP (QG
0DQXHO'HY3LF
SDJH $QQH[H
,QVWUXFWLRQVUHFRQQXHVSDUO
DVVHPEOHXU
DGGOZ DMRXWHXQHFRQVWDQWHj:5pVXOWDWGDQV: DGGZI DMRXWH:j)5pVXOWDWGDQV:G RXGDQV)G DQGOZ HIIHFWXHXQ(7HQWUHXQHFRQVWDQWHHW:5pVXOWDWGDQV: DQGZIHIIHFWXHXQ(7HQWUH:HW)5pVXOWDWGDQV: EFI IDLWSDVVHUXQELWGH)j EVI IDLWSDVVHUXQELWGH)j EWIVF WHVWHFHUWDLQVELWVGH)3DVVHV¶LOVVRQWj EWIVV WHVWHFHUWDLQVELWVGH)3DVVHV¶LOVVRQWj FDOO DSSHOOHXQVRXVSURJUDPPH FOUI SODFH]HURGDQV ) FOUZ SODFH]HURGDQV:HWIDLWSDVVHU=j FOUZGW LQLWLDOLVHOHWLPHUGXFKLHQGHJDUGH FRPI FRPSOHPHQWH)j GHFI GpFUpPHQWH) GHFIV] GpFUpPHQWH)6DXWHVL JRWR VDXWHjXQHDXWUHDGUHVVH LQFI LQFUpPHQWH) LQFI] LQFUpPHQWH)6DXWHVL LRUOZ HIIHFWXHXQ28HQWUHXQHFRQVWDQWHHW) LRUZI HIIHFWXHXQ28HQWUH:HW) PRYI VLG FKDUJH)GDQV:VLQRQUppFULW)GDQV) PRYOZ FKDUJHXQHFVWHELWGDQV: PRYZI VWRFNH:YHUV) QRS QHIDLW ULHQHQJDVSLOODQWXQHSpULRGHGµKRUORJH UHWILH UHWRXUQHGXQHLQWHUUXSWLRQ UHWOZ UHWRXUQHDYHFXQHFRQVWDQWHGDQV: UHWXUQ UHWRXUQHGXQVRXVSURJUDPPH HIIHFWXHXQHURWDWLRQGHELWVjJDXFKHDYHF&$55< UOI HIIHFWXHXQHURWDWLRQGHELWVjGURLWHDYHF&$55< UUI VOHHS SDVVHHQPRGHVWDQGE\ VXEOZ VRXVWUDLW:GXQHFRQVWDQWH VXEZI VRXVWUDLW:GH) VZDSI SHUPXWHTXDUWHWVGH) [RUOZ HIIHFWXHXQ28H[FOXVLIHQWUHXQHFRQVWDQWHHW: [RUZI HIIHFWXHXQ28H[FOXVLIHQWUH:HW)
0DQXHO'HY3LF
'LUHFWLYHVGHO
DVVHPEOHXU
DVFRGH FRQILJ GDWD GHILQHG
SDJH
UHQYRLHOHFRGH$6&,,GX(QLqPHFDUDFWqUHG
XQHFKDvQH GpILQLWOHPRWGHFRQILJXUDWLRQGX& LPSODQWHGHVGRQQpHVHQ((3URP LQGLTXHVLXQV\PEROHHVWGpILQL
HQG HQGLI HQGORFDO HOVH HQGP HTX HUURU H[LWP LI LQFOXGH LVVWU ORFDO RUJ UP PDFUR SLFLG VHW VWUHT
PDUTXHODILQGXEORFSURJUDPPH PDUTXHODILQGXEORFFRQGLWLRQQHO WHUPLQHOHGRPDLQHGHYDOLGLWpG
XQV\PEROH FRPPHQFHXQEORFFRQGLWLRQQHODOWHUQDWLI PDUTXHODILQG
XQHPDFUR OLHXQQRPEUHjXQV\PEROH SURYRTXHXQPHVVDJHG
HUUHXU VRUWG
XQHPDFUR FRPPHQFHXQEORFFRQGLWLRQQHO LQFRUSRUHXQWH[WHVRXUFH GpWHFWHXQHFKDvQHGHFDUDFWqUHV GpFODUHXQHPDFUR
FRPPHQFHOHGRPDLQHGHYDOLGLWpG
XQV\PEROHORFDO IL[HO
DGUHVVHFRXUDQWH
GpILQLWOHVPRWVG
LGHQWLILFDWLRQGX& GpILQLWXQHYDULDEOHG
DVVHPEODJH FRPSDUH FKDvQHVGHFDUDFWqUHV
UpVHUYHGHODPpPRLUHSRXUXQHYDULDEOH
]GDWD ]SURJ ]UHJ
DVVRFLpHjRUJVpOHFWLRQQHO
((3URPGHGRQQpHV DVVRFLpHjRUJVpOHFWLRQQHODPpPRLUHSURJUDPPH DVVRFLpHjRUJVpOHFWLRQQHODPpPRLUHUHJLVWUH
0DQXHO'HY3LF
0DFURVIRXUQLHVHQVWDQGDUG
SDJH
/HVSDUDPqWUHVpYHQWXHOVVRQWHQWUHSDUHQWKqVHV 5HPDUTXHUTXHFHUWDLQHV0DFURVHQDSSHOOHQWG
DXWUHV
2SpUDWLRQV FRPF PDFUR &RPSOHPHQWHUUHWHQXH PRYI 67$786Z [RUOZ PRYZI 67$786 HQGP PDFUR &RPSOHPHQWHU: [RUOZ ))+ HQGP
FRPZ DGGOI
DGGZIF
PDFUR &RQVWDQWH5HJLVWUH5HJLVWUH 5HJLVWUH&RQVWDQWH PRYI : DGGOZ PRYZI HQGP PDFUR 5HJLVWUH5HJLVWUH 5HJLVWUH:&\ VNLSQF LQFIV]) DGGZI : PRYZI HQGP
DQGOI
VXEOI
PDFUR &RQVWDQWH5HJLVWUH5HJLVWUH 5HJLVWUH&RQVWDQWH PRYI : DQGOZ PRYZI HQGP PDFUR &RQVWDQWH5HJLVWUH5HJLVWUH 5HJLVWUH&RQVWDQWH PRYI : VXEOZ PRYZI HQGP
[RUOI
LQFZ GHF
PDFUR &RQVWDQWH5HJLVWUH5HJLVWUH 5HJLVWUHA&RQVWDQWH PRYI : [RUOZ PRYZI HQGP PDFUR ,QFUHPHQWHU: DGGOZ HQGP
PDFUR YDU'HFUHPHQWHUXQHYDULDEOHELWV GHFI ) EQHF [)) GHFI ) HQGP
0DQXHO'HY3LF LQF
SDJH
PDFUR YDU,QFUHPHQWHUXQHYDULDEOHELWV LQFI VNLSQ] LQFI HQGP
LQFUpPHQWDWLRQFRQGLWLRQQHOOHGH3& VNLSF
VNLSQF VNLS] VNLSQ] VNSRV VNQHJ
PDFUR VDXWHUVLUHWHQXH EWIVV 67$786& HQGP
PDFUR VDXWHUVL]pUR EWIVV 67$786= HQGP
PDFUR VDXWHUVLQRQUHWHQXH EWIVF 67$786& HQGP
PDFUR UHJVDXWHUVLUHJ! EWIVF HQGP PDFUR UHJVDXWHUVLUHJ EWIVV HQGP
PDFUR VDXWHUVLQRQ]HUR EWIVF 67$786= HQGP
EUDQFKHPHQWV EF
EQF
PDFUR 'HVWLQDWLRQ VNLSQF JRWR HQGP PDFUR 'HVWLQDWLRQ VNLSF JRWR HQGP PDFUR 'HVWLQDWLRQ VNLSQ] JRWR HQGP PDFUR 'HVWLQDWLRQ VNLS] JRWR HQGP
EUDQFKHUVLUHWHQXH
EUDQFKHUVLQRQUHWHQXH
E]
EUDQFKHUVL]HUR
EQ]
EUDQFKHUVLQRQQXO
ESO
PDFUR UHJLVWUH'HVWLQDWLRQEUDQFKHUVLUHJLVWUH! EWIVV JRWR HQGP
0DQXHO'HY3LF EPL
SDJH
EUVHW
PDFUR UHJLVWUH'HVWLQDWLRQEUDQFKHUVLUHJLVWUH EWIVF JRWR HQGP PDFUR UHJLVWUHELWGHVWLQDWLRQ EWIVF JRWR HQGP PDFUR UHJLVWUHELWGHVWLQDWLRQ EWIVV JRWR HQGP EUDQFKHUVLELWj
EUFOU
EUDQFKHUVLELWj
EHT
EHTF
PDFUR 55'HVWLQDWLRQEUDQFKHUVL5 5 PRYI : [RUZI : VNLSQ] JRWR HQGP
EQH
PDFUR 5&RQVWDQWH'HVWLQDWLRQEUDQFKHUVL5 &VWH PRYOZ [RUZI : VNLSQ] JRWR HQGP PDFUR 55'HVWLQDWLRQEUDQFKHUVL5!5 PRYI : [RUZI : VNLS] JRWR HQGP
EQHF
EJW
PDFUR 5&RQVWDQWH'HVWLQDWLRQEUDQFKHUVL5!&VWH PRYOZ [RUZI : VNLS] JRWR HQGP PDFUR 55'HVWLQDWLRQEUDQFKHUVL5!5 PRYI : VXEZI : VNLSF JRWR HQGP
EJH
EJHF
PDFUR 55'HVWLQDWLRQEUDQFKHUVL5! 5 PRYI : VXEZI : VNLSQF JRWR HQGP
PDFUR 5&VWH'HVWLQDWLRQEUDQFKHUVL5! &VWH PRYOZ VXEZI :
0DQXHO'HY3LF VNLSQF JRWR HQGP
SDJH
EJWF
EOR
PDFUR 5&VWH'HVWLQDWLRQEUDQFKHUVL5!&VWH PRYI : VXEOZ VNLSF JRWR HQGP PDFUR 55'HVWLQDWLRQEUDQFKHUVL55 PRYI : VXEZI : VNLSF JRWR HQGP
EOV
EOVF
PDFUR 55'HVWLQDWLRQEUDQFKHUVL5 5 PRYI : VXEZI : VNLSQF JRWR HQGP
EORF
PDFUR 5&VWH'HVWLQDWLRQEUDQFKHUVL5 &VWH PRYI : VXEOZ VNLSQF JRWR HQGP PDFUR 5&VWH'HVWLQDWLRQEUDQFKHUVL5&VWH PRYOZ VXEZI : VNLSF JRWR HQGP
SRVLWLRQQHPHQWGHELWV FOUF VHWF
PDFUR UHWHQXHj EFI 67$786& HQGP PDFUR UHWHQXHj EVI 67$786& HQGP PDFUR 5HJLVWUH5HJLVWUH5HJLVWUH 5HJLVWUH PRYI : PRYZI HQGP PDFUR FRQVWDQWHUHJLVWUHUHJLVWUH FRQVWDQWH PRYOZ PRYZI HQGP
PRXYHPHQWGHGRQQpHV PRYII
PRYOI
0DQXHO'HY3LF 'LYHUV EDQN EDQN GQRS VDYH
SDJH
PDFUR 6HOHFWLRQSDJH EFI 67$78653 HQGP PDFUR 6HOHFWLRQSDJH EVI 67$78653 HQGP
PDFUR 'RXEOH123SHUGUHF\FOHV JRWR HQGP
UHVWRUH
PDFUR VDXYHU:HW67$786HQWUpHLQWHUUXSWLRQ PRYZI WHPSB: VZDSI 67$786: PRYZI WHPSBV HQGP
WHVW
PDFUR UHVWDXUHU:HW67$786VRUWLHLQWHUUXSWLRQ VZDSI WHPSBV: PRYZI 67$786 VZDSI WHPSB:) VZDSI WHPSB:: HQGP PDFUR 5HJLVWUH7HVWVL5HJLVWUH PRYI ) HQGP
1RWHVSHUVRQQHOOHV