DYU PDL MXL
ÀDVK IRFXV JOREDO YLHZ SHUVSHFWLYH FDUWH EODQFKH OH PLVVLRQQDLUH DUFKLWHFWXUH SDUWDJpH OH PRW GHV SODWHIRUPHV SKSS ORJHPHQW UpQRYDWLRQ GpWDLO (OLVDEHWK V GLDU\ oD ERXJH HQ GpWDLO SDUWDJp DQJOH GURLW 7DQWH 0RQLTXH LQFHQGLH pFRQRPLH QRV pWXGLDQWV
EH SDVVLYH WULPHVWULHO GX VWDQGDUG SDVVLI ! ZZZ EHSDVVLYH EH
¿QH WXQLQJ
EXUHDX GH GpS{W $QWZHUSHQ ; 3
EH SDVVLYH
EH SDVVLYH
7±2±8±7 ± 9±$ ± %±,±(±1 )UDJLOLWp GH O¶DERQGDQFH
pGLWRULDO
%HUQDUG 'HSUH] UpGDFWHXU HQ FKHI
/HV FHQWUDOHV QXFOpDLUHV pPHWWHQW PRLQV GH &2 TXH OHV FHQWUDOHV j FKDUERQ PDLV OD FDWDVWURSKH GH )XNXVKLPD PRQWUH TXH OHXUV pPLVVLRQV UDGLRDFWLYHV SHXYHQW rWUH LQFRPSDUDEOHPHQW SOXV GDQJHUHXVHV SROOXDQWHV HW PDOKHXUHXVHPHQW« GXUDEOHV $YHF O¶H[SORVLRQ GH OD FHQWUDOH FRQVpFXWLYH DX WUHPEOHPHQW GH WHUUH HW DX WVXQDPL GX PDUV OH YHUW QXFOpDLUH SUHQG OD FRXOHXU GX GpVHVSRLU &DU FH TXL JODFH OHV -DSRQDLV DXMRXUG¶KXL FH Q¶HVW SDV OH QRPEUH GH YLFWLPHV SHUVRQQH j FH MRXU Q¶HVW HQFRUH PRUW GHV FRQVpTXHQFHV GH O¶DFFLGHQW QXFOpDLUH PDLV O¶LPSRVVLELOLWp GH UHYLYUH Oj DSUqV OD FDWDVWURSKH GDQV OHV FRQGLWLRQV GH ULVTXH FUppHV SDU OD FHQWUDOH HQ IXVLRQ 6L OH -DSRQ SRXUUD UHFRQVWUXLUH 6HQGDL F¶HVW XQ QR PDQ¶V ODQG TXL V¶LPSRVHUD DXWRXU GH )XNXVKLPD FRPPH LO H[LVWH WRXMRXUV GHSXLV DQV DXWRXU GH 7FKHUQRE\O« 3OXV TXH OD SHXU GH OD PRUW F¶HVW OH UDSSHO DFFDEODQW TXH OD YLH HVW LQFRPSDWLEOH DYHF OHV UDGLDWLRQV GLUHFWHV OHV UHWRPEpHV GLVVpPLQpHV SDU OHV QXDJHV OD SOXLH GHYHQXH HQQHPLH GHV SURGXLWV GH OD WHUUH TXL HPSRLVRQQHQW XQH HDX TXL LQWR[LTXH« (W XQH WHFKQRFUDWLH GRQW O¶LPSXLVVDQFH VH WURXYH H[SRVpH DX JUDQG MRXU 3DUWRXW RQ XVH G¶HXSKpPLVPHV RQ OLVVH HW RQ SROLFH O¶LQIRUPDWLRQ RQ YRLW OH YHUW UDGLRDFWLI WLUHU WRXMRXUV SOXV YHUV OH NDNL DVVRUWL DX[ FRXOHXUV GX SRXYRLU 8Q SRXYRLU HW VHV H[SHUWV TXL YRXGUDLHQW FDFKHU OHV OLPLWHV UpHOOHV GH OHXU FRPSpWHQFH PrPH VL GH UDUHV RI¿FLHOV -DSRQDLV RQW O¶KXPLOLWp GH UHFRQQDvWUH TX¶LOV QH PDvWULVHQW DEVROXPHQW SOXV ULHQ« (Q %HOJLTXH LO GHYLHQW WRXW j FRXS XUJHQW G¶LPSRVHU XQ PRUDWRLUH VXU WRXWH GpFLVLRQ 6XUWRXW UHWHQLU VD UHVSLUDWLRQ ODLVVHU SDVVHU OD FULVH« 7RXW YD ELHQ OD WHUUH HVW SODWH $X EDO GHV H[SHUWV HW GHV GpFLGHXUV RQ SUHVVH GH GpSDVVHU O¶pPRWLRQ SRXU DQDO\VHU IURLGHPHQW OHV FRQVpTXHQFHV 2U GDQV XQ PRQGH ERXI¿ GH YDLQHV LQWHOOLJHQFHV HW GH FRQVHLOV G¶DGPLQLVWUDWLRQ GH VRFLpWpV DXVVL DQRQ\PHV TX¶LUUHVSRQVDEOHV FH TXL PDQTXH F¶HVW SOXW{W FH TXH OH SKLORVRSKH $ODLQ )LQNLHONUDXW DSSHOOH XQ F°XU LQWHOOLJHQW /¶pPRWLRQ GHV -DSRQDLV GLJQH IRUWH HW FRQWHQXH HVW WRXW OH FRQWUDLUH GH OD VHQVLEOHULH &¶HVW XQH OXPLqUH SRXU EDOLVHU OD URXWH XQH OXPLqUH TXL UDSSHOOH OD IUDJLOLWp GH OD YLH )XNXVKLPD 0RQ $PRXU QRXV GHYULRQV SRUWHU FHWWH pPRWLRQ HW QRXV ODLVVHU SRUWHU SDU HOOH DX PRPHQW GHV JUDQGHV GpFLVLRQV /H GXUDEOH F¶HVW DXVVL YRXORLU HQ FKRLVLVVDQW OD VDJHVVH UHVWHU FDSDEOH GH VH UHJDUGHU GDQV OH PLURLU $YRQV QRXV OHV PR\HQV GH QRWUH ULFKHVVH HW GH QRWUH DERQGDQFH " &¶HVW 0LFKHO 5RFDUG TXL HQ ODQoDLW TXH OD )UDQFH QH SRXYDLW DFFXHLOOLU WRXWH OD PLVqUH GX PRQGH 0DLV VRPPHV QRXV UpHOOHPHQW FDSDEOHV GH VXSSRUWHU QRWUH SURSUH ULFKHVVH HW WRXWHV VHV FRQVpTXHQFHV " 4XH FR WH UpHOOHPHQW QRWUH DERQGDQFH HW TXL HQ SDLH O¶DGGLWLRQ " /D QRUYpJLHQQH *UR +DUOHP %UXQGWODQG Gp¿QLVVDLW OH GpYHORSSHPHQW GXUDEOH FRPPH FHOXL TXL QH FRPSURPHW SDV OD FDSDFLWp GHV JpQpUDWLRQV IXWXUHV j UpSRQGUH j OHXUV SURSUHV EHVRLQV /HV FKHPLQV VRQW REVFXUV TXL YRQW GX ULVTXH j OD FDWDVWURSKH 'H +LURVKLPD j 7FKHUQRE\O GH %LNLQL j )XNXVKLPD O¶KpULWDJH QXFOpDLUH UHVWHUD XQH ORXUGH GHWWH SRXU PLOOH JpQpUDWLRQV j YHQLU
VFLHQFHSRXUYRXVHWPRL EORJV QRXYHOREV FRP DUFKLYH IXNXVKLPD VXLWH XUDQLXP HW WUDQVXUDQLHQV KWPO ZZZ WHUUD HFRQRPLFD LQIR 1XFOHDLUH LQIRUPDWLRQ KWPO 5HOLUH O¶DUWLFOH GH 3KLOLSSH 5H\QDHUV EH SDVVLYH ZZZ ZZI EH BPHGLD ::)B HQHUJ\BUHSRUWB SGI
3RXU TXH OH SDVVLI ± VD QRXYHDXWp VHV VLQJXODULWpV ± QH VRLW SDV XQH ERLWH QRLUH FRPPH O¶HVW XQH FHQWUDOH QXFOpDLUH EH SDVVLYH YRXV SURSRVH XQ GRVVLHU FRQVDFUp DX VXLYL ± OH PRQLWRULQJ OH ¿QH WXQLJ OD WUDQVPLVVLRQ GX VDYRLU HWF ± GH FHUWDLQV SURMHWV UpDOLVpV HQ %HOJLTXH -H UHQYHUUDL HQ¿Q FHX[ TXL FKHUFKHQW G¶DXWUHV FKHPLQV G¶DYHQLU j OD SXEOLFDWLRQ WRXWH UpFHQWH GX 5DSSRUW (QHUJLH GX ::) UpGLJp HQ FROODERUDWLRQ DYHF (FR)\V OH JUDQG EXUHDX G¶pWXGH QpHUODQGDLV HW $02 OH QRQ PRLQV FpOqEUH 7KLQN 7DQN GH O¶DUFKLWHFWH 5HP .RROKDDV 2Q \ DSSUHQG TXH O¶DYHQLU SHXW rWUH UHQRXYHODEOH G¶LFL (W DXVVL TXH SRXU TX¶LO QH VRLW SDV UDGLRDFWLI LO SDVVHUD SDU OH SDVVLI« (W oD F¶HVW 5HP TXL OH GLW Ŷ
HGLWR
EH SDVVLYH
VRPPDLUH
VXU OH YLI
IRFXV
0DUF :ROODVW
KXPRXU
OH PLVVLRQDLUH
DUFKLWHFWXUH SDUWDJpH
OH PRW GHV SODWHIRUPHV
SKSS
OH GRLJW OD OXQH
OHV EXUHDX[ GX 900
HVW PRUW YLYH
VXLV PRL
oD ERXJH HQ
GpWDLO SDUWDJp
DQJOH GURLW
7DQWH 0RQLTXH
5RXPDQLH
OD FRQFHSWLRQ GX SURMHW
GLV QRXV WRXW
EH SDVVLYH
VRPPDLUH
SDUROH G LPDJH j (LQDU 6QHYH 0DUWLQXVVHQ ,PPDWHULDOV /LJKW SDLQWLQJ :L¿ ZZZ \RXUEDQ QR
JOREDO YLHZ
YX HW HQWHQGX
SHUVSHFWLYH
FDUWH EODQFKH
\ D GH O HDX GDQV OH JD]
F HVW OXL TXL O D GLW
FRPELHQ GH SpWUROH GH FKDUERQ HW GH JD]
j 0DGDPH OD 0LQLVWUH (YHO\QH +X\WHERUHFN
ORJHPHQW
UpQRYDWLRQ
j /RNHUHQ
j 6DLQW *LOOHV
GpWDLO SDURLV SDVVLYHV OD UHFHWWH GH EDVH
(OLVDEHWK V GLDU\ OD VWDWLRQ SRODLUH
LQFHQGLH
pFRQRPLH GX SURMHW
QRV pWXGLDQWV
LQYHVWLU
SUpIDEULFDWLRQ
DJHQGD
VRPPDLUH
EH SDVVLYH
SKRWR
)LOLS 'XMDUGLQ
EH SDVVLYH
RQ WKH VSRW
sur le vif
crèche gaucheret 48 enfants seront accueillis dans cette crèche passive, consacrée bâtiment exemplaire en 2007. Maître de l’ouvrage : Commune de Schaerbeek > www.schaerbeek.irisnet.be
Architecte : MDWARCHITECTURE > www.mdw-architecture.com
Entreprise : Strabag > www.strabag.be Ŷ
on the spot
be.passive 06 07
77
EH SDVVLYH
ÀDVK
6RFLDO +RXVLQJ 0RUHDX /H FpOqEUH EXUHDX G¶DUFKLWHFWHV %9%DUFKLWHFWV D JDJQp FH FRQFRXUV j $QGHUOHFKW HQ HW OH UpDOLVH FHWWH DQQpH /¶DSSURFKH SODVWLTXH GHV SOLVVHPHQWV HQ IDoDGH WUDGXLW XQH QRXYHOOH Gp¿QLWLRQ GH O¶LQWpJUDWLRQ OLDQW SURIRQGHXU KDXWHXU HW JDEDULWV DX[ YRLVLQV H[LVWDQWV $UFKLWHFWH ZZZ EYEDUFKLWHFWV FRP
&25$/ 5(() 0$75,; DQG 3/8* ,1 &HOD VH SDVVH j 3RUW DX 3ULQFH /¶DUFKLWHFWH 9LQFHQW &DOOHEDXW SURMHWWH XQ pFR YLOODJH SRXU IDPLOOHV KDwWLHQQHV LQVSLUp SDU OHV FRUDX[ HW « OH SDVVLI $UFKLWHFWH ZZZ YLQFHQW FDOOHEDXW RUJ
([WHQVLRQ j /RQGHU]HHO 8Q SURMHW SLORWH G XQH pFROH SRXU OH FRPSWH GH $*,2Q $UFKLWHFWH ZZZ 7HHPD DUFKLWHFWHQ FRP DYHF %DEHO ,QJpQLHXU ZZZ FHQHUJLH EH
6(0 6FKRRO 8QH QRXYHOOH pFROH SDVVLYH j 0ROHQEHHN 6DLQW -HDQ $UFKLWHFWH ZZZ XUEDQSODWIRUP FRP 6WDELOLWp ZZZ DUFDGLVEHOJLXP EH ,QJpQLHXU &RQFHSW &RQWURO
3UpIDEULFDWLRQ j -XGHQEXUJ $7 8Q SURMHW HQWLqUHPHQW SUpPRQWp HQ ./+ H[HPSOH GH VWUXFWXUH SRUWDQWH GH SOXVLHXUV pWDJHV HQ ERLV 9RLU ZZZ NOK DW
$UFKLWHFWH $UFKLWHNWHQJHPHLQVFKDIW 0DUN 0DFN HW ', 5RODQG +DJP OOHU
/H SODQ ORJHPHQWV GH %UX[HOOHV 9LOOH &H SURMHW JDJQp HQ %RXZWHDP DYHF O¶HQWUHSULVH 'HPRFR HW $ 0 GpPRQWUH TX¶LO HVW SRVVLEOH GH UpDOLVHU XQ SURMHW GH SOXV GH Pð ORJHPHQWV HW XQH pFROH SRXU XQ PRQWDQW XQLWDLUH G¶HQYLURQ ¼ Pð +79$ $UFKLWHFWH ZZZ $ 0 EH (QWUHSULVH ZZZ GHPRFR EH
-XVW. XQH PDLVRQ XQLIDPLOOLDOH SUpIDEULTXpH j 7 ELQJHQ $O
5pLQWHUSUpWDWLRQ WUqV FRQWHPSRUDLQH GH OD FRPSDFLWp HW GX FXEH " $UFKLWHFWH DUFKLWHNWHQ PDUWHQVRQ HW QDJHO WKH\VVHQ ZZZ DPXQW LQIR
ÀDVK
EH SDVVLYH
FRPPXQHV &OLP¶DFWLYHV /HV FRPPXQHV DX F°XU GX FKDQJHPHQW FOLPDWLTXH ODQFp DYHF VXFFqV HQ DYHF OH VRXWLHQ GX 0LQLVWqUH GH O¶(QYLURQQHPHQW HW GH O¶$JHQFH ZDOORQQH GH O¶$LU HW GX &OLPDW« /LUH OD VXLWH VXU ZZZ
PDLVRQSDVVLYH EH " &RQFRXUV &RPPXQHV &OLP DFWLYHV
PDLVRQ SDVVLYH VXU WpOpVDPEUH
&H PDUV GHUQLHU O¶pPLVVLRQ UH VRXUFH GH OD WpOpYLVLRQ ORFDOH 7pOpVDPEUH OD WpOpYLVLRQ ORFDOH GH &KDUOHURL HW GH VD UpJLRQ V¶LQWpUHVVDLW j OD FRQVWUXFWLRQ GXUDEOH DYHF XQH LQWHUYLHZ G¶$GHOLQH *XHUULDW DUFKLWHFWH SRXU OD 0DLVRQ SDVVLYH &¶HVW j VXLYUH VXU OH VLWH ! KWWS WHOHVDPEUH UWF EH FRQWHQW YLHZ
TXHOOHV IHQrWUHV SRXU PD PDLVRQ SDVVLYH " /D 303 SXEOLH OH SUHPLHU QXPpUR G¶XQH VpULH GH EURFKXUHV WHFKQLTXHV HVVHQWLHOOHV 'DQV FHOXL FL WRXW VXU OHV IHQrWUHV SDVVLYHV SDJHV G¶LQIRUPDWLRQV FRPSOqWHV HW FRPSUpKHQVLEOHV ELHQW{W FRPSOpWpHV VXU OH VLWH ZHE GH OD 303 SDU XQH OLVWH GHV GLVWULEXWHXUV HQ %HOJLTXH /D EURFKXUH SHXW DXVVL rWUH WpOpFKDUJpH HQ VXLYDQW OH OLHQ ! ZZZ PDLVRQSDVVLYH EH ,0* SGI 303TXHOOHVIHQHWUHV3 SGI
3DVVLYH+RXVH
'X YHQGUHGL DX GLPDQFKH VHSWHPEUH 3+3 HW 303 RUJDQLVHQW j QRXYHDX O¶H[SRVLWLRQ 3DVVLYH +RXVH $[pH VXU OD FRQVWUXFWLRQ HW O¶KDELWDW SDVVLIV j pQHUJLH ]pUR HW WUqV pFRQRPHV HQ pQHUJLH O¶H[SRVLWLRQ 3DVVLYH +RXVH HVW OD SOXV JUDQGH HQ VRQ JHQUH GDQV WRXW OH %HQHOX[ $FWXHOOHPHQW SOXV GH WLWXODLUHV GH VWDQG RQW GpMj FRQ¿UPp OHXU SDUWLFLSDWLRQ j FHWWH PDQLIHVWDWLRQ ! ZZZ SDVVLYHKRXVH EH
HU pFR TXDUWLHU SDVVLI j /LqJH 7KRPDV 3LURQ HW OH EXUHDX )+: $UFKLWHFWHV RQW UHPSRUWp OH FRQFRXUV ODQFp SDU OD 9LOOH HW O¶8QLYHUVLWp GH /LqJH SRXU OD FRQVWUXFWLRQ G¶XQ pFR TXDUWLHU VXU OH VLWH GX 6DUW 7LOPDQ OD VXLWH VXU KWWS WUHQGV UQHZV
DSSHO j EkWLPHQWV H[HPSODLUHV
EH IU HFRQRPLH DFWXDOLWH LPPR SUHPLHU HFR TXDUWLHU SDVVLI D OLHJH DUWLFOH KWP
3DUWLFLSH] HW UHPSRUWH] XQ VXEVLGH GH ¼ SDU Pð (Q OD 5pJLRQ GH %UX[HOOHV &DSLWDOH ODQoDLW OH SUHPLHU DSSHO j SURMHWV %kWLPHQWV H[HPSODLUHV GH O pFR FRQVWUXFWLRQ HW GH O pQHUJLH %$7(; 7URLV DQV SOXV WDUG DYHF SURMHWV ODXUpDWV UHSUpVHQWDQW SOXV GH« /LUH OD VXLWH VXU ! ZZZ EUX[HOOHVHQYLURQQHPHQW EH EDWLPHQWVH[HPSODLUHV
EH SDVVLYH
ÀDVK
OH SDVVLI VDQV OHV FOLFKpV
&DUROLQH HW *LOEHUW YLYHQW GHSXLV DQV GDQV XQH PDLVRQ SDVVLYH GDQV OD UpJLRQ G¶$XEHO j O¶HVW GH OD %HOJLTXH QRQ ORLQ G¶$L[ OD &KDSHOOH $XMRXUG¶KXL FHWWH PDLVRQ HQ RVVDWXUH ERLV HVW O¶XQH GHV UDUHV HQ %HOJLTXH j rWUH FHUWL¿pH SDVVLYH 4XHOOHV VRQW OHV GLIIpUHQFHV DYHF OHV DXWUHV W\SHV G¶KDELWDW " OD VXLWH VXU KWWS MHYDLVFRQVWUXLUH UQHZV EH IU VW\OH GH YLH FRQVWUXLUH DFWXDOLWH OH SDVVLI HW VHV FOLFKHV DUWLFOH KWP HW DXVVL KWWS ZZZ PHVVLWHUW EH
FUpGLW YHUW DX GHOj GH
(QYLURQ PLOOLDUGV G¶HXURV G¶LQYHVWLVVHPHQWV HQ HI¿FDFLWp pQHUJpWLTXH GHYURQW rWUH FRQVHQWLV GDQV OHV SURFKDLQHV DQQpHV GDQV OHV EkWLPHQWV HW O¶LQGXVWULH SRXU TXH OD %HOJLTXH SXLVVH UpDOLVHU OHV REMHFWLIV FOLPDWLTXHV HQ OD PDWLqUH SUpYXV SDU O¶8QLRQ HXURSpHQQH /H VHFWHXU ¿QDQFLHU D FDOFXOp TXH FHV LQYHVWLVVHPHQWV GDQV OHV EkWLPHQWV HW GDQV O¶LQGXVWULH QpFHVVLWHUDLHQW« /D VXLWH VXU KWWS WUHQGV UQHZV EH IU HFRQRPLH DFWXDOLWH LPPR FUHGLW YHUW OHV EDQTXHV YHXOHQW OHXU SURORQJDWLRQ DX GHOD GH DUWLFOH KWP
PDQXHO GH OD FRQVWUXFWLRQ SDVVLYH
&RQVWUXFWLRQ GX VLqJH GH )6( (OHFWULFLHQV 7HFQROHF HW )RUPHOHF j %UX[HOOHV $UFKLWHFWH $ 0 ,QJpQLHXU VWDELOLWp 1H\ SDUWQHUV (QHUJLH HW 76 &HQHUJLH (QWUHSULVHV 0 0 6LWW\ ,:9 /HQDHUWV
3RXU YRXV DLGHU j IUDQFKLU OD GLVWDQFH TXL VpSDUH OD WKpRULH GH OD SUDWLTXH OHV H[SHUWV WHFKQLTXHV GH 3+3 HW GX 9,%( RQW pWDEOL SRXU OH FRPSWH GH OD YLOOH GH *DQG XQH YDVWH FROOHFWLRQ GH GpWDLOV GH FRQVWUXFWLRQ SDVVLYH HW j EDVVH pQHUJLH DYHF GHV WH[WHV GH FDKLHU GHV FKDUJHV FRUUHVSRQGDQWV &HV GRVVLHUV VRQW GLVSRQLEOHV JUDWXLWHPHQW VRXV OD IRUPH GH ¿FKLHUV SGI HW GZJ ! ZZZ JHQWVNOLPDDWYHUERQG EH EHGULMYHQ KDQGOHLGLQJ ODDJHQHUJHWLVFK HQ SDVVLHI ERXZHQ YRRU SURIHVVLRQDOV
ÀDVK
EH SDVVLYH
$ORUV TXH GHV PLOOLHUV GH PDLVRQV GH SDU OH PRQGH HW HQ SDUWLFXOLHU HQ $OOHPDJQH HW HQ 6FDQGLQDYLH VRQW FRQVWUXLWHV VHORQ XQ VWDQGDUG TXL QH FRQVRPPH SUHVTXH SDV G¶pQHUJLH SRXU OH FKDXIIDJH HW OH UDIUDLFKLVVHPHQW EHDXFRXS SOXV GH SURMHWV VRQW HQFRUH FRQoXV VHORQ GHV SULQFLSHV GpVXHWV HW pQHUJLYRUHV S
1RXV DYRQV EHVRLQ GH FULWqUHV VWULFWV HQ PDWLqUH G¶HI¿FDFLWp pQHUJpWLTXH SRXU OD FRQVWUXFWLRQ QHXYH WHQGDQW YHUV OH SUHVTXH ]pUR pQHUJLH pTXLYDOHQWV DX VWDQGDUG GX 3DVVLYKDXV 1RXV GHYRQV UDSLGHPHQW UpQRYHU GDYDQWDJH SRXU DPpOLRUHU OD SHUIRUPDQFH pQHUJpWLTXH GX EkWL H[LVWDQW 'DQV FH EXW OHV (WDWV GRLYHQW PHWWUH HQ SODFH OD UpJOHPHQWDWLRQ HW OHV VRXWLHQV SXEOLFV QpFHVVDLUHV S
&H 6FpQDULR SDUW GH O¶K\SRWKqVH TX¶HQ FRQVWUXFWLRQ QHXYH RQ FRQVWUXLUD GH SOXV HQ SOXV VHORQ XQ VWDQGDUG SURFKH GX ]pUR pQHUJLH 1RXV HQWHQGRQV FH FRQFHSW GH SUHVTXH ]pUR pQHUJLH FRPPH FRUUHVSRQGDQW j GHV EkWLPHQWV FRPSDUDEOHV DX VWDQGDUG SDVVLI GpYHORSSp HQ $OOHPDJQH S
EH SDVVLYH
ÀDVK
PHUFL 5HP
"POUR UNE ÉNERGIE 100% RENOUVELABLE EN 2050 " Extrait du "Energy rapport" du WWF, Ecofys et OMA , Fev 2011
EH SDVVLYH
'HYHQX DSLFXOWHXU DSUqV XQH FDUULqUH GH FRPSWDEOH ¿VFDOLVWH 0DUF :ROODVW HVW WRPEp GDQV OD PDUPLWH GHV HQMHX[ pFRORJLTXHV TXDQG LO pWDLW SHWLW $YHF TXHOTXHV FROOqJXHV LO LQVWDOOH GpVRUPDLV GHV UXFKHUV VXU OHV WRLWV GHV LPPHXEOHV EUX[HOORLV SRXU SURWpJHU OHV DEHLOOHV HW OD ELRGLYHUVLWp HQ YLOOH
EH SDVVLYH
IRFXV
0DUF :ROODVW FRQQDvW SDUIDLWHPHQW VRQ VXMHW $VVLV GDQV VD PDLVRQ j :DWHUPDHO %RLWVIRUW LO H[SOLTXH FRPELHQ OD GLVSDULWLRQ GHV DEHLOOHV HVW XQ HQMHX TXL GpSDVVH GH ORLQ OD VXUYLH GHV WrWHV ERXUGRQQDQWHV /H SOXV YLHLO DQLPDO GRPHVWLTXp FRPPH LO DLPH j OH UDSSHOHU DFFRPSDJQH OHV KRPPHV GHSXLV GHV WHPSV LPPpPRULDX[ ¬ O¶pSRTXH GHV SKDUDRQV OHV eJ\SWLHQV XWLOLVDLHQW OH PLHO j GHV ILQV PpGLFLQDOHV HW OHV FRUSV pWDLHQW EDGLJHRQQpV GH SURSROLV XQ GpVLQIHFWDQW SXLVVDQW IDEULTXp SDU OHV DEHLOOHV DYDQW G¶rWUH PRPLILpV /HV DEHLOOHV RQW XQH SODFH IRUWH GDQV QRWUH FXOWXUH 'HV GHVVLQV SUpKLVWRULTXHV UHSUpVHQWHQW GHV FROOHFWHV GH PLHO $X 0R\HQ ÆJH O¶KRPPH FRQIHFWLRQQDLW GHV ERXJLHV HQ FLUH G¶DEHLOOH 'HSXLV WRXMRXUV HW GDQV WRXWHV OHV FLYLOLVDWLRQV OHV DEHLOOHV MRXHQW XQ U{OH HVVHQWLHO DX SRLQW G¶rWUH GpLILpHV VRXOLJQH O¶DSLFXOWHXU 6HXOHPHQW YRLOj OD YLH GH FHV LQVHFWHV PLOOpQDLUHV HVW PHQDFpH (W GDQV OD IRXOpH F¶HVW OD VXUYLH GH O¶HVSqFH KXPDLQH TXL HVW PLVH j PDO 3UqV GH GHV SODQWHV TXH QRXV FXOWLYRQV VRQW SROOLQLVpHV SDU OHV DEHLOOHV 6DQV FHV EXWLQHXVHV OD YpJpWDWLRQ GLVSDUDvWUDLW OHV DQLPDX[ VH QRXUULVVDQW GH JUDLQHV HW GH IUXLWV PRXUUDLHQW HW F¶HVW WRXWH QRWUH FKDvQH DOLPHQWDLUH TXL VHUDLW PHQDFpH 6L O¶XVDJH GH SHVWLFLGHV WR[LTXHV SHXW H[SOLTXHU HQ JUDQGH SDUWLH FH GpFOLQ OHV VFLHQWLILTXHV V¶LQWHUURJHQW VXU OHV FDXVHV DQQH[HV FRPPH OHV PRGLILFDWLRQV GX PLOLHX OLpHV DX[ DFWLYLWpV KXPDLQHV RX HQFRUH O¶H[LVWHQFH G¶XQ FHUWDLQ W\SH G¶DFDULHQ SDUWLFXOLqUHPHQW LQYDVLI HW GHVWUXFWHXU &¶HVW OD SUHPLqUH IRLV TXH QRXV FRQQDLVVRQV XQH FULVH GH OD SROOLQLVDWLRQ UHJUHWWH 0DUF :ROODVW 'H QRPEUHXVHV HVSqFHV YpJpWDOHV GLVSDUDLVVHQW FKDTXH MRXU FKDTXH DQQpH j FDXVH GH OD SHUWH GHV SROOLQLVDWHXUV /HV (WDWV 8QLV SDU H[HPSOH VRQW OHV SUHPLHUV IRXUQLVVHXUV G¶DPDQGHV GDQV OH PRQGH HW FRQQDLVVHQW GHSXLV SHX XQH FULVH LPSRUWDQWH GH OHXU SURGXFWLRQ '¶DSUqV XQH pWXGH SXEOLpH HQ DX[ 3D\V %DV HW HQ $QJOHWHUUH OD GLYHUVLWp G¶DEHLOOHV VDXYDJHV D EDLVVp GH PRLWLp HQ O¶HVSDFH GH YLQJW FLQT DQV /HV DEHLOOHV VRQW GHV ELR LQGLFDWHXUV SXLVVDQWV SUpFLVH 0DUF :ROODVW (OOHV VRQW GHV WpPRLQV GH QRWUH FULVH HQYLURQQHPHQWDOH j WRXV OHV QLYHDX[ (OOHV VXELVVHQW OHV HIIHWV GX UpFKDXIIHPHQW FOLPDWLTXH HQ UHPRQWDQW GH SOXV HQ SOXV YHUV OH 1RUG VXELVVHQW O¶XVDJH GH SHVWLFLGHV HW VRQW YLFWLPHV GDQV OHXU DOLPHQWDWLRQ G¶XQH SHUWH GH OD ELRGLYHUVLWp HW GRQF GHV TXDOLWpV QXWULWLYHV HVVHQWLHOOHV j OHXU VXUYLH
'HYHQX DSLFXOWHXU j O¶kJH GH DQV DSUqV XQH FDUULqUH GH FRPSWDEOH ILVFDOLVWH 0DUF :ROODVW D YX LO \ D GL[ DQV O¶RSSRUWXQLWp TXH UHSUpVHQWDLW O¶DEHLOOH SRXU IDLUH SDVVHU GHV PHVVDJHV VLPSOHV VXU OD UHODWLRQ HQWUH O¶KRPPH HW O¶HQYLURQQHPHQW 8QH UHQFRQWUH DYHF GHV DSLFXOWHXUV ORUV G¶XQH IrWH HQYLURQQHPHQWDOH DJLW DORUV VXU OXL FRPPH XQ GpFOLF ,O VH IRUPH HW HQ FUpH O¶DVVRFLDWLRQ $SLV %UXRF 6HOOD SRXU IDLUH GpFRXYULU DX[ DGXOWHV HW DX[ HQIDQWV OH U{OH GHV DEHLOOHV GDQV QRWUH pFRV\VWqPH
'HV DEHLOOHV GDQV PD YLOOH 7UqV YLWH DYHF O¶DLGH GH VL[ EpQpYROHV 0DUF :ROODVW VH PHW j SURSRVHU GLIIpUHQWHV DFWLYLWpV DXWRXU GH O¶DEHLOOH ,O FUpH /H 6HQWLHU GHV $EHLOOHV DX F°XU GX -DUGLQ %RWDQLTXH -HDQ 0DVVDUW j $XGHUJKHP R LO GpYHORSSH XQ SDUFRXUV GLGDFWLTXH MDORQQp GH UXFKHV HW GH SRUWLTXHV LQWHUDFWLIV RXYHUW DX JUDQG SXEOLF 'HV FODVVHV G¶pFROHV HW GHV JURXSHV SHXYHQW SURILWHU HQ GHKRUV GH OD EDOODGH FODVVLTXH GH YLVLWHV JXLGpHV SDU GHV DQLPDWHXUV VSpFLDOLVpV G¶DYULO j RFWREUH /HV DWHOLHUV GH VHQVLELOLVDWLRQ VH PXOWLSOLHQW HW O¶pTXLSH VH GpSODFH VXU %UX[HOOHV GDQV OHV pFROHV HW OHV KRPHV SRXU SHUVRQQHV kJpHV 0DLV SRXU UHQGUH FRPSWH SOHLQHPHQW GHV HQMHX[ DXWRXU GH O¶DEHLOOH 0DUF :ROODVW D FKRLVL OH PHLOOHXU PHVVDJH TXL VRLW O¶LQVWDOODWLRQ GH UXFKHUV VXU OHV WRLWV G¶LPPHXEOHV EUX[HOORLV $X WRWDO YLQJW FLQT UXFKHV RQW YX OH MRXU GDQV XQH GL]DLQH G¶HQGURLWV GH OD FDSLWDOH /H FHQWUH DGPLQLVWUDWLI GH OD 9LOOH GH %UX[HOOHV OH PDJDVLQ &DPpOpRQ j :ROXZH 6DLQW /DPEHUW RX HQFRUH O¶8QLYHUVLWp /LEUH GH %UX[HOOHV IRQW GpVRUPDLV RIILFH G¶KDELWDW SRXU GHV DEHLOOHV XUEDLQHV &H WUDYDLO QRXV SHUPHW GH FRQVFLHQWLVHU j JUDQGH pFKHOOH OHV WUDYDLOOHXUV HW OHXU FOLHQWqOH OHV pWXGLDQWV RX OHV KDELWDQWV GHV TXDUWLHUV ,O PRQWUH DXVVL TXH OHV HQWUHSULVHV SHXYHQW GLPLQXHU OHXU LPSDFW VXU OD QDWXUH 3OXVLHXUV DXWUHV PR\HQV H[LVWHQW FRPPH O¶LQVWDOODWLRQ GH WRLWXUHV YHUWHV VXU OHVTXHOOHV SODQWHU GHV PpODQJHV GH JUDLQHV SHUPHWWDQW DX[ SROOLQLVDWHXUV HW DX[ RLVHDX[ GH EpQpILFLHU GH UHVVRXUFHV DOLPHQWDLUHV 'H SOXV HQ SOXV G¶HQWUHSULVHV MRXHQW OH MHX VH UpMRXLW 0DUF :ROODVW TXL D OXL PrPH LQVWDOOp GHX[ UXFKHV«GDQV VRQ SURSUH MDUGLQ Ŷ
3OXV G¶LQIRUPDWLRQV VXU OH VLWH ZZZ DSLVEUXRFVHOOD EH /¶DVEO 1DWDJRUD VRXWLHQW QRWDPPHQW OHV HQWUHSULVHV TXL YRQW GDQV FH VHQV ± ZZZ QDWDJRUD EH
IRFXV
0DUF :ROODVW O¶KRPPH DX[ DEHLOOHV WH[WH &DUROLQH &KDSHDX[
IRFXV
EH SDVVLYH
3RXU OHV JUDQGV QRVWDOJLTXHV GX SDVVp
&RQVWUXLVH] YRWUH UDGLDWHXU $GHOLQH *XHUULDW
EH SDVVLYH
KXPRXU
0DLVRQ WpPRLQ SDVVLYH 9HQH] GpFRXYULU QRWUH PDLVRQ WpPRLQ SDVVLYH j 2YLIDW $FFXHLO OH VDPHGL GH K j K RX VXU UHQGH] YRXV
DQFLHQQHWp , H[SpULHQFH TXDOLWp , RVVDWXUH UpDOLVpH HQ QRV DWHOLHUV , ¿QLWLRQV 1DWXUKRPH V D 'HLIIHOW % *289< 7pO ZZZ QDWXUKRPH QHW LQIR#QDWXUKRPH QHW
9HQXH GHV (WDWV 8QLV OD ¿qYUH GX JD] GH VFKLVWH HVW VXU OH SRLQW GH JDJQHU O (XURSH HW OH UHVWH GX PRQGH /D UXpH YHUV OHV VKDOHV SRXUUDLW FKDPERXOHU OD JpRSROLWLTXH GH O pQHUJLH 0DLV j TXHO SUL[ JOREDO YLHZ
\ D GH O HDX GDQV OH JD] WH[WH *LOOHV 7RXVVDLQW
EH SDVVLYH
JOREDO YLHZ
4XDQG LO D GLVFUqWHPHQW DXWRULVp WURLV FRPSDJQLHV pQHUJpWLTXHV j SURVSHFWHU OH WHUULWRLUH IUDQoDLV GDQV O HVSRLU G \ GpQLFKHU GH QRXYHDX[ JLVHPHQWV G RU JULV OH JRXYHUQHPHQW GH 1LFRODV ,HU GHYDLW DYRLU OD WrWH DLOOHXUV $X WRWDO TXHOTXH NPð RQW pWp RXYHUWV j FHV UHFKHUFKHV LQFOXDQW XQH SDUWLH GX 3DUF GHV &pYHQQHV GHV PXQLFLSDOLWpV G $UGqFKH RX HQFRUH OH 3ODWHDX GX /DU]DF /H /DU]DF 7HUUH FKpULH GH OD OXWWH SD\VDQQH HW GX PRXYHPHQW DOWHUPRQGLDOLVWH EHUFHDX GH -RVp %RYp 8QH SXUH SURYRFDWLRQ 2EMHFWLI GH FHWWH TXrWH OH JD] GH VFKLVWH &H QRXYHDX JUDDO GHV SURVSHFWHXUV G pQHUJLHV IRVVLOHV HVW DXVVL O pSRXYDQWDLO GHV GpIHQVHXUV GH O HQYLURQQHPHQW 3RXU UpFXSpUHU FH JD] SLpJp GDQV GHV FRXFKHV GH VFKLVWH DUJLOHX[ OHV VKDOHV HQ DQJODLV OHV LQJpQLHXUV IRQW DSSHO j XQH WHFKQLTXH EDSWLVpH K\GURIUDFWXUDWLRQ 8Q SXLWV KRUL]RQWDO HVW FUHXVp SRXU DWWHLQGUH OD ]RQH FLEOpH VLWXpH j RX P GH SURIRQGHXU 8QH pQRUPH TXDQWLWp G HDX DGGLWLRQQpH G XQ FRFNWDLO GH SURGXLWV FKLPLTXHV HW GH VDEOH \ HVW HQVXLWH LQMHFWpH j KDXWH SUHVVLRQ SRXU IDLUH pFODWHU OD URFKH /H JD] SHXW DORUV V pFKDSSHU YLD OHV ¿VVXUHV PDLQWHQXHV RXYHUWHV JUkFH DX[ JUDLQV GH VDEOH 6LPSOH VXU SDSLHU OH SULQFLSH V DYqUH WUqV GpOLFDW j PHWWUH HQ °XYUH VXU OH WHUUDLQ 3RXU FRPSUHQGUH O DJLWDWLRQ TXL V HVW HPSDUpH GH FH GRVVLHU LO IDXW WUDYHUVHU O $WODQWLTXH (QFRUH PDUJLQDOH LO \ D GL[ DQV O H[SORLWDWLRQ GX JD] GH VFKLVWH D H[SORVp HQ DX SRLQW TXH FHWWH UHVVRXUFH GLWH QRQ FRQYHQWLRQQHOOH IRXUQLUDLW DXMRXUG KXL OD PRLWLp GX JD] FRQVRPPp DX[ (WDWV 8QLV /D GLPLQXWLRQ GHV UpVHUYHV GH JD] FRQYHQWLRQQHO HW OD SHUVSHFWLYH G XQH Ã&#x20AC;DPEpH GHV SUL[ HQ $PpULTXH GX 1RUG D ERRVWp O LQWpUrW GHV LQYHVWLVVHXUV SRXU FH FUpQHDX SRWHQWLHOOHPHQW MXWHX[ 8Q GpYHORSSHPHQW IDFLOLWp SDU OH UpJLPH GH IDYHXU DFFRUGp SDU O H[ DGPLQLVWUDWLRQ %XVK TXL D H[HPSWp OHV LQGXVWULHOV G XQH VpULH GH PHVXUHV HQYLURQQHPHQWDOHV SUpYXHV GDQV OH FDGUH GH OD ORL VXU OD SURWHFWLRQ GHV HDX[ /H IDLW TXH O H[ YLFH SUpVLGHQW 'LFN &KHQH\ DLW pWp SDWURQ GH O pQHUJpWLFLHQ +DOOLEXUWRQ GDQV XQH YLH DQWpULHXUH Q HVW pYLGHPPHQW TXH SXUH FRwQFLGHQFH &DU FH PLUDFOH FDFKH XQ VRPEUH UHYHUV UpFHPPHQW PLV HQ OXPLqUH SDU XQ GRFXPHQWDLUH FKRF 'DQV *DVODQG OH UpDOLVDWHXU -RVK )R[ HVW SDUWL FDPpUD j O pSDXOH j OD UHQFRQWUH GHV YLFWLPHV FROODWpUDOHV GH FHWWH IUpQpVLH UpFROWDQW GH PXOWLSOHV WpPRLJQDJHV GH ULYHUDLQV TXL GpQRQFHQW OHV FRQVpTXHQFHV FDODPLWHXVHV GX SURFHVVXV G H[WUDFWLRQ XWLOLVp / LPDJH G XQ
¿OHW G HDX GX URELQHW TXL V HQÃ&#x20AC;DPPH TXDQG RQ HQ DSSURFKH XQ EULTXHW YDXW WRXV OHV GLVFRXUV« $X ¿O GHV PRLV OHV FULWLTXHV VH VRQW DFFXPXOpHV 8QH pWXGH UpDOLVp SDU XQ SURIHVVHXU GH O 8QLYHUVLWp &RUQHOO HVW DLQVL DUULYpH j OD FRQFOXVLRQ TXH OH ELODQ &2 JOREDO GX JD] GH VFKLVWH VHUDLW SLUH TXH FHOXL GX FKDUERQ 8Q FRPEOH SRXU XQH pQHUJLH GRQW OHV LQGXVWULHOV YDQWHQW OD SURSUHWp 6XUWRXW O HDX HVW DX F°XU GH FHWWH QRXYHOOH EDWDLOOH pFRORJLTXH j PLOOLRQV GH OLWUHV DFKHPLQpV SDU FDPLRQV FLWHUQHV VRQW XWLOLVpV SRXU FKDTXH SXLWV (W FHX[ FL pWDQW UDSLGHPHQW pSXLVpV OHV IRUDJHV GRLYHQW rWUH UpSpWpV j TXHOTXHV FHQWDLQHV GH PqWUHV GH GLVWDQFH ' DXFXQV SRLQWHQW DXVVL GX GRLJW OH IUHLQ VXSSOpPHQWDLUH TX¶RSSRVH OH JD] GH VFKLVWH j O pPHUJHQFH GHV pQHUJLHV UHQRXYHODEOHV ,O \ D TXHOTXHV VHPDLQHV OH 1HZ <RUN 7LPHV D DSSRUWp VRQ pFRW DX GpEDW HQ PHWWDQW HQ OLJQH SOXV GH SDJHV GH UDSSRUWV VHFUHWV LVVXV GH O¶$JHQFH IpGpUDOH GH SURWHFWLRQ GH O¶HQYLURQQHPHQW (3$ GHV RUJDQLVPHV GH FRQWU{OH SXEOLF HW GH O¶LQGXVWULH JD]LqUH ,O HQ UHVVRUW TXH OHV LPSDFWV HQYLURQQHPHQWDX[ HW VDQLWDLUHV VRQW SOXV GpVDVWUHX[ HQFRUH TXH FH TXH O¶RQ VXSSRVDLW 'HV SUREOqPHV GH VDQWp SXEOLTXH OLpV j OD SROOXWLRQ GH O¶HDX HW GH O¶DLU RQW pWp REVHUYpV GDQV DX PRLQV XQH GRX]DLQH G¶(WDWV DPpULFDLQV WDQGLV TX RQ D UHFHQVp HQ GHV FDV G¶DVWKPH FKH] GHV HQIDQWV HQ EDV kJH GDQV VL[ FRPWpV GX 7H[DV VRLW SOXV GH WURLV IRLV OH QLYHDX PR\HQ GH OD SRSXODWLRQ GH FHW (WDW 'H VRQ F{Wp SRXU OD SUHPLqUH IRLV GH VRQ KLVWRLUH OH :\RPLQJ D pWp LQFDSDEOH GH UHVSHFWHU OHV QRUPHV GH TXDOLWp GH O¶DLU HQ UDLVRQ GHV pPLVVLRQV GH WROXqQH HW GH EHQ]qQH GHV SURGXLWV FDQFpULJqQHV TXL VH GpJDJHQW GHV SXLWV ,O DSSDUDvW HQ RXWUH TXH GX JD] V¶HVW LQ¿OWUp GDQV SOXVLHXUV QDSSHV SKUpDWLTXHV GX &RORUDGR GH O¶2KLR GX 7H[DV GH 3HQQV\OYDQLH HW GH 9LUJLQLH RFFLGHQWDOH &HULVH SRXUULH VXU OH JkWHDX SOXVLHXUV pWXGHV VRXOLJQHQW OHV LQTXLpWXGHV FRQFHUQDQW O¶LPSDFW GX OLTXLGH GH IUDFWXUDWLRQ VXU OD TXDOLWp GH O¶HDX SRWDEOH 8QH SDUWLH GH FHOXL FL HVW HQ HIIHW SRPSpH ORUV GH OD SKDVH G H[WUDFWLRQ GX JD] 2XWUH OD VRXSH GH SURGXLWV FKLPLTXHV TX LO FRQWLHQW PrPH VL FHOOH FL UHSUpVHQWH PRLQV GH GX YROXPH WRWDO FH PpODQJH VH FKDUJH HQ HIIHW HQ VHOV HW HQ GLYHUVHV LPSXUHWpV WR[LTXHV ORUV GH VRQ SDVVDJH GDQV OH SXLWV PDLV pJDOHPHQW HQ pOpPHQWV UDGLRDFWLIV DYHF GHV WDX[ TXL SHXYHQW VH VLWXHU WUqV DX GHVVXV GHV QRUPHV OpJDOHV 3OXVLHXUV UDSSRUWV PRQWUHQW TXH FH ERXLOORQ ¿QLW UpJXOLqUHPHQW VRQ SDUFRXUV GDQV GHV VWDWLRQV G¶pSXUDWLRQ LQDGDSWpHV DYDQW G rWUH UHMHWp GDQV GHV ULYLqUHV GDQV OHVTXHOOHV RQ SRPSH GH
O HDX GHVWLQpH j DOLPHQWHU OHV UpVHDX[ GH GLVWULEXWLRQ /HV VLJQDX[ G DOHUWH V DFFXPXODQW OH &RQJUqV DPpULFDLQ D FKDUJp O (3$ GH PHQHU XQH HQTXrWH &HWWH GHUQLqUH \ WUDYDLOOH GHSXLV SOXVLHXUV PRLV HW GHYUDLW OLYUHU VHV FRQFOXVLRQV G LFL OD ¿Q ' DSUqV OHV H[SHUWV OHV UpVHUYHV PRQGLDOHV GH JD] GH VFKLVWH SRXUUDLHQW UHSUpVHQWHU XQH j GHX[ IRLV OHV UpVHUYHV GH JD] QDWXUHO FRQYHQWLRQQHO 'HV FKLIIUHV TXL GRLYHQW FHSHQGDQW rWUH SULV DYHF GHV SLQFHWWHV YX OHV VROLGHV LQFHUWLWXGHV TXL SODQHQW VXU OHV YROXPHV UpHOOHPHQW H[SORLWDEOHV 4XRL TX LO HQ VRLW LO Q HVW JXqUH pWRQQDQW GH YRLU GH QRPEUHX[ SD\V JDJQpV SDU OD ¿qYUH GHV VKDOHV ' DXWDQW TXH OHV HQWUHSULVHV DPpULFDLQHV TXL SRVVqGHQW OH NQRZ KRZ VXU OHV WHFKQLTXHV G H[WUDFWLRQ FKHUFKHQW j VH SRVLWLRQQHU VXU OHV PDUFKpV pWUDQJHUV /H &DQDGD D UDSLGHPHQW HPERvWp OH SDV j VHV JUDQGV YRLVLQV /D &KLQH HVSqUH WURXYHU GDQV FHWWH UHVVRXUFH GH TXRL FDOPHU VD ERXOLPLH pQHUJpWLTXH (W O (XURSH Q pFKDSSH SDV j FHW HQJRXHPHQW GHV SURMHWV H[SORUDWRLUHV VRQW HQ FRXUV GDQV SOXVLHXUV (WDWV PHPEUHV WDQGLV TX XQ FRQVRUWLXP UDVVHPEODQW GH JUDQGHV FRPSDJQLHV pQHUJpWLTXHV D ODQFp XQH YDVWH pWXGH SRXU WHQWHU GH FHUQHU GDQV OH GpWDLO OH SRWHQWLHO HXURSpHQ HQ OD PDWLqUH 0DLV UHYHQRQV j -RVp %RYp 'pQRQoDQW O RSDFLWp TXL HQWRXUH FH GRVVLHU O HXURGpSXWp pFRORJLVWH D VRQQp O KHXUH GH OD PRELOLVDWLRQ 6L VRQ DSSHO j OD PLVH HQ SODFH G XQ PRUDWRLUH Q D SDV HQFRUH pWp HQWHQGX SDV VHV FROOqJXHV GH O 8( LO D FUpp XQ pOHFWURFKRF GDQV O +H[DJRQH )DFH j OD PRQWpH GH OD FRQWHVWDWLRQ GDQV OHV UpJLRQV FRQFHUQpHV OH JRXYHUQHPHQW IUDQoDLV D WHPSRUDLUHPHQW VXVSHQGX OHV WUDYDX[ GH SURVSHFWLRQ OH WHPSV GH PHQHU XQH pWXGH G LPSDFW GRQW OHV FRQFOXVLRQV GHYUDLHQW rWUH FRQQXHV HQ MXLQ (QWUH WHPSV OD UpVLVWDQFH V RUJDQLVH 3OXVLHXUV PDQLIHVWDWLRQV G RSSRVDQWV RQW HX OLHX HW GpSXWpV HW VpQDWHXUV GH WRXV ERUGV SROLWLTXHV RQW IDLW FRQQDvWUH OHXU RSSRVLWLRQ j FHV SURMHWV 9X OHV HQMHX[ OH EUDV GH IHU HVW FHSHQGDQW ORLQ G rWUH JDJQp /H PLQLVWUH GH O (QHUJLH (ULF %HVVRQ D G DLOOHXUV GpFODUp TXH OD )UDQFH Q DYDLW SDV IHUPp OD SRUWH j FHWWH UHVVRXUFH /D TXHVWLRQ HVW GH VDYRLU VL FRPPH OH IRQW YDORLU OHXUV SURPRWHXUV OH JD] GH VFKLVWH SRXUUD rWUH H[SORLWp GDQV GHV FRQGLWLRQV HQYLURQQHPHQWDOHPHQW HW VRFLDOHPHQW DFFHSWDEOHV HQ UHVWDQW pFRQRPLTXHPHQW FRPSpWLWLI« RX VL FHWWH EXOOH JD]LqUH HVW DSSHOpH j LPSORVHU 'ULOO %DE\ GULOO $X ULVTXH TXH OH QRXYHO (OGRUDGR QH ¿QLVVH HQ :DWHUOHDX Ŷ
JOREDO YLHZ
EH SDVVLYH
YX HW HQWHQGX
MH QH FURLV SDV HQ GHV QRXYHDX[ PpWLHUV ,O Q¶\ D ULHQ j IDLUH OH IDoDGLHU TXL PHWWDLW FP G¶LVRODQW LO HQ PHWWUD RX SRXU DUULYHU j XQH FRQVRPPDWLRQ pQHUJpWLTXH LQIpULHXUH 3RXU OD SRVH GHV FKkVVLV FH VHUD GX WULSOH YLWUDJH HW LO \ DXUD GHV MRLQWV G¶pWDQFKpLWp j SODFHU« 'RQF SRXU PRL FH Q¶HVW SDV GHV QRXYHDX[ PpWLHUV TXL YRQW rWUH FUppV FH VRQW GHV PpWLHUV GHV JHQV TXL YRQW GHYRLU V¶DGDSWHU DX[ QRXYHOOHV WHFKQRORJLHV HW DX[ QRXYHOOHV QRUPHV TX¶RQ YD QRXV LPSRVHU 0DLV FH Q¶HVW SDV GHV PpWLHUV WUqV FRPSOLTXpV ,O IDXW DUUrWHU GH FURLUH TXH F¶HVW OH PRQVWUH GX /RFK 1HVV TXH F¶HVW TXHOTXH FKRVH GH FRPSOLTXp TX¶LO YD IDOORLU UHWRXUQHU j O¶pFROH HW FRPSDJQLH 1RQ F¶HVW WRXW VLPSOH
F HVW OXL TXL O D GLW WH[WH %HUQDUG 'HSUH]
&ODXGH 0DFRUV HQWUHSUHQHXU 0DLVRQ ,GpDOH 'RVVLHU G¶pFR PDWLQ /D SUHPLqUH YRLU DXVVL VRQ LQWHUYLHZ GDQV ZZZ ODYHQLU QHW DUWLFOH GHWDLO DVS["DUWLFOHLG
4X RQ FHVVH GRQF GH SHLQGUH O DYHQLU HQ QRLU / DYHQLU HVW VXSHUEH /D JpQpUDWLRQ TXL DUULYH YD DSSUHQGUH j SHLJQHU VD FDUWH JpQpWLTXH DFFURvWUH O HI¿FDFLWp GH VRQ V\VWqPH QHUYHX[ IDLUH OHV HQIDQWV GH VHV UrYHV PDvWULVHU OD WHFWRQLTXH GHV SODTXHV SURJUDPPHU OHV FOLPDWV VH SURPHQHU GDQV OHV pWRLOHV HW FRORQLVHU OHV SODQqWHV TXL OXL SODLURQW <YHV &RSSHQV /H 0RQGH « %RQ G¶DFFRUG LO \ D SUHVFULSWLRQ
EH SDVVLYH
YX HW HQWHQGX
3DVFDOH M¶DL XQH DPLH TXL P¶D GHPDQGp GH IDoRQ DJUHVVLYH FH TXH MH IDLVDLV PRL SRXU OH FOLPDW /¶LPSRUWDQW FH Q¶HVW SDV FH TXH MH IDLV PDLV SOXW{W FH TXH MH QH IDLV SDV /D 'pFURLVVDQFH IpYULHU 8Q FDIp HW XQ 'pFURLVVDQW XQ
EH SDVVLYH
SHUVSHFWLYH
FRPELHQ GH SpWUROH GH FKDUERQ HW GH JD] IDXW LO JDUGHU VRXV WHUUH " WH[WH *HRUJH 0RQELRW
/DLVVH] PRL YRXV SUpVHQWHU TXHOTXHV HVWLPDWLRQV GHV TXDQWLWpV GH FRPEXVWLEOHV IRVVLOHV TXH QRXV SRXYRQV HQFRUH EUÂ&#x20AC;OHU DLQVL TX¶XQ DSSHO j XQ PRUDWRLUH PRQGLDO VXU WRXWH QRXYHOOH SURVSHFWLRQ /D UHYXH 1DWXUH D SXEOLp OD VHPDLQH GHUQLqUH GHX[ DUWLFOHV UpYROXWLRQQDLUHV VXU OHV pPLVVLRQV GH FDUERQH ,OV GpILQLVVHQW XQ SODIRQG j OD TXDQWLWp GH GLR[\GH GH FDUERQH TXH QRXV SRXYRQV HQFRUH pPHWWUH VL QRXV YRXORQV FRQVHUYHU XQH FKDQFH UDLVRQQDEOH GH OLPLWHU j GHX[ GHJUpV OH UpFKDXIIHPHQW FOLPDWLTXH /HXU DSSURFKH HVW FRPSOqWHPHQW GLIIpUHQWH GH FHOOH GH O 218 HW GHV eWDWV &HX[ FL IL[HQW FHUWDLQHV GDWHV SRXU DWWHLQGUH GHV REMHFWLIV GH UpGXFWLRQ PDLV QH GpWHUPLQHQW SDV OD TXDQWLWp WRWDOH GH FDUERQH TXH QRXV SRXYRQV HQFRUH UHOkFKHU GDQV O¶DWPRVSKqUH /¶DUWLFOH GH 0\OHV $OOHQ HW DO VXJJqUH TXH QRXV SRXYRQV pPHWWUH HQFRUH WRXW DX SOXV j PLOOLDUGV GH WRQQHV GH FDUERQH HQWUH DXMRXUG KXL HW OD ILQ GHV WHPSV VL QRXV YRXORQV pYLWHU GH GpSDVVHU GHX[ GHJUpV GH UpFKDXIIHPHQW /¶DXWUH DUWLFOH VLJQp SDU 0DOWH 0HLQVKDXVHQ HW DO VXJJqUH TXH O¶pPLVVLRQ GH PLOOLDUGV GH WRQQHV GH &2 HQWUH HW VH WUDGXLUDLW SDU XQ ULVTXH GH GH GpSDVVHU FHWWH EDUUH GHV GHX[ GHJUpV &HWWH TXDQWLWp HVW QHWWHPHQW PRLQGUH TXH O HVWLPDWLRQ GH 0 $OOHQ SXLVTX¶XQH WRQQH GH FDUERQH PDVVH PROpFXODLUH pPLV FRUUHVSRQG j WRQQHV GH &2 PDVVH PROpFXODLUH TXDQG LO HVW EUÂ&#x20AC;Op PLOOLDUGV GH WRQQHV GH &2 FRUUHVSRQGHQW GRQF j PLOOLDUGV GH WRQQHV GH FDUERQH 0DLV VR\RQV ODUJHV HW XWLOLVRQV OHV FKLIIUHV SURSRVpV SDU 0 $OOHQ 1pJOLJHRQV HQ RXWUH O¶LPSDFW GH WRXV OHV DXWUHV JD] j HIIHW GH VHUUH TXL FRPPH O LQGLTXH 0 $OOHQ GHYUDLHQW HQ UpDOLWp
EH SDVVLYH
SHUVSHFWLYH
UpGXLUH QRWUH EXGJHW WRWDO GH &2 j PRLQV GH PLOOLDUGV GH WRQQHV &RPPHQW PHWWUH HQ pTXDWLRQ FHWWH DOORFDWLRQ PD[LPDOH GH FDUERQH DYHF OHV UpVHUYHV FRQQXHV GH FRPEXVWLEOHV IRVVLOHV " 3HUPHWWH] PRL GH WLUHU GHX[ FKRVHV DX FODLU DYDQW GH IDLUH FH FDOFXO 3UHPLqUHPHQW OHV UpVHUYHV FRQQXHV QH FRUUHVSRQGHQW SDV DX[ UHVVRXUFHV 8QH UHVVRXUFH UHSUpVHQWH OD TXDQWLWp WRWDOH HVWLPpH G XQ PLQpUDO SUpVHQW GDQV OD FURÂ&#x20AC;WH WHUUHVWUH /D UpVHUYH HVW OD SDUW GH FHWWH UHVVRXUFH TXL D pWp LGHQWLILpH TXDQWLILpH HW HVW UHQWDEOH j H[SORLWHU 'DQV OD SOXSDUW GHV FDV OD UpVHUYH HVW VXVFHSWLEOH GH Q rWUH TX¶XQ IDLEOH SRXUFHQWDJH GH OD UHVVRXUFH WRWDOH 'HX[LqPHPHQW XQH FRQWURYHUVH H[LVWH VXU OHV FKLIIUHV RIILFLHOV GHV UpVHUYHV GH FRPEXVWLEOHV IRVVLOHV & HVW SDUWLFXOLqUHPHQW OH FDV SRXU OH SpWUROH FDU OHV SD\V SURGXFWHXUV PHPEUHV GH O 23(3 VRQW WUqV GLVFUHWV VXU OD TXDQWLWp UpHOOH GH UpVHUYHV GRQW LOV GLVSRVHQW 0DLV SRXU VLPSOLILHU OH GpEDW QRXV OHV SUHQGURQW pJDOHV j OHXU YDOHXU GpFODUpH 6HORQ OH &RQVHLO PRQGLDO GH O pQHUJLH :(& OHV UpVHUYHV PRQGLDOHV VH PRQWHQW j Â&#x2021; PLOOLDUGV GH WRQQHV SRXU OH FKDUERQ Â&#x2021; PLOOLDUGV GH PqWUHV FXEHV SRXU OH JD] QDWXUHO Â&#x2021; PLOOLDUGV GH WRQQHV SRXU OH SpWUROH EUXW eWDQW GRQQp TXH OHV FDOFXOV VRQW EHDXFRXS SOXV GLIILFLOHV HW OHV TXDQWLWpV LPSOLTXpHV PRLQV FHUWDLQHV MH QH WLHQV SDV FRPSWH LFL GHV VRXUFHV QRQ FRQYHQWLRQQHOOHV GH FRPEXVWLEOHV IRVVLOHV FRPPH OHV VDEOHV DVSKDOWLTXHV OHV VFKLVWHV ELWXPLQHX[ OHV ELWXPHV HW OHV K\GUDWHV GH PpWKDQH DLQVL TXH OH JD] QDWXUHO OLTXLGH
<DVXQL / (TXDWHXU D FUpp OH SDUF QDWLRQDO GH <DVXQL HQ HW O¶8QHVFR HQ D IDLW XQH UpVHUYH PRQGLDOH GH OD ELRVSKqUH HQ FRQVLGpUDQW TX¶LO V¶DJLW G¶XQ GHV VLWHV OHV SOXV ULFKHV HQ ELRGLYHUVLWp GH OD SODQqWH DYHF UDVVHPEOpHV VXU KHFWDUHV HVSqFHV G¶DUEUHV VRLW SDU KHFWDUH HVSqFHV G¶RLVHDX[ RUFKLGpHV HVSqFHV G¶LQVHFWHV DPSKLELHQV HWF /D UpVHUYH SRVVqGH VXU XQ VHXO KHFWDUH SOXV G¶HVSqFHV YpJpWDOHV TXH WRXWH O¶$PpULTXH GX 1RUG UpXQLH 6RQ VRXV VRO UHFqOH FHSHQGDQW OH SOXV JUDQG JLVHPHQW GH SpWUROH MDPDLV H[SORLWp GH OD UpJLRQ HW GHV SURMHWV G¶H[WUDFWLRQ PHQDFHQW DFWXHOOHPHQW OH SDUF GH <DVXQL HW SOXV ODUJHPHQW O¶(TXDWHXU XQ SD\V FRQIURQWp DX WDX[ GH GpIRUHVWDWLRQ OH SOXV pOHYp GX FRQWLQHQW VXG DPpULFDLQ (Q OH JRXYHUQHPHQW D SURSRVp GH UHQRQFHU j GH OD SOXV YDOXH SpWUROLqUH ± FRQFUqWHPHQW HQ UHQRQoDQW j H[SORLWHU OHV JLVHPHQWV GX <DVXQL VRLW PLOOLRQV GH EDULOV GH SpWUROH ± SRXU DXWDQW TXH OD FRPPXQDXWp LQWHUQDWLRQDOH UDFKqWH V\PEROLTXHPHQW OH SpWUROH QRQ SRPSp (Q O¶(TXDWHXU D FUpp XQ IRQG SRXU JpUHU FH SURJUDPPH XQH LQLWLDWLYH j ODTXHOOH OHV 1DWLRQV 8QLHV O¶$OOHPDJQH OD %HOJLTXH O 8QLRQ HXURSpHQQH O ,WDOLH HW O (VSDJQH RQW SURPLV XQ VRXWLHQ« TXL WDUGH j VH FRQFUpWLVHU PHWWDQW OH JRXYHUQHPHQW pTXDWRULHQ GDQV XQH SRVLWLRQ SOXV TX¶LQFRQIRUWDEOH 3RXUUD W LO SURWpJHU OD IRUrWV HW VHV SRSXODWLRQV LQGLHQQHV RX DXUD W LO j UHWRXUQHU VD YHVWH VRXV OD SUHVVLRQ FRQMXJXpH GHV SpWUROLHUV HW GHV QDWLRQV SpWUROpRSKDJHV LQGLIIpUHQWHV"
(Q PR\HQQH XQH WRQQH GH FKDUERQ FRQWLHQW NJ GH FDUERQH 8Q PqWUH FXEH GH JD] QDWXUHO FRQWLHQW NJ GH FDUERQH 3RXU OH SpWUROH OHV GRQQpHV VRQW PRLQV VÂ&#x20AC;UHV FDU WRXV OHV SURGXLWV GH UDIILQDJH VRQW EUÂ&#x20AC;OpV 0DLV XQ SUHPLHU FDOFXO VXJJqUH TXH OD FRPEXVWLRQ G XQ EDULO GH SpWUROH O pPHW NJ GH &2 (Q WHQDQW FRPSWH GH OD GHQVLWp GX SpWUROH EDULOV FRUUHVSRQGHQW j XQH WRQQH FH TXL GRQQH HQ SUHPLqUH DSSUR[LPDWLRQ NJ GH &2 VRLW NJ GH FDUERQH $LQVL OD WHQHXU HQ FDUERQH GHV UpVHUYHV RIILFLHOOHV FRQQXHV GH FKDUERQ GH JD] HW GH SpWUROH V pOqYH j [ FKDUERQ [ JD] [ SpWUROH
/¶HQVHPEOH GHV UpVHUYHV FRQQXHV GH FRPEXVWLEOHV IRVVLOHV FRQYHQWLRQQHOV UHSUpVHQWH GRQF PLOOLDUGV GH WRQQHV GH FDUERQH (Q ODLVVDQW GH F{Wp WRXWHV OHV VRXUFHV QRQ FRQYHQWLRQQHOOHV HW WRXV OHV JD] j HIIHW GH VHUUH DXWUHV TXH OH &2 HW PrPH HQ DGRSWDQW OHV K\SRWKqVHV OHV SOXV RSWLPLVWHV SURSRVpHV GDQV OHV DUWLFOHV GH OD UHYXH 1DWXUH LO DSSDUDvW TXH O¶KXPDQLWp QH SRXUUD VH SHUPHWWUH GH EUÂ&#x20AC;OHU TXH VHXOHPHQW GHV UpVHUYHV GH FRPEXVWLEOHV IRVVLOHV DFWXHOOHPHQW FRQQXHV HQWUH DXMRXUG KXL HW OD ILQ GHV WHPSV 6L RQ UHWLHQW O¶K\SRWKqVH DYDQFpH SDU 0HLQVKDXVHQ RQ QH SRXUUDLW EUÂ&#x20AC;OHU TXH GH FHV UpVHUYHV HQWUH PDLQWHQDQW HW 3DUGRQ PRLQV FH TXH QRXV DYRQV GpMj EUÂ&#x20AC;Op GHSXLV 'RQF OD TXHVWLRQ TXL VH SRVH DXMRXUG¶KXL HVW HQ UpDOLWp OD VXLYDQWH TXHOOHV VRQW OHV UpVHUYHV GH FRPEXVWLEOHV IRVVLOHV TXH QRXV VRPPHV SUrWV j ODLVVHU HQIRXLHV HW GRQF j QH SDV
EUÂ&#x20AC;OHU " ,O HVW SDUIDLWHPHQW LQXWLOH DLQVL TXH MH O DL H[SOLTXp SDU DLOOHXUV GH FKHUFKHU j UpGXLUH QRWUH FRQVRPPDWLRQ GH FRPEXVWLEOHV IRVVLOHV VDQV FKHUFKHU pJDOHPHQW j UpGXLUH OHXU SURGXFWLRQ 3RXUWDQW j SDUW OHV PHPEUHV GH O 23(3 TXL QH OH IRQW TXH SRXU PDLQWHQLU XQ SUL[ pOHYp DXFXQ JRXYHUQHPHQW QH WHQWH GH OLPLWHU OD TXDQWLWp GH FRPEXVWLEOH H[WUDLW %LHQ DX FRQWUDLUH LOV SRXUVXLYHQW WRXV OD PrPH VWUDWpJLH TXH OH 5R\DXPH 8QL PD[LPLVHU OD UHSULVH pFRQRPLTXH 3RXU PHWWUH j O¶pSUHXYH O HQJDJHPHQW GHV JRXYHUQHPHQWV j FRPEDWWUH OH GpUqJOHPHQW FOLPDWLTXH LO VXIILW GH YpULILHU V¶LOV VRQW pJDOHPHQW SUrWV j LPSRVHU XQH OLPLWH j O XWLOLVDWLRQ GHV UpVHUYHV IRVVLOHV GpMj GpFRXYHUWHV HW XQ PRUDWRLUH SHUPDQHQW VXU OD SURVSHFWLRQ GH QRXYHDX[ JLVHPHQWV 6L FH Q¶HVW SDV OH FDV LO QH V¶DJLW TXH GH SURPHVVHV HQ O¶DLU Ŷ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p DYHF O¶DLPDEOH DXWRULVDWLRQ GH O¶DXWHXU ZZZ PRQELRW FRP 3UHPLqUH SXEOLFDWLRQ GDQV 7KH *XDUGLDQ 0DL
SHUVSHFWLYH
EH SDVVLYH
FDUWH EODQFKH
LQWHUYLHZ (YHO\QH +X\WHEURHFN 0LQLVWUH GX *RXYHUQHPHQW GH OD 5pJLRQ GH %UX[HOOHV &DSLWDOH HQ FKDUJH GH O¶(QYLURQQHPHQW GH O¶(QHUJLH HW GH OD 5pQRYDWLRQ XUEDLQH
/H PDUV OD 5pJLRQ GH %UX[HOOHV &DSLWDOH D DGRSWp HQ VHFRQGH OHFWXUH XQ DUUrWp PRGL¿DQW O¶DUUrWp GX GpFHPEUH GpWHUPLQDQW OHV H[LJHQFHV HW OD PpWKRGH GH FDOFXO HQ PDWLqUH GH SHUIRUPDQFH pQHUJpWLTXH GHV EkWLPHQWV /H FRQWHQX GH FH SURMHW G¶DUUrWp YLVH j ¿[HU GqV j SUpVHQW OHV H[LJHQFHV SDVVLYHV SRXU HW j PRGL¿HU HQ SDUWLH GHV ODFXQHV OLpHV j OD PpWKRGH GH FDOFXO GH OD 3(% 3RXU FH TXL FRQFHUQH OH SDVVLI O¶DUWLFOH ELV SUpYRLW TX¶j SDUWLU GX HU MDQYLHU OHV XQLWpV 3(% +DELWDWLRQ LQGLYLGXHOOH SUpVHQWHURQW XQ EHVRLQ QHW GH FKDXIIDJH LQIpULHXU j N:K Pð DQ XQH FRQVRPPDWLRQ G¶pQHUJLH SULPDLUH SRXU OH FKDXIIDJH O¶HDX FKDXGH VDQLWDLUH HW OHV DX[LOLDLUHV pOHFWULTXHV LQIpULHXUH j N:K Pð DQ XQH pWDQFKpLWp j O¶DLU VRXV 3D LQIpULHXU j UHQRXYHOOHPHQW SDU KHXUH XQ SRXUFHQWDJH GH VXUFKDXIIH DX GHOj GH & LQIpULHXU RX pJDO j GX WHPSV GH O¶DQQpH 3DU DLOOHXUV O¶DUWLFOH ELV SUpYRLW TX¶j SDUWLU GX HU MDQYLHU OHV XQLWpV 3(% %XUHDX[ HW 6HUYLFHV HW OHV XQLWpV 3(% (QVHLJQHPHQW SUpVHQWHURQW XQ EHVRLQ QHW GH FKDXIIDJH LQIpULHXU j N:K Pð DQ XQ EHVRLQ QHW GH UHIURLGLVVHPHQW LQIpULHXU j N:K Pð DQ XQH FRQVRPPDWLRQ G¶pQHUJLH SULPDLUH WRWDOH LQIpULHXUH j > ± &@ N:K Pð DQ & pWDQW Gp¿QL FRPPH OD FRPSDFLWp F HVW j GLUH OH UDSSRUW HQWUH OH YROXPH SURWpJp HW OD VXSHU¿FLH GH GpSHUGLWLRQ >Pñ Pð@ XQH pWDQFKpLWp j O¶DLU VRXV 3D LQIpULHXU j UHQRXYHOOHPHQW SDU KHXUH XQ SRXUFHQWDJH GH VXUFKDXIIH DX GHOj GH & LQIpULHXU RX pJDO j GX WHPSV G¶RFFXSDWLRQ /¶REMHFWLI HVW GpMj GH GRQQHU XQH LQGLFDWLRQ FODLUH DX[ SURPRWHXUV DUFKLWHFWHV HW EXUHDX[ G¶pWXGHV SRXU GHV EkWLPHQWV GRQW OD GHPDQGH GH SHUPLV G¶XUEDQLVPH VHUD LQWURGXLWH DSUqV OH GpFHPEUH ' DXWUH SDUW OD 5pJLRQ GH %UX[HOOHV &DSLWDOH D ODQFp VRQ H DSSHO j EkWLPHQWV H[HPSODLUHV /HV GRVVLHUV GH FDQGLGDWXUH GRLYHQW rWUH LQWURGXLWV DX SOXV WDUG OH MHXGL MXLQ j K DXSUqV GH %UX[HOOHV (QYLURQQHPHQW 'LYLVLRQ 9LOOH 'XUDEOH (QHUJLH HW &OLPDW 6HUYLFH %kWLPHQWV ([HPSODLUHV
EH SDVVLYH
FDUWH EODQFKH
EH SDVVLYH /D %HOJLTXH D OD UpSXWDWLRQ G rWUH HQ UHWDUG VXU OH SODQ GH OD SHUIRUPDQFH pQHUJpWLTXH 3HXW RQ GLUH TXH %UX[HOOHV VRLW HQ WUDLQ GH FRPEOHU FH UHWDUG " (YHO\QH +X\WHEURHN /H GHUQLHU VHUD OH SUHPLHU &HWWH SKUDVH YLHLOOH GH DQV V¶DSSOLTXH WUqV ELHQ j OD SROLWLTXH pQHUJpWLTXH GH OD 5pJLRQ EUX[HOORLVH $ORUV TX¶HQ QRXV DYLRQV OHV PDLVRQV OHV SOXV IDLEOHPHQW LVROpHV G¶(XURSH HQ WRXWH QRXYHOOH FRQVWUXFWLRQ GHYUD UHVSHFWHU OH VWDQGDUG SDVVLI TXL SHUPHW GH FRQVRPPHU GL[ IRLV PRLQV G¶pQHUJLH HQ FKDXIIDJH TX¶XQH PDLVRQ QHXYH FODVVLTXH &HWWH QRXYHOOH H[LJHQFH ± TXL YLHQW G¶rWUH DSSURXYpH HQ qPH OHFWXUH SDU OH *RXYHUQHPHQW OH PDUV ± IDLW GH %UX[HOOHV OH OHDGHU PRQGLDO HQ WHUPHV GH SHUIRUPDQFH pQHUJpWLTXH /D 'LUHFWLYH 5HFDVW VXU OD SHUIRUPDQFH pQHUJpWLTXH DSSURXYpH HQ DYULO SUpFLVH TXH WRXV OHV eWDWV 0HPEUHV GHYURQW LPSRVHU XQ WHO VWDQGDUG DX[ QRXYHOOHV FRQVWUXFWLRQV PDLV VHXOHPHQW j SDUWLU GH
%UX[HOOHV HVW GRQF HQ DYDQFH GH VL[ DQV &H SDV GH JpDQW D pWp SRVVLEOH JUkFH j WRXWH O¶H[SpULHQFH DFFXPXOpH j %UX[HOOHV GHSXLV OD SUpFpGHQWH OpJLVODWXUH OD SULPH pQHUJLH SRXU EkWLPHQW SDVVLI HW OHV WURLV pGLWLRQV GH O¶$SSHO j 3URMHWV %kWLPHQWV ([HPSODLUHV RQW SHUPLV GH FRQFUpWLVHU SOXV GH Pð GH EkWLPHQWV SDVVLIV ± GHV ORJHPHQWV GHV EXUHDX[ GHV pFROHV GHV FUqFKHV XQ IXQpUDULXP« &HV UpDOLVDWLRQV FRQFUqWHV RQW GpPRQWUp TXH F pWDLW SRVVLEOH DFFHVVLEOH HW DERUGDEOH &¶HVW DXVVL SRXUTXRL OHV EDLOOHXUV VRFLDX[ HW SXEOLFV OD 6RFLpWp GH /RJHPHQWV GH OD 5pJLRQ EUX[HOORLVH OD 6RFLpWp GH 'pYHORSSHPHQW SRXU OD 5pJLRQ EUX[HOORLVH HW OH )RQG GX /RJHPHQW RQW GpFLGp TXH WRXW QRXYHDX SURMHW GH ORJHPHQWV VHUD SDVVLI GqV j %UX[HOOHV 7RXV FHV EkWLPHQWV SDVVLIV SODFHQW %UX[HOOHV GDQV OH 7RS GHV YLOOHV HXURSpHQQHV SDVVLYHV 9X OD SHUVSHFWLYH GH UDUpIDFWLRQ GHV UHVVRXUFHV pQHUJpWLTXHV HW OD KDXVVH FRQWLQXH GHV SUL[ GH O¶pQHUJLH LO HVW SULPRUGLDO GH SUHQGUH OHV PHVXUHV SROLWLTXHV QpFHVVDLUHV SRXU TXH OHV %UX[HOORLVHV HW %UX[HOORLV SXLVVHQW FRQWLQXHU j YLYUH FRQIRUWDEOHPHQW GDQV GHV PDLVRQV SUHVTXH ]pUR pQHUJLH
EH SDVVLYH /H SDVVLI HQ QH FRQFHUQHUD TXH OHV EkWLPHQWV QHXIV 4XH YR\H] YRXV SRXU OD UpQRYDWLRQ" &RPPHQW LQWURGXLUH GH PHLOOHXUHV SUDWLTXHV GDQV OH EkWL H[LVWDQW " (YHO\QH +X\WHEURHN 6¶LO HVW DFWXHOOHPHQW DVVH] IDFLOH G¶DWWHLQGUH OH VWDQGDUG SDVVLI HQ FRQVWUXFWLRQ QHXYH RQ QH SHXW SDV HQ GLUH DXWDQW SRXU OD UpQRYDWLRQ ORXUGH 5pVRXGUH OHV SRQWV WKHUPLTXHV HW DVVXUHU XQH ERQQH pWDQFKpLWp ORUV G¶XQH UpQRYDWLRQ VRQW VRXYHQW GHV FDVVH WrWHV LQVROXEOHV ,PSRVHU OH VWDQGDUG SDVVLI SRXU OD UpQRYDWLRQ ORXUGH Q¶HVW GqV ORUV SDV j O¶RUGUH GX MRXU 3DU FRQWUH LO HVW SRVVLEOH G¶DWWHLQGUH IDFLOHPHQW XQ QLYHDX GH EDVVH pQHUJLH FRQVRPPDWLRQ GLYLVpH SDU YRLUH XQ QLYHDX GH WUqV EDVVH pQHUJLH FRQVRPPDWLRQ GLYLVpH SDU 7DQW OHV SULPHV pQHUJLH TXH O¶$SSHO j 3URMHWV %kWLPHQWV ([HPSODLUHV RQW SHUPLV GH FRQFUpWLVHU SOXV GH Pð GH EkWLPHQWV EDVVH j WUqV EDVVH pQHUJLH 1pDQPRLQV XQH pWXGH SOXV DSSURIRQGLH
GHV SRVVLELOLWpV GH QLYHDX GH SHUIRUPDQFH j DWWHLQGUH HQ IRQFWLRQ GHV W\SHV GH UpQRYDWLRQ VHUD ODQFpH /HV UpVXOWDWV SHUPHWWURQW GH WURXYHU OHV RSWLPXPV j ¿[HU GDQV OH FDGUH GH OD SHUIRUPDQFH pQHUJpWLTXH GHV EkWLPHQWV UpQRYpV ORXUGHPHQW ,O UHVWH HQFRUH OH FKDPS GH OD UpQRYDWLRQ VLPSOH F¶HVW j GLUH ORUV G¶XQH DPpOLRUDWLRQ SRQFWXHOOH GH OD SHUIRUPDQFH pQHUJpWLTXH GX EkWLPHQW FRPPH OH UHPSODFHPHQW GHV FKkVVLV O¶LVRODWLRQ GX WRLW RX OH UHPSODFHPHQW GH OD FKDXGLqUH /D UpQRYDWLRQ VLPSOH D pWp YpULWDEOHPHQW ERRVWpH j %UX[HOOHV JUkFH DX[ SULPHV j O¶pQHUJLH DX[ SULPHV j OD UpQRYDWLRQ DX[ SUrWV YHUWV VRFLDX[« 6DQV RXEOLHU OHV DFWLRQV GH VHQVLELOLVDWLRQ HW GH IRUPDWLRQ O¶DFFRPSDJQHPHQW JUDWXLW GHV GHPDQGHXUV OH 'p¿ pQHUJLH SRXU OHV PpQDJHV OH SURJUDPPH ORFDO G¶DFWLRQV SRXU OD JHVWLRQ GH O¶pQHUJLH 3/$*( GDQV OHV FRPPXQHV OHV K{SLWDX[ HW OHV pFROHV« /H EkWL H[LVWDQW EUX[HOORLV UHSUpVHQWH HIIHFWLYHPHQW OH SOXV JURV SRWHQWLHO G¶DPpOLRUDWLRQ GH O¶HI¿FDFLWp pQHUJpWLTXH &¶HVW SRXUTXRL LO D pWp HW VHUD HQFRUH OH SRLQW IRFDO G¶DWWHQWLRQ GH OD SROLWLTXH pQHUJpWLTXH j %UX[HOOHV
EH SDVVLYH 4XHO D pWp O¶LPSDFW GH WRXWHV FHV PHVXUHV VXU OHV FR WV GH OD FRQVWUXFWLRQ HW GH OD UpQRYDWLRQ " (YHO\QH +X\WHEURHN /HV Pð GH EkWLPHQWV SDVVLIV FRQVWUXLWV RX HQ FRXUV GH FRQVWUXFWLRQ j %UX[HOOHV GpPRQWUHQW TXH OH VXUFR W GH OD FRQVWUXFWLRQ SDVVLYH HVW QpJOLJHDEOH GH j HW SHXW rWUH WUqV YLWH UpFXSpUp SDU OD UpGXFWLRQ
GH OD IDFWXUH GH FKDXIIDJH GH (Q RXWUH FH VXUFR W VXLWH j O¶H[SpULHQFH DFTXLVH SDU OH VHFWHXU GH OD FRQVWUXFWLRQ D WHQGDQFH j WHQGUH YHUV ]pUR -H QH VHUDL GqV ORUV SDV pWRQQpH TXH G¶LFL DYHF O¶pPHUJHQFH GH QRXYHOOHV WHFKQLTXHV HW GH QRXYHDX[ SURGXLWV XQ EkWLPHQW SDVVLI QHXI QH FR WH SDV SOXV FKHU TX¶XQ EkWLPHQW FODVVLTXH
EH SDVVLYH 4X¶HQ HVW LO GH OD IRUPDWLRQ GHV HQWUHSULVHV " (YHO\QH +X\WHEURHN $SUqV DYRLU ERRVWp OD GHPDQGH DYHF WRXWHV FHV DFWLRQV LO IDXW HIIHFWLYHPHQW HQVXLWH V¶LQWpUHVVHU j PHWWUH j QLYHDX O¶RIIUH HQ FRQVWUXFWLRQ SDVVLYH /D IRUPDWLRQ GHV DFWHXUV GH WHUUDLQ HQ PDWLqUH GH FRQVWUXFWLRQ GXUDEOH HVW O¶D[H SULQFLSDO GH O¶$OOLDQFH (PSORL (QYLURQQHPHQW TXL D pWp VLJQpH
SDU OH *RXYHUQHPHQW EUX[HOORLV HW SDUWHQDLUHV SXEOLFV HW SULYpV DX VDORQ %DWLERXZ OH IpYULHU &HWWH $OOLDQFH FRPSUHQG DFWLRQV GRQW OH FR W HVW HVWLPp j PLOOLRQV ¼ TXL VHURQW ODQFpHV HQ /D IRUPDWLRQ HQ FRQFHSWLRQ SDVVLYH EDVVH pQHUJLH TXL VHUD RUJDQLVpH HQ PDL MXLQ SDU %UX[HOOHV (QYLURQQHPHQW ± SHUPHWWUD WDQW DX[ FRQFHSWHXUV TX¶DX[ 0DvWUHV G¶2XYUDJH GH VH IDPLOLDULVHU DYHF FHV FRQFHSWV Ŷ
FDUWH EODQFKH
EH SDVVLYH
PLVVLRQQDLUH
OH GRLJW OD OXQH WH[WH %HUQDUG 'HSUH]
8Q OLYUH GRQW O¶DXWHXU V¶H[SULPDLW j OD UDGLR GHX[ VHPDLQHV DYDQW OH WUHPEOHPHQW GH WHUUH DX -DSRQ YD FHUWDLQHPHQW WHUPLQHU VD FDUULqUH SUpPDWXUpPHQW DX SLORQ ,O V¶LQWLWXODLW /D SHXU HVW DX GHVVXV GH QRV PR\HQV 3RXU HQ ¿QLU DYHF OH SULQFLSH GH SUpFDXWLRQ 3URIHVVHXU G¶pFRQRPLH VRQ DXWHXU SDUWDLW HQ JXHUUH FRQWUH OHV SUrFKHXUV GH O¶DSRFDO\SVH TXL H[DJqUHQW EULGHQW O¶LQQRYDWLRQ HWF &H JHQUH GH OLYUH YD rWUH YDFKHPHQW SOXV GLI¿FLOH j YHQGUH DSUqV )XNXVKLPD 'HSXLV GHV DQQpHV FHUWDLQV LOOXPLQpV ± FRPPH SDU H[HPSOH OD 303 HW OD 3+3 ± UpSqWHQW TXH FKDFXQ GRLW UpGXLUH VD GpSHQGDQFH DX SpWUROH &¶pWDLW pYLGHQW HQ TXDQG OH SUL[ GX EDULO D DWWHLQW PRLQV TXDQG LO D EDLVVp j $XMRXUG¶KXL j SRXU OH %UHQW oD UHSUpVHQWH TXDQG PrPH XQH DXJPHQWDWLRQ GH SOXV GH VXU FLQT DQV 0RL oD PH SDUDvW XQH DXJPHQWDWLRQ LPSUHVVLRQQDQWH VXUWRXW TXDQG OHV VFpQDULRV FRQYHQWLRQQHOV SRXU FDOFXOHU OHV WHPSV GH UHWRXU G¶XQH PDLVRQ SDVVLYH SDU H[HPSOH VH EDVHQW VXU XQH pYROXWLRQ FRQVLGpUpH FRPPH SHVVLPLVWH GH SDU DQ«
EH SDVVLYH
PLVVLRQQDLUH
%UHI ,O VHPEOH GH SOXV HQ SOXV FODLU TXH OHV FDUWHV TXH QRXV DYRQV HQ PDLQ QH GpFULYHQW SOXV WUqV ELHQ QRWUH WHUULWRLUH UpHO 1RV HVSULWV UHVWHQW HQOLVpV GDQV FH TX¶LOV FURLHQW FRQQDvWUH HW SUpWHQGHQW PDvWULVHU &KDTXH RFFDVLRQ HVW ERQQH GH UHGLUH VD IRL GDQV OD WHFKQRORJLH 4XDQG OH VDJH SRLQWH OD OXQH OH IRX UHJDUGH OH GRLJW $XMRXUG¶KXL LO VHPEOH TX¶LO Q¶HVW PrPH SOXV XWLOH GH SRLQWHU VL ORLQ« 3OXV Q¶HVW EHVRLQ GH SUrFKHU O¶DSRFDO\SVH TXDQG OD UpDOLWp GpSDVVH WRXWHV OHV ¿FWLRQV (W SRLQW Q¶HVW EHVRLQ GH VH IDLUH SHXU SRXU YRLU TX¶XQ DXWUH PRQGH HVW HQ WUDLQ GH VH PHWWUH HQ SODFH MRXU DSUqV MRXU 2Q YRXGUDLW FH QRXYHDX PRQGH SOXV GXUDEOH 4X¶HVW FH TXH FHOD SHXW VLJQL¿HU " $GPHWWRQV G¶DERUG TX¶LO HVW SRVVLEOH G¶pEDXFKHU XQH UpSRQVH j SDUWLU GH SRLQWV GH YXH GLIIpUHQWV &RPPH Q¶LPSRUWH TXHO RUJDQLVPH YLYDQW O¶KRPPH HVW ELRORJLTXHPHQW FRQ¿JXUp SRXU SUpVHUYHU VRQ LQWpJULWp VRQ LQIRUPDWLRQ VWUXFWXUH FRPPH GLVDLW +HQUL /DERULW &RPPH Q¶LPSRUWH TXHO RUJDQLVPH YLYDQW LO QH SHXW OH IDLUH TXH GDQV OH FDGUH G¶XQ pFRV\VWqPH DGDSWp GDQV OHTXHO LO SXLVH UpJXOLqUHPHQW QXWULPHQWV HW pQHUJLH 'H FH SRLQW GH YXH TXH OHV LQLWLpV DSSHOOHQW SLOLHU HQYLURQQHPHQWDO RX SLOLHU 3ODQqWH HW GDQV OHTXHO OHV KXPDLQV VH UHFRQQDLVVHQW ORJLTXHPHQW HQ WDQW TX¶HVSqFH YLYDQWH OD GXUDELOLWp FRQVLVWH j DVVXUHU OHV FRQGLWLRQV LQGLVSHQVDEOHV j O DXWRUHSURGXFWLRQ GHV V\VWqPHV YLYDQWV GH O¶RUJDQLVPH PRQRFHOOXODLUH DX[ JUDQGV pFRV\VWqPHV &¶HVW OH FDUDFWqUH DXWRPDWLTXH TXL LPSRUWH OHV VRFLpWpV KXPDLQHV Q¶RQW SDV OHV PR\HQV GH YLGHU RX GH UHPSOLU OHV RFpDQV EUHI GH IDLUH SOHXYRLU &HV VHUYLFHV HQYLURQQHPHQWDX[ JUDWXLWV VRQW LUUHPSODoDEOHV &RQMXJXpH j VD GLPHQVLRQ RUJDQLTXH O¶KXPDLQ HVW DXVVL XQ rWUH VRFLDO HW XQ rWUH GH ODQJDJH ,O YLW GDQV OH V\PEROLTXH TXL VWUXFWXUH VHV UHSUpVHQWDWLRQV VHV PR\HQV G¶DFWLRQ VD SODFH GDQV OD VRFLpWp HW OXL GRQQH DFFqV j O¶pWKLTXH /¶HQVHPEOH GH FHV VDYRLUV GH FHV RXWLOV GH FHV SDUWLFXODULWpV HWKQLTXHV HW GH FHV YDOHXUV EX]]HQW FRPPH XQ FRPPHQWDLUH SHUSpWXHO VXU OH PRQGH QDWXUHO /¶HQMHX HVW LFL GH YLYUH OHV XQV DYHF OHV DXWUHV HQ ERQQH VRFLpWp ,O V¶DJLW WRXMRXUV SRXU OHV LQLWLpV GX SLOLHU VRFLDO RX SLOLHU 3HRSOH OD GXUDELOLWp YLVH j JDUDQWLU OHV FRQGLWLRQV G¶XQH YLH pTXLWDEOH SRXU WRXV %LHQ V U SOXVLHXUV YLVLRQV GLIIpUHQWHV V¶RSSRVHQW 5RPDLQ )HOOL RSSRVH OD YLVLRQ UHPRQWDQWH GH O¶pFRORJLH SROLWLTXH j FHOOH GHVFHQGDQWH GX GpYHORSSHPHQW GXUDEOH TXL VHUDLW OD WHQWDWLYH GH O¶pFRQRPLH SURGXFWLYLVWH GH SUpVHUYHU VRQ LQWpJULWp PR\HQQDQW FHUWDLQV FRUUHFWLIV WHFKQLTXHV 0DLV LQYHUVHPHQW OHV PLOLHX[ FRQVHUYDWHXUV DPpULFDLQV RQW WRXMRXUV WUDLWp 0PH %UXQGWODQG OD SRUWH SDUROH GX GpYHORSSHPHQW GXUDEOH GH FRPPXQLVWH 6HORQ TXH YRXV VHUH] ULFKH RX SDXYUH« LO V¶DJLUD WRXMRXUV G¶XQH TXHVWLRQ SROLWLTXH FHOOH GH OD UpSDUWLWLRQ VRFLDOH GHV EpQp¿FHV HW GHV FR WV QRWDPPHQW HQYLURQQHPHQWDX[ OHV GpUqJOHPHQWV FOLPDWLTXHV HW O LQVpFXULWp pFRQRPLTXH FUpDQW GHV WHQVLRQV FRQGXLVDQW j GHV IUDFWXUHV VRFLDOHV HW WHUULWRULDOHV HQWUH QDWLRQV FRPPH DX F°XU GHV YLOOHV 2U OD YLH ELRORJLTXH WLHQW j XQ ÀX[ FRQVWDQW GH QXWULPHQWV HW G¶pQHUJLH (Q SDUWLFXOLHU OHV KXPDLQV SXLVHQW OHV UHVVRXUFHV GRQW LOV HVWLPHQW VRFLDOHPHQW DYRLU EHVRLQ SDU O¶LQWHUPpGLDLUH GH VDYRLUV HW G¶RXWLOV HW j OD PHVXUH GH OHXUV PRGHV GH YLH HW GHV GpVLUV TX¶LOV V¶DXWRULVHQW &HFL UHOqYH GX GRPDLQH GH O¶pFRQRPLH
DX VHQV RULJLQHO GH SRXUYRLU DX[ EHVRLQV GX TXRWLGLHQ /D SURVSpULWp RX GXUDELOLWp pFRQRPLTXH FRQVLVWH GRQF j DVVXUHU OD UHSURGXFWLRQ GHV PR\HQV G DFWLRQ GH OD VRFLpWp VXU VRQ HQYLURQQHPHQW SDU OH GpYHORSSHPHQW GH VD FDSDFLWp GH WUDYDLO GH VHV RXWLOV HW SDU OH UHVSHFW G¶XQ WURLVLqPH WHUPH OHV PDWLqUHV SUHPLqUHV UHVVRXUFHV SURFHVVXV pFRORJLTXHV HWF &HFL FRQVWLWXH FH TX¶RQ DSSHOOH DXVVL O¶pFRQRPLH UpHOOH /H SLOLHU pFRQRPLTXH QH FRQFHUQH GRQF GLUHFWHPHQW SDV OH EpQp¿FH GHV HQWUHSULVHV TXL QH VRQW TX¶XQ GHV PR\HQV GH O¶DFWLRQ pFRQRPLTXH QL OH EpQp¿FH ¿QDQFLHU TXL Q¶HVW TX¶XQ PR\HQ GX PR\HQ PDLV OD SURVSpULWp DX VHQV ODUJH /D ERQQH DUFKLWHFWXUH SURGXLW GH OD SURVSpULWp VRFLDOH HW HQYLURQQHPHQWDOH PrPH VL HOOH QH UHQG SDV QpFHVVDLUHPHQW ULFKH VRQ DXWHXU RX VHV XVDJHUV (OOH HVW XQ DFWH IRQGDPHQWDOHPHQW pFRQRPLTXH /D GXUDELOLWp GH O¶HQYLURQQHPHQWDO HW GX VRFLDO IDLW GRQF VHQV SDU FHW HQJUHQDJH GH O¶pFRQRPLTXH TXL UHOqYH pYLGHPPHQW GH WRXWHV OHV GLPHQVLRQV GX V\PEROLTXH j OD IRLV DFWLRQ WHFKQLTXH VDYRLU XVDJH VRFLDO HW YDOHXUV $ PRQ VHQV LO IDXW GRQF UHPHWWUH HQ FDXVH OHV IDPHX[ WURLV SLOLHUV TXL GRQQHQW XQH SRVLWLRQ pTXLYDOHQWH DX QDWXUHO DX VRFLDO HW j O¶pFRQRPLTXH FRPPH VL O¶pFRQRPLTXH pWDLW XQH VXEVWDQFH HQ VRL &HWWH GpULYH WLHQW j OD SODFH TX¶RQW SULV HQ 2FFLGHQW OHV PR\HQV pFRQRPLTXHV ± OHV JUDQGHV HQWUHSULVHV TXL HQ SHVDQW VXU O¶pYROXWLRQ GX GURLW VRQW GHYHQXV GH YpULWDEOHV VXMHWV GHV DFWHXUV HW GRQF GHV ¿QV HQ VRL 'H SOXV HQ SOXV GH PR\HQV VRQW FRQVDFUpV QRQ SDV DX[ JpQpUDWLRQV YLYDQWHV RX j YHQLU PDLV j HQULFKLU OHV RXWLOV HW OHV DSSDUHLOV SULYpV TXL UqJOHQW QRWUH FRQVRPPDWLRQ« HW QRV GpVLUV /HV ÀX[ GH PDWLqUHV HW G¶pQHUJLH VRQW UHGLULJpV FRPPH YHUV XQ PRQVWUXHX[ DQpYULVPH TXL GpWRXUQH YDLQHPHQW OHV ULFKHVVHV GX PRQGH GDQV XQH IRUPH GH MRXLVVDQFH GpEULGpH XQH IRUPH SHXW rWUH DUWLVWLTXH DXWR UpIpUHQWLHOOH GH O¶DFWLRQ pFRQRPLTXH PDLV TXL VH GpSORLH HQ GHKRUV GH VD UDWLRQDOLWp -¶DL OD FRQYLFWLRQ TXH F¶HVW XQ DUFKLWHFWH TXL OH SUHPLHU HQ D GpSOLp FHWWH FDUWRJUDSKLH GH OD GXUDELOLWp ,O V¶DSSHODLW $OEHUWL ,O QRPPDLW QHFHVVLWDV WRXW FH TXL WRXFKDLW DX GRQQp DX QDWXUHO LO QRPPDLW FRPPRGLWDV FH TXL UHOHYDLW GX V\PEROLTXH XVDJH UHSUpVHQWDWLRQ IRQFWLRQQDOLWp HWF 6HV OLYUHV SDUOHQW SUHVTX¶HQWLqUHPHQW GH FRPPHQW UpJOHU O¶XQ j O¶DXWUH SDU OH ELDLV GHV FRQQDLVVDQFHV HW GHV WHFKQLTXHV ± O¶pFRQRPLTXH (W OXL DXVVL DYDLW YX TXH OH UDSSRUW GH GXUDELOLWp ± V\PEROLTXH HQ IDLW ± HQWUH QHFHVVLWDV HW FRPPRGLWDV QH SURGXLVDLW GH O¶DUFKLWHFWXUH TX¶HQ SURGXLVDQW GH OD MRXLVVDQFH YROXSWDV 5pFODPHU VD SDUW GH FRQWU{OH VXU FHV ÀX[ GH PDWLqUHV HW G¶pQHUJLH j O¶RFFDVLRQ GX SURMHW G¶DUFKLWHFWXUH HVW GRQF XQ DFWH IRQGDPHQWDOHPHQW SROLWLTXH HW VXEYHUVLI 5pFODPHU VD SDUW GH MRXLVVDQFH DUFKLWHFWXUDOH QH O¶HVW SDV PRLQV Ŷ -HDQ GH .HUYDVGRXp -HDQ *DJQHSDLQ /HoRQV G¶LQWURGXFWLRQ j OD WKpRULH GH OD PpGLDWLRQ 3HHWHUV /RXYDLQ /D 1HXYH 5RPDLQ )HOOL /HV GHX[ kPHV GH O pFRORJLH 8QH FULWLTXH GX GpYHORSSHPHQW GXUDEOH /¶+DUPDWWDQ 3HWHU -DFTXHV 5LOH\ 'XQODS 0DUN )UHHPDQ 7KH 2UJDQLVDWLRQ RI 'HQLDO &RQVHUYDWLYH 7KLQN 7DQNV DQG (QYLURQPHQWDO 6FHSWLFLVP (QYLURQPHQWDO 3ROLWLFV '2, 7KRP +DUWPDQQ 8QHTXDO 3URWHFWLRQ 7KH 5LVH RI &RUSRUDWH 'RPLQDQFH DQG WKH 7KHIW RI +XPDQ 5LJKWV 0\WKLFDO 5HVHDUFK ,QF
PLVVLRQQDLUH
EH SDVVLYH
EH SDVVLYH
SDUROH G LPDJH
SDUROH G¶LPDJH j <28XUEDQ LV D UHVHDUFK SURMHFW DW WKH 2VOR 6FKRRO RI $UFKLWHFWXUH DQG 'HVLJQ LQWR VRFLDO PHGLD GHVLJQ DQG WKH FLW\ ,W LQYHVWLJDWHV WRROV DQG PHDQV WR FUHDWLQJ HQJDJHPHQW DQG D VHQVH RI RZQHUVKLS DQG UHVSRQVLELOLW\ WRZDUGV RXU SK\VLFDO VRFLDO DQG FXOWXUDO ZRUOG 7KH FLW\ LV ¿OOHG ZLWK DQ LQYLVLEOH ODQGVFDSH RI QHWZRUNV WKDW LV EHFRPLQJ DQ LQWHUZRYHQ SDUW RI GDLO\ OLIH :L)L QHWZRUNV DQG LQFUHDVLQJO\ VRSKLVWLFDWHG PRELOH SKRQHV DUH VWDUWLQJ WR LQÃ&#x20AC;XHQFH KRZ XUEDQ HQYLURQPHQWV DUH H[SHULHQFHG DQG XQGHUVWRRG :H ZDQW WR H[SORUH DQG UHYHDO ZKDW WKH LPPDWHULDO WHUUDLQ RI :L)L ORRNV OLNH DQG KRZ LW UHODWHV WR WKH FLW\
(LQDU 6QHYH 0DUWLQXVVHQ ,PPDWHULDOV /LJKW SDLQWLQJ :L)L ZZZ \RXUEDQ QR
SDUROH G LPDJH
EH SDVVLYH
EH SDVVLYH
WH[WH
/LHVEHW 7HPPHUPDQ
SKRWRV
)LOLS 'XMDUGLQ (95
DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
Â&#x2039; ¿OLS GXMDUGLQ
DUFKLWHFWXUH SDUWDJpH
/HV EXUHDX[ GX 900 KHUHVWUDDW ORXYDLQ
%XUHDX GH FRQWU{OH 6HFR
0DvWUH GH O RXYUDJH 0LQLVWqUH GH OD &RPPXQDXWp )ODPDQGH 900 ± 'pSDUWHPHQW *HVWLRQ RSpUDWLRQQHOOH GHV HDX[
(QWUHSUHQHXU %DWHFK&RQVWUXFW DXMRXUG¶KXL PHPEUH GX JURXSH 9DQKRXW OXL PrPH LQWpJUp j %HVL[
ZZZ VHFR EH
ZZZ YDQKRXW EH ZZZ EHVL[ FRP
$UFKLWHFWH HYU $UFKLWHFWHQ
+9$& :/+
ZZZ HYU DUFKLWHFWHQ EH
7HFKQLTXHV VSpFLDOHV ( HQ FROODERUDWLRQ DYHF & (ELQJHU ZZZ H HX
6WDELOLWp %XUHDX G¶LQJpQLHULH + )UDH\H
ZZZ ZOK EH
(OHFWULFLWp 5HLJHO ZZZ UHLJHO EH
4XDQG FRQVWUXFWLRQ H[HPSODLUH Q¶HVW SDV XQH LQMXUH QL XQH SUHXYH GH QDwYHWp RX OH WULFRWDJH G¶XQ LPSUREDEOH EDV GH ODLQH PDLV XQ PDvWUH PRW« 9RLOj ELHQW{W GHX[ DQV HW GHPL TXH OHV RFFXSDQWV GX EkWLPHQW GH OD 9ODDPVH 0LOLHXPDDWVFKDSSLM RX 900 j /RXYDLQ RQW HPPpQDJp GDQV OHXUV EXUHDX[ FRQIRUWDEOHV %LHQ TX¶LQDXJXUp HQ RFWREUH OH SURMHW WURXYH VRQ RULJLQH j OD ¿Q GHV DQQpHV -RKDQ %RJDHUWV 'pSDUWHPHQW (QYLURQQHPHQW GH OD 5pJLRQ )ODPDQGH VH VRXYLHQW 8QH pWXGH DYDLW pWp PHQpH SDU XQ EXUHDX QpHUODQGDLV DX VXMHW GH OD JHVWLRQ GH O¶HDX GDQV OH EDVVLQ YHUVDQW GH OD '\OH /D QpFHVVLWp GH GLVSRVHU G¶XQ FHQWUH GH FRPPDQGH HVW DORUV DSSDUXH (Q pWURLWH FROODERUDWLRQ DYHF OH 9ODDPV %RXZPHHVWHU FLQT EXUHDX[ G¶DUFKLWHFWXUH RQW pWp LQYLWpV j UHPHWWUH XQ SURMHW $LQVL HQ OH EXUHDX JDQWRLV HYU $UFKLWHFWHQ GpYHORSSDQW XQH DSSURFKH LQWpJUpH HW WUDQVYHUVDOH GH OD FRQVWUXFWLRQ GXUDEOH D pWp GpVLJQp HW OD FRQFHSWLRQ D GpPDUUp VXU XQ SUHPLHU VLWH -DQ 9DQ 'HQ %URHNH HYU $UFKLWHFWHQ $ FHWWH pSRTXH QRXV WUDYDLOOLRQV XQ SURMHW DX SURJUDPPH LGHQWLTXH VXU XQ DXWUH VLWH VLWXp QRQ ORLQ GH Oj /H VLWH LQLWLDOHPHQW GpVLJQp D ¿QDOHPHQW pWp UpVHUYp j XQ pYHQWXHO DJUDQGLVVHPHQW GH O¶K{SLWDO *DVWKXLVEHUJ 1RXV pWLRQV VXU OH SRLQW GH ODQFHU O¶DSSHO G¶RIIUH ORUVTXH OH QRXYHDX VLWH QRXV D pWp UHQVHLJQp FRQWH[WH GLIIpUHQW FRQWUDLQWHV HW FDUDFWpULVWLTXHV SDUWLFXOLqUHV« SURMHW GLIIpUHQW /D V\QHUJLH HQWUH OHV DUFKLWHFWHV OH EXUHDX G¶pWXGHV ( pJDOHPHQW SUpVHQW GqV OH GpEXW HW OH PDvWUH GH O¶RXYUDJH D GRQQp FRPPH XQ FRXS GH EDJXHWWH PDJLTXH DX SURMHW -DQ 9DQ 'HQ %URHNH %LHQ TXH OD GHPDQGH G¶DUULYHU j XQ SURMHW WUqV SHUIRUPDQW pQHUJpWLTXHPHQW pWDLW Oj GqV OH GpSDUW ± HW F¶pWDLW GpMj IRUW DPELWLHX[ RQ pWDLW HQ ± F¶HVW ORUV GX GpPDUUDJH GX QRXYHDX SURMHW VXU OH QRXYHDX VLWH TX¶HVW YHQX O¶REMHFWLI G¶DUULYHU DX VWDQGDUG SDVVLI &D VHPEODLW PrPH rWUH XQH pYLGHQFH 0DLV OD ULFKHVVH GH O¶pTXLSH VRXGpH UpVLGDLW GDYDQWDJH HQFRUH TXH GDQV OD UHFKHUFKH G¶XQH SHUIRUPDQFH pQHUJpWLTXH SRXVVpH GDQV O¶DSSURFKH WUDQVYHUVDOH HW VXUWRXW SDUWDJpH GH FH TX¶HVW XQ SURMHW GH FRQVWUXFWLRQ GXUDEOH 8Q EkWLPHQW TXL Q¶HVW TXH SDVVLI oD QH QRXV LQWpUHVVH SDV 2Q QH VDXUDLW SUpWHQGUH TXH GH SDU OD VLPSOH SHUIRUPDQFH pQHUJpWLTXH VL pOHYpH TX¶HOOH VRLW XQ SURMHW SXLVVH VH YDQWHU G¶rWUH H[HPSODLUH 8Q EkWLPHQW SDVVLI GRQF TXL VH YRXODLW H[HPSODLUH« QRQ TXL VH GHYDLW GH O¶rWUH SRXU Ź
SODQ GX UH] GH FKDXVVpH
,PSODQWDWLRQ
EH SDVVLYH
DUFKLWHFWXUH SDUWDJpH
JDUDJH VWRFNDJH VDV DUFKLYHV YHVWLDLUHV ORFDO YpOR HQWUpH FRXYHUWH URVHDX[ pWDQJ RHXYUH ,YHV 0DHV
Â&#x2039; ¿OLS GXMDUGLQ
SODQ GX SUHPLHU pWDJH
IR\HU VDOOH GH UpXQLRQ EXUHDX FXLVLQH EXUHDX VDOOH LQIRUPDWLTXH VDOOH GHV FDUWHV VHUYHXU VWRFNDJH ORFDO WHFKQLTXH
DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
OD 900 F¶pWDLW XQ SDUWL SULV IHUPH HW Gp¿QLWLI 6HORQ -RKDQ %RJDHUWV XQ GpSDUWHPHQW HQ FKDUJH GH OD JHVWLRQ GH O¶HDX HQ OLHQ GLUHFW DYHF OD JHVWLRQ HQYLURQQHPHQWDOH VH GRLW GH GpYHORSSHU XQ SURMHW GXUDEOH TXL WLHQQH OD URXWH TXL UHÀqWH OD SROLWLTXH GpIHQGXH HW VRXWHQXH $\DQW SRXU REMHW OD JHVWLRQ GH O¶HDX DX VHQV ODUJH LO SHXW VHPEOHU pYLGHQW TXH OH SURMHW DLW LQWpJUp FHWWH SUpRFFXSDWLRQ VRXV WRXV VHV DVSHFWV 3UpFLVRQV QpDQPRLQV TXH O¶HDX UpFROWpH HVW WDQW{W LQ¿OWUpH GLUHFWHPHQW ORUVTX¶HOOH SURYLHQW GHV WRLWXUHV YHUWHV WDQW{W UpXWLOLVpH FKDVVHV G¶HDX GpYLGRLUV URELQHWV H[WpULHXUV HW TXH WRXWHV OHV HDX[ XVpHV JULVHV FRPPH EUXQHV VRQW WUDLWpHV LQ VLWX 2Q WURXYH VXU OH VLWH XQ V\VWqPH GH WUDLWHPHQW HW G¶LQ¿OWUDWLRQ GHV HDX[ SOXYLDOHV HW XVpHV FRPSUHQDQW QRWDPPHQW XQ ZDGL HW XQ EDVVLQ SODQWp GH URVHDX[ /H WHUUDLQ Q¶pWDLW SDV UDFFRUGp j O¶pJRXW HW OD QpFHVVLWp GH FH UDFFRUGHPHQW HVW DXMRXUG¶KXL DEVHQWH 6L OH WKqPH GH O¶HDX HVW WUDLWp G¶XQH IDoRQ TXL VHPEOH SUHVTXH pYLGHQWH SRXU -DQ 9DQ 'HQ %URHNH OH SRLQW OH SOXV FULWLTXH pWDLW OH FKRL[ GX VLWH ,GpDOHPHQW QRXV DXULRQV LPDJLQp FH EkWLPHQW HQ FHQWUH XUEDLQ j SUR[LPLWp G¶LQIUDVWUXFWXUHV HW G¶pTXLSHPHQWV QRWDPPHQW SRXU OH WUDQVSRUW HQ FRPPXQ ([FHQWUp OH VLWH Q¶RIIUH SDV OHV DYDQWDJHV OLpV j XQH VLWXDWLRQ FHQWUDOH PDLV GH SDU VD IRQFWLRQ OD SUR[LPLWp G¶DUWqUHV WHOOHV O¶( HW O¶( SUpVHQWH XQ DYDQWDJH (W OD YXH VXU OH EDVVLQ YHUVDQW GH OD '\OH PrPH VL HOOH Q¶HVW SDV HVVHQWLHOOH UDSSHOOH OD IRQFWLRQ GX EkWLPHQW 2XWUH OH PRQLWRULQJ HIIHFWXp SDU O¶pTXLSH SHUPDQHQWH OH EkWLPHQW DFFXHLOOH ORUV GHV SKDVHV G¶DOHUWH ODQFpHV TXDQG VXUYLHQW XQ ULVTXH DFFUX G¶LQRQGDWLRQV SOXV G¶XQH TXDUDQWDLQH GH SHUVRQQHV TXL DVVXUHQW HQ WHPSV UpHO OD JHVWLRQ SHUPDQHQWH HW OH PRQLWRULQJ LQWHQVLI GHV LQIUDVWUXFWXUHV OLpHV DX[ FRXUV G¶HDX GHV YDOOpHV GH OD '\OH HW GH OD 6HQQH 8Q SURJUDPPH VSpFL¿TXH GRQF HW XQH RFFXSDWLRQ IRUWHPHQW YDULDEOH FHV SDUWLFXODULWpV RQW LQGXLW GHV RULHQWDWLRQV FRQVWUXFWLYHV DLQVL TXH WHFKQLTXHV YLVDQW XQH RSWLPLVDWLRQ GHV VROXWLRQV PLVHV HQ °XYUH HW XQ QLYHDX GH FRQIRUW WUqV pOHYp SRXU OHV RFFXSDQWV 6¶LQVpUDQW GDQV VRQ FRQWH[WH G¶XQH IDoRQ TX¶RQ SRXUUDLW DLVpPHQW TXDOL¿HU GH GLVFUqWH OH EkWLPHQW SDUDvW GqV OH SUHPLHU LQVWDQW SUHVTXH FRPPH XQH pYLGHQFH FRPPH V¶LO pWDLW LPSHQVDEOH TX¶LO VRLW DEVHQW GH FH OLHX ,O HVW WUqV FRPSDFW OHV pOpPHQWV VDLOODQWV VRQW DEVHQWV H[FHSWLRQ IDLWH GH O¶HQWUpH FRXYHUWH R VRQW DPpQDJpV JDUDJH j YpOR HW DFFqV YHUV OH SDUNLQJ /H OLHX RIIUH XQ FRQIRUW G¶XVDJH HW XQH FRQYLYLDOLWp VXU ODTXHOOH LO Q¶pWDLW SDV FRQFHYDEOH GH IDLUH O¶LPSDVVH 9LVHU OD FRPSDFLWp PD[LPDOH DX GpWULPHQW G¶XQH TXDOLWp IRQFWLRQQHOOH HW DUFKLWHFWXUDOH HVW XQH HUUHXU JURVVLqUH $LQVL j O¶H[WpULHXU GX EkWLPHQW OH UHYrWHPHQW GH IDoDGH HQ ERLV DSSRUWH XQH H[SpULHQFH WDFWLOH WUqV MXVWH HQ OLHQ DYHF O¶HQYLURQQHPHQW GX EkWLPHQW HW O¶HQWUpH FRXYHUWH SUR¿WH GH O¶LPSODQWDWLRQ GX YROXPH HQWUH OH QLYHDX EDV HW OH QLYHDX KDXW GH OD SDUFHOOH $ O¶LQWpULHXU GX EkWLPHQW OHV SDURLV YLWUpHV GHV GLIIpUHQWV HVSDFHV j YRFDWLRQ WDQW{W WHFKQLTXH WDQW{W FRQYLYLDOH RIIUHQW XQ FRQWDFW HW XQH YLVLRQ G¶HQVHPEOH GDQV FH YROXPH FRPSDFW /HV VRODU SLSHV DFKHPLQDQW OD OXPLqUH QDWXUHOOH GHSXLV O¶H[WpULHXU YHUV O¶DWULXP HQ pYLWDQW O¶DSSRUW VRODLUH GLUHFW HW GRQF OD VXUFKDXIIH RIIUHQW XQH DPELDQFH OXPLQHXVH GRXFH SUHVTXH IHXWUpH %LHQ TXH OH EkWLPHQW VRLW GHVWLQp j XQH IRQFWLRQ WHFKQLTXH WUqV SUpFLVH LO RIIUH XQH DPELDQFH HW XQ FRQIRUW G¶XVDJH DOODQW DX GHOj GH OD FRQVLGpUDWLRQ FRQYHQWLRQQHOOH YHQDQW j O¶HVSULW HQ pYRTXDQW VRQ U{OH HQ WDQW TXH FHQWUH GH FRQWU{OH Ź
FRXSHV WUDQVYHUVDOHV
EH SDVVLYH
DUFKLWHFWXUH SDUWDJpH
¿OLS GXMDUGLQ
FRXSH ORQJLWXGLQDOH
DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
EH SDVVLYH
DUFKLWHFWXUH SDUWDJpH
/HV SULQFLSHV VWUXFWXUHOV RQW pWp Gp¿QLV DX GpSDUW G¶XQH IHUPH YRORQWp GH UDWLRQDOLVDWLRQ HW G¶XWLOLVDWLRQ LQWHOOLJHQWH GHV PR\HQV HW PDWpULDX[ PLV HQ °XYUH OH WRXW SDVVp VRXV OH UHJDUG DWWHQWLI GH -DQ 9DQ 'HQ %URHNH VXU OH SODQ GHV LPSDFWV HQYLURQQHPHQWDX[ HW VDQLWDLUHV /H FKRL[ V¶HVW SRUWp VXU XQH FRQVWUXFWLRQ PDVVLYH HQ EORFV GH VLOLFRFDOFDLUH GRXEOpH G¶XQH FRXFKH LVRODQWH GH SUqV GH FP GH ODLQH GH YHUUH /H EDUGDJH HQ ERLV WKHUPLTXHPHQW UpWL¿p ODEHOOLVp )6& HVW ¿[p VXU XQH VRXV VWUXFWXUH HQ ERLV ODEHOOLVp OXL DXVVL /H FKRL[ GX V\VWqPH FRQVWUXFWLI GpFRXOH GHV SURSULpWpV UHFKHUFKpHV ,O IDOODLW SRXYRLU VXSSRUWHU OHV FKDUJHV LPSRUWDQWHV GH OD JUDQGH VDOOH GH UpXQLRQ SHUVRQQHV GDQV XQ HVSDFH GH FHWWH WDLOOH Oj FHOD LPSRVH XQH VWUXFWXUH FDSDEOH G¶DVVXUHU XQ WHO SRLGV (W OHV SULQFLSHV GH FRQFHSWLRQ ELRFOLPDWLTXH GpIHQGXV SDV OHV FRQFHSWHXUV RQW pJDOHPHQW LQGXLW GHV FKRL[ (Q FRQFHUWDWLRQ DYHF 5RHO 'H &RQLQFN ( LO QRXV HVW DSSDUX HVVHQWLHO GH GRWHU O¶HQYHORSSH G¶XQH IRUWH LQHUWLH /¶DUELWUDJH GHV YDULDQWHV D pWp IDLW VXU EDVH GH OD FODVVL¿FDWLRQ QpHUODQGDLVH 1LEH OH VFRUH GHV EORFV HQ VLOLFRFDOFDLUH HVW ELHQ PHLOOHXU TXH FHOXL GH ERQ QRPEUH G¶DOWHUQDWLYHV HQ FRQVWUXFWLRQ PDVVLYH HW HQ SULPH OH PDWpULDX SHUPHWWDLW GH VDWLVIDLUH j XQH DXWUH H[LJHQFH FKqUH DX[ FRQFHSWHXUV OH FRQIRUW DFRXVWLTXH 9X OD SUR[LPLWp GHV YRLHV G¶DXWRURXWH HW OHV QXLVDQFHV VRQRUHV SRWHQWLHOOHV HQ OLHQ DYHF OHV DFWLYLWpV KRVSLWDOLqUHV HW OD FDVHUQH GH SRPSLHUV YRLVLQH LO QRXV VHPEODLW UHOHYHU GX ERQ VHQV G¶DVVXUHU OH FRQIRUW DFRXVWLTXH /HV SHUIRUPDQFHV pOHYpHV HQ PDWLqUH G¶pQHUJLH HW GH FRQIRUW VRQW OH IUXLW G¶XQH FROODERUDWLRQ pWURLWH HQWUH OHV DUFKLWHFWHV HW
OH EXUHDX G¶pWXGHV -DQ %RJDHUWV VH VRXYLHQW TXH OD SUpVHQFH G¶XQ EXUHDX G¶pWXGHV DYDLW pWp UpFODPpH SDU OHV DUFKLWHFWHV DX JUDQG pWRQQHPHQW GX PDvWUH GH O¶RXYUDJH 2Q Q¶pWDLW TXH WUqV SHX IDPLOLDULVp DYHF O¶DSSURFKH SOXULGLVFLSOLQDLUH HW F¶HVW OD SURSRVLWLRQ IDLWH SDU HYU $UFKLWHFWHQ G¶LQWpJUHU XQ VSpFLDOLVWH DX ERXZWHDP TXL QRXV D IDLW SUHQGUH FRQVFLHQFH GX VpULHX[ GH O¶DSSURFKH SHUIRUPDQWLHOOH 'X F{Wp GH ( 5RHO 'H &RQLQFN DSSODXGLW j O¶DSSURFKH GpYHORSSpH SDU OHV DUFKLWHFWHV HW HVW WUqV KHXUHX[ GHV FKRL[ IDLWV SDU OH PDvWUH GH O¶RXYUDJH 3UHQRQV QRWDPPHQW OH PRQLWRULQJ OH FR W Q¶HQ pWDLW SDV QpJOLJHDEOH PDLV SRXU OD PDvWULVH G¶RXYUDJH LO pWDLW GLI¿FLOHPHQW HQYLVDJHDEOH TX¶XQ EkWLPHQW VH YRXODQW H[HPSODLUH QH SXLVVH RIIULU XQ UHWRXU VXU H[SpULHQFH GpWDLOOp /HV UpVXOWDWV GHV PHVXUHV VRQW G¶DLOOHXUV UHQGXV SXEOLFV OH EkWLPHQW GRLW SHUPHWWUH GH WLUHU GHV OHoRQV GH IDLUH SURJUHVVHU OHV FRQQDLVVDQFHV HW G¶DSSUHQGUH GHV pYHQWXHOOHV HUUHXUV 8Q DSSUHQWLVVDJH HQ VRPPH YRLU HW Ź
DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
/H EkWLPHQW QH GLVSRVH SDV G¶XQH FHUWL¿FDWLRQ SDVVLYH OH ORJLFLHO 3+33 Q¶H[LVWDLW j O¶pSRTXH TXH SRXU OHV SURMHWV UpVLGHQWLHOV $ O¶HQFRGDJH 5RHO V¶HVW YLWH KHXUWp DX[ OLPLWHV SURSUHV j XQH LQWHUIDFH LQDGDSWpH DX WHUWLDLUH 1RXV DYRQV PRGpOLVp HW VLPXOp OH SURMHW DX PR\HQ GH 9LUWXDO (QYLURQPHQW $XMRXUG¶KXL 900 IDLW O¶REMHW G¶XQ HQFRGDJH 3+33 GDQV OH FDGUH G¶XQH pWXGH FRPSDUDWLYH HQWUH OHV GLIIpUHQWV ORJLFLHOV 8Q DXWUH SRLQW FULWLTXH pWDLW OD GLI¿FXOWp G¶HQFRGHU GDQV OHV ORJLFLHOV OH JDUDJH FRPPH IDLVDQW SDUWLH GX YROXPH SURWpJp PDLV H[FOX GX YROXPH pWDQFKH j O¶DLU 1L OH 3+33 QL OH ORJLFLHO 3(% Q¶RIIUDLHQW GHV VROXWLRQV VDWLVIDLVDQWHV 3RXU 5RHO OH PRQLWRULQJ D pJDOHPHQW pWp HVVHQWLHO SHQGDQW OD SKDVH GH OLYUDLVRQ GHV EkWLPHQWV 'DQV OD SUHPLqUH DQQpH GHV SODLQWHV G¶LQFRQIRUW RQW IDLW VXUIDFH 'DQV FH FDV ORUVTX¶RQ QH GLVSRVH SDV GH PHVXUHV SUpFLVHV LO HVW VRXYHQW WUqV GLI¿FLOH G¶LGHQWL¿HU OD VRXUFH GX SUREOqPH HW G¶DSSRUWHU XQH VROXWLRQ ,FL OH PRQLWRULQJ D SHUPLV G¶LQWHUYHQLU Oj R XQ SUREOqPH VH SRVDLW HW GH OH UpVRXGUH /HV GHUQLHUV UpJODJHV RQW pWp IDLWV ¿Q QRXV DXURQV XQH DQQpH FRPSOqWH YpUL¿pH HQ (Q IDoDGH QRUG OD SUpVHQFH GHV SURWHFWLRQV VRODLUHV SHXW pWRQQHU &HSHQGDQW OHV VLPXODWLRQV G\QDPLTXHV HIIHFWXpHV SDU OH EXUHDX G¶pWXGH ( RQW SHUPLV GH PHWWUH OH GRLJW VXU XQ ULVTXH GH VXUFKDXIIH j FHW HQGURLW DX[ MRXUQpHV OHV SOXV ORQJXHV GH O¶DQQpH ORUVTXH OH VROHLO HVW DX SOXV KDXW GX ]pQLWK *UkFH j FHWWH DQDO\VH FH ULVTXH GH VXUFKDXIIH D pWp UpVROX GH IDoRQ DGpTXDWH &{Wp IDoDGH VXG OHV SDQQHDX[ SKRWRYROWDwTXHV DVVXUDQW WRXW GH PrPH OD SURGXFWLRQ GH TXHOTXHV N:K VXU EDVH DQQXHOOH SDUWLFLSHQW HQ PrPH WHPSV j OD SURWHFWLRQ FRQWUH OD VXUFKDXIIH HQ IDLVDQW RI¿FH GH SURWHFWLRQ VRODLUH
3RXU -DQ 9DQ 'HQ %URHNH F¶pWDLW OH WURLVLqPH FKDQWLHU SDVVLI DSUqV OHV EXUHDX[ GX +DYHQEHGULMI HW OH &HQWUH 1DWXUH GX %RXUJR\HQ WRXV GHX[ VLWXpV j *DQG /H FKDQWLHU GX 900 D pWp XQH SDUWLH GH SODLVLU j HQ FURLUH OHV GLIIpUHQWV DFWHXUV LPSOLTXpV %DWHFK&RQVWUXFW IDLVDQW SDUWLH GX JURXSH 9DQKRXW Q¶DYDLW SDV HQFRUH IDLW GH FKDQWLHU SDVVLI PDLV pWDLW ELHQ DX IDLW GH FH TX¶pWDLW XQH SHUIRUPDQFH pQHUJpWLTXH pOHYpH HW VXUWRXW LOV VDYDLHQW FRPPHQW DVVXUHU XQH pWDQFKpLWp j O¶DLU SRXVVpH 6DQV DMXVWHPHQWV QRWDEOHV HW GDQV XQH FRPSOLFLWp HW FROODERUDWLRQ WUqV FRQVWUXFWLYH OH EkWLPHQW D pWp OLYUp HQ PRLQV G¶XQ DQ -H Q¶KpVLWH SDV j GLUH TXH FHWWH pTXLSH pWDLW XQ GRQ GX FLHO HW TXH GHV LQWHUYHQDQWV G¶XQ WHO SURIHVVLRQQDOLVPH DXWDQW O¶HQWUHSUHQHXU TXH OH EXUHDX G¶pWXGHV QRXV UrYRQV G¶HQ UHQFRQWUHU VXU WRXV QRV FKDQWLHUV %LHQ HQWHQGX QRXV UHVWHURQV UrYHXUV« /D TXDOLWp WUqV pOHYpH GX WUDYDLO VXU FKDQWLHU D pWp DSSUpFLpH SDU WRXV HW (ULF 5RPERXWV FKHI GH FKDQWLHU DXMRXUG¶KXL HQ VHUYLFH DX[ 3D\V %DV UHVWHUD XQH UpIpUHQFH GH SURIHVVLRQQDOLVPH FROOpJLDO SRXU FKDFXQ Ź
Système puit de lumière "Lighttube"
EH SDVVLYH
DUFKLWHFWXUH SDUWDJpH
7RLWXUH &RPSOH[H WRLWXUH YHUWH PD[ PP 0HPEUDQH pWDQFKH (3'0 3DQQHDX VDQGZLFK LVRODQW PP &RXFKH VXSpULHXUH HQ 3HUOLW PP 0RXVVH 5HVRO PP 3DQQHDX LVRODQW HQ PRXVVH 5HVRO PP 3DUH YDSHXU DOX DXWRFROODQW 26% PP FROOp HW YLVVp 3RXWUH 7-, + PP # FP /DLQH PLQpUDOH PP /DWWDJH SRXU ¿QLWLRQ PP 3ODTXH GH SOkWUH 5) PP
PXOWLSOH[ :%3 HQ SHQWH YHUV OD WRLWXUH
5HVVHUUDJH j O¶HDX HW DX YHQW RXYHUW j OD YDSHXU SUR FOLPD
3DQQHDX 39 VXU VWUXFWXUH DFLHU HQ WULDQJOH HQWUH D[H FP SUR¿OV 7 )HXWUH 3( SRXU UHVVHUUDJH pWDQFKH j O¶DLU
3DUH VROHLO LQWpULHXU HQ WRLOH )LQLWLRQ GHV UHWRXUV GH EDLHV SDU SDQQHDX HQ ¿EUH FLPHQW
0XU H[WpULHXU 3DQQHDX ERLV UpWLIp PP /DWWDJH KRUL]RQWDO PP /DWWDJH YHUWLFDO PP 3DQQHDX ¿EUH GH ERLV ELWXPLQHX[ PP &/6 [ YHUWLDFO PP &/6 [ KRUL]RQWDO PP /DLQH GH YHUUH [ PP %ORF VLOLFRFDOFDLUH FROOp PP (QGXLW PLQFH PP -RLQW LQWpULHXU EDQGH pWDQFKH j O¶DLU HW j OD YDSHXU -RLQW H[WpULHXU EDQGH pWDQFKH DX YHQW HW RXYHUW j OD YDSHXU
5 puits de lumière
13 puits de lumière
2SWLPDOLVDWLRQ OXPLqUH GX MRXU DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
$VVXUHU OH FRQIRUW GHV XWLOLVDWHXUV HW JDUDQWLU OยถLQQRFXLWp SRXU OD VDQWp TXยถLO VยถDJLVVH GH FHOOH GHV WUDYDLOOHXUV RX GHV SHUVRQQHV LPSOLTXpHV DX FKDQWLHU j WUDYHUV OH FKRL[ MXGLFLHX[ GHV PDWpULDX[ HW GHV pOpPHQWV PLV HQ ยฐXYUH YRLOj ELHQ XQH DXWUH SUpRFFXSDWLRQ FHQWUDOH GDQV OD SKLORVRSKLH GHV DUFKLWHFWHV SDUWDJpH SOHLQHPHQW SDU OH PDvWUH GH OยถRXYUDJH (W OD QRWLRQ GH FRQIRUW GยถXVDJH VยถpWHQG ELHQ DX GHOj GX EkWLPHQW HQ ODLVVDQW VRQ HPSUHLQWH VRXV OD IRUPH GยถpOpPHQWV SUpVHQWV GDQV OHV DERUGV XQ EDQF j OยถLPSODQWDWLRQ ELHQ FKRLVLH VH SUrWH YRORQWLHUV j XQH SHWLWH SDXVH DX VROHLO DYHF RX VDQV WDUWLQHV OH ORQJ GยถXQH IDoDGH GX EkWLPHQWยซ DYHF YXH VXU OH YHUJHU TXL D pWp SODQWp VXU OD SDUFHOOH HW R OยถRQ UHFHQVH ERQ QRPEUH GยถDUEUHV IUXLWLHUV LQGLJqQHV GH YDULpWpV DQFLHQQHV 'pFRUDWLIV FHUWHV OHV IUXLWV VRQW Oj SRXU FHX[ TXL YHXOHQW 2X FRPPHQW HQ VDLVRQ TXLWWHU VRQ WUDYDLO HW FXHLOOLU VXU OH FKHPLQ GX UHWRXU OLWWpUDOHPHQW XQH SHWLWH SRPPH SRXU OD VRLI ลถ
YRLU OยถDUWLFOH GH %UDP 'H 0HHVWHU $UFDGLV / LQWpUrW GX FRPPLVVLRQQLQJ DSSOLTXp DX SDVVLI S YRLU OยถDUWLFOH GH 5RHO 'H &RQLQFN ( /H FRPPLVVLRQLQJ GX 900 SUHPLHUV UpVXOWDWV GX PRQLWRULQJ S YRLU OยถDUWLFOH GH %HUQDUG 'HSUH] 8/% 3DVVLI UHFKHUFKH PRGH GยถHPSORL S YRLU OยถDUWLFOH GH %UDP 'H 0HHVWHU $UFDGLV &RPPHQW DPpOLRUHU O LQGLFH ( JUkFH j OD UHFRQQDLVVDQFH GH FRQFHSWV LQQRYDQWV " S YRLU OยถLQWHUYLHZ Gยถ$ODLQ %RVVDHU $UFDGLV S YRLU OยถDUWLFOH GH %UXQR %XVFK 1HR ,GHV =pUR (QHUJLH XQ REMHFWLI DXGDFLHX[ " S
0DTXHWWH GH OD VLPXODWLRQ G\QDPLTXH 3URMHW GH EDVH VDQV VWUDWpJLHV SDVVLYHV SUREOqPHV GH FRQIRUW
6XSHUยฟFLH SODQFKHU Pรฐ VHORQ 3+33 Pรฐ VHORQ 3(% %HVRLQ QHW GยถpQHUJLH GH FKDXIIDJH SKSS N:K Pรฐ DQ (WDQFKpLWp j OยถDLU Q K 8 GHV SDURLV HW IHQrWUHV 0XUV : Pรฐ . 6ROV : Pรฐ . 7RLWXUH : Pรฐ . 8I : Pรฐ. 8J : Pรฐ.
KHXUHV de bureau
! ย & ! ย & ! ย & ! ย & ! ย & ! ย & 7HPSpUDWXUH RSpUDWLRQQHOOH SHWLW EXUHDX
JUDQG EXUHDX
VDOOH GH UpXQLRQ 3URMHW DGDSWp DYHF FRPELQDLVRQ GH VWUDWpJLHV SDVVLYHV FRQIRUW DVVXUp
KHXUHV de bureau
0RQWDQW WUDYDX[ ยผ Pรฐ 3ODQQLQJ pWXGHV FKDQWLHU RFWREUH RFFXSDWLRQ
! ย & ! ย & ! ย & ! ย & ! ย & ! ย & 7HPSpUDWXUH RSpUDWLRQHOOH
6\VWqPHV 9HQWLODWLRQ GEO ร X[ ศ 3RPSH j FKDOHXU j pFKDQJHXU HDX HDX
EH SDVVLYH
DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
(WDQW GRQQp TXH OHV V\VWqPHV LQQRYDQWV VRQW PRLQV FRQQXV GHV LQVWDOODWHXUV OH FRPPLVVLRQQLQJ GH FHV WHFKQLTXHV JDJQH HQ LPSRUWDQFH /H FRPPLVVLRQQLQJ HVW XQ YDVWH FRQFHSW TXL UHFRXYUH LFL OD PLVH HQ VHUYLFH HW OH UpJODJH ¿Q GH O¶LQVWDOODWLRQ WHFKQLTXH UpJODJH TXL IDLW O¶REMHW G¶XQ SURFHVVXV LWpUDWLI SRXU XQH SpULRGH G¶XQ DQ PLQLPXP j SDUWLU GH OD OLYUDLVRQ ,O DUULYH VRXYHQW TXH OD FRQVWUXFWLRQ SDVVLYH VRLW FRPSDUpH j XQ WKHUPRV WRXWH OD FKDOHXU LQWpULHXUH HVW XWLOLVpH DX PD[LPXP %LHQ TXH OD SOXSDUW GHV EkWLPHQWV WHUWLDLUHV SDVVLIV XWLOLVHQW OD PDVVH GH OHXU FRQVWUXFWLRQ SRXU VWDELOLVHU OHXU FOLPDW LQWpULHXU LO IDXW ELHQ VH UHQGUH FRPSWH TXH OD PLQLPLVDWLRQ GHV SHUWHV GH FKDOHXU SDU O¶LVRODWLRQ HW O¶pWDQFKpLWp j O¶DLU ODQFH GH QRXYHDX[ Gp¿V /D FKDOHXU QH SHXW rWUH DEVRUEpH SDU OD PDVVH WKHUPLTXH TXH VL OHV FKDUJHV WKHUPLTXHV ÀXFWXHQW OHQWHPHQW SDU O¶RFFXSDWLRQ RX SDU OH UD\RQQHPHQW VRODLUH G¶R OD QRWLRQ G¶LQHUWLH WKHUPLTXH 6L FHV FKDUJHV WKHUPLTXHV pYROXHQW UDSLGHPHQW HQ UDLVRQ G¶XQH RFFXSDWLRQ GHQVH GDQV GHV VDOOHV GH UpXQLRQ SDU H[HPSOH RX GHV JDLQV VRODLUHV pOHYpV HQ UDLVRQ GH JUDQGHV VXUIDFHV YLWUpHV OD WHPSpUDWXUH LQWpULHXUH V¶pOqYHUD SOXV UDSLGHPHQW TXH FH TXH OD PDVVH GX EkWLPHQW SRXUUD DEVRUEHU HW O¶LQVWDOODWLRQ GH FOLPDWLVDWLRQ GHYUD LQWHUYHQLU SRXU SUpYHQLU OD VXUFKDXIIH 6L OHV LQVWDOODWLRQV GRLYHQW UpDJLU UDSLGHPHQW SRXU PDLQWHQLU OH FOLPDW LQWpULHXU F¶HVW DORUV WRXW OH V\VWqPH TXL GHYLHQW GpOLFDW j UpJXOHU VXU OH SODQ WHFKQLTXH FRPPH OHV YDOHXUV G¶DMXVWHPHQW OH SODFHPHQW GH SRLQWV GH PHVXUH OHV DOJRULWKPHV GH UpJODJH« &H Q¶HVW TX¶DYHF XQ FRPPLVVLRQQLQJ FRUUHFW TXH FHWWH VHQVLELOLWp VHUD VXI¿VDPPHQW PDvWULVpH
EH SDVVLYH
O LQWpUrW GX FRPPLVVLRQQLQJ DSSOLTXp DX SDVVLI %UDP 'H 0HHVWHU $UFDGLV
8Q REVWDFOH pYHQWXHO j O¶pYDOXDWLRQ FRUUHFWH GX FOLPDW LQWpULHXU HVW OD WUDGXFWLRQ GH O¶H[LJHQFH GH VXUFKDXIIH TXL HVW XWLOLVpH SRXU GHV EkWLPHQWV WHUWLDLUHV HQ SKDVH GH SURMHW (Q HIIHW OD FHUWL¿FDWLRQ LPSRVH GH GpPRQWHU TXH GHV GpSDVVHPHQWV GH WHPSpUDWXUH DX GHVVXV GH & QH SHXYHQW SDV VXUYHQLU SHQGDQW SOXV GH GX WHPSV G¶XWLOLVDWLRQ VXU OD EDVH G¶XQH VLPXODWLRQ G\QDPLTXH SRXU XQH DQQpH FOLPDWLTXH VWDQGDUG ,O YD GH VRL TX¶HQ SUDWLTXH OHV FRQGLWLRQV DWPRVSKpULTXHV VHURQW GLIIpUHQWHV G¶XQH DQQpH FOLPDWLTXH VWDQGDUG FH TXL HQWUDvQH TXH OHV WHPSpUDWXUHV PHVXUpHV SHXYHQW GLI¿FLOHPHQW rWUH pYDOXpHV 8QH DSSURFKH LQQRYDQWH SRXUUDLW rWUH LQGXLWH SDU OD PpWKRGH GHV 9DOHXUV /LPLWHV GH 7HPSpUDWXUH $GDSWDWLYHV 9/7$ FRPPH OH SURSRVH OD SXEOLFDWLRQ QpHUODQGDLVH ,662 RX SDU GHV PpWKRGHV FRPSDUDEOHV FRPPH SDU H[HPSOH FHOOHV PHQWLRQQpHV GDQV O¶DQQH[H $ GH OD QRUPH 1%1 (1 TXL SHUPHW GH FRPSDUHU SDUIDLWHPHQW OD VLWXDWLRQ UpHOOH DYHF OHV H[LJHQFHV GH FRQIRUW 3RXU OD FRQVWUXFWLRQ SDVVLYH DXVVL XQ FRPPLVVLRQQLQJ VRLJQHX[ VXU OD EDVH GH PpWKRGHV G¶pYDOXDWLRQ FRUUHFWHV PpULWH GRQF WRXWH O¶DWWHQWLRQ YRXOXH
DUFKLWHFWXUH SDUWDJpH
([WUDLW GH O $QQH[H GH O $,(
'DQV FH QXPpUR YRXV DYH] GpMj SX IDLUH SOXV DPSOH FRQQDLVVDQFH DYHF OH SURMHW GH EXUHDX SDVVLI GH OD 900 'DQV O LQWHUYDOOH OH EkWLPHQW HVW HQ VHUYLFH GHSXLV HQYLURQ GHX[ DQV 9RXV YRXV GHPDQGH] FHUWDLQHPHQW FH EkWLPHQW IRQFWLRQQH W LO FRPPH LO VH GRLW " 'DQV FH FRXUW UDSSRUW ( WHQWH GH UpVXPHU OHV UpVXOWDWV HW OHV DFTXLV OHV SOXV LPSRUWDQWV &RQVRPPDWLRQ WRWDOH 8Q SUHPLHU UpVXOWDW LPSRUWDQW PRQWUH TXH OD FRQVRPPDWLRQ G pOHFWULFLWp HVW pWRQQDPPHQW pOHYpH N:K Pรฐ HQ /D SUpVHQFH GX VHUYHXU HVW HQ SDUWLHOOHPHQW UHVSRQVDEOH PDLV VDQV FHOXL FL OD FRQVRPPDWLRQ WRWDOH UHVWH TXDQG PrPH pOHYpH &H VRQW VXUWRXW OHV FRQVRPPDWLRQV GX YHQWLODWHXU HW GH O LQVWDOODWLRQ +9$& TXL VDXWHQW DX[ \HX[ FRPPH RQ SHXW OH YRLU DYHF OD ยฟJXUH /D IRUWH FRQVRPPDWLRQ GHV DX[LOLDLUH SRPSHV HWF GRLW HQFRUH rWUH DQDO\VpH GH SOXV SUqV &HOOH GHV YHQWLODWHXUV D pWp IRUWHPHQW UpGXLWH GqV OD ยฟQ HW FHOD JUkFH j GHX[ PHVXUHV XQH IRUWH UpGXFWLRQ GH OD GXUpH GH IRQFWLRQQHPHQW GX JURXSH GH YHQWLODWLRQ SDU GHV DGDSWDWLRQV GX UHQGHPHQW G pPLVVLRQ YRLU FL DSUqV
O DEDLVVHPHQW GX SRLQW GH FRQVLJQH SRXU OD FKXWH GH SUHVVLRQ GHV YHQWLODWHXUV &H GHUQLHU SRLQW pWDLW SRVVLEOH FDU O DQDO\VH GH OD TXDOLWp GH O DLU ยฟJXUH D PRQWUp TX LO H[LVWDLW XQH PDUJH GH PDQยฐXYUH SRXU DXJPHQWHU XQ SHX OD FRQFHQWUDWLRQ HQ &2 GDQV OHV EXUHDX[ VDQV TXH FHFL LQร XHQFH OH FRQIRUW GHV XVDJHUV /D ยฟJXUH PRQWUH TXH OHV FRQFHQWUDWLRQV HQ VRQW GRQF TXHOTXH SHX SOXV pOHYpHV PDLV UHVWHQW WRXMRXUV SOXV TXH VDWLVIDLVDQWHV
OH FRPPLVVLRQLQJ GX 900 SUHPLHUV UpVXOWDWV GX PRQLWRULQJ 5RHO 'H &RQLQFN (
&KDXIIDJH /H &RHIยฟFLHQW GH 3HUIRUPDQFH 6DLVRQQLHU &R3 GH OD SRPSH j FKDOHXU HDX HDX HVW EHDXFRXS SOXV EDV TXH FH TXL pWDLW HVFRPSWp ย HQ /D UDLVRQ SULQFLSDOH HVW LQGXELWDEOHPHQW TXH OH FKDXIIDJH D pWp UpJOp VXU XQH FRQVLJQH WHUULEOHPHQW pOHYpH HQ &HFL pWDLW QpFHVVDLUH SRXU SDOOLHU OHV SUREOqPHV GH FRQIRUW FDU LO IDLVDLW DORUV WURS IURLG GDQV OH EkWLPHQW /HV DpURWKHUPHV SODFpV DYDLHQW pWp VRXV GLPHQVLRQQpV OH IRXUQLVVHXU QยถD\DQW SDV WHQX FRPSWH GHV EDVVHV WHPSpUDWXUHV G HDX ย & $SUqV GH QRPEUHX[ pFKDQJHV LO D pWp GpFLGp GH UDFFRUGHU OD EDWWHULH GH UHIURLGLVVHPHQW H[LVWDQWH GDQV OH JURXSH GH YHQWLODWLRQ DX FLUFXLW GH FKDXIIDJH GH PDQLqUH j REWHQLU XQH SXLVVDQFH G pPLVVLRQ SOXV pOHYpH 'HSXLV ORUV OH FLUFXLW GH FKDXIIDJH D pWp j QRXYHDX UpJOp VXU SRXU ย & FH TXL GHYUDLW DSSRUWHU XQH DPpOLRUDWLRQ GX &23 j SDUWLU GH /D GHPDQGH GH FKDOHXU GX EkWLPHQW QH SHXW ELHQ HQWHQGX SDV rWUH PHVXUpH /D FRQVRPPDWLRQ GH FKDOHXU SDU FRQWUH SHXW O rWUH SDUIDLWHPHQW (Q FHWWH FRQVRPPDWLRQ WKHUPLTXH V pOHYDLW j N:K Pรฐ VXU OD EDVH GH OD VXUIDFH GH UpIpUHQFH pQHUJpWLTXH HW j N:K Pรฐ VXU OD EDVH GH OD VXUIDFH GH SODQFKHU FKDXIIp (Q SULQFLSH FHWWH YDOHXU HVW LQIpULHXUH DX[ N:K Pรฐ H[LJpV SRXU OHV EXUHDX[ SDVVLIV ลน
ยฟJXUH 'LVWULEXWLRQ GH OD FRQVRPPDWLRQ G pOHFWULFLWp SRXU
ยฟJXUH +LVWRJUDPPH FXPXODWLI GH OD FRQFHQWUDWLRQ HQ &2 GDQV OHV GHX[ HVSDFHV GH EXUHDX OHV SOXV LPSRUWDQWV
DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
&RQIRUW /H FRQIRUW HVWLYDO GDQV OH EkWLPHQW D VXUSULV SDU VD TXDOLWp &¶HVW HQ HIIHW VXUSUHQDQW FDU OH EkWLPHQW DYDLW pWp FRQoX LQLWLDOHPHQW SRXU FLQT SRVWHV GH WUDYDLO DORUV TX RQ HQ FRPSWH TXLQ]H DXMRXUG KXL /HV PHVXUHV SRXVVpHV TXL RQW pWp SULVHV GDQV OH SURMHW SRXU DVVXUHU XQ FRQIRUW HVWLYDO GH SUHPLHU SODQ OH SURMHW D pWp UpDOLVp HQ VH EDVDQW VXU GHV VLPXODWLRQV GH SpULRGHV GH FDQLFXOH GRQQHQW GRQF OHXUV IUXLWV DXMRXUG KXL /D ¿JXUH LQGLTXH TXH OD WHPSpUDWXUH Q¶HVW MDPDLV VXSpULHXUH j & GDQV OHV EXUHDX[ HW TXH OH QRPEUH G KHXUHV VXSpULHXUHV j & HVW VRXV FRQWU{OH
(Q JXLVH GH FRQFOXVLRQ &KDTXH EkWLPHQW V¶pFDUWH GH OD VLWXDWLRQ SURMHWpH j FDXVH GH GLI¿FXOWpV GH UpJODJH 'DQV OH EXUHDX SDVVLI GH OD 900 OD UpFHSWLRQ Gp¿QLWLYH D pWp SRVWSRVpH MXVTX j FH TXH WRXV FHV SUREOqPHV DLHQW pWp UpVROXV *UkFH DX VXLYL OHV SHUIRUPDQFHV GX EkWLPHQW RQW SX rWUH GpPRQWUpHV HW DQDO\VpHV REMHFWLYHPHQW 5HPpGLHU DX[ SUREOqPHV Q D MDPDLV pWp XQH WkFKH IDFLOH PDLV WRXWHV OHV SDUWLHV pWDLHQW FRQYDLQFXHV TX LO IDOODLW UpVHUYHU OD UpFHSWLRQ MXVTX j FH TXH OH EkWLPHQW IRQFWLRQQH FRPPH SUpYX $ FHW pJDUG O DQQpH GLUD VL QRXV DYRQV UpXVVL $ OD UHTXrWH H[SUHVVH GX PDvWUH GH O RXYUDJH TXL YHXW DLQVL FRQWULEXHU j FDSLWDOLVHU OHV FRQQDLVVDQFHV VXU OD FRQVWUXFWLRQ SDVVLYH OHV UpVXOWDWV GH O DQDO\VH VRQW PLV FKDTXH DQQpH j GLVSRVLWLRQ GX SXEOLF 9RXV SRXYH] WpOpFKDUJHU JUDWXLWHPHQW VXU ZZZ H HX OH UDSSRUW GH PrPH TX XQ HQVHPEOH G LQIRUPDWLRQV VXU OH SURMHW GX EkWLPHQW HW GHV GRQQpHV GH PHVXUHV EUXWHV Ź
5pJLPH G pWp
( HVW XQ EXUHDX G pWXGHV VSpFLDOLVp GDQV OHV pFRQRPLHV G pQHUJLH HW OHV pQHUJLHV UHQRXYHODEOHV ( D FRQoX HW UpDOLVp OH FRQFHSW pQHUJpWLTXH GX EXUHDX SDVVLI GH OD 900 HW DVVXUp SHQGDQW DQV OH VXLYL GHV SHUIRUPDQFHV pQHUJpWLTXHV HW GX FRQIRUW GDQV OH EkWLPHQW ZZZ H HX &HWWH H[LJHQFH D WUDLW j OD VXUIDFH GH UpIpUHQFH pQHUJpWLTXH WHO TXH GpWHUPLQp GDQV OH FDOFXO 3+33 3RXU SRXYRLU FRPSDUHU OD FRQVRPPDWLRQ HW OH EHVRLQ G¶pQHUJLH XQ UHQGHPHQW GH HVW VXSSRVp FDUDFWpULVHU OD UpJXODWLRQ OD GLVWULEXWLRQ O pPLVVLRQ
EH SDVVLYH
DUFKLWHFWXUH SDUWDJpH
0$57(16 /8& 635/ 0(18,6(5,( *(1(5$/( /D VHXOH HQWUHSULVH GH PHQXLVHULH SDVVLYH HQ %HOJLTXH TXL FRQoRLW HW SURGXLW VHV SURSUHV FKkVVLV HW SRUWHV UpSRQGDQW DX[ FULWqUHV SDVVLIV FDOFXOpV SDU O 8QLYHUVLWp GH *DQG D¿Q GH VXLYUH OHV QRUPHV DOOHPDQGHV 1RXV SURGXLVRQV GHV FKkVVLV VXU PHVXUH HQ ERLV HW ERLV DOXPLQLXP /D SRVH GHV IHQrWUHV HW GHV SRUWHV HVW UpDOLVpH SDU GHV SURIHVVLRQQHOV H[SpULPHQWpV FH TXL SHUPHW G¶pYLWHU OHV PDOHQWHQGXV 3RXU OD SRVH GH YLWUDJH QRXV IDLVRQV DSSHO j XQH ¿UPH SURIHVVLRQQHOOH TXL HVW pTXLSpH SRXU SODFHU FRUUHFWHPHQW DXVVL ELHQ GHV SHWLWV TXH GHV JUDQGV IRUPDWV GH YHUUH MXVTX DX[ GLPHQVLRQV GH PP [ PP 9RXV SRXYH] pJDOHPHQW YRXV DGUHVVHU j QRXV SRXU OHV VWRUHV ¿QLWLRQV LQWpULHXUHV HW H[WpULHXUHV VHXLOV DOX YROHWV HWF 7RXWHV QRV SUR¿OpV VRQW WKHUPRODTXpV GDQV QRV SURSUHV DWHOLHUV &H TXL SUpVHQWH G¶pQRUPHV DYDQWDJHV HQ WHUPHV GH TXDOLWp HW GH GpODL 7RXWHV OHV FRXOHXUV 5$/ HW 1&6 VRQW GLVSRQLEOHV DLQVL TXH OHV WUDQVSDUHQWHV RX FRPELQDLVRQV VXLYDQW SRVVLELOLWpV /H FOLHQW GLVSRVH DXVVL G XQH YDVWH JDPPH GH PRGqOHV GH SRLJQpHV GH IHQrWUHV HW GH SRUWHV 1RXV SURSRVRQV pJDOHPHQW DX[ SUHVFULSWHXUV HW DX[ FOLHQWV XQ VXSSRUW WHFKQLTXH SRXU OHV GpWDLOV GHVFULSWLIV HW SRVVLELOLWpV FRQVWUXFWLYHV GHV SURMHWV
0DUWHQV /XF EYED 7HUGRQNSOHLQ 7HUGRQN *DQG
7 ) 7 ZZZ VFKULMQZHUNHULMPDUWHQVOXF EH PDUWOXF#VN\QHW EH
WR EH LV WR GR
WR GR LV WR EH
GR EH GR EH GR 6RFUDWH
-HDQ 3DXO 6DUWUH
)UDQN 6LQDWUD
(QYLH GH FRPPXQLTXHU" &RQWDFWH] OD UpJLH SXEOLFLWDLUH GH EH SDVVLYH &KDXIRXU 'pYHORSSHPHQW VSUO <YHV GH 6FKDHW]HQ \YHV#PDFVWUDW EH DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
6L OHV DVSHFWV WHFKQLTXHV GHV LQVWDOODWLRQV GH YHQWLODWLRQ HW GHV VWUDWpJLHV GH UDIUDvFKLVVHPHQW SDVVLI VRQW ELHQ PDvWULVpV SDU GH QRPEUHX[ EXUHDX[ G¶pWXGH LOV UHVWHQW HQFRUH VRXYHQW PpFRQQXV GHV XWLOLVDWHXUV ,O Q¶HVW G¶DLOOHXUV SDV UDUH TXH GH WHOV V\VWqPHV ELHQ TX¶LQWpJUpV GDQV OD FRQFHSWLRQ GHV SURMHWV HW HQWLqUHPHQW UpDOLVpV QH IRQFWLRQQHQW SDV j OD OLYUDLVRQ GHV EkWLPHQWV &HUWDLQV GHV SUHPLHUV JUDQGV EkWLPHQWV QRQ UpVLGHQWLHOV SDVVLIV RQW UpXVVL j WUDYHUVHU DYHF OHV KRQQHXUV OHXU SUHPLHU KLYHU HW OHXU SUHPLHU pWp PDLV SDUIRLV VDQV SRXYRLU XWLOLVHU WRXV OHXUV DWRXWV /HV PRQLWRULQJV GH O¶pFROH GX %LpUHDX j /RXYDLQ OD 1HXYH RQW UpFHPPHQW PRQWUp TXH VL OH EkWLPHQW Q¶D SDV VRXIIHUW GH VXUFKDXIIH HQ MXLOOHW F¶HVW VDQV DYRLU SX FRPSWHU VXU OD IRQFWLRQ QLJKW FRROLQJ LQLWLDOHPHQW SUpYXH PDLV QRQ DFWLYpH SDU OH V\VWqPH GH JHVWLRQ WHFKQLTXH FHQWUDOLVpH (OOH HVW DXMRXUG¶KXL HQ VHUYLFH 'H WHOV PRQLWRULQJV VRQW GRQF VRXYHQW UpYpODWHXUV HW WRXMRXUV WUqV LQVWUXFWLIV SRXU FRPSUHQGUH HW JpUHU OH FRQIRUW HW OD FRQVRPPDWLRQ G¶pQHUJLH GHV EkWLPHQWV DSUqV OHXU PLVH HQ URXWH /HV FRQFOXVLRQV TX¶LOV SHUPHWWHQW GH WLUHU FRQWULEXHQW pJDOHPHQW j OD FDSLWDOLVDWLRQ G¶XQ QRXYHDX VDYRLU VXU FH SDVVLI QRQ UpVLGHQWLHO VL GLIIpUHQW GHV PDLVRQV SDVVLYHV (OOHV FRQWULEXHUDLHQW DLQVL j UpGXLUH OD SpULRGH GH URGDJH SRXU OHV SURMHWV QRQ PRQLWRUpV TXL FRPPH OH UDSSHODLW (ULF 6SLHVVHQV UHVSRQVDEOH GHV EXUHDX[ $pURSROLV ,, j %UX[HOOHV FRXYUHQW DX PRLQV OD SUHPLqUH DQQpH G¶XWLOLVDWLRQ 8Q DXWUH DVSHFW LPSRUWDQW SRXU OH ERQ IRQFWLRQQHPHQW GHV EkWLPHQWV SDVVLIV HVW OD SULVH GH FRQVFLHQFH GHV RFFXSDQWV TXDQW
DX[ VSpFL¿FLWpV GH OD FRQVWUXFWLRQ SDVVLYH HW OHXUV pYHQWXHOOHV FRQVpTXHQFHV VXU OHXU FRPSRUWHPHQW $ PD FRQQDLVVDQFH LO Q¶H[LVWH SDV HQFRUH G¶RXWLO GHVWLQp DX[ RFFXSDQWV G¶XQ QRXYHDX EkWLPHQW GH EXUHDX[ SDVVLIV &¶HVW GDQV OH UpVLGHQWLHO DYHF OH WUDYDLO GH O¶DUFKLWHFWH 'DPLHQ &DUQR\ DXWRXU GX SURMHW /¶(VSRLU TXH OH SUHPLHU PRGH G¶HPSORL D pWp UpDOLVp HW VRXPLV j O¶pSUHXYH GHV XVDJHUV &H JXLGH pFODLUH OHV RFFXSDQWV VXU GHV SRLQWV G¶DWWHQWLRQ VSpFL¿TXHV GRQW FHUWDLQV ± PDLV SDV WRXV ± VRQW OLpV DX FDUDFWqUH SDVVLI GH OHXU ORJHPHQW 8Q FRGH GH FRXOHXU WUqV SUDWLTXH GLVWLQJXH OHV DFWLRQV UHFRPPDQGpHV YRLUH REOLJDWRLUHV GHV FRQVHLOV JpQpUDX[ IDYRULVDQW O¶pFRQRPLH G¶pQHUJLH HW GHV DFWLRQV GpFRQVHLOOpHV YRLUH IUDQFKHPHQW LQWHUGLWHV 6RQW DLQVL SDVVpHV HQ UHYXH HW HQ SDJHV OHV GLIIpUHQWHV SDURLV VHORQ TX¶HOOHV VRQW FULWLTXHV SRXU O¶LVRODWLRQ HW O¶pWDQFKpLWp j O¶DLU HQ SDURL H[WpULHXUH SDU H[HPSOH RX QRQ WRXV OHV PRGHV GH ¿[DWLRQ G¶REMHWV RX G¶pWDJqUHV GDQV OHV SDURLV VRQW GpFULWV GDQV XQH DQQH[H /HV EHVRLQV GH YHQWLODWLRQ VRQW H[SOLTXpV DX[ KDELWDQWV DLQVL TXH OD SURFpGXUH G¶HQWUHWLHQ GH O¶LQVWDOODWLRQ ¿OWUH UpJODJH GHV ERXFKHV HWF HW OH IRQFWLRQQHPHQW GH OD UpJXODWLRQ GX FKDXIIDJH YLD OD YHQWLODWLRQ 'HV FRQVHLOV VRQW pJDOHPHQW DSSRUWpV DX[ RFFXSDQWV SRXU IDYRULVHU OH UDIUDvFKLVVHPHQW QRFWXUQH HQ pWp /H *XLGH IDPLOLDULVH HQFRUH OHV KDELWDQWV DYHF OHV FDUDFWpULVWLTXHV GHV IHQrWUHV OHV KRWWHV j UHFLUFXODWLRQ j FKDUERQ DFWLI OD JHVWLRQ GHV DERUGV SODQWHV JULPSDQWHV HWF 7RXV FHV FRQVHLOV UpSRQGHQW DLQVL DX GHYRLU GH FRQVHLO GH O¶DUFKLWHFWH HW FRXYUHQW pJDOHPHQW GHV pOpPHQWV FRQVWLWXWLIV GX 'RVVLHU G¶,QWHUYHQWLRQ 8OWpULHXUH &H *XLGH HVW pJDOHPHQW O¶RFFDVLRQ GH UDVVHPEOHU G¶DXWUHV VSpFL¿FLWpV GX EkWLPHQW FRPPH OHV FDUDFWpULVWLTXHV GH VRQ SDUHPHQW GH FqGUH OH IRQFWLRQQHPHQW GHV FLWHUQHV HW GH O¶HDX FKDXGH VDQLWDLUH VRODLUH OD FRPSRVLWLRQ GH OD WRLWXUH YHUWH HWF ,O V¶DJLW G¶XQ ZRUN LQ SURJUHVV WRXWH UpDFWLRQ HVW OD ELHQYHQXH SRXU DVVXUHU OD PRQWpH HQ JpQpUDOLWp GH FH JHQUH G¶LQLWLDWLYH '¶DLOOHXUV OHV KDELWDQWV GH O¶(VSRLU HQ RQW UpDOLVp XQH YHUVLRQ VLPSOL¿pH PRLQV WHFKQLTXH HW LOOXVWUpH /H *XLGH HVW WpOpFKDUJHDEOH VXU OH VLWH ZZZ FDUQR\ FUD\RQ EH ! ORJHPHQWV FROOHFWLIV ! /¶(VSRLU
SDVVLI UHFKHUFKH PRGH G¶HPSORL %HUQDUG 'HSUH] 8/%
YRLU EH SDVVLYH S YRLU EH SDVVLYH S HW O¶DUWLFOH GH %UDP 'H 0HHVWHU S YRLU EH SDVVLYH S 9RLU j FHW pJDUG OD UXEULTXH DQJOH GURLW HQWDPpH j SDUWLU GX EH SDVVLYH S
EH SDVVLYH
DUFKLWHFWXUH SDUWDJpH
FRPPHQW DPpOLRUHU O LQGLFH ( JUkFH j OD UHFRQQDLVVDQFH GH FRQFHSWV LQQRYDQWV " %UDP 'H 0HHVWHU $UFDGLV
3RXU TXL HVW IDPLOLDULVp DYHF OD PpWKRGH 3(% ULHQ GH QRXYHDX VRXV OH VROHLO GHV FRQFHSWV LQQRYDQWV QRXV SDUORQV DORUV GH YHQWLODWLRQ QRFWXUQH GH SXLWV FDQDGLHQ GH UHIURLGLVVHPHQW
DGLDEDWLTXH GH YHQWLODWLRQ j OD GHPDQGH HWF QH SHXYHQW SDV rWUH YDORULVpV RX QH SHXYHQW O¶rWUH TXH SDUWLHOOHPHQW SDU OH FDOFXO GH O¶LQGLFH ( FHFL FRQWUDLUHPHQW j O¶DSSURFKH 3+33 TXL RIIUH SOXV GH SRVVLELOLWpV VXU FH SODQ 1RXV YR\RQV GRQF GH SOXV HQ SOXV VRXYHQW TXH OHV UpVXOWDWV GH O¶LQGLFH ( QH VRQW SDV FRKpUHQWV DYHF OHV UpVXOWDWV 3+33 $ORUV TXH FHFL QH SRVDLW TXH SHX GH SUREOqPHV SUpFpGHPPHQW pWDQW GRQQp TXH OH PDvWUH GH O¶RXYUDJH DWWDFKDLW VXUWRXW GH OD YDOHXU j VRQ REMHFWLI GH PDLVRQ SDVVLYH FHFL GHYLHQW SOXV SpQLEOH DX IXU HW j PHVXUH TXH O¶LQGLFH ( REWLHQW XQ LPSDFW SOXV LPSRUWDQW GDQV OHV QpJRFLDWLRQV FRPPHUFLDOHV SRXU O¶REWHQWLRQ GH VXEVLGHV FRPPH LQGLFDWHXU GH FRQVRPPDWLRQ G¶pQHUJLH GDQV GHV VFRUHV GH GXUDELOLWp SOXV ODUJHV FRPPH %5(($0 'DQV O¶pYROXWLRQ HQ GLUHFWLRQ GH EkWLPHQWV TXDVL QHXWUHV HQ pQHUJLH FHFL GHYLHQGUD HQFRUH SOXV LPSRUWDQW j O¶DYHQLU %LHQ TXH FHFL VRLW HQFRUH SHX DSSOLTXp OHV UpJLRQV DXWRULVHQW XQH YDORULVDWLRQ GH FRQFHSWV LQQRYDQWV HQ PDWLqUH GH SURMHW IÂ&#x20AC;W FH YLD XQH SURFpGXUH WUqV H[LJHDQWH TXL GLIIqUH G¶XQH UpJLRQ j O¶DXWUH '¶DXWUH SDUW XQH DPpOLRUDWLRQ IRQGDPHQWDOH GHYUDLW rWUH LPPLQHQWH j OD GHPDQGH GH OD 5%& XQ FRQVRUWLXP G¶RUJDQLVPHV GH UHFKHUFKH WHQWH YLD O¶pWXGH (3,&22/ G¶LQWpJUHU XQ FHUWDLQ QRPEUH GH FRQFHSWV LQQRYDQWV GDQV OH FDOFXO 0DLV TX¶HQ HVW LO GHV LQQRYDWLRQV GH GHPDLQ " 8QH DSSURFKH pYHQWXHOOH FRQVLVWH j UHQGUH RSWLRQQHOOH O¶pWXGH GH IDLVDELOLWp LQWpJUpH FRPPH RQ O¶LPSRVH GpMj DXMRXUG¶KXL GDQV OD 5%& SRXU GH JUDQGV SURMHWV SOXV GH Pð SRXU G¶DXWUHV SURMHWV GDQV OHVTXHOV OD VLPXODWLRQ G\QDPLTXH SHUPHW GH FRQVWDWHU XQH pFRQRPLH SDU UDSSRUW j XQH VLWXDWLRQ GH UpIpUHQFH TXL HVW GLUHFWHPHQW UHSULVH GDQV O¶LQGLFH ( &H Q¶HVW TXH SDU XQH DSSURFKH SUDJPDWLTXH TXH O¶RQ SHXW HPSrFKHU TXH OH FDOFXO GH O¶LQGLFH ( QH GHYLHQQH XQ IUHLQ j O¶DSSOLFDWLRQ GH WHFKQLTXHV LQQRYDQWHV
LQWHUYLHZ G¶$ODLQ %RVVDHU $UFDGLV EH SDVVLYH 4XHOV VRQW OHV HQVHLJQHPHQWV TX RQ SHXW WLUHU GHV SUHPLHUV SURMHWV GH JUDQGV EkWLPHQWV SDVVLIV " $ODLQ %RVVDHU /D FRQFOXVLRQ OD SOXV LPSRUWDQWH GRLW rWUH TXH OD FRQVWUXFWLRQ SDVVLYH HVW XQH pYROXWLRQ UpDOLVDEOH HW ORJLTXH QRWDPPHQW j OD OXPLqUH GHV EkWLPHQWV j pQHUJLH TXDVL QXOOH j YHQLU YHUV OHVTXHOV QRXV GHYRQV QRXV GLULJHU GDQV PRLQV GH GL[ DQV %LHQ HQWHQGX QRXV DYRQV GÂ&#x20AC; FRQVWDWHU TXH WRXV OHV DFWHXUV UpXQLV DXWRXU GX SURMHW GH O¶DUFKLWHFWH MXVTX¶j O¶HQWUHSUHQHXU HQ SDVVDQW SDU O¶LQJpQLHXU GRLYHQW VH UHF\FOHU
VXU GHV DVSHFWV TXL QH UHWHQDLHQW DXSDUDYDQW DXFXQHPHQW OHXU DWWHQWLRQ SRQWV WKHUPLTXHV pWDQFKpLWp j O¶DLU GX UDFFRUGHPHQW HWF /D FRPPXQLFDWLRQ HW OD FRRUGLQDWLRQ UHVWHQW LQGLVSHQVDEOHV j FHW HIIHW HW FHOD GHSXLV OH SUHPLHU FURTXLV OHV GpFLVLRQV GX PDvWUH GH O¶RXYUDJH j SURSRV GHV H[LJHQFHV G¶RFFXSDWLRQ HW GHV FULWqUHV GH FRQIRUW OHV FKRL[ DUFKLWHFWXUDX[ FRQFHUQDQW OHV RULHQWDWLRQV HW O¶RUGRQQDQFH GH OD IDoDGH OHV FRQFHSWV WHFKQLTXHV SRXU OH UHIURLGLVVHPHQW HW OH FKDXIIDJH HW OHV PRGHV G¶H[pFXWLRQ SRVVLEOHV GRLYHQW IRQFWLRQQHU GDQV OD PrPH GLUHFWLRQ SRXU OD FRQVWUXFWLRQ SDVVLYH 3RXU OHV JUDQGV EkWLPHQWV HQ SDUWLFXOLHU LO HVW VRXYHQW SOXV VLPSOH JUkFH j OHXU FRPSDFLWp LQKpUHQWH G¶DWWHLQGUH OH SDVVLI SRXU OH FKDXIIDJH HW O¶pWDQFKpLWp j O¶DLU LO H[LVWH GH SOXV HQ SOXV G¶H[HPSOHV GH EkWLPHQWV SDVVLIV pTXLSpV G¶XQ GRXEOH YLWUDJH j KDXW UHQGHPHQW HQ OLHX HW SODFH G¶XQ WULSOH YLWUDJH ,O HQ UpVXOWH QpDQPRLQV TXH OD SUREOpPDWLTXH GH OD VXUFKDXIIH VH SUpVHQWH GH PDQLqUH SOXV FODLUH HW GRLW rWUH pWXGLpH Ź
DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
DWWHQWLYHPHQW 3HXW rWUH GHYRQV QRXV DXVVL QXDQFHU OD GpQRPLQDWLRQ JUDQGV SURMHWV SDVVLIV DYHF VHV Pð VXUIDFH QHWWH GH SODQFKHU LO HVW YUDL $HURSROLV ,, QH SHXW SOXV ELHQ HQWHQGX rWUH TXDOL¿p GH SHWLWH PDLVRQ SDVVLYH PDLV VHORQ OHV QRUPHV GX PDUFKp LPPRELOLHU EUX[HOORLV FHFL UHVWH SURYLVRLUHPHQW GH OD SHWLWH ELqUH 'DQV FH FRQWH[WH QRXV YR\RQV VH PDQLIHVWHU XQ HIIHW VHFRQGDLUH TXH O¶RQ SRXUUD j WRXW OH PRLQV TXDOL¿HU G¶LURQLTXH HQ UDLVRQ GX EHVRLQ HQ pQHUJLH H[WUrPHPHQW EDV HQ FKDXIIDJH HW HQ UHIURLGLVVHPHQW OH UHFRXUV DX[ pQHUJLHV UHQRXYHODEOHV D DFWXHOOHPHQW UDUHPHQW XQ VHQV pFRQRPLTXH HQ FRQVWUXFWLRQ SDVVLYH %LHQ TXH FHV pQHUJLHV UHQRXYHODEOHV GDQV OHV EkWLPHQWV SDVVLIV UHSUpVHQWH O¶pWDSH VXLYDQWH YHUV XQH VLWXDWLRQ TXDVL QHXWUH HQ pQHUJLH LO IDXGUD HQFRUH DWWHQGUH XQ HIIHW G¶pFKHOOH GHV V\VWqPHV SOXV FROOHFWLIV RX XQH LQQRYDWLRQ WHFKQRORJLTXH SRXU TXH FHFL DLW GX VHQV EH SDVVLYH < D W LO XQH GHX[LqPH JpQpUDWLRQ GH SURMHWV TXL WLUH OHV HQVHLJQHPHQWV GH OD SUHPLqUH " $ODLQ %RVVDHU ,O HVW pYLGHPPHQW TXHVWLRQ G¶XQH GHX[LqPH JpQpUDWLRQ GH SURMHWV GH FRQVWUXFWLRQ SDVVLYH $XSDUDYDQW OH PDvWUH G¶RXYUDJH G¶XQ EkWLPHQW SDVVLI HQ pWDLW JpQpUDOHPHQW DXVVL O¶XWLOLVDWHXU ¿QDO FRPPH OHV EXUHDX[ GH &,7 %ODWRQ RX GX SRUW GH *DQG HW OHV DYDQWDJHV pFRQRPLTXHV VRQW FHOD YD GH VRL GLUHFWHPHQW SHUWLQHQWV VXU OH ORQJ WHUPH $XMRXUG¶KXL GHV SURPRWHXUV GH FRQVWUXFWLRQ RX GHV SRUWHXUV GH SURMHWV SUHQQHQW H[HPSOH VXU OH PDUFKp GH OD SURPRWLRQ HW VDXWHQW pJDOHPHQW GDQV OH WUDLQ HQ PDUFKH &HV DFWHXUV FRPPHUFLDX[ QH
VHPEOHQW GRQF SDV DWWHQGUH TXH OHV EkWLPHQWV SXEOLFV SUpVHQWHQW XQH IRQFWLRQ H[HPSODLUH PDLV YRLHQW VXI¿VDPPHQW G¶DYDQWDJHV SRXU UpDOLVHU XQH FRQVWUXFWLRQ SDVVLYH \ FRPSULV GDQV XQH VLWXDWLRQ pFRQRPLTXH GLI¿FLOH 'H PrPH OHV DSSURFKHV SOXV ODUJHV GH OD GXUDELOLWp FRPPH RQ OHV UHWURXYH GDQV GHV V\VWqPHV GH FHUWL¿FDWLRQ FRPPH %5(($0 VHPEOHQW SHUFHU GDQV OHV SURMHWV GH OD GHX[LqPH JpQpUDWLRQ 'DQV FH FRQWH[WH GHV SDUDOOqOHV LPSRUWDQWV SHXYHQW rWUH PLV HQ pYLGHQFH HQWUH OHV H[LJHQFHV GH FHV ODEHOV VXU OH SODQ GHV pFRQRPLHV G¶pQHUJLH HW OHV EkWLPHQWV SDVVLIV TXL VRXYHQW YRQW DXVVL XQ SDV SOXV ORLQ VXU OH SODQ GX FKRL[ GHV PDWpULDX[ HW GHV pQHUJLHV UHQRXYHODEOHV '¶DXWUH SDUW FHUWDLQHV H[LJHQFHV GH FRQIRUW SDU H[HPSOH GHV GpELWV GH YHQWLODWLRQ SOXV pOHYpV HW OH OD UpJXODWLRQ LQGLYLGXHOOH GHV LQVWDOODWLRQV VXVFLWHQW TXHOTXHV IURQFHPHQWV GH VRXUFLOV GDQV OHV PLOLHX[ SDVVLIV SDUFH TX¶HOOHV HQWUHQW HQ FRQÀLW DYHF OHV pFRQRPLHV G¶pQHUJLH DWWHQGXHV ,O IDXW GRQF UHFKHUFKHU XQ QRXYHO pTXLOLEUH GDQV OH FRQFHSW SDVVLI /H VWDQGDUG GHYLHQW DGXOWH Ŷ
]pUR pQHUJLH XQ REMHFWLI DXGDFLHX[ " %UDP 'H 0HHVWHU $UFDGLV
EH SDVVLYH
DUFKLWHFWXUH SDUWDJpH
/D FRQVRPPDWLRQ GHV EkWLPHQWV UpVLGHQWLHOV HW WHUWLDLUHV UHSUpVHQWH GH QRWUH IDFWXUH pQHUJpWLTXH &¶HVW GDQV FH FRQWH[WH TXH OHV FRQVWUXFWLRQV SDVVLYHV HW ]pUR pQHUJLH V¶DI¿FKHQW SURJUHVVLYHPHQW FRPPH XQH DOWHUQDWLYH LQFRQWRXUQDEOH (Q %HOJLTXH OH FRQFHSW GH EkWLPHQW SDVVLI HVW FRQQX HW GpFULW j O¶DLGH GH Gp¿QLWLRQV SURYHQDQW HQWUH DXWUH GX VWDQGDUG 3DVVLYKDXV HQ $OOHPDJQH 5DSSHORQV TXH FH EkWLPHQW j IDLEOH FRQVRPPDWLRQ G pQHUJLH QH QpFHVVLWH SDV GH V\VWqPHV GH FKDXIIDJH FRQYHQWLRQQHOV RX GH UDIUDvFKLVVHPHQW DFWLIV OHV DSSRUWV SDVVLIV VRODLUHV HW LQWHUQHV HW OHV V\VWqPHV GH YHQWLODWLRQ VXI¿VHQW j PDLQWHQLU XQ DPELDQFH
OH SOXV JUDQG EkWLPHQW SDVVLI DX PRQGH Pð 6WXHFKHOOL DUFKLWHFWV
LQWpULHXUH FRQIRUWDEOH WRXWH O DQQpH &H FRQFHSW LQFOXW pJDOHPHQW XQH UpGXFWLRQ GHV EHVRLQV HQ pOHFWULFLWp VSpFL¿TXH 'DQV OH FDGUH G¶XQ EkWLPHQW QRQ UpVLGHQWLHO OD FHUWL¿FDWLRQ SDVVLYH LPSOLTXH QRQ VHXOHPHQW GHV UpVXOWDWV DX QLYHDX GX FKDXIIDJH HW GH O¶pWDQFKpLWp PDLV pJDOHPHQW SRXU OH UHIURLGLVVHPHQW HW OD FRQVRPPDWLRQ WRWDOH GX EkWLPHQW /H FRQFHSW GH EkWLPHQW =pUR pQHUJLH pYRTXp SDU GLIIpUHQWHV DSSURFKHV JOREDOHV TXL SUHQQHQW HQ FRPSWH XQ JUDQG QRPEUH G¶LQWHUDFWLRQV GX EkWLPHQW DYHF VRQ HQYLURQQHPHQW Q¶D FHSHQGDQW HQFRUH MDPDLV pWp SUpFLVpPHQW Gp¿QL (Q %HOJLTXH VXU EDVH G¶XQH DSSURFKH SXUHPHQW pQHUJpWLTXH RQ SHXW FHSHQGDQW UHWHQLU OHV GHX[ FRQFHSWV VXLYDQWV /H FRQFHSW GH EkWLPHQW =pUR pQHUJLH 6XU XQH DQQpH GRQQpH GH VD SKDVH G¶H[SORLWDWLRQ XQ EkWLPHQW DVVXUDQW XQ XVDJH QRQ UpVLGHQWLHO HVW j ]pUR pQHUJLH VL HW VHXOHPHQW VL O¶pQHUJLH WRWDOH H[SRUWpH SDU OH EkWLPHQW HVW DX PLQLPXP pJDOH DX EHVRLQ pQHUJpWLTXH WRWDO LPSRUWp SDU OH EkWLPHQW /H ELODQ LQWqJUH DXVVL OHV SDUWLHV DQQH[HV GX EkWLPHQW ORUVTX¶HOOHV SDUWLFLSHQW DX[ IRQFWLRQV SRXU OHVTXHOOHV LO HVW FRQoX ORFDO WHFKQLTXH FDYH JDUDJH HWF &HWWH Gp¿QLWLRQ V¶DSSXLH GRQF VXU XQH DSSURFKH G¶pTXLOLEUH pQHUJpWLTXH ORFDO (Q G¶DXWUHV PRWV OHV EHVRLQV GX EkWLPHQW HQ pQHUJLH SULPDLUH OLpV DX FKDXIIDJH DX UHIURLGLVVHPHQW j O¶pFODLUDJH HW DX[ DX[LOLDLUHV GRLYHQW GRQF rWUH FRPSHQVpV SDU XQH SURGXFWLRQ G¶pQHUJLH UHQRXYHODEOH /HV IDFWHXUV GH FRQYHUVLRQ HQ pQHUJLH SULPDLUH VRQW FHX[ GH OD 3(% /H FRQFHSW GH EkWLPHQW 1HDUO\ =pUR (QHUJLH 6XU XQH DQQpH GRQQpH GH VD SKDVH G¶H[SORLWDWLRQ XQ EkWLPHQW DVVXUDQW XQ XVDJH QRQ UpVLGHQWLHO HVW j 1HDUO\ ]pUR pQHUJLH VL HW VHXOHPHQW VL O¶pQHUJLH WRWDOH H[SRUWpH SDU OH EkWLPHQW HVW DX PLQLPXP pJDOH DX EHVRLQ
pQHUJpWLTXH OLp DX FKDXIIDJH HW UHIURLGLVVHPHQW GX EkWLPHQW (Q G¶DXWUHV PRWV OHV EHVRLQV HQ pQHUJLH SULPDLUH OLpV DX FKDXIIDJH HW DX UHIURLGLVVHPHQW GRLYHQW rWUH FRPSHQVpV SDU XQH SURGXFWLRQ HQ pQHUJLH UHQRXYHODEOH &H FRQFHSW HVW GRQF LGHQWLTXH DX FRQFHSW =pUR pQHUJLH j O¶H[FHSWLRQ GH OD SULVH HQ FRPSWH GHV FRQVRPPDWLRQV pOHFWULTXHV GHV pFODLUDJHV HW GHV DX[LOLDLUHV GDQV OH FDOFXO GH OD FRQVRPPDWLRQ SULPDLUH &HV EHVRLQV HQ pQHUJLH SULPDLUH VRQW FDOFXOpV YLD OH ORJLFLHO 3+33 'DQV FHW HQVHPEOH OH EkWLPHQW =pUR pQHUJLH UHSUpVHQWH GRQF OH QLYHDX GH SHUIRUPDQFH OH SOXV pOHYp ,O SHXW FRQVWLWXHU O¶XQH GHV UpSRQVHV SRVVLEOHV DX[ Gp¿V pQHUJpWLTXHV HW HQYLURQQHPHQWDX[ G¶DXMRXUG¶KXL 3RXUWDQW LO HVW HQFRUH SHX FRQQX HW SHX PLV HQ °XYUH /H ELODQ ]pUR pQHUJLH GRLW rWUH FRQVLGpUp DYDQW WRXW FRPPH XQ REMHFWLI DXGDFLHX[ GH FRQFHSWLRQ 3UHQRQV O¶H[HPSOH G¶XQ SHWLW EkWLPHQW W\SH EXUHDX GRQW OD VXUIDFH GH UpIpUHQFH Ź DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
pQHUJpWLTXH VHUDLW GH O¶RUGUH GH Pð VRLW GHX[ IRLV FHOOH GX EkWLPHQW 900 ,PDJLQRQV TXH FH EkWLPHQW HVW FRQoX GH PDQLqUH WHOOH TXH Â&#x2021; /D FRQVRPPDWLRQ GH FKDXIIDJH HVW LQIpULHXUH j N:K Pð DQ O¶HQYHORSSH SDVVLYH GX EkWLPHQW SHUPHWWUDLW GH OLPLWHU OHV EHVRLQV GH FKDXIIDJH j N:K Pð DQ TXL SRXUUDLHQW rWUH UHQFRQWUpV j O¶DLGH G¶XQH SRPSH j FKDOHXU FRQVRPPDQW N:K Pð DQ G¶pOHFWULFLWp Â&#x2021; /H UHIURLGLVVHPHQW HVW LQIpULHXU j N:K Pð DQ OD PLVH HQ SODFH GH VWUDWpJLHV GH UHIURLGLVVHPHQW SDVVLI FRPPH OH QLJKW FRROLQJ RX OH UHIURLGLVVHPHQW DGLDEDWLTXH SHUPHWWDQW G¶REWHQLU FH W\SH GH UpVXOWDW Â&#x2021; /D FRQVRPPDWLRQ G¶pFODLUDJH DUWL¿FLHO HVW LQIpULHXUH j N:K Pð DQ Â&#x2021; /D FRQVRPPDWLRQ GHV DX[LOLDLUHV HVW LQIpULHXUH j N:K Pð DQ /D FRQVRPPDWLRQ pQHUJpWLTXH GX EkWLPHQW V¶pOqYH DORUV j N:K Pð DQ /D PLVH HQ SODFH G¶DSSUR[LPDWLYHPHQW Pð GH SDQQHDX[ VRODLUHV SKRWRYROWDwTXHV VRLW HQYLURQ N:S
SHUPHWWUDLW DLQVL GH IDLUH GH FH EkWLPHQW WHUWLDLUH SDVVLI XQ EkWLPHQW =pUR pQHUJLH 1RWRQV TXH OD UpYLVLRQ GH OD GLUHFWLYH HXURSpHQQH GH SHUIRUPDQFH pQHUJpWLTXH GHV EkWLPHQWV (3' D pWp DGRSWpH HQ VHFRQGH OHFWXUH SDU OH 3DUOHPHQW HXURSpHQ (OOH IDLW SDUWLH G XQ SDTXHW HI¿FDFLWp pQHUJpWLTXH GH PHVXUHV OpJLVODWLYHV SOXV ODUJH &HWWH GLUHFWLYH SUpYRLW QRWDPPHQW OD JpQpUDOLVDWLRQ GHV EkWLPHQWV 1HDUO\ =HUR (QHUJ\ j O KRUL]RQ DYHF XQH DQWLFLSDWLRQ SRXU OHV EkWLPHQWV SXEOLFV GqV Ŷ HW 'RFXPHQW 1$' GX ([DPHQ GHV SULPHV 3DVVLI %DVVH pQHUJLH GX ORJHPHQW FROOHFWLI GX VHFWHXU WHUWLDLUH HQ 5pJLRQ %UX[HOOHV &DSLWDOH ± &RPLWp GHV 6DJHV
EH SDVVLYH
DUFKLWHFWXUH SDUWDJpH
EH SDVVLYH
8Q SHX WDUG PH GLUH] YRXV SRXU YRXV VRXKDLWH] XQH QRXYHOOH DQQpH &HUWHV 1RQ LO QH V¶DJLW SDV LFL G¶XQ DUWLFOH VRUWL G¶XQ IRQG GH WLURLU /¶LGpH HVW VLPSOHPHQW GH YRXV UDSSRUWHU UDSLGHPHQW OHV FRQFOXVLRQV GH O¶DVVHPEOpH JpQpUDOH GH OD SODWH IRUPH PDLVRQ SDVVLYH TXL V¶HVW GpURXOpH FH PDUV GHUQLHU &H TXH 303 D IDLW HQ &H TX¶HOOH FRPSWH IDLUH HQ 3RXU rWUH VLPSOH HW FODLU M¶DL SHQVp j TXHOTXHV FKLIIUHV TXL SHUPHWWHQW GH ¿[HU XQ SHX OHV RUGUHV GH JUDQGHXU /D 303 HQ F¶HVW
EH SDVVLYH
YLVLWHV VXU QRWUH VLWH LQWHUQHW
DERQQpV j QRWUH QHZVOHWWHU
HW SOXV YLVLWHXUV DX VDORQ 3+
KHXUHV GH SHUPDQHQFH WHFKQLTXH PHPEUHV GRQW GH SURIHVVLRQQHOV FRXYUDQW O¶HQVHPEOH GX VHFWHXU GH OD FRQVWUXFWLRQ
JXLGDQFHV RX SURMHW FRQFUqWHPHQW DQDO\Vp WRXV OHV MRXUV
FHUWL¿FDWV SDVVLIV
IRUPDWLRQV GLVSHQVpHV SRXU DXGLWHXUV
KDELWDWLRQV YLVLWpHV ORUV GH OD MRXUQpH LQWHUQDWLRQDOH GH YLVLWH
OLYUDLVRQV GX PDJD]LQH EH SDVVLYH
ORJLFLHO HQ GpYHORSSHPHQW FRPSOpPHQWDLUH DX 3+33 EH DFY
QRXYHDX VLWH LQWHUQHW SRQWV WKHUPLTXHV OH PRW GHV SODWHIRUPHV
OH PRW GHV SODWHIRUPHV
HVW PRUW YLYH WH[WH %HQRLW 4XHYULQ SPS
HW TXHOTXHV FKHYHX[ JULV HW pTXLSH TXL VH VHUUH OHV FRXGHV HW MH SUR¿WH GH O¶RFFDVLRQ SRXU OD UHPHUFLHU FKDOHXUHXVHPHQW SRXU IDLUH XQ PDXYDLV MHX GH PRW JUkFH j FHWWH pQHUJLH TX¶LOV RQW SX IDLUH pFRQRPLVHU SDU OH WUDYDLO GH VHQVLELOLVDWLRQ j WRXV OHV QLYHDX[
(W SRXU " (W ELHQ RQ FRQWLQXH VXU QRWUH ODQFpH /HV WUDYDX[ VRQW HQ FRXUV OHV pFKpDQFHV DQQRQFpHV SDU OHV SROLWLTXHV DSSURFKHQW '¶DXWUHV SURMHWV QDLVVHQW FRPPH OD FRPSDUDLVRQ GHV ORJLFLHOV 3(% HW 3+33 O¶DPpOLRUDWLRQ GH O¶RIIUH GH IRUPDWLRQ OD SDUWLFLSDWLRQ j OD FUpDWLRQ G¶XQ UpIpUHQWLHO GXUDEOH EHOJH GH OD UHFKHUFKH QRWDPPHQW GDQV OH VHFWHXU WHUWLDLUH « $YDQW RQ GLVDLW GX SDVVLI HQ %HOJLTXH 2XL RXL LOV VRQW JHQWLOV FHV H[WUpPLVWHV DYHF OHXU PDLVRQV FHUWL¿pHV $XMRXUG¶KXL RQ HQWHQG SOXW{W VRXSLU DGPLUDWLI +RXOj« DK RXL WRXW GH PrPH MH O¶HVSqUH DYDQFHUD G¶XQ SDV HQFRUH YHUV XQ /H SDVVLI« EHQ F¶HVW pYLGHQW /D 303 FRPSWH ELHQ V¶\ HPSOR\HU Ŷ
EH DFY
un projet développé par
SPS
(W VL j SDUWLU G¶XQ HQFRGDJH 3+33 RQ SRXYDLW FRQQDvWUH OH ELODQ &2 G¶XQ SURMHW HW O¶pQHUJLH JULVH GpSHQVpH " /¶LPSRUW G¶XQ 3+33 OH FKRL[ G¶XQH EDVH GH GRQQpHV .%2% &$3¶(0 ,&(« XQ FDOFXO TXDVL DXWRPDWLTXH SRXU GHV UpVXOWDWV HQYLURQQHPHQWDX[ SHUWLQHQWV 8QH ¿FWLRQ " 1RQ
9HQH] GpFRXYULU FH QRXYHO RXWLO OH MXLQ ORUV G¶XQ DSpUR pYqQHPHQW LQIR HW UpVHUYDWLRQV (PPDQXHOOH 5RWD ± ± HPU#PDLVRQSDVVLYH EH $YHF OH VRXWLHQ GH
(W OD SDUWLFLSDWLRQ GH
EH SDVVLYH
6<0326,80
%(856
OH PRW GHV SODWHIRUPHV
WH[WH $GULDDQ %DFFDHUW SKS
/H 6DORQ 3DVVLYH+RXVH RUJDQLVp SDU OHV 3ODWHIRUPHV 3DVVLHIKXLV HW 0DLVRQ 3DVVLYH HVW XQ pYpQHPHQW QDWLRQDO FRQVDFUp DX[ EkWLPHQWV j KDXWH HI¿FDFLWp pQHUJpWLTXH SDVVLIV HW ]pUR pQHUJLH ,O VH WLHQGUD GX DX VHSWHPEUH HW FH VHUD ]H SODFH WR EH SRXU UHQFRQWUHU OHV HQWUHSULVHV HW OHV VSpFLDOLVWHV GX VHFWHXU 6RXV OD GHYLVH DJLU SXLV UpÀpFKLU VH WLHQGUD XQ PRLV SOXV WDUG OH 6\PSRVLXP 3DVVLYH+RXVH OH RFWREUH $SUqV XQ GpEXW PRGHVWH HW UpJLRQDO HQ O¶pYpQHPHQW 3DVVLYH+RXVH HVW GHYHQX HQ DQV OH SOXV JUDQG VDORQ VXU O HI¿FDFLWp pQHUJpWLTXH HQ %HOJLTXH $ VL[ PRLV GH VRQ RXYHUWXUH H[SRVDQWV RQW GpMj FRQ¿UPp OHXU SDUWLFLSDWLRQ FH TXL WpPRLJQH GH OHXU FRQ¿DQFH HQ VRQ VXFFqV /D OLVWH GHV H[SRVDQWV UHÀqWH XQH RIIUH WUqV GLYHUVL¿pH HW UHSUpVHQWDWLYH GX VHFWHXU GH O¶HI¿FDFLWp pQHUJpWLTXH DYHF GHV HQWUHSULVHV GH FRQVWUXFWLRQ GX FOp VXU SRUWH GHV IRXUQLVVHXUV IDEULFDQWV HW LQVWDOODWHXUV MXVTX¶DX[ DUFKLWHFWHV EXUHDX[ G pWXGHV HW DX[ EDQTXHV $YHF XQH MRXUQpH SURIHVVLRQQHOOH OH YHQGUHGL HW GHX[ MRXUV UpVHUYpV DX JUDQG SXEOLF OH ZHHN HQG OD IRLUH DWWLUH XQ SXEOLF YDULp HW LQWpUHVVp 'H O¶HQTXrWH PHQpH DXSUqV GH YLVLWHXUV HQ LO UHVVRUW TXH GHV YLVLWHXUV VRQW HQ WUDLQ GH FRQVWUXLUH HW WUDQVIRUPHQW OHXU ORJHPHQW GHV SHUVRQQHV VRQGpHV RQW RSWp SRXU OH VWDQGDUG EDVVH pQHUJLH SRXU OH SDVVLI HW SRXU OH ]pUR pQHUJLH $YHF OD Gp¿VFDOLVDWLRQ IpGpUDOH HW OD GLUHFWLYH HXURSpHQQH YLVDQW GHV EkWLPHQWV SUHVTXH ]pUR pQHUJLH j O¶KRUL]RQ LQYHVWLU GDQV OD FRQVWUXFWLRQ j KDXWH HI¿FDFLWp pQHUJpWLTXH VHUD WRXMRXUV DWWUD\DQWH /H 6DORQ 3DVVLYH+RXVH HVW GRQF O RFFDVLRQ LGpDOH SRXU WRXV OHV SDVVLRQQpV G¶HQ VDYRLU SOXV VXU OHV PDLVRQV
EH SDVVLYH
GpWDLO
SDVVLYHV HW EDVVH pQHUJLH /H YHQGUHGL VHSWHPEUH HVW H[FOXVLYHPHQW UpVHUYp DX[ SURIHVVLRQQHOV HW VHUD FRQVDFUp DX[ GHUQLHUV GpYHORSSHPHQWV GH SURGXLWV WHFKQRORJLHV HW VHUYLFHV 'HV VpDQFHV G LQIRUPDWLRQ VRQW VSpFLDOHPHQW RUJDQLVpHV DYHF SDU H[HPSOH XQ pFODLUDJH VXU OHV Q°XGV FRQVWUXFWLIV RUJDQLVp HQ FROODERUDWLRQ DYHF OH &67& /HV HW VHSWHPEUH OH VDORQ V¶RXYUH DX[ FDQGLGDWV EkWLVVHXUV RX UpQRYDWHXUV HW GHV FRQIpUHQFHV \ VRQW SURSRVpHV JUDWXLWHPHQW WRXWH OD MRXUQpH SDU OHV 3+3 HW 303 VXU OHV GLIIpUHQWHV IDFHWWHV GH OD FRQVWUXFWLRQ SDVVLYH (Q SDUWLFXOLHU YRXV SRXUUH] \ UHQFRQWUHU XQ SDQHO G¶KDELWDQWV GH PDLVRQV SDVVLYHV HW YRXV SRXUUH] OHXU SRVHU WRXWHV YRV TXHVWLRQV OHV SOXV SUHVVDQWHV VXU OH FRQIRUW OH ¿QDQFHPHQW OHXUV FKRL[ FRQVWUXFWLIV HW OHXU H[SpULHQFH /H YHQGUHGL RFWREUH OH 6\PSRVLXP 3DVVLYH+RXVH SURSRVHUD XQ SURJUDPPH VFLHQWL¿TXH GHVWLQp DX[ DUFKLWHFWHV LQJpQLHXUV FRQVXOWDQWV HW HQWUHSUHQHXUV DLQVL TX¶DX[ GpFLGHXUV HW LQVWLWXWLRQQHOV SXEOLFV 8QH WUHQWDLQH G¶H[SHUWV YHQDQW GH %HOJLTXH HW GH O¶pWUDQJHU \ SUpVHQWHURQW OHXUV UHFKHUFKHV HW OHXU H[SpULHQFH VXU SOXVLHXUV WKpPDWLTXHV PDMHXUHV TXL VHURQW FHWWH DQQpH OHV SURMHWV ]pUR pQHUJLH OHV SURMHWV GH TXDUWLHU OD YHQWLODWLRQ HW OH FKDXIIDJH GDQV OHV PDLVRQV SDVVLYHV OH UHIURLGLVVHPHQW SDVVLI OD FHUWL¿FDWLRQ GHV SURMHWV OD PDLVRQ SDVVLYH XQH JDUDQWLU G DYHQLU OD UpQRYDWLRQ SDVVLYH OHV pFROHV HW OHV LPPHXEOHV GH EXUHDX[ SDVVLIV HW ELHQ V U OHV ORJHPHQWV SDVVLIV 3OXV G LQIRUPDWLRQV VXU ZZZ SDVVLYHKRXVH EH
GpWDLO
EH SDVVLYH
3+33
VXLV PRL MH WH PRQWUHUDL PRQ YDGH PHFXP WH[WH 0DUQ\ 'L 3LHWUDQWRQLR SPS
7RXV OHV DGHSWHV GX SDVVLI TX¶LOV VRLHQW DUFKLWHFWHV EXUHDX[ G¶pWXGH HWF RQW GÂ&#x20AC; VH IURWWHU DX 9DGH PHFXP SDVVLI 4XHOOH DYHQWXUH 3DV WRXMRXUV pYLGHQW GH FRPSRVHU DYHF FH PDQXHO TXL D SRXU YRFDWLRQ GH SUpFLVHU FRPPHQW HQFRGHU FRQFUqWHPHQW YRWUH SURMHW SDVVLI GDQV OH ORJLFLHO 3+33 /H 9DGH PHFXP VH GpFOLQH HQ SOXVLHXUV YHUVLRQV HQ IRQFWLRQ GX VHFWHXU UpVLGHQWLHO RX WHUWLDLUH GH OD 5pJLRQ GHPDQGH GH SULPH HQ 5pJLRQ %UX[HOOHV &DSLWDOH RX HQ 5pJLRQ ZDOORQQH RX HQFRUH GH OD FHUWL¿FDWLRQ &HW RXWLO FRPSOqWH GRQF OH ORJLFLHO 3+33 HW FHUWDLQV GLURQW TX¶LO QH OH FRPSOqWH TXH SDUWLHOOHPHQW &¶HVW YUDL 3RXU PLHX[ FRPSUHQGUH SRXUTXRL XQ SHWLW UHWRXU HQ DUULqUH HVW QpFHVVDLUH« &¶HVW HQ TX¶DSSDUDLVVHQW OHV SUHPLHUV SURMHWV SDVVLIV HW j O¶pSRTXH RQ QH SDUODLW TXH GH PDLVRQV XQLIDPLOLDOHV 7RXW DX SOXV OHV LPPHXEOHV GH ORJHPHQWV FRPPHQoDLHQW LOV j VH GHVVLQHU GDQV OD WrWH GHV DUFKLWHFWHV HW PDvWUHV G¶RXYUDJH &¶HVW DLQVL TX¶HVW Qp OH 9DGH PHFXP UpVLGHQWLHO HW VHV YHUVLRQV VXFFHVVLYHV /H UpVLGHQWLHO D SULV VRQ HVVRU HW OD 303 D FRPSULV TX¶LO IDOODLW YRLU SOXV ORLQ SOXV JUDQG DSUqV OHV PDLVRQV LO IDOODLW V¶LQWpUHVVHU DX[ EXUHDX[ RX DX[ pFROHV SDVVLYHV &D VH IDLW DLOOHXUV« /¶LPSXOVLRQ D pWp GRQQpH SDU OH ODQFHPHQW GHV SULPHV SDVVLYHV WHUWLDLUHV HQ 5pJLRQ %UX[HOOHV &DSLWDOH HW SDU OD PrPH RFFDVLRQ OD UHVSRQVDELOLWp G¶DYRLU j FHUWL¿HU XQ EkWLPHQW WHUWLDLUH SDVVLI &¶HVW DLQVL TX¶D pWp pGLWpH OD SUHPLqUH YHUVLRQ GX 9DGH PHFXP WHUWLDLUH HVVHQWLHOOHPHQW pODERUpH SRXU GHV EXUHDX[ HW GHV pFROHV 4XDQG OHV PDvWUHV G¶RXYUDJH HW EXUHDX[ G¶pWXGH VRQW DUULYpV DYHF GHV SURMHWV SOXV H[RWLTXHV LO D IDOOX FRPSRVHU« 6L ELHQ TX¶DFWXHOOHPHQW FH 9DGH PHFXP UpFODPHUDLW XQ SHWLW FRXS GH UDIUDvFKLVVHPHQW /D 303 3+3 HVSqUH SURSRVHU XQH QRXYHOOH YHUVLRQ ¿Q TXL LQWqJUHUDLW GHV pOpPHQWV FRPSOpPHQWDLUHV SRXU FRQVROLGHU OH 9DGH PHFXP HW OH UHQGUH SOXV SUpFLV &¶HVW XQH pYROXWLRQ FRQVWUXLWH VXU EDVH GH O¶H[SpULHQFH GHV GHX[ SODWHIRUPHV HW GHV EXUHDX[ G¶pWXGH TXH OHV SODWHIRUPHV RQW UHQFRQWUpV DX ¿O GHV GHX[ GHUQLqUHV DQQpHV SRXU pFKDQJHU DPpOLRUHU HW QRXUULU FH 9DGH PHFXP WHUWLDLUH 1¶RXEOLRQV SDV TXH FHWWH FRQFHQWUDWLRQ GH FRQQDLVVDQFHV HVW XQLTXH DX PRQGH /D %HOJLTXH VH SUR¿OH FRPPH XQ DFWHXU DFWLI HW j OD SRLQWH GDQV OH GRPDLQH GHV EkWLPHQWV WHUWLDLUHV SDVVLIV DX QLYHDX LQWHUQDWLRQDO $pURSROLV OH IXWXU VLqJH GH O¶,%*( RX HQFRUH OHV QRPEUHXVHV FUqFKHV pFROHV HW EXUHDX[ SDVVLIV HQ VRQW OHV WpPRLQV YLYDQWV $SUqV QRXV rWUH ODQFpV GDQV OH WHUWLDLUH VDQV FRQQDvWUH SUpFLVpPHQW SDU DYDQFH OHV FRQWRXUV j GRQQHU j QRWUH WkFKH QRXV SRXYRQV rWUH ¿HUV GH FHWWH UpXVVLWH 3OXV G¶XQH FHQWDLQH GH SURMHWV HQ JXLGDQFH SDV ORLQ G¶XQH TXDUDQWDLQH GH SURMHWV HQ FRXUV XQ GL]DLQH GH SURMHWV FHUWL¿pV RX HQ FRXUV GH GHPDQGH HW VXUWRXW O¶pPHUJHQFH G¶XQH UpHOOH YRORQWp GH FRQFHYRLU HQ SDVVLI GHV EXUHDX[ GHV FUqFKHV GHV KDOO GH VSRUW GHV UpVLGHQFHV SRXU SHUVRQQHV kJpHV HWF '¶LFL SHX SOXVLHXUV SHUIHFWLRQQHPHQW GH O¶RXWLO GH WUDYDLO 9DGH PHFXP HW ORJLFLHO 3+33 YLHQGURQW FRQFUpWLVHU WRXW FHOD
EH SDVVLYH
SKSS
Heating
Cooling
Ventilation
La ventilation maîtrisée. L’énergie contrôlée Zehnder Group Belgium a traduit ses connaissances professionnelles et son souci pour l’économie d’énergie en divers systèmes de ventilation confortables et de haute efficacité énergétique. Avec des systèmes de ventilation sur demande, la ventilation à double flux avec récupération de chaleur et le nouveau ComfoBox, une pompe à chaleur avec ventilation à double flux intégrée, Zehnder Group Belgium offre une réponse parfaite aux exigences en matière de construction durable. Consultez www.zehnder.be et découvrez les solutions économes en énergie pour une ambiance optimale de Zehnder Group Belgium.
Comfo D 350 Luxe
ComfoBox
©Zehnder Group Belgium
Zehnder Group Belgium nv/sa www.zehnder.be
EH SDVVLYH
'DQV OD SOXSDUW GHV KDELWDWLRQV GRWpHV G¶XQ V\VWqPH GH YHQWLODWLRQ $ % RX & YRXV GLVSRVH] G¶XQH DPHQpH QDWXUHOOH G¶DLU (Q IRQFWLRQ GH OD GLUHFWLRQ GX YHQW HW GH VD IRUFH YRV SLqFHV VHURQW SOXV RX PRLQV ELHQ DpUpHV dD GpSHQG GHV MRXUV &¶HVW DLQVL TXH UpFHPPHQW HQ YLVLWH FKH] GHV DPLV M¶DL SX SUR¿WHU G¶XQH YHQWLODWLRQ QRFWXUQH LQGpVLUDEOH SURYRTXpH SDU OD JULOOH V\VWqPH & TXL VH WURXYDLW DX GHVVRXV GH OD IHQrWUH GH OD FKDPEUH j FRXFKHU /D EULVH pWDLW VRXWHQXH HW PDOJUp OHV JULOOHV IHUPpHV O¶DLU H[WpULHXU IURLG P¶D JODFp WRXWH OD QXLW -¶HQ DL JDUGp XQ VROLGH UHIURLGLVVHPHQW /¶HQWUHSUHQHXU YRXV GLUD TXH YRWUH KDELWDWLRQ VH YHQWLOH QDWXUHOOHPHQW G¶HOOH PrPH GH O¶DLU IUDLV HQWUH SDU OHV IHQWHV HW OHV LQWHUVWLFHV ,O HVW DXVVL FRQVHLOOp GH ELHQ DpUHU YRWUH FKDPEUH j FRXFKHU DSUqV OH OHYHU HQ RXYUDQW YRWUH IHQrWUH GH PDQLqUH j HQ H[SXOVHU O¶DLU YLFLp HW O¶KXPLGLWp 1RXV VRPPHV DLQVL KDELWXpV j RXYULU OHV IHQrWUHV SRXU YHQWLOHU OHV SLqFHV F¶HVW DLQVL TXH O¶DLU H[WpULHXU DYHF VHV SRXVVLqUHV HW VHV JD] G¶pFKDSSHPHQW SXUL¿H QRV HVSDFHV GH YLH &HWWH YHQWLODWLRQ Q¶HVW SDV OD PDQLqUH OD SOXV ¿DEOH GH JDUDQWLU XQH ERQQH TXDOLWp VDQLWDLUH GH O¶DLU PDLV HOOH SHUPHW GH SUR¿WHU SOXV ORQJXHPHQW G¶XQH VHUYLHWWH GH EDLQ KXPLGH G¶RGHXUV GH FXLVLQH HW G¶HIÀXYHV GH VRPPHLO TXL QH VRQW SDV j GpGDLJQHU /j R O¶DLU SpQqWUH SDU OHV ¿VVXUHV OD WHPSpUDWXUH GX PXU VH UHIURLGLW HW SURYRTXH XQH FRQGHQVDWLRQ TXL FRQGXLW j OD IRUPDWLRQ GH PRLVLVVXUH 0rPH GDQV OHV KDELWDWLRQV EDVVH pQHUJLH R O¶LVRODWLRQ HVW GH ERQQH TXDOLWp RQ FRQVWDWH DXVVL FH SKpQRPqQH $ %HDXFRXS GH JHQV IRQW GH OHXU PLHX[ SRXU ELHQ YHQWLOHU HQ RXYUDQW SRUWHV HW IHQrWUHV (Q pWp F¶HVW VXSSRUWDEOH PDLV GqV TXH O¶DXWRPQH PRQWUH VRQ YLVDJH FRORUp F¶HVW O¶LQVWDOODWLRQ GH FKDXIIDJH TXL GRLW IRXUQLU XQ HIIRUW VXSSOpPHQWDLUH GqV TX¶RQ ODLVVH OHV IHQrWUHV RXYHUWHV 'DQV XQH KDELWDWLRQ SDVVLYH RQ XWLOLVH XQ V\VWqPH GH YHQWLODWLRQ pTXLOLEUpH V\VWqPH ' DYHF UpFXSpUDWLRQ GH FKDOHXU 5& /H V\VWqPH HVW GRWp GH ¿OWUHV TXL GRLYHQW rWUH JpQpUDOHPHQW QHWWR\pV RX UHPSODFpV WRXV OHV PRLV /HV FRQGXLWV GRLYHQW rWUH HQWUHWHQXV WRXV OHV j DQV /LVH] j FH VXMHW OHV LQVWUXFWLRQV GX UHVSRQVDEOH HW GHPDQGH] FRQVHLO DX PRQWHXU
& &
SKSS
RXYUH] OD IHQHWUH WH[WH 3HWHU 'HOODHUW SKS
& &
F VHXLO
&
&
F YLWUDJH
F GHUULqUH O DUPRLUH
F VHXLO
F FKkVVLV F PXU F DQJOH F EDV GX PXU
EH SDVVLYH
F YLWUDJH
F FKkVVLV F PXU F DQJOH
F GHUULqUH O DUPRLUH
F EDV GX PXU
SKSS
&
3DVVLYH +RXVH ,QVWLWXW DQG 3DVVLYKDXV GLHQVWOHLVWXQJ JPEK
&
'DQV XQH KDELWDWLRQ EHOJH WUDGLWLRQQHOOH O¶KDELWDQW VDLW TX¶LO GRLW SRXYRLU YHQWLOHU j WRXW PRPHQW GH OD MRXUQpH HQ RXYUDQW OHV IHQrWUHV 0DLV GDQV XQH PDLVRQ SDVVLYH LO Q¶HVW SDV QpFHVVDLUH G¶RXYULU WRXW JUDQG OHV IHQrWUHV SRXU IDLUH HQWUHU GH O¶DLU IUDLV HW pYDFXHU O¶KXPLGLWp /D YHQWLODWLRQ DVVXUH XQ pTXLOLEUH HQWUH O¶DLU pYDFXp GHV SLqFHV KXPLGHV VDOOH GH EDLQ :& FXLVLQH HW O¶DPHQpH G¶DLU ¿OWUp SUpFKDXIIp 2Q VpOHFWLRQQH VRL PrPH OHV ¿OWUHV TXH O¶RQ SODFH GHSXLV GHV ¿OWUHV JURVVLHUV MXVTX¶DX[ ¿OWUHV ¿QV TXL HQOqYHQW PrPH OH SROOHQ GH O¶DLU 'DQV OD OLWWpUDWXUH VXU OD YHQWLODWLRQ LO HVW UpJXOLqUHPHQW UDSSHOp TX¶LO Q¶HVW SDV QpFHVVDLUH G¶RXYULU VHV IHQrWUHV SRXU YHQWLOHU GDQV XQH PDLVRQ SDVVLYH 6L OHV FRPPHQWDWHXUV YHXOHQW YRXV IDLUH FRPSUHQGUH FHWWH PD[LPH GH WUDYHUV LOV GLURQW DORUV TXH GDQV XQH PDLVRQ SDVVLYH OHV IHQrWUHV QH SHXYHQW SDV rWUH RXYHUWHV % &HFL HVW XQ QRQ VHQV QRXV QH FRQQDLVVRQV SDV GH PDLVRQV GRQW OHV IHQrWUHV QH SHXYHQW SDV rWUH RXYHUWHV &RPPH WRXW OH PRQGH OHV RFFXSDQWV G¶XQH PDLVRQ SDVVLYH DLPHQW DYRLU XQ FRQWDFW SOXV LQWHQVH DYHF OHXU MDUGLQ HW OHV IHQrWUHV TXL \ GRQQHQW DFFqV VRQW VRXYHQW RXYHUWHV 1RXV FRQQDLVVRQV WRXWHIRLV TXHOTXHV PDLVRQV SDVVLYHV j SUR[LPLWp G¶XQH DXWRURXWH R O¶RQ Q¶HVW SDV LPSRUWXQp SDU OH EUXLW GH IRQG j O¶LQWpULHXU GH O¶KDELWDWLRQ JUkFH j OD ERQQH pWDQFKpLWp GHV MRLQWV pJDOHPHQW DSSHOpH pWDQFKpLWp j O¶DLU HW DX[ PHQXLVHULHV SDVVLYHV 3RXU OHV KDELWDWLRQV SDVVLYHV PLWR\HQQHV VLWXpHV HQ YLOOH RQ FRQVWDWH TXH OHV IHQrWUHV QH VRQW SDV VRXYHQW RXYHUWHV QRQ SOXV 'DQV OD PDLVRQ SDVVLYH LO HVW SRVVLEOH GH SUR¿WHU G¶XQ FRQIRUW pOHYp FDU RQ GLVSRVH G¶XQH SXOVLRQ FRQVWDQWH G¶DLU IUDLV /¶DLU KXPLGH HW OHV RGHXUV VRQW pYDFXpV HW LO Q¶\ D SDV GH SLqFHV RX GH FRLQV IURLGV '¶DLOOHXUV DORUV TXH OH FDOFXO 3(% SDUW G¶XQH WHPSpUDWXUH GH FRQVLJQH GH & O¶RXWLO GH FRQFHSWLRQ 3+33 FRQVLGqUH & FRPPH YDOHXU GH FRQIRUW %LHQ V U QRXV JDUGRQV WRXWH QRWUH V\PSDWKLH DX[ DSSHOV j PHWWUH XQ SXOO SRXU pFRQRPLVHU O¶pQHUJLH PDLV MH SUpIqUH ZPH SURPHQHU HQ 7 VKLUW FKH] PRL
H[WUDLW GH OD EURFKXUH HQ¿Q GH O DLU IUDLV GH ZZZ SOXJJLW FRP
/HV IHQrWUHV DVVXUHQW XQ FRQWDFW DYHF O¶HQYLURQQHPHQW HW ODLVVHQW SpQpWUHU OD OXPLqUH GX MRXU /D PHQXLVHULH SDVVLYH HQ WULSOH YLWUDJH IRQFWLRQQH HQ RXWUH FRPPH XQ FDSWHXU VRODLUH &HV IHQrWUHV GH KDXWH TXDOLWp RULHQWpHV DX VXG DSSRUWHQW OD FKDOHXU GX VROHLO PrPH HQ KLYHU 'DQV QRWUH UpJLRQ FOLPDWLTXH LO HVW FRQVHLOOp G¶RULHQWHU OHV IHQrWUHV YHUV OH VXG /HV IHQrWUHV RULHQWpHV j O¶HVW HW j O¶RXHVW VRQW j SUHQGUH DYHF SOXV GH SUpFDXWLRQV pWDQW GRQQp TX¶HQ pWp HOOHV VRQW SOXV VHQVLEOHV j OD VXUFKDXIIH DORUV TX¶HOOHV Q¶DSSRUWHQW DXFXQ JDLQ GH FKDOHXU SHQGDQW OD VDLVRQ GH FKDXIIH &RPPH SRXU FKDTXH WHFKQRORJLH HW PRGH GH FRQVWUXFWLRQ LO DUULYH TX¶RQ FRPPHWWH SDUIRLV GHV HUUHXUV &¶HVW DLQVL TXH OHV DGYHUVDLUHV GH OD YHQWLODWLRQ PpFDQLTXH DLPHQW pYRTXHU OH 9DWKRUVW XQ TXDUWLHU j SUREOqPH DX[ 3D\V %DV ,O \ D TXHOTXHV DQQpHV RQ \ D FRQVWUXLW XQ HQVHPEOH G¶DSSDUWHPHQWV FRLQFpV HQWUH GHX[ DXWRURXWHV ,O V¶DJLVVDLW G¶DSSDUWHPHQWV WUDGLWLRQQHOV GRQF SDV SDVVLIV SRXU XQ VRX PDLV GRWpV G¶XQH YHQWLODWLRQ PpFDQLTXH /HV RFFXSDQWV TXL Q¶pWDLHQW SDV GHV SHUVRQQHV SDUWLFXOLqUHPHQW DLVpHV RX LQVWUXLWHV Q¶DYDLHQW SDV UHoX XQ VHXO PRW G¶H[SOLFDWLRQ VXU OH IRQFWLRQQHPHQW GH OHXU V\VWqPH GH YHQWLODWLRQ QL VXU VRQ
HQWUHWLHQ &HUWDLQV KDELWDQWV VH VRQW UDSLGHPHQW EULFROp GHV FKDPEUHV VXSSOpPHQWDLUHV VDQV WHQLU FRPSWH GX SODQ GH YHQWLODWLRQ ,O Q¶D GRQF SDV IDOOX DWWHQGUH ORQJWHPSV SRXU TXH GHV SUREOqPHV VDQLWDLUHV VH SRVHQW 8QH HQTXrWH GpWDLOOpH D FRQFOX TXH OH V\VWqPH GH YHQWLODWLRQ pWDLW OD FDXVH GH FHV SUREOqPHV 2XWUH O¶DEVHQFH WRWDOH G¶DFFRPSDJQHPHQW LO HVW DSSDUX TXH OHV FRQGXLWHV HOOHV PrPHV DYDLHQW pWp VRXV GLPHQVLRQQpHV« 8Q DUFKLWHFWH QpHUODQGDLV V¶pWRQQDLW UpFHPPHQW FRPPHQW VH IDLW LO TXH QRXV QH OLVLRQV MDPDLV ULHQ VXU GH VHPEODEOHV SUREOqPHV GDQV GHV EkWLPHQWV SDVVLIV DOOHPDQGV RX DXWULFKLHQV " (Q $OOHPDJQH LO H[LVWH SRXUWDQW SOXV GH ORJHPHQWV SDVVLIV HW GHV GL]DLQHV G¶pFROHV GH FHQWUHV GH VRLQV HW GH EXUHDX[ GH FH W\SH &HUWDLQV /lQGHU LPSRVHQW OH VWDQGDUG SDVVLI DX[ EkWLPHQWV WHUWLDLUHV 6HORQ FHW DUFKLWHFWH WRXW VHUDLW OLp DX VHQV H[DJpUp GH O¶pFRQRPLH GH QRV YRLVLQV 1pHUODQGDLV /HV IRUPDWLRQV HQ DUFKLWHFWXUH TXH QRXV FRQQDLVVRQV GDQV QRWUH SD\V FRQWLQXHQW j SUpFRQLVHU DX[ DUFKLWHFWHV GH GHVVLQHU XQ SURMHW DYHF GHV FRQGXLWV ELHQ GLPHQVLRQQpHV HW GHV RXYHUWXUHV G¶DPHQpH HW G¶H[WUDFWLRQ ELHQ ORFDOLVpHV $SUqV OH FKDQWLHU O¶LQVWDOODWHXU GRLW DXVVL SRXYRLU DVVXUHU XQ FHUWDLQ VHUYLFH TXL JDUDQWLW OD PHVXUH GX GpELW OH UpJODJH HW O¶HQWUHWLHQ 1RXV QRXV LQWpUHVVRQV QRWDPPHQW DX SODQ GH O¶LQVWDOODWLRQ GH YHQWLODWLRQ HW j VRQ HQWUHWLHQ 1RXV YR\RQV GDQV QRWUH SD\V DLQVL TX¶HQ $OOHPDJQH HQ $XWULFKH HW HQ 6FDQGLQDYLH QDvWUH GHV SURMHWV GH ORJHPHQWV VRFLDX[ SRXU OHVTXHOV GHV H[SOLFDWLRQV VRQW IRXUQLHV DX[ KDELWDQWV /¶DUFKLWHFWH FRPSpWHQW HW VRLJQHX[ YHLOOHUD DXVVL SRXU OHV JUDQGV SURMHWV j FH TXH OHV LQVWDOODWLRQV WHFKQLTXHV HW GH YHQWLODWLRQ VRLHQW DFFHVVLEOHV GH O¶H[WpULHXU GH PDQLqUH j FH TXH OHV pTXLSHV G¶HQWUHWLHQ SXLVVHQW SODQL¿HU OHXU LQWHUYHQWLRQ GHX[ IRLV SDU DQ VDQV DYRLU j LPSRUWXQHU OHV RFFXSDQWV GDQV OHXU VDORQ« Ŷ 3RXU HQ VDYRLU SOXV YRLU OHV IRUPDWLRQV SRXU DUFKLWHFWHV RUJDQLVpHV SDU 3DVVLHIKXLV 3ODWIRUP Y]Z OD 3ODWHIRUPH 0DLVRQ 3DVVLYH DVEO
SKSS
EH SDVVLYH
$UFKLWHFW WULFN &¶HVW TXRL XQH VLPXODWLRQ G\QDPLTXH " /D VLPXODWLRQ G\QDPLTXH HVW XQ RXWLO G¶DQDO\VH GX FRPSRUWHPHQW WKHUPLTXH G¶XQ EkWLPHQW RX G¶XQH SDUWLH GH EkWLPHQW (OOH SHUPHW HQWUH DXWUH G¶pWXGLHU O¶pYROXWLRQ GH OD WHPSpUDWXUH LQWpULHXUH GHV GLIIpUHQWHV ]RQHV SUpVHQWHV GDQV OH EkWLPHQW HW G¶LGHQWL¿HU DLQVL OHV pYHQWXHOV SUREOqPHV G¶LQFRQIRUW HVWLYDO RX HQ PL VDLVRQ (OOH SHUPHW HQ¿Q GH SUpYRLU OHV EHVRLQV GH FKDXIIDJH HW GH UHIURLGLVVHPHQW GX SURMHW /D VLPXODWLRQ DSSOLTXH XQ ¿FKLHU GH GRQQpHV FOLPDWLTXHV KRUDLUHV DX[ SDUWLFXODULWpV GX SURMHW HQFRGp GDQV VD JOREDOLWp GLPHQVLRQV HW FRPSRVLWLRQ GHV SDURLV FKRL[ GH OD YHQWLODWLRQ pWDQFKpLWp LQHUWLH WDX[ HW KRUDLUH G¶RFFXSDWLRQ HWF &¶HVW XQ RXWLO SUpFLHX[ SRXU O¶pYDOXDWLRQ GX FRQIRUW LQWpULHXU HW LO HVW VRXYHQW LQGLVSHQVDEOH GDQV OHV SURMHWV WHUWLDLUHV GH PR\HQQH HW JUDQGH WDLOOH
SKSS
WLSV WULFNV WX VLPXOHV Oj "
(QFRGLQJ WULFN (QFRGDJH GHV DSSRUWV LQWHUQHV GDQV XQ VLPXODWHXU G\QDPLTXH /HV DSSRUWV LQWHUQHV UpVXOWHQW GHV JDLQV GH FKDOHXU OLEpUpV SDU OHV SHUVRQQHV HW O¶XWLOLVDWLRQ GHV pTXLSHPHQWV GDQV OH EkWLPHQW 'DQV XQ SURMHW WHUWLDLUH LOV GRLYHQW rWUH HQFRGpV GH PDQLqUH UpDOLVWH ,O IDXW GRQF Gp¿QLU XQ VFpQDULR G¶RFFXSDWLRQ FRPSUHQDQW XQ WDX[ GH SUpVHQFH GX SHUVRQQHO XQH SUpYLVLRQ TXDQW DX QRPEUH G¶RUGLQDWHXUV G¶LPSULPDQWHV DX FKRL[ GX PDWpULHO pOHFWURPpQDJHU HWF &HV K\SRWKqVHV VHURQW YDOLGpHV SDU OH PDvWUH GH O¶RXYUDJH RX OD SHUVRQQH GpOpJXpH HQ FKDUJH GHV IXWXUV EHVRLQV HW LPSRVLWLRQV GX SURMHW $LQVL OD JUDQGH GLIIpUHQFH G¶HQFRGDJH HQWUH XQ ORJLFLHO VWDWLTXH RX G\QDPLTXH HVW OD SULVH HQ FRPSWH GH FHV DSSRUWV LQWHUQHV HW VXUWRXW VD GLVWULEXWLRQ MRXUQDOLqUH 'DQV XQH VLPXODWLRQ G\QDPLTXH OHV DSSRUWV LQWHUQHV VHURQW VRXYHQW FRQFHQWUpV HQ MRXUQpH DORUV TX¶HQ PRGH VWDWLTXH FHWWH YDOHXU UHVWH FRQVWDQWH &¶HVW O¶HIIHW GH FRQFHQWUDWLRQ TXL MRXHUD XQ U{OH HVVHQWLHO GDQV OD GpWHUPLQDWLRQ HW O¶pYROXWLRQ GX FRQIRUW LQWpULHXU
WH[WH 0DUQ\ 'L 3LHWUDQWRQLR SPS
6WXSLG WULFN 0D VLPXODWLRQ G\QDPLTXH j PRL F¶HVW 3+33 HQFRGpV OHV XQV DSUqV OHV DXWUHV« (W MH SHX[ WH GLUH TXH oD SUHQG GX WHPSV Ŷ
EH SDVVLYH
SKSS
*/$67$
%,675$
75,6&2
3+<6,%(/ 62)7:$5( VLPXODWLRQ WKHUPLTXH GX EkWLPHQW HW VRQ HQYHORSSH ZZZ SK\VLEHO EH
92/75$
3+<6,%(/
62/,'2
&$362/
%,6&2
$33/,&$7,216 XWLOLVDWLRQ UDWLRQQHOOH GH O¶pQHUJLH FRQIRUW WKHUPLTXH DQDO\VH GHV SRQWV WKHUPLTXHV ' ' VLPXODWLRQ G\QDPLTXH GX EkWLPHQW pYLWHU OHV SUREOqPHV G¶KXPLGLWp LQJpQLHULH GX IHX
EH SDVVLYH
EH SDVVLYH SUpVHQWH
XQ ORJHPHQW WH[WH
/LHVEHW 7HPPHUPDQ
EH SDVVLYH
SKRWRV
EODI DUFKLWHFWHQ
XQ ORJHPHQW
0DLVRQ j /RNHUHQ 0DvWUH GH O RXYUDJH *HUW 6WX\YHQ %HD +DJHPDQ $UFKLWHFWH %ODI DUFKLWHFWHQ ZZZ EODI EH
LPSODQWDWLRQ
D[RQRPpWULH
&RQFHYRLU XQH PDLVRQ XQLIDPLOLDOH SDVVLYH LPSODQWpH VXU XQH SDUFHOOH HQ SOHLQ ORWLVVHPHQW« &H FRQWH[WH UHQYR\DQW j GHV LPDJHV GH SD\VDJHV SDUIRLV LQFRQJUXV HW VRXV OHXU SLUH IRUPH GpVRODQWV Q¶D SDV IDLW SHXU j O¶pTXLSH GH %/$) 'DQV XQ HQYLURQQHPHQW JpQpULTXH UDVVHPEODQW XQ SDWFKZRUN G¶REMHWV LQGLYLGXDOLVWHV HW QLDQW O¶H[LVWHQFH GH WRXW HVSDFH SXEOLF RX FRPPXQ LOV RQW UHOHYp OH Gp¿ GH FUpHU XQH °XYUH DUFKLWHFWXUDOH WUqV SDUWLFXOLqUH (W TXHOOH PHUYHLOOHXVH UpXVVLWH /D PDLVRQ WUqV FRPSDFWH j OD YROXPpWULH TXDVL FXELTXH QH VH VRXFLH JXqUH GX EHVRLQ GH UHSUpVHQWDWLRQ HW GH GLIIpUHQFLDWLRQ IRUPHOOH HW HVWKpWLTXH VL FKqUH j ERQ
QRPEUH G¶RXYUDJHV SDYLOORQQDLUHV LPSODQWpV GDQV FH TXH %/$) SUpIqUH DSSHOHU XQ QRQWH[WH /HV FRQYHQWLRQV WUDGLWLRQQHOOHV VRQW UHQYHUVpHV HW F¶HQ HVW SHUWXUEDQW SRXU O¶REVHUYDWHXU QRQ DYHUWL DX ERXW GH OD UXH VXU XQH SDUFHOOH G¶DQJOH VH GUHVVH XQ YROXPH VHPEODQW GpWDFKp GH VRQ HQYLURQQHPHQW GLUHFW QH SRVVpGDQW SDV GH IDoDGHV FRQYHQWLRQQHOOHPHQW LGHQWL¿DEOHV FRPPH DYDQW RX DUULqUH« HW GRQW O¶DFFqV VH IDLW GLVFUqWHPHQW j O¶DEUL GHV UHJDUGV (W SRXUWDQW FHV DSSDUHQFHV VRQW VL WURPSHXVHV /RUVTX¶RQ GpDPEXOH GDQV OD PDLVRQ LO HVW pYLGHQW TX¶DX FRQWUDLUH GH VHV YRLVLQV HOOH HVW UpVROXPHQW WRXUQpH
XQ ORJHPHQW
EH SDVVLYH
HQWUpH WRLOHWWH YHVWLDLUH VDORQ WHUUDVVH UDQJHPHQW FXLVLQH
VDOOH SRO\YDOHQWH FKDPEUH VDOOH GH EDLQ YLGH WHFKQLTXH FKDPEUH
EH SDVVLYH
XQ ORJHPHQW
YHUV O¶H[WpULHXU HW HQ UHODWLRQ FRQVWDQWH DYHF VRQ HQWRXUDJH /HV KDELWDQWV GH OD PDLVRQ RXYUHQW OHXU PDLVRQ YHUV O¶HVSDFH H[WpULHXU REVHUYHQW HW VRQW REVHUYpV /¶HQYHORSSH HVW SHUFpH G¶RXYHUWXUHV GpFRXSpHV GDQV O¶pSDLVVHXU JpQpUHXVH GHV SDURLV H[WpULHXUHV OH GpFRXSDJH FUpH GHV YROXPHV GH YLGH DXWDQW GH OLHX[ SRVVpGDQW XQH LGHQWLWp SURSUH RIIUDQW XQH YXH SDUWLFXOLqUH HW FRQWULEXDQW j OD PXOWLWXGH G¶DPELDQFHV HW HVSDFHV SUpVHQWV DX VHLQ GH FH YROXPH /¶HQYHORSSH LQWHUIDFH HQWUH LQWpULHXU HW H[WpULHXU HVW GpFULWH SDU OHV DUFKLWHFWHV FRPPH pWDQW DYDQW WRXW XQ HQVHPEOH GH IDoDGHV H[WpULHXUHV H[SUHVVLRQ GHV FDUDFWpULVWLTXHV VSDWLDOHV LQWpULHXUHV OHV SHUFpHV YROXPHV VXUIDFHV GpOLPLWpV SDU HW HQWUH OHV GLIIpUHQWHV IDFHV GH O¶HQYHORSSH VRQW OH IUXLW G¶XQH FRQFHSWLRQ VSDWLDOH WULGLPHQVLRQQHOOH SRXVVpH HW WUqV SXUH TXL VH OLW SDUIDLWHPHQW GDQV OHV FRXSHV GH SULQFLSH 6XU SODQ O¶DOLJQHPHQW GHV HVFDOLHUV HW GHV HVSDFHV GH UDQJHPHQW OH ORQJ
GHV PXUV H[WpULHXUV VDXWH DX[ \HX[ WRXW FRPPH OH GpJDJHPHQW GHV SODQV KRUL]RQWDX[ DX SUR¿W G¶HVSDFHV JpQpUHX[ PDOJUp OD FRPSDFLWp pOHYpH GH O¶KDELWDWLRQ 0DLV LO IDXW XQH SHUFHSWLRQ HQ ' SRXU VH UHQGUH FRPSWH GH OD ULFKHVVH GH O¶H[SpULHQFH VSDWLDOH GHV OLHQV PXOWLSOHV HQWUH OHV GLIIpUHQWV YROXPHV G¶DPELDQFH FUppV GH OD VXUSULVH HW GH O¶pWRQQHPHQW TXL DWWHQGDQW j FKDTXH FRLQ j FKDTXH GLIIpUHQFH GH QLYHDX /D PDLVRQ G¶DSSDUHQFH PRQROLWKLTXH DEULWH XQ QR\DX LQWLPH FRPSRVp GH YLGHV HW SURWpJp SDU XQH HQYHORSSH IRQFWLRQQHOOH %/$) D WUDYDLOOp GH IDoRQ DSSURIRQGLH OD FRPSRVLWLRQ GH FHWWH HQYHORSSH DX PR\HQ GHV GLIIpUHQWHV FRXFKHV FKDFXQH FRQoXH GH IDoRQ RSWLPDOH SHUPHWWDQW DLQVL j FKDTXH pOpPHQW FKDTXH PDWpULDX GH MRXHU SOHLQHPHQW VRQ U{OH 8QH XWLOLVDWLRQ UpÀpFKLH GHV PR\HQV SULQFLSH HVVHQWLHO HW QpFHVVDLUH j XQH FRQFHSWLRQ GXUDEOH HW LQWHOOLJHQWH $LQVL OHV EORFV GH VLOLFR FDOFDLUH FKRLVLV SRXU GRWHU
XQ ORJHPHQW
EH SDVVLYH
pOpYDWLRQV H[WpULHXUHV
pOpYDWLRQ HVW
pOpYDWLRQ DUULqUH
pOpYDWLRQ RXHVW
pOpYDWLRQ DYDQW
SDURLV
pOpYDWLRQV LQWpULHXUHV
OยถHQYHORSSH GยถXQH JUDQGH LQHUWLH WKHUPLTXH VRQW SRUWHXUV &HWWH SDURL PDVVLYH HVW GRXEOpH GยถXQH RVVDWXUH ERLV HQ )-, GยถXQH pSDLVVHXU GH FP IHUPpH SDU GHV SDQQHDX[ GH ยฟEUH GH ERLV TXL LVROH HOOH HVW LQVXIร pH DX PR\HQ GH ร RFRQV GH FHOOXORVH HW WHUPLQpH SDU XQ EDUGDJH HQ ERLV SRVp j OD YHUWLFDOH /D SHUPpDELOLWp j OD YDSHXU GยถHDX FURLVVDQWH GH OยถLQWpULHXU YHUV OยถH[WpULHXU HVW pJDOHPHQW SULVH HQ FRQVLGpUDWLRQ HW XQH DWWHQWLRQ SDUWLFXOLqUH HVW SRUWpH DX FKRL[ GHV PDWpULDX[ GH ยฟQLWLRQ LQWpULHXUH HW j OHXUV LPSDFWV pFRORJLTXH FRPPH VDQLWDLUH $ OD EDVH GH FH SURMHW UHPDUTXDEOH UpYpODQW XQH pOpJDQFH H[FHSWLRQQHOOH HW XQH FUpDWLYLWp DUFKLWHFWXUDOH GH KDXW QLYHDX VH WURXYH OยถDPELWLRQ pOHYpH HW SUpFLVH GHV PDvWUHV GH OยถRXYUDJH *HUW HW %HD VH VRQW DGUHVVpV j %/$) DYHF OD GHPDQGH H[SOLFLWH GH FRQFHYRLU XQH PDLVRQ SDVVLYH FRPSDFWH HW HQJDJHDQW XQ GLDORJXH DYHF VRQ FRQWH[WH GDQV XQ VRXFL GH FRQWULEXHU j OD TXDOLWp GH OยถHVSDFH SXEOLF HW pTXLSp GHV LQVWDOODWLRQV WHFKQLTXHV PLQLPDOHV QpFHVVDLUHV
$LQVL OD PDLVRQ HVW pTXLSpH GยถXQH YHQWLODWLRQ PpFDQLTXH j UpFXSpUDWLRQ GH FKDOHXU HW GยถXQ SXLWV FDQDGLHQ $ FH VWDGH QL SDQQHDX[ SKRWRYROWDwTXHV QL FKDXIIH HDX VRODLUH QH VRQW LQVWDOOpV OD SULRULWp GH OD IDPLOOH UpVLGH GDQV OD OLPLWDWLRQ GHV EHVRLQV GH FKDOHXU VH WUDGXLVDQW QRWDPPHQW SDU XQH RSWLPLVDWLRQ GHV DSSRUWV VRODLUHV HW OXPLQHX[ FRPSOpWpH SDU XQ FKRL[ GRFXPHQWp HW IRQGp GH GLVSRVLWLIV GยถpFODLUDJH WUqV pFRQRPHV HQ pQHUJLH 6XU OD SDUFHOOH YRLVLQH VH GpURXOH DFWXHOOHPHQW OD FRQVWUXFWLRQ GยถXQH DXWUH PDLVRQ XQLIDPLOLDOH FRQoXH SDU %/$) FHOOH FL WUqV EDVVH pQHUJLH 6L OHV GHX[ IDPLOOHV RQW SDU KDVDUG IDLW DSSHO j OD PrPH pTXLSH GH FRQFHSWLRQ XQH LQWHUDFWLRQ JUDQGLVVDQWH HQWUH OHV GHX[ SURMHWV UHQIRUFH j VRQ WRXU OH UHQYHUVHPHQW GH FHUWDLQHV FRQYHQWLRQV MDGLV LPPXDEOHV OD OLPLWH GHV SDUFHOOHV pWDQW ยฟ[pH OยถXWLOLVDWLRQ GHV VXUIDFHV GH WHUUDLQ HQWUH OHV GHX[ PDLVRQV IDLW OยถREMHW GยถXQH Upร H[LRQ VXU OD ร H[LELOLWp (QFRUH XQH EHOOH EUqFKH GDQV OHV FRQYHQWLRQV GX WUDGLWLRQQHO ORWLVVHPHQW
VXSHUยฟFLH SODQFKHU Pรฐ EHVRLQ QHW GยถpQHUJLH GH FKDXIIDJH SKSS
N:K Pรฐ DQ . ( FRPSDFLWp P pWDQFKpLWp j O DLU YRO K 8 PR\HQV GHV SDURLV 8PXUV : Pรฐ. 8VRO : Pรฐ. 8WRLW : Pรฐ. 8I : Pรฐ. 8J : Pรฐ.
EH SDVVLYH
XQ ORJHPHQW
V\VWqPHV pFKDQJHXU GRXEOH ร X[ K SXLWV FDQDGLHQ
XQH pFROH
EH SDVVLYH
EH SDVVLYH
EH SDVVLYH SUpVHQWH
XQH UpQRYDWLRQ WH[WH
-XOLH :LOOHP
SKRWRV
*ZHQROD 9LOHW (OLQ .LUVFK¿QN -XOLH :LOOHP
XQH UpQRYDWLRQ
EH SDVVLYH
1RXYHOOH YLH SRXU OD 'URJXHULH 5pQRYDWLRQ WUqV EDVVH pQHUJLH j 6DLQW *LOOHV 0DvWUH GH O RXYUDJH (OLQ .LUVFK¿QN HW *HRUJHV /HXUTXLQ $UFKLWHFWH *ZHQROD 9LOHW
'pPROLWLRQV *URV °XYUH eOHFWULFLWp 3ORPEHULH FKDXIIDJH )HU\ GH 3DROL VSUO 0LFKHO 3DTXRW ,VRODWLRQ VRXIÃ&#x20AC;pH YHQWLODWLRQ /LPERXUJ )OHXU\ VSUO %HQMDPLQ /LPERXUJ 'DYLG )OHXU\
ZZZ JZHQRODYLOHW EH
ZZZ OLPERXUJHWÃ&#x20AC;HXU\ EH
6WDELOLWp -' V D -DFTXHV 'XIRXU
1RXYHDX[ FKkVVLV :H\QDQG VSUO 3DXO :H\QDQG
(WXGHV WHFKQLTXHV (DUWK Q EHH 0DUF 0RQWXOHW
5pQRYDWLRQV FKkVVLV * 5pQRY *UpJRU\ 5HJRXW
UH] GH FKDXVVpH
SUHPLHU
4XL VH VDWLVIHUDLW DXMRXUG¶KXL GX FRQIRUW GH QRV JUDQGV SDUHQWV " 'HSXLV TXH OH FKDXIIDJH FHQWUDO D WUDQVIRUPp OH FRLQ GX IHX HQ XQ DFFHVVRLUH SOXV SRpWLTXH TX¶XWLOH O¶H[LJHQFH GH FRQIRUW LQWpULHXU Q¶D IDLW TXH FURvWUH SDUIRLV MXVTX¶j O¶DEVXUGH FRPPH O¶H[SULPH VL ELHQ OD FRQWUH FDPSDJQH GH SXEOLFLWp GX ::) MH EDLVVHUDLV ELHQ OH WKHUPRVWDW PDLV OHV VWULQJV PH YRQW VL ELHQ ,O IDXW V¶\ UpVLJQHU OH WHPSV GH QRV DwHX[ D IDLW VRQ WHPSV 'qV ORUV FRPPHQW PDLQWHQLU YLYDQW HW YLDEOH WRXW OH SDWULPRLQH EkWL TXL FRQVWLWXH VRXYHQW OHV FHQWUHV GH QRV YLOOHV " 3RXU *ZHQROD 9LOHW DUFKLWHFWH GX SURMHW OD SUHPLqUH TXHVWLRQ TXH GRLW DERUGHU WRXWH SHUVRQQH HQWUDQW GDQV XQ SURFHVVXV GH VpGHQWDULVDWLRQ GXUDEOH HVW OH FKRL[ GX OLHX O¶DFFqV DX[ LQIUDVWUXFWXUHV GH WUDQVSRUW OD SUR[LPLWp GHV OLHX[ GH WUDYDLO G¶pGXFDWLRQ GH FRPPHUFHV HW GH ORLVLUV IRQW GHV FHQWUHV XUEDLQV XQH VLWXDWLRQ LGpDOH
EH SDVVLYH
XQH UpQRYDWLRQ
GHX[LqPH
5HQGUH YLH j XQ EkWLPHQW H[LVWDQW SOXW{W TXH GH FRQVWUXLUH QHXI DX PLOLHX GH FKDQFUHV XUEDLQV HVW XQ DXWUH DVSHFW /HV PDvWUHV G¶RXYUDJH RQW DUUrWp OHXU FKRL[ VXU XQH SHWLWH PDLVRQ PLWR\HQQH GH O¶DQFLHQQH 'URJXHULH GH OD FKDXVVpH GH )RUHVW &RPPHQW UpKDELWHU DXMRXUG¶KXL FHWWH DQFLHQQH PDLVRQ " &DU VL OHV H[LJHQFHV GH FRQIRUW VH VRQW WUDQVIRUPpHV GHSXLV OH WHPSV GH QRV DUULqUH JUDQGV SDUHQWV TXH GLUH GH OD PXWDWLRQ GHV VWUXFWXUHV IDPLOLDOHV GH FHV GHUQLqUHV GpFHQQLHV " 3RXU GXUHU DXMRXUG¶KXL O¶KDELWDW VH GRLW G¶RIIULU XQH JUDQGH SODVWLFLWp G¶RFFXSDWLRQ /¶DUFKLWHFWH D UHYLVLWp OD FRXSH GX EkWLPHQW MXVTX¶DORUV V\PpWULTXH D¿Q G¶RXYULU HW G¶DJUDQGLU OHV HVSDFHV GH YLH YHUV OH MDUGLQ RULHQWp VXG /H WHUUDLQ HVW FUHXVp SRXU UHMRLQGUH OH QLYHDX GX UH] GH FKDXVVpH ODUJHPHQW pWHQGX HW RXYHUW 'H PrPH OD V\PpWULH RULJLQHOOH GHV GHX[ SHWLWV FKLHQV DVVLV j O¶DYDQW HW j
O¶DUULqUH GH O¶KDELWDWLRQ D pWp URPSXH SRXU GpYHORSSHU FHOXL VLWXp YHUV OH MDUGLQ TXL V¶pWHQG j SUpVHQW G¶XQ PLWR\HQ j O¶DXWUH (QVXLWH XQ WUDYDLO SUpFLV D pWp UpDOLVp VXU O¶LVRODWLRQ GH O¶HQYHORSSH HQ FUpDQW GHV ]RQHV WDPSRQV QRWDPPHQW XQ DWHOLHU TXL SHUPHWWHQW XQH Ã&#x20AC;H[LELOLWp G¶XWLOLVDWLRQ &HV PRGL¿FDWLRQV WUDQVIRUPHQW OD SHWLWH PDLVRQ PLWR\HQQH G¶DQWDQ HQ GH JpQpUHX[ HVSDFHV j YLYUH OH SUpVHQW 7HFKQLTXHPHQW OH WUDYDLO VXU O¶pWDQFKpLWp j O¶DLU D SHUPLV G¶DWWHLQGUH XQ UpVXOWDW LPSUHVVLRQQDQW SDV SOXV GH YRO K G¶DLU QH V¶pFKDSSH GH OD UpQRYDWLRQ Ç»3 3D QRUPDOLVp &H UpVXOWDW D pWp REWHQX JUkFH j XQ ORQJ HW PLQXWLHX[ WUDYDLO GH FKDVVH DX[ IXLWHV UpDOLVp SDU OHV PDvWUHV G¶RXYUDJHV TXL Q¶DYDLHQW SRXUWDQW DXFXQH H[SpULHQFH SUpDODEOH 3OXVLHXUV SHWLWHV HUUHXUV RQW GÂ&#x20AC; rWUH FRUULJpHV HQ FRXUV GH FKDQWLHU FDU OH VRXFL GH O¶pWDQFKpLWp j O¶DLU Q¶HVW SDV HQFRUH UpSDQGX SDUPL OHV
FRUSV GH PpWLHU 3DU H[HPSOH O¶LQWpULHXU GHV JDLQHV WHFKQLTXHV Q¶DYDLW SDV pWp SODIRQQp ± FH TXL SRXUUDLW VHPEOHU ORJLTXH VDXI TXH OHV EULTXHV HW OHXUV MRLQWV VRQW GH JUDQGHV VRXUFHV GH IXLWHV HW TX¶XQH IRLV OHV JDLQDJHV WHFKQLTXHV SRVpV LO HVW QHWWHPHQW SOXV FRPSOH[H GH FROPDWHU FHV GpWDLOV 0DLV SDV LPSRVVLEOH 6L XQ WHO UpVXOWDW D SX rWUH REWHQX F¶HVW GRQF j IRUFH GH SDWLHQFH GH WUDYDLO HW GH SUpFLVLRQ $ OD SRUWpH GH WRXW FRUSV GH PpWLHUV HQ VRPPH &RPPH GH QRPEUHXVHV DXWUHV UpQRYDWLRQV FHOOH FL SUpVHQWH XQH ]RQH VHQVLEOH pSLGHUPLTXH O¶LVRODWLRQ GH OD IDoDGH DYDQW &RQVWUXLWH HQ OD YLWULQH HQFDGUpH GH SLHUUHV EOHXHV HVW XQ pOpPHQW UHPDUTXDEOH DXTXHO LO Q¶D SDV pWp TXHVWLRQ GH WRXFKHU 0DLV OH UHVWH GH OD IDoDGH HVW FRQVWLWXp G¶XQ HQGXLW VXU OHTXHO GHV EULTXHWWHV RQW pWp GHVVLQpHV '¶R OD SURSRVLWLRQ GHV PDvWUHV G¶RXYUDJH GH GpFDSHU O¶HQGXLW SRXU LVROHU HW UHIDLUH XQ XQH UpQRYDWLRQ
EH SDVVLYH
HQGXLW QHXI j O¶LPLWDWLRQ GH O¶RULJLQDO QpR FODVVLTXH &HFL D VXVFLWp O¶LQGLJQDWLRQ G¶XQH &RPPLVVLRQ UpSXWpH TXL D YX Oj XQ DWWHQWDW j XQ IDEXOHX[ WpPRLQ KLVWRULTXH 3RXU (OOH HQ HIIHW OHV IDXVVHV EULTXHWWHV GDWHUDLHQW GH HW WpPRLJQHUDLHQW GH OD SpQXULH GH PDWpULDX[ GXUDQW OD SUHPLqUH JXHUUH PRQGLDOH R O¶DEVHQFH GH EULTXH SRXVVDLW j O¶HPSORL GH WHOV DUWL¿FHV GH TXHOTXHV PLOOLPqWUHV G¶pSDLVVHXU 2XL 6DXI TXH G¶DSUqV XQH DQDO\VH GHV GHVVLQV G RULJLQH HW XQH H[SHUWLVH PDWpULHOOH GH O HQGXLW FHV YUDLHV IDXVVHV EULTXHWWHV RQW pWp DSSOLTXpHV HQ ORUV GH WUDQVIRUPDWLRQV XOWpULHXUHV SRXU GHV UDLVRQV VDQV GRXWH ELHQ SOXV pFRQRPLTXHV TX¶KLVWRULTXHV /HV IDLWV RQW FHSHQGDQW SOLp GHYDQW O¶$GPLQLVWUDWLRQ TXL D UHIXVp O¶DXWRULVDWLRQ GH UHPSODFHU OHV EULTXHWWHV SUpWH[WDQW TX¶HOOH RXYULUDLW VLQRQ OD SRUWH j Q¶LPSRUWH TXHOOHV FRORQQHV GRULTXHV HQ SODVWLTXH FROOpHV VXU GHV IDoDGHV XQ FDXFKHPDU 'pQL GH MXVWLFH RX FRXUDJHXVH SULVH GH SRVLWLRQ FRPPXQDOH " $X GHOj GX SULQFLSH G¶DOLJQHPHQW TX¶RQ RSSRVH JpQpUDOHPHQW j O¶LVRODWLRQ SDU O¶H[WpULHXU HQ IDoDGH j UXH O¶DUJXPHQW SULQFLSDO UpFXUUHQW UHSRVH VXU FHWWH SHXU TXH
OD YLOOH VHV IDoDGHV RXYUDJpHV VHV VJUDI¿WHV PRXOXUHV HW EDOFRQV VH FRXYUHQW G¶XQH FKDSH G¶LVRODWLRQ HQGXLWH PXHWWH HW XQLIRUPH HIIDoDQW j MDPDLV VRQ SDWULPRLQH HW VD GLYHUVLWp %LHQ VÂ&#x20AC;U XQ WHO DYHQLU Q¶HVW SDV GpVLUDEOH 0DLV j rWUH SOXV FDWKROLTXH TXH OH SDSH OH ULVTXH Q¶HVW LO SDV GH VH UHWURXYHU DX PLOLHX G¶XQ SDWULPRLQH HQ VRLQV SDOOLDWLIV HW GH VDYRLU IDLUH GLVSDUXV " /D UpQRYDWLRQ GHV IDoDGHV SHUPHW SRXUWDQW GH PDLQWHQLU EHDXFRXS GH SUDWLTXHV SURIHVVLRQQHOOHV HQ YLH 3DU H[HPSOH OD UpIHFWLRQ GHV PHQXLVHULHV GH OD YLWULQH D pWp SDUIDLWHPHQW UpDOLVpH OH SDVVDJH G¶XQ VLPSOH j XQ GRXEOH YLWUDJH EHUQH PrPH O¶°LO DWWHQWLI 8Q SDWULPRLQH YLYDQW FH SRXUUDLW rWUH QRQ VHXOHPHQW XQH DGDSWDWLRQ GHV EkWLPHQWV H[LVWDQWV DX[ H[LJHQFHV GH YLH DFWXHOOHV PDLV DXVVL XQH FKDQFH SRXU OHV DUWLVDQV GRQW OHV DUFKLWHFWHV G¶H[HUFHU OHXU VDYRLU HW OHXU VDYRLU IDLUH 4XRL TX¶LO HQ VRLW OD IDoDGH D pWp LVROpH SDU O¶LQWpULHXU IRUFH VLPXODWLRQV HW FDOFXOV RQW pWp QpFHVVDLUHV SRXU DVVXUHU OD SpUHQQLWp GHV JvWHV DQFUpHV GDQV OH PXU H[LVWDQW /D PDLVRQ HVW RFFXSpH GHSXLV SUHVTX¶XQ DQ HW OHV SURSULpWDLUHV VRQW FKDUPpV DLPHQW O¶DLU VDLQ HW SUHQQHQW SODLVLU j YLYUH GDQV OHXU QRXYHO HVSDFH Ŷ
6XSHU¿FLH SODQFKHU Pð %HVRLQ QHW G¶pQHUJLH GH FKDXIIDJH SKSS
N:K Pð DQ (WDQFKpLWp j O¶DLU 9 K 8 GHV SDURLV HW IHQrWUHV )DoDGH DYDQW EULTXHV )DoDGH DYDQW SLHUUHV EOHXHV )DoDGH DUULqUH )DoDGH DUULqUH 5 $QFLHQQH )DoDGH DUULqUH 5 ERLV 7RLWXUH LQFOLQpH 7RLWXUH SODWH 5 7RLWXUH SODWH 5H] 3ODQFKHU 'DOOH VXU FDYH 0XUV PLWR\HQV
: Pð. : Pð. : Pð. : Pð. : Pð. : Pð. : Pð. : Pð. : Pð. : Pð. : Pð.
8I QRXYHDX[ FKkVVLV 8Z QRXYHDX[ FKkVVLV
: Pð. : Pð.
8I FKkVVLV UHVWDXUpV 8Z FKkVVLV UHVWDXUpV
: Pð. : Pð.
6\VWqPHV 6WRFNDJH GHV HDX[ GH UXLVVHOOHPHQW OLWUHV 5pVHUYRLU WDPSRQ OLWUHV 3XLWV FDQDGLHQ V\VWqPH GH YHQWLODWLRQ GRXEOH Ã&#x20AC;X[ &KDXGLqUH j JD] j FRQGHQVDWLRQ .: FKDXIIDJH SDU OH VRO DX UH] GH FKDXVVpH UDGLDWHXUV FRUUHFWHPHQW GLPHQVLRQQpV DX[ pWDJHV SRrOH PXOWL FRPEXVWLEOH
EH SDVVLYH
XQH UpQRYDWLRQ
0RQWDQW WUDYDX[ +79$ KRUV KRQRUDLUHV ¼ KRUV ¿QLWLRQV
XQH UpQRYDWLRQ
EH SDVVLYH
SDURLV SDVVLYHV OD UHFHWWH GH EDVH GpWDLO
WH[WH /DXUHQFH 9DQGRUPDHO HW *pU{PH )RUWKRPPH %URXDH
,VROHU XQ EkWLPHQW SDVVLI" )DFLOH ,O VXI¿W GH SUpYRLU XQH EHOOH FRXFKH G LVRODQW 2XL PDLV« DWWHQWLRQ j OD JRXUPDQGLVH /H FRQFHSWHXU GHYUD HQ HIIHW DYRLU FRQVFLHQFH GH O HQVHPEOH GHV SDUDPqWUHV SK\VLTXHV HW WHFKQLTXHV TXL HQWUHQW HQ FRPSWH ORUV GX FKRL[ GH OD FRPSRVLWLRQ GHV SDURLV« DX ULVTXH GH YRLU VRQ VRXIÀp UHWRPEHU /D YLDELOLWp GH FKDTXH SDURL TX HOOH VRLW GH FRQVWUXFWLRQ PDVVLYH RX j VWUXFWXUH OpJqUH UHOqYH GH WKqPHV LGHQWLTXHV HW LQFRQWRXUQDEOHV OD JHVWLRQ GX WUDQVIHUW GH YDSHXU DX WUDYHUV GH OD SDURL OD UpDOLVDWLRQ GH VRQ pWDQFKpLWp j O DLU HW OD PDvWULVH GHV ULVTXHV OLpV DX[ SRQWV WKHUPLTXHV /D SUHPLqUH pWDSH FRQVLVWH j YpUL¿HU OD YLDELOLWp GH OD SDURL SDU UDSSRUW j OD PLJUDWLRQ GH YDSHXU G HDX &KDTXH PDWpULDX D\DQW VHV SURSUHV FDUDFWpULVWLTXHV OH PDULDJH GH SOXVLHXUV PDWpULDX[ QH JDUDQWLW SDV O KDUPRQLH SDUIDLWH $XVVL HVW LO XWLOH GH UDSSHOHU OHV SUHPLqUHV UqJOHV GH EDVH 3ULPR SODFHU VXU OD IDFH FKDXGH GH OD SDURL XQ PDWpULDX TXL DXUD SRXU U{OH GH IUHLQHU OH WUDQVIHUW GH YDSHXU G HDX 7\SLTXHPHQW LO V DJLW G XQH PHPEUDQH IUHLQH YDSHXU ELHQ TXH G DXWUHV PDWpULDX[ SUpVHQWHQW FHWWH FDSDFLWp WHO TXH O 26% OH EpWRQ RX FHUWDLQV SDQQHDX[ GH FRQWUHYHQWHPHQW (QVXLWH RQ SULYLOpJLH XQ PDWpULDX LVRODQW TXL DX EHVRLQ SHUPHWWUD j O pYHQWXHOOH HDX GH FRQGHQVDWLRQ GH PLJUHU SDU FDSLOODULWp YHUV OD IDFH H[WHUQH GH OD SDURL VDQV GLPLQXHU VRQ SRXYRLU LVRODQW (Q¿Q OHV FRXFKHV VXFFHVVLYHV VHURQW GH SOXV HQ SOXV GLIIXVDQWHV GH O LQWpULHXU YHUV O H[WpULHXU GH OD SDURL F HVW j GLUH RXYHUWHV DX WUDQVIHUW GH YDSHXU (WDQW GRQQp TX HQ OD PDWLqUH RQ Q HVW MDPDLV WURS SUXGHQW OH FRQFHSWHXU SHXW VLPXOHU OHV GLIIpUHQWHV SDURLV SRXU XQH XOWLPH YDOLGDWLRQ / DSSURFKH VWDWLTXH VH IDLW VXLYDQW OD PpWKRGH *ODVHU FDOFXO GX WDX[ G KXPLGLWp GH OD SDURL HQ XQ WHPSV GRQQp GDQV GHV FRQGLWLRQV GH WHPSpUDWXUH HW G¶KXPLGLWp UHODWLYH GRQQpHV 2XWLO SHUYHUV FDU VL OHV SDUDPqWUHV GH VLPXODWLRQ QH VRQW SDV VXI¿VDPPHQW GpIDYRUDEOHV OD PpWKRGH SHXW YDOLGHU XQ FDV TXL SRXUUDLW V DYpUHU FDWDVWURSKLTXH j ORQJ WHUPH« 3RXU UpGXLUH FHWWH LQFHUWLWXGH LO HVW QHWWHPHQW SUpIpUDEOH G DYRLU UHFRXUV j GHV ORJLFLHOV GH VLPXODWLRQ G\QDPLTXH :X¿ HW 'RO¿Q VRQW GHV H[HPSOHV GH ORJLFLHOV IUpTXHPPHQW UHQFRQWUpV 8QH WHOOH VLPXODWLRQ SUHQG QRWDPPHQW HQ FRPSWH FKDTXH PDWpULDX FRPSRVDQW OD SDURL VRQ RULHQWDWLRQ VD KDXWHXU VHV FRHI¿FLHQWV GH WUDQVIHUW GH VXUIDFH OHV FOLPDWV LQWpULHXUV HW H[WpULHXUV
EH SDVVLYH
GpWDLO
/D VLPXODWLRQ G\QDPLTXH HVW JpQpUDOHPHQW UpDOLVpH VXU SOXVLHXUV DQQpHV (OOH SHUPHW GH YLVXDOLVHU OHV SKDVHV G DFFXPXODWLRQ GH YDSHXU G HDX DX VHLQ GH OD SDURL PDLV DXVVL VHV SKDVHV G DVVqFKHPHQW /HV LQIRUPDWLRQV VRQW GRQQpHV SRXU O HQVHPEOH GH OD SDURL HW SRXU FKDTXH FRXFKH FH TXL SHUPHW GH IDFLOHPHQW LGHQWL¿HU OH PDWpULDX TXL SRXUUDLW IDLUH GpIDXW &HULVH VXU OH JkWHDX KXPLGH OD VLPXODWLRQ GX ULVTXH GH IRUPDWLRQ GH PRLVLVVXUHV j OD VXUIDFH GHV SDURLV LQWHUQHV G XQ FRPSOH[H LVRODQW 9LD XQ ORJLFLHO VSpFL¿TXH FRPPH :X¿ %LR SDU H[HPSOH OH FRQFHSWHXU REVHUYH OH VHXLO FULWLTXH GH VWRFNDJH G HDX DX[ LQWHUIDFHV LQWHUQHV GH OD SDURL 6L FHOXL FL HVW DWWHLQW O DFWLYLWp ELRORJLTXH SHXW VH GpFOHQFKHU HW OHV VSRUHV JHUPHU« 0LHX[ YDXW rWUH SUpYHQX DX ULVTXH GH WURXYHU OH JkWHDX ELHQ PRLQV DSSpWLVVDQW 8QH IRLV OD FRPSRVLWLRQ GH OD SDURL SUpFLVpPHQW FRQQXH XQH SDUW QRQ QpJOLJHDEOH GX WUDYDLO GX FRQFHSWHXU HVW G HQ YpUL¿HU OD ERQQH PLVH HQ °XYUH 6HXOH XQH UpDOLVDWLRQ SDUIDLWH SHUPHWWUD XQ UpVXOWDW GXUDEOH & HVW LFL TX LQWHUYLHQW OD QRWLRQ G pWDQFKpLWp j O DLU SRXU pYLWHU OHV ULVTXHV GH WUDQVIHUW GH YDSHXU G HDX PDLV DXVVL SRXU JDUDQWLU OD IRQFWLRQ SDUIDLWHPHQW LVRODQWH GH OD SDURL PRGpOLVpH (Q G DXWUHV PRWV SODFHU XQ SDUH YDSHXU SHUPHW G DVVXUHU O pWDQFKpLWp j O DLU HW GRQF G pYLWHU OHV IXLWHV« GH FDORULHV /HV PR\HQV GH FRQWU{OH GH OD PLVH HQ °XYUH RXWUH O LQVSHFWLRQ YLVXHOOH UpVLGHQW GDQV OD UpDOLVDWLRQ G XQ EORZHU GRRU WHVW /H VWDQGDUG SDVVLI SUHVFULW XQ UHQRXYHOOHPHQW OLPLWp j YROXPH G¶DLU GX EkWLPHQW SDU KHXUH (Q¿Q pWDQW GRQQp TXH OH EkWLPHQW VHUD FRQVWLWXp G XQ HQVHPEOH GH SDURLV GLIIpUHQWHV VH MRX[WDQW HQ XQ QRPEUH LPSRUWDQWV GH Q°XGV FRQVWUXFWLIV VRO PXU PXU WRLWXUH PXU PXU FKkVVLV PXU FKkVVLV VRO« LO VHUD QpFHVVDLUH G HQ YDOLGHU OD ERQQH FRQFHSWLRQ HW PLVH HQ °XYUH 8Q DIIDLEOLVVHPHQW ORFDO GH O LVRODQW RX SLUH XQH UXSWXUH GDQV OD FRQWLQXLWp GH FHOXL FL SHXYHQW UXLQHU OHV YDOLGDWLRQV SUpFpGHQWHV (Q DXFXQ FDV RQ QH SRXUUD DGPHWWUH GH FRQGHQVDWLRQ j OD VXUIDFH GHV SDURLV SRXU UDSSHO DX ULVTXH QRWDPPHQW G HQJHQGUHU OD IRUPDWLRQ GH PRLVLVVXUHV FH TXL UHYLHQW j GLUH TXH GDQV GHV FRQGLWLRQV QRUPDOHV G KDELWDELOLWp OD WHPSpUDWXUH GH VXUIDFH GHV SDURLV GRLW WRXMRXUV rWUH VXSpULHXUH j & $ QRXYHDX GHV RXWLOV VRQW j GLVSRVLWLRQ GX FRQFHSWHXU FDWDORJXH GH SRQWV WKHUPLTXHV VLPXODWLRQV VSpFL¿TXHV YLD GHV ORJLFLHOV FRPPH .REUD 7KHUP %LVFR 7ULVFR
&RXSH GDOOH VXU XQ YLGH (Q LVRODQW SDU O LQWpULHXU OH YRLOH HQ EpWRQ RQ ULVTXH G DJUDQGLU OD ]RQH GH IURLG GX F{Wp GX YRLVLQ FHOXL FL QH EpQp¿FLDQW SOXV GHV FDORULHV GX EkWLPHQW SDVVLI
LQW
H[W
LQW F
F IW
F IW
F IW
H[W F
SODQ UDFFRUG G XQ PLWR\HQ DYHF XQH FRORQQH HQ EpWRQ DUPp (Q YRXODQW UpVRXGUH OH SRQW WKHUPLTXH GH FHWWH FRORQQH LO IDXW WURXYHU OH MXVWH PLOLHX SRXU REWHQLU XQ Ȍ YDODEOH HW QH SDV DJJUDYHU OHV ULVTXHV GH FRQGHQVDWLRQ FKH] VRQ YRLVLQ H[W LQW
LQW F
H[W F
F IW
F IW
F IW
SODQ UDFFRUG G XQ PLWR\HQ DYHF YRLOH HQ EpWRQ DUPp (Q YRXODQW UpVRXGUH OH SRQW WKHUPLTXH DX GURLW GX PLWR\HQ LO IDXW WURXYHU OH MXVWH PLOLHX SRXU REWHQLU XQ Ȍ YDODEOH HW QH SDV DJJUDYHU OHV ULVTXHV GH FRQGHQVDWLRQ FKH] VRQ YRLVLQ H[W LQW
LQW F
H[W F F IW
F IW
4XHOTXHV H[HPSOHV GH SRQWV WKHUPLTXHV OLWLJLHX[ VRQW SXEOLpV LFL OH ULVTXH ]pUR Q D SDV pWp pOLPLQp OD FRXUEH GHV & HVW IUDQFKLH HW OH IDFWHXU GH WHPSpUDWXUH PLQLPDO HVW VRXV OH VHXLO GHV &HV UpVXOWDWV WpPRLJQHQW G XQ ULVTXH GH FRQGHQVDWLRQ UpHO TX LO IDXW FRQVLGpUHU SRXU VRQ SURSUH EkWLPHQW RX SRXU OH EkWLPHQW YRLVLQ TXL pWDLW SHXW rWUH j O pTXLOLEUH DYDQW OHV WUDYDX[ /D YDOHXU GH WUDQVIHUW WKHUPLTXH OLQpDLUH SVL GX SRQW WKHUPLTXH GRLW GRQF SDVVHU DX VHFRQG SODQ OD YLDELOLWp GX UDFFRUG pWDQW ELHQ HQWHQGX XQH SULRULWp (Q UpQRYDWLRQ LO Q HVW GRQF SDV UDUH G REWHQLU GH GpSHUGLWLRQV SDU OHV SRQWV WKHUPLTXHV
F IW
&HV TXHOTXHV UDSSHOV FRQVWLWXHQW OHV LQJUpGLHQWV GH EDVH TX LO HVW WRXMRXUV ERQ G DYRLU GDQV VHV DUPRLUHV« (W PDLQWHQDQW TXH YRXV rWHV HQ DSSpWLW SRXUTXRL QH SDV SDVVHU j OD WDEOH GX SDVVLI " Ŷ 9RXV HQ WURXYH] GH QRPEUHX[ H[HPSOHV GDQV OH GRVVLHU GH EH SDVVLYH DLQVL TXH VRXV IRUPH GH ERQXV VXU OH VLWH ZZZ EHSDVVLYH EH ERQXV /H IDFWHXU GH WHPSpUDWXUH HVW O H[SUHVVLRQ VDQV XQLWp GH OD WHPSpUDWXUH PLQLPDOH GH VXUIDFH LQWpULHXUH j SDUWLU GH ODTXHOOH LO SHXW \ DYRLU FRQGHQVDWLRQ GH VXUIDFH /D YDOHXU OLPLWH XVXHOOH HVW GH 8QH YDOHXU LQIpULHXUH SUpVHQWH GRQF XQ ULVTXH
GpWDLO
EH SDVVLYH
(OLVDEHWK¶V GLDU\
0rPH DSUqV WRXWHV FHV DQQpHV G H[SpGLWLRQV HQ $QWDUFWLTXH OH UHWRXU HQ %HOJLTXH LPSOLTXH FKDTXH IRLV GH QRXV UpKDELWXHU j OD IRXOH j QRWUH HQYLURQQHPHQW YLVXHOOHPHQW HQFRPEUp DX[ FRXOHXUV JULVHV +HXUHXVHPHQW QRXV SDVVRQV TXHOTXHV MRXUV j &DSH 7RZQ TXL DGRXFLVVHQW OD WUDQVLWLRQ 4XHOTXHV MRXUV GH UHOkFKH SRXU SUR¿WHU GH O pWp DXVWUDO HW GX ERQ YLQ (QVXLWH FKDFXQ HVW SUrW j UHQWUHU FKH] VRL
WH[WH -RKDQ %HUWH
/H UHWRXU j OD PDLVRQ HVW WRXMRXUV XQH IrWH PDLV LO IDXW VH UDSSHOHU TXH YRWUH IDPLOOH D G DXVVL WURXYHU VRQ SURSUH U\WKPH DSUqV WRXV FHV PRLV HW FKDFXQ GRLW V¶\ UHIDLUH VD SODFH $LQVL FHW pTXLOLEUH HVW ERXVFXOp HW DYDQW TXH YRXV QH YRXV HQ UHQGLH] FRPSWH YRXV YRXV UHWURXYH] DX F°XU GH FH WRXUELOORQ TXL IDLW OD QRUPDOLWp GH QRWUH VRFLpWp
(Q¿Q GH UHWRXU
SKRWR ,QWHUQDWLRQDO 3RODU )RXQGDWLRQ 5HQp 5REHUW
1RQ SDV TXH YRXV GLVSRVLH] GH EHDXFRXS GH WHPSV SRXU \ UpÀpFKLU /D SUHPLqUH VHPDLQH TXL VXLW YRWUH UHWRXU G¶H[SpGLWLRQ HVW EHDXFRXS SOXV RFFXSpH TXH FH j TXRL RQ SRXUUDLW V DWWHQGUH 6L OH UDSSRUW GH PLVVLRQ HVW HQ¿Q ¿QDOLVp OHV EXGJHWV HW OHV FDOHQGULHUV SRXU OD VDLVRQ SURFKDLQH VRQW GpMj HQ SOHLQH
EH SDVVLYH
HOLVDEHWK V GLDU\
SUpSDUDWLRQ ± SRXU OHV GpFLVLRQV XUJHQWHV ± RQ FRPPHQFH j IDLUH GHV UpVHUYDWLRQV HWF HW WRXW oD GpMj ELHQ DYDQW OH GpEXW GH O pWp
FRQFHQWUpH VXU OHV WHVWV HW O RSWLPLVDWLRQ GHV V\VWqPHV PDLV FHWWH DQQpH O DFFHQW D pWp PLV VXU OH UpJODJH ¿Q HW O HQWUHWLHQ UpJXOLHU
/HV GRQQpHV WHFKQLTXHV UDVVHPEOpHV VHURQW ELHQW{W DQDO\VpHV SURGXFWLRQ G¶HDX FRQVRPPDWLRQV pOHFWULTXHV YROXPH GH GRQQpHV WUDQVPLVHV QRPEUH GH UHSDV VHUYLV GH FORXV HQIRQFpV GH YLV ¿[pHV HWF 1RXV VDXURQV ELHQW{W WRXW FH TX¶LO IDXW HQ VDYRLU
/¶pTXLSH pODUJLH GH OD )RQGDWLRQ 3RODLUH ,QWHUQDWLRQDOH ,3) D PDJQL¿TXHPHQW WUDYDLOOp DYHF VHV SDUWHQDLUHV WHFKQLTXHV 1RXV VRPPHV GRQF KHXUHX[ GH SURJUHVVLYHPHQW SDVVHU OH ÀDPEHDX HW GH ODQFHU GH QRXYHDX[ SURMHWV \ FRPSULV FRQFHUQDQW OD VWDWLRQ &¶HVW GDQV FHW pWDW G¶HVSULW TXH QRXV VRPPHV RFFXSpV j H[DPLQHU GH QRXYHOOHV EDWWHULHV HW GHV SDQQHDX[ VRODLUHV«
1RXV UHVWRQV FXULHX[ GH YRLU FRPPHQW OD VWDWLRQ (OLVDEHWK VH GpEURXLOOH WRXWH VHXOH HW QRXV YpUL¿RQV O pWDW GHV V\VWqPHV SDU VDWHOOLWH $XMRXUG KXL OH 0DUV OHV EDWWHULHV VRQW FKDUJpHV j HW OHV LQVWUXPHQWV VFLHQWL¿TXHV FRQWLQXHQW GH WUDQVPHWWUH OHXUV GRQQpHV /D ZHEFDP PRQWUH OHV pROLHQQHV HQ DFWLRQ 7RXW EDLJQH PDLV QRXV QRXV DWWHQGRQV j PRLQV GH YHQW SRXU OD VHPDLQH SURFKDLQH /D GXUpH GX MRXU VH UpGXLW LPSODFDEOHPHQW HW FH VHUD ELHQW{W VHUD OD QXLW SRODLUH SHQGDQW PRLV DYHF OH YHQW FRPPH XQLTXH VRXUFH G¶pQHUJLH /D WHQVLRQ PRQWH %LHQ TXH QRXV D\RQV GpMj WURLV VDLVRQV G¶H[SpGLWLRQV VFLHQWL¿TXHV GHUULqUH QRXV MH UHVVHQV PDLQWHQDQW TXH FHWWH GHUQLqUH H[SpGLWLRQ pWDLW OD SUHPLqUH j rWUH YUDLPHQW RSpUDWLRQQHOOH $XSDUDYDQW O pTXLSH WHFKQLTXH V¶HVW
8Q DXWUH SURMHW HVW FHOXL GH OD 9HQWXUL $QWDUFWLFD ,O V¶DJLW G¶XQ YpKLFXOH pOHFWULTXH WRXW WHUUDLQ GpYHORSSp SDU OD VRFLpWp PRQpJDVTXH 9HQWXUL HQ FROODERUDWLRQ DYHF O ,3) 8Q SURWRW\SH SDUWLUD SRXU OD 6WDWLRQ 3ULQFHVVH (OLVDEHWK DYHF OD SURFKDLQH H[SpGLWLRQ &H VHUD SRXU QRXV XQ SDV VXSSOpPHQWDLUH GDQV QRWUH UpÀH[LRQ YHUV XQ FRQFHSW JOREDO GXUDEOH FHOXL G¶XQH PRELOLWp GXUDEOH DXWRXU GH OD VWDWLRQ /H YpKLFXOH SUpVHQWp HQ DX 6DORQ GH O $XWRPRELOH GH 3DULV Q pWDLW TX XQH SUHPLqUH pWDSH )DLUH GH FH SURWRW\SH XQ YpULWDEOH YpKLFXOH SRODLUH HVW FH TXL YD P¶RFFXSHU FHV SURFKDLQV PRLV /H FRQFHSWHXU GH TXH MH VXLV D KkWH GH SORQJHU OHV PDLQV GDQV OH FDPERXLV Ŷ
HOLVDEHWK V GLDU\
EH SDVVLYH
/D SUHPLqUH PDLVRQ SDVVLYH GH 5RXPDQLH D pWp FRQVWUXLWH j %XUOXVKL $UJHV HW HVW HQ FRXUV GH FHUWL¿FDWLRQ &¶HVW j %UDJDGLUX ,OIRY SUqV GH %XFDUHVW TXH OH SUHPLHU EkWLPHQW GH EXUHDX[ SDVVLIV URXPDLQ D pWp UpDOLVp SRXU OH VLqJH GH OD VRFLpWp $PYLF TXL RFFXSH Pð ,O HVW GRWp G¶XQH LQVWDOODWLRQ GH PRQLWRULQJ TXL SHUPHW GH UpDOLVHU XQ VXLYL GH VD FRQVRPPDWLRQ G¶pQHUJLH GDQV OH FDGUH G¶XQ SURMHW GH UHFKHUFKH LQLWLp SDU O¶,QVWLWXW 3DVVLYKDXV %UDJDGLUX (Q QRXV SRXUURQV pJDOHPHQW HQJDJHU OH SURFHVVXV GH FHUWL¿FDWLRQ GH FH EXUHDX /¶,QVWLWXW 3DVVLYKDXV %UDJDGLUX VH FRQVDFUH j OD SURPRWLRQ GH OD FRQFHSWLRQ LQWpJUpH HW G¶XQH DUFKLWHFWXUH HQYLURQQHPHQWDOH IRQGpH VXU GHV SULQFLSHV SUDJPDWLTXHV TXL DPpOLRUHQW OD TXDOLWp GH YLH WRXW HQ UpGXLVDQW OH SOXV SRVVLEOH O¶HPSUHLQWH FDUERQH 1RXV FHQWURQV QRWUH DFWLYLWp VXU OD IRUPDWLRQ HW OD UHFKHUFKH HW DSSOLTXRQV OHV VROXWLRQV pQHUJpWLTXHV OHV SOXV SRLQWXHV HW OHV WHFKQRORJLHV YHUWHV (Q 5RXPDQLH FRPPH DLOOHXUV O¶HI¿FDFLWp pQHUJpWLTXH HVW DXMRXUG¶KXL XQ FULWqUH GpFLVLI VXU OH PDUFKp WRXW FRPPH OD GXUDELOLWp 1RXV YLVRQV j SURPRXYRLU OHV pQHUJLHV UHQRXYHODEOHV OHV pFR WHFKQRORJLHV HW OD
GXUDELOLWp HQ Gp¿QLVVDQW GH QRXYHDX[ EHQFKPDUNV HQ PDWLqUH GH SURJUDPPDWLRQ GH FRQFHSWLRQ HW GH FRQVWUXFWLRQ F¶HVW j GLUH XQ SURJUDPPH pFRORJLTXH SRXU OD FRQVWUXFWLRQ QHXYH GDQV QRWUH SD\V 8QH FRQFHSWLRQ HQ LQWHOOLJHQFH DYHF OHV WUDGLWLRQV DUFKLWHFWXUDOHV URXPDLQHV HW OHV UpIpUHQFHV XUEDQLVWLTXHV ORFDOHV SURGXLW GHV HIIHWV WUqV SRVLWLIV DX QLYHDX UpJLRQDO /HV DSSURFKHV GH FRQFHSWLRQ WUDGLWLRQQHOOHV FRQWULEXHQW j UpGXLUH OHV EHVRLQV G¶pQHUJLH HW DPpOLRUHQW O¶pWDW GH O¶HQYLURQQHPHQW /¶REMHFWLI SULQFLSDO GH O¶,QVWLWXW 3DVVLYKDXV %UDJDGLUX HVW ELHQ GH PLQLPLVHU OHV LPSDFWV GHV EkWLPHQWV SDVVLIV VXU O¶HQYLURQQHPHQW URXPDLQ (Q FROODERUDWLRQ DYHF OD FKDLQH GH WpOpYLVLRQ 279 O¶,QVWLWXW 3DVVLYKDXV %UDJDGLUX UpDOLVH XQH pPLVVLRQ KHEGRPDGDLUH GH PLQ GLIIXVpH WRXV OHV GLPDQFKHV j K /D PDLVRQ GX IXWXU UHQG FRPSWH GH WRXV OHV FKDQWLHUV GH PDLVRQV SDVVLYHV RX EDVVH pQHUJLH HQ FRXUV GDQV OH SD\V 1RXV \ PRQWURQV HW H[SOLTXRQV OHV DYDQWDJHV GHV EkWLPHQWV SDVVLIV 'H QRPEUHX[ 5RXPDLQV VRXKDLWHUDLHQW DYRLU OHXU SURSUH PDLVRQ SDVVLYH &¶HVW SRXUTXRL QRXV DYRQV GpYHORSSp XQ SURJUDPPH VSpFLDO GH VWDQGDUGLVDWLRQ SRXU OHV PDLVRQV SDVVLYHV TXL FRPSWH GpMj PRGqOHV GH PDLVRQV XQLIDPLOLDOHV 8QH PDQLqUH GH IDLUH pYROXHU OD FRQVWUXFWLRQ WUDGLWLRQQHOOH YHUV GH QRXYHOOHV WHFKQRORJLHV SOXV pFRQRPLTXHV HW UDSLGHV FRQVLVWH j DGRSWHU XQ V\VWqPH FRQVWUXFWLI FRPPH FHV EORFV SURGXLWV SDU $PYLF 0DUF HW LQVSLUpV GHV /HJR LO V¶DJLW GH JURV EORFV Pð SLqFH HQ 1HRSRU IRUPDQW FRIIUDJH SHUGX SRXU XQH SDURL HQ EpWRQ /HV PXUV SRUWHXUV VRQW GRQF UpDOLVpV HQ
oD ERXJH HQ 5RXPDQLH
OH VWDQGDUG SDVVLI HVW HQ PDUFKH HQ 5RXPDQLH WH[WH
5X[DQGUD &UXWHVFX 3DVVLYKDXV ,QVWLWXW 65/
FRQWDFW 5X[DQGUD &UXWHVFX 3DVVLYKDXV ,QVWLWXW 65/ $OH[DQGULHL 5RDG %UDJDGLUX ,OIRY FRQWDFW#SDVVLY UR ZZZ SDVVLY UR
EH SDVVLYH
oD ERXJH HQ 5RXPDQLH
FRXODQW GX EpWRQ GDQV FHV pOpPHQWV LVRODQWV 7RXV OHV PDWpULDX[ HW pTXLSHPHQWV SURYLHQQHQW GH IDEULFDQWV GRQW OD SURGXFWLRQ HVW FRQIRUPH DX[ VWDQGDUGV LQWHUQDWLRQDX[ HW FHUWL¿pH SDU O¶,QVWLWXW 3DVVLYKDXV GH 'DUPVWDGW HQ $OOHPDJQH 3URFKDLQHPHQW HQ IRQFWLRQ GH QRWUH SURSUH H[SpULHQFH HW GX QRPEUH GH UpDOLVDWLRQV GH PDLVRQV SDVVLYHV HQ 5RXPDQLH QRWUH LQVWLWXW VRXKDLWH rWUH UHFRQQX FRPPH FHUWL¿FDWHXU GH TXDOLWp SDU O¶,QVWLWXW 3DVVLYKDXV GH 'DUPVWDGW 1RXV WUDYDLOORQV SULQFLSDOHPHQW DYHF OH ORJLFLHO 3+33 O¶pTXLSHPHQW QpFHVVDLUH SRXU UpDOLVHU OHV WHVWV G¶LQ¿OWURPpWULH XQH FDPpUD LQIUDURXJH XQH ERQQH ELEOLRWKqTXH WHFKQLTXH HW GX PDWpULHO LQIRUPDWLTXH HW GHV ORJLFLHOV GH QLYHDX SURIHVVLRQQHO EUHI WRXW FH TXL SHXW QRXV DLGHU j DWWHLQGUH GH ERQV UpVXOWDWV &RPPH O¶LQVWLWXW UpVLGH GDQV OH SUHPLHU EkWLPHQW GH EXUHDX[ SDVVLIV URXPDLQ LO QRXV HVW WUqV IDFLOH GH GpPRQWUHU VXU SODFH OHV TXDOLWpV GX VWDQGDUG SDVVLI (Q WDQW TXH SD\V PHPEUH GH O¶8QLRQ HXURSpHQQH OD 5RXPDQLH GRLW WUDQVSRVHU OD UpJOHPHQWDWLRQ HQ PDWLqUH
GH SHUIRUPDQFH pQHUJpWLTXH GHV EkWLPHQWV 1RWUH pTXLSH \ FRQWULEXH HQ WUDYDLOODQW VXU O¶LQWURGXFWLRQ OD SOXV UDSLGH SRVVLEOH GH OD OpJLVODWLRQ HXURSpHQQH HW OD PLVH HQ DYDQW GX VWDQGDUG SDVVLI SRXU WRXWH FRQVWUXFWLRQ QHXYH /¶,QVWLWXW 3DVVLYKDXV %UDJDGLUX D pJDOHPHQW ODQFp GHV SURJUDPPHV TXL SURPHXYHQW OH VWDQGDUG SDVVLI DX QLYHDX GH OD FRQVWUXFWLRQ GHV EkWLPHQWV GHV pQHUJLHV UHQRXYHODEOHV HW GX GpYHORSSHPHQW GXUDEOH /¶REMHFWLI GHV QH VHUD DWWHLQW TX¶HQ PHWWDQW HQ °XYUH XQH SROLWLTXH FODLUH HI¿FDFH HW VRXWHQXH SURSRVDQW GHV PHVXUHV GUDVWLTXHV TXL GRLYHQW rWUH WUDQVSRVpHV GDQV OD UpDOLWp GqV j SUpVHQW &RPPHQW OH VWDQGDUG GH OD PDLVRQ SDVVLYH SHXW LO FRQWULEXHU j XQ DYHQLU GXUDEOH WHO HVW OH VRXFL SHUPDQHQW GH QRV DFWLYLWpV GH UHFKHUFKH GpYHORSSHPHQW HW LQQRYDWLRQ (Q 5RXPDQLH OH VWDQGDUG SDVVLI DSSRUWH GpMj HW FRQWLQXHUD G¶DSSRUWHU XQH YUDLH VROXWLRQ SRXU OD FRQVWUXFWLRQ QHXYH HW OD UpQRYDWLRQ /D SODQqWH HVW FH TXH QRXV FKpULVVRQV HW GHYRQV SUpVHUYHU SRXU OHV JpQpUDWLRQV j YHQLU /¶DYHQLU FRPPHQFH DXMRXUG¶KXL LO IDXW GRQF SHQVHU JOREDOHPHQW HW DJLU ORFDOHPHQW Ŷ
/RJHPHQWV EDVVH pQHUJLH j &OXM 1DSRFD $UFKLWHFWHV 'DQQRQ &RQVWUXFW &OXM
0DLVRQ XQLIDPLOLDOH j %XUOXVL &LRIULQJHQL $UJHV
$UFKLWHFWHV 5X[DQGUD &UXWHVFX
'HX[ PDLVRQV SDVVLYHV j &DUDQVHEHV $UFKLWHFWHV 5X[DQGUD &UXWHVFX
3UHPLHU EkWLPHQW GH EXUHDX[ SDVVLIV j %UDJDGLUX ,OIRY $UFKLWHFWHV 5X[DQGUD &UXWHVFX
&RPPHQW OH VWDQGDUG GH OD PDLVRQ SDVVLYH SHXW LO FRQWULEXHU j XQ DYHQLU GXUDEOH WHO HVW OH VRXFL SHUPDQHQW GH QRV DFWLYLWpV GH UHFKHUFKH GpYHORSSHPHQW HW LQQRYDWLRQ oD ERXJH HQ 5RXPDQLH
EH SDVVLYH
EH SDVVLYH
GpWDLO SDUWDJp
ZZZ GHERXZHULM FRP
GH YLH]H JDVWHQ 3URJUDPPH )R\HU G XQ WKpDWUH j *DQG 6XSHUยฟFLH Pรฐ 0DvWUH GH O RXYUDJH %LM 'H 9LH]H *DVWHQ ZHUNJURHS YRRU YRUPLQJVWKHDWHU 9=: $UFKLWHFWH 'H %RXZHULM DUFKLWHFWHQ /RGH 9UDQNHQ 6WDELOLWp 6WXGLHEXUHDX 0RXWRQ (QWUHSULVH /$% 6WDWXW UpFHSWLRQp
N:K Pรฐ DQ YRO K
Ȍ : P .
! ! ! ! ! ! ! ! ! ! KXPLGLWp UHODWLYH
FDOFXO :X¿
& FRXUEHV LVRWKHUPHV
FDOFXO .REUD
/DWWDJH YHUWLFDO &HOLW ' PP VWUXFWXUH HQ ERLV PP )-, ODWWH LQIpULHXUH HQ .HUWR SRXWUH SODW HQ .HUWR ODWWH 26% PP DQFUDJH FKLPLTXH UHYrWHPHQW PP
7HQHXU HQ HDX >NJ Pñ@
UpVXOWDW :X¿ WHQHXU HQ HDX VLPXOpH VXU DQV
GpWDLO SDUWDJp
EH SDVVLYH
DQJOH GURLW
OD FRQFHSWLRQ GX SURMHW
WH[WH
)UpGpULF /RXPD\H $YRFDW DX %DUUHDX GH %UX[HOOHV
$SUqV DYRLU H[DPLQp SUpFpGHPPHQW OH GHYRLU GH FRQVHLO GHV FRQFHSWHXUV DX VWDGH GH O¶DYDQW SURMHW QRXV DOORQV GRUpQDYDQW DERUGHU VRXV O¶DQJOH MXULGLTXH OHV VSpFL¿FLWpV GX SDVVLI DX VWDGH GH OD FRQFHSWLRQ GX SURMHW HQ WDQW TXH WHO
5pQRYDWLRQ G¶XQ EkWLPHQW H[LVWDQW 0LVH HQ JDUGH j O¶pJDUG GX PDvWUH GH O¶RXYUDJH SDU UDSSRUW DX[ VSpFL¿FLWpV EXGJpWDLUHV G¶XQ SURMHW GH UpQRYDWLRQ SDVVLYH /H SDVVLI QH V¶DGUHVVH pYLGHPPHQW SDV H[FOXVLYHPHQW j GHV EkWLPHQWV QHXIV HW SHXW rWUH HQYLVDJp GDQV OH FDGUH G¶XQ SURMHW GH UpQRYDWLRQ /D WUDQVIRUPDWLRQ G¶XQ EkWLPHQW WUDGLWLRQQHO j O¶RFFDVLRQ G¶XQH UpQRYDWLRQ SDVVLYH LPSOLTXH JpQpUDOHPHQW GHV LQWHUYHQWLRQV ORXUGHV HW RQpUHXVHV 'DQV OH FDGUH GH VRQ GHYRLU GH FRQVHLO O¶DUFKLWHFWH GRLW DWWLUHU O¶DWWHQWLRQ GX PDvWUH GH O¶RXYUDJH VXU FHW DVSHFW EXGJpWDLUH /H UHVSHFW G¶XQ EXGJHW OH UDSSRUW TXDOLWp SUL[ HQWUH O¶LQYHVWLVVHPHQW HW OH UHWRXU G¶pFRQRPLH VRQW ELHQ HQWHQGX SULPRUGLDX[ SRXU OH PDvWUH GH O¶RXYUDJH &HOXL FL GRLW DYRLU WRXWHV OHV FDUWHV HQ PDLQ SRXU SUHQGUH VD GpFLVLRQ HQ FRQQDLVVDQFH GH FDXVH V¶LO VRXKDLWH WUDQVIRUPHU VRQ EkWLPHQW SRXU OH PHWWUH DX[ QRUPHV GX SDVVLI 3DU SUXGHQFH O¶DUFKLWHFWH GRLW JDUGHU OD SUHXYH TX¶LO D FODLUHPHQW DYHUWL OH PDvWUH GH O¶RXYUDJH GH O¶LPSDFW EXGJpWDLUH GH VRQ FKRL[ HW FH HX pJDUG DX UHWRXU G¶LQYHVWLVVHPHQW SRVVLEOH HQ WHUPHV G¶pFRQRPLH G¶pQHUJLH 6L SRXU GHV TXHVWLRQV GH SULQFLSH SDU H[HPSOH GDQV OH FKHI GHV SRXYRLUV SXEOLFV OH PDvWUH GH O¶RXYUDJH GpFLGH HQ GHKRUV GH FRQVLGpUDWLRQV pFRQRPLTXHV GH UHFRXULU j XQ WHO EkWLPHQW O¶DUFKLWHFWH QH VHUD MDPDLV WURS SUXGHQW HQ VH FRXYUDQW SDU XQ pFULW (Q pWDEOLVVDQW OH EXGJHW GX SURMHW GH UpQRYDWLRQ O¶DUFKLWHFWH GHYUD pJDOHPHQW rWUH H[WUrPHPHQW SUXGHQW SRXU pYLWHU WRXWH PDXYDLVH VXUSULVH HQ FRXUV GH FKDQWLHU ,QWHUIpUHQFH HQWUH OD SHUIRUPDQFH SDVVLYH GH O¶HQYHORSSH HW OD VWDELOLWp GX EkWLPHQW
EH SDVVLYH
DQJOH GURLW
$¿Q GH WUDQVIRUPHU XQ EkWLPHQW WUDGLWLRQQHO HQ XQ RXYUDJH SDVVLI O¶DUFKLWHFWH GHYUD SRVHU WRXWH XQH VpULH GH FKRL[ TXL V¶LOV VRQW SDUIDLWHPHQW MXVWL¿pV GDQV XQH ORJLTXH G¶LVRODWLRQ ULVTXHQW G¶DYRLU QpDQPRLQV GHV UpSHUFXVVLRQV VXU OD VWUXFWXUH PrPH GX EkWLPHQW HW QRWDPPHQW VXU VD VWDELOLWp /¶DUFKLWHFWH GRLW rWUH H[WUrPHPHQW SUXGHQW SRXU FRQFLOLHU OD ORJLTXH G¶LVRODWLRQ WRXW HQ QH SHUGDQW SDV GH YXH OHV DXWUHV pOpPHQWV VWUXFWXUHOV HW OHV VSpFL¿FLWpV GX EkWLPHQW HQ WDQW TXH WHO &HFL LPSOLTXH GH PHWWUH HQ °XYUH XQ YpULWDEOH WUDYDLO G¶pTXLSH HQWUH O¶DUFKLWHFWH O¶pYHQWXHO EXUHDX HQ WHFKQLTXHV VSpFLDOHV LQWHUYHQDQW SDU UDSSRUW j OD SUREOpPDWLTXH GX SDVVLI HW OHV EXUHDX[ G¶pWXGHV HQ VWDELOLWp ,O HVW YLWDO TXH OHV FKRL[ G¶LVRODWLRQ VRLHQW YDOLGpV HQ WHUPHV GH VWDELOLWp SDU OH EXUHDX G¶pWXGHV FRPSpWHQW 8Q WHO SURMHW QH SHXW rWUH FRQoX GDQV XQH ORJLTXH FRPSDUWLPHQWpH R FKDFXQ LQWHUYLHQGUDLW GDQV VD VSKqUH GH FRPSpWHQFH VDQV WHQLU FRPSWH GHV LQWHUIpUHQFHV SRXYDQW H[LVWHU QRWDPPHQW HQ WHUPHV GH VWDELOLWp 8WRSLH RX UpDOLWp /¶DUFKLWHFWH GRLW rWUH FRQVFLHQW TXH FHUWDLQV LPPHXEOHV DQFLHQV QH SRXUURQW SDV rWUH UDLVRQQDEOHPHQW WUDQVIRUPpV HQ EkWLPHQW SDVVLIV &HUWDLQHV VSpFL¿FLWpV SHXYHQW HQWUDvQHU GHV FRQWUDLQWHV WHFKQLTXHV HW ¿QDQFLqUHV GpUDLVRQQDEOHV SDU UDSSRUW j O¶REMHFWLI SRXUVXLYL /HV LQWHUYHQWLRQV ORXUGHV DX QLYHDX G¶XQ EkWLPHQW DQFLHQ SRXU OH WUDQVIRUPHU HQ SDVVLI LPSOLTXHURQW SUREDEOHPHQW GHV PRGL¿FDWLRQV GH O¶DVSHFW LQWpULHXU HW H[WpULHXU GX EkWLPHQW 'DQV FHUWDLQHV VLWXDWLRQV XQH WHOOH PLVH HQ °XYUH SRXUUDLW GHYRLU rWUH ¿QDOHPHQW DEDQGRQQpH SDU H[HPSOH SRXU GHV UDLVRQV HVWKpWLTXHV VDQV SDUOHU GH OD SUREOpPDWLTXH GHV EkWLPHQWV FODVVpV /¶DUFKLWHFWH GRLW GqV ORUV pYLWHU GH SRXVVHU OH PDvWUH GH O¶RXYUDJH GDQV XQ SURMHW TXL VH UpYpOHUDLW SRXU OH PRLQV ¿QDQFLqUHPHQW WHFKQLTXHPHQW HW HVWKpWLTXHPHQW FULWLTXDEOH DYHF OHV ULVTXHV GH UHWRXU GH Ã&#x20AC;DPPHV SRXYDQW HQ GpFRXOHU HQ WHUPHV GH PLVH HQ FDXVH GH UHVSRQVDELOLWp
%kWLPHQWV YRLVLQV /¶DUFKLWHFWH DXUD QDWXUHOOHPHQW OH UpÀH[H GH FRQFHYRLU VRQ SURMHW HQ SUHQDQW HQ FRPSWH OHV LPPHXEOHV YRLVLQV /D FRQFHSWLRQ G¶XQ EkWLPHQW SDVVLI Q¶HVW pYLGHPPHQW SDV OD PrPH V¶LO HVW PLWR\HQ RX LVROp 'DQV O¶K\SRWKqVH G¶XQ EkWLPHQW SDVVLI FRQWLJX j G¶DXWUHV LPPHXEOHV SUpH[LVWDQWV LO \ D OLHX G¶DWWLUHU O¶DWWHQWLRQ GX PDvWUH GH O¶RXYUDJH VXU OH IDLW TXH FHV EkWLPHQWV YRLVLQV SRXUUDLW DYRLU GHV LPSOLFDWLRQV GLUHFWHV VXU VRQ SURSUH SURMHW (Q HIIHW GDQV O¶K\SRWKqVH G¶XQ LPPHXEOH PLWR\HQ O¶DUFKLWHFWH FRQFHYUD VRQ SURMHW HQ WHQDQW FRPSWH GH OD SUpVHQFH GHV LPPHXEOHV YRLVLQV 3DU OD VXLWH FHV LPPHXEOHV SHXYHQW rWUH GpWUXLWV HW WDUGHU j rWUH UHPSODFpV HQ DWWHQGDQW SDU H[HPSOH O¶DERXWLVVHPHQW G¶XQ ORQJ SURMHW LPPRELOLHU FRPSOLTXp LOV SRXUUDLHQW DXVVL rWUH UHFRQVWUXLWV GLIIpUHPPHQW /D GHVWUXFWLRQ GHV EkWLPHQWV YRLVLQV RX OHXUV pYHQWXHOOHV PRGL¿FDWLRQV SHXW DYRLU XQ LPSDFW FHUWDLQ VXU OD SHUIRUPDQFH GH O¶LPPHXEOH SDVVLI /D VWUXFWXUH PrPH GHV EkWLPHQWV YRLVLQV RX OH PRGH GH YLH GHV KDELWDQWV ULVTXH pJDOHPHQW G¶DYRLU GHV LPSOLFDWLRQV HW FH PrPH GDQV O¶K\SRWKqVH R LO Q¶\ D QL WUDQVIRUPDWLRQ QL GHVWUXFWLRQ $LQVL j WLWUH G¶H[HPSOH OD SUpVHQFH G¶XQH FDJH G¶HVFDOLHU PLWR\HQQH QRQ FKDXIIpH DXUD LQpYLWDEOHPHQW XQ LPSDFW VXU OD SHUIRUPDQFH pQHUJpWLTXH GX SURMHW HQYLVDJp /D SUpVHQFH GH EXUHDX[ PLWR\HQV Q¶pWDQW FKDXIIpV SDU Gp¿QLWLRQ TXH SHQGDQW OD MRXUQpH HQ GHKRUV GH OD VRLUpH HW
GHV ZHHN HQGV DXUD pJDOHPHQW XQ LPSDFW FHUWDLQ ,O HQ YD GH PrPH G¶LPPHXEOHV PLWR\HQV ODLVVpV HQ WRXW RX HQ SDUWLH LQKDELWpV RX QRQ FKDXIIpV SRXU GLYHUVHV UDLVRQV SURSUHV DX[ SURSULpWDLUHV HW DX[ RFFXSDQWV /H PDvWUH GH O¶RXYUDJH SRXUUDLW IDLUH JULHI j O¶DUFKLWHFWH GH QH SDV DYRLU DQWLFLSp GH WHOV SUREOqPHV /¶DUFKLWHFWH D GqV ORUV LQWpUrW j VH SUpPXQLU G¶XQH WHOOH VLWXDWLRQ HQ DWWLUDQW SDU pFULW O¶DWWHQWLRQ GX PDvWUH GH O¶RXYUDJH VXU OHV FKRL[ j SRVHU GDQV XQ WHO FDV GH ¿JXUH (Q HIIHW OD SUXGHQFH LQYLWH j FRQFHYRLU OH SURMHW SDVVLI HQ SRVWXODQW O¶DEVHQFH GH FHV LPPHXEOHV YRLVLQV FH TXL LQGXLW LQpYLWDEOHPHQW XQ FR W SOXV pOHYp SDU H[HPSOH HQ WHUPHV GH VXULVRODWLRQ /HV FRQFHSWHXUV VRQW DLQVL LQYLWpV j VXUGLPHQVLRQQHU SDU SUXGHQFH OH FDV pFKpDQW OD FKDXGLqUH SRXU SDOOLHU FHV pYHQWXHOV SUREOqPHV /H PDvWUH GH O¶RXYUDJH GRLW GqV ORUV rWUH PLV GHYDQW FH FKRL[ SULYLOpJLHU OD VpFXULWp DYHF OHV GpSHQVHV VXSSOpPHQWDLUHV TXL HQ UpVXOWHQW RX SUHQGUH OH ULVTXH GH VH EDVHU VXU XQH VLWXDWLRQ QRQ PDvWULVpH 'DQV OH SURFKDLQ QXPpUR QRXV H[DPLQHURQV OHV SUREOpPDWLTXHV GH OD YHQWLODWLRQ HW GH O¶LPSODQWDWLRQ GHV PXUV H[WpULHXUV GX QRXYHDX EkWLPHQW &HOOH FL HVW VRXUFH GH QRPEUHX[ OLWLJHV GDQV OH FDGUH G¶XQH FRQVWUXFWLRQ FRQYHQWLRQQHOOH /HV VSpFL¿FLWpV G¶XQ EkWLPHQW SDVVLI RQW GHV FRQVpTXHQFHV ORXUGHV VXU OH FKRL[ G¶LPSODQWDWLRQ GHVGLWV PXUV H[WpULHXUV HW ULVTXHQW G¶DJJUDYHU O¶DVSHFW FRQWHQWLHX[ GH FHWWH SUREOpPDWLTXH Ŷ
DQJOH GURLW
EH SDVVLYH
WH[WH
(GLWK &RXQH
0D FKHUH QLHFH &HOD IDLW XQH pWHUQLWp TXH WX Q´DV SDV GRQQp GH WHV QRXYHOOHV HW M´DL EHVRLQ G´XUJHQFH GH WRQ DLGH $QGUp PRQ YRLVLQ GH GURLWH D YHQGX VD PDLVRQ SDUFH TX´LO QH YHXW SOXV KDELWHU HQ YLOOH &´HVW XQ MHXQH FRXSOH D GR UDEOH TXL DFKHWH +LHU MH OHV DL HQWHQGXV GLVFXWHU GHV WUDYDX[ TX´LOV HQYLVDJHQW GH IDLUH XQ SXU KDVDUG MH WH OH MXUH MH QH OHV VXUYHLOOH SDV HW MH VXLV GHVFHQGXH SRXU YRLU VL MH SRXYDLV OHXU HWUH XWLOH 3DV EHVRLQ GH OHV FRQYDLQFUH GH O´DYDQWDJH GX SDVVLI© LOV HQ SDUOHQW SUHVTX´DXVVL ELHQ TXH WRL 0DLV LOV RQW GHX[ VRXFLV GRQW O´HVVHQWLHO HVW OHXU EXGJHW OLPLWp D FRXUW WHUPH &HOD MH FRPSUHQGV ELHQ DYHF O´DFKDW GH OD PDLVRQ HW OHV WUDYDX[ ORXUGV© ,OV QH SHXYHQW SDV WRXW IDLUH HQ PHPH WHPSV /H GHX[LHPH SUREOHPH MH QH VXLV SDV WURS VXUH G´DYRLU ELHQ FRPSULV LOV QH SHXYHQW SDV HQYDKLU O´HVSDFH SXEOLF " -H SHQVH TX´HQ JURV LOV QH SHXYHQW SDV GpERUGHU VXU OH WURWWRLU HQ LVRODQW SDU O´H[WpULHXU PDLV MH QH VXLV SDV VXUH 'H WRXWH IDFRQ FH VHUDLW GRPPDJH OD IDFDGH HVW WRXW VLPSOHPHQW PDJQLILTXH -H SHQVH TXH MH Q´DL SDV HX O´DLU WURS LGLRWH VXUWRXW SDUFH TXH MH Q´DL SDV GLW JUDQG FKRVH 7X SHX[ PH GRQQHU TXHOTXHV FRQVHLOV SRXU HX[ " %LHQ D WRL 7D WDQWH
&KHUH 7DQWH 0RQLTXH /D TXHVWLRQ GH OD UpQRYDWLRQ SDVVLYH HVW YDVWH HW SDVVLRQQDQWH /D SUHPLHUH FKRVH D YpULILHU HVW O´LQWpUHW SDWULPRQLDO GH OD PDLVRQ TXH YHXW RQ RX GRLW RQ SUpVHUYHU " 3XLV YLHQW OD TXHVWLRQ GHV VSpFLILFLWpV GH OD YLOOH FRPPH OD PLWR\HQQHWp OHVTXHOOHV UpFODPHQW GHV VROXWLRQV SDUWLFXOLHUHV $YHF FHV GRQQpHV RQ YRLW RX LQWHUYHQLU HVW SRVVLEOH D O´LQWpULHXU SDU O´H[WpULHXU HWF
0DLV LO IDXW VXUWRXW VH GRQQHU XQH YXH G´HQVHPEOH GH FH TX´RQ YHXW UpDOLVHU D WHUPH SRXU DPpOLRUHU VLJQLILFDWLYHPHQW OH FRQIRUW HW OHV pFRQRPLHV G´pQHUJLH GX E DWLPHQW 6DQV VH ODLVVHU REVpGHU SDU OHV FULWHUHV GX VWDQGDUG SDVVLI© 6RXYHQW LO IDXW IL[HU GHV pWDSHV TXL SHUPHWWURQW G´DUULYHU D O´REMHFWLI ILQDO VH SDVVHU G´pQHUJLH /HV FULWHUHV EXGJpWDLUHV LQWHUYLHQGURQW D FH PRPHQW /´HVVHQWLHO HVW GH QH SDV SUHQGUH GHV PHVXUHV D FRXUW WHUPH TXL SRXUUDLHQW HQVXLWH EORTXHU XQH SKDVH XOWpULHXUH GH OD UpQRYDWLRQ /´H[HPSOH FODVVLTXH HVW FHOXL GHV IHQHWUHV PLHX[ YDXW OHV UHPSODFHU SURJUHVVLYHPHQW DYHF GHV pOpPHQWV SDVVLIV TXH PHWWUH ³SURYLVRLUHPHQW´ GX GRXEOH YLWUDJH SDUWRXW (Q IDLVDQW FHOD XQ WULSOH YLWUDJH QH VHUDLW MDPDLV UHQWDEOH 3RXU OH UHVWH PD FKHUH 7DQWH LO Q´\ D TXH GHV FDV SDUWLFXOLHUV HQ UpQRYDWLRQ HW MH QH SXLV GRQQHU GHV UpSRQVHV SUpFLVHV D FHOXL GH WHV YRLVLQV© 3RXU XQH IRLV WX GHYUDV UHVWHU SUXGHQWH 4X´LOV Q´KpVLWHQW SDV j VH IDLUH ELHQ FRQVHLOOHU PDLQWHQDQW FDU OH MHX HQ YDXW OD FKDQGHOOH $ WUHV ELHQWRW 7D QLHFH
EH SDVVLYH
WDQWH PRQLTXH
EH SDVVLYH
,QFHQGLH
LQWHUYLHZ 6\OYDLQ %URKH] 6HUYLFH GH *pQLH GHV 3URFpGpV &KLPLTXHV UHVSRQVDEOH GH O¶pWXGH VXU OHV ULVTXHV G¶LQFHQGLH GDQV OHV PDLVRQV SDVVLYHV
4XDQG RQ FRQVWDWH TXH OHV PpGLDV QH SUHQQHQW SDV OD SHLQH GH UHFRXSHU OHXUV LQIRV (W VL RQ GLVDLW TXH OD PDLVRQ GH PRQ TXDUWLHU TXL D EUÂ&#x20AC;Op FH ZHHNHQG DYHF VHV SDQQHDX[ VRODLUHV F pWDLW XQH PDLVRQ SDVVLYH " KHLQ " LO HVW SHXW rWUH WHPSV GH UHYHQLU j XQH DSSURFKH SOXV VFLHQWL¿TXH GHV IDLWV & pWDLW O REMHFWLI G XQH pWXGH VXU OHV ULVTXHV G¶LQFHQGLH GDQV OHV PDLVRQV SDVVLYHV FRPPDQGLWpH SDU OH 6HUYLFH 3XEOLF )pGpUDO ,QWpULHXU HW UpDOLVpH FRQMRLQWHPHQW SDU O¶8QLYHUVLWp GH 0RQV 80RQV HW O ,QVWLWXW VFLHQWL¿TXH GH VHUYLFH SXEOLF ,66H3 6HV UpVXOWDWV RQW pWp SUpVHQWpV HQ PDUV ,O \ D GHV JHQV TXL SDUOHQW HW GHV JHQV TXL ERVVHQW 9RLOj OH VHQWLPHQW TXH M DL HX HQ LQWHUURJHDQW 6\OYDLQ %URKH] GRFWHXU DX VHUYLFH GH JpQLH FKLPLTXH GH O 80RQV HW UHVSRQVDEOH GH O pWXGH 9RLFL XQ PRQVLHXU TXL V \ FRQQDvW HW TXL UHVWH PRGHVWH F HVW DVVH] UDUH SRXU OH VRXOLJQHU 9RXV WURXYHUH] GRQF LFL EUXW GH GpFRIIUDJH VRQ LQWHUSUpWDWLRQ GH O pWXGH TXL WHQWH G REMHFWLYHU XQ VXMHW WUqV FRQWURYHUVp EH SDVVLYH 6XU EDVH GH YRWUH UDSSRUW SHXW RQ DI¿UPHU TX¶XQ LQFHQGLH HVW SOXV GDQJHUHX[ GDQV XQH PDLVRQ SDVVLYH TXH GDQV XQH PDLVRQ WUDGLWLRQQHOOH " 6\OYDLQ %URKH] ,O UHVVRUW GH FHWWH pWXGH PHQpH HQ FROODERUDWLRQ DYHF OD 'LUHFWLRQ GHV 5LVTXHV $FFLGHQWHOV GH O¶,66H3 TX¶XQ LQFHQGLH Q¶HVW SDV SOXV GDQJHUHX[ SRXU OHV RFFXSDQWV G¶XQH PDLVRQ SDVVLYH TXH FHX[ G¶XQH PDLVRQ WUDGLWLRQQHOOH (Q HIIHW SRXU XQ PrPH SDUHPHQW LQWpULHXU SOkWUH SDU H[HPSOH SRXU OHV PXUV HW XQ PrPH W\SH G¶DPHXEOHPHQW OHV pYROXWLRQV GHV WHPSpUDWXUHV HW GHV FRQFHQWUDWLRQV GHV SULQFLSDX[ HIÃ&#x20AC;XHQWV JD]HX[ WR[LTXHV GX IHX VRQW VLPLODLUHV GDQV OHV GHX[ W\SHV GH PDLVRQ SHQGDQW OD SKDVH GH PRQWpH HQ SXLVVDQFH GH O¶LQFHQGLH WDQW TXH OD FRQFHQWUDWLRQ HQ R[\JqQH QH GHYLHQW SDV OH IDFWHXU OLPLWDQW EH SDVVLYH 'H PDQLqUH JpQpUDOH TXHOV VRQW OHV SDUDPqWUHV SULPRUGLDX[ TXL MRXHQW VXU OH WHPSV G¶pYDFXDWLRQ G¶XQ LQFHQGLH " ,VRODQW pWDQFKpLWp FRPEXVWLEOHV VXU SODFH« " /HV PDLVRQV DFWXHOOHV VRQW HOOHV VXI¿VDPPHQW pTXLSpHV SRXU RSWLPLVHU FH WHPSV G¶pYDFXDWLRQ " 6\OYDLQ %URKH] 7RXW XQ FKDFXQ V¶LPDJLQH GH SULPH DERUG TXH O¶LVRODWLRQ HW O¶pWDQFKpLWp DXURQW XQH JUDQGH LQÃ&#x20AC;XHQFH VXU OD WHPSpUDWXUH HW OD FRPSRVLWLRQ FKLPLTXH GHV IXPpHV &HSHQGDQW SHQGDQW OD SKDVH GH PRQWpH HQ SXLVVDQFH GH O¶LQFHQGLH O¶KDELWDWLRQ HVW HQ OpJqUH VXUSUHVVLRQ VXUSUHVVLRQ TXL HVW G¶DXWDQW SOXV LPSRUWDQWH TXH OD PDLVRQ HVW pWDQFKH HW O¶LQFHQGLH FRQVRPPH HQ SDUWLH O¶R[\JqQH LQLWLDOHPHQW SUpVHQW GDQV FHOOH FL /H GpELW G¶DLU HQWUDvQp GDQV OD Ã&#x20AC;DPPH HVW VLPLODLUH TXHOOH TXH VRLW OD PDLVRQ OH IHX VH FRPSRUWH FRPPH XQH SRPSH GH FRQYHFWLRQ /¶pWDQFKpLWp D GRQF SHX G¶LQÃ&#x20AC;XHQFH VXU OD WHPSpUDWXUH GHV IXPpHV HW OHV FRQFHQWUDWLRQV HQ &2 SHQGDQW FHWWH SUHPLqUH SKDVH OHV FRQFOXVLRQV VHUDLHQW GLIIpUHQWHV GDQV OH FDV G¶XQ EULV GH YLWUH FH VFpQDULR VHUDLW SHUWLQHQW SRXU OD PDLVRQ WUDGLWLRQQHOOH TXL FRPSRUWHUDLW XQH IHQrWUH DYHF GX VLPSOH YLWUDJH 'DQV XQH VHFRQGH SKDVH OD SXLVVDQFH GH O¶LQFHQGLH YD GLPLQXHU j FDXVH G¶XQ PDQTXH G¶R[\JqQH O¶KDELWDWLRQ pWDQW
EH SDVVLYH
LQFHQGLH
DORUV HQ OpJqUH GpSUHVVLRQ GH O¶DLU SRXUUD GH QRXYHDX HQWUHU GDQV OD PDLVRQ HW DOLPHQWHU OH IHX /H GpELW G¶DLU HQWUDQW VHUD G¶DXWDQW SOXV LPSRUWDQW TXH OHV RXYHUWXUHV VHURQW LPSRUWDQWHV O¶pWDQFKpLWp DXUD GRQF XQ U{OH LPSRUWDQW GDQV FHWWH VHFRQGH SKDVH /D SOXV JUDQGH pWDQFKpLWp PDLVRQ SDVVLYH YD FRQGXLUH j XQ pWRXIIHPHQW GH O¶LQFHQGLH /D SXLVVDQFH GX IHX pWDQW DORUV SOXV SHWLWH OD WHPSpUDWXUH GHV IXPpHV GLPLQXHUD SOXV YLWH GDQV OH FDV GH OD PDLVRQ SDVVLYH 2Q DVVLVWHUD j XQH SOXV JUDQGH SURGXFWLRQ GH JD] LPEUÂ&#x20AC;OpV HW GH PRQR[\GH GH FDUERQH /¶pSDLVVHXU GH OD FRXFKH G¶LVRODQW HVW VDQV LPSRUWDQFH VXU OH GpYHORSSHPHQW GHV IXPpHV WHPSpUDWXUH FRPSRVLWLRQ SHQGDQW OHV SUHPLHUV LQVWDQWV GH O¶LQFHQGLH TXL FRQFHUQHQW OD SpULRGH G¶pYDFXDWLRQ GHV RFFXSDQWV SKDVH GH PRQWpH HQ SXLVVDQFH GH O¶LQFHQGLH (Q HIIHW VL O¶LVRODQW VH VLWXH MXVWH GHUULqUH XQH FRXFKH GH ¿QLWLRQ SOkWUH SDU H[HPSOH OH IURQW GH FKDOHXU DXUD j SHLQH HX OH WHPSV G¶DWWHLQGUH O¶LVRODQW 3HX LPSRUWH TXH FHOOH FL VRLW GH FLQT RX GH TXDUDQWH FHQWLPqWUHV G¶pSDLVVHXU &HWWH FRQFOXVLRQ HVW HQFRUH SOXV pYLGHQWH GDQV OH FDGUH G¶XQH LVRODWLRQ H[WpULHXUH 3DU DLOOHXUV OHV FRPEXVWLEOHV VXU SODFH OD FKDUJH FDORUL¿TXH HQ G¶DXWUHV WHUPHV DXURQW XQH JUDQGH LPSRUWDQFH VXU OH GpYHORSSHPHQW GH O¶LQFHQGLH ,O HVW ELHQ FRQQX TXH OD SXLVVDQFH GX IHX HVW XQ SDUDPqWUH IRQGDPHQWDO SRXU O¶HVWLPDWLRQ GH OD WHPSpUDWXUH HW GH OD FRPSRVLWLRQ GHV IXPpHV HW GRQF GX WHPSV GLVSRQLEOH SRXU O¶pYDFXDWLRQ $ FHW pJDUG LO FRQYLHQW GH JDUGHU j O¶HVSULW TXH OHV SUHPLHUV FRPEXVWLEOHV FRUUHVSRQGHQW JpQpUDOHPHQW DX FRQWHQX GH O¶LPPHXEOH SDU H[HPSOH OH PRELOLHU EH SDVVLYH /HV PDLVRQV DFWXHOOHV VRQW HOOHV VXI¿VDPPHQW pTXLSpHV SRXU RSWLPLVHU OHV WHPSV G¶pYDFXDWLRQ " )DXW LO HQYLVDJHU GHV PHVXUHV GH VpFXULWp VXSSOpPHQWDLUHV " 6\OYDLQ %URKH] 7RXW G¶DERUG LO FRQYLHQW GH GLVWLQJXHU OHV PDLVRQV XQLIDPLOLDOHV SRXU OHVTXHOOHV OH FKHPLQ G¶pYDFXDWLRQ HVW FRXUW GHV LPPHXEOHV j DSSDUWHPHQWV 3RXU FHV GHUQLHUV GHV PHVXUHV GH SUpYHQWLRQ SDUWLFXOLqUHV VRQW UHTXLVHV FRPSDUWLPHQWDJH FKHPLQV G¶pYDFXDWLRQ '¶XQH PDQLqUH JpQpUDOH RQ Q¶LQVLVWHUD MDPDLV DVVH] VXU O¶LPSRUWDQFH GHV PR\HQV GH GpWHFWLRQ GH IXPpHV TXL YLD OHXU GpFOHQFKHPHQW SHUPHWWURQW XQH pYDFXDWLRQ SOXV UDSLGH GHV RFFXSDQWV HW FH TXH OD PDLVRQ VRLW SDVVLYH RX QRQ $ FH MRXU VHXOH OD 5pJLRQ :DOORQQH H[LJH OD SUpVHQFH GH PR\HQV GH GpWHFWLRQ LQFHQGLH GDQV WRXV OHV ORJHPHQWV &HWWH REOLJDWLRQ GHYUDLW rWUH pWHQGXH DX[ DXWUHV 5pJLRQV 2Q SRXUUDLW DOOHU SOXV ORLQ HW LPSRVHU DX PLQLPXP XQ GpWHFWHXU GDQV FKDTXH SLqFH 6L OH OpJLVODWHXU QH YD SDV GDQV FH VHQV LO IDXGUDLW VHQVLELOLVHU OHV SDUWLFXOLHUV j O¶LQWpUrW GH PXOWLSOLHU OD SUpVHQFH GH GpWHFWHXUV GDQV OHXU PDLVRQ YRLUH j LQVWDOOHU XQ V\VWqPH FHQWUDOLVp HW j PDLQWHQLU FHV GpWHFWHXUV HQ RUGUH GH IRQFWLRQQHPHQW EH SDVVLYH /H GDQJHU GX UHWRXU GH Ã&#x20AC;DPPH EDFNGUDIW SRXU OHV VHUYLFHV G¶LQWHUYHQWLRQ HVW LO XQ SUREOqPH VSpFL¿TXH DX[ PDLVRQV SDVVLYHV " 6\OYDLQ %URKH] /H ULVTXH GH EDFNGUDIW pWDLW FRQQX
ELHQ DYDQW OH FRQFHSW PrPH GH PDLVRQ SDVVLYH ,O Q¶HVW SDV VSpFL¿TXH DX[ PDLVRQV SDVVLYHV PDLV SOXW{W DX FRQ¿QHPHQW GH O¶LQFHQGLH TXL D DORUV WHQGDQFH j V¶pWRXIIHU SDU PDQTXH G¶R[\JqQH /¶DWPRVSKqUH FKDXGH IXPpHV PXUV GH O¶KDELWDWLRQ YD DORUV SHUPHWWUH XQH SURGXFWLRQ SOXV RX PRLQV LPSRUWDQWH GH JD] LPEU OpV /¶RXYHUWXUH GH OD SRUWH G¶HQWUpH SDU H[HPSOH YD FRQGXLUH j XQH HQWUpH G¶DLU IUDLV HW j XQH UHSULVH HQ SXLVVDQFH GH O¶LQFHQGLH /¶H[SDQVLRQ WKHUPLTXH GHV IXPpHV GXH j OHXU pFKDXIIHPHQW YD SRXVVHU OHV JD] LPEU OpV YHUV O¶H[WpULHXU GH O¶KDELWDWLRQ TXL YRQW VH PpODQJHU DYHF O¶DLU H[WpULHXU FH TXL SRXUUDLW SURYRTXHU O¶RFFXUUHQFH G¶XQH ERXOH GH IHX EDFNGUDIW &HUWDLQHV VLPXODWLRQV UpDOLVpHV GDQV OH FDGUH GH QRWUH pWXGH DERXWLVVHQW j OD FRQFOXVLRQ TXH OH ULVTXH GH EDFNGUDIW GHYUDLW rWUH SOXV LPSRUWDQW GDQV XQH PDLVRQ SDVVLYH 6XU FHW DVSHFW QRV FRQFOXVLRQV UHVWHQW SURYLVRLUHV FH VXMHW PpULWDQW XQH pWXGH j SDUW HQWLqUH $MRXWRQV TX¶j FH MRXU DXFXQ UHWRXU G¶H[SpULHQFH UDSSRUWp QH IDLW pWDW G¶XQ ULTXH DFFUX SDU H[HPSOH HQ $OOHPDJQH R OH SDUF GH PDLVRQV SDVVLYHV HVW SOXV LPSRUWDQW HQYLURQ PDLVRQV EH SDVVLYH '¶DSUqV YRWUH pWXGH OH IDLW G¶LVROHU XQH KDELWDWLRQ SDU O¶LQWpULHXU D XQ LPSDFW QRQ QpJOLJHDEOH SDU UDSSRUW j XQH LVRODWLRQ SDU O¶H[WpULHXU GH OD VWUXFWXUH 6\OYDLQ %URKH] /¶LQFLGHQFH GH O¶LVRODWLRQ LQWpULHXUH SODFpH GHUULqUH XQ SDUHPHQW LQWpULHXU VHUD SRXU DLQVL GLUH QRQ VLJQL¿FDWLYH VXU OHV WHPSV GLVSRQLEOHV SRXU O¶pYDFXDWLRQ GHV RFFXSDQWV G¶XQH PDLVRQ OH IURQW GH FKDOHXU D\DQW j SHLQH HX OH WHPSV G¶DWWHLQGUH OD FRXFKH LVRODQWH OHV WHPSpUDWXUHV GHV IXPpHV HW GHV SDURLV LQWpULHXUHV VHURQW SHX DIIHFWpHV SDU FHW LVRODQW GDQV OHV SUHPLqUHV PLQXWHV GH O¶LQFHQGLH
6L O¶LVRODQW pWDLW SODFp GLUHFWHPHQW HQ SDUHPHQW LQWpULHXU VLWXDWLRQ TXL QH GHYUDLW SDV rWUH UHQFRQWUpH GDQV XQ SURMHW GH QRXYHOOH FRQVWUXFWLRQ OD PRQWpH HQ WHPSpUDWXUH GHV IXPpHV VHUDLW EHDXFRXS SOXV UDSLGH HW FH TXH OD PDLVRQ VRLW SDVVLYH RX QRQ FH SKpQRPqQH ULVTXH G¶rWUH DJJUDYp SDU OD FRQWULEXWLRQ SUpFRFH GH O¶LVRODQW VL FH GHUQLHU HVW OXL PrPH FRPEXVWLEOH 3DU FRQWUH O¶LVRODWLRQ LQWpULHXUH DXUD XQH LQÀXHQFH ORUV GH O¶LQWHUYHQWLRQ GHV VDSHXUV SRPSLHUV TXL VHURQW FRQIURQWpV j XQ QLYHDX GH WHPSpUDWXUH SOXV LPSRUWDQW GDQV OD PDLVRQ OH IURQW GH FKDOHXU D\DQW FHWWH IRLV FL HX OH WHPSV G¶DWWHLQGUH O¶LVRODQW EH SDVVLYH &RPPHQW OHV SRPSLHUV RQW LOV SHUoXV YRWUH pWXGH " $YH] YRXV HX XQ UHWRXU GH OHXU SDUW " 6\OYDLQ %URKH] /¶pWXGH TXL pWDLW GDYDQWDJH RULHQWpH VXU O¶pYDOXDWLRQ GHV GDQJHUV DX[TXHOV VHUDLHQW VRXPLV OHV RFFXSDQWV G¶XQH PDLVRQ SDVVLYH HQ FRPSDUDLVRQ j XQH PDLVRQ WUDGLWLRQQHOOH Q¶DSSRUWH SDV GH UpSRQVHV Gp¿QLWLYHV j FHUWDLQHV TXHVWLRQV GHV VDSHXUV SRPSLHUV QRWDPPHQW OH SRVVLEOH ULVTXH DFFUX GH EDFNGUDIW pYRTXp FL DYDQW 0DOJUp TXH OH YROHW UHODWLI DX[ VHUYLFHV G¶LQFHQGLH pWDLW DVVH] UpGXLW FHUWDLQV pOpPHQWV LQWpUHVVDQWV RQW pWp PLV HQ pYLGHQFH $LQVL O¶RXYHUWXUH VHXOH G¶XQ H[XWRLUH HQ SDUWLH KDXWH GH OD PDLVRQ Q¶HVW DSSDUHPPHQW SDV XQH VROXWLRQ VXI¿VDQWH SRXU JDUDQWLU OD VpFXULWp GHV VHUYLFHV G¶LQFHQGLH 8Q JURXSH GH UpÀH[LRQ D pWp PLV HQ SODFH SDU OH 63) ,QWpULHXU D¿Q G¶DQDO\VHU OHV PR\HQV G¶DWWDTXH OHV SOXV DGDSWpV j FH W\SH GH EkWLPHQW /HV UpVXOWDWV GH FHV UpÀH[LRQV HQ WHUPHV GH PRGH GH OXWWH FRQWUH O¶LQFHQGLH GHYURQW rWUH FRQIURQWpV DX[ UpVXOWDWV GH QRWUH pWXGH HW G¶XQ pYHQWXHO SURORQJHPHQW GH FHOOH FL QRWDPPHQW GpGLp DX ULVTXH GH EDFNGUDIW Ŷ
LQFHQGLH
EH SDVVLYH
pFRQRPLH GX SURMHW
LQYHVWLU TXDQG OH ELHQ HVW O¶HQQHPL GX PLHX[ WH[WH
$YLHO 9HUEUXJJHQ 8QLYHUVLWp G $QYHUV
/HV FKHUFKHXUV WUDYDLOODQW VXU OHV TXHVWLRQV FOLPDWLTXHV SODFHQW GH JUDQGV HVSRLUV GDQV OHV EkWLPHQWV pFRQRPHV HQ pQHUJLH SRXU UpGXLUH OHV pPLVVLRQV GH &2 GH IDoRQ VLJQL¿FDWLYH (Q FH GRPDLQH OHV UpJOHPHQWDWLRQV QH PDQTXHQW SDV QRWDPPHQW DYHF OD 'LUHFWLYH HXURSpHQQH 3(% TXL PDUTXH XQH pWDSH LPSRUWDQWH 0DLV FH MDORQ HVW LO VXI¿VDQW " &HWWH TXHVWLRQ FRQFHUQH Q¶LPSRUWH TXHO LQYHVWLVVHXU FKHUFKDQW j RSWLPLVHU OH UHWRXU ¿QDQFLHU GH VRQ SURMHW GH FRQVWUXFWLRQ QHXYH RX GH UpQRYDWLRQ ORXUGH 'DQV OD IDUDQGROH GHV VWDQGDUGV HW DXWUHV GpQRPLQDWLRQV OLpV j OD SHUIRUPDQFH pQHUJpWLTXH GHV EkWLPHQWV O¶LQYHVWLVVHXU GLVWLQJXH WURLV SDOLHUV OD QRUPH RI¿FLHOOH IDFLOH XQ EULFRODJH LQWHUPpGLDLUH PR\HQ HW OH VWDQGDUG SDVVLI H[LJHDQW 3DUWDJHDQW PD SUpRFFXSDWLRQ ¿QDQFLqUH OD &RPPLVVLRQ HXURSpHQQH IDLW UpIpUHQFH GDQV VD 'LUHFWLYH j XQ QLYHDX G¶HI¿FDFLWp pQHUJpWLTXH pFRQRPLTXHPHQW RSWLPDO 6HUDLV MH VDXYp" 1RQ SDV SDUFH TXH OD 3(% QH Gp¿QLW SDV FH TXL HVW pFRQRPLTXHPHQW RSWLPDO HW OHV WUDYDX[ GH O¶,QVWLWXW %3,( UHVWHQW HQOLVpV GDQV XQH SULVH HQ FRPSWH LQFRPSOqWH GHV FR WV &H VXMHW GRLW rWUH DSSURIRQGL 3UHPLqUHPHQW OD Gp¿QLWLRQ GH OD SHUIRUPDQFH pQHUJpWLTXH GHV EkWLPHQWV GRLW PHWWUH XQ DFFHQW WRXW SDUWLFXOLHU VXU FH TXH OHV $QJOR 6D[RQV QRPPHQW HQGRZPHQW HW TX¶RQ SRXUUDLW WUDGXLUH SDU FRPSpWHQFH &HUWDLQHV FDUDFWpULVWLTXHV G XQ EkWLPHQW FRPPH VRQ RULHQWDWLRQ VD FRPSDFLWp O¶pSDLVVHXU G¶LVRODWLRQ j LQVWDOOHU GDQV OD FRXOLVVH G¶XQ PXU HWF VRQW Gp¿QLHV GDQV OH SURMHW XQH IRLV SRXU WRXWHV HW RQW XQ LPSDFW VLJQL¿FDWLI
EH SDVVLYH
pFRQRPLH GX SURMHW
VXU O pQHUJLH &H TXH O¶LQYHVWLVVHXU Gp¿QLW F¶HVW OD FRPSpWHQFH GX EkWLPHQW SOXV TXH O¶XVDJH TXL SRXUUD HQ rWUH IDLW SOXV WDUG VDQV SDUOHU GX FRPSRUWHPHQW GH O XWLOLVDWHXU TXL GpWHUPLQHQW HQVHPEOH DX ¿QDO OH QLYHDX GH FRQVRPPDWLRQ pQHUJpWLTXH &HWWH FRPSpWHQFH IRUPH O $'1 GX EkWLPHQW TXL OXL HVW LUUpYRFDEOHPHQW LQMHFWp SHQGDQW VD FRQFHSWLRQ HW VD FRQVWUXFWLRQ ,QYHVWLU GDQV GH O¶LUUpYRFDEOH DX ORQJ WHUPH UpFODPH XQH UpÀH[LRQ SOXV DSSURIRQGLH TXH FH TXH IRXUQLW XQH VLPSOH pWXGH GH FR WV RX FH TX¶RQ FDOFXOH DYHF XQH 9$1 YDOHXU DFWXDOLVpH QHWWH 1HW 3UHVHQW 9DOXH HQ YRPLVVDQW XQ WDV GH VFpQDULRV ,QYHVWLU GDQV O¶LPPRELOLHU HW HQ SDUWLFXOLHU GDQV OD FRPSpWHQFH pQHUJpWLTXH GHV EkWLPHQWV FRQVLVWH j SUHQGUH GHV GpFLVLRQV FRQFHUQDQW O¶DYHQLU j ORQJ WHUPH &HW DYHQLU HVW SDU Gp¿QLWLRQ LQFRQQX HW LQFHUWDLQ 3DUFH TXH WDQW G LQWpUrWV ¿QDQFLHUV FOLPDWLTXHV VRQW HQ MHX LO HVW MXVWL¿p HW QpFHVVDLUH G¶H[SORUHU FHW DYHQLU OH SOXV ¿GqOHPHQW SRVVLEOH &HUWDLQV SHQVHQW TX¶XQH DSSURFKH SDU VFpQDULRV HVW VXI¿VDQWH 8Q VFpQDULR SURORQJH XQH WHQGDQFH j SDUWLU GH PDLQWHQDQW MXVTX¶j XQ SRLQW VLWXp GDQV O¶DYHQLU ORLQWDLQ SDU H[HPSOH /HV FRQVpTXHQFHV SUREDEOHV GH GLYHUV VFpQDULRV HQ WHUPHV GH VWUDWpJLHV G¶LQYHVWLVVHPHQWV VRQW HQVXLWH FRPSDUpHV &HWWH DSSURFKH SURGXLW GHV UDSSRUWV HW GHV SUpVHQWDWLRQV DXVVL LPSUHVVLRQQDQWV TXH FR WHX[ 0DLV FHV SURMHFWLRQV GRQQHQW HOOHV XQH LPDJH ¿DEOH GH
OD UpDOLWp IXWXUH " &RPELHQ GH VFpQDULRV GpYHORSSpV HQ SRXU RQW LOV UpHOOHPHQW pWp FRQ¿UPpV SDU FHV GHUQLqUHV DQQpHV " 3DV EHDXFRXS 9RXV YRXOH] VDYRLU SRXUTXRL" 3DUFH TXH OD YLH Q HVW SDV XQ ORQJ ÀHXYH WUDQTXLOOH PDLV XQ HQFKDvQHPHQW G pYpQHPHQWV HW GH GpFLVLRQV VH UpSRQGDQW GDQV XQ pFKDQJH VDQV ¿Q /HV rWUHV YLYDQWV V¶DMXVWHQW j O¶pYROXWLRQ GHV FLUFRQVWDQFHV SDU GHV GpFLVLRQV TX¶LOV MXJHQW OHV SOXV DSSURSULpHV /HXU UpXVVLWH WLHQW j OD FRPSpWHQFH TX¶LOV RQW UHoXH SRXU IDLUH IDFH DX[ DOpDV GH OD YLH ,O Q HVW FHUWDLQHPHQW SDV IDFLOH GH UHSUpVHQWHU O DYHQLU VHORQ XQ HQFKDvQHPHQW GH GpFLVLRQV pYpQHPHQWV GpFLVLRQV pYpQHPHQWV ± HWF HW GH O¶DVVRUWLU G XQH HVWLPDWLRQ GHV FR WV HW GHV EpQp¿FHV LQGXLWV j FKDTXH pWDSH 0DLV FHOD YDXW PLHX[ TXH GH VH FRQWHQWHU GHV FRQFOXVLRQV WUqV FHUWDLQHPHQW HUURQpHV UpVXOWDQW GHV DSSURFKHV WUDGLWLRQQHOOHV ' DXWDQW SOXV V¶LO V DJLW GH VXMHWV DXVVL LPSRUWDQWV TXH OH VRQW O HQYLURQQHPHQW SRXU O KXPDQLWp HW OD PDLVRQ IDPLOLDOH SRXU XQ PpQDJH 'HSXLV OHV DQQpHV OHV VFLHQWL¿TXHV RQW pODERUp GHV PpWKRGHV TXL DLGHQW j OD SULVH GH GpFLVLRQ &HV DSSURFKHV VH VRQW ODUJHPHQW LPSRVpHV GDQV OH VHFWHXU ¿QDQFLHU (OOHV VRQW DGDSWpHV DX GRPDLQH GX EkWLPHQW HW QpFHVVDLUHV j O H[SHUW TXL YHXW GpWHUPLQHU OD FRPSpWHQFH pQHUJpWLTXH O $'1 pQHUJLH G XQ EkWLPHQW HQ SKDVH GH FRQFHSWLRQ (OOHV PRQWUHQW TXH DORUV TXH OD VWDELOLVDWLRQ GX FOLPDW FRQVWLWXHUD XQ VRXFL WRXMRXUV FURLVVDQW j O¶DYHQLU OD GpFLVLRQ OD SOXV SUXGHQWH DXMRXUG KXL GX SRLQW GH YXH ¿QDQFLHU FRQVLVWH j LQYHVWLU LPPpGLDWHPHQW GDQV GHV EkWLPHQWV GRQW OHV FRPSpWHQFHV pQHUJpWLTXHV JDUDQWLVVHQW O¶HI¿FDFLWp OD SOXV pOHYpH &HOD HVW G j OD QDWXUH ODUJHPHQW LUUpYRFDEOH GH FH TXL FDUDFWpULVH OD FRPSpWHQFH pQHUJpWLTXH ,PDJLQRQV XQ FDQGLGDW EkWLVVHXU D\DQW j FKRLVLU HQWUH XQH
PDLVRQ VWDQGDUG RX SDVVLYH OH SUHPLHU LQYHVWLVVHPHQW pWDQW PRLQV FKHU TXH OH VHFRQG 6¶LO VH SURMHWWH GDQV O¶DYHQLU VHORQ XQ WULSOH VFpQDULR SUL[ GH O pQHUJLH pOHYp PR\HQ HW IDLEOH LO VHUD FRQGXLW j FKRLVLU DXMRXUG¶KXL XQ QLYHDX GH TXDOLWp PR\HQ 0DLV LQWHUURJHU YpULWDEOHPHQW O¶DYHQLU UHTXLHUW XQ UHWRXUQHPHQW GH SRVLWLRQ TXL FRPPDQGH G¶H[DPLQHU TXHO VHUDLW OH PHLOOHXU FKRL[ DXMRXUG¶KXL j SDUWLU GHV FRQGLWLRQV IXWXUHV VDFKDQW TXH OD FRPSpWHQFH pQHUJpWLTXH GH VD PDLVRQ QH SRXUUD rWUH DPpOLRUpH V LO RSWH DXMRXUG¶KXL SRXU XQH VROXWLRQ VWDQGDUG '¶XQ SRLQW GH YXH SXUHPHQW ¿QDQFLHU OH FKRL[ GX SDVVLI UHSUpVHQWH DXMRXUG¶KXL O¶RSWLRQ OD SOXV LQWHOOLJHQWH FDU OH FKRL[ G¶XQ EkWLPHQW VWDQGDUG LPSOLTXHUD GDQV O¶DYHQLU GHV FR WV HW XQ HQWUHWLHQ LPSRUWDQWV DORUV TXH OH SDVVLI VH SODFH GX F{Wp GH OD VpFXULWp HW VHUD HQ WRXV FDV DPRUWL /HV OHoRQV j WLUHU VRQW WUqV FODLUHV HW LPSRUWDQWHV /D 'LUHFWLYH 3(% HW O¶,QVWLWXW %3,( XWLOLVHQW XQH Gp¿QLWLRQ LQVDWLVIDLVDQWH GX FRQFHSW G¶ RSWLPLVDWLRQ pFRQRPLTXH (Q UpDOLWp OD 3(% Q HQ SURSRVH DXFXQH HW OH %3,( VH FRQWHQWH G¶XQH DSSURFKH SRXU GpEXWDQWV &HFL H[SOLTXH SRXUTXRL OD URXWH UHVWH ODUJHPHQW RXYHUWH j GHV UpJOHPHQWDWLRQV RX j GHV UpDOLVDWLRQV SHX DPELWLHXVHV &HV VRL GLVDQW ERQQHV VROXWLRQV VRQW HQ IDLW OHV SLUHV HQQHPLV GHV VROXWLRQV PHLOOHXUHV RX RSWLPDOHV &HWWH FULWLTXH QH UHSRVH SDV VXU XQH YLVLRQ GLIIpUHQWH GH O DYHQLU PDLV UpVXOWH GH OD FRQQDLVVDQFH HW GH O DSSOLFDWLRQ GHV DSSURFKHV VFLHQWL¿TXHV DSSURSULpHV Ŷ 8QLRQ (XURSpHQQH (8 GLUHFWLYH GX 3DUOHPHQW HXURSpHQ HW GX &RQVHLO GX PDL VXU OD SHUIRUPDQFH pQHUJpWLTXH GHV EkWLPHQWV -RXUQDO RI¿FLHO GH O 8QLRQ HXURSpHQQH / 9RLU DXVVL (&((( (XURSHDQ &RXQFLO IRU DQ (QHUJ\ (I¿FLHQW (FRQRP\ 1HW =HUR (QHUJ\ %XLOGLQJV 'H¿QLWLRQV ,VVXHV DQG ([SHULHQFH 6WRFNKROP ZZZ HFHHH RUJ %3,( &RVW 2SWLPDOLW\ 'LVFXVVLQJ PHWKRGRORJ\ DQG FKDOOHQJHV ZLWKLQ WKH UHFDVW (QHUJ\ 3HUIRUPDQFH RI %XLOGLQJV 'LUHFWLYH 7KH %XLOGLQJV 3HUIRUPDQFH ,QVWLWXWH (XURSH %UXVVHOV 'L[LW $ . 3LQG\FN 5 6 ,QYHVWPHQW XQGHU 8QFHUWDLQW\ 3ULQFHWRQ 8QLYHUVLW\ 3UHVV 3ULQFHWRQ 1HZ -HUVH\ 9HUEUXJJHQ $ )LQDQFLDO DSSUDLVDO RI HI¿FLHQF\ LQYHVWPHQWV :K\ WKH JRRG PD\ EH WKH ZRUVW HQHP\ RI WKH EHVW 3UpVHQWDWLRQ RUDOH j O¶DFDGpPLH G pWp (&((( MXLQ S 9HUEUXJJHQ $ 0DUFKRKL $O 0 -DQVVHQV % 7KH DQDWRP\ RI LQYHVWLQJ LQ HQHUJ\ HI¿FLHQW EXLOGLQJV (QHUJ\ DQG %XLOGLQJV SS
pFRQRPLH GX SURMHW
EH SDVVLYH
EH SDVVLYH
D TXDUWHUO\ PDJD]LQH E\ SPS DQG SKS ZZZ EHSDVVLYH EH
EH SDVVLYH
pFRQRPLH GX SURMHW
QRV pWXGLDQWV
OD SUpIDEULFDWLRQ j O¶KRUL]RQ GX SDVVLI WH[WH
$QQH 3KLOLSSDUW DUFKLWHFWH
)DFH j XQH VLWXDWLRQ pFRORJLTXH SUpRFFXSDQWH OH VHFWHXU GH OD FRQVWUXFWLRQ D pYROXp GH PDQLqUH VLJQL¿FDWLYH 'LYHUVHV pWXGHV FRQVWDWHQW SRXUWDQW TXH VL OD PDLVRQ SDVVLYH HVW XQH VROXWLRQ pFRORJLTXH LQWpUHVVDQWH F¶HVW SRXU XQ EXGJHW UHODWLYHPHQW pOHYp 2Q SHXW SHQVHU TXH OD SUpIDEULFDWLRQ DSSRUWH XQH UpSRQVH j FHWWH SUREOpPDWLTXH SULQFLSDOHPHQW G¶XQ SRLQW GH YXH pFRQRPLTXH ,O DSSDUDvW TX¶HOOH SHXW HQFRUH SUpVHQWHU G¶DXWUHV DYDQWDJHV SRXU OD FRQVWUXFWLRQ GH PDLVRQV SDVVLYHV 'DQV PRQ PpPRLUH M¶DL YRXOX DQDO\VHU GH PDQLqUH TXDOLWDWLYH GLIIpUHQWV FULWqUHV TXL SRXUUDLHQW UHQGUH OH SUpIDEULTXp LQWpUHVVDQW SRXU OH SDVVLI (Q HIIHW pWDQW GRQQp O¶pWDW GH O¶DUW XQH DQDO\VH TXDQWLWDWLYH GH FHV FULWqUHV UHVWH KRUV GH SRUWpH GDQV OH FDGUH G¶XQ WUDYDLO GH ¿Q G¶pWXGH $X PLHX[ FHOXL FL UpXVVLW j SURGXLUH XQH EDVH SRXU pWDEOLU XQH JULOOH G¶pYDOXDWLRQ GHV GLIIpUHQWV pOpPHQWV SUpIDEULTXpV SRXU OH SDVVLI /HV SULQFLSDX[ DYDQWDJHV GH OD SUpIDEULFDWLRQ '¶XQ SRLQW GH YXH pFRQRPLTXH SOXVLHXUV SDUDPqWUHV RQW pWp DQDO\VpV SRXU IRQGHU XQH YLVLRQ JOREDOH GH O¶LPSDFW GH OD SUpIDEULFDWLRQ VXU OH FRÂ&#x20AC;W ¿QDO G¶XQH FRQVWUXFWLRQ HQ JpQpUDO 8Q SUHPLHU H[DPHQ GHV SUL[ SUDWLTXpV HQ FRQVWUXFWLRQ WUDGLWLRQQHOOH HW HQ FRQVWUXFWLRQ SUpIDEULTXpH GRQQH j SHQVHU TX¶DFWXHOOHPHQW OD SUpIDEULFDWLRQ QH SHUPHW SDV GH UHQGUH V\VWpPDWLTXHPHQW XQ
EH SDVVLYH
QRV pWXGLDQWV
SURMHW SOXV DERUGDEOH 7RXWHIRLV G¶DXWUHV FULWqUHV VRQW j SUHQGUH HQ FRPSWH (Q HIIHW OD UDSLGLWp G¶XQH FRQVWUXFWLRQ D GHV FRQVpTXHQFHV GLUHFWHV VXU OH SODQ ¿QDQFLHU WDQW SRXU OH SDUWLFXOLHU SDV GH GRXEOH OR\HU TXH SRXU OH SURPRWHXU UHWRXU VXU LQYHVWLVVHPHQW SOXV UDSLGH 'H SOXV OD SUpIDEULFDWLRQ GHPDQGH XQH FRQFHSWLRQ SOXV SUpFLVH TXH SRXU XQH FRQVWUXFWLRQ WUDGLWLRQQHOOH 'qV ORUV ORUVTXH OH SURMHW HVW UpDOLVp DXFXQH PRGL¿FDWLRQ Q¶HVW DGPLVH /HV EXGJHWV GH GpSDUW VRQW GRQF VFUXSXOHXVHPHQW UHVSHFWpV (Q¿Q ORUVTX¶LO V¶DJLW GH SURGXLUH GHV SDURLV RX GHV YROXPHV HQ JUDQGH VpULH OD SUpIDEULFDWLRQ SHUPHW GH UpHOOHV pFRQRPLHV /¶HIIHW PXOWLSOLFDWHXU GH OD SURGXFWLRQ G¶XQ PrPH SURGXLW SHUPHW G¶HQ UpGXLUH OHV FRÂ&#x20AC;WV GH SURGXFWLRQ HW GRQF OH FRÂ&#x20AC;W ¿QDO '¶XQ SRLQW GH YXH WHFKQLTXH OD SUpIDEULFDWLRQ VHPEOH DXVVL DYRLU GHV DYDQWDJHV 3UHPLqUHPHQW OH WUDYDLO HQ DWHOLHU SHUPHW G¶rWUH j O¶DEUL GHV LQWHPSpULHV &HFL LQGXLW XQ WUDYDLO SOXV HI¿FDFH SOXV SUpFLV HW FRQVWLWXH XQ DYDQWDJH FHUWDLQ SRXU OD FRQVWUXFWLRQ GH PDLVRQV SDVVLYHV (Q HIIHW FH W\SH GH FRQVWUXFWLRQ GHPDQGDQW XQH PLVH HQ °XYUH SDUIDLWH OD SUpFLVLRQ HVW GH ULJXHXU 'HX[LqPHPHQW OD SUpIDEULFDWLRQ SHUPHW GH UpGXLUH OH QRPEUH G¶RXYULHUV PDLV GHPDQGH DXVVL PRLQV GH SHUVRQQHV TXDOL¿pHV VXU FKDQWLHU 6HXOV OHV RXYULHUV TXL WHUPLQHQW /RL BDUFKLWHFWH 6\QHUJ\ ,QWHUQDWLRQDO
OH FKDQWLHU GRLYHQW DYRLU XQH TXDOL¿FDWLRQ DGpTXDWH /D SUpIDEULFDWLRQ SHXW GRQF rWUH XQH UpSRQVH DX PDQTXH DFWXHO GH PDLQ G¶°XYUH HW GH TXDOL¿FDWLRQ GHV RXYULHUV 7URLVLqPHPHQW GX SRLQW GH YXH GHV SRQWV WKHUPLTXHV OH FULWqUH GH VLPSOL¿FDWLRQ VDQV SRQWV WKHUPLTXHV DGPLV VL Ȍ : P . SHUPHW GH FRQVLGpUHU OHV SDURLV FRPPH GHV ERvWHV QRLUHV (Q G¶DXWUHV WHUPHV OHV FDOFXOV VRQW IDLWV XQH VHXOH IRLV SRXU XQH SDURL GRQQpH HW OHV SRQWV WKHUPLTXHV QH VRQW SOXV UHFDOFXOpV SRXU FKDTXH SURMHW WDQW TXH OD SDURL UHVWH LGHQWLTXH &HWWH PpWKRGH YD GDQV OH VHQV G¶XQH pFRQRPLH GH WHPSV GH FR W HW GH SHUVRQQHV TXDOL¿pHV 'DQV OH FDGUH GH OD SUpIDEULFDWLRQ O¶DYDQWDJH HVW TX¶HOOH QpFHVVLWH XQH FRQFHSWLRQ SOXV ORQJXH HW SOXV SUpFLVH SDU UDSSRUW j XQ V\VWqPH FRQVWUXFWLI WUDGLWLRQQHO /HV GpWDLOV FRQVWUXFWLIV VRQW GRQF pWXGLpV GH IDoRQ DSSURIRQGLH HW ODLVVHQW SHX GH SODFH j O¶LPSURYLVDWLRQ (Q¿Q O¶DXWRPDWLVDWLRQ HW OH WUDYDLO HQ DWHOLHU SHUPHWWHQW XQH PLVH HQ °XYUH SUpFLVH GRQF IDYRUDEOH j OD ERQQH JHVWLRQ GHV SRQWV WKHUPLTXHV ,O HVW GRQF SOXV QDWXUHO G¶DWWHLQGUH OH FULWqUH VDQV SRQW WKHUPLTXH SRXU OH SUpIDEULTXp FRQGLWLRQ TXL IDFLOLWH JUDQGHPHQW OD SUREOpPDWLTXH GHV SRQWV WKHUPLTXHV (Q¿Q HQ FH TXL FRQFHUQH OHV UDFFRUGV GH O¶LVRODWLRQ HW GH O¶pWDQFKpLWp OD SUpIDEULFDWLRQ SHXW rWUH DYDQWDJHXVH GDQV FHUWDLQV FDV /RUVTXH VHXOH O¶RVVDWXUH HVW SUpIDEULTXpH OD TXDOLWp GHV UDFFRUGV GpSHQG GH OD ERQQH PLVH HQ °XYUH VXU FKDQWLHU GH OD SDUW GHV RXYULHUV /RUVTXH OHV SDURLV VRQW FRPSOqWHPHQW SUpIDEULTXpHV HQ DWHOLHU LO HVW LQGLVSHQVDEOH G¶DSSRUWHU XQ VRLQ SDUWLFXOLHU XQLTXHPHQW DX[ UDFFRUGV HQWUH OHV SDURLV VXU FKDQWLHU 1pDQPRLQV OH WUDLWHPHQW SURSUH G¶XQ UDFFRUG HQWUH SDURLV VHPEOH SDUIRLV SOXV GpOLFDW TXH GDQV XQH FRQVWUXFWLRQ GH W\SH WUDGLWLRQQHO /H FDV OH SOXV IDYRUDEOH HVW OD SUpIDEULFDWLRQ G¶XQ PRGXOH HQWLHU FDU RQ EpQp¿FLH GH WRXV OHV DYDQWDJHV GH OD SUpIDEULFDWLRQ /D PLVH HQ °XYUH HVW GRQF SUpFLVH j WRXV QLYHDX[ 6XU OH SODQ HVWKpWLTXH LO DSSDUDvW TXH OD SUpIDEULFDWLRQ QH VRLW SDV SUREOpPDWLTXH (Q HIIHW VL HOOH D pWp KLVWRULTXHPHQW XQ PR\HQ SRXU FRQVWUXLUH YLWH j IDLEOH EXGJHW LO V¶DYqUH TX¶DFWXHOOHPHQW HOOH D pYROXpH GH PDQLqUH VLJQL¿FDWLYH (OOH
SHUPHW GH FRQVWUXLUH GH PDQLqUH WUqV SUpFLVH WRXWHV VRUWHV G¶DUFKLWHFWXUH (Q DWHOLHU WRXW SHXW rWUH HQYLVDJp G¶XQ SRLQW GH YXH IRUPHO SRXU rWUH HQVXLWH PRQWp VXU FKDQWLHU 7RXWHIRLV O¶LQGXVWULDOLVDWLRQ SHUPHW PRLQV GH SRVVLELOLWpV FDU LO V¶DJLW DORUV GH OD UpSpWLWLRQ GH PRGXOHV Gp¿QLV HW LQYDULDEOHV TXL OLPLWHQW OHV FKRL[ IRUPHOV 6L O¶LQGXVWULDOLVDWLRQ LPSOLTXH OD SUpIDEULFDWLRQ O¶LQYHUVH Q¶HVW SDV YUDL HW OD QXDQFH HVW GH WDLOOH (YROXWLRQ GH OD FRQFHSWLRQ GH O¶KDELWDW 7UDGLWLRQQHOOHPHQW DYRLU VD PDLVRQ D VRXYHQW pWp XQ EXW HQ VRL &HSHQGDQW O¶pYROXWLRQ GHV PHQWDOLWpV D IDLW HQWUHU OD PDLVRQ GDQV XQH ORJLTXH GH FRQVRPPDWLRQ '¶DXWUHV pOpPHQWV FRPPH GHV VWUXFWXUHV IDPLOLDOHV GH PRLQV HQ PRLQV VWDEOHV O¶DFFqV j OD SURSULpWp GH SOXV HQ SOXV GLI¿FLOH HWF UHQIRUFHQW O¶LGpH TXH OD PDLVRQ GHYLHQGUD XQ REMHW PRLQV SRUWHXU G¶LGHQWLWp VXEMHFWLYH TXH OH WUDGLWLRQQHO JUDQG SURMHW GH FRQVWUXLUH VD PDLVRQ 8QH LGHQWL¿FDWLRQ PRLQV IRUWH j OD PDLVRQ IDFLOLWHUDLW O¶DFFHSWDWLRQ GX SUpIDEULTXp OHV DVSHFWV VRFLR pFRQRPLTXHV SUHQDQW OH SDV VXU OHV LGpHV UHoXHV 1pDQPRLQV OHV FRQVWUXFWHXUV GH SUpIDEULTXp QH VRXKDLWHQW V¶HQJDJHU GDQV OH SDVVLI TX¶j SDUWLU GX PRPHQW R XQ ODUJH PDUFKp GH FRQVRPPDWHXUV H[LVWH GpMj ,O \ D GRQF XQ YUDL SDUDGR[H RQ V¶DWWHQG j FH TXH OH SUpIDEULTXp DFFpOqUH OD GpPRFUDWLVDWLRQ GX SDVVLI DORUV TXH FH VHFWHXU QH ERXJHUD TXH VL OH PDUFKp H[LVWH GpMj &H W\SH GH EORFDJH VWUXFWXUHO HVW W\SLTXH ORUV GH O¶pPHUJHQFH GH QRXYHOOHV WHFKQRORJLHV 'qV ORUV XQH VWUDWpJLH GH VRXWLHQ VHPEODEOH j FHOOH GH OD ¿OLqUH SKRWRYROWDwTXH QH GHYUDLW HOOH SDV rWUH PLVH HQ °XYUH SRXU TXH OH SUpIDEULTXp GHYLHQQH XQ PRWHXU GDQV OD GpPRFUDWLVDWLRQ GH OD PDLVRQ SDVVLYH " Ŷ /HV DYDQWDJHV GH OD SUpIDEULFDWLRQ GDQV OH FDGUH GH FRQVWUXFWLRQV SDVVLYHV $QDO\VH VXU EDVH G¶XQ SURMHW W\SH HW pWXGH IRUPHOOH PpPRLUH SUpVHQWp SRXU O¶REWHQWLRQ GX WLWUH G¶DUFKLWHFWH ,QVWLWXW 6XSpULHXU G¶$UFKLWHFWXUH /DPEHUW /RPEDUG $QQpH DFDGpPLTXH )HLVW : ,QIRUPDWLRQV WHFKQLTXHV VXU OD FRQVWUXFWLRQ VDQV SRQWV WKHUPLTXHV ZZZ ODPDLVRQSDVVLYH IU DFWXDOLVp OH &HV GHX[ RXYUDJHV UHQGHQW FRPSWH GHV SRVVLELOLWpV TX¶RIIUH OH SUpIDEULTXp &RVWD 6 1HZ 3UHIDE DUFKLWHFWXUH SUpIDEULTXpH (VSDJQH /RIW ; 3UHIDE +RXVHV 3DULV (YHUJUHHQ
7KH (OHPHQW +RXVHB026 $UFKLWHFW /RL BDUFKLWHFWH 6\QHUJ\ ,QWHUQDWLRQDO
0RPR SUHIDE KRXVHB*UDVVKRSSHU
=HURKRXVHB6FRWW 6SHFKW
QRV pWXGLDQWV
EH SDVVLYH
6(3 2&7 129 Ã&#x20AC;DVK IRFXV KXPRXU JOREDO YLHZ IDFH j IDFH SDUROH G¶LPDJH OH PLVVLRQQDLUH TX¶HQ GLWHV YRXV DUFKLWHFWXUH SDUWDJpH GRVVLHU SRUWUDLW SKSS YDGHPHFXP ORJHPHQW QRQ UpVLGHQWLHO UpQRYDWLRQ LPPRELOLHU (OLVDEHWK V GLDU\ oD ERXJH HQ
EH SDVVLYH
'(& -$1 )(9
Ã&#x20AC;DVK IRFXV KXPRXU JOREDO YLHZ SHUVSHFWLYH FDUWH EODQFKH OH PLVVLRQQDLUH SDUROH G¶LPDJH DUFKLWHFWXUH SDUWDJpH GRVVLHU SKSS YDGHPHFXP ORJHPHQW UpQRYDWLRQ GpWDLO WDQWH 0RQLTXH (OLVDEHWK V GLDU\ oD ERXJH HQ
WULPHVWULHO GX VWDQGDUG SDVVLI ! ZZZ EHSDVVLYH EH
/RRNLQJ IRUZDUG (WDW GH OD TXHVWLRQ
EXUHDX GH GpS{W $QWZHUSHQ ; 3
EH SDVVLYH
EH SDVVLYH
EH SDVVLYH WULPHVWULHO GX VWDQGDUG SDVVLI ! ZZZ EHSDVVLYH EH
%UX[HOOHV SDVVLI HQ
EXUHDX GH GpS{W $QWZHUSHQ ;
EH SDVVLYH
EH SDVVLYH
(WDW GH OD TXHVWLRQ %UX[HOOHV SDVVLI HQ (FROHV 1DWXXUFHQWUXP %RXUJR\HQ 7KpDWUH 'H 9LH]H *DVWHQ ,3)&
EH SDVVLYH
%H SDVVLYH JRHV ZLOG GpWDLOV *UDWXLWV
EH SDVVLYH
EH SDVVLYH
EH SDVVLYH
5HKDE 3DVVLI j 0DUFKH
/DEHOV $HURSROLV ,,
)LQH 7XQLQJ /HV EXUHDX[ GX 900
(YHQWV
OD SPS VXU IDFHERRN
7UDLQLQJ ZRUNVKRSV
3RXU HQFRUH SOXV G¶LQWHUDFWLYLWp /D 3ODWHIRUPH 0DLVRQ 3DVVLYH D GpVRUPDLV VD SDJH )DFHERRN 9RXV \ WURXYHUH] OHV GHUQLqUHV DFWXV VXU OH SDVVLI VXU OD SODWHIRUPH XQ DJHQGD GHV pYqQHPHQWV GHV SKRWRV HW GHV YLGpRV DLQVL TXH OD SRVVLELOLWp GH UpDJLU j WRXW FHOD %UHI OH SOHLQ G¶LQIRV SRXU YRXV DLGHU j UH GpFRXYULU OH VWDQGDUG SDVVLI %RQQH YLVLWH HW DLPH] oD ! ZZZ IDFHERRN FRP SDJHV 3ODWH )RUPH
3+33 PDL &KDUOHURL MXLQ %UX[HOOHV
3+33 MXLQ %UX[HOOHV
3RQWV WKHUPLTXHV MXLQ %UX[HOOHV
3RQWV WKHUPLTXHV PDL /LqJH ± )RUPDWLRQ 30( MXLQ %UX[HOOHV
0RGXOH JpQpUDO HW MXLQ %UX[HOOHV
&RQFHSWLRQ pQHUJLH HW PDL /LqJH ± )RUPDWLRQ 30( HW MXLQ %UX[HOOHV
0DLVRQ 3DVVLYH DVEO
! WK ,QWHUQDWLRQDO 3DVVLYH +RXVH &RQIHUHQFH
/D JUDQG PHVVH GX SDVVLI VHUD FHWWH DQQpH j ,QQVEUXFN HQ $XWULFKH ! ZZZ PDLVRQSDVVLYH EH " /H HW PDL WK
! 3/($ $UFKLWHFWXUH VXVWDLQDEOH GHYHORSPHQW
1(: 9DSHXUV PRLVLVVXUHV HW pWDQFKpLWp MXLQ /LqJH ± )RUPDWLRQ 30(
WK ,QWHUQDWLRQDO FRQIHUHQFH RQ 3DVVLYH DQG /RZ (QHUJ\ $UFKLWHFWXUH RUJDQLVHG LQ /RXYDLQ /D 1HXYH ! ZZZ SOHD EH
! 6DORQ 3DVVLYH+RXVH 'pWDLOV GHV IRUPDWLRQV ! ZZZ PDLVRQSDVVLYH EH ! 1RV VHUYLFHV ! )RUPDWLRQV
,QVFULSWLRQV &KDUOHURL &HQWUH 30( )RUPDWLRQ RX VDELQH GHPRLQ\#FHQWUHSPH EH %UX[HOOHV (VSDFH )RUPDWLRQ 30( RX IF#HISPH EH /LqJH )RUPDWLRQ 30( RX IFOLHJH#IRUPDWLRQ SPH EH /LqJH &HIRUWHF RX S PHUJHOVEHUJ#FHIRUWHF EH /LEUDPRQW )RUPDWLRQ 30( /X[HPERXUJ RX DPDQGLQH OHJUDQG#LIDSPH EH
EH SDVVLYH
DJHQGD
/H 6DORQ GX SDVVLI WUqV EDVVH pQHUJLH HW GX =pUR pQHUJLH /LHX 7RXU 7D[LV %UX[HOOHV !ZZZ SDVVLYHKRXVH EH
3DVVLYH+RXVH 6\PSRVLXP /H FRQJUqV LQFRQWRXUQDEOH SRXU OHV SURIHVVLRQQHOV GX VHFWHXU DYHF SOXV GH RUDWHXUV TXL SUpVHQWHURQW OHV GHUQLHUV GpYHORSSHPHQWV GX VWDQGDUG SDVVLI /LHX &URZQ 3OD]D %UX[HOOHV ± /H 3DODFH !ZZZ SDVVLYHKRXVH EH
EH SDVVLYH
EH SDVVLYH HVW XQ PDJD]LQH WULPHVWULHO GH EH SDVVLYH DVEO HQ FROODERUDWLRQ DYHF SPS DVEO HW SKS Y]Z 3URFKDLQH SXEOLFDWLRQ MXLOOHW DRÂ&#x20AC;W VHSWHPEUH ZZZ EHSDVVLYH EH LQIR#EHSDVVLYH EH 0DJD]LQH GLVWULEXp JUDWXLWHPHQW HW WLUp j H[HPSODLUHV &RYHU EXUHDX[ 900 (95 DUFKLWHFWHV SKRWR )LOLS 'XMDUGLQ 5pGDFWHXU HQ FKHI %HUQDUG 'HSUH] &RPLWp GH UpGDFWLRQ (GLWK &RXQH 6HEDVWLDQ 0RUHQR 9DFFD &KULVWRSKH 0DUUHFDX 3HWHU 'HOODHUW 5pGDFWLRQ $GULDDQ %DFFDHUW (GLWK &RXQH %HUQDUG 'HSUH] 0DUQ\ 'L 3LHWUDQWRQLR 6HEDVWLDQ 0RUHQR 9DFFD %HQRLW 4XHYULQ 3HWHU 'HOODHUW $GHOLQH *XHUULDW -XOLH :LOOHP &KULVWRSKH 0DUUHFDX /LHVEHW 7HPPHUPDQ *UDSKLVPH HW SUp SUHVVH -XOLH :LOOHP 6HEDVWLDQ 0RUHQR 9DFFD 3KRWRJUDSKHV )LOLS 'XMDUGLQ (LQDU 6QHYH 0DUWLQXVVHQ ³,PPDWHULDOV /LJKW SDLQWLQJ :L¿ (95 DUFKLWHFWHQ %/$) DUFKLWHFWHQ *ZHQROD 9LOHW (OLQ .LUVFK¿QN -XOLH :LOOHP ,QWHUQDWLRQDO 3RODU )RXQGDWLRQ 5HQp 5REHUW /RGH 9UDQNHQ 'HERXZHULM 6\QHUJ\ ,QWHUQDWLRQDO 6WXGLR ELV 7UDGXFWLRQV .DWKOHHQ .HPSHQHHUV %GG 7UDQVODWLRQV 3+3 (GLWHXU UHVSRQVDEOH 6HEDVWLDQ 0RUHQR 9DFFD EH SDVVLYH DVEO F R SPS DVEO 3ODFH )ODJH\ j %UX[HOOHV 5pJLH 3XEOLFLWDLUH &KDXIRXU 'pYHORSSHPHQW VSUO <YHV GH 6FKDHW]HQ \YHV#PDFVWUDW EH
EH SDVVLYH
2QW FROODERUp j FH QXPpUR 0DGDPH (YHO\QH +X\WHEURHFN 0LQLVWUH GX *RXYHUQHPHQW GH OD 5pJLRQ GH %UX[HOOHV &DSLWDOH HQ FKDUJH GH O¶(QYLURQQHPHQW GH O¶(QHUJLH HW GH OD 5pQRYDWLRQ XUEDLQH *LOOHV 7RXVVDLQW *HRUJHV 0RQELRW 0DUF :ROODVW 5RHO 'H &RQLQFN ( %UDP 'H 0HHVWHU $UFDGLV $ODLQ %RVVDHU $UFDGLV %/$) DUFKLWHFWHQ (95 DUFKLWHFWHQ *ZHQROD 9LOHW (OLQ .LUVFK¿QN /DXUHQFH 9DQGRUPDHO HW *pU{PH )RUWKRPPH %URXDH -RKDQ %HUWH 5X[DQGUD &UXWHVFX GH 3DVVLYKDXV ,QVWLWXW 65/ /RGH 9UDQNHQ 'H %RXZHULM 6\OYDLQ %URKH] GRFWHXU j 80RQV $YLHO 9HUEUXJJHQ GH O¶8QLYHUVLWp G $QYHUV $QQH 3KLOLSSDUW 0DvWUH )UpGpULF /RXPD\H $YRFDW DX %DUUHDX GH %UX[HOOHV 8Q UHPHUFLHPHQW VSpFLDO j 9LUJLQLH +HQU\ $OLQH %UDQGHUV HW 3LHW 6WDQGDHUW ZZZ 3K\VLEHO EH
&RS\ULJKW 3DJH LPDJHV EDVHG RQ WKH *HUPDQ DUWLVW )ULHGULFK .XQDWK 6HLWH LQVWDOODWLRQ 3DJH H[WUDLW GX UDSSRUW ³7KH (QHUJ\ 5DSSRUW UHQHZDEOH HQHUJ\ E\ ´ IURP ::) (FRI\V DQG 20$ $02 3DJH H[WUDLW GH OD EURFKXUH ©DFWLYH IRU PRUH FRQIRUW WKH SDVVLYH KRXVH GH 3DVVLYH +RXVH ,QVWLWXW DQG 3DVVLYKDXV GLHQVWOHLVWXQJ JPEK 3DJH H[WUDLW GH OD EURFKXUH ³(Q¿Q GH O¶DLU´ GH ZZZ SOXJJLW FRP $ERQQHPHQWV VXEVFULEH#EHSDVVLYH EH ,PSULPHULH 3RRW 3ULQWHUV ,PSULPp DYHF HQFUHV YpJpWDOHV &RS\ULJKW SPS SKS /HV DUWLFOHV Q HQJDJHQW TXH OD UHVSRQVDELOLWp GH OHXUV DXWHXUV 7RXV GURLWV GH UHSURGXFWLRQ GH WUDGXFWLRQ HW G DGDSWDWLRQ PrPH SDUWLHOOH UpVHUYpV SRXU WRXV SD\V EH SDVVLYH HVW VRXWHQX SDU OH 63) HQYLURQQHPHQW
(LQDU 6QHYH 0DUWLQXVVHQ ,PPDWHULDOV /LJKW SDLQWLQJ :L)L ZZZ \RXUEDQ QR
EH SDVVLYH
LQVWDOODWLRQ
FDGHQDV Â&#x2039;6WXGLR ELV &DGHQDV &DUWRQ DGKpVLI %UpWLJQ\ VXU 2UJH
EH SDVVLYH
LQVWDOODWLRQ
6$/21
dKhZ Θ d y/^͕ Zhy >> ^ ͻ ϵ ͳ ϭϬ ͳ ϭϭ ^ Wd D Z ϮϬϭϭ ͻ ttt͘W ^^/s ,Kh^ ͘
> ^ >KE WKhZ s/sZ ͕ KE^dZh/Z d Z EKs Z & KE KEKD E E Z'/ Ƶ ǀĞŶĚƌĞĚŝ ϵ ĂƵ ĚŝŵĂŶĐŚĞ ϭϭ ƐĞƉƚĞŵďƌĞ͕ ůĂ WůĂƚĞͲĨŽƌŵĞ DĂŝƐŽŶ WĂƐƐŝǀĞ ĂƐďů Ğƚ ůĂ WĂƐƐŝĞĬƵŝƐͲWůĂƞŽƌŵ ǀnjǁ ŽƌŐĂŶŝƐĞŶƚ ůĂ ϭϬğŵĞ ĠĚŝƟŽŶ ĚƵ ^ĂůŽŶ WĂƐƐŝǀĞ,ŽƵƐĞ͘ ǀĞĐ ƵŶ ĨŽĐƵƐ ĞdžĐůƵƐŝĨ ƐƵƌ ůĂ ĐŽŶƐƚƌƵĐƟŽŶ Ğƚ ůĂ ƌĠŶŽǀĂƟŽŶ ƚƌğƐ ďĂƐƐĞ ĠŶĞƌŐŝĞ͕ ƉĂƐƐŝǀĞ ŽƵ njĠƌŽ ĠŶĞƌŐŝĞ͕ ůĞ ^ĂůŽŶ WĂƐƐŝǀĞ,ŽƵƐĞ ĞƐƚ ůĞ ƉůƵƐ ŐƌĂŶĚ ĚĞ ƐŽŶ ŐĞŶƌĞ ĚĂŶƐ ƚŽƵƚ ůĞ ĞŶĞůƵdž͘ >͛ĞŶĚƌŽŝƚ ŝĚĠĂů ĚŽŶĐ ƉŽƵƌ ƉƌĠƐĞŶƚĞƌ ǀŽƐ ƉƌŽĚƵŝƚƐ Ğƚ ƐĞƌǀŝĐĞƐ ă ƵŶ ƉƵďůŝĐ ŝŶƚĠƌĞƐƐĠ ĚĞ ŵĂŝƚƌĞƐ Ě͛ŽƵǀƌĂŐĞ͕ ƉƌŽĨĞƐƐŝŽŶŶĞůƐ ŽƵ ƉĂƌƟĐƵůŝĞƌƐ͘ K&&Z ͛ yWK^ Ed^ ͻ ĂƌĐŚŝƚĞĐƚĞƐ͕ ďƵƌĞĂƵ Ě͛ĠƚƵĚĞƐ Ğƚ ĐŽŶƐĞŝůƐ ĠŶĞƌŐĠƟƋƵĞƐ ͻ ĞŶƚƌĞƉƌĞŶĞƵƌƐ Ğƚ ĞŶƚƌĞƉƌŝƐĞƐ ĐůĠͲƐƵƌͲƉŽƌƚĞ ͻ ĨŽƵƌŶŝƐƐĞƵƌƐ͕ ƉƌŽĚƵĐƚĞƵƌƐ Ğƚ ŝŶƐƚĂůůĂƚĞƵƌƐ ĚĞ ŵĂƚĠƌŝĂƵdž ĚĞ ĐŽŶƐƚƌƵĐƟŽŶ͕ ĚĞ ŵĞŶƵŝƐĞƌŝĞ͕ Ě͛ŝŶƐƚĂůůĂƟŽŶƐ ƚĞĐŚŶŝƋƵĞƐ͕ Ě͛ĠŶĞƌŐŝĞ ƌĞŶŽƵǀĞůĂďůĞ͕ ͙ ͻ ďĂŶƋƵĞƐ͕ ŽƌŐĂŶŝƐŵĞƐ ƐĐŝĞŶƟĮƋƵĞƐ Ğƚ ƉƵďůŝĐƐ͕ ͘͘͘ WZK&/> h s/^/d hZ sĞŶĚƌĞĚŝ ϵ ƐĞƉƚĞŵďƌĞ ϮϬϭϭ͗ ͻ ũŽƵƌŶĠĞ ƉƌŽĨĞƐƐŝŽŶŶĞůůĞ ĂǀĞĐ ƉƌŽŐƌĂŵŵĞ ĚĞ ĐŽŶĨĞƌĞŶĐĞƐ ͻ ĂƌĐŚŝƚĞĐƚĞƐ Ğƚ ĞŶƚƌĞƉƌĞŶĞƵƌƐ Ɛ͛ŝŶĨŽƌŵĞŶƚ ĚĞƐ ĚĞƌŶŝğƌĞƐ ƉŽƐŝƟŽŶƐ ĞŶ ŵĂƟğƌĞ ĚĞ ĐŽŶƐƚƌƵĐƟŽŶƐ ƉĂƐƐŝǀĞƐ Ğƚ ƚƌğƐ ďĂƐƐĞ ĠŶĞƌŐŝĞ Ğƚ ĐŚĞƌͲ ĐŚĞŶƚ ůĞƐ ƉƌŽĚƵŝƚƐ Ğƚ ƐĞƌǀŝĐĞƐ ƉŽƵƌ ůĞƵƌƐ ƉƌŽũĞƚƐ ďĂƐƐĞ ĠŶĞƌŐŝĞ ͻ ŵŝƐĞ ĞŶ ƌĠƐĞĂƵ ^ĂŵĞĚŝ ϭϬ Ğƚ ĚŝŵĂŶĐŚĞ ϭϭ ƐĞƉƚĞŵďƌĞ ϮϬϭϭ͗ ͻ :ŽƵƌŶĠĞ ǀŝƐŝƚĞƵƌƐ ƉŽƵƌ ůĞ ŐƌĂŶĚ ƉƵďůŝĐ ͻ WƵďůŝĐ ŝŶƚĠƌĞƐƐĠ ĚĞ ŵĂŝƚƌĞƐ Ě͛ŽƵǀƌĂŐĞ ă ůĂ ƌĞĐŚĞƌĐŚĞ ĚĞ ƉĂƌƚĞŶĂŝƌĞƐ͕ ĚĞ ƉƌŽĚƵŝƚƐ Ğƚ Ě͛ŝŶĨŽƌŵĂƟŽŶƐ ƉŽƵƌ ůĞƵƌ ƉƌŽũĞƚ ĚĞ ĐŽŶƐƚƌƵĐƟŽŶ ŽƵ ƌĠŶŽǀĂƟŽŶ WKhZ W Zd/ /W Z͍ WƌĞŶĞnj ĐŽŶƚĂĐƚ ǀŝĂ ƐĂůŽŶΛƉĂƐƐŝǀĞŚŽƵƐĞ͘ďĞ ŽƵ ĂƵ нϯϮ;ϬͿϯ Ϯϯϱ ϬϮ ϴϭ
^ƉŽŶƐŽƌŝƐĠ ƉĂƌ͗
KƌŐĂŶŝƐĠ ƉĂƌ͗
ttt͘W ^^/s ,Kh^ ͘
EH SDVVLYH
EH SDVVLYH