View
0
Download
0
Category
Preview:
Citation preview
sur le Prix et la Qualité du Service Public de l’eau potable et de l’assainissement
2018
rapport ANNUEL
Station d’épuration de Vitrolles
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
3UpDPEXOH
&HUDSSRUWDQQXHOVXUOHSUL[HWODTXDOLWpGXVHUYLFHSXEOLFGHO¶HDXHWGHO¶DVVDLQLVVHPHQWHVWGHVWLQpjO¶LQIRUPDWLRQGXSXEOLFHWGHVpOXV,OUHSUpVHQWHXQpOpPHQWPDMHXUGDQVODPLVHHQ°XYUHORFDOHGHODWUDQVSDUHQFHHWGHVSULQFLSHVGHJRXYHUQDQFHGHVVHUYLFHVG¶HDXHWG¶DVVDLQLVVHPHQW
,OUpSRQGDX[REOLJDWLRQVUpJOHPHQWDLUHVSUpYXHVSDU
/DORLQGXGpFHPEUHVXUO¶(DXHWOHV0LOLHX[$TXDWLTXHV /HV DUWLFOHV /' GX&RGH*pQpUDO GHV&ROOHFWLYLWpV7HUULWRULDOHVHW OH GpFUHW
G¶DSSOLFDWLRQQGXPDL /¶DUUrWpGXPDLUHODWLIDX[UDSSRUWVDQQXHOVVXUOHSUL[HWODTXDOLWpGHVVHUYLFHVSXEOLFV
G¶HDXSRWDEOHHWG¶DVVDLQLVVHPHQW /¶DYLVGHODPLVVLRQLQWHUPLQLVWpULHOOHGHO¶HDXHQGDWHGXRFWREUH /¶DUUrWpGXGpFHPEUHPRGLILDQWO¶DUUrWpGXPDL /¶DUUrWpGXDYULOIL[DQW OHVGLIIpUHQWVSRVWHVGHFRWVGHJHVWLRQUHODWLIVjODPLVHHQ
SODFHGHO¶H[SpULPHQWDWLRQGHODWDULILFDWLRQVRFLDOHGHO¶HDX /DORLQGXDRWSRUWDQWQRXYHOOHRUJDQLVDWLRQWHUULWRULDOHGHOD5pSXEOLTXH /HGpFUHWQGXGpFHPEUHUHODWLIDX[PRGDOLWpVGHWUDQVPLVVLRQGXUDSSRUW
DQQXHOVXUOHSUL[HWODTXDOLWpGXVHUYLFHSXEOLFGHO¶HDXSRWDEOHHWGHO¶DVVDLQLVVHPHQW
/D 0pWURSROH $L[0DUVHLOOH3URYHQFH HVW XQ eWDEOLVVHPHQW 3XEOLF GH &RRSpUDWLRQ ,QWHUFRPPXQDOH(3&,XQLTXHFUppHDXHUMDQYLHUSDUODIXVLRQGHVVL[LQWHUFRPPXQDOLWpVSUpH[LVWDQWHVVXUVRQWHUULWRLUH/HVGLVSRVLWLRQVOpJLVODWLYHVHQFDGUDQWFHWWHFUpDWLRQVRQWODORL0$37$0GXMDQYLHUHWODORL1275HGXDRW
/D0pWURSROH$L[0DUVHLOOH3URYHQFHHVWO¶XQHGHVWURLVPpWURSROHVjEpQpILFLHUG¶XQVWDWXWVSpFLILTXHHWHOOHHVW ODSOXVYDVWHGH)UDQFH(OOHUpXQLWFRPPXQHVUpSDUWLHVVXUWURLVGpSDUWHPHQWVVXUXQWHUULWRLUHGHNPð&HVPLOOLRQG¶KDELWDQWVUHSUpVHQWHQWGHODSRSXODWLRQGHOHQVHPEOHGHODUpJLRQ3URYHQFH$OSHV&WHG$]XU
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
6200$,5(
35(6(17$7,21*(1(5$/(
/¶($8(7/¶$66$,1,66(0(17'$16/$0(75232/( 7(55,72,5(&21&(51((73238/$7,21'(66(59,( /(6&203(7(1&(6($8(7$66$,1,66(0(17
/HVHUYLFHSXEOLFGHO¶HDXSRWDEOH /HVHUYLFHSXEOLFGHO¶DVVDLQLVVHPHQWFROOHFWLI /HVHUYLFHSXEOLFGHO¶DVVDLQLVVHPHQWQRQFROOHFWLI
/(602'(6'(*(67,21 'pOpJDWLRQVGHVHUYLFHSXEOLF'63 5pJLHV
/(6(59,&(38%/,&'(/¶($8327$%/(
/(6&+,))5(6&/(6'(/¶$11(( )$,760$548$176 /(3$75,02,1('86(59,&(
/HVDFKDWVHWYHQWHVG¶HDX /HWUDLWHPHQW /HUpVHDXGHGLVWULEXWLRQ
/$48$/,7('(/¶($8 /$',675,%87,21
5HQGHPHQW /$48$/,7('86(59,&(5(1'8$8;86$*(56 /$*(67,21),1$1&,(5(
/HVYROXPHVIDFWXUpV /HWDX[G¶LPSD\pV %XGJHWGXVHUYLFH $QDO\VHGXFRPSWHG¶H[SORLWDWLRQ'63HWUpJLHV &RQWULEXWLRQjXQIRQGVGHVROLGDULWp
/(6(78'(6(775$9$8;
/(6(59,&(38%/,&'(/¶$66$,1,66(0(17&2//(&7,)
/(6&+,))5(6&/(6'(/¶$11(( )$,760$548$176 /(3$75,02,1('86(59,&(
/DFROOHFWH /HWUDLWHPHQW
/(5(6($8'(&2//(&7( /(62895$*(6'¶(385$7,21 /$*(67,21'(6'(&+(76 /$48$/,7('86(59,&(5(1'8$8;86$*(56 /$*(67,21),1$1&,(5(
/HVYROXPHVIDFWXUpV /HWDX[G¶LPSD\pV %XGJHWGXVHUYLFH $QDO\VHGXFRPSWHG¶H[SORLWDWLRQ'63XQLTXHPHQW &RQWULEXWLRQjXQIRQGVGHVROLGDULWp
/(6(78'(6(775$9$8;
/(6(59,&(38%/,&'(/¶$66$,1,66(0(17121&2//(&7,)
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/(6&+,))5(6&/(6'(/¶$11(( )$,760$548$176 '(6&5,37,21'86(59,&( /¶$&7,9,7('86(59,&( %8'*(7'86(59,&(
7$5,)6'(/¶($8
/(67$5,)6'(/¶($8(7'(/¶$66$,1,66(0(17
$&7,216(1)$9(85'8'(9(/233(0(17'85$%/((7'(/$62/,'$5,7(
$11(;( ),&+(6$56 ±48$/,7('(6($8;$11(;(7$%/($8;5(&$3,78/$7,)6'(6,1',&$7(856'(3(5)250$1&(3285/¶($83$5&20081(
$11(;( 7$%/($83$75,02,1(($8$11(;( &2037(6'¶(;3/2,7$7,21'(7$,//(63285/¶($8&$5(&$$11(;( /,67('(6(78'(6(775$9$8;5($/,6(6(1$11(;(7$%/($8;5(&$3,78/$7,)6'(6,1',&$7(856'(3(5)250$1&(3285/¶$66$,1,66(0(173$5
&20081($11(;( 7$%/($83$75,02,1($66$,1,66(0(17$11(;( &2037(6'¶(;3/2,7$7,21'(7$,//(63285/¶$66$,1,66(0(17&$5(&$$11(;( 63$1&
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
35(6(17$7,21*(1(5$/(
/¶($8(7/¶$66$,1,66(0(17'$16/$0(75232/(
/D0pWURSROH$L[0DUVHLOOH3URYHQFHHVWRUJDQLVpHHQVL[ WHUULWRLUHVFRUUHVSRQGDQWDX[VL[DQFLHQV(3&,
0DUVHLOOH3URYHQFHFRPPXQHV 3D\VG¶$L[FRPPXQHV 3D\V6DORQDLVFRPPXQHV 3D\VG¶$XEDJQHHWGHO¶(WRLOHFRPPXQHV ,VWUHV2XHVW3URYHQFHFRPPXQHV 3D\VGH0DUWLJXHVFRPPXQHV
/HVVL[FRQVHLOVGH7HUULWRLUHH[HUFHQWGHVFRPSpWHQFHVRSpUDWLRQQHOOHVGHSUR[LPLWpSDUGpOpJDWLRQGXFRQVHLOGHOD0pWURSROH
$LQVL OHV VHUYLFHV SXEOLFV GH O¶HDX SRWDEOH HW GH O¶DVVDLQLVVHPHQW VRQW DVVXUpV SDU FKDFXQ GHVWHUULWRLUHVVXUOHXUSpULPqWUHJpRJUDSKLTXHSRXUOHFRPSWHHWGDQVOHUHVSHFWGHVREMHFWLIVHWUqJOHVIL[pVSDUOD0pWURSROH
$X QLYHDX PpWURSROLWDLQ OHV FRPSpWHQFHV ©(DX HW $VVDLQLVVHPHQWª VRQW H[HUFpHV VRXV ODUHVSRQVDELOLWpGHOD3UpVLGHQWHGHOD0pWURSROH0DGDPH0DUWLQH9DVVDOHWGX9LFH3UpVLGHQWGpOpJXpjO¶(DXHWjO$VVDLQLVVHPHQW0RQVLHXU5RODQG*LEHUWL
/HSUpVHQW5DSSRUWDQQXHOVXUOH3UL[HWOD4XDOLWpGHV6HUYLFHV5346pWDEOLWSDUFKDTXH7HUULWRLUHHVW
SUpVHQWpHQFRQVHLOGH7HUULWRLUH VRXPLVjO¶DYLVGHOD&&63/FRPPLVVLRQFRQVXOWDWLYHGHVVHUYLFHVSXEOLFVORFDX[FRPSRVpH
G¶pOXVPpWURSROLWDLQVHWG¶DVVRFLDWLRQV SUpVHQWpHQFRQVHLOGHOD0pWURSROH SUpVHQWpHQFRQVHLO0XQLFLSDOGHFKDTXHFRPPXQH
3DU DLOOHXUV OHV GLIIpUHQWV LQGLFDWHXUV GHV VHUYLFHV SXEOLFV GH O¶HDX HW GH O¶DVVDLQLVVHPHQW VRQWUHQVHLJQpVVXU OHVLWHGH O¶REVHUYDWRLUHQDWLRQDOGHVVHUYLFHVG¶HDXHWG¶DVVDLQLVVHPHQWGHO¶21(0$ZZZVHUYLFHHDXIUDQFHIU
7(55,72,5(&21&(51((73238/$7,21'(66(59,(
/H7HUULWRLUHGX3D\VG¶$L[GHOD0pWURSROH$L[0DUVHLOOH3URYHQFHHVWFRPSRVpGHFRPPXQHV
,OUHSUpVHQWHXQEDVVLQGHYLHGHKDELWDQWVSRSXODWLRQOpJDOH,16((HQYLJXHXUDXHU
MDQYLHUVRLWSUqVGHGHODSRSXODWLRQWRWDOHGHOD0pWURSROH
/H7HUULWRLUHGX3D\VG¶$L[FRXYUHXQHVXSHUILFLHG¶HQYLURQNPð
/DYLOOH©FHQWUHªHVW$L[HQ3URYHQFHKDELWDQWVVRLWGHODSRSXODWLRQGX7HUULWRLUH
$X QLYHDX GX 7HUULWRLUH OHV FRPSpWHQFHV ©(DX HW $VVDLQLVVHPHQWª VRQW H[HUFpHV VRXV ODUHVSRQVDELOLWp GX 3UpVLGHQW GX &RQVHLO GH 7HUULWRLUH 0DGDPH 0DU\VH -2,66$,160$6,1,HWGX9LFH3UpVLGHQWGpOpJXpjO¶(DXHWjO$VVDLQLVVHPHQW0RQVLHXU$UQDXG0(5&,(5
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/DJHVWLRQRSpUDWLRQQHOOHHVWDVVXUpHDXVHLQGH OD'LUHFWLRQGHO¶(DXGHO¶$VVDLQLVVHPHQWHWGX3OXYLDOGXWHUULWRLUHGX3D\VG$L[ SRXUOHVFRPPXQHVHQUpJLHDXVHLQGHFKDTXHUpJLH
/(6&203(7(1&(6($8(7$66$,1,66(0(17
/(6(59,&(38%/,&'(/¶($8327$%/(
/DPLVVLRQGXVHUYLFHSXEOLFGHO¶HDXSRWDEOHFRQVLVWHjDVVXUHUODSURWHFWLRQGHODUHVVRXUFHHWjGpOLYUHUXQHHDXSURSUHj ODFRQVRPPDWLRQDX URELQHWGHVXVDJHUVVHORQ OHVFULWqUHVGX&RGHGH OD6DQWp3XEOLTXH
3RXUFHOD O¶HDXHVWSUpOHYpHGDQVOHPLOLHXQDWXUHOQDSSHSKUpDWLTXHQDSSHDOOXYLDOHRXVRXUFHRXSXLVpHGDQVOH&DQDOGH0DUVHLOOHOH&DQDOGH3URYHQFHRXOH&DQDOGH&UDSRQQH&HWWHHDXEUXWHHVWWUDLWpHDILQGH OD UHQGUHSRWDEOH SXLVGLVWULEXpHVXU O¶HQVHPEOHGX WHUULWRLUHj WUDYHUVXQ UpVHDXGHFDQDOLVDWLRQHWGHVWRFNDJHLQWHUPpGLDLUH
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/(6(59,&(38%/,&'(/¶$66$,1,66(0(17&2//(&7,)
/HVJUDQGVREMHFWLIVGXVHUYLFHSXEOLFGHO¶DVVDLQLVVHPHQWFROOHFWLIVRQWGHJDUDQWLUOHVHQMHX[GHVDQWpSXEOLTXHOLpVDXWUDQVSRUWHWDXWUDLWHPHQWGHVHIIOXHQWVHWGHSUpVHUYHUOHVPLOLHX[QDWXUHOVHQOLPLWDQWOHV UHMHWV SROOXDQWV /D TXDOLWp GHV UHMHWV GRLW VDWLVIDLUH DX[ QRUPHV LPSRVpHV SDU OHV DUUrWpVSUpIHFWRUDX[G¶DXWRULVDWLRQGHVGLIIpUHQWVV\VWqPHVG¶DVVDLQLVVHPHQW
/HDXXQHIRLVFRQVRPPpHHVWDLQVLGpSROOXpHGDQVOHVVWDWLRQVGpSXUDWLRQVJpUpHVSDUOD0pWURSROH$L[0DUVHLOOH3URYHQFH
/(6(59,&(38%/,&'(/¶$66$,1,66(0(17121&2//(&7,)
/HV PLVVLRQV GX VHUYLFH SXEOLF GH O¶DVVDLQLVVHPHQW QRQ FROOHFWLI FRQVLVWHQW j FRQWUOHU OH ERQIRQFWLRQQHPHQWGHVLQVWDOODWLRQVSULYDWLYHVG¶DVVDLQLVVHPHQWQRQFROOHFWLIDILQGHJDUDQWLUO¶HIILFDFLWpGXWUDLWHPHQWGHVHDX[XVpHVHWSUpVHUYHUDLQVLODTXDOLWpGHVPLOLHX[UpFHSWHXUV
/(602'(6'(*(67,21
/¶H[SORLWDWLRQGXVHUYLFHSXEOLFGHO¶HDXHVWDVVXUpH 3RXUFRPPXQHVHQGpOpJDWLRQVGHVHUYLFHSXEOLFSDUVRFLpWpVSULYpHV6(0
9(2/,$&(26$85HW68(=6((5& 3RXUFRPPXQHVHQUpJLHFRPPXQDOHRXLQWHUFRPPXQDOH
/¶H[SORLWDWLRQGXVHUYLFHSXEOLFGHO¶DVVDLQLVVHPHQWFROOHFWLIHVWDVVXUpHSDU 3RXUFRPPXQHVHQGpOpJDWLRQVGHVHUYLFHSXEOLFSDUVRFLpWpVSULYpHV6(0
9(2/,$&(26$85HW68(=6((5& 3RXUFRPPXQHVHQUpJLHFRPPXQDOHRXLQWHUFRPPXQDOH
/¶H[SORLWDWLRQGXVHUYLFHSXEOLFGHO¶DVVDLQLVVHPHQWQRQFROOHFWLIHVWDVVXUpHHQUpJLHSDUOH7HUULWRLUHGX3D\VG$L[
'(/(*$7,216'(6(59,&(38%/,&'63
6XUFHUWDLQHVFRPPXQHVGXWHUULWRLUHODJHVWLRQGXVHUYLFHSXEOLFGHO¶HDXSRWDEOHHVWGpOpJXpHjGHVVRFLpWpVSULYpHVTXLDVVXUHQWSRXUOHFRPSWHGHOD&ROOHFWLYLWpODSURGXFWLRQOHWUDLWHPHQWODGLVWULEXWLRQHWODTXDOLWpGHO¶HDXSRWDEOHDXSUqVGHVXVDJHUVDLQVLTXHO¶HQWUHWLHQGHVLQVWDOODWLRQVHWGXSDWULPRLQH
,O HQHVW GHPrPHSRXU ODJHVWLRQGXVHUYLFHSXEOLF GH O¶DVVDLQLVVHPHQW FROOHFWLI SRXU ODTXHOOHGHVVRFLpWpVSULYpHVDVVXUHQWSRXUOHFRPSWHGH OD&ROOHFWLYLWp ODFROOHFWHHWGH ODGpSROOXWLRQGHVHDX[GDQV OH UHVSHFWGHVQRUPHVHQ YLJXHXU(OOHV DVVXUHQWpJDOHPHQW O¶HQWUHWLHQGHV LQVWDOODWLRQVHW GXSDWULPRLQH
/HFRQWUOHGHVGpOpJDWLRQVHVWHIIHFWXpSDUOD'LUHFWLRQ$GMRLQWHH[SORLWDWLRQHWWUDYDX[/HSLORWDJHHWOHVXLYLGHVFRQWUDWVGHGpOpJDWLRQHVWRUJDQLVpGHODPDQLqUHVXLYDQWH
GHVUpXQLRQVGHVXLYLDYHFOHVGpOpJDWDLUHVDILQGH VXLYUHOHUHVSHFWGHVREMHFWLIVHWGHVHQJDJHPHQWVFRQWUDFWXHOVLQGLFDWHXUVGHJHVWLRQ pFKDQJHUGHVLQIRUPDWLRQVVXUODJHVWLRQGXVHUYLFHSXEOLF pWXGLHUOHVDVSHFWVILQDQFLHUVGHVFRQWUDWV HIIHFWXHUXQVXLYLRSpUDWLRQQHOHWGHFRRUGLQDWLRQDYHF OH WHUULWRLUH VXLYLGHVGHPDQGHVGHV
DERQQpVXVDJHUVFROOHFWLYLWpVWUDYDX[
O¶DQDO\VHGX5DSSRUW$QQXHOGX'pOpJDWDLUH5$' XQDXGLWILQDQFLHUUpDOLVpVXUO¶HQVHPEOHGHV5$'SDUXQSUHVWDWDLUHH[WHUQH
/HVXLYLGHVLQGLFDWHXUVWHFKQLTXHVHWILQDQFLHUVGXVHUYLFH
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
5(*,(6
/HVHUYLFHSXEOLFGHO¶HDXSRWDEOHHVWJpUpHQUpJLHVXUOHVFRPPXQHVG$L[HQ3URYHQFH*DUGDQQH*UpDVTXH6,%$00LPHW6,%$03HUWXLV6,920'XUDQFH/XEHURQ6DLQW0DUF-DXPHJDUGH6DLQW3DXO/H]'XUDQFH6DLQW(VWqYH-DQVRQ6LPLDQH&ROORQJXH6,%$09HQHOOHV
/HVHUYLFHSXEOLFGHO¶DVVDLQLVVHPHQWFROOHFWLIHVWJpUpHQUpJLHVXUOHVFRPPXQHVG$L[HQ3URYHQFH&KkWHDXQHXIOH5RXJH*DUGDQQH*UpDVTXH6,%$00LPHW6,%$03HUWXLV6,920'XUDQFH/XEHURQ6DLQW$QWRQLQVXU%D\RQ6DLQW0DUF-DXPHJDUGH6DLQW3DXO/H]'XUDQFH6DLQW(VWqYH-DQVRQ6LPLDQH&ROORQJXH6,%$09HQHOOHV
/¶DVVDLQLVVHPHQWQRQFROOHFWLIHVWJpUpSDUOH6HUYLFH3XEOLFG¶$VVDLQLVVHPHQW1RQ&ROOHFWLI63$1&DX VHLQ GH OD 'LUHFWLRQ (DX $VVDLQLVVHPHQW HW 3OXYLDO HW H[HUFH OHV PLVVLRQV GH FRQWUOHV GHVLQVWDOODWLRQVQHXYHVHWH[LVWDQWHV
/HWDEOHDXSURSRVpFLDSUqVUHSUHQGOHPRGHGHJHVWLRQGHODFRPSpWHQFHHDXHWDVVDLQLVVHPHQWSRXUFKDTXHFRPPXQHGXWHUULWRLUHGX3D\VG$L[
&RPPXQH (DX $VVDLQLVVHPHQW 67(3
%HDXUHFXHLO 6(0
6(0
%RXF%HO$LU 6(0±
6(0±
6(0±
&DEULqV 6(0
6(0
&KkWHDXQHXIOH5RXJH 6(0
5pJLH
&RXGRX[ 6(0
UpVHDX6(0±
6(0
eJXLOOHV 6$85
&(2
)XYHDX 6(0±
6(0
6(0ILQ
-RXTXHV 6((5&
6((5&
/D5RTXHG$QWKpURQ 6(0
6(0
/DPEHVF 6(0
6(0
/H3X\6W5pSDUDGH 6(0
6(0
/H7KRORQHW &(2±
&(2±
/HV3HQQHV0LUDEHDX 6(0±
6(0
0H\UDUJXHV 6(0
6(0
0H\UHXLO 6$85
6$85
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
3H\QLHU 6(0±
6(0±
3H\UROOHVHQ3URYHQFH 6(0
6(0
3X\ORXELHU 6(0
6(0
5RJQHV 6((5&
6((5&
5RXVVHW 6(0
UpVHDX67(3 6(0±
2796(0VWHS(5,
6W$QWRQLQVXU%D\RQ 6(0
5pJLH
6DLQW&DQQDW 6((5&
6((5&
7UHWV 6(0
6(0
9DXYHQDUJXHV 6(0
6(0
9HQWDEUHQ 6(0
UpVHDX6(0
9LWUROOHV 6(0
6$85
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/(6(59,&(38%/,&'(/¶($8327$%/(
/(6&+,))5(6&/(6'(/¶$11((
&H UDSSRUW SUpVHQWH OHV GRQQpHV JOREDOHV VXU OH 7HUULWRLUH /HV GRQQpHV SDU FRPPXQH VRQWGpWDLOOpHVHQDQQH[H
)$,760$548$176
/¶DQQpHDYXOHWUDQVIHUWHIIHFWLIGHO¶H[HUFLFHGHVFRPSpWHQFHVHDXDVVDLQLVVHPHQWSOXYLDOHW'(&,GHVFRPPXQHVDX&RQVHLOGH7HUULWRLUHGX3D\VG$L[HQWUDLQDQWXQHQpFHVVDLUHUHVWUXFWXUDWLRQRUJDQLVDWLRQQHOOHGHVpOXVHWGHVVHUYLFHVGXWHUULWRLUH
3DUDLOOHXUVOD5pJLHGHV(DX[GX3D\VG¶$L[DpWpFUppSDUOH&RQVHLOGH0pWURSROHGXMXLQ
/(3$75,02,1('86(59,&(
/HWDEOHDXSUpVHQWpHQDQQH[HLQGLTXHSRXUFKDTXHFRPPXQHGXWHUULWRLUHGX3D\VG$L[ORULJLQHGHODSURGXFWLRQHQHDXOHWUDLWHPHQWOHVWRFNDJH
KDELWDQWVGHVVHUYLVHVWLPDWLRQV
DERQQpV
P IDFWXUp
FRPSWHXUV
XQLWpVGHWUDLWHPHQW
5HQGHPHQWGH
NPGHFDQDOLVDWLRQVGHGLVWULEXWLRQ
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/(6$&+$76(79(17(6'¶($8
/H7HUULWRLUHDFKqWHGHO¶HDXPHQ
3DUDLOOHXUVOHWHUULWRLUHYHQGSDUFRQYHQWLRQGHO¶HDXWUDLWpHDX7HUULWRLUHGX3D\V6DORQDLVP
HQSRXUOHVFRPPXQHVGH/D)DUH/HV2OLYLHUVHW5RJQDF
/DVpFXULVDWLRQGHODUHVVRXUFH
/¶DGGXFWLRQHQHDXSRWDEOHG¶XQVHFWHXUHVW©VpFXULVpHªORUVTX¶DXPRLQVGHX[UHVVRXUFHVGLVWLQFWHVVRQWRXSHXYHQWrWUHXWLOLVpHV
/HVFRPPXQHVGH%HDXUHFXHLO%RXF%HO$LU&DEULqV*DUGDQQH/DPEHVF3HUWXLV/H3X\6WH5pSDUDGH 3X\ORXELHU 5RJQHV /D 5RTXH G¶$QWKpURQ HW 9DXYHQDUJXHV GLVSRVHQW G¶XQH GRXEOHDOLPHQWDWLRQ
/(75$,7(0(17
XQLWpVGHWUDLWHPHQWSHUPHWWHQWGHSURGXLUHPG¶HDXSRWDEOHSDUDQ
9RLUWDEOHDXGXSDWULPRLQHHQDQQH[H
/(5(6($8'(',675,%87,21
(QOHOLQpDLUHGXUpVHDXG¶HDXSRWDEOHKRUVEUDQFKHPHQWVHVWGHNP
/HQRPEUHGHEUDQFKHPHQWVHVWHVWLPpjVRLWXQOLQpDLUHG¶HQYLURQNP
/$48$/,7('(/¶($8
'HV DQDO\VHV HW FRQWUOHV SpULRGLTXHV UpDOLVpV SDU O¶H[SORLWDQW GDQV OH FDGUH GH O¶DXWRVXUYHLOODQFHSHUPHWWHQWGHV¶DVVXUHUGHODTXDOLWpGHO¶HDXEUXWHGHVUHVVRXUFHVHWGHOµHDXGLVWULEXpHDXURELQHW
/¶$JHQFH5pJLRQDOHGH6DQWp$56UpDOLVHpJDOHPHQWGHVFRQWUOHVVDQLWDLUHVRIILFLHOVFKDTXHDQQpHVXUOHVHDX[EUXWHVHWOHVHDX[WUDLWpHV/HFRPSWHUHQGXDQQXHOGHO¶$56HVWSUpVHQWpHQDQQH[HGHFHUDSSRUW
/¶HQVHPEOHGHVUpVXOWDWVG¶DQDO\VHVGXFRQWUOHVDQLWDLUHHVWGLVSRQLEOHVXUOHVLWHLQWHUQHWVROLGDULWHVVDQWHJRXYIU
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
2Q FRPSWH SUpOqYHPHQWV QRQ FRQIRUPHV VXU O¶HQVHPEOH GX WHUULWRLUH SRXU OHV DQDO\VHV SK\VLFRFKLPLTXHVHWSRXUOHVDQDO\VHVPLFURELRORJLTXHV
(QO¶LQGLFHG¶DYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX3HVWGH
/$',675,%87,21
5(1'(0(17
%LODQGHVYROXPHVPLVHQ°XYUHGDQVOHF\FOHGHO¶HDXSRWDEOHHQ
3
7DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVGXSRLQWGHYXHEDFWpULRORJLTXH
3
7DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVGXSRLQWGHYXHSK\VLFRFKLPLTXH
%LODQ (DXGH[FHOOHQWHTXDOLWp
9ROXPHFRQVRPPpDXWRULVp
P
&RQVRPPDWLRQFRPSWDELOLVpHP
3HUWHVP
&RQVRPPDWLRQVDQVFRPSWDJH
HVWLPpHP
9ROXPHGHVHUYLFH
P
,PSRUWDWLRQVG¶HDXWUDLWpHP
([SRUWDWLRQVG¶HDXWUDLWpHP
3URGXFWLRQ
P
9ROXPHPLVHQGLVWULEXWLRQ
P
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
'¶DSUqV ODFLUFXODLUHQ'(GXDYULO±DQQH[H ,9 ODGpILQLWLRQGHV WHUPHV LQGLTXpVVXU OHVFKpPDHVWODVXLYDQWH
R 3URGXFWLRQYROXPHSURGXLWYROXPHLVVXGHVRXYUDJHVGHSURGXFWLRQGXVHUYLFHSRXUrWUHLQWURGXLWGDQVOHUpVHDXGHGLVWULEXWLRQ
R 9ROXPH PLV HQ GLVWULEXWLRQ VRPPH GX YROXPH SURGXLW HW GX YROXPH DFKHWp HQ JURVLPSRUWDWLRQVGLPLQXpGXYROXPHYHQGXHQJURVH[SRUWDWLRQV
R ,PSRUWDWLRQVYROXPHDFKHWpHQJURVYROXPHG¶HDXSRWDEOHHQSURYHQDQFHG¶XQVHUYLFHG¶HDXH[WpULHXU
R ([SRUWDWLRQV YROXPH YHQGX HQ JURV YROXPH G¶HDX SRWDEOH OLYUp j XQ VHUYLFH G¶HDXH[WpULHXU/HVYHQWHVG¶HDXjGHV LQGXVWULHOVQHVRQWSDVGHVYHQWHVHQJURVPDLVGHVYHQWHVjGHVDERQQpVGHW\SHLQGXVWULHO
R &RQVRPPDWLRQVDQVFRPSWDJHYROXPHXWLOLVpVDQVFRPSWDJHSDUGHVXVDJHUVFRQQXVDYHFDXWRULVDWLRQ
R &RQVRPPDWLRQFRPSWDELOLVpHYROXPHUpVXOWDQWGHV UHOHYpVGHVDSSDUHLOVGHFRPSWDJHGHVDERQQpV
R 9ROXPHGHVHUYLFHYROXPHXWLOLVpSRXUO¶H[SORLWDWLRQGXUpVHDXGHGLVWULEXWLRQ
3HUIRUPDQFHGXUpVHDX
(QOHUHQGHPHQWGXUpVHDX3HVWGH
/HUHQGHPHQWGXUpVHDXHVWREWHQXHQIDLVDQWOHUDSSRUWHQWUHG¶XQHSDUWOHYROXPHFRQVRPPpDXWRULVpDXJPHQWpGHVYROXPHVYHQGXVjG¶DXWUHVVHUYLFHVSXEOLFVG¶HDXSRWDEOHHW G¶DXWUHSDUW OH YROXPHSURGXLWDXJPHQWpGHVYROXPHVDFKHWpVjG¶DXWUHVVHUYLFHVSXEOLFVG¶HDXSRWDEOH
&HWLQGLFDWHXUHVWHVVHQWLHOFDULOLQGLTXHOHQLYHDXGHYpWXVWpGXUpVHDXHWVRQHIILFDFLWp
/HVUHQGHPHQWVSDUFRPPXQHVHWURXYHQWHQDQQH[H
(QO¶LQGLFHOLQpDLUHGHVYROXPHVQRQFRPSWpV3HVWGHPNPMRXU
(QO¶LQGLFHOLQpDLUHGHSHUWHV3GX7HUULWRLUHHVWGHPNPMRXU
/HVLQGLFHVOLQpDLUHVGHSHUWHVSHUPHWWHQWGHFDUDFWpULVHUO¶pWDWRXOHIRQFWLRQQHPHQWG¶XQUpVHDX&HVRQWHQRXWUHGHVLQGLFDWHXUVLQWpUHVVDQWVFDULOVSHUPHWWHQWGHFRPSDUHUOHVUpVHDX[GHFROOHFWLYLWpVGRQWO¶pWHQGXHHWOHGHJUpG¶XUEDQLVDWLRQVRQWWUqVGLVWLQFWVHQOHVUDSSRUWDQWjGHVYDOHXUVGHUpIpUHQFH
5HQRXYHOOHPHQWGHVUpVHDX[
(QOHWDX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDXSRWDEOH 3HVWGH
&HW LQGLFDWHXU GRQQH OH SRXUFHQWDJH GH UHQRXYHOOHPHQWPR\HQ DQQXHO FDOFXOp VXU OHV GHUQLqUHVDQQpHVGXUpVHDXG¶HDXSRWDEOHSDUUDSSRUWjODORQJXHXUWRWDOHGXUpVHDXKRUVEUDQFKHPHQWV)DXWHGHGRQQpHVVXUOHVFLQTGHUQLqUHVDQQpHVO¶LQGLFDWHXUQ¶HVWSDVVLJQLILFDWLI
&RQQDLVVDQFHGXSDWULPRLQH
(QO¶LQGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDXSRWDEOH 3GX7HUULWRLUHHVWGHSRLQWV
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
&HW LQGLFH SHUPHW GpYDOXHU OH QLYHDX GH FRQQDLVVDQFH GX UpVHDX GHDX SRWDEOH HW GH VXLYUH VRQpYROXWLRQ
&HWLQGLFHFRUUHVSRQGjO¶LQGLFHOHSOXVEDVUHOHYpVXUOHWHUULWRLUHODPR\HQQHGHVLQGLFHVSDUFRPPXQHHWGHSRLQWV
/$48$/,7('86(59,&(5(1'8$8;86$*(56
/HVLQGLFDWHXUVGHSHUIRUPDQFH
(QOHWDX[PR\HQG¶RFFXUUHQFHGHVLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV3HVWGHDERQQpV
&HV LQWHUUXSWLRQV GH VHUYLFH VRQW GXHV HQ JpQpUDO j GHV UXSWXUHV GH FDQDOLVDWLRQV'HV FRXSXUHVSHXYHQWrWUHpJDOHPHQWGpFLGpHVLQRSLQpPHQWSRXUFDXVHGHSROOXWLRQUHSUpVHQWDQWXQGDQJHUSRXUODSRSXODWLRQ
(QOHWDX[PR\HQGHUHVSHFWGXGpODLPD[LPDOG¶RXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV3HVWGH
&HGpODLHVWFDOFXOpjSDUWLUGXQHGHPDQGHFRPSOqWH SDU WpOpSKRQHRXSDUpFULWHQSHUPHWWDQW OHWUDLWHPHQW
(QOHWDX[GHUpFODPDWLRQV3HVWGHDERQQpV
&HWLQGLFDWHXUFRPSUHQGOHVUpFODPDWLRQVpFULWHVGHWRXWHQDWXUHUHODWLYHDXVHUYLFHGHO¶HDXUHoXHVSDUODFROOHFWLYLWpHW OHVRSpUDWHXUVJHVWLRQQDLUHVjO¶H[FHSWLRQGHFHOOHVTXLVRQWUHODWLYHVDXSUL[GHO¶HDX
/$*(67,21),1$1&,(5(
/(692/80(6)$&785(6
/HVYROXPHVIDFWXUpVHQVRQWGHP
/(7$8;'¶,03$<(6
/HWDX[PR\HQG¶LPSD\pVVXUOHVIDFWXUHVG¶HDX3HVWGH
,OHVWjQRWHUTXHODORLQGXDYULOGLWH©ORL%URWWHVªDSSOLFDEOHGHSXLVOHIpYULHU LQWHUGLWDX[GLVWULEXWHXUVGHFRXSHU O¶DUULYpHG¶HDXRXG¶HQ UpGXLUH OHGpELWGDQVXQ ORJHPHQWORUVTX¶XQFOLHQWQHSD\HSOXVVHVIDFWXUHV&HWWHORLGLPLQXHIRUWHPHQWOHVDFWLRQVGHFRHUFLWLRQHQFDVG¶LPSD\pV
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
%8'*(7'86(59,&(
/HVJUDQGVpTXLOLEUHVILQDQFLHUVGXEXGJHWDQQH[H(DX3RWDEOHGHODGLUHFWLRQGHO¶HDXHWGHO¶DVVDLQLVVHPHQWGX7HUULWRLUHGX3D\VG¶$L[
/HVRSpUDWLRQVG¶RUGUHVRQWGHVRSpUDWLRQVFRPSWDEOHVSHUPHWWDQWGHSDVVHUOHVpFULWXUHVQpFHVVDLUHVDX[RSpUDWLRQVGH ILQG¶H[HUFLFHEXGJpWDLUH HW Q¶RQW DXFXQH LQFLGHQFHVXU OHV HQFDLVVHPHQWVHW OHVGpFDLVVHPHQWV
(WDWGHODGHWWH(DXDX
0RQWDQWHQ¼5HFHWWHVUpHOOHV 'pSHQVHVUpHOOHV (SDUJQHEUXWH
&DSLWDOUHVWDQWGDX
'XUpHGH[WLQFWLRQGHODGHWWH3 DQQpHV
5(&(77(6 '(3(16(6
)21&7,211(0(17
,19(67,66(0(17
5HFHWWHVGHJHVWLRQGHVHUYLFHVGRQWVXUWD[HVHW
UHGHYDQFHVN¼
3URGXLWVILQDQFLHUVHWH[FHSWLRQQHOV
N¼
5HFHWWHVG¶RUGUHN¼
'pSHQVHVGHJHVWLRQGHVHUYLFHVGRQWFKDUJHVGH
SHUVRQQHOHWIUDLV N¼
&KDUJHVILQDQFLqUHVHWH[FHSWLRQQHOOHV
N¼
'pSHQVHVG¶RUGUHN¼
5HFHWWHVG¶pTXLSHPHQWVGRQWVXEYHQWLRQV
N¼
5HFHWWHVILQDQFLqUHVN¼
5HFHWWHVG¶RUGUHN¼
'pSHQVHVG¶pTXLSHPHQWVpWXGHVHWWUDYDX[
N¼
'pSHQVHVILQDQFLqUHVHPSUXQWVHWGHWWHVN¼
'pSHQVHVG¶RUGUHN¼
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/HVJUDQGVpTXLOLEUHVILQDQFLHUVGXEXGJHWDQQH[H(DX3RWDEOHGHV5pJLHV
$1$/<6('8&2037('¶(;3/2,7$7,21'63
6XLYLGX&$5(
$QQpH (FDUW
DQQpH1
3URGXLWV ¼ ¼
&KDUJHV ¼ ¼
5pVXOWDWDYDQWLPSW ¼ ¼
5(68/7$7 ¼ ¼
9RLUGpWDLOSDUFRPPXQHVHQDQQH[H
5(&(77(6 '(3(16(6
)21&7,211(0(17
,19(67,66(0(17
5HFHWWHVGHJHVWLRQGHVHUYLFHVGRQWVXUWD[HVHW
UHGHYDQFHVN¼
3URGXLWVILQDQFLHUVHWH[FHSWLRQQHOV
N¼
5HFHWWHVG¶RUGUHN¼
'pSHQVHVGHJHVWLRQGHVHUYLFHVGRQWFKDUJHVGH
SHUVRQQHOHWIUDLV N¼
&KDUJHVILQDQFLqUHVHWH[FHSWLRQQHOOHV
N¼
'pSHQVHVG¶RUGUHN¼
5HFHWWHVG¶pTXLSHPHQWVGRQWVXEYHQWLRQV
N¼
5HFHWWHVILQDQFLqUHVN¼
5HFHWWHVG¶RUGUHN¼
'pSHQVHVG¶pTXLSHPHQWVpWXGHVHWWUDYDX[
N¼
'pSHQVHVILQDQFLqUHVHPSUXQWVHWGHWWHVN¼
'pSHQVHVG¶RUGUHN¼
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
&2175,%87,21$81)21'6'(62/,'$5,7(
(QOHPRQWDQWGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp3HVWGH¼
/(6(78'(6(775$9$8;
9RLUOLVWHHQDQQH[HDYHFOHGpWDLOGHVRSpUDWLRQVSDUFRPPXQHV
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/(6(59,&(38%/,&'(/¶$66$,1,66(0(17&2//(&7,)
/(6&+,))5(6&/(6'(/¶$11((
&H UDSSRUW SUpVHQWH OHV GRQQpHV JOREDOHV VXU OH 7HUULWRLUH /HV GRQQpHV SDU FRPPXQH VRQWGpWDLOOpHVHQDQQH[H
)$,760$548$176
/¶DQQpHDYXOHWUDQVIHUWHIIHFWLIGHO¶H[HUFLFHGHVFRPSpWHQFHVHDXDVVDLQLVVHPHQWSOXYLDOHW'(&,GHVFRPPXQHVDX&RQVHLOGH7HUULWRLUHGX3D\VG$L[HQWUDLQDQWXQHQpFHVVDLUHUHVWUXFWXUDWLRQRUJDQLVDWLRQQHOOHGHVpOXVHWGHVVHUYLFHVGXWHUULWRLUH
3DUDLOOHXUVOD5pJLHGHV(DX[GX3D\VG¶$L[DpWpFUppSDUOH&RQVHLOGH0pWURSROHGXMXLQ
/(3$75,02,1('86(59,&(
9RLUOLVWHHQDQQH[H
/$&2//(&7(
KDELWDQWVGHVVHUYLVHVWLPDWLRQV
DERQQpV
PIDFWXUpV
WRQQHVGHERXHVpYDFXpHV
VWDWLRQVGpSXUDWLRQ
NPGHUpVHDX[GHFROOHFWH
(QOHOLQpDLUHGXUpVHDXG¶DVVDLQLVVHPHQWKRUVEUDQFKHPHQWVHVWGHNP
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/(75$,7(0(17
9RLUOLVWHHQDQQH[H
/(5(6($8'(&2//(&7(
*HVWLRQGHVHDX[XVpHVDXWUHVTXHGRPHVWLTXHV
DXWRULVDWLRQVGHGpYHUVHPHQWVG¶HIIOXHQWVQRQGRPHVWLTXHVRQWpWpGpOLYUpHVVXUOH7HUULWRLUH
&HWLQGLFDWHXU'FRPSWDELOLVHOHQRPEUHG¶DUUrWpVDXWRULVDQWOHGpYHUVHPHQWG¶HDX[XVpHVDXWUHVTXHGRPHVWLTXHVGDQVOHUpVHDXSXEOLFGHFROOHFWHHQDSSOLFDWLRQHWFRQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXH
SRLQWVQRLUVHQPR\HQQHSRXUNPGHUpVHDXGHFROOHFWH3
/HVSRLQWVQRLUVGXUpVHDXGHFROOHFWHGHVHDX[XVpHVVRQWGHVVHFWHXUVQpFHVVLWDQWGHVLQWHUYHQWLRQVIUpTXHQWHVGHFXUDJHVRLWDXPRLQVGHX[LQWHUYHQWLRQVSDUDQSUpYHQWLYHVRXFXUDWLYHV
*HVWLRQSDWULPRQLDOHGXUpVHDXGHFROOHFWH
(QOHWDX[PR\HQ GHUHQRXYHOOHPHQWGHVUpVHDX[G¶DVVDLQLVVHPHQW3HVWGH
&HW LQGLFDWHXU GRQQH OH SRXUFHQWDJH GH UHQRXYHOOHPHQWPR\HQ DQQXHO FDOFXOp VXU OHV GHUQLqUHVDQQpHVGXUpVHDXG¶HDX[XVpHVSDUUDSSRUWjODORQJXHXUWRWDOHGXUpVHDXKRUVEUDQFKHPHQWV)DXWHGHGRQQpHVVXUOHVFLQTGHUQLqUHVDQQpHVO¶LQGLFDWHXUQ¶HVWSDVVLJQLILFDWLI
(QO¶LQGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶DVVDLQLVVHPHQW3GX7HUULWRLUHHVWGHSRLQWV
&HWLQGLFHSHUPHWGpYDOXHUOHQLYHDXGHFRQQDLVVDQFHGXUpVHDXG¶DVVDLQLVVHPHQWHWGHVXLYUHVRQpYROXWLRQ
&HWLQGLFHFRUUHVSRQGjO¶LQGLFHOHSOXVEDVUHOHYpVXUOHWHUULWRLUHODPR\HQQHGHVLQGLFHVSDUFRPPXQHHWGHSRLQWV
(QOHWDX[GHFRQIRUPLWpGXUpVHDXGHFROOHFWH3GX7HUULWRLUHQ¶HVWSDVHQFRUHFRQQXLOGRLWrWUHFRPPXQLTXpXOWpULHXUHPHQWSDUOD''70
&HWLQGLFDWHXUSHUPHWGpYDOXHUODFRQIRUPLWpGXUpVHDXGHFROOHFWHGXQVHUYLFHGDVVDLQLVVHPHQWDXUHJDUGGHVGLVSRVLWLRQVUqJOHPHQWDLUHVLVVXHVGHODGLUHFWLYHHXURSpHQQH(58
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/¶LQGLFHGHFRQQDLVVDQFHGHVUHMHWVDXPLOLHXQDWXUHO3HVWGHSRLQWV
&HWLQGLFDWHXUSHUPHWGHPHVXUHUVXUXQHpFKHOOHGHjOHQLYHDXGHFRQQDLVVDQFHHWOHVXLYLGHVUHMHWVGLUHFWVSDUWHPSVVHFHWSDUWHPSVGHSOXLHKRUVSOXLHVH[FHSWLRQQHOOHVGHVUpVHDX[GHFROOHFWHGHVHDX[XVpHVDXPLOLHXQDWXUHOUHMHWVGHVGpYHUVRLUVG¶RUDJHWURSSOHLQVGHVSRVWHVGHUHIRXOHPHQWGHVEDVVLQVGHSROOXWLRQ«
&HWLQGLFHFRUUHVSRQGjO¶LQGLFHOHSOXVEDVUHOHYpVXUOHWHUULWRLUHODPR\HQQHGHVLQGLFHVSDUFRPPXQHHWGHSRLQWV
%LODQG¶DXWRVXUYHLOODQFH
/HV GRQQpHV G¶DXWRVXUYHLOODQFH GHV SRLQWV GH PHVXUHV VLWXpV VXU OH UpVHDX VRQW WUDQVPLVHVUpJXOLqUHPHQWjO¶$JHQFHGHO¶(DX5KQH0pGLWHUUDQpH&RUVHDLQVLTX¶DXVHUYLFHFKDUJpGHOD3ROLFHGHO¶HDXDXIRUPDW6$1'5(
'HV FRQWUOHV UqJOHPHQWDLUHV GHV GLVSRVLWLIV G¶DXWRVXUYHLOODQFH VRQW UpDOLVpV FKDTXH DQQpH SDU XQEXUHDXGHFRQWUOH/HVUDSSRUWVVRQWGpSRVpVVXU OHSRUWDLO©0HVXUHVGHV5HMHWVªGHO¶$JHQFHGHO¶(DX
/(62895$*(6'¶(385$7,21
/HVFRQWUOHVSpULRGLTXHVG¶DXWRVXUYHLOODQFHDLQVLTXH OHVFRQWUOHV LQRSLQpVGH OD3ROLFHGH O¶(DXSHUPHWWHQW GH GpWHUPLQHU OH WDX[ GH FRQIRUPLWp GHV VWDWLRQV G¶pSXUDWLRQ DX[ DUUrWpV SUpIHFWRUDX[G¶DXWRULVDWLRQGHWUDLWHPHQW
¬FHMRXUQRXVQHGLVSRVRQVSDVGHFHVLQIRUPDWLRQVTXLGRLYHQWQRXVrWUHWUDQVPLVHVXOWpULHXUHPHQWSDUOD''70
,QGLFDWHXUGHSHUIRUPDQFH 7DX[GHFRQIRUPLWp
3FRQIRUPLWpGHVpTXLSHPHQWVG¶pSXUDWLRQ
1'
3FRQIRUPLWpGHODSHUIRUPDQFHGHVRXYUDJHVG¶pSXUDWLRQ
1'
3FRQIRUPLWpGHVSHUIRUPDQFHVGHVpTXLSHPHQWVG¶pSXUDWLRQ
1'
/$*(67,21'(6'(&+(76
/DJHVWLRQGHVERXHV
WRQQHVGHERXHVLVVXHVGHVVWDWLRQVG¶pSXUDWLRQRQWpWppYDFXpHVHQLQGLFDWHXU'
,OV¶DJLWGHVERXHVSURGXLWHVSDUOHVVWDWLRQVG¶pSXUDWLRQHWTXLVRQWpYDFXpHVHQYXHGHOHXUYDORULVDWLRQRXpOLPLQDWLRQ&HW LQGLFDWHXUQHSUHQGSDVHQFRPSWHOHVVRXVSURGXLWV OHVERXHVGHFXUDJHHW OHVPDWLqUHVGHYLGDQJHTXLWUDQVLWHQWSDUODVWDWLRQVDQVrWUHWUDLWpHVSDUOHVILOHVHDXRXERXHGHODVWDWLRQ
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
GHVERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQVRQWpYDFXpHVVHORQOHVILOLqUHVFRQIRUPHVjODUqJOHPHQWDWLRQLQGLFDWHXU3
/$48$/,7('86(59,&(5(1'8$8;86$*(56
/HVLQGLFDWHXUVGHSHUIRUPDQFH
(QOHWDX[PR\HQGHGHVVHUWHSDUGHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV3HVWGH
/HWDX[GHGHVVHUWHHVWGpILQLFRPPHOHQRPEUHG¶DERQQpVGXVHUYLFHSXEOLFG¶DVVDLQLVVHPHQWFROOHFWLIUDSSRUWpDXQRPEUHSRWHQWLHOG¶DERQQpVGHOD]RQHUHOHYDQWGHO¶DVVDLQLVVHPHQWFROOHFWLILVVXGX]RQDJHG¶DVVDLQLVVHPHQW2QHVWLPHTX¶XQDERQQpHVWGHVVHUYLSDUXQ UpVHDXG¶DVVDLQLVVHPHQWGqV ORUVTX¶XQ UpVHDXH[LVWHGHYDQWO¶LPPHXEOH
/HWDX[GpERUGHPHQWGHVHIIOXHQWVHQGRPDLQHSULYp3HVWGH
&HWLQGLFDWHXUPHVXUHOHQRPEUHGHGHPDQGHVGLQGHPQLVDWLRQVXLWHjXQLQFLGHQWGjOLPSRVVLELOLWpGHUHMHWHUOHVHIIOXHQWVGDQVOHUpVHDXSXEOLFGHFROOHFWHGHVHDX[XVpHVGpERUGHPHQWGDQVODSDUWLHSULYpHUDSSRUWpjKDELWDQWVGHVVHUYLV
(QOHWDX[GHUpFODPDWLRQV 3HVWGHDERQQpV
&HWLQGLFDWHXUFRPSUHQGOHVUpFODPDWLRQVpFULWHVGHWRXWHQDWXUHUHODWLYHDXVHUYLFHGHO¶DVVDLQLVVHPHQWUHoXHVSDUODFROOHFWLYLWpHWOHVRSpUDWHXUVJHVWLRQQDLUHVjO¶H[FHSWLRQGHFHOOHVTXLVRQWUHODWLYHVDXSUL[GHO¶HDX&HFKLIIUHHVWHQKDXVVHSDUUDSSRUWj
/$*(67,21),1$1&,(5(
/(692/80(6)$&785(6
/HVYROXPHVIDFWXUpVHQVRQWGHP
/(7$8;'¶,03$<(6
/HWDX[PR\HQG¶LPSD\pVVXUOHVIDFWXUHVG¶DVVDLQLVVHPHQWGHO¶DQQpH3HVWGH
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
%8'*(7'86(59,&(
/HVJUDQGVpTXLOLEUHVILQDQFLHUVGXEXGJHWDQQH[H$VVDLQLVVHPHQWGHODGLUHFWLRQGHO¶HDXGHO¶DVVDLQLVVHPHQWHWGXSOXYLDOGXWHUULWRLUHGX3D\VG¶$L[
(WDWGHODGHWWH$VVDLQLVVHPHQWDX
0RQWDQWHQ¼5HFHWWHVUpHOOHV 'pSHQVHVUpHOOHV (SDUJQHEUXWH
&DSLWDOUHVWDQWGDX
'XUpHGH[WLQFWLRQGHODGHWWH3 DQQpHV
5(&(77(6 '(3(16(6
)21&7,211(0(17
,19(67,66(0(17
5HFHWWHVGHJHVWLRQGHVHUYLFHVGRQWVXUWD[HVHW
UHGHYDQFHVN¼
3URGXLWVILQDQFLHUVHWH[FHSWLRQQHOV
N¼
5HFHWWHVG¶RUGUHN¼
'pSHQVHVGHJHVWLRQGHVHUYLFHVGRQWFKDUJHVGH
SHUVRQQHOHWIUDLVN¼
&KDUJHVILQDQFLqUHVHWH[FHSWLRQQHOOHV
N¼
'pSHQVHVG¶RUGUHN¼
5HFHWWHVG¶pTXLSHPHQWVGRQWVXEYHQWLRQV
N¼
5HFHWWHVILQDQFLqUHVN¼
5HFHWWHVG¶RUGUHN¼
'pSHQVHVG¶pTXLSHPHQWVpWXGHVHWWUDYDX[
N¼
'pSHQVHVILQDQFLqUHVHPSUXQWVHWGHWWHVN¼
'pSHQVHVG¶RUGUHN¼
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/HVJUDQGVpTXLOLEUHVILQDQFLHUVGHVEXGJHWV$VVDLQLVVHPHQWGHV5pJLHVVRQWOHVVXLYDQWV
$1$/<6('8&2037('¶(;3/2,7$7,21'6381,48(0(17
6XLYLGX&$5(
$QQpH (FDUW
DQQpH1
3URGXLWV ¼ ¼
&KDUJHV ¼ ¼
5pVXOWDWDYDQWLPSW ¼ ¼
5(68/7$7 ¼ ¼
9RLUOHGpWDLOSDUFRPPXQHHQDQQH[H
5(&(77(6 '(3(16(6
)21&7,211(0(17
,19(67,66(0(17
5HFHWWHVGHJHVWLRQGHVHUYLFHVGRQWVXUWD[HVHW
UHGHYDQFHVN¼
3URGXLWVILQDQFLHUVHWH[FHSWLRQQHOV
N¼
5HFHWWHVG¶RUGUHN¼
'pSHQVHVGHJHVWLRQGHVHUYLFHVGRQWFKDUJHVGH
SHUVRQQHOHWIUDLVN¼
&KDUJHVILQDQFLqUHVHWH[FHSWLRQQHOOHV
N¼
'pSHQVHVG¶RUGUHN¼
5HFHWWHVG¶pTXLSHPHQWVGRQWVXEYHQWLRQV
N¼
5HFHWWHVILQDQFLqUHVN¼
5HFHWWHVG¶RUGUHN¼
'pSHQVHVG¶pTXLSHPHQWVpWXGHVHWWUDYDX[
N¼
'pSHQVHVILQDQFLqUHVHPSUXQWVHWGHWWHVN¼
'pSHQVHVG¶RUGUHN¼
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
&2175,%87,21$81)21'6'(62/,'$5,7(
'HVFULSWLIGHVFRQWULEXWLRQVGDQVOHFDGUHGXGLVSRVLWLI)6/RXDXWUHV)RQGVGH6ROLGDULWp
(QOHPRQWDQWGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp3HVWGH¼P
/(6(78'(6(775$9$8;
9RLUO¶DQQH[HSRXUOHGpWDLOGHVRSpUDWLRQVSDUFRPPXQH
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
/(6(59,&(38%/,&'(/¶$66$,1,66(0(17121&2//(&7,)
/(6&+,))5(6&/(6'(/¶$11((
)$,760$548$176
1RXVFRQVWDWRQVSRXUXQHGLPLQXWLRQGHGRVVLHUVGHFRQFHSWLRQOLpVjXQHFRQVWUXFWLRQQHXYHVRLWSDUUDSSRUWj
3DUDLOOHXUVOHQRPEUHGHGRVVLHUVUHODWLIVjODUpKDELOLWDWLRQG¶LQVWDOODWLRQVG¶DVVDLQLVVHPHQWQRQFROOHFWLIDGLPLQXpGHGRVVLHUVHQPRLQV
'(6&5,37,21'86(59,&(
/H63$1&GX7HUULWRLUHGX3D\VG¶$L[H[LVWHGHSXLV/HSDUFGHVLQVWDOODWLRQVG¶DVVDLQLVVHPHQWQRQFROOHFWLIVXUOHWHUULWRLUHGX3D\VG¶$L[HVWFRPSRVpGH
LQVWDOODWLRQVG¶XQHFDSDFLWpLQIpULHXUHj(+(TXLYDOHQWVKDELWDQW LQVWDOODWLRQVG¶XQHFDSDFLWpVXSpULHXUHj(+
/HVPLVVLRQVGX63$1&VRQWOHVVXLYDQWHV &RQWUOHWHFKQLTXHHWUqJOHPHQWDLUHUHODWLIjODFRQFHSWLRQHWjODUpDOLVDWLRQRX
UpKDELOLWDWLRQGHVGLVSRVLWLIVG¶DVVDLQLVVHPHQWQRQFROOHFWLI 'LDJQRVWLFGHERQIRQFWLRQQHPHQWGDQVOHFDGUHG¶XQHYHQWHLPPRELOLqUH &RQWUOHSpULRGLTXHGHERQIRQFWLRQQHPHQWHWG¶HQWUHWLHQIUpTXHQFHDQV &RQVHLODX[XVDJHUV
(QODYDOHXUGHO¶LQGLFHGHPLVHHQ°XYUHGHO¶DVVDLQLVVHPHQWQRQFROOHFWLIHVWGHSRLQWV
KDELWDQWVGHVVHUYLVHVWLPDWLRQV
FRQWUOHVHIIHFWXpVHQ
7DX[GHFRQIRUPLWpGHVLQVWDOODWLRQV
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
,QGLFHVGHPLVHHQ°XYUHGHO¶DVVDLQLVVHPHQWQRQFROOHFWLI
1RPEUHGH
SRLQWV
0LVHHQ°XYUH
28, 121
$eOpPHQWVREOLJDWRLUHVSRXUO¶pYDOXDWLRQGHODPLVHHQ°XYUHGXVHUYLFHSXEOLFG¶DVVDLQLVVHPHQWQRQFROOHFWLI
'pOLPLWDWLRQGHV]RQHVG¶DVVDLQLVVHPHQWQRQFROOHFWLISDUXQHGpOLEpUDWLRQ
;
$SSOLFDWLRQG¶XQUqJOHPHQWGXVHUYLFHSXEOLFG¶DVVDLQLVVHPHQWQRQFROOHFWLIDSSURXYpSDUXQHGpOLEpUDWLRQ
;
0LVHHQ°XYUHGHODYpULILFDWLRQGHFRQFHSWLRQHWG¶H[pFXWLRQGHVLQVWDOODWLRQVUpDOLVpHVRXUpKDELOLWpHV
;
0LVHHQ°XYUHGXGLDJQRVWLFGHERQIRQFWLRQQHPHQWHWG¶HQWUHWLHQGHVDXWUHVLQVWDOODWLRQVFDVGHVWUDQVDFWLRQVLPPRELOLqUHV
;
%eOpPHQWVIDFXOWDWLIVGXVHUYLFHSXEOLFG¶DVVDLQLVVHPHQWQRQFROOHFWLI
([LVWHQFHG¶XQVHUYLFHFDSDEOHG¶DVVXUHUjODGHPDQGHGXSURSULpWDLUHO¶HQWUHWLHQGHVLQVWDOODWLRQV
;
([LVWHQFHG¶XQVHUYLFHFDSDEOHG¶DVVXUHUjODGHPDQGHGXSURSULpWDLUHOHVWUDYDX[GHUpDOLVDWLRQHWGHUpKDELOLWDWLRQGHVLQVWDOODWLRQV
;
([LVWHQFHG¶XQVHUYLFHFDSDEOHG¶DVVXUHUOHWUDLWHPHQWGHVPDWLqUHVGHYLGDQJH
;
/¶$&7,9,7('86(59,&(
1RPEUHGHFRQWUOHVHWGLDJQRVWLFVUpDOLVpV
7\SHGHFRQWUOH 'HSXLVODFUpDWLRQ
GXVHUYLFH
([DPHQSUpDODEOHGHFRQFHSWLRQ
9pULILFDWLRQGHO¶H[pFXWLRQ
'LDJQRVWLFGHERQIRQFWLRQQHPHQW
&RQWUOHSpULRGLTXHGHERQIRQFWLRQQHPHQWHWG¶HQWUHWLHQ
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
(QOHWDX[GHFRQIRUPLWpGHVLQVWDOODWLRQVG¶DVVDLQLVVHPHQWQRQFROOHFWLIHVWGH
&HWLQGLFDWHXUHVWFDOFXOpjFRPSWHUGHVFRQWUOHVUpDOLVpVVXLYDQWODIRUPXOHVXLYDQWH
1RPEUHG¶LQVWDOODWLRQVFRQWUOpHVFRQIRUPHVGHSXLV93$XWUHVLQVWDOODWLRQVFRQWUOpHVGHSXLVQHSUpVHQWDQWSDVGHGDQJHUSRXUODVDQWpGHVSHUVRQQHVQLGHULVTXHDYpUpSRXUO¶HQYLURQQHPHQW931RPEUHWRWDOG¶LQVWDOODWLRQVFRQWUOpHVGHSXLV93
3URJUDPPHGHUpKDELOLWDWLRQGHVLQVWDOODWLRQVGDVVDLQLVVHPHQWQRQFROOHFWLI
/$JHQFHGHO(DX5KQH0pGLWHUUDQpH&RUVHSRXYDLWDSSRUWHUXQHDLGHIRUIDLWDLUHGH¼SRXUODUpKDELOLWDWLRQGHV LQVWDOODWLRQVTXLSUpVHQWDLHQWGHVGDQJHUVSRXU ODVDQWpGHVSHUVRQQHVRXHQFDVGDEVHQFHGLQVWDOODWLRQV
/H63$1&DVVXUDLWODJHVWLRQGHFHSURJUDPPHGHUpKDELOLWDWLRQSRXUOHFRPSWHGHVXVDJHUV
(QXVDJHUVRQWUHoXXQHDLGHGHO$JHQFHUHSUpVHQWDQW¼SRXUXQPRQWDQWWRWDOGHWUDYDX[GH¼
%8'*(7'86(59,&(
/DWDULILFDWLRQ
/HPRQWDQWGHVUHGHYDQFHVDIIHFWpHVjFKDTXHW\SHGHFRQWUOHDpWpIL[pSDUGpOLEpUDWLRQGXFRQVHLOQB&7BGXDSSOLFDEOHGHSXLVOH/HVHUYLFHHVWQRQDVVXMHWWLjOD79$SRXUFHVPLVVLRQVGHFRQWUOH
5pSDUWLWLRQGHVFRQWUOHVHQ
&RQWUOHGHFRQFHSWLRQ &RQWUOHGHERQQHH[pFXWLRQ 'LDJQRVWLF
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
7\SHGHFRQWUOH 0RQWDQWIRUIDLWDLUH
&RQWUOHGHFRQFHSWLRQGLQVWDOODWLRQVQRXYHOOHV¼
&RQWUOHGHFRQFHSWLRQGLQVWDOODWLRQVjUpKDELOLWHU¼
&RQWUOHGHERQQHH[pFXWLRQGLQVWDOODWLRQVQRXYHOOHV¼
&RQWUOHGHERQQHH[pFXWLRQGLQVWDOODWLRQVjUpKDELOLWHU
¼
'LDJQRVWLFGHERQIRQFWLRQQHPHQWHWGHQWUHWLHQGHVLQVWDOODWLRQVGHFDSDFLWpj(+
¼RX¼VLGLDJQRVWLFUpDOLVpjODGHPDQGHGHO¶XVDJHUYHQWHRXGHPDQGH
G¶XUEDQLVPH
'LDJQRVWLFGHERQIRQFWLRQQHPHQWHWGHQWUHWLHQGHVLQVWDOODWLRQVGHFDSDFLWp!j(+
¼
/HVpTXLOLEUHVILQDQFLHUVGXEXGJHWGX63$1&
7RWDOUHFHWWHVUpHOOHVGHIRQFWLRQQHPHQW¼7RWDOGpSHQVHVUpHOOHVGHIRQFWLRQQHPHQW¼
([FpGHQWDQWpULHXUUHSRUWp¼
/HVUHFHWWHVJpQpUpHVSDUOHVHUYLFHHQVRQWGH¼
7$5,)6'(/¶($8
/(67$5,)6'(/¶($8(7'(/¶$66$,1,66(0(17
$ILQGHSHUPHWWUHGHVXLYUHO¶pYROXWLRQG¶XQHIDFWXUHG¶HDXQRUPDOLVpHODFRQVRPPDWLRQGHUpIpUHQFHGpILQLHSDUO¶,QVWLWXW1DWLRQDOGHOD6WDWLVWLTXHHWGHV(WXGHV(FRQRPLTXHV,16((WHOOHTXHSXEOLpHDX-RXUQDO 2IILFLHO GX QRYHPEUH HVW FHOOH G¶XQ DERQQp GRPHVWLTXH D\DQW XQH UpVLGHQFHSULQFLSDOHHWFRQVRPPDQWDQQXHOOHPHQWPG¶HDX
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
5pFDSLWXODWLIGHVSUL[GHO¶HDX7DULIVDXHUMDQYLHU
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
5pFDSLWXODWLIGHVSUL[GHO¶DVVDLQLVVHPHQW7DULIVDXHUMDQYLHU
$&7,216(1)$9(85'8'(9(/233(0(17'85$%/((7'(/$62/,'$5,7(
3DVG¶LQGLFDWHXUVLJQLILFDWLIVSRXU
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
$11(;( ),&+(6$56 ±48$/,7('(6($8;
(GLWLRQGXPDUV
8*($(35(*,('(6($8;'83$<6'$,;
7DX[ GH FRQIRUPLWp GHV SUpOqYHPHQWV VXU OHV HDX[ GLVWULEXpHV UpDOLVpV DX WLWUH GXFRQWUOH VDQLWDLUH SDU UDSSRUW DX[ OLPLWHV GH TXDOLWp SRXU FH TXL FRQFHUQH ODPLFURELRORJLHHWOHVSDUDPqWUHVSK\VLFRFKLPLTXHV33
,QVWDOODWLRQ 3DUDPqWUHVPLFURELRORJLTXHV 3DUDPqWUHVSK\VLFRFKLPLTXHV
&RGH /LEHOOp 7\SH3RS'pELW
1RPEUHWRWDOGHSUpOqYHPHQWV
1RPEUHGHSUpOqYHPHQWV
QRQFRQIRUPHV
1RPEUHWRWDOGH
SUpOqYHPHQWV
1RPEUHGHSUpOqYHPHQWV
QRQFRQIRUPHV
/(%$//21 773
9(1(//(6 773
,QGLFHGDYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX3
&RGHQDWLRQDO
1RPGXFDSWDJH (WDW 'pELW3pULPSURWHFW&RGH
(WDWSURF&RGH
'pOLE'DWH$YLV
JpRORJXH'DWH
5HFHY'DWH
'83'DWH
,QGLFH
/$&$0%5(77( $&7 1 (&
9(1(//(6 $&7 1 (&
6$,17(87523( $&7 1 (&
38<'852, $&7 1 (&
)217&289(57( $&7 1 (&
9$//21'(/(6&$/( $&7 1 7(
35,6(6&3 $&7 2 7(
)2175(<1$8'( $&7 1 7(
0(5,1'2/( $&7 1 (&
&287(521 $&7 1 (&
*$5(7*9 $&7 1 (&
6$,179$/(17,1 $&7 2 7(
3$5&'(6632576 $&7 1 (&
2%-(7&LUFXODLUHQ'(GXDYULO0LVHHQ RHXYUH GX UDSSRUW VXU OH SUL[ HW OD TXDOLWp GHVVHUYLFHV SXEOLFV GHDX HW GDVVDLQLVVHPHQW HQDSSOLFDWLRQGXGpFUHWQGXPDL
'HVW$033$<6'$,;
$GU&6
$,;(13&(&('(;
(GLWLRQGXPDUV
6$,17(87523( 773
38<'852, 773
)217&289(57( 773
6$,17(67(9(-$1621 773
3/$7($8'(/$.(<5,( 773
6$,173$8/ 773
0(5,1'2/( 773
&287(521 773
*$5(7*9 773
3$5&'(6632576 773
*$5'$11(28(67 8',
*$5'$11((67 8',
6$,17(67(9(-$1621 8',
6$,173$8//(='85$1&( 8',
9(1(//(6 8',
6$,170$5&-$80(*$5'( 8',
$,;(13529(1&(125' 8',
$,;(13529(1&(68' 8',
$,;(13529(1&(&(175( 8',
$,;0(5,1'2/( 8',
$,;&287(521 8',
*$5(7*9 8',
6$,173$8//(='85$1&(=21(,1'8675,(//(8',
3$5&'(6632576 8',
7RWDO
7DX[GHFRQIRUPLWp
3RSXODWLRQSRXUOHV8',RX'pELWHQPMSRXUOHV&$30&$773
(GLWLRQGXPDUV
8*($(36,'8%$66,10,1,(5B$03&7
7DX[ GH FRQIRUPLWp GHV SUpOqYHPHQWV VXU OHV HDX[ GLVWULEXpHV UpDOLVpV DX WLWUH GXFRQWUOH VDQLWDLUH SDU UDSSRUW DX[ OLPLWHV GH TXDOLWp SRXU FH TXL FRQFHUQH ODPLFURELRORJLHHWOHVSDUDPqWUHVSK\VLFRFKLPLTXHV33
,QVWDOODWLRQ 3DUDPqWUHVPLFURELRORJLTXHV 3DUDPqWUHVSK\VLFRFKLPLTXHV
&RGH /LEHOOp 7\SH3RS'pELW
1RPEUHWRWDOGHSUpOqYHPHQWV
1RPEUHGHSUpOqYHPHQWV
QRQFRQIRUPHV
1RPEUHWRWDOGH
SUpOqYHPHQWV
1RPEUHGHSUpOqYHPHQWV
QRQFRQIRUPHV
/(602/; 773
/289,(5( 773
6,0,$1(&2//21*8(9,//( 8',
6,'8%$66,10,1,(528(67B&7 8',
7RWDO
7DX[GHFRQIRUPLWp
3RSXODWLRQSRXUOHV8',RX'pELWHQPMSRXUOHV&$30&$773
,QGLFHGDYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX3
&RGHQDWLRQDO
1RPGXFDSWDJH (WDW 'pELW3pULPSURWHFW&RGH
(WDWSURF&RGH
'pOLE'DWH$YLV
JpRORJXH'DWH
5HFHY'DWH
'83'DWH
,QGLFH
/(602/; $&7 1 (&
/289,(5( $&7 1 (&
2%-(7&LUFXODLUHQ'(GXDYULO0LVHHQ RHXYUH GX UDSSRUW VXU OH SUL[ HW OD TXDOLWp GHVVHUYLFHV SXEOLFV GHDX HW GDVVDLQLVVHPHQW HQDSSOLFDWLRQGXGpFUHWQGXPDL
'HVW$033$<6'$,;
$GU&6
$,;(13&(&('(;
(GLWLRQGXPDUV
8*($(3$033$<6'$,;$))6(0
,QGLFHGDYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX3
&RGHQDWLRQDO
1RPGXFDSWDJH (WDW 'pELW3pULPSURWHFW&RGH
(WDWSURF&RGH
'pOLE'DWH$YLV
JpRORJXH'DWH
5HFHY'DWH
'83'DWH
,QGLFH
7(55(%/$1&+( $&7 1 (&
9(17$%5(135,6('($8(1&$1$/
$&7 1 (&
&28'28;/$)$5( $&7 1 (&
&+$7($81(8)/(528*( $&7 1 (&
/$)28; $&7 1 (&
%(572,5( $&7 1 (&
%(572,5(6&3 $&7 1 (&
/(/,21'250(<5$5*8(6
$&7 1 7(
&+()/,(8 $&7 1 (&
/(60,&+(/6 $&7 1 (&
38</28%,(56&3 $&7 1 (&
&+(1(5,//(6 $&7 1 (&
/$&5,'( $&7 1 (&
6$,17&$1$'(76&3 $&7 1 (&
/(6'85$1'6 $&7 1 (&
/(6$51$-216 $&7 1 (&
/(67$,//$'(6 $&7 1 (&
/$%25'( $&7 2 7(
/(&$67(//$6 $&7 2 7(
52866(7 $&7 1 (&
6&3%($85(&8(,/67$ $&7 1 (&
/(&+$7($86285&('8/$92,5
$&7 2 7(
6&3%($85(&8(,/ $&7 1 (&
2%-(7&LUFXODLUHQ'(GXDYULO0LVHHQ RHXYUH GX UDSSRUW VXU OH SUL[ HW OD TXDOLWp GHVVHUYLFHV SXEOLFV GHDX HW GDVVDLQLVVHPHQW HQDSSOLFDWLRQGXGpFUHWQGXPDL
'HVW$033$<6'$,;
$GU&6
$,;(13&(&('(;
(GLWLRQGXPDUV
7DX[ GH FRQIRUPLWp GHV SUpOqYHPHQWV VXU OHV HDX[ GLVWULEXpHV UpDOLVpV DX WLWUH GXFRQWUOH VDQLWDLUH SDU UDSSRUW DX[ OLPLWHV GH TXDOLWp SRXU FH TXL FRQFHUQH ODPLFURELRORJLHHWOHVSDUDPqWUHVSK\VLFRFKLPLTXHV33
,QVWDOODWLRQ 3DUDPqWUHVPLFURELRORJLTXHV 3DUDPqWUHVSK\VLFRFKLPLTXHV
&RGH /LEHOOp 7\SH3RS'pELW
1RPEUHWRWDOGHSUpOqYHPHQWV
1RPEUHGHSUpOqYHPHQWV
QRQFRQIRUPHV
1RPEUHWRWDOGH
SUpOqYHPHQWV
1RPEUHGHSUpOqYHPHQWV
QRQFRQIRUPHV
7(55(%/$1&+( 773
67$7,21'(9(17$%5(1 773
67$7,21&28'28;/$)$5( 773
&+$7($81(8)/(528*( 773
/$)28; 773
%(572,5( 773
/(/,21'250(<5$5*8(6 773
/(60,&+(/6 773
&+()/,(8 773
&,1421&(6 773
38</28%,(5 773
/(67$,//$'(6 773
/$&5,'( 773
/(6$51$-216 773
/(6'85$1'6 773
67.67&$1$'(7 773
/$%25'( 773
/(&$67(//$6 773
52866(7 773
6$,17$1721,1685%$<21 773
9$89(1$5*8(6 773
%($85(&8(,/ 773
&$%5,(6 773
&$%5,(6 $&7 1 (&
&$/$6 $&7 1 (&
/(6%/$48(6 $&7 1 (&
35,6(6&3 $&7 2 7(
/$&$6&$'( $&7 2 7(
/(67$,//216=$/21, $&7 2 7(
0$5,(0$8521 $&7 1 (&
(175e(67$7,21/(%$5&27
$&7 1 (&
3$5&&/8%$5%2,6 $&7 1 (&
&$%5('25 $&7 (&
=$&67&+$5/(6 $&7 (&
&+$7($8/$&267( $&7 1 (&
(GLWLRQGXPDUV
&$/$6 773
/(6%/$48(6 773
0$5,(0$8521 773
&+(1(5,//(6 773
/$&$6&$'( 773
67$7,21'8%$5&27 773
3$5&&/8%$5%2,6 773
&$%5('25 773
67$7,2175$,7(0(17=$&67&+$5/(6773
&+$7($8/$&267( 773
9,752//(6 8',
/(63(11(60,5$%($89,//( 8',
%28&%(/$,59,//( 8',
5(6($89(17$%5(1 8',
5(6($8&28'28; 8',
&+$7($81(8)/(528*( 8',
)89($8 8',
/$0%(6& 8',
0(<5$5*8(6 8',
3(<1,(5/(60,&+(/6 8',
3(<1,(5&+()/,(8 8',
3(<52//(6 8',
38</28%,(5 8',
38<67(5(3$5$'(9,//( 8',
38<67(5(3$5$'(/(6$51$-216 8',
38<67(5(3$5$'(/(6'85$1'6 8',
38<67(5(3$5$'(6$,17&$1$'(7 8',
/$5248('$17+(521 8',
52866(7 8',
6$,17$1721,1685%$<21 8',
9$89(1$5*8(6 8',
%($85(&8(,/ 8',
&$%5,(6 8',
&$/$6 8',
75(76 8',
&$%5,(60$5,(0$8521 8',
/$5248('$17+(521%$5&27 8',
&$%5,(6/27,66(0(17/(69(5*(56 8',
&$%5,(63$5&&/8%'(/$5%2,6 8',
=,'(52866(7 8',
&$%5('25*2/)5(6,'(1&( 8',
=$&67&+$5/(6+$0($8&+$7($8$5&8',
3(11(60,5$%($8&$'(1($8; 8',
&+$7($8/$&267( 8',
7RWDO
7DX[GHFRQIRUPLWp
3RSXODWLRQSRXUOHV8',RX'pELWHQPMSRXUOHV&$30&$773
(GLWLRQGXPDUV
8*($(3$033$<6'$,;$))6$85
7DX[ GH FRQIRUPLWp GHV SUpOqYHPHQWV VXU OHV HDX[ GLVWULEXpHV UpDOLVpV DX WLWUH GXFRQWUOH VDQLWDLUH SDU UDSSRUW DX[ OLPLWHV GH TXDOLWp SRXU FH TXL FRQFHUQH ODPLFURELRORJLHHWOHVSDUDPqWUHVSK\VLFRFKLPLTXHV33
,QVWDOODWLRQ 3DUDPqWUHVPLFURELRORJLTXHV 3DUDPqWUHVSK\VLFRFKLPLTXHV
&RGH /LEHOOp 7\SH3RS'pELW
1RPEUHWRWDOGHSUpOqYHPHQWV
1RPEUHGHSUpOqYHPHQWV
QRQFRQIRUPHV
1RPEUHWRWDOGH
SUpOqYHPHQWV
1RPEUHGHSUpOqYHPHQWV
QRQFRQIRUPHV
(*8,//(6 773
%$//21 773
(*8,//(6 8',
0(<5(8,/ 8',
7RWDO
7DX[GHFRQIRUPLWp
3RSXODWLRQSRXUOHV8',RX'pELWHQPMSRXUOHV&$30&$773
,QGLFHGDYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX3
&RGHQDWLRQDO
1RPGXFDSWDJH (WDW 'pELW3pULPSURWHFW&RGH
(WDWSURF&RGH
'pOLE'DWH$YLV
JpRORJXH'DWH
5HFHY'DWH
'83'DWH
,QGLFH
(*8,//(6 $&7 1 (&
%$//21 $&7 1 (&
2%-(7&LUFXODLUHQ'(GXDYULO0LVHHQ RHXYUH GX UDSSRUW VXU OH SUL[ HW OD TXDOLWp GHVVHUYLFHV SXEOLFV GHDX HW GDVVDLQLVVHPHQW HQDSSOLFDWLRQGXGpFUHWQGXPDL
'HVW$033$<6'$,;
$GU&6
$,;(13&(&('(;
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
$11(;(7$%/($8;5(&$3,78/$7,)6'(6,1',&$7(856'(3(5)250$1&(
3285/¶($83$5&20081(6
$11(;( &RPPXQHVHQ'63
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHOHDXSRWDEOH
8QLWp%HDXUHFXHLO
%RXF%HO$LU
&DEULqV&KkWHDXQHXIOH5RXJH
&RXGRX[ (JXLOOHV )XYHDX
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
939RLHV1DYLJDEOHVGH)UDQFH91)SUpOqYHPHQWV ¼
93$JHQFHVGHOHDXSURWHFWLRQGHODUHVVRXUFH ¼
93$JHQFHVGHOHDXUHGHYDQFHSROOXWLRQ ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(8565(/$7,)6$/$48$/,7('(/($8
931RPEUHGHSUpOqYHPHQWVVXUODPLFURELRORJLH X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUODPLFURELRORJLH X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHODPLFURELRORJLH
931RPEUHGHSUpOqYHPHQWVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
939ROXPHSUpOHYp P 15 15 15 15 15
939ROXPHSURGXLW P
939ROXPHLPSRUWpDFKDWVGHDXjGDXWUHVVHUYLFHV P
3,QGLFHG¶DYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX 15
,1',&$7(856'(3(5)250$1&('85(6($8'(',675,%87,21
939ROXPHH[SRUWp YHQWHVGHDXjGDXWUHVVHUYLFHV P
939ROXPHFRPSWDELOLVpGRPHVWLTXH P
939ROXPHFRPSWDELOLVpQRQGRPHVWLTXH P
939ROXPHFRQVRPPpFRPSWDELOLVp P
939ROXPHFRQVRPPpVDQVFRPSWDJH P
939ROXPHGHVHUYLFHGXUpVHDX P
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
35HQGHPHQWGXUpVHDXGHGLVWULEXWLRQ
3,QGLFHOLQpDLUHGHVYROXPHVQRQFRPSWpV PNPM
3,QGLFHOLQpDLUHGHSHUWHVHQUpVHDX PNPM
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDXSRWDEOH
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDXSRWDEOH
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHG¶DERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHGLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV X
37DX[GRFFXUUHQFHGHVLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV XDE
''pODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
M
37DX[GHUHVSHFWGHGpODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQV XDE
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(
936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
9ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
15QRQUHQVHLJQp
$11(;(
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHOHDXSRWDEOH
8QLWp
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
939RLHV1DYLJDEOHVGH)UDQFH91)SUpOqYHPHQWV ¼
93$JHQFHVGHOHDXSURWHFWLRQGHODUHVVRXUFH ¼
93$JHQFHVGHOHDXUHGHYDQFHSROOXWLRQ ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(8565(/$7,)6$/$48$/,7('(/($8
931RPEUHGHSUpOqYHPHQWVVXUODPLFURELRORJLH X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUODPLFURELRORJLH X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHODPLFURELRORJLH
931RPEUHGHSUpOqYHPHQWVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
939ROXPHSUpOHYp P
939ROXPHSURGXLW P
939ROXPHLPSRUWpDFKDWVGHDXjGDXWUHVVHUYLFHV P
3,QGLFHG¶DYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX
,1',&$7(856'(3(5)250$1&('85(6($8'(',675,%87,21
939ROXPHH[SRUWp YHQWHVGHDXjGDXWUHVVHUYLFHV P
939ROXPHFRPSWDELOLVpGRPHVWLTXH P
939ROXPHFRPSWDELOLVpQRQGRPHVWLTXH P
939ROXPHFRQVRPPpFRPSWDELOLVp P
939ROXPHFRQVRPPpVDQVFRPSWDJH P
939ROXPHGHVHUYLFHGXUpVHDX P
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
35HQGHPHQWGXUpVHDXGHGLVWULEXWLRQ
3,QGLFHOLQpDLUHGHVYROXPHVQRQFRPSWpV PNPM
3,QGLFHOLQpDLUHGHSHUWHVHQUpVHDX PNPM
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDXSRWDEOH
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDXSRWDEOH
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHG¶DERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHGLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV X
37DX[GRFFXUUHQFHGHVLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV XDE
''pODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
M
37DX[GHUHVSHFWGHGpODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQV XDE
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(
936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
9ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
15QRQUHQVHLJQp
&RPPXQHVHQ'63
-RXTXHV
/D5RTXHG$QWKpU
RQ
/DPEHVF
/H3X\6DLQWH5pSDUDG
H
/H7KRORQHW
/HV3HQQHV0LUDEHDX
0H\UDUJXHV
15 15 15 15 15
15
15
$11(;(
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHOHDXSRWDEOH
8QLWp
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
939RLHV1DYLJDEOHVGH)UDQFH91)SUpOqYHPHQWV ¼
93$JHQFHVGHOHDXSURWHFWLRQGHODUHVVRXUFH ¼
93$JHQFHVGHOHDXUHGHYDQFHSROOXWLRQ ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(8565(/$7,)6$/$48$/,7('(/($8
931RPEUHGHSUpOqYHPHQWVVXUODPLFURELRORJLH X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUODPLFURELRORJLH X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHODPLFURELRORJLH
931RPEUHGHSUpOqYHPHQWVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
939ROXPHSUpOHYp P
939ROXPHSURGXLW P
939ROXPHLPSRUWpDFKDWVGHDXjGDXWUHVVHUYLFHV P
3,QGLFHG¶DYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX
,1',&$7(856'(3(5)250$1&('85(6($8'(',675,%87,21
939ROXPHH[SRUWp YHQWHVGHDXjGDXWUHVVHUYLFHV P
939ROXPHFRPSWDELOLVpGRPHVWLTXH P
939ROXPHFRPSWDELOLVpQRQGRPHVWLTXH P
939ROXPHFRQVRPPpFRPSWDELOLVp P
939ROXPHFRQVRPPpVDQVFRPSWDJH P
939ROXPHGHVHUYLFHGXUpVHDX P
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
35HQGHPHQWGXUpVHDXGHGLVWULEXWLRQ
3,QGLFHOLQpDLUHGHVYROXPHVQRQFRPSWpV PNPM
3,QGLFHOLQpDLUHGHSHUWHVHQUpVHDX PNPM
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDXSRWDEOH
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDXSRWDEOH
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHG¶DERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHGLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV X
37DX[GRFFXUUHQFHGHVLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV XDE
''pODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
M
37DX[GHUHVSHFWGHGpODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQV XDE
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(
936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
9ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
15QRQUHQVHLJQp
&RPPXQHVHQ'63
0H\UHXLO 3H\QLHU 3H\UROOHV3X\ORXEL
HU5RJQHV 5RXVVHW
6DLQW$QWRQLQ
15 15 15 15
15
15
15
$11(;(
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHOHDXSRWDEOH
8QLWp
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
939RLHV1DYLJDEOHVGH)UDQFH91)SUpOqYHPHQWV ¼
93$JHQFHVGHOHDXSURWHFWLRQGHODUHVVRXUFH ¼
93$JHQFHVGHOHDXUHGHYDQFHSROOXWLRQ ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(8565(/$7,)6$/$48$/,7('(/($8
931RPEUHGHSUpOqYHPHQWVVXUODPLFURELRORJLH X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUODPLFURELRORJLH X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHODPLFURELRORJLH
931RPEUHGHSUpOqYHPHQWVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
939ROXPHSUpOHYp P
939ROXPHSURGXLW P
939ROXPHLPSRUWpDFKDWVGHDXjGDXWUHVVHUYLFHV P
3,QGLFHG¶DYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX
,1',&$7(856'(3(5)250$1&('85(6($8'(',675,%87,21
939ROXPHH[SRUWp YHQWHVGHDXjGDXWUHVVHUYLFHV P
939ROXPHFRPSWDELOLVpGRPHVWLTXH P
939ROXPHFRPSWDELOLVpQRQGRPHVWLTXH P
939ROXPHFRQVRPPpFRPSWDELOLVp P
939ROXPHFRQVRPPpVDQVFRPSWDJH P
939ROXPHGHVHUYLFHGXUpVHDX P
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
35HQGHPHQWGXUpVHDXGHGLVWULEXWLRQ
3,QGLFHOLQpDLUHGHVYROXPHVQRQFRPSWpV PNPM
3,QGLFHOLQpDLUHGHSHUWHVHQUpVHDX PNPM
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDXSRWDEOH
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDXSRWDEOH
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHG¶DERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHGLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV X
37DX[GRFFXUUHQFHGHVLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV XDE
''pODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
M
37DX[GHUHVSHFWGHGpODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQV XDE
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(
936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
9ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
15QRQUHQVHLJQp
&RPPXQHVHQ'63
6DLQW&DQQDW
7UHWV9DXYHQDUJXHV
9HQWDEUHQ
9LWUROOHV$L[HQ
3URYHQFH*DUGDQQ
H
15 15 15 15 15 15 15
15
15
15 15
5(3$
$11(;(
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHOHDXSRWDEOH
8QLWp
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
939RLHV1DYLJDEOHVGH)UDQFH91)SUpOqYHPHQWV ¼
93$JHQFHVGHOHDXSURWHFWLRQGHODUHVVRXUFH ¼
93$JHQFHVGHOHDXUHGHYDQFHSROOXWLRQ ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(8565(/$7,)6$/$48$/,7('(/($8
931RPEUHGHSUpOqYHPHQWVVXUODPLFURELRORJLH X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUODPLFURELRORJLH X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHODPLFURELRORJLH
931RPEUHGHSUpOqYHPHQWVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV X
931RPEUHGHSUpOqYHPHQWVQRQFRQIRUPHVVXUOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
X
37DX[GHFRQIRUPLWpGHVSUpOqYHPHQWVVXUOHVHDX[GLVWULEXpHVUpDOLVpVDXWLWUHGXFRQWUOHVDQLWDLUHSDUUDSSRUWDX[OLPLWHVGHTXDOLWpSRXUFHTXLFRQFHUQHOHVSDUDPqWUHVSK\VLFRFKLPLTXHV
939ROXPHSUpOHYp P
939ROXPHSURGXLW P
939ROXPHLPSRUWpDFKDWVGHDXjGDXWUHVVHUYLFHV P
3,QGLFHG¶DYDQFHPHQWGHODSURWHFWLRQGHODUHVVRXUFHHQHDX
,1',&$7(856'(3(5)250$1&('85(6($8'(',675,%87,21
939ROXPHH[SRUWp YHQWHVGHDXjGDXWUHVVHUYLFHV P
939ROXPHFRPSWDELOLVpGRPHVWLTXH P
939ROXPHFRPSWDELOLVpQRQGRPHVWLTXH P
939ROXPHFRQVRPPpFRPSWDELOLVp P
939ROXPHFRQVRPPpVDQVFRPSWDJH P
939ROXPHGHVHUYLFHGXUpVHDX P
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
35HQGHPHQWGXUpVHDXGHGLVWULEXWLRQ
3,QGLFHOLQpDLUHGHVYROXPHVQRQFRPSWpV PNPM
3,QGLFHOLQpDLUHGHSHUWHVHQUpVHDX PNPM
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDXSRWDEOH
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDXSRWDEOH
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHG¶DERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHGLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV X
37DX[GRFFXUUHQFHGHVLQWHUUXSWLRQVGHVHUYLFHQRQSURJUDPPpHV XDE
''pODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
M
37DX[GHUHVSHFWGHGpODLPD[LPDOGRXYHUWXUHGHVEUDQFKHPHQWVSRXUOHVQRXYHDX[DERQQpV
93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQV XDE
,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(
936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
9ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
15QRQUHQVHLJQp
5(3$
9HQHOOHV6DLQW
3DXO/H]'XUDQFH
6DLQW0DUFGH-DXPHJD
UGH
6DLQW(VWqYH
6,%$0+,6725,48(
6,0,$1(&2//21*8(
7HUULWRLUHGX3D\VG$L[
15 15 15 15
15 15 15 15
15 15
15 15
15 15 15 15
6,%$0
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
$11(;( 7$%/($83$75,02,1(($8
$11(;(3$75,02,1(($8'(6'635(3$5($%0*
&RPPXQHV 2ULJLQHGHODUHVVRXUFH /LYUDLVRQ 7UDLWHPHQW 6WRFNDJHPñ
$L[HQ3URYHQFH 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFHVWDWLRQVGHSRWDELOLVDWLRQ6DLQW(XWURSH/V
)RQWFRXYHUWH/V3X\GX5R\/V&RXWKHURQ/D0pULQGROHHWO$UERLV
6W(XWURSH)RQFRXYHUWH3X\GX5R\%DVVLQ
QRUG&RXSHDX&RXWKHURQ$EHLOOH+LUVW*G6W-HDQ
%HDXUHFXHLO 9HUGRQVRXUFH 6RFLpWpGX&DQDOGH3URYHQFHVRXUFHGX%D\RQ6WDWLRQGHILOWUDWLRQGHV5RXEDXGVVWDWLRQGHWUDLWHPHQWGH
ODVRXUFHGX%D\RQUpVHUYRLUGX9LOODJH
%RXF%HO$LU 9HUGRQ'XUDQFH 6RFLpWpGX&DQDOGH3URYHQFH&DQDOGH0DUVHLOOH 6WDWLRQGHILOWUDWLRQGHVWHUUHV%ODQFKHV/V7HUUHV%ODQFKHV7HUUHV%ODQFKHVELV
3LQ
&DEULHV 9HUGRQ'XUDQFH 6RFLpWpGX&DQDOGH3URYHQFH&DQDOGH0DUVHLOOH6WDWLRQGHILOWUDWLRQ/HV%ROOHVPñK7UpELOODQH
PñK&ROOqJH0DULH0DXURQPñKO$UERLVPñK&kEUHG2U*ROIPñK
%ROOHV&DODV9HUJHU/DERULH
&KDWHDXQHXIOHURXJH 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHILOWUDWLRQGHOD&DUGHOLQH 5pVHUYRLUVGX9LOODJH&DUGHOLQH
&RXGRX[ 'XUDQFH &DQDOGH0DUVHLOOH6WDWLRQGHILOWUDWLRQ/VSRXU&RXGRX[/VSRXU
)DUHOHV2OLYLHUV%DVWLGH1HXYHUpVHUYRLUKDXW
(JXLOOHV 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHILOWUDWLRQGHV/RJLVVRQVPñK %HOOHYXH/RJLVVRQV
)XYHDX 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH6WDWLRQGHWUDLWHPHQWGHOD)RX[/VVWDWLRQGHILOWUDWLRQ
GHOD=$&6W&KDUOHV/V)RX[*DOqUH*RXVWR6RXOHW
%HOOHYXH/D%DUTXH=$&
*DUGDQQH 9HUGRQ'XUDQFH 6RFLpWpGX&DQDOGH3URYHQFH&DQDOGH0DUVHLOOH %DOORQV/V*LUDXGHWVGURLW/VFDSDFLWp/V5LEDV0DOHVSLQH%LYHU
3ODLQH
*UpDVTXH 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHO2XYLqUHVLWXpHj)XYHDX
-RXTXHV (DXVRXWHUUDLQH &DSWDJH 7UDFRQQDGHPñM %qGHV&DPSRXPDO
/DPEHVF 9HUGRQHDXVRXWHUUDLQH 6RFLpWpGX&DQDOGH3URYHQFH&DSWDJHGH%HUWRLUH 6WDWLRQGHILOWUDWLRQGH%HUWRLUH/V %HUWRLUH
$11(;(3$75,02,1(($8'(6'635(3$5($%0*
&RPPXQHV 2ULJLQHGHODUHVVRXUFH /LYUDLVRQ 7UDLWHPHQW 6WRFNDJHPñ
0H\UDUJXHV 9HUGRQHDXVRXWHUUDLQH6RFLpWpGX&DQDOGH3URYHQFHVHFRXUV&DSWDJHGHOD
6RXUFHGX/LRQG2U3RVWHGHVWpULOLVDWLRQ /HV$UFV
0H\UHXLO 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHILOWUDWLRQGX%DOORQ 5pVHUYRLUGX%DOORQUpVHUYRLUGH0RQWDLJXHW
0LPHW 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHO2XYLqUHVLWXpHj)XYHDX
3HQQHV0LUDEHDX 'XUDQFH&RPPXQHSDUWDJpHHQVHFWLRQVDXQRUGUpVHDXDOLPHQWpSDUOXVLQHGHV*LUDXGHWV6$(320DXVXG
UpVHDXDOLPHQWpSDU030$XFXQH
9LOODJH%DUQRXLQV5RXLW/D7UHVTXH
3HUWXLV'XUDQFHHDXVRXWHUUDLQH
&DSWDJHHQ'XUDQFH&DSWDJHGX9LGDOHW
3H\QLHU 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH6WDWLRQGHILOWUDWLRQ©9LOODJHª6WDWLRQGHILOWUDWLRQ©/HV
0LFKHOVªFDSDFLWp/V±GRWDWLRQ/V6WH&URL[/D%ODTXH
/HV0LFKHOV
3H\UROOHV (DXVRXWHUUDLQH &DSWDJH&LQT2QFHV 3RVWHGHVWpULOLVDWLRQ 6WH$QQH
3X\6WH5pSDUDGH 9HUGRQHDXVRXWHUUDLQH 6RFLpWpGX&DQDOGH3URYHQFH&DSWDJHGHV&KpQHULOOHV
6WDWLRQGHILOWUDWLRQGH6W&DQDGHWPñK6WDWLRQGHILOWUDWLRQGHV7DLOODGHVPñKVWDWLRQGHILOWUDWLRQGHV6DYR\DQWVVWDWLRQGHILOWUDWLRQGHV$UQDMRQVVWDWLRQGH
ILOWUDWLRQGHOD&ULGH
7DLOODGHV&ULGH'DQMDXGV6W&DQDGHW
3X\ORXELHU 9HUGRQHDXVRXWHUUDLQH6RFLpWpGX&DQDOGH3URYHQFHFDSWDJHV6W6HUHW
0DUTXHW6WDWLRQGHWUDLWHPHQW/V 0DUTXHWV9LOODJH
5RJQHV (DXVRXWHUUDLQH9HUGRQ&DSWDJH6DLQW'HQLV6RFLpWp&DQDOGX3URYHQFH
VHFRXUV6WDWLRQGHWUDLWHPHQWGXFHQWUHYLOOHVWDWLRQGHILOWUDWLRQGHV
*DUULJXHV)RXVVD)RQWDQLOOH
5RTXHG$QWKpURQ(DXVRXWHUUDLQH
'XUDQFH&DSWDJHGHOD%RUGHFDSWDJHGX9DOORQ&DQDOGH
0DUVHLOOH6WDWLRQGHILOWUDWLRQGX%DUFRWVWDWLRQGHILOWUDWLRQGHOD
3RVWH/V/D3RVWH*XpULGDQH
&DVWHOODV
5RXVVHW 9HUGRQHDXVRXWHUUDLQH 6RFLpWpGX&DQDOGH3URYHQFHFDSWDJHGX%RXDRX6WDWLRQGHILOWUDWLRQGX%RXDRXGRWDWLRQ/VBFDSDFLWp
/V%RXDRX6DIUH
6DXYHW
$11(;(3$75,02,1(($8'(6'635(3$5($%0*
&RPPXQHV 2ULJLQHGHODUHVVRXUFH /LYUDLVRQ 7UDLWHPHQW 6WRFNDJHPñ
6LPLDQH&ROORQJXH 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHILOWUDWLRQGHV0RO[/V 0RO[(QFRXYHQ6WH0DGHOHLQH
6W$QWRQLQ%D\RQ 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHWUDLWHPHQWVLWXpHj%HDXUHFXHLO/V 6W$QWRQLQ%RXTXHW0DXUHOO\
6W&DQQDW 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH6WDWLRQGHILOWUDWLRQGX&ORVGX5R\6WDWLRQGHILOWUDWLRQGH
/D3LOH/V3X\&ORVGX5R\
6W(VWqYH-DQVRQ (DXVRXWHUUDLQH &DSWDJHV VWDWLRQVGHSRWDELOLVDWLRQ
6W0DUF-DXPHJDUGH 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHWUDLWHPHQWSDUFKORUDWLRQ
6W3DXOOHV'XUDQFH 6RXUFH &DSWDJHGH)RQW5H\QDXGH 5pVHDXGHDXSRWDEOHGX&($GH&DGDUDFKH %DVVHUYLFH+DXWVHUYLFH
7KRORQHW 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 5pVHDXGHDXSRWDEOHG$L[HQ3URYHQFH
7UHWV 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHILOWUDWLRQGHOD%ODTXH6WH0DULH6W-HDQ%HQQHWV
.LUERQ
9DXYHQDUJXHV 9HUGRQVRXUFH VRFLpWpGX&DQDOGH3URYHQFH&DSWDJHGX*UDQG%DRX $GUHWV9LOODJH+DXW
9HQHOOHV 9HUGRQ 6RFLpWpGX&DQDOGH3URYHQFH 6WDWLRQGHILOWUDWLRQGHV3ODLQHVPñK 9HQHOOHV9HQHOOHVOH+DXW
9HQWDEUHQ 'XUDQFH &DQDOGH0DUVHLOOH 6WDWLRQGHWUDLWHPHQWGHV&DXYHWV &DXYHWV0RXOLQ3ODWHDX
9LWUROOHV 'XUDQFH &DQDOGH0DUVHLOOH$OLPHQWDWLRQHQHDXSRWDEOHSDUOH6$(320XVLQHGHV
*LUDXGHWVXVLQHGHV%DUMDTXHWVHQVHFRXUV
0RQWYDOORQSRPSDJHEDVSRPSDJHKDXW3ODWHDX
:DEDFRO*GH*DUULJXHV
$11(;(3$75,02,1(($85(*,('83$<6'¶$,;
7UDLWHPHQW
6WRFNDJH
$11(;(3$75,02,1(($85(*,('8%$66,10,1,(5(7'8*$5/$%$1
7UDLWHPHQW
6WRFNDJH
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
$11(;( &2037(6'¶(;3/2,7$7,21'(7$,//(63285/¶($8&$5(&$
ŶŶĞdžĞϰW%HDXUHFXHLO %RXF%HO$LU &DEULqV
&KkWHDXQHXIOH5RXJH
&RXGRX[ (JXLOOHV )XYHDX -RXTXHV/D5RTXHG$QWKpURQ
/DPEHVF/H3X\6DLQWH
5pSDUDGH/H7KRORQHW
/HV3HQQHV0LUDEHDX
0H\UDUJXHV
ZϮϬϭϴWƌŽĚƵŝƚƐ ϳϱϴϮϲ ϭϭϰϴϱϵϬ ϭϮϳϵϳϰϱ ϰϯϳϵϲϬ ϰϴϴϳϰϬ ϭϰϵϰϰϬϬ ϭϮϭϲϴϵϲ ϯϰϭϲϭϬ ϲϯϬϯϲϵ ϴϯϭϮϭϵ ϰϭϳϵϴϱ Ϯϴϭϱϰϰ ϯϳϭϴϰϭϲ ϮϰϵϴϲϬ
ŚĂƌŐĞƐ ϭϬϱϰϮϭ ϭϯϳϲϵϬϴ ϭϯϲϬϰϵϲ ϰϳϱϮϵϳ ϱϱϭϬϱϭ ϭϯϵϰϮϬϬ ϭϯϲϮϵϲϵ ϯϳϱϱϴϬ ϳϬϴϮϯϴ ϭϬϭϬϳϮϰ ϱϳϬϴϰϯ ϯϲϵϵϳϭ ϯϴϳϵϳϲϴ ϯϬϯϬϵϮ
ZĠƐƵůƚĂƚĂǀĂŶƚŝŵƉŽƚ ͲϮϵϱϵϰ ͲϮϮϴϯϭϴ ͲϴϬϳϱϭ Ͳϯϳϯϯϲ ͲϲϮϯϭϭ ϭϬϬϮϬϬ ͲϭϰϲϬϳϮ ͲϯϯϵϲϬ Ͳϳϳϴϲϵ ͲϭϳϵϱϬϱ ͲϭϱϮϴϱϴ ͲϴϴϰϮϳ ͲϭϲϭϯϱϮ ͲϱϯϮϯϮ
ZĠƐƵůƚĂƚŶĞƚ ͲϮϵϱϵϰ ͲϮϮϴϯϭϴ ͲϴϬϳϱϭ Ͳϯϳϯϯϲ ͲϲϮϯϭϭ ϲϱϵϬϬ ͲϭϰϲϬϳϮ ͲϯϯϵϲϬ Ͳϳϳϴϲϵ ͲϭϳϵϱϬϱ ͲϭϱϮϴϱϴ ͲϴϴϰϮϳ ͲϭϲϭϯϱϮ ͲϱϯϮϯϮ
ŶŶĞdžĞϰW
ZϮϬϭϴWƌŽĚƵŝƚƐ
ŚĂƌŐĞƐ
ZĠƐƵůƚĂƚĂǀĂŶƚŝŵƉŽƚ
ZĠƐƵůƚĂƚŶĞƚ
0H\UHXLO 3H\QLHU 3H\UROOHV 3X\ORXELHU 5RJQHV 5RXVVHW6DLQW
$QWRQLQ6DLQW&DQQDW
7UHWV9DXYHQDUJX
HV9HQWDEUHQ 9LWUROOHV 727$/
ϲϭϴϰϬϬ ϰϲϰϮϴϭ ϯϳϳϯϴϮ ϮϮϴϬϵϴ ϮϬϴϱϴϬ ϳϬϯϭϭϮ ϲϵϯϯϱ ϰϲϱϳϬϬ ϭϭϭϱϲϵϰ ϭϲϳϮϵϲ ϴϱϯϰϲϲ ϱϭϴϰϬϰϲ ϰϯϯϴϬϬϴϯ
ϲϳϲϭϬϬ ϱϳϳϵϲϴ ϰϱϰϭϵϭ Ϯϳϲϯϴϴ ϯϬϳϱϵϬ ϴϯϮϱϰϴ ϴϰϬϲϭ ϱϰϲϴϱϬ ϭϮϵϬϴϰϲ ϮϭϯϬϵϱ ϵϳϵϯϰϰ ϱϲϵϵϰϴϰ ϮϱϳϴϯϬϮϯ
ͲϱϳϴϬϬ ͲϳϲϴϬϵ ͲϳϲϴϬϵ ͲϱϭϮϵϬ ͲϵϵϬϭϬ ͲϭϮϵϰϯϲ ͲϭϰϳϮϲ ͲϴϭϭϱϬ ͲϭϳϱϭϱϮ Ͳϰϱϳϵϵ ͲϭϮϱϴϳϴ Ͳϱϭϱϰϯϴ ͲϮϲϴϬϲϴϮ
ͲϱϳϴϬϬ ͲϳϲϴϬϵ ͲϳϲϴϬϵ ͲϱϭϮϵϬ ͲϵϵϬϭϬ ͲϭϮϵϰϯϲ ͲϭϰϳϮϲ ͲϴϭϭϱϬ ͲϭϳϱϭϱϮ Ͳϰϱϳϵϵ ͲϭϮϱϴϳϴ Ͳϱϭϱϰϯϴ ͲϮϳϭϰϵϴϮ
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
$11(;( /,67('(6(78'(6(775$9$8;5($/,6(6(1
EEyϱ
ŽŵŵƵŶĞ EĂƚƵƌĞĚĞƐŽƉĠƌĂƚŝŽŶƐĞĂƵƉŽƚĂďůĞ DŽŶƚĂŶƚ,d
ŝdžĞŶWƌŽǀĞŶĐĞ ŚĂƵĚŽŶϮϯϬŵůEϭϱϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ dƌĂǀĞƌƐĞ^ƚWŝĞƌƌĞϯϯϵŵůEϭϬϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ ŽƵƌƐƌĞŵŽŶĚϭϭϬŵůEϭϬϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ ĠƉŽƌƚĠƐϰϰϱŵůEϯϬϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ ŚĞŵŝŶĚĞƐ&ƵƐĂŝŶƐϰϲϲŵůEϭϬϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ WĞƚŝƚĞZŽƵƚĞĚĞƐDŝůůĞƐϭϱϯϭŵůEϮϬϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ WůƵƐŝĞƵƌƐƐĞĐƚĞƵƌƐϱϬϬŵůEϭϬϬ E
ŽƵĐĞůŝƌ hƐŝŶĞWdĞƌƌĞƐůĂŶĐŚĞƐ ϭϱϰϵϯϰϭΦ
ŽƵĐĞůŝƌ WůƵƐŝĞƵƌƐƐĞĐƚĞƵƌƐ ϮϳϱϵϮϰΦ
ŽƵĚŽƵdž ĂƌŝƵƐDŝůŚĂƵĚ ϰϴϵϱϳΦ
ŽƵĚŽƵdž sĂƵƚƵďŝğƌĞ ϯϳϱϯϮΦ
&ƵǀĞĂƵ ĐŚĞĚƵĐŚĂůĞƚ^ƵŝƐƐĞ ϮϬϯϳϬΦ
>ĂZŽƋƵĞĚΖŶƚŚĠƌŽŶ >ŝĂŝƐŽŶƐƵĚWĂŝdžͲ>ŝďĠƌĂƚŝŽŶ ϭϯϯϳϲϭΦ
>ĂŵďĞƐĐ ZƵĞ'ƌĂŶĚĞͲWĞůůĞƚĂŶ ϭϵϰϲΦ
>ĂŵďĞƐĐ WƌŽƵƚĞĚĞĞƌƌĞ ϭϳϭϴϴϳΦ
>ĂŵďĞƐĐ ZƚĞĚĞZŽŐŶĞƐ ϮϭϱϳϮϱΦ
>ĞWƵLJ^ĂŝŶƚĞZĠƉĂƌĂĚĞ ŵĠŶĂŐĞŵĞŶƚĚĞƐƌĠƐĞĂƵdž>ƵďĠƌŽŶ ϱϭϱϬϭΦ
>ĞWƵLJ^ĂŝŶƚĞZĠƉĂƌĂĚĞ džƚĞŶƐŝŽŶĂƵ>ĂƌŝĚĞͲŵĂũŽŶƐͲ,ĂƵƚƐĚĞZŽƵƐƐĞƚ ϳϭϯϭϯϳΦ
>ĞWƵLJ^ĂŝŶƚĞZĠƉĂƌĂĚĞ ZĞƐƚƌƵĐƚƵƌĂƚŝŽŶƌĠƐĞĂƵdžŚƵŵŝĚĞƐͲŽƵƌŐĂĚĞ>ĞŽƵƌƐ ϮϬϴϵϭϰΦ
>ĞWƵLJ^ĂŝŶƚĞZĠƉĂƌĂĚĞ ĂƉƚĂŐĞŚĞŶĞƌŝůůĞƐ ϮϴϯϭϰΦ
>ĞƐWĞŶŶĞƐDŝƌĂďĞĂƵ WůĂŶĚĞƐWĞŶŶĞƐ ϯϳϰϰΦ
>ĞƐWĞŶŶĞƐDŝƌĂďĞĂƵ ^ĐŚĠŵĂĚŝƌĞĐƚĞƵƌWĞƚh ϯϵϳϬϭΦ
WĞLJŶŝĞƌ ZĠĂůŝƐĂƚŝŽŶĚĞĚĞƵdžďĂƐƐŝŶƐĚΖĞĂƵƉŽƚĂďůĞ ϭϭϱϮϴϭϬΦ
WĞLJŶŝĞƌ ZĞƉƌŝƐĞƐƌĠƐĞĂƵdžZƵĞĚƵ:ĂŝůůĞƚĞƚƚƌĂǀĞƌƐĞĚĞƐŵĂƌƐĞŝůůĂŝƐ ϵϴϰϵϭΦ
WĞLJŶŝĞƌ ZĞƉƌŝƐĞƌĠƐĞĂƵdžĐĞŶƚƌĞĂŶĐŝĞŶĞƚĂǀĞŶƵĞĚĞsĞƌĚĂůĂŝ ϯϮϱϴϵϴΦ
WĞLJŶŝĞƌ ZĞƉƌŝƐĞƌĠƐĞĂƵdžƌƵĞƐĞƌŐĞƌƐĐŽůĞƐůŽŶŐƵĞĞƚĂǀĞŶƵĞƐŐĂƌĞŶŶĞ^ƚůŽŝĞƚĂĚĂƌƵƐƐĞϭϴϵϰϬϰΦ
WƵLJůŽƵďŝĞƌ ZĠŶŽǀĂƚŝŽŶĚƵƌĠƐĞƌǀŽŝƌĞƚĚĞůĂƐƚĂƚŝŽŶĚĞĨŝůƚƌĂƚŝŽŶ ϵϯϮϱϰϳΦ
ZŽƵƐƐĞƚ ŽŶƐƚƌƵĐƚŝŽŶƵƐŝŶĞW>ĞƐ^ĂƵǀĞƚƐ ϱϮϳϴϬϭΦ
ZŽƵƐƐĞƚ ZĠƐĞĂƵW^ĂƵǀĞƚƐͲͲхƌĠƐĞƌǀŽŝƌĚƵ^ĂĨƌĞ ϯϰϱϬϳϳΦ
ZŽƵƐƐĞƚ KƉϭZĠƐĞĂƵWƋƵĂƌƚŝĞƌ^ĂŝŶƚWƌŝǀĂƚ ϮϭϱϵϯϲΦ
ZŽƵƐƐĞƚ KƉϮDĂŝůůĂŐĞĂŶĞďŝĞƌƐ ϭϮϱϰϭΦ
ZŽƵƐƐĞƚ ^W ϵϵϲϴΦ
^ĂŝŶƚŶƚŽŶŝŶ KƉĠƌĂƚŝŽŶĚΖĞdžƚĞŶƐŝŽŶĚƵƌĠƐĞĂƵĚΖĞĂƵĞƚĚĞŵŝƐĞĞŶĚŝƐĐƌĠƚŝŽŶĚƵƌĠƐĞĂƵĚĞƚĠůĠĐŽŵŵƵŶŝĐĂƚŝŽŶĞƚĞĨĨĂĐƚĞŵĞŶƚĚĞůΖĂƌƚğƌĞĂĠƌŝĞŶŶĞϭϳĞƚϱϲϮϰϵϱϳϭΦ
^ĂŝŶƚĂŶŶĂƚ &ŽƌĂŐĞĞŶƌĞĐŚĞƌĐŚĞĚΖĞĂƵƐŽƵƚĞƌƌĂŝŶĞ ϭϯϬϬΦ
^ĂŝŶƚĂŶŶĂƚ ĂƐƐŝŶƐĚΖĞĂƵƉŽƚĂďůĞͲůŽƐĚƵZŽLJ ϯϰϵϲϰΦ
^ĂŝŶƚĂŶŶĂƚ džƚĞŶƐŝŽŶWͲWůĂŶĚΖŝŐƵĞƐ ϳϬϴϬΦ
^ĂŝŶƚĂŶŶĂƚ džƚĞŶƐŝŽŶWĞŶƚƌĞsŝůůĂŐĞĞƚĚĞůĂWŝůĞ ϱϭϴϭϯΦ
dƌĞƚƐ ZĠĨĞĐƚŝŽŶWͲĞŶƚƌĞ ϱϲϭϵϲΦ
dƌĞƚƐ KƉϯƉŽƐƚĞĚĞƌĞůĞǀĂŐĞͲ^ĞŝŐŶŝğƌĞƐ ϮϬϲϯϬΦ
sĞŶƚĂďƌĞŶ džƚĞŶƐŝŽŶWͲZϭϬ ϴϵϰϮϱϬΦ
sŝƚƌŽůůĞƐ ǀĞŶƵĞĚĞDĂƌƐĞŝůůĞ ϰϭϬϬϰΦ
sŝƚƌŽůůĞƐ ŽƵůĞǀĂƌĚĚĞůΖƵƌŽƉĞ ϲϴϲϲϳΦ
ϴϳϯϲϲϵϵΦ
EEyϱ>ŝƐƚĞĚĞƐĠƚƵĚĞƐĞƚƚƌĂǀĂƵdž
ŽŵŵƵŶĞ EĂƚƵƌĞĚĞƐŽƉĠƌĂƚŝŽŶƐĂƐƐĂŝŶŝƐƐĞŵĞŶƚ DŽŶƚĂŶƚ,d
ŝdžĞŶWƌŽǀĞŶĐĞ ZŽƵƚĞĚĞWŝŶĐŚŝŶĂƚϭϰϮϭŵůEϮϬϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ ŚĞŵŝŶĚĞƐ&ƵƐĂŝŶƐϯϱϰŵůEϮϬϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ ZƵĞĞůĞƐƚŝŶϭϵϴŵůEϮϬϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ EŽƵǀĞůůĞƐ^ĐğŶĞƐϭϲϬŵůEϮϬϬ E
ŝdžĞŶWƌŽǀĞŶĐĞ ŝĨĨĠƌĞŶƚƐƐĞĐƚĞƵƌƐϱϱϬŵůEϮϬϬ E
ŽƵĐĞůŝƌ ^dW^/W ϭϯϰϭϲϲΦ
ŽƵĐĞůŝƌ YƵĂƌƚŝĞƌ>Ă^ĂůůĞ ϴϯϳϲϰϵΦ
ŽƵĐĞůŝƌ WůƵƐŝĞƵƌƐƐĞĐƚĞƵƌƐ ϲϰϯϴϮϯΦ
ŽƵĚŽƵdž ĂƌŝƵƐDŝůŚĂƵĚ ϯϰϴϴϲΦ
ŽƵĚŽƵdž sĂƵƚƵďŝğƌĞ ϱϮϵϬϴΦ
&ƵǀĞĂƵ ĐŚĞĚƵĐŚĂůĞƚ^ƵŝƐƐĞ ϭϴϰϴϲΦ
&ƵǀĞĂƵ 'ƌĂŶĚsĂůůĂƚ ϮϯϭϰϰϮΦ
>ĂŵďĞƐĐ ZƵĞ'ƌĂŶĚĞͲWĞůůĞƚĂŶ ϰϲϲϴΦ
>ĂŵďĞƐĐ ZƚĞĚĞZŽŐŶĞƐ ϭϬϮϲϰΦ
>ĂŵďĞƐĐ WZĞƌƚŽŝƌĞ ϵϲϬϬΦ
>ĞWƵLJ^ĂŝŶƚĞZĠƉĂƌĂĚĞ ŵĠŶĂŐĞŵĞŶƚĚĞƐƌĠƐĞĂƵdž>ƵďĠƌŽŶ ϯϮϭϮϯΦ
>ĞWƵLJ^ĂŝŶƚĞZĠƉĂƌĂĚĞ džƚĞŶƐŝŽŶƐƐĂŝŶŝƐƐĞŵĞŶƚͲ>ĂƌŝĚĞͲŵĂũŽŶƐ ϭϭϲϭϵϳϬΦ
>ĞWƵLJ^ĂŝŶƚĞZĠƉĂƌĂĚĞ ZĞƐƚƌƵĐƚƵƌĂƚŝŽŶƌĠƐĞĂƵdžŚƵŵŝĚĞƐͲŽƵƌŐĂĚĞ>ĞŽƵƌƐ ϭϵϮϯϴϭΦ
>ĞƐWĞŶŶĞƐDŝƌĂďĞĂƵ Zϯϲϴ ϰϲϬϮϯΦ
>ĞƐWĞŶŶĞƐDŝƌĂďĞĂƵ WĂƐĚĞůĂDƵĞ ϭϱϱϮϱΦ
>ĞƐWĞŶŶĞƐDŝƌĂďĞĂƵ WůĂŶĚĞĂŵƉĂŐŶĞ ϭϱϱϲϭΦ
>ĞƐWĞŶŶĞƐDŝƌĂďĞĂƵ ƐƉůĂŶĂĚĞĚƵƐŽůĞŝů ϭϭϵϭϳΦ
>ĞƐWĞŶŶĞƐDŝƌĂďĞĂƵ ^ĐŚĠŵĂĚŝƌĞĐƚĞƵƌWĞƚh ϰϰϵϱϬΦ
DĞLJƌĞƵŝů dƌĂǀĂƵdžĚŝǀĞƌƐ^dWͲϮϬϭϴ ϳϲϱϵΦ
WĞLJŶŝĞƌ ZĞƉƌŝƐĞƐƌĠƐĞĂƵdžZƵĞĚƵ:ĂŝůůĞƚĞƚƚƌĂǀĞƌƐĞĚĞƐŵĂƌƐĞŝůůĂŝƐ ϵϵϵϬϱΦ
WĞLJŶŝĞƌ ZĞƉƌŝƐĞƌĠƐĞĂƵdžĐĞŶƚƌĞĂŶĐŝĞŶĞƚĂǀĞŶƵĞĚĞsĞƌĚĂůĂŝ ϮϳϬϯϰϰΦ
WĞLJŶŝĞƌ ZĞƉƌŝƐĞƌĠƐĞĂƵdžƌƵĞƐĞƌŐĞƌƐĐŽůĞƐůŽŶŐƵĞĞƚĂǀĞŶƵĞƐŐĂƌĞŶŶĞ^ƚůŽŝĞƚĂĚĂƌƵƐƐĞϭϰϭϭϰϭΦ
ZŽŐŶĞƐ ŽŶƐƚƌƵĐƚŝŽŶŶŽƵǀĞůůĞ^dW ϰϬϬϬϭϮΦ
ZŽƵƐƐĞƚ ĂŶĂůŝƐĂƚŝŽŶĚĞƐĞĐŽƵƌƐĞŶƚƌĞůĞƐĚĞƵdžƐƚĂƚŝŽŶƐ ϭϰϴϭϬϲΦ
ZŽƵƐƐĞƚ ZĞŶŽƵǀĞůůĞŵĞŶƚĠƋƵŝƉĞŵĞŶƚƐƐƚĞƉĚŽŵĞƐƚŝƋƵĞ ϴϮϳϴϵΦ
ZŽƵƐƐĞƚ ZĞŶŽƵǀĞůůĞŵĞŶƚĠƋƵŝƉĞŵĞŶƚƐƐƚĞƉŝŶĚƵƐƚƌŝĞůůĞ ϮϳϲϴϰϴΦ
ZŽƵƐƐĞƚ ZĠƐĞĂƵĞĂƵdžƵƐĠĞƐĂƌƌĞĨŽƵƌ>ĂƌĐŝĂŶŽ ϰϵϮϬϵΦ
^ĂŝŶƚĂŶŶĂƚ džƚĞŶƐŝŽŶWĞƚhͲWůĂŶĚΖŝŐƵĞƐ ϭϵϵϬϬϮΦ
dƌĞƚƐ ƌĠĨĞĐƚŝŽŶWĞƚhͲĞŶƚƌĞ ϴϬϮϯϮΦ
dƌĞƚƐ ŵĠŶĂŐĞŵĞŶƚƐƐƚĞƉ ϯϵϰϰϰϲΦ
sĞŶƚĂďƌĞŶ džƚĞŶƐŝŽŶhͲZϭϬ ϴϵϰϮϱϬΦ
sŝƚƌŽůůĞƐ ǀĞŶƵĞĚĞDĂƌƐĞŝůůĞ ϳϱϯϳϬΦ
sŝƚƌŽůůĞƐ ŽƵůĞǀĂƌĚĚĞůΖƵƌŽƉĞ ϱϯϴϳϱΦ
sŝƚƌŽůůĞƐ KƉĠƌĂƚŝŽŶZϮϬ ϰϳϯϵΦ
^DZ, dƌĂŶƐĨĞƌƚĚĞƐĞĨĨůƵĞŶƚƐĐŽŶƐƚƌƵĐƚŝŽŶWZ>ĂĂƌƋƵĞ ϵϮϬϰϰϴΦ
ϳϱϵϲϳϭϵΦ
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
$11(;(7$%/($8;5(&$3,78/$7,)6'(6,1',&$7(856'(3(5)250$1&(
3285/¶$66$,1,66(0(173$5&20081(6
$11(;( &RPPXQHVHQ'63
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHODVVDLQLVVHPHQWFROOHFWLI
8QLWp%HDXUHFXH
LO%RXF%HO
$LU6,3$ &DEULqV &RXGRX[ 6,$&9 (JXLOOHV
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
93$JHQFHVGHOHDXUHGHYDQFHPRGHUQLVDWLRQGHVUpVHDX[ ¼
939RLHV1DYLJDEOHVGH)UDQFH91)5HMHWV ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(856'(3(5)250$1&('85(6($8'(&2//(&7(
'1RPEUHGDXWRULVDWLRQVGHGpYHUVHPHQWGHIIOXHQWVGpWDEOLVVHPHQWVLQGXVWULHOVDXUpVHDXGHFROOHFWH
X
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP ϯϵϴ ϴϮϳϭ ϲϱϬ ϰϳϯϱ ϭϳϲϵ ϬϬϬ ϱϱϵϰ3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDX[XVpHV
15
931RPEUHGHSRLQWVQRLUV X
31RPEUHGHSRLQWVGXUpVHDXGHFROOHFWHQpFHVVLWDQWGHVLQWHUYHQWLRQVIUpTXHQWHVGHFXUDJHSRXUNPGHUpVHDX
XNP
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV
NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDX[XVpHV
3&RQIRUPLWpGHODFROOHFWHGHVHIIOXHQWVDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
15 15 15 15 15 15 15
3,QGLFHGHFRQQDLVVDQFHGHVUHMHWVDXPLOLHXQDWXUHOSDUOHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
15 15 15
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/(385$7,21
&KDUJHPR\HQQHHQWUDQWHHQ'%2NJ
'%2M 15 15
3&RQIRUPLWpGHVpTXLSHPHQWVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
15 15 15 15 15 15 15
3&RQIRUPLWpGHODSHUIRUPDQFHGHVRXYUDJHVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
15 15 15 15 15 15 15
3&RQIRUPLWpGHVSHUIRUPDQFHVGHVpTXLSHPHQWVG¶pSXUDWLRQDXUHJDUGGHVSUHVFULSWLRQVGHO¶DFWHLQGLYLGXHO
15 15 15
'4XDQWLWpGHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQ W06
37DX[GHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQpYDFXpHVVHORQOHVILOLqUHVFRQIRUPHVjODUpJOHPHQWDWLRQ
15 15
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHGDERQQpV X 15 15
'1RPEUHGKDELWDQWVGHVVHUYLV X 15 15 15 15 15
931RPEUHSRWHQWLHOVGDERQQpVGHOD]RQHUHOHYDQWGHODVVDLQLVVHPHQWFROOHFWLI
X 15 15 15
37DX[GHGHVVHUWHSDUGHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV 15 15 15
931RPEUHGLQRQGDWLRQVGDQVOHVORFDX[GHOXVDJHU X
37DX[GHGpERUGHPHQWGHIIOXHQWVGDQVOHVORFDX[GHVXVDJHUVX
DE
93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQVX
DE
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
939ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P 15
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
$11(;(
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHODVVDLQLVVHPHQWFROOHFWLI
8QLWp
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
93$JHQFHVGHOHDXUHGHYDQFHPRGHUQLVDWLRQGHVUpVHDX[ ¼
939RLHV1DYLJDEOHVGH)UDQFH91)5HMHWV ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(856'(3(5)250$1&('85(6($8'(&2//(&7(
'1RPEUHGDXWRULVDWLRQVGHGpYHUVHPHQWGHIIOXHQWVGpWDEOLVVHPHQWVLQGXVWULHOVDXUpVHDXGHFROOHFWH
X
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDX[XVpHV
931RPEUHGHSRLQWVQRLUV X
31RPEUHGHSRLQWVGXUpVHDXGHFROOHFWHQpFHVVLWDQWGHVLQWHUYHQWLRQVIUpTXHQWHVGHFXUDJHSRXUNPGHUpVHDX
XNP
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV
NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDX[XVpHV
3&RQIRUPLWpGHODFROOHFWHGHVHIIOXHQWVDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3,QGLFHGHFRQQDLVVDQFHGHVUHMHWVDXPLOLHXQDWXUHOSDUOHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/(385$7,21
&KDUJHPR\HQQHHQWUDQWHHQ'%2NJ
'%2M
3&RQIRUPLWpGHVpTXLSHPHQWVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHODSHUIRUPDQFHGHVRXYUDJHVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHVSHUIRUPDQFHVGHVpTXLSHPHQWVG¶pSXUDWLRQDXUHJDUGGHVSUHVFULSWLRQVGHO¶DFWHLQGLYLGXHO
'4XDQWLWpGHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQ W06
37DX[GHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQpYDFXpHVVHORQOHVILOLqUHVFRQIRUPHVjODUpJOHPHQWDWLRQ
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHGDERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHSRWHQWLHOVGDERQQpVGHOD]RQHUHOHYDQWGHODVVDLQLVVHPHQWFROOHFWLI
X
37DX[GHGHVVHUWHSDUGHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
931RPEUHGLQRQGDWLRQVGDQVOHVORFDX[GHOXVDJHU X
37DX[GHGpERUGHPHQWGHIIOXHQWVGDQVOHVORFDX[GHVXVDJHUVX
DE93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQVX
DE/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
939ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
&RPPXQHVHQ'63
)XYHDX 60$5+ -RXTXHV/D5RTXHG$QWKpUR
Q/DPEHVF
/H3X\6DLQWH
5pSDUDGH
/H7KRORQHW
ϯϯϱϲ ϱϬϰ ϭϯϴϵ ϯϰϮϳ ϰϭϵϰ ϭϴϰϴ ϭϮϮϭ
15 15 15 15 15 15 15
15 15 15
15
15 15 15 15 15 15 15
15 15 15 15 15 15 15
15 15
15 15
15
15
15 15
15 15
$11(;(
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHODVVDLQLVVHPHQWFROOHFWLI
8QLWp
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
93$JHQFHVGHOHDXUHGHYDQFHPRGHUQLVDWLRQGHVUpVHDX[ ¼
939RLHV1DYLJDEOHVGH)UDQFH91)5HMHWV ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(856'(3(5)250$1&('85(6($8'(&2//(&7(
'1RPEUHGDXWRULVDWLRQVGHGpYHUVHPHQWGHIIOXHQWVGpWDEOLVVHPHQWVLQGXVWULHOVDXUpVHDXGHFROOHFWH
X
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDX[XVpHV
931RPEUHGHSRLQWVQRLUV X
31RPEUHGHSRLQWVGXUpVHDXGHFROOHFWHQpFHVVLWDQWGHVLQWHUYHQWLRQVIUpTXHQWHVGHFXUDJHSRXUNPGHUpVHDX
XNP
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV
NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDX[XVpHV
3&RQIRUPLWpGHODFROOHFWHGHVHIIOXHQWVDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3,QGLFHGHFRQQDLVVDQFHGHVUHMHWVDXPLOLHXQDWXUHOSDUOHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/(385$7,21
&KDUJHPR\HQQHHQWUDQWHHQ'%2NJ
'%2M
3&RQIRUPLWpGHVpTXLSHPHQWVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHODSHUIRUPDQFHGHVRXYUDJHVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHVSHUIRUPDQFHVGHVpTXLSHPHQWVG¶pSXUDWLRQDXUHJDUGGHVSUHVFULSWLRQVGHO¶DFWHLQGLYLGXHO
'4XDQWLWpGHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQ W06
37DX[GHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQpYDFXpHVVHORQOHVILOLqUHVFRQIRUPHVjODUpJOHPHQWDWLRQ
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHGDERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHSRWHQWLHOVGDERQQpVGHOD]RQHUHOHYDQWGHODVVDLQLVVHPHQWFROOHFWLI
X
37DX[GHGHVVHUWHSDUGHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
931RPEUHGLQRQGDWLRQVGDQVOHVORFDX[GHOXVDJHU X
37DX[GHGpERUGHPHQWGHIIOXHQWVGDQVOHVORFDX[GHVXVDJHUVX
DE93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQVX
DE/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
939ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
&RPPXQHVHQ'63
/HV3HQQHV0LUDEHDX
0H\UDUJXHV
0H\UHXLO 3H\QLHU 3H\UROOHV 3X\ORXELHU 5RJQHV
ϭϭϬϰϬ ϭϮϬϭ ϯϲϭϰ ϭϴϲϮ Ϯϱϭϱ ϵϯϰ ϵϯϲ
15 15 15 15 15 15 15
15
15
15 15 15 15 15 15 15
15 15 15 15 15 15 15
15 15
15 15 15
15
15
$11(;(
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHODVVDLQLVVHPHQWFROOHFWLI
8QLWp
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
93$JHQFHVGHOHDXUHGHYDQFHPRGHUQLVDWLRQGHVUpVHDX[ ¼
939RLHV1DYLJDEOHVGH)UDQFH91)5HMHWV ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(856'(3(5)250$1&('85(6($8'(&2//(&7(
'1RPEUHGDXWRULVDWLRQVGHGpYHUVHPHQWGHIIOXHQWVGpWDEOLVVHPHQWVLQGXVWULHOVDXUpVHDXGHFROOHFWH
X
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDX[XVpHV
931RPEUHGHSRLQWVQRLUV X
31RPEUHGHSRLQWVGXUpVHDXGHFROOHFWHQpFHVVLWDQWGHVLQWHUYHQWLRQVIUpTXHQWHVGHFXUDJHSRXUNPGHUpVHDX
XNP
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV
NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDX[XVpHV
3&RQIRUPLWpGHODFROOHFWHGHVHIIOXHQWVDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3,QGLFHGHFRQQDLVVDQFHGHVUHMHWVDXPLOLHXQDWXUHOSDUOHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/(385$7,21
&KDUJHPR\HQQHHQWUDQWHHQ'%2NJ
'%2M
3&RQIRUPLWpGHVpTXLSHPHQWVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHODSHUIRUPDQFHGHVRXYUDJHVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHVSHUIRUPDQFHVGHVpTXLSHPHQWVG¶pSXUDWLRQDXUHJDUGGHVSUHVFULSWLRQVGHO¶DFWHLQGLYLGXHO
'4XDQWLWpGHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQ W06
37DX[GHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQpYDFXpHVVHORQOHVILOLqUHVFRQIRUPHVjODUpJOHPHQWDWLRQ
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHGDERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHSRWHQWLHOVGDERQQpVGHOD]RQHUHOHYDQWGHODVVDLQLVVHPHQWFROOHFWLI
X
37DX[GHGHVVHUWHSDUGHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
931RPEUHGLQRQGDWLRQVGDQVOHVORFDX[GHOXVDJHU X
37DX[GHGpERUGHPHQWGHIIOXHQWVGDQVOHVORFDX[GHVXVDJHUVX
DE93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQVX
DE/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
939ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
&RPPXQHVHQ'63 5(3$
5RXVVHW6DLQW&DQQDW
7UHWV9DXYHQDUJ
XHV9HQWDEUHQ 9LWUROOHV
$L[HQ3URYHQFH
¼
ϮϮ
Ϯϴϭϵ ϭϵϯϴ ϰϮϱϰ ϯϲϮ ϯϭϮϲ ϭϰϮϳϱ
15 15 15 15 15 15 15
15 15 15 15 15 15 15
15 15 15 15 15 15 15
15 15
15 15 15
15
15
$11(;(
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHODVVDLQLVVHPHQWFROOHFWLI
8QLWp
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
93$JHQFHVGHOHDXUHGHYDQFHPRGHUQLVDWLRQGHVUpVHDX[ ¼
939RLHV1DYLJDEOHVGH)UDQFH91)5HMHWV ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(856'(3(5)250$1&('85(6($8'(&2//(&7(
'1RPEUHGDXWRULVDWLRQVGHGpYHUVHPHQWGHIIOXHQWVGpWDEOLVVHPHQWVLQGXVWULHOVDXUpVHDXGHFROOHFWH
X
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDX[XVpHV
931RPEUHGHSRLQWVQRLUV X
31RPEUHGHSRLQWVGXUpVHDXGHFROOHFWHQpFHVVLWDQWGHVLQWHUYHQWLRQVIUpTXHQWHVGHFXUDJHSRXUNPGHUpVHDX
XNP
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV
NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDX[XVpHV
3&RQIRUPLWpGHODFROOHFWHGHVHIIOXHQWVDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3,QGLFHGHFRQQDLVVDQFHGHVUHMHWVDXPLOLHXQDWXUHOSDUOHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/(385$7,21
&KDUJHPR\HQQHHQWUDQWHHQ'%2NJ
'%2M
3&RQIRUPLWpGHVpTXLSHPHQWVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHODSHUIRUPDQFHGHVRXYUDJHVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHVSHUIRUPDQFHVGHVpTXLSHPHQWVG¶pSXUDWLRQDXUHJDUGGHVSUHVFULSWLRQVGHO¶DFWHLQGLYLGXHO
'4XDQWLWpGHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQ W06
37DX[GHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQpYDFXpHVVHORQOHVILOLqUHVFRQIRUPHVjODUpJOHPHQWDWLRQ
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHGDERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHSRWHQWLHOVGDERQQpVGHOD]RQHUHOHYDQWGHODVVDLQLVVHPHQWFROOHFWLI
X
37DX[GHGHVVHUWHSDUGHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
931RPEUHGLQRQGDWLRQVGDQVOHVORFDX[GHOXVDJHU X
37DX[GHGpERUGHPHQWGHIIOXHQWVGDQVOHVORFDX[GHVXVDJHUVX
DE93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQVX
DE/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
939ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
5(3$
*DUGDQQH 9HQHOOHV6DLQW3DXO
/H]'XUDQFH
&KDWHDXQHXIOHURXJH
6DLQW0DUFGH
-DXPHJDUGH
6DLQW(VWqYH
6DLQW$QWRQLQ
¼ ¼ ¼ ¼ ¼ ¼
Ϯ Ϭ Ϭ Ϭ Ϭ Ϭ
15
15 15
15
15 15 15
15
15 15 15 15 15
15 15 15 15 15 15
15 15 15 15 15 15
15 15 15 15 15 15 15
15 15 15 15 15
15 15 15 15 15 15 15
15 15 15 15 15
15 15 15 15 15
15 15 15
15 15 15 15 15 15
$11(;(
,QGLFDWHXUVGHSHUIRUPDQFHGXVHUYLFHSXEOLFGHODVVDLQLVVHPHQWFROOHFWLI
8QLWp
,1',&$7(8565(/$7,)6$8;7$5,)6
'3UL[77&GXVHUYLFHDXPSRXUPIDFWXUH,16(( ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODIDFWXUHPñUHYHQDQWjODFROOHFWLYLWp ¼
930RQWDQWWRWDOGHVWD[HVHWUHGHYDQFHVDIIpUHQWHVDXVHUYLFHGDQVODIDFWXUHPñ
¼
930RQWDQWGHODSDUWIL[HUHYHQDQWDXGpOpJDWDLUH ¼
930RQWDQWGHODSDUWIL[HUHYHQDQWjODFROOHFWLYLWp ¼
937DX[GH79$DSSOLFDEOHVXUOHQVHPEOHGHODIDFWXUH
93$JHQFHVGHOHDXUHGHYDQFHPRGHUQLVDWLRQGHVUpVHDX[ ¼
939RLHV1DYLJDEOHVGH)UDQFH91)5HMHWV ¼
93$XWUHVWD[HVHWUHGHYDQFHVDSSOLFDEOHVVXUOHWDULIKRUV79$ ¼
,1',&$7(856'(3(5)250$1&('85(6($8'(&2//(&7(
'1RPEUHGDXWRULVDWLRQVGHGpYHUVHPHQWGHIIOXHQWVGpWDEOLVVHPHQWVLQGXVWULHOVDXUpVHDXGHFROOHFWH
X
93/LQpDLUHGHUpVHDXKRUVEUDQFKHPHQWV NP
3%,QGLFHGHFRQQDLVVDQFHHWGHJHVWLRQSDWULPRQLDOHGHVUpVHDX[G¶HDX[XVpHV
931RPEUHGHSRLQWVQRLUV X
31RPEUHGHSRLQWVGXUpVHDXGHFROOHFWHQpFHVVLWDQWGHVLQWHUYHQWLRQVIUpTXHQWHVGHFXUDJHSRXUNPGHUpVHDX
XNP
93/LQpDLUHGHUpVHDX[UHQRXYHOpVDXFRXUVGHVGHUQLqUHVDQQpHV
NP
37DX[PR\HQGHUHQRXYHOOHPHQWGHVUpVHDX[G¶HDX[XVpHV
3&RQIRUPLWpGHODFROOHFWHGHVHIIOXHQWVDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3,QGLFHGHFRQQDLVVDQFHGHVUHMHWVDXPLOLHXQDWXUHOSDUOHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/(385$7,21
&KDUJHPR\HQQHHQWUDQWHHQ'%2NJ
'%2M
3&RQIRUPLWpGHVpTXLSHPHQWVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHODSHUIRUPDQFHGHVRXYUDJHVG¶pSXUDWLRQDX[SUHVFULSWLRQVQDWLRQDOHVLVVXHVGHODGLUHFWLYH(58
3&RQIRUPLWpGHVSHUIRUPDQFHVGHVpTXLSHPHQWVG¶pSXUDWLRQDXUHJDUGGHVSUHVFULSWLRQVGHO¶DFWHLQGLYLGXHO
'4XDQWLWpGHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQ W06
37DX[GHERXHVLVVXHVGHVRXYUDJHVG¶pSXUDWLRQpYDFXpHVVHORQOHVILOLqUHVFRQIRUPHVjODUpJOHPHQWDWLRQ
/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$48$/,7('(6(59,&($/¶86$*(5
931RPEUHGDERQQpV X
'1RPEUHGKDELWDQWVGHVVHUYLV X
931RPEUHSRWHQWLHOVGDERQQpVGHOD]RQHUHOHYDQWGHODVVDLQLVVHPHQWFROOHFWLI
X
37DX[GHGHVVHUWHSDUGHVUpVHDX[GHFROOHFWHGHVHDX[XVpHV
931RPEUHGLQRQGDWLRQVGDQVOHVORFDX[GHOXVDJHU X
37DX[GHGpERUGHPHQWGHIIOXHQWVGDQVOHVORFDX[GHVXVDJHUVX
DE93931RPEUHGHUpFODPDWLRQVpFULWHV X
37DX[GHUpFODPDWLRQVX
DE/(6,1',&$7(856'(3(5)250$1&(5(/$7,)6$/$*(67,21),1$1&,(5(936RPPHGHVDEDQGRQVGHFUpDQFHVHWYHUVHPHQWVjXQIRQGVGHVROLGDULWp)6/GXGpSDUWHPHQWHWIRQGVGDLGHVSpFLILTXHDXWHUULWRLUHVLH[LVWDQW79$H[FOXH
¼
939ROXPHIDFWXUp P
30RQWDQWVGHVDFWLRQVGHVROLGDULWp ¼P
3'XUpHG¶H[WLQFWLRQGHODGHWWHGHODFROOHFWLYLWp DQQpHV
9ROXPHIDFWXUp P
37DX[GLPSD\pVVXUOHVIDFWXUHVGHDXGHODQQpH
6,%$0
*UpDVTXH 0LPHW6LPLDQH&ROORQJXH
7HUULWRLUHGX3D\VG$L[
Ϯϱϭϳ ϭϳϮϴ ϮϭϴϬ ϭϰϴϬϰϴ
15 15 15 15
15 15 15
15 15 15 15
15 15 15 15
15 15 15 15
15 15 15
15 15 15
15 15 15
15 15 15
15 15 15
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
$11(;( 7$%/($83$75,02,1($66$,1,66(0(17
$11(;(3$75,02,1($66$,1,66(0(17'63
&RPPXQHV 7UDLWHPHQW 3URFpGp ([XWRLUH
$L[HQ3URYHQFH 3LROLQH(+67(328(67(+ %RXHVDFWLYpHV $UF
%HDXUHFXHLO 67(3(+ /LWEDFWpULHQIRUWHFKDUJH 5XLVVHDX%UDQFDw$UF
%RXFEHODLU 67(3FRPPXQHDYHF6LPLDQH(+ %RXHVDFWLYpHV *UDQG9DODW$UF
&DEULHV 67(3/DJUHPHXVH(+67(3$UERLV(+ %RXHVDFWLYpHV *UDQG9DODW$UF
&KDWHDXQHXIOHURXJH 67(3YLOODJH(+HW67(3JDYRWWH(+'LVTXHVELRORJLTXHVHWILOWUHV
SODQWpVGHURVHDX[$UF
&RXGRX[ 67(3FRPPXQHDYHF9HQWDEUHQ(+HW9HODX[ %RXHVDFWLYpHV $UF
(JXLOOHV 67(3(+ %RXHVDFWLYpHV $UF
)XYHDX67(3FRPPXQHDYHF*UpDVTXH6\QGLFDWGH5LYHV+DXWHV±(+67(3/D%DUTXH(+
ERXHVDFWLYpHV/LWEDFWpULHQ $UF
*DUGDQQH 67(3(+ %RXHVDFWLYpHV /D/X\QHV
*UpDVTXH67(3FRPPXQHDYHF)XYHDX6\QGLFDWGH5LYHV+DXWHV
±(+FI)XYHDX FI)XYHDX
-RXTXHV 67(3(+ %RXHVDFWLYpHV OH5pDO'XUDQFH
/DPEHVF (+ %RXHVDFWLYpHV /H%RXUHO\7RXORXEUH
0H\UDUJXHV 67(3(+ %RXHVDFWLYpHV 'XUDQFH
0H\UHXLO 67(3(+ %RXHVDFWLYpHV $UF
0LPHW 3DVGH67(3(IIOXHQWVWUDLWpVSDU*DUGDQQH
3HQQHV0LUDEHDX3DVGH67(3(IIOXHQWVWUDLWpVSDU9LWUROOHVHW67(3GH
0DUVHLOOH
3HUWXLV 67(3 %RXHVDFWLYpHV 'XUDQFH
3H\QLHU67(3(+9LOODJH(++DPHDXGHV
0LFKHOV%RXHVDFWLYpHV'pFDQWDWLRQ
GLJHVWLRQDQDpURELH$UF
$11(;(3$75,02,1($66$,1,66(0(17'63
&RPPXQHV 7UDLWHPHQW 3URFpGp ([XWRLUH
3H\UROOHV 67(3(+ %RXHVDFWLYpHV 'XUDQFH
3X\6WH5pSDUDGH 67(3(+9LOODJH(+6W&DQDGHW%RXHVDFWLYpHVOLWEDFWpULHQILOWUDWLRQ
'XUDQFH
3X\ORXELHU 67(3(+ /LWEDFWpULHQ $UF
5RJQHV67(3YLOODJH(+H[LVWDQWHVYpWXVWHVELHQWWUHPSODFpHVSDUQRXYHOOH67(3SURJUDPPH
%RXHVDFWLYpHVODJXQDJHDpUp
'XUDQFH
5RTXHG$QWKpURQ 67(3(+ %RXHVDFWLYpHV 'XUDQFH
5RXVVHW 67(3(+67(3LQGXVWULHOOH )LOWUDWLRQSDUPHPEUDQH $UF
6LPLDQH&ROORQJXH 67(3FRPPXQHDYHF%RXF%HO$LU(+ FI%RXF%HO$LU FI%RXF%HO$LU
6W$QWRQLQ%D\RQ3DVGHUpVHDXQL67(3(QFRXUVGHFRQVWLWXWLRQUpVHDXYLOODJHFHQWUHHWWUDLWHPHQWSDU67(3GHOD
PDLVRQ6DLQWYLFWRLUH/H%D\RQ$UF
6W&DQQDW 67(3(+ %RXHVDFWLYpHV /D7RXORXEUH
6W(VWqYH-DQVRQ 67(3(+ )LOWUHV3ODQWpVGH5RVHDX[ 'XUDQFH
6W0DUF-DXPHJDUGH 67(3(+%RQILOORQV )LOWUHV3ODQWpVGH5RVHDX[ /LQIHUQHW$UF
6W3DXOOHV'XUDQFH 67(3(+UpKDELOLWpHUpFHPPHQW /DJXQDJH 'XUDQFH
7KRORQHW/H 3DVGH67(3(IIOXHQWVWUDLWpVSDU$L[HQ3URYHQFH FI$L[ FI$L[
7UHWV 67(3(+ %RXHVDFWLYpHV $UF
9DXYHQDUJXHV 67(3(+ )LOWUHV3ODQWpVGH5RVHDX[ /D&DXVH$UF
9HQHOOHV67(3(+6XG67(3(+1RUGHQ
SUpYLVLRQGHUHQRXYHOOHPHQWERXHVDFWLYpHV/LWEDFWpULHQ 'XUDQFH7RXORXEUH
9HQWDEUHQ 67(3FRPPXQHDYHF&RXGRX[(+HW9HODX[ FI&RXGRX[ FI&RXGRX[
9LWUROOHV67(3(+±WUDLWHOHV3HQQHV0LUDEHDX
pJDOHPHQW%RXHVDFWLYpHV /D&DGLqUH
$11(;(3$75,02,1(
$66$,1,66(0(175(*,('83$<6'¶$,;
$66$,1,66(0(175(*,('8%$66,10,1,(5(7'8*$5/$%$1
/HVRXYUDJHVGXVHUYLFHVHFRPSRVHQWHVVHQWLHOOHPHQWG¶XQUpVHDXGHFROOHFWH
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
$11(;( &2037(6'¶(;3/2,7$7,21'(7$,//(63285/¶$66$,1,66(0(17
&$5(&$
ŶŶĞdžĞϴ^^d%HDXUHFXHLO
%RXF%HO$LU
6,3$ &DEULqV &RXGRX[ 6,$&9 (JXLOOHV )XYHDX 60$5+ -RXTXHV/D5RTXHG$QWKpURQ
/DPEHVF/H3X\6WH5pSDUDGH
/H7KRORQHW
ZϮϬϭϴWƌŽĚƵŝƚƐ Ϯϳϲϯϵ ϱϯϴϵϯϬ ϱϮϰϱϴϲ ϱϬϳϴϳϲ ϲϵϯϰϭ ϯϬϮϱϳϲ ϲϬϵϱϬϵ ϯϰϭϴϱϱ ϰϮϭϵϯϳ ϮϰϴϭϭϬ ϰϬϭϱϯϴ ϰϬϯϳϭϮ ϮϲϵϭϱϮ ϭϴϬϬϯϬ
ŚĂƌŐĞƐ ϰϮϲϯϵ ϱϵϳϴϮϱ ϱϲϲϵϲϳ ϲϮϭϬϬϲ ϴϰϲϱϳ ϯϵϮϮϭϳ ϲϴϯϮϳϰ ϯϵϮϴϬϭ ϰϳϲϭϴϳ ϮϵϱϯϯϬ ϰϲϯϱϯϳ ϱϮϱϲϭϴ ϯϯϳϮϲϮ ϯϬϱϬϬϮ
ZĠƐƵůƚĂƚĂǀĂŶƚŝŵƉŽƚ Ͳϭϰϰϱϰ Ͳϱϴϴϵϱ ͲϰϮϯϴϭ ͲϭϭϯϭϮϴ Ͳϭϱϯϭϲ Ͳϴϵϲϰϭ Ͳϳϯϳϲϳ ͲϱϬϵϰϲ ͲϱϰϮϱϬ ͲϰϳϮϮϬ Ͳϲϭϵϵϵ ͲϭϮϭϵϬϲ ͲϲϴϭϭϬ ͲϭϮϰϵϳϯ
ZĠƐƵůƚĂƚŶĞƚ Ͳϭϰϰϱϰ Ͳϱϴϴϵϱ ͲϰϮϯϴϭ ͲϭϭϯϭϮϴ Ͳϭϱϯϭϲ Ͳϴϵϲϰϭ Ͳϳϯϳϲϳ ͲϱϬϵϰϲ ͲϱϰϮϱϬ ͲϰϳϮϮϬ Ͳϲϭϵϵϵ ͲϭϮϭϵϬϲ ͲϲϴϭϭϬ ͲϭϮϰϵϳϮ
ŶŶĞdžĞϴ^^d
ZϮϬϭϴWƌŽĚƵŝƚƐ
ŚĂƌŐĞƐ
ZĠƐƵůƚĂƚĂǀĂŶƚŝŵƉŽƚ
ZĠƐƵůƚĂƚŶĞƚ
/HV3HQQHV0LUDEHDX
0H\UDUJXHV 0H\UHXLO 3H\QLHU 3H\UROOHV 3X\ORXELHU 5RJQHV 5RXVVHW6DLQW&DQQDW
7UHWV9DXYHQDUJX
HV9HQWDEUHQ 9LWUROOHV 7RWDO'63
ϭϯϴϲϮϯϳ ϭϱϴϳϮϯ ϱϭϳϮϬϬ ϭϯϯϰϱϮ Ϯϵϯϱϰϰ ϭϬϱϵϮϮ ϭϯϴϰϲϬ ϳϮϴϯϬϰ ϮϯϯϯϯϬ ϱϬϯϰϴϰ ϯϬϱϳϰ ϲϵϵϱϱ ϮϳϲϱϮϬϬ ϭϭϵϭϭϭϳϲ
ϭϱϮϬϮϮϬ ϮϬϮϴϳϯ ϱϮϭϬϬϬ ϮϯϰϮϬϯ ϯϳϴϰϬϴ ϭϯϰϮϮϭ ϭϱϳϭϰϬ ϴϬϭϮϮϴ ϮϲϳϵϯϬ ϱϬϴϵϱϬ ϯϳϬϵϯ ϳϳϭϯϰ ϮϴϭϱϴϬϬ ϭϯϰϰϬϱϮϮ
ͲϭϯϯϵϴϮ ͲϰϰϭϲϬ ͲϯϴϬϬ ͲϭϬϬϳϱϭ Ͳϴϰϴϲϰ ͲϮϴϮϵϵ ͲϭϴϲϴϬ ͲϳϮϵϮϰ ͲϯϰϲϬϬ ͲϭϬϱϰϲϲ Ͳϲϱϭϵ Ͳϳϭϳϴ ͲϱϬϲϬϬ ͲϭϲϮϴϴϬϵ
ͲϭϯϯϵϴϮ ͲϰϰϭϲϬ ͲϯϴϬϬ ͲϭϬϬϳϱϭ Ͳϴϰϴϲϰ ͲϮϴϮϵϵ ͲϭϴϲϴϬ ͲϳϮϵϮϰ ͲϯϰϲϬϬ ͲϭϬϱϰϲϲ Ͳϲϱϭϵ Ͳϳϭϳϴ ͲϱϬϲϬϬ ͲϭϲϮϴϴϬϴ
5346(DX$VVDLQLVVHPHQW±7HUULWRLUHGX3D\VG¶$L[Y0pWURSROH$L[0DUVHLOOH3URYHQFH
$11(;( 63$1&
DE^>ΖKZ/'/EhWKdK^^/ZKEWd/KEh^WE
WĞƌŵŝƐĚĞĐŽŶƐƚƌƵŝƌĞ
ƌĞůĂƚŝĨƐăĐŽŶƐƚƌƵĐƚŝŽŶ
ŶĞƵǀĞ
WĞƌŵŝƐĚĞĐŽŶƐƚƌƵŝƌĞ
ƌĞůĂƚŝĨƐăĐŽŶƐƚƌƵĐƚŝŽŶ
ĞdžŝƐƚĂŶƚĞ
ĞŵĂŶĚĞƐĚĞ
ƌĠŚĂďŝůŝƚĂƚŝŽŶ
;ĚŽƐƐŝĞƌƐĚĠƉŽƐĠƐ
ŚŽƌƐĚĞŵĂŶĚĞ
ĚΖƵƌďĂŶŝƐŵĞͿ
dKd>
/yEWZKsE ϭϬ ϭϭ ϰϬ ϲϭ
hZh/> Ϯ Ϯ ϰ
Kh>/Z ϭ Ϯ ϯ
Z/^ ϴ ϲ ϲ ϮϬ
,dhEh&>ZKh' ϭ ϯ ϰ
KhKhy ϭ ϭ
'h/>>^ ϭ ϱ ϲ
&hsh ϭ ϭϬ ϲ ϭϳ
'ZEE ϭ ϭ ϯ ϱ
'Z^Yh Ϯ Ϯ ϰ
:KhYh^ Ϯ ϰ ϲ
>D^ ϵ Ϯ ϴ ϭϵ
DzZZ'h^ ϲ Ϯ Ϯ ϭϬ
DzZh/> ϭ ϭ ϱ ϳ
D/Dd ϴ ϭ ϯ ϭϮ
>^WEE^D/Zh ϯ ϯ Ϯ ϴ
WZdh/^ ϭ ϲ ϳ
WzE/Z Ϯ ϱ ϯ ϭϬ
WzZK>>^EWZKsE ϰ ϰ
Whz>Kh/Z ϭ ϭ Ϯ
>Whz^/EdZWZ ϵ ϭ ϰ ϭϰ
ZK'E^ ϭ ϲ ϳ ϭϰ
>ZKYhΖEd,ZKE ϭ ϭ ϭ ϯ
ZKh^^d ϭ ϭ ϭ ϯ
^/EdEdKE/E^hZzKE Ϯ ϭ ϭ ϰ
^/EdEEd ϴ ϲ ϭϰ Ϯϴ
^/Ed^ds:E^KE
^/EdDZ:hD'Z Ϯ ϯ ϱ
^/EdWh>>hZE
^/D/EK>>KE'h ϯ Ϯ ϱ
>d,K>KEd ϯ ϯ ϲ ϭϮ
dZd^ ϭ ϭ ϭϭ ϭϯ
shsEZ'h^ ϯ ϯ
sE>>^ ϭ Ϯ ϰ ϳ
sEdZE Ϯ Ϯ
s/dZK>>^ ϭ ϭ Ϯ
dŽƚĂů ϴϰ ϴϭ ϭϲϬ ϯϮϱ
KEdZN>^/E^d>>d/KE^y/^dEd^/>EYhEd/dd/&
ŝĂŐŶŽƐƚŝĐĚĞďŽŶ
ĨŽŶĐƚŝŽŶŶĞŵĞŶƚ
ŝĂŐŶŽƐƚŝĐƉƌĠĂůĂďůĞăƵŶĞ
ǀĞŶƚĞ
ŝĂŐŶŽƐƚŝĐƌĞůĂƚŝĨăƵŶĞ
ĚĞŵĂŶĚĞĚΖƵƌďĂŶŝƐŵĞŽŶƚƌĞǀŝƐŝƚĞ dKd>
/yEWZKsE Ϯϯϱ ϭϰϲ Ϯ ϯϴϯ
hZh/> ϲ ϲ
Kh>/Z ϯ ϱ ϴ
Z/^ ϭϮ ϭϳ Ϯϵ
,dhEh&>ZKh' ϴ ϴ
KhKhy ϰϱ ϭ ϰϲ
'h/>>^ Ϯϲ ϭ Ϯϳ
&hsh Ϯϵ ϯϵ Ϯ ϳϬ
'ZEE ϯ ϭϯ ϭϲ
'Z^Yh ϴ ϴ
:KhYh^ Ϯϵ Ϯϵ
>D^ ϰϴϳ ϲ ϰϵϯ
DzZZ'h^ ϭϬ ϰ ϭϰ
DzZh/> ϮϯϬ ϭϯ ϰ Ϯϰϳ
D/Dd Ϯϰ Ϯϰ
>^WEE^D/Zh ϯϰ ϯϰ
WZdh/^ ϮϬ ϮϬ
WzE/Z ϮϬ ϭϬ ϯϬ
WzZK>>^EWZKsE ϭ ϲ ϳ
Whz>Kh/Z ϳ ϳ
>Whz^/EdZWZ Ϯϯ ϭ Ϯϰ
ZK'E^ ϰϮ ϰϮ
>ZKYhΖEd,ZKE ϭ ϭ
ZKh^^d ϭϯ ϭϯ
^/EdEdKE/E^hZzKE ϭ ϭ
^/EdEEd ϭ Ϯϭ ϮϮ
^/Ed^ds:E^KE ϭ ϭ
^/EdDZ:hD'Z ϭϯ ϭϯ
^/EdWh>>hZE Ϯ Ϯ
^/D/EK>>KE'h ϭϱ ϭϱ
>d,K>KEd ϭ ϭϭ ϭϮ
dZd^ ϯϬ Ϯ ϯϮ
shsEZ'h^ ϭϭ ϭϭ
sE>>^ Ϯϲ Ϯϲ
sEdZE Ϯϭ Ϯϭ
s/dZK>>^ ϯ ϯ
dKd> ϭϬϲϳ ϲϲϮ ϭϲ ϭϳϰϱ
KEdZN>^/E^d>>d/KE^y/^dEd^/>EYh>/dd/&
EŽŵďƌĞ й EŽŵďƌĞ й EŽŵďƌĞ й EŽŵďƌĞ й EŽŵďƌĞ й
/yEWZKsE ϱ ϭϯϭй ϭϯ ϯϰϭй ϮϱϮ ϲϲϭϰй Ϯϵ ϳϲϭй ϴϮ ϮϭϱϮй ϯϴϭ
hZh/> Ϯ ϯϯϯϯй ϰ ϲϲϲϳй ϲ
Kh>/Z ϭ ϭϮϱϬй ϳ ϴϳϱϬй ϴ
Z/^ ϭ ϯϱϳй ϭϵ ϲϳϴϲй Ϯ ϳϭϰй ϲ Ϯϭϰϯй Ϯϴ
,dhEh&>ZKh' ϭ ϭϮϱϬй ϱ ϲϮϱϬй ϭ ϭϮϱϬй ϭ ϭϮϱϬй ϴ
KhKhy Ϯ ϰϯϱй ϯϮ ϲϵϱϳй ϭϮ ϮϲϬϵй ϰϲ
'h/>>^ ϭ ϯϳϬй Ϯ ϳϰϭй ϭϳ ϲϮϵϲй Ϯ ϳϰϭй ϱ ϭϴϱϮй Ϯϳ
&hsh ϭ ϭϰϱй ϳ ϭϬϭϰй ϰϬ ϱϳϵϳй ϵ ϭϯϬϰй ϭϮ ϭϳϯϵй ϲϵ
'ZEE ϰ ϮϱϬϬй ϴ ϱϬϬϬй ϰ ϮϱϬϬй ϭϲ
'Z^Yh ϭ ϭϮϱϬй ϰ ϱϬϬϬй ϭ ϭϮϱϬй Ϯ ϮϱϬϬй ϴ
:KhYh^ ϰ ϭϰϮϵй ϭϯ ϰϲϰϯй ϯ ϭϬϳϭй ϴ Ϯϴϱϳй Ϯϴ
>D^ Ϯ Ϭϰϭй ϱϭ ϭϬϰϭй ϯϬϱ ϲϮϮϰй ϰϬ ϴϭϲй ϵϮ ϭϴϳϴй ϰϵϬ
DzZZ'h^ ϭ ϳϲϵй ϳ ϱϯϴϱй ϰ ϯϬϳϳй ϭ ϳϲϵй ϭϯ
DzZh/> ϭ ϬϰϬй ϵ ϯϲϰй ϭϴϰ ϳϰϰϵй Ϯϯ ϵϯϭй ϯϬ ϭϮϭϱй Ϯϰϳ
D/Dd ϯ ϭϯϬϰй ϭϮ ϱϮϭϳй Ϯ ϴϳϬй ϲ ϮϲϬϵй Ϯϯ
>^WEE^D/Zh ϰ ϭϮϭϮй ϮϮ ϲϲϲϳй ϳ ϮϭϮϭй ϯϯ
WZdh/^ ϭ ϱϮϲй ϰ ϮϭϬϱй ϭϬ ϱϮϲϯй ϭ ϱϮϲй ϯ ϭϱϳϵй ϭϵ
WzE/Z ϭ ϯϯϯй ϭ ϯϯϯй ϮϬ ϲϲϲϳй ϰ ϭϯϯϯй ϰ ϭϯϯϯй ϯϬ
WzZK>>^EWZKsE ϯ ϰϮϴϲй Ϯ Ϯϴϱϳй Ϯ Ϯϴϱϳй ϳ
Whz>Kh/Z ϭ ϭϰϮϵй ϲ ϴϱϳϭй ϳ
>Whz^/EdZWZ ϭ ϰϱϱй Ϯ ϵϬϵй ϭϭ ϱϬϬϬй Ϯ ϵϬϵй ϲ ϮϳϮϳй ϮϮ
ZK'E^ ϰ ϵϳϲй ϭϲ ϯϵϬϮй ϱ ϭϮϮϬй ϭϲ ϯϵϬϮй ϰϭ
>ZKYhΖEd,ZKE ϭ ϭϬϬϬϬй ϭ
ZKh^^d ϭϬ ϳϲϵϮй ϭ ϳϲϵй Ϯ ϭϱϯϴй ϭϯ
^/EdEdKE/E^hZzKE ϭ ϭϬϬϬϬй ϭ
^/EdEEd ϭ ϰϳϲй ϭϬ ϰϳϲϮй ϰ ϭϵϬϱй ϲ Ϯϴϱϳй Ϯϭ
^/Ed^ds:E^KE ϭ ϭϬϬϬϬй ϭ
^/EdDZ:hD'Z ϳ ϱϯϴϱй ϭ ϳϲϵй ϱ ϯϴϰϲй ϭϯ
^/EdWh>>hZE Ϯ ϭϬϬϬϬй Ϯ
^/D/EK>>KE'h ϭ ϲϲϳй ϭϬ ϲϲϲϳй Ϯ ϭϯϯϯй Ϯ ϭϯϯϯй ϭϱ
>d,K>KEd ϳ ϱϴϯϯй ϯ ϮϱϬϬй Ϯ ϭϲϲϳй ϭϮ
dZd^ ϱ ϭϱϲϯй ϭϱ ϰϲϴϴй ϰ ϭϮϱϬй ϴ ϮϱϬϬй ϯϮ
shsEZ'h^ ϯ ϮϳϮϳй ϰ ϯϲϯϲй ϰ ϯϲϯϲй ϭϭ
sE>>^ ϭ ϰϬϬй ϵ ϯϲϬϬй ϱ ϮϬϬϬй ϭϬ ϰϬϬϬй Ϯϱ
sEdZE ϭϲ ϳϲϭϵй Ϯ ϵϱϮй ϯ ϭϰϮϵй Ϯϭ
s/dZK>>^ ϭ ϯϯϯϯй ϭ ϯϯϯϯй ϭ ϯϯϯϯй ϯ
dŽƚĂƵdž ϭϰ Ϭϴϭй ϭϮϴ ϳϰϭй ϭϬϴϳ ϲϮϵϭй ϭϱϮ ϴϴϬй ϯϰϳ ϮϬϬϴй ϭϳϮϴ
ŽŶĨŽŶĐƚŝŽŶŶĞŵĞŶƚdŽƚĂƵdžŽŵŵƵŶĞ
ďƐĞŶĐĞĚΖŝŶƐƚĂůůĂƚŝŽŶZŝƐƋƵĞƐĂŶŝƚĂŝƌĞĂǀĞĐŽďůŝŐĂƚŝŽŶĚĞƚƌĂǀĂƵdž
ĚĂŶƐƵŶĚĠůĂŝĚĞϰĂŶƐ
EŽŶͲĐŽŶĨŽƌŵĞƐĂŶƐĚĂŶŐĞƌƉŽƵƌůĂƐĠĐƵƌŝƚĠ
ĚĞƐƉĞƌƐŽŶŶĞƐĠĨĂƵƚƐĚΖĞŶƚƌĞƚŝĞŶĞƚĚΖƵƐƵƌĞ
Mét
ropo
le A
ix-M
arse
ille-
Prov
ence
— 2
bis
qua
i d’A
renc
— 1
3002
MAR
SEIL
LE —
Cré
atio
n : D
GACR
EGE
— P
hoto
© D
R —
201
8 —
Ne
pas
jete
r sur
la vo
ie p
ubliq
ue
Recommended