Thèse Janin

Démarche d’éco-conception en entreprise.
Un enjeu :
construire la cohérence entre outils et processus
Marc Janin
To cite this version:

Marc Janin. Démarche d’éco-conception en entreprise. Un enjeu : construire la cohérence entre outils
et processus. Sciences de l’ingénieur [physics]. Arts et Métiers ParisTech, 2000. Français. �NNT : �.
�tel-00005632�
HAL Id: tel-00005632

https://pastel.hal.science/tel-00005632
Submitted on 5 Apr 2004
HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est

archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents
entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non,
lished or not. The documents may come from émanant des établissements d’enseignement et de
teaching and research institutions in France or recherche français ou étrangers, des laboratoires
abroad, or from public or private research centers. publics ou privés.
N° d'ordre : 2000-10
Ecole Nationale Supérieure d'Arts et Métiers

Institut Conception, Mécanique et Environnement
Chambéry
THESE
Pré s e nté e pour obte nir le g rade de
DOCTEUR
DE
L'ECOLE NATIONALE SUPERIEURE

D'ARTS ET METIERS
Spécialité : GENIE INDUSTRIEL
PAR
Marc JANIN
DEMARCHE D'ECO - CONCEPTION EN ENTREPRISE

UN ENJEU : CONSTRUIRE LA COHERENCE ENTRE OUTILS ET PROCESSUS
Soute nue le 28 avril 2000, de vant le jury d'e xam e n :
M. D. FROELICH, Professeur E.N.S.A.M., Chambéry Directeur de thèse

M. A. NAVARRO, Professeur I.N.S.A., Lyon Rapporteur
M. S. TICHKIEWITCH, Professeur I.N.P., Grenoble Rapporteur
M. G. COGNET, Professeur I.N.P., Grenoble Examinateur
M. H. TIGER, Ingénieur de Recherche, CNRS, Grenoble Examinateur
M. A AOUSSAT, Maître de Conférence E.N.S.A.M., Paris Examinateur
Mme N. BOEGLIN, Ingénieur, ADEME Paris Membre invité
M. N. FAYE, Responsable Bureau d'Etude, Philips Eclairage Membre invité
L'ENSAM est un grand établissement composé de huit centres :

AIX-EN-PROVENCE - ANGERS - BORDEAUX - CHÂLONS-EN-CHAMPAGNE - CLUNY - LILLE - METZ - PARIS
Ré s um é
L’éco-conception est, depuis peu, une nouvelle problématique, que l'entreprise pourrait bien
prendre en compte pour en tirer, à terme, un avantage concurrentiel. C'est concevoir des produits
en ayant considéré, dès leur phase de conception, tous les impacts environnementaux qu’ils
pourront engendrer sur l’ensemble de leur cycle de vie. Les équipes projet ont besoin de
s'organiser pour s'approprier le paramètre environnement nécessitant de nouvelles
connaissances liées à de nombreuses incertitudes. L'objectif principal de ces travaux était donc
d'aider à construire la cohérence entre un processus de conception et des outils à disposition des
équipes. Il s'est agi de : comprendre les diverses acceptions possibles de cette nouvelle forme de
conception, identifier les principaux enjeux qu'elle représente pour une entreprise, observer les
modes d'organisation au sein de sociétés pionnières dans ce domaine et rechercher les outils
disponibles. Après proposition d'un modèle de processus d'éco-conception où il importe d'insérer
les questions d'environnement dans une démarche de conception "classique", nous nous sommes
attelés à la classification, la description et la critique de divers outils du panel actuellement à
disposition des équipes. Nous avons ainsi identifié deux grandes catégories : certains, dits
d'évaluation environnementale (qualitative ou quantitative), et d'autres, dits d'amélioration,
permettant aux équipes d'avancer dans la recherche de nouvelles solutions d'éco-conception.
D'autres outils encore existent en matière de sensibilisation, de communication et de choix de
stratégies. Chacun d'eux devra être employé par un utilisateur approprié, disposant des
connaissances requises, des moyens d'exploiter les résultats obtenus, et ce, durant certaines
phases pertinentes du processus de conception. Une étude de terrain chez Philips a permis de
constater que la mise à l'épreuve d'un outil d'évaluation environnementale est compromise si les
enjeux demeurent incompris et les résultats inexploitables par l'équipe projet. A partir d'un
engagement fort de la direction, les équipes ont besoin d'apprendre progressivement pour
s'approprier une nouvelle démarche ; au cours de celle-ci, elles pourront utiliser des outils
simples, pragmatiques, qu'elles sauront exploiter pour progresser et s'améliorer.
M ots-C lé s
Environnement - Eco-conception - Organisation - Produits électriques et électroniques -
Réglementation - Consumérisme vert - Outils - Evaluation environnementale - Conception -
Processus - Conception simultanée - Equipe projet - Expert - Apprentissage - Philips - Ecoscan -
ACV - Eco-indicateurs - Marketing - Bureau d'étude - Benchmarking environnemental.
Ecod e sig n approach in com p any – A stake : building a cohe re nce b e twe e n tools and
d e s ig n p roce s s
Ab stract
Ecodesign is a new problematics that a company could take into account as a competition
opportunity. Designers should consider the environmental impacts of product through its whole
life cycle. Project teams need therefore to be organized in order to integrate the environmental
parameter which requires new knowledge linked to numerous uncertainties.
Our main research goals has been to combine the design process and ecotools. We had to
understand this new form of design, to identify the main stakes it represents for companies and to
study organization in several ecodesign pioneer companies and research available tools. After
proposal of an ecodesign process model, which concerns integration of environmental issues into
a standard design approach, we worked on the classification, the description and a critical
approach of several ecotools for project teams. We identified two major kinds of tools :
environmental assessment ones (qualitative and quantitative) and improvement ones, allowing
teams to find ecodesign solutions. Other tools are available, regarding awareness, communication
and strategic choices. Each tool has to be used by the appropriate user having the required
knowledge and disposing of the appropriate means to make profitable use of the results during
the several phases of design process. A case study with Philips showed that the use of an
environmental assessment tool is not adapted if the stakes are misunderstood and if the results are
unworkable by project teams. With a strong commitment of the Management, people need to
learn (by training) in order to fully integrate this new way of design. During this new approach, the
teams should use simple and pragmatic ecotools, in order to improve its know-how.
Ke y word s
Environment - Ecodesign - Design for Environment - Life Cycle Design - Environmental Conscious
Design - Organization - Electrical and electronic products - Legislation - Green Consumerism -
Tools - Ecotools - Environmental Assessment - Design - Process - Concurrent Engineering - Project
Team - DfE Champion - Training - Philips - Ecoscan - LCA - Eco-indicators - Marketing - Design
Department - Environmental Benchmarking.
6RPPDLUH
6200$,5(*(1(5$/
/,67( '(6 ),*85(6
/,67( '(6 7$%/($8;
,1752'8&7,21 *e1e5$/(
3$57,( / e&2&21&(37,21 '$16 / (175(35,6(

,1752'8&7,21
&200(17 'e),1,5 / e&2&21&(37,21 "
'HX[YLVLRQVGLIIpUHQWHVPDMHXUHVGHO pFRFRQFHSWLRQ
'LYHUVHVDSSURFKHVG XQHFRQFHSWLRQUHVSHFWXHXVHGHO HQYLURQQHPHQW

8QLQGLFDWHXUGXGpYHORSSHPHQWGXUDEOHO pFRHIILFDFLWp
81( 35e2&&83$7,21 (19,5211(0(17$/( ' 25'5( ,17(51$7,21$/
/(6 ',0(16,216 '( / e&2&21&(37,21
'LPHQVLRQVWUDWpJLTXHOHVHQMHX[G XQHGpPDUFKHG pFRFRQFHSWLRQ
'LPHQVLRQRUJDQLVDWLRQQHOOHFRPPHQWV RUJDQLVHUHQLQWHUQHHWHQ
H[WHUQH"
'LPHQVLRQFRJQLWLYHFRPPHQWFRQVWLWXHUHWGLYXOJXHUOHVFRQQDLVVDQFHV
QpFHVVDLUHV"
/ $5&+,7(&785( '·81 352-(7 '( &21&(37,21 ,17e*5$17 /$ ',0(16,21
(19,5211(0(17
/HVREMHFWLIV
/HVpWDSHVGXSURFHVVXVG pFRFRQFHSWLRQ
/HVFLQTWkFKHVHVVHQWLHOOHVG XQSURMHWG pFRFRQFHSWLRQ
8QH[HPSOHGHSURFHVVXVG pFRFRQFHSWLRQXQVFpQDULRSURSRVpSDU
3KLOLSV
/HVIDFWHXUVGHUpXVVLWH
/HVULVTXHVG pFKHF
3DJH
6RPPDLUH
&21&/86,21
3$57,( /(6 287,/6 ' e&2&21&(37,21 81( $,'( 23e5$7,211(//( 3285

/ (175(35,6( "
,1752'8&7,21
287,/6 '·e9$/8$7,21 '( /·,03$&7 (19,5211(0(17$/ '(6 352'8,76 81
02<(1 ' e7$%/,5 81 e&2352),/
(YDOXDWLRQjGRPLQDQWHTXDQWLWDWLYH
(YDOXDWLRQjGRPLQDQWHTXDOLWDWLYH
&RQFOXVLRQ
287,/6 ' $0e/,25$7,21 '( /$ &21&(37,21 (19,5211(0(17$/( '(6
352'8,76
1RUPHV
/LVWHV
*XLGHV
$SSURFKHVLQIRUPDWLVpHVOHVORJLFLHOV
2XWLOVRUJDQLVDWLRQQHOV
' DXWUHVRXWLOVHQFRUH«
3RLQWVGHYXHVXUOHVSULQFLSDX[RXWLOVG DPpOLRUDWLRQGHODFRQFHSWLRQ
HQYLURQQHPHQWDOHGHVSURGXLWV
&RQFOXVLRQ
/(6 287,/6 675$7e*,48(6
0DWULFH(FRSRUWIROLR
5RXHGHV6WUDWpJLHVG (FRFRQFHSWLRQ
/(6 287,/6 '( 6(16,%,/,6$7,21
(FR5H'HVLJQ7RRO.LW
(FR.QRZ+RZ
(FR4XHVW
/(6 287,/6 '( &20081,&$7,21
'pFODUDWLRQ(QYLURQQHPHQWDOHGH3URGXLW
(&0$753URGXFWUHODWHGHQYLURQPHQWDODWWULEXWHV
5RXHGHV6WUDWpJLHVG (FR&RQFHSWLRQ
5DSSRUW(QYLURQQHPHQW
/(6 287,/6 '$16 81 352&(6686 ' e&2&21&(37,21
/ HPSORLGHVRXWLOVjWUDYHUVOHVpWDSHVGXSURFHVVXVG pFRFRQFHSWLRQ

/HFKRL[GHO RXWLOHWGHVRQXWLOLVDWHXU
/(6 287,/6 '$16 81 6<67Ë0( '( 0$1$*(0(17 (19,5211(0(17$/
&21&/86,21
3DJH
6RPPDLUH
3$57,( &21)5217$7,21 $8; 5e$/,7(6 '8 021'( ,1'8675,(/

352326,7,21 ' 81( 'e0$5&+( */2%$/( ' e&2&21&(37,21 &+(= 3+,/,36
(&/$,5$*(
,1752'8&7,21
/(6 35(0,(56 3$6 9(56 / $3352&+( (19,5211(0(17352'8,7
0LVHjO pSUHXYHG XQRXWLOG pYDOXDWLRQHQYLURQQHPHQWDOH
(WXGHGH%HQFKPDUNLQJHQYLURQQHPHQWDO
&RQFOXVLRQHWUpIOH[LRQVLQVSLUpHVGHVGHX[pWXGHV
3RLQWVGHYXHGHVVHUYLFHVYLVjYLVGHFHWWHQRXYHOOHDSSURFKHGHOD
FRQFHSWLRQ
/·(19,5211(0(17 $8 &°85 '( /$ 'e0$5&+( '( &21&(37,21
/DGpPDUFKHFODVVLTXHGHFRQFHSWLRQOD3URFpGXUHGH&UpDWLRQGH
3URGXLW
4XLGGHO LQWpJUDWLRQGXSDUDPqWUH(QYLURQQHPHQWGDQVOD3URFpGXUHGH
&UpDWLRQGH3URGXLW"
&21&/86,21
&21&/86,21 *e1e5$/(
%,%/,2*5$3+,(
$%5e9,$7,216
*/266$,5(
$11(;(6
3DJH
6RPPDLUH
/,67('(6),*85(6
,QWURGXFWLRQJpQpUDOH
)LJXUH &\FOH GH YLH G XQ SURGXLW HW VHV PRGHV GH YDORULVDWLRQ

)LJXUH 5HSUpVHQWDWLRQ V\QRSWLTXH GX PpPRLUH GH WKqVH
3DUWLH
)LJXUH 0RGqOHV GH FRQFHSWLRQ D 0RGqOH FODVVLTXH GH -DNREVHQ HW E 0RGqOH

G pFRFRQFHSWLRQ >+2//2:$< HW DO @
)LJXUH /HV GLPHQVLRQV GH O pFRFRQFHSWLRQ >%5$6 @
)LJXUH 3ULQFLSDX[ PRWHXUV H[WHUQHV GH O pFRFRQFHSWLRQ
)LJXUH 3ULQFLSDX[ PRWHXUV LQWHUQHV GH O pFRFRQFHSWLRQ
)LJXUH &RXUEHV GHV FRWV HQYLURQQHPHQWDX[ SRXU GHX[ W\SHV G HQWUHSULVH XQH
VXLYHXVH HW XQH SURDFWLYH >%5(=(7 HW DO @
)LJXUH /HV TXDWUH QLYHDX[ G pFRFRQFHSWLRQ
)LJXUH /HV SULQFLSDX[ DFWHXUV LQWHUQHV HW H[WHUQHV FRQFHUQpV SDU O pFRFRQFHSWLRQ
)LJXUH 8Q PRGqOH GH VWUXFWXUH RUJDQLVDWLRQQHOOH GDQV XQ SURMHW G pFRFRQFHSWLRQ
)LJXUH 8Q PRGqOH GH WUDQVPLVVLRQ G LQIRUPDWLRQV GDQV XQ SURMHW G pFRFRQFHSWLRQ

)LJXUH /D UHFKHUFKH G DOWHUQDWLYHV GH FRQFHSWLRQ DX FRXUV GX SURFHVVXV GH
GpYHORSSHPHQW
)LJXUH 3URFHVVXV G pFRFRQFHSWLRQ SURSRVp SDU OH *URXSH 3KLOLSV
)LJXUH /HV SULQFLSDOHV pWDSHV G XQ PRGqOH GH SURFHVVXV GH FRQFHSWLRQ GH SURGXLW

)LJXUH 0RGqOH GH SURFHVVXV G pFRFRQFHSWLRQ SURSRVp SDU & %DNNHU
)LJXUH &RPSDUDLVRQ GH GHX[ PRGqOHV GH SURFHVVXV G pFRFRQFHSWLRQ DYHF XQ
PRGqOH GH FRQFHSWLRQ FODVVLTXH
)LJXUH 3KDVHV G XQ SURFHVVXV LQGXVWULHO G LQQRYDWLRQ
)LJXUH 3URFHVVXV G pFRFRQFHSWLRQ ,QWpJUDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH GDQV
OH SURFHVVXV GH FRQFHSWLRQ FODVVLTXH
)LJXUH &LQT WkFKHV HVVHQWLHOOHV SRXU O LQWpJUDWLRQ GH O pFRFRQFHSWLRQ GDQV
O HQWUHSULVH
3DJH
6RPPDLUH
3DUWLH
)LJXUH /HV GLIIpUHQWHV pWDSHV GH O $QDO\VH GH &\FOH GH 9LH

)LJXUH *ULOOH G (YDOXDWLRQ 6LPSOLILpH HW 4XDOLWDWLYH GX &\FOH GH 9LH GH O $)125
([HPSOH VXU XQ SURGXLW ILFWLI
)LJXUH 6FKpPDWLVDWLRQ GH OD PpWKRGH (FR,QGLFDWRU
)LJXUH /D UHSUpVHQWDWLRQ GHV VL[ FULWqUHV GH O (FRFRPSDVV
)LJXUH 7DEOHDX GH FRPSDWLELOLWp GHV PDWpULDX[ WKHUPRSODVWLTXHV *UHHQ 3DJHV GH
3KLOLSV
)LJXUH 7UHL]H SULQFLSHV G pFRFRQFHSWLRQ H[WUDLW GX PDQXHO &RQFHSWLRQ LQWpJUDQW OH
F\FOH GH YLH ² XQ PDQXHO SRXU 30(
)LJXUH 'LDJUDPPH HQ DUrWH GH SRLVVRQ LQYHUVpH XWLOLVp GDQV OH FDV G XQH FDIHWLqUH
)LJXUH 'HX[ W\SHV GH GLDJUDPPHV HQ DUrWH GH SRLVVRQ LQYHUVpH
)LJXUH 0DWULFH (FRSRUWIROLR XWLOLVpH SRXU OH FKRL[ GH PDWpULDX[ G HPEDOODJH
)LJXUH 0DWULFH %&* DYHF OD GLPHQVLRQ HQYLURQQHPHQWDOH HW OHV RXWLOV G pFR
FRQFHSWLRQ DGpTXDWV
)LJXUH ([HPSOH GH UHSUpVHQWDWLRQ JUDSKLTXH GH OD 'pFODUDWLRQ (QYLURQQHPHQWDOH GH
3URGXLW GH 9ROYR
)LJXUH 1LYHDX[ GH FODVVLILFDWLRQ GHV RXWLOV G pFRFRQFHSWLRQ
)LJXUH /HV RXWLOV GDQV XQ SURFHVVXV G pFRFRQFHSWLRQ j TXHOOH pWDSH OHV XWLOLVHU "
3DUWLH
)LJXUH 3URJUDPPH GH 3KLOLSV GH 7KH (QYLURQPHQWDO 2SSRUWXQLW\

)LJXUH /XPLQDLUH HQFDVWUp (XURSD pWXGLp DYHF OH ORJLFLHO (FRVFDQ
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GH
FKDFXQH GHV SKDVHV GX F\FOH GH YLH GH O HQFDVWUp (XURSD HQ )UDQFH
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GH FKDFXQ
GHV FRPSRVDQWV GH O (XURSD HQ SKDVH GH IDEULFDWLRQ
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GH FKDFXQ
GHV FRPSRVDQWV GH O (XURSD VDQV OH EDOODVW HQ SKDVH GH IDEULFDWLRQ
)LJXUH +LVWRJUDPPH UHSUpVHQWDQW O LPSDFW JOREDO H[SULPp HQ P3W GH FKDFXQ GHV
WURLV F\FOHV GH YLH GH O HQFDVWUp (XURSD &)/ HQ )UDQFH &)/ HQ ,WDOLH &)/ HQ
$XWULFKH
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GX
WUDLWHPHQW HQ ILQ GH YLH GH FKDTXH FRPSRVDQW GH O (XURSD HQ )UDQFH 6FpQDULR DYHF
UHF\FODJH LQFLQpUDWLRQ
WUDLWHPHQW HQ ILQ GH YLH GH FKDTXH FRPSRVDQW GH O (XURSD HQ )UDQFH 6FpQDULR
LQFLQpUDWLRQ FRPSOqWH
3DJH
6RPPDLUH

WUDLWHPHQW HQ ILQ GH YLH GH FKDTXH FRPSRVDQW GH O (XURSD HQ )UDQFH 6FpQDULR GH
PLVH HQ GpFKDUJH GX OXPLQDLUH
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GH OD
IDEULFDWLRQ GHV GLIIpUHQWV FRPSRVDQWV GH O (XURSD RX &)/ YHUVLRQ +)
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GHV
WUDLWHPHQWV GH ILQ GH YLH GH FKDFXQ GHV FRPSRVDQWV GH O (XURSD YHUVLRQ +)
)LJXUH 3URSRVLWLRQ GH FRUUHVSRQGDQFH HQWUH OHV SKDVHV GH OD 3&3 GH 3KLOLSV /DPRWWH
%HXYURQ HW FHOOHV GX PRGqOH GH SURFHVVXV GH FRQFHSWLRQ UHWHQX
)LJXUH /D 3URFpGXUH GH &UpDWLRQ GH 3URGXLWV FKH] 3KLOLSV (FODLUDJH /DPRWWH
%HXYURQ
)LJXUH (QYLURQQHPHQW HW 3URFpGXUH GH &UpDWLRQ GH 3URGXLW FKH] 3KLOLSV *URXSH OH
PRGqOH
)LJXUH /D UpIOH[LRQ HQYLURQQHPHQWDOH GDQV OD 3&3 GH 3KLOLSV /DPRWWH%HXYURQ
)LJXUH 0DWULFH GHV (FRSULRULWpV SULRULWpV GHV REMHFWLIV G pFRFRQFHSWLRQ
)LJXUH (FRPDWULFH &KRL[ G pFRFRQFHSWLRQ
3DJH
6RPPDLUH
/,67('(67$%/($8;
,QWURGXFWLRQ*pQpUDOH
7DEOHDX %LODQ VXU OHV FRQVRPPDWLRQV GH TXHOTXHV UHVVRXUFHV QDWXUHOOHV HW WDX[ GH

UpGXFWLRQ GH FRQVRPPDWLRQ VRXKDLWp SRXU XQ 'pYHORSSHPHQW 'XUDEOH >:(7(5,1*6 HW
DO @
7DEOHDX ,PSRUWDQFH GHV UpVHUYHV HW LQGLFH GH SpULRGH G DERQGDQFH GH TXHOTXHV
PDWLqUH SUHPLqUHV >52866($8; @
3DUWLH
7DEOHDX 'LIIpUHQWHV DSSURFKHV LQGXVWULHOOHV GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH

7DEOHDX / LQGXVWULH OHV SURGXLWV HW OHV WURLV GLPHQVLRQV GX GpYHORSSHPHQW GXUDEOH
>6,021 HW DO @
7DEOHDX 5HYXH UpJOHPHQWDLUH HXURSpHQQH VXU OD UHSULVH GHV SURGXLWV pOHFWULTXHV HW
pOHFWURQLTXHV HQ ILQ GH YLH 3(()9
7DEOHDX 7DX[ GH UpXWLOLVDWLRQ HW GH UHF\FODJH PLQLPXP SUpFRQLVpV SDU OD IXWXUH
'LUHFWLYH (XURSpHQQH VXU OHV 3URGXLWV (OHFWULTXHV HW (OHFWURQLTXHV HQ ILQ GH YLH
7DEOHDX 2UGUH GH FKRL[ GHV IDFWHXUV FRPSpWLWLIV G XQ SURGXLW VXU XQ PDUFKp YHUW
7DEOHDX 2EMHFWLIV YLVpV SDU XQH HQWUHSULVH GDQV OH FDGUH GH SURMHWV GH
GpYHORSSHPHQW GH SURGXLWV YHUWV
7DEOHDX 6WUDWpJLHV HW WDLOOHV G HQWUHSULVHV
7DEOHDX /HV GLIIpUHQWV QLYHDX[ G·pFRFRQFHSWLRQ HW OHV PRGLILFDWLRQV TX·LOV
HQJHQGUHQW DX QLYHDX GH O·HQWUHSULVH
7DEOHDX $[HV VWUDWpJLTXHV GH FRQFHSWLRQ HW PR\HQV G DFWLRQV HQYLVDJHDEOHV GDQV XQ
SURMHW G pFRFRQFHSWLRQ
7DEOHDX 5qJOHV GH FRQFHSWLRQ HW RSpUDWLRQV j SUpYRLU SRXU RSWLPLVHU OD ILQ GH YLH
G XQ SURGXLW
7DEOHDX 'LIIpUHQWV W\SHV G RUJDQLVDWLRQ HQYLURQQHPHQWDOH HW OHXUV IUpTXHQFHV GDQV
OHV HQWUHSULVHV
7DEOHDX 4XHOTXHV PRGHV G RUJDQLVDWLRQ LQWHUQH G HQWUHSULVHV GH OD ),((& HQ PDWLqUH
G pFRFRQFHSWLRQ
3DJH
6RPPDLUH
7DEOHDX 2UJDQLVDWLRQ LQWHUQH 5HVSRQVDELOLWp GHV DQDO\VHV HQYLURQQHPHQWDOHV GHV

SURGXLWV "
7DEOHDX 0DWULFH GHV H[LJHQFHV HQYLURQQHPHQWDOHV j UHPSOLU SRXU XQH SKDVH GX
F\FOH GH YLH GX SURGXLW G DSUqV * .HROHLDQ
7DEOHDX 0DWULFH GHV H[LJHQFHV GH FRWV VXU O HQVHPEOH GX F\FOH GH YLH G XQ SURGXLW
G DSUqV * .HROHLDQ
7DEOHDX &RQFHSW $53, VXU OD GpILQLWLRQ GX SURMHW HW OD GpWHUPLQDWLRQ GHV
VSpFLILFDWLRQV GX SURGXLW
7DEOHDX 3UREOqPHV UHQFRQWUpV SDU OHV pTXLSHV GH FRQFHSWLRQ ULVTXHV GH
FRPSURPLVVLRQ GX SURMHW
3DUWLH
7DEOHDX /LVWH GHV RXWLOV G pYDOXDWLRQ j GRPLQDQWH TXDQWLWDWLYH GHV LPSDFWV

HQYLURQQHPHQWDX[ G XQ SURGXLW
7DEOHDX 4XHOTXHV EDVHV GH GRQQpHV QpFHVVDLUHV j OD UpDOLVDWLRQ G·$&9
7DEOHDX /LVWH GH ORJLFLHOV G·$&9 H[LVWDQWV RX HQ FRXUV GH GpYHORSSHPHQW
7DEOHDX 3RLQWV GH YXH VXU OHV RXWLOV G pYDOXDWLRQ HQYLURQQHPHQWDOH j GRPLQDQWH
TXDQWLWDWLYH
7DEOHDX /LVWH GHV RXWLOV G pYDOXDWLRQ j GRPLQDQWH TXDOLWDWLYH GH O LPSDFW
HQYLURQQHPHQWDO G XQ SURGXLW
7DEOHDX 3RLQWV GH YXH VXU OHV RXWLOV G pYDOXDWLRQ HQYLURQQHPHQWDOH j GRPLQDQWH
TXDOLWDWLYH
7DEOHDX /LVWH GHV RXWLOV G·DPpOLRUDWLRQ GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH GX
SURGXLW
7DEOHDX /LVWH GHV RXWLOV G·DPpOLRUDWLRQ GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH GX
SURGXLW
7DEOHDX /RJLFLHOV G pFRFRQFHSWLRQ G DSSURFKH JpQpUDOH
7DEOHDX /RJLFLHOV G pFRFRQFHSWLRQ G DSSURFKH 'I; 'I'
7DEOHDX /RJLFLHO G pFRFRQFHSWLRQ G DSSURFKH 3UpYHQWLRQ GH 3ROOXWLRQ
7DEOHDX /RJLFLHO G pFRFRQFHSWLRQ IRFDOLVp VXU XQH SKDVH GX F\FOH GH YLH OD
IDEULFDWLRQ DYHF OH FKRL[ GHV IRXUQLVVHXUV
7DEOHDX /RJLFLHOV G pFRFRQFHSWLRQ IRFDOLVpV VXU XQH SKDVH GX F\FOH GH YLH OD
IDEULFDWLRQ DYHF OH FKRL[ GHV PDWpULDX[
7DEOHDX /RJLFLHOV G pFRFRQFHSWLRQ IRFDOLVpV VXU XQH SKDVH GX F\FOH GH YLH OD ILQ GH
YLH
7DEOHDX 3RLQWV GH YXH VXU OHV SULQFLSDX[ RXWLOV G DPpOLRUDWLRQ GH OD FRQFHSWLRQ
HQYLURQQHPHQWDOH GHV SURGXLWV
7DEOHDX 1RWHV DWWULEXpHV DX[ W\SHV G RXWLOV G pYDOXDWLRQ HQ IRQFWLRQ GH OHXUV
FDUDFWpULVWLTXHV
7DEOHDX 1RWHV DWWULEXpHV DX[ W\SHV G RXWLOV G DPpOLRUDWLRQ HQ IRQFWLRQ GH OHXUV
FDUDFWpULVWLTXHV
3DJH
6RPPDLUH
7DEOHDX &ODVVHPHQW GHV RXWLOV VHORQ OHXU QLYHDX G pYDOXDWLRQ HW G DLGH j

O DPpOLRUDWLRQ
7DEOHDX /HV GLIIpUHQWV W\SHV G RXWLOV UpSHUWRULpV HW OHXUV XWLOLVDWHXUV SRWHQWLHOV
7DEOHDX 6\VWqPH GH 0DQDJHPHQW GH O (QYLURQQHPHQW HW &RQFHSWLRQ SRXU
O HQYLURQQHPHQW
3DUWLH
7DEOHDX /LVWH GHV FULWqUHV HW VRXVFULWqUHV SULV HQ FRPSWH GDQV O pWXGH GH

%HQFKPDUNLQJ HQYLURQQHPHQWDO
7DEOHDX (WXGH GH EHQFKPDUNLQJ SDU UDSSRUW DX[ FULWqUHV GX SURJUDPPH (&2
9,6,21
7DEOHDX 1RPEUH GH SLFWRJUDPPHV DIIHFWpV j FKDFXQ GHV HQFDVWUpV HQ IRQFWLRQ GHV
FLQT FULWqUHV GX SURJUDPPH (FR9LVLRQ
7DEOHDX &ULWqUHV FDUDFWpULVDQW OHV GHX[ QLYHDX[ G pFRFRQFHSWLRQ GpILQLV FKH] 3KLOLSV
(FODLUDJH
7DEOHDX /HV RXWLOV j LQWpJUHU GDQV OD 3&3 SRXU DWWHLQGUH OHV QLYHDX[ (FRGHVLJQ
6WDQGDUG RX (FRGHVLJQ 3OXV
3DJH
,QWURGXFWLRQ JpQpUDOH
,1752'8&7,21*(1(5$/(
/·DFWLYLWp GH FRQFHSWLRQ HVW OH OLHX G·LQWpJUDWLRQ GHV GLIIpUHQWV DFWHXUV TXL SDUWLFLSHQW DX
GpYHORSSHPHQW GH O·HQWUHSULVH 2Q SHXW OD FRQVLGpUHU FRPPH OH F±XU GX SURFHVVXV
G·DSSUHQWLVVDJH FROOHFWLI TXL SHUPHW O·LQQRYDWLRQ >+$7&+8(/ @ 'HSXLV TXHOTXHV
DQQpHV O·DFWLYLWp GH FRQFHSWLRQ D pWp FRQVLGpUDEOHPHQW WUDQVIRUPpH SDU OH FRQFHSW GH
SURMHW HW OH U{OH DWWULEXp DX FKHI GH SURMHW &HOXLFL GHYLHQW O·DQLPDWHXU GH FHWWH
GpPDUFKH FROOHFWLYH TXL DVVRFLH FRQFHSWHXU PDUNHWHXU DFKHWHXU GHVLJQHU HW OHV
PpWLHUV DYDO GH OD SURGXFWLRQ \ FRPSULV IRXUQLVVHXUV HW pTXLSHPHQWLHUV >0,'/(5 @ 6XU
OH FKHI GH SURMHW UHSRVHQW GHX[ REMHFWLIV SULPRUGLDX[ SRXU O·HQWUHSULVH PHWWUH VXU OH
PDUFKp SRXU XQ FRW REMHFWLI HW GDQV XQ GpODL GpWHUPLQp XQ SURGXLW UpSRQGDQW DX[
GpILQLWLRQV GH TXDOLWp TXL OXL RQW pWp IL[pHV 3RXU DWWHLQGUH FHV GHX[ REMHFWLIV OH PpWLHU GH
FKHI GH SURMHW V·HVW GpYHORSSp DXWRXU GH PpWKRGHV HQWUH DXWUHV IRQGpHV VXU O·$QDO\VH GH
OD 9DOHXU >'(/$)2//,( @ HW VXU GHV FRQFHSWV G·LQJpQLHULH FRQFRXUDQWH RX VLPXOWDQpH
>)28/$5' @
/D SULVH HQ FRPSWH GH O·HQYLURQQHPHQW GqV OD FRQFHSWLRQ GHV SURGXLWV HVW GHSXLV SHX
XQH QRXYHOOH H[LJHQFH GH OD VWUDWpJLH GHV HQWUHSULVHV VRLW TX·HOOHV O·LQWqJUHQW FRPPH
FRQWUDLQWH VXSSOpPHQWDLUH VRLW TX·HOOHV HQ IDVVHQW XQ DYDQWDJH FRQFXUUHQWLHO SDU
DQWLFLSDWLRQ VXU O·pYROXWLRQ GX PDUFKp HW GH OD SUHVVLRQ GH OD VRFLpWp >%21$Î7, @
5HYHQRQV XQ LQVWDQW VXU OHV RULJLQHV GH FHWWH SUpRFFXSDWLRQ HQYLURQQHPHQWDOH
LQGXVWULHOOH HW VXU OHV UDLVRQV SRXU OHVTXHOOHV HOOH GRLW rWUH LQWpJUpH j O DPRQW GX
GpYHORSSHPHQW PrPH GHV SURGXLWV
&H VRXFL GH SURWHFWLRQ GH O HQYLURQQHPHQW HVW HQ SURJUHVVLRQ FURLVVDQWH HQ SDUWLFXOLHU

GHSXLV OH FKRF SpWUROLHU GHV DQQpHV /D SOXSDUW GHV HQWUHSULVHV RQW DORUV SULV
FRQVFLHQFH GHV FRQVpTXHQFHV GUDPDWLTXHV G XQH FRQVRPPDWLRQ j RXWUDQFH GH
UHVVRXUFHV QDWXUHOOHV pSXLVDEOHV $LQVL DSUqV OD UpYROXWLRQ LQGXVWULHOOH GH OD ILQ GX
qPH
;,; VLqFOH O HVVHQWLHO GH O HIIRUW WHFKQRORJLTXH DYDLW FRQVLVWp j SURGXLUH HQ TXDQWLWp
DX[ GpSHQV GHV JLVHPHQWV GH PDWLqUHV SUHPLqUHV VDQV VH VRXFLHU GHV ULVTXHV GH
FRPSURPHWWUH OHV SRVVLELOLWpV GHV JpQpUDWLRQV IXWXUHV GH VXEYHQLU j OHXUV EHVRLQV HW GHV
ULVTXHV pFRORJLTXHV HQJHQGUpV SDU OHV SROOXWLRQV
-XVTXHOj HQ IDLW RQ VH SUpRFFXSDLW DVVH] SHX GH FHV ULVTXHV UHSUpVHQWpV SDU OHV UHMHWV
LQGXVWULHOV HW PrPH VL TXHOTXHV VFLHQWLILTXHV FRPPHQoDLHQW j V·LQWpUHVVHU DX[ UHODWLRQV
3DJH
PXOWLSOHV TXH OHV RUJDQLVPHV HQWUHWLHQQHQW DYHF OHXU HQYLURQQHPHQW FHOD QH VXIILVDLW SDV
j FRQVWLWXHU OD UHQFRQWUH HQWUH ORJLTXH LQGXVWULHOOH HW SUREOpPDWLTXH HQYLURQQHPHQWDOH
' DSUqV OD 6(7$& >6(7$&@ FHV SULQFLSDX[ SUREOqPHV HQYLURQQHPHQWDX[ HQJHQGUpV

SDU OHV SRQFWLRQV PDWLqUHV SUHPLqUHV HW pQHUJLHV HW OHV UHMHWV pPLVVLRQV
DWPRVSKpULTXHV HIIOXHQWV DTXHX[ GpFKHWV GHV LQGXVWULHV VRQW GHV FRQVRPPDWLRQV GH
UHVVRXUFHV ELRWLTXHV HW DELRWLTXHV GHV SROOXWLRQV HIIHW GH VHUUH GHVWUXFWLRQ GH OD

FRXFKH G R]RQH DFLGLILFDWLRQ DWPRVSKpULTXH FRPSRVpV RUJDQLTXHV YRODWLOV HW
SRXVVLqUHV « HW GHV GpJUDGDWLRQV RFFXSDWLRQ GHV VROV
,O IDXGUD SUDWLTXHPHQW DWWHQGUH OH GpEXW GHV DQQpHV SRXU YRLU SRLQGUH OHV SUHPLqUHV
FRQWHVWDWLRQV GH O·RSLQLRQ SXEOLTXH GXHV DX[ HIIHWV OHV SOXV YLVLEOHV GH FHUWDLQHV
SROOXWLRQV ORFDOHV SXLV OD ILQ GHV DQQpHV HW OHV DQQpHV SRXU IDLUH OD OXPLqUH VXU GHV
DFFLGHQWV WHFKQRORJLTXHV TXDOLILpV GH PDMHXUV FRPPH 6HYHVR 7KUHH0LOHV,VODQG
%KRSDO 7FKHUQRE\O 6DQGR] « &HV DFFLGHQWV IXUHQW UHQGXV
SXEOLFV SDU OHV PpGLDV TXL MRXqUHQW GRQF XQ U{OH IRQGDPHQWDO GDQV FHWWH SULVH GH
FRQVFLHQFH JpQpUDOH YLVjYLV GH O HQYLURQQHPHQW HOOHV PRQWUqUHQW DLQVL OHV pFKHFV GHV
LQGXVWULHV PRGHUQHV HW VHPqUHQW OH GRXWH HW OD SHXU TXDQW DX[ QRPEUHX[ ULVTXHV
UHSUpVHQWpV SDU OHV SURJUqV GH QRWUH VRFLpWp
/HV GHX[ FULVHV SpWUROLqUHV GH HW FRQVWLWXqUHQW G·DXWUHV VLJQDX[ G XQ DXWUH
RUGUH SRXU UHPHWWUH HQ FDXVH OD OpJLWLPLWp GHV LQGXVWULHV HW PRWLYHU O XWLOLVDWLRQ SOXV
UDWLRQQHOOH GHV UHVVRXUFHV QDWXUHOOHV
&HWWH DVSLUDWLRQ j XQH PHLOOHXUH PDvWULVH GHV UDSSRUWV HQWUH O KRPPH HW VRQ PLOLHX HVW
DXMRXUG KXL XQ WKqPH FXOWXUHO PpGLDWLTXH HW SROLWLTXH PDMHXU &HWWH SUREOpPDWLTXH V HVW
WUDGXLWH HQ GDQV OH UDSSRUW %UXQGWODQG LQWLWXOp 2XU FRPPRQ IXWXUH SDU OH
FRQFHSW GH 'pYHORSSHPHQW 'XUDEOH TXL FRUUHVSRQG j XQH IRUPH GH SURJUqV
UpSRQGDQW DX[ EHVRLQV GX SUpVHQW VDQV FRPSURPHWWUH O DSWLWXGH GHV JpQpUDWLRQV
IXWXUHV j UpSRQGUH DX[ OHXUV >6&+0,'+(,1< @
8Q WHO VRXFL GX ELHQrWUH GHV JpQpUDWLRQV IXWXUHV HVW LVVX GH SOXVLHXUV pWXGHV FRQFHUQDQW
OD GXUpH GH YLH GHV VWRFNV GH UHVVRXUFHV QDWXUHOOHV GDQV O K\SRWKqVH G XQ PDLQWLHQ GHV
FRQVRPPDWLRQV DFWXHOOHV &H JHQUH G pWXGH HVW WUqV FRQWURYHUVp SXLVTXH OHV FKLIIUHV
6(7$& 6RFLHW\ RI (QYLURQPHQWDO 7R[LFRORJ\ DQG &KHPLVWU\
6HYHVR $FFLGHQW G XQH XVLQH FKLPLTXH DX QRUG GH O ,WDOLH D\DQW HX FRPPH FRQVpTXHQFH LQGLUHFWH OD
JpQpUDOLVDWLRQ DX QLYHDX &(( GH OD GLUHFWLYH TXL VRXPHW GpVRUPDLV j XQ FRQWU{OH VWULFW O HQVHPEOH GHV
VLWHV GDQJHUHX[
7KUHH0LOHV,VODQG $FFLGHQW G XQ UpDFWHXU QXFOpDLUH DX[ (WDWV8QLV
%KRSDO $FFLGHQW VXUYHQX GDQV XQH ILOLDOH GX JURXSH 8QLRQ &DUELGH HQ ,QGH SURYRTXDQW OD PRUW GH
SOXVLHXUV PLOOLHUV GH SHUVRQQHV
7FKHUQRE\O $FFLGHQW MXVTX j SUpVHQW OH SOXV LPSRUWDQW GX PRQGH GDQV XQ VLWH QXFOpDLUH VXUYHQX HQ
8NUDLQH
6DQGR]%kOH 8VLQH SKDUPDFHXWLTXH GRQW O LQFHQGLH DFFLGHQWHO D SURYRTXp XQH SROOXWLRQ PDMHXUH GX 5KLQ
5DSSRUW %UXQGWODQG 5DSSRUW GH OD &RPPLVVLRQ 0RQGLDOH SRXU O (QYLURQQHPHQW HW OH 'pYHORSSHPHQW
GLULJpH SDU *UR +DUOHP %UXQGWODQG 3UHPLHU 0LQLVWUH 1RUYpJLHQ
3DJH
DQQRQFpV YRQW IRUWHPHQW GpSHQGUH GHV K\SRWKqVHV GH FDOFXO GH FKRL[ SROLWLTXHV «

PDLV DXVVL GH O DQQpH DX FRXUV GH ODTXHOOH O pWXGH D pWp HIIHFWXpH 4XHOOHV TX HOOHV VRLHQW
SRXUWDQW FHV pWXGHV RQW OH PpULWH GH PRQWUHU TX LO HVW XUJHQW G DJLU SRXU OLPLWHU OHV
SRQFWLRQV SHUSpWXHOOHV GH UHVVRXUFHV QRQ UHQRXYHODEOHV
$LQVL OHV WDEOHDX[ HW VXLYDQWV UpYqOHQW XQ FRQVWDW DODUPDQW VXU OD GXUDELOLWp GHV
UHVVRXUFHV >:(7(5,1*6 HW DO @ >52866($8; @ OH SUHPLHU LQGLTXH PrPH OH WDX[
VRXKDLWp GH UpGXFWLRQ GHV FRQVRPPDWLRQV SRXU DWWHLQGUH XQ GpYHORSSHPHQW GXUDEOH RX
VRXWHQDEOH
,PSDFW HQYLURQQHPHQWDO 1LYHDX DWWHQGX HQ 1LYHDX HVWLPp SRXU XQ

GpYHORSSHPHQW GXUDEOH 5pGXFWLRQ VRXKDLWp
&RQVRPPDWLRQ GH SpWUROH 6WRFN pSXLVp 6WRFN SRXU DQV
&RQVRPPDWLRQ GH JD] 6WRFN pSXLVp 6WRFN SRXU DQV
&RQVRPPDWLRQ GH FKDUERQ 6WRFN pSXLVp 6WRFN SRXU DQV
&RQVRPPDWLRQ GH FXLYUH 6WRFN pSXLVp 6WRFN SRXU DQV
'LYHUVLWp GHV HVSqFHV
'LVSDULWLRQ GH
HVSqFHV SDU DQ
'LVSDULWLRQ PD[ GH
HVSqFHV SDU DQ

(PLVVLRQ GH &2
*WRQQHV SDU DQ *WRQQHV SDU DQ
3HUWH GH VRO GXH j O pURVLRQ
PLOOLDUGV GH WRQQHV
SDU DQ
PLOOLDUGV GH WRQQHV SDU
DQ

7DEOHDX %LODQ VXU OHV FRQVRPPDWLRQV GH TXHOTXHV UHVVRXUFHV QDWXUHOOHV HW WDX[ GH UpGXFWLRQ GH
FRQVRPPDWLRQ VRXKDLWp SRXU XQ 'pYHORSSHPHQW 'XUDEOH >:(7(5,1*6 HW DO @
3pULRGH G DERQGDQFH
5HVVRXUFHV 5pVHUYHV [
1RPEUH G DQQpHV
&KDUERQ WRQQHV

3pWUROH WRQQHV

*D] QDWXUHO P
0LQHUDLV GH IHU WRQQHV
%DX[LWH WRQQHV
)HU WRQQHV
=LQF WRQQHV
7DEOHDX ,PSRUWDQFH GHV UpVHUYHV HW LQGLFH GH SpULRGH G DERQGDQFH GH TXHOTXHV PDWLqUH SUHPLqUHV
>52866($8; @
3DJH
/D QpFHVVLWp G RSpUDWLRQQDOLVHU FH FRQFHSW GH GpYHORSSHPHQW GXUDEOH SRXU OH UHQGUH
DFFHVVLEOH DX[ HQWUHSULVHV GRLW VH WUDGXLUH SDU GHX[ PRXYHPHQWV HQJDJpV
VLPXOWDQpPHQW >7,*(5 HW DO @
/H SUHPLHU LQFRPEH DX[ pWDWV HW RUJDQLVPHV LQWHUQDWLRQDX[ HW FRQVLVWH j FUpHU XQ
FRQWH[WH OpJLVODWLI QRUPHV G pPLVVLRQV LQWHUGLFWLRQV UqJOHV GH SURFpGXUHV
GHPDQGHV G DXWRULVDWLRQ RX GH GpFODUDWLRQ SRXU OHV LQVWDOODWLRQV FODVVpHV
pFRQRPLTXH WD[HV RXWLOV ILVFDX[ HW WHFKQLTXH FUpDWLRQV GH FHQWUHV GH YDORULVDWLRQ
GH ILOLqUHV GH UHF\FODJH FRPSDWLEOH DYHF FH FRQFHSW
/H VHFRQG LQFRPEH j FKDTXH DFWHXU GH OD VRFLpWp TXL SDU VRQ FRPSRUWHPHQW
UHVSRQVDEOH HW YRORQWDLUH GRLW FRQGXLUH j GLPHQVLRQQHU j VD MXVWH PHVXUH O HQVHPEOH
GHV SRQFWLRQV HW UHMHWV DVVRFLpV j VHV DFWLYLWpV
/ HQJDJHPHQW GHV HQWUHSULVHV GDQV OD SURJUHVVLRQ YHUV OH GpYHORSSHPHQW GXUDEOH D
GRQF pWp PRWLYp SDU OH FRQWH[WH VRFLRSROLWLTXH TXL V·HVW WUDGXLW WRXW G DERUG SDU XQ
UHQIRUFHPHQW GHV SUHVVLRQV UpJOHPHQWDLUHV /HV FRQWUDLQWHV VH IDLVDQW GH SOXV HQ SOXV
IRUWHV LO V HVW DJL SRXU ERQ QRPEUH G HQWUHSULVHV G LQWpJUHU O HQYLURQQHPHQW GDQV OHXU
IRQFWLRQQHPHQW &HWWH LQWpJUDWLRQ IXW SURJUHVVLYH GHSXLV OH VLPSOH UHVSHFW GHV ORLV GDQV
OHV DQQpHV OHV WUDLWHPHQWV FXUDWLIV GHV SROOXWLRQV GDQV OHV DQQpHV MXVTX DX[
WHFKQRORJLHV SURSUHV GDQV OHV DQQpHV >.+$/,)$ @
$LQVL GDQV OHV DQQpHV SUHQGUH HQ FRPSWH O HQYLURQQHPHQW F pWDLW HVVD\HU GH
UHVSHFWHU OHV QRUPHV LPSRVpHV HQ V \ SOLDQW SRXU pYLWHU OHV ULVTXHV $X FRXUV GH OD
GpFHQQLH VXLYDQWH OHV LQGXVWULHOV RQW WHQWp GH UpGXLUH OHV SROOXWLRQV HQ LQWURGXLVDQW GHV
WHFKQLTXHV GH GpSROOXWLRQ HQ ERXW GH FKDvQH OHV WUDLWHPHQWV FXUDWLIV GLWV HQG RI SLSH
GHV GpFKHWV GHV SROOXWLRQV GH O HDX GH O DLU GX VRO &HV WUDLWHPHQWV HQFRUH ODUJHPHQW
XWLOLVpV DXMRXUG KXL VH VRQW QpDQPRLQV UpYpOpV LQVDWLVIDLVDQWV HQ WHUPHV GH SHUIRUPDQFHV
pFRORJLTXHV LOV SHXYHQW HQ HIIHW HQJHQGUHU GHV GpSODFHPHQWV GH SROOXWLRQ XQ
WUDLWHPHQW G HDX SHXW SDU H[HPSOH FRQGXLUH j OD IRUPDWLRQ GH ERXHV TXL GHYURQW rWUH
WUDLWpHV j OHXU WRXU HW FRWHQW GH SOXV HQ SOXV FKHU FRPSWH WHQX GH O pYROXWLRQ FURLVVDQWH
HW UDSLGH GHV FRQWUDLQWHV UpJOHPHQWDLUHV
8QH DSSURFKH DPRQW SOXV VWUDWpJLTXH V·HVW GRQF SHX j SHX GpYHORSSpH YHUV OD ILQ GHV
DQQpHV ,O V DJLW G XQH VWUDWpJLH SUpYHQWLYH R O RQ LQWqJUH OHV WURLV GLPHQVLRQV GH OD
JHVWLRQ ILQDQFLqUH HQYLURQQHPHQWDOH HW VRFLDOH & HVW O qUH GH OD PLQLPLVDWLRQ GHV
GpFKHWV GH OD SURGXFWLRQ SURSUH GH OD SUpYHQWLRQ GH SROOXWLRQ &HUWDLQV pYRTXHQW OH
WHUPH G DSSURFKH PLGGOH RI SLSH >&+$57(5 HW DO @
/ REMHFWLI G XQH WHOOH DSSURFKH HVW GH SUpYRLU HW G DQWLFLSHU OHV SUREOqPHV
HQYLURQQHPHQWDX[ IXWXUV pYHQWXHOV DILQ GH V \ SUpSDUHU HW G HQJDJHU GHV DFWLRQV SRXU OHV
pYLWHU &HWWH GpPDUFKH QpFHVVLWH XQ FKDQJHPHQW GX SDUDGLJPH SURGXFWLI TXL
FRUUHVSRQG DX SDVVDJH G·XQH VLPSOH DGDSWDWLRQ WHFKQLTXH GX V\VWqPH SURGXFWLI DILQ
G·LQWpJUHU O·HQYLURQQHPHQW ILOWUHV VWDWLRQV G·pSXUDWLRQV j VD UHPLVH HQ FDXVH
>%21$Î7, @ F HVW O pYROXWLRQ G·XQH VWUDWpJLH VLPSOHPHQW UpDFWLYH EDVpH VXU XQH
3DJH
DSSURFKH SDOOLDWLYH YHUV XQH VWUDWpJLH SURDFWLYH EDVpH VXU XQH DSSURFKH LQWpJUDWLYH HW
FH SRXU HQ WLUHU XQ QRXYHO DYDQWDJH FRQFXUUHQWLHO
' DSUqV + 7LJHU © FHW DYDQWDJH FRQFXUUHQWLHO Q HVW FHSHQGDQW SDV DVVLPLODEOH j XQ DYDQWDJH
j FRXUW WHUPH SXLVTX LO QH UpVXOWH SDV G XQ DMXVWHPHQW RSWLPXP DX GpVLU GHV
FRQVRPPDWHXUV ,O V DJLW SOXV IRQGDPHQWDOHPHQW G XQH FRQFXUUHQFH VXU OH ORQJ WHUPH XQ
ORQJ WHUPH R VH MRXH OD VXUYLH GHV HQWUHSULVHV TXL j OD IRLV VDXURQW WHQLU OHXUV REMHFWLIV
SURGXFWLIV GH EDVH LQWpJUHU OHV FRQWUDLQWHV HQYLURQQHPHQWDOHV DLQVL WUDGXLWHV HW UHFRQVWUXLUH
OHXU OpJLWLPLWp GDQV OH GpEDW SXEOLF ª >7,*(5 HW DO @
&HWWH QRWLRQ GH FKDQJHPHQW GH SDUDGLJPH RX PRGqOH SURGXFWLI LPSOLTXH WRXW j OD IRLV

XQH pYROXWLRQ GHV SULQFLSHV DX[TXHOV VH UpIqUH FKDTXH DFWHXU GH O HQWUHSULVH GDQV VHV
WkFKHV TXRWLGLHQQHV pYROXWLRQ VLJQLILDQW OD QpFHVVLWp GH QRXYHDX[ FRPSRUWHPHQWV
pFRORJLTXHV PDLV DXVVL XQH pYROXWLRQ GHV RUJDQLVDWLRQV GHV PpWKRGHV GH FRQFHSWLRQ
HQ SDUWLFXOLHU HW GHV SURGXLWV
3RXU UpXVVLU XQH WHOOH UpRUJDQLVDWLRQ VRFLRRUJDQLVDWLRQQHOOH 6 6HXUDW UDSSRUWH TX XQH
HQWUHSULVH GHYUD VXFFHVVLYHPHQW HIIHFWXHU XQ FKDQJHPHQW DQDWRPLTXH PRGLILFDWLRQV GH
O RUJDQLJUDPPH XQ FKDQJHPHQW FXOWXUHO PRGLILFDWLRQV GHV YDOHXUV SXLV XQ
FKDQJHPHQW SK\VLRORJLTXH >6(85$7 @
6L G·DXFXQV HVWLPHQW TXH FH FKDQJHPHQW GH SDUDGLJPH SHXW rWUH DQWLQRPLTXH DYHF OD

FRPSpWLWLYLWp pFRQRPLTXH G·DXWUHV DYDQFHQW TX·XQH WHOOH RSSRVLWLRQ HVW XQH GLFKRWRPLH
IDXVVH HW DUWLILFLHOOH >3257(5 HW DO @ © XQH UpJOHPHQWDWLRQ pFRORJLTXH VWULFWH Q·D SDV
LQpYLWDEOHPHQW XQ LPSDFW QpJDWLI VXU O·DYDQWDJH FRQFXUUHQWLHO HQ IDLW ELHQ VRXYHQW HOOH
FRQWULEXH PrPH j O·DPpOLRUDWLRQ 'HV UpJOHPHQWDWLRQV DGpTXDWHV TXL VH FRQFHQWUHQW VXU
OHV UpVXOWDWV HW QRQ VXU OHV PpWKRGHV HQFRXUDJHQW OHV HQWUHSULVHV j UHYRLU OHXUV SURFpGpV GH
IDEULFDWLRQ /H UpVXOWDW HVW GDQV ELHQ GHV FDV XQ SURFpGp QRXYHDX TXL QRQ VHXOHPHQW SROOXH
PRLQV PDLV DXVVL GLPLQXH OHV FRWV RX DPpOLRUH OD TXDOLWp GHV SURGXLWV SURSRVpV ª
'DQV XQ FRQWH[WH HQYLURQQHPHQWDO HQ HIIHW O LGpH JpQpUDOH TXL VRXVWHQG O pYROXWLRQ GH
O·RUGUH SURGXFWLI GH UpDFWLI j SURDFWLI HVW TX LO QH IDXW SDV DWWHQGUH O XUJHQFH XQH
FDWDVWURSKH pFRORJLTXH RX XQH QRXYHOOH UpJOHPHQWDWLRQ QpFHVVLWDQW GH ORXUGV
LQYHVWLVVHPHQWV SRXU DJLU &RQWUDLUHPHQW j FH TXH O RQ SRXUUDLW SHQVHU VH FRQWHQWHU GH
SDUHU DX SOXV SUHVVp Q HVW SDV VRXYHQW OD VROXWLRQ OD SOXV pFRQRPLTXH HW FHUWDLQHPHQW OD
SOXV ULVTXpH /D SUpYHQWLRQ FRWH HQ HIIHW JpQpUDOHPHQW PRLQV FKHU TXH OD UpSDUDWLRQ
3DJH
8Q DXWUH VLJQH GH FHWWH YRORQWp GH SURJUHVVHU YHUV OH GpYHORSSHPHQW GXUDEOH V HVW

PDQLIHVWp SDU XQ UHQIRUFHPHQW GHV SUHVVLRQV QRUPDWLYHV DYHF OD SXEOLFDWLRQ UpFHPPHQW
GH QRXYHOOHV QRUPHV ,62 VXU OHV WHFKQLTXHV GH PDQDJHPHQW
HQYLURQQHPHQWDO >$)125 D@ %LHQ TXH O·DGRSWLRQ GH FHV QRUPHV VRLW VRXYHQW OH IDLW
G·XQ YRORQWDULDW GH OD SDUW GHV HQWUHSULVHV FHV GHUQLqUHV SHXYHQW RX SRXUURQW j WHUPH
SDUIRLV \ rWUH FRQWUDLQWHV SDU OHXUV SDUWHQDLUHV /HV HQWUHSULVHV LQGXVWULHOOHV pWDQW
FODLUHPHQW GpVLJQpHV FRPPH UHVSRQVDEOHV GH OD FULVH HQYLURQQHPHQWDOH HW SULQFLSDOHV
GpWHQWULFHV GHV VROXWLRQV SRXU O HQUD\HU HOOHV RQW HQ HIIHW XQ U{OH PDMHXU j MRXHU DX VHLQ
GH OD VRFLpWp SRXU SDUYHQLU j FH GpYHORSSHPHQW GXUDEOH ' DLOOHXUV G DSUqV 6
6FKPLGKHLQ\ >6&+0,'+(,1< @ © OH PRQGH Q DFFRPSOLUD DXFXQ SURJUqV QRWDEOH YHUV XQ
GpYHORSSHPHQW GXUDEOH VL O HQWUHSULVH QH MRXH SDV XQ U{OH PRWHXU SUpSRQGpUDQW ª

(Q IDLW DXMRXUG KXL HW GH SOXV HQ SOXV WRXWH HQWUHSULVH VRXFLHXVH GH SHUGXUHU VXU OH
PDUFKp VH GRLW GH SUHQGUH HQ FRPSWH O·LPSDFW GH VHV DFWLYLWpV VXU OD QDWXUH FDU O XQ GH
VHV VRXFLV PDMHXUV HVW DXVVL GH FRQVHUYHU XQH ERQQH LPDJH GH PDUTXH DXSUqV GH VHV
FOLHQWV HW GH O RSLQLRQ SXEOLTXH GRQW OHV SUpRFFXSDWLRQV HQYLURQQHPHQWDOHV
JUDQGLVVDQWHV VRQW YpKLFXOpHV SDU OHV PpGLDV /HV SROOXWLRQV HW QXLVDQFHV QH VRQW SOXV
YpFXHV FRPPH GHV FRQVpTXHQFHV LQpOXFWDEOHV G XQ GpYHORSSHPHQW LQGXVWULHO VLJQH GH
SURJUqV FRPPH DX VLqFOH SUpFpGHQW PDLV FRPPH GHV G\VIRQFWLRQQHPHQWV TX LO FRQYLHQW
GH IDLUH GLVSDUDvWUH
$X FRXUV GHV DQQpHV O DSSURFKH DQWLFLSDWULFH GH FHUWDLQHV HQWUHSULVHV V HVW HQFRUH
DSSURIRQGLH HW OD QRWLRQ GH SUpYHQWLRQ GH SROOXWLRQ D SHX j SHX GpSDVVp OH SpULPqWUH
PrPH GH O HQWUHSULVH G XQH DSSURFKH IRFDOLVpH VXU O DFWLYLWp GH SURGXFWLRQ HW OHV
SURFHVVXV GH IDEULFDWLRQ GHV SURGXLWV OHV HQWUHSULVHV VH VRQW RULHQWpHV YHUV XQH
DSSURFKH SOXV JOREDOH RULHQWpH SURGXLW R O RQ VH SUpRFFXSH GHV LPSDFWV
HQYLURQQHPHQWDX[ G XQ SURGXLW PDQXIDFWXUp QRQ SOXV VHXOHPHQW HQ SKDVH GH IDEULFDWLRQ
PDLV VXU O HQVHPEOH GH VRQ F\FOH GH YLH & HVW XQH DSSURFKH GLWH © GX EHUFHDX j OD
WRPEH ª >%5$//$ @ TXL SUHQG HQ FRPSWH OHV GpVXWLOLWpV HQYLURQQHPHQWDOHV G·XQ
SURGXLW GHSXLV O H[WUDFWLRQ GHV PDWLqUHV SUHPLqUHV OH FRQVWLWXDQW MXVTX j VRQ WUDLWHPHQW
HQ ILQ GH YLH &HWWH SUpRFFXSDWLRQ HQYLURQQHPHQWDOH SUHQG SODFH GqV OD FRQFHSWLRQ
PrPH GX SURGXLW
/ REMHFWLI G XQH WHOOH VWUDWpJLH HVW GH UpGXLUH YRLUH VXSSULPHU OHV LPSDFWV j OD VRXUFH
$LQVL SOXV GH GHV QXLVDQFHV G·XQ SURGXLW WRXW DX ORQJ GH VRQ F\FOH GH YLH VRQW
GpWHUPLQpV HQ SKDVH GH FRQFHSWLRQ >'( :,17(5 @ (Q WHUPHV pFRQRPLTXHV RQ
HW DO
SDUOH GH GHV FRWV HQJDJpV HQ ILQ GH FRQFHSWLRQ SRXU VHXOHPHQW GH GpSHQVHV
UpHOOHV FXPXOpHV >%$57+ @
/HV SUHPLqUHV QRUPHV ,62 RQW pWp SXEOLpHV HQ 6HSWHPEUH (OOHV UHIOqWHQW OHV GHX[ DSSURFKHV
OHV SOXV FRXUDQWHV GDQV OHV HQWUHSULVHV O RUJDQLVDWLRQ F HVWjGLUH OD PDvWULVH GHV SURFHVVXV HW OH SURGXLW SDU
OD JHVWLRQ GH VRQ F\FOH GH YLH
,QIRUPDWLRQ HW YXOJDULVDWLRQ OHV GHX[ SULQFLSDX[ U{OHV GHV PpGLDV RQW DPSOLILp OHV SHXUV GHV FOLHQWV HW GH
O·RSLQLRQ SXEOLTXH HQ JpQpUDO HQ FRQWULEXDQW j UHODWLYLVHU OD FRQILDQFH DYHXJOH GDQV OD VFLHQFH
3DJH
,O SDUDvW GRQF IRQGDPHQWDO G DJLU GqV OD SKDVH GH FRQFHSWLRQ GHV SURGXLWV HW OH SOXV HQ
DPRQW SRVVLEOH GDQV OH SURFHVVXV GH FRQFHSWLRQ TXL FRQVWLWXH DLQVL XQ OLHX HW XQ
YHFWHXU SHUWLQHQW G LQWpJUDWLRQ GH OD GLPHQVLRQ HQYLURQQHPHQWDOH GDQV
O HQWUHSULVH FRPPH O RQW SUpFpGHPPHQW PRQWUp TXHOTXHV WUDYDX[ VXU OH VXMHW >0,//(7
@ 2Q SDUOH G XQH DSSURFKH G pFRFRQFHSWLRQ RX FRQFHSWLRQ GH SURGXLWV SOXV
UHVSHFWXHX[ GH O HQYLURQQHPHQW /HV WHUPHV DQJORSKRQHV pTXLYDOHQWV VRQW O (FRGHVLJQ
OH 'HVLJQ IRU (QYLURQPHQW 'I( RX ELHQ HQFRUH OH /LIH &\FOH 'HVLJQ /&'
,QWpJUHU O HQYLURQQHPHQW GqV OD FRQFHSWLRQ F HVW GRQF SHQVHU F\FOH GH YLH GqV O RULJLQH
PrPH GX SURGXLW SUpYRLU O HQVHPEOH GHV SRQFWLRQV HW UHMHWV HQJHQGUpV SDU FH SURGXLW
WRXW DX ORQJ GH VD YLH DILQ G pYLWHU OH JDVSLOODJH GHV UHVVRXUFHV QDWXUHOOHV GH O pQHUJLH HW
OHV SROOXWLRQV G XQH SDUW HW G pYLWHU FHUWDLQV WUDLWHPHQWV FRWHX[ HQ ILQ GH YLH G DXWUH SDUW
'HX[ GLPHQVLRQV VRQW GRQF FRQFHUQpHV O XQH HQYLURQQHPHQWDOH HW OD VHFRQGH
pFRQRPLTXH
(Q PDWLqUH G HQYLURQQHPHQW LO YD V DJLU HQWUH DXWUHV GH VXUYHLOOHU OH FRQWHQX FKLPLTXH
GX SURGXLW SUpVHQFH pYHQWXHOOH GH VXEVWDQFHV WR[LTXHV YLVpHV SDU OD UpJOHPHQWDWLRQ
GH PDvWULVHU VD FRQVRPPDWLRQ pQHUJpWLTXH QRWDPPHQW HQ SKDVH G XWLOLVDWLRQ SRXU OHV
SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV SDU H[HPSOH HW GH SHQVHU OH WUDLWHPHQW GX SURGXLW
XVDJp GqV VD QDLVVDQFH HQ WHUPHV G DSWLWXGH DX GpPRQWDJH j OD UpXWLOLVDWLRQ DX
UHF\FODJH HQ IRQFWLRQ GH VHV GHYHQLUV SRVVLEOHV FRPPH OH PRQWUH OD ILJXUH
VXLYDQWH
5HF\FODJH HQ ERXFOH IHUPpH
([WUDFWLRQ GH 0LVH HQ IRUPH )DEULFDWLRQ &ROOHFWH 7UDLWHPHQW

PDWLqUHV GHV PDWpULDX[ DVVHPEODJH 7UDQVSRUW 8WLOLVDWLRQ YDORULVDWLRQ SDU
SUHPLqUHV pOLPLQDWLRQ
5pHPSORL
5HF\ODJH HQ ERXFOH RXYHUWH

5HIDEULFDWLRQ
)LJXUH &\FOH GH YLH G XQ SURGXLW HW VHV PRGHV GH YDORULVDWLRQ
6RXUFH * .(2/(,$1 /LIH &\FOH 'HVLJQ )UDPHZRUN DQG 'HPRQVWUDWLRQ 3URMHFWV 3URILOHV RI
$7 7 DQG $OOLHG6LJQDO (3$ 86$
(Q PDWLqUH G pFRQRPLH FHWWH DSSURFKH DQWLFLSDWULFH SHXW SHUPHWWUH GHV UpGXFWLRQV GH
GpSHQVHV QRQ QpJOLJHDEOHV $LQVL SRXU GHV SURGXLWV OHXUV FRPSRVDQWV HW PDWpULDX[
YDORULVDEOHV HQ ILQ GH YLH RQ SHXW FRPSWHU VXU XQH pFRQRPLH SRXU OH IDEULFDQW HQ OXL
pYLWDQW QRWDPPHQW GH SD\HU GHV WD[HV GH SOXV HQ SOXV GLVVXDVLYHV VXU OD PLVH HQ
GpFKDUJH GHV SURGXLWV XVDJpV
3DJH
/H PpWLHU GH OD FRQFHSWLRQ V HQ WURXYH HQ IDLW PRGLILp SXLVTXH SRXU FHUWDLQV O RQ QH

FRQoRLW SOXV XQ SURGXLW PDLV XQ F\FOH GH YLH GH SURGXLW >%5(=(7 HW DO @
' DXWUH SDUW XQH PDQLqUH GLIIpUHQWH GH SHQVHU OHV SURGXLWV ODLVVHUD GDYDQWDJH GH FKDPS
OLEUH j O LPDJLQDWLRQ GX FRQFHSWHXU j O LQQRYDWLRQ 1H GLWRQ SDV TXH O (QYLURQQHPHQW HVW
PRWHXU G LQQRYDWLRQ "
)RUFH HVW GH FRQVWDWHU FHSHQGDQW TXH FHWWH QRXYHOOH DSSURFKH GH OD FRQFHSWLRQ Q HVW
SDV GHV SOXV VLPSOHV (Q HIIHW O HQYLURQQHPHQW GRLW rWUH LQWpJUp OH SOXV SRVVLEOH j O·DPRQW
GH OD GpPDUFKH GH FRQFHSWLRQ WRXW HQ FRQVHUYDQW OHV GHX[ REMHFWLIV GH UDSLGLWp
G·LQWURGXFWLRQ VXU OH PDUFKp HW GH FRW PLQLPDO /HV FRQFHSWHXUV pWDQW WRXWHIRLV GpMj
VRXPLV DX TXRWLGLHQ j ERQ QRPEUH GH FRQWUDLQWHV FRPPH OD WHFKQRORJLH OH FRW OH GpODL
OD SHUIRUPDQFH RX HQFRUH OD TXDOLWp FRPPHQW OHXU GHPDQGHU G HQ LQWpJUHU XQH DXWUH
VDQV ULVTXH GH UpWLFHQFH GH OHXU SDUW "
3DU DLOOHXUV OD GpPDUFKH IDLW DSSHO j GH QRXYHOOHV FRQQDLVVDQFHV HW FRPSpWHQFHV G DXWDQW
SOXV GLIILFLOHV j DSSUpKHQGHU TX HOOHV VRQW OLpHV j GH IRUWHV LQFHUWLWXGHV VXU GHV
FRQWUDLQWHV PXOWLSOHV HW G·RUGUH GLIIpUHQW >7,*(5 HW DO @
✔ VXU OHV FRQQDLVVDQFHV WHFKQLTXHV HW VFLHQWLILTXHV HW VXU OHV OLHX[ R HOOHV VH

FUpHQW
✔ VXU OHV DFWHXUV FRQFHUQpV HW OD QDWXUH GH OHXUV LQWHUDFWLRQV
✔ VXU OD WHPSRUDOLWp GHV SKpQRPqQHV j SUHQGUH HQ FRPSWH GXUDELOLWp
HIIHFWLYH GHV SURGXLWV
✔ VXU OHV WHFKQLTXHV j PHWWUH HQ ±XYUH HQ ILQ GH YLH GHV SURGXLWV SRXU
DVVXUHU OHXU UHWUDLW HW OHXU WUDLWHPHQW
✔ VXU OHV DFWHXUV HW OH GHYHQLU G·XQH pFRQRPLH GH UHF\FODJH
✔ VXU OD UpJOHPHQWDWLRQ HW OHV FRQGLWLRQV ORFDOHV GH VRQ DSSOLFDWLRQ
/H SULQFLSH GH 'pYHORSSHPHQW 'XUDEOH TXL WUDGXLW O·LGpH TXH OH GpYHORSSHPHQW GRLW

UpSRQGUH DX[ EHVRLQV GX SUpVHQW VDQV FRPSURPHWWUH OD FDSDFLWp GH VDWLVIDLUH OHV EHVRLQV
GHV JpQpUDWLRQV IXWXUHV QH IL[H PDOKHXUHXVHPHQW SDV G·REMHFWLIV FRQFUHWV HW QH GRQQH
DXFXQH YRLH SRXU \ SDUYHQLU FH GRQW OHV FRQFHSWHXUV RQW DEVROXPHQW EHVRLQ SRXU DJLU
,O HVW GRQF QpFHVVDLUH G·RSpUHU QRQ VHXOHPHQW OD WUDGXFWLRQ GHV SULQFLSHV JpQpUDX[ VXU
O HQYLURQQHPHQW GDQV O·XQLYHUV GHV FRQFHSWHXUV HW GHV WHFKQRORJXHV F·HVWjGLUH GH OHV
WUDGXLUH HQ FRQWUDLQWHV HW HQ REMHFWLIV PDLV DXVVL GH IDLUH H[LVWHU GXUDEOHPHQW FHV
QRXYHDX[ REMHFWLIV GDQV OHXU V\VWqPH G·DFWLRQ
3RXU WHQWHU FHW H[HUFLFH GH WUDGXFWLRQ HW UpSRQGUH HQ SDUWLFXOLHU DX EHVRLQ GHV
FRQFHSWHXUV SOXVLHXUV pTXLSHV GH UHFKHUFKH DX QLYHDX LQWHUQDWLRQDO WUDYDLOOHQW GHSXLV
SUHVTXH XQH GL]DLQH G DQQpHV VXU FHWWH QRXYHOOH SUREOpPDWLTXH 1RPEUH GH SURMHWV RQW
GpMj FRQGXLW DX GpYHORSSHPHQW G RXWLOV GLWV G pFRFRQFHSWLRQ VHORQ XQH DSSURFKH
3DJH
VpPDQWLTXH JpQpULTXH &HV RXWLOV SDU HVVHQFH PrPH RQW SRXU REMHW G DLGHU XQH pTXLSH
j FRQFHYRLU GHV pFRSURGXLWV
&HUWHV QpFHVVDLUHV LOV QH VRQW HQ DXFXQ FDV VXIILVDQWV SRXU XQ XVDJH VDWLVIDLVDQW LOV
GRLYHQW HQ HIIHW V LQWpJUHU GDQV XQ FRQWH[WH RUJDQLVDWLRQQHO GH WUDYDLO VDQV FHVVH RSWLPLVp
>/(12; HW DO E@ (FRFRQFHYRLU QpFHVVLWH HQ HIIHW XQH PRELOLVDWLRQ JpQpUDOH HQ
LQWHUQH GH O pTXLSH GH FRQFHSWLRQ FRQVWLWXpH G XQ UHSUpVHQWDQW GH FKDTXH VHUYLFH
FRQFHUQp SDU OH GpYHORSSHPHQW G XQ SURGXLW PDLV pJDOHPHQW HQ H[WHUQH SXLVTXH OHV
IRXUQLVVHXUV OHV GLVWULEXWHXUV OHV FOLHQWV HW PrPH OHV FROOHFWHXUVUHF\FOHXUV VH GRLYHQW
G·rWUH LPSOLTXpV DYHF FKDFXQ XQH PLVVLRQ ELHQ VSpFLILTXH HW GHV SURFpGXUHV j VXLYUH
(Q IDLW XQ RXWLO QH SUHQGUD VRQ VHQV TXH ORUVTX LO VHUD PLV HQ WHQVLRQ GDQV O HQWUHSULVH HW
FH HQ FUpDQW XQH RUJDQLVDWLRQ DGpTXDWH
3RXU XQH HQWUHSULVH GpVLUHXVH GH FRQFHYRLU GHV SURGXLWV YHUWV SOXVLHXUV TXHVWLRQV VH
SRVHQW TXHOOH YLVLRQ DGRSWHU j FRXUW WHUPH " j ORQJ WHUPH " TXHOOH VWUDWpJLH FKRLVLU "
FRPPHQW V·RUJDQLVHU " TXL IRUPHU LQIRUPHU HW FRPPHQW " TXHO V RXWLO V GpYHORSSHU HW
XWLOLVHU " FRPPHQW FRPPXQLTXHU " «
& HVW SRXU DLGHU OHV HQWUHSULVHV j UpSRQGUH j FHV TXHVWLRQV TXH QRXV DYRQV FKRLVL
G RULHQWHU QRV UHFKHUFKHV VXU O pODERUDWLRQ G XQH GpPDUFKH GH WUDYDLO SRXU pFR
FRQFHYRLU
'H QRV MRXUV OD SOXSDUW GHV HQWUHSULVHV VHPEODQW DYRLU DGRSWp OD GpPDUFKH SDU JHVWLRQ
GH SURMHWV DYHF GHV PpWKRGHV G·$QDO\VH GH OD 9DOHXU RX VLPLODLUHV QH SHXWRQ SDV
LPDJLQHU XQ GHV SRLQWV G HQWUpH GH O HQYLURQQHPHQW GDQV O DQDO\VH IRQFWLRQQHOOH G XQ
QRXYHDX SURGXLW F HVWjGLUH DX WRXW GpEXW GH OD GpPDUFKH "
1RV WUDYDX[ VH VRQW HQ IDLW IRFDOLVpV VXU O LGHQWLILFDWLRQ GHV PHLOOHXUV SRLQWV
G LQWpJUDWLRQ GH O HQYLURQQHPHQW GDQV OH SURFHVVXV GH FRQFHSWLRQ HW FH GqV OD
IRUPXODWLRQ PrPH GHV IRQFWLRQV LQGpSHQGDQWHV GHV VROXWLRQV DSSOLFDEOHV
$ FKDFXQ GH FHV SRLQWV SHXW FRUUHVSRQGUH XQ FHUWDLQ QRPEUH G RXWLOV j GpYHORSSHU RX

DGDSWHU SRXU DLGHU O·pTXLSH GH FRQFHSWLRQ GDQV VD WkFKH
&RPPH GRPDLQH G pWXGH QRXV DYRQV FKRLVL OH VHFWHXU GHV SURGXLWV pOHFWULTXHV HW
pOHFWURQLTXHV (Q HIIHW QRXV VRXOLJQLRQV SOXV KDXW OD PXOWLSOLFDWLRQ HW O·LQWHQVLILFDWLRQ GHV

SUHVVLRQV HQYLURQQHPHQWDOHV VXU OHV SURGXLWV HW FH SRXU GH QRPEUHX[ VHFWHXUV
G·DFWLYLWpV (OOHV FRQFHUQHQW DLQVL GLUHFWHPHQW OH VHFWHXU pOHFWULTXH HW pOHFWURQLTXH TXL j
O LQVWDU GH O HPEDOODJH HW GH O·DXWRPRELOH VH WURXYH YLVp GHSXLV TXHOTXHV WHPSV SDU
'pFUHW Q GX -XLOOHW UHODWLI j OD SULVH HQ FRPSWH GHV H[LJHQFHV OLpHV j O HQYLURQQHPHQW GDQV
OD FRQFHSWLRQ HW OD IDEULFDWLRQ GHV HPEDOODJHV G DSUqV OD 'LUHFWLYH &( UHODWLYH DX[ HPEDOODJHV HW DX[
GpFKHWV G HPEDOODJHV
'LUHFWLYH (XURSpHQQH VXU OHV 9pKLFXOHV +RUV G· 8VDJH 3URSRVLWLRQ GX -XLOOHW IL[DQW OHV REMHFWLIV
VXLYDQWV DX[ (WDWV PHPEUHV
3DJH
XQ SURMHW GH GLUHFWLYH HXURSpHQQH HOOH GHYUDLW FRQWUDLQGUH OHV IDEULFDQWV j UpFXSpUHU

OHXUV SURGXLWV HQ ILQ GH YLH j OHXUV FKDUJHV HW RUJDQLVHU OHXU WUDLWHPHQW GpVDVVHPEODJH
UpXWLOLVDWLRQ UHF\FODJH YDORULVDWLRQ pQHUJpWLTXH «
3OXVLHXUV SD\V G·(XURSH VRQW GpMj FRQFHUQpV SDU GHV SURSRVLWLRQV GH ORLV QDWLRQDOHV VXU
OD UHSULVH HW OD YDORULVDWLRQ GH FHV SURGXLWV HQ ILQ GH YLH OD 6XLVVH OD 1RUYqJH HW
SOXVLHXUV SD\V GH OD &RPPXQDXWp (XURSpHQQH FRPPH O ,WDOLH OH 'DQHPDUN OHV 3D\V%DV
OD 6XqGH OD %HOJLTXH HW O $XWULFKH / $OOHPDJQH HW OD )LQODQGH GHYUDLHQW SURFKDLQHPHQW
HQ IDLUH DXWDQW 'LYHUV GpFUHWV G DSSOLFDWLRQ RQW PrPH GpMj pWp YRWpV SRXU HW
&RPPH SRXU O DXWRPRELOH OH FRQVWDW GH OD IRUWH PRELOLVDWLRQ GHV HQWUHSULVHV GX PRQGH
pOHFWULTXH HW pOHFWURQLTXH VXU OH UDSSRUW GH OHXUV SURGXLWV DYHF O (QYLURQQHPHQW
V H[SOLTXH GH OD PDQLqUH VXLYDQWH
− /H QRPEUH OD PDVVH HW OH YROXPH GHV SURGXLWV HQ ILQ GH YLH VRQW FRQVLGpUDEOHV
2Q HVWLPDLW DLQVL HQ HQ $OOHPDJQH TXH SOXV GH PLOOLRQV GH WRQQHV
G·DSSDUHLOV pOHFWULTXHV HW pOHFWURQLTXHV pWDLHQW PLV DX UHEXW >6758%(/ @
&HV WRQQDJHV VRQW HQ SHUSpWXHOOH DXJPHQWDWLRQ HQ HIIHW HQ HQ (XURSH FH VRQW
SUqV GH PLOOLRQV GH WRQQHV G pTXLSHPHQWV TXL SDUYLHQQHQW HQ ILQ GH YLH HW O RQ pYDOXH
O DFFURLVVHPHQW GX YROXPH GH j SDU DQ TXDQWLWp FHUWDLQHPHQW GRXEOpH GDQV
DQV
&HOD UHSUpVHQWH
✔ PLOOLRQV WRQQHV GH PpWDX[ IHUUHX[
✔ PLOOLRQV WRQQHV GH PpWDX[ QRQ IHUUHX[
WRQQHV GH FXLYUH HW WRQQHV G DOXPLQLXP
✔ WRQQHV GH PpWDX[ ORXUGV
j WRQQHV GH SORPE LVVX GHV WpOpYLVHXUV
✔ PLOOLRQV WRQQHV GH SODVWLTXHV
✔ WRQQHV GH UHWDUGDWHXUV GH IODPPH EURPpV
✔ WRQQHV GH YHUUH
qPH
6RXUFH 3URSRVLWLRQ GH 'LUHFWLYH (XURSpHQQH VXU OHV SURGXLWV pOHFWULTXHV HW
pOHFWURQLTXHV HQ ILQ GH YLH
• $X SOXV WDUG OH -DQYLHU SRXU WRXV OHV YpKLFXOHV KRUV G XVDJH OH WDX[ GH UpXWLOLVDWLRQ YDORULVDWLRQ
HU
GHYUD rWUH DX PLQLPXP GH HQ SRLGV SDU YpKLFXOH HW OH WDX[ GH UpXWLOLVDWLRQ UHF\FODJH DX PLQLPXP
GH HQ SRLGV SDU YpKLFXOH
• $X SOXV WDUG OH -DQYLHU SRXU WRXV OHV YpKLFXOHV KRUV G XVDJH OH WDX[ GH UpXWLOLVDWLRQ YDORULVDWLRQ
HU
GHYUD rWUH DX PLQLPXP GH HQ SRLGV SDU YpKLFXOH HW OH WDX[ GH UpXWLOLVDWLRQ UHF\FODJH DX PLQLPXP
GH HQ SRLGV SDU YpKLFXOH
'LUHFWLYH (XURSpHQQH VXU OHV 3URGXLWV (OHFWULTXHV HW (OHFWURQLTXHV HQ )LQ GH 9LH qPHSURSRVLWLRQ SXEOLpH
HQ -XLOOHW
3DJH
− /HV SURGXLWV VRQW FRPSOH[HV FH TXL UHQG OHXU YDORULVDWLRQ HQ ILQ GH YLH SDUIRLV GLIILFLOH
SUREOqPHV GX GpVDVVHPEODJH GH OD UpFXSpUDWLRQ GHV FRPSRVDQWV GX UHF\FODJH GHV
PDWpULDX[ ,OV SHXYHQW GH VXUFURvW FRQWHQLU GHV VXEVWDQFHV SDUWLFXOLqUHPHQW
WR[LTXHV FRPPH GH O DUVHQLF GX F\DQXUH GX SORPE GX FDGPLXP «
− &H GRPDLQH HVW DXVVL FRQVLGpUp FRPPH XQ VHFWHXU GH SUpGLOHFWLRQ SRXU OHV
JRXYHUQHPHQWV HW OHV RUJDQLVPHV UpJOHPHQWDLUHV SXLVTXH OHV SURGXLWV VRQW GHV
SURGXLWV SKDUHV YHQGXV HQ JUDQGH TXDQWLWp HW FRQVWLWXDQW DLQVL GHV FDVWHVWV LGpDX[
,O HVW GH FH IDLW XUJHQW GH WURXYHU GHV VROXWLRQV SRXU DPpOLRUHU OD YDORULVDWLRQ GH FHV
SURGXLWV HW pYLWHU G DEXVLYHV PLVHV HQ GpFKDUJH SXLVTX HQ VHXOV OHV GpFKHWV XOWLPHV
VHURQW DFFHSWpV GDQV OHV FHQWUHV G pOLPLQDWLRQ SDU VWRFNDJH YRLU OH SDUDJUDSKH VXU OD
UpJOHPHQWDWLRQ GH OD 3DUWLH
%HDXFRXS GH WUDYDX[ GH UHFKHUFKH HW GH SURMHWV GDQV FH VHFWHXU RQW GpMj FRQWULEXp DX

GpYHORSSHPHQW G·RXWLOV HW PpWKRGHV SRXU pFRFRQFHYRLU QpDQPRLQV OHV SHWLWHV HW
PR\HQQHV HQWUHSULVHV RX OHV SHWLWHV XQLWpV DX VHLQ GH JUDQGV JURXSHV GHPHXUHQW HQFRUH
ELHQ GpPXQLHV /H PDQTXH G·LQIRUPDWLRQV GHV RXWLOV WURS FRPSOH[HV HW LQDGDSWpV GH
IRUWV LQYHVWLVVHPHQWV GLVVXDVLIV RX ELHQ HQFRUH GHV pTXLSHV GH SURMHW VXEPHUJpHV GH
GRFXPHQWV SDUIRLV LQFRPSUpKHQVLEOHV VHPEOHQW rWUH OHV SULQFLSDOHV UDLVRQV G·XQH
FHUWDLQH GpPRWLYDWLRQ GH FHV HQWUHSULVHV
1RV WUDYDX[ RQW GRQF FRQVLVWp j pODERUHU XQH SURSRVLWLRQ GH GpPDUFKH G pFRFRQFHSWLRQ
SHUPHWWDQW G·LQWpJUHU OHV SUpRFFXSDWLRQV HQYLURQQHPHQWDOHV GqV OD FRQFHSWLRQ GHV
SURGXLWV HW FHHQ VH IRFDOLVDQW VXU O·DLGH DX[ SHWLWHV XQLWpV HW SDUWLFXOLqUHPHQW GDQV
OH VHFWHXU pOHFWULTXH HW pOHFWURQLTXH
/·HVVHQWLHO GH QRWUH PpWKRGH GH UHFKHUFKH HVW EDVp VXU XQH pWXGH DSSURIRQGLH GH
QRPEUHX[ WUDYDX[ SUpFpGHPPHQW HIIHFWXpV GH SDU OH PRQGH VXU OH PDQDJHPHQW GH
SURMHWV G·pFRFRQFHSWLRQ HW OH GpYHORSSHPHQW G·RXWLOV PDLV DXVVL VXU XQH HQTXrWH
UpDOLVpH DX VHLQ G·HQWUHSULVHV GH OD ),((& SRXU FRPSUHQGUH FRPPHQW FHUWDLQHV SDUPL
OHV SLRQQLqUHV HQ FH GRPDLQH ,%0 3KLOLSV 6FKQHLGHU (OHFWULF « VH VRQW RUJDQLVpHV HW
TXHOV VRQW OHV EHVRLQV OHV PDQTXHV HW OHV H[LJHQFHV G·DXWUHV XQLWpV PRLQV DYDQFpHV
/·DSSURFKH GH WHUUDLQ RX FRQIURQWDWLRQ WKpRULH UpDOLWp PLVH HQ DSSOLFDWLRQ GH QRWUH

UHFKHUFKH V·HVW RSpUpH DX VHLQ GX EXUHDX G pWXGH G XQH SHWLWH XQLWp GH OD GLYLVLRQ
pFODLUDJH GH 3KLOLSV )UDQFH XQLWp GRQW O·DFWLYLWp SULQFLSDOH HVW OD FRQFHSWLRQ GH
OXPLQDLUHV DUFKLWHFWXUDX[ HW GpFRUDWLIV
(QTXrWH DXSUqV G HQWUHSULVHV GH OD ),((& )pGpUDWLRQ GHV ,QGXVWULHV GH O (OHFWULFLWp GH

O (OHFWURQLTXH HW GH OD &RPPXQLFDWLRQ UpDOLVpH DX FRXUV GH O DQQpH /H TXHVWLRQQDLUH DLQVL TXH
OH FRPSWHUHQGX JpQpUDO GH O pWXGH ILJXUHQW HQ DQQH[HV
3DJH
/ REMHFWLI VDQV GRXWH DPELWLHX[ GH FH WUDYDLO GH UHFKHUFKH pWDLW GRQF HQ GpILQLWLYH GH

SURSRVHU XQH GpPDUFKH G pFRFRQFHSWLRQ SHUPHWWDQW j XQH HQWUHSULVH GH IUDQFKLU OH SDV
YHUV OD FRQFHSWLRQ GH SURGXLWV UHVSHFWXHX[ GH OHXU HQYLURQQHPHQW
1DTXLW PrPH O LGpH G LPDJLQHU OHV SUHPLqUHV EDVHV G XQ 6\VWqPH GH 0DQDJHPHQW GH
O (FR&RQFHSWLRQ SXLVTXH O pFRFRQFHSWLRQ DOOLH GpYHORSSHPHQW GH SURGXLW HW
PDQDJHPHQW HQYLURQQHPHQWDO >.$5/6621 @ HW FH GDQV XQH DSSURFKH GH TXDOLWp
WRWDOH
/H PpPRLUH UHWUDoDQW QRV WUDYDX[ VH FRPSRVH GH WURLV JUDQGHV SDUWLHV
/D SUHPLqUH G HQWUH HOOHV SUpVHQWH OHV HQMHX[ GH O pFRFRQFHSWLRQ DX VHLQ G XQH

HQWUHSULVH HW OHV SULQFLSDOHV UqJOHV G RUJDQLVDWLRQ QpFHVVDLUHV SRXU pODERUHU XQ WHO
SURMHW /HV UpIOH[LRQV VRQW SRXU OD SOXSDUW LVVXHV GH OD OLWWpUDWXUH HW G HQWUHWLHQV UpDOLVpV
GDQV SOXVLHXUV HQWUHSULVHV GH OD ),((&
8Q SUHPLHU SDUDJUDSKH YD QRXV FRQGXLUH j GpILQLU OH WHUPH G pFRFRQFHSWLRQ TXL
UHJURXSH HQ IDLW SOXVLHXUV DFFHSWLRQV VHORQ OD PDQLqUH GH YRLU OD FRQFHSWLRQ HW OHV
SURGXLWV GH Oj HQ pYRTXDQW OHV WUDYDX[ GpMj HQWUHSULV DX QLYHDX LQWHUQDWLRQDO VHURQW
DERUGpHV WRXU j WRXU FKDFXQH GHV JUDQGHV GLPHQVLRQV GH O pFRFRQFHSWLRQ OD GLPHQVLRQ
VWUDWpJLTXH DYHF OHV PRWHXUV H[WHUQHV HW LQWHUQHV TXL PRWLYHQW O HQWUHSULVH OHV GLIIpUHQWV
QLYHDX[ G pFRFRQFHSWLRQ HW OHV D[HV SRVVLEOHV GH GpYHORSSHPHQW OD GLPHQVLRQ
RUJDQLVDWLRQQHOOH HW OD GLPHQVLRQ FRJQLWLYH 8Q GHUQLHU SDUDJUDSKH GpFULW SOXV HQ GpWDLOV
OHV JUDQGHV OLJQHV GX GpURXOHPHQW G XQ SURMHW GH FRQFHSWLRQ SRXU O HQYLURQQHPHQW
/D VHFRQGH SDUWLH pYRTXH OHV SULQFLSDX[ RXWLOV GpYHORSSpV SRXYDQW rWUH XWLOHV DX
GpYHORSSHPHQW G pFRSURGXLWV 1RXV WHQWHURQV G \ YRLU SOXV FODLU VXU OHV RXWLOV GRQW
SHXYHQW GLVSRVHU OHV HQWUHSULVHV GpVLUHXVHV GH FRQFUpWLVHU XQ SURMHW G pFRFRQFHSWLRQ
/ REMHFWLI GH FHWWH SDUWLH Q HVW SDV GH GpEDWWUH GX FKRL[ HW GH OD SHUWLQHQFH GHV FULWqUHV
SULV HQ FRPSWH GDQV OHV GLIIpUHQWV RXWLOV PDLV GH FRPSUHQGUH OHV DSSURFKHV JpQpUDOHV
GH FKDFXQ TX LOV VRLHQW FRQQXV RX PpFRQQXV FRXUDPPHQW XWLOLVpV RX UHGRXWpV HW

PrPH UHMHWpV 8QH YRORQWp GH FODVVLILHU FHV QRPEUHX[ RXWLOV HQ IRQFWLRQ GH OHXUV
FDUDFWpULVWLTXHV QRXV SHUPHWWUD G HQ GpJDJHU GHX[ JUDQGV W\SHV OHV RXWLOV G pYDOXDWLRQ
GHV LPSDFWV HQYLURQQHPHQWDX[ HW OHV RXWLOV G DPpOLRUDWLRQ GH OD FRQFHSWLRQ
HQYLURQQHPHQWDOH GHV SURGXLWV 'DQV FKDFXQH GH FHV GHX[ IDPLOOHV GLYHUVHV FDWpJRULHV
VRQW HQFRUH LGHQWLILDEOHV ' DXWUHV W\SHV VHURQW DXVVL LGHQWLILpV LO V DJLW G RXWLOV GLWV
VWUDWpJLTXHV GH VHQVLELOLVDWLRQ HW GH FRPPXQLFDWLRQ 1RXV HQ IHURQV GH EUqYHV
GHVFULSWLRQV GDQV OHV SDUDJUDSKHV HQ ILQ GH FKDSLWUH
/ DFFHQW GH OD UpIOH[LRQ GDQV FHWWH SDUWLH HVW HQ SDUWLFXOLHU SRUWp G XQH SDUW VXU OHV
DYDQWDJHV HW OHV OLPLWHV GH FHV RXWLOV TXL QH FRQVWLWXHQW SDV IRUFpPHQW
V\VWpPDWLTXHPHQW GHV DLGHV RSpUDWLRQQHOOHV SRXU OHV HQWUHSULVHV HW G DXWUH SDUW VXU OHV
3DJH
SRVVLELOLWpV GH OHV LQWpJUHU HW OHV XWLOLVHU GDQV XQ SURFHVVXV GH FRQFHSWLRQ HW XQ
V\VWqPH GH PDQDJHPHQW GH O HQYLURQQHPHQW
/D WURLVLqPH SDUWLH GpFULW O DSSURFKH WHUUDLQ GH FHV WUDYDX[ VRLW OD FRQIURQWDWLRQ

G XQH QRXYHOOH GRQQH O (QYLURQQHPHQW DX[ UpDOLWpV GX PRQGH LQGXVWULHO GH OD
FRQFHSWLRQ GH SURGXLWV GDQV XQH HQWUHSULVH GX GRPDLQH pOHFWULTXH 3KLOLSV (FODLUDJH
&H YROHW GX PpPRLUH pYRTXH QRWDPPHQW OD PLVH j O pSUHXYH G XQ RXWLO G pYDOXDWLRQ
HQYLURQQHPHQWDOH GH SURGXLWV OHV UpDFWLRQV GH GLIIpUHQWV VHUYLFHV FRQFHUQpV SDU OD
FRQFHSWLRQ IDFH j OD QRWLRQ G HQYLURQQHPHQW YpFXH SRXU FHUWDLQV FRPPH XQH QRXYHOOH
FRQWUDLQWH LQDFFHSWDEOH FDU WUqV IORXH HW OHV SUHPLHUV SDV YHUV O pODERUDWLRQ G XQH
GpPDUFKH SRXU pFRFRQFHYRLU TXHOOHV pWDSHV SUpYRLU TXHOV RXWLOV XWLOLVHU GpYHORSSHU
RX DGDSWHU SRXU TXHO QLYHDX GH UHPLVH HQ FDXVH GH OD FRQFHSWLRQ G XQ SURGXLW "
(Q FRQFOXVLRQ QRXV SUpVHQWHURQV HQ JXLVH GH SUpDPEXOH j GH IXWXUHV UHFKHUFKHV FH TXL

SRXUUDLW FRQVWLWXHU OHV SUHPLHUV pOpPHQWV GH UpIOH[LRQ TXDQW j O pODERUDWLRQ G XQ V\VWqPH
GH PDQDJHPHQW GH O pFRFRQFHSWLRQ &HV SURSRVLWLRQV VRQW LVVXHV GHV GLYHUV
HQVHLJQHPHQWV j OD IRLV SXLVpV GDQV OD OLWWpUDWXUH HW WLUpV GH QRWUH H[SpULHQFH HW GH QRV
REVHUYDWLRQV GH WHUUDLQ FKH] 3KLOLSV (FODLUDJH
/D UHSUpVHQWDWLRQ V\QRSWLTXH GX PpPRLUH HVW VFKpPDWLVpH VXU OD ILJXUH GH OD SDJH

VXLYDQWH
3DJH
3UREOpPDWLTXH GH 5HFKHUFKH
3DUWLH 3DUWLH
/HV RXWLOV G pFRFRQFHSWLRQ
/ pFRFRQFHSWLRQ GDQV
XQH DLGH RSpUDWLRQQHOOH
O HQWUHSULVH
SRXU O HQWUHSULVH "
/H SDQHO G RXWLOV GLVSRQLEOHV

/HV PRWHXUV GH O pFRFRQFHSWLRQ
/HV RXWLOV GDQV XQ SURFHVVXV G pFR
/ RUJDQLVDWLRQ LQGXVWULHOOH
FRQFHSWLRQ
3DUWLH
&RQIURQWDWLRQ DX[ UpDOLWpV GX PRQGH LQGXVWULHO
3URSRVLWLRQ G XQH GpPDUFKH JOREDOH
G pFRFRQFHSWLRQ FKH] 3KLOLSV (FODLUDJH
0LVH HQ pYLGHQFH GHV GLIILFXOWpV G LQWpJUDWLRQ GH OD GRQQpH
HQYLURQQHPHQWDOH GDQV OH PRQGH GH OD FRQFHSWLRQ
4XLG GHV RXWLOV " 4XLG GH O RUJDQLVDWLRQ "
&RQFOXVLRQ JpQpUDOH
3HUVSHFWLYHV GH UHFKHUFKH
YHUV XQ 6\VWqPH GH 0DQDJHPHQW GH O (FR&RQFHSWLRQ
)LJXUH 5HSUpVHQWDWLRQ V\QRSWLTXH GX PpPRLUH GH WKqVH
3DJH
3DUWLH / pFRFRQFHSWLRQ GDQV O HQWUHSULVH
3$57,(/ (&2&21&(37,21'$16/ (175(35,6(
6200$,5(
,1752'8&7,21
&200(17 'e),1,5 / e&2&21&(37,21 "

'(8; 9,6,216 ',))e5(17(6 0$-(85(6 '( / e&2&21&(37,21
',9(56(6 $3352&+(6 ' 81( &21&(37,21 5(63(&78(86( '( / (19,5211(0(17

81 ,1',&$7(85 '8 'e9(/233(0(17 '85$%/( / e&2()),&$&,7e
81( 35e2&&83$7,21 (19,5211(0(17$/( ' 25'5( ,17(51$7,21$/
/(6 ',0(16,216 '( / e&2&21&(37,21

',0(16,21 675$7e*,48( /(6 (1-(8; ' 81( 'e0$5&+( ' e&2&21&(37,21

/HVPRWHXUVGHO pFRFRQFHSWLRQ
/HV PRWHXUV H[WHUQHV
/D SUHVVLRQ VRFLpWDOH OH UHVSHFW GH O HQYLURQQHPHQW
/H *RXYHUQHPHQW OD UpJOHPHQWDWLRQ
/D SUHVVLRQ GH OD FOLHQWqOH XQ FRQVXPpULVPH YHUW "
/HV H[LJHQFHV GX PDUFKp
/D FRQFXUUHQFH QpFHVVLWp G XQ DUJXPHQW FRQFXUUHQWLHO
/D SUHVVLRQ GHV V\QGLFDWV
/ LQIOXHQFH GHV IRXUQLVVHXUV
/HV PRWHXUV LQWHUQHV
/H VHQV GHV UHVSRQVDELOLWpV GH OD 'LUHFWLRQ
/H EHVRLQ GH UpGXLUH OHV FRWV
/ DPpOLRUDWLRQ GH OD TXDOLWp GHV SURGXLWV
/H EHVRLQ G·LQQRYHU
/H EHVRLQ GH PRWLYHU OH SHUVRQQHO
8QH ERQQH LPDJH GH PDUTXH
3RLQWV GH YXH GHV HQWUHSULVHV YLVjYLV GH FHV IDFWHXUV GH PRWLYDWLRQ
/HQLYHDXG pFRFRQFHSWLRQUHFKHUFKp"

/H QLYHDX $PpOLRUDWLRQ GX SURGXLW
3DJH
/H QLYHDX 5HFRQFHSWLRQ GX SURGXLW
/H QLYHDX 1RXYHDX FRQFHSW GH SURGXLW
/H QLYHDX 1RXYHDX V\VWqPH SURGXFWLI
/HVD[HVVWUDWpJLTXHVHQYLVDJHDEOHV

',0(16,21 25*$1,6$7,211(//( &200(17 6 25*$1,6(5 (1 ,17(51( (7 (1
(;7(51( "
/HVDFWHXUVHQSXLVVDQFH
5{OH GH OD 'LUHFWLRQ
5{OH GH O H[SHUW HQ (FRFRQFHSWLRQ
5{OH GX FRQFHSWHXU
5{OH GX PDUNHWHXU
5{OH GH O DFKHWHXU
0RGHVGHVWUXFWXUDWLRQLQWHUQH

4XHOOHV VWUXFWXUHV HQYLVDJHU "
4XLG GX PRGH RUJDQLVDWLRQQHO GDQV OHV pTXLSHV SURMHW "
0RGHG RUJDQLVDWLRQDYHFOHVSDUWHQDLUHVH[WHUQHVYHUVXQH

UHFRPSRVLWLRQGHVUHODWLRQVLQGXVWULHOOHV
(Q DPRQW GH OD FKDvQH GX SURGXLW /HV IRXUQLVVHXUV
(Q DYDO GH OD FKDvQH GX SURGXLW OHV YDORULVDWHXUV
',0(16,21 &2*1,7,9( &200(17 &2167,78(5 (7 ',98/*8(5 /(6

&211$,66$1&(6 1e&(66$,5(6 "
/HEHVRLQGHFRQQDLVVDQFHVFRPPHQWOHVDWLVIDLUH"
&RPPHQWWUDQVPHWWUHFHVFRQQDLVVDQFHV"
/ $5&+,7(&785( '·81 352-(7 '( &21&(37,21 ,17e*5$17 /$ ',0(16,21

(19,5211(0(17
/(6 2%-(&7,)6
/(6 e7$3(6 '8 352&(6686 ' e&2&21&(37,21
4XHOTXHVPRGqOHVGHSURFHVVXVSURSRVpVGDQVODOLWWpUDWXUH
3ODQLILFDWLRQGXSURMHW
$QDO\VH GHV EHVRLQV
$QDO\VH GH 0DUFKp
&DUDFWpULVDWLRQ GX SURMHW
6SpFLILFDWLRQVGXSURGXLW (WXGHGXFRQWH[WH

(WXGH GH 0DUFKp VSpFLILTXH
(WXGH 7HFKQLFR(FRQRPLTXH
(WXGH 5pJOHPHQWDLUH HW 1RUPDWLYH
(ODERUDWLRQGHVFRQFHSWV

&RQFHSWLRQSUpOLPLQDLUH
&RQFHSWLRQGpWDLOOpH
'pYHORSSHPHQWLQGXVWULDOLVDWLRQFRPPHUFLDOLVDWLRQ
3DJH
'pYHORSSHPHQW LQGXVWULDOLVDWLRQ
&RPPHUFLDOLVDWLRQ
5HWRXUVG H[SpULHQFH

/(6 &,14 7Ç&+(6 (66(17,(//(6 ' 81 352-(7 ' e&2&21&(37,21
81 (;(03/( '( 352&(6686 ' e&2&21&(37,21 81 6&e1$5,2 352326e 3$5
3+,/,36
/(6 )$&7(856 '( 5e866,7(
/(6 5,648(6 ' e&+(&
&21&/86,21
3DJH
,1752'8&7,21
/H PpWLHU GH OD FRQFHSWLRQ HVW FRPSOH[H SXLVTX LO FRQVLVWH j GpSOR\HU DVVRFLHU GDQV XQ

WHPSV UpGXLW DYHF GHV UHVVRXUFHV OLPLWpHV XQ HQVHPEOH GH VDYRLUIDLUH TXL SHUPHWWURQW
G DERXWLU j XQ FRPSURPLV WHFKQLTXH DFFHSWDEOH YLVjYLV GH FULWqUHV GH SHUIRUPDQFH HW
GH FRQWUDLQWHV QRPEUHX[ HW VRXYHQW FRQWUDGLFWRLUHV &HWWH GpILQLWLRQ UpVXPH Oj HQ
TXHOTXHV PRWV O HVVHQWLHO GH OD SUREOpPDWLTXH GH FRQFHSWLRQ DYHF VHV QRPEUHXVHV
FRQWUDLQWHV HW OH PpODQJH GH WURLV VDYRLUV OH VDYRLUIDLUH OH VDYRLUFRPSUHQGUH HW OH
VDYRLUFRPELQHU >+$7&+8(/ @
3RXU G DXFXQV O DFWLYLWp GH FRQFHSWLRQ UHSUpVHQWH XQH DFWLYLWp GH GpFLVLRQ FRQGXLVDQW j
IL[HU GHV UqJOHV j GpILQLU O HVSDFH GX SUREOqPH j UpVRXGUH HW GHV VROXWLRQV SRXU DERXWLU
j XQ FRPSURPLV ILQDO >'( 7(566$& @
8QH FRQFHSWLRQ GLWH UHVSHFWXHXVH GH O HQYLURQQHPHQW QpFHVVLWH GH SUHQGUH HQ FRPSWH

XQH QRXYHOOH FRQWUDLQWH O HQYLURQQHPHQW GDQV OH SURFHVVXV GH GpYHORSSHPHQW GHV
SURGXLWV
' DSUqV OHV WUDYDX[ GH / +ROORZD\ >+2//2:$< HW DO @ TXL FLWH . -DNREVHQ
>-$.2%6(1 @ LO DSSDUDvW TXH O KDUPRQLH LGpDOH G XQ SURGXLW UpVLGH GDQV OD SULVH HQ
FRPSWH GX FKRL[ GHV PDWpULDX[ HW GHV PpWKRGHV GH SURGXFWLRQ DYDQW PrPH GH
GpWHUPLQHU OD IRUPH ILQDOH GX SURGXLW 6HORQ O DXWHXU FHFL FRQGXLW j OD FRQFOXVLRQ TXH
F HVW j FH QLYHDX GH OD FRQFHSWLRQ TXH O LQWURGXFWLRQ GHV SUpRFFXSDWLRQV G HQYLURQQHPHQW
SHXW DXVVL VH IDLUH
/HV VFKpPDV GH OD ILJXUH VXLYDQWH PRQWUHQW O pYROXWLRQ GX PRGqOH FODVVLTXH GH
FRQFHSWLRQ GH . -DNREVHQ YHUV XQ PRGqOH G pFRFRQFHSWLRQ 2Q SRXUUD UHPDUTXHU GHV
SURFHVVXV F\FOLTXHV R OHV H[LJHQFHV HQ WHUPHV GH IRQFWLRQ PDWpULDX[ PpWKRGH V GH
SURGXFWLRQ IRUPH HW HQYLURQQHPHQW LQWHUDJLVVHQW OHV XQHV DYHF OHV DXWUHV MXVTX j
O REWHQWLRQ G XQH VROXWLRQ GH FRQFHSWLRQ RX G pFRFRQFHSWLRQ VDWLVIDLVDQWH
/H VDYRLUFRPSUHQGUH GRLW SHUPHWWUH G LGHQWLILHU OHV FDXVHV G XQ SKpQRPqQH FRPSUHQGUH OHV FDXVHV
G XQH GpIDLOODQFH FRPSUHQGUH FH TXH FKHUFKH XQ FOLHQW FRPSUHQGUH OH FRPSRUWHPHQW G XQ pTXLSHPHQW «
/H VDYRLUFRPELQHU HVW j OD EDVH GH O pODERUDWLRQ GH SODQV G DFWLRQV UpSRQGDQW j GH PXOWLSOHV FRQWUDLQWHV
SDUIRLV FKDQJHDQWHV HW LPSOLTXDQW SOXVLHXUV DFWHXUV DX VDYRLUIDLUH GLIIpUHQW © & HVW XQ VDYRLU GH O pODERUDWLRQ
GH FRPSURPLV HQ WHQDQW FRPSWH GX IDLW TXH SDUIRLV XQ FRPSURPLV HVW XQH YpULWDEOH LQYHQWLRQ XQ YpULWDEOH
DFWH GH FUpDWLRQ PDWpULHOOH RX VRFLDOH ª >+$7&+8(/ @
3DJH
)RUPH )RUPH
)RQFWLRQ )RQFWLRQ
0pWKRGH V GH 0pWKRGH V GH
0DWpULDX[ 0DWpULDX[
SURGXFWLRQ SURGXFWLRQ
3DUDPqWUH
HQYLURQQHPHQWDO
D E
)LJXUH 0RGqOHV GH FRQFHSWLRQ D 0RGqOH FODVVLTXH GH -DNREVHQ HW E 0RGqOH G pFRFRQFHSWLRQ
>+2//2:$< HW DO @
/ REMHW GH FHWWH SUHPLqUH SDUWLH HVW GH PLHX[ FHUQHU FH TXH UHFRXYUH HQ IDLW OH WHUPH
G pFRFRQFHSWLRQ RX FRQFHSWLRQ UHVSHFWXHXVH GH O HQYLURQQHPHQW WUDGXLW GH O DQJOLFLVPH
(FRGHVLJQ
3RXUTXRL V LQWpUHVVHU j XQH WHOOH DSSURFKH " 4X HVWFH TXL YD PRWLYHU XQH HQWUHSULVH "
3HXWRQ SDUOHU GH O (FRFRQFHSWLRQ DX VHQV ODUJH " ([LVWHWLO YUDLPHQW XQ VHXO W\SH G pFR
SURGXLWV XQ VHXO W\SH GH GpPDUFKH " « $XWDQW GH TXHVWLRQV DX[TXHOOHV QRXV DOORQV
WHQWHU G DSSRUWHU GHV UpSRQVHV SHUWLQHQWHV
/D SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV XQ PpWLHU FRPPH OD FRQFHSWLRQ LPSOLTXH

GHV FRQQDLVVDQFHV QRXYHOOHV j DFTXpULU GRQW OHV pTXLSHV GH WUDYDLO RQW SDUIRLV GX PDO j
VH VDLVLU (OOH HVW GH VXUFURvW YpFXH FRPPH XQH FRQWUDLQWH GLIILFLOH j FHUQHU FDU
WUDQVYHUVDOH VXU GH QRPEUHX[ PpWLHUV O (QYLURQQHPHQW HVW SDUWRXW
(QILQ FHUWDLQV REMHFWLIV IL[pV DX[ pTXLSHV GH GLPLQXWLRQ GH OD FRQVRPPDWLRQ
pQHUJpWLTXH GX SURGXLW G DFFURLVVHPHQW GX WDX[ GH UHF\FODELOLWp GX SURGXLW GDQV OH
FDGUH G XQH VWUDWpJLH SDUWLFXOLqUH G HQWUHSULVH RX G XQH UpJOHPHQWDWLRQ SDU H[HPSOH
SHXYHQW SDUDvWUH WRWDOHPHQW LUUpDOLVDEOHV VL O RQ QH VDLW GH TXRL O RQ SDUOH HW FRPPHQW O RQ
V RUJDQLVH SRXU VDWLVIDLUH j FHV H[LJHQFHV
&RPSUHQGUH HW V RUJDQLVHU YRLOj GRQF OHV GHX[ WKqPHV IRUWV GH FHWWH SDUWLH TXH QRXV
QRXV SURSRVRQV G pWXGLHU j OD OXPLqUH G XQ FHUWDLQ QRPEUH GH WUDYDX[ LQWHUQDWLRQDX[
UpDOLVpV GHSXLV OH PLOLHX GHV DQQpHV
/ DFFHQW VHUD HQ SDUWLFXOLHU SRUWp VXU OHV JUDQGHV OLJQHV G XQ SURMHW G pFRFRQFHSWLRQ VXU
FH TXL SRXUUD FRQFRXULU j VD UpXVVLWH PDLV DXVVL VRQ pFKHF
$ QRWHU TXH GH QRPEUHXVHV UpIOH[LRQV VRQW LVVXHV GH WUDYDX[ PHQpV SDU O pTXLSH
KROODQGDLVH GX SURIHVVHXU +DQ %UH]HW GH O 8QLYHUVLWp 7HFKQRORJLTXH GH 'HOIW &HWWH
pTXLSH VLWXH HQ HIIHW VD UHFKHUFKH VXU OHV UDSSRUWV HQWUH SUREOqPHV HQYLURQQHPHQWDX[ HW
3DJH
VWUDWpJLHV G HQWUHSULVHV HQ QH VH IRFDOLVDQW SDV XQLTXHPHQW VXU OH GpYHORSSHPHQW

G RXWLOV GH W\SH $&9 SDU H[HPSOH j O LQVWDU G DXWUHV pTXLSHV DOOHPDQGHV RX
DPpULFDLQHV &HWWH SUREOpPDWLTXH GH UHFKHUFKH RULHQWpH VXU OHV PRGHV G RUJDQLVDWLRQ
GHV HQWUHSULVHV HQ PDWLqUH G pFRFRQFHSWLRQ HVW pJDOHPHQW XQH WKpPDWLTXH WUqV SUpVHQWH
GDQV OHV WUDYDX[ GH GHX[ DXWUHV pTXLSHV GRQW QRXV IHURQV DOOXVLRQ GDQV FHUWDLQV
SDUDJUDSKHV O pTXLSH GX SURIHVVHXU -RKQ (KUHQIHOG GX 0,7 (WDWV8QLV HW FHOOH GX
SURIHVVHXU 6WHSKHQ (YDQV GH O 8QLYHUVLWp GH &UDQILHOG 5R\DXPH8QL
&200(17'(),1,5/ (&2&21&(37,21"
/ pFRFRQFHSWLRQ FRUUHVSRQG HQ IDLW j XQH DEUpYLDWLRQ GH O H[SUHVVLRQ FRQFHSWLRQ

pFRORJLTXH & HVW XQ PR\HQ GH FRQFHYRLU GHV SURGXLWV HQ SUHQDQW HQ FRPSWH OHV DVSHFWV
HQYLURQQHPHQWDX[ 0DLV QRPEUH GH QXDQFHV HW GH WHUPLQRORJLHV H[LVWHQW 1RXV DOORQV
HVVD\HU GDQV FHWWH SDUWLH GH IDLUH WRXWH OD OXPLqUH VXU FHV GLYHUVHV DSSURFKHV
'HX[YLVLRQVGLIIpUHQWHVPDMHXUHVGHO pFRFRQFHSWLRQ
&RQQ\ %DNNHU GDQV VD WKqVH LQWLWXOpH (QYLURQPHQWDO LQIRUPDWLRQ IRU LQGXVWULDO GHVLJQHUV
>%$..(5 @ SURSRVH HQ IDLW GHX[ GpILQLWLRQV GH O pFRFRQFHSWLRQ GpILQLWLRQV IDLVDQW
DSSHO j GHV YLVLRQV GLIIpUHQWHV GH OD SURGXFWLRQ LQGXVWULHOOH O XQH D[pH VXU O DPpOLRUDWLRQ
WHFKQRORJLTXH GHV SURGXLWV SRXU OHV UHQGUH SOXV UHVSHFWXHX[ GH O HQYLURQQHPHQW HW OD
VHFRQGH VXU O DPpOLRUDWLRQ PrPH GX PRGH GH YLH HQ FRQFHYDQW GHV SURGXLWV GDQV XQ
REMHFWLI GH GpYHORSSHPHQW GXUDEOH
/ pFRFRQFHSWLRQ HVW WRXW G DERUG YXH FRPPH O LQWpJUDWLRQ GX SDUDPqWUH HQYLURQQHPHQW

GDQV OH SURFHVVXV GH GpYHORSSHPHQW GH SURGXLWV / REMHW G XQH WHOOH GpPDUFKH HVW OD
UpGXFWLRQ GHV LPSDFWV G XQ SURGXLW VXU O HQYLURQQHPHQW WRXW DX ORQJ GH VRQ F\FOH GH YLH
GHSXLV O H[WUDFWLRQ GH VHV PDWpULDX[ FRQVWLWXWLIV MXVTX j VRQ pOLPLQDWLRQ HQ ILQ GH YLH
/H FRQFHSW GH EDVH G XQH WHOOH GpILQLWLRQ HVW OH PRGqOH GX F\FOH GH YLH R WRXV OHV
HQWUDQWV PDWpULDX[ HW pQHUJLH HW VRUWDQWV pPLVVLRQV SROOXDQWHV HW GpFKHWV GHV
SURFHVVXV XWLOLVpV HQ SKDVHV GH IDEULFDWLRQ GLVWULEXWLRQ XWLOLVDWLRQ HW pOLPLQDWLRQ
VRQW LGHQWLILpV HW SULV HQ FRPSWH
/ pTXLSH GH +DQ %UH]HW WUDYDLOOH HVVHQWLHOOHPHQW HQ FROODERUDWLRQ DYHF OD VRFLpWp 3KLOLSV R GH QRPEUHX[
pWXGLDQWV HIIHFWXHQW HQ SDUWLFXOLHU OHXUV UHFKHUFKHV GH GRFWRUDW
$GUHVVH GX VLWH LQWHUQHW GH O pTXLSH GX SURIHVVHXU (KUHQIHOG KWWSZHEPLWHGXFWSLGZZZWEHKWPO

$GUHVVH GX VLWH LQWHUQHW GH O pTXLSH GX SURIHVVHXU (YDQV KWWSZZZFUDQILHOGDFXNVLPVFLP
3DJH
'DQV XQ FRQWH[WH GH SURGXFWLRQ LQGXVWULHOOH VDQV FHVVH DFFUXH RQ TXDOLILHUD FHWWH

DSSURFKH GH WHFKQRORJLTXH SXLVTXH OHV FULWqUHV FRQVLGpUpV VRQW SXUHPHQW WHFKQLTXHV
FKRL[ GHV PDWpULDX[ GXUDELOLWp GX SURGXLW FRQVRPPDWLRQ G pQHUJLH «
2Q QH FKHUFKH SDV j GLPLQXHU OD TXDQWLWp GH SURGXLWV IDEULTXpV PDLV j UHQGUH FHWWH
SURGXFWLRQ OD SOXV LQRIIHQVLYH SRVVLEOH YLVjYLV GH O HQYLURQQHPHQW 2Q YD GDQV FH FDV
HVVD\HU GH FRQFHYRLU GHV SURGXLWV PRLQV pQHUJLYRUHV FRQWHQDQW PRLQV GH PDWpULDX[
WR[LTXHV VXVFHSWLEOHV GH UHSUpVHQWHU XQ GDQJHU SRXU VRQ XWLOLVDWHXU SOXV IDFLOHPHQW
UpSDUDEOHV GH PDQLqUH j DFFURvWUH OHXU GXUpH GH YLH «
8QH VHFRQGH DSSURFKH VHUD TXDOLILpH GH SOXV JOREDOH GDQV OH VHQV R O DFFHQW Q HVW SOXV
SRUWp VXU O DPpOLRUDWLRQ WHFKQRORJLTXH GHV SURGXLWV SRXU OHV UHQGUH SOXV UHVSHFWXHX[ GH
OD QDWXUH TXL OHV HQWRXUH PDLV VXU OH GpYHORSSHPHQW GH QRXYHDX[ SURGXLWV QRXYHDX[
VHUYLFHV SHUPHWWDQW GH YLYUH HQ WRWDOH KDUPRQLH DYHF OD QDWXUH HW HQ DVVXUDQW XQ PRGH GH
YLH SOXV GXUDEOH
8QH WHOOH YLVLRQ HVW GDYDQWDJH D[pH VXU GHV SUpRFFXSDWLRQV G RUGUH VRFLRFXOWXUHO GRQW OH
UHVSHFW GH OD WHUUH HW GH VHV UHVVRXUFHV QDWXUHOOHV pSXLVDEOHV O pTXLOLEUH GHV ULFKHVVHV
« ,O QH V DJLW SOXV GH SURGXLUH SRXU SURGXLUH PrPH VL O RQ UHVSHFWH OD QDWXUH PDLV GH
SURGXLUH LQWHOOLJHPPHQW HQ pOLPLQDQW FH TXL SHXW O rWUH O LQXWLOH OH VXSHUIOX 2Q HQ YLHQW
GDQV FH FDV j OD UHPLVH HQ FDXVH PrPH GHV SURGXLWV &HOD FRQVLVWH j UHSHQVHU OHXU
IRQFWLRQQDOLWp SRXU FRQFHYRLU GHV SURGXLWV UHQWDEOHV R OH UDSSRUW IRQFWLRQV FRW HVW OH
SOXV JUDQG SRVVLEOH HW OHV IRQFWLRQV LQXWLOHV QRWLRQ GH JDGJHWV SDUIRLV VRXUFHV GH
GpVXWLOLWpV HQYLURQQHPHQWDOHV pOLPLQpHV
& %DNNHU FLWH (]LR 0DQ]LQL ORUVTX LO GpILQLW FHWWH DSSURFKH GH O pFRFRQFHSWLRQ FRPPH
© XQH DFWLYLWp GH FRQFHSWLRQ GRQW O REMHFWLI HVW GH OLHU FH TXL HVW WHFKQLTXHPHQW SRVVLEOH j FH
TXL HVW pFRORJLTXHPHQW QpFHVVDLUH DILQ GH SURSRVHU GHV VROXWLRQV DFFHSWDEOHV VRFLDOHPHQW
HW FXOWXUHOOHPHQW ª >0$1=,1, @ 3RXU ( 0DQ]LQL FH W\SH GH FRQFHSWLRQ SRXUUDLW MRXHU XQ

U{OH PDMHXU GDQV OH GpYHORSSHPHQW GH VFpQDULRV LQFLWDQW j XQ FRPSRUWHPHQW GH SOXV HQ
SOXV HQYLURQQHPHQWDO GH OD SDUW GHV SRSXODWLRQV
6L O·RQ GHYDLW VLWXHU OHV SUpRFFXSDWLRQV LQGXVWULHOOHV YLVjYLV GH O pFRFRQFHSWLRQ HOOHV VH

UDSSURFKHUDLHQW GDYDQWDJH GH OD SUHPLqUH GpILQLWLRQ O DSSURFKH WHFKQRORJLTXH SXLVTXH
OD VHFRQGH UHOqYH G XQH YLVLRQ SOXV ODUJH HW SOXV DQWLFRPPHUFLDOH HOOH YD j O HQFRQWUH
G XQH SUDWLTXH LQGXVWULHOOH GH SOXV HQ SOXV FRXUDQWH HW GHPDQGpH SDU OHV FOLHQWV OD
FRXUVH DX[ JDGJHWV TXL SHUVRQQDOLVHQW FKDTXH SURGXLW
3URGXLWV PRLQV pQHUJLYRUHV O LPSDFW PDUNHWLQJ GH SURGXLWV GRQW O HPSORL QpFHVVLWH XQH PRLQGUH
FRQVRPPDWLRQ G pQHUJLH SDU UDSSRUW j OHXUV SUpGpFHVVHXUV HVW GH SOXV HQ SOXV LPSRUWDQW /HV FOLHQWV GH
SURGXLWV pOHFWULTXHV pOHFWURPpQDJHUV DXWRPRELOHV VRQW HQ HIIHW IDFLOHPHQW PRWLYpV SDU O DFKDW GH SURGXLWV
SHUIRUPDQWV HW j pFRQRPLH G pQHUJLH
3DJH
1RXV DYRQV GRQF YX GHX[ PDQLqUHV GH SUpVHQWHU O pFRFRQFHSWLRQ PDLV FH YRFDEOH

UHFRXYUH HQ IDLW SOXV GH GHX[ DFFHSWLRQV GLIIpUHQWHV IRQFWLRQ GHV pFKHOOHV WHPSRUHOOHV HW
HQYLURQQHPHQWDOHV PLVHV HQ MHX &HWWH YDULpWp UHQGDQW GLIILFLOH OHV FRPSDUDLVRQV GHV
QRPEUHX[ WUDYDX[ HQWUHSULV VXU OH VXMHW QRXV DOORQV HVVD\HU G DSSUpKHQGHU OHV
GLIIpUHQWHV DSSURFKHV DILQ GH PLHX[ VLWXHU OH QLYHDX GH QRWUH pWXGH
'LYHUVHV DSSURFKHV G XQH FRQFHSWLRQ UHVSHFWXHXVH GH

O HQYLURQQHPHQW
/HV UHFKHUFKHV G XQH pTXLSH DPpULFDLQH GX *HRUJLD ,QVWLWXWH RI 7HFKQRORJ\ >&28/7(5 HW

DO @ >%5$6 @ RQW SHUPLV G LGHQWLILHU HW GH FODVVLILHU SDV PRLQV GH FLQT W\SHV
G DSSURFKHV GLIIpUHQWHV GH UpGXFWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[ GHV SURGXLWV HQ
IRQFWLRQ G XQH SDUW GX W\SH G LPSDFW SULV HQ FRPSWH HW G DXWUH SDUW GH O pFKHOOH GH WHPSV
FRQVLGpUpH
' DSUqV OD ILJXUH FLDSUqV RQ SHXW GLVWLQJXHU
/ LQJpQLHULH GH O HQYLURQQHPHQW
/D SUpYHQWLRQ GH SROOXWLRQ
/D FRQFHSWLRQ UHVSHFWXHXVH GH O HQYLURQQHPHQW RX FRQFHSWLRQ SRXU

O HQYLURQQHPHQW FDWpJRULH GpVLJQpH SDU SOXVLHXUV WHUPHV DQJORVD[RQV
WUqV XVLWpV 'HVLJQ IRU WKH (QYLURQPHQW 'I( (QYLURQPHQWDOO\ &RQVFLRXV
'HVLJQ DQG 0DQXIDFWXULQJ (&'0 RX HQFRUH /LIH &\FOH 'HVLJQ /&'
/ pFRORJLH LQGXVWULHOOH
/H GpYHORSSHPHQW GXUDEOH RX VRXWHQDEOH
3DJH
6RFLpWp
; )DEULFDQWV
(FKHOOH GH VWUXFWXUH
)DEULFDQW
RUJDQLVDWLRQQHOOH
; SURGXLWV
&\FOH GH YLH G XQ
( OLP LQD WLRQ

VHXO SURGXLW
8WLOLVDWLRQ
) DEULFDWLRQ
'XUpH GH YLH
( FKHOOH GH OD
) DEULFDWLRQ 8WLOLVDWLRQ ( OLP LQD WLRQ P R\HQQH GH
FLYLOLVDWLRQ
O + RP P H
&\FOH GH YLH G XQ SURGXLW ( FKHOOH WHP SRUHOOH
'pYHORSSHPHQW 'XUDEOH
(FRORJLH ,QGXVWULHOOH
'I( (& '0 /& '
3UpYHQWLRQ GH 3ROOXWLRQ
,QJpQLHULH GH O (QYLURQQHP HQW
)LJXUH /HV GLPHQVLRQV GH O pFRFRQFHSWLRQ >%5$6 @
6RXUFH %HUW %UDV ,QFRUSRUDWLQJ HQYLURQPHQWDO LVVXHV LQ SURGXFW GHVLJQ DQG UHDOL]DWLRQ 81(3
,QGXVWU\ DQG (QYLURQPHQW -DQXDU\-XQH S
2Q SRXUUD UHPDUTXHU VXU OD ILJXUH TXH O pFKHOOH GH WHPSV HVW H[SULPpH HQ WHUPHV GH
GXUpH GH YLH 3URGXLW +RPPH RX &LYLOLVDWLRQ SXLVTX LO HVW ELHQ GLIILFLOH GH SDUOHU HQ
WHUPHV G DQQpHV OD GXUpH GH YLH G XQ SURGXLW SDU H[HPSOH HVW WUqV YDULDEOH VHORQ TX LO
V DJLW G XQ SURGXLW pOHFWURQLTXH GH JUDQGH FRQVRPPDWLRQ RX DQV RX G XQ DYLRQ
DQV
/HV SURSRV TXL VXLYHQW YRQW GpILQLU FKDFXQH GH FHV WHUPLQRORJLHV
/,QJpQLHULH (QYLURQQHPHQWDOH YD FRQFHUQHU OH PDQDJHPHQW HW OH FRQWU{OH GH

SROOXDQWV GDQV OHV HDX[ OHV UHMHWV DWPRVSKpULTXHV OHV GpFKHWV VROLGHV 'DQV OH FRQWH[WH
GH SURGXFWLRQ LQGXVWULHOOH FHWWH WHUPLQRORJLH UHFRXYUH OHV WUDLWHPHQWV GLWV HQG RI SLSH
(OOH YD FRQVLVWHU j PLQLPLVHU OHV LPSDFWV HQYLURQQHPHQWDX[ HQJHQGUpV ORUV GH OD
3DJH
IDEULFDWLRQ GHV SURGXLWV ' DXWUHV HPSORLHQW OH WHUPH GH HQYLURQPHQWDO GHVLJQ WUDGXLW
LPSURSUHPHQW HQ IUDQoDLV SDU FRQFHSWLRQ HQYLURQQHPHQWDOH >'(:%(55< HW DO @
&HWWH DSSURFKH FDUDFWpULVH OHV SUHPLHUV WUDYDX[ GHV HQWUHSULVHV HQ PDWLqUH
G HQYLURQQHPHQW DX FRXUV GHV DQQpHV (OOH V HVW SULQFLSDOHPHQW GpPRFUDWLVpH GDQV OHV
DQQpHV
/D 3UpYHQWLRQ GH 3ROOXWLRQ FRQVLGpUpH FRPPH XQH DOWHUQDWLYH HVVHQWLHOOH DX[

WUDLWHPHQWV HQG RI SLSH RX H[SRVW IXW LQWURGXLWH YHUV OD ILQ GHV DQQpHV DX[ (WDWV8QLV
SDU GHV HQWUHSULVHV SLRQQLqUHV FRPPH 0 DYHF VRQ SURJUDPPH 3 3ROOXWLRQ 3UHYHQWLRQ
3D\V HW FH j OD VXLWH GH UpJOHPHQWDWLRQV GH SOXV HQ SOXV GUDVWLTXHV VXU OHV
GpFKHWV (OOH VH GpYHORSSD GDQV OHV DQQpHV HW ILW VRQ DSSDULWLRQ HQ (XURSH GDQV OHV
DQQpHV (OOH UHJURXSH WRXWH XQH VpULH G DSSURFKHV GRQW OD UpGXFWLRQ j OD VRXUFH
PRLQV GH SURGXFWLRQ GH GpFKHWV HW OH UHF\FODJH HQ ERXFOH RXYHUWH RX IHUPpH HQ
FRXUV GH SURGXFWLRQ / REMHFWLI HVW GRQF G pOLPLQHU WRXW W\SH GH SROOXWLRQ SDU GHV
pTXLSHPHQWV RX GHV SURFpGpV GH IDEULFDWLRQ « HQ UHFRQFHYDQW OHV SURGXLWV SRXU
VXEVWLWXHU GHV PDWpULDX[ PRGLILHU FHUWDLQHV WHFKQRORJLHV pOLPLQHU GHV pWDSHV SROOXDQWHV
LQXWLOHV «
$ O LQVWDU GH O LQJpQLHULH HQYLURQQHPHQWDOH FHWWH DSSURFKH HVW WRXMRXUV IRFDOLVpH VXU
O pWDSH GH IDEULFDWLRQ GHV SURGXLWV
/HV WHUPLQRORJLHV VXLYDQWHV SDU FRQWUH FRQFHUQHQW OH F\FOH GH YLH FRPSOHW G XQ SURGXLW
HQ LQFOXDQW QRQ VHXOHPHQW OHV LPSDFWV HQYLURQQHPHQWDX[ SRWHQWLHOV GH VD IDEULFDWLRQ
PDLV DXVVL FHX[ GH VRQ XWLOLVDWLRQ HW GH VRQ pOLPLQDWLRQ HQ ILQ GH YLH (OOHV GpVLJQHQW XQH
DSSURFKH GH FRQFHSWLRQ SOXV JOREDOH GpYHORSSpH UpFHPPHQW VXUWRXW j SDUWLU GH
'DQV OD OLWWpUDWXUH LO HVW WUqV FRXUDQW GH OHV GpVLJQHU SDU GHV VLJOHV H[SOLFLWpV FLDSUqV
OHV DFFHSWLRQV VRQW DVVH] SURFKHV HW VRXYHQW LQGLIIpUHPPHQW XWLOLVpHV
/ (&'0 (QYLURQPHQWDOO\ &RQVFLRXV 'HVLJQ DQG 0DQXIDFWXULQJ HVW O DSSURFKH OD SOXV

UpFHQWH HQ PDWLqUH GH FRQFHSWLRQ UHVSHFWXHXVH GH O HQYLURQQHPHQW (OOH UHFRXYUH j OD
IRLV OD FRQFHSWLRQ GH SURGXLWV HW FHOOH GH SURFHVV / LGpH JpQpUDOH HVW TXH OHV
FRQFHSWHXUV VRQW FRQVFLHQWV GDQV OHXU WkFKH TX LO \ DXUD IDWDOHPHQW GHV HIIHWV
HQYLURQQHPHQWDX[ QpJDWLIV VXU O HQVHPEOH GX F\FOH GH YLH GX SURGXLW HW HVVD\HQW
G LQFOXUH FHUWDLQHV FRQWUDLQWHV GDQV OHXUV UpIOH[LRQV SRXU SDOOLHU FHV HIIHWV
/H 'I( 'HVLJQ IRU WKH (QYLURQPHQW HVW XQ FRQFHSW R OH FULWqUH HQYLURQQHPHQW HVW
SDUWLH LQWpJUDQWH GH OD FRQFHSWLRQ G XQ SURGXLW DX PrPH WLWUH TXH OH FRW OD TXDOLWp RX OD
SHUIRUPDQFH ,O HVW LVVX GH OD YRORQWp GH FHUWDLQV LQGXVWULHOV GH IL[HU DX[ FRQFHSWHXUV GHV
REMHFWLIV HQYLURQQHPHQWDX[ VSpFLILTXHV j LQWpJUHU GDQV OH GpYHORSSHPHQW GH QRXYHDX[
5HF\FODJH HQ ERXFOH RXYHUWH 5HF\FODJH GHV PDWpULDX[ RX FRPSRVDQWV SRXU XQH XWLOLVDWLRQ GDQV XQ
SURGXLW GLIIpUHQW
5HF\FODJH HQ ERXFOH IHUPpH 5HF\FODJH GHV PDWpULDX[ RX FRPSRVDQWV SRXU XQH XWLOLVDWLRQ GDQV XQ PrPH
SURGXLW
3DJH
SURGXLWV 3RXU 6 &RXOWHU >&28/7(5 HW DO @ G XQ SRLQW GH YXH VpPDQWLTXH OD FRQFHSWLRQ
SRXU O HQYLURQQHPHQW HVW XQ QRQVHQV SXLVTX HOOH GHYUDLW VLJQLILHU ]pUR LPSDFW HQ QH
FRQFHYDQW GRQF ULHQ ,O V DJLW HQ IDLW GH SUHQGUH HQ FRPSWH OHV FRQWUDLQWHV
G HQYLURQQHPHQW GqV OD FRQFHSWLRQ HW G DYRLU XQH GpPDUFKH GH SURJUqV SRXU GLPLQXHU
OHV QXLVDQFHV GH PDQLqUH FRQWLQXH QRWLRQ G DPpOLRUDWLRQ FRQWLQXH GH OD QRUPH ,62

/H 'I( IDLW SDUWLH GHV PpWKRGHV GH FRQFHSWLRQ GLWHV 'I; >%5$//$ @ DX PrPH WLWUH TXH
'HVLJQ IRU 0DQXIDFWXULQJ 'HVLJQ IRU 6HUYLFHDELOLW\ 'HVLJQ IRU 6DIHW\ 'HVLJQ IRU
4XDOLW\ «
6RQW HQFRUH LQFOXV GDQV FHWWH DSSURFKH SOXVLHXUV W\SHV GH FRQFHSWLRQ R SRXU FKDFXQ OH
FULWqUH HQYLURQQHPHQW D pWp SULV HQ FRPSWH GDQV XQ EXW ELHQ SUpFLV >6:($70$1 HW DO
@
✔ 'HVLJQ IRU (QHUJ\ (IILFLHQF\ FRQFHSWLRQ G XQ SURGXLW SHX pQHUJLYRUH
✔ 'HVLJQ IRU 5HFRYHU\ FRQFHSWLRQ SHUPHWWDQW GH IDFLOLWHU OD YDORULVDWLRQ GX SURGXLW
HQ ILQ GH YLH
✔ 'HVLJQ IRU 'LVDVVHPEO\ FRQFHSWLRQ IDFLOLWDQW OH GpPRQWDJH GX SURGXLW &H
GpPRQWDJH SRXUUD DYRLU SOXVLHXUV REMHFWLIV
'LVDVVHPEO\ IRU UHSDLU HQ YXH GH IDFLOLWHU OD UpSDUDWLRQ GX SURGXLW
'LVDVVHPEO\ IRU PDLQWHQDQFH HQ YXH GH IDFLOLWHU VD PDLQWHQDQFH HQ FRXUV
G XWLOLVDWLRQ
'LVDVVHPEO\ IRU UHXVH HQ YXH GH OH UpXWLOLVHU SRXU XQH VHFRQGH YLH
'LVDVVHPEO\ IRU UHF\FOH HQ YXH GH UHF\FOHU VHV PDWpULDX[ FRQVWLWXWLIV
✔ 'HVLJQ IRU 5HF\FOLQJ RX 5HF\FODELOLW\ FRQFHSWLRQ HQ YXH GH SRXYRLU UHF\FOHU OHV
PDWpULDX[ GX SURGXLW HQ ILQ GH YLH
&HV GLYHUVHV FRQFHSWLRQV VRQW HQ IDLW FKDFXQH D[pHV VXU XQH SKDVH GX F\FOH GH YLH GX
SURGXLW RX O XQH GH VHV FDUDFWpULVWLTXHV (OOHV QpFHVVLWHQW GHV FRQQDLVVDQFHV G XQ W\SH
ELHQ SDUWLFXOLHU FRPPH FHOOHV SDU H[HPSOH TXL VRQW UHODWLYHV DX UHF\FODJH GHV
PDWpULDX[
/HV FRQFOXVLRQV VXU OHV UpVXOWDWV REWHQXV DYHF FH W\SH G DSSURFKH GRLYHQW rWUH IRUPXOpHV
DYHF JUDQGH SUpFDXWLRQ FDU OD IRFDOLVDWLRQ VXU XQ FULWqUH RX XQH SKDVH Q DVVXUH HQ ULHQ
TXH OH SURGXLW VHUD UHVSHFWXHX[ GH O HQYLURQQHPHQW VXU O HQVHPEOH GH VRQ F\FOH GH YLH ,O
VH SHXW SDU H[HPSOH TXH OH SURGXLW VRLW IDFLOHPHQW GpPRQWDEOH HW UHF\FODEOH HQ ILQ GH YLH
DSSURFKH 'I' RX 'I5 PDLV WUqV pQHUJLYRUH RX FRQVWLWXp GH PDWpULDX[ GDQJHUHX[
3DJH
/HV DSSURFKHV 'I; VRQW GRQF FRPSOpPHQWDLUHV OHV XQHV GHV DXWUHV HW OH SURGXLW IDEULTXp
VHUD OH SOXV UHVSHFWXHX[ GH VRQ HQYLURQQHPHQW VL SOXVLHXUV FULWqUHV HW OH F\FOH GH YLH
FRPSOHW GX SURGXLW RQW pWp SULV HQ FRPSWH HQ FRXUV GH FRQFHSWLRQ
/H /LIH &\FOH 'HVLJQ HVW GpFULW FRPPH XQH DSSURFKH F\FOH GH YLH V\VWpPDWLTXH GX
EHUFHDX j OD WRPEH DYHF O REMHFWLI GH GRQQHU XQ SURILO HQYLURQQHPHQWDO G XQ SURGXLW RX
VHUYLFH OH SOXV FRPSOHW SRVVLEOH / DUJXPHQWDLUH HVW TXH OD SULVH HQ FRPSWH GX F\FOH GH
YLH FRPSOHW YD DLGHU OH FRQFHSWHXU j GpYHORSSHU GHV SURGXLWV GRQW O HVVHQWLHO GHV
LPSDFWV HQYLURQQHPHQWDX[ SRWHQWLHOV DXURQW pWp LGHQWLILpV HW PLQLPLVpV HW QRQ
VLPSOHPHQW GpSODFpV FRPPH GDQV OH FDV GH O LQJpQLHULH HQYLURQQHPHQWDOH RX OD
SUpYHQWLRQ GH SROOXWLRQ IRFDOLVpHV XQLTXHPHQW VXU OD IDEULFDWLRQ LO VH SHXW HQ HIIHW
TX XQH UpGXFWLRQ GH SURGXFWLRQ GH GpFKHWV DX FRXUV GH FHWWH SKDVH SXLVVH HQJHQGUHU XQ
IRUW DFFURLVVHPHQW GH GpFKHWV HQ ILQ GH YLH HW FH SDU OH VLPSOH IDLW G DYRLU PRGLILp XQ
SURFpGp GH PLVH HQ IRUPH RX XQ PDWpULDX
&HWWH DSSURFKH DYDQW WRXW ODUJHPHQW GpIHQGXH SDU OHV $PpULFDLQV D pWp UHSULVH HQ
(XURSH HW QRWDPPHQW DX 'DQHPDUN R RQ OD SUpVHQWH FRPPH OH IRQGHPHQW PrPH G XQH
SURGXFWLRQ GXUDEOH >$/7,1* HW DO @ (OOH QpFHVVLWH GHV FRQQDLVVDQFHV
PXOWLGLVFLSOLQDLUHV HW XQH YLVLRQ j ORQJ WHUPH
/ (FRORJLH ,QGXVWULHOOH HW OH 'pYHORSSHPHQW 'XUDEOH HQILQ GpSDVVHQW TXDQW j HX[
O pFKHOOH GX F\FOH GH YLH G XQ VHXO SURGXLW HQ WHUPHV G LPSDFW HW GH WHPSV 2Q QH SDUOH
SOXV G DSSURFKHV RULHQWpHV SURGXLWV PDLV RULHQWpHV V\VWqPHV
/H FRQFHSW G (FRORJLH ,QGXVWULHOOH HQ HIIHW FRQFHUQH QRQ VHXOHPHQW SOXVLHXUV
SURGXLWV PDLV pJDOHPHQW SOXVLHXUV HQWUHSULVHV HW FH VXU XQH pFKHOOH WHPSRUHOOH DX[
GLPHQVLRQV GH OD GXUpH GH YLH PR\HQQH GH O +RPPH &HUWDLQV pYRTXHQW OH WHUPH
G pFRV\VWqPH LQGXVWULHO >)526+ HW DO @ R OHV GpFKHWV G·XQH XVLQH SHXYHQW rWUH XWLOLVpV
FRPPH PDWLqUHV SUHPLqUHV SDU XQH VHFRQGH 2Q QH SHXW GRQF SOXV SDUOHU GH GpFKHWV
D\DQW GHV FRQVpTXHQFHV IkFKHXVHV VXU O HQYLURQQHPHQW SXLVTX LOV VRQW DXVVLW{W
UpLQWURGXLWV GDQV OH V\VWqPH TXL IRQFWLRQQH GRQF HQ FLUFXLW IHUPp 8Q H[HPSOH FRQFUHW
QRXV HVW GRQQp VXU XQ PDQGULQ HQ DFLHU TXL WRXU j WRXU SRXUUDLW rWUH UpXWLOLVp GDQV XQH
ERvWH HQ IHUEODQF GDQV XQH DXWRPRELOH O DQQpH VXLYDQWH HW OD VWUXFWXUH PpWDOOLTXH G XQ
EkWLPHQW GL[ DQV SOXV WDUG
&H FRQFHSW G pFRORJLH LQGXVWULHOOH FRQVWLWXH OHV EDVHV G XQH DSSURFKH LQWpJUpH GH OD
JHVWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[ GH O HPSORL G pQHUJLH HW GH PDWpULDX[ GDQV XQ
pFRV\VWqPH LQGXVWULHO
/LIH &\FOH 'HVLJQ $SSURFKH HQFRUH SDUIRLV GpQRPPpH (QYLURQPHQWDOO\ &RQVFLRXV 'HVLJQ (&'
>0F $/221( HW DO @
3DJH
/H 'pYHORSSHPHQW 'XUDEOH HVW OXL XQ FRQFHSW HQYLURQQHPHQWDO SOXV JOREDO HQFRUH HQ

WHUPH G pFKHOOH R OH FRQWH[WH LQGXVWULHO VH PrOH j GHV DSSURFKHV FXOWXUHOOHV HW VRFLDOHV
DX QLYHDX GH O KXPDQLWp WRXWH HQWLqUH GDQV XQH YLVLRQ j WUqV ORQJ WHUPH
8QH FRQFHSWLRQ GXUDEOH VHPEOH rWUH OH FRPSURPLV LGpDO GH QRPEUHX[ FULWqUHV GH
GpYHORSSHPHQW SHUPHWWDQW XQH FURLVVDQFH pFRQRPLTXH HQ KDUPRQLH DYHF OD QDWXUH
FRPPH QRXV O DYRQV YX GDQV OH SDUDJUDSKH
(OOH LPSRVH HQWUH DXWUHV GH SUHQGUH HQ FRPSWH OH FDUDFWqUH UHQRXYHODEOH GHV UHVVRXUFHV
XWLOLVpHV SRXU OD SURGXFWLRQ LQGXVWULHOOH HW FH DILQ TXH OHV SRSXODWLRQV DFWXHOOHV SXLVVHQW
VXEYHQLU j OHXUV EHVRLQV VDQV FRPSURPHWWUH O DSWLWXGH GHV JpQpUDWLRQV IXWXUHV j
UpSRQGUH DX[ OHXUV
1RXV WURXYHURQV GDQV FHWWH FDWpJRULH WRXWHV OHV pWXGHV UpDOLVpHV VXU OD QRWLRQ GH
✔ GXUDELOLWp GHV SURGXLWV SURGXLWV GH ORQJXH GXUpH GH YLH D\DQW XQH JUDQGH YDOHXU
DIIHFWLYH DXSUqV GHV FOLHQWV
✔ GpPDWpULDOLVDWLRQ RQ QH YHQG SOXV XQ SURGXLW PDLV XQ VHUYLFH >5<$1 @

&H FRQFHSW D QRWDPPHQW pWp GpYHORSSp SDU OD VRFLpWp 5DQN ;HUR[ >'( @ TXL QH
YHQG SOXV GHV FRSLHXUV PDLV OH WLUDJH G XQH FHUWDLQH TXDQWLWp GH FRSLHV SDU PRLV HW
DVVXUH OD PDLQWHQDQFH HW OD UpSDUDWLRQ GH OD PDFKLQH RX VRQ UHPSODFHPHQW OH FDV
pFKpDQW /H SURGXLW UHVWH GDQV FH FDV OD SURSULpWp GH O HQWUHSULVH ODTXHOOH SHXW GRQF
IDFLOHPHQW OH UHWLUHU GX PDUFKp HQ ILQ GH YLH HW OH YDORULVHU /H FOLHQW TXL DFKqWH OH
VHUYLFH TXDQW j OXL Q D SOXV j VH VRXFLHU GH OD PDLQWHQDQFH HW GH OD UpSDUDWLRQ GH VRQ
SURGXLW SULVHV HQ FRPSWH GDQV OH FRQWUDW QL PrPH GX UHPSODFHPHQW GX SURGXLW HQ
ILQ GH YLH ,O Q D SOXV j VDYRLU QRQ SOXV VL OD PDFKLQH TX LO XWLOLVH HVW HQWLqUHPHQW QHXYH
RX FRQVWLWXpH GH SLqFHV UpFXSpUpHV 2Q SHXW SDUOHU GH VWUDWpJLH :LQ:LQ JDJQDQW
JDJQDQW SRXU O HQWUHSULVH HW VRQ FOLHQW
✔ SDUWDJH GH O XWLOLVDWLRQ GH SURGXLWV >0(,-.$03 @ HW FH SUpFLVpPHQW GDQV XQ

REMHFWLI G pFRQRPLH GH UHVVRXUFHV /HV SURGXLWV VRQW GDQV FH FDV FRQoXV SRXU rWUH
PXOWLXWLOLVDWHXUV HW SRXU GXUHU LOV VRQW GRQF HQFRUH SHQVpV GLIIpUHPPHQW SXLVTXH
O REMHFWLI YLVp HVW DYDQW WRXW GH IDEULTXHU GHV SURGXLWV UREXVWHV HW PRLQV GH OHV
FRQFHYRLU SOXV UHVSHFWXHX[ GH O HQYLURQQHPHQW /D SUpRFFXSDWLRQ HQYLURQQHPHQWDOH
VH VLWXH GDYDQWDJH GDQV OD OLPLWH GH OD FRQVRPPDWLRQ GHV UHVVRXUFHV QDWXUHOOHV
SXLVTXH O RQ YD PRLQV IDEULTXHU GH SURGXLWV
5 0HLMNDPS GDQV VHV WUDYDX[ GH UHFKHUFKH V HVW LQWpUHVVp HQWUH DXWUHV DX[ FRQFHSWV
GH ODYHULH DXWRPDWLTXH HW GH FRYRLWXUDJH RX YRLWXUH HQ OLEUHVHUYLFH
9RLWXUHV HQ OLEUH VHUYLFH 8Q H[HPSOH IUDQoDLV GH FH JHQUH G DSSURFKH HVW OH SURJUDPPH 3UD[LWqOH SURMHW
SLORWH UpDOLVp HQ SDUWHQDULDW DYHF 9LYHQGL 5HQDXOW (') 'DVVDXOW $XWRPDWLVPHV O ,15,$ HW O ,15(76 8QH
IORWWH GH YpKLFXOHV pOHFWULTXHV UpSDUWLV HQ VWDWLRQV GH UHFKDUJH SDU LQGXFWLRQ HVW HQ OLEUHVHUYLFH SRXU OH
WUDQVSRUW SXEOLF HQ FHQWUHV XUEDLQV >$'(0( @
3DJH
&HV DSSURFKHV KROLVWLTXHV GDQV O·RSWLTXH PrPH GX GpYHORSSHPHQW GXUDEOH Q RQW SRXU
O KHXUH FHSHQGDQW SDV UHoX XQ DFFXHLO WUqV HQWKRXVLDVWH GHV HQWUHSULVHV GH SDU OHXU YLVLRQ
WUqV JOREDOH HQJHQGUDQW GH IRUWHV PRGLILFDWLRQV GDQV OHXU RUJDQLVDWLRQ HW OD UHPLVH HQ
FDXVH PrPH SRXU O XQH GH FHV DSSURFKHV GX FRQFHSW GH SURSULpWp SURGXLWV j VRL WUqV
DQFUp GDQV OD PHQWDOLWp GX FOLHQW IUDQoDLV HQ SDUWLFXOLHU
/RUV G HQTXrWHV VXU OH GpYHORSSHPHQW G pFRSURGXLWV QRPEUH G HQWUHSULVHV VH GpFODUHQW

DYRLU XQH DSSURFKH (FRGHVLJQ RX G pFRFRQFHSWLRQ PDLV ELHQ VRXYHQW OHV pWXGHV Q RQW
pWp IRFDOLVpHV TXH VXU FHUWDLQHV FDUDFWpULVWLTXHV FRPPH OH QRPEUH GH PDWpULDX[ XWLOLVpV
RX OD UHF\FODELOLWp GX SURGXLW /H F\FOH GH YLH FRPSOHW GHV SURGXLWV Q D SDV pWp SULV HQ
FRPSWH HQWUDvQDQW OH ULVTXH SRWHQWLHO G XQ LPSDFW HQYLURQQHPHQWDO LQDWWHQGX SRXU XQH
SKDVH GX F\FOH GH YLH QRQ FRQVLGpUpH LPSDFW UpVXOWDW GH OD PRGLILFDWLRQ GH FRQFHSWLRQ
UpDOLVpH 2Q UHWURXYH LFL OH SUREOqPH TXL D pWp VRXOHYp SUpFpGHPPHQW ORUV GH O pYRFDWLRQ
GHV DSSURFKHV GH W\SH 'I;
(Q WHUPHV GH VWUDWpJLH G HQWUHSULVH RQ SDUOHUD SOXW{W GDQV FH FDV GH *UHHQ 'HVLJQ R
OD YLVLRQ LQGXVWULHOOH HVW RULHQWpH j FRXUW WHUPH HW OHV LQYHVWLVVHPHQWV IDLEOHV HQ UpDFWLRQ j
OD GHPDQGH GX FOLHQW RX j OD OpJLVODWLRQ >'(:%(55< HW DO @
/ (FRGHVLJQ LPSOLTXH SDU FRQWUH XQH YLVLRQ SOXV JOREDOH SURDFWLYH HW j SOXV ORQJ
WHUPH
8QH pWXGH DQJODLVH VXU OHV VWUDWpJLHV G HQWUHSULVH HQ PDWLqUH G (FRGHVLJQ D SHUPLV
G pODERUHU XQH FODVVLILFDWLRQ GHV DSSURFKHV LQGXVWULHOOHV GHSXLV OD SOXV VLPSOH MXVTX j OD
SOXV pODERUpH >'(:%(55< @ &HV GLIIpUHQWV W\SHV G DSSURFKHV VRQW SUpVHQWpV GDQV OH
WDEOHDX GH OD SDJH VXLYDQWH
6RXUFH (PPD 'HZEHUU\ (FRGHVLJQ 6WUDWHJLHV 7KH 2SHQ 8QLYHUVLW\ 5R\DXPH8QL S
3DJH
,QLWLDWLYH
7\SH G DSSURFKH 6WUDWpJLH G HQWUHSULVH
KLpUDUFKLTXH

'pSROOXWLRQ 5pVROXWLRQ GHV SUREOqPHV HQYLURQQHPHQWDX[

$SSURFKH HQ UpSRQVH j O pYROXWLRQ SDU GHV VROXWLRQV GLWHV HQG RI SLSH /HV WUDYDX[
GH OD UpJOHPHQWDWLRQ VRQW FRQFHQWUpV VXU OHV SURFpGpV GH IDEULFDWLRQ 'HVFHQGDQWH
$SSURFKHSURFHVV
HW OHV pPLVVLRQV GH SROOXDQWV
&OHDQ XS ,QLWLDWLYHV 0RWHXU /D UpJOHPHQWDWLRQ
0LVH HQ SODFH GH FLUFXLWV GH UHF\FODJH GHV

(FRQRPLH GRPHVWLTXH GpFKHWV j WRXV OHV QLYHDX[ HW G pTXLSHPHQWV GH
$SSURFKH RULHQWpH VXU OHV SURGXFWLRQ PRLQV pQHUJLYRUHV GDQV XQ REMHFWLI
'HVFHQGDQWH
UHVVRXUFHV HQ PDWpULDX[ HW HQ GH IDLUH GHV pFRQRPLHV
pQHUJLH SRXU OHV pFRQRPLVHU 4XHOTXHV LQLWLDWLYHV G RUJDQLVDWLRQ VRQW ODLVVpHV
$VFHQGDQWH
DX FKRL[ GX SHUVRQQHO
*RRG +RXVHNHHSLQJ 0RWHXUV /D EDLVVH GHV FRWV HW OD SUHVVLRQ GX

SHUVRQQHO
/ DSSURFKH HVW IRFDOLVpH VXU XQ DVSHFW

&RQFHSWLRQ YHUWH
HQYLURQQHPHQWDO GX SURGXLW VDQV IRUFpPHQW
$SSURFKH GH FRQFHSWLRQ IRFDOLVpH
SUHQGUH HQ FRPSWH OHV LPSDFWV OHV SOXV
VXU XQ FULWqUH HQYLURQQHPHQWDO
VLJQLILFDWLIV $VFHQGDQWH
0RGLILFDWLRQV LQFUpPHQWDOHV GX
&HWWH DSSURFKH HVW WUqV RSpUDWLRQQHOOH HVVHQWLHOOHPHQW
$SSURFKHSURGXLW
SURGXLW
0RWHXUV /D UpJOHPHQWDWLRQ OD SUHVVLRQ GX
PDUFKp RX XQH LQLWLDWLYH SURDFWLYH SHUVRQQHOOH
*UHHQ 'HVLJQ
G XQ PHPEUH GH O pTXLSH GH FRQFHSWLRQ
(FRFRQFHSWLRQ $SSURFKH VWUDWpJLTXH HQ FRQVLGpUDQW WRXV OHV

$SSURFKH GH FRQFHSWLRQ SUHQDQW QLYHDX[ GH O HQWUHSULVH 7RXV OHV LPSDFWV
HQ FRPSWH O HQVHPEOH GHV LPSDFWV HQYLURQQHPHQWDX[ SRWHQWLHOV GX SURGXLW VRQW
'HVFHQGDQWH
HQYLURQQHPHQWDX[ G XQ SURGXLW SULV HQ FRPSWH HW OHV DFWLRQV HQJDJpHV VRQW
HVVHQWLHOOHPHQW
VXU VRQ F\FOH GH YLH FRPSOHW SDUWLH LQWpJUDQWH GH OD SROLWLTXH G HQWUHSULVH
0RWHXUV 8QH VWUDWpJLH G HQWUHSULVH GpVLUHXVH
(FRGHVLJQ GH VH GLIIpUHQFLHU HW OD UpJOHPHQWDWLRQ
$SSURFKH JOREDOH QpH G XQH IRUWH SULVH GH

$SSURFKHV\VWqPH
&RQFHSWLRQ JOREDOH
FRQVFLHQFH HQYLURQQHPHQWDOH HW SUHQDQW HQ
GDQV O RSWLTXH GX 'pYHORSSHPHQW
FRPSWH RXWUH O HQYLURQQHPHQW GHV TXHVWLRQV
'XUDEOH 'HVFHQGDQWH
G RUGUH FXOWXUHO pWKLTXH HW pFRQRPLTXH
6\VWqPH GH FRQFHSWLRQ JOREDOH
/ HQWUHSULVH Q HVW SOXV FRQVLGpUpH VHXOH GDQV OH
OLDQW XQH HQWUHSULVH j G DXWUHV $VFHQGDQWH
V\VWqPH PDLV DYHF OD VRFLpWp TXL O HQWRXUH
0RWHXU /D SROLWLTXH GH 'pYHORSSHPHQW
*OREDO 'HVLJQ
'XUDEOH GX JRXYHUQHPHQW QRWLRQ G $JHQGD
7DEOHDX 'LIIpUHQWHV DSSURFKHV LQGXVWULHOOHV GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH
,QLWLDWLYH KLpUDUFKLTXH2ULJLQH GH O LQLWLDWLYH GH OD GpPDUFKH HQJDJpH

'HVFHQGDQWH GHSXLV OD 'LUHFWLRQ MXVTX DX[ PHPEUHV GX SHUVRQQHO 7RSGRZQ
$VFHQGDQWH GHSXLV OH SHUVRQQHO MXVTX j OD 'LUHFWLRQ %RWWRPXS
3DJH
3RXU VLWXHU QRV WUDYDX[ GH UHFKHUFKHV QRXV QRXV VRPPHV GDYDQWDJH D[pV VXU OH FRQFHSW
GH 'I( RX (&'0 RX /&' HQWUH OHV DSSURFKHV VWUDWpJLTXHV GH W\SH &RQFHSWLRQ YHUWH
HW (FRFRQFHSWLRQ SXLVTXH OD SOXSDUW GHV HQWUHSULVHV SUpRFFXSpHV SDU OHV LPSDFWV
HQYLURQQHPHQWDX[ GH OHXUV SURGXLWV QH VRQW SDV HQFRUH DX VWDGH GH OD UpIOH[LRQ JOREDOH
HQ WHUPHV GH GpYHORSSHPHQW GXUDEOH &RQFHSWLRQ JOREDOH
&HV HQWUHSULVHV WHQWHQW GH V RUJDQLVHU PDLV OD UHPLVH HQ FDXVH IRQGDPHQWDOH GH OHXUV
DFWLYLWpV Q HVW SDV HQFRUH j O RUGUH GX MRXU /HV SUHPLHUV EDOEXWLHPHQWV GH FRQFHSWLRQ
HQYLURQQHPHQWDOH VRQW GRQF FDUDFWpULVpV SDU GHV DSSURFKHV R O RQ SUHQG HQ FRPSWH OHV
LPSDFWV GX F\FOH GH YLH FRPSOHW GHV SURGXLWV HW O RQ HIIHFWXH GHV DPpOLRUDWLRQV
HQYLURQQHPHQWDOHV GH FHV SURGXLWV GH SOXV HQ SOXV UDGLFDOHV HW FH DX IXU HW j PHVXUH GH
O pYROXWLRQ GHV FRQQDLVVDQFHV
(QILQ SRXU DFKHYHU FH SDUDJUDSKH VXU OH YRFDEXODLUH HQ PDWLqUH G pFRFRQFHSWLRQ LO HVW

SRVVLEOH GH UpVXPHU OH WRXW HQ XQ WHUPH TXH O RQ UHWURXYH VRXYHQW GDQV OD OLWWpUDWXUH
>:%&6' @ >6,021 HW DO @ O (FRHIILFLHQF\ RX pFRHIILFDFLWp & HVW XQ
LQGLFDWHXU GX GpYHORSSHPHQW GXUDEOH SXLVTX LO FRUUHVSRQG j XQH PHVXUH GX GHJUp GH
VRXWHQDELOLWp GH OD SURGXFWLRQ
8QLQGLFDWHXUGXGpYHORSSHPHQWGXUDEOHO pFRHIILFDFLWp
&H WHUPH G pFRHIILFDFLWp D pWp LQWURGXLW ORUV GX 6RPPHW GH OD 7HUUH GH 5LR HQ ,O
GpVLJQH SRXU FKDTXH HQWUHSULVH XQ PR\HQ GH FRQWULEXHU DX GpYHORSSHPHQW GXUDEOH HW
FRUUHVSRQG j XQ FHUWDLQ WDX[ GH UpGXFWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[ GX F\FOH GH YLH
G XQ SURGXLW
' DSUqV OH :%&6' O REMHFWLI GH O pFRHIILFDFLWp SRXU XQ SURGXLW HVW GH PD[LPLVHU VD

YDOHXU WRXW HQ PLQLPLVDQW OHV LPSDFWV HQYLURQQHPHQWDX[ VXU VRQ F\FOH GH YLH FRPSOHW
>:%&6' @ 6RQ FDOFXO V HIIHFWXH GH OD PDQLqUH VXLYDQWH
9DOHXU GX SURGXLW RX GX VHUYLFH

(FRHIILFDFLWp
,PSDFW HQYLURQQHPHQWDO
:%&6' :RUOG %XVLQHVV &RXQFLO IRU 6XVWDLQDEOH 'HYHORSPHQW

'HJUp GH VRXWHQDELOLWp WUDGXFWLRQ LPSURSUH GH O H[SUHVVLRQ DQJORVD[RQQH GHJUHH RI VXVWDLQDELOLW\
3DJH
R
9DOHXU GX SURGXLW VHUYLFH 0DVVH YROXPH RX QRPEUH GH SURGXLWV VHUYLFHV IDEULTXpV
RX YHQGXV
9HQWHV QHWWHV
,PSDFW HQYLURQQHPHQWDO &RQVRPPDWLRQ G pQHUJLH
&RQVRPPDWLRQ GH PDWLqUH
&RQVRPPDWLRQ G HDX
(PLVVLRQV GH JD] j HIIHW GH VHUUH
(PLVVLRQV GH VXEVWDQFHV GpWUXLVDQW OD FRXFKH G R]RQH
6XU XQH pFKHOOH HQ SRXUFHQWDJH G pFRHIILFDFLWp LO HVW SRVVLEOH GH GLVWLQJXHU
ª G pFRHIILFDFLWp SURGXLWV VRXWHQDEOHV TXL SHXYHQW rWUH SURGXLWV HQ

ODUJH TXDQWLWp LQGpILQLPHQW
ª 8QH IRUWH pFRHIILFDFLWp SURGXLWV D\DQW GH ERQQHV SHUIRUPDQFHV

HQYLURQQHPHQWDOHV QpDQPRLQV QH SRXYDQW rWUH SURGXLWV TX HQ TXDQWLWp RX
VXU XQH GXUpH OLPLWpH
ª 8QH IDLEOH pFRHIILFDFLWp MXVTX j SURGXLWV GRQW OD IDEULFDWLRQ

FRQVRPPH GHV UHVVRXUFHV pSXLVDEOHV SROOXH O HQYLURQQHPHQW RX DOWqUH OD
VDQWp KXPDLQH &H VRQW GHV JUH\ SURGXFWV RX SURGXLWV JULV SDU RSSRVLWLRQ
DX[ SURGXLWV YHUWV
6L G DXFXQV pYRTXHQW QRQ SDV OH WHUPH GH SRXUFHQWDJH G pFRHIILFDFLWp PDLV SOXW{W FHOXL
GH IDFWHXU RX >6&+,(66(5 @ SRXU GpVLJQHU OH QLYHDX GH SURGXFWLRQ
QpFHVVDLUH SRXU DWWHLQGUH XQ GpYHORSSHPHQW GXUDEOH LO Q HQ GHPHXUH SDV PRLQV TX XQ
FHUWDLQ QRPEUH GH SULQFLSHV GH EDVH GRLYHQW rWUH DEVROXPHQW FRQVLGpUpV SRXU LQVFULUH
O pFRFRQFHSWLRQ GDQV XQH GpPDUFKH GH SURJUqV YHUV XQH FRQFHSWLRQ pFRHIILFDFH
ª ,GHQWLILHU OHV EHVRLQV KXPDLQV VDWLVIDLWV SDU OH SURGXLW RX VHUYLFH HW pWDEOLU

GHV SULRULWpV GHV EHVRLQV VXU OHV VRXKDLWV
ª 'pPDWpULDOLVHU RX UpGXLUH OD TXDQWLWp GH PDWpULDX[ HW G pQHUJLH UHTXLV SDU

XQLWp GH VHUYLFH
ª 8WLOLVHU GHV UHVVRXUFHV UHQRXYHODEOHV GH PDWpULDX[ HW G pQHUJLH
ª 0LQLPLVHU OD GLVSHUVLRQ GH PDWpULDX[ GDQV O HQYLURQQHPHQW VRLW GH GpFKHWV

UHMHWV DTXHX[ pPLVVLRQV DWPRVSKpULTXHV « HQ SDUWLFXOLHU V LOV SUpVHQWHQW
GHV GDQJHUV SRXU O KRPPH RX OHV pFRV\VWqPHV &HFL LPSOLTXH GHV QpFHVVLWpV
GH UpXWLOLVDWLRQ UHF\FODJH «
)DFWHXUV « LOV GpVLJQHQW OHV IDFWHXUV UHVSHFWLIV SDU OHVTXHOV LO HVW QpFHVVDLUH GH UpGXLUH
O LQWHQVLWp GH SURGXFWLRQ RX DXJPHQWHU OD SURGXFWLYLWp SRXU SHX j SHX DWWHLQGUH XQ QLYHDX GXUDEOH GH
GpYHORSSHPHQW HW UpGXLUH G XQ FHUWDLQ SRXUFHQWDJH OHV LPSDFWV HQYLURQQHPHQWDX[ GX F\FOH GH YLH G XQ
SURGXLW
3DJH
'HV H[SHUWV HVWLPHQW TX LO YD IDOORLU DFFURvWUH O pFRHIILFDFLWp G XQ IDFWHXU GDQV OHV

SURFKDLQHV DQQpHV VL O RQ YHXW REWHQLU XQ PHLOOHXU pTXLOLEUH HQWUH SURGXFWLRQ HW
FURLVVDQFH GpPRJUDSKLTXH G XQH SDUW HW SURGXFWLRQ HW FDSDFLWp WHUUHVWUH j VXSSRUWHU OHV
DWWDTXHV HQYLURQQHPHQWDOHV OHV SRQFWLRQV GDQV OHV UHVVRXUFHV QDWXUHOOHV HQ SDUWLFXOLHU
G DXWUH SDUW >:(7(5,1*6 HW DO @ &HFL YD QpFHVVLWHU GH UpGXLUH GH OHV LPSDFWV
HQYLURQQHPHQWDX[ HQJHQGUpV DFWXHOOHPHQW SDU OHV LQGXVWULHV HW G XWLOLVHU pQHUJLH HW
PDWLqUHV SUHPLqUHV SOXV SUXGHPPHQW
3RXU & )XVVOHU XQH DPpOLRUDWLRQ GH O pFRHIILFDFLWp G XQ IDFWHXU GDQV OHV DQQpHV j
YHQLU V LPSRVH >)866/(5 HW DO @
3RXU ( 0DQ]LQL >0$1=,1, @ GHX[ FRPSRVDQWHV VRQW HVVHQWLHOOHV SRXU pYRTXHU O pFR
HIILFDFLWp GH OD SURGXFWLRQ OD 7HFKQRORJLH HW OD &XOWXUH FRPSRUWHPHQW GX FOLHQW
FRPSRVDQWHV DX[TXHOOHV 0 6LPRQ >6,021 HW DO @ D DGMRLQW OD WURLVLqPH OD 1DWXUH
QRWLRQ SULVH HQ FRPSWH LFL O pSXLVHPHQW GHV UHVVRXUFHV QDWXUHOOHV &HV WURLV
FRPSRVDQWHV SHXYHQW rWUH UHSUpVHQWpHV VHORQ WURLV D[HV RUWKRJRQDX[ OHV D[HV GX
GpYHORSSHPHQW GXUDEOH
/H WDEOHDX VXLYDQW ILJXUH OHV GLIIpUHQWV W\SHV GH SURGXLWV IDEULTXpV HQ IRQFWLRQ GHV
FRPSRVDQWHV VXVQRPPpHV SULVHV HQ FRPSWH
7HFKQRORJLH &XOWXUH 1DWXUH

3URGXLWV JULV
&RQFHSWLRQ SRXU
O (QYLURQQHPHQW
✘
'HPDQGH UpGXLWH GH
SURGXLWV
✘
3URGXLWV ELRGpJUDGDEOHV RX
UHQRXYHODEOHV
✘
3URGXLWV6HUYLFHV
GpPDWpULDOLVDWLRQ
✘ ✘
(FRORJLH LQGXVWULHOOH ✘ ✘
'pYHORSSHPHQW GXUDEOH ✘ ✘ ✘
7DEOHDX / LQGXVWULH OHV SURGXLWV HW OHV WURLV GLPHQVLRQV GX GpYHORSSHPHQW GXUDEOH >6,021 HW DO @
3RXU FRQFOXUH VXU O HQVHPEOH GH FH SDUDJUDSKH VRQ HVVHQWLHO REMHW pWDLW DYDQW WRXW GH
FRPSUHQGUH OHV GLIIpUHQWHV DFFHSWLRQV HQ PDWLqUH GH FRQFHSWLRQ GH SURGXLWV
UHVSHFWXHXVH GH O HQYLURQQHPHQW HW OH FRQFHSW GH GpYHORSSHPHQW VRXWHQDEOH SRXU
HQVXLWH VLWXHU OH QLYHDX GH QRV WUDYDX[ GH UHFKHUFKH
3URGXLWV JULV ([SUHVVLRQ VRXYHQW HPSOR\pH GDQV OD OLWWpUDWXUH GpVLJQDQW OHV SURGXLWV FRQoXV GH PDQLqUH
FODVVLTXH VDQV SULVH HQ FRPSWH GX FULWqUH HQYLURQQHPHQW
3DJH
1RXV DYRQV pYRTXp TXH OD PDMRULWp GHV HQWUHSULVHV GRQW OHV SHWLWHV HW PR\HQQHV
VRXFLHXVHV GHV QXLVDQFHV HQYLURQQHPHQWDOHV HQJHQGUpHV SDU OHXUV SURGXLWV VH
IRFDOLVHQW VXU OH 'I( & HVW GRQF VXU FHW D[H TXH QRXV DYRQV RULHQWp QRWUH pWXGH
6L FHWWH SUpRFFXSDWLRQ HQYLURQQHPHQWDOH RULHQWpH SURGXLW HVW j FH MRXU HQFRUH ELHQ

WLPLGH HQ )UDQFH QRV UHFKHUFKHV VXU OH VXMHW QRXV RQW DPHQp j QRXV LQWpUHVVHU DX[
WUDYDX[ GpMj HIIHFWXpV RX HQ FRXUV HQ (XURSH PDLV DXVVL GDQV OH UHVWH GX PRQGH /H
SDUDJUDSKH VXLYDQW pYRTXH XQ FHUWDLQ QRPEUH GH FHV pWXGHV TXL RQW QRWDPPHQW LQFLWp OHV
HQWUHSULVHV IUDQoDLVHV j VH PRELOLVHU DXWRXU GH FHWWH QRXYHOOH SUREOpPDWLTXH
81( 35(2&&83$7,21 (19,5211(0(17$/( ' 25'5(

,17(51$7,21$/
/H VRXFL GH FRQFHYRLU GHV SURGXLWV UHVSHFWXHX[ GH O HQYLURQQHPHQW HVW ELHQ DQFUp GDQV
OHV PRGHV GH IRQFWLRQQHPHQW GH QRPEUHXVHV HQWUHSULVHV GH FHUWDLQV SD\V G (XURSH
FRPPH OHV SD\V 1RUGLTXHV OHV 3D\V%DV O $OOHPDJQH O $QJOHWHUUH GH PrPH TX DX[
(WDWV8QLV HW HQ $XVWUDOLH HW FH GHSXLV OH GpEXW GHV DQQpHV
$LQVL ERQ QRPEUH GH SURMHWV RX SURJUDPPHV GH UHFKHUFKH LPSOLTXDQW GHV HQWUHSULVHV HW
GHV pTXLSHV GH UHFKHUFKH XQLYHUVLWDLUHV RQW GpMj SHUPLV GH FRPSUHQGUH OHV HQMHX[
LQGXVWULHOV GH O pFRFRQFHSWLRQ HW G pODERUHU XQ FHUWDLQ QRPEUH G RXWLOV SRXU DPpOLRUHU
OHV SHUIRUPDQFHV HQYLURQQHPHQWDOHV GHV SURGXLWV FHV SURMHWV SRXU OD SOXSDUW
FRQFHUQHQW OH GRPDLQH GHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV
/ XQ G HX[ OH SURMHW '(('6 '(VLJQ IRU (QYLURQPHQW 'HFLVLRQ 6XSSRUW PHQp
FRQMRLQWHPHQW SDU GHX[ XQLYHUVLWpV EULWDQQLTXHV 0DQFKHVWHU 0HWURSROLWDQ 8QLYHUVLW\ HW
&UDQILHOG 8QLYHUVLW\ DX VHLQ GH SOXVLHXUV HQWUHSULVHV GRQW (OHFWUROX[ )ORRUFDUH 'LYLVLRQ
HW ,&/ D SHUPLV GHSXLV GH UpSHUWRULHU HW G pYDOXHU SOXV G XQH FLQTXDQWDLQH G RXWLOV
HW PpWKRGHV HQ PDWLqUH G (FRGHVLJQ RX 'I( / REMHFWLI GH '(('6 pWDQW G LPDJLQHU
FRPPHQW LQWpJUHU OHV TXHVWLRQV G HQYLURQQHPHQW GDQV OHV SURFHVVXV GH GpYHORSSHPHQW
GH SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV FKDTXH XQLYHUVLWp HXW XQH PLVVLRQ ELHQ
SDUWLFXOLqUH j FKDUJH SRXU O pTXLSH GH 0DQFKHVWHU G LGHQWLILHU OHV RXWLOV SHUWLQHQWV HW GH
OHV WHVWHU DYHF GHV pTXLSHV GH FRQFHSWLRQ /HDUQLQJ E\ GRLQJ HW SRXU O pTXLSH GH
&UDQILHOG G DQDO\VHU OHV SURFHVVXV GH FRQFHSWLRQ HW G LGHQWLILHU OHV GLIILFXOWpV GH PLVH HQ
SODFH GX 'I( /HDUQLQJ E\ ZDWFKLQJ
&H WUDYDLO GH UHFKHUFKH HVW j O RULJLQH GH OD SXEOLFDWLRQ HQ G XQ PDQXHO (FRGHVLJQ
1DYLJDWRU >6,021 HW DO @ TXL SURSRVH HQ SDUWLFXOLHU DX OHFWHXU XQH ERvWH j RXWLOV HQ
PDWLqUH G·pFRFRQFHSWLRQ
3DJH
(Q $OOHPDJQH OH SURMHW *UHHQ 79 VRXWHQX SDU GH JUDQGV IDEULTXDQWV GH

WpOpYLVHXUV *UXQGLJ 3KLOLSV 1RNLD 'HXWVFKH 7KRPVRQ%UDQGW « HW OH PLQLVWqUH
DOOHPDQG GH OD 5HFKHUFKH HW GH OD 7HFKQRORJLH HXW FRPPH REMHW SULQFLSDO GH
GpYHORSSHU GHV WHFKQRORJLHV LQQRYDQWHV HW UHVSHFWXHXVHV GH O·HQYLURQQHPHQW SRXU
IDEULTXHU GHV DSSDUHLOV pOHFWURQLTXHV FRPSOH[HV ,O D QRWDPPHQW SHUPLV OD IDEULFDWLRQ
G·XQH WpOpYLVLRQ D\DQW GH JUDQGHV SHUIRUPDQFHV HQYLURQQHPHQWDOHV >6758%(/ @
/H SULQFLSDO REMHW GH FH W\SH GH SURMHW pWDLW DYDQW WRXW GH SHUPHWWUH XQ pFKDQJH GH
VDYRLUIDLUH GH SOXVLHXUV HQWUHSULVHV GX PrPH VHFWHXU G·DFWLYLWp VDQV HVSULW GH
FRPSpWLWLRQ HW FH SRXU FUpHU GHV V\QHUJLHV HW GpYHORSSHU GH QRXYHDX[ PRGHV GH
FRQFHSWLRQ DXWRXU G XQH QRXYHOOH SUREOpPDWLTXH &KDTXH HQWUHSULVH D\DQW OHV PrPHV
LQWHUURJDWLRQV OHV PrPHV FUDLQWHV YLVjYLV GH OD SULVH HQ FRPSWH GH O·HQYLURQQHPHQW LO
V·HVW DJL GH V·DVVRFLHU VDQV PRELOLVHU FH FULWqUH FRPPH IDFWHXU FRQFXUUHQWLHO
/H SURMHW HXURSpHQ '(0523 'HVLJQ DQG (YDOXDWLRQ 0HWKRG IRU WKH 5HF\FODELOLW\ RI
(OHFWURPHFKDQLFDO 3URGXFWV SURMHW %ULWH (XUDP PHQp SDU SOXVLHXUV

HQWUHSULVHV EHOJHV KROODQGDLVHV HW DOOHPDQGHV HW OD 7HFKQLVFKH +RFKVFKXOH 'DUPVWDGW
FRRUGRQQpHV SDU 6LHPHQV $* $OOHPDJQH SHUPLW O pODERUDWLRQ G XQ ORJLFLHO G (FR
FRQFHSWLRQ 'HPURS GHVWLQp j DLGHU OHV FRQFHSWHXUV HW OHV UHF\FOHXUV GH SURGXLWV
pOHFWURPpFDQLTXHV GDQV O RSWLPLVDWLRQ GX UHF\FODJH GH FHV SURGXLWV HQ ILQ GH YLH >(%$&+
@
%LHQ G·DXWUHV SURMHWV GDQV OHV PrPHV GRPDLQHV RQW SHUPLV HW SHUPHWWURQW HQFRUH
G·pODERUHU PpWKRGHV HW RXWLOV SRXU DLGHU OHV HQWUHSULVHV j pFRFRQFHYRLU
✔ 72352&2 7RWDO 3URGXFW /LIH &\FOH &RVW (VWLPDWLRQ 3URMHW HXURSpHQ
SLORWp SDU OH )UDXQKRIHU ,QVWLWXWH $OOHPDJQH HW RULHQWp VXU GHV UHFKHUFKHV GH
PpWKRGHV GH ')5 'HVLJQ IRU 5HF\FOLQJ RX PpWKRGHV SRXU RSWLPLVHU OH UHF\FODJH HW
DFFURvWUH OD YDOHXU GHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV HQ ILQ GH YLH HW FH HQ
UDSSRUW DYHF OH FRW GHV WHFKQLTXHV GH UHF\FODJH FRW DFWXHO >(1*(/%25*+6 @
✔ (',3 (QYLURQPHQWDO 'HVLJQ RI ,QGXVWULDO 3URGXFWV ² 3URMHW GDQRLV SLORWp SDU

O ,QVWLWXWH IRU 3URGXFW 'HYHORSPHQW ,38 D\DQW FRPPH REMHW OH GpYHORSSHPHQW GH
PpWKRGRORJLHV G $QDO\VH GH &\FOH GH 9LH HW GH GLUHFWLYHV HQ PDWLqUH G pFR
FRQFHSWLRQ &H SURMHW DFKHYp HQ IXW j O RULJLQH GH O pODERUDWLRQ G XQH PpWKRGH
G $&9 HW G XQ ORJLFLHO (',37RRO G pYDOXDWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[ GHV
SURGXLWV pOHFWURQLTXHV
✔ ')(( 'HVLJQ )RU (QYLURQPHQW LQ (OHFWURQLFV 3URMHW GH UHFKHUFKH ILQODQGDLV
HQWUH GHX[ XQLYHUVLWpV HW SOXVLHXUV HQWUHSULVHV GHVWLQp j

GpYHORSSHU GHV PRGHV GH FROOHFWH PLVHV j MRXU HW GLVWULEXWLRQV G LQIRUPDWLRQV
3DJH
HQYLURQQHPHQWDOHV XWLOHV ORUV GH GpYHORSSHPHQW G pFRSURGXLWV YLD ,QWHUQHW SDU

H[HPSOH HW j LQWpJUHU FHV LQIRUPDWLRQV GDQV OHV ORJLFLHOV GH FRQFHSWLRQ
✔ (FR'HVLJQ 3URMHW GH GpYHORSSHPHQW G XQH PpWKRGH G pFRFRQFHSWLRQ DGDSWpH DX[

30( GHV 3D\V 1RUGLTXHV -XLQ )LQ / REMHFWLI SULQFLSDO GH WUDYDLO HVW
O pFKDQJH G LQIRUPDWLRQV HW G H[SpULHQFHV HQWUH HQWUHSULVHV
«
2XWUH FHV SURMHWV GHV FHQWUHV WHFKQRORJLTXHV GH UHFKHUFKH VRQW pJDOHPHQW GHVWLQpV j
SURPXOJXHU O pFRFRQFHSWLRQ GDQV OHV HQWUHSULVHV HQ SDUWLFXOLHU OHV 30(
$LQVL GHSXLV OH SURJUDPPH DXVWUDOLHQ (FR5H'HVLJQ GLULJp SDU OH 5R\DO 0HOERXUQH
,QVWLWXWH RI 7HFKQRORJ\ 50,7 D SRXU REMHW G DLGHU OHV HQWUHSULVHV GH WRXW GRPDLQH
G DFWLYLWp j PLQLPLVHU O LPSDFW HQYLURQQHPHQWDO GH OHXUV SURGXLWV HW DPpOLRUHU OHXU
FRPSpWLWLYLWp 8QH SUHPLqUH SKDVH D G DERUG FRQFHUQp G DVVH] JUDQGHV HQWUHSULVHV HW
GHSXLV VHSWHPEUH FH VRQW OHV SHWLWHV HW PR\HQQHV HQWUHSULVHV TXL EpQpILFLHQW GH
O DLGH G H[SHUWV GX 50,7 / XQH GHV FDUDFWpULVWLTXHV GH FH SURJUDPPH HVW GRQF
O $VVLVWDQFH (FRGHVLJQ QpFHVVDLUH SRXU pODERUHU GHV VWUDWpJLHV HW GHV RXWLOV SRXU GHV
FRQFHSWHXUV SHX H[SpULPHQWpV HQ PDWLqUH G HQYLURQQHPHQW 'HV DWHOLHUV GH WUDYDLO VRQW
DLQVL RUJDQLVpV DYHF OH SHUVRQQHO GH O HQWUHSULVH ,OV YRQW SHUPHWWUH G LGHQWLILHU HW GH
FODVVHU OHV SUREOqPHV HQYLURQQHPHQWDX[ G XQ SURGXLW SXLV GH UpIOpFKLU j GHV SRVVLELOLWpV
G DPpOLRUDWLRQV /H 50,7 PR\HQQDQW ILQDQFHV VH FKDUJH DORUV G pODERUHU XQ SODQ
VWUDWpJLTXH SRXU OH GpYHORSSHPHQW GX IXWXU SURGXLW HW G DVVLVWHU DX[ WUDYDX[
(FR5H'HVLJQ D LQLWLp OD SXEOLFDWLRQ GH QRPEUHX[ GRFXPHQWV UHODWLIV j FH SURJUDPPH
GHV EURFKXUHV VXU OHV QRXYHDX[ SURGXLWV GpYHORSSpV XQH (FR5H'HVLJQ 1HZVOHWWHU
WULPHVWULHOOH XQ NLW PDQXHO FDVVHWWH YLGpR (FR5H'HVLJQ 7RRO .LW *RRG 'HVLJQ %HWWHU
%XVLQHVV &OHDQHU :RUOG $ *XLGH WR (FR5H'HVLJQ SRXU VWLPXOHU O LQWpUrW GHV FRQFHSWHXUV
HW IDEULFDQWV DXVWUDOLHQV SRXU OH GpYHORSSHPHQW G pFRSURGXLWV«
$ O·LQVWDU GX 50,7 G·DXWUHV FHQWUHV VH VRQW pJDOHPHQW GpYHORSSpV HQ (XURSH FRPPH DX

5R\DXPH8QL R OH &HQWUH IRU 6XVWDLQDEOH 'HVLJQ &I6' D UpFHPPHQW ODQFp OH
SURJUDPPH (708(/ ² (FRGHVLJQ DQG 7UDLQLQJ IRU 0DQXIDFWXUH 8VH DQG (QG RI /LIH IRU
60(V ² GHVWLQp j GRQQHU XQH FXOWXUH HQYLURQQHPHQWDOH DX[ SDUWLFLSDQWV GHV
GLIIpUHQWV JURXSHV GH WUDYDLO YLD GHV FRQIpUHQFHV GHV IRUPDWLRQV GLYHUVHV 0DQDJLQJ
(FR'HVLJQ GHV UDSSRUWV GHV RXWLOV W\SH FKHFNOLVWV >&/$5. HW DO @ GHV
LQIRUPDWLRQV VXU GHV VLWHV ,QWHUQHW SHUWLQHQWV «
$X[ 3D\V%DV VH VRQW GpYHORSSpV GHV &HQWUHV G ,QQRYDWLRQ DXSUqV GHVTXHOV OHV 30(
GpVLUHXVHV G pFRFRQFHYRLU SHXYHQW V DGUHVVHU SRXU EpQpILFLHU GH O DLGH G H[SHUWV /H
3DJH
FHQWUH .DWKDO\V
DX VHLQ GH O 8QLYHUVLWp 7HFKQRORJLTXH GH 'HOIW RIIUH VRQ VDYRLUIDLUH HQ
PDWLqUH G H[SORUDWLRQ GHV PDUFKpV HW DQDO\VHV GHV EHVRLQV G pODERUDWLRQ GH VWUDWpJLHV HW
GH SROLWLTXHV GH PpWKRGHV G LQQRYDWLRQ G DQDO\VHV GH SURGXLWV W\SH $&9 RX pWXGH GH
FRWV GH UHFKHUFKHV GH WHFKQRORJLHV j WRXWH HQWUHSULVH WHQWpH SDU O LQQRYDWLRQ GDQV OH
FRQWH[WH GX GpYHORSSHPHQW GXUDEOH
3RXU FRQVROLGHU O pFKDQJH G H[SpULHQFHV GHV XQLYHUVLWpV HW GHV HQWUHSULVHV HQILQ RQ
SRXUUD pYRTXHU OD WHQXH UpJXOLqUH G XQ FHUWDLQ QRPEUH GH FRQJUqV HW V\PSRVLXPV
LQWHUQDWLRQDX[

/(6',0(16,216'(/ (&2&21&(37,21
&H SDUDJUDSKH HVW FRQVDFUp j OD FDUDFWpULVDWLRQ SUpFLVH GH O DSSURFKH G pFRFRQFHSWLRQ
VHORQ WURLV GLPHQVLRQV IRQGDPHQWDOHV
ª /D GLPHQVLRQ VWUDWpJLTXH TXHOV VRQW OHV IDFWHXUV H[WHUQHV HW LQWHUQHV TXL YRQW PRWLYHU
XQH HQWUHSULVH SRXU VXLYUH FHWWH DSSURFKH " 4XHOV VRQW OHV QLYHDX[ GH UHPLVH HQ FDXVH
SRVVLEOHV G XQ SURGXLW HW OHV PR\HQV G DFWLRQ HQYLVDJHDEOHV SRXU O HQWUHSULVH "
ª /D GLPHQVLRQ RUJDQLVDWLRQQHOOH TXHOV DFWHXUV YRQW rWUH PRELOLVpV SDU XQ WHO SURMHW HW
FRPPHQW O HQWUHSULVH YDWHOOH V RUJDQLVHU HQ LQWHUQH HW HQ H[WHUQH "
ª /D GLPHQVLRQ FRJQLWLYH FRPPHQW O HQWUHSULVH YDWHOOH SRXYRLU V LQVFULUH GDQV XQH
WUDMHFWRLUH GH FRQQDLVVDQFH DSSUHQGUH DFFpGHU DX[ LQIRUPDWLRQV QpFHVVDLUHV HW OHV
FDSLWDOLVHU "
.$7+$/<6 (FRGHVLJQ %XVLQHVV &HQWUXP 1HGHUODQG

&RQJUqV HW 6\PSRVLXPV ,QWHUQDWLRQDX[
$60( 7KH $PHULFDQ 6RFLHW\ RI 0HFKDQLFDO (QJLQHHUV 'HVLJQ IRU 0DQXIDFWXULQJ
6\PSRVLXP
&$5( $ &RPSUHKHQVLYH $SSURDFK IRU WKH 5HF\FOLQJ RI (OHFWURQLFV ,QQRYDWLRQ ,QWHUQDWLRQDO
6\PSRVLXP DQG %URNHUDJH (YHQW (FR(IILFLHQW &RQFHSWV IRU WKH (OHFWURQLFV ,QGXVWU\ 7RZDUGV
6XVWDLQDELOLW\
(&'0 ,QWHUQDWLRQDO &RQJUHVV RQ (QYLURQPHQWDO &RQVFLRXV 'HVLJQ DQG 0DQXIDFWXULQJ
(FR'HVLJQ ,QWHUQDWLRQDO 6\PSRVLXP RQ (QYLURQPHQWDOO\ &RQVFLRXV 'HVLJQ DQG ,QYHUVH
0DQXIDFWXULQJ
&,53 &ROOqJH ,QWHUQDWLRQDO SRXU O (WXGH 6FLHQWLILTXH GHV 7HFKQLTXHV GH 3URGXFWLRQ
0pFDQLTXH ,QWHUQDWLRQDO 6HPLQDU RQ /LIH &\FOH (QJLQHHULQJ
,&(' ,QWHUQDWLRQDO &RQIHUHQFH RQ (QJLQHHULQJ 'HVLJQ
,((( 7KH ,QVWLWXWH RI (OHFWULFDO DQG (OHFWURQLFV (QJLQHHUV ,QWHUQDWLRQDO 6\PSRVLXP RQ
(OHFWURQLFV 7KH (QYLURQPHQW
,((( 7KH ,QVWLWXWH RI (OHFWULFDO DQG (OHFWURQLFV (QJLQHHUV ,QWHUQDWLRQDO &RQIHUHQFH RQ &OHDQ
(OHFWURQLFV
7KH 6XUUH\ ,QVWLWXWH RI $UW 'HVLJQ ,QWHUQDWLRQDO &RQIHUHQFH WRZDUGV VXVWDLQDEOH SURGXFW
GHVLJQ «
3DJH
'LPHQVLRQVWUDWpJLTXHOHVHQMHX[G XQHGpPDUFKHG pFR

FRQFHSWLRQ
/HVPRWHXUVGHO pFRFRQFHSWLRQ
3RXU pFRFRQFHYRLU XQH HQWUHSULVH YD rWUH PRWLYpH SDU XQ RX SOXVLHXUV IDFWHXUV

LQWHUQHV HW H[WHUQHV 3RXU GLVWLQJXHU FHV GHX[ W\SHV GH IDFWHXUV RQ SDUOHUD GH PRWHXUV
H[WHUQHV SRXU GpVLJQHU FH TXH '2,7 IDLUH O HQWUHSULVH YLVjYLV GH O HQYLURQQHPHQW HW GH
PRWHXUV LQWHUQHV SRXU GpVLJQHU FH TXH 9(87 IDLUH O HQWUHSULVH YLVjYLV GH
O HQYLURQQHPHQW >%5(=(7 HW DO @
(Q VRPPH OHV PRWHXUV H[WHUQHV UHOqYHQW SOXW{W G XQH VWUDWpJLH UpDFWLYH GH O HQWUHSULVH
HQ UpSRQVH j GHV SUHVVLRQV H[WpULHXUHV LOV VRQW YpFXV FRPPH GHV FRQWUDLQWHV DX[TXHOOHV
O HQWUHSULVH GRLW VH VRXPHWWUH /HV PRWHXUV LQWHUQHV TXDQW j HX[ UHOqYHQW SOXW{W G XQH
VWUDWpJLH SURDFWLYH G XQH YRORQWp GpOLEpUpH GH VH SRVLWLRQQHU VXU FHUWDLQV PDUFKpV GH
IDLUH GHV pFRQRPLHV RX ELHQ HQFRUH G DPpOLRUHU OD TXDOLWp GH VHV SURGXLWV &H VRQW GHV
RSSRUWXQLWpV SRXU O HQWUHSULVH
/HVPRWHXUVH[WHUQHV
/HV SULQFLSDX[ IDFWHXUV H[WHUQHV PRWLYDQW XQH HQWUHSULVH j VH SUpRFFXSHU G pFR

FRQFHSWLRQ VRQW UHSUpVHQWpV VXU OD ILJXUH VXLYDQWH
3UHVVLRQ *RXYHUQHPHQW
VRFLpWDOH UpJOHPHQWDWLRQ
3UHVVLRQ GH
(QWUHSULVH ([LJHQFHV
OD FOLHQWqOH
(FRFRQFHSWLRQ GX PDUFKp
/D FRQFXUUHQFH
,QIOXHQFH GHV
DUJXPHQW
IRXUQLVVHXUV
FRQFXUUHQWLHO
3UHVVLRQ GHV
V\QGLFDWV
)LJXUH 3ULQFLSDX[ PRWHXUV H[WHUQHV GH O pFRFRQFHSWLRQ
3DJH
/DSUHVVLRQVRFLpWDOHOHUHVSHFWGHO HQYLURQQHPHQW
/H FRQFHSW GH EDVH TXL PRWLYH XQH HQWUHSULVH GDQV XQH DSSURFKH HQYLURQQHPHQWDOH GRQW
O pFRFRQFHSWLRQ HVW WRXW VLPSOHPHQW OH UHVSHFW PrPH GH OD QDWXUH TXL O HQWRXUH /HV
HQWUHSULVHV VXELVVHQW GH SOXV HQ SOXV IUpTXHPPHQW GHV SUHVVLRQV VRFLpWDOHV SXLVTXH ERQ
QRPEUH G DFFLGHQWV DX[ FRQVpTXHQFHV FDWDVWURSKLTXHV VXU OD IDXQH OD IORUH OD VDQWp
KXPDLQH « HW IRUWHPHQW PpGLDWLVpV RQW GHVVHUYL OD FDXVH LQGXVWULHOOH
/HV HQWUHSULVHV UHFRQQXHV UHVSRQVDEOHV VRQW GRQF WHQXHV SDU GHV FROODERUDWHXUV
DFWLRQQDLUHV DVVXUHXUV JURXSHV GH SUHVVLRQ DVVRFLDWLRQV G pFRORJLVWHV ULYHUDLQV
JURXSHV SURIHVVLRQQHOV RX V\QGLFDWV GH VH FRPSRUWHU HQ HQWUHSULVHV pFRFLWR\HQQHV
WDQW DX QLYHDX GH OHXUV VLWHV TXH GH OHXUV SURGXLWV
/H*RXYHUQHPHQWODUpJOHPHQWDWLRQ
2Q SHXW HVWLPHU G DSUqV O HQTXrWH UpDOLVpH DXSUqV GH SOXVLHXUV HQWUHSULVHV TXH OD

UpJOHPHQWDWLRQ LPSRVpH SDU OH JRXYHUQHPHQW UHSUpVHQWH O XQ GHV PRWHXUV OHV SOXV IRUWV
GH OD SULVH HQ FRPSWH GH O HQYLURQQHPHQW YRLUH OH SOXV IRUW SRXU FHUWDLQHV WDQW DX
QLYHDX GHV VLWHV GH IDEULFDWLRQ TXH GHV SURGXLWV PDQXIDFWXUpV TXH OHV HQWUHSULVHV
FKHUFKHQW j OD GHYDQFHU FRPSRUWHPHQW pFRVHQVLEOH G HQWUHSULVHV SURDFWLYHV RX WDUGHQW
j V \ VRXPHWWUH FRPSRUWHPHQW pFRGpIHQVLI >%87(/%(//,1, @ (OOH HVW GH SOXV HQ SOXV
GUDVWLTXH HW FRQFHUQH WRXV OHV VHFWHXUV
'qV OHV DQQpHV HQ )UDQFH GDQV OH GRPDLQH GHV GpFKHWV OD ORL Q GX -XLOOHW
PRGLILpH HQ SDUWLFXOLHU SDU OD ORL Q GX MXLOOHW UHODWLYH j O pPDQDWLRQ
GHV GpFKHWV HW j OD UpFXSpUDWLRQ GHV PDWpULDX[ VWLSXODLW GDQV VRQ DUWLFOH SUHPLHU TX LO
IDXW SUpYHQLU RX UpGXLUH OHXU SURGXFWLRQ HW OHXU QRFLYLWp QRWDPPHQW HQ DJLVVDQW VXU OD
IDEULFDWLRQ HW OD GLVWULEXWLRQ GHV SURGXLWV
&HWWH ORL LQWURGXLVLW OD QRWLRQ GH GpFKHW XOWLPH GpFKHW TXL Q HVW SOXV VXVFHSWLEOH G rWUH
WUDLWp GDQV OHV FRQGLWLRQV WHFKQLTXHV HW pFRQRPLTXHV GX PRPHQW QRWDPPHQW SDU H[WUDFWLRQ
GH OD SDUW YDORULVDEOH RX SDU UpGXFWLRQ GH VRQ FDUDFWqUH SROOXDQW RX GDQJHUHX[ HW
HU
DQQRQoD TX j FRPSWHU GX -XLOOHW OHV LQVWDOODWLRQV G pOLPLQDWLRQ GHV GpFKHWV SDU
VWRFNDJH QH VHUDLHQW DXWRULVpHV j DFFXHLOOLU TXH GHV GpFKHWV XOWLPHV /HV WD[HV GH PLVHV
HQ GpFKDUJH GHYLHQGUDLHQW GH FH IDLW GH SOXV HQ SOXV GLVVXDVLYHV DILQ G REOLJHU OH
WUDLWHPHQW GHV GpFKHWV
0DLV TXL HVW UHVSRQVDEOH GH FHV GLWV GpFKHWV HW GH OHXU WUDLWHPHQW "
' DSUqV OD ORL GH LO HVW GLW TXH WRXWH SHUVRQQH TXL SURGXLW RX GpWLHQW GHV GpFKHWV
GDQV GHV FRQGLWLRQV GH QDWXUH j SURGXLUH GHV HIIHWV QRFLIV VXU OH VRO OD IORUH OD IDXQH j
'pFKHW ' DSUqV O DUWLFOH SUHPLHU GH OD ORL VXU OHV GpFKHWV GH HVW XQ GpFKHW WRXW UpVLGX G XQ SURFHVVXV
GH SURGXFWLRQ GH WUDQVIRUPDWLRQ RX G XWLOLVDWLRQ WRXWH VXEVWDQFH PDWpULDX SURGXLW RX SOXV JpQpUDOHPHQW
WRXW ELHQ PHXEOH DEDQGRQQp RX TXH VRQ GpWHQWHXU GHVWLQH j O DEDQGRQ
3DJH
GpJUDGHU OHV VLWHV RX OHV SD\VDJHV j SROOXHU O DLU RX OHV HDX[ j HQJHQGUHU GHV EUXLWV HW
GHV RGHXUV HW G XQH IDoRQ JpQpUDOH j SRUWHU DWWHLQWH j OD VDQWp GH O KRPPH HW j
O HQYLURQQHPHQW HVW WHQXH G HQ DVVXUHU RX G HQ IDLUH DVVXUHU O pOLPLQDWLRQ GDQV GHV
FRQGLWLRQV SURSUHV j pYLWHU OHVGLWV HIIHWV
/HV SURGXFWHXUV GH SURGXLWV VXVFHSWLEOHV G HQJHQGUHU GHV GpFKHWV VRQW GRQF WHQXV GDQV
FHUWDLQV FDV GH SRXUYRLU RX GH FRQWULEXHU j OHXU pOLPLQDWLRQ
$SSDUDLVVHQW LFL OHV EDVHV GX SULQFLSH GH SROOXHXUSD\HXU SURFODPp SDU OD ORL %DUQLHU
Q GX )pYULHU UHODWLYH DX UHQIRUFHPHQW GH OD SURWHFWLRQ GH
O HQYLURQQHPHQW
&HV WH[WHV GpVLJQHQW GRQF OHV IDEULFDQWV GH SURGXLWV FRPPH GHV SROOXHXUV HQ SXLVVDQFH
WHQXV HQWUH DXWUHV G DVVXUHU pFRQRPLTXHPHQW OD FROOHFWH HW OH WUDLWHPHQW GH OHXUV
SURGXLWV XVDJpV FRQVLGpUpV FRPPH GpFKHWV
$X QLYHDX LQWHUQDWLRQDO pJDOHPHQW O 2&'( LQWURGXLVLW HQ OH FRQFHSW GH
UHVSRQVDELOLWp pWHQGXH GX SURGXFWHXU (35 ([WHQGHG 3URGXFHU 5HVSRQVLELOLW\
FRPPH XQ PR\HQ GH PLQLPLVHU OD SURGXFWLRQ GH GpFKHWV &H FRQFHSW IXW DGRSWp SDU
TXDWUH SD\V OD &RUpH OH &DQDGD O $OOHPDJQH HW OH -DSRQ SULQFLSDOHPHQW SRXU OHV
GpFKHWV G HPEDOODJH
/H SULQFLSH GH UHVSRQVDELOLWp V H[SOLTXH G DXWDQW PLHX[ TXH FH VRQW OHV IDEULFDQWV TXL
GpWHUPLQHQW OHV VSpFLILFDWLRQV GH OHXUV SURGXLWV FKRLVLVVHQW OHV PDWpULDX[ OHV SURFHVV GH
IDEULFDWLRQ « ,OV GRLYHQW GH Oj rWUH FRQVFLHQWV GHV FRQVpTXHQFHV pYHQWXHOOHV GH OHXUV
FKRL[ HQ WHUPH GH SROOXWLRQ HW VHUDLHQW j PrPH G rWUH OHV DFWHXUV WRXW GpVLJQpV G XQH
DPpOLRUDWLRQ FRQFHSWLRQ GHV SURGXLWV HQ YXH GH OHXU DVVXUHU XQ F\FOH GH YLH OH PRLQV
QpIDVWH SRVVLEOH SRXU OHXU HQYLURQQHPHQW HW HQ SDUWLFXOLHU XQH YDORULVDWLRQ SOXV DLVpH HW
XQH pOLPLQDWLRQ SOXV SURSUH HQ ILQ GH YLH
/ REMHW SULQFLSDO GHV WH[WHV GH ORL UpVLGH GRQF GDQV O LQFLWDWLRQ GHV LQGXVWULHOV j PRGLILHU
TXHOTXH SHX OHXUV DFWLYLWpV SRXU FRQFHYRLU GHV SURGXLWV PRLQV SROOXDQWV DLVpPHQW HW
pFRQRPLTXHPHQW UHWUDLWDEOHV HW FH G DXWDQW SOXV TX LOV VRQW FRPSOH[HV HQ WHUPHV GH
VWUXFWXUH HW GH FRPSRVLWLRQ FRPPH FHX[ GHV GRPDLQHV pOHFWULTXH HW pOHFWURQLTXH
$XMRXUG KXL SOXV GH GHV GpFKHWV LVVXV GHV SURGXLWV GH FHV GRPDLQHV \ FRPSULV OHV
SURGXLWV HQ ILQ GH YLH VRQW PLV HQ GpFKDUJH RX LQFLQpUpV VDQV WUDLWHPHQW SUpDODEOH &HOD
UHSUpVHQWH GHV ULVTXHV HQYLURQQHPHQWDX[ IRUWV HQ SDUWLFXOLHU GHV pPLVVLRQV GH
VXEVWDQFHV WR[LTXHV DLQVL GHV pWXGHV UpFHQWHV RQW HVWLPp TXH OHV pPLVVLRQV
HQJHQGUpHV SDU O LQFLQpUDWLRQ GHV GpFKHWV pOHFWULTXHV HW pOHFWURQLTXHV UHSUpVHQWDLHQW DX
/RL Q GX )pYULHU &HWWH ORL SURFODPH RXWUH OH SULQFLSH GH SROOXHXUSD\HXU
− OH SULQFLSH GH SUpFDXWLRQ VHORQ OHTXHO O DEVHQFH GH FHUWLWXGHV FRPSWH WHQX GHV FRQQDLVVDQFHV
VFLHQWLILTXHV HW WHFKQLTXHV GX PRPHQW QH GRLW SDV UHWDUGHU O DGRSWLRQ GH PHVXUHV HIIHFWLYHV HW
SURSRUWLRQQpHV YLVDQW j SUpYHQLU XQ ULVTXH GH GRPPDJHV JUDYHV HW LUUpYHUVLEOHV j O HQYLURQQHPHQW j XQ
FRW pFRQRPLTXHPHQW DFFHSWDEOH
− OH SULQFLSH G DFWLRQ SUpYHQWLYH HW GH FRUUHFWLRQ SDU SULRULWp j OD VRXUFH GHV DWWHLQWHV j O HQYLURQQHPHQW
HQ XWLOLVDQW OHV PHLOOHXUHV WHFKQLTXHV GLVSRQLEOHV j XQ FRW pFRQRPLTXHPHQW DFFHSWDEOH
− OH SULQFLSH GH SDUWLFLSDWLRQ VHORQ OHTXHO FKDTXH FLWR\HQ GRLW DYRLU DFFqV DX[ LQIRUPDWLRQV UHODWLYHV j
O HQYLURQQHPHQW \ FRPSULV FHOOHV UHODWLYHV DX[ VXEVWDQFHV HW DFWLYLWpV GDQJHUHXVHV
2&'( 2UJDQLVDWLRQ GH &RRSpUDWLRQ HW GH 'pYHORSSHPHQW (FRQRPLTXHV
3DJH
QLYHDX GH OD FRPPXQDXWp HXURSpHQQH SUqV GH WRQQHVDQ GH PHUFXUH HW WRQQHVDQ

GH FDGPLXP VDQV FRPSWHU OHV UHMHWV GH GLR[LQHV HW GH IXUDQHV
&RQFHUQDQW OD PLVH HQ GpFKDUJH GH FHV GpFKHWV OHV ULVTXHV GH FRQWDPLQDWLRQ GHV VROV HW
GHV QDSSHV SKUpDWLTXHV SDU O pPDQDWLRQ GH VXEVWDQFHV GDQJHUHXVHV HW OHV OL[LYLDWV
FRQWHQDQWV QRWDPPHQW GX PHUFXUH LVVXV GHV GLVMRQFWHXUV RX GX 3&% LVVX GHV
FRQGHQVDWHXUV VRQW QRPEUHX[
/H UHF\FODJH GH GpFKHWV pOHFWULTXHV HW pOHFWURQLTXHV ELHQ TXH EpQpILTXH HQ WHUPHV
G pFRQRPLH GH PDWLqUH RX G pQHUJLH PLOOLRQV GH *- HVWLPpV pFRQRPLVpV
DQQXHOOHPHQW SUpVHQWH HQFRUH GH QRPEUHX[ LQFRQYpQLHQWV ORUV GHV GLIIpUHQWV
WUDLWHPHQWV j HIIHFWXHU SUpVHQFH GH UHWDUGDWHXUV GH IODPPH KDORJpQpV GDQV OHV
SODVWLTXHV SRXYDQW HQWUDvQHU GHV pPLVVLRQV GH GLR[LQHV ORUV G RSpUDWLRQV G H[WUXVLRQ
UHMHWV GH PpWDX[ ORXUGV ORUV GHV EUR\DJHV « &HV SUREOqPHV SRXUUDLHQW ELHQ rWUH
UpGXLWV SDU GHV GpVDVVHPEODJHV SURSUHV GpSROOXWLRQV SUpEUR\DJHV HW GHV RSpUDWLRQV
GH SUpWUDLWHPHQW 0DLV FH Q HVW PDOKHXUHXVHPHQW SDV OH FDV OD SOXSDUW GX WHPSV
$SUqV OH GRPDLQH GHV HPEDOODJHV OHV ORLV VH PXOWLSOLHQW GRQF HQ )UDQFH FRPPH GDQV
ELHQ G DXWUHV SD\V GDQV OH EXW G DFFURvWUH OH UHF\FODJH SURSUH GHV GpFKHWV pOHFWULTXHV
HW pOHFWURQLTXHV HW SRXVVHU OHV LQGXVWULHOV GpFODUpV UHVSRQVDEOHV GHV SROOXWLRQV j
V RUJDQLVHU SRXU OHV pYLWHU ,O HVW FHSHQGDQW SDUIRLV GLIILFLOH G \ YRLU FODLU WDQW OHV
GLVSDULWpV UpJOHPHQWDLUHV QDWLRQDOHV VRQW QRPEUHXVHV HQ SDUWLFXOLHU VXU FHWWH QRWLRQ GH
UHVSRQVDELOLWp GHV IDEULFDQWV YLVjYLV GH OHXUV SURGXLWV HQ ILQ GH YLH
/HV SRVLWLRQV QDWLRQDOHV GDQV OH FDGUH GHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV XVDJpV
VRQW OHV VXLYDQWHV G DSUqV OH WDEOHDX FLDSUqV VLWXDWLRQ HQ -XLOOHW
8Q WDEOHDX SOXV FRPSOHW HVW SUpVHQWp HQ $QQH[H
3&% 3RO\FKORURELSKpQ\OH
3DJH
5HWRXU GHV SURGXLWV 6\VWqPH GH

3D\V 3URGXLWV YLVpV 5pJOHPHQWDWLRQ "
5HVSRQVDELOLWpV " ILQDQFHPHQW "
$YDQW GpFUHW WD[H GH

&ROOHFWH SDU OHV FROOHFWLYLWpV UHSULVH SRXU O XWLOLVDWHXU
ORFDOHV ILQDO
,QIRUPDWLTXH
&ROOHFWH HW WUDLWHPHQW SDU OHV $SUqV GpFUHW 3DV HQFRUH GH GpFUHW
$OOHPDJQH
IDEULFDQWV LPSRUWDWHXUV 5HWRXU JUDWXLW SRXU G DSSOLFDWLRQ SUpYX DX
8(
O XWLOLVDWHXU ILQDO PDLV WRXMRXUV HQ SURMHW
3DV GH PRGH GH FROOHFWH 7D[H GH UHSULVH SRXU

7pOpSKRQLH
pWDEOL O XWLOLVDWHXU ILQDO
3DV GH GpFUHW
$WWHQWH GHV GpYHORSSHPHQWV
%XUHDXWLTXH HXURSpHQV
7D[H VXU OD YHQWH GH
,QIRUPDWLTXH ([LVWH XQH QRUPH g1250 6
$XWULFKH QRXYHDX[ SURGXLWV
9LGpR PHLOOHXUHV SUDWLTXHV
8( SRXU OD ILQ GH YLH GHV SURGXLWV
pOHFWULTXHV HW pOHFWURQLTXHV
3URGXLWV EODQFV 7D[H GH UHSULVH SRXU

5pJOHPHQWDWLRQ HQ SODFH
/DPSHV O XWLOLVDWHXU ILQDO
5pJOHPHQWDWLRQ IODPDQGH VXU

OD SUpYHQWLRQ HW OH
PDQDJHPHQW GHV GpFKHWV
&ROOHFWH SDU OHV IDEULFDQWV 9/$5($ HQWUpH HQ YLJXHXU j
%HOJLTXH LPSRUWDWHXUV HW GLVWULEXWHXUV SDUWLU GX
3URGXLWV EODQFV 5HWRXU JUDWXLW SRXU
)ODQGUHV 3URGXLWV EUXQV
2EMHFWLIV GH UHF\FODJH GHV 3RXU OHV SURGXLWV EUXQV HW
O XWLOLVDWHXU ILQDO
8( PpWDX[ IHUUHX[ QRQ IHUUHX[ HW EODQFV REOLJDWLRQV j SDUWLU GX
GHV SODVWLTXHV
'LVFXVVLRQV SRXU O·DGRSWLRQ

G·XQ FRYHQDQW SRXU OD FROOHFWH
GHV SURGXLWV pOHFWURQLTXHV
3URGXLWV
GHV DSSDUHLOV
pOHFWURQLTXHV
%HOJLTXH pOHFWURQLTXHV PpQDJHUV HW
OLVWpV GDQV OH SODQ GH
:DOORQLH PDQDJHPHQW GHV
LQGXVWULHOV GRLYHQW rWUH 'pFUHW HQ GLVFXVVLRQ
8( FROOHFWpV j SDUWLU GH HW

GpFKHWV DGRSWp OH
j SDUWLU GH
3DJH

7D[H GH UHSULVH DMRXWpH j
OD WD[H GHV RUGXUHV
3URGXLWV EODQFV PpQDJqUHV
3URGXLWV EUXQV
5HWRXU JUDWXLW SRXU OHV
,QIRUPDWLTXH
XWLOLVDWHXUV LQGLYLGXHOV HW
7pOpSKRQLH &ROOHFWH HW WUDLWHPHQW SDU OHV

'DQHPDUN OHV GLVWULEXWHXUV
(TXLSHPHQWV FROOHFWLYLWpV ORFDOHV HW QRQ OHV 'pFUHW HQ YLJXHXU DX
8( PpGLFDX[
7D[H VXSSOpPHQWDLUH GH
SURGXFWHXUV
(TXLSHPHQWV GH
UHSULVH SRXU OHV
ODERUDWRLUH SURIHVVLRQQHOV
7UDQVIRUPDWHXUV /·LQGXVWULH GRLW
pJDOHPHQW SD\HU SRXU
O·HQOqYHPHQW
3URGXLWV
(VSDJQH pOHFWULTXHV HW 5HWRXU JUDWXLW SRXU (WXGHV SLORWHV HQ FRXUV
pOHFWURQLTXHV
8( O XWLOLVDWHXU ILQDO 3DV GH UpJOHPHQWDWLRQ
JpQpUDO
3URGXLWV
)LQODQGH pOHFWULTXHV HW (WXGH SLORWH VXU OD FROOHFWH HW 7D[H VXU OD YHQWH GH (WXGH SLORWH HQ FRXUV
pOHFWURQLTXHV
8( OD YDORULVDWLRQ QRXYHDX[ SURGXLWV 3DV GH UpJOHPHQWDWLRQ
JpQpUDO
3URGXLWV
)UDQFH pOHFWULTXHV HW (Q IDYHXU GH OD UHVSRQVDELOLWp
3DV GH UpJOHPHQWDWLRQ
pOHFWURQLTXHV
8( SDUWDJpH
JpQpUDO
,UODQGH 3URGXLWV 'LVFXVVLRQV HQ FRXUV SRXU XQ
pOHFWURQLTXHV
8( DFFRUG YRORQWDLUH
(Q FRXUV
5pIULJpUDWHXUV &ROOHFWH HW WUDLWHPHQW GHV 'pFUHW VXU OH PDQDJHPHQW GHV
0DFKLQHV j ODYHU UpIULJpUDWHXUV HQ SODFH HQ 5HWRXU JUDWXLW VRXV GpFKHWV GX DPHQGp SDU
,WDOLH
7pOpYLVHXUV FRQGLWLRQ G DFKDW G XQ FHOXL GH R O·$UW
8( 2UGLQDWHXUV ([WHQVLRQ ILQ SRXU OHV QRXYHDX SURGXLW SUpYRLW OD PLVH HQ SODFH GH
YHQWLODWHXUV
RUGLQDWHXUV HW OHV WpOpYLVHXUV SRLQWV GH FROOHFWH SDU OHV
LQGXVWULHOV
3DJH

/X[HPERXUJ 6\VWqPH GH FROOHFWH $WWHQWH GH OD GLUHFWLYH

5pIULJpUDWHXUV 6XSHU)UHRQV.sVFKW LQLWLp HQ HXURSpHQQH SRXU OHV 3(()9
8(

,QIRUPDWLTXH
7pOpSKRQLH 'pFUHW GX TXL HQWUH HQ

)DEULFDQWV HW LPSRUWDWHXUV 7D[H VXU OD YHQWH GH YLJXHXU DX

5pIULJpUDWHXUV

PDFKLQHV j ODYHU
UHVSRQVDEOHV GH OD FROOHFWH j QRXYHDX[ LQFLQpUDWLRQ LQWHUGLWH DX

SURGXLWV SRXU PDWpULHOV YROXPLQHX[
PRQWDQW LPSRVp DX FDV FROOHFWH GHV HW DX
3D\V%DV VqFKHOLQJH
8( RUGLQDWHXUV SDUWLU GHV SRLQWV GH FROOHFWH

LPSULPDQWHV
PXQLFLSDX[ HW GHV GpWDLOODQWV SDU FDV SRXU SHWLWV PDWpULHOV

(TXLSHPHQWV
SRXU FKDXIIDJH HW FROOHFWH GHV

HDX FKDXGH
5R\DXPH
3URGXLWV 3DV GH UpJOHPHQWDWLRQ
8QL pOHFWULTXHV HW (WXGHV SLORWHV HQ FRXUV (Q DWWHQWH GHV UpVXOWDWV GHV
8(
pOHFWURQLTXHV SURMHWV SLORWHV
&ROOHFWH HW WUDLWHPHQW SDU OHV
IDEULFDQWV 3UpYXH DX PDLV DWWHQWH
2EOLJDWLRQ G LQIRUPHU
7D[H VXU OD YHQWH GHV GHV QRXYHOOHV UpJOHPHQWDWLRQV

O XWLOLVDWHXU ILQDO
6XqGH 3URGXLWV
8( pOHFWURQLTXHV
7UDLWHPHQW SUpDODEOH QRXYHDX[ SURGXLWV VXU OH WUDLWHPHQW GHV 3(()9
REOLJDWRLUH DYDQW LQFLQpUDWLRQ SDU O·(3$ VXpGRLVH
EUR\DJH «
&ROOHFWH SDU OHV FROOHFWLYLWpV
ORFDOHV HW OHV GpWDLOODQWV
&ROOHFWH SDU OHV IDEULFDQWV 7D[H VXU OD YHQWH GH
(OHFWURPpQDJHU SRXU OHV SURGXLWV YHQGXV QRXYHDX[ SURGXLWV
%XUHDXWLTXH DYDQW OH GpFUHW /HV SUL[ GHV SURGXLWV RQW 2UGRQQDQFH VXU OD FROOHFWH HW
,QIRUPDWLTXH 7DX[ GH FROOHFWH PLQLPXP DXJPHQWp GH j ODpOHFWURQLTXHV
UHSULVH GHV SURGXLWV
7pOpSKRQLH
GDQV OHV DQV 1.U HQ ILQ GH YLH GX
1RUYqJH
)LQDQFHPHQW SDU OHV HQWUDQW HQ YLJXHXU j
SURGXFWHXUV HW OHV SDUWLU GX

LPSRUWDWHXUV
5pIULJpUDWHXUV &ROOHFWH SDU OHV FROOHFWLYLWpV
&RQJpODWHXUV ORFDOHV GHSXLV
3DJH

%XUHDXWLTXH 5HWRXU JUDWXLW SRXU
,QIRUPDWLTXH HW O XWLOLVDWHXU ILQDO LQFLWp j
pOHFWURQLTXH GH &ROOHFWH HW WUDLWHPHQW GH OHXUV

DFKHWHU XQ QRXYHDX 'pFUHW VXU OD FROOHFWH HW
ORLVLUV SURGXLW DX FKRL[ GH O·pOLPLQDWLRQ GHV DSSDUHLOV
(OHFWURPpQDJHU
SURGXLWV SDU OHV IDEULFDQWV
6XLVVH O LQGXVWULHO pOHFWULTXHV HW pOHFWURQLTXHV
%DOODVWV GHV &ROOHFWH GH WRXV OHV SURGXLWV
6L DXFXQ DUUDQJHPHQW GX HQWUDQW HQ YLJXHXU
ODPSHV FRQWHQDQW SDU OHV GpWDLOODQWV
GHV LQGXVWULHOV WD[H GH DX

GHV 3&%V
3URGXLWV %ODQFV
UHSULVH LPSRVpH SDU OH

JRXYHUQHPHQW
7DEOHDX 5HYXH UpJOHPHQWDLUH HXURSpHQQH VXU OD UHSULVH GHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV
HQ ILQ GH YLH 3(()9
6RXUFHV 5HYXH RQOLQH 3URGXFW 6WHZDUGVKLS $GYLVRU KWWSZZZFXWWHUFRPSVD DUWLFOH 7KH

3URJUHVV RI 7DNHEDFN /HJLVODWLRQ IRU (OHFWURQLF (TXLSPHQW $URXQG WKH :RUOG )pYULHU

3URSRV GH +HUEHU (QPDUFK:LOOLDPV GDQV XQ UDSSRUW GH O DVVRFLDWLRQ 7KH 6XUUH\ DQG
+DPSVKLUH (QYLURQPHQWDO %XVLQHVV $VVRFLDWLRQ
qPH SURSRVLWLRQ G XQ SURMHW GH 'LUHFWLYH (XURSpHQQH VXU OHV SURGXLWV pOHFWULTXHV HW
pOHFWURQLTXHV HQ ILQ GH YLH -XLOOHW
&HV GLYHUVLWpV G DSSURFKHV WDQW VXU OHV SURGXLWV FRQFHUQpV OHV UHVSRQVDELOLWpV TXH OHV
GDWHV GH PLVH HQ DSSOLFDWLRQ GHV ORLV HQJHQGUDQW GH QRPEUHX[ SUREOqPHV FRPPH GHV
EDUULqUHV DX FRPPHUFH LQWHUQDWLRQDO GHV GLVWRUVLRQV GH FRQFXUUHQFH RX ELHQ HQFRUH GHV
GLVSDULWpV GH FKDUJH ILQDQFLqUH VXU OHV SURGXFWHXUV XQH GLUHFWLYH HXURSpHQQH GRQW OH
WURLVLqPH SURMHW D pWp SXEOLp OH -XLOOHW HVW DFWXHOOHPHQW HQ SUpSDUDWLRQ SDU OD '*
;, SRXU WHQWHU G KDUPRQLVHU OHV PHVXUHV GH WRXV OHV (WDWV PHPEUHV
&HWWH GLUHFWLYH SU{QDQW OD SUpYHQWLRQ GHV GpFKHWV pOHFWULTXHV HW pOHFWURQLTXHV OHXU
YDORULVDWLRQ HW O pOLPLQDWLRQ SURSUH FRXYUH XQ JUDQG FKDPS G DSSOLFDWLRQ SXLVTXH SDV
PRLQV GH RQ]H VHFWHXUV SURIHVVLRQQHOV VRQW FRQFHUQpV *UDQGV HW SHWLWV DSSDUHLOV
PpQDJHUV pTXLSHPHQWV LQIRUPDWLTXHV WpOpFRPPXQLFDWLRQV UDGLR ² 79 ²
pOHFWURDFRXVWLTXH PDWpULHOV G·pFODLUDJH pTXLSHPHQWV PpGLFDX[ LQVWUXPHQWV GH
VXUYHLOODQFH HW GH FRQWU{OH MRXHWV RXWLOV pOHFWULTXHV HW pOHFWURQLTXHV HW GLVWULEXWHXUV
DXWRPDWLTXHV
3DJH
$X UHJDUG GH FHWWH UpJOHPHQWDWLRQ HXURSpHQQH FKDTXH (WDW PHPEUH GHYUD

• PHWWUH HQ SODFH GHV PHVXUHV SRXU DPpOLRUHU OH UHF\FODJH GHV SURGXLWV
− 5pGXFWLRQ GH O XWLOLVDWLRQ GH VXEVWDQFHV GDQJHUHXVHV HW GX QRPEUH GH
GLIIpUHQWV W\SHV GH PDWLqUHV SODVWLTXHV
− ,QFLWDWLRQ j OD FRQFHSWLRQ HW SURGXFWLRQ GH SURGXLWV IDFLOHV j UpSDUHU
GpPRQWHU YDORULVHU HQ UHQIRUoDQW OHV SRVVLELOLWpV GH UpXWLOLVDWLRQ
− 0DUTXDJH QRUPDOLVp GHV FRPSRVDQWV HW PDWpULDX[ GH SOXV GH J
− (OLPLQDWLRQ VDXI H[FHSWLRQV GH O HPSORL GX SORPE GX PHUFXUH GX
FDGPLXP GX FKURPH KH[DYDOHQW GHV 3%%V HW 3%'(V DX HU -DQYLHU

• V DVVXUHU GX ERQ GpURXOHPHQW GHV RSpUDWLRQV GH FROOHFWH GHV SURGXLWV HQ ILQ GH
YLH
− 9pULILFDWLRQ GH OD PLVH HQ SODFH SDU OHV SURGXFWHXUV GHV SRLQWV GH
FROOHFWH GHV SURGXLWV
− $FFHSWDWLRQ SDU OHV GLVWULEXWHXUV GH OD UHSULVH JUDWXLWH GHV SURGXLWV
UDSSRUWpV SDU XQ FRQVRPPDWHXU DFKHWDQW XQ SURGXLW VLPLODLUH j
FRQGLWLRQ TXH FHV SURGXLWV VRLHQW H[HPSWV GH VXEVWDQFHV
FRQWDPLQDQWHV GRQW OHV VXEVWDQFHV UDGLRDFWLYHV RX ELRORJLTXHV
− 2EMHFWLIV GH OD FROOHFWH VpOHFWLYH GHYDQW rWUH DWWHLQWV j VDYRLU WDX[
PLQLPXP GH NJ HQ PR\HQQH SDU KDELWDQW HW SDU DQ GH SURGXLWV HQ ILQ
GH YLH SURYHQDQW GHV PpQDJHV
• V DVVXUHU GHV RSpUDWLRQV GH SUpWUDLWHPHQW HW WUDLWHPHQW GHV SURGXLWV FROOHFWpV
GHVWLQpV j OD GpFKDUJH O LQFLQpUDWLRQ RX OD YDORULVDWLRQ
• V DVVXUHU GH OD PLVH HQ SODFH SDU OHV SURGXFWHXUV GH V\VWqPH GH YDORULVDWLRQ
GHV SURGXLWV FROOHFWpV
− $X HU -DQYLHU OHV WDX[ PDVVLTXHV GH UHF\FODJH HW GH UpXWLOLVDWLRQ
GHV SURGXLWV GHYUDLHQW rWUH OHV VXLYDQWV G DSUqV OH WDEOHDX FL
DSUqV
3%%V 3RO\EURPRELSKpQ\OHV
3%'(V 3RO\EURPRGLSKpQ\OHWKHUV
3DJH
7DX[ PDVVLTXH GH
7\SH G pTXLSHPHQWV UpXWLOLVDWLRQ
HW UHF\FODJH PLQLPXP
*UDQGV DSSDUHLOV PpQDJHUV
3HWLWV DSSDUHLOV PpQDJHUV
(TXLSHPHQWV LQIRUPDWLTXHV
7pOpFRPPXQLFDWLRQV
5DGLR 79 pOHFWURDFRXVWLTXH
(FODLUDJH
(TXLSHPHQWV PpGLFDX[
,QVWUXPHQWV GH VXUYHLOODQFH HW GH FRQWU{OH
-RXHWV
2XWLOV pOHFWULTXHV HW pOHFWURQLTXHV
'LVWULEXWHXUV DXWRPDWLTXHV
7DEOHDX 7DX[ GH UpXWLOLVDWLRQ HW GH UHF\FODJH PLQLPXP SUpFRQLVpV SDU OD IXWXUH 'LUHFWLYH
(XURSpHQQH VXU OHV 3URGXLWV (OHFWULTXHV HW (OHFWURQLTXHV HQ ILQ GH YLH
6RXUFH 5HYXH (QYLURQQHPHQW Q 6HSWHPEUH S
([FHSWLRQ GH WDX[ PDVVLTXH GH UpXWLOLVDWLRQ HW UHF\FODJH PLQLPDO SRXU OHV 3(()9
FRQWHQWDQW XQ WXEH j UD\RQQHPHQW FDWKRGLTXH
7\SH G pTXLSHPHQWV FRQFHUQDQW 3KLOLSV (FODLUDJH O HQWUHSULVH D\DQW SDUWLHOOHPHQW FROODERUp j

FHV WUDYDX[ GH UHFKHUFKH
5HPDUTXH 3RXU OD PHVXUH GHV WDX[ GH UHF\FODJH OH GpQRPLQDWHXU HVW
FRQVWLWXp SDU OH WRWDO HQ SRLGV GHV PDWpULDX[ FRQWHQXV GDQV OHV
DSSDUHLOV HQYR\pV DX UHF\FOHXU /H SRLGV HVW FDOFXOp VXU OD EDVH GH OD
FRPSRVLWLRQ PR\HQQH GHV DSSDUHLOV UHVSHFWLIV /H QXPpUDWHXU HVW
FRQVWLWXp SDU OH SRLGV GHV PDWpULDX[ HQYR\pV j GHV HQWUHSULVHV GH
UHF\FODJH VSpFLDOLVpHV SDU OH UHF\FOHXU
− (QFRXUDJHPHQW j OD YDORULVDWLRQ pQHUJpWLTXH GHV SURGXLWV FROOHFWpV
− (QFRXUDJHPHQW GHV SURGXFWHXUV j DFFURvWUH O HPSORL GH PDWpULDX[
XVDJpV RX UHF\FOpV GDQV OD IDEULFDWLRQ GH QRXYHDX[ SURGXLWV
• V DVVXUHU TXH OHV PpQDJHV SHXYHQW UHWRXUQHU OHXUV SURGXLWV JUDWXLWHPHQW HW TXH
OHV FRWV GH FROOHFWH WUDLWHPHQW YDORULVDWLRQ HW pOLPLQDWLRQ SURSUH VRQW
3DJH
VXSSRUWpV SDU OHV SURGXFWHXUV VHXOV RX HQ DVVRFLDWLRQ GDQV GHV V\VWqPHV
FROOHFWLIV
• V DVVXUHU TXH OHV XWLOLVDWHXUV SHXYHQW REWHQLU OHV LQIRUPDWLRQV QpFHVVDLUHV VXU
OHV V\VWqPHV GH FROOHFWH OHXU U{OH GDQV O RUJDQLVDWLRQ GH OD YDORULVDWLRQ GHV
SURGXLWV HQ ILQ GH YLH HW OHV V\PEROHV GH PDUTXDJH GH PDQLqUH j UpDOLVHU GHV
WDX[ pOHYpV GH FROOHFWH
• V DVVXUHU TXH OHV SURGXFWHXUV LQIRUPHQW VXIILVDPPHQW FRUUHFWHPHQW HQ WHUPHV
GH VWUXFWXUH HW GH FRPSRVLWLRQ GHV SURGXLWV OHV XQLWpV FKDUJpHV GH OHV WUDLWHU
/ DGRSWLRQ GH FHWWH GLUHFWLYH HVW WRXMRXUV j FH MRXU IRUWHPHQW GLVFXWpH SXLVTX HOOH
V RSSRVH j GHV OREELHV WUqV IRUWV GH OD SDUW GHV DVVRFLDWLRQV HXURSpHQQHV G LQGXVWULHOV

>+(50$1 @
ª &HV GHUQLqUHV HVWLPHQW HQ HIIHW TXH FHUWDLQHV SURSRVLWLRQV VRQW LQDFFHSWDEOHV j
FRPPHQFHU SDU GHV REMHFWLIV WURS SUpFLV LUUpDOLVWHV HW SDV DVVH] SURJUHVVLIV XQ
FKDPS G DSSOLFDWLRQ WURS YDVWH HW GHV FRQWUDLQWHV VXU OD FRQFHSWLRQ YpFXHV FRPPH
GHV HQWUDYHV DX[ SURJUqV WHFKQRORJLTXHV HW DX[ pFKDQJHV FRPPHUFLDX[
ª / REMHFWLI FKLIIUp GH UpGXFWLRQ GH OD TXDQWLWp GH GpFKHWV HQYR\pV HQ GpFKDUJH QH
VHPEOHUDLW SDU DLOOHXUV SDV VXIILVDPPHQW FODLUHPHQW H[SULPp
ª /HV LQGXVWULHOV VRXKDLWHQW TXH VRLW UpLQWURGXLWH OD QRWLRQ GH UHVSRQVDELOLWp SDUWDJpH
GHV GLIIpUHQWV DFWHXUV FRQFHUQpV SDU OH F\FOH GH YLH GHV SURGXLWV GHSXLV OHV
IRXUQLVVHXUV MXVTX DX FROOHFWHXUUHF\FOHXU VDQV RXEOLHU O XWLOLVDWHXU
ª /H EDQQLVVHPHQW GH FHUWDLQHV VXEVWDQFHV HVW FRQVLGpUp FRPPH © LQFRQFHYDEOH HQ
O DEVHQFH GH VXEVWLWXWV DVVXUDQW OHV PrPHV SHUIRUPDQFHV j XQ FRW VXSSRUWDEOH DYHF
GHV FRQVpTXHQFHV HQYLURQQHPHQWDOHV PRLQGUHV HW DYpUpHV ,O QH SHXW UHOHYHU TXH GH
GLUHFWLYHV KRUL]RQWDOHV DSUqV DYRLU GRQQp OLHX j GHV pWXGHV pFRQRPLTXHV HW
VFLHQWLILTXHV ª
3ULQFLSDOHV DVVRFLDWLRQV HXURSpHQQHV IDFH DX[ SURSRVLWLRQV GH OD IXWXUH 'LUHFWLYH (XURSpHQQH 3(()9
25*$/,0( *URXSH GH OLDLVRQ GHV LQGXVWULHV HXURSpHQQHV PpFDQLTXHV pOHFWULTXHV pOHFWURQLTXHV HW GH
WUDYDLO GHV PpWDX[ (852%,7 3URGXLWV LQIRUPDWLTXHV ($&(0 3URGXLWV pOHFWURQLTXHV *UDQG 3XEOLF
(&7(/ 7pOpFRPPXQLFDWLRQV ((&$ &RPSRVDQWV pOHFWURQLTXHV (/& (QWUHSULVHV GH O (FODLUDJH
(8523$&$%/( )LOV LVROpV HW FkEOHV &(&(' 3URGXLWV %ODQFV (8&20(' (TXLSHPHQW PpGLFDX[
&(/0$ )DEULFDQWV GH OXPLQDLUHV ,&(5 5HF\FODJH GHV pTXLSHPHQWV pOHFWULTXHV HW pOHFWURQLTXHV «
3DJH
ª 6 DJLVVDQW GX ILQDQFHPHQW LO HVW HVWLPp TXH OD SURSRVLWLRQ GHYUDLW SUpFLVHU TXH

O DFKHWHXU GHYUD VXSSRUWHU OH FRW GH OD YDORULVDWLRQ HW GX UHF\FODJH GHV SURGXLWV HW
TXH OHV V\VWqPHV GH FROOHFWH GHYURQW rWUH DVVXUpV SDU GHV LQGXVWULHOV VSpFLDOLVpV
&KDFXQ GHV VHFWHXUV FRQFHUQpV GHYUDLW SRXYRLU SURSRVHU VD SURSUH VROXWLRQ HQ
V RFWUR\DQW QRWDPPHQW OD SRVVLELOLWp G DMRXWHU XQH FRQWULEXWLRQ HQYLURQQHPHQWDOH
YLVLEOH DX SUL[ GX QRXYHO DSSDUHLO ODTXHOOH VHUDLW G XQ PRQWDQW GpWHUPLQp SDU OH
VHFWHXU OXLPrPH 'DQV OH FDV G XWLOLVDWHXUV SURIHVVLRQQHOV OH PRGH GH ILQDQFHPHQW
SRXUUDLW ELHQ rWUH OLEUHPHQW QpJRFLp HQWUH OH SURGXFWHXU HW OH GHUQLHU GpWHQWHXU
ª (QILQ OD SURSRVLWLRQ QH GHYUDLW FRQFHUQHU TXH OHV SURGXLWV LQWURGXLWV VXU OH PDUFKp j
FRPSWHU GH VD SXEOLFDWLRQ HW LPSpUDWLYHPHQW GLIIpUHQFLHU OHV SURGXLWV JUDQG SXEOLF
SURGXLWV PpQDJHUV GHV SURGXLWV SURIHVVLRQQHOV QRWDPPHQW HQ WHUPHV GH WDX[ GH
FROOHFWH
&HV REVHUYDWLRQV VRQW DX F±XU GH QRPEUHXVHV GLVFXVVLRQV VH SRXUVXLYDQW j O LQWpULHXU

PrPH GH OD '* ;, OHVTXHOOHV UHWDUGHQW OD FRQVXOWDWLRQ LQWHUVHUYLFHV DYHF OHV DXWUHV
GLUHFWLRQV GH OD FRPPLVVLRQ HW O DGRSWLRQ GpILQLWLYH GH OD 'LUHFWLYH
,O VHPEOHUDLW TXH OHV HQWUHSULVHV VH MRXHQW HQ IDLW EHDXFRXS GH OD UpJOHPHQWDWLRQ SRXU

VHUYLU OHXUV LQWpUrWV HW WDQW{W IUHLQHU VRQ pYROXWLRQ WDQW{W OD GHYDQFHU SDU O LQWHUPpGLDLUH
GH JURXSHV GH SUHVVLRQ $LQVL G XQ F{Wp HOOHV FULWLTXHQW OHV REMHFWLIV LUUpDOLVWHV G XQH
IXWXUH 'LUHFWLYH PDLV GH O DXWUH GpSORUHQW OH IDLW TXH OD OpJLVODWLRQ QH VHUYH TX j
© HQWpULQHU XQH VLWXDWLRQ ª SURSRV GX 3URGXFW (QYLURQPHQW 0DQDJHU GH 7KRPVRQ
0XOWLPpGLD
(Q IDLW OHV HQWUHSULVHV SURILWHQW VRXYHQW GH OD FRQIXVLRQ HQJHQGUpH SDU XQH PXOWLWXGH GH
UpJOHPHQWDWLRQV HXURSpHQQHV XQH SUROLIpUDWLRQ GH ORLV G·DUUrWpV GH GpFUHWV GDQV WRXV
OHV GRPDLQHV HW GH FH TXH 0 3ULHXU TXDOLILH © G XQH UHODWLYH LQHIILFDFLWp GX GURLW GH
O HQYLURQQHPHQW GXH j O LQHUWLH GHV DGPLQLVWUDWLRQV FKDUJpHV GH VXUYHLOOHU O HQYLURQQHPHQW ª

OHVTXHOOHV SRXU OXL © Q RVHQW SDV DJLU GH FUDLQWH GH IUHLQHU OH GpYHORSSHPHQW LQGXVWULHO ª
>35,(85 @
3DUIRLV HOOHV DXURQW GRQF EHDX MHX GH VH GpILQLU GHV UqJOHV SOXV GUDVWLTXHV TXH FHOOHV
LPSRVpHV SDU OHV UpJOHPHQWDWLRQV SRXU PRQWUHU OHV IDLEOHVVHV GX V\VWqPH 'DQV
G·DXWUHV FDV HOOHV IHURQW SUHVVLRQ SRXU UDOHQWLU O·DGRSWLRQ GH WH[WHV TXDOLILpV G DQWL
FRPPHUFLDX[ WURS GLUHFWLIV RX GH WURS DPELJXV SDV DVVH] GLUHFWLIV XQH PDMHXUH
SDUWLH GH JUDQGHV HQWUHSULVHV VRQW DLQVL UHSUpVHQWpHV GDQV GHV FRPPLVVLRQV GH
UpJOHPHQWDWLRQ HQ PDWLqUH G HQYLURQQHPHQW (OOHV SHXYHQW DORUV IDLUH XQH YHLOOH
6HORQ OHV FDV VXU OH PDUFKp LQWHUQDWLRQDO FHUWDLQHV HQWUHSULVHV SUHQGURQW HQ FRPSWH OHV OpJLVODWLRQV OHV
SOXV IRUWHV G·DXWUHV DGDSWHURQW OHXUV SURGXLWV j FKDFXQH GHV UpJOHPHQWDWLRQV QDWLRQDOHV DILQ G·pYLWHU
G·pYHQWXHOOHV GLVWRUVLRQV GH FRQFXUUHQFH WDQGLV TXH FHUWDLQHV HQILQ DGRSWHURQW OHXUV SURSUHV VWDQGDUGV
VRXYHQW SOXV GUDVWLTXHV TXH OHV UpJOHPHQWDWLRQV QDWLRQDOHV FDU EDVpV VXU OD SRQGpUDWLRQ GHV ORLV OHV SOXV
FRQWUDLJQDQWHV
3DJH
UpJOHPHQWDLUH DFWLYH WHQWHU GH UHQGUH OHV WH[WHV FHQVpV HW FRPSDWLEOHV DYHF OH PLOLHX
LQGXVWULHO HW DQWLFLSHU OHV GLUHFWLYHV HOOHV RQW GRQF WRXW LQWpUrW j UDOHQWLU SDU GHV
OREELHV WUqV SXLVVDQWV OD SXEOLFDWLRQ GHV WH[WHV SRXU FRPPHQFHU j V \ SUpSDUHU «
'X F{Wp GX OpJLVODWHXU LO V DYqUH TXH OHV PHVVDJHV DPELJXV GH FHUWDLQV WH[WHV UHOqYHQW
GDYDQWDJH G XQ FKRL[ YRORQWDLUH HQ FRQQDLVVDQFH GH FDXVH TXH G XQ PDQTXH GH
FRQQDLVVDQFHV GX PLOLHX LQGXVWULHO SXLVTXH GHV pWXGHV RQW PRQWUp TXH O pPHWWHXU G XQ
WH[WH DYDLW DYDQWDJH j FUpHU GH O DPELJXwWp SRXU pODUJLU OH FKRL[ GHV DFWLRQV VXJJpUpHV
SDU OH PHVVDJH >/$1'5< @ O DPELJXwWp SHXW rWUH SUpVHQWpH FRPPH XQ H[FHOOHQW
YHFWHXU G LQFLWDWLRQV FH TXL SHXW WRXW j IDLW FRQYHQLU j GHV HQWUHSULVHV SURDFWLYHV
/DSUHVVLRQGHODFOLHQWqOHXQFRQVXPpULVPHYHUW"
'HSXLV TXHOTXHV DQQpHV O RSLQLRQ SXEOLTXH HVW GH SOXV HQ SOXV VHQVLELOLVpH j

O HQYLURQQHPHQW SDU OHV PpGLDV OHV LQIRUPDWLRQV OHV SXEOLFLWpV « 0DLV GH Oj j SDUOHU
G XQ YpULWDEOH FRQVXPpULVPH YHUW LO \ D XQ SDV TXH QRXV QH IUDQFKLURQV SDV (Q HIIHW VL OH
qPH
SUpVLGHQW GH 7R\RWD GpFODUDLW HQ TXH OH ;;, VLqFOH VHUDLW © OH VLqFOH GH
O HQYLURQQHPHQW ª HW TX·XQ GHV PR\HQV GH VpGXLUH OH FRQVRPPDWHXU VHUDLW GH IDLUH GHV
YRLWXUHV SOXV SURSUHV SOXV pFRQRPLTXHV SUHQDQW HQ FRPSWH OHV FRQWUDLQWHV
G·HQYLURQQHPHQW LO Q·HQ GHPHXUH SDV PRLQV TX·DXMRXUG·KXL OH FDUDFWqUH YHUW G·XQ
SURGXLW Q·HVW SDV HQFRUH XQ DUJXPHQW GH YHQWH GpFLVLI
3RXUWDQW FHWWH SUpRFFXSDWLRQ HQYLURQQHPHQWDOH GHV FRQVRPPDWHXUV QpH GDQV OHV DQQpHV
GDQV XQ PRXYHPHQW pFRORJLTXH GH FRQWHVWDWLRQ GpQRQoDQW O·LUUHVSRQVDELOLWp GHV
LQGXVWULHOV V·pWDLW SHX j SHX LQVWLWXWLRQQDOLVpH HW GpPRFUDWLVpH GDQV OHV DQQpHV (Q
XQ VRQGDJH GH %9$ pYDOXDLW GH j OD SURSRUWLRQ GH FRQVRPPDWHXUV SUrWV j
DFKHWHU XQ SURGXLW UHVSHFWXHX[ GH O·HQYLURQQHPHQW FHWWH SUpGLVSRVLWLRQ DOODQW PrPH
MXVTX·j O·DFKDW GH SURGXLWV SOXV FKHUV RX DX ER\FRWW GH PDUTXHV QRQ YHUWHV QRWDPPHQW
HQ $OOHPDJQH 0DLV GHSXLV TXHOTXHV DQQpHV OD SUpRFFXSDWLRQ HQYLURQQHPHQWDOH D pWp
UHOpJXpH DX VHFRQG SODQ GHUULqUH G DXWUHV SUpRFFXSDWLRQV FRPPH O HPSORL OD VpFXULWp RX
OD PDODGLH HW OH FRQVXPpULVPH YHUW V HVVRXIIOH TXHOTXH SHX /HV DXWUHV UDLVRQV GX
UDOHQWLVVHPHQW GH OD YDJXH WLHQQHQW j XQH IRLVRQ G pFRODEHOV HW G DXWRGpFODUDWLRQV
HQYLURQQHPHQWDOHV UHFRQQXHV FRPPH IORXHV j XQH IRUWH LPSUHVVLRQ TXH OHV LQGXVWULHOV
/ DQWLFLSDWLRQ UpJOHPHQWDLUH HVW JpQpUDOHPHQW XQ ERQ PR\HQ G LQWpJUHU SURJUHVVLYHPHQW GH QRXYHOOHV
FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV GDQV OHV SURGXLWV HQ pYLWDQW GH ORXUGV LQYHVWLVVHPHQWV PRGLILFDWLRQV
SUpFLSLWpHV HW RQpUHXVHV GH OD FRQFHSWLRQ TXL HQWUDvQHUDLHQW XQ SUL[ GH YHQWH UpGKLELWRLUH
4XHOTXHV pFRODEHOV RIILFLHOV QDWLRQDX[ HW LQWHUQDWLRQDX[ JpQpUDX[ 1)(QYLURQQHPHQW )UDQFH &\JQH
%ODQF 3D\V VFDQGLQDYHV $QJH %OHX $OOHPDJQH 0LOLHXNHXU 3D\VEDV *UHHQ 6HDO 86$ (FR0DUN
-DSRQ (FRODEHO (XURSpHQ &(( «
4XHOTXHV pFRODEHOV VSpFLILTXHV (QHUJ\ 6WDU (FRQRPLVHXU G·pFUDQ 86$ (QHUJ\ (FRQRPLVHXU
G·pFUDQ 6XLVVH 7&2 3& 6XqGH 789 0DWpULHO GH EXUHDX $OOHPDJQH «
4XHOTXHV ODEHOV DXWRGpFODUpV © 0DLVRQ 9HUWH ª © &KRXFKRXWRQV QRWUH WHUUH ª 6XLVVHV «
$XWUHV PDUTXDJHV SRVVLEOHV 3RLQWYHUW (FR(PEDOODJH %RXFOH GH 0RHELXV &DUWRQV G·HPEDOODJH «
>%2(*/,1 @
3DJH
VH VDLVLVVHQW GH O DUJXPHQW YHUW j GHV ILQV XQLTXHPHQW FRPPHUFLDOHV YRLUH PrPH TXH OD
SULVH HQ FRPSWH GH O HQYLURQQHPHQW SHXW rWUH SDUIRLV DX GpWULPHQW GH OD TXDOLWp RX GH OD
SHUIRUPDQFH GX SURGXLW ' DXWUH SDUW $ .lUQl HVWLPH TXH OHV FOLHQWV PDQTXHQW WURS
VRXYHQW G LQIRUPDWLRQV HQYLURQQHPHQWDOHV FRQFUqWHV UHODWLYHV DX[ SURGXLWV FRPPH OHXU
FRQVRPPDWLRQ G pQHUJLH OHXU FRPSRVLWLRQ RX GHV LQVWUXFWLRQV VXU OH WUDLWHPHQW GH FHV
SURGXLWV HQ ILQ GH YLH $YHF XQ PLQLPXP G LQIRUPDWLRQV FRPSUpKHQVLEOHV LOV SRXUUDLHQW
SOXV IDFLOHPHQW UHFRQQDvWUH OHV DYDQWDJHV HQYLURQQHPHQWDX[ GH WHO RX WHO SURGXLW HW HQ
WHQLU FRPSWH GDQV OHXU FKRL[ >.b51b HW DO @
4XRL TX LO HQ VRLW OD SUpRFFXSDWLRQ HQYLURQQHPHQWDOH GHPHXUH QpDQPRLQV SUpVHQWH FKH]

FHUWDLQV FRQVRPPDWHXUV HW OHV HQWUHSULVHV SHUFHYDQW FHWWH PRWLYDWLRQ SDUPL OHXU
FOLHQWqOH V RUJDQLVHQW SRXU HQ IDLUH XQ FULWqUH GpFLVLI GH FKRL[ G DFKDW
'·DSUqV QRWUH HQTXrWH HW ELHQ G DXWUHV HQFRUH >%871(5 @ >52< HW DO @ FHWWH
SUHVVLRQ GH OD FOLHQWqOH YD V H[SULPHU GLIIpUHPPHQW
✔ VHORQ OH W\SH GH FOLHQWV LQGXVWULHOV JURVVLVWHV GLVWULEXWHXUV DVVRFLDWLRQV RX

JRXYHUQHPHQWV JUDQG SXEOLF OH FRQVRPPDWHXU \ SDU H[FHOOHQFH
3RXU O KHXUH OHV LQGXVWULHOV DSSHOpV *UDQGV &RPSWHV HW OHV LQVWDQFHV GX

JRXYHUQHPHQW DX[ (WDWV8QLV HQ SDUWLFXOLHU VRQW OHV SOXV VHQVLEOHV j OD SULVH HQ
FRPSWH GH O·HQYLURQQHPHQW GDQV OHV SURGXLWV ,OV SHXYHQW H[LJHU DX FRQVWUXFWHXU WHOOH
RX WHOOH FDUDFWpULVWLTXH GDQV OH SURGXLW XQ ODEHO SDUWLFXOLHU XQ FRQWUDW GH UHSULVH
pFKDQJH GX SURGXLW XVDJp FRQWUH XQ SURGXLW QHXI
/HV GLVWULEXWHXUV HW JURVVLVWHV QH VRQW HX[ SDV HQFRUH WUqV GHPDQGHXUV
(Q FH TXL FRQFHUQH OH JUDQG SXEOLF LO VHPEOHUDLW TXH OH FULWqUH HQYLURQQHPHQW VRLW

VRXYHQW YX FRPPH XQ IDFWHXU GH FRQIRUW XQ SOXV HQ TXHOTXH VRUWH SDU UDSSRUW DX[
DXWUHV FULWqUHV SULRULWDLUHV FRPPH OH FRW OD SHUIRUPDQFH HW OD TXDOLWp 0DLV VL
O DUJXPHQW YHUW Q HVW SDV IRUFpPHQW XQ DUJXPHQW SRXU YHQGUH SOXV OH FDUDFWqUH QRQ
YHUW G XQ SURGXLW YD GHYHQLU GH SOXV HQ SOXV UpGKLELWRLUH (Q IDLW FHUWDLQV V HVWLPHQW
8Q JXLGH j O XVDJH GHVFRQVRPPDWHXUV DPRXUHX[ GH OHXU HQYLURQQHPHQW D pWp pGLWp HQ LO UHFHQVH
SURGXLWV FRQoXV SRXU UHVSHFWHU O HQYLURQQHPHQW /H QRXYHDX VKRSSLQJ pFRORJLTXH >&$67(7 HW DO @
&DV GH O HQWUHSULVH 7HWUD 3DN (OOH IRXUQLW GHV HPEDOODJHV GH FRQGLWLRQQHPHQW $ILQ GH PRWLYHU VHV FOLHQWV
SURGXFWHXUV GH OLTXLGHV MXV GH IUXLW ODLW « SRXU DFKHWHU FHV HPEDOODJHV HOOH Q KpVLWH SDV j XWLOLVHU
O DUJXPHQW YHUW © 6pGXLVH] YRV FOLHQWV OHV FRQVRPPDWHXUV ILQDX[ TXL RQW j F±XU OD SURWHFWLRQ GH OD QDWXUH
SURWpJHU HW VDXYHJDUGHU O·HQYLURQQHPHQW FRQVWLWXH SRXU OHV FRQVRPPDWHXUV XQH SULRULWp TXL VH UpSHUFXWH MXVTXH
GDQV OHXUV DFKDWV OHV SOXV TXRWLGLHQV (Q FKRLVLVVDQW 7HWUD 3DN SRXU OH FRQGLWLRQQHPHQW GH YRV OLTXLGHV YRXV
VpGXLUH] YRV FOLHQWV FKDTXH MRXU SOXV QRPEUHX[ DX[ DUJXPHQWV pFRORJLTXHV « 2IIUH] j YRV FOLHQWV OD
SURWHFWLRQ GH OD QDWXUH VHORQ 7HWUD 3DN ,OV YRXV OH UHQGURQW DX FHQWXSOH ª
3DJH
SUrWV j SD\HU SOXV FKHU GHV SURGXLWV VRLW SDUFH TX LOV RQW HIIHFWLYHPHQW FRQVFLHQFH
TX LOV DJLVVHQW DLQVL SRXU O HQYLURQQHPHQW HQ DFKHWDQW GHV SURGXLWV GpFODUpV YHUWV LOV
OH SHUoRLYHQW GDQV OHXU HQYLURQQHPHQW SURFKH VRLW SDUFH TX LOV FRQVLGqUHQW DORUV
TX LOV SD\HQW OHV SURGXLWV VXIILVDPPHQW FKHU SRXU QH SDV VH VRXFLHU GH OD TXHVWLRQ
HQYLURQQHPHQWDOH SRXU ODTXHOOH OH IDEULFDQW HVW ULJRXUHXVHPHQW WHQX UHVSRQVDEOH
FDV GH O DXWRPRELOH QRWDPPHQW
✔ VHORQ OHV RULJLQHV GHV FOLHQWV (XURSH GX 1RUG 6FDQGLQDYLH 6XLVVH $OOHPDJQH
(XURSH GX 6XG $PpULTXH GX 1RUG $VLH
/HV FOLHQWV QRUGHXURSpHQV RX DPpULFDLQV VRQW WRXMRXUV SOXV H[LJHDQWV HQ PDWLqUH

G·HQYLURQQHPHQW TXH FHX[ G·(XURSH GX 6XG G $PpULTXH GX 6XG RX G $VLH &·HVW XQH
GLIIpUHQFH GH FXOWXUH GH VHQVLELOLWp YLVjYLV GH OD QDWXUH HW FHUWDLQHPHQW pJDOHPHQW
GH QLYHDX GH YLH O HQYLURQQHPHQW FRWH SDUIRLV FKHU HW FHUWDLQV SD\V HQ YRLH GH
GpYHORSSHPHQW RQW ELHQ G DXWUHV SULRULWpV
'HV pWXGHV RQW PRQWUp TXH OHV DOOHPDQGV SDU H[HPSOH VRQW SUrWV j SD\HU SOXV FKHU
GHV SURGXLWV GLWV YHUWV
✔ VHORQ OH GRPDLQH G DFWLYLWp HW OH W\SH GH SURGXLWV IDEULTXpV
2Q SHXW SDUOHU GH FOLHQWV SUpRFFXSpV SDU O HQYLURQQHPHQW HVVHQWLHOOHPHQW GDQV GHV

VHFWHXUV j ULVTXHV HWRX UpSXWpV SROOXDQWV FRPPH O LQGXVWULH FKLPLTXH O LQGXVWULH GX
QXFOpDLUH O LQGXVWULH DXWRPRELOH « SRXU GHV SURGXLWV WHOV TXH OHV SLOHV HW EDWWHULHV
OHV GpWHUJHQWV «
/HV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV QH VRQW SDV HQFRUH SHUoXV FRPPH GHV
SURGXLWV D\DQW GHV LPSDFWV VXU O HQYLURQQHPHQW SXLVTX LOV QH VHPEOHQW SDV SROOXHU
$LQVL GDQV OH FDV GH SURGXLWV pOHFWULTXHV RX pOHFWURWHFKQLTXHV WUDQVIRUPDWHXUV
GLVMRQFWHXUV LQWHUUXSWHXUV « OHV H[LJHQFHV HQYLURQQHPHQWDOHV GHV FOLHQWV VRQW
HQFRUH ELHQ IDLEOHV /HV SULQFLSDOHV H[LJHQFHV V·H[SULPHQW HQ WHUPHV GH TXDOLWp GH
FRW GH VpFXULWp GH SHUIRUPDQFH HW GH IDFLOLWp GH PDLQWHQDQFH
'DQV OH FDV GHV SURGXLWV pOHFWURQLTXHV RX LQIRUPDWLTXHV OHV SUHVVLRQV VRQW
QpDQPRLQV SOXV IRUWHV FDV GHV HQWUHSULVHV 3KLOLSV +HZOHWW 3DFNDUG HW 7H[DV
,QVWUXPHQWV HQTXrWpHV HW FH QRWDPPHQW DX QLYHDX GH O DSWLWXGH DX GpVDVVHPEODJH
GHV SURGXLWV XVDJpV GX UHF\FODJH GH FRPSRVDQWV GH OD WR[LFLWp GHV PDWpULDX[ GH OD
UpGXFWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH ORUV GH O XWLOLVDWLRQ FDV GHV RUGLQDWHXUV GHV
UpIULJpUDWHXUV HW FRQJpODWHXUV GHV WpOpYLVHXUV«
/H SURSRV HVW ELHQ HQWHQGX j QXDQFHU FDU VL GDQV OH FDGUH G HQTXrWHV VXU OD FRQVRPPDWLRQ G DXFXQV VH
GpFODUHQW SUrWV j SD\HU SOXV FKHUV GHV SURGXLWV UHVSHFWXHX[ GH O HQYLURQQHPHQW LO Q HQ VHUD SDV IRUFpPHQW
GH PrPH ORUVTX LOV VHURQW HQ VLWXDWLRQ G DFKDW «
3DJH
/D SULQFLSDOH GLIIpUHQFH GH SUHVVLRQ YD JUDQGHPHQW GpSHQGUH HQ IDLW GX W\SH GH

PDUFKp YLVp VHORQ TXH O RQ SDUOH GH SURGXLWV JUDQG SXEOLF RX GH SURGXLWV
LQGXVWULHOV
$LQVL GDQV OH FDV GHV
☛ SURGXLWV JUDQG SXEOLF OD FOLHQWqOH HVW SOXV ODUJH PRLQV LGHQWLILpH
PRLQV RX PDO LQIRUPpH VHV H[LJHQFHV HQ WHUPHV G HQYLURQQHPHQW VRQW

DVVH] YDJXHV HW SOXW{W EDVpHV VXU GHV FULWqUHV G RUGUH VRFLRFXOWXUHO
☛ SURGXLWV LQGXVWULHOV OD FOLHQWqOH HVW SOXV LGHQWLILpH HW PLHX[ LQIRUPpH
GRQF SOXV GLVSRVpH j DYRLU GHV H[LJHQFHV HQ PDWLqUH G HQYLURQQHPHQW

PDLV SDUIRLV OD WHFKQLTXH OHV SHUIRUPDQFHV HW OD TXDOLWp VRQW HVVHQWLHOOHV
GRQF SULRULWDLUHV HW FH SRXU GHV SURGXLWV GH ORQJXH GXUpH GH YLH FDV GHV
SURGXLWV pOHFWURWHFKQLTXHV FLWpV SUpFpGHPPHQW
&HWWH GLIIpUHQFH GH SUHVVLRQ YD pJDOHPHQW VH WUDGXLUH SDU GHV GLIIpUHQFHV G H[LJHQFHV

HQYLURQQHPHQWDOHV QpFHVVLWDQW GHV VWUDWpJLHV G pFRFRQFHSWLRQ DGDSWpHV 1RXV HQ
UHSDUOHURQV GDQV OH SDUDJUDSKH FRQVDFUp DX[ D[HV VWUDWpJLTXHV HQYLVDJHDEOHV
3RXU ILQLU LO HVW ELHQ HQWHQGX LPSRVVLEOH GH GpILQLU OH VWpUpRW\SH GX FRQVRPPDWHXU

YHUW SULQFLSDOHPHQW OH FRQVRPPDWHXU JUDQG SXEOLF SXLVTX LO YD GpSHQGUH GX SD\V
GX PDUFKp GX GRPDLQH G DFWLYLWp PDLV SOXVLHXUV FDUDFWpULVWLTXHV JpQpUDOHV RQW SX
rWUH GpJDJpHV ORUV G HQTXrWHV >0(,1'(56 E@ © LO V DJLW SOXW{W G XQH IHPPH PqUH GH
IDPLOOH HW D\DQW UHoX XQH ERQQH pGXFDWLRQ ª 6RQ FRPSRUWHPHQW j O DFKDW GH SURGXLWV
GXUDEOHV SDU RSSRVLWLRQ DX[ FRQVRPPDEOHV Q HVW SUDWLTXHPHQW SDV PRWLYp SDU OD
SUpVHQFH G LQIRUPDWLRQV HQYLURQQHPHQWDOHV VXU OH SURGXLW PDLV SDU O LQWpUrW HQYHUV GHV
TXDOLWpV YHUWHV FRPPH OD GXUDELOLWp O DEVHQFH GH QXLVDQFHV VRQRUHV OHV pFRQRPLHV
G pQHUJLH HW SDU XQ GHVLJQ DX VHQV DUWLVWLTXH TXL VH GLVWLQJXH G XQ GHVLJQ FODVVLTXH
/HVH[LJHQFHVGXPDUFKp
'H SOXV HQ SOXV IUpTXHPPHQW HW SDUWLFXOLqUHPHQW GDQV OH GRPDLQH GH O pOHFWURQLTXH RX

GH O LQIRUPDWLTXH OD SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ GHV SURGXLWV
SHUPHW GH QH SDV SHUGUH GH PDUFKpV & HVW HQFRUH XQ ULVTXH SHUoX FRPPH IDLEOH PDLV
QpDQPRLQV HIIHFWLI VXU GHV PDUFKpV R OHV FRQFXUUHQWV VFDQGLQDYHV RX DOOHPDQGV RQW GpMj
3URGXLWV JUDQG SXEOLF ELHQV HW VHUYLFHV GH FRQVRPPDWLRQ FRXUDQWH SRXU OHV EHVRLQV MRXUQDOLHUV
FRPPH OHV SURGXLWV DJURDOLPHQWDLUHV ELHQV HW VHUYLFHV GH FRQVRPPDWLRQ RFFDVLRQQHOOH pOHFWURPpQDJHU
PRELOLHU « HW ELHQV HW VHUYLFHV GH FRQVRPPDWLRQ H[FHSWLRQQHOOH DXWRPRELOH LPPRELOLHU «
3URGXLWV LQGXVWULHOV PDWLqUHV SUHPLqUHV PDWpULDX[ LQWHUPpGLDLUHV FRPSRVDQWV RX DFFHVVRLUHV ELHQV
ORXUGV RX OpJHUV G pTXLSHPHQW ELHQV GH FRQVRPPDWLRQ SRXU O LQGXVWULH VHUYLFHV LQGXVWULHOV
3DJH
LQWpJUp FHUWDLQHV H[LJHQFHV /HV HQWUHSULVHV Q RQW SDV OH FKRL[ GDQV FH FDV SRXU UHVWHU
DGDSWpHV DX PDUFKp HW YHQGUH GDQV GHV SD\V R OHV FOLHQWV RQW XQH VHQVLELOLWp pFRORJLTXH
SOXV DFFUXH HW R OH FULWqUH HQYLURQQHPHQW ILJXUH SDUPL OHV FULWqUHV GH FKRL[
SUpSRQGpUDQWV F HVW HQFRUH UDUH &HUWDLQV GLVWULEXWHXUV PrPH SHXYHQW DYRLU GHV
H[LJHQFHV GUDFRQLHQQHV HQ PDWLqUH GH SHUIRUPDQFH HQYLURQQHPHQWDOH
(Q UpVXPp OH FULWqUH HQYLURQQHPHQW QH SHXW rWUH FRQVLGpUp FRPPH XQ IDFWHXU GH YHQWH
PDLV VD QRQ SULVH HQ FRPSWH SHXW HQWUDvQHU XQ UHIXV SRXU OH SURGXLW GH SpQpWUHU FHUWDLQV
PDUFKpV
/DFRQFXUUHQFHQpFHVVLWpG XQDUJXPHQWFRQFXUUHQWLHO
/ HQYLURQQHPHQW HVW SRXU O KHXUH XQ FULWqUH TXH OHV HQWUHSULVHV GRLYHQW GH SOXV HQ SOXV
V\VWpPDWLTXHPHQW SUHQGUH HQ FRPSWH SRXU QH SDV VH ODLVVHU GLVWDQFHU SDU OHXUV
FRQFXUUHQWV &HUWDLQHV VRFLpWpV YRQW PrPH O XWLOLVHU FRPPH XQ DWRXW SRXU GLIIpUHQFLHU
OHXUV SURGXLWV GH OD FRQFXUUHQFH HW OD GHYDQFHU ,O YD GRQF V DJLU G pYDOXHU OHV
SHUIRUPDQFHV HQYLURQQHPHQWDOHV GHV SURGXLWV FRQFXUUHQWV DILQ G pWDEOLU GHV SULRULWpV GH
GpYHORSSHPHQW HW GH IL[HU GHV REMHFWLIV SOXV DPELWLHX[ HQFRUH HQ WHUPHV GH UpGXFWLRQ
GH OD FRQVRPPDWLRQ G pQHUJLH RX GH O DPpOLRUDWLRQ GH OD UHF\FODELOLWp O REMHFWLI j
DWWHLQGUH pWDQW G DVVXUHU j O HQWUHSULVH XQH SRVLWLRQ GH OHDGHU VXU WRXV OHV FULWqUHV G DFKDW
/H GpVLU GH SpQpWUHU GH QRXYHDX[ PDUFKpV DYDQW OD FRQFXUUHQFH HVW DXVVL PRWLYp SDU
O DFFURLVVHPHQW GX PDUFKp GH SURGXLWV HW VHUYLFHV HQYLURQQHPHQWDX[ O 2&'( HVWLPH HQ
HIIHW TXH FH PDUFKp GHYLHQGUD GDQV OHV DQQpHV SOXV LPSRUWDQW TXH OHV PDUFKpV GHV
LQGXVWULHV FKLPLTXHV HW DpURVSDWLDOHV UpXQLV
/DSUHVVLRQGHVV\QGLFDWV
&HUWDLQHV RUJDQLVDWLRQV LQGXVWULHOOHV FRPPH OHV V\QGLFDWV YRQW SDUIRLV HQFRXUDJHU OHV
HQWUHSULVHV j VH GpILQLU GHV FRGHV GH FRQGXLWH HQ PDWLqUH G DFWLRQV HQYLURQQHPHQWDOHV HW
V RUJDQLVHU HQ JURXSHV GH WUDYDLO SRXU UpIOpFKLU VXU GHV SUREOpPDWLTXHV FRPPXQHV GH OD
SURIHVVLRQ HQ WHUPHV G pFRFRQFHSWLRQ SUREOqPHV GHV OLVWHV GH VXEVWDQFHV LQWHUGLWHV GX
FDOFXO GX WDX[ GH UHF\FODELOLWp G XQ SURGXLW «
/ LQIOXHQFHGHVIRXUQLVVHXUV
4XHOTXHV IRXUQLVVHXUV SDUPL OHV SULQFLSDX[ G XQH HQWUHSULVH YRQW FRQWULEXHU j GHV
PRGLILFDWLRQV GX PRGH GH WUDYDLO GH OHXU FOLHQW HQ SURSRVDQW TXHOTXHIRLV GHV PDWpULDX[
RX SURFpGpV QRXYHDX[ HQJHQGUDQW GHV LQQRYDWLRQV WHFKQRORJLTXHV HQ WHUPHV GH
3DJH
VWUXFWXUH RX GH FRPSRVLWLRQ GHV SURGXLWV OHVTXHOOHV SRXUURQW VH VROGHU SDU GHV
DYDQWDJHV pFRQRPLTXHV HW HQYLURQQHPHQWDX[
&H FDV UHVWH WRXWHIRLV LVROp SXLVTXH OD VLWXDWLRQ HVW OH SOXV VRXYHQW FRQWUDLUH R
O LQGXVWULHO PRWLYH VHV IRXUQLVVHXUV GDQV OD SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV
OHXUV DFWLYLWpV
/HVPRWHXUVLQWHUQHV
/HV SULQFLSDX[ IDFWHXUV PRWLYDQW XQH HQWUHSULVH j VH SUpRFFXSHU G pFRFRQFHSWLRQ VRQW
UHSUpVHQWpV VXU OD ILJXUH FLDSUqV
6HQV GHV
5pGXFWLRQ GHV
UHVSRQVDELOLWpV
FRWV
GH OD 'LUHFWLRQ
$PpOLRUDWLRQ (QWUHSULVH %HVRLQ

GH O LPDJH
GH PDUTXH (FRFRQFHSWLRQ G LQQRYHU
%HVRLQ GH $PpOLRUDWLRQ
PRWLYHU OH GH OD TXDOLWp
SHUVRQQHO GHV SURGXLWV
)LJXUH 3ULQFLSDX[ PRWHXUV LQWHUQHV GH O pFRFRQFHSWLRQ
/HVHQVGHVUHVSRQVDELOLWpVGHOD'LUHFWLRQ
1RPEUH GH WUDYDX[ GDQV OHV HQWUHSULVHV QH VRQW HQJDJpV TX DYHF O DYDO GH OD 'LUHFWLRQ GH
O HQWUHSULVH TXH FH VRLW GDQV O HQYLURQQHPHQW RX G DXWUHV GRPDLQHV G DLOOHXUV
/D SROLWLTXH OHV REMHFWLIV j DWWHLQGUH HW OHV VWUDWpJLHV G DFWLRQ VRQW GRQF GpWHUPLQpV SDU OD
'LUHFWLRQ 6L HOOH HVW FRQVFLHQWH G XQH SDUW GHV UHVSRQVDELOLWpV TXL LQFRPEHQW DX PRQGH
LQGXVWULHO SRXU UHPpGLHU DX[ LPSDFWV QpIDVWHV TX LO D LQIOLJpV j O HQYLURQQHPHQW HW G DXWUH
SDUW GHV HQMHX[ UHSUpVHQWpV SDU OH GpYHORSSHPHQW GXUDEOH HOOH VHUD SUrWH j HQJDJHU
GHV DFWLRQV SRXU FRQFHYRLU HQ UHVSHFWDQW O HQYLURQQHPHQW 3RXU O KHXUH OHV GLUHFWLRQV
G HQWUHSULVHV SUrWHV j ±XYUHU SRXU OH GpYHORSSHPHQW GXUDEOH VRQW HQFRUH SHX QRPEUHXVHV
HQ )UDQFH
3DJH
/HEHVRLQGHUpGXLUHOHVFRWV
3RXU OD SOXSDUW GHV HQWUHSULVHV SLRQQLqUHV OD SULVH HQ FRPSWH GH O·HQYLURQQHPHQW HVW

YRORQWDLUH GDQV OH EXW G·pFRQRPLVHU PDWLqUH HW pQHUJLH GH PLQLPLVHU OHV FRWV GH
JHVWLRQ HW GH WUDLWHPHQW GHV GpFKHWV HW SURGXLWV HQ ILQ GH YLH
6L XQH pFRQRPLH LPPpGLDWH SHXW rWUH UpDOLVpH HQ FRQVRPPDQW PRLQV G pQHUJLH HW GH
PDWpULDX[ SRXU OD IDEULFDWLRQ GHV SURGXLWV XQH UpGXFWLRQ ILQDQFLqUH SRXUUD pJDOHPHQW
rWUH RSpUpH VXU XQ SOXV ORQJ WHUPH HQ JpQpUDQW PRLQV GH GpFKHWV HW GH VXEVWDQFHV
WR[LTXHV j WUDLWHU HQ FRXUV GH IDEULFDWLRQ RX HQ ILQ GH YLH &HV GpFKHWV SRWHQWLHOV
GHYUDLHQW rWUH GH SOXV HQ SOXV WD[pV SDU OD UpJOHPHQWDWLRQ HW OHXU WUDLWHPHQWV GH SOXV HQ
SOXV RQpUHX[ 8QH HQWUHSULVH TXL DXUD VX DYRLU FHWWH YLVLRQ SURDFWLYH HW FRQFHYRLU GHV
SURGXLWV DLVpPHQW UHWUDLWDEOHV HQ ILQ GH YLH SRXUUD FRPSWHU VXU GHV pFRQRPLHV
VXEVWDQWLHOOHV QRWDPPHQW HQ UpFXSpUDQW GHV FRPSRVDQWV RX XWLOLVDQW GDQV OD IDEULFDWLRQ
GH SURGXLWV QHXIV GHV PDWpULDX[ UHF\FOpV GH SURGXLWV XVDJpV $LQVL FKH] 5DQN ;HUR[ OHV
XQLWpV GH IDEULFDWLRQ OHV SOXV JUDQGHV SURGXFWULFHV GH GpFKHWV VROLGHV RQW GpMj UpGXLW FHWWH
SURGXFWLRQ GH OHV SLqFHV HW pTXLSHPHQWV FLUFXLWV LPSULPpV PRGXOHV G DOLPHQWDWLRQ
pOHFWULTXH XQLWpV GH GpYHORSSHPHQW « VRQW GpPRQWpV HW FHUWDLQHV SLqFHV UpXWLOLVDEOHV
UpFXSpUpHV DLQVL TXH GHV PDWLqUHV SUHPLqUHV UHF\FODEOHV XWLOLVpHV GDQV GH QRXYHDX[
SURGXLWV O XQ GHV SKRWRFRSLHXUV GH OD JDPPH FRQWLHQW SUqV GH GH SLqFHV UHF\FOpHV ,O
HVW FODLU TXH 5DQN ;HUR[ SHXW IDLUH GHV pFRQRPLHV QRQ QpJOLJHDEOHV SXLVTX HOOH LQWURGXLW VXU
OH PDUFKp G XQH SDUW GHV SKRWRFRSLHXUV QHXIV FRQWHQDQW GHV pOpPHQWV UHF\FOpV TXL
UpSRQGHQW DX[ PrPHV VSpFLILFDWLRQV TXH OHV pOpPHQWV QHXIV HW G DXWUH SDUW GHV
SKRWRFRSLHXUV UHF\FOpV UpDVVHPEOpV HQ XVLQH TXL EpQpILFLHQW GHV PrPHV JDUDQWLHV TXH OHV
pTXLSHPHQWV QHXIV
/ HQWUHSULVH SRXUUD pJDOHPHQW SDUIRLV FRPSWHU VXU GHV EDLVVHV GH SULPHV G DVVXUDQFHV
SRXU GHV SURGXLWV PRLQV GDQJHUHX[
/D ILJXUH VXLYDQWH H[WUDLWH G XQ UDSSRUW GX SURIHVVHXU %UH]HW >%5(=(7 HW DO @ PRQWUH
DLQVL OD FRXUEH GHV FRWV HQYLURQQHPHQWDX[ j VXSSRUWHU SRXU GHX[ W\SHV G HQWUHSULVHV
O XQH SURDFWLYH D\DQW VX DQWLFLSHU O pYROXWLRQ GH OD UpJOHPHQWDWLRQ HW O DXWUH VXLYHXVH
DWWLWXGH GLWH ZDLWDQGVHH DWWHQGDQW TXH OHV WH[WHV VRLHQW RIILFLHOV SRXU UpDJLU «
5HPDUTXH 3RXU OD UHSUpVHQWDWLRQ FLGHVVRXV QRXV IDLVRQV HIIHFWLYHPHQW O K\SRWKqVH GH

O pPHUJHQFH HIIHFWLYH GX SUREOqPH HQYLURQQHPHQWDO HW GH OD QpFHVVLWp G DSSOLTXHU OD
UpJOHPHQWDWLRQ V \ UDSSRUWDQW
3DJH
HQYLURQQHPHQWDX[
&RWV
(QWUHSULVH VXLYHXVH
(QWUHSULVH SURDFWLYH
DQWLFLSDWULFH
7 7 7HPSV
)LJXUH &RXUEHV GHV FRWV HQYLURQQHPHQWDX[ SRXU GHX[ W\SHV G HQWUHSULVH XQH VXLYHXVH HW XQH
SURDFWLYH >%5(=(7 HW DO @
6RXUFH +DQ %UH]HW UDSSRUW 3URGXFW 'HYHORSPHQW ZLWK WKH (QYLURQPHQW DV ,QQRYDWLRQ 6WUDWHJ\
7KH 3520,6( $SSURDFK S
&RPPH OH PRQWUH OD ILJXUH XQH HQWUHSULVH VXLYHXVH DWWHQGDQW OH GpFUHW G DSSOLFDWLRQ

G XQH ORL FRQWUDLJQDQWH SRXU UpDJLU VH YHUUD GDQV O REOLJDWLRQ G LQYHVWLU GDQV O XUJHQFH
GRQF SDUIRLV DX SUL[ IRUW SRXU FRQFHYRLU GHV SURGXLWV HQ FRQIRUPLWp DYHF OD QRXYHOOH
UpJOHPHQWDWLRQ HW pYLWHU GH ORXUGHV DPHQGHV
/D SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ GHV SURGXLWV GRLW rWUH YXH
FRPPH XQH VRXUFH G pFRQRPLH SOXW{W TX XQH VRXUFH GH GpSHQVHV HW GH FRQWUDLQWHV
LQXWLOHV
&HOD QpFHVVLWH QpDQPRLQV GHV LQYHVWLVVHPHQWV SDUIRLV FRQVpTXHQWV SRXU PRGLILHU OD

FRPSRVLWLRQ RX OD VWUXFWXUH GHV SURGXLWV FHUWDLQV SURFpGpV GH IDEULFDWLRQ « FHV
LQYHVWLVVHPHQWV SRXUURQW rWUH UpGKLELWRLUHV SRXU GHV SHWLWHV HQWUHSULVHV TXL SOXV HVW
GpFRQFHUWpHV SDU FHWWH QpFHVVLWp G XQH YLVLRQ j PR\HQ RX ORQJ WHUPH DQWLQRPLTXH DYHF
OHXU VWUDWpJLH FRXUW WHUPH
3DJH
/ DPpOLRUDWLRQGHODTXDOLWpGHVSURGXLWV
/H EHVRLQ GH SUHQGUH HQ FRPSWH O HQYLURQQHPHQW YD UHMRLQGUH FHOXL G DPpOLRUHU OD

TXDOLWp GHV SURGXLWV SXLVTXH OHV REMHFWLIV VRQW VRXYHQW FRPPXQV GDQV OH VHQV R O RQ YD
HVVD\HU G DFFURvWUH OD YDOHXU G XQ SURGXLW DX VHQV GX VHUYLFH UHQGX GH OD SHUIRUPDQFH
GH OD TXDOLWp WRXW HQ GLPLQXDQW VHV LPSDFWV VXU O HQYLURQQHPHQW 2Q SRXUUD SDUOHU GH
TXDOLWp HQYLURQQHPHQWDOH G XQ SURGXLW GRQW RQ DXUD HVVD\HU G DFFURvWUH OD IRQFWLRQQDOLWp
OD ILDELOLWp DXVVL ELHQ TXH OD GXUDELOLWp HW OD UHF\FODELOLWp
8Q GHV SULQFLSDX[ REMHFWLIV GH GpYHORSSHPHQW HVW ELHQ HQ HIIHW GH FRQFHYRLU GHV

SURGXLWV SHUIRUPDQWV HW GH TXDOLWp VDWLVIDLVDQWV SRXU OH FOLHQW HW UHVSHFWDQW GH VXUFURvW
O HQYLURQQHPHQW
8QH pWXGH GX 'HVLJQ ,QQRYDWLRQ *URXS GH O XQLYHUVLWp DQJODLVH 7KH 2SHQ 8QLYHUVLW\ 7KH
&RPPHUFLDO ,PSDFWV RI *UHHQ 3URGXFW 'HYHORSPHQW >60,7+ HW DO D@ PHQpH VXU
HQWUHSULVHV DXVWUDOLHQQHV DPpULFDLQHV HW DQJODLVHV FRUURERUH FHV GLUHV SXLVTX HOOH D
UpYpOp TXH SDUPL OHV IDFWHXUV FRPSpWLWLIV G XQ SURGXLW VXU XQ PDUFKp YHUW ILJXUDLHQW HQ
SUHPLHU OLHX VD SHUIRUPDQFH HW VD TXDOLWp VHV YHUWXV HQYLURQQHPHQWDOHV Q pWDQW FLWpHV
TX HQ TXDWULqPH SRVLWLRQ VXU OHV RQ]H IDFWHXUV UHWHQXV
2UGUH &DUDFWpULVWLTXH
3HUIRUPDQFH
4XDOLWp )LDELOLWp
5DSSRUW 4XDOLWp3UL[
4XDOLWpV HQYLURQQHPHQWDOHV
3UL[
3URPRWLRQ PDUNHWLQJ
(VWKpWLVPH
8WLOLVDWLRQ
(UJRQRPLH 6pFXULWp
'pODL GH OLYUDLVRQ
6HUYLFH $SUqV9HQWH
7DEOHDX 2UGUH GH FKRL[ GHV IDFWHXUV FRPSpWLWLIV G XQ SURGXLW VXU XQ PDUFKp YHUW
6RXUFH 0DUN 7 6PLWK7KH &RPPHUFLDO ,PSDFWV RI *UHHQ 3URGXFW 'HYHORSPHQW ',*
S
,O HVW j QRWHU QpDQPRLQV TX XQ SURGXLW YHUW Q HVW SDV IRUFpPHQW XQ SURGXLW GH TXDOLWp
8Q PRLQGUH LPSDFW VXU O HQYLURQQHPHQW QH JDUDQWLW SDV HQ HIIHW OD TXDOLWp «
3DJH
/HEHVRLQG·LQQRYHU
/·HQYLURQQHPHQW HVW FRQVLGpUp FRPPH XQH RSSRUWXQLWp HW VDQV DXFXQ GRXWH XQ PRWHXU
G·LQQRYDWLRQ GDQV OH VHQV R LO YD QpFHVVLWHU GH UHSHQVHU SDUIRLV DXWUHPHQW OHV SURGXLWV
HQ DPpOLRUDQW pJDOHPHQW OHXU TXDOLWp SRXU XQ FRW PRLQGUH 8QH HQWUHSULVH SHXW DLQVL
SUHQGUH OH ULVTXH G LQQRYHU SRXU SpQpWUHU FHUWDLQV QRXYHDX[ PDUFKpV R OHV JDPPHV GH
SURGXLWV DFWXHOOHV Q DXUDLHQW DXFXQH FKDQFH G REWHQLU GHV SDUWV
1RXV UHYLHQGURQV VXU FHV QRWLRQV G LQQRYDWLRQ HW GHV SULVHV GH ULVTXH LQKpUHQWHV DX
SURFHVVXV G LQQRYDWLRQ GDQV OH SDUDJUDSKH VXLYDQW FRQVDFUp DX[ QLYHDX[ G pFR
FRQFHSWLRQ HW OD SDUWLH
/HEHVRLQGHPRWLYHUOHSHUVRQQHO
8QH YRORQWp GH UHPRWLYHU OH SHUVRQQHO G XQH HQWUHSULVH DXWRXU G XQH FDXVH FRPPXQH
SHXW UHSUpVHQWHU XQ PRWHXU LQWHUQH GH O pFRFRQFHSWLRQ SXLVTXH FKDFXQ VHUD G DXWDQW
SOXV PRWLYp SRXU VH PRELOLVHU DXWRXU GH FHWWH QRXYHOOH GRQQH TX LO DXUD O LPSUHVVLRQ GH
SDUWLFLSHU j VRQ QLYHDX j OD UpGXFWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[ GHV SURGXLWV HW
SURFpGpV / pFRFRQFHSWLRQ SHXW HQ HIIHW SHUPHWWUH G DPpOLRUHU HQWUH DXWUHV OHV
FRQGLWLRQV G K\JLqQH HW VpFXULWp GDQV O HQWUHSULVH FH TXL FRQFHUQH GLUHFWHPHQW OHV
HPSOR\pV 8QH LOOXVWUDWLRQ GH FH SURSRV HVW O pOLPLQDWLRQ GH O HPSORL GX FDGPLXP GDQV OHV
SURGXLWV VLJQLILDQW SRXU OH SHUVRQQHO OD GLVSDULWLRQ GHV ULVTXHV G HPSRLVRQQHPHQW SDU
OHV PpWDX[ ORXUGV
8QHERQQHLPDJHGHPDUTXH
/ LPDJH G XQH HQWUHSULVH pFRFLWR\HQQH VH SUpRFFXSDQW GH O LPSDFW GH VHV SURGXLWV VXU

O HQYLURQQHPHQW HVW IRQGDPHQWDOH SRXU FHUWDLQHV EUDQFKHV G DFWLYLWp FRPPH
O pOHFWURQLTXH HW O LQIRUPDWLTXH ,O YD GRQF V DJLU SRXU OHV HQWUHSULVHV GH FRQFHYRLU GHV
pFRSURGXLWV TXL OHV DLGHURQW j FRPPXQLTXHU HQ YpKLFXODQW XQH LPDJH YHUWH GH OHXUV
DFWLYLWpV 8Q ERQ PR\HQ SRXU O HQWUHSULVH GH PRQWUHU TX HOOH D FRQVFLHQFH GH VHV
UHVSRQVDELOLWpV HQYLURQQHPHQWDOHV HVW GH SXEOLHU UpJXOLqUHPHQW GHV UDSSRUWV
HQYLURQQHPHQWDX[ HW GH SRXYRLU FRPPXQLTXHU j WRXW FOLHQW TXL HQ pPHW OH GpVLU VXU OHV
FDUDFWpULVWLTXHV LQWULQVqTXHV GH VHV SURGXLWV YLD SDU H[HPSOH GHV ILFKHV GH TXDOLWp
HQYLURQQHPHQWDOH
1RXV UHYLHQGURQV VXU FH WKqPH GH OD FRPPXQLFDWLRQ GDQV OH FKDSLWUH VXLYDQW FRQVDFUp
DX[ RXWLOV G pFRFRQFHSWLRQ
3DJH
3RLQWV GH YXH GHV HQWUHSULVHV YLVjYLV GH FHV IDFWHXUV GH
PRWLYDWLRQ
3DUPL SOXVLHXUV HQTXrWHV DXSUqV G HQWUHSULVHV O XQH PHQpH SDU &DUROLHQ * 9DQ +HPHO
GDQV OH FDGUH G XQH SDUW G XQ SURMHW KROODQGDLV 7KH ,& (FR'HVLJQSURMHFW VXU SHWLWHV
HQWUHSULVHV >9DQ +(0(/ @ HW G DXWUH SDUW GH VHV WUDYDX[ GH UHFKHUFKH (FR'HVLJQ
HPSLULFDOO\ H[SORUHG 'HVLJQ IRU (QYLURQPHQW LQ 'XWFK VPDOO DQG PHGLXP VL]HG HQWHUSULVHV
>9DQ +(0(/ @ D UDSSRUWp TXH OHV SULQFLSDX[ IDFWHXUV PRWLYDQW O LQLWLDWLRQ G XQ SURMHW
G pFRFRQFHSWLRQ VRQW SRXU FH TXL FRQFHUQH OHV SUHVVLRQV H[WHUQHV OD SUHVVLRQ GH
FHUWDLQV FOLHQWV LQGXVWULHOV GHV UpSRQVHV OD UpJOHPHQWDWLRQ HW GDQV XQH
PRLQGUH PHVXUH O LQIOXHQFH GHV IRXUQLVVHXUV SRXU FH TXL FRQFHUQH OHV PRWLYDWLRQV
LQWHUQHV SOXV QRPEUHXVHV FH VRQW OHV EpQpILFHV HQYLURQQHPHQWDX[ GDQV XQ VRXFL GX
UHVSHFW GH O HQYLURQQHPHQW OD UpGXFWLRQ GHV FRWV HW O DPpOLRUDWLRQ GH
O LPDJH GH PDUTXH
8QH pWXGH DPpULFDLQH PHQpH SDU XQH pTXLSH GX 0,7 >/(12; HW DO @ YLD XQ
TXHVWLRQQDLUH HQYR\p j SOXV GH JUDQGHV HQWUHSULVHV GRQW VHXOHPHQW
UpSRQGLUHQW UpYqOH TXH OHV IDFWHXUV GH PRWLYDWLRQ LQWHUQHV HW H[WHUQHV FRQIRQGXV OHV
SOXV VRXYHQW pYRTXpV VRQW OD UpGXFWLRQ GHV FRWV GHV FDV OD SUHVVLRQ GHV
FRQFXUUHQWV HW OD UHVSRQVDELOLWp GH O HQWUHSULVH YLVjYLV GH VHV SURGXLWV
6XU RQ]H IDFWHXUV FRQVLGpUpV HW PrPH VL O RQ FRQVWDWH TXH WRXV OHV UpVXOWDWV VRQW
UHODWLYHPHQW SURFKHV OD UHVSRQVDELOLWp VRFLDOH RX LPDJH GH PDUTXH Q LQWHUYLHQW TX HQ
VL[LqPH SRVLWLRQ DYHF GHV FDV HW OD UpJOHPHQWDWLRQ HQ QHXYLqPH SRVLWLRQ DYHF
GHV FDV «
,O VHPEOHUDLW G DSUqV FHV UpVXOWDWV TXH OHV JUDQGHV HQWUHSULVHV VRLHQW PRLQV LQTXLpWpHV
SDU OD UpJOHPHQWDWLRQ TXH OHV SHWLWHV XQLWpV HW GDYDQWDJH SUpRFFXSpHV SDU OD UpGXFWLRQ
GHV FRWV HW OD FRQFXUUHQFH
7KH ,& (FR'HVLJQ 3URMHFW 3URJUDPPH GH UHFKHUFKH KROODQGDLV GHVWLQp DX[ SHWLWHV HW PR\HQQHV
HQWUHSULVHV HW D\DQW SRXU REMHFWLI GH OHXU IDLUH FRPSUHQGUH OHV HQMHX[ GH O pFRFRQFHSWLRQ FRPPHQW FHOD
SHXW VH WUDGXLUH HQ HQWUHSULVH HW TXHOV UpVXOWDWV HVFRPSWHU 6XU 30( FRQFHUQpHV FULWqUHV GH VpOHFWLRQ
SHUVRQQHV DX PD[LPXP HQWUHSULVHV UHVSRQVDEOHV GHV VSpFLILFDWLRQV GH OHXUV SURGXLWV SURGXLWV
GpYHORSSpV DX[ 3D\V%DV HW SURGXLWV UpHOV SOXW{W TXH VHUYLFHV LO pWDLW SUpYX TXH WRXV VHFWHXUV
FRQIRQGXV SDUWLFLSHQW DX SURMHW PDLV ILQ VHXOHPHQW HQWUHSULVHV IXUHQW LQFOXHV UpSDUWLHV GDQV
VL[ EUDQFKHV G DFWLYLWp SURGXLWV PpWDOOLTXHV pOHFWURQLTXH DXWRPRELOHV SURGXLWV V\QWKpWLTXHV ERLV
PDFKLQHV )LQ IXUHQW DQDO\VpV OHV UpVXOWDWV HQYLURQQHPHQWDX[ HW pFRQRPLTXHV GH GHV SURMHWV
>%g77&+(5 @
HW DO
,O HVW j QRWHU TXH FHWWH HQTXrWH D pWp UpDOLVpH DX[ 3D\V%DV SD\V R OD FXOWXUH HQYLURQQHPHQWDOH HVW WUqV
PDUTXpH HW OHV HQWUHSULVHV WUqV VRXFLHXVHV GH UHVSHFWHU O HQYLURQQHPHQW /HV VWLPXOL LQWHUQHV VRQW GRQF SOXV
QRPEUHX[ TXH OHV VWLPXOL H[WHUQHV $X QLYHDX GHV UpVXOWDWV FRQFHUQDQW OHV SURMHWV SUqV GH RSWLRQV
G DPpOLRUDWLRQ IXUHQW SURSRVpHV DX[ HQWUHSULVHV 6XU FHV RSWLRQV IXUHQW FLWpV SRXU G HQWUH HOOHV
SUHVVLRQV H[WHUQHV DX PRLQV GLIIpUHQWHV HW SRXU G HQWUH HOOHV PRWHXUV LQWHUQHV DX PRLQV
GLIIpUHQWV
/HV HQWUHSULVHV GH FHWWH HQTXrWH FRQFHUQHQW HQWUH DXWUHV OHV GRPDLQHV GH O DOLPHQWDWLRQ GH OD FKLPLH GHV
PDFKLQHV LQGXVWULHOOHV HW GHV pTXLSHPHQWV LQIRUPDWLTXHV &H VRQW GHV HQWUHSULVHV GH JUDQGH WDLOOH SXLVTXH OD
PR\HQQH GX QRPEUH G HPSOR\pV VH VLWXH DX[ DOHQWRXUV GH SHUVRQQHV pFKHOOH YDULDQW GH j
SHUVRQQHV HW OH QRPEUH PR\HQ G XQLWpV GH IDEULFDWLRQ SDU HQWUHSULVH HVW GH pFKHOOH YDULDQW GH j
XQLWpV
3DJH
&RQFHUQDQW OHV FRWV ELHQ VRXYHQW OHV HQWUHSULVHV Q D\DQW SDV HQFRUH GpYHORSSp G pFR
SURGXLWV HW OHV SOXV SHWLWHV HQ SDUWLFXOLHU FRQVLGqUHQW OD SULVH HQ FRPSWH GH
O HQYLURQQHPHQW FRPPH XQH FRQWUDLQWH GH SOXV HW XQH FDXVH LQXWLOH GH GpSHQVH
VXSSOpPHQWDLUH VDQV IDLUH OH OLHQ DYHF GHV UpGXFWLRQV SRVVLEOHV GH FRWV SRXUWDQW ORUV
GX GpYHORSSHPHQW GH QRXYHOOHV JDPPHV GH SURGXLWV GHV UpIOH[LRQV VXU OD OLPLWDWLRQ GHV
FRWV GH UHYLHQW DPqQHQW HQ IDLW j SHQVHU HQYLURQQHPHQW VLPSOLILFDWLRQ HW DOOpJHPHQW
GX SURGXLW PLQLPLVDWLRQ GH OD SURGXFWLRQ GH GpFKHWV HQ FRXUV GH IDEULFDWLRQ
PLQLPLVDWLRQ GX QRPEUH G RSpUDWLRQV SROOXDQWHV SRXU pYLWHU OHV FRWV GH WUDLWHPHQW
/H FRW QH GRLW SDV UHSUpVHQWHU XQ REVWDFOH j OD PLVH HQ SODFH GH O pFRFRQFHSWLRQ GDQV
OHV HQWUHSULVHV 0rPH VL FHWWH PLVH HQ SODFH QpFHVVLWH DX GpEXW XQ LQYHVWLVVHPHQW SDUIRLV
QRQ QpJOLJHDEOH OHV UpVXOWDWV HQFRXUDJHDQWV GH ERQ QRPEUH GH SURMHWV ODLVVHQW j SHQVHU
FH VDFULILFH Q HVW SDV YDLQ $LQVL G DSUqV O pWXGH VXU OHV 30( KROODQGDLVHV LO V DYqUH TXH
GHV HQWUHSULVHV D\DQW LQWpJUp XQ SURMHW G pFRFRQFHSWLRQ GDQV OH FDGUH GX
SURJUDPPH GH UHFKHUFKH HVSqUHQW TXH OHXU pFRSURGXLWV YRQW IRUWHPHQW DFFURvWUH OHXUV
SDUWV GH PDUFKp
3RXU UpVXPHU QRXV SRXUULRQV GLUH TXH OHV IDFWHXUV HVVHQWLHOV GH PRWLYDWLRQ
G XQH HQWUHSULVH GDQV XQH DSSURFKH G pFRFRQFHSWLRQ VHPEOHQW rWUH DX YX G pWXGHV
GH WHUUDLQ OD SUHVVLRQ GH OD FOLHQWqOH GH OD FRQFXUUHQFH HW GH OD UpJOHPHQWDWLRQ HQ
H[WHUQH OD UpGXFWLRQ GHV FRWV HW O DPpOLRUDWLRQ GH O LPDJH GH PDUTXH HQ LQWHUQH
/HQLYHDXG pFRFRQFHSWLRQUHFKHUFKp"
1RXV DYRQV YX GDQV OH SDUDJUDSKH OHV GLIIpUHQWHV WHUPLQRORJLHV GH O pFRFRQFHSWLRQ HW

FH TX HOOHV LPSOLTXHQW DX QLYHDX GH O HQWUHSULVH
$X QLYHDX GX SURGXLW GH PrPH QRXV DOORQV UHWURXYHU SOXVLHXUV DSSURFKHV G·pFR
FRQFHSWLRQ FRUUHVSRQGDQW j GHV QLYHDX[ GLIIpUHQWV GH UHPLVH HQ FDXVH GH OD FRQFHSWLRQ
'HV FKHUFKHXUV KROODQGDLV RQW DLQVL PRQWUp O H[LVWHQFH GH TXDWUH QLYHDX[ G DSSURFKH
FRQFHSWXHOOH >%5(=(7 HW DO @ >%5(=(7 @ >67(9(/6 D@ UHSUpVHQWpV VXU OD ILJXUH
VXLYDQWH
3DJH
)DFWHXU
1LY
$PpOLRUDWLRQ GH
O pFRHIILFDFLWp
1LY
1LY

1LY

DQV
7HPSV DQQpHV
)LJXUH /HV TXDWUH QLYHDX[ G pFRFRQFHSWLRQ
6RXUFH +DQ %UH]HW '\QDPLFV LQ HFRGHVLJQ SUDFWLFH 81(3 ,QGXVWU\ DQG (QYLURQPHQW -DQXDU\-XQH
S
2Q UHWURXYH LFL OD QRWLRQ G pFRHIILFDFLWp pYRTXpH SUpFpGHPPHQW ODTXHOOH V H[SULPH HQ

WHUPHV GH IDFWHXU
3RXU + %UH]HW OHV QLYHDX[ HW FRUUHVSRQGDQW DX[ DPpOLRUDWLRQV HW WUDQVIRUPDWLRQV GH
SURGXLWV SHUPHWWHQW G DFFURvWUH O pFRHIILFDFLWp RX UpGXFWLRQ GHV LPSDFWV
HQYLURQQHPHQWDX[ SDUIRLV GH IDFWHXU PDLV SRXU SDUYHQLU j OD YLDELOLWp
pFRORJLTXH GHV LQQRYDWLRQV DX QLYHDX GHV IRQFWLRQV HW GHV HQVHPEOHV GH SURGXLWV VRQW
QpFHVVDLUHV OHV QLYHDX[ HW 3RXU OH QLYHDX RQ SHXW HVSpUHU DWWHLQGUH XQ IDFWHXU
TXL FRUUHVSRQG j SUqV GH GH UpGXFWLRQ GHV LPSDFWV
/ pFKHOOH GH WHPSV UHSUpVHQWpH VXU OD ILJXUH Q HVW TX XQH LQGLFDWLRQ GX QRPEUH G DQQpHV
QpFHVVDLUHV HVWLPp SRXU DWWHLQGUH WHO RX WHO QLYHDX VWDEOH G pFRHIILFDFLWp VHORQ OH GHJUp
GH UHPLVH HQ FDXVH GX SURGXLW H[HPSOH SURMHWV GH UHFRQFHSWLRQ QLYHDX FRXUDPPHQW
HQJDJpV GDQV OHV DQQpHV j YHQLU
$ QRWHU TX LO HVW ELHQ pYLGHQW TX XQH HQWUHSULVH SHXW GpYHORSSHU XQ SURGXLW GH QLYHDX
VDQV rWUH SDVVpH SDU OHV QLYHDX[ HW LO SHXW V DJLU HQ HIIHW G XQ SURMHW SDUWLFXOLHU
LQQRYDQW DORUV PrPH TXH OHV SURMHWV VWDQGDUG Q LQWqJUHQW DXFXQ FULWqUH HQYLURQQHPHQWDO
QLYHDX &RPPH QRXV SRXUULRQV OH SHQVHU G DSUqV OH VFKpPD GH OD ILJXUH OHV QLYHDX[
QH VRQW SDV QpFHVVDLUHPHQW VXFFHVVLIV ,O V DJLW VLPSOHPHQW GH PRQWUHU TXH OD
SUpRFFXSDWLRQ HQYLURQQHPHQWDOH GX PRQGH LQGXVWULHO HQ PDWLqUH GH FRQFHSWLRQ QH
SRXUUD rWUH TXH OHQWHPHQW SURJUHVVLI 2Q HVSqUH TXH G LFL j DQV OD SOXSDUW GHV
HQWUHSULVHV DXURQW SULV HQ FRPSWH OH QLYHDX G pFRFRQFHSWLRQ LO VHUD DORUV GHYHQX
SUDWLTXHPHQW QDWXUHO G LFL j DQV OH QLYHDX G LFL j DQV OH QLYHDX HW GDQV XQH
TXDUDQWDLQH G DQQpHV YRLUH XQ GHPLVLqFOH OH QLYHDX
'pWDLOORQV j SUpVHQW FH TXH UHFRXYUH FKDFXQ GHV QLYHDX[
3DJH
/HQLYHDX$PpOLRUDWLRQGXSURGXLW
2Q SDUOH G·XQH DPpOLRUDWLRQ SURJUHVVLYH HW LQFUpPHQWDOH GX SURGXLW ,O V·DJLW HQ IDLW
G·XQH DFWXDOLVDWLRQ GX SURGXLW DSSHOpH SDUIRLV UHVW\OLQJ GDQV FHUWDLQHV HQWUHSULVHV
/D FRQWUDLQWH HQYLURQQHPHQWDOH HVW LFL JpUpH DX FRXS SDU FRXS OHV WHFKQLTXHV GH
IDEULFDWLRQ HW OH SURGXLW OXLPrPH GHPHXUDQW HQ JpQpUDO LGHQWLTXHV
&HWWH DSSURFKH UHOqYH GX ERQ VHQV HW SHXW DLVpPHQW rWUH PHQpH SDU WRXW W\SH
G HQWUHSULVH ,O YD V DJLU GDQV XQ SUHPLHU WHPSV GH UDVVHPEOHU XQ FHUWDLQ QRPEUH
G LQIRUPDWLRQV VXU OH SURGXLW DILQ G LGHQWLILHU UDSLGHPHQW OHV DPpOLRUDWLRQV j HQYLVDJHU
&HV LQIRUPDWLRQV SHXYHQW rWUH REWHQXHV
ª HQ FRPSWDELOLVDQW GDQV OH SURGXLW
OH QRPEUH GH SLqFHV
OH QRPEUH GH PDWpULDX[
OH QRPEUH GH YLV RX DXWUH V W\SH V GH IL[DWLRQV
ª HQ PHVXUDQW
OD FRQVRPPDWLRQ G pQHUJLH HQ SKDVH G XWLOLVDWLRQ
OH SRLGV GX SURGXLW
OH WHPSV GH GpVDVVHPEODJH GHV SLqFHV SULQFLSDOHV
OD SUpVHQFH HW OD TXDQWLWp GH VXEVWDQFHV SRWHQWLHOOHPHQW GDQJHUHXVHV
ª HQ FDOFXODQW
OH FRW GHV DPpOLRUDWLRQV HQYLURQQHPHQWDOHV SRVVLEOHV
OHV EpQpILFHV GH FHV DPpOLRUDWLRQV HQYLURQQHPHQWDOHV
&H W\SH G DSSURFKH YD FRQVLVWHU SDU H[HPSOH j UpGXLUH DX PLHX[ OD TXDQWLWp GH
PDWLqUHV SUHPLqUHV XWLOLVpHV UHPSODFHU XQ V\VWqPH GH IL[DWLRQ SDU XQ DXWUH GHV FOLSV
j OD SODFH GH YLV SDU H[HPSOH OLPLWHU WHO RX WHO W\SH GH IL[DWLRQ VXSSULPHU XQ
WUDLWHPHQW GH VXUIDFH WR[LTXH pOLPLQHU XQ W\SH GH UHYrWHPHQW XQH SHLQWXUH HQ
SDUWLFXOLHU DMRXWHU XQ GLVSRVLWLI DQWLSROOXWLRQ RX HQFRUH RUJDQLVHU XQ V\VWqPH GH
UHWRXU GHV SURGXLWV XVDJpV «
/ HVVHQWLHO GHV DFWLYLWpV SRXU FH SUHPLHU QLYHDX G pFRFRQFHSWLRQ HVW EDVp VXU OH
UHVSHFW GH OD UpJOHPHQWDWLRQ HW OHV PRGLILFDWLRQV GH FRQFHSWLRQ R UpGXFWLRQ GHV FRWV
HW pFRFRQFHSWLRQ YRQW GH SDLU UpGXFWLRQ GX WHPSV G DVVHPEODJH HW GH
GpVDVVHPEODJH UpGXFWLRQ GH OD PDVVH GX SURGXLW RX GH VRQ HPEDOODJH UpGXFWLRQ GH
OD FRQVRPPDWLRQ G pQHUJLH «
3DJH
/HQLYHDX5HFRQFHSWLRQGXSURGXLW
,O V·DJLW G·XQH UHFRQFHSWLRQ EDVpH VXU XQ FRQFHSW GH SURGXLW H[LVWDQW 'DQV FH FDV OH
SURMHW QpFHVVLWH XQH pWXGH SOXV DSSURIRQGLH GH O H[LVWDQW HW XQH PRELOLVDWLRQ SOXV
LPSRUWDQWH GH O pTXLSH GH FRQFHSWLRQ 3RXU + %UH]HW O LGpDO GDQV FH JHQUH
G DSSURFKH HVW GH VH GpJDJHU GDQV XQ SUHPLHU WHPSV GH WRXWH FRQWUDLQWH GH FRW GH
GpODL HW GH TXDOLWp SRXU IDFLOLWHU O DFWLYLWp GH FUpDWLYLWp
& HVW FH QLYHDX G pFRFRQFHSWLRQ TX RQW FKHUFKp j DWWHLQGUH SOXVLHXUV HQWUHSULVHV
IDEULFDQWHV GH WpOpYLVHXUV GDQV OH SURMHW DOOHPDQG *UHHQ 79 pYRTXp SOXV KDXW
/ DWWHQWLRQ IXW WRXW SDUWLFXOLqUHPHQW SRUWp QRQ VHXOHPHQW VXU OHV TXHVWLRQV G RUGUH
WHFKQLTXH PDLV DXVVL G RUGUH FXOWXUHO SDU UDSSRUW j OD PHQWDOLWp GHV PHPEUHV GHV
pTXLSHV GH WUDYDLO HW FH DILQ GH SUpYHQLU WRXWHV VRUWHV GH IUHLQV j GH QRXYHOOHV
SURSRVLWLRQV GH FRQFHSWLRQ SOXV UHVSHFWXHXVH GH O HQYLURQQHPHQW YDLQFUH OHV
SUpMXJpV HW VWLPXOHU OD FUpDWLYLWp YHUWH
/H SURMHW *UHHQ 79 DERXWLW j OD FRQFHSWLRQ G XQH WpOpYLVLRQ G HQYLURQ PRLQV
LPSDFWDQWH TXH OD JDPPH SUpFpGHQWH DYHF HQ SDUWLFXOLHU XQH UpGXFWLRQ GH GH OD
FRQVRPPDWLRQ G pQHUJLH GH GX SRLGV GH SODVWLTXHV GH G XWLOLVDWLRQ GH
VXEVWDQFHV WR[LTXHV HW O XWLOLVDWLRQ GH GX SRLGV WRWDO HQ PDWpULDX[ UHF\FOpV HW FH
SRXU XQ FRW SUDWLTXHPHQW pTXLYDOHQW
'DQV FH W\SH G DSSURFKH OHV WHFKQLTXHV GH IDEULFDWLRQ SHXYHQW pYROXHU SRXU
PLQLPLVHU SDU H[HPSOH OD FRQVRPPDWLRQ G pQHUJLH j SOXVLHXUV pWDSHV GX F\FOH GH YLH
GX SURGXLW $X QLYHDX GX SURGXLW OXLPrPH GHV FRPSRVDQWV SHXYHQW rWUH FKDQJpV GH
PrPH TXH GHV PDWpULDX[ O DJHQFHPHQW GHV FRPSRVDQWV « SRXU QRWDPPHQW DFFURvWUH
O HPSORL GH PDWpULDX[ QRQ WR[LTXHV IDFLOLWHU OH GpVDVVHPEODJH OD UpXWLOLVDWLRQ GH
FHUWDLQHV SLqFHV RX OH UHF\FODJH GH PDWpULDX[
8Q SURMHW GH QLYHDX QpFHVVLWH XQ WHPSV GH GpYHORSSHPHQW SOXV ORQJ TXH OH SUHPLHU
QLYHDX HW GRLW VH IDLUH OHQWHPHQW pWDSH SDU pWDSH ,O LPSOLTXH HQ HIIHW QRQ VHXOHPHQW
O HQWUHSULVH TXL SHXW DYRLU VHV PpWKRGHV GH SURGXFWLRQ G DVVHPEODJH « j PRGLILHU
RX DGDSWHU PDLV DXVVL OHV IRXUQLVVHXUV RX VRXVWUDLWDQWV TXL SHXYHQW j OHXU WRXU DYRLU j
PRGLILHU OHXUV PRXOHV OHXUV PDWpULDX[ OHXUV WHFKQLTXHV GH IDEULFDWLRQ «
/HQLYHDX1RXYHDXFRQFHSWGHSURGXLW
&·HVW OH SUHPLHU QLYHDX GH O·LQQRYDWLRQ RQ LQWURGXLW XQ QRXYHDX FRQFHSW GH SURGXLW

/HV IRQFWLRQV WHFKQLTXHV SHUPHWWDQW GH UHPSOLU OD PrPH IRQFWLRQQDOLWp GX SURGXLW
VHURQW GLIIpUHQWHV &H QLYHDX V·LQVFULW GDQV XQH UpHOOH SROLWLTXH G·LQQRYDWLRQ DYHF XQH
YLVLRQ VWUDWpJLTXH j ORQJ WHUPH /·LQQRYDWLRQ pWDQW SOXW{W UDGLFDOH RQ SDUOH
G· LQQRYDWLRQ GH UXSWXUH
3DJH
/HV H[HPSOHV UHODWLIV j FHWWH DSSURFKH FRQFHUQHQW SDU H[HPSOH OH SDVVDJH GH OHWWUHV
SDSLHU DX[ HPDLO GHV YRLWXUHV SULYpHV DX[ V\VWqPHV G XWLOLVDWLRQ GH YRLWXUHV PLVHV j
GLVSRVLWLRQ DSSURFKH SDUWDJH GHV SURGXLWV SUpFpGHPPHQW FODVVpH GDQV OHV
DSSURFKHV IRFDOLVpHV VXU OH GpYHORSSHPHQW GXUDEOH GHV PRWHXUV WKHUPLTXHV DX[
PRWHXUV pOHFWULTXHV «
/HV ULVTXHV HQFRXUXV SDU XQH HQWUHSULVH SHXYHQW rWUH pQRUPHV
ª /HV DOWHUQDWLYHV GH SURGXLW SHXYHQW HQJHQGUHU GH IRUWV LQYHVWLVVHPHQWV DX[

UHWRXUV LQFHUWDLQV
ª /HV DOWHUQDWLYHV GH SURGXLW SHXYHQW UHQGUH OHV LQYHVWLVVHPHQWV FRXUDQWV

LQXWLOHV HW REOLJHU FHUWDLQV IRXUQLVVHXUV j PRGLILHU HQWLqUHPHQW OHXUV
SURFHVVXV DX ULVTXH GH OHV FRQGDPQHU
ª /HV FOLHQWV SHXYHQW rWUH UpWLFHQWV j DFKHWHU OH QRXYHDX SURGXLW RX VHUYLFH VL

OHV DYDQWDJHV HQYLURQQHPHQWDX[ QH YRQW SDV GH SDLU DYHF G DXWUHV FULWqUHV
HVWLPpV LQGLVSHQVDEOHV FRW SHUIRUPDQFH TXDOLWp «
ª /HV LQIUDVWUXFWXUHV QpFHVVDLUHV Q H[LVWHQW SDV
8QH HQWUHSULVH YD GRQF GHYRLU DGRSWHU XQH VWUDWpJLH GH GpYHORSSHPHQW GH SURGXLW

DYHF XQH YLVLRQ WUqV ODUJH HW j WUqV ORQJ WHUPH SUHQDQW HQ FRPSWH O pYROXWLRQ GX
PDUFKp
/D GLYLVLRQ 6RXQG 9LVLRQ GH 3KLOLSV D GpYHORSSp XQH PpWKRGH SRXU DLGHU O HQWUHSULVH
GDQV VD GpPDUFKH GH FRQFHSWLRQ LQQRYDQWH 675(7&+ 6HOHFWLRQ RI V75DWHJLF
(QYLURQPHQ7DO &+DOOHQJHV OHV GHX[ SUHPLqUHV pWDSHV GH FHWWH PpWKRGH YRQW
SHUPHWWUH j O HQWUHSULVH G LGHQWLILHU FH TXL YD PRWLYHU OH PDUFKp G LFL j DQV HW
G pODERUHU TXHOTXHV VFpQDULRV GH GpYHORSSHPHQW GH SURGXLWV SRWHQWLHOV HQ IRQFWLRQ
GH VWUDWpJLHV GH PDUFKp SODXVLEOHV 'H Oj O HQWUHSULVH SRXUUD OLVWHU OHV RSSRUWXQLWpV HW
PHQDFHV HQYLURQQHPHQWDOHV SRXU FKDFXQ GHV VFpQDULRV HW FKRLVLU O XQ G HQWUH HX[ SRXU
XQ SURGXLW SDUWLFXOLHU DSUqV HQ DYRLU pYDOXp OHV DYDQWDJHV SRXU O HQYLURQQHPHQW OH
FOLHQW HW O HQWUHSULVH HOOHPrPH
8Q PR\HQ GH UpXVVLU FHWWH DSSURFKH GH FRQFHSWLRQ HVW G XWLOLVHU OD WHFKQLTXH
SUpFRQLVpH SDU $E 6WHYHOV OH EDFNFDVWLQJ >67(9(/6 E@ &HWWH WHFKQLTXH FRQVLVWH
QRQ SDV j SDUWLU G XQH VLWXDWLRQ DFWXHOOH PDLV j VH SURMHWHU SOXVLHXUV DQQpHV HQ DYDQW
SRXU IL[HU GHV REMHFWLIV SUpFLV j UpDOLVHU HW UHYHQLU GDQV OH SUpVHQW SRXU GpILQLU DORUV
FH TX LO HVW QpFHVVDLUH GH IDLUH SRXU DWWHLQGUH FHV REMHFWLIV VH IRFDOLVHU VXU OHV SRLQWV
HVVHQWLHOV HW FODULILHU OHV SODQV G DFWLRQ SRXU OHV GLIIpUHQWV DFWHXUV
'X SRLQW GH YXH RUJDQLVDWLRQQHO OH QLYHDX G pFRFRQFHSWLRQ QpFHVVLWH XQH IRUWH

PRELOLVDWLRQ GH WRXV OHV SDUWHQDLUHV GH O HQWUHSULVH TXL GRLYHQW rWUH SUpSDUpV j
V DGDSWHU SRXU FRQWULEXHU DX VXFFqV GX SURMHW OHV IRXUQLVVHXUV HQ SDUWLFXOLHU ,O SDUDvW
3DJH
GRQF HVVHQWLHO G LQVWDXUHU XQH FRPPXQLFDWLRQ SHUPDQHQWH HQWUH FKDFXQ HW GH IL[HU

GHV REMHFWLIV VRFLpWDX[ HQ DFFRUG DYHF WRXV
/HQLYHDX1RXYHDXV\VWqPHSURGXFWLI
&·HVW O· LQQRYDWLRQ PrPH GX V\VWqPH GH SURGXFWLRQ 2Q VH SUpRFFXSH GH FRQFHYRLU

GH QRXYHDX[ SURGXLWV HW VHUYLFHV QpFHVVLWDQW GH SURIRQGV FKDQJHPHQWV GHV
LQIUDVWUXFWXUHV HW GHV RUJDQLVDWLRQV
'HV H[HPSOHV pORTXHQWV GH FH QLYHDX G pFRFRQFHSWLRQ VRQW OH SDVVDJH G XQH
SURGXFWLRQ DOLPHQWDLUH EDVpH VXU O DJULFXOWXUH j XQH SURGXFWLRQ EDVpH VXU O LQGXVWULH
RX OHV FKDQJHPHQWV VXU OHV PRGHV GH WUDYDLO GH GpSODFHPHQWV EDVpV VXU OHV QRXYHOOHV
WHFKQRORJLHV GH O LQIRUPDWLRQ YLVLRFRQIpUHQFHV SDU H[HPSOH
3RXU O LQVWDQW JpQpUDOHPHQW OD SOXSDUW GHV HQWUHSULVHV GpVLUHXVHV GH V LQYHVWLU GDQV O pFR
FRQFHSWLRQ GpSDVVHQW UDUHPHQW OH QLYHDX GH UHPLVH HQ FDXVH GH OHXUV SURGXLWV VRLW
O pFRUHFRQFHSWLRQ QLYHDX HW DX PLHX[ QLYHDX &HWWH WHQGDQFH UHMRLQW WRWDOHPHQW
FHOOH FDUDFWpULVDQW OHV SURMHWV GH FRQFHSWLRQ FODVVLTXH SXLVTXH &RQQ\ %DNNHU UDSSRUWH
TX HQ VXU FDV GH GpYHORSSHPHQWV GH SURGXLWV DX[ 3D\V%DV VHXOHPHQW
SXUHQW rWUH TXDOLILpV G LQQRYDQWV OHV UHVWDQW UHOHYDQW G XQH DPpOLRUDWLRQ
LQFUpPHQWDOH GH SURGXLWV H[LVWDQWV >%$..(5 @
/ pWXGH DQJODLVH 7KH &RPPHUFLDO ,PSDFWV RI *UHHQ 3URGXFW 'HYHORSPHQW >60,7+ HW DO
D@ PHQpH VXU HQWUHSULVHV DXVWUDOLHQQHV DPpULFDLQHV HW DQJODLVHV GRQW SHWLWHV

XQLWpV PRLQV GH SHUVRQQHV HW PR\HQQHV HW JUDQGHV HQWUHSULVHV SOXV GH
SHUVRQQHV D QpDQPRLQV PRQWUp TXH FRQWUDLUHPHQW j FH TXH O RQ SRXUUDLW LPDJLQHU GHV
SHWLWHV HQWUHSULVHV VRQW SOXV VRXYHQW j O RULJLQH GX GpYHORSSHPHQW GH SURGXLWV YHUWV
WRWDOHPHQW LQQRYDQWV QLYHDX pFRLQQRYDWLRQ TXH GHV JUDQGHV HQWUHSULVHV SOXW{W
RULHQWpHV VXU OD UHFRQFHSWLRQ GH SURGXLWV &HFL SHXW V H[SOLTXHU SDU OH IDLW PrPH TXH OHV
JUDQGHV XQLWpV GLVSRVHQW G XQ PDUFKp ELHQ LGHQWLILp HW GH SURFpGXUHV GH FRQFHSWLRQ WUqV
IRUPDOLVpHV (OOHV YRQW GRQF GpYHORSSHU GHV SURGXLWV SOXV UHVSHFWXHX[ GH
O HQYLURQQHPHQW HQ WHQWDQW GH GHYDQFHU OHXUV FRQFXUUHQWV RX OHV VXLYUH VXU OHV PrPHV
PDUFKpV TX DXSDUDYDQW HW pYLWHU GH VH ULVTXHU j LQYHVWLU VH UpRUJDQLVHU SRXU FRQTXpULU
SDUIRLV HQ YDLQ GH QRXYHOOHV QLFKHV FRPPHUFLDOHV (OOHV YRQW VH FRQWHQWHU G DSSUpKHQGHU
O HQYLURQQHPHQW j SDUWLU GH O H[LVWDQW VDQV FRPSOqWHPHQW UHSHQVHU HQ WHUPHV GH IRQFWLRQV
WHFKQLTXHV
'DQV OH FDV GHV SHWLWHV XQLWpV O DSSURFKH LQQRYDQWH UHOqYH G XQ FKDOOHQJH G XQH
RSSRUWXQLWp GH SpQpWUHU GHV PDUFKpV &H SURMHW ILQDQFLqUHPHQW ULVTXp VH UpYqOH VRXYHQW
rWUH OH SUHPLHU GH O HQWUHSULVH TXL V HVW GpYHORSSpH SUpFLVpPHQW SRXU VH GpPDUTXHU
3DJH
&RQFUqWHPHQW OHV UpVXOWDWV GH O pWXGH DQJODLVH VRQW UHSUpVHQWpV VXU OH WDEOHDX VXLYDQW
>60,7+ HW DO D@
6WUDWpJLH 1RPEUH 7RWDO GH

G HQWUHSULVH 2EMHFWLI GH
UpSRQVHV UpSRQVHV
3pQpWUHU GH QRXYHDX[ PDUFKpV
3URDFWLYH $FFURvWUH OHV SDUWV GH PDUFKp
0DLQWHQLU OHV SDUWV GH PDUFKp
5pSRQGUH j OD GHPDQGH GX FRQVRPPDWHXU
5pDFWLYH 5pDJLU YLVjYLV GH OD FRQFXUUHQFH
5HVSHFWHU OD UpJOHPHQWDWLRQ
5pSRQGUH j OD GHPDQGH GX GpWDLOODQW
$XWUH
7RWDO
1RPEUH G HQWUHSULVHV 1RPEUH WRWDO GH UpSRQVHV GRQQpHV VRLW SOXVLHXUV SDU HQWUHSULVH
7DEOHDX 2EMHFWLIV YLVpV SDU XQH HQWUHSULVH GDQV OH FDGUH GH SURMHWV GH GpYHORSSHPHQW GH SURGXLWV
YHUWV
6RXUFH 0DUN 7 6PLWK7KH &RPPHUFLDO ,PSDFWV RI *UHHQ 3URGXFW 'HYHORSPHQW ',* S

5HPDUTXH /HV DXWUHV REMHFWLIV GH GpYHORSSHPHQW G pFRSURGXLWV SHXYHQW rWUH OHV

VXLYDQWV
✔ ,QWHQWLRQ GpOLEpUpH GH GpYHORSSHU GHV SURGXLWV YHUWV HQ SDUWLH VXU OD EDVH

GH MXJHPHQWV G RUGUH pWKLTXH GH OD SDUW GH OD 'LUHFWLRQ
✔ 9RORQWp G DPpOLRUHU O LPDJH GH PDUTXH GH O HQWUHSULVH DLQVL PRQWUpH
FRPPH pFRFLWR\HQQH
✔ 3URMHW FRQVLGpUp FRPPH XQ DYDQW SURMHW XQH pWXGH GH IDLVDELOLWp SRXU
O LQWpJUHU HQVXLWH GDQV WRXWH OD JDPPH GH SURGXLWV
7DLOOH G HQWUHSULVH
6WUDWpJLH G HQWUHSULVH 3HWLWH 0R\HQQH *UDQGH
3URDFWLYH
5pDFWLYH

$XWUH
7RWDO
7DEOHDX 6WUDWpJLHV HW WDLOOHV G HQWUHSULVHV
3DJH
6RXUFH 0DUN 7 6PLWK7KH &RPPHUFLDO ,PSDFWV RI *UHHQ 3URGXFW 'HYHORSPHQW ',* S

&HV UpVXOWDWV UpYqOHQW HIIHFWLYHPHQW TXH OHV SHWLWHV HQWUHSULVHV SHXYHQW GDYDQWDJH rWUH
SURDFWLYHV HW SUHQGUH GHV ULVTXHV SRXU HVSpUHU SpQpWUHU GH QRXYHDX[ PDUFKpV DORUV
TXH OHV JUDQGHV VHURQW SOXW{W UpDFWLYHV j OHXU PDUFKp OHV FOLHQWV HW OD FRQFXUUHQFH HW
GDQV XQH PRLQGUH PHVXUH j OD UpJOHPHQWDWLRQ FRPPH QRXV O DYRQV YX GDQV OH
SDUDJUDSKH SUpFpGHQW
0 6PLWK TXDOLILH O DSSURFKH G LQQRYDWLRQ HQ PDWLqUH G HQYLURQQHPHQW GH ERWWRPXS
GDQV OHV SHWLWHV HQWUHSULVHV SXLVTXH ELHQ VRXYHQW OHV LGpHV QRXYHOOHV VRQW DSSRUWpHV SDU
GHV PHPEUHV GX SHUVRQQHO HW GH WRSGRZQ GDQV OHV JUDQGHV XQLWpV SXLVTXH OHV SURMHWV
G LQQRYDWLRQ VRQW GDYDQWDJH SRUWpV SDU OHV VHUYLFHV GH OD 'LUHFWLRQ DSSURFKH WUqV
VWUDWpJLTXH >60,7+ HW DO E@
/D PHQDFH GHV GLIILFXOWpV GH VXUYLH GH OD 30( VXU FHV QRXYHDX[ PDUFKpV HQ UDLVRQ
SDUIRLV GHV SUL[ SRWHQWLHOOHPHQW SURKLELWLIV GH VHV SURGXLWV GHV IDLEOHV PDUJHV
FRPPHUFLDOHV GHV IRUWV QLYHDX[ G LQYHVWLVVHPHQW GHV VXFFqV FRPPHUFLDX[ LQFHUWDLQV «
OLPLWHQW WRXWHIRLV HQFRUH JUDQGHPHQW OH GpYHORSSHPHQW GH FHV DSSURFKHV LQQRYDQWHV HW
SURDFWLYHV >52< HW DO @
8QH HQWUHSULVH GpVLUHXVH GH V LQYHVWLU GDQV O pFRFRQFHSWLRQ GRLW HQ SUHPLHU OLHX FKRLVLU
SUpFLVpPHQW OH QLYHDX TX HOOH VRXKDLWH DWWHLQGUH HQ IRQFWLRQ GH VD VWUDWpJLH
%LHQ HQWHQGX VHORQ OHV QLYHDX[ OD TXDQWLWp G LQIRUPDWLRQV UHTXLVHV OHV VHUYLFHV RX
GpSDUWHPHQWV LPSOLTXpV OHV DVSHFWV pFRQRPLTXHV O pYDOXDWLRQ HQYLURQQHPHQWDOH
QpFHVVDLUH GH O·H[LVWDQW PDLV DXVVL OHV EHVRLQV GH FKDQJHPHQW GH PRGH GH YLH GX
FRQVRPPDWHXU HW GH O LQIUDVWUXFWXUH GLIIqUHQW
/H WDEOHDX VXLYDQW UHODWH OHV SURSRV G $E 6WHYHOV TXL HVWLPH TXH SRXU OHV GHX[
SUHPLHUV QLYHDX[ OHV WkFKHV QpFHVVDLUHV j OD UpDOLVDWLRQ GX SURMHW VRQW HQWLqUHPHQW
DVVXUDEOHV SDU XQH HQWUHSULVH DORUV TXH SRXU OHV GHX[ DXWUHV GHV FKDQJHPHQWV
G·LQIUDVWUXFWXUH HW GH PRGH GH YLH GX FRQVRPPDWHXU V·LPSRVHQW HQ LPSOLTXDQW GRQF OD
6RFLpWp HOOHPrPH DX VHQV JOREDO >67(9(/6 D@
3DJH
(YDOXDWLRQ &KDQJHPHQW GX %HVRLQ GH
1LYHDX 2EMHFWLI HQYLURQQHPHQWDOH

,QYHVWLVVHPHQW PRGH GH YLH GX FKDQJHPHQW
HW pFRQRPLTXH FRQVRPPDWHXU G LQIUDVWUXFWXUH
6HQV FRPPXQ
$PpOLRUDWLRQ

SURJUHVVLYH
&KHFNOLVWV
3RLGV HQYLURQQHPHQWDO
5HFRQFHSWLRQ FRPSOqWH
(FRLQGLFDWHXU ✔ ✔
GH FRQFHSWV H[LVWDQWV
&RW GX F\FOH GH YLH /&&
6ROXWLRQV DOWHUQDWLYHV $QDO\VH GH F\FOH GH YLH "
SRXU XQH PrPH &DVKIORZ JpQpUp SDU OH ✔✔✔ ✔✔✔ ✔✔✔✔

IRQFWLRQQDOLWp F\FOH GH YLH
$QDO\VH FRPSOqWH GH F\FOH

)RQFWLRQQDOLWp
GH YLH "
FRPSDWLEOH
✔✔✔✔✔ ✔✔✔✔✔ ✔✔✔✔
DYHF OH 'pYHORSSHPHQW
&DVKIORZ GX F\FOH GH YLH
'XUDEOH
FRPSOHW
/pJHQGH ✔✔✔✔✔ WUqV IRUW ✔✔✔✔ IRUW ✔✔✔ PR\HQ
✔✔ IDLEOH ✔ WUqV IDLEOH DXFXQ
7DEOHDX /HV GLIIpUHQWV QLYHDX[ G·pFRFRQFHSWLRQ HW OHV PRGLILFDWLRQV TX·LOV HQJHQGUHQW DX QLYHDX
GH O·HQWUHSULVH
6RXUFH $E 6WHYHOV 0RYLQJ FRPSDQLHV WRZDUGV VXVWDLQDELOLW\ WKURXJK HFRGHVLJQ FRQGLWLRQV IRU
VXFFHVV 7KH -RXUQDO RI 6XVWDLQDEOH 3URGXFW 'HVLJQ 9RO 2FWREUH S
/HVD[HVVWUDWpJLTXHVHQYLVDJHDEOHV
4XDQG XQH HQWUHSULVH GpFLGH G pODERUHU XQ SURMHW G pFRFRQFHSWLRQ GDQV OH FDGUH GH VD
SROLWLTXH HQYLURQQHPHQWDOH HOOH VH IL[H GHV REMHFWLIV G pFRGpYHORSSHPHQW HW XQH RX
SOXVLHXUV VWUDWpJLHV SRXU OHV DWWHLQGUH 1RXV UHYLHQGURQV VXU FHV QRWLRQV GH SROLWLTXH HW
G REMHFWLIV GDQV OH SDUDJUDSKH FRQVDFUp DX GpURXOHPHQW G XQ SURMHW G pFRFRQFHSWLRQ
(YDOXDWLRQ HQYLURQQHPHQWDOH FHUWDLQV RXWLOV FRUUHVSRQGDQW j FHWWH pYDOXDWLRQ VRQW SUpVHQWpV GDQV OD
SDUWLH
3RLGV HQYLURQQHPHQWDO 2XWLO G pYDOXDWLRQ TXDOLWDWLYH G XQ SURGXLW GpYHORSSp HQ LQWHUQH FKH] 3KLOLSV
/ pYDOXDWLRQ HVW EDVpH VXU GHV FULWqUHV GH FRQFHSWLRQ HW GpSHQG GX PRGH GH WUDLWHPHQW HQ ILQ GH YLH GX
SURGXLW TX LO VRLW SOXW{W GpVDVVHPEOp RX SOXW{W EUR\p
&DVKIORZ 0DUJH EUXWH G DXWRILQDQFHPHQW
3DJH
0DLV j SUpVHQW SDUORQV GHV VWUDWpJLHV SRVVLEOHV TX XQH HQWUHSULVH SHXW DGRSWHU 1RXV
DOORQV HQ SUHPLHU OLHX pYRTXHU OHV SULQFLSHV HVVHQWLHOV j SUHQGUH HQ FRPSWH
✔ /D SUpVHUYDWLRQ GHV UHVVRXUFHV
2EMHFWLI " 5pGXLUH j OD VRXUFH OD TXDQWLWp GH UHVVRXUFHV QpFHVVDLUHV j OD IDEULFDWLRQ
G XQ SURGXLW
✔ /D SUpYHQWLRQ GHV UHMHWV
2EMHFWLI " 5pGXLUH OHV SROOXWLRQV HW QXLVDQFHV HQJHQGUpHV SDU XQ SURGXLW VXU VRQ
F\FOH GH YLH HQ VXSSULPDQW OD FDXVH GH O LPSDFW HQYLURQQHPHQWDO
SUREOqPH YLVp GqV OD VRXUFH
✔ / RSWLPLVDWLRQ GX VHUYLFH UHQGX SDU OH SURGXLW
2EMHFWLI " $PpOLRUHU OHV IRQFWLRQV OHV SHUIRUPDQFHV HW OD GXUpH G XVDJH GX SURGXLW
VDQV DXJPHQWHU VHV LPSDFWV HQYLURQQHPHQWDX[ SRWHQWLHOV VXU O HQVHPEOH
GH VRQ F\FOH GH YLH
&HV SULQFLSHV HVVHQWLHOV SHXYHQW VH GpFOLQHU VHORQ XQ FHUWDLQ QRPEUH G D[HV VWUDWpJLTXHV
WUqV GLYHUV GRQW OH FKRL[ YD GpSHQGUH GHV REMHFWLIV GH O HQWUHSULVH j FRXUW RX ORQJ WHUPH
GX PDUFKp GX W\SH GH SURGXLWV IDEULTXpV
/HV REMHFWLIV G DPpOLRUDWLRQ pWDQW GLIIpUHQWV OHV VWUDWpJLHV DGRSWpHV SRXUURQW QRWDPPHQW
rWUH DXVVL GLYHUVHV TXH >$/7,1* HW DO @
ª 3KDVH GH SUpIDEULFDWLRQ 8WLOLVDWLRQ GH PDWpULDX[ UHF\FOpV RX
UHF\FODEOHV GH PDWpULDX[ PRLQV pQHUJLYRUHV
ª 3KDVH GH IDEULFDWLRQ 8WLOLVDWLRQ GH SURFpGpV QpFHVVLWDQW PRLQV GH
PDWpULDX[
ª 3KDVH GH GLVWULEXWLRQWUDQVSRUW 'LPLQXWLRQ GX YROXPH RX GX SRLGV
XWLOLVDWLRQ GH PDWpULDX[ UHF\FOpV SRXU OHV HPEDOODJHV
ª 3KDVH G XWLOLVDWLRQ 0RLQGUH FRQVRPPDWLRQ G pQHUJLH DFFURLVVHPHQW GH
OD GXUpH GH YLH DLGH j OD PDLQWHQDQFH
ª 3KDVH GH ILQ GH YLH $LGH DX GpVDVVHPEODJH SUpVHUYDWLRQ GH OD TXDOLWp
GHV PDWpULDX[
3DJH
/ pTXLSH GH UHFKHUFKH GX SURIHVVHXU + %UH]HW GH O 8QLYHUVLWp GH 'HOIW GpFULW SOXVLHXUV
D[HV VWUDWpJLTXHV GH FRQFHSWLRQ FODVVpV VHORQ TXDWUH DSSURFKHV OD SUHPLqUH UHODWLYH DX
SURGXLW OXLPrPH DYHF VHV PDWpULDX[ OD VHFRQGH j OD SURGXFWLRQ OD GLVWULEXWLRQ HW
O XWLOLVDWLRQ GX SURGXLW OD WURLVLqPH j OD ILQ GH YLH HW OD QRWLRQ GH GXUDELOLWp HW OD
GHUQLqUH HQILQ j XQ QRXYHDX FRQFHSW GH GpYHORSSHPHQW VRLW XQH DSSURFKH SOXV
LQQRYDQWH TXH OHV DXWUHV >%5(=(7 HW DO @
(Q OLDQW FHV D[HV DX[ WURLV JUDQGV SULQFLSHV pQRQFpV SOXV W{W RQ SHXW FRQVWLWXHU OH WDEOHDX
VXLYDQW R ILJXUHQW SOXVLHXUV PR\HQV G DFWLRQV HQYLVDJHDEOHV HW OHV SULQFLSHV DX[TXHOV LOV
VH UpIqUHQW
3ULQFLSHVJpQpUDX[
3UpVHUYDWLRQ 3UpYHQWLRQ 2SWLPLVDWLRQ
$[HV VWUDWpJLTXHV GH FRQFHSWLRQ
GHV GHV UHMHWV GX VHUYLFH
HW PR\HQV G DFWLRQV HQYLVDJHDEOHV
UHVVRXUFHV UHQGX
&KRL[ GH PDWpULDX[ SHX LPSDFWDQWV
(PSORL GH PDWpULDX[ SOXV SURSUHV PRLQV WR[LTXHV HQ

✓ ✓
SDUWLFXOLHU
(PSORL GH PDWpULDX[ UHQRXYHODEOHV ✓
(PSORL GH PDWpULDX[ SHX pQHUJLYRUHV ✓ ✓
(PSORL GH PDWpULDX[ UHF\FODEOHV ✓
(PSORL GH PDWpULDX[ SDUWLHOOHPHQW RX WRWDOHPHQW UHF\FOpV ✓
5pGXFWLRQ GX QRPEUH GH PDWpULDX[
5pGXFWLRQ GH OD PDVVH GHV SURGXLWV HW GHV HPEDOODJHV ✓

5pGXFWLRQ GX YROXPH GHV SURGXLWV HW GHV HPEDOODJHV ✓
2SWLPLVDWLRQ GHV WHFKQLTXHV GH SURGXFWLRQ
&KRL[ GH WHFKQLTXHV DOWHUQDWLYHV GH SURGXFWLRQ SOXV

✓ ✓
HIILFDFHV
5pGXFWLRQ GX QRPEUH G pWDSHV GH SURGXFWLRQ ✓
0LQLPLVDWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH PDFKLQHV ✓ ✓
5pGXFWLRQ GH OD SURGXFWLRQ GH GpFKHWV ✓
5pGXFWLRQ GH OD SURGXFWLRQ GH FRQVRPPDEOHV ✓ ✓
««
3DJH
3ULQFLSHVJpQpUDX[
3UpVHUYDWLRQ 3UpYHQWLRQ 2SWLPLVDWLRQ
GHV GX VHUYLFH
$[HV VWUDWpJLTXHV GH FRQFHSWLRQ
HW PR\HQV G DFWLRQV HQYLVDJHDEOHV

UHVVRXUFHV GHV UHMHWV UHQGX
2SWLPLVDWLRQ GH OD GLVWULEXWLRQ
(PSORL G HPEDOODJHV SOXV SURSUHV UpXWLOLVDEOHV ✓ ✓

5pGXFWLRQ GH OD TXDQWLWp G HPEDOODJHV ✓
&KRL[ G XQ PRGH GH WUDQVSRUW SOXV HIILFDFH HQ WHUPHV
✓ ✓
G pQHUJLH
&KRL[ G XQH ORJLVWLTXH SOXV HIILFDFH GLVWDQFHV UpGXLWHV « ✓

5pGXFWLRQ GHV LPSDFWV SHQGDQW O XWLOLVDWLRQ
5pGXFWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH ✓

&KRL[ G XQH VRXUFH G pQHUJLH SOXV SURSUH GH VRXUFH
✓
UHQRXYHODEOH
5pGXFWLRQ GH OD TXDQWLWp GH FRQVRPPDEOHV QpFHVVDLUHV ✓

8WLOLVDWLRQ GH FRQVRPPDEOHV SOXV SURSUHV ✓
3DV GH GpFKHWV G pQHUJLH RX GH FRQVRPPDEOHV ✓
2SWLPLVDWLRQ GH OD GXUpH GH YLH LQLWLDOH
&KRL[ GH OD GXUDELOLWp HW GH OD ILDELOLWp GX SURGXLW ✓ ✓

0DLQWHQDQFH HW UpSDUDWLRQ IDFLOLWpH ✓ ✓
&RQFHSWLRQ VHORQ XQH VWUXFWXUH GH SURGXLW PRGXODLUH ✓ ✓
&RQFHSWLRQ FODVVLTXH LQGLIIpUHQWH DX[ HIIHWV GH PRGH ✓ ✓
3RVVLELOLWp GH PHWWUH OH SURGXLW j QLYHDX QRXYHOOH
✓ ✓
WHFKQRORJLH
)RUW OLHQ G HVWLPH GH O XWLOLVDWHXU YLVjYLV GH VRQ SURGXLW ✓ ✓

2SWLPLVDWLRQ GH OD ILQ GH YLH
3RVVLELOLWp GH UpXWLOLVDWLRQ GX SURGXLW RX GH FHUWDLQV

✓
FRPSRVDQWV
3RVVLELOLWp GH UHIDEULFDWLRQ RX GH UHPLVH j QHXI ✓

5HF\FODELOLWp GHV PDWpULDX[ ✓
,QFLQpUDWLRQ SURSUH SDV GH ULVTXHV G pPDQDWLRQV WR[LTXHV ✓
1RXYHDX FRQFHSW GH GpYHORSSHPHQW
'pPDWpULDOLVDWLRQ ✓ ✓
8WLOLVDWLRQ SDUWDJpH GX SURGXLW ✓
,QWpJUDWLRQ GH IRQFWLRQV VXSSOpPHQWDLUHV ✓
2SWLPLVDWLRQ IRQFWLRQQHOOH GX SURGXLW ✓
7DEOHDX $[HV VWUDWpJLTXHV GH FRQFHSWLRQ HW PR\HQV G DFWLRQV HQYLVDJHDEOHV GDQV XQ SURMHW G pFR
FRQFHSWLRQ
6RXUFH +DQ %UH]HW UDSSRUW 3URGXFW 'HYHORSPHQW ZLWK WKH (QYLURQPHQW DV ,QQRYDWLRQ 6WUDWHJ\
7KH 3520,6( $SSURDFK S
3DJH
6L j SUpVHQW RQ REVHUYH FH TXH FHV D[HV VWUDWpJLTXHV HW PR\HQV G DFWLRQ YRQW LQGXLUH HQ
WHUPHV GH FRQFHSWLRQ RQ SRXUUD VXLYUH OHV UqJOHV VXLYDQWHV UHFRPPDQGDWLRQV GDQV OH
FDV SDU H[HPSOH GH O RSWLPLVDWLRQ ILQ GH YLH GX SURGXLW
2SWLPLVDWLRQ ILQ GH YLH 2SpUDWLRQV 5qJOHV GH FRQFHSWLRQ

GX SURGXLW j SUpYRLU
− 3UpYRLU HW VLPSOLILHU OD PDLQWHQDQFH HW OD UpSDUDWLRQ
GX SURGXLW
− 8WLOLVHU GHV FRPSRVDQWV ILDEOHV HW GXUDEOHV
− 3UpYRLU XQH VWUXFWXUH SHUPHWWDQW O DFFqV HW IDYRULVDQW
O H[WUDFWLRQ GHV FRPSRVDQWV OHV SOXV LQWpUHVVDQWV j
UpXWLOLVHU FH HQ SHQVDQW GpPRQWDELOLWp
− 'pVDVVHPEODJH
5pGXFWLRQ PD[LPDOH GX QRPEUH GH IL[DWLRQV

5pXWLOLVDWLRQ GX SURGXLW RX GH SLqFHV
8QLIRUPLVDWLRQ GHV GLUHFWLRQV GH GpVDVVHPEODJH

GH FHUWDLQV FRPSRVDQWV − 5pSDUDWLRQ
8QLIRUPLVDWLRQ GHV IL[DWLRQV W\SH GLPHQVLRQ RXWLO
− 0DLQWHQDQFH
j XWLOLVHU
8WLOLVDWLRQ GH V\VWqPHV GH GpVDVVHPEODJH UDSLGHV
FOLSV
9LVLELOLWp HW DFFqV DX[ IL[DWLRQV IDFLOLWpV
3UpIpUHQFH DX[ OLDLVRQV VDQV pOpPHQW
VXSSOpPHQWDLUH FRPPH O HPERvWHPHQW RX
O HQFOLTXHWDJH
− 3UpYRLU HW VLPSOLILHU OD PDLQWHQDQFH HW OD UpSDUDWLRQ
− 'pVDVVHPEODJH
GX SURGXLW
GH SLqFHV j
5HIDEULFDWLRQ RX UHPLVH j − 3UpYRLU XQH VWUXFWXUH SHUPHWWDQW O DFFqV DX[
UHPSODFHU
QHXI GX SURGXLW FRPSRVDQWV XVDJpV j UHPSODFHU SRXU OD UHPLVH j
−
−
5pSDUDWLRQ
0DLQWHQDQFH
QHXI FH HQ SHQVDQW GpPRQWDELOLWp LGHP
SUpFpGHPPHQW
− 0LQLPLVHU OD GLYHUVLWp GHV PDWpULDX[ HW SUpIpUHU GHV
SLqFHV PRQRPDWpULDX[
− &KRLVLU GHV PDWpULDX[ UHF\FODEOHV
− 'pVDVVHPEODJH
− 0DUTXHU OHV FRPSRVDQWV SODVWLTXHV HQ SDUWLFXOLHU

5HF\FODJH GHV PDWpULDX[ − %UR\DJH
− 3UpYRLU XQH H[WUDFWLRQ DLVpH HW UDSLGH GH FRPSRVDQWV
− 7UL
PRQRPDWpULDX[
− 3HQVHU j OD FRPSDWLELOLWp GHV PDWpULDX[ SRXU GHV
SLqFHV PXOWLPDWpULDX[ DYHF OLDLVRQV LUUpYHUVLEOHV
− 3UpWUDLWHPHQW − 6XSSULPHU RX SHUPHWWUH O H[WUDFWLRQ DLVpH GH
pYHQWXHO PDWpULDX[ WR[LTXHV HQ FDV G pPDQDWLRQ ORUV GH

,QFLQpUDWLRQ SURSUH
− %UR\DJH O LQFLQpUDWLRQ SUREOqPHV DYHF GHV DGGLWLIV GH
− ,QFLQpUDWLRQ SODVWLTXHV QRWDPPHQW
7DEOHDX 5qJOHV GH FRQFHSWLRQ HW RSpUDWLRQV j SUpYRLU SRXU RSWLPLVHU OD ILQ GH YLH G XQ SURGXLW
3DJH
* .HROHLDQ HVWLPH TXH SOXVLHXUV VWUDWpJLHV VHURQW OD SOXSDUW GX WHPSV UHWHQXHV

SXLVTX XQH VHXOH QH SHXW VDWLVIDLUH WRXWHV OHV H[LJHQFHV OLpHV DX[ REMHFWLIV j DWWHLQGUH
>.(2/(,$1 @
HW DO
' DSUqV OH SURJUDPPH GH UHFKHUFKH KROODQGDLV 7KH ,& (FR'HVLJQSURMHFWFRQFHUQDQW

30( pYRTXp SOXV KDXW >9DQ +(0(/ @ LO VHPEOH TXH OHV TXDWUH VWUDWpJLHV G pFR
FRQFHSWLRQ OHV SOXV IDFLOHPHQW UHWHQXHV VRLHQW OH UHF\FODJH GHV PDWpULDX[ OD UpGXFWLRQ
GH OD PDVVH HW GX QRPEUH GH FRPSRVDQWV OHV PDWpULDX[ j PRLQGUH LPSDFW PRLQV
WR[LTXHV HQ SDUWLFXOLHU HW OHV SURGXLWV GH JUDQGH ILDELOLWp
3RXU O pWXGH DPpULFDLQH GX 0,7 OHV UpVXOWDWV UpYqOHQW TXH OHV FULWqUHV HQYLURQQHPHQWDX[
FRQVLGpUpV FRPPH OHV SOXV SHUWLQHQWV j SUHQGUH HQ FRPSWH VRQW O HPSORL GH PDWpULDX[
WR[LTXHV GDQV OHV SURGXLWV GHV UpSRQVHV OD SROOXWLRQ HQJHQGUpH SDU OD SKDVH GH
IDEULFDWLRQ O DSWLWXGH j OD UHF\FODELOLWp HW j OD UpXWLOLVDWLRQ
(QILQ XQH DXWUH pWXGH PHQpH SDU OH &HQWUH IRU 6XVWDLQDEOH 'HVLJQ 5R\DXPH8QL
DXSUqV G HQWUHSULVHV GH O pOHFWURQLTXH D PRQWUp TXH OD VWUDWpJLH D[pH VXU OD FRQFHSWLRQ
SRXU GpVDVVHPEOHU pWDLW OD SOXV HQYLVDJpH >&+$57(5 @ UpVXOWDW DSSURXYp SDU OHV
WUDYDX[ GH O pTXLSH DOOHPDQGH GX SURIHVVHXU %XOOLQJHU VXU OH 'HVLJQ IRU 5HF\FOLQJ
>%8//,1*(5 @
HW DO
/H FKRL[ GH WHO RX WHO D[H HW GH WHO RX WHO PR\HQ G DFWLRQ YD GpSHQGUH HQ IDLW GX
GRPDLQH G DFWLYLWp GH O HQWUHSULVH GH VHV PDUFKpV JUDQG SXEOLF RX LQGXVWULHO
QRWDPPHQW GH VD SROLWLTXH GH GpYHORSSHPHQW GH VHV SDUWHQDLUHV «

$XVVL OHV REMHFWLIV QH SHXYHQW rWUH OHV PrPHV SRXU FKDFXQ GHV SURGXLWV FDU OH UpVHDX GH
ILQ GH YLH FROOHFWH WUL OHV ILOLqUHV GH YDORULVDWLRQ GLIIqUHQW GH PrPH TXH OH PRQWDQW GHV
LQYHVWLVVHPHQWV j UpDOLVHU VXU OHV PDWpULDX[ OHV SUL[ GX VHFRQG PDUFKp SRXU OHV
PDWpULDX[ UHF\FOpV &HUWDLQV SURGXLWV DXVVL SHXYHQW rWUH FRQoXV SRXU rWUH DLVpPHQW
GpVDVVHPEODEOHV RUGLQDWHXUV DORUV TXH FHUWDLQV QH OH GRLYHQW SDV SRXU GHV UDLVRQV GH
VpFXULWp SURGXLWV LQGXVWULHOV FRPPH OHV GLVMRQFWHXUV pOHFWULTXHV
&RPSURPLV HW FRQWUDLQWHV GLYHUVHV YRQW ILQDOHPHQW FRQGXLUH O pTXLSH GH FRQFHSWLRQ
YHUV OH FKRL[ G REMHFWLIV WRWDOHPHQW GLYHUJHQWV VHORQ OHV FDV GH ILJXUHV
3DJH
'LPHQVLRQ RUJDQLVDWLRQQHOOH FRPPHQW V RUJDQLVHU HQ

LQWHUQHHWHQH[WHUQH"
/ RUJDQLVDWLRQ GDQV O HQWUHSULVH QH YD SDV GH VRL HW O RQ QH SHXW YpULWDEOHPHQW SDUOHU

G XQH VWUXFWXUH RUJDQLVDWLRQQHOOH W\SH DXWRXU GH O pFRFRQFHSWLRQ 6HORQ OH VHFWHXU
G DFWLYLWp HW OD WDLOOH GH O HQWUHSULVH OHV DFWHXUV HW OHXUV UHVSRQVDELOLWpV UHVSHFWLYHV
SHXYHQW YDULHU
4XRL TX LO HQ VRLW GHV pWXGHV GH OD OLWWpUDWXUH DLQVL TXH QRWUH HQTXrWH QRXV RQW SHUPLV
G LGHQWLILHU OHV SULQFLSDX[ DFWHXUV FRQFHUQpV HW OHV U{OHV TX LOV SHXYHQW RX SRXUUDLHQW
WHQLU SDU UDSSRUW j OD SUREOpPDWLTXH HQYLURQQHPHQWDOH 1RXV DYRQV pJDOHPHQW SX
GpJDJHU TXHOTXHV PRGHV GH IRQFWLRQQHPHQW LQWHUQHV HW H[WHUQHV G HQWUHSULVHV
SLRQQLqUHV HQ PDWLqUH GH FRQFHSWLRQ SRXU O HQYLURQQHPHQW
&HV DFWHXUV OHXUV U{OHV HW OHV PRGHV G RUJDQLVDWLRQV QH VRQW HQ ULHQ GHV PRGqOHV
LQFRQWRXUQDEOHV SRXU UpXVVLU GHV SURMHWV G pFRFRQFHSWLRQ 1RXV OHV DYRQV VLPSOHPHQW
PRELOLVpV SRXU PRQWUHU OHV HQU{OHPHQWV GH FKDFXQ HW OD PDQLqUH GRQW OHV HQWUHSULVHV
SHXYHQW VH VDLVLU GH O DSSURFKH HQYLURQQHPHQWSURGXLW 1RXV YHUURQV GDQV OD SDUWLH
FRQVDFUpH j QRWUH DSSURFKH GH WHUUDLQ OD YLVLRQ GHV DFWHXUV HW OH PRGH G RUJDQLVDWLRQ
GDQV XQH SHWLWH XQLWp IUDQoDLVH G XQ JUDQG JURXSH LQGXVWULHO KROODQGDLV
/HVDFWHXUVHQSXLVVDQFH
3DUPL OHV DFWHXUV FRQFHUQpV SDU OH GpYHORSSHPHQW G pFRSURGXLWV QRXV DOORQV WURXYHU OHV
DFWHXUV LQWHUQHV j O HQWUHSULVH j FRPPHQFHU SDU FHX[ GH O pTXLSH GH FRQFHSWLRQ RX
pTXLSH SURMHW GRQW OHV SULQFLSDX[ VRQW OHV FRQFHSWHXUV GX EXUHDX G pWXGH OHV
PDUNHWHXUV HW OHV DFKHWHXUV DXWRXU G HX[ JUDYLWHQW OH SHUVRQQHO GHV VHUYLFHV PpWKRGHV
SURGXFWLRQ HW ORJLVWLTXH TXL LQWHUDJLVVHQW DYHF O pTXLSH RX HQ IRQW SDUWLH TXHOTXHIRLV HQ
FRXUV GH SURMHW VDQV FRPSWHU OHV PHPEUHV GHV VHUYLFHV TXDOLWp HW HQYLURQQHPHQW HW
FHX[ GH OD 'LUHFWLRQ SRXU OHV SULVHV GH GpFLVLRQV
/HV SDUWHQDLUHV H[WHUQHV VRQW WUqV QRPEUHX[ FKDFXQ YD MRXHU XQ U{OH SUpFLV GDQV OH
SURMHW HQ IRQFWLRQ GH VHV H[LJHQFHV RX GHV FRQWUDLQWHV LPSRVpHV FRPPH FHOOHV GHV
FOLHQWV GH OD UpJOHPHQWDWLRQ OH JRXYHUQHPHQW GHV FRPSDJQLHV G DVVXUDQFH GHV
DFWLRQQDLUHV RX GHV FRQFXUUHQWV RX HQFRUH HQ IRQFWLRQ GH FRQWUDWV SDVVpV DYHF OHV
IRXUQLVVHXUV OHV GLVWULEXWHXUV OHV FROOHFWHXUVUHF\FOHXUV «
/D ILJXUH VXLYDQWH UHSUpVHQWH O HQVHPEOH GHV SULQFLSDX[ DFWHXUV JUDYLWDQW j O LQWpULHXU

RX j O H[WpULHXU GH O HQWUHSULVH
3DJH
2UJDQLVDWLRQV
$FWLRQQDLUHV
LQGXVWULHOOHV
2UJDQLVDWLRQ GH
&RQFXUUHQWV *RXYHUQHPHQW
QRUPDOLVDWLRQ
(QWUHSULVH
$VVRFLDWLRQV GH
'LUHFWLRQ (QYLURQQHPHQW 4XDOLWp
FRQVRPPDWHXUV
(TXLSH GH FRQFHSWLRQ
8WLOLVDWHXUV ILQDX[ %XUHDX G pWXGHV )RXUQLVVHXUV
$FKDWV
&OLHQWV
0DUNHWLQJ 'LVWULEXWHXUV
LQGXVWULHOV
0pGLDV
*URXSHV GH SUHVVLRQ 0pWKRGHV 3URGXFWLRQ /RJLVWLTXH
HQYLURQQHPHQWDX[
&ROOHFWHXUV5HF\FOHXUV
&RPSDJQLHV G DVVXUDQFH 8QLYHUVLWpV
%DQTXHV &DELQHWV GH FRQVXOWDQWV
)LJXUH /HV SULQFLSDX[ DFWHXUV LQWHUQHV HW H[WHUQHV FRQFHUQpV SDU O pFRFRQFHSWLRQ
/pJHQGH 5HODWLRQ GH SUHVFULSWLRQ $JLW VXU LPSRVH GHV FRQWUDLQWHV H[SULPH GHV
H[LJHQFHV
5HODWLRQ SOXV LQWHUDFWLYH LQWHUDFWLRQ HQWUH GHX[ DFWHXUV
6RXUFHV 6LHJIULHG %HKUHQGW /LIH &\FOH 'HVLJQ $ 0DQXDO IRU 6PDOO DQG 0HGLXP6L]HG
(QWHUSULVHV S
+DQ %UH]HW &DUROHLQ YDQ +HPHO (FRGHVLJQ $ SURPLVLQJ DSSURDFK WR VXVWDLQDEOH
SURGXFWLRQ DQG FRQVXPSWLRQ 318( S
1RWUH HQTXrWH GH WHUUDLQ DXSUqV GH HQWUHSULVHV GH OD ),((& QRXV D FRQGXLW j LGHQWLILHU
OHV DFWHXUV PRWLYDQW OD SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV O DFWLYLWp GH FRQFHSWLRQ
3DUPL OHV DFWHXUV VXLYDQWV FLWpV GDQV OH TXHVWLRQQDLUH
/ RSLQLRQ SXEOLTXH
/HV FROOHFWLYLWpV WHUULWRULDOHV
/H JRXYHUQHPHQW YLD OD UpJOHPHQWDWLRQ
3DJH
/H *URXSH
/D 'LUHFWLRQ
/H SHUVRQQHO
/HV FOLHQWV
/HV EDQTXHV
/HV FRPSDJQLHV G DVVXUDQFH
LO V DYqUH TXH OHV SULQFLSDX[ DFWHXUVPRWHXUV VRQW OH *URXSH GHV UpSRQVHV OH
VLWXHQW FRPPH SRLGV IRUW OD UpJOHPHQWDWLRQ OD 'LUHFWLRQ OHV FOLHQWV HW OHV
FROOHFWLYLWpV WHUULWRULDOHV $FWLRQQDLUHV EDQTXHV HW FRPSDJQLHV G DVVXUDQFH QH
VRQW SRXU OHXU SDUW DEVROXPHQW SDV SHUoXV FRPPH GHV DFWHXUV SUpRFFXSpV SDU FH
SDUDPqWUH 1RXV QRWHURQV ELHQ HQWHQGX TX LO V DJLW G HQWUHSULVHV IDEULFDQW GHV SURGXLWV
pOHFWULTXHV HW pOHFWURQLTXHV ,O Q HQ VHUDLW FHUWDLQHPHQW SDV GH PrPH SRXU GHV
HQWUHSULVHV GX VHFWHXU FKLPLTXH RX QXFOpDLUH SRXYDQW VXELU GH IRUWHV SUHVVLRQV GH OD SDUW
GHV FRPSDJQLHV G DVVXUDQFH SXLVTXH OHV ULVTXHV G DFFLGHQWV pFRORJLTXHV HW VDQLWDLUHV
VRQW SOXV QRPEUHX[ HW OHXUV FRQVpTXHQFHV SOXV JUDYHV
'pWDLOORQV j SUpVHQW VXFFLQFWHPHQW OHV U{OHV TXH SHXYHQW WHQLU OHV SULQFLSDX[ DFWHXUV G XQ
SURMHW G pFRFRQFHSWLRQ HW HQ SDUWLFXOLHU FHX[ GH O pTXLSH GH FRQFHSWLRQ /D SOXSDUW GH
FHV SURSRV VRQW LVVXV GH WUDYDX[ GH O pTXLSH GX SURIHVVHXU + %UH]HW GH O 8QLYHUVLWp GH
'HOIW >%$..(5 @ >%5(=(7 HW DO @ $ QRWHU TXH O HVVHQWLHO GH FHV WUDYDX[ HVW EDVp VXU
GHV HQTXrWHV GH WHUUDLQ DXSUqV G HQWUHSULVHV KROODQGDLVHV SOXV VRXFLHXVHV TXH OHV
HQWUHSULVHV IUDQoDLVHV GX U{OH TX HOOHV RQW j MRXHU GDQV OD SURJUHVVLRQ YHUV OH
GpYHORSSHPHQW GXUDEOH 1RXV YHUURQV SUpFLVpPHQW GDQV OD SDUWLH OD GLVWULEXWLRQ GHV
U{OHV GDQV XQH XQLWp IUDQoDLVH
5{OHGHOD'LUHFWLRQ
2Q SDUOH G XQ U{OH VWUDWpJLTXH SXLVTX LO YD FRQVLVWHU j GpILQLU O LQWpJUDWLRQ GH

O HQYLURQQHPHQW GDQV OHV DFWLYLWpV GH O XQLWp HW GpWHUPLQHU OHV DFWLRQV HQYLURQQHPHQWDOHV
j HQWUHSUHQGUH HW FH GDQV OH FDGUH G XQH SROLWLTXH GH VLWH RX GH JURXSH / pWDEOLVVHPHQW
G XQH VWUDWpJLH j VXLYUH HVW FRQVpFXWLI j OD GpILQLWLRQ G REMHFWLIV HQYLURQQHPHQWDX[ SUpFLV
GH GpYHORSSHPHQW GH PrPH TXH OD GpWHUPLQDWLRQ GX EXGJHW DOORXp DX SURMHW HW OH FKRL[
GH SOXVLHXUV GDWHV MDORQV
/D GLUHFWLRQ VHUD DLGpH GDQV VD WkFKH SDU OH VHUYLFH (QYLURQQHPHQW GH O HQWUHSULVH HW SOXV
SDUWLFXOLqUHPHQW XQ H[SHUW HQ pFRFRQFHSWLRQ V LO H[LVWH HQ LQWHUQH
/HV HQWUHSULVHV HQTXrWpHV -XLOOHW 2FWREUH IRQW HIIHFWLYHPHQW SDUWLH GH *URXSHV
3DJH
5HPDUTXH 6HORQ OD WDLOOH HW OHV UHVVRXUFHV GH O HQWUHSULVH OH U{OH GH VXSHUYLVHXU GHV
DFWLRQV HQYLURQQHPHQWDOHV GDQV OD FRQFHSWLRQ VHUD GpYROX j OD 'LUHFWLRQ RX DX VHUYLFH
HQYLURQQHPHQW YLD O H[SHUW
5{OHGHO H[SHUWHQ(FRFRQFHSWLRQ
&HW H[SHUW V LO HQ HVW SHXW rWUH HQWUH DXWUHV H[WHUQH DX VLWH F HVWjGLUH UDWWDFKp DX
VHUYLFH HQYLURQQHPHQW GX JURXSH SDUWLH LQWpJUDQWH GX VHUYLFH HQYLURQQHPHQW GX VLWH OH
UHVSRQVDEOH GX VHUYLFH PrPH RX SDUIRLV LQWpJUp GDQV OH EXUHDX G pWXGHV 1RXV
UHYLHQGURQV SOXV HQ GpWDLO VXU FHW DFWHXU GDQV OH SDUDJUDSKH VXLYDQW
6RQ U{OH WDQW{W VWUDWpJLTXH WDQW{W RSpUDWLRQQHO VHUD XQ U{OH GH FRQVHLOOHU DXSUqV GH WRXV
OHV VHUYLFHV GH O HQWUHSULVH \ FRPSULV OD 'LUHFWLRQ HW G DXGLWHXU SRXU O pTXLSH GH
FRQFHSWLRQ GDQV OH FDGUH G XQ SURMHW LO SDUWLFLSH DX[ UHYXHV GH FRQFHSWLRQ j FKDTXH ILQ
G pWDSH GX SURFHVVXV HW YpULILH TXH OHV VROXWLRQV UHWHQXHV VRQW ELHQ D[pHV VXU OH UHVSHFW
GH O HQYLURQQHPHQW
3DUPL VHV QRPEUHXVHV WkFKHV LO YD GHYRLU G XQH SDUW FROOHFWHU OHV LQIRUPDWLRQV
QpFHVVDLUHV j O pTXLSH QRWDPPHQW HQ WHUPHV UpJOHPHQWDLUHV HW pFRORJLTXHV ,O DXUD HQ
SDUWLFXOLHU XQ U{OH GH SURVSHFWLRQ GH OD UpJOHPHQWDWLRQ QDWLRQDOH HW LQWHUQDWLRQDOH
' DXWUH SDUW OXL LQFRPEH OH U{OH GH IRXUQLU HW PHWWUH HQ VLWXDWLRQ XQ SDQHO G RXWLOV
QpFHVVDLUHV SRXU pFRFRQFHYRLU
5{OHGXFRQFHSWHXU
/H FRQFHSWHXU GLVSRVH G XQ GRXEOH U{OH RSpUDWLRQQHO HW VWUDWpJLTXH GDQV OH SURFHVVXV GH
GpYHORSSHPHQW GH SURGXLW VHORQ V LO SDUWLFLSH RX QRQ j OD SKDVH GH SODQLILFDWLRQ GX
SURMHW LO SRXUUD DYRLU HQ WDQW TX H[SHUW GH FRQFHSWLRQ XQH LQIOXHQFH VXU OD FDUDFWpULVDWLRQ
GHV LGpHV G XQ IXWXU SURGXLW HQ VWDWXDQW SDU H[HPSOH VXU OD IDLVDELOLWp pYHQWXHOOH GH WHO RX
WHO D[H GH GpYHORSSHPHQW XQ U{OH VWUDWpJLTXH RX GHYUD VHXOHPHQW UHVSHFWHU OHV
SUHVFULSWLRQV GH VSpFLILFDWLRQV GX SURGXLW IL[pHV SDU OH PDUNHWHXU GDQV OH FDKLHU GHV
FKDUJHV IRQFWLRQQHO XQ U{OH RSpUDWLRQQHO ² SURSRV LVVX GHV UpVXOWDWV G XQH pWXGH VXU OH
U{OH HW OD SODFH GHV FRQFHSWHXUV LQGXVWULHOV GDQV O LQGXVWULH KROODQGDLVH >%$..(5 @
6 LO HVW YUDL TX HQ WKpRULH O H[SHUWLVH G XQ FRQFHSWHXU Q HVW OLPLWpH TX DX[ VWULFWHV SKDVHV
GH FRQFHSWLRQ RQ SHXW VH UHQGUH FRPSWH VXU OH WHUUDLQ TXH VRQ U{OH V DIILUPH SHX j SHX
HQ WHUPHV VWUDWpJLTXHV 8QH pWXGH DPpULFDLQH GH O 2IILFH RI 7HFKQRORJ\ $VVHVVPHQW
>27$ @ D DLQVL PRQWUp TXH O DSSRUW GHV PpWKRGHV G LQJpQLHULH FRQFRXUDQWH GH WUDYDLO
HQ pTXLSH RQW SHX j SHX PRGLILp OH U{OH GHV FRQFHSWHXUV DPHQpV j FRRUGRQQHU GHV
pTXLSHV 6L O RQ DMRXWH HQFRUH OD GRQQpH HQYLURQQHPHQWDOH j LQWpJUHU OH SOXV HQ DPRQW
SRVVLEOH GX SURMHW FH U{OH VWUDWpJLTXH QH SHXW TXH V DIILUPHU HQFRUH GDYDQWDJH
3DJH
ª /HFKHIGHSURMHW
,O IDLW HQ SULQFLSH SDUWLH GX EXUHDX G pWXGH ,O FRRUGRQQH HW DVVXUH OD FRPPXQLFDWLRQ

HQWUH FKDFXQ GHV PHPEUHV GH O pTXLSH FRQWU{OH OH ERQ GpURXOHPHQW GX SURMHW HW
FRPPXQLTXH UpJXOLqUHPHQW VXU O DYDQFpH GHV WUDYDX[ j OD 'LUHFWLRQ / LQWpJUDWLRQ GH
O HQYLURQQHPHQW GqV OD FRQFHSWLRQ VLJQLILH SRXU OXL XQ U{OH VXSSOpPHQWDLUH GH PDQDJHU
GH FHWWH QRXYHOOH GRQQpH DWRQ EHVRLQ G H[SHUWV H[WHUQHV HQ pFRFRQFHSWLRQ RX SHXW
RQ IRUPHU HQ LQWHUQH " TXHOOHV VRQW OHV LQIRUPDWLRQV QpFHVVDLUHV " TXHOV SULQFLSHV G pFR
FRQFHSWLRQ O pTXLSH YDWHOOH DGRSWHU " GH TXHOV RXWLOV RQW EHVRLQ OHV FRQFHSWHXUV " «
$XWDQW GH TXHVWLRQV DX[TXHOOHV OH FKHI GH SURMHW YD GHYRLU UpSRQGUH DLGp GH O LQJpQLHXU
GpVLJQp H[SHUW HQ pFRFRQFHSWLRQ
$X FRXUV GH O DYDQFpH GX SURMHW OH FKHI VHUD DPHQp j GpWHUPLQHU VL OHV REMHFWLIV G pFR
GpYHORSSHPHQW RQW GHV FKDQFHV G rWUH UHPSOLV HW FH j FKDTXH UHYXH GH FRQFHSWLRQ
&RQFHUQDQW OHV UpVXOWDWV LO GHYUD YHLOOHU j FH TX LOV VRLHQW FRQYHQDEOHPHQW GRFXPHQWpV
VHORQ XQ IRUPDW GpILQL HQ FRQIRUPDWLRQ DYHF OH V\VWqPH TXDOLWp GH O HQWUHSULVH
ª /HFRQFHSWHXU
2Q SHXW GpVLJQHU SDU FH WHUPH JpQpULTXH XQ FRQFHSWHXU OHTXHO JpQqUH GH QRXYHOOHV

VROXWLRQV GH GpYHORSSHPHQW DLGp GDQV FHWWH WkFKH SDU O DFKHWHXU RX XQ GHVVLQDWHXU &H
GHUQLHU FUpH j O DLGH GH ORJLFLHOV GH &$2 GHV SODQV GX IXWXU SURGXLW j SDUWLU GHV
VSpFLILFDWLRQV GX FDKLHU GHV FKDUJHV HW GHV GLUHFWLYHV GX FRQFHSWHXU D\DQW LPDJLQp OHV
VROXWLRQV DOWHUQDWLYHV
'HV UpXQLRQV UpJXOLqUHV DYHF O H[SHUW HQ pFRFRQFHSWLRQ VRQW QpFHVVDLUHV SRXU OH FKRL[
GHV VROXWLRQV
5{OHGXPDUNHWHXU
6RQ U{OH VWUDWpJLTXH YD rWUH PDMHXU GDQV O LGHQWLILFDWLRQ YLD GHV pWXGHV GH PDUFKp GH OD
GHPDQGH SRWHQWLHOOH GH SURGXLWV YHUWV SDU OHV FOLHQWV 6L FHWWH GHPDQGH V DYqUH
SUHVVDQWH OH PDUNHWHXU DXUD HQ FKDUJH GH OD FDUDFWpULVHU HW GH IL[HU XQ FHUWDLQ QRPEUH
G H[LJHQFHV j VDWLVIDLUH GDQV OH FDKLHU GHV FKDUJHV IRQFWLRQQHO
6L HOOH HVW SOXV ODWHQWH VD WkFKH VHUD GDYDQWDJH SURVSHFWLYH GDQV OH VHQV R LO GHYUD rWUH j
O DIIW GX PRLQGUH VLJQH G pYROXWLRQ DX QLYHDX GHV PDUFKpV HW MRXHU OH U{OH G LQIRUPDWHXU
DXSUqV GH OD 'LUHFWLRQ HQ SDUWLFXOLHU
3DJH
5{OHGHO DFKHWHXU
/ DFKHWHXU GRLW SRVVpGHU XQH JUDQGH FRQQDLVVDQFH GHV WHFKQRORJLHV GLVSRQLEOHV FKH] OHV
IRXUQLVVHXUV HW QRWDPPHQW FHOOHV UHODWLYHV j OD SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV
OHV PDWpULDX[ GDQV OHV SURFpGpV GH IDEULFDWLRQ « 6RQ U{OH HVW SULPRUGLDO HW PXOWLSOH
SXLVTX LO YD SRXU OXL V DJLU GH FRPPXQLTXHU DX[ IRXUQLVVHXUV OHV H[LJHQFHV
HQYLURQQHPHQWDOHV GH O HQWUHSULVH GH OHV FKRLVLU HQ SUHQDQW HQ FRPSWH OHXUV DFWLRQV HQ
PDWLqUH G HQYLURQQHPHQW HW GH UpDOLVHU XQH YHLOOH VXU OHV QRXYHOOHV WHFKQRORJLHV SOXV
pFRORJLTXHV PLVHV HQ SODFH SDU G DXWUHV pYHQWXHOV IRXUQLVVHXUV 1RXV UHYLHQGURQV VXU
OHV IRXUQLVVHXUV HW O HQYLURQQHPHQW GDQV OH SDUDJUDSKH FRQVDFUp DX PRGH G RUJDQLVDWLRQ
DYHF OHV SDUWHQDLUHV H[WHUQHV
0RGHVGHVWUXFWXUDWLRQLQWHUQH
4XHOOHVVWUXFWXUHVHQYLVDJHU"
/ RUJDQLVDWLRQ DXWRXU GH OD SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV O HQWUHSULVH HW GHV

UHVSRQVDELOLWpV GH FKDFXQ HVW YDULDEOH G XQH HQWUHSULVH j O DXWUH SXLVTXH G DSUqV OH
WDEOHDX VXLYDQW SOXVLHXUV FDV GH ILJXUHV SHXYHQW VH SUpVHQWHU >%8//,1*(5 HW DO @
3DJH
)UpTXHQFH
4XL" 5HVSRQVDELOLWpV
GHV FDV
'LUHFWLRQ 5HVSRQVDELOLWp pWDEOLH DX QLYHDX GH OD GLUHFWLRQ GRQW O XQ GHV

PHPEUHV DX PRLQV HVW FKDUJp GHV TXHVWLRQV G HQYLURQQHPHQW
8Q GpSDUWHPHQW j OXL VHXO HVW GpVLJQp UHVSRQVDEOH GHV DIIDLUHV

G HQYLURQQHPHQW GHV VRXVGpSDUWHPHQWV SRVVLEOHV SHXYHQW rWUH
6HUYLFH RX FUppV SDU EUDQFKH G DFWLYLWpV RX XQLWp GH SURGXFWLRQ HQ SDUWLFXOLHU
GpSDUWHPHQW GDQV OHV JUDQGV JURXSHV
(QYLURQQHPHQW 8Q RX GHX[ UHVSRQVDEOHV GLUHFWHXUV VRQW HQ FKDUJH GHV TXHVWLRQV
G HQYLURQQHPHQW HW DJLVVHQW HQ TXDOLWp GH FRRUGLQDWHXUV
SULQFLSDOHPHQW GDQV OHV SHWLWHV HW PR\HQQHV HQWUHSULVHV
&RPPLVVLRQ (FRpTXLSH FRPLWp RX FRQVHLO UHVSRQVDEOH GHV

(TXLSH
HQYLURQQHPHQWDOH
TXHVWLRQV G HQYLURQQHPHQW &HWWH FRPPLVVLRQ
UHSUpVHQWDQWV GHV GpSDUWHPHQWV HW EUDQFKHV G DFWLYLWpV OLpV DX[
UHJURXSH GHV
TXHVWLRQV G HQYLURQQHPHQW
(TXLSHV SURGXLWV FKDUJpHV G DFFRPSDJQHU XQ SURGXLW RX XQH OLJQH

GH SURGXLWV GHSXLV OH GpYHORSSHPHQW MXVTX DX UHF\FODJH HW
6WHZDUGVKLS RX
$FFRPSDJQHPHQW
O pOLPLQDWLRQ HQ ILQ GH YLH &HV pTXLSHV VRQW FRQVWLWXpHV GHV
PHPEUHV GH WRXV OHV GpSDUWHPHQWV HW EUDQFKHV G DFWLYLWpV
FRQFHUQpV RX VHXOHPHQW GH FHX[ GX GpSDUWHPHQW FRQFHSWLRQ
8QH SHUVRQQH HQ FKDUJH GH OD VXUYHLOODQFH GX UHVSHFW GH

O HQYLURQQHPHQW FRQWU{OHV GLYHUV GHV GpFKHWV LQGXVWULHOV GH OD
&KDUJp
G HQYLURQQHPHQW
SROOXWLRQ DWPRVSKpULTXH GHV UHMHWV GDQV O HDX « &HWWH SHUVRQQH
D\DQW XQH IRQFWLRQ SOXW{W WHFKQLTXH HVW DXVVL WUqV VRXYHQW FKDUJpH
GHV TXHVWLRQV GH VpFXULWp GX WUDYDLO HWRX GHV PDWpULDX[ GDQJHUHX[
7DEOHDX 'LIIpUHQWV W\SHV G RUJDQLVDWLRQ HQYLURQQHPHQWDOH HW OHXUV IUpTXHQFHV GDQV OHV
HQWUHSULVHV
1RWH 3OXVLHXUV IRUPHV G RUJDQLVDWLRQ j OD IRLV VRQW SRVVLEOHV GDQV XQH HQWUHSULVH
6RXUFH +DQV-|UJ %XOOLQJHU 0HWKRGV DQG 7RROV WR 6XSSRUW 'HVLJQ IRU 5HF\FOLQJ SXEOLFDWLRQ DX
FRQJUqV &,53 5(&< (UODQJHQ $OOHPDJQH
(Q FH TXL FRQFHUQH OD SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV OHV SURGXLWV SOXVLHXUV

pWXGHV UpYqOHQW O H[LVWHQFH G XQH FRQVWDQWH SDUPL OHV QRPEUHXVHV RUJDQLVDWLRQV GHV
HQWUHSULVHV SLRQQLqUHV O H[LVWHQFH G XQ H[SHUW (QYLURQQHPHQW VSpFLDOLVp SURGXLW VHXO
RX HQ pTXLSH
3OXVLHXUV QLYHDX[ G H[SHUWV JURXSH GLYLVLRQ SDU DFWLYLWp XQLWp « VRQW HQ IDLW
HQYLVDJHDEOHV GDQV OHV HQWUHSULVHV 6HORQ OH FDV RQ WURXYHUD GHV H[SHUWV UDWWDFKpV DX
3DJH
*URXSH DXTXHO DSSDUWLHQW O HQWUHSULVH G XQ VHUYLFH VSpFLILTXH 3URGXFW 6WHZDUGVKLS

GHV H[SHUWV SDU GLYLVLRQV HWRX G DXWUHV LQWpJUpV GDQV OH VHUYLFH (QYLURQQHPHQW YRLUH
UHVSRQVDEOHV (QYLURQQHPHQW GHV XQLWpV GDQV OH VHUYLFH 4XDOLWp GDQV OH %XUHDX
G pWXGH
2Q SHXW HQ IDLW WURXYHU GHX[ QLYHDX[ G H[SHUWV G DSUqV OHV HQWUHSULVHV HQTXrWpHV GH OD
),((&
/D SOXSDUW GHV JUDQGHV HQWUHSULVHV GLVSRVHQW GH 5HVSRQVDEOHV 3URGXFW 6WHZDUGVKLS
VSpFLDOLVpV DX QLYHDX PRQGLDO SDU VHFWHXU G DFWLYLWp ,OV LQWHUYLHQQHQW VXU WRXW FH TXL
FRQFHUQH OHV SURGXLWV OD TXDOLWp OHV SHUIRUPDQFHV OHV FRWV HW O HQYLURQQHPHQW /HXU
U{OH HVW VWUDWpJLTXH OHV XQLWpV GH WUDYDLO RSpUDWLRQQHOOHV RX %XVLQHVV 8QLWV RQW OD
UHVSRQVDELOLWp G LQWpJUHU OHXUV SUHVFULSWLRQV GDQV OHV SODQV G DFWLYLWp
2Q YD SDUIRLV DXVVL UHQFRQWUHU GHV 5HVSRQVDEOHV (QYLURQQHPHQW3URGXLW ,OV VRQW

VSpFLDOLVpV SDU XQLWp GH WUDYDLO /HXU U{OH HVW RSpUDWLRQQHO GDQV GHV ODERUDWRLUHV GH
GpYHORSSHPHQW LOV IL[HQW OHV UqJOHV j DSSOLTXHU SDU OHV FRQFHSWHXUV HQ PDWLqUH G·pFR
FRQFHSWLRQ HW IRQW RIILFH G H[SHUWV ,OV IRXUQLVVHQW OHXU VDYRLUIDLUH j O RUJDQLVDWLRQ HW
VWLPXOHQW HQ SDUWLFXOLHU OD FRRSpUDWLRQ HQYLURQQHPHQWDOH GX SHUVRQQHO FRQFHUQp
O pFKDQJH GHV FRQQDLVVDQFHV HW G LQIRUPDWLRQV HW FDSLWDOLVHQW OHV UpVXOWDWV GHV
H[SpULHQFHV SUpFpGHQWHV ,OV SHXYHQW GpSHQGUH GHV 5HVSRQVDEOHV (QYLURQQHPHQW
(+6 VSpFLDOLVpV SDU GLYLVLRQ GH SURGXLW HW UHVSRQVDEOHV GH OD SROLWLTXH G HQVHPEOH
VXU WRXWHV OHV GLPHQVLRQV HQYLURQQHPHQWDOHV U{OH VWUDWpJLTXH
/H WDEOHDX VXLYDQW GUHVVH XQ SDQRUDPD GH O RUJDQLVDWLRQ LQWHUQH GH TXHOTXHV

HQWUHSULVHV GH OD ),((& HQ PDWLqUH G pFRFRQFHSWLRQ >(+5(1)(/' HW DO @ >$'/ @
3URGXFW 6WHZDUVKLS 6HUYLFH $FFRPSDJQHPHQW3URGXLW

5HVSRQVDEOH (+6 5HVSRQVDEOH (QYLURQQHPHQW +\JLqQH HW 6pFXULWp (QYLURQPHQW +HDOWK 6DIHW\
3DJH
2UJDQLVDWLRQ JpQpUDOH LQWHUQH HQ PDWLqUH G pFRFRQFHSWLRQ
5{OH GH 'DQV OHV pTXLSHV

(QWUHSULVH
([LVWHQFH G XQH VWUXFWXUH VSpFLILTXH " FRRUGLQDWLRQ GH FRQFHSWLRQ «
VWUDWpJLTXH RSpUDWLRQQHO
&HQWUH GH FRPSpWHQFH (&(&3 (QJLQHHULQJ &HQWHU IRU

(QYLURQPHQWDO &RQVFLRXV 3URGXFWV ([SHUWV LQWHUQHV
,QJpQLHXUV SURPDWpULDX[ HW SURSURFpGpV SRXU DLGHU j
☛ ,O IL[H OHV REMHFWLIV GX JURXSH HQ PDWLqUH GH SUDWLTXH &RRUGLQDWHXUV LQWpJUHU
,%0
G pFRFRQFHSWLRQ *XLGHOLQHV GH 'I( IRXUQLV DX[ (QYLURQQHPHQW O HQYLURQQHPHQW
pTXLSHV GH FRQFHSWLRQ 3URGXLW GDQV O ,3'
☛ ,O MRXH OH U{OH G DVVLVWDQFH GHV pTXLSHV
,%0 3URGXFW
☛ ,O FRPPXQLTXH DYHF OHV FHQWUHV GH YDORULVDWLRQ GH OD
'HYHORSPHQW
SURGXFWLRQ 0DQXIDFWXULQJ 5HFRYHU\ 6WDWLRQV
&((2 &RUSRUDWH (QYLURQPHQWDO (QHUJ\ 2IILFH
5DWWDFKp GLUHFWHPHQW j OD 'LUHFWLRQ GX *URXSH

☛ ,O LQIRUPH OHV GLYLVLRQV VXU OHV UpJOHPHQWDWLRQV
HQYLURQQHPHQWDOHV QDWLRQDOHV HW LQWHUQDWLRQDOHV
☛ ,O IRXUQLW OHV QRUPHV LQWHUQHV 3KLOLSV HQ PDWLqUH
G pFRFRQFHSWLRQ
☛ ,O SXEOLH OHV PDQXHOV G pFRFRQFHSWLRQ LQFOXDQW
GLUHFWLYHV HW UHFRPPDQGDWLRQV GH FRQFHSWLRQ
☛ ,O GRQQH OHV UqJOHV SRXU pYDOXHU OHV LPSDFWV
HQYLURQQHPHQWDX[ GHV SURGXLWV &KHI GH SURGXLW
3&' 3KLOLSV &RUSRUDWH 'HVLJQ 7HFKQRORJ\

&RRUGLQDWHXU RX
,QIRUPDWLRQ 2IILFH (QYLURQQHPHQW
&RQFHSWHXU VHQLRU
3+,/,36 ☛ ,O LQIRUPH OHV FRQFHSWHXUV HQ PDWLqUH GH JXLGHOLQHV XQ SDU 3URGXFW SRXU DLGHU j
G pFRFRQFHSWLRQ 'LYLVLRQ RX LQWpJUHU
☛ ,O UHFKHUFKH GH QRXYHOOHV PpWKRGHV G pFR %XVLQHVV O HQYLURQQHPHQW
FRQFHSWLRQ *URXS GDQV OD 3&3
3URGXFW &UHDWLRQ
&)7 &HQWUH IRU 0DQXIDFWXULQJ 7HFKQRORJ\ JURXSH 3URFHVV
(FR'HVLJQ
☛ ,O DLGH OHV GLYLVLRQV HW VLWHV j DQDO\VHU SURGXLWV HW

FRPSRVDQWV WUDYDLO VXU OH ORJLFLHO (FRVFDQ HW VD EDVH
GH GRQQpHV
&&3 &RPSHWHQFH &HQWUH 3ODVWLFV
☛ ,O HIIHFWXH GHV UHFKHUFKHV 5 ' HQ PDWLqUH GH

UHF\FODJH
3DJH
2UJDQLVDWLRQ JpQpUDOH LQWHUQH HQ PDWLqUH G pFRFRQFHSWLRQ
5{OH GH 'DQV OHV pTXLSHV

(QWUHSULVH
([LVWHQFH G XQH VWUXFWXUH VSpFLILTXH " FRRUGLQDWLRQ GH FRQFHSWLRQ «
VWUDWpJLTXH RSpUDWLRQQHO
(QYLURQPHQWDO 'HVLJQ DQG 5HVRXUFH &RQVHUYDWLRQ
7HDP pTXLSH GH PHPEUHV GX VHUYLFH (+6 GX *URXSH 5HSUpVHQWDQW GH
O $502
☛ (OOH pWDEOLW OHV GLUHFWLRQV j VXLYUH HW PRWLYH OHV 5HVSRQVDEOH LQWpJUp GDQV FKDTXH
;(52;
pTXLSHV GH FRQFHSWLRQ (+6 pTXLSHSURGXLW SRXU
☛ (OOH IRXUQLW RXWLOV HW SURFpGXUHV DGpTXDWV SUHQGUH HQ FRPSWH
OHV DVSHFWV ILQ GH YLH
$VVHW 5HF\FOLQJ 0DQDJHPHQW 2UJDQL]DWLRQ
3URGXFW ([SHUWV
3DV GH VWUXFWXUH VSpFLILTXH 6WHZDUGVKLS ,QWHJUDWLRQ
6HUYLFH (QYLURQQHPHQW (+6 GRQW GpSHQG OH 3URGXFW 0DQDJHUV

',*,7$/
6WHZDUGVKLS RX 5HVSRQVDEOH $FFRPSDJQHPHQW XQ SDU
3URGXLW EUDQFKH XQ SDU EUDQFKH
G DFWLYLWp G DFWLYLWp
3URGXFW
3DV GH VWUXFWXUH VSpFLILTXH
(QYLURQPHQW
$LGH GX 3URGXFW
7+20621 0DQDJHU
1RWH /H 3URGXFW (QYLURQPHQW 0DQDJHU HVW UDWWDFKp (QYLURQPHQW
0XOWLPpGLD
DX VHUYLFH 5 ' LO HVW HQ FKDUJH GH OD VWUDWpJLH 0DQDJHU
XQ SDU
(QYLURQQHPHQW HW GpILQLW OHV UqJOHV j DSSOLTXHU
%XVLQHVV 8QLW
7DEOHDX 4XHOTXHV PRGHV G RUJDQLVDWLRQ LQWHUQH G HQWUHSULVHV GH OD ),((& HQ PDWLqUH G pFR
FRQFHSWLRQ
6RXUFHV 3RXU 3KLOLSV 3&' *UHHQ 3DJHV GH O HQWUHSULVH

&DELQHW $UWKXU ' /LWWOH 'HVLJQ IRU HQYLURQPHQW 0HDVXUHV DQG 7RROV &XUUHQW 7UHQGV
'LVFXVVLRQ *XLGH IRU 'LJLWDO (TXLSHPHQW &RUSRUDWLRQ
-RKQ (KUHQIHOG 0LFKDHO - /HQR[ 7KH 'HYHORSPHQW DQG LPSOHPHQWDWLRQ RI 'I(
SURJUDPPHV 7KH -RXUQDO RI 6XVWDLQDEOH 3URGXFW 'HVLJQ 9RO SS
(QTXrWH GH 0DUF -DQLQ UpDOLVpH DXSUqV G HQWUHSULVHV GH OD ),((&
/HV WUDYDX[ GH O pTXLSH GH UHFKHUFKH GX SURIHVVHXU - (KUHQIHOG GX 0,7 86$

>(+5(1)(/' HW DO @ OHV D FRQGXLW j pODERUHU XQ PRGqOH GH VWUXFWXUH RUJDQLVDWLRQQHOOH
GH O HQWUHSULVH SRXU pFRFRQFHYRLU F HVW XQ PRGqOH DGRSWp SDU OHV HQWUHSULVHV pWXGLpHV
SDU O pTXLSH ,%0 ;HUR[ $7 7 HW 'LJLWDO ,O V DJLW G XQH VWUXFWXUH GLWH HQ VDEOLHU R
O H[SHUW GpVLJQp MRXH OH U{OH G LQWHUPpGLDLUH HQWUH O DSSURFKH VWUDWpJLTXH HW O DSSURFKH
RSpUDWLRQQHOOH &HWWH VWUXFWXUH UHOqYH HVVHQWLHOOHPHQW GHV RUJDQLVDWLRQV DYHF GHV

H[SHUWV SDU GLYLVLRQ HWRX XQLWp
3DJH
3URJUDPPH GH $VVLVWDQFH $QDO\VH GH &HQWUH G pFKDQJH

FRRUGLQDWLRQ WHFKQLTXH O H[LVWDQW GHV ,QIRUPDWLRQV
1LYHDX *URXSH
VWUDWpJLTXH
([SHUW 'I(
1LYHDX 8QLWp
RSpUDWLRQQHO
(ODERUDWLRQ &RQFHSWLRQ &RQFHSWLRQ

6SpFLILFDWLRQV ,QGXVWULDOLVDWLRQ
GHV FRQFHSWV SUpOLPLQDLUH GpWDLOOpH
)LJXUH 8Q PRGqOH GH VWUXFWXUH RUJDQLVDWLRQQHOOH GDQV XQ SURMHW G pFRFRQFHSWLRQ
6RXUFH -RKQ (KUHQIHOG 0LFKDHO - /HQR[ 7KH 'HYHORSPHQW DQG LPSOHPHQWDWLRQ RI 'I(
SURJUDPPHV 7KH -RXUQDO RI 6XVWDLQDEOH 3URGXFW 'HVLJQ 9RO $YULO S
&HW H[SHUW HVW GpVLJQp FRPPH © 'I( &KDPSLRQ ª SDU OHV DQJORVD[RQV FHOXL TXL SRVVqGH
OD FRQQDLVVDQFH HQ PDWLqUH G pFRFRQFHSWLRQ ,O YD IDLUH RIILFH G LQWHUPpGLDLUH HQWUH
• OH QLYHDX FRUSRUDWH OD 'LUHFWLRQ RX OH *URXSH TXL GpILQLW OD VWUDWpJLH G HQWUHSULVH HW

OH SURJUDPPH G DFWLRQ $ FH QLYHDX O H[SHUW D FKDUJH GH
FRRUGRQQHU OHV DFWLRQV HQYLURQQHPHQWDOHV GHV GLIIpUHQWV VHUYLFHV

UpDOLVHU RX SDUWLFLSHU j O DQDO\VH GH O H[LVWDQW HQ PDWLqUH G HQYLURQQHPHQW
pWXGH GHV LPSDFWV HQYLURQQHPHQWDX[ GH SURGXLWV DFWXHOV
SDUWLFLSHU j O pWXGH PDUNHWLQJ D\DQW SRXU REMHW G LGHQWLILHU OHV pFREHVRLQV
GHV FOLHQWV HW OHV PDUFKpV SRWHQWLHOV
UHFKHUFKHU O DVVLVWDQFH WHFKQLTXH QpFHVVDLUH DX SURMHW
DVVXUHU OH IOX[ G LQIRUPDWLRQV SHUWLQHQWHV HW VXIILVDQWHV j O pTXLSH GH
FRQFHSWLRQ SRXU PHQHU j ELHQ VRQ SURMHW
• HW OH QLYHDX EXVLQHVV O XQLWp GH WUDYDLO R YD V·RSpUHU O·pODERUDWLRQ GX SURGXLW $ FH

QLYHDX O·H[SHUW D FKDUJH GH
SDUWLFLSHU j OD GpILQLWLRQ GHV VSpFLILFDWLRQV SUpFLVHV GX SURGXLW HQ UDSSRUW

DYHF O·HQYLURQQHPHQW HW FH SDU UDSSRUW DX[ REMHFWLIV j DWWHLQGUH
3DJH
VRXWHQLU O·pTXLSH GH FRQFHSWLRQ GDQV OHV GLIIpUHQWHV SKDVHV GX SURFHVVXV GH
FRQFHSWLRQ pODERUDWLRQ GHV FRQFHSWV GH SURGXLW FRQFHSWLRQ SUpOLPLQDLUH HW
FRQFHSWLRQ GpWDLOOpH
YpULILHU j FKDTXH UHYXH GH FRQFHSWLRQ TXH OHV REMHFWLIV IL[pV YRQW SRXYRLU
rWUH DWWHLQWV
4XLGGXPRGHRUJDQLVDWLRQQHOGDQVOHVpTXLSHVSURMHW"
' DSUqV OHV TXHOTXHV FDV SUpVHQWpV GDQV OH WDEOHDX RQ SHXW VH UHQGUH FRPSWH TXH OD
FRQWUDLQWH HQYLURQQHPHQWDOH LQWURGXLWH GDQV OHV pTXLSHV GH FRQFHSWLRQ SHXW SURYHQLU
DXVVL ELHQ G H[SHUWV DSSDUWHQDQW j GHV HQWLWpV VSpFLDOLVpHV H[WpULHXU TXH GH
FRQFHSWHXUV VHQLRUV IRUPpV j O HQYLURQQHPHQW LQWpULHXU
2Q SHXW SDUIRLV V LQWHUURJHU VXU O HIILFDFLWp G XQH VWUXFWXUH VSpFLDOHPHQW GpGLpH DX[
TXHVWLRQV G HQYLURQQHPHQWSURGXLW HQ LPDJLQDQW TX HOOH SXLVVH WUDYDLOOHU HQ SDUIDLWH
DXWRQRPLH HW GpWDFKpH GHV pTXLSHV GH FRQFHSWLRQ $LQVL WRXWHV OHV DQDO\VHV
HQYLURQQHPHQWDOHV GHV SURGXLWV O LGHQWLILFDWLRQ GH SUREOqPHV HW SHXWrWUH PrPH OH
FKRL[ GH VROXWLRQV WUDQVPLVHV WHOOHV TXHOOHV DX[ FRQFHSWHXUV SRXU LQWpJUDWLRQ GDQV OH
SURMHW SRXUUDLW UHOHYHU GH VD VHXOH FRPSpWHQFH 8Q WHO FDV GH ILJXUH ULVTXHUDLW G DERXWLU
j XQ GpVLQWpUrW WRWDO GHV FRQFHSWHXUV YLVjYLV GHV TXHVWLRQV G HQYLURQQHPHQW SXLVTXH
© TXHOTX XQ V HQ RFFXSH HW LO HVW VSpFLDOLVWH ª 0DLV FHWWH VLWXDWLRQ Q·HVW SDV HQYLVDJHDEOH
SXLVTXH OD SRVVLELOLWp PrPH TXH GHV VROXWLRQV OLYUpHV FOp HQ PDLQ VRLHQW DLVpPHQW
GLIIXVpHV FRPSULVHV HW DFFHSWpHV SDU OHV pTXLSHV SURMHW VDQV TX·LO \ DLW HX VHQVLELOLVDWLRQ
HW FRQFHUWDWLRQ SUpDODEOH HVW GLIILFLOH j FRQFHYRLU 7RXW HVW DIIDLUH G·RUJDQLVDWLRQ GH
FRQFHUWDWLRQ GH FRPSURPLV GDQV XQH G\QDPLTXH G·DSSUHQWLVVDJH FROOHFWLI
SURJUHVVLI 1RXV \ UHYLHQGURQV GDQV OH FKDSLWUH VXU O H[SpULHQFH GH WHUUDLQ
'H FH IDLW OD VHQVLELOLVDWLRQ YRLUH OD IRUPDWLRQ GH WRXV OHV FRQFHSWHXUV HW DXWUHV DFWHXUV GH
O·pTXLSH SURMHW HVW LQGLVSHQVDEOH HW OH PRGH G·RUJDQLVDWLRQ GDQV OHTXHO XQ FRQFHSWHXU
VHQLRU HVW GpVLJQp H[SHUW SRXUUDLW ELHQ rWUH HQYLVDJp LO SRVVqGH OD FRQQDLVVDQFH GH VRQ
PpWLHU HW HVW j PrPH GH FRPSRVHU DYHF WRXV OHV SDUDPqWUHV j SUHQGUH HQ FRPSWH \
FRPSULV O HQYLURQQHPHQW &HOD GLW OD SUpVHQFH G·XQ H[SHUW VSpFLDOLVWH GpSHQGDQW G XQH
VWUXFWXUH H[WHUQH j O pTXLSH SURMHW HW LPSOLTXp SRQFWXHOOHPHQW RX LQWpJUp WRWDOHPHQW GDQV
OD GpPDUFKH GH GpYHORSSHPHQW GHPHXUH j QRWUH VHQV LQFRQWRXUQDEOH LO GRLW MRXHU OH
U{OH GH FRQVHLOOHU DLGHU j pODERUHU OHV FRPSURPLV VDWLVIDLVDQWV HW VH SRUWHU JDUDQW GH OD
SULVH HQ FRPSWH HIIHFWLYH GH O HQYLURQQHPHQW RQ SRXUUDLW HIIHFWLYHPHQW LPDJLQHU TXH OH
FRQFHSWHXU VHQLRU H[SHUW SXLVVH SDUIRLV SULYLOpJLHU GHV VROXWLRQV QRQ
HQYLURQQHPHQWDOHV SRXU GHV UDLVRQV SXUHPHQW WHFKQLTXHV RX pFRQRPLTXHV VDQV
FKHUFKHU GH YRLHV LQWHUPpGLDLUHV
3DJH
'DQV OH FDGUH GX SURMHW '(('6 pYRTXp SOXV KDXW GDQV OH SDUDJUDSKH XQH SUpRFFXSDWLRQ
HQYLURQQHPHQWDOH G RUGUH LQWHUQDWLRQDO OHV GHX[ pTXLSHV GH UHFKHUFKH DQJODLVHV VH
VRQW pJDOHPHQW LQWpUHVVpHV j FH SUREOqPH G RUJDQLVDWLRQ LQWHUQH HQ UpIOpFKLVVDQW VXU
O HQWLWp j GpVLJQHU UHVSRQVDEOH GHV DFWLRQV HQ PDWLqUH G pFRFRQFHSWLRQ HW HQ SDUWLFXOLHU
GHV DQDO\VHV HQYLURQQHPHQWDOHV GHV SURGXLWV XQH pWDSH GX SURFHVVXV G pFRFRQFHSWLRQ
TXH QRXV GpFULURQV GDQV OH SDUDJUDSKH GH FHWWH SDUWLH 3RXU FKDFXQH GHV HQWLWpV GHV
DYDQWDJHV PDLV DXVVL GHV LQFRQYpQLHQWV VRQW IRUFpPHQW LQpYLWDEOHV
5HVSRQVDEOH GHV
$YDQWDJHV ,QFRQYpQLHQWV
DQDO\VHV
8QH FHUWDLQH GLVWDQFH DYHF OD
FRQFHSWLRQ OHV XWLOLVDWHXUV HW OHV
%RQQH FRQQDLVVDQFH GH OD SROLWLTXH
PDUFKpV SRXYDQW GpYDORULVHU OHV

'LUHFWLRQ GH HQYLURQQHPHQWDOH GH O HQWUHSULVH
UpVXOWDWV
O (QYLURQQHPHQW 3RVVLELOLWpV GH GHYHQLU VSpFLDOLVWHV
&RPPXQLFDWLRQ GHV UpVXOWDWV PpGLRFUH
GH OD PpWKRGH
DYHF OHV FKHIV GH SURGXLWV PDUNHWHXUV
HW OH EXUHDX G pWXGH
%RQQH FRQQDLVVDQFH GH O DSSURFKH
6HUYLFH F\FOH GH YLH 8QH FHUWDLQH GLVWDQFH DYHF OD
HQYLURQQHPHQW 3RVVLELOLWpV GH SUHQGUH HQ FRPSWH FRQFHSWLRQ SRXYDQW HQJHQGUHU GHV
SOXV RSpUDWLRQQHO OHV REMHFWLIV G XQ 6\VWqPH GH GLIILFXOWpV G DFFHSWHU OHV UpVXOWDWV
0DQDJHPHQW GH O (QYLURQQHPHQW
&RQQDLVVDQFHV GX SURGXLW IDFLOLWDQW 9LVLRQ WURS IRFDOLVpH VXU OD FRQFHSWLRQ
%XUHDX G pWXGH O DQDO\VH SRXYDQW RFFXOWHU O DSSURFKH F\FOH GH YLH
FRQFHSWLRQ 3OXV JUDQGH IDFLOLWp G DFFHSWHU VHV FRPSOHW GDQV O DQDO\VH
GpYHORSSHPHQW SURSUHV UpVXOWDWV G pWXGH HQ YXH 'LIILFXOWpV GH SUHQGUH HQ FRPSWH OD
G DPpOLRUDWLRQ FRQWULEXWLRQ GH OD GLUHFWLRQ j O DQDO\VH
([FHOOHQWH FRQQDLVVDQFH GH
&KHU
&RQVXOWDQW O DSSURFKH F\FOH GH YLH
0DXYDLVH FRQQDLVVDQFH SRVVLEOH GX
H[WHUQH ([SHUW HQ PDWLqUH GH WHFKQLTXHV
SURGXLW j DQDO\VHU
G DQDO\VH
7DEOHDX 2UJDQLVDWLRQ LQWHUQH 5HVSRQVDELOLWp GHV DQDO\VHV HQYLURQQHPHQWDOHV GHV SURGXLWV "
6RXUFH 0DWWKHZ 6LPRQ HW DO (FRGHVLJQ 1DYLJDWRU 0DQFKHVWHU 0HWURSROLWDQ 8QLYHUVLW\

&UDQILHOG 8QLYHUVLW\ S
0DQFKHVWHU 0HWURSROLWDQ 8QLYHUVLW\ &UDQILHOG 8QLYHUVLW\
3DJH
2Q SHXW DLQVL VH UHQGUH FRPSWH TXH FKDTXH W\SH G RUJDQLVDWLRQ SUpVHQWH GHV OLPLWHV ,O
Q HQ GHPHXUH SDV PRLQV TX XQH pWXGH HQYLURQQHPHQWDOH PHQpH HQ FROODERUDWLRQ HQWUH OH
EXUHDX G pWXGH HW XQ PHPEUH GX VHUYLFH HQYLURQQHPHQW SRXUTXRL SDV XQ H[SHUW HQ pFR
FRQFHSWLRQ SRXUUDLW SHUPHWWUH GH FRPEOHU OHV ODFXQHV GH FKDFXQ HW PRWLYHU GDYDQWDJH
OHV pTXLSHV
0RGH G RUJDQLVDWLRQ DYHF OHV SDUWHQDLUHV H[WHUQHV YHUV

XQHUHFRPSRVLWLRQGHVUHODWLRQVLQGXVWULHOOHV
7RXWHV OHV SHUVRQQHV LPSOLTXpHV GDQV OD FKDvQH GX SURGXLW VRQW GH SOXV HQ SOXV
VHQVLELOLVpHV j O HQYLURQQHPHQW GHSXLV O DPRQW DYHF OHV IRXUQLVVHXUV OHV DQJORSKRQHV
SDUOHQW GH 6XSSO\ FKDLQ PDQDJHPHQW >&/$5. @ MXVTX j O DYDO DYHF OHV FROOHFWHXUV
UHF\FOHXUV RX YDORULVDWHXUV
'DQV GH QRPEUHXVHV VLWXDWLRQV XQH FRQIURQWDWLRQ GRXEOpH G XQH FRQFHUWDWLRQ SDU ILOLqUH
SURGXLW V LPSRVH SRXU UpVRXGUH OHV SUREOqPHV HQYLURQQHPHQWDX[ SRVpV DLQVL FKDTXH
DFWHXU PRELOLVp Q D SDV WRXWHV OHV LQIRUPDWLRQV HW OHV FRQQDLVVDQFHV SRXU IDLUH OHV
PHLOOHXUV FKRL[ 1RXV UHYLHQGURQV VXU FHV QRWLRQV GH WUDQVIHUW G LQIRUPDWLRQ HW
G DSSUHQWLVVDJH GDQV OH SDUDJUDSKH
1RV SURSRV GDQV OHV GHX[ SDUDJUDSKHV VXLYDQWV VH FRQFHQWUHQW VXU OHV SDUWHQDLUHV
FRQVLGpUpV SULQFLSDX[ GH O HQWUHSULVH OHV IRXUQLVVHXUV HW j WHUPH OHV YDORULVDWHXUV HQ
SDUWLFXOLHU VL OD GLUHFWLYH VXU OHV 3(()9 LQVWDXUH OD UHVSRQVDELOLWp GHV IDEULFDQWV GH FHV
VHFWHXUV YLVjYLV GH OHXUV SURGXLWV HQ ILQ GH YLH
(QDPRQWGHODFKDvQHGXSURGXLW/HVIRXUQLVVHXUV
,OV VRQW GH SOXV HQ SOXV VRXYHQW VROOLFLWpV SDU OHV HQWUHSULVHV SDU UDSSRUW j OHXUV DFWLRQV
HQ PDWLqUH G HQYLURQQHPHQW 2Q OHXU LPSRVH DLQVL G DGRSWHU XQ FRPSRUWHPHQW
UHVSHFWXHX[ GH O HQYLURQQHPHQW HW SDUWLFXOLqUHPHQW OHV HQWUHSULVHV GHV VHFWHXUV
pOHFWURQLTXH HW LQIRUPDWLTXH /HV UDSSRUWV IRXUQLVVHXUVGRQQHXUV G RUGUH QH UHOqYHQW
FHSHQGDQW SDV H[FOXVLYHPHQW GH OD SUHVFULSWLRQ PDLV pJDOHPHQW GH O DSSUHQWLVVDJH
/HV IRXUQLVVHXUV GH 'LJLWDO VRQW DLQVL LQYLWpV j FRQVXOWHU XQ PDQXHO 'HVLJQ IRU WKH
(QYLURQPHQW UpDOLVp SRXU OHV DLGHU j FRPSUHQGUH OHV HQMHX[ GH O LQWpJUDWLRQ GH
O HQYLURQQHPHQW GqV OD FRQFHSWLRQ 'LJLWDO OHXU FRPPXQLTXH VHV QRUPHV
HQYLURQQHPHQWDOHV VHV OLVWHV GH PDWpULDX[ LQWHUGLWV VHV VSpFLILFDWLRQV GH
GpYHORSSHPHQW /HV IRXUQLVVHXUV GRLYHQW GRQQHU GHV LQIRUPDWLRQV SUpFLVHV VXU OHXUV
3URGXLWV HQ ILQ GH YLH $ FKDUJH SRXU OHV HQWUHSULVHV G DVVXUHU OD FROOHFWH HW OH WUDLWHPHQW GHV SURGXLWV
XVDJpV
3DJH
SURGXLWV RX PDWpULDX[ WR[LFLWp HW UHVSHFW GH OD UpJOHPHQWDWLRQ LQIRUPDWLRQV QRWDPPHQW

IRXUQLHV GDQV XQ UDSSRUW UHPLV j OD OLYUDLVRQ GHV FRPSRVDQWV HW VH VRXPHWWUH j GHV DXGLWV
UpDOLVpV SDU 'LJLWDO
'DQV OH FDV GH +3 OHV FULWqUHV HQYLURQQHPHQWDX[ UHTXLV DXSUqV GHV IRXUQLVVHXUV VRQW
UpSDUWLV HQ GHX[ FDWpJRULHV
− OHV 0867 &ULWqUHV LQFRQWRXUQDEOHV HW H[LJpV ([HPSOH ,QWHUGLFWLRQ G XWLOLVHU GHV

&)& RX GHV UHWDUGDWHXUV GH IODPPH EURPpV
− OHV :,6+ &ULWqUHV GHPDQGpV PDLV QRQ REOLJDWRLUHV ([HPSOH &HX[ QpFHVVDLUHV SRXU
REWHQLU XQ pFRODEHO
/D SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ PRGLILH GRQF OHV UDSSRUWV

GRQQHXUV G RUGUHIRXUQLVVHXUV SXLVTXH
ª G XQH SDUW OHV FULWqUHV GH FKRL[ GH QRXYHDX[ IRXUQLVVHXUV VRQW SHX j SHX pWHQGXV j
O HQYLURQQHPHQW HW QH SDV SUHQGUH HQ FRPSWH FHWWH QRXYHOOH GLPHQVLRQ GHYLHQGUD j
WHUPH UpGKLELWRLUH &HFL VRXVHQWHQG GHV H[LJHQFHV GH SOXV HQ SOXV IRUWHV HQ
SDUWLFXOLHU OD FHUWLILFDWLRQ ,62 GHV IRXUQLVVHXUV SHUPHWWDQW G DWWHVWHU XQH ERQQH
JHVWLRQ HQYLURQQHPHQWDOH GH OHXUV VLWHV GH SURGXFWLRQ HW XQH IDEULFDWLRQ SURSUH GHV
FRPSRVDQWV IRXUQLV 4XHOTXHV HQWUHSULVHV VpOHFWLRQQHQW GpMj VpYqUHPHQW OHXUV
IRXUQLVVHXUV SDU UDSSRUW j O HQYLURQQHPHQW FRPPH %ULWLVK 7HOHFRP 5R\DXPH8QL
TXL H[LJH G HX[ TX LOV UHVSHFWHQW XQH QRUPH *6 UHODWLYH DX[ LQIRUPDWLRQV
HQYLURQQHPHQWDOHV j IRXUQLU SRXU FKDTXH FRPSRVDQW ,O HQ HVW GH PrPH FKH] 7H[DV
,QVWUXPHQWV OLpH DYHF VHV IRXUQLVVHXUV SDU GHV FRQWUDWV DYHF H[LJHQFHV HQ PDWLqUH
G HQYLURQQHPHQW HW GHV SURFpGXUHV GH TXDOLILFDWLRQ HQYLURQQHPHQWDOH
&HWWH REOLJDWLRQ GH FHUWLILFDWLRQ Q HVW FHUWHV SDV WUqV UpSDQGXH SRXU O LQVWDQW
FHUWDLQHV HQWUHSULVHV VH UHIXVDQW HQFRUH GH SpQDOLVHU G H[FHOOHQWV IRXUQLVVHXUV HQ
WHUPHV GH TXDOLWp GH SUL[ RX GH GpODLV VRXV SUpWH[WH TX LOV QH VH SUpRFFXSHQW SDV
G HQYLURQQHPHQW 0DLV FRPPH GDQV OH FDV GH OD FHUWLILFDWLRQ TXDOLWp QH SDV rWUH ,62
SRXUUDLW ELHQ GHYHQLU j WHUPH UpGKLELWRLUH
ª ' DXWUH SDUW V LQVWDXUH SURJUHVVLYHPHQW XQ FHUFOH YHUWXHX[ G DSSUHQWLVVDJH GH OD

FRQFHSWLRQ HQYLURQQHPHQWDOH OLDQW FHV DFWHXUV LOV VRQW DLQVL LQYLWpV j SDUWLFLSHU j GHV
MRXUQpHV IRXUQLVVHXUV R OH GRQQHXU G RUGUH OHV VHQVLELOLVH j O HQYLURQQHPHQW FDV
GH 3KLOLSV HW j V LQYHVWLU GDYDQWDJH GDQV OHV SURMHWV FRPPH FRSDUWHQDLUHV SRXU
pFKDQJHU OHV FRQQDLVVDQFHV HW VH MRLQGUH DX[ UpIOH[LRQV VXU GH QRXYHOOHV VROXWLRQV GH
FRQFHSWLRQ HQYLURQQHPHQWDOH
1RUPH LQWHUQH GH %ULWLVK 7HOHFRP %7 *6 (QYLURQPHQWDO ,PSDFW 6WDQGDUG

1RXV YHUURQV FH FDV DYHF O XQLWp GH 3KLOLSV (FODLUDJH /DPRWWH%HXYURQ D\DQW HQ SDUWLH FROODERUp j FHV
WUDYDX[ GH UHFKHUFKH
3DJH
(QDYDOGHODFKDvQHGXSURGXLWOHVYDORULVDWHXUV
,OV VRQW GDQV FHUWDLQV FDV OLpV SDU FRQWUDW DYHF OHV HQWUHSULVHV IDEULFDQWHV &HV FRQWUDWV
SUREDEOHPHQW GH SOXV HQ SOXV QRPEUHX[ DX ILO GHV DQQpHV SHXYHQW rWUH GH SOXVLHXUV
QDWXUHV FRQWUDWV DYHF REOLJDWLRQV UpFLSURTXHV FRQWUDWV DYHF REMHFWLIV GH UHF\FODJH j
DWWHLQGUH FRQWUDWV DVVXUDQW XQ QLYHDX GH FROOHFWH GH SURGXLWV UHQWDEOH HW XQH SpUHQQLWp
GHV ILOLqUHV GH WUDLWHPHQW FRQWUDWV VWLSXODQW O REOLJDWLRQ GH IRXUQLU XQH ILFKH G LGHQWLWp
GHV SURGXLWV FROOHFWpV PDWpULDX[ FRQVWLWXWLIV LGHQWLILpV QpFHVVLWp G RSpUDWLRQV GH
SUpSDUDWLRQ RX GH QHWWR\DJH PRGH GH VpSDUDWLRQ GHV pOpPHQWV «
2XWUH FHV FRQWUDWV GHV HQWUHSULVHV VH VRQW G RUHV HW GpMj LQYHVWLHV GDQV OD ILQ GH YLH GH
OHXUV SURGXLWV HQ LQWpJUDQW GHV FHQWUHV GH GpPRQWDJH UHF\FODJH H[SpULPHQWDX[ GDQV
OHXUV GLYLVLRQV FH TXL IDFLOLWH OH UHWRXU GHV LQIRUPDWLRQV HW XQH PHLOOHXUH DSSUpKHQVLRQ
SDU OHV FRQFHSWHXUV GHV SUREOqPHV GH WUDLWHPHQW GHV SURGXLWV HQ ILQ GH YLH & HVW HQ
SDUWLFXOLHU OH FDV GH +3 TXL DYDLW LQVWDOOp LO \ D TXHOTXHV DQQpHV GDQV OH FDGUH G XQ
SURMHW XQH XQLWp GH GpPRQWDJH GH 3& GDQV VRQ FHQWUH GH *UHQREOH 'H PrPH 3KLOLSV
SRVVpGDLW XQ FHQWUH GH UHF\FODJH 0LUHF 3KLOLSV 5HF\FOLQJ &HQWUH (LQGKRYHQ 3D\V
%DV TXL GHSXLV DSSDUWLHQW DX JURXSH :DWFR &H FHQWUH UHoRLW j SUpVHQW GX PDWpULHO
XVDJp GH WRXWHV PDUTXHV HW V HVW VSpFLDOLVp GDQV OH GpPDQWqOHPHQW GH SURGXLWV
pOHFWURQLTXHV WDQ OD VpSDUDWLRQ PpFDQLTXH WDQ OH VWRFNDJH GH PDWpULHO
HW OD UHYHQWH /H UHWRXU RX IHHGEDFN VXU OD FRQFHSWLRQ HVW PRLQV V\VWpPDWLTXH SXLVTXH
FH FHQWUH VRXKDLWH QH SDV GLYXOJXHU VRQ VDYRLUIDLUH
&HV H[HPSOHV G XQLWpV H[SpULPHQWDOHV LQWpJUpHV VSpFLDOLVpHV ILQ GH YLH VRQW UDUHV HQ
IDLW PDLV OH QRPEUH GH SURMHWV GH UHFKHUFKH OLDQW IDEULFDQWV HW HQWUHSULVHV GH UHF\FODJH
VH PXOWLSOLHQW FHV GHUQLqUHV DQQpHV /HXU SUREOpPDWLTXH HVW FODLUH FRPPHQW FRQFHYRLU
SRXU IDFLOLWHU OH UHF\FODJH HQ ILQ GH YLH " / ,&(5 DX 5R\DXPH8QL HVW XQ GH FHV
H[HPSOHV G DVVRFLDWLRQV SOXV GH FLQTXDQWH SDUWHQDLUHV DQJODLV HW DXWUHV HXURSpHQV
IDEULFDQWV IRXUQLVVHXUV UHF\FOHXUV JRXYHUQHPHQW VRQW DVVRFLpV SRXU UpIOpFKLU VXU
O RSWLPLVDWLRQ GHV WHFKQLTXHV GH UHF\FODJH HW OD FRQFHSWLRQ SRXU OH UHF\FODJH &35 RX
')5
'HPHXUH QpDQPRLQV XQ REVWDFOH j FHWWH V\VWpPDWLVDWLRQ GHV UHWRXUV G LQIRUPDWLRQV
DYDODPRQW OD GLIILFXOWp GH VXLYUH OH FKHPLQHPHQW GHV SURGXLWV DX FRXUV GH OHXU YLH HW GH
OHV FROOHFWHU XVDJpV %HDXFRXS G HQWUHSULVHV GLVSRVHQW HQ HIIHW DFWXHOOHPHQW GH FLUFXLWV
ORJLVWLTXHV UHQGDQW OH UHWRXU GHV SURGXLWV HQ ILQ GH YLH GLIILFLOH YRLUH WUqV FRPSURPLV «
$ FHWWH GLIILFXOWp V DMRXWH FHOOH LQKpUHQWH j OD FROOHFWH GHV SURGXLWV XVDJpV TXL YD
IRUWHPHQW GpSHQGUH GX FRPSRUWHPHQW pFRFLWR\HQ GHV FRQVRPPDWHXUV
,&(5 ,QGXVWU\ &RXQFLO IRU (OHFWURQLF HTXLSPHQW 5HF\FOLQJ KWWSZZZLFHURUJXN
3DJH
&HFL DPqQH j V LQWHUURJHU FRPPHQW PRWLYHU OH FRPSRUWHPHQW pFRFLWR\HQ GHV
XWLOLVDWHXUV " 4XHOOH ORJLVWLTXH LQYHUVH LQVWDXUHU " &RPPHQW DVVXUHU OD UHQWDELOLWp HW OD
SpUHQQLWp G XQH ILOLqUH GH UHF\FODJH "
/D SUpRFFXSDWLRQ GH OD ILQ GH YLH HW OD PLVH HQ SODFH GH ILOLqUHV GH YDORULVDWLRQ VRQW
SRXUWDQW SULPRUGLDOHV FDU HOOHV YRQW SHUPHWWUH G·XQH SDUW GH UHF\FOHU GHV PDWpULDX[
DSWHV j rWUH UpXWLOLVpV HW G·DXWUH SDUW GH IDLUH UHPRQWHU GHV LQIRUPDWLRQV DX[ FRQFHSWHXUV
FRQFHUQDQW OHV SUREOqPHV GH WUDLWHPHQWV UHQFRQWUpV SDU OHV UHF\FOHXUV
'HV UpIOH[LRQV VXU GHV OLHQV SOXV pWURLWV HQWUH OHV DFWHXUV GH OD FKDvQH G XQ SURGXLW RQW pWp
PHQpHV HQ )UDQFH GDQV OH FDGUH G XQ SURMHW G $FFRUG&DGUH SU{QDQW OD UHVSRQVDELOLWp
SDUWDJpH HW SURSUH GH FKDTXH DFWHXU GDQV OHV GRPDLQHV pOHFWULTXH HW pOHFWURQLTXH
SURMHW 'HVJHRUJHV >'(6*(25*(6 @ PDLV HOOHV Q RQW SRXU O KHXUH SDV pWp
FRQFUpWLVpHV
SXLVTXH GHSXLV D pWp pODERUp DX QLYHDX HXURSpHQ OH SURMHW GH 'LUHFWLYH
GpVLJQDQW OHV IDEULFDQWV FRPPH OHV VHXOV UHVSRQVDEOHV GH OHXUV SURGXLWV HQ ILQ GH YLH FI
SDUDJUDSKH VXU OD UpJOHPHQWDWLRQ $XFXQH VROXWLRQ Q D GRQF YpULWDEOHPHQW pWp SURSRVpH
HW HQ SDUWLFXOLHU GHV ILOLqUHV GH YDORULVDWLRQ GHV SURGXLWV
'LPHQVLRQ FRJQLWLYH FRPPHQW FRQVWLWXHU HW GLYXOJXHU

OHVFRQQDLVVDQFHVQpFHVVDLUHV"
&RPPH QRXV YHQRQV GH OH YRLU DYHF OHV YDORULVDWHXUV OD SULVH HQ FRPSWH GH
O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ QpFHVVLWH GHV FRQQDLVVDQFHV QRXYHOOHV HW OD PLVH HQ
SODFH GH GLVSRVLWLIV SRXU DSSUHQGUH 'HV WUDYDX[ VXU OHV DVSHFWV RUJDQLVDWLRQQHOV GH
O pFRFRQFHSWLRQ RQW PRQWUp TXH OD FDSDFLWp GHV HQWUHSULVHV j VH VDLVLU GH FH QRXYHDX
SDUDPqWUH GpSHQG GH WURLV SRLQWV HVVHQWLHOV >/(12; HW DO @
ª OHV VRXUFHV GH FRQQDLVVDQFHV LQWHUQHV HW H[WHUQHV 3KDVH ([SORUDWLRQ

ª OHV OLHQV GH FRPPXQLFDWLRQ HQWUH FHV VRXUFHV GHV FRQQDLVVDQFHV
HW OHV pTXLSHV GH FRQFHSWLRQ
ª OHV VWUXFWXUHV SHUPHWWDQW G LQWHUSUpWHU FHV FRQQDLVVDQFHV 3KDVH ([SORLWDWLRQ

HW OHV WUDGXLUH SRXU O pTXLSH GH FRQFHSWLRQ GHV FRQQDLVVDQFHV
&HOD GpSHQGUD DXVVL GH OD FRQQDLVVDQFH DSSURIRQGLH GH O DFWLYLWp PrPH GH FRQFHSWLRQ
/ HQWUHSULVH VDXUDWHOOH H[SORUHU GH QRXYHOOHV VROXWLRQV SRXU UpSRQGUH j GHV SUREOqPHV
HQYLURQQHPHQWDX[ " 6DXUDWHOOH H[SORLWHU OHV FRQQDLVVDQFHV LVVXHV GH VRXUFHV GLYHUVHV "
'HV H[SpULHQFHV SLORWHV GH PLVH HQ DSSOLFDWLRQ RQW pWp PHQpHV GDQV OHV 5pJLRQV 5K{QH$OSHV HW 3RLWRX
&KDUHQWHV DILQ G HIIHFWXHU XQ pWDW GHV OLHX[ GHV JLVHPHQWV HW GHV ILOLqUHV GH YDORULVDWLRQ H[LVWDQWHV HW j
HQYLVDJHU ,O Q \ D FHSHQGDQW SDV HQFRUH GH FRQVHQVXV QDWLRQDO GDQV FH GRPDLQH
3DJH
&HFL UHYLHQW j FRQVLGpUHU GHX[ SUREOqPHV j UpVRXGUH FRPPHQW FRQVWLWXHU O LQIRUPDWLRQ
HW FRPPHQW OD WUDQVPHWWUH SXLV OD WUDGXLUH j VRQ GHVWLQDWDLUH "
&HWWH SUREOpPDWLTXH FRJQLWLYH LPSOLTXH TXH O HQWUHSULVH V LQVFULYH GDQV XQH WUDMHFWRLUH
GH FRQQDLVVDQFH SRXU SURJUHVVLYHPHQW FRQVWLWXHU VRQ UpVHDX RUJDQLVHU OH WUDQVSRUW GHV
LQIRUPDWLRQV YHUV FKDFXQ GHV DFWHXUV FRQFHUQpV HW DVVXUHU OH SDUWDJH GHV FRQQDLVVDQFHV
FROOHFWLYHV OHVTXHOOHV SHUPHWWHQW DX[ HQWLWpV GH FRPPXQLTXHU SOXV UDSLGHPHQW HW GH
V DSSX\HU VXU GHV FRQYHQWLRQV SDUWDJpHV SDU WRXV >0(5 @ (OOH GRLW VH FRQVWUXLUH XQ
PRGqOH G DSSUHQWLVVDJH $XFXQ PRGqOH QH GRLW rWUH FHSHQGDQW FRQVLGpUp FRPPH LGpDO
HW WUDQVSRVDEOH j WRXWHV OHV VLWXDWLRQV 1RXV YHUURQV GDQV OD SDUWLH FRQVDFUpH j O pWXGH GH
WHUUDLQ OHV GLIILFXOWpV UHQFRQWUpHV SRXU PRELOLVHU GHV FRQQDLVVDQFHV QRXYHOOHV HW PHWWUH
HQ SODFH FH PRGH G DSSUHQWLVVDJH
/HEHVRLQGHFRQQDLVVDQFHVFRPPHQWOHVDWLVIDLUH"
'H TXHOOHV LQIRUPDWLRQV HVVHQWLHOOHV D EHVRLQ O HQWUHSULVH HW HQ SDUWLFXOLHU O pTXLSH GH
FRQFHSWLRQ ORUVTX HOOH pODERUH XQ SURMHW G pFRFRQFHSWLRQ " & %DNNHU GDQV VHV WUDYDX[
GH UHFKHUFKHV VXU OH EHVRLQ G LQIRUPDWLRQV HQYLURQQHPHQWDOHV GHV FRQFHSWHXUV pYRTXH
GHX[ FDWpJRULHV G LQIRUPDWLRQV >%$..(5 @
ª &HOOHV UHODWLYHV DX SURGXLW
− ,QIRUPDWLRQV GH EDVH VXU OH SURGXLW HW OHV QRWLRQV GH F\FOH GH YLH VXEVWDQFHV
WR[LTXHV pYHQWXHOOHPHQW SUpVHQWHV HW pPLVHV HQ FRXUV GH IDEULFDWLRQ «
− ,QIRUPDWLRQV H[WHUQHV OD UpJOHPHQWDWLRQ OHV DFWLRQV GHV FRQFXUUHQWV OHV
JUDQGHV WHQGDQFHV HQ PDWLqUH G HQYLURQQHPHQW RIIUDQW GHV RSSRUWXQLWpV GH
PDUFKp OHV FRWV HQYLURQQHPHQWDX[ GH WUDLWHPHQWV GH UHF\FODJH «
− ([HPSOHV GH SURMHWV UpXVVLV HW G pFRSURGXLWV VXU OH PDUFKp

pFRQRPLHV
UpDOLVpHV SDU OHV HQWUHSULVHV DYDQWDJHV SRXU OHV FOLHQWV « /H EHVRLQ GH VH
([HPSOHV G pFRSURGXLWV 2Q SRXUUDLW FLWHU O RXYUDJH pGLWp SDU O $'(0( HW FRSLORWp $'(0(2 )UDQFH HQ
&RQFHSWLRQ GH SURGXLWV HW HQYLURQQHPHQW H[HPSOHV G pFRFRQFHSWLRQ >$'(0( @ HW GH QRPEUHX[
VLWHV ,QWHUQHW UHODWLIV j GHV JDOHULHV G pFRSURGXLWV
− VLWH GX 318( :RUNLQJ *URXS RQ 6XVWDLQDEOH 3URGXFW 'HYHORSPHQW 3D\V%DV

KWWSXQHSIUZXYDQO1HZ+RPHSDJH3URGXFW([DPSOHV3URGXFW([DPSOHVVKWPO
− VLWH GX 50,7 $XVWUDOLH KWWSGDHGDOXVHGFUPLWHGXDXRXWFRPHV(5'1HZV(5'&RQWHQWVKWPO
− VLWH GH 2 *OREDO 1HWZRUN (FRGHVLJQ *DOOHU\ KWWSZZZHFRPDUNHWQHWGHVLJQLQGH[KWPO
3DJH
UpIpUHU j GHV H[SpULPHQWDWLRQV UpDOLVpHV GDQV G DXWUHV HQWUHSULVHV HVW
LQGLVSHQVDEOH
ª &HOOHV UHODWLYHV DX SURFHVVXV G pFRFRQFHSWLRQ
− 0RGqOHV GH VWUXFWXUH GH SURFHVVXV G pFRFRQFHSWLRQ
− 0pWKRGHV HW RXWLOV H[LVWDQWV
− 5qJOHV HVVHQWLHOOHV j VXLYUH UHFRPPDQGDWLRQV FRQVHLOV G DSUqV GHV
H[SpULPHQWDWLRQV GH WHUUDLQ
/HV LQIRUPDWLRQV UHTXLVHV GRLYHQW rWUH SOXW{W G RUGUH SUDWLTXH HW VLPSOHV FRQFUqWHV
ILDEOHV
/HV UHVVRXUFHV OHV SOXV VRXYHQW FLWpHV HQ PDWLqUH G HQYLURQQHPHQW GDQV O pWXGH GH &
%DNNHU UpYpOpHV DYHF O RUGUH G LPSRUWDQFH TXL OHXU HVW DFFRUGpH VRQW OHV VXLYDQWHV
([SHUW HQ pFRFRQFHSWLRQ
-RXUQDX[ VSpFLDOLVpV SpULRGLTXHV HW PDJD]LQHV GH FRQFHSWLRQ
)RXUQLVVHXUV SURGXFWHXUV YDORULVDWHXUV
UHVVRXUFHV DX[TXHOOHV 0 /HQR[ >/(12; HW DO @ DGMRLQW OHV FRQQDLVVDQFHV LQGLYLGXHOOHV
GHV PHPEUHV GX SHUVRQQHO OHV JURXSHV GH WUDYDLO GDQV OH FDGUH G DVVRFLDWLRQV HW GH
V\QGLFDWV WUDYDX[ DYHF OHV FRQFXUUHQWV VXU GHV SUREOpPDWLTXHV FRPPXQHV OHV
FRQIpUHQFHV OHV ZRUNVKRSV HW O RQ SRXUUDLW DMRXWHU OH UpVHDX ,QWHUQHW GHSXLV FHV
GHUQLqUHV DQQpHV
/ DSSUHQWLVVDJH HQILQ VH IDLW SURJUHVVLYHPHQW OD SOXSDUW GX WHPSV SDU OH ELDLV GH SURMHWV
GH SOXV HQ SOXV DPELWLHX[ HQ PDWLqUH G LQWpJUDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH
QLYHDX SXLV QLYHDX GH O pFRFRQFHSWLRQ -% 3X\RX GDQV VRQ DUWLFOH © 'pPDUFKHV
G pFRFRQFHSWLRQ HQ HQWUHSULVH ª >38<28 @ pYRTXH OH WHUPH G· DSSURSULDWLRQ GH OD
GpPDUFKH G·pFRFRQFHSWLRQ SDU ODTXHOOH XQH HQWUHSULVH pYROXHUD DX ILO GX WHPSV G·XQH
H[SpULHQFH SLORWH G·pFRFRQFHSWLRQ YHUV XQH SUDWLTXH HW XQH IRUPDOLVDWLRQ GH OD
GpPDUFKH HW FH MXVTX·j XQH GpPDUFKH LQWpJUpH R O·DSSURFKH HQYLURQQHPHQWDOH GHYUDLW
rWUH JpQpUDOLVpH j WRXV OHV SURMHWV GH FRQFHSWLRQ (Q WHUPHV GH FRQQDLVVDQFHV FHOOHVFL
pYROXHURQW GH PrPH GHSXLV OD QpFHVVLWp G·XQ H[SHUW H[WHUQH XQ FDELQHW FRQVHLO SDU
H[HPSOH MXVTX·DX[ FRPSpWHQFHV LQWHUQHV H[SHUWV HW PHPEUHV GH O·pTXLSH SURMHW
3DJH
&RPPHQWWUDQVPHWWUHFHVFRQQDLVVDQFHV"
/HV OLHQV GH FRPPXQLFDWLRQ HQWUH VRXUFHV HW pTXLSHV GH FRQFHSWLRQ SHXYHQW rWUH

YDULDEOHV HW PXOWLSOHV G XQH HQWUHSULVH j O DXWUH GHV UHODLV KXPDLQV H[SHUWV
FRQFHSWHXUV IRUPpV HW O ,QWUDQHW QRWDPPHQW
3RXU FH TXL FRQFHUQH OHV VWUXFWXUHV G LQWHUSUpWDWLRQ HW GH WUDGXFWLRQ GHV
FRQQDLVVDQFHV QRXV DYRQV pYRTXp GDQV OH SDUDJUDSKH UHODWLI j O RUJDQLVDWLRQ LQWHUQH

O H[LVWHQFH GDQV OHV XQLWpV GH FRQFHSWHXUV VHQLRUV IRUPpV j O HQYLURQQHPHQW ,OV RQW pWp
IRUPpV ORUV GH VWDJHV GH VHQVLELOLVDWLRQ j O HQYLURQQHPHQW VXU OH PDQDJHPHQW
HQYLURQQHPHQWDO O pFRFRQFHSWLRQ « &H VRQW HX[ TXL YRQW WUDGXLUH OHV FRQQDLVVDQFHV
DFTXLVHV DX[ pTXLSHV GH FRQFHSWLRQ HW SDUWLFXOLqUHPHQW OHV FRQFHSWHXUV ,OV YRQW HQ IDLW
UHWUDQVFULUH FHV FRQQDLVVDQFHV GDQV OH PRQGH GHV FRQFHSWHXUV OH PRQGH VFLHQWLILTXH
G DSUqV 6 0HU >0(5 @ FH PRQGH HVW FDUDFWpULVp HQWUH DXWUHV SDU XQH FRQQDLVVDQFH
FROOHFWLYH FHQWUpH VXU OD FRQQDLVVDQFH GHV PDWpULDX[ GHV ORJLFLHOV GH VLPXODWLRQ « /HV
LQIRUPDWLRQV DLQVL IRUPDOLVpHV VHORQ XQ W\SH GH UHSUpVHQWDWLRQ IDPLOLHU SRXU OH
FRQFHSWHXU HW UpIpUpHV j XQH DFWLRQ SUpFLVH j PHQHU RQW GHV FKDQFHV G rWUH SOXV DLVpPHQW
FRPSULVHV HW DFFHSWpHV
2Q UHWURXYHUD SDUIRLV OH PrPH VFKpPD GH IRUPDWLRQ WUDQVPLVVLRQWUDGXFWLRQ DYHF GHV
LQJpQLHXUV H[WHUQHV j O pTXLSH SURMHW
/ pTXLSH GX SURIHVVHXU - (KUHQIHOG GX 0,7 SURSRVH XQ PRGqOH GH WUDQVIHUW

G LQIRUPDWLRQV XQH VWUXFWXUH HQ VDEOLHU VHPEODEOH j FHOOH SURSRVpH SUpFpGHPPHQW
SRXU PRGpOLVHU OH U{OH GH O H[SHUW HQ pFRFRQFHSWLRQ >(+5(1)(/' HW DO @ ,O HVW
UHSUpVHQWp VXU OD ILJXUH VXLYDQWH
3DJH
(IIRUWV GH SUpYHQWLRQ GH
(IIRUWV GH UHF\FODJH DX QLYHDX
SROOXWLRQ DX QLYHDX GHV
GHV XQLWpV GH FROOHFWH
XQLWpV GH IDEULFDWLRQ
(IIRUWV GH FRQIRUPLWp DX[

(QTXrWH DXSUqV GHV
H[LJHQFHV GX 'pSDUWHPHQW
IRXUQLVVHXUV
(+6 &RUSRUDWH
6HUYLFH $FKDWV
UpJOHPHQWDWLRQ VpFXULWp «
&HQWUH
G pFKDQJH GHV
LQIRUPDWLRQV
8QLWp GH WUDYDLO 8QLWp GH WUDYDLO 8QLWp GH WUDYDLO 8QLWp GH WUDYDLO

8QLWp GH WUDYDLO
)LJXUH 8Q PRGqOH GH WUDQVPLVVLRQ G LQIRUPDWLRQV GDQV XQ SURMHW G pFRFRQFHSWLRQ
6RXUFH -RKQ (KUHQIHOG 0LFKDHO - /HQR[ 7KH 'HYHORSPHQW DQG LPSOHPHQWDWLRQ RI 'I(
SURJUDPPHV 7KH -RXUQDO RI 6XVWDLQDEOH 3URGXFW 'HVLJQ 9RO $YULO S
/H FHQWUH G pFKDQJH G LQIRUPDWLRQV GRQW LO HVW IDLW pWDW SHXW rWUH VLWXp GDQV O XQLWp OH
VHUYLFH VSpFLDOLVp 3URGXFW 6WHZDUGVKLS « RX OD VWUXFWXUH VSpFLILTXH (&(&3 FKH] ,%0
,O V DJLW LFL G LQIRUPDWLRQV UHODWLYHV j OD FKDvQH GX SURGXLW SKDVH GH FRQFHSWLRQ DYHF GHV
GRQQpHV IRXUQLVVHXUV SKDVH GH IDEULFDWLRQ SKDVH GH ILQ GH YLH DYHF GHV IHHGEDFN VXU OD
FRQFHSWLRQ HW G DXWUHV UHODWLYHV j GHV REOLJDWLRQV UpJOHPHQWDLUHV VDQLWDLUHV HW GH
VpFXULWp j UHVSHFWHU SDU OH SURGXLW /HV SDUWHQDLUHV H[WHUQHV IRXUQLVVHXUV HW YDORULVDWHXUV
VRQW GRQF PRELOLVpV GDQV FHW pFKDQJH
/H UHODLV G LQIRUPDWLRQV GDQV OHV pTXLSHV SURMHW V HIIHFWXH DYDQW WRXW DXVVL JUkFH j GHV
JURXSHV GH GLVFXVVLRQV FURVVIRQFWLRQQHOV DVVXUDQW XQ pFKDQJH SHUWLQHQW HQWUH OHV
GLIIpUHQWV DFWHXUV LPSOLTXpV &HUWDLQV YRQW pYRTXHU GHV SURFHVVXV G DSSUHQWLVVDJH PXOWL
GLPHQVLRQQHO HQ LQWHUQH HW HQ H[WHUQH >%5$*' @ HW G DXWUHV GHV SURFHVVXV
G DSSUHQWLVVDJH FURLVp FDUDFWpULVWLTXHV GX SURFHVVXV GH FRQFHSWLRQ FODVVLTXH FKDFXQ D
SULV FRQVFLHQFH GH FH TX LO SHXW DSSRUWHU HW UHFHYRLU GHV DXWUHV HW HQWUHWLHQW GHV UDSSRUWV
GH SUHVFULSWLRQ UpFLSURTXH DYHF OHV DXWUHV PHPEUHV GH O pTXLSH >+$7&+8(/ @
3DJH
/ $5&+,7(&785( '·81 352-(7 '( &21&(37,21

,17(*5$17/$',0(16,21(19,5211(0(17
&H SDUDJUDSKH FRQFHUQH SOXV SDUWLFXOLqUHPHQW OD PRGpOLVDWLRQ G XQ SURMHW GLW G·pFR

FRQFHSWLRQ OHV REMHFWLIV OHV pWDSHV GX SURFHVVXV GH GpYHORSSHPHQW OHV IDFWHXUV GH
UpXVVLWH PDLV DXVVL OHV ULVTXHV G·pFKHFV
/HVREMHFWLIV
/RUVTX·XQH HQWUHSULVH GpFLGH G·pODERUHU XQ SURMHW G·pFRFRQFHSWLRQ HQ SDUWLFXOLHU XQ

SUHPLHU SURMHW GH FH JHQUH OHV REMHFWLIV TXL O·DQLPHQW RXWUH OH IDLW GH GpYHORSSHU XQ
pFRSURGXLW HW DLQVL ±XYUHU SRXU OH GpYHORSSHPHQW GXUDEOH VRQW G·RUGUH PXOWLSOH
>/22,-6 HW DO @ ,O YD DLQVL V·DJLU SRXU HOOH GH
ª &KHUFKHU GH QRXYHOOHV LQIRUPDWLRQV YLD pYHQWXHOOHPHQW GH QRXYHOOHV YRLHV FHOOHV

UHODWLYHV j O·HQYLURQQHPHQW HW H[SORLWHU FHV FRQQDLVVDQFHV SRXU OHV PHWWUH j SURILW
GDQV OH SURFHVVXV GH FRQFHSWLRQ
ª 6 KDELWXHU j PDQLSXOHU GHV GRQQpHV RXWLOV HW PpWKRGHV UHODWLIV j O HQYLURQQHPHQW
ª &RQVLGpUHU OH FULWqUH HQYLURQQHPHQW DX PrPH WLWUH TXH OHV DXWUHV FULWqUHV GH

GpYHORSSHPHQW FRW GpODL SHUIRUPDQFH HW pYDOXHU VRQ SRLGV
ª $YRLU XQH YLVLRQ SURVSHFWLYH VXU OH PR\HQ HW ORQJ WHUPH V·LO OXL HQ HVW SRVVLEOH HW
GpSDVVHU VHV SURSUHV IURQWLqUHV SUHQGUH HQ FRPSWH pJDOHPHQW OHV IRXUQLVVHXUV HW
OHV YDORULVDWHXUV
ª 6\VWpPDWLVHU SDU OD VXLWH OD SULVH HQ FRPSWH GX FULWqUH HQYLURQQHPHQW GDQV OH

GpYHORSSHPHQW GH VHV SURGXLWV /D GpPDUFKH j VXLYUH HVW GH SURFpGHU
SURJUHVVLYHPHQW SDU LQFUpPHQW SRXU SHUPHWWUH j FKDFXQ G DSSUHQGUH HW G LQWpJUHU
FHWWH QRXYHOOH GRQQH GDQV VHV DFWLYLWpV TXRWLGLHQQHV
/HVpWDSHVGXSURFHVVXVG pFRFRQFHSWLRQ
/ LQWpJUDWLRQ GX SDUDPqWUH HQYLURQQHPHQW GqV OD FRQFHSWLRQ LPSOLTXH O DGMRQFWLRQ GH

UpIOH[LRQV HQYLURQQHPHQWDOHV HW O XWLOLVDWLRQ G RXWLOV VXSSOpPHQWDLUHV GDQV OHV GLIIpUHQWHV
3DJH
pWDSHV G XQ SURFHVVXV GH FRQFHSWLRQ FODVVLTXH 1RXV SRVWXORQV TXH OH GpURXOHPHQW
GX SURFHVVXV GHPHXUH OH PrPH GHSXLV O pWDSH GH SODQLILFDWLRQ GX SURMHW MXVTX j
O LQGXVWULDOLVDWLRQ GX SURGXLW
1RXV DYRQV SUpFpGHPPHQW pYRTXp OD SRVVLELOLWp GH FKRLVLU SOXVLHXUV QLYHDX[ GH UHPLVH

HQ FDXVH HQYLURQQHPHQWDOH GX SURGXLW 'H PrPH TX HQ FRQFHSWLRQ FODVVLTXH HQWUH XQH
UHFRQFHSWLRQ G XQ SURGXLW DFWXHO RX OD FRQFHSWLRQ G XQ SURGXLW WRWDOHPHQW LQQRYDQW OHV
GLIIpUHQFHV GHV GpPDUFKHV SRXU FRQFHYRLU VRLW XQ SURGXLW DPpOLRUp HQ WHUPHV
G HQYLURQQHPHQW SDU UDSSRUW j OD YHUVLRQ SUpFpGHQWH VRLW XQ SURGXLW YHUW WRWDOHPHQW
QRXYHDX UpVLGHQW HVVHQWLHOOHPHQW GDQV O DSSURIRQGLVVHPHQW SOXV RX PRLQV LPSRUWDQW GHV
pWXGHV WHFKQLFRpFRQRPLTXHV HW PDUNHWLQJ HW GH O DQDO\VH IRQFWLRQQHOOH /H FKRL[ GX
QLYHDX G pFRFRQFHSWLRQ j DWWHLQGUH V HIIHFWXHUD GRQF GqV OH GpEXW GX SURMHW
'DQV O LQWURGXFWLRQ GH FH PpPRLUH QRXV DYRQV YX TXH SRXU LQWpJUHU OH SDUDPqWUH

HQYLURQQHPHQW LO SDUDvW IRQGDPHQWDO G DJLU GqV OD SKDVH GH FRQFHSWLRQ GHV SURGXLWV
GHV QXLVDQFHV GX SURGXLW GpWHUPLQpV j FHWWH pWDSH HW OH SOXV HQ DPRQW SRVVLEOH
GDQV OH SURFHVVXV GH FRQFHSWLRQ TXL FRQVWLWXH GH FH IDLW XQ OLHX HW XQ YHFWHXU SHUWLQHQW
G LQWpJUDWLRQ GH OD GLPHQVLRQ HQYLURQQHPHQWDOH GDQV O HQWUHSULVH >0,//(7 @ /D ILJXUH
FLDSUqV FRUURERUH FH SURSRV SXLVTX HOOH PRQWUH HIIHFWLYHPHQW TXH OD UHFKHUFKH GH
VROXWLRQV SOXV HQYLURQQHPHQWDOHV GRLW VH IDLUH ORUVTXH OH FKDPS G DOWHUQDWLYHV GH
FRQFHSWLRQ HVW OH SOXV ODUJH SRVVLEOH 3OXV RQ DYDQFHUD GDQV OH SURMHW HW SOXV OHV UHPLVHV
HQ FDXVH MXJpHV QpFHVVDLUHV VHURQW SUREOpPDWLTXHV YRLUH LPSRVVLEOHV
(OHYp
&KDPS GHV DOWHUQDWLYHV
&RXUEH GX QRPEUH GH FKRL[ GH FRQFHSWLRQ

GH FRQFHSWLRQ
IDLEOH
6SpFLILFDWLRQV SUpFLVHV GX SURGXLW

&RXUEH GH OD FRQQDLVVDQFH GX SURGXLW
,GpH GH SURGXLW 7HPSV

)LJXUH /D UHFKHUFKH G DOWHUQDWLYHV GH FRQFHSWLRQ DX FRXUV GX SURFHVVXV GH GpYHORSSHPHQW
6RXUFH -DDS .RUWPDQ 5HQp YDQ %HUNHO 0DULMH /DIOHXU 7RZDUGV DQ HQYLURQPHQWDO GHVLJQ WRROER[
IRU FRPSOH[ SURGXFWV 3URFHHGLQJV RI ,QWHUQDWLRQDO &RQIHUHQFH RQ &OHDQ (OHFWURQLFV
3URGXFWV DQG 7HFKQRORJ\ 2FWREUH (UODQJHQ $OOHPDJQH S
3DJH
$ FKDTXH FKDQJHPHQW G pWDSH XQH UHYXH GH FRQFHSWLRQ SHUPHW GH FKRLVLU HQWUH OHV
QRPEUHXVHV VROXWLRQV SRVVLEOHV FHOD FRUUHVSRQG DX[ Q±XGV VXU OD ILJXUH $X IXU HW j
PHVXUH GH O DYDQFpH GX SURMHW OH GHJUp GH OLEHUWp G DFWLRQ GpFURvW OH QRPEUH GH
VROXWLRQV GH FRQFHSWLRQ V DPHQXLVH HW OD FRQQDLVVDQFH GX SURGXLW V pODUJLW
/ LQWpJUDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH GDQV OH SURFHVVXV GH FRQFHSWLRQ UHOqYH

G XQH DSSURFKH PpWKRGRORJLTXH SXLVTXH OH SUREOqPH pWDQW FRPSOH[H HW OHV LQFHUWLWXGHV
QRPEUHXVHV LO LPSRUWH TXH O pTXLSH SURMHW SXLVVH VH UpIpUHU j XQ VXSSRUW
PpWKRGRORJLTXH GH WUDYDLO GDQV VD GpPDUFKH
5HJDUGRQV GDQV XQ SUHPLHU WHPSV OHV PRGqOHV GH SURFHVVXV GH FRQFHSWLRQ LQWpJUDQW OD

GRQQpH HQYLURQQHPHQWDOH SURSRVpV GDQV OD OLWWpUDWXUH
4XHOTXHV PRGqOHV GH SURFHVVXV SURSRVpV GDQV OD

OLWWpUDWXUH
/H JXLGH LQWHUQH GX JURXSH 3KLOLSV SUpVHQWH OHV SULQFLSDOHV pWDSHV GH VRQ SURFHVVXV
G pFRFRQFHSWLRQ HQ GLIIpUHQFLDQW OD GpPDUFKH VWUDWpJLTXH G XQH SDUW HW OD GpPDUFKH
RSpUDWLRQQHOOH G DXWUH SDUW >0(,1'(56 D@ OD SDUWLH VWUDWpJLTXH GpSDVVDQW OHV OLPLWHV
GX SURMHW SXLVTX HOOH IDLW UpIpUHQFH j OD SROLWLTXH JpQpUDOH GH O HQWUHSULVH
3DJH
&H SURFHVVXV HVW SUpVHQWp VXU OD ILJXUH VXLYDQWH
'pPDUFKH VWUDWpJLTXH 'pPDUFKH

RSpUDWLRQQHOOH
3ROLWLTXH JpQpUDOH
G HQWUHSULVH
$QDO\VH GHV EHVRLQV 5HYXH WHFKQRORJLTXH
$QDO\VH GX PDUFKp
$QDO\VH GHV
2SSRUWXQLWpV
0HQDFHV
)RUFHV )DLEOHVVHV
3ROLWLTXH 3URGXLW 6WUDWpJLH 3URGXLW
2EMHFWLIV j ORQJ WHUPH
2EMHFWLIV j FRXUW WHUPH (QVHPEOH GHV

H[LJHQFHV 3URGXLW
&RQFHSW GH SURGXLW
1RQ ([LJHQFHV
VDWLVIDLWHV "
&RQFHSWLRQ
SUpOLPLQDLUH
1RQ ([LJHQFHV
VDWLVIDLWHV "
&RQFHSWLRQ
GpWDLOOpH
1RQ 9DOLGDWLRQ
'pYHORSSHPHQW
)LJXUH 3URFHVVXV G pFRFRQFHSWLRQ SURSRVp SDU OH *URXSH 3KLOLSV
6RXUFH +HUPDQ 0HLQGHUV 3RLQW RI QR UHWXUQ 3KLOLSV (FR'HVLJQ JXLGHOLQHV
3DJH
2Q SHXW UHPDUTXHU VXU OH V\QRSWLTXH GH FHWWH ILJXUH TXH OH GpURXOHPHQW GX SURFHVVXV

G pFRFRQFHSWLRQ HVW HIIHFWLYHPHQW VLPLODLUH j FHOXL G XQ SURFHVVXV GH FRQFHSWLRQ
FODVVLTXH TXL SHXW VH GpFOLQHU GH OD PDQLqUH VXLYDQWH >48$5$17( HW DO @ >-28,1($8
@
3ODQLILFDWLRQ GX SURMHW
6SpFLILFDWLRQV GX &DKLHU GHV

&KDUJHV
3URFHVVXV GH FRQFHSWLRQ
SURGXLW )RQFWLRQQHO
(ODERUDWLRQ GHV
FRQFHSWV
&RQFHSWLRQ
SUpOLPLQDLUH
&RQFHSWLRQ GpWDLOOpH
'pYHORSSHPHQW
,QGXVWULDOLVDWLRQ
&RPPHUFLDOLVDWLRQ
)LJXUH /HV SULQFLSDOHV pWDSHV G XQ PRGqOH GH SURFHVVXV GH FRQFHSWLRQ GH SURGXLW
(IIHFWLYHPHQW OD GpPDUFKH VWUDWpJLTXH GH OD ILJXUH SHXW rWUH LQWpJUpH GDQV O pWDSH

SODQLILFDWLRQ GX SURMHW GH OD ILJXUH HW OD GpPDUFKH VWUDWpJLTXH DOOLpH j OD GpPDUFKH
RSpUDWLRQQHOOH FRQFRXUHQW j O pODERUDWLRQ GX RX GHV FRQFHSWV GH SURGXLW
& %DNNHU GDQV VHV UHFKHUFKHV VXU O LQIRUPDWLRQ HQYLURQQHPHQWDOH QpFHVVDLUH DX[
FRQFHSWHXUV V HVW pJDOHPHQW LQWpUHVVpH DX[ pWDSHV G XQ SURFHVVXV GH FRQFHSWLRQ
HQYLURQQHPHQWDOH >%$..(5 @ (OOH V HVW SOXV SDUWLFXOLqUHPHQW DWWHOpH j FRPSUHQGUH OH
PRGqOH GH SURFHVVXV GH FRQFHSWLRQ FODVVLTXH SURSRVp SDU 00 3DKO %HLW] >3$+/ HW DO
@ FRPSDUp j GHX[ PRGqOHV GH SURFHVVXV G pFRFRQFHSWLRQ O XQ SURSRVp SDU *

.HROHLDQ >.(2/(,$1 HW DO @ HW OH VHFRQG SDU + %UH]HW >%5(=(7 HW DO @
3DJH
&HV PRGqOHV VRQW SUpVHQWpV HQ SDUDOOqOH VXU OD ILJXUH FLDSUqV ,OV RQW pWp IRUPDOLVpV
SDU & %DNNHU VHORQ XQH VWUXFWXUH VLPLODLUH GH SURFHVVXV FDUDFWpULVp SDU OHV pWDSHV
VXLYDQWHV
3ODQQLQJ 3URGXLW
$QDO\VH VWUDWpJLTXH
3ROLWLTXH SURGXLW
*pQpUDWLRQ G LGpHV GH SURGXLW
(YDOXDWLRQ HW VpOHFWLRQ
&RQWH[WH 6SpFLILFDWLRQV
$QDO\VH HQYLURQQHPHQWDOH H[LVWDQW
(WDEOLVVHPHQW GH SULRULWpV HQYLURQQHPHQWDOHV
(ODERUDWLRQ GHV FRQFHSWV

*pQpUDWLRQ GH VROXWLRQV
(YDOXDWLRQ HW FKRL[ GHV VROXWLRQV
*pQpUDWLRQ GH VROXWLRQV SOXV VSpFLILTXHV
(YDOXDWLRQ HW FKRL[ G XQH VROXWLRQ
(YDOXDWLRQ HQYLURQQHPHQWDOH JOREDOH
0RGLILFDWLRQV pYHQWXHOOHV
)LJXUH 0RGqOH GH SURFHVVXV G pFRFRQFHSWLRQ SURSRVp SDU & %DNNHU
6RXUFH &RQQ\ %DNNHU (QYLURQPHQWDO ,QIRUPDWLRQ IRU ,QGXVWULDO 'HVLJQHUV 7KqVH GH O 8QLYHUVLWp
7HFKQRORJLTXH GH 'HOIW 3D\V%DV S
5HPDUTXH 2Q SDUOH LFL GH SKDVH SODQQLQJ SURGXLW TXL HVW HQ IDLW ULJRXUHXVHPHQW
LGHQWLTXH j OD SKDVH SODQLILFDWLRQ GX SURMHW pYRTXpH GDQV OH V\QRSWLTXH GX SURFHVVXV
GH FRQFHSWLRQ FODVVLTXH
3DJH
0RGqOH G XQ SURFHVVXV 0RGqOH G XQ SURFHVVXV 0RGqOH G XQ SURFHVVXV

GH FRQFHSWLRQ FODVVLTXH GH G pFRFRQFHSWLRQ GH G pFRFRQFHSWLRQ GH
3$+/ %(,7= .(2/(,$1 HW DO %5(=(7 HW DO
0DQDJHPHQW
3KDVH
3ODQQLQJ
3URMHW
3URGXLW
3ODQLILFDWLRQ HW
3ROLWLTXH HW VWUDWpJLH
RUJDQLVDWLRQ G XQ SURMHW
3KDVH
6pOHFWLRQ G XQ SURGXLW
3KDVH
&RQWH[WH 6SpFLILFDWLRQV
$QDO\VH GHV EHVRLQV $QDO\VH GX SUREOqPH HW

'HVFULSWLRQ GX SURMHW HW
%HVRLQV VLJQLILFDWLIV pWDEOLVVHPHQW GHV
pODERUDWLRQ GHV
&KDPS G DSSOLFDWLRQ HW SULRULWpV
VSpFLILFDWLRQV
REMHFWLIV $QDO\VH GX SURGXLW
,QYHQWDLUH GHV LPSDFWV
HQYLURQQHPHQWDX[
([LJHQFHV
(WDEOLVVHPHQW GHV
HQYLURQQHPHQW
SULRULWpV
SHUIRUPDQFH
HQYLURQQHPHQWDOHV
6SpFLILFDWLRQV FRW
$QDO\VH HQYLURQQHPHQWDOH
FXOWXUH VHUYLFH UHQGX
DSSURIRQGLH
HVWKpWLTXH
5HFKHUFKH G RSWLRQV
UpJOHPHQWDWLRQ
G DPpOLRUDWLRQ
,GHQWLILFDWLRQ GHV SUREOqPHV

3KDVH
(ODERUDWLRQ GHV
HVVHQWLHOV
FRQFHSWV
5HFKHUFKH GHV VROXWLRQV

(WDEOLVVHPHQW GH VWUXFWXUHV
5HFKHUFKH GHV VROXWLRQV
IRQFWLRQQHOOHV
(YDOXDWLRQ HQ IRQFWLRQ GHV
5HFKHUFKH GH VROXWLRQV
(YDOXDWLRQ « H[LJHQFHV
2UJDQLVDWLRQ G XQ DWHOLHU
G pFRFRQFHSWLRQ
&RQFHSW
'pYHORSSHPHQW &RQFHSWLRQ
SUpOLPLQDLUH &URTXLV HW &RQFHSWXHOOH

SURWRW\SHV 6pOHFWLRQ 3UpOLPLQDLUH

DIILQDJH HW pYDOXDWLRQ 'pWDLOOpH 3KDVH
'pWDLOV
0DTXHWWH SUpOLPLQDLUH 5pVROXWLRQ GHV SUREOqPHV

HQYLURQQHPHQWDX[
2SWLPLVDWLRQ HW SURWRW\SHV 6WUDWpJLHV GH FRQFHSWLRQ

FRPSOHWV GpILQLWLIV )DLVDELOLWpV
8OWLPH YpULILFDWLRQ HQYLURQQHPHQWDOH
G pYHQWXHOOHV HUUHXUV WHFKQLTXH HW pFRQRPLTXH
0DTXHWWH GpILQLWLYH
3KDVH
&RPPXQLFDWLRQ HW
0LVH HQ RHXYUH
5pDOLVDWLRQ
LQWURGXFWLRQ VXU OH
PDUFKp
3KDVH
(YDOXDWLRQ HW SODQLILFDWLRQ
GHV RSpUDWLRQV GH VXLYL
UHWRXUV G H[SpULHQFH
)LJXUH &RPSDUDLVRQ GH GHX[ PRGqOHV GH SURFHVVXV G pFRFRQFHSWLRQ DYHF XQ PRGqOH GH
FRQFHSWLRQ FODVVLTXH
3DJH
6RXUFH &RQQ\ %DNNHU (QYLURQPHQWDO ,QIRUPDWLRQ IRU ,QGXVWULDO 'HVLJQHUV 7KqVH GH O 8QLYHUVLWp
7HFKQRORJLTXH GH 'HOIW 3D\V%DV S
2Q SHXW UHPDUTXHU VXU OH PRGqOH GH OD ILJXUH HW OH PRGH GH UHSUpVHQWDWLRQ GHV WURLV

PRGqOHV FRPSDUpV O DEVHQFH GH O pWDSH GH FRQFHSWLRQ SUpOLPLQDLUH GRQW RQ D IDLW pWDW
GDQV OD GHVFULSWLRQ SUpFpGHQWH GX SURFHVVXV FODVVLTXH 'HV WURLV PRGqOHV SRXUWDQW VHXO
FHOXL GH + %UH]HW QH GLVWLQJXH TXH GHX[ pWDSHV GDQV OD FRQFHSWLRQ FRQFHSWXHOOH RX
pODERUDWLRQ GHV FRQFHSWV HW GpWDLOOpH 0DLV G DSUqV & %DNNHU OH FKRL[ HQWUH GHX[ RX
WURLV pWDSHV HVW DUELWUDLUH SXLVTXH TXRL TX LO HQ VRLW OH GpURXOHPHQW GX SURFHVVXV UHVWH
LGHQWLTXH GHSXLV XQ FRQFHSW GH SURGXLW MXVTX j VD GpILQLWLRQ WUqV SUpFLVH
3RXU OD VXLWH QRXV DYRQV UHWHQX XQ PRGqOH GH SURFHVVXV G pFRFRQFHSWLRQ HQ IDLVDQW
OH FKRL[ GH SUHQGUH HQ FRPSWH O pWDSH LQWHUPpGLDLUH GH FRQFHSWLRQ SUpOLPLQDLUH
GDQV O REMHFWLI GH PLHX[ FRQVHUYHU FHWWH YLVLRQ G XQ GpURXOHPHQW WUqV SURJUHVVLI HW
LWpUDWLI
/ pWDSH GH UpDOLVDWLRQ TXL FRQFHUQH OH GpYHORSSHPHQW O LQGXVWULDOLVDWLRQ HW OD

FRPPHUFLDOLVDWLRQ GX SURGXLW Q DSSDUDvW SDV GDQV OH PRGqOH FRQVHQVXV GH & %DNNHU
ILJXUH SXLVTX HOOH QH UHOqYH SOXV GLUHFWHPHQW GHV FRQFHSWHXUV 1RXV HQ WLHQGURQV
QpDQPRLQV pJDOHPHQW FRPSWH DLQVL GDQV OD SDUWLH VXLYDQWH FRQVDFUpH DX[ RXWLOV G pFR
FRQFHSWLRQ QRXV YHUURQV TXH FHUWDLQV RXWLOV YRQW QRWDPPHQW DLGHU OHV PDUNHWHXUV
PHPEUHV GHV pTXLSHV SURMHW j SURPRXYRLU OHV pFRSURGXLWV VXU OH PDUFKp
' DSUqV OD ILJXUH OD SULQFLSDOH GLIIpUHQFH j QRWHU HQWUH OHV GHX[ PRGqOHV G pFR
FRQFHSWLRQ GH * .HROHLDQ HW + %UH]HW HW FHOXL GH OD FRQFHSWLRQ FODVVLTXH WLHQW DX IDLW TXH
OH PRGqOH FODVVLTXH QH VH IRFDOLVH SDV VXU OD SKDVH GH SODQLILFDWLRQ SURGXLW SXLVTXH GDQV
FH FDV OD SUHPLqUH pWDSH YD FRQVLVWHU j GpILQLU GLUHFWHPHQW OH SURMHW HW pWDEOLU OHV
VSpFLILFDWLRQV SRXU OH IXWXU SURGXLW 7RXW FH TXL VH UpIqUH j O DQDO\VH VWUDWpJLTXH j OD
SROLWLTXH SURGXLW QH UHOHYDQW SDV GH OD WkFKH GHV FRQFHSWHXUV Q DSSDUDvW HIIHFWLYHPHQW
SDV GDQV OH SURFHVVXV VWULFW GH FRQFHSWLRQ DSSHOp GDQV FH FDV SURFHVVXV GH
GpYHORSSHPHQW GH SURGXLW FRPPH RQ SHXW O REVHUYHU VXU OH SURFHVVXV G LQQRYDWLRQ
SURSRVp SDU 1)0 5RR]HQEXUJ - (HNHOV HW UHSUpVHQWp VXU OD ILJXUH VXLYDQWH
5pIpUHQFH GH OD ILJXUH SURSRVpH SDU 1)0 5RR]HQEXUJ - (HNHOV FI WKqVH GH &RQQ\ %DNNHU >%$..(5
@ 5RR]HQEXUJ 1)0 (HNHOV - 3URGXNWRQZHUSHQ VWUXFWXXU HQ PHWKRGHQ /HPPD 8WUHFKW 3D\V%DV

3DJH
'pYHORSSHPHQW 3ODQQLQJ
GH OD SURGXFWLRQ 3URGXFWLRQ
)RUPXODWLRQ *pQpUDWLRQ ,GpH SRXU XQH

&RQFHSWLRQ GX &RQFHSWLRQ 'LVWULEXWLRQ
3ROLWLTXH G REMHFWLIV HW GH G LGpHV HW QRXYHOOH 3URGXFWLRQ 8WLOLVDWLRQ
SURGXLW GX SURGXLW HW YHQWHV
VWUDWpJLHV VROXWLRQ
FKRL[
3ODQQLQJ GH 3ODQQLQJ
YHQWH 0DUNHWLQJ
3KDVH VWUDWpJLTXH 3KDVH FLEOH
3ODQQLQJ SURGXLW 'pYHORSSHPHQW SURGXLW
3URFHVVXV WRWDO GH GpYHORSSHPHQW GH SURGXLW 3KDVH GH UpDOLVDWLRQ
3URFHVVXV G ,QQRYDWLRQ
)LJXUH 3KDVHV G XQ SURFHVVXV LQGXVWULHO G LQQRYDWLRQ
5HPDUTXH 2Q SHXW UHPDUTXHU VXU OD ILJXUH TXH WURLV GpYHORSSHPHQWV HQ IDLW

LQWHUDJLVVHQW HQWUH HX[ WRXW DX ORQJ GX SURFHVVXV OH GpYHORSSHPHQW GX SURGXLW
SURSUHPHQW GLW PDLV DXVVL FHOXL GH OD IDEULFDWLRQ RX SURGXFWLRQ HW OH GpYHORSSHPHQW
PDUNHWLQJ RX LGHQWLILFDWLRQ GH PDUFKpV HW SODQQLQJ GHV YHQWHV 1RXV QH FRQVLGpUHURQV
GDQV OHV SURSRV VXLYDQWV TXH OH GpYHORSSHPHQW GX SURGXLW
$ OD GLIIpUHQFH GH OD FRQFHSWLRQ FODVVLTXH RQ D SUpFpGHPPHQW pYRTXp HQ PDWLqUH G pFR

FRQFHSWLRQ OH U{OH VWUDWpJLTXH TXH SHXYHQW MRXHU OHV FRQFHSWHXUV GDQV OH FKRL[ GHV
IDLVDELOLWpV GH WHO RX WHO D[H G pFRGpYHORSSHPHQW ,OV RQW GRQF OHXU SODFH GDQV OD SKDVH
SODQQLQJ SURGXLW GH OD ILJXUH
/HV GHX[ PRGqOHV G pFRFRQFHSWLRQ SURSRVpV VRQW UHODWLYHPHQW VLPLODLUHV VL FH Q HVW TXH
FHOXL GH + %UH]HW VH GpFOLQH SUpFLVpPHQW HQ WHUPHV GH SKDVHV j VXLYUH DYHF O DFFHQW
SRUWp VXU O pWDEOLVVHPHQW GHV SULRULWpV HQYLURQQHPHQWDOHV SKDVH HW OD JpQpUDWLRQ HW OH
FKRL[ GH VROXWLRQV G DPpOLRUDWLRQ SKDVHV DORUV TXH OH PRGqOH GH * .HROHLDQ
DFFRUGH GDYDQWDJH G LPSRUWDQFH j O DQDO\VH GHV EHVRLQV
− %HVRLQV GHV FOLHQWV HQ WHUPHV G HQYLURQQHPHQW HQ SDUWLFXOLHU
− /LPLWHV GX V\VWqPH j FRQVLGpUHU F\FOH GH YLH FRPSOHW RX XQH VHXOH pWDSH

− (WXGH HQYLURQQHPHQWDOH GH O H[LVWDQW
− (WXGH GH %HQFKPDUNLQJ
HW O pWDEOLVVHPHQW GHV H[LJHQFHV HQ WHUPHV G HQYLURQQHPHQW FHUWHV PDLV DXVVL GH

SHUIRUPDQFH GH FRW GH FXOWXUH IRUPH FRXOHXU WH[WXUH PDWpULDX[ « TXL GRQQHQW DX
SURGXLW XQH YDOHXU G HVWLPH SRXU OH FOLHQW HW GH UpJOHPHQWDWLRQ ,O UHTXLHUW HQ SDUWLFXOLHU
3DJH
SRXU FHOD O pODERUDWLRQ GH PDWULFHV GHV H[LJHQFHV XQH SRXU FKDFXQ GHV FLQT W\SHV ²
OHVTXHOOHV H[LJHQFHV VRQW j LGHQWLILHU SRXU FKDFXQH GHV SKDVHV GX F\FOH GH YLH GX
SURGXLW HW SRXU SOXVLHXUV FULWqUHV VSpFLILTXHV j OHXU W\SH >.(2/(,$1 HW DO @
/HV H[LJHQFHV HQYLURQQHPHQWDOHV YRQW SDU H[HPSOH VH GpFOLQHU FRPPH VXLW SRXU XQH
SKDVH GX F\FOH GH YLH GX SURGXLW SOXVLHXUV SKDVHV YRLUH OH F\FOH GH YLH FRPSOHW GX
SURGXLW SHXYHQW rWUH FRQVLGpUpV
6\VWqPHSURGXLW
3URGXLW 3URFpGpV 'LVWULEXWLRQ
,QSXWV
'LUHFW 0DWpULDX[ XWLOLVpV

(PEDOODJHV
,QGLUHFW (TXLSHPHQWV HW
7UDQVSRUWV YpKLFXOH KXLOH
0DWpULDX[ &RQWHQX HQ PDWpULDX[ LQVWDOODWLRQV UHVVRXUFHV
OLTXLGH GH IUHLQV
SRXU SURGXLUH FHV
(TXLSHPHQWV
pTXLSHPHQWV
&RQWHQX pQHUJpWLTXH GHV
HPEDOODJHV
(QHUJLH &RQWHQX pQHUJpWLTXH (QHUJLH GHV SURFpGpV
&RQVRPPDWLRQ ORUV GX
WUDQVSRUW
5HVVRXUFHV KXPDLQHV 7UDYDLO 7UDYDLO
2XWSXWV
3URGXLWV
0DWpULDX[ &RSURGXLWV 5pVLGXV GpFKHWV FKXWHV 5pVLGXV
5pVLGXV GpFKHWV
(QHUJLH (QHUJLH JpQpUpH
7DEOHDX 0DWULFH GHV H[LJHQFHV HQYLURQQHPHQWDOHV j UHPSOLU SRXU XQH SKDVH GX F\FOH GH YLH GX
SURGXLW G DSUqV * .HROHLDQ
6RXUFH *UHJRU\ $ .HROHLDQ /LIH &\FOH 'HVLJQ )UDPHZRUN DQG 'HPRQVWUDWLRQ 3URMHFWV
(3$5 -XLOOHW S
/HV REMHFWLIV GH FHV H[LJHQFHV HQYLURQQHPHQWDOHV VRQW PXOWLSOHV ,O YD V DJLU GH
PLQLPLVHU
− O HPSORL GH UHVVRXUFHV QDWXUHOOHV
− OD FRQVRPPDWLRQ G pQHUJLH
− OD JpQpUDWLRQ GH GpFKHWV
− OHV ULVTXHV GH VDQWp HW GH VpFXULWp
− OD GpJUDGDWLRQ GHV pFRV\VWqPHV
3DJH
8Q DXWUH H[HPSOH GH PDWULFH FRQFHUQH FHOOH GHV H[LJHQFHV GH FRWV VXU O HQVHPEOH GX
F\FOH GH YLH
$FWHXUVFRQFHUQpV
3KDVHV GX F\FOH GH YLH
)DEULFDQW &RQVRPPDWHXU
([WUDFWLRQ GHV PDWpULDX[ 0LQLPLVHU OH FRW GHV PDWpULDX[
0LQLPLVHU OH FRW GH IDEULFDWLRQ
− &RW GX WUDLWHPHQW GHV
)DEULFDWLRQ GpFKHWV FKXWHV GH SURGXFWLRQ
QRWDPPHQW
− &RW GHV HPEDOODJHV
3UL[ G DFKDW
&RW GH
8WLOLVDWLRQ
5HVSRQVDELOLWp GX SURGXLW HW GH
− O pQHUJLH FRQVRPPpH
O HQYLURQQHPHQW
− OD PDLQWHQDQFH
− OD UpSDUDWLRQ
6HUYLFH DSUqV YHQWH 0LQLPLVHU OHV FRWV GH JDUDQWLH
7UDLWHPHQW HQ ILQ GH YLH

5HVSRQVDELOLWpV
&RW G pOLPLQDWLRQ
HQYLURQQHPHQWDOHV
7DEOHDX 0DWULFH GHV H[LJHQFHV GH FRWV VXU O HQVHPEOH GX F\FOH GH YLH G XQ SURGXLW G DSUqV *
.HROHLDQ
(3$5 -XLOOHW S
3RXU * .HROHLDQ OHV H[LJHQFHV VRQW LGHQWLILpHV SDU GLIIpUHQWV VHUYLFHV >.(2/(,$1 HW DO
@
(Q WHUPHV G HQYLURQQHPHQW (QYLURQQHPHQW

&RQWU{OH 4XDOLWp
3URGXFWLRQ
'LUHFWLRQ
(Q WHUPHV GH SHUIRUPDQFH ,QJpQLHULH

5 '
%XUHDX G pWXGH
(Q WHUPHV GH FRW $FKDWV

&RPSWDELOLWp
3DJH
(Q WHUPHV GH UpJOHPHQWDWLRQ 5pJOHPHQWDWLRQ VL OH VHUYLFH H[LVWH

(QYLURQQHPHQW
(Q WHUPHV GH FXOWXUH 0DUNHWLQJ

9HQWHV FRPPHUFLDO
0DLQWHQDQFH
8QH IRLV pWDEOLHV FHV H[LJHQFHV VHURQW KLpUDUFKLVpHV SRXU GLVWLQJXHU OHV H[LJHQFHV
FULWLTXHV GHV H[LJHQFHV VRXKDLWDEOHV RQ SHXW DIIHFWHU XQ SRLGV j FKDFXQH GH FHV
H[LJHQFHV FODVVpHV HQVXLWH HW UpSDUWLHV HQ SOXVLHXUV JURXSHV VHORQ OD FODVVLILFDWLRQ
VXLYDQWH SDU H[HPSOH >.(2/(,$1 HW DO @
([LJHQFHV REOLJDWRLUHV ([LJHQFHV FRQVLGpUpHV HQ WRXWH SULRULWp 6L HOOHV QH VRQW SDV

UHVSHFWpHV OH SURGXLW QH SHXW rWUH DFFHSWp
([LJHQFHV GpVLUpHV ([LJHQFHV PRLQV LPSRUWDQWHV SRXYDQW FRQGXLUH O pTXLSH j

UHFKHUFKHU OD PHLOOHXUH VROXWLRQ FHOOH TXL QH VDWLVIDLW SDV TXH
OHV H[LJHQFHV REOLJDWRLUHV
)RQFWLRQV DX[LOLDLUHV )RQFWLRQV QRQ SULRULWDLUHV UHOHYDQW GDYDQWDJH GX FRQIRUW GH

O HVWLPH GX FOLHQW (OOHV SHXYHQW rWUH SULVHV HQ FRPSWH VL HOOHV
QH UHPHWWHQW SDV HQ FDXVH OHV H[LJHQFHV FULWLTXHV
/ DIIHFWDWLRQ GHV SULRULWpV HVW WRXMRXUV XQH WkFKH GLIILFLOH SRXU O pTXLSH SURMHW SXLVTXH
ELHQ VRXYHQW OHV H[LJHQFHV QH UHOqYHQW SDV GX PrPH GRPDLQH HW QH V H[SULPHQW SDV GDQV
OHV PrPHV WHUPHV FRW FXOWXUH UpJOHPHQWDWLRQ « &H VRQW OHV H[SpULHQFHV GH FKDFXQ
TXL SRXUURQW DLGHU GDQV FH FKRL[ GpOLFDW
&LGHVVRXV G DXWUHV PpWKRGHV GH FODVVLILFDWLRQ GHV H[LJHQFHV SHXYHQW rWUH FRQVLGpUpHV
([HPSOHV
([LJHQFHV REOLJDWRLUHV 5HVSHFW GHV ORLV HQYLURQQHPHQWDOHV HQ YLJXHXU

GpVLUpHV $X GHOj GX VLPSOH UHVSHFW
RX TXDOLWDWLYHV 5pGXLUH O HPSORL GH VXEVWDQFHV WR[LTXHV

TXDQWLWDWLYHV 6SpFLILHU XQH UpGXFWLRQ GH GH O HPSORL GH
SORPE
««
3DJH
RX SUpVHQWHV 5pJOHPHQWDWLRQ DFWXHOOH

IXWXUHV 5pJOHPHQWDWLRQ IXWXUH VXU OH UHWRXU GHV
SURGXLWV RX OH EDQQLVVHPHQW GH WHOOH RX WHOOH
VXEVWDQFH
RX JpQpUDOHV &RPSRVDQWV UHF\FODEOHV

VSpFLILTXHV (IILFDFLWp pQHUJpWLTXH
PHVXUHV HQYLURQQHPHQWDOHV (QHUJLH XWLOLVpH SDU RSpUDWLRQ XQLWDLUH
(3$5 -XLOOHW S
/D SOXSDUW GX WHPSV FHV H[LJHQFHV VRQW FRQIOLFWXHOOHV O DEVHQFH GH FRQIOLW UpYpODQW HQ IDLW
GHV H[LJHQFHV WURS LPSUpFLVHV /D JpQpUDWLRQ HW OH FKRL[ GH QRXYHOOHV VROXWLRQV GH
FRQFHSWLRQ UpSRQGDQW j O HVVHQWLHO GX FKDPS GHV H[LJHQFHV YRQW GRQF GRQQHU OLHX j
GHV H[HUFLFHV GH FRPSURPLV DX FRXUV GH QRPEUHXVHV GLVFXVVLRQV DX VHLQ GH O pTXLSH
SURMHW
3RXU UHYHQLU DX PRGqOH GH + %UH]HW GH OD ILJXUH QRXV QRWHURQV HQILQ TX LO IDLW pWDW
G XQH SKDVH UHWRXU G H[SpULHQFH SKDVH TXL QRXV SDUDvW HVVHQWLHOOH GDQV XQH
GpPDUFKH TXH O RQ VRXKDLWH G DPpOLRUDWLRQ FRQWLQXH (OOH SHUPHW
− G pYDOXHU OHV pFDUWV HQWUH OHV REMHFWLIV GH PDUFKp HVFRPSWpV HW OHV YHQWHV OHV pFR
FOLHQWV DWWHQGXV VRQWLOV DX UHQGH]YRXV " 6L RXL VRQWLOV VDWLVIDLWV "
− G pYDOXHU OHV pFDUWV SRWHQWLHOV HQWUH OD ILQ GH YLH DWWHQGXH G XQ SURGXLW HW OD UpDOLWp GHV
WUDLWHPHQWV OH SURGXLW D pWp FRQoX GpPRQWDEOH HW UHF\FODEOH PDLV O RQ V DSHUoRLW HQ
GpILQLWLYH TX LO HVW EUR\p HW LQFLQpUp 3RXUTXRL "
− G pYDOXHU OHV LPSDFWV HQYLURQQHPHQWDX[ UpHOV G XQ SURGXLW DX FRXUV GH VRQ XWLOLVDWLRQ
HQ SDUWLFXOLHU HW GH OHV FRPSDUHU DYHF OHV LPSDFWV SRWHQWLHOV HVFRPSWpV K\SRWKqVHV
UpDOLVpHV HQ FRXUV GH FRQFHSWLRQ
− «
&H UHWRXU G H[SpULHQFH SRXUUD SHUPHWWUH GH UHFWLILHU OHV LPSHUIHFWLRQV RX G RSWLPLVHU OHV
FULWqUHV GH FRQFHSWLRQ VXU XQ IXWXU SURMHW
1RXV DYRQV GRQF pJDOHPHQW SULV HQ FRPSWH FHWWH pWDSH UHWRXU G H[SpULHQFH GDQV
OH PRGqOH GH SURFHVVXV G pFRFRQFHSWLRQ TXH QRXV DYRQV UHWHQX
3DJH
3DVVRQV j SUpVHQW j OD GHVFULSWLRQ GX PRGqOH GH SURFHVVXV G pFRFRQFHSWLRQ WHO TXH QRXV

O DYRQV FKRLVL $WWHQWLRQ LO QH V DJLW ELHQ pYLGHPPHQW SDV G XQ PRGqOH LGpDO G XQH
UHFHWWH WRXWH SUrWH DSSOLFDEOH GDQV Q LPSRUWH TXHOOH VLWXDWLRQ 1RXV DYRQV VLPSOHPHQW
VRXKDLWp pYRTXHU OH GpURXOHPHQW G XQ SURFHVVXV GH FRQFHSWLRQ HQ LGHQWLILDQW
SUpFLVpPHQW OHV SRLQWV G HQWUpH GH OD FRPSRVDQWH (QYLURQQHPHQW
/HV SDUDJUDSKHV VXLYDQWV UHWUDFHQW GRQF OHV GLIIpUHQWHV pWDSHV GX PRGqOH pWDSHV
LGHQWLTXHV j FHOOHV GX PRGqOH GH OD ILJXUH 3RXU FKDTXH pWDSH QRXV YHUURQV OD
GpPDUFKH FODVVLTXH GH FRQFHSWLRQ DYDQW G DERUGHU O LQWURGXFWLRQ GH OD FRQWUDLQWH
HQYLURQQHPHQWDOH >5$0 HW DO @ HQ WHUPHV G REMHFWLIV G pWXGHV G DQDO\VHV 1RXV
DERUGHURQV OHV RXWLOV j XWLOLVHU GDQV OD SDUWLH VXLYDQWH GH FH PpPRLUH
3ODQLILFDWLRQGXSURMHW
&HWWH SKDVH LQFRPEH HQ SDUWLH j OD 'LUHFWLRQ GH O HQWUHSULVH (OOH QH IDLW SDV j

SURSUHPHQW SDUOHU SDUWLH GHV SKDVHV DVVRFLpHV DX SURFHVVXV GH FRQFHSWLRQ FODVVLTXH
SXLVTX HOOH UHOqYH G XQH DSSURFKH VWUDWpJLTXH DORUV TXH OD WkFKH GH O pTXLSH GH
FRQFHSWLRQ SOXW{W G XQH DSSURFKH RSpUDWLRQQHOOH (OOH HVW SDU FRQWUH ELHQ LQWpJUpH GDQV
OH SURFHVVXV G pFRFRQFHSWLRQ
&HWWH pWDSH FRQVLVWH j pWDEOLU OH FRQWH[WH GX GpYHORSSHPHQW G XQ SURGXLW SHUPHWWDQW OD

GpWHUPLQDWLRQ GH VHV VSpFLILFDWLRQV
$QDO\VHGHVEHVRLQV
' DSUqV VD SROLWLTXH HW GDQV OH FDGUH G XQH VWUDWpJLH G DFWLRQ OD GLUHFWLRQ GH O HQWUHSULVH
GpVLUHXVH GH V LQYHVWLU GDQV XQ QRXYHDX SURMHW YD HQ SUHPLHU OLHX rWUH DPHQpH j DQDO\VHU
GLIIpUHQWV EHVRLQV & HVW OH VHUYLFH 0DUNHWLQJ TXL HQ HVW FKDUJp
− 4XHOV VRQW VHV SURSUHV EHVRLQV "
☛ ([LVWHWLO HQ SDUWLFXOLHU SRXU O HQWUHSULVH GHV RSSRUWXQLWpV UpYpOpHV SDU

O pODERUDWLRQ GH QRXYHOOHV WHFKQRORJLHV "
☛ 'RLWHOOH FRPSWHU VXU GH IXWXUHV FRQWUDLQWHV GRQF GHV PHQDFHV UpYpOpHV
SDU GH QRXYHOOHV UpJOHPHQWDWLRQV YLVDQW VHV DFWLYLWpV VHV SURGXLWV "
− 4XHOV VRQW OHV EHVRLQV JpQpUDX[ GHV FOLHQWV "
☛ 6RQWLOV VDWLVIDLWV SDU OH V SURGXLW V DFWXHO V GpVLJQp V FRPPH SURGXLW V

UpIpUHQFH "
3DJH
☛ ([LVWHWLO G DXWUHV PR\HQV GH VDWLVIDLUH FHV EHVRLQV "

☛ 3HXWRQ LPDJLQHU XQH SRVVLELOLWp G pYROXWLRQ GH FHV EHVRLQV "
☛ /HV FKDQJHPHQWV UDGLFDX[ G XQ SURGXLW RQWLOV GHV FKDQFHV G rWUH DFFHSWpV "
(Q WHUPHV G pFRFRQFHSWLRQ LO YD V DJLU j FH QLYHDX G RUGUH VWUDWpJLTXH G LGHQWLILHU OHV

EHVRLQV HQYLURQQHPHQWDX[ GX FRQVRPPDWHXU HQ JpQpUDO &HV EHVRLQV SHXYHQW rWUH
ODWHQWV RX H[SULPpV /HV SULQFLSDOHV TXHVWLRQV j VH SRVHU VRQW OHV VXLYDQWHV
− 4XHOOHV VRQW OHV WHQGDQFHV DFWXHOOHV JOREDOHV HQ PDWLqUH GH EHVRLQV

HQYLURQQHPHQWDX[ "
− (VWFH TXH FH RX FHV EHVRLQV SOXV RX PRLQV DLVpPHQW LGHQWLILpV VRQW HIIHFWLYHPHQW
VDWLVIDLWV SDU OHV SURGXLWV FRPPHUFLDOLVpV SDU O HQWUHSULVH DFWXHOOHPHQW "
− &RPPHQW SRXUUDLHQW pYROXHU FHV EHVRLQV GDQV OHV RX DQQpHV j YHQLU YLVLRQ
SURDFWLYH "
$QDO\VHGH0DUFKp
/H VHUYLFH 0DUNHWLQJ YD UpDOLVHU XQH DQDO\VH VWUDWpJLTXH SDU UDSSRUW G XQH SDUW DX[
SULQFLSDX[ FRQFXUUHQWV TX HOOH DXUD LGHQWLILpV HW G DXWUH SDUW DX[ EHVRLQV GHV FOLHQWV
☛ TXHOOH VWUDWpJLH OHV FRQFXUUHQWV RQWLOV DGRSWp "

☛ VXU TXHOV PDUFKpV VRQWLOV pWDEOLV"
☛ TXHOV SURGXLWV GpYHORSSHQWLOV "
☛ ([LVWHLO GHV EHVRLQV GHV FOLHQWV TXH OHV SURGXLWV FRQFXUUHQWV QH VDWLVIRQW
SDV "
/ REMHFWLI GH FHWWH DQDO\VH HVW GH VH SRVLWLRQQHU SDU UDSSRUW j VHV SULQFLSDX[ FRQFXUUHQWV
SRXU HVVD\HU G LGHQWLILHU GHV RSSRUWXQLWpV GH PDUFKp
(Q WHUPHV G pFRFRQFHSWLRQ OH VHUYLFH 0DUNHWLQJ YD DQDO\VHU OHV SULQFLSDOHV WHQGDQFHV

HQ PDWLqUH GH SUpRFFXSDWLRQ HQYLURQQHPHQWDOH HVVHQWLHOOHPHQW SDUPL VHV FOLHQWV OHV
FRQFXUUHQWV HW O RSLQLRQ SXEOLTXH
ª &RQFHUQDQW OHV FOLHQWV
− 4XHOV VRQW OHV EHVRLQV GHV FOLHQWV HQ PDWLqUH G HQYLURQQHPHQW "

− /HV FOLHQWV VHUDLHQWLOV SUrWV j SD\HU SOXV FKHU GHV SURGXLWV SOXV pFRORJLTXHV "
− /HV FOLHQWV DFFHSWHUDLHQWLOV GH SD\HU XQH WD[H VXSSOpPHQWDLUH VXU OHV SURGXLWV SRXU
DVVXUHU OH FRW GH WUDLWHPHQW GHV SURGXLWV XVDJHUV j FKDUJH SRXU O HQWUHSULVH "
3DJH
− 4XHOV VRQW OHV FULWqUHV HQYLURQQHPHQWDX[ SRXYDQW SHUPHWWUH G DPpOLRUHU OHV YHQWHV
GHV SURGXLWV "
− /HV FOLHQWV DFFRUGHQWLOV GH O LPSRUWDQFH j OD SUpVHQFH G pFRODEHOV GDQV OH FDV R LOV
RQW O LQIRUPDWLRQ QpFHVVDLUH HW VXIILVDQWH "
− 4XHOV VRQW OHV FULWqUHV HQYLURQQHPHQWDX[ XWLOLVpV SDU OHV DVVRFLDWLRQV GH
FRQVRPPDWHXUV SRXU FRPSDUHU SOXVLHXUV SURGXLWV VXU OH PDUFKp "
− «
ª &RQFHUQDQW OHV FRQFXUUHQWV
− 4XHOOH V VWUDWpJLHV HQYLURQQHPHQWDOHV OHV SULQFLSDX[ FRQFXUUHQWV LGHQWLILpV RQWLOV

DGRSWp "
− 6XU TXHOV PDUFKpV VRQWLOV SRVLWLRQQpV "
− 4XHOV VRQW OHV ULVTXHV j FUDLQGUH GH SHUWHV GH PDUFKp pYHQWXHOOHV VXU OHV PDUFKpV R
OHV FRQFXUUHQWV GLUHFWV RQW SULV HQ FRPSWH XQ FHUWDLQ QRPEUH GH FULWqUHV
HQYLURQQHPHQWDX[ GDQV OHXUV SURGXLWV SRXU GHV SURGXLWV VLPLODLUHV "
− /HV FRQFXUUHQWV FRPPHUFLDOLVHQWLOV GHV SURGXLWV SRUWDQW GHV pFRODEHOV "
,O V DJLW LFL GH IDLUH GH O (FR%HQFKPDUNLQJ SRXU UHSUHQGUH O H[SUHVVLRQ GH + %UH]HW

>52&+$ HW DO @
ª &RQFHUQDQW O RSLQLRQ SXEOLTXH
− &RPPHQW HVW SHUoXH OD QRWLRQ GH UHVSRQVDELOLWp GX IDEULFDQW YLVjYLV GH VHV

SURGXLWV "
− 4XHOOH HVW OD SHUFHSWLRQ GH O RSLQLRQ SXEOLTXH YLVjYLV GHV SURGXLWV DFWXHOV "
− 4X HVWFH TXH O RSLQLRQ SXEOLTXH SHXW FRQVLGpUHU FRPPH FULWqUH HQYLURQQHPHQWDO
IRQGDPHQWDO HW TXHOOH LQIOXHQFH FHOD SHXW DYRLU VXU OHV SURGXLWV DFWXHOV "
− 'DQV TXHOOH PHVXUH OHV SURGXLWV DFWXHOV SHXYHQW SDUWLFLSHU GLUHFWHPHQW RX
LQGLUHFWHPHQW j XQH SROOXWLRQ HQYLURQQHPHQWDOH GH OD 6RFLpWp "
− «
)RUWH GHV UpVXOWDWV GH FHV DQDO\VHV OD GLUHFWLRQ YD DORUV FDUDFWpULVHU OH QRXYHDX SURMHW GH
GpYHORSSHPHQW HQ D\DQW pYDOXp HQ H[WHUQH OHV RSSRUWXQLWpV HW PHQDFHV TXH UHSUpVHQWH
SRXU HOOH OH SURMHW HW G DXWUH SDUW HQ LQWHUQH VHV IRUFHV HW IDLEOHVVHV HQ WHUPHV
WHFKQLTXHV pFRQRPLTXHV HW HQYLURQQHPHQWDX[ VDQV FRPSWHU OHV ULVTXHV UpJOHPHQWDLUHV
WD[HV GLVVXDVLYHV j SD\HU
3DJH
&DUDFWpULVDWLRQGXSURMHW
$\DQW LGHQWLILp OHV EHVRLQV VLJQLILFDWLIV TXH GHYUD VDWLVIDLUH OH SURGXLW j FRQFHYRLU OD
'LUHFWLRQ YD DORUV GpWHUPLQHU V LO V DJLW G DPpOLRUHU XQ SURGXLW H[LVWDQW RX G LPDJLQHU XQ
SURGXLW HQWLqUHPHQW QRYDWHXU HOOH YD VH GpILQLU XQH FHUWDLQH LGpH GX SURGXLW
$SUqV TXRL VHURQW FKRLVLV GLIIpUHQWV PHPEUHV GHV VHUYLFHV FRQFHUQpV SDU OD FRQFHSWLRQ
PDUNHWLQJ EXUHDX G pWXGH DFKDWV PpWKRGHV SURGXFWLRQ TXDOLWp SRXU FRQVWLWXHU
O pTXLSH SURMHW DYDQW GH IL[HU OH EXGJHW HW OHV SULQFLSDOHV GDWHV MDORQV GX SURMHW
5HPDUTXH ,O V DYqUH TXH GDQV GHV SURMHWV GH UHFRQFHSWLRQ FHWWH SKDVH GH SODQLILFDWLRQ
HVW SOXV EUqYH YRLUH SUHVTXH LQH[LVWDQWH SDU UDSSRUW j XQ SURMHW G LQQRYDWLRQ SXLVTXH
O DSSURFKH HVW PRLQV VWUDWpJLTXH >%$..(5 @
(Q WHUPHV G pFRFRQFHSWLRQ FHWWH pWDSH YD GH PrPH FRQVLVWHU j GpILQLU OH SURMHW DX YX

GHV UpVXOWDWV G DQDO\VHV SUpFpGHQWHV VRLW pODERUHU XQH RX SOXVLHXUV LGpHV GX SURGXLW j
FRQFHYRLU HQ O RFFXUUHQFH GqV FHWWH SKDVH O HQWUHSULVH YD FKRLVLU OH QLYHDX G pFR
FRQFHSWLRQ TX HOOH VRXKDLWH DWWHLQGUH VRLW OH QLYHDX GH UHPLVH HQ FDXVH GH VHV SURGXLWV
XQ QLYHDX G pFRUHFRQFHSWLRQ QLYHDX[ HW RX G pFRLQQRYDWLRQ QLYHDX 8QH WHOOH
VWUDWpJLH VHUD DSSURIRQGLH HQ WHUPHV GH FLEOHV V\VWqPH HW FULWqUHV HQYLURQQHPHQWDX[
SULV HQ FRPSWH QRWDPPHQW G DSUqV OHV pWXGHV UpDOLVpHV GDQV O pWDSH VXLYDQWH
/ pTXLSH SURMHW FRQVWLWXpH SHXW rWUH DVVLVWpH G XQ H[SHUW GpVLJQp HQ pFRFRQFHSWLRQ
H[WHUQH RX LQWHUQH j O pTXLSH
%LHQ HQWHQGX HQ SDUDOOqOH GH FHWWH GpPDUFKH LO YD V DJLU GH VHQVLELOLVHU OH SHUVRQQHO j
O HQYLURQQHPHQW HW HQ SDUWLFXOLHU O pTXLSH SURMHW SRXU TXH OH SURMHW DLW GHV FKDQFHV GH
UpXVVLU 'H Oj OHV IRXUQLVVHXUV VHURQW j OHXU WRXU VHQVLELOLVpV SDU OHV DFKHWHXUV
3RXU OH FDV R OD 'LUHFWLRQ VRLW GpMj FRQYDLQFXH GHV RSSRUWXQLWpV RIIHUWHV SDU OD SULVH HQ
FRPSWH GH O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ GH VHV SURGXLWV HOOH V HQJDJH GDQV OH
SURMHW SRXU PRWLYHU VRQ SHUVRQQHO DSSURFKH 7RS'RZQ HW OXL RUJDQLVH GHV VHVVLRQV GH
IRUPDWLRQV j O HQYLURQQHPHQW HQ LQWHUQH HWRX H[WHUQH (OOH SHXW pJDOHPHQW GpFLGHU GDQV
FHUWDLQV FDV VL OH EHVRLQ V HQ IDLW VHQWLU GH UHFUXWHU RX ORXHU OHV VHUYLFHV G XQ H[SHUW
HQYLURQQHPHQWSURGXLW HQ H[WHUQH
3RXU OH FDV R OD 'LUHFWLRQ QH VRLW SDV FRQYDLQFXH LO VH SHXW TXH OD SUpRFFXSDWLRQ
HQYLURQQHPHQWDOH SURYLHQQH GX VHUYLFH 0DUNHWLQJ D\DQW LGHQWLILp OHV EHVRLQV SDUWLFXOLHUV
GHV FOLHQWV RX OHV DFWLRQV GHV FRQFXUUHQWV 6RQ U{OH VHUD DORUV GH PRWLYHU OD 'LUHFWLRQ
DSSURFKH %RWWRP8S SRXU LQLWLHU OH SURMHW HW VH UHWURXYHU GDQV OD VLWXDWLRQ pYRTXpH
SUpFpGHPPHQW
3DJH
(Q ILQ GH SKDVH SODQLILFDWLRQ GX SURMHW OD GLUHFWLRQ GH O HQWUHSULVH V HVW IL[p XQ

FHUWDLQ QRPEUH G REMHFWLIV JpQpUDX[ j DWWHLQGUH OHV UHVVRXUFHV QpFHVVDLUHV KXPDLQHV
HW ILQDQFLqUHV HW OHV DFWLRQV j HQJDJHU
(Q PDWLqUH G pFRFRQFHSWLRQ OH SURMHW HVW GpILQL HW O pTXLSH SHXW rWUH DVVLVWpH GDQV OD
PHVXUH GX SRVVLEOH G XQ H[SHUW HQ pFRFRQFHSWLRQ
/HV SULQFLSDX[ REMHFWLIV HQ SDUWLFXOLHU HQ WHUPHV G HQYLURQQHPHQW VRQW IL[pV HW OH
QLYHDX G pFRFRQFHSWLRQ j DWWHLQGUH OHTXHO GpILQLW OH W\SH GH SURMHW SUDWLTXHPHQW
GpWHUPLQp LO VHUD FRQILUPp GDQV O pWDSH VXLYDQWH G DSUqV OHV pWXGHV GX FRQWH[WH
(Q PDUJH GX SURMHW O REMHFWLI SULQFLSDO j DWWHLQGUH HVW DXVVL GH VHQVLELOLVHU OH SHUVRQQHO

HW OHV IRXUQLVVHXUV j O HQYLURQQHPHQW SRXU TXH WRXV SXLVVHQW SDUWLFLSHU DFWLYHPHQW j OD
GpPDUFKH
6SpFLILFDWLRQVGXSURGXLW (WXGHGXFRQWH[WH
&HWWH pWDSH YD FRQVLVWHU j LGHQWLILHU XQ FHUWDLQ QRPEUH G H[LJHQFHV JpQpUDOHV TXH GHYUD
UHVSHFWHU OH SURGXLW FH VRQW OHV H[LJHQFHV IRQFWLRQQHOOHV RX VSpFLILFDWLRQV TXL
DSSDUDvWURQW GDQV OH FDKLHU GHV FKDUJHV IRQFWLRQQHO 2Q SHXW SDUOHU G REMHFWLIV GH
FRQFHSWLRQ OHVTXHOV SHXYHQW rWUH SRXU OH FRXUW WHUPH RX OH ORQJ WHUPH
/HV VSpFLILFDWLRQV HQYLURQQHPHQWDOHV SHXYHQW IDLUH O REMHW G XQ FDKLHU GHV FKDUJHV

SDUWLFXOLHU RX rWUH LQWpJUpHV GDQV OH FDKLHU GHV FKDUJHV IRQFWLRQQHO FODVVLTXH UHPLV j
O pTXLSH SURMHW
&HV H[LJHQFHV YRQW rWUH pWDEOLHV HQ UpDOLVDQW SOXVLHXUV pWXGHV GX FRQWH[WH j OD IRLV
G RUGUH VWUDWpJLTXH HW RSpUDWLRQQHO
3DJH
(WXGHGH0DUFKpVSpFLILTXH
&HWWH pWXGH DXSUqV GH OD FOLHQWqOH YD SHUPHWWUH HQWUH DXWUHV GH FHUQHU OH GRPDLQH j
H[SORUHU HQ WHUPHV WHFKQLTXHV OH QLYHDX GH TXDOLWp H[LJp O pFKHOOH GH SUL[ j SUpYRLU HW
OHV FDUDFWpULVWLTXHV HVWKpWLTXHV
(Q WHUPHV G pFRFRQFHSWLRQ FHWWH pWXGH GRLW FRQVLVWHU j LGHQWLILHU SUpFLVpPHQW OHV
FULWqUHV HQYLURQQHPHQWDX[ j SUHQGUH HQ FRPSWH GDQV OH SURGXLW PRLQGUH
FRQVRPPDWLRQ pQHUJpWLTXH HQ SKDVH G XWLOLVDWLRQ SDV GH VXEVWDQFHV WR[LTXHV
FRQFHSWLRQ PRGXODEOH SURGXLW SOXV OpJHU «
(WXGH7HFKQLFR(FRQRPLTXH
&HWWH pWXGH PXOWLSOH G RUGUH RSpUDWLRQQHO YD FRQVLVWHU j REVHUYHU OHV SURGXLWV
FRQFXUUHQWV OHXUV IRUPHV OHXU VWUXFWXUH OHXUV PDWpULDX[ FRQVWLWXWLIV « RQ SDUOH GDQV
FH FDV G pWXGH GH %HQFKPDUNLQJ PDLV FRQVLVWHU DXVVL j YpULILHU O H[LVWHQFH GH EUHYHWV
HW j UpDOLVHU XQ pWDW GH O DUW GHV WHFKQLTXHV DFWXHOOHV HW pYHQWXHOOHPHQW QRXYHOOHV
(Q LQWHUQH LO YD V DJLU G LGHQWLILHU OHV VDYRLUIDLUH GH O HQWUHSULVH HW OHV WHFKQRORJLHV
GLVSRQLEOHV HW GH GpWHUPLQHU OH GHJUp G DGDSWDWLRQ GX SHUVRQQHO
(Q WHUPHV G pFRFRQFHSWLRQ XQH WHOOH pWXGH PXOWLSOH G RUGUH RSpUDWLRQQHO SHXW VH
GpFOLQHU GH OD PDQLqUH VXLYDQWH
ª (WXGH GHV SURGXLWV FRQFXUUHQWV
(WXGH GH %HQFKPDUNLQJ HQYLURQQHPHQWDO HQ WHUPHV pFRORJLTXHV GDQV OH FDV R XQH
pYDOXDWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[ GH OHXU F\FOH GH YLH FRPSOHW HVW UpDOLVDEOH
HWRX SDU UDSSRUW j GHV FULWqUHV GH FRQFHSWLRQ DJHQFHPHQWV GHV FRPSRVDQWV
SHUPHWWDQW XQ GpVDVVHPEODJH DLVp RX QRQ W\SHV GH FRQQH[LRQV XWLOLVpV PDWpULDX[
HPSOR\pV «
ª (WXGH GHV SURGXLWV DFWXHOV
− (WXGH GHV LPSDFWV HQYLURQQHPHQWDX[ GH O H[LVWDQW VXU O HQVHPEOH GX F\FOH GH YLH SRXU
HQ LGHQWLILHU OHV SRLQWV IDLEOHV FRPPH OHV SURFpGpV WHFKQLTXHV SROOXDQWV OHV
VXEVWDQFHV WR[LTXHV XWLOLVpHV « HW HQYLVDJHU GHV YRLHV G DPpOLRUDWLRQ HPSORL GH
PDWpULDX[ SOXV SURSUHV UpGXFWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH UpGXFWLRQ GH OD
PDVVH GX SURGXLW «
3DJH
− (WXGH GH OD FRQFHSWLRQ DFWXHOOH GHV SURGXLWV SRXU OHV FRPSDUHU DYHF OHXUV FRQFXUUHQWV
HW LGHQWLILHU OHV DPpOLRUDWLRQV HQYLVDJHDEOHV DPpOLRUDWLRQ GH OD GpVDVVHPEODELOLWp
UpGXFWLRQ GHV HPEDOODJHV «
1RXV YHUURQV GDQV OD SDUWLH VXLYDQWH OHV RXWLOV TXH O HQWUHSULVH SHXW XWLOLVHU SRXU pYDOXHU
FHV LPSDFWV HQYLURQQHPHQWDX[ RX OD FRQFHSWLRQ PrPH GHV SURGXLWV
ª 5pDOLVDWLRQ G XQ pWDW GH O DUW GHV WHFKQLTXHV HW G XQH YHLOOH WHFKQRORJLTXH
3OXVLHXUV TXHVWLRQV VH SRVHQW SRXU UpDOLVHU FH WUDYDLO H[LVWHWLO G DXWUHV WHFKQLTXHV
GH IDEULFDWLRQ PRLQV SROOXDQWHV " G DXWUHV VRQWHOOHV j O pWXGH " TXHO SRXUUDLW rWUH
O LPSDFW pFRQRPLTXH HWRX HQYLURQQHPHQWDO GH WHOOH RX WHOOH PRGLILFDWLRQ GH
WHFKQLTXH XWLOLVpH " «
ª (WXGH GHV FRWV
− /HV FRWV DFWXHOV GH WUDLWHPHQW GHV SURGXLWV HQ ILQ GH YLH HQ IRQFWLRQ GHV FRWV GH
FROOHFWH GHV FRWV GHV WHFKQRORJLHV GLVSRQLEOHV HW FH SDU UDSSRUW DX[ ILOLqUHV GH
UHF\FODJH H[LVWDQWHV / REMHFWLI HVW G LGHQWLILHU OHV SULQFLSDOHV FDXVHV GH GpSHQVHV
SRXU LGHQWLILHU OHV SRVVLELOLWpV GH OHV UpGXLUH
− /HV ULVTXHV G DFFURLVVHPHQW GHV FRWV GH PLVH HQ GpFKDUJH FI pWXGH UpJOHPHQWDLUH
GHV FRWV GH O pQHUJLH GHV FRWV GH PRGLILFDWLRQV GH SURFpGpV OLpHV j O LQWHUGLFWLRQ GH
O HPSORL GH WHOOH RX WHOOH VXEVWDQFH «
(WXGH5pJOHPHQWDLUHHW1RUPDWLYH
,O YD V DJLU GH SDVVHU HQ UHYXH WRXV OHV WH[WHV HW OHV QRUPHV TXL SRXUUDLHQW FRQFHUQHU GH
SUqV RX GH ORLQ OH SURGXLW j GpYHORSSHU
(Q WHUPHV G pFRFRQFHSWLRQ FHWWH pWXGH YD FRQVLVWHU j UHFKHUFKHU WRXV OHV WH[WHV GH ORL
QDWLRQDX[ HW LQWHUQDWLRQDX[ HQ PDWLqUH G HQYLURQQHPHQW TXL FRQFHUQHQW OH SURGXLW
DFWXHO HW SRXUUDLHQW FRQFHUQHU GH SUqV RX GH ORLQ OH SURGXLW IXWXU HW j DQWLFLSHU VXU
O pYROXWLRQ GH OD UpJOHPHQWDWLRQ
1RXV DYRQV HQ HIIHW YX GDQV OH SDUDJUDSKH TXL OXL HVW SOXV KDXW FRQVDFUp TX XQH ORL
IUDQoDLVH FRQFHUQH OD FRQFHSWLRQ pFRORJLTXH GHV HPEDOODJHV HW TXH GHV GLUHFWLYHV
HXURSpHQQHV VXU OD ILQ GH YLH GHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV G XQH SDUW HW GHV
SURGXLWV DXWRPRELOHV G DXWUH SDUW VRQW HQ SUpSDUDWLRQ
/ REMHFWLI G XQH WHOOH pWXGH HVW GRQF G LGHQWLILHU OHV FKDUJHV TXL YRQW SHVHU j WHUPH VXU
O HQWUHSULVH SDU UDSSRUW j VD UHVSRQVDELOLWp YLVjYLV GH VHV SURGXLWV GH VXUYHLOOHU
3DJH
O pYROXWLRQ GHV WD[HV VXU OHV PLVHV HQ GpFKDUJH GHV WH[WHV GH ORLV UHODWLIV DX
EDQQLVVHPHQW RX j OD UHVWULFWLRQ GH O HPSORL GH FHUWDLQHV VXEVWDQFHV GDQV OH FDV R
FHUWDLQHV VXVFHSWLEOHV G rWUH YLVpHV VRQW HIIHFWLYHPHQW XWLOLVpHV
,O YD V DJLU pJDOHPHQW GH SUHQGUH HQ FRPSWH OHV UpJOHPHQWDWLRQV HQYLURQQHPHQWDOHV HQ
YLJXHXU GDQV OHV SD\V R OHV SURGXLWV GH O HQWUHSULVH VRQW RX VHURQW FRPPHUFLDOLVpV
(Q WHUPHV GH QRUPHV LO YD IDOORLU LGHQWLILHU OHV QRUPHV IUDQoDLVHV HW pWUDQJqUHV OLpHV j
O HQYLURQQHPHQW OHVTXHOOHV SRXUUDLHQW FRQFHUQHU OH SURGXLW QRUPH 1) ,62 VXU OH
PDUTXDJH GHV SODVWLTXHV SDU H[HPSOH
'H WHOOHV pWXGHV VHURQW UpDOLVpHV SDU OH VHUYLFH 0DUNHWLQJ DLGp QRWDPPHQW GX %XUHDX
G pWXGH SRXU O pWXGH WHFKQLTXH GHV SURGXLWV GHV $FKDWV SRXU OD YHLOOH WHFKQRORJLTXH
HQ PDWLqUH GH QRXYHOOHV WHFKQLTXHV GH SURGXFWLRQ G pODERUDWLRQ GH QRXYHDX[ PDWpULDX[
PRLQV SROOXDQWV « HW GX VHUYLFH (QYLURQQHPHQW SRXU OD YHLOOH UpJOHPHQWDLUH HW
QRUPDWLYH
/HV UpVXOWDWV GH FHV pWXGHV YRQW VH WUDGXLUH SDU GHV H[LJHQFHV j SUHQGUH HQ FRPSWH GDQV
OD FRQFHSWLRQ GX IXWXU SURGXLW OHVTXHOOHV VHURQW OLVWpHV HW FODVVpHV SDU RUGUH GH SULRULWp
FRPPH SUpFpGHPPHQW pYRTXp DYHF OH PRGqOH G pFRFRQFHSWLRQ SURSRVp SDU *
.HROHLDQ >.(2/(,$1 HW DO @
$ O LQVWDU GX SURFHVVXV FODVVLTXH FHV H[LJHQFHV VHURQW HQVXLWH WUDGXLWHV HQ IRQFWLRQV GH
VHUYLFH HW FRQWUDLQWHV DX[TXHOOHV GHYUD UpSRQGUH OH SURGXLW UpJOHPHQWDWLRQ
SHUIRUPDQFH FRW TXDOLWp HQYLURQQHPHQW « & HVW OH UpVXOWDW GH O DQDO\VH IRQFWLRQQHOOH

GX SURGXLW 6HV VSpFLILFDWLRQV IRQFWLRQQHOOHV SHXYHQW rWUH FDUDFWpULVpHV TXDOLWDWLYHPHQW
HWRX TXDQWLWDWLYHPHQW HQ SDUWLFXOLHU
/H QLYHDX G pFRFRQFHSWLRQ HW OHV REMHFWLIV SUpFLV j UHPSOLU VRQW GpILQLV
5HPDUTXH 'DQV OH FDV G XQH UHFRQFHSWLRQ GH SURGXLW FHV pWXGHV GX FRQWH[WH HW
O DQDO\VH IRQFWLRQQHOOH VRQW PRLQV DSSURIRQGLHV TXH GDQV OH FDV G XQ SURMHW LQQRYDQW
SXLVTXH OH SURGXLW Q HVW SDV HQWLqUHPHQW PRGLILp GHV FRPSRVDQWV GHV PDWpULDX[ «
SHXYHQW rWUH FRQVHUYpV
,O V HVW DJL LFL G pWDEOLU HQ TXHOTXH VRUWH OD SROLWLTXH HQYLURQQHPHQWSURGXLW GH
O HQWUHSULVH GpULYpH GH OD SROLWLTXH SURGXLW JpQpUDOH FI ILJXUH DYHF OHV PRWHXUV
H[WHUQHV HW LQWHUQHV GH O pFRFRQFHSWLRQ FODLUHPHQW H[SULPpV 'HX[ QLYHDX[ G REMHFWLIV
j SUHQGUH HQ FRPSWH VRQW SRVVLEOHV j FRXUW WHUPH &7 HW j ORQJ WHUPH /7
3DJH
$ FH QLYHDX GX SURMHW OHV IURQWLqUHV GX V\VWqPH j FRQVLGpUHU VRQW pWDEOLHV j VDYRLU VL

O pTXLSH YD IRFDOLVHU VRQ DFWLRQ VXU
➊ OH F\FOH GH YLH FRPSOHW GX SURGXLW DSSURFKH 'I( RX /&'
➋ XQH SKDVH GX F\FOH GH YLH ILQ GH YLH SDU H[HPSOH DSSURFKH 'I' RX 'I5
➌ XQ FULWqUH VXU O HQVHPEOH GX F\FOH GH YLH GX SURGXLW FH FULWqUH SHXW rWUH
FRQVLGpUp FRPPH SHUWLQHQW VHORQ OH W\SH G DFWLYLWp GH O HQWUHSULVH OD

FRQVRPPDWLRQ G pQHUJLH VXU O HQVHPEOH GX F\FOH GH YLH G XQ SURGXLW SDU H[HPSOH
SRXU XQH HQWUHSULVH IDEULFDQW GHV OXPLQDLUHV
➍ XQ FULWqUH VXU XQH SKDVH GX F\FOH GH YLH OD FRQVRPPDWLRQ G pQHUJLH G XQ SURGXLW

HQ SKDVH G XWLOLVDWLRQ
(Q ILQ GH SKDVH VSpFLILFDWLRQV GX SURGXLW OHV QRPEUHXVHV pWXGHV UpDOLVpHV

HVVHQWLHOOHPHQW SDU OH VHUYLFH 0DUNHWLQJ RQW SHUPLV G pWDEOLU XQ FDKLHU GHV FKDUJHV
IRQFWLRQQHO &G&) TXL FRPSUHQG XQ YROHW HQYLURQQHPHQW UHODWLI DX V\VWqPH j
FRQVLGpUHU HQ SDUWLFXOLHU VXU TXHO FULWqUH HW TXHOOH V SKDVH V GX F\FOH GH YLH IRFDOLVHU
OHV UHFKHUFKHV GH VROXWLRQV WHFKQLTXHV SOXV HQYLURQQHPHQWDOHV
'HV REMHFWLIV G pFRFRQFHSWLRQ SUpFLV SHXYHQW rWUH VWLSXOpV QRWDPPHQW VL OH VHUYLFH
0DUNHWLQJ D SOXW{W XQ U{OH GH SUHVFULSWLRQ HW OH %XUHDX G (WXGH XQ U{OH G H[pFXWLRQ
5HPDUTXH &HV GHX[ SKDVHV GX SURFHVVXV G pFRFRQFHSWLRQ SODQLILFDWLRQ HW

VSpFLILFDWLRQV RQW pWp GpQRPPpHV VRXV OH FRQFHSW $53, GDQV OH FDGUH GX SURMHW
EULWDQQLTXH '(('6 pYRTXp GDQV OH SDUDJUDSKH SUpRFFXSDWLRQ HQYLURQQHPHQWDOH
G RUGUH LQWHUQDWLRQDO >6,021 HW DO @ FRQFHSW GpFULW GDQV OH WDEOHDX VXLYDQW
&RQVRPPDWLRQ G pQHUJLH &HUWDLQV SD\V FRPPH OD 6XLVVH HW OHV 3D\V%DV GLVSRVHQW GH UpJOHPHQWDWLRQV
VXU OD OLPLWDWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH GHV SURGXLWV
' DXFXQV pYRTXHQW OH WHUPH GH FDKLHU GHV FKDUJHV PDUNHWLQJ
3DJH
1LYHDX VWUDWpJLTXH 1LYHDX RSpUDWLRQQHO

,GHQWLILFDWLRQ GHV PRWHXUV H[WHUQHV (YDOXDWLRQ HQYLURQQHPHQWDOH GH
$ $QDO\VH HW LQWHUQHV O H[LVWDQW
&RPPXQLFDWLRQ GH OD SROLWLTXH &RPPXQLFDWLRQ GHV UpVXOWDWV GH

5 5HSRUW HQYLURQQHPHQWDOH GH O HQWUHSULVH O pYDOXDWLRQ j O pTXLSH GH
SRXU VHQVLELOLVHU OH SHUVRQQHO FRQFHSWLRQ
&KRL[ G XQH VWUDWpJLH G pFR ,GHQWLILFDWLRQ GHV SRLQWV

FRQFHSWLRQ DYHF REMHFWLIV JOREDX[ G DPpOLRUDWLRQ
3 3ULRULWLVH j DWWHLQGUH FKRL[ G LQGLFDWHXUV (WDEOLVVHPHQW G REMHFWLIV SUpFLV GH
6WUDWpJLH LQFOXVH GDQV OD VWUDWpJLH FRQFHSWLRQ SRXU GpWHUPLQHU OHV
GH GpYHORSSHPHQWSURGXLW VSpFLILFDWLRQV
(WDEOLVVHPHQW SUpFLV GX SODQ

G DFWLRQ &RQFHSWLRQ GH SURGXLW DYHF O DLGH
, ,PSURYHPHQW 'pYHORSSHPHQW RX DGDSWDWLRQ GHV G RXWLOV DSSURSULpV XWLOLVpV SDU GHV
RXWLOV HW PpWKRGHV G DLGH SRXU FRQFHSWHXUV DYHUWLV HW IRUPpV
O pTXLSH SURMHW
7DEOHDX &RQFHSW $53, VXU OD GpILQLWLRQ GX SURMHW HW OD GpWHUPLQDWLRQ GHV VSpFLILFDWLRQV GX

SURGXLW
(3$5 -XLOOHW S
/HV pWDSHV VXLYDQWHV YRQW FRQVLVWHU GDQV XQH GpPDUFKH SURJUHVVLYH j WUDGXLUH OHV
H[LJHQFHV IRQFWLRQQHOOHV RX VSpFLILFDWLRQV HQ WHUPHV GH FRW GH SHUIRUPDQFH GH
TXDOLWp GH VpFXULWp HW G HQYLURQQHPHQW HQ SDUDPqWUHV SUpFLV GH FRQFHSWLRQ GX SURGXLW
GLPHQVLRQV IRUPH PDWpULDX[ FRPSRVDQWV «
/H SURFHVVXV HVW LWpUDWLI GDQV OH VHQV R ORUV GX SDVVDJH G XQH pWDSH j O DXWUH XQH UHYXH
GH FRQFHSWLRQ SHUPHW G DXWRULVHU RX SDV OD FRQWLQXDWLRQ GX SURMHW GDQV OD YRLH FKRLVLH HW
FH HQ pYDOXDQW VL OHV REMHFWLIV IL[pV SHXYHQW RX SDV rWUH UHPSOLV
3DJH
(ODERUDWLRQGHVFRQFHSWV
&HWWH SKDVH YD FRQVLVWHU j SURSRVHU GHV FRQFHSWV LQQRYDQWV RX DPpOLRUpV HQ WHUPHV

G XVDJH HQ WHUPHV WHFKQLTXHV OHVTXHOV GRLYHQW UpSRQGUH DX[ VSpFLILFDWLRQV GX &G&)
3OXVLHXUV VpDQFHV GH EUDLQVWRUPLQJ RX GH FUpDWLYLWp VRQW RUJDQLVpHV DX VHLQ GH O pTXLSH
SURMHW SRXU IDLUH GH QRPEUHXVHV SURSRVLWLRQV HW GHV UHFKHUFKHV GH WHFKQRORJLHV VRQW
UpDOLVpHV DXSUqV GHV IRXUQLVVHXUV /H WUDYDLO GH O pTXLSH YD GRQF rWUH IRFDOLVp VXU OD
UHFKHUFKH GH FRQFHSWV WHFKQRORJLTXHV >$2866$7 @ TXL DVVRFLpV YRQW DERXWLU j OD
SURSRVLWLRQ GH FRQFHSWV GH SURGXLWV
/H SURFHVVXV HVW MDORQQp GH UHFKHUFKHV GLYHUJHQWHV G XQH PXOWLWXGH GH VROXWLRQV SRXU
FRQYHUJHU YHUV GHV VROXWLRQV HQYLVDJHDEOHV DSUqV WHVWV GH IDLVDELOLWp HW pYDOXDWLRQV
GLYHUVHV HQ WHUPHV WHFKQLFRpFRQRPLTXHV UHYXHV GH FRQFHSWLRQ 3OXVLHXUV SODQV
WHFKQLTXHV HW PDTXHWWHV GX SURGXLW VRQW HQYLVDJpV
&HWWH QRWLRQ GH GLYHUJHQFH GDQV OD UHFKHUFKH HW GH FRQYHUJHQFH YHUV GHV VROXWLRQV YD VH
UHWURXYHU j FKDTXH pWDSH GX SURFHVVXV FRPPH UHSUpVHQWp VXU OD ILJXUH SUpFpGHQWH
>.2570$1 HW DO @
(Q WHUPHV G pFRFRQFHSWLRQ O H[SHUW GpVLJQp V LO HQ HVW LQWHUQH RX H[WHUQH j O pTXLSH

VHORQ OH FDV GH ILJXUH MRXH LFL OH U{OH GH FRQVHLOOHU GDQV OD UHFKHUFKH G DOWHUQDWLYHV
HQYLURQQHPHQWDOHV GH FRQFHSWLRQ WRXW HQ YHLOODQW j FH TXH FHV VROXWLRQV VRLHQW pWXGLpHV
HQ WHUPHV GH IDLVDELOLWp DX PrPH WLWUH TXH OHV FKRL[ SOXV FODVVLTXHV
/H FKRL[ GH SOXVLHXUV VROXWLRQV VHUD HIIHFWXp DX YX GHV UpVXOWDWV G pYDOXDWLRQ HQ WHUPHV
WHFKQLFRpFRQRPLTXHV HW HQYLURQQHPHQWDX[ 'HV FKHFNOLVWV DGpTXDWHV SHXYHQW
SHUPHWWUH j O H[SHUW G pOLPLQHU FHUWDLQV FRQFHSWV GH VROXWLRQ WURS pORLJQpV GHV REMHFWLIV
HQYLURQQHPHQWDX[ YLVpV HW GH YDOLGHU G DXWUHV FRQFHSWV DORUV UHWHQXV SRXU O pWDSH
VXLYDQWH 8QH DWWHQWLRQ WRXWH SDUWLFXOLqUH GRLW rWUH SRUWpH VXU OH IDLW TXH OHV H[LJHQFHV
HQYLURQQHPHQWDOHV QH GRLYHQW HQ DXFXQ FDV rWUH UHVSHFWpHV DX[ GpSHQV G DXWUHV
H[LJHQFHV HW YLFH YHUVD 8Q FRPSURPLV GRLW rWUH pWDEOL «
1RXV YHUURQV GDQV OD SDUWLH VXLYDQWH SDUWLH TXHOV W\SHV GH FKHFNOLVWV SHXYHQW rWUH
XWLOLVpV
(Q ILQ GH SKDVH pODERUDWLRQ GHV FRQFHSWV SOXVLHXUV FRQFHSWV GH SURGXLW VRQW

UHWHQXV /RUV GH OD UHYXH GH FRQFHSWLRQ XQH FKHFNOLVW HQYLURQQHPHQWDOH YD SHUPHWWUH
j O H[SHUW GH YDOLGHU FHUWDLQV FKRL[ GH VROXWLRQV SHUPHWWDQW GH UHVSHFWHU OHV REMHFWLIV
G pFRFRQFHSWLRQ SUpFpGHPPHQW IL[pV VDQV SRXU DXWDQW TXH VRLHQW QpJOLJpV OHV DXWUHV
REMHFWLIV GH FRQFHSWLRQ
/HV VROXWLRQV pOLPLQpHV QH UpSRQGHQW SDV DX[ H[LJHQFHV IRQFWLRQQHOOHV
3DJH
&RQFHSWLRQSUpOLPLQDLUH
$ FH VWDGH OHV VROXWLRQV SUpFKRLVLHV SUpFpGHPPHQW V DIILQHQW YLD GH QRXYHOOHV VpDQFHV
GH FUpDWLYLWp /HV SULQFLSDX[ pOpPHQWV GX SURGXLW VRQW GpWHUPLQpV SODQV GHV SLqFHV HQ
SDUWLFXOLHU HW RUJDQLVpV VHORQ SOXVLHXUV DUFKLWHFWXUHV SRWHQWLHOOHV SOXVLHXUV
DJHQFHPHQWV HW FRQQH[LRQV GHV FRPSRVDQWV SHXYHQW rWUH HQYLVDJpV >/( &24 @
(Q WHUPHV G pFRFRQFHSWLRQ OHV UpVXOWDWV GHV pWXGHV GH O H[LVWDQW FRQFHSWLRQ
HQYLURQQHPHQW HW GH EHQFKPDUNLQJ YRQW DLGHU j SURSRVHU SOXVLHXUV DUFKLWHFWXUHV GX
SURGXLW OHVTXHOOHV SHXYHQW SHUPHWWUH XQ GpPRQWDJH SOXV DLVp PRLQV GH FRQQH[LRQV XQH
PRLQGUH GLYHUVLWp GH PDWpULDX[ «
/HV DOWHUQDWLYHV SRVVLEOHV VRQW pYDOXpHV VXU GHV SURWRW\SHV SOXV pODERUpV SXLV UHWHQXHV
RX DEDQGRQQpHV
(Q ILQ GH SKDVH FRQFHSWLRQ SUpOLPLQDLUH OH FKRL[ GH O DUFKLWHFWXUH GX SURGXLW HVW

HIIHFWXp HW FH HQ D\DQW YpULILp TXH OH PD[LPXP G REMHFWLIV YLVpV SHXYHQW rWUH DWWHLQWV \
FRPSULV OHV REMHFWLIV HQYLURQQHPHQWDX[ UHODWLIV j OD UpGXFWLRQ GH OD FRQVRPPDWLRQ
G pQHUJLH GX SURGXLW j XQH RSWLPLVDWLRQ GH VD GpVDVVHPEODELOLWp « /HV SULQFLSDX[
FRPSRVDQWV GX SURGXLW VRQW FRQQXV 8QH UHYXH GH FRQFHSWLRQ D SHUPLV GH YDOLGHU FH
FKRL[ SDUPL SOXVLHXUV DUFKLWHFWXUHV SRVVLEOHV
&RQQDLVVDQW GDYDQWDJH OH IXWXU SURGXLW XQH pYDOXDWLRQ HQYLURQQHPHQWDOH GH VD
FRQFHSWLRQ HWRX GH VHV LPSDFWV pFRORJLTXHV SRWHQWLHOV SHXW rWUH HIIHFWXpH SRXU
YDOLGHU RX LQYDOLGHU OH FKRL[ 'DQV OH FDV G XQH LQYDOLGDWLRQ PDMHXUH GH QRXYHOOHV
VROXWLRQV VRQW j HQYLVDJHU UHWRXU DX GpEXW GH FHWWH pWDSH YRLUH j O pWDSH SUpFpGHQWH
&RQFHSWLRQGpWDLOOpH
&HWWH SKDVH YRLW OD GHVFULSWLRQ FRPSOqWH GX SURGXLW IRUPH GLPHQVLRQV DUFKLWHFWXUH
pOpPHQWV FRQVWLWXWLIV PDWpULDX[ « 8Q SURWRW\SH IRQFWLRQQHO GX SURGXLW ILQDO HVW pODERUp
3OXVLHXUV WHVWV VRQW HQFRUH HIIHFWXpV SDU OH VHUYLFH TXDOLWp SRXU YDOLGHU FH SURWRW\SH
(Q WHUPHV G HQYLURQQHPHQW HQ SDUWLFXOLHU XQH pYDOXDWLRQ DSSURIRQGLH HQ WHUPHV
G LPSDFWV HW GH FRQFHSWLRQ HVW IRUWHPHQW HQYLVDJHDEOH FHWWH pWXGH VHUD SOXV SUpFLVH TXH
SRXU O pWDSH SUpFpGHQWH SXLVTXH OH SURGXLW HVW FRPSOqWHPHQW GpILQL (OOH YD FRQVLVWHU
HQWUH DXWUHV j YpULILHU VL OHV SUREOqPHV LGHQWLILpV VXU OH SURGXLW UpIpUHQFH GH GpSDUW
O H[LVWDQW RQW pWp UpVROXV
3DJH
/D YDOLGDWLRQ SDU OD 'LUHFWLRQ QH VHUD SRVVLEOH TX DYHF O DYDO GH O H[SHUW HQ pFR
FRQFHSWLRQ HW GX FKHI GH SURMHW DSUqV pWXGHV GHV UpVXOWDWV GH O DQDO\VH HQYLURQQHPHQWDOH
XQH FKHFNOLVW HQYLURQQHPHQWDOH HW XQ RXWLO G pYDOXDWLRQ SOXV pODERUp SRXUURQW rWUH
XWLOLVpV
&HWWH YDOLGDWLRQ SHUPHW G RIILFLDOLVHU OD ILQ GH FRQFHSWLRQ GX SURGXLW
(Q ILQ GH SKDVH FRQFHSWLRQ GpWDLOOpH OH SURWRW\SH IRQFWLRQQHO GX SURGXLW HVW ILQDOLVp

6D YDOLGDWLRQ ORUV GH OD UHYXH GH FRQFHSWLRQ QH VHUD SRVVLEOH TX DSUqV DFFRUG GH
O H[SHUW HQ pFRFRQFHSWLRQ VXU OHV UpVXOWDWV GH O DQDO\VH HQYLURQQHPHQWDOH
/ DYDO GH OD 'LUHFWLRQ SHUPHW G HQWUHSUHQGUH OD SKDVH GH GpYHORSSHPHQW
'pYHORSSHPHQWLQGXVWULDOLVDWLRQFRPPHUFLDOLVDWLRQ
/D SKDVH GH GpYHORSSHPHQW YD FRQVLVWHU HQWUH DXWUHV j OD GLIIXVLRQ GHV SODQV GHV
GLIIpUHQWV FRPSRVDQWV OD FRPPDQGH GHV RXWLOODJHV O pWXGH GHV PR\HQV GH PRQWDJH SDU
OH VHUYLFH GHV 0pWKRGHV OD FRPPDQGH GHV SLqFHV W\SHV OHV HVVDLV GH PRQWDJH GX
SURGXLW HW OHV SUpVpULHV
(Q WHUPHV G pFRFRQFHSWLRQ O·LQWpJUDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH YD V· RSpUHU
GH OD PDQLqUH VXLYDQWH
'pYHORSSHPHQWLQGXVWULDOLVDWLRQ
,O YD V·DJLU GH UpGXLUH OHV LPSDFWV HQYLURQQHPHQWDX[ SRWHQWLHOV GHV SURFpGpV GH
IDEULFDWLRQ G·RSWLPLVHU OD ORJLVWLTXH V\VWqPH GH GLVWULEXWLRQ QRWDPPHQW HW G·DPpOLRUHU
OH FRPSRUWHPHQW HQYLURQQHPHQWDO GHV IRXUQLVVHXUV DMRXW G·XQ SDUDJUDSKH
HQYLURQQHPHQW j UHVSHFWHU GDQV OH FDKLHU GHV FKDUJHV HQYR\p DX[ IRXUQLVVHXUV OHTXHO
FRQWULEXH XQH IRLV GH SOXV

j OHV VHQVLELOLVHU j O·HQYLURQQHPHQW HW SURJUHVVLYHPHQW OHV
FRQWUDLQGUH j SUHQGUH HQ FRPSWH FHWWH GRQQpH GDQV OHXUV DFWLYLWpV
,O VH SHXW TXH O RQ FRQVWDWH HQ FRXUV G LQGXVWULDOLVDWLRQ GHV pFDUWV LQDWWHQGXV DYHF OHV
REMHFWLIV HQ FRQFHSWLRQ GHV SUREOqPHV HQYLURQQHPHQWDX[ QRQ HQYLVDJpV « ,O IDXW DORUV
GDQV FH FDV VRQJHU j XQH DFWLRQ GH FRUUHFWLRQ UpWURDFWLYH VXU OH SURFHVVXV GH FUpDWLRQ
HQ SKDVH GH FRQFHSWLRQ SUpOLPLQDLUH RX GpWDLOOpH SULQFLSDOHPHQW
/HV IRXUQLVVHXUV VRQW VHQVLELOLVpV j O HQYLURQQHPHQW SDU OHV DFKHWHXUV ORUV GH FRQVXOWDWLRQV HQ GpEXW GH
FRQFHSWLRQ
3DJH
&RPPHUFLDOLVDWLRQ
/H SURGXLW IDEULTXp HVW LQWURGXLW VXU OH PDUFKp ,O YD V·DJLU G·DLGHU OH VHUYLFH PDUNHWLQJ HW
OHV DJHQWV FRPPHUFLDX[ j FRPPXQLTXHU VXU OHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV GX
SURGXLW YLD GHV DUJXPHQWDLUHV GHV FKLIIUHVFOpV OHV UpVXOWDWV GH O·pWXGH
HQYLURQQHPHQWDOH GX SURGXLW HQ ILQ GH FRQFHSWLRQ SDU H[HPSOH GHV VXSSRUWV DG KRF GH
FRPPXQLFDWLRQ HW FH HQ IRQFWLRQ GX PDUFKp YLVp
5HWRXUVG H[SpULHQFH
1RXV DYRQV VRXKDLWp SUHQGUH HQ FRPSWH FHWWH pWDSH GDQV QRWUH PRGqOH GH SURFHVVXV
SXLVTXH HIIHFWLYHPHQW FHV UHWRXUV DSUqV FRPPHUFLDOLVDWLRQ GX SURGXLW DX FRXUV GH VD
YLH YRLUH HQ ILQ GH YLH VRQW HVVHQWLHOV HQ PDWLqUH G DPpOLRUDWLRQ
1RXV pYRTXLRQV SOXV KDXW OD SRVVLELOLWp G pYDOXHU OHV LPSDFWV UpHOV GX SURGXLW VXU
O HQYLURQQHPHQW HW GH PHVXUHU O pFDUW DYHF FHX[ TXL DYDLHQW pWp VXSSRVpV DX FRXUV GX
SURFHVVXV GH FRQFHSWLRQ &HWWH pWXGH SHXW DORUV SHUPHWWUH GH UHFWLILHU XQ SURGXLW RX
SUpYRLU XQH DPpOLRUDWLRQ VXU XQ SURMHW GH UHFRQFHSWLRQ IXWXU XQH QRXYHOOH YHUVLRQ GH
SURGXLW SDU H[HPSOH
&RQFUqWHPHQW FH UHWRXU G H[SpULHQFH SHXW VH IDLUH SDU O LQWHUPpGLDLUH GHV FRPPHUFLDX[

GHV VHUYLFHV PDUNHWLQJ TXDOLWp RX DSUqVYHQWH V·LO HQ HVW XQ TXL FHQWUDOLVHQW OHV
UHPDUTXHV UHTXrWHV HW PpFRQWHQWHPHQWV GHV FOLHQWV RX GHV DFWHXUV ILQ GH YLH
3RXU UpVXPHU OHV SDUDJUDSKHV SUpFpGHQWV OH VFKpPD V\QRSWLTXH GX GpURXOHPHQW GX

SURFHVVXV G pFRFRQFHSWLRQ TXH QRXV SURSRVRQV HVW UHSUpVHQWp VXU OD ILJXUH GH OD
SDJH VXLYDQWH
$UJXPHQWV PDUNHWLQJ YHUWV $XFXQH UpJOHPHQWDWLRQ QH FRQFHUQH j FH MRXU GHV UqJOHV GH PDUNHWLQJ YHUW
FHSHQGDQW GH SOXV HQ SOXV GH QRUPHV LQWHUQHV VH GpYHORSSHQW DX VHLQ GHV HQWUHSULVHV SRXU LQWURGXLUH GHV
UqJOHV JpQpUDOHV GH FRPPXQLFDWLRQ H[HPSOH 3KLOLSV (QYLURQPHQWDO &RPPXQLFDWLRQ *XLGHOLQHV

FRQWHQDQW OHV 'R V HW 'RQ WV HQ PDWLqUH G DUJXPHQWDLUH
$ QRWHU TXH OH %93 %XUHDX GH 9pULILFDWLRQ GH OD 3XEOLFLWp D pGLFWp HQ PDUV GHV UqJOHV VXU OHV
DUJXPHQWV pFRORJLTXHV OHVTXHOOHV Q RQW WRXWHIRLV SDV GH YDOHXU OpJDOH SXLVTX HOOHV UHSRVHQW VXU O DGKpVLRQ
GHV SURIHVVLRQQHOV HW GHV SXEOLFLWDLUHV VRXFLHX[ GH SUDWLTXHU XQH DXWRGLVFLSOLQH GHVWLQpH j pYLWHU OH UHMHW
SDU OH SXEOLF GH WRXW DUJXPHQW pFRORJLTXH GH YHQWH /HV UqJOHV pGLFWpHV YLVHQW j XQH ERQQH DSSOLFDWLRQ
GHV SULQFLSHV OpJLVODWLIV G LQWHUGLFWLRQ GH OD SXEOLFLWp GH QDWXUH j LQGXLUH HQ HUUHXU OHV FRQVRPPDWHXUV GH
SURKLELWLRQ GHV DFWHV GH FRQFXUUHQFH GpOR\DOH RX GH GpQLJUHPHQW
3DJH
,QWpJUDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH
3ROLWLTXH HQYLURQQHPHQWDOH GH O HQWUHSULVH
$QDO\VH GHV EHVRLQV GX PDUFKp WHQGDQFHV JpQpUDOHV
2EMHFWLIV HQYLURQQHPHQWDX[ JpQpUDX[ j DWWHLQGUH
,GpHV GH SURGXLW
6HQVLELOLVDWLRQ GHV VHUYLFHV HW GHV IRXUQLVVHXUV YLD OHV $FKDWV
'pVLJQDWLRQ GH O pTXLSH SURMHW DYHF XQ H[SHUW HQ pFR
FRQFHSWLRQ
(WXGHV GLYHUVHV SUHQDQW HQ FRPSWH O HQYLURQQHPHQW
H[LVWDQW SURGXLW DFWXHO UpIpUHQFH LPSDFWV
HQYLURQQHPHQWDX[ FULWqUHV HQYLURQQHPHQWDX[ GH
FRQFHSWLRQ
PDUFKp H[LJHQFHV SUpFLVHV GHV FOLHQWV

&DKLHU GHV FKDUJHV
6SpFLILFDWLRQV
WHFKQLFRpFRQRPLTXH
UpJOHPHQWDWLRQ HW QRUPDOLVDWLRQ VXU O HQYLURQQHPHQW

IRQFWLRQQHO
DYHF XQ YROHW
GX SURGXLW
2EMHFWLIV HQYLURQQHPHQWDX[ VSpFLILTXHV GH GpYHORSSHPHQW HQYLURQQHPHQW
&7 /7
1LYHDX G pFRFRQFHSWLRQ FKRLVL HW FLEOHV OLPLWHV GX V\VWqPH
FRQVLGpUp
([LJHQFHV HQYLURQQHPHQWDOHV
$QDO\VH IRQFWLRQQHOOH VSpFLILFDWLRQV
(ODERUDWLRQ 5HFKHUFKHV GH VROXWLRQV HW pYDOXDWLRQ HQYLURQQHPHQWDOH
GHV FRQFHSWV VXFFLQFWH SDU O H[SHUW SRXU UHWHQLU TXHOTXHV VROXWLRQV
5HYXH GH FRQFHSWLRQ
HQYLURQQHPHQWDOH
$SSURIRQGLVVHPHQW GHV VROXWLRQV SUpFKRLVLHV HW pYDOXDWLRQ

&RQFHSWLRQ SUpOLPLQDLUH
HQYLURQQHPHQWDOH SOXV pODERUpH LPSDFWV HWRX FRQFHSWLRQ
5HYXH GH FRQFHSWLRQ
HQYLURQQHPHQWDOH
&DUDFWpULVWLTXHV HQYLURQQHPHQWDOHV GX SURGXLW GpWHUPLQpHV
FKRL[ GH VROXWLRQV GpILQLWLIV

(YDOXDWLRQ HQYLURQQHPHQWDOH FRPSOqWH SRXU YDOLGDWLRQ
REMHFWLIV HQYLURQQHPHQWDX[ DWWHLQWV "
5HYXH ILQDOH GH FRQFHSWLRQ

HQYLURQQHPHQWDOH 9DOLGDWLRQ
&G& SRXU OHV IRXUQLVVHXUV HW UDSSRUWV DYHF SDUDJUDSKH

'pYHORSSHPHQW
HQYLURQQHPHQW j OD OLYUDLVRQ GHV FRPSRVDQWV
2SWLPLVDWLRQ GH OD ORJLVWLTXH
2SWLPLVDWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[ GH OD

,QGXVWULDOLVDWLRQ
SURGXFWLRQ HW YpULILFDWLRQ ILQDOH GH O DWWHLQWH GHV REMHFWLIV
$UJXPHQWV GH PDUNHWLQJ YHUW

&RPPHUFLDOLVDWLRQ
6XSSRUWV GH FRPPXQLFDWLRQ HQYLURQQHPHQWDOH
5HWRXUV G H[SpULHQFH )HHG%DFN QpFHVVDLUH SRXU DPpOLRUHU OD FRQFHSWLRQ SRXU
XWLOLVDWLRQ ILQ GH YLH GX O HQYLURQQHPHQW SUREOqPHV GH SROOXWLRQ SUREOqPHV GH
SURGXLW WUDLWHPHQWV HQ ILQ GH YLH «
)LJXUH 3URFHVVXV G pFRFRQFHSWLRQ ,QWpJUDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH GDQV OH SURFHVVXV

GH FRQFHSWLRQ FODVVLTXH
3DJH
(QILQ OD FKHFNOLVW FLDSUqV UDSSHOOH EULqYHPHQW OHV SUHPLqUHV pWDSHV G XQ SURMHW

>&+$57(5 HW DO @
, (QJDJHPHQWGHOD'LUHFWLRQ
,, &KRL[GXSURMHW
,,, &RQVWLWXWLRQ G XQH pTXLSH SURMHW HW GpVLJQDWLRQ G XQ H[SHUW HQ pFR
FRQFHSWLRQ
,9 &UpDWLRQG XQEXGJHWDOORXpDXSURMHW
9 (WXGHVGH0DUFKpHWGH%HQFKPDUNLQJ
9, (FRUHYXHGHO H[LVWDQW DQDO\VHpYDOXDWLRQHQYLURQQHPHQWDOH
9,, 3ROLWLTXHHQPDWLqUHG pFRFRQFHSWLRQHWREMHFWLIVGHGpYHORSSHPHQW
9,,, (ODERUDWLRQ G XQH VWUDWpJLH G pFRFRQFHSWLRQ D[HV SRXU DWWHLQGUH OHV
REMHFWLIV
,; (ODERUDWLRQ G XQ SURJUDPPH GH WUDYDLO DYHF XQ SODQQLQJ HW OD
GpVLJQDWLRQ GHV UHVSRQVDELOLWpV GH FKDFXQ GHV PHPEUHV GH O pTXLSH
SODQQLQJ j FRXUW PR\HQ RX ORQJ WHUPH VHORQ OD GpILQLWLRQ GH OD
SROLWLTXH
; &RQVWLWXWLRQG XQHFKHFNOLVWSRXUOHGpYHORSSHPHQWG XQpFRSURGXLW
/HVFLQTWkFKHVHVVHQWLHOOHVG XQSURMHWG pFRFRQFHSWLRQ
' DSUqV O pTXLSH DPpULFDLQH GX SURIHVVHXU - (KUHQIHOG D\DQW FROODERUp DYHF OD VRFLpWp
'LJLWDO (TXLSPHQW &RUSRUDWLRQ j O pODERUDWLRQ G XQ JXLGH SRXU DLGHU O HQWUHSULVH j
LQWpJUHU OHV FRQFHSWV GH 'I( OHXU H[SpULHQFH D PRQWUp TX·LO IDXW YRLU FLQT WkFKHV
HVVHQWLHOOHV GDQV O DFFRPSOLVVHPHQW G XQ SURMHW G pFRFRQFHSWLRQ >(+5(1)(/' @
ª (QTXrWH /H FRQWH[WH
$YDQW OH GpPDUUDJH GX SURMHW SURSUHPHQW GLW LO V·DJLW GH V·LPSUpJQHU GH OD GpPDUFKH

GH FRQFHSWLRQ FODVVLTXH VXLYLH GH FRQQDvWUH VRQ PDUFKp HW VHV FRQFXUUHQWV HW G LGHQWLILHU
OHV VHQVLELOLWpV HQYLURQQHPHQWDOHV GHV DFWHXUV FRQFHUQpV SRXU DGDSWHU GHV VpDQFHV
G LQIRUPDWLRQV GH IRUPDWLRQV HW OHV V\VWqPHV G LQFLWDWLRQV (QILQ LO LPSRUWH G pYDOXHU OHV
FRPSpWHQFHV GHV XQV HW GHV DXWUHV SRXU VDYRLU VL XQH QpFHVVLWp GH UHVVRXUFHV
VXSSOpPHQWDLUHV V LPSRVH FRQVXOWDQW H[WHUQH SDU H[HPSOH
3DJH
ª 0HVXUHV /HV RSSRUWXQLWpV HW EpQpILFHV pFRQRPLTXHV
&HV PHVXUHV YRQW SHUPHWWUH HQ GpEXW GH SURMHW GH VDYRLU FH TX LO IDXW RX IDXGUDLW IDLUH
SDU UDSSRUW DX[ SURGXLWV DFWXHOV HW FH HQ SUHQDQW HQ FRPSWH O pYROXWLRQ GH OD
UpJOHPHQWDWLRQ FH TXH IRQW OHV SURFKHV FRQFXUUHQWV LGHQWLILpV SRVLWLRQQHPHQW VXU OH
PDUFKp SURGXLWV HX[PrPHV HW FH TX RQ SHXW HVSpUHU FRPPH EpQpILFHV HQ WHUPHV
pFRQRPLTXHV PDUNHWLQJ G LPDJH GH PDUTXH «
ª 0RWLYDWLRQ GX SHUVRQQHO
& HVW O XQH GHV WkFKHV OHV SOXV LPSRUWDQWHV FDU XQH ERQQH RUJDQLVDWLRQ HW GH ERQV RXWLOV
Q DXURQW DXFXQ HIIHW VL OH SHUVRQQHO LPSOLTXp QH VH VHQW SDV FRQFHUQp VXIILVDPPHQW
LQIRUPp JXLGp HW LQFLWp ,O D EHVRLQ GH FRQQDvWUH OHV HQMHX[ GH O pFRFRQFHSWLRQ SRXU
V LQYHVWLU 'HV UpXQLRQV GH VHQVLELOLVDWLRQ QH VXIILVHQW SDV LO OXL IDXW GX FRQFUHW REMHFWLIV
FODLUV HW SUpFLV GHV H[HPSOHV HW SDUWLFLSHU j GHV JURXSHV GH WUDYDLO 1RXV YHUURQV GDQV
OD SDUWLH OH SRLQW GH YXH VXU OH WHUUDLQ GHV FRQFHSWHXUV OHV SULQFLSDX[ DFWHXUV
FRQFHUQpV
ª 0LVH HQ ±XYUH
/ pTXLSH SURMHW FRQVWLWXpH pYHQWXHOOHPHQW DLGpH G XQ H[SHUW GHV REMHFWLIV

HQYLURQQHPHQWDX[ pWDEOLV LO YD V DJLU GH GpURXOHU OH SURFHVVXV GH FUpDWLRQ GH SURGXLW
/ LQWpJUDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH VHUD DLGpH SDU O HPSORL G RXWLOV DGDSWpV j
O HQWUHSULVH HW DX SURFHVVXV
ª 'LIIXVLRQ GH O DSSURFKH G pFRFRQFHSWLRQ j WUDYHUV O RUJDQLVDWLRQ
&HWWH GLIIXVLRQ HVW GHVWLQpH j O DSSURSULDWLRQ FRPSOqWH GH O pFRFRQFHSWLRQ SDU OHV

pTXLSHV SURMHW 3DU XQ SURFHVVXV G DSSUHQWLVVDJH FRQVLVWDQW j LQWpJUHU O HQYLURQQHPHQW
SDU LQFUpPHQW GDQV OH SURFHVVXV GH FRQFHSWLRQ OD GpPDUFKH HQULFKLH GHV UHWRXUV
G H[SpULHQFHV GHYLHQGUD GH SOXV HQ SOXV QDWXUHOOH SRXU OHV pTXLSHV FRPPH FH IXW OH
FDV SRXU O LQWpJUDWLRQ GH OD TXDOLWp
3DJH
/D ILJXUH VXLYDQWH LOOXVWUH GH PDQLqUH V\QWKpWLTXH OH FRQWHQX GH FHV FLQT WkFKHV
HVVHQWLHOOHV
0HVXUHV 2SSRUWXQLWpV HW EpQpILFHV
pFRQRPLTXHV
(YDOXDWLRQ HQYLURQQHPHQWDOH GH O H[LVWDQW LGHQWLILFDWLRQ

(QTXrWH &RQWH[WH
GHV YRLHV G DPpOLRUDWLRQ
&RQQDLVVDQFH HW DSSURSULDWLRQ GX SURFHVVXV GH FRQFHSWLRQ
,GHQWLILFDWLRQ GHV SRVVLELOLWpV GH UpGXFWLRQ GHV FRWV
FODVVLTXH TXL TXRL FRPPHQW TXDQG "
(WXGH GX PDUFKp HW GH OD FRQFXUUHQFH JpQpUDO 9LVLRQ SURDFWLYH GHV UpJOHPHQWDWLRQV HW GHV QRUPHV
(WXGH HQYLURQQHPHQWDOH GX PDUFKp RSSRUWXQLWpV GH VH
0RWLYDWLRQV HQYLURQQHPHQWDOHV GHV DFWHXUV
GpPDUTXHU
0R\HQV KXPDLQV HW FRPSpWHQFHV (WXGH GH %HQFKPDUNLQJ VXU SURGXLWV FRQFXUUHQWV
3URMHW
G pFRFRQFHSWLRQ
0RWLYDWLRQ GX SHUVRQQHO 0LVH HQ ±XYUH
'pVLJQDWLRQ G XQ H[SHUW HQ pFRFRQFHSWLRQ DVVRFLp j

(QJDJHPHQW GH OD 'LUHFWLRQ $SSURFKH 7RS'RZQ
O pTXLSH SURMHW
)RUPDWLRQ HW LQFLWDWLRQ GH O pTXLSH SURMHW DYHF GHV REMHFWLIV )L[DWLRQ G REMHFWLIV HQYLURQQHPHQWDX[ GqV OD SKDVH GH
FODLUV HW UpDOLVWHV j UHPSOLU VSpFLILFDWLRQ GX SURGXLW
7UDGXFWLRQ GHV H[LJHQFHV HQYLURQQHPHQWDOHV HQ
'pURXOHPHQW GHV SKDVHV GH FRQFHSWLRQ DYHF FKRL[ GH
VSpFLILFDWLRQV FRPSULVHV SDU OHV FRQFHSWHXUV PrPH
VROXWLRQV HQYLURQQHPHQWDOHV
ODQJDJH
&RPPXQLFDWLRQ GHV EpQpILFHV G XQ SURMHW HQ LQWHUQH HW HQ 5HYXHV GH FRQFHSWLRQ DYHF FKHFNOLVWV HQYLURQQHPHQWDOHV
H[WHUQH SRXU YpULILHU VL OHV REMHFWLIV SHXYHQW rWUH DWWHLQWV
&KRL[ G RXWLOV DGDSWpV j O pWDSH GX SURFHVVXV j O DLGH
QpFHVVDLUH «
$PpOLRUDWLRQ FRQWLQXH
'LIIXVLRQ GH O DSSURFKH G pFRFRQFHSWLRQ j WUDYHUV O RUJDQLVDWLRQ
2EMHFWLIV GX SURJUDPPH G pFRFRQFHSWLRQ VRXPLV j WRXV OHV DFWHXUV
'LIIXVLRQ LQFUpPHQWDOH SURJUHVVLYH GH O pFRFRQFHSWLRQ GDQV OHV GpPDUFKHV HW OHV

PHQWDOLWpV YLD GHV LQIRUPDWLRQV GHV IRUPDWLRQV HW GHV SURMHWV GH SOXV HQ SOXV
DPELWLHX[
,QWpJUDWLRQ GX SHUVRQQHO WHFKQLTXH GDQV OHV UHVVRXUFHV GX SURMHW
(WDEOLVVHPHQW GHV QLYHDX[ j DWWHLQGUH VSpFLILTXHV DGDSWpV j FKDTXH DFWLYLWp DYHF OHV
PR\HQV SURSUHV j FKDTXH XQLWp SRXU OHV JUDQGHV HQWUHSULVHV HQ SDUWLFXOLHU
$XGLW SpULRGLTXH GX SURFHVVXV G LQWpJUDWLRQ GH O pFRFRQFHSWLRQ GDQV OD GpPDUFKH GH

FKDTXH XQLWp GpPDUFKH SRXYDQW rWUH VSpFLILTXH j FKDTXH DFWLYLWp
)LJXUH &LQT WkFKHV HVVHQWLHOOHV SRXU O LQWpJUDWLRQ GH O pFRFRQFHSWLRQ GDQV O HQWUHSULVH
3DJH
8Q H[HPSOH GH SURFHVVXV G pFRFRQFHSWLRQ XQ VFpQDULR

SURSRVpSDU3KLOLSV
/H VFpQDULR G XQ SURMHW SLORWH G pFRFRQFHSWLRQ SURSUH j 3KLOLSV*URXSH VXLW OH
FKHPLQHPHQW GpFULW FLDSUqV
1RXV QRWHURQV TX LO V DJLW G XQ SURMHW SLORWH UHFRPPDQGp SRXU LQLWLHU XQH DSSURFKH G pFR
FRQFHSWLRQ GDQV O HQWUHSULVH & HVW HQ HIIHW XQ VFpQDULR G DPpOLRUDWLRQ LQFUpPHQWDOH QLYHDX
PRLQV DPELWLHX[ TX XQ VFpQDULR GH UHFRQFHSWLRQ QLYHDX RX G LQQRYDWLRQ QLYHDX &RPPH
QRXV O pYRTXLRQV GDQV OH SDUDJUDSKH UHODWLI j OD GLPHQVLRQ FRJQLWLYH FH SURMHW YD SHUPHWWUH
G DJXHUULU O pTXLSH j OD GpPDUFKH G pFRFRQFHSWLRQ OXL SHUPHWWDQW SDU OD VXLWH G pODERUHU GHV
SURMHWV SOXV DPELWLHX[
3URMHW G DPpOLRUDWLRQ FKH] 3KLOLSV
ª (WDSH 3UpSDUDWLRQ HW LQLWLDWLRQ GX SURMHW
− &KRL[ G XQ SURGXLW GH UpIpUHQFH GDQV OHTXHO GHV DPpOLRUDWLRQV HQYLURQQHPHQWDOHV VRQW j

UpDOLVHU (OOHV GpSHQGHQW GHV REMHFWLIV IL[pV SDU 3KLOLSV
− &ROOHFWH GX PD[LPXP G LQIRUPDWLRQV VXU OH SURGXLW UpIpUHQFH
− 7UDQVIHUW GH FHV LQIRUPDWLRQV DX FKHI GH SURMHW LQWHUQH
− &RQVWLWXWLRQ GH O pTXLSH SURMHW SXLV IRUPDWLRQ j O pFRFRQFHSWLRQ VHQVLELOLVDWLRQ HW VXU OHV
RXWLOV G pYDOXDWLRQ
ª (WDSH $QDO\VH HQYLURQQHPHQWDOH HW pWDEOLVVHPHQW GHV SULRULWpV
− $QDO\VH HQYLURQQHPHQWDOH GpWDLOOpH GX SURGXLW GH UpIpUHQFH

− ,GHQWLILFDWLRQ GHV LPSDFWV VLJQLILFDWLIV VXU O HQYLURQQHPHQW HW FODVVLILFDWLRQ GHV H[LJHQFHV
G DPpOLRUDWLRQ &HV H[LJHQFHV VHURQW OD SUpRFFXSDWLRQ SULQFLSDOH SRXU WRXW OH UHVWH GX
SURFHVVXV GH FRQFHSWLRQ
ª (WDSH *pQpUDWLRQ G RSWLRQV G DPpOLRUDWLRQ
− 6pDQFHV GH EUDLQVWRUPLQJ SHUPHWWDQW G pWDEOLU GLYHUVHV RSWLRQV G DPpOLRUDWLRQ

HQYLURQQHPHQWDOH &HV RSWLRQV UHODWLYHPHQW VLPSOHV VRQW FKRLVLHV HQ IRQFWLRQ GH OD SROLWLTXH
HQYLURQQHPHQWDOH GH 3KLOLSV HW GHV RSSRUWXQLWpV GH PDUFKp TX HOOHV SHXYHQW UHSUpVHQWHU
− /HV GLYHUVHV DOWHUQDWLYHV GH FRQFHSWLRQ VRQW DORUV JURVVLqUHPHQW pYDOXpHV GH OD PDQLqUH

VXLYDQWH
4XHO HVW OD GLIIpUHQFH G LPSDFW HQYLURQQHPHQWDO GX F\FOH GH YLH SDU UDSSRUW j FHOXL GX
SURGXLW GH UpIpUHQFH "
3DJH
4XHO HVW O LPSDFW pFRQRPLTXH HQ WHUPH GH FRW GH SURSULpWp F HVWjGLUH OH SUL[ G DFKDW
OHV FRWV G XWLOLVDWLRQ HW OHV GpSHQVHV HQ ILQ GH YLH "
4XHOV VRQW OHV EpQpILFHV HVFRPSWpV SRXU OH FOLHQW RX FRQVRPPDWHXU HQ WHUPH GH
IRQFWLRQQDOLWp F HVWjGLUH GH IDFLOLWp j O HPSORL GH UpVLVWDQFH G DWWUDLW HW GH IRQFWLRQV "
ª (WDSH ,QWpJUDWLRQ GHV RSWLRQV G DPpOLRUDWLRQV GDQV OH 3&3
− &KRL[ GpILQLWLI GHV RSWLRQV j LQFOXUH GDQV OH SURFHVVXV GH FRQFHSWLRQ GX SURGXLW &H FKRL[ VHUD
HIIHFWXp VHORQ XQ SURFHVVXV LWpUDWLI j WUDYHUV OHV GLIIpUHQWHV pWDSHV GX 3&3 FRQFHSWLRQV
FRQFHSWXHOOH SUpOLPLQDLUH HW GpWDLOOpH R OHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV
IRQFWLRQQHOOHV HW pFRQRPLTXHV VRQW PLVHV HQ EDODQFH HQ HVVD\DQW GH UHVSHFWHU OHV H[LJHQFHV
HQYLURQQHPHQWDOHV pWDEOLHV
ª (WDSH 'pWHUPLQDWLRQ HW pYDOXDWLRQ GX FKRL[ GH FRQFHSWLRQ GpILQLWLI
− $QDO\VH HQYLURQQHPHQWDOH ILQDOH SRXU pWDEOLU OHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV

GpILQLWLYHV GX SURGXLW SDUPL WRXWHV OHV DXWUHV FDUDFWpULVWLTXHV
− 7RXWHV OHV H[LJHQFHV HQYLURQQHPHQWDOHV SUpFpGHPPHQW pWDEOLHV QH VRQW SUREDEOHPHQW SDV
VDWLVIDLWHV PDLV GDQV OH FRQWH[WH GH FRQWUDLQWHV pFRQRPLTXHV HW IRQFWLRQQHOOHV OH PHLOOHXU
FRPSURPLV GRLW rWUH WURXYp
/HV H[LJHQFHV QRQ SULVHV HQ FRPSWH VHUYLURQW GH EDVH SRXU XQ IXWXU SURMHW GDQV OH FDGUH G XQH
DPpOLRUDWLRQ FRQWLQXH
ª (WDSH 5HYXH (YDOXDWLRQ GHV UpVXOWDWV
− /HV UpVXOWDWV GX SURMHW SLORWH SHXYHQW rWUH XWLOLVpV SRXU LQWpJUHU GHV SUDWLTXHV G pFRFRQFHSWLRQ
GDQV OH 3&3 HW PHWWUH j MRXU OHV SURFpGXUHV GH FRQFHSWLRQ KDELWXHOOHV
6RXUFH +HUPDQ 0HLQGHUV 3RLQW RI QR UHWXUQ 3KLOLSV (FR'HVLJQ JXLGHOLQHV SS
/HVIDFWHXUVGHUpXVVLWH
' DSUqV SOXVLHXUV pWXGHV VXU OH FRQWH[WH RUJDQLVDWLRQQHO GH O DSSURFKH G pFRFRQFHSWLRQ
>0F $/221( HW DO DE@ >(+5(1)(/' HW DO @ LO UHVVRUW TXH OHV SULQFLSDX[ IDFWHXUV
GH UpXVVLWH VRQW
ª /D PRWLYDWLRQ GX *URXSH HW GH OD 'LUHFWLRQ G·HQWUHSULVH
(OOH HVW SULPRUGLDOH GDQV O·DGRSWLRQ G·XQH DSSURFKH G·pFRFRQFHSWLRQ 8QH DSSURFKH
RUJDQLVDWLRQQHOOH WRSGRZQ HVW HQ HIIHW LQFRQWRXUQDEOH OD 'LUHFWLRQ pWDQW IRUWHPHQW
3&3 3URGXFW &UHDWLRQ 3URFHVV RX 3URFpGXUH GH &UpDWLRQ GH 3URGXLW FKH] 3KLOLSV
3DJH
VHQVLELOLVpH HW LPSOLTXpH HOOH FRQIqUH XQH VRUWH G pFRFXOWXUH j O HQVHPEOH GX
SHUVRQQHO DLQVL PRWLYp /HV pTXLSHV SURMHW GRLYHQW UHVVHQWLU FHWWH PRWLYDWLRQ HW
EpQpILFLHU G XQ VRXWLHQ GH SRLGV
ª /D GpFOLQDLVRQ GHV HQJDJHPHQWV GH OD 'LUHFWLRQ HQ REMHFWLIV FRQFUHWV SRXU OHV
FRQFHSWHXUV
/HV REMHFWLIV GH GpYHORSSHPHQW FKRLVLV SDU OD 'LUHFWLRQ YRQW rWUH WUDGXLWV HQ
VSpFLILFDWLRQV GDQV OH FDKLHU GHV FKDUJHV IRXUQL SDU OH VHUYLFH 0DUNHWLQJ
ª /H WUDYDLO G pTXLSH
/D QRWLRQ G pTXLSH SURMHW SOXULGLVFLSOLQDLUH UHJURXSDQW XQ PHPEUH GH FKDTXH
GpSDUWHPHQW YRLUH PrPH GHV SDUWHQDLUHV H[WHUQHV IRXUQLVVHXUV UHF\FOHXUV
SRXYDQW DSSRUWHU VHV FRQQDLVVDQFHV HW VRQ H[SpULHQFH DX VHUYLFH GX SURMHW HVW
IRQGDPHQWDOH 1RXV OH YHUURQV GDQV OH FKDSLWUH VXLYDQW VXU OHV RXWLOV O RUJDQLVDWLRQ HQ
LQJpQLHULH FRQFRXUDQWH HVW SUpFRQLVpH SRXU WUDYDLOOHU GDQV GH WHOV SURMHWV
ª / DSSURSULDWLRQ GHV PpFDQLVPHV FODVVLTXHV GH FRQFHSWLRQ
,O HVW QpFHVVDLUH GH ELHQ SUHQGUH HQ FRPSWH OHV SUDWLTXHV GH O pTXLSH SRXU VDYRLU TXL
GRLW R HW FRPPHQW DJLU
ª /D QpFHVVLWp G LQFLWDWLRQV GH VXLYL GHV DFWLRQV HW GH FRPPXQLFDWLRQ
/HV PHPEUHV GH O pTXLSH SURMHW RQW HQ SDUWLFXOLHU EHVRLQ G rWUH PRWLYpV SDU GHV
UpIpUHQFHV SDU GHV H[HPSOHV GH SURMHWV TXL RQW UpXVVL >%$..(5 @ ,OV VHURQW G DXWUH
SDUW SOXV SDUWLH SUHQDQWH GDQV OHV SURMHWV VL OHV UpVXOWDWV GHV SUpFpGHQWV OHXU VRQW
FRPPXQLTXpV HQ WHUPH G LPDJH GH PDUTXH DPpOLRUpH G DFFURLVVHPHQW GHV YHQWHV
PDLV DXVVL GH SUREOqPHV PLQHXUV j UpVRXGUH / REMHFWLI GH SURJUHVVLRQ GDQV O pFR
FRQFHSWLRQ HVW DYDQW WRXW O DPpOLRUDWLRQ FRQWLQXH
ª /D PLVH HQ SODFH GH IRUPDWLRQV HW G RXWLOV SUDJPDWLTXHV HW SpGDJRJLTXHV
DGDSWpV
/HV PHPEUHV GHV pTXLSHV SURMHW YRQW GHYRLU rWUH VHQVLELOLVpV j OD SUpRFFXSDWLRQ
HQYLURQQHPHQWDOH GDQV OHXU WkFKH TXRWLGLHQQH HW XWLOLVHU GHV RXWLOV VLPSOHV IDFLOHV j
VDLVLU HW HIILFDFHV
ª / DLGH G XQ H[SHUW HQ pFRFRQFHSWLRQ SRXU DLGHU OHV FRQFHSWHXUV GDQV OHXU WUDYDLO
8Q H[SHUW RSpUDWLRQQHO LPSOLTXp GDQV OHV pTXLSHV SURMHW HVW FHUWDLQHPHQW XQ ERQ
PR\HQ GH UpXVVLU VD SUpVHQFH QH GHYDQW FHSHQGDQW SDV GLVSHQVHU OHV DXWUHV
PHPEUHV GHV FRQQDLVVDQFHV HQYLURQQHPHQWDOHV HVVHQWLHOOHV / H[SHUW GRLW rWUH
GLVSRQLEOH HW ELHQ DX IDLW GHV SUREOpPDWLTXHV j UpVRXGUH 6RQ HQWKRXVLDVPH VRQ
VDYRLUIDLUH TX LO GRLW SRXYRLU WUDQVPHWWUH HW VRQ KDELOHWp j GRQQHU GHV GLUHFWLYHV HW
GHV FRQVHLOV j O pTXLSH VRQW DXWDQW G DWRXWV SRXU XQ PHLOOHXU GpURXOHPHQW GX SURMHW
3DJH
(Q GpILQLWLYH O DSSURFKH G pFRFRQFHSWLRQ GRLW rWUH JOREDOH VWUXFWXUpH HW DYDQW WRXW WUqV
SUDJPDWLTXH
/HVULVTXHVG pFKHF
/HV SULQFLSDX[ REVWDFOHV TXL ULVTXHQW SRWHQWLHOOHPHQW GH IUHLQHU O pFRGpYHORSSHPHQW
G XQ SURGXLW YRLUH PrPH GH FRQGXLUH j O pFKHF VRQW OHV VXLYDQWV >5$0 HW DO @
>%+$05$ HW DO @
ª /H PDQTXH GH VDYRLUIDLUH HW GH FRQQDLVVDQFHV VXU O HQYLURQQHPHQW GH OD SDUW GX
SHUVRQQHO LPSOLTXp GDQV OH SURMHW ,O PDQTXH DXVVL WURS VRXYHQW GHV RXWLOV GHV
SURFpGXUHV HW GHV LQWHUORFXWHXUV D\DQW OHV UpSRQVHV DX[ QRPEUHXVHV TXHVWLRQV
ª 'H WUqV QRPEUHXVHV LQFHUWLWXGHV OLpHV j OD WHPSRUDOLWp GHV SKpQRPqQHV TXHOOH
YLVLRQ DGRSWHU HW FRPPHQW SUpYRLU O DYHQLU " DX JUDQG QRPEUH G DFWHXUV FRQFHUQpV
TXL LPSOLTXHU GDQV O HQWUHSULVH HW j O H[WpULHXU " DX[ WHFKQLTXHV j PHWWUH HQ SODFH
TXHOOHV WHFKQLTXHV GH WUDLWHPHQW SDU H[HPSOH H[LVWHURQW j FRXUW WHUPH j ORQJ
WHUPH " j O pYROXWLRQ WUqV UDSLGH GH OD UpJOHPHQWDWLRQ «>7,*(5 HW DO @
ª 8QH LQFRPSUpKHQVLRQ GH FHUWDLQV HQMHX[ FRPPH OH UHVSHFW GH OD UpJOHPHQWDWLRQ
RX OD UpGXFWLRQ GHV FRWV HQ LQWHUQH HW GHV RSSRUWXQLWpV FRQFXUUHQWLHOOHV RX XQH
DPpOLRUDWLRQ GH O LPDJH GH PDUTXH GH O HQWUHSULVH HQ H[WHUQH
ª $XFXQH PpWKRGH FRQVHQVXHOOH G pYDOXDWLRQ HQYLURQQHPHQWDOH GHV SURGXLWV
Q H[LVWH UpHOOHPHQW 1RXV OH YHUURQV GDQV OH FKDSLWUH VXLYDQW VXU OHV RXWLOV LO H[LVWH
XQH PXOWLWXGH G RXWLOV HW PpWKRGHV SHUPHWWDQW G pYDOXHU OHV LPSDFWV
HQYLURQQHPHQWDX[ GHV SURGXLWV FRPPHQW DORUV rWUH FRQYDLQFX G XWLOLVHU WHOOH RX WHOOH
PpWKRGH SRXU pYDOXHU VHV SURGXLWV V LO HQ HVW XQH TXL FRQYLHQW OH PLHX[ HW VH
SHUVXDGHU TXH FHWWH PpWKRGH HVW VXIILVDPPHQW ILDEOH SRXU SHUPHWWUH GH IL[HU GHV
REMHFWLIV G DPpOLRUDWLRQ EDVpV VXU OHV UpVXOWDWV G pWXGH "
ª 3HX GH QRUPHV H[LVWHQW HQFRUH VXU FH VXMHW FRPPH OH IDVFLFXOH GRFXPHQWDLUH )' ;

HW OHV SRVVLELOLWpV G LQWHUSUpWDWLRQ GHV WH[WHV VRQW QRPEUHXVHV GRQF SDUIRLV
SHX HQFRXUDJHDQWHV
)' ; /H JURXSH GH WUDYDLO VXU O LQWHUQDWLRQDOLVDWLRQ GH FH IDVFLFXOH GRFXPHQWDLUH ,62 YLHQW G rWUH
FRQVWLWXp OHV SUHPLqUHV UpXQLRQV LQWHUQDWLRQDOHV RQW HX OLHX FRXUDQW -DQYLHU
3DJH
ª /D SULVH HQ FRPSWH GX FULWqUH HQYLURQQHPHQW HVW HQFRUH ELHQ VRXYHQW

FRQVLGpUpH FRPPH FRQWUDLUH DX[ REMHFWLIV pFRQRPLTXHV OD QRWLRQ GH GXUDELOLWp
GHV SURGXLWV HVW DLQVL RSSRVpH j OD ORJLTXH FRPPHUFLDOH
' DSUqV +- %XOOLQJHU OHV SULQFLSDX[ SUREOqPHV DLQVL UHQFRQWUpV SDU XQH pTXLSH GH
FRQFHSWLRQ VRQW OHV VXLYDQWV >%8//,1*(5 HW DO @
(QLQWHUQH

0DWpULDX[
,QVXIILVDQFH GH GRQQpHV HQYLURQQHPHQWDOHV VXU OHV PDWLqUHV SUHPLqUHV HW
OHV PDWpULDX[ UHF\FOpV

3URFpGpV
0DQTXH RX LQVXIILVDQFH G LQIRUPDWLRQV VXU OHV SURFpGpV GH
GpVDVVHPEODJH GH UHF\FODJH HW GH ILQ GH YLH
5HFRQFHSWLRQ RULHQWpH HQYLURQQHPHQW LPSRVVLEOH

3URGXLW
6SpFLILFDWLRQV VWULFWHV GX FOLHQW
'HJUp GH OLEHUWp GX FRQFHSWHXU WUqV IDLEOH
6XSSUHVVLRQ GH VXEVWDQFHV WR[LTXHV LPSRVVLEOH
&RWV $FFURLVVHPHQW GHV FRWV G DX[ PHVXUHV GH SURWHFWLRQ HQYLURQQHPHQWDOH
$GDSWDWLRQ GLIILFLOH GHV SURFpGpV HW GHV VWUXFWXUHV GX GpSDUWHPHQW GH
2UJDQLVDWLRQ FRQFHSWLRQ
0DQTXH GH QRUPHV HW GH JXLGHOLQHV FI SDUWLH
0DQTXH GH PpWKRGHV G pYDOXDWLRQ HW G RXWLOV
0pWKRGHV 3DV GH OLHQ DYHF OD &$2 HW OHV EDVHV GH GRQQpHV FODVVLTXHV
$XFXQH UqJOH pWDEOLH
…/…
3DJH
(QH[WHUQH

0DUFKp
3RVVLELOLWp G XQH UpGXFWLRQ GHV YHQWHV GXH DX[ SUL[ SOXV
pOHYpV GHV SURGXLWV YHUWV
0DQTXH RX LQVXIILVDQFH GH VWUXFWXUHV pFRQRPLTXHV SRXU
(FRQRPLH HQYLURQQHPHQWDOH GHV DFWLYLWpV GH UHF\FODJH HIILFDFHV
3DV GH ERXFOH GHV PDWpULDX[ pFRQRPLH GX UHF\FODJH
0DQTXH RX LQVXIILVDQFH GH VWUXFWXUH OpJLVODWLYH RX
5pJOHPHQWDWLRQ HW SROLWLTXH SROLWLTXH
0DQTXH GH FRRSpUDWLRQ LQWHUQDWLRQDOH

)XWXU
'LIILFXOWp GH SUpYRLU OHV IXWXUV GpYHORSSHPHQWV GHV
PDUFKpV HW GHV WHFKQRORJLHV
7DEOHDX 3UREOqPHV UHQFRQWUpV SDU OHV pTXLSHV GH FRQFHSWLRQ ULVTXHV GH FRPSURPLVVLRQ GX
SURMHW
6RXUFH +DQV-|UJ %XOOLQJHU 0HWKRGV DQG 7RROV WR 6XSSRUW 'HVLJQ IRU 5HF\FOLQJ SXEOLFDWLRQ DX
FRQJUqV &,53 5(&< (UODQJHQ $OOHPDJQH
1RXV YHUURQV GDQV OD SDUWLH FRQVDFUpH j QRV WUDYDX[ GH WHUUDLQ TXH FHV FRQVWDWV
VXU OHV IDFWHXUV GH UpXVVLWH HW ULVTXHV G pFKHF G XQ SURMHW G pFRFRQFHSWLRQ
FRUURERUHQW QRWUH H[SpULHQFH GH OD UpDOLWp LQGXVWULHOOH
&21&/86,21
/ REMHFWLI GH FHWWH SDUWLH pWDLW GH SUpVHQWHU G XQH PDQLqUH OD SOXV JOREDOH SRVVLEOH OHV
HQMHX[ GH O pFRFRQFHSWLRQ SRXU XQH HQWUHSULVH OHV PRGHV G RUJDQLVDWLRQ GH FHOOHFL IDFH
j FHWWH QRXYHOOH DSSURFKH HW FRPPHQW SRXYDLHQW V LQVpUHU OHV GRQQpHV
HQYLURQQHPHQWDOHV GDQV XQ SURFHVVXV GH FRQFHSWLRQ FODVVLTXH
&HWWH DSSURFKH Q HVW SDV GHV SOXV VLPSOHV SXLVTXH OD GLPHQVLRQ HQYLURQQHPHQWDOH HVW
FRPSOH[H HW OHV pTXLSHV SURMHW HQ EXWWH j GH PXOWLSOHV LQWHUURJDWLRQV OLpHV j GH
QRPEUHXVHV LQFHUWLWXGHV HQYLURQQHPHQWDOHV 1RXV DYRQV YX TX XQH DSSURFKH
PpWKRGRORJLTXH V LPSRVDLW SRXU DLGHU OHV FKHIV GH SURMHW GDQV OHXU GpPDUFKH QRXV
DYRQV GRQF SURSRVp XQ PRGqOH GH GpPDUFKH G pFRFRQFHSWLRQ
&KDTXH HQWUHSULVH SLRQQLqUH GDQV FH GRPDLQH D GpYHORSSp VD SURSUH GpPDUFKH HW VD
SURSUH RUJDQLVDWLRQ FHSHQGDQW GHV WHQWDWLYHV G KDUPRQLVDWLRQ GHV GpPDUFKHV VRQW
DFWXHOOHPHQW LQLWLpHV DX QLYHDX GH OD &RPPXQDXWp (XURSpHQQH 8Q QRXYHDX FRQFHSW HVW
DLQVL Qp O ,33 ,QWHJUDWHG 3URGXFW 3ROLF\ ,O V LQVSLUH HQ IDLW IRUWHPHQW GHV DSSURFKHV
3DJH
QDWLRQDOHV GLWHV (33 (QYLURQPHQWDO 3URGXFW 3ROLF\ GpMj PLVHV HQ SODFH j FH MRXU GDQV
SOXVLHXUV SD\V FRPPH O $OOHPDJQH O $XWULFKH OH 'DQHPDUN OHV 3D\V%DV HW OD 6XqGH
>&+$57(5 HW DO @
/ ,33 HVW GpILQL SDU OD '* ;, FRPPH © XQH SROLWLTXH SXEOLTXH GHVWLQpH j RX DSSURSULpH
SRXU XQH DPpOLRUDWLRQ FRQWLQXH GHV SHUIRUPDQFHV HQYLURQQHPHQWDOHV GHV SURGXLWV RX
GHV VHUYLFHV j WUDYHUV DSSURFKH F\FOH GH YLH

XQH ª /D SDUWLFXODULWp GH FH FRQFHSW HVW
GRQF G·rWUH QRQ VHXOHPHQW EDVpH VXU OHV SURGXLWV PDLV pJDOHPHQW OHV VHUYLFHV TXL OHXU
VRQW DVVRFLpV HW FH SRXU UpSRQGUH j O·pYROXWLRQ GHV SUpRFFXSDWLRQV HQYLURQQHPHQWDOHV j
OD IRLV GHV HQWUHSULVHV GHV DVVRFLDWLRQV HW GHV DXWRULWpV SXEOLTXHV ,O LPSOLTXH pJDOHPHQW
O·HQVHPEOH GHV DFWHXUV GH OD FKDvQH GX SURGXLW F\FOH GH YLH FRPSOHW HW HQ SDUWLFXOLHU
OHV IRXUQLVVHXUV QRWLRQ GH 6XSSO\ &KDLQ 0DQDJHPHQW
3DU DLOOHXUV G·DXWUHV DSSURFKHV FRPPH DX[ 3D\V%DV FRQVDFUHQW OH FRQFHSW GH V\VWqPH
GH PDQDJHPHQW GH O·HQYLURQQHPHQW RULHQWp SURGXLW 32(06 3URGXFW2ULHQWHG
(QYLURQPHQWDO 0DQDJHPHQW 6\VWHP OHTXHO HVW D[p VXU O·DPpOLRUDWLRQ FRQWLQXH GH O·pFR
HIILFDFLWp GHV SURGXLWV VXU OHXU F\FOH GH YLH HW FH j WUDYHUV O·LQWpJUDWLRQ V\VWpPDWLTXH GH
O·pFRFRQFHSWLRQ GDQV OHV VWUDWpJLHV HW OHV SUDWLTXHV GH O·HQWUHSULVH >52&+$ HW DO @ &H
SRLQW VHUD UppYRTXp HQ FRQFOXVLRQ JpQpUDOH
4XRL TX·LO HQ VRLW SRXU UpXVVLU XQ SURMHW G·pFRFRQFHSWLRQ XQH pTXLSH GRLW rWUH ELHQ
RUJDQLVpH FHUWHV PDLV GRLW DXVVL GLVSRVHU G·XQ SDQHO G·RXWLOV DGDSWpV ,OV GHYURQW rWUH
FRQYHQDEOHPHQW PLV HQ VLWXDWLRQ GDQV O·HQWUHSULVH HW XWLOLVpV SDU OH ERQ DFWHXU GLVSRVDQW
GHV LQIRUPDWLRQV HW FRQQDLVVDQFHV QpFHVVDLUHV HW VXIILVDQWHV
0DLV TXHOV VRQW OHV W\SHV G·RXWLOV GLVSRQLEOHV " 1RXV DOORQV OH YRLU GDQV OD SDUWLH VXLYDQWH
FRQVDFUpH SUpFLVpPHQW DX[ RXWLOV G pFRFRQFHSWLRQ
3DJH
3DUWLH /HV RXWLOV G pFRFRQFHSWLRQ XQH DLGH RSpUDWLRQQHOOH SRXU O HQWUHSULVH "
3$57,(/(6287,/6' (&2&21&(37,2181(
$,'(23(5$7,211(//(3285/ (175(35,6("
6200$,5(
,1752'8&7,21
287,/6 '·e9$/8$7,21 '( /·,03$&7 (19,5211(0(17$/ '(6 352'8,76

81 02<(1 ' e7$%/,5 81 e&2352),/
(9$/8$7,21 '20,1$17( 48$17,7$7,9(
$QDO\VHGH&\FOHGH9LH
$QDO\VHGH&\FOHGH9LHVLPSOLILpH
0pWKRGHGHVpFRLQGLFDWHXUV
0,360DWHULDO,QWHQVLW\SHU6HUYLFH8QLW
(YDOXDWLRQGHVFRWVGXF\FOHGHYLH
3RLQWVGHYXHVXUOHVRXWLOVG pYDOXDWLRQjGRPLQDQWHTXDQWLWDWLYH
(9$/8$7,21 '20,1$17( 48$/,7$7,9(
$SSURFKHVPDWULFLHOOHV
(YDOXDWLRQEDVpHVXUODUpJOHPHQWDWLRQ
,QGLFHpFRORJLTXH
(FRFRPSDVV
&KHFNOLVWV
/LVWHVGHPDWpULDX[
3RLQWVGHYXHVXUOHVRXWLOVG pYDOXDWLRQjGRPLQDQWHTXDOLWDWLYH
&21&/86,21
287,/6 ' $0e/,25$7,21 '( /$ &21&(37,21 (19,5211(0(17$/( '(6

352'8,76
1250(6
1RUPHVFRQVHQVXHOOHV
1RUPHVLQWHUQHVDX[HQWUHSULVHV
3DJH
/,67(6

*XLGHOLQHV &KHFNOLVWV
/LVWHVGHPDWpULDX[
$SSURFKHVG·pFRODEHOOLVDWLRQ
*8,'(6
*XLGHVJpQpUDX[
*XLGHVLQWHUQHV
$3352&+(6 ,1)250$7,6e(6 /(6 /2*,&,(/6
$FKDTXHORJLFLHOVDVSpFLILFLWp
/HVORJLFLHOVGHVRXWLOVDGDSWpVDXPRQGHLQGXVWULHO"
287,/6 25*$1,6$7,211(/6
$QDO\VHGHOD9DOHXU
,QJpQLHULH&RQFRXUDQWH
' $875(6 287,/6 (1&25(«
'LDJUDPPHHQDUrWHGHSRLVVRQLQYHUVpH
3ODQGH5HF\FODELOLWp
32,176 '( 98( 685 /(6 35,1&,3$8; 287,/6 ' $0e/,25$7,21 '( /$
&21&(37,21 (19,5211(0(17$/( '(6 352'8,76
&21&/86,21
/(6 287,/6 675$7e*,48(6

0$75,&( (&23257)2/,2
528( '(6 675$7e*,(6 ' (&2&21&(37,21
/(6 287,/6 '( 6(16,%,/,6$7,21

(&25('(6,*1 722/ .,7
(&2 .12: +2:
(&248(67
/(6 287,/6 '( &20081,&$7,21

'e&/$5$7,21 (19,5211(0(17$/( '( 352'8,7
(&0$75352'8&75(/$7(' (19,5210(17$/ $775,%87(6
528( '(6 675$7e*,(6 ' (&2&21&(37,21
5$33257 (19,5211(0(17
/(6 287,/6 '$16 81 352&(6686 ' e&2&21&(37,21

/ (03/2, '(6 287,/6 75$9(56 /(6 e7$3(6 '8 352&(6686 ' e&2&21&(37,21

/( &+2,; '( / 287,/ (7 '( 621 87,/,6$7(85
3DJH
/(6 287,/6 '$16 81 6<67Ë0( '( 0$1$*(0(17 (19,5211(0(17$/
&21&/86,21
3DJH
,1752'8&7,21
$SUqV XQ FKDSLWUH TXL QRXV D SHUPLV GH PLHX[ VLWXHU QRWUH QLYHDX GH UHFKHUFKH GDQV OH
GRPDLQH GH OD FRQFHSWLRQ SRXU O·HQYLURQQHPHQW HW GH GpILQLU OHV WURLV GLPHQVLRQV
VWUDWpJLTXH RUJDQLVDWLRQQHOOH HW FRJQLWLYH GH O pFRFRQFHSWLRQ QRXV DERUGRQV GDQV FHWWH
SDUWLH OHV RXWLOV QpFHVVDLUHV DX[ HQWUHSULVHV SRXU FRQWULEXHU j OD UpXVVLWH G XQ WHO SURMHW
,O D pWp SUpFpGHPPHQW pYRTXp O H[LVWHQFH G XQH PXOWLWXGH G RXWLOV GpYHORSSpV SDU GHV
pTXLSHV GH UHFKHUFKH XQLYHUVLWDLUHV RX LQGXVWULHOOHV SRXU OD SOXSDUW pWUDQJqUHV SRXU
DLGHU OHV HQWUHSULVHV j LQWpJUHU OHV GRQQpHV HQYLURQQHPHQWDOHV GDQV OH SURFHVVXV GH
GpYHORSSHPHQW GHV SURGXLWV 8QH SDUWLH GH QRV WUDYDX[ D FRQVLVWp j UHFHQVHU TXHOTXHV
XQV GH FHV QRPEUHX[ RXWLOV pWXGLpV SOXV j IRQG SRXU FHX[ TXH QRXV DYRQV SX QRXV
SURFXUHU HW FH SRXU OHV FRPSUHQGUH OHV FDUDFWpULVHU OHV FULWLTXHU &KDFXQ G HX[ D\DQW
VD SURSUH VSpFLILFLWp HW UpSRQGDQW j GHV EHVRLQV LQGXVWULHOV GLIIpUHQWV LO V HVW HQVXLWH DJL
G HQ pWDEOLU XQH WD[LQRPLH DILQ GH FODULILHU OHXUV GLYHUJHQFHV HW HVVD\HU G HQ GpGXLUH OD
PDQLqUH GRQW OHV HQWUHSULVHV SHXYHQW V HQ VDLVLU
1RXV LQVLVWRQV VXU OH IDLW TX LO QH V DJLVVDLW SDV LFL GH GpEDWWUH VXU OD SHUWLQHQFH GHV
FULWqUHV RX LQGLFDWHXUV UHWHQXV GDQV FKDFXQ GHV RXWLOV PDLV ELHQ G DYRLU XQH
DSSURFKH JpQpUDOH GH OHXUV REMHFWLIV GH OHXU IRQFWLRQQHPHQW HW GX W\SH G DLGH
TX LOV SHXYHQW DSSRUWHU j XQH pTXLSH SURMHW
3OXVLHXUV pWXGHV VXU OHV RXWLOV G pFRFRQFHSWLRQ RQW GpMj SRUWp VXU GHV HVVDLV GH
FODVVLILFDWLRQ >.2570$1 HW DO @ >6:($70$1 HW DO @ >'( &$/8:( @ « R O RQ
GLVWLQJXH GHV RXWLOV G DQDO\VH G XQH SDUW HW GHV RXWLOV G DPpOLRUDWLRQ G DXWUH SDUW
1RXV DYRQV UHSULV FHWWH GLVWLQFWLRQ SRXU PRQWUHU HQ IDLW GHX[ JUDQGHV FDWpJRULHV G RXWLOV
>-$1,1 HW DO @
ª OHV RXWLOV SHUPHWWDQW G DQDO\VHU OHV LPSDFWV HQYLURQQHPHQWDX[ GHV SURGXLWV RXWLOV TXH
QRXV DYRQV TXDOLILpV G DLGH j O pWDEOLVVHPHQW G XQ pFRSURILO GHV SURGXLWV
HW
ª OHV RXWLOV SHUPHWWDQW G DLGHU O pTXLSH GH FRQFHSWLRQ j WURXYHU OD ERQQH YRLH SRXU
pFRFRQFHYRLU RXWLOV TXH QRXV DYRQV TXDOLILpV G DPpOLRUDWLRQ GH OD FRQFHSWLRQ
/ HVVHQWLHO GHV pTXLSHV GH UHFKHUFKH V LQWpUHVVDQW j O pFRFRQFHSWLRQ VRQW HQ HIIHW pWUDQJqUHV SULQFLSDX[
SD\V FRQFHUQpV 3D\V%DV 5R\DXPH8QL $OOHPDJQH 6XqGH 6XLVVH 'DQHPDUN (WDWV8QLV &DQDGD
$XVWUDOLH FHFL PRQWUH O pQRUPH UHWDUG GH OD )UDQFH HW OH FKHPLQ TX LO OXL UHVWH j SDUFRXULU YHUV XQ
'pYHORSSHPHQW 'XUDEOH «
%HDXFRXS G RXWLOV VRQW GpYHORSSpV PDLV QRPEUH G HQWUH HX[ VHXOHPHQW GpYHORSSpV HQ LQWHUQH SDU GHV
HQWUHSULVHV HW FH SRXU UpSRQGUH j OHXUV SURSUHV EHVRLQV /HV FRPPXQLFDWLRQV VXU FHV RXWLOV VRQW DVVH] UDUHV
GRQF QRWUH pWDW GH O DUW FRQFHUQH HVVHQWLHOOHPHQW OHV RXWLOV D\DQW IDLW O REMHW GH SURMHWV GH UHFKHUFKH
PpGLDWLVpV GH SXEOLFDWLRQV GDQV OHV FRQJUqV RX HQFRUH SRXU FHUWDLQV GpYHORSSpV SDU GHV HQWUHSULVHV
FROODERUDQW DYHF QRWUH ,QVWLWXW
3DJH
/HV GHX[ SUHPLHUV SDUDJUDSKHV GH FH FKDSLWUH VHURQW FRQVDFUpV DX GpWDLO GH FKDFXQH
GHV FDWpJRULHV 1RXV DYRQV HQ SDUWLFXOLHU SRUWp O DFFHQW GH QRWUH pWDW GH O DUW VXU OHV
SRLQWV IRUWV HW IDLEOHV GH FHV RXWLOV GDQV XQH DSSURFKH G pFRFRQFHSWLRQ
$ FH FODVVHPHQW V·DMRXWHQW G·DXWUHV W\SHV G·RXWLOV VWUDWpJLTXHV GH VHQVLELOLVDWLRQ HW GH
FRPPXQLFDWLRQ pYRTXpV GDQV OHV WURLVLqPH TXDWULqPH HW FLQTXLqPH SDUDJUDSKHV
2XWUH OHV pWXGHV UHODWLYHV DX[ FDUDFWpULVWLTXHV IRQGDPHQWDOHV GH O·HQVHPEOH GH FHV
RXWLOV G DXWUHV UHFKHUFKHV VH VRQW D[pHV VXU OD PDQLqUH GH OHV XWLOLVHU GDQV XQ SURMHW
G pFRFRQFHSWLRQ >6,021 HW DO @ HW HQ SDUWLFXOLHU VXU TXHO W\SH G RXWLO XWLOLVHU j TXHOOH
pWDSH GX SURFHVVXV >.2570$1 HW DO @ VDFKDQW G DSUqV OHV WUDYDX[ G XQH pTXLSH GX
0,7 86$ TXH O RQ SHXW FRQVLGpUHU WURLV GLPHQVLRQV SRXU FDUDFWpULVHU XQ RXWLO j XWLOLVHU
GDQV OH GpYHORSSHPHQW G XQ pFRSURGXLW >/(12; HW DO D@
✔ O pWDSH GX GpYHORSSHPHQW DX FRXUV GH ODTXHOOH LO SHXW rWUH XWLOLVp TXDWUH
JUDQGHV pWDSHV SHXYHQW rWUH FRQVLGpUpHV DQDO\VH GHV EHVRLQV H[LJHQFHV
HW VSpFLILFDWLRQV FRQFHSWLRQ GX SURGXLW RX FRQFHSWLRQ GHV SURFHVV
GpYHORSSHPHQW
✔ OD SKDVH GX F\FOH GH YLH GX SURGXLW VXU ODTXHOOH O RXWLO HVW IRFDOLVp FKRL[
GHV PDWpULDX[ IDEULFDWLRQ XWLOLVDWLRQ RX ILQ GH YLH
✔ VRQ GHJUp G DLGH j OD GpFLVLRQ SRXU OH SURGXLW LQYHQWDLUH GHV IOX[
pYDOXDWLRQ GHV LPSDFWV RX DPpOLRUDWLRQ GH OD FRQFHSWLRQ
/H VHSWLqPH SDUDJUDSKH DERUGHUD FHWWH DSSURFKH OLDQW RXWLOV HW SURFHVVXV G pFR
FRQFHSWLRQ 8QH WHOOH DSSURFKH HVW OpJLWLPpH SDU OH IDLW TXH OHV RXWLOV HQ HX[PrPHV QH
SUpVHQWHQW DXFXQH XWLOLWp V LOV QH VRQW SDV G XQH SDUW PLV HQ VLWXDWLRQ GDQV XQH
RUJDQLVDWLRQ DGpTXDWH GRQW QRXV DYRQV SDUOp GDQV OH FKDSLWUH SUpFpGHQW HW G DXWUH SDUW
HPSOR\pV j ERQ HVFLHQW GDQV XQH RX SOXVLHXUV pWDSHV GH OD GpPDUFKH GH GpYHORSSHPHQW
VHORQ OHXUV FDUDFWpULVWLTXHV
1RXV DYRQV pYRTXp GDQV O LQWURGXFWLRQ GH FH PpPRLUH TXH OD SDUWLFXODULWp GH O pFR
FRQFHSWLRQ HVW G DVVRFLHU OH GpYHORSSHPHQW GH SURGXLWV DX PDQDJHPHQW
HQYLURQQHPHQWDO 4XHOTXHV pTXLSHV GH UHFKHUFKH VH VRQW SHQFKpHV SOXV
SDUWLFXOLqUHPHQW VXU FHWWH DSSURFKH HQ HVVD\DQW G LPDJLQHU TXHOV RXWLOV SRXYDLHQW
UpSRQGUH DX[ H[LJHQFHV GH FKDFXQH GHV pWDSHV G XQ 6\VWqPH GH 0DQDJHPHQW GH
O (QYLURQQHPHQW WHOOHV TXH OD SODQLILFDWLRQ OD PLVH HQ ±XYUH HW OH IRQFWLRQQHPHQW OH
FRQWU{OH HW OHV DFWLRQV FRUUHFWLYHV >6:($70$1 HW DO @ /H GHUQLHU SDUDJUDSKH VHUD
GRQF FRQVDFUp j FH OLHQ RXWLOV 60(
3DJH
287,/6'·(9$/8$7,21'(/·,03$&7(19,5211(0(17$/
'(6352'8,768102<(1' (7$%/,581(&2352),/
&HV RXWLOV VRQW GHVWLQpV j pWDEOLU XQ SURILO HQYLURQQHPHQWDO GX SURGXLW HQ YXH G·DPpOLRUHU
VHV SHUIRUPDQFHV pFRORJLTXHV ,OV QpFHVVLWHQW XQH JUDQGH TXDQWLWp G·LQIRUPDWLRQV VXU OH
SURGXLW SRXU pYDOXHU VHV LPSDFWV VXU O·HQYLURQQHPHQW SRXU XQH RX SOXVLHXUV SKDVHV GH
VRQ F\FOH GH YLH H[WUDFWLRQ GHV PDWLqUHV SUHPLqUHV IDEULFDWLRQ GLVWULEXWLRQ XWLOLVDWLRQ
ILQ GH YLH VDQV FRPSWHU OHV pWDSHV GH WUDQVSRUW ² VXU XQ RX SOXVLHXUV FULWqUHV
pFRORJLTXHV RX VXU GHV FULWqUHV GH FRQFHSWLRQ
/HV UpVXOWDWV GHV pYDOXDWLRQV LQGLTXHQW OHV SRLQWV VHQVLEOHV GX SURGXLW pWXGLp SRLQWV VXU
OHVTXHOV GHYUD DJLU OH FRQFHSWHXU &HV RXWLOV SHXYHQW rWUH GLVWLQJXpV VHORQ TX·LOV
UHSRVHQW VXU GHV pYDOXDWLRQV GH W\SH TXDQWLWDWLI RX GH W\SH TXDOLWDWLI 2Q SDUOHUD
G pYDOXDWLRQV j GRPLQDQWH TXDQWLWDWLYH RX TXDOLWDWLYH
(YDOXDWLRQjGRPLQDQWHTXDQWLWDWLYH
/H WDEOHDX VXLYDQW SUpVHQWH XQH OLVWH QRQ H[KDXVWLYH GHV RXWLOV GH FHWWH FDWpJRULH ,OV
VRQW SRXU OD SOXSDUW G XQH DSSURFKH F\FOH GH YLH
3DJH
2XWLOVG pYDOXDWLRQjGRPLQDQWHTXDQWLWDWLYH
7\SH G RXWLO &DUDFWpULVWLTXHV SULQFLSDOHV ([HPSOHV 5pIpUHQFHV
(YDOXDWLRQ pFRORJLTXH GX SURGXLW $&9 RXWLO DSSOLTXp GDQV O ,QGXVWULH

SDU UDSSRUW j GH PXOWLSOHV FULWqUHV $XWRPRELOH
>6$85 HW DO @
GpJUDGDWLRQ GH OD FRXFKH G R]RQH
)LQ GH YLH G XQH SHDX GH SDUHFKRFV HQ
DFLGLILFDWLRQ DWPRVSKpULTXH HIIHW
SRO\SURS\OqQH 36$
$QDO\VH GH &\FOH GH YLH GH VHUUH «
>/(%25*1( @
3OXVLHXUV PpWKRGHV G pYDOXDWLRQ 3ULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV
&0/ 3D\V%DV (36 6XqGH 7HOOXV OD FRQFHSWLRQ G XQH JODFLqUH
(WDWV8QLV 9ROXPHV &ULWLTXHV &DPSLQJ *D]
6XLVVH (FRSRLQWV 6XLVVH « >&/$1(7 @
$QDO\VH GH &\FOH GH YLH

VLPSOLILpH
(FRELODQ GH O DFLHU
,QYHQWDLUH SDUWLFXOLHU (FRSURILOHV
,QYHQWDLUHV GHV FRQVRPPDWLRQV HW RI WKH
,QYHQWDLUH VHXO pFRELODQ (XURSHDQ SODVWLFV LQGXVWU\

QXLVDQFHV GX SURGXLW 3:0, %HOJLTXH
>%2867($' @
(YDOXDWLRQ SDUWLFXOLqUH
(YDOXDWLRQ GHV LPSDFWV G XQ SURGXLW
$QDO\VH PRQRFULWqUH &RQWHQX (QHUJpWLTXH 1RUPH 1) ;
SRXU XQ VHXO FULWqUH >$)125 @
(YDOXDWLRQ VXFFLQFWH SRXU LGHQWLILHU

OHV SRLQWV GpIDYRUDEOHV GX SURGXLW HW
$QDO\VH IRFDOLVpH VXU FHUWDLQV *ULOOH G (YDOXDWLRQ 6LPSOLILpH HW 4XDOLWDWLYH
IRFDOLVHU VRQ pWXGH VXU FHV SRLQWV
SRLQWV TXL QpFHVVLWHQW XQH pWXGH GX &\FOH GH 9LH $)125 )UDQFH
GHV SUREOqPHV HQYLURQQHPHQWDX[ >$)125 @
DSSURIRQGLH
HW GHV pWDSHV GX F\FOH GH YLH
SDUWLFXOLHUV
0DQLSXODWLRQ DLVpH G LQGLFDWHXUV
0pWKRGH (FR,QGLFDWRU 3D\V%DV
0pWKRGH GHV pFRLQGLFDWHXUV FKLIIUpV UHSUpVHQWDQW GHV UpVXOWDWV
>*2('.223 DE@
G $&9
(YDOXDWLRQ GH OD FRQVRPPDWLRQ
0,36 0DWHULDO ,QSXW 3HU XQLW G HQYLURQQHPHQW G XQ SURGXLW
>6&+0,'7%/((. @
RI 6HUYLFH FRQVRPPDWLRQ GH PDWLqUH SDU XQLWp
GH VHUYLFH
(YDOXDWLRQ GHV FRWV GLUHFWV HW
$QDO\VH GHV FRWV LQGLUHFWV HQYLURQQHPHQWDX[ 5(', 7RRO 5R\DXPH8QL
GX F\FOH GH YLH FRPSOHW HQJHQGUpV SDU XQ SURGXLW GX >:,//,$06 @
EHUFHDX j OD WRPEH
7DEOHDX /LVWH GHV RXWLOV G pYDOXDWLRQ j GRPLQDQWH TXDQWLWDWLYH GHV LPSDFWV HQYLURQQHPHQWDX[ G XQ
SURGXLW
3DJH
$QDO\VHGH&\FOHGH9LH
/ $QDO\VH GH &\FOH GH 9LH $&9 HVW OD PpWKRGH G pYDOXDWLRQ GHV LPSDFWV OD SOXV
UHFRQQXH DX QLYHDX LQWHUQDWLRQDO
&·HVW HQ HIIHW OD VHXOH PpWKRGH D\DQW IDLW O·REMHW GH WUDYDX[ GH QRUPDOLVDWLRQ
LQWHUQDWLRQDOH QRUPHV ,62 HW >,62 @ >,62 @ >,62 D@ >,62 E@
2Q SHXW SDUOHU G XQH PpWKRGH GH FDOFXOV GHV LPSDFWV ELHQ TXH EHDXFRXS pYRTXHQW OH
WHUPH JpQpULTXH G RXWLO G DLGH j OD GpFLVLRQ 'DQV OHV SURSRV TXL VXLYURQW QRXV
HPSORLHURQV GRQF FH WHUPH G RXWLO SRXU GpVLJQHU O $&9
&·HVW XQH DSSURFKH GLWH DSSURIRQGLH GRQW O·REMHW HVW G·pYDOXHU GH IDoRQ V\VWpPDWLTXH OHV
LPSDFWV VXU O·HQYLURQQHPHQW OLpV j XQ SURGXLW RX j XQ VHUYLFH
%LHQ TX·HOOH QH SXLVVH pFKDSSHU j FHUWDLQHV TXHVWLRQV TXDOLWDWLYHV O·$&9 HVW
IRQGDPHQWDOHPHQW XQ RXWLO TXDQWLWDWLI 6D FUpGLELOLWp WLHQW DX UHFXHLO DXVVL SUpFLV HW
H[KDXVWLI TXH SRVVLEOH GH QRPEUHXVHV GRQQpHV TXDQWLWDWLYHV
6D IRUFH UpVLGH GDQV VD FDSDFLWp GH PRGpOLVDWLRQ HQ IDLVDQW YDULHU OHV SDUDPqWUHV GLYHUV
VFpQDULRV SHXYHQW rWUH pWXGLpV
/D 6(7$& GpFOLQH O·$&9 HQ TXDWUH pWDSHV >6(7$& @
'pILQLWLRQ GHV REMHFWLIV

(YDOXDWLRQ
&KDPS G DSSOLFDWLRQ ,QYHQWDLUH
GHV LPSDFWV
8QLWp )RQFWLRQQHOOH
,QWHUSUpWDWLRQ
GHV UpVXOWDWV
$SSOLFDWLRQV
$PpOLRUDWLRQ GH
SURGXLW PDUNHWLQJ «
)LJXUH /HV GLIIpUHQWHV pWDSHV GH O $QDO\VH GH &\FOH GH 9LH
6(7$& 6RFLHW\ RI (QYLURQPHQWDO 7R[LFRORJ\ DQG &KHPLVWU\ DVVRFLDWLRQ SURIHVVLRQQHOOH IRQGpH SRXU
SURPRXYRLU O XWLOLVDWLRQ G XQH DSSURFKH SOXULGLVFLSOLQDLUH GDQV OD UpVROXWLRQ GHV SUREOqPHV G LPSDFWV
HQYLURQQHPHQWDX[ OLpV DX[ SURGXLWV FKLPLTXHV HW DX[ WHFKQRORJLHV (OOH D IRQGp XQ JURXSH FRQVXOWDWLI VXU OHV
$&9 GRQW O REMHFWLI HVW GH GpYHORSSHU OD PpWKRGRORJLH VD SUDWLTXH HW VRQ H[SORLWDWLRQ
3DJH
❶ 2EMHFWLIV FKDPS G·DSSOLFDWLRQ HW XQLWp IRQFWLRQQHOOH
&HWWH SUHPLqUH SKDVH HVW SULPRUGLDOH &·HVW DX WUDYHUV G·HOOH TXH O·RQ IL[H OHV OLPLWHV
GH O·pWXGH OD TXDOLWp GHV GRQQpHV QpFHVVDLUHV j VD UpDOLVDWLRQ HW O·H[SORLWDWLRQ
SRWHQWLHOOH GH VRQ UpVXOWDW
/HV REMHFWLIV GRLYHQW rWUH GpILQLV GH IDoRQ FODLUH HW SUpFLVH ,O V·DJLW G·H[SRVHU OHV
UDLVRQV TXL PRWLYHQW O·pWXGH HW O·H[SORLWDWLRQ SRWHQWLHOOH TXL HQ VHUD IDLWH SDU VRQ
XWLOLVDWHXU
3DUPL FHV XWLOLVDWHXUV RQ WURXYHUD GHV LQGXVWULHOV GHV DXWRULWpV SXEOLTXHV GHV
RUJDQLVDWLRQV QRQ JRXYHUQHPHQWDOHV RX ELHQ HQFRUH GHV GpIHQVHXUV GH
O HQYLURQQHPHQW >.+$/,)$ @
3RXU XQ LQGXVWULHO XQH $&9 YD OXL SHUPHWWUH
✔ GH FRPSDUHU GHV SURGXLWV D\DQW OH PrPH XVDJH
✔ GH FRPSDUHU GHV PDWpULDX[ JpQpULTXHV
✔ GH FRPSDUHU GLIIpUHQWV SURFpGpV SRXU PLQLPLVHU OHXUV LPSDFWV
HQYLURQQHPHQWDX[
✔ G LGHQWLILHU O RULJLQH GHV FRQWULEXWLRQV OHV SOXV LPSRUWDQWHV DX[ LPSDFWV
HQYLURQQHPHQWDX[ GDQV OH F\FOH GH YLH GX V\VWqPH pWXGLp
✔ G DLGHU j LGHQWLILHU OHV YRLHV G DPpOLRUDWLRQ HQYLURQQHPHQWDOH GHV SURGXLWV
✔ G LQIRUPHU OHV FRQVRPPDWHXUV VXU OHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV GHV
SURGXLWV
✔ G DLGHU j GpILQLU XQH VWUDWpJLH j ORQJ WHUPH
✔ G DPpOLRUHU OD FRPSpWLWLYLWp GH VRQ HQWUHSULVH
3RXU XQ GpFLGHXU SXEOLF XQH $&9 YD OXL SHUPHWWUH
✔ GH IL[HU FHUWDLQHV QRUPHV UHODWLYHV DX[ SURGXLWV
✔ GH PHWWUH HQ SODFH GHV SURJUDPPHV GH ODEHOOLVDWLRQ GHV SURGXLWV
✔ G pYDOXHU OHV GpFODUDWLRQV IDLWHV SDU OHV LQGXVWULHOV
✔ GH PHWWUH HQ SODFH XQH SROLWLTXH GH ORQJ WHUPH UHODWLYH j OD UpGXFWLRQ GHV
LPSDFWV HW j OD FRQVHUYDWLRQ GHV UHVVRXUFHV QDWXUHOOHV
✔ GH FRPSDUHU GHV FKRL[ SROLWLTXHV
✔ G LGHQWLILHU GHV PDQTXHV GH FRQQDLVVDQFHV HW GH GpILQLU GHV D[HV GH UHFKHUFKH
/H FKRL[ GX FKDPS G·DSSOLFDWLRQ GH O·pWXGH HVW WRWDOHPHQW DUELWUDLUH /HV OLPLWHV j
GpILQLU TXDQW DX FKRL[ GHV IOX[ pOpPHQWDLUHV UHWHQXV LQSXWV HW RXWSXWV SRXU OHV
FDOFXOV YRQW SHUPHWWUH GH UHQGUH O·pWXGH UpDOLVDEOH HQ pYLWDQW G·\ LQWpJUHU
O·HQVHPEOH GX V\VWqPH LQGXVWULHO HW VRFLDO &HV IURQWLqUHV QH VRQW SDV WRXMRXUV DLVpHV
3DJH
j SODFHU (Q JpQpUDO OH V\VWqPH pWXGLp HVW FRQVWLWXp GHV RSpUDWLRQV VWULFWHPHQW
QpFHVVDLUHV SRXU DVVXUHU OD RX OHV IRQFWLRQV TXL FRQGLWLRQQHQW O XQLWp IRQFWLRQQHOOH
'DQV OH V\VWqPH GpOLPLWp SDU GHV IURQWLqUHV OHTXHO HVW DSSHOp WHFKQRVSKqUH
>.+$/,)$ @ RQ YD GLVWLQJXHU OHV IOX[ HQWUDQWV RX UHVVRXUFHV QDWXUHOOHV pQHUJpWLTXHV
HW QRQ pQHUJpWLTXHV GHV IOX[ VRUWDQWV RX UHMHWV GDQV O HQYLURQQHPHQW SROOXWLRQV
/·XQLWp IRQFWLRQQHOOH HQILQ HVW OD FDUDFWpULVWLTXH PrPH GX SURGXLW SURFpGp RX
VHUYLFH pWXGLp j ODTXHOOH HVW UDPHQp O·HQVHPEOH GHV IOX[ UHFHQVpV &HWWH XQLWp
VSpFLILH OD IRQFWLRQ GX SURGXLW FRQVLGpUp RX OH VHUYLFH UHQGX
❷ ,QYHQWDLUH
&·HVW OH ELODQ TXDQWLWDWLI GHV IOX[ HQWUDQWV HW VRUWDQWV GX V\VWqPH GpOLPLWp SDU GHV
IURQWLqUHV SURGXLW FHV IOX[ VRQW OLVWpV HW FODVVpV OD SOXSDUW GX WHPSV VHORQ FLQT
IDFWHXUV G·LPSDFW FRQVRPPDWLRQV GH PDWLqUHV SUHPLqUHV HW G·pQHUJLH UHMHWV
DWPRVSKpULTXHV HW DTXHX[ GpFKHWV VROLGHV
❸ (YDOXDWLRQ GHV LPSDFWV
,O YD V·DJLU GH FODVVHU OHV IOX[ SDU FULWqUH HQYLURQQHPHQWDO TXDOLWDWLI
DSSDXYULVVHPHQW GH OD FRXFKH G·R]RQH HIIHW GH VHUUH DFLGLILFDWLRQ GH O·DWPRVSKqUH
FRQVRPPDWLRQ G·pQHUJLH pSXLVHPHQW GHV UHVVRXUFHV QDWXUHOOHV SURGXFWLRQ GH
GpFKHWV HXWURSKLVDWLRQ GH O·HDX « SXLV GH FDUDFWpULVHU TXDQWLILFDWLRQ GH OD
FRQWULEXWLRQ GHV IOX[ j FKDFXQ GHV FULWqUHV RX FDWpJRULHV G LPSDFW GH QRUPDOLVHU HW
G·pYDOXHU j O·DLGH G·LQGLFDWHXUV OHV LPSDFWV HQYLURQQHPHQWDX[ DVVRFLpV j FHV IOX[
$ QRWHU TXH O pWDSH GH QRUPDOLVDWLRQ HVW IDFXOWDWLYH HOOH YD SHUPHWWUH GH GpWHUPLQHU
OD FRQWULEXWLRQ GX V\VWqPH j O LPSDFW JOREDO DX QLYHDX GH O (XURSH / REMHFWLI HVW GH
UHQGUH VDQV GLPHQVLRQ OHV YDOHXUV GHV FRQWULEXWLRQV GX V\VWqPH DX[ GLIIpUHQWV
LPSDFWV DILQ GH IDFLOLWHU OHXU FRPSDUDLVRQ
❹ ,QWHUSUpWDWLRQ GHV UpVXOWDWV GH O·$&9
&HWWH GHUQLqUH pWDSH HVW GHVWLQpH j LQWHUSUpWHU OHV UpVXOWDWV REWHQXV HQ FRPSDUDLVRQ
DYHF OHV REMHFWLIV IL[pV HQ GpEXW G pWXGH SRXU SHUPHWWUH HQVXLWH G LGHQWLILHU GHV
RSWLRQV GH UpGXFWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[ GX SURGXLW DQDO\Vp
8Q FRQVHQVXV JpQpUDO HVW HQ SDVVH G rWUH pWDEOL HW IHUD WUqV SURFKDLQHPHQW O·REMHW
G·XQH QRUPDOLVDWLRQ QRUPH ,62 >,62 E@
/·$QDO\VH GH &\FOH GH 9LH PXOWLSKDVH TXL FRQFHUQH WRXWHV OHV SKDVHV GX F\FOH GH YLH HW
PXOWLFULWqUH V·DSSOLTXH VXU XQ SURGXLW RX SURFpGp 3DU HVVHQFH HOOH FRQVWLWXH XQ RXWLO
3DJH
FRPSDUDWLI DYHF XQ V\VWqPH GH UpIpUHQFH QpFHVVDLUH SXLVTXH VHV UpVXOWDWV Q RQW DXFXQH
VLJQLILFDWLRQ GDQV O DEVROX ,O YD GRQF V DJLU GH FRPSDUHU
• 8Q SURGXLW RX XQ SURFpGp QRXYHDX SDU UDSSRUW j VRQ SUpGpFHVVHXU
• 8Q SURGXLW RX XQ SURFpGp SDU UDSSRUW j VRQ FRQFXUUHQW
• 8Q SURGXLW RX XQ SURFpGp SDU UDSSRUW j GHV REMHFWLIV SUpFLV FI SOXV KDXW
3RXU UpDOLVHU XQH $&9 FRPSOqWH HW SHUWLQHQWH GHV LQIRUPDWLRQV SRLQWXHV VRQW
QpFHVVDLUHV DX[ FDOFXOV /·DFFHQW HVW DORUV EHDXFRXS SRUWp VXU OD TXDOLWp GHV GRQQpHV
XWLOLVpHV HQ JUDQGH SDUWLH UHVSRQVDEOH GH OD ILDELOLWp GHV UpVXOWDWV REWHQXV >%/$1& HW DO
@
,O H[LVWH GRQF GH PXOWLSOHV EDVHV GH GRQQpHV GpYHORSSpHV j WUDYHUV OH PRQGH GRQW
TXHOTXHV XQHV VRQW UHSULVHV GDQV OH WDEOHDX FLDSUqV
1RP 2ULJLQH )RUPH 7\SH GH GRQQpHV
'RQQpHV WHFKQLTXHV HW
'HOIW 8QLYHUVLW\ RI 7HFKQRORJ\
,GH0DW /RJLFLHO HQYLURQQHPHQWDOHV VXU
3D\V%DV
PDWpULDX[ HW SURFpGpV
$30(
$VVRFLDWLRQ RI 3ODVWLFV 3URGXFWLRQ G·NJ GH

(&2352),/(6 0DQXIDFWXUHUV LQ (XURSH 5DSSRUW SODVWLTXH )OX[ GH
RI WKH (XURSHDQ %HOJLTXH SDU SODVWLTXH 33 PDWLqUHV G·pQHUJLH UHMHWV
SODVWLFV LQGXVWU\ 3:0, 3( 36 « GDQV O·HDX GDQV O·DLU HW
3ODVWLFV :DVWH 0DQDJHPHQW GpFKHWV
,QVWLWXWH %HOJLTXH
%8:$/
(FREDODQFH RI 6ZLVV )HGHUDO 2IILFH RI 5DSSRUWV
(FRELODQ GH PDWpULDX[
SDFNDJLQJ PDWHULDOV (QYLURQPHQW )RUHVWV DQG Q
G·HPEDOODJHV
/DQGVFDSH Q
6XLVVH
/LIH F\FOH DQDO\VLV RI

&KDOPHUV ,QGXVWULWHNQLN (FRELODQ GH PDWpULDX[
VHOHFWHG SDFNDJLQJ 5DSSRUW
6XqGH G·HPEDOODJHV
PDWHULDOV
gNRLQYHQWDUH YRQ (7+ =ULFK

5DSSRUW 6\VWqPHV G·pQHUJLH
(QHUJLHV\VWHPHQ 6XLVVH
7DEOHDX 4XHOTXHV EDVHV GH GRQQpHV QpFHVVDLUHV j OD UpDOLVDWLRQ G·$&9
,O H[LVWH GLYHUVHV PpWKRGHV GH FDOFXOV GHV LPSDFWV TXL GLIIpUHQW OHV XQHV GHV DXWUHV SDU OD
SKDVH G·pYDOXDWLRQ 2Q SRXUUDLW QRWDPPHQW FLWHU OHV PpWKRGHV &0/ 3D\V%DV (36
6XqGH 7HOOXV (WDWV8QLV GHV YROXPHV FULWLTXHV RX HQFRUH GHV pFRSRLQWV 6XLVVH
3DJH
>6,'252)) @ >.+$/,)$ @ PpWKRGHV TXH QRXV QH GpWDLOOHURQV SDV LFL SXLVTXH FH Q HVW
SDV O REMHW GH QRWUH SURSRV
'H QRPEUHX[ ORJLFLHOV G $&9 GpYHORSSpV GDQV OH PRQGH VRQW EDVpV VXU FHV GLIIpUHQWHV
YRLHV G·pYDOXDWLRQ /H WDEOHDX VXLYDQW SUpVHQWH XQH OLVWH QRQ H[KDXVWLYH GH FHV ORJLFLHOV
G·$&9 >$/7,1* HW DO @ >0(1.( HW DO @
8WLOLVp SRXU
(YDOXDWLRQ GHV %DVH GH GRQQpHV
1 2XWLO 'pYHORSSp SDU 3D\V 7\SH G RXWLO GHV SURGXLWV
LPSDFWV GLVSRQLEOH
FRPSOH[HV
&/($1
(35, (OHFWULF 3RZHU 86$ 4XDQWLWDWLI " ;
5HVHDUFK ,QVWLWXWH

+RKHQKHLP 8QLYHUVLWlW ' 4XDQWLWDWLI ; ; ;
&803$1
'DLPOHU%HQ]
(&2LW 35p &RQVXOWDQWV 1/ 4XDQWLWDWLI ; ; ;
(FR3UR (03$ &+ 4XDQWLWDWLI " ; ;
(FR$VVHVVRU 3,5$ ,QWHUQDWLRQDO 8. 4XDQWLWDWLI " ; ;
(FR0DQDJHU
)UDQNOLQ $VVRFLDWHV /WG 86$ 4XDQWLWDWLI ; ;
3,5$ ,QWHUQDWLRQDO
(&21752/ 2HNRVFLHQFH &+ 4XDQWLWDWLI " " ;
(FR6FDQ 7XUWOH %D\ 1/ 4XDQWLWDWLI ; ; ;
(FR6\V 6DQGLD'2( 86$ 4XDQWLWDWLI " " ;
(',3WRRO
,QVWLWXWH IRU 3URGXFW '. 4XDQWLWDWLI ; ; ;
'HYHORSPHQW
(0,6 &DUERWHFK &+ 4XDQWLWDWLI " " ;
(36WRRO
6ZHGLVK (QYLURQPHQWDO 6 4XDQWLWDWLI ; ; "
5HVHDUFK ,QVWLWXWH ,9/
(8./,'
)UDXQKRIHU ,QVWLWXWH ,/9 ' 4XDQWLWDWLI ; ;
0XQLFK
*D%L
,QVWLWXW IU .XQVWVWRIISUIXQJ ' 4XDQWLWDWLI ; ; ;
XQG .XQVWVWRIINXQGH ,.3
+HUDNOLW )UDXQKRIHU ,QVWLWXWH ' 4XDQWLWDWLI " " ;
,'($ 977 6) 4XDQWLWDWLI ; ; ;
.&/ (FR
7KH )LQQLVK 3XOS DQG 3DSHU 6) 4XDQWLWDWLI ;
,QVW
/&$ LQYHQWRU\ 7RRO

/&$L7
&KDOPHUV ,QGXVWULWHNQLN 6 4XDQWLWDWLI ; ;
/&$6\V 3KLOLSV 25,*,1 1/ 4XDQWLWDWLI " " ;
/,06 &KHP 6\VWHPV ,QF 86$ 4XDQWLWDWLI ; ;
/06 (FR LQY WRRO /06 8PZHOWV\VWHPH $ 4XDQWLWDWLI " " ;
0DWUL[ DSSURDFK $7 7 86$ 6HPLTXDQWLWDWLI ;

2HNR%DVH 0LJURV &+ 4XDQWLWDWLI ; ;
3(06 3,5$ ,QWHUQDWLRQDO 8. 4XDQWLWDWLI ; ; ;
3,$
,QVWLWXXW YRRU 7RHJHSDVWH 1/ 4XDQWLWDWLI ; ; ;
0LOLHX(FRQRPLH
3,8662(&26 36, $* ' 4XDQWLWDWLI " " ;
3/$ 9LVLRQLN $S6 '. 4XDQWLWDWLI " " ;
3UH/&$ 7RRO %DWWHOOH'LJLWDO 86$ 6HPLTXDQWLWDWLI ;
5(*,6 6LPXP *PEK &+ 4XDQWLWDWLI " " ;
5(3$4 )UDQNOLQ $VVRFLDWHV /WG 86$ 4XDQWLWDWLI ; ;
6LPD3UR 35p &RQVXOWDQWV 1/ 4XDQWLWDWLI ; ; ;
6LPD7RRO /HLGHQ 8QLYHUVLW\ 1/ 4XDQWLWDWLI " " ;
6LPER[ ($:$* &+ 4XDQWLWDWLI " " ;
7($0 (FRELODQ )86$ 4XDQWLWDWLI ; ; ;
7(0,6 2NR ,QVWLWXW ' 4XDQWLWDWLI " ; ;
7KH %2867($'

0RGHO
%RXVWHDG &RQVXOWLQJ 8. 4XDQWLWDWLI ; ;
7DEOHDX /LVWH GH ORJLFLHOV G·$&9 H[LVWDQWV RX HQ FRXUV GH GpYHORSSHPHQW
3DJH
5HPDUTXH '·DSUqV OH WDEOHDX OD SOXSDUW GHV ORJLFLHOV G·$&9 FRQWLHQQHQW OHXU SURSUH
EDVH GH GRQQpHV FRPPH '($0 OD EDVH GH GRQQpH GX ORJLFLHO 7($0 (FREDODQFH 8.
'DQV OH FDV GHV ORJLFLHOV RQ YD SDUOHU G XQH DSSURFKH LQWpJUpH GH O $&9 SXLVTXH OHV
LQIRUPDWLRQV UDVVHPEOpHV VRQW UHQGXHV GLUHFWHPHQW H[SORLWDEOHV SDU VRQ XWLOLVDWHXU
FHOXLFL HQWUH VHV GRQQpHV HW OH ORJLFLHO XWLOLVp OXL GRQQH GHV UpVXOWDWV VRXV XQH IRUPH
VWDQGDUGLVpH VHORQ XQH UHSUpVHQWDWLRQ GH W\SH UDGDU WDEOHDX FRXUEH «
1RPEUH G·HQWUHSULVHV V·LQWpUHVVHQW j FHV DSSURFKHV DSSURIRQGLHV HW VXUWRXW LQWpJUpHV

SRXU DQDO\VHU SXLV DPpOLRUHU OHXUV SURGXLWV SDU UDSSRUW j O·HQYLURQQHPHQW HW FH GDQV OH
VHFWHXU DXWRPRELOH pWXGHV FKH] 36$ RX 5HQDXOW >/( %25*1( @ OH VHFWHXU pOHFWULTXH
(') HW ELHQ G·DXWUHV HQFRUH pWXGH FKH] &DPSLQJ *D] >&/$1(7 @ 0RQRSUL[
3URFWHU *DPEOH «
&HSHQGDQW OD SOXSDUW GX WHPSV FHV $&9 QH VRQW SUDWLTXpHV TXH SDU GHV RUJDQLVPHV GH
JUDQGHV HQYHUJXUHV SXLVTXH O·pWXGH FRPSOqWH GHPHXUH ORXUGH EHDXFRXS
G·LQIRUPDWLRQV j UpXQLU HW GH FDOFXOV j HIIHFWXHU HW FRWHXVH HQ UHVVRXUFHV ILQDQFLqUHV
KXPDLQHV HW WHPSRUHOOHV >1$9$552 HW DO @ >&+(9$/,(5 @
' DXWUH SDUW FH W\SH G·pWXGH TXL LGHQWLILH SRXU SOXVLHXUV FULWqUHV pFRORJLTXHV FKRLVLV OHV
LPSDFWV HQYLURQQHPHQWDX[ G·XQ SURGXLW VXU O·HQVHPEOH GH VRQ F\FOH GH YLH QH SUHQG
SDV HQ FRPSWH
OD GLPHQVLRQ VSDWLDOH LO IDXGUDLW GLVWLQJXHU OHV SROOXWLRQV ORFDOHV GX W\SH SOXLHV

DFLGHV RX HXWURSKLVDWLRQ GHV HDX[ GHV SROOXWLRQV JOREDOHV GX W\SH HIIHW GH VHUUH RX
GHVWUXFWLRQ GH OD FRXFKH G·R]RQH
OD GLPHQVLRQ WHPSRUHOOH LO IDXGUDLW GLVWLQJXHU OHV YLVLRQV j FRXUW PR\HQ RX ORQJ

WHUPH GHV LPSDFWV HQJHQGUpV SDU FHUWDLQV IOX[ HW OHXUV FRQVpTXHQFHV VXU OD VDQWp
KXPDLQH OHV pFRV\VWqPHV «
OHV SRVVLELOLWpV GH UpDFWLRQV HQ FKDvQH HQWUH UHMHWV HW OHV HIIHWV GH V\QHUJLH RX

G·DQWDJRQLVPH SRXYDQW PLQLPLVHU RX DFFURvWUH FHUWDLQV LPSDFWV
/ $&9 HVW GH SOXV XQH DSSURFKH SXUHPHQW pFRORJLTXH TXL QH FRQVLGqUH SDV O·DUFKLWHFWXUH
PrPH GX SURGXLW DYHF OH QRPEUH GH FRPSRVDQWV GH PDWpULDX[ GLIIpUHQWV GH IL[DWLRQV
OLDQW OHV FRPSRVDQWV « DXWDQW GH FULWqUHV SRXUWDQW SOXV pYRFDWHXUV SRXU XQ FRQFHSWHXU
/HV FULWqUHV pFRORJLTXHV SULV HQ FRPSWH SDU OHV $&9 VRQW ILQDOHPHQW PDO UHFRQQXV SDU OH
3DJH
PpWLHU GH OD FRQFHSWLRQ HW OHV UpVXOWDWV GH WHOOHV pWXGHV SDV IRUFpPHQW DLVpPHQW

H[SORLWDEOHV HQ WHUPHV GH YRLHV G DPpOLRUDWLRQ YHUV XQH FRQFHSWLRQ SOXV UHVSHFWXHXVH GH
O HQYLURQQHPHQW
(QILQ TXH GLUH GHV UpVXOWDWV FRPSDUDWLIV VXU GHX[ SURGXLWV GRQW O XQ SDU H[HPSOH HVW
UHFRQQX DYRLU SOXV G LPSDFW VXU O HIIHW GH VHUUH HW OH VHFRQG GDYDQWDJH VXU O DFLGLILFDWLRQ
DWPRVSKpULTXH WRXW DXWUH LPSDFW pTXLYDOHQW SDU DLOOHXUV " &RPPHQW SHXWRQ FRQFOXUH
TXH O XQ GHV SURGXLWV HVW PHLOOHXU SRXU O HQYLURQQHPHQW " 8QH KLpUDUFKLVDWLRQ SDU XQH
SRQGpUDWLRQ VXEMHFWLYH GRQF FRQWHVWDEOH EDVpH VXU XQH VWUDWpJLH SDUWLFXOLqUH
G HQWUHSULVH RX XQ FKRL[ SROLWLTXH SXLV XQH DJUpJDWLRQ YRQW DORUV SHUPHWWUH GH
GLVWLQJXHU OHV SURGXLWV
0DOJUp FHV pFXHLOV GHV LQGXVWULHOV GpVLUHX[ GH FRQQDvWUH OHV LPSDFWV HQYLURQQHPHQWDX[
GH OHXUV SURGXLWV YRQW SDUIRLV VH ODQFHU GDQV GHV pWXGHV $&9 PDLV VDQV SRXU DXWDQW
VRXKDLWHU DWWHLQGUH XQ JUDQG QLYHDX GH GpWDLO RX UpDOLVHU XQH pWXGH JOREDOH $ XQH
DSSURFKH FRPSOqWH LOV SUpIpUHURQW XQH DSSURFKH VLPSOLILpH
$QDO\VHGH&\FOHGH9LHVLPSOLILpH
&HWWH DSSURFKH VLPSOLILpH SHXW VH GpFOLQHU GH SOXVLHXUV PDQLqUHV VHORQ TXH O·RQ UpGXLW
GDYDQWDJH OHV IURQWLqUHV GX V\VWqPH SRXU PLQLPLVHU OD TXDQWLWp GH GRQQpHV j FROOHFWHU
TX·RQ OLPLWH OHV UHFKHUFKHV DSSURIRQGLHV GH GRQQpHV RX TXH O·RQ FRPELQH GRQQpHV
TXDQWLWDWLYHV HW TXDOLWDWLYHV ) 2·&RQQRU pYRTXH OH WHUPH G·DSSURFKH $/&$ $OWHUQDWLYH
RX $EULGJHG /LIH &\FOH $QDO\VLV >2·&21125 @
1RXV pYRTXHURQV GRQF OHV VLPSOLILFDWLRQV VXLYDQWHV
• 6LPSOLILFDWLRQ HQ VH OLPLWDQW j OD VHXOH pWDSH G·LQYHQWDLUH GH OD PpWKRGRORJLH RX

pFRELODQ FHOD YD SHUPHWWUH JUkFH j OD OLVWH GHV IOX[ G·LGHQWLILHU OHV RSpUDWLRQV OHV
SOXV SROOXDQWHV
8QH pWXGH FRPPH O·pFRELODQ GH O·DFLHU SRXU HPEDOODJH 5HYXH 0DJQHWLF 62//$&
SDU H[HPSOH UHSUpVHQWH DLQVL O·LQYHQWDLUH GH O·HQVHPEOH GHV LPSDFWV HQJHQGUpV SDU
O·DFLHU XWLOLVp GDQV OHV HPEDOODJHV HW FH GHSXLV VRQ H[WUDFWLRQ MXVTX·j VD ILQ GH YLH
/HV (FRSURILOHV GH O·LQGXVWULH HXURSpHQQH GHV SODVWLTXHV UpGLJpV SRXU OH FRPSWH

GX 3:0, (XURSHDQ &HQWUH IRU SODVWLFV LQ WKH (QYLURQPHQW VRQW TXDQW j HX[ XQ
/LPLWH GHV IURQWLqUHV GX V\VWqPH GDQV OH FDV G·XQH $&9 GDQV XQH HQWUHSULVH FHOOHFL SHXW OLPLWHU OHV
UHFKHUFKHV GH GRQQpHV j FHOOHV FRQFHUQDQW OHV DFWLYLWpV OHV DFWHXUV VXU OHVTXHOV HOOH D SRVVLELOLWp G·DJLU
TX·HOOH PDvWULVH 8QH pTXLSH DPpULFDLQH D DLQVL GpYHORSSp OH FRQFHSW GH © 6SKqUH G·,QIOXHQFH ª SHUPHWWDQW
DX[ 30( GH UpDOLVHU GHV $&9 VXU OHXUV SURGXLWV >621'((1 HW DO @
3DJH
H[HPSOH ELHQ SDUWLFXOLHU GH FHV LQYHQWDLUHV LOV IRXUQLVVHQW HQ HIIHW j O·XWLOLVDWHXU
O·HQVHPEOH GHV FRQVRPPDWLRQV GH PDWLqUH G·pQHUJLH GHV pPLVVLRQV GDQV O·DLU GDQV
O·HDX HW GH OD SURGXFWLRQ GH GpFKHWV HQJHQGUpHV SDU OD SURGXFWLRQ G· NJ GH SODVWLTXH
3(7 33 36 3%7 « 2Q GLVSRVH GRQF LFL G XQ LQYHQWDLUH GHV SRQFWLRQV HW UHMHWV GH OD
SKDVH G pODERUDWLRQ GX SURGXLW
• 6LPSOLILFDWLRQ HQ VH OLPLWDQW j XQ VHXO FULWqUH OD FRQVRPPDWLRQ GH UHVVRXUFHV
PDWLqUH RX pQHUJLH O·HIIHW GH VHUUH O·HXWURSKLVDWLRQ GH O·HDX OD SUpVHQFH GH
VXEVWDQFHV WR[LTXHV «
&H W\SH G DSSURFKH PRQRFULWqUH HVW UpDOLVpH OH SOXV VRXYHQW GDQV OH FDGUH G XQH
VWUDWpJLH SDUWLFXOLqUH G HQWUHSULVH VRXKDLWDQW UpGXLUH OHV LPSDFWV QpJDWLIV GH VHV
SURGXLWV VXU O HIIHW GH VHUUH RX XQH SROLWLTXH GH SD\V FRPPH OD SROLWLTXH pQHUJpWLTXH
TXL H[LJH GH WRXWHV OHV DFWLYLWpV XQH EDLVVH GHV SRQFWLRQV HQ UHVVRXUFHV pQHUJpWLTXHV
/H FRQWHQX pQHUJpWLTXH HVW XQ H[HPSOH SDUWLFXOLHU G RXWLO G pYDOXDWLRQ EDVpH VXU XQH
DSSURFKH PRQRFULWqUH IRFDOLVpH VXU OD IDEULFDWLRQ G XQ SURGXLW 0LV DX SRLQW SDU OH

&(5(1 LO D IDLW O REMHW GH WUDYDX[ GH QRUPDOLVDWLRQ QRUPH 1)

; >$)125 @
3RXU XQ SURGXLW LO V DJLW GH FRPSWDELOLVHU WRXWHV OHV pQHUJLHV GpSHQVpHV SRXU VD
IDEULFDWLRQ \ FRPSULV OHV pQHUJLHV GpSHQVpHV SRXU O pODERUDWLRQ GHV PDWpULDX[
FRQVWLWXWLIV / RXWLO VH GpFOLQH HQ WURLV pWDSHV GHVFULSWLRQ GX SURFpGp TXH SUHQGRQ
HQ FRPSWH " GpWHUPLQDWLRQ GHV K\SRWKqVHV GH WUDYDLO FRHIILFLHQWV GH FDOFXO FKRLVLV
HW FDOFXO GX FRQWHQX pQHUJpWLTXH
/ RXWLO SHXW rWUH XWLOLVp HQ SDUWLFXOLHU SRXU PHVXUHU O pQHUJLH JOREDOH GpSHQVpH GDQV
XQH ILOLqUH GH SURGXLW DILQ GH GpWHUPLQHU OH WDX[ RSWLPXP GH UHF\FODJH
/HV OLPLWHV GRQW LO HVW SRVVLEOH GH IDLUH pWDW DYHF FHV DSSURFKHV PRQRFULWqUHV VRQW TX LO
HVW ELHQ GpOLFDW G DSSUpFLHU OH FRPSRUWHPHQW HQYLURQQHPHQWDO G XQ SURGXLW pYDOXp
SRXU XQ VHXO FULWqUH HW VXUWRXW GH FRQFOXUH VXU OHV UpVXOWDWV GH OD FRPSDUDLVRQ GH GHX[
SURGXLWV
'DQV OH FDV G XQH DSSURFKH pQHUJpWLTXH SHXWRQ HQ HIIHW UDLVRQQDEOHPHQW FRQFOXUH
TX XQ SURGXLW TXL FRQVRPPH SHX G pQHUJLH HVW XQ ERQ SURGXLW YLVjYLV GH
O HQYLURQQHPHQW " (Q G DXWUHV WHUPHV H[LVWHWLO SDU H[HPSOH XQH FRUUpODWLRQ HQWUH OH
FRQWHQX pQHUJpWLTXH JOREDO &( G XQ SURGXLW HW VHV GpVXWLOLWpV HQYLURQQHPHQWDOHV
GpFKHWV UHMHWV « " 8QH pWXGH GH ' 0LOOHW D PRQWUp TXH FHWWH FRUUpODWLRQ HQWUH OH
&( HW WURLV LQGLFDWHXUV HQYLURQQHPHQWDX[ WDX[ GH GpFKHWV WDX[ GH UHMHWV GDQV O DLU HW
&(5(1 /H &(5(1 HVW XQ JURXSHPHQW G LQWpUrW pFRQRPLTXH UDVVHPEODQW O $'(0( &KDUERQQDJH GH
)UDQFH (OHFWULFLWp GH )UDQFH *D] GH )UDQFH HW O ,QVWLWXW 1DWLRQDO GH OD VWDWLVWLTXH HW GHV (WXGHV (FRQRPLTXHV
HW O 2EVHUYDWRLUH GH / eQHUJLH
1RUPH ; &HWWH QRUPH GLVWLQJXH OH FRQWHQX pQHUJpWLTXH JOREDO G XQ SURGXLW GX FRQWHQX pQHUJpWLTXH
VLPSOLILp / DSSURFKH JOREDOH WLHQW HQ HIIHW DXVVL FRPSWH GX FDSLWDO pQHUJpWLTXH GX SURGXLW HW GHV GpSHQVHV
G pQHUJLH OLpHV DX[ RSpUDWLRQV GH VWRFNDJH GH WUDQVSRUW GH FRQGLWLRQQHPHQW HW DX[ DX[LOLDLUHV
3DJH
WDX[ GH UHMHWV GDQV O HDX UHVWH IDLEOH HW QH SHUPHW SDV DX FRQFHSWHXU G HQ GpGXLUH OHV
ERQV FKRL[ G DPpOLRUDWLRQ >0,//(7 @ ,O Q HQ GHPHXUH SDV PRLQV TX HQ UDLVRQQDQW j
PDWpULDX FRQVWDQW OD UpGXFWLRQ GX &( UpVXOWDQW G XQH YDORULVDWLRQ GX PDWpULDX SDU
UHF\FODJH HVW ELHQ FRUUpOpH DYHF GHV UpGXFWLRQV GH UHMHWV HW GH SURGXFWLRQ GH
GpFKHWV
• 6LPSOLILFDWLRQ HQ VH IRFDOLVDQW VXU FHUWDLQV SUREOqPHV G HQYLURQQHPHQW HW GHV pWDSHV

SDUWLFXOLqUHV GX F\FOH GH YLH
& HVW O DSSURFKH DGRSWpH SDU O (64&9 OD JULOOH G· (YDOXDWLRQ 6LPSOLILpH HW
4XDOLWDWLYH GX &\FOH GH 9LH &HWWH JULOOH HVW H[WUDLWH GX IDVFLFXOH GRFXPHQWDLUH GH
O·$)125 )' ; 3ULVH HQ FRPSWH GH O·HQYLURQQHPHQW GDQV OD FRQFHSWLRQ HW OH
GpYHORSSHPHQW GHV SURGXLWV 3ULQFLSHV JpQpUDX[ HW DSSOLFDWLRQ >$)125 @
&HUWDLQV TXDOLILHQW FHWWH DSSURFKH GH VHPLTXDQWLWDWLYH >9(17(5( @ GDQV OH VHQV R

LO V DJLW G DYRLU TXHOTXHV GRQQpHV TXDQWLWDWLYHV SHUPHWWDQW GH PHVXUHU O LPSRUWDQFH GH
FHUWDLQV SUREOqPHV HW FH G DSUqV O DYLV GH GLIIpUHQWV H[SHUWV GRQW OHV GLUHV YRQW
SHUPHWWUH G·XQH SDUW GH OLPLWHU OH FKDPS G·LQYHVWLJDWLRQV HW G·DXWUH SDUW G·LQGLTXHU OHV
WKqPHV HQYLURQQHPHQWDX[ j DERUGHU HW OHV SKDVHV GX F\FOH GH YLH VHPEODQW OHV SOXV
SHUWLQHQWHV j pWXGLHU
/ DSSURFKH Q HVW SDV DXVVL FRPSOqWH HW JOREDOH TXH GDQV OH FDV GH O $&9 2Q SHXW
GLVWLQJXHU GHX[ pWDSHV GDQV O DSSURFKH XQH TXDOLWDWLYH HW XQH TXDQWLWDWLYH
$ SDUWLU G XQ SUHPLHU TXHVWLRQQDLUH UHPSOL SDU OH IDEULFDQW GX SURGXLW j pWXGLHU XQ

H[SHUW YD LGHQWLILHU OHV SULQFLSDX[ SUREOqPHV HQYLURQQHPHQWDX[ GH FH SURGXLW HW
pODERUHU XQH JULOOH VXU ODTXHOOH VHURQW LQGLTXpV OHV SRLQWV GpIDYRUDEOHV QpFHVVLWDQW
GHV GRQQpHV SOXV FRPSOqWHV SRXU FRQGXLUH j XQH pYDOXDWLRQ SUpFLVH GHV SUREOqPHV j
UpVRXGUH & HVW O pWDSH G pYDOXDWLRQ TXDOLWDWLYH
3RXU VLPSOLILHU O pWXGH XQ PD[LPXP GH SUREOqPHV VHURQW H[DPLQpV ,OV
FRUUHVSRQGHQW j GHV IOX[ RX LPSDFWV TXL FDUDFWpULVHQW FHV SUREOqPHV
/·H[HPSOH TXL VXLW GDQV OD ILJXUH HVW DSSOLTXp VXU XQ SURGXLW ILFWLI
3DJH
([WUDFWLRQ GH
7UDLWHPHQW GH
PDWLqUHV 3URGXFWLRQ 'LVWULEXWLRQ 8WLOLVDWLRQ
ILQ GH YLH
SUHPLqUHV
3ROOXWLRQV HW GpFKHWV TXDQWLWp

" ❏
WR[LFLWp
(SXLVHPHQW GHV UHVVRXUFHV
QDWXUHOOHV TXDQWLWpV XWLOLVpHV

❏ ❏ "
RULJLQH UHQRXYHODEOH RX QRQ
UHVVRXUFH DERQGDQWH RX UDUH
%UXLWV RGHXUV DWWHLQWH j

❏ " "
O·HVWKpWLTXH
/pJHQGH $SSUpFLDWLRQ SDU UDSSRUW j O·HQYLURQQHPHQW
❏ GpIDYRUDEOH
IDYRUDEOH
WUqV IDYRUDEOH
" DEVHQFH GH GRQQpHV
VDQV REMHW
)LJXUH *ULOOH G (YDOXDWLRQ 6LPSOLILpH HW 4XDOLWDWLYH GX &\FOH GH 9LH GH O $)125 ([HPSOH VXU XQ
SURGXLW ILFWLI
6RXUFH $)125 )DVFLFXOH GRFXPHQWDLUH )' ; 0DL
6XU XQ WHO WDEOHDX RQ SHXW YLVXDOLVHU UDSLGHPHQW OHV pWDSHV VXVFHSWLEOHV GH SRVHU GHV
SUREOqPHV GpIDYRUDEOH DX FRXUV GX F\FOH GH YLH
8Q VHFRQG TXHVWLRQQDLUH UHPSOL SDU OH IDEULFDQW YD SHUPHWWUH j O H[SHUW G DSSURIRQGLU
HQ WHUPHV TXDQWLWDWLIV VRQ LQYHVWLJDWLRQ VXU OHV SUREOqPHV SULQFLSDX[ GH FDOFXOHU OD
QRWDELOLWp GH FKDFXQ G HX[ SXLV G LGHQWLILHU OHV DPpOLRUDWLRQV j HQYLVDJHU HQ SULRULWp
& HVW O pWDSH G pYDOXDWLRQ TXDQWLWDWLYH
/D QRWLRQ GH SUREOqPH HQYLURQQHPHQWDO QRWDEOH UHSRVH VXU OH SULQFLSH GH SHVpH VL OH
SRLGV HQYLURQQHPHQWDO GpSDVVH OH SRLGV pFRQRPLTXH OD FRQWULEXWLRQ j XQ SUREOqPH
G HQYLURQQHPHQW VHUD QRWDEOH HW XQH UHFRPPDQGDWLRQ G DPpOLRUDWLRQ j HQYLVDJHU VHUD
G DXWDQW SOXV SHUWLQHQWH
/H 3RLGV HQYLURQQHPHQWDO VH FDOFXOH GH OD PDQLqUH VXLYDQWH
)OX[ RX LPSDFW OLp DX SURGXLW
)OX[ RX LPSDFW j O pFKHOOH QDWLRQDOH
HW OH 3RLGV pFRQRPLTXH GH OD PDQLqUH VXLYDQWH
&RW G DFKDW HW G XWLOLVDWLRQ GX SURGXLW
3URGXLW ,QWpULHXU %UXW 3,%
3DJH
5HPDUTXH &HW RXWLO D pWp IRUPDOLVp GH IDoRQ SOXV GpWDLOOpH ORUV GH VRQ DSSOLFDWLRQ j
SURGXLWV FRXUDPPHQW DFKHWpV SDU O $GPLQLVWUDWLRQ GDQV OH FDGUH G XQ SURMHW GX 0LQLVWqUH
GH O $PpQDJHPHQW GX 7HUULWRLUH HW GH O (QYLURQQHPHQW OH 9HUGLVVHPHQW GHV
DGPLQLVWUDWLRQV
8Q WHO W\SH G RXWLO HVW IRQFLqUHPHQW FULWLTXDEOH G·DSUqV - &KHYDOLHU >&+(9$/,(5 @ SDU
OH IDLW PrPH TX·LO VRLW EDVp VXU XQH pYDOXDWLRQ PHQpH j SDUWLU GH GLUHV G·H[SHUWV (Q HIIHW
DXFXQ H[SHUW QH SHXW YUDLPHQW SUpGLUH D SULRUL OHV pWDSHV SUpSRQGpUDQWHV j pWXGLHU
SXLVTXH FH JHQUH GH GLDJQRVWLF HVW MXVWHPHQW GX UHVVRUW GH O·$&9 FODVVLTXH
'·DXWUH SDUW WRXW SHXW ODLVVHU j SHQVHU TXH OH U{OH GHV H[SHUWV HVW DXVVL G·pOLPLQHU OHV
pWDSHV SRXU OHVTXHOOHV OHV DPpOLRUDWLRQV SRVVLEOHV QH VRQW SDV GX UHVVRUW GX
FRPPDQGLWDLUH GH O·pWXGH «
• ' DXWUHV SRVVLELOLWpV GH VLPSOLILFDWLRQ GH O pWXGH UpVLGHQW HQFRUH
GDQV GHV DSSURFKHV PXOWLFULWqUHV PRQRSKDVHV R O RQ QH SUHQG HQ FRPSWH SRXU

FRPSDUHU GHX[ SURGXLWV SDU H[HPSOH TXH OD SKDVH R LOV VRQW VXVFHSWLEOHV G DYRLU
GHV LPSDFWV GLIIpUHQWV OD ILQ GH YLH QRWDPPHQW / LQWHUSUpWDWLRQ GHV UpVXOWDWV GRLW
DORUV ELHQ HQWHQGX VH IDLUH XQLTXHPHQW VXU OD SKDVH FRQVLGpUpH
GDQV OD FROOHFWH GHV GRQQpHV G pWXGH RQ SRXUUD DLQVL VH VLPSOLILHU OD WkFKH HQ QH

SUHQDQW HQ FRPSWH TXH GHV GRQQpHV ELEOLRJUDSKLTXHV RX JpQpULTXHV VDQV HVVD\HU
GH UpFROWHU GHV GRQQpHV VXU VLWH VSpFLILTXHV VRXYHQW WUqV GLIILFLOHV j REWHQLU SRXU
GHV TXHVWLRQV GH FRQILGHQWLDOLWp QRWDPPHQW
&KDTXH HQWUHSULVH YD FKRLVLU HQ VRPPH OD VLPSOLILFDWLRQ TXL OXL FRUUHVSRQG OH SOXV HQ
IRQFWLRQ GH VD SROLWLTXH HW GHV REMHFWLIV IL[pV
0pWKRGHGHVpFRLQGLFDWHXUV
/D PpWKRGH OD SOXV UpSDQGXH HQ PDWLqUH G pFRLQGLFDWHXUV HVW OD PpWKRGH KROODQGDLVH

(FRLQGLFDWRU >*2('.223 DE@ TXL D pWp pODERUpH GDQV OH FDGUH GX 12+ 1DWLRQDO
5HXVH RI :DVWH 5HVHDUFK 3URJUDPPH j OD GHPDQGH GHV LQGXVWULHOV 3KLOLSV 1HWKHUODQGV
&DU HW 2Fp & HVW XQ DXWUH PR\HQ GH VLPSOLILHU O pWXGH G DQDO\VH GH F\FOH GH YLH XWLOLVp
SDU FHUWDLQHV HQWUHSULVHV KROODQGDLVHV HQ SDUWLFXOLHU >35,16 @
3DJH
/HV pFRLQGLFDWHXUV VRQW GHV QRWHV IDFLOHV j PDQLSXOHU LOV VRQW DWWULEXpV DSUqV
pYDOXDWLRQ GH WRXV OHV LPSDFWV HQYLURQQHPHQWDX[ GH FKDTXH PDWpULDX SRXU FKDFXQH GHV
SKDVHV GX F\FOH GH YLH
/D PpWKRGH HVW EDVpH VXU OH SULQFLSH GH O $&9 2Q UHWURXYH DLQVL OHV PrPHV pWDSHV
G LQYHQWDLUH GHV IOX[ GH FODVVLILFDWLRQ HW FDUDFWpULVDWLRQ VHORQ SOXVLHXUV FDWpJRULHV
G LPSDFWV HW GH QRUPDOLVDWLRQ $X QLYHDX GH O pYDOXDWLRQ O REMHFWLI HVW G REWHQLU XQH QRWH
pFRORJLTXH XQLTXH HW JOREDOH HQ ILQ G pWXGH
/H SURFHVVXV G DJUpJDWLRQ HVW VFKpPDWLVp VXU OD ILJXUH VXLYDQWH
&ULWqUHV G LPSDFW 'RPPDJHV (YDOXDWLRQ 5pVXOWDW
'pJUDGDWLRQ GH OD
FRXFKH G R]RQH
0pWDX[ ORXUGV
6XEVWDQFHV
$FFLGHQWV PRUWHOV
FDQFpULJqQHV
602* G pWp &29
602* G KLYHU 'pJUDGDWLRQ GH OD (YDOXDWLRQ VXEMHFWLYH 9DOHXU GH

SRXVVLqUHV VDQWp GHV GRPPDJHV O pFRLQGLFDWHXU
3HVWLFLGHV
'pJUDGDWLRQ GH
(IIHW GH 6HUUH
O pFRV\VWqPH
$FLGLILFDWLRQ
DWPRVSKpULTXH
(XWURSKLVDWLRQ GH O HDX
)LJXUH 6FKpPDWLVDWLRQ GH OD PpWKRGH (FRLQGLFDWRU
6RXUFH 0DUN *2('.223 7KH (FRLQGLFDWRU 0DQXDO IRU 'HVLJQHUV 1DWLRQDO 5HXVH RI :DVWH
5HVHDUFK 3URJUDPPH 12+ 3Up FRQVXOWDQWV UDSSRUW Q S
5HPDUTXH $FFLGHQWV PRUWHOV FRUUHVSRQG DX ULVTXH G DFFLGHQWV PRUWHOV SRXU O KRPPH

HQJHQGUpV SDU OD GHVWUXFWLRQ GH OD FRXFKH G R]RQH O pPDQDWLRQ RX UHMHW GH PpWDX[ ORXUGV
RX GH VXEVWDQFHV FDQFpULJqQHV
3RXU SDVVHU GH O pWDSH FULWqUHV G LPSDFW j O pWDSH GRPPDJHV OHV UpVXOWDWV VRQW
PXOWLSOLpV SDU XQ IDFWHXU GH UpGXFWLRQ TXL WUDGXLW O LPSRUWDQFH GH O LPSDFW HW FRUUHVSRQG
DX UDSSRUW GX QLYHDX DFWXHO HW GH O REMHFWLI FLEOp OD UpGXFWLRQ GHV LPSDFWV /D PpWKRGH
3DJH
XWLOLVH OH FRQFHSW GH © GLVWDQFH WR WDUJHW ª R OH SRLGV UHODWLI DWWULEXp j FKDTXH SROOXDQW HVW
IRQFWLRQ GH OD GLVWDQFH HQWUH O pPLVVLRQ DFWXHOOH HW O pPLVVLRQ YLVpH >/( %25*1( @
&HW REMHFWLI YLVp UHOqYH OH SOXV VRXYHQW G XQ FRPSURPLV HQWUH GHV FRQVLGpUDWLRQV
VRFLDOHV pFRQRPLTXHV HW VFLHQWLILTXHV PDLV GDQV XQH DSSURFKH ULJRXUHXVH OD YDOHXU
GRLW rWUH IRQGpH VXU OD EDVH G XQH DSSURFKH VFLHQWLILTXH HW FRUUHVSRQGUH j XQ IDLEOH
QLYHDX GH GRPPDJH GRPPDJH OLPLWp /H IDFWHXU GH UpGXFWLRQ HVW GRQF FDOFXOp SRXU
FKDTXH FDWpJRULH GH PDQLqUH j DWWHLQGUH XQ QLYHDX GH GRPPDJH DFFHSWDEOH SRXU XQ
GpYHORSSHPHQW GXUDEOH 2QW pWp GpILQLV OHV QLYHDX[ DFFHSWDEOHV VXLYDQWV OHVTXHOV VRQW
pTXLYDOHQWV
3RXU OH QRPEUH G DFFLGHQWV PRUWHOV XQ PRUW SDU PLOOLRQ G KDELWDQWV HW SDU DQ
3RXU OD GpJUDGDWLRQ GH OD VDQWp HW OH QRPEUH GH SHUVRQQHV PDODGHV j OD VXLWH
G LPSDFWV HQYLURQQHPHQWDX[ OHV SpULRGHV GH 602* KLYHU HW pWp HQWUDvQDQW GHV
SODLQWHV QH GHYUDLHQW SUHVTXH MDPDLV VH SURGXLUH
3RXU OD GpJUDGDWLRQ GHV pFRV\VWqPHV VHXOHPHQW GH GpJUDGDWLRQ GHV
pFRV\VWqPHV QH GHYUDLHQW HQFRUH DYRLU OLHX VXU SOXVLHXUV GpFHQQLHV
3RXU O pYDOXDWLRQ GHV GRPPDJHV OH IDFWHXU GH SRQGpUDWLRQ DIIHFWp DX[ YDOHXUV G LPSDFW
SRXU OHV WURLV FDWpJRULHV HVW VXEMHFWLI HW EDVp VXU O LPSRUWDQFH DFFRUGpH j FKDFXQH ,FL
WRXWHV VRQW G pJDOH LPSRUWDQFH
/D YDOHXU ILQDOH GH O pFRLQGLFDWHXU FRUUHVSRQG j OD VRPPH SRQGpUpH GHV YDOHXUV
G LPSDFW
,O V DJLW ILQDOHPHQW G XQH QRWH pFRORJLTXH JOREDOH REWHQXH DSUqV XQ FDOFXO G DQDO\VH GH
F\FOH GH YLH
/D EDVH GH GRQQpHV (FRLQGLFDWRU FRQWLHQW SOXV GH pFRLQGLFDWHXUV FDOFXOpV

VHORQ FHWWH PpWKRGH G DJUpJDWLRQ /HV LQGLFDWHXUV UHSUpVHQWHQW DXVVL ELHQ OHV LPSDFWV GH
OD SURGXFWLRQ G NJ GH PDWpULDX FRQVRPPDWLRQV GH PDWLqUH HW G pQHUJLH UHMHWV GDQV
O DLU GDQV O HDX IDEULFDWLRQ GH GpFKHWV TXH FHX[ GHV SURFpGpV GH PLVH HQ IRUPH GHV
PDWpULDX[ GH JpQpUDWLRQ G pQHUJLH GHV WUDQVSRUWV RX HQFRUH GHV VFpQDULRV GH ILQ GH YLH
,OV YRQW SRXYRLU IDFLOHPHQW rWUH XWLOLVpV SRXU FDOFXOHU OD QRWH HQYLURQQHPHQWDOH G XQ
SURGXLW HQ FRQQDLVVDQW OHV GLIIpUHQWV PDWpULDX[ TXL OH FRPSRVHQW OHV SURFpGpV GH PLVH
HQ IRUPH OHV PRGHV GH WUDQVSRUWV OD GXUpH GH YLH DSSUR[LPDWLYH HW OHV VFpQDULRV GH ILQ
GH YLH HQYLVDJpV
&HWWH PpWKRGH SHUPHW GRQF DLVpPHQW GH UpDOLVHU O DQDO\VH GH F\FOH GH YLH G XQ SURGXLW
VDQV SHUGUH GH WHPSV j UpXQLU WRXWHV OHV GRQQpHV G LPSDFW QpFHVVDLUHV HW VDQV
YpULWDEOHPHQW FRQQDvWUH OD GpPDUFKH GH OD PpWKRGH G $&9
2Q SHXW SDUOHU G XQH PpWKRGH GH VLPSOLILFDWLRQ GH O $&9 GDQV OH VHQV G·XQH SOXV JUDQGH
IDFLOLWp j DSSUpKHQGHU XQH WHOOH PpWKRGH SDU XQ QpRSK\WH XQ FRQFHSWHXU SDU H[HPSOH
3DJH
HW FH SDU OH VLPSOH HPSORL G·XQH QRWH UHSUpVHQWDQW j HOOH VHXOH XQ HQVHPEOH G LPSDFWV
HQYLURQQHPHQWDX[
/D PpWKRGH H[LVWH VRXV IRUPH G RXWLO SDSLHU ILFKHV VLPSOHV j UHPSOLU DYHF FDOFXOV j
IDLUH >*2('.223 DE@ RX VRXV IRUPH ORJLFLHO GDQV XQH DSSURFKH LQWpJUpH 8Q
ORJLFLHO (&26&$1 YHUVLRQ GpYHORSSp SDU OD VRFLpWp KROODQGDLVH 7XUWOH %D\
HQ SDUWHQDULDW DYHF 3KLOLSV HW XWLOLVp SDU OHV XQLWpV GX JURXSH HVW HQ HIIHW EDVp VXU FHWWH
DSSURFKH
5HPDUTXH /H ORJLFLHO 6LPD3UR GpYHORSSp SDU OD VRFLpWp KROODQGDLVH 3Up

&RQVXOWDQWV SHXW pJDOHPHQW rWUH XWLOLVp DYHF OD PpWKRGH (FRLQGLFDWRU
1RWUH pWXGH GH WHUUDLQ FKH] 3KLOLSV (FODLUDJH IXW SRXU QRXV O RFFDVLRQ GH PHWWUH j
O pSUHXYH VXU GHX[ SURGXLWV OH ORJLFLHO HW OD PpWKRGH SRXU GpJDJHU DORUV OHV JUDQGHV
FDUDFWpULVWLTXHV G XQ WHO RXWLO VHV DYDQWDJHV HW VHV OLPLWHV 1RXV DERUGRQV FHWWH FULWLTXH
G (FRVFDQ GDQV OD SDUWLH FRQVDFUpH j QRV WUDYDX[ G H[SpULPHQWDWLRQ
0,360DWHULDO,QWHQVLW\SHU6HUYLFH8QLW
&HWWH DSSURFKH G pYDOXDWLRQ IXW LQWURGXLWH HQ HQ $OOHPDJQH SDU ) 6FKPLGW%OHHN

GH O ,QVWLWXW :XSSHUWDO 6RQ REMHFWLI HVW GH FRQQDvWUH SRXU XQ SURGXLW VD FRQVRPPDWLRQ
G HQYLURQQHPHQW &HWWH FRQVRPPDWLRQ FRUUHVSRQG HQ IDLW j O HQVHPEOH GHV
WUDQVIRUPDWLRQV RSpUpHV j SDUWLU GHV UHVVRXUFHV QDWXUHOOHV VXU OH F\FOH GH YLH G XQ
SURGXLW G XQ FHUWDLQ SRLGV WUDQVIRUPDWLRQV TXL YRQW VH WUDGXLUH SDU XQ FHUWDLQ QRPEUH GH
SRQFWLRQV HW UHMHWV UHSUpVHQWDQW XQ SRLGV G HQYLURQQHPHQW OH SRLGV GH OD
FRQVRPPDWLRQ GH UHVVRXUFHV DELRWLTXHV QRQ UHQRXYHODEOHV HW ELRWLTXHV
UHQRXYHODEOHV GH OD FRQVRPPDWLRQ G HDX HW G DLU HW GX GpSODFHPHQW GX VRO pURVLRQ
H[SORLWDWLRQ GHV VROV >6&+0,'7%/((. @
/D QRWLRQ GH 0,36 0DWHULDO ,QWHQVLW\ SHU 6HUYLFH 8QLW OLH OH SRLGV GX SURGXLW HW VRQ
XQLWp IRQFWLRQQHOOH DX SRLGV HQYLURQQHPHQWDO RX LQWHQVLWp GH PDWLqUH &HW RXWLO D GRQF
OD SDUWLFXODULWp G DOOLHU OD FRQVRPPDWLRQ GH UHVVRXUFHV DYHF OH VHUYLFH UHQGX SDU OH
SURGXLW
/D EDVH GH GRQQpHV (FRVFDQ (FRLQGLFDWRU GH OD YHUVLRQ FRQWLHQW SUqV GH pFRLQGLFDWHXUV
' DXWUHV EDVHV GH GRQQpHV SHXYHQW DXVVL VXU GHPDQGH rWUH FRPPHUFLDOLVpHV DYHF OH ORJLFLHO 12+ (FR
LQGLFDWRU pFRLQGLFDWHXUV HQ QRYHPEUH HW ,GHPDW (FRLQGLFDWRU pFRLQGLFDWHXUV H[WUDLWV
GH OD EDVH JpQpULTXH ,'(0$7
3RLGV G HQYLURQQHPHQW ) 6FKPLGW%OHHN D LQWURGXLW OH FRQFHSW GH VDF j GRV pFRORJLTXH GDQV OH VHQV R OD
FRQVRPPDWLRQ G HQYLURQQHPHQW G XQ SURGXLW HVW LQYLVLEOH DX QLYHDX GH OD IDEULFDWLRQ HW GH OD GLVWULEXWLRQ HQ
SDUWLFXOLHU 2Q QH SHUoRLW OH SOXV VRXYHQW TXH OHV SRQFWLRQV HW UHMHWV DX QLYHDX GH O XWLOLVDWLRQ G XQ SURGXLW
&HWWH QRWLRQ GH VDF j GRV pFRORJLTXH D pWp UHSULVH SDU 3 6FKLHVVHU >6&+,(66(5 @
3DJH
/HV UpVXOWDWV VXU GHV SURGXLWV pYDOXpV VHORQ FHWWH DSSURFKH SHXYHQW rWUH SDU H[HPSOH
✔ 8QH DXWRPRELOH GH WRQQH HQ PR\HQQH UHSUpVHQWH XQ SRLGV G HQYLURQQHPHQW

GH WRQQHV
✔ 8QH DOOLDQFH HQ RU GH J UHSUpVHQWH XQ SRLGV G HQYLURQQHPHQW GH WRQQHV «
'H OD PrPH IDoRQ LO HVW SRVVLEOH GH FDOFXOHU OH SRLGV HQYLURQQHPHQWDO GH PDWpULDX[ SDU
NJ GH PDWpULDX j SDUWLU GH O HQVHPEOH GHV FRQVRPPDWLRQV QpFHVVDLUHV SRXU OHV H[WUDLUH
HW OHV WUDQVIRUPHU
&HW RXWLO YD SHUPHWWUH j XQH HQWUHSULVH G HIIHFWXHU XQH FRPSWDELOLWp YHUWH VRLW
G pYDOXHU VLPSOHPHQW OHV IOX[ GH PDWLqUH HW DLQVL WHQWHU GH OLPLWHU OHV pPLVVLRQV HW
V RULHQWHU YHUV XQH PHLOOHXUH SURGXFWLYLWp GHV UHVVRXUFHV ,O YD GRQF DLGHU j PHVXUHU OHV
SURJUqV DFFRPSOLV YHUV XQH DPpOLRUDWLRQ GH O pFRHIILFDFLWp RX XQH UpGXFWLRQ G XQ IDFWHXU
«SRXU DWWHLQGUH SHWLW j SHWLW XQ GpYHORSSHPHQW VRXWHQDEOH
0,36 VHUD HQ SDUWLFXOLHU XWLOH SRXU pYDOXHU OHV LPSDFWV HQYLURQQHPHQWDX[ GH GLIIpUHQWHV
DOWHUQDWLYHV GH SURGXLWV
/HV SULQFLSDOHV OLPLWHV GH 0,36 UHSRVHQW G XQH SDUW VXU OH IDLW TXH O DSSURFKH HVW
XQLTXHPHQW EDVpH VXU OD FRQVRPPDWLRQ GH UHVVRXUFHV OHV SRQFWLRQV HW QH SUHQG SDV HQ
FRPSWH OHV SROOXWLRQV HQJHQGUpHV SDU OHV UHMHWV ORUV GH OD IDEULFDWLRQ GH O XWLOLVDWLRQ HW GH
OD ILQ GH YLH G XQ SURGXLW 2Q SHXW GRQF OXL UHSURFKHU OHV PrPHV GpVDYDQWDJHV TXH FHX[
GHV DSSURFKHV PRQRFULWqUHV
' DXWUH SDUW VD YDOLGLWp VFLHQWLILTXH SHXW rWUH PLVH HQ GRXWH SDU OH IDLW TX DXFXQH
GLVWLQFWLRQ QH VRLW IDLWH HQWUH OHV PDWpULDX[ WR[LTXHV HW QRQ WR[LTXHV >9DQ 1(6 HW DO @
(YDOXDWLRQGHVFRWVGXF\FOHGHYLH
$ GHV pWXGHV G LPSDFWV pFRORJLTXHV FHUWDLQV YRQW SUpIpUHU UpDOLVHU GHV pWXGHV EDVpHV
VXU O pYDOXDWLRQ GH FRWV HQJHQGUpV SDU XQ SURGXLW DX FRXUV GH VD YLH &H W\SH
G DSSURFKH HVW WUqV UpSDQGX HQ SDUWLFXOLHU DX[ (WDWV8QLV R OHV pYDOXDWLRQV pFRQRPLTXHV
GH WRXW W\SH G LPSDFW G DFFLGHQW « VRQW WUqV FRXUDQWHV (OOH UHOqYH G XQH VWUDWpJLH
G HQWUHSULVH EDVpH PRLQV VXU O pYDOXDWLRQ GHV GRPPDJHV H[WHUQHV G XQ SURGXLW VXU VRQ
HQYLURQQHPHQW PDLV GDYDQWDJH VXU OHV FRQVpTXHQFHV pFRQRPLTXHV G XQ SURGXLW
SRWHQWLHOOHPHQW SROOXDQW HW FH VXU OH IDEULFDQW VXU OH FOLHQW VXU OH FROOHFWHXUUHF\FOHXU HW
OD 6RFLpWp HQ JpQpUDO
3DJH
/ pYDOXDWLRQ GHV FRWV FRQFHUQH j OD IRLV OHV FRWV GLUHFWV HW LQGLUHFWV JpQpUpV WRXW DX ORQJ
GX F\FOH GH YLH GX SURGXLW >$/7,1* @ ' DSUqV OH PDQXHO SXEOLp SDU OH 318( (FRGHVLJQ
$ 3URPLVLQJ DSSURDFK WR VXVWDLQDEOH SURGXFWLRQ DQG FRQVXPSWLRQ >%5(=(7 HW DO @
SOXVLHXUV PpWKRGHV GH FDOFXOV pFRQRPLTXHV SHXYHQW rWUH GLVWLQJXpHV VHORQ OH W\SH GH

FRWV SULV HQ FRPSWH HW OHV OLPLWHV GX V\VWqPH FRQVLGpUp
ª (QYLURQPHQWDO/LIH&\FOH&RVWV
&HWWH PpWKRGH pYDOXH OHV FRWV GH GpSROOXWLRQ HQJHQGUpV SDU OHV LPSDFWV
HQYLURQQHPHQWDX[ GH WRXWHV OHV SKDVHV GX F\FOH GH YLH GX SURGXLW FHV FRWV FRQFHUQHQW
HQWUH DXWUHV OHV FRWV QpFHVVDLUHV SRXU WUDLWHU OHV HDX[ OHV IXPpHV OHV GpFKHWV «
ª 7RWDO&RVW$FFRXQWLQJ 7&$
&HWWH PpWKRGH GH FRPSWDELOLWp FRQFHUQH XQ VHXO DFWHXU GH OD FKDvQH GX SURGXLW FRPPH

OH IDEULFDQW SDU H[HPSOH (OOH YD FRQVLVWHU GDQV FH FDV j pYDOXHU RXWUH OHV FRWV GH 5 '
OHV FRWV G LQYHVWLVVHPHQW SRXU XQH SURGXFWLRQ SOXV SURSUH FKDQJHPHQWV GH SURFHVV
OHV FRWV RSpUDWLRQQHOV WUDYDX[ PDWpULDX[ pQHUJLH « OHV FRWV HQYLURQQHPHQWDX[
PDQDJHPHQW GHV SROOXWLRQV FRQIRUPLWp j OD UpJOHPHQWDWLRQ UpGXFWLRQ GHV pPLVVLRQV
RQ SDUOH SRXU FHV GHX[ GHUQLHUV FDV GH FRWV G pYLWHPHQW OHV FRWV FDFKpV SOXV
GLIILFLOHV j PHVXUHU OHV FRWV OLpV j O LPDJH GH PDUTXH GH O HQWUHSULVH OHV FRWV GH
UHVSRQVDELOLWp YLVjYLV GH OD VDQWp GH O K\JLqQH GH OD VpFXULWp «
&HWWH DSSURFKH TXL UHOqYH G XQH YLVLRQ j ORQJ WHUPH GH O HQWUHSULVH HVW GRQF HQWUH
DXWUHV IRFDOLVpH VXU O pYDOXDWLRQ pFRQRPLTXH GHV ULVTXHV HQYLURQQHPHQWDX[ DVVRFLpV j XQ
SURGXLW
ª /LIH&\FOH&RVWLQJ /&&
&HWWH PpWKRGH FRQFHUQH WRXV OHV DFWHXUV GH OD FKDvQH GX SURGXLW GHSXLV OH IRXUQLVVHXU
MXVTX DX FRQVRPPDWHXU YRLUH PrPH OH UHF\FOHXU (OOH YD FRQVLVWHU j pYDOXHU VXU
O HQVHPEOH GX F\FOH GH YLH GX SURGXLW WRXV OHV FRWV TXL OXL VRQW DVVRFLpV
LQYHVWLVVHPHQWV RSpUDWLRQQHOV FRWV GH UHVSRQVDELOLWpV FRWV HQYLURQQHPHQWDX[ FRWV
G XWLOLVDWLRQ GH PDLQWHQDQFH G pOLPLQDWLRQ « &HWWH LQYHVWLJDWLRQ pFRQRPLTXH HVW
EDVpH VXU OHV FRWV DFWXHOV HWRX IXWXUV
&H W\SH G DSSURFKH pFRQRPLTXH HVW WUqV XWLOLVp SDU OHV HQWUHSULVHV WHQWDQW G pYDOXHU OH
FRW RX OH EpQpILFH UHSUpVHQWp SDU O pFRFRQFHSWLRQ GH OHXUV SURGXLWV SRXU FKDFXQ GHV
DFWHXUV FRQFHUQpV
3DJH
ª )XOO&RVW$FFRXQWLQJ )&$
&HWWH PpWKRGH UHSUHQG O pYDOXDWLRQ pFRQRPLTXH GX /&& HQ \ DGMRLJQDQW O pYDOXDWLRQ GHV
FRWV VRFLDX[ UHODWLIV j OD SURGXFWLRQ O XWLOLVDWLRQ HW OD ILQ GH YLH (OOH SUHQG GRQF HQ
FRPSWH OHV FRWV HQJHQGUpV SDU OD FRQVRPPDWLRQ GH UHVVRXUFHV QDWXUHOOHV RX OD
GHVWUXFWLRQ GH OD FRXFKH G R]RQH GDQV XQH DSSURFKH R O RQ DWWULEXH XQH YDOHXU
pFRQRPLTXH j XQ IOX[ GH GpFKHWV SDU H[HPSOH
&HWWH PRQpWDULVDWLRQ HVW EDVpH VXU OD YRORQWp GH SD\HU SRXU pYLWHU OHV HIIHWV
HQYLURQQHPHQWDX[ QpJDWLIV HW UHPpGLHU DX[ SROOXWLRQV RQ SHXW SDUOHU GH PpWKRGH GX
FRQVHQWHPHQW FROOHFWLI j SD\HU / pYDOXDWLRQ GHV LPSDFWV VXU OD VDQWp KXPDLQH SDU
H[HPSOH HVW EDVpH VXU OHV FRWV TX XQH VRFLpWp HVW SUrWH j SD\HU SRXU VRLJQHU OHV JHQV
5HPDUTXH &H W\SH G DSSURFKH HVW XWLOLVp SDU OD PpWKRGH VXpGRLVH G pYDOXDWLRQ GHV
LPSDFWV HQYLURQQHPHQWDX[ (36 (QYLURQPHQWDO 3URGXFW 6WUDWHJ\ R OHV GLIIpUHQWV
GRPPDJHV VRQW H[SULPpV HQ WHUPHV PRQpWDLUHV
3OXVLHXUV RXWLOV G·pYDOXDWLRQ pFRQRPLTXH GpMj FRPPHUFLDOLVpV RX HQ FRXUV G pODERUDWLRQ
VRQW EDVpV VXU FHV GLIIpUHQWHV DSSURFKHV /&& 7&$ HW )&$ >%5(=(7 HW DO @
/H &HQWUH IRU 6XVWDLQDEOH 'HVLJQ &I6' 5R\DXPH8QL QRWDPPHQW D GpYHORSSp GDQV OH
FDGUH G XQ SURMHW GH UHFKHUFKH XQ RXWLO G·pYDOXDWLRQ GHV FRWV SRXU FKDTXH pWDSH GX
F\FOH GH YLH OH 5(', WRRO >:,//,$06 @
/·REMHFWLI GH FHW RXWLO HVW GH TXDQWLILHU OHV FRWV GLUHFWV HW LQGLUHFWV G·XQ SURGXLW FRWV GH
FRQIRUPLWp j OD UpJOHPHQWDWLRQ FRWV GH WUDLWHPHQW GHV GpFKHWV « HW GH FRPSDUHU FHV
FRWV j OD YDOHXU DMRXWpH GX SURGXLW j FKDTXH pWDSH GH VRQ F\FOH GH YLH
/D EDVH GH GRQQpHV GX 5(', WRRO SHUPHW G·HIIHFWXHU O·LQYHQWDLUH GHV PDWpULDX[ OHTXHO
UHQVHLJQH O·XWLOLVDWHXU VXU OHV ULVTXHV TXH SUpVHQWH VRQ SURGXLW YLVjYLV GH
O·HQYLURQQHPHQW HW OHV FRQWUDLQWHV pFRQRPLTXHV DVVRFLpHV /HV FRWV JOREDX[ GH
WUDLWHPHQW HW G·pOLPLQDWLRQ VRQW FDOFXODEOHV j SDUWLU GH O·LQYHQWDLUH GHV GpFKHWV /D EDVH
GH GRQQpHV FRQWHQDQW pJDOHPHQW OHV YDOHXUV DMRXWpHV GHV PDWpULDX[ HW FRPSRVDQWV
O·LQWpUrW SRXU O·XWLOLVDWHXU HVW GH SRXYRLU FRPSDUHU OHV FRWV HQJHQGUpV SDU VRQ SURGXLW
DYHF VD YDOHXU DMRXWpH SXLV G·RULHQWHU VD VWUDWpJLH GDQV OH EXW G·DFFURvWUH OH UDWLR 9DOHXU
DMRXWpH &RWV JOREDX[
/HV RXWLOV TXL pYDOXHQW OHV FRWV HQJHQGUpV SDU XQ SURGXLW VXU O HQVHPEOH GH VRQ F\FOH GH
YLH HW HQ SDUWLFXOLHU WRXV OHV FRWV HQYLURQQHPHQWDX[ VRQW SOXV SURFKHV GHV
SUpRFFXSDWLRQV SUHPLqUHV GHV HQWUHSULVHV ,OV RIIUHQW FHSHQGDQW GHV OLPLWHV
5(', 7KH 5HJLRQDO (FR(IILFLHQF\ 'HPRQVWUDWRU ,QLWLDWLYH SURMHW GH UHFKHUFKH EULWDQQLTXH SRXU DLGHU OHV
HQWUHSULVHV j GHYHQLU SOXV pFRFRPSpWHQWH
3DJH
G XQH SDUW OHV FKLIIUDJHV pFRQRPLTXHV QH VRQW SDV WRXMRXUV WUqV DLVpV HW G DXWDQW SOXV
ORUVTX LO V DJLW G DQWLFLSHU VXU GHV VFpQDULRV GH ILQ GH YLH RX G pYDOXHU OH FRW
HQJHQGUp SDU OD SROOXWLRQ G XQ FRXUV G HDX SHQGDQW OD IDEULFDWLRQ G XQ SURGXLW
G DXWUH SDUW OHV RXWLOV TXL SUHQQHQW HQ FRPSWH WRXV OHV FRWV HQJHQGUpV SDU OH F\FOH
GH YLH G XQ SURGXLW FRWV G LQYHVWLVVHPHQWV FRWV RSpUDWLRQQHOV RX GH IDEULFDWLRQ
FRWV GH PDLQWHQDQFH FRWV GH UpSDUDWLRQ « HW FRWV HQYLURQQHPHQWDX[ FRWV GH
GpSROOXWLRQ GH FRQIRUPLWp j OD UpJOHPHQWDWLRQ GH UpGXFWLRQ GHV pPLVVLRQV « QH
SHUPHWWHQW SDV GH FRQFOXUH VXU OHV DYDQWDJHV HQYLURQQHPHQWDX[ G XQ SURGXLW SDU
UDSSRUW j XQ DXWUH OD VRPPH JOREDOH SRXYDQW OXL rWUH IDYRUDEOH WRXW HQ HQJHQGUDQW
GHV FRWV HQYLURQQHPHQWDX[ SOXV IRUWV
3RLQWV GH YXH VXU OHV RXWLOV G pYDOXDWLRQ j GRPLQDQWH

TXDQWLWDWLYH
&KDFXQ GHV RXWLOV pYRTXpV SUpVHQWH j QRWUH VHQV GHV DYDQWDJHV HW GHV LQFRQYpQLHQWV
SDUIRLV PDMHXUV SRXU OHXU XWLOLVDWHXU /H WDEOHDX VXLYDQW UpVXPH OHV SRLQWV SULQFLSDX[ j
VRXOLJQHU
2XWLOV $YDQWDJHV ,QFRQYpQLHQWV

− /RQJ QpFHVVLWH EHDXFRXS G LQIRUPDWLRQV SDUIRLV
− (WXGH FRPSOqWH HW FKLIIUpH GLIILFLOHV j REWHQLU
− ,GHQWLILFDWLRQ GpWDLOOpH GH WRXV − &RWHX[
OHV SRLQWV QRLUV GX SURGXLW − (YDOXDWLRQ HW LQWHUSUpWDWLRQ GHV UpVXOWDWV WUqV
$&9 pWXGLp FRQWURYHUVpHV SUREOqPH GH O LJQRUDQFH GHV
− 3RVVLELOLWp G HIIHFWXHU GHV K\SRWKqVHV GH FDOFXO FKRLVLHV SUREOqPH GH
FRPSDUDLVRQV SHUWLQHQWHV KLpUDUFKLVDWLRQ GHV LPSDFWV
HQWUH SURGXLWV − 'LPHQVLRQV VSDWLDOHV HW WHPSRUHOOHV GHV LPSDFWV
QRQ SULVHV HQ FRPSWH
− 'DQJHU GH OD VLPSOLILFDWLRQ VL XQ VHXO FULWqUH
pFRORJLTXH HVW SULV HQ FRPSWH QRWDPPHQW
DWWHQWLRQ j O pQRQFp GHV UpVXOWDWV VXU OHV
$&9
SHUIRUPDQFHV HQYLURQQHPHQWDOHV FRPSDUpHV GH
− (WXGH SOXV UDSLGH HW SOXV
VLPSOLILpH
GHX[ SURGXLWV
*ULOOH (64&9
VLPSOH TXH O $&9 FRPSOqWH
− SHUWLQHQFH GHV UpVXOWDWV SDUIRLV
GLIILFLOHPHQW H[SORLWDEOH FRPPHQW FRPSDUHU OHV
UpVXOWDWV GH SOXVLHXUV pWXGHV "
5{OH HW GLUHV GHV H[SHUWV FULWLTXDEOHV
…/…
3DJH
− 6FLHQWLILTXHPHQW FRQWHVWDEOH +\SRWKqVHV GH

FDOFXO GLIILFLOHV j YpULILHU %RvWH 1RLUH
− 3DV GH SRVVLELOLWp GH FRPSDUHU OHV LPSDFWV GH
− 0DQLSXODWLRQ IDFLOH GHV QRWHV GHX[ SURGXLWV SRXU XQ VHXO FULWqUH pFRORJLTXH /D
pFRORJLTXHV QRWH HVW JOREDOH
0pWKRGH GHV
− $&9 DVVH] UDSLGHPHQW − 3RXU XQ SURGXLW SRVVLELOLWp GH FRPSDUHU
pFRLQGLFDWHXUV
UpDOLVpH VDQV FRQQDvWUH OHV XQLTXHPHQW OHV LPSDFWV JOREDX[ UHODWLIV GH
GpWDLOV GH OD PpWKRGH FKDFXQH GHV SKDVHV GX F\FOH GH YLH
− 'LIILFXOWp SRXU XQ FRQFHSWHXU G LQWHUSUpWHU XQH
QRWH pFRORJLTXH HQ P3W HQ WHUPHV G DFWLRQV j
HQWUHSUHQGUH
− (YDOXDWLRQ GH OD FRQVRPPDWLRQ
− 3ULVH HQ FRPSWH XQLTXHPHQW GHV FRQVRPPDWLRQV
0,36 GH UHVVRXUFHV G XQ SURGXLW HQ
GH UHVVRXUFHV VDQV WHQLU FRPSWH GHV SROOXWLRQV
OLDLVRQ DYHF OH VHUYLFH UHQGX
− 'LIILFXOWp GH WRXW FKLIIUHU pFRQRPLTXHPHQW HQ

SDUWLFXOLHU OHV FRWV LQGLUHFWV HQJHQGUpV SDU XQ
SURGXLW VXU O HQVHPEOH GH VRQ F\FOH GH YLH
− $VVRFLDWLRQ GHV SUREOqPHV − 'DQJHU GH FRPSDUHU GHX[ SURGXLWV pYDOXpV VHORQ
(WXGH
HQYLURQQHPHQWDX[ HW GH GHV PpWKRGHV pFRQRPLTXHV SUHQDQW HQ FRPSWH
GHV FRWV
O pFRQRPLH WRXW W\SH GH FRW 5 ' LQYHVWLVVHPHQW « HW
HQYLURQQHPHQW /H SURGXLW OH PRLQV FKHU QH VHUD
SDV IRUFpPHQW OH SOXV UHVSHFWXHX[ GH
O HQYLURQQHPHQW
7DEOHDX 3RLQWV GH YXH VXU OHV RXWLOV G pYDOXDWLRQ HQYLURQQHPHQWDOH j GRPLQDQWH TXDQWLWDWLYH
3RXU FRQFOXUH VXU OHV RXWLOV G pYDOXDWLRQ TXDQWLWDWLYH HW O $QDO\VH GH &\FOH GH 9LH HQ
SDUWLFXOLHU - &KHYDOLHU UHFRQQDvW OHV SULQFLSDX[ GpIDXWV KDELWXHOOHPHQW DWWULEXpV j XQH
WHOOH pWXGH >&+(9$/,(5 @ XQH QpFHVVLWp GH PR\HQV WUqV ORXUGV DUJHQW WHPSV
UHVVRXUFHV HW XQH DFFHVVLELOLWp UHVWUHLQWH DX[ RUJDQLVPHV GH JUDQGH HQYHUJXUH FH TX LO
QRPPH OHV ODFXQHV SUDWLTXHV GH O $&9 0DLV SRXU OXL O RXWLO SRXUUD GHYHQLU XWLOH HW WUqV
DFFHVVLEOH VL RQ O LQIRUPDWLVH GH PDQLqUH LQWHOOLJHQWH DYHF OHV GRQQpHV QpFHVVDLUHV
IDFLOHV j UDVVHPEOHU HW XQH UpIOH[LRQ GH IRQG VXU VHV REMHFWLIV
(VWFH j GLUH ILQDOHPHQW TXH O $&9 HVW PDO XWLOLVpH HW TXH VHV UpVXOWDWV VRQW LQH[SORLWDEOHV
FDU OHV REMHFWLIV GH GpSDUW RQW PDO pWp pWDEOLV "
(Q IDLW SRXU - &KHYDOLHU O LQVHUWLRQ G RXWLOV G pYDOXDWLRQ HQYLURQQHPHQWDOH GDQV XQ
SURFHVVXV GH GpFLVLRQ JOREDOH HVW UDUH SXLVTXH OHV GpFLVLRQV TXL SULPHQW VRQW G RUGUH
3DJH
pFRQRPLTXH HW WHFKQLTXH ,O GpSORUH HQ HIIHW TXH O $&9 VH SRVLWLRQQH GDYDQWDJH FRPPH

XQ RXWLO GH FRQILUPDWLRQ G XQH GpFLVLRQ HQ SOXV F HVW ERQ SRXU O HQYLURQQHPHQW«
XWLOLVp HQ SDUDOOqOH TX XQ RXWLO GLW G DLGH j OD GpFLVLRQ GRQW OHV UpVXOWDWV LQGXLVHQW GHV
UHFRPPDQGDWLRQV HQYLURQQHPHQWDOHV GDQV OH SURFHVVXV GpFLVLRQQHO
&HWWH PLVH HQ PDUJH GH O pYDOXDWLRQ HQYLURQQHPHQWDOH HW HQ SDUWLFXOLHU GH O $&9 HVW SRXU
OXL OLpH DX IDLW TX XQH WHOOH pWXGH HVW SHUoXH FRPPH XQH ERvWH QRLUH FUpDQW GHV SUREOqPHV
GH OpJLWLPDWLRQ GHV GpFLVLRQV SULVHV 2Q SHXW HIIHFWLYHPHQW UHPDUTXHU TXH OHV UpVXOWDWV
IRQW VRXYHQW O REMHW GH FULWLTXHV SXLVTXH SRXU EHDXFRXS GpSHQGDQWV GHV REMHFWLIV HW GHV
K\SRWKqVHV VXEMHFWLYHV pWDEOLHV DX GpEXW &HUWDLQV GLURQW TXH O RQ SHXW IDLUH GLUH FH TXH
O RQ YHXW j XQH $&9 HW REWHQLU OHV UpVXOWDWV VRXKDLWpV GDQV OH FDGUH SDU H[HPSOH G XQH
VWUDWpJLH G HQWUHSULVH &HFL MXVWLILH ELHQ VU OH PDQTXH GH OpJLWLPLWp DFFRUGpH DX[
UpVXOWDWV HW O DEVHQFH GH FUpGLW ORUV GH OD SULVH GH GpFLVLRQ HQ PDWLqUH GH FRQFHSWLRQ
/ RXWLO $&9 SRXU rWUH XWLOH HW UHWURXYHU OD FRQILDQFH GHV LQGXVWULHOV GHYUD JDJQHU HQ
WUDQVSDUHQFH HW HQ VLPSOLFLWp HW HQ SDUWLFXOLHU VXU OD UpFROWH GHV GRQQpHV SHUWLQHQWHV HW
FLEOpHV
(YDOXDWLRQjGRPLQDQWHTXDOLWDWLYH
3OXV UDSLGHV HW VLPSOHV TXH OHV RXWLOV G pYDOXDWLRQ j GRPLQDQWH TXDQWLWDWLYH FHV RXWLOV
IRXUQLVVHQW XQ GLDJQRVWLF VXU OD EDVH GH FULWqUHV TXDOLWDWLIV LGHQWLILDQW OHV SULQFLSDX[
SUREOqPHV j UpVRXGUH
,OV SHXYHQW VH SUpVHQWHU VRXV GLYHUVHV IRUPHV UpVXPpHV GDQV OH WDEOHDX VXLYDQW
3DJH
2XWLOVG pYDOXDWLRQjGRPLQDQWHTXDOLWDWLYH
7\SH G RXWLO ([HPSOHV 5pIpUHQFHV &DUDFWpULVWLTXHV SULQFLSDOHV
$SSURFKH&\FOHGH9LH
*ULOOH G pYDOXDWLRQ $'(0(
*ULOOH j UHPSOLU GH PDQLqUH VLPSOLILpH VXU
)UDQFH OHV SULQFLSDX[ LPSDFWV HQYLURQQHPHQWDX[
GX SURGXLW
3URGXFW ,PSURYHPHQW 0DWUL[

$7 7 86$ (YDOXDWLRQ GX SURGXLW j O DLGH GH TXHVWLRQV
>*5$('(/ HW DO @ YLVXDOLVDWLRQ GHV SRLQWV IDLEOHV VXU XQH FLEOH
$SSURFKH PDWULFLHOOH
3URGXFW /LIH &\FOH 0DWUL[ (YDOXDWLRQ GX SURGXLW j O DLGH GH TXHVWLRQV
0RWRUROD 86$ YLVXDOLVDWLRQ GHV SRLQWV IDLEOHV VXU OH
>+2))0$1 @ WDEOHDX RX PDWULFH
(YDOXDWLRQ VXU WURLV FULWqUHV
0(7 0DWUL[ 3D\V%DV FRQVRPPDWLRQV GH PDWLqUH FRQVRPPDWLRQV
>%5(=(7 HW DO @ G pQHUJLH HW pPLVVLRQV GH VXEVWDQFHV
WR[LTXHV
0pWKRGH G (') )UDQFH

$WWULEXWLRQ GH QRWHV EDVpH VXU OD
(YDOXDWLRQ EDVpH VXU OD
UpJOHPHQWDWLRQ >-$1,1 @ UpJOHPHQWDWLRQ VHORQ TXH OHV VXEVWDQFHV
pPLVHV VRQW YLVpHV RX QRQ
$SSURFKHVSpFLILTXH
0pWKRGH GH -3 9HQWqUH
,QGLFH pFRORJLTXH )UDQFH &DOFXO G XQ LQGLFH SDU UDSSRUW j GHV FULWqUHV
>9(17(5( @ VpOHFWLRQQpV DYHF DWWULEXWLRQ GH SpQDOLWpV
(YDOXDWLRQ G RSWLRQV GH FRQFHSWLRQ SDU
(FRFRPSDVV >)866/(5 HW DO @ UDSSRUW j XQ FDV GH UpIpUHQFH SURGXLW
H[LVWDQW VXU VL[ FULWqUHV
(FR(VWLPDWRU (YDOXDWLRQ G XQ SURGXLW
(FR(VWLPDWRU )DVW )LYH H[LVWDQW OLVWH GH TXHVWLRQV SUpFLVHV GRQW OHV
3+,/,36 UpSRQVHV VHUYHQW j pWDEOLU XQH QRWDWLRQ
>0(,1'(56 D@ )DVW )LYH DZDUHQHVV (YDOXDWLRQ G XQ

&KHFNOLVW SURGXLW HQ FRXUV GH FRQFHSWLRQ TXHVWLRQV
'HVLJQ IRU 5HF\FOLQJ

/LVWH GH TXHVWLRQV FODVVpHV SDU WKqPHV DYHF
>67(,1+,/3(5 @ UpSRQVHV SRVVLEOHV LGpDO DFFHSWDEOH
EHVRLQ G DJLU
/LVWH GH O ($&(0(852%,7 « /LVWH GH VXEVWDQFHV FKLPLTXHV YLVpHV j

DVVRFLDWLRQV GH IDEULTXDQWV GH
UHVWUHLQGUH SDU OD UpJOHPHQWDWLRQ
SURGXLWV pOHFWULTXHV HW
HXURSpHQQH
pOHFWURQLTXHV
/LVWH GH PDWpULDX[
/LVWHV QRLUH JULVH EODQFKH

1RLUH 6XEVWDQFHV j EDQQLU *ULVH
92/92 6XqGH 6XEVWDQFHV j OLPLWHU VHXLO %ODQFKH
6XEVWDQFHV GH VXEVWLWXWLRQ
7DEOHDX /LVWH GHV RXWLOV G pYDOXDWLRQ j GRPLQDQWH TXDOLWDWLYH GH O LPSDFW HQYLURQQHPHQWDO G XQ
SURGXLW
3DJH
2Q SHXW HQFRUH GLVWLQJXHU GDQV FHWWH FDWpJRULH OHV RXWLOV G DSSURFKH F\FOH GH YLH VXU
SOXVLHXUV FULWqUHV pFRORJLTXHV GHV RXWLOV IRFDOLVpV VXU XQH RX SOXVLHXUV SKDVHV HW VXU GHV
FULWqUHV PRLQV pFRORJLTXHV PDLV GDYDQWDJH GH FRQFHSWLRQ RXWLOV TXH QRXV DYRQV
TXDOLILpV G DSSURFKH VSpFLILTXH &HWWH FODVVH YD FRQFHUQHU GHV RXWLOV QRWDPPHQW
IRFDOLVpV VXU OD ILQ GH YLH GHV SURGXLWV VXU GHV FULWqUHV FRPPH OHV VXEVWDQFHV WR[LTXHV OD
UHF\FODELOLWp RX OD GXUDELOLWp GX SURGXLW
$SSURFKHVPDWULFLHOOHV
&HV DSSURFKHV VH SUpVHQWHQW VRXV OD IRUPH GH WDEOHDX[ RX PDWULFHV j UHPSOLU G XQH

PDQLqUH SOXV RX PRLQV pODERUpH (OOHV SDUWDJHQW DYHF O $&9 XQH YLVLRQ JOREDOH
PXOWLFULWqUH GHV LPSDFWV HQYLURQQHPHQWDX[ G XQ SURGXLW VXU O HQVHPEOH GH VRQ F\FOH GH
YLH
3RXU XQH HQWUHSULVH QH FRQQDLVVDQW SDV O $&9 GH WHOOHV GpPDUFKHV SHXYHQW VHUYLU GH
PDUFKHSLHG LQWpUHVVDQW YHUV O $&9 RX VH VXIILUH j HOOHPrPH HQ WDQW TX RXWLOV SHUPHWWDQW
GH GpJURVVLU OHV SUREOqPHV HW GH Oj GpJDJHU GHV SLVWHV G DPpOLRUDWLRQ
3OXVLHXUV DSSURFKHV RQW SX rWUH LGHQWLILpHV 2Q OHV TXDOLILH G DSSURFKHV j GRPLQDQWH

TXDOLWDWLYH GDQV OH VHQV R DXFXQ FDOFXO pODERUp HW SDUIRLV FRPSOH[H QpFHVVLWDQW GHV
UqJOHV G DIIHFWDWLRQ GHV SRQGpUDWLRQV « Q HVW HIIHFWXp FRPPH SRXU OHV $&9
DSSURIRQGLHV RX OD PpWKRGH GHV pFRLQGLFDWHXUV
• /D JULOOH G·pYDOXDWLRQ GH 1)(QYLURQQHPHQW pODERUpH SDU O·$'(0( SUHQG HQ

FRPSWH XQ FHUWDLQ QRPEUH GH FULWqUHV GpFODUpV SHUWLQHQWV SRXU FKDTXH SKDVH GH F\FOH
GH YLH GX SURGXLW (OOH HVW XWLOLVpH SRXU pYDOXHU XQ SURGXLW ORUV GH O DWWULEXWLRQ GH
O pFRODEHO IUDQoDLV 1)(QYLURQQHPHQW >%2(*/,1 @
,O V·DJLW GH UHPSOLU OD JULOOH GH IDoRQ TXDOLWDWLYH DILQ G·LGHQWLILHU OHV SRLQWV TXL PpULWHQW
XQH DWWHQWLRQ SOXV SDUWLFXOLqUH /D SURFpGXUH SRXU UHQVHLJQHU OHV FHOOXOHV HVW OD
VXLYDQWH
; DVSHFW j SUHQGUH HQ FRPSWH

DVSHFW QpJOLJHDEOH RX QXO
" SDV G·pOpPHQW GH UpSRQVH VXU FHW DVSHFW
&HWWH pYDOXDWLRQ SHXW V DSSX\HU VXU GHV DYLV G H[SHUWV RX GHV pWXGHV DQWpULHXUHV
$X YX GHV UpVXOWDWV REWHQXV LO HVW SRVVLEOH GH UHFXHLOOLU GHV GRQQpHV TXDQWLWDWLYHV
VSpFLILTXHV DX[ SRLQWV QRLUV j FRQVLGpUHU DILQ G DSSURIRQGLU O pYDOXDWLRQ 2Q SHXW
3DJH
DORUV SDUOHU G XQH DSSURFKH VHPLTXDQWLWDWLYH VH EDVDQW j OD IRLV VXU GHV GRQQpHV
TXDOLWDWLYHV HW TXDQWLWDWLYHV
'DQV OH FDV GH OD GpPDUFKH G DWWULEXWLRQ GH O pFRODEHO IUDQoDLV FHWWH pYDOXDWLRQ YD

SHUPHWWUH G pODERUHU GHV SURSRVLWLRQV GH FULWqUHV pFRORJLTXHV SHUWLQHQWV HW GH VHXLOV
FRUUHVSRQGDQWV
• 8QH DXWUH DSSURFKH PDWULFLHOOH HVW OD 3URGXFW ,PSURYHPHQW 0DWUL[ GH $7 7

>*5$('(/ HW DO @
/D PpWKRGH FRQVLVWH j QRWHU O·LPSDFW VXU O·HQYLURQQHPHQW GH j UHSUpVHQWDQW

O·LPSDFW PLQLPXP GH FLQT SKDVHV GX F\FOH GH YLH ([WUDFWLRQ GHV UHVVRXUFHV
)DEULFDWLRQ GX SURGXLW (PEDOODJH HW WUDQVSRUW 8WLOLVDWLRQ )LQ GH YLH HW SRXU FLQT

FULWqUHV HQYLURQQHPHQWDX[ FKRL[ GHV PDWpULDX[ FRQVRPPDWLRQ G·pQHUJLH GpFKHWV
VROLGHV GpFKHWV OLTXLGHV GpFKHWV JD]HX[
$ FKDTXH pOpPHQW GH OD PDWULFH HVW OLp XQ HQVHPEOH GH TXHVWLRQV GHX[ RX WURLV OD

SOXSDUW GX WHPSV GRQW OHV UpSRQVHV YRQW DLGHU j O·pYDOXDWLRQ VRXV IRUPH GH QRWH GH
VLWXDWLRQ GpIDYRUDEOH j O·HQYLURQQHPHQW j VLWXDWLRQ IDYRUDEOH j O·HQYLURQQHPHQW
SDU pOpPHQW
/D QRWH PD[LPDOH SDU FHOOXOH HVW GH SDU SKDVH GH HW OD QRWH JOREDOH PD[LPDOH GH
,O HVW SRVVLEOH GH UHSUpVHQWHU JUDSKLTXHPHQW VXU XQH FLEOH OHV QRWHV GH FKDTXH
pOpPHQW SDU GHV SRLQWV SOXV OH QRPEUH GH SRLQWV SURFKHV GX FHQWUH HVW JUDQG
PHLOOHXU HVW OH SURGXLW YLVjYLV GH O·HQYLURQQHPHQW
5HPDUTXH &HWWH PDWULFH SHXW DXVVL rWUH XWLOLVpH FRPPH RXWLO G·DPpOLRUDWLRQ GH OD
FRQFHSWLRQ HQYLURQQHPHQWDOH G·XQ SURGXLW JUkFH DX[ TXHVWLRQV GHV FKHFNOLVWV
XWLOLVpHV SRXU FKDTXH pOpPHQW >*5$('(/ HW DO @
• 8Q DXWUH H[HPSOH HQFRUH HVW OD 3URGXFW /LIH &\FOH 0DWUL[ GpYHORSSpH SDU
0RWRUROD DX[ (WDWV 8QLV >+2))0$1 @ &HWWH PDWULFH FRQVLGqUH FLQT SKDVHV GX F\FOH
GH YLH HW TXDWUH FULWqUHV FRQVRPPDWLRQ GHV UHVVRXUFHV QDWXUHOOHV G·pQHUJLH VDQWp
GH O·KRPPH HW VDQWp GH OD QDWXUH &KDTXH pOpPHQW GH PDWULFH FRPSRUWH TXDWUH
TXHVWLRQV 6L OD UpSRQVH HVW RXL O·LPSDFW HVW PLQLPXP RQ OXL DWWULEXH OD QRWH VLQRQ
(Q DGGLWLRQQDQW OHV QRWHV OH VFRUH GH FKDTXH pOpPHQW HVW FRPSULV HQWUH HW
UHSUpVHQWDQW O·LPSDFW PLQLPXP 2Q VLWXH UDSLGHPHQW j OD OHFWXUH GX WDEOHDX R OH
SURGXLW HQJHQGUH GHV SUREOqPHV HQYLURQQHPHQWDX[
3DJH
• /D 0(7 0DWUL[ ² 0DWpULDX[ (QHUJLH 7R[LFLWp ² >%5(=(7 HW DO @ YD FRQVLVWHU

SRXU FKDFXQH GHV FLQT SKDVHV SULQFLSDOHV GX F\FOH GH YLH SURGXFWLRQ HW IRXUQLWXUH GH
PDWpULDX[ HW FRPSRVDQWV IDEULFDWLRQ GLVWULEXWLRQ XWLOLVDWLRQ ILQ GH YLH HW VHORQ WURLV
FULWqUHV F\FOH GHV 0DWpULDX[ ² UHVVRXUFHV QDWXUHOOHV HW GpFKHWV FRQVRPPDWLRQ
G· (QHUJLH pPLVVLRQV 7R[LTXHV j OLVWHU UHVSHFWLYHPHQW OHV GLIIpUHQWV PDWpULDX[
FRQVRPPpV RX VXEVWDQFHV pPLVHV OHV VRXUFHV GH OD FRQVRPPDWLRQ pQHUJpWLTXH OH
SURGXLW OXLPrPH PDLV DXVVL OHV WUDQVSRUWV OHV RSpUDWLRQV GH PDLQWHQDQFH RX GH
YDORULVDWLRQ HQ DMRXWDQW pJDOHPHQW OH FRQWHQX pQHUJpWLTXH GHV PDWpULDX[ XWLOLVpV HW
OHV GLIIpUHQWV SURGXLWV WR[LTXHV pPLV
&HV DSSURFKHV PDWULFLHOOHV SUpVHQWHQW O LQWpUrW PDMHXU G rWUH DVVH] UDSLGHV PDLV FRPPH
WRXWH DSSURFKH TXDOLWDWLYH O DSSUpFLDWLRQ GHV LPSDFWV VDQV TXDQWLILFDWLRQ HW GRQQpHV
SUpFLVHV HVW UHODWLYHPHQW VXEMHFWLYH HW O DWWULEXWLRQ GH QRWHV GDQV OH FDV GHV PDWULFHV
$7 7 HW 0RWRUROD VXMHWWH j GLVFXVVLRQ
/HV FRPSDUDLVRQV HQWUH GHX[ SURGXLWV pYDOXpV HQ SDUWLFXOLHU DYHF OD PDWULFH 0(7 QH
VHURQW SDV WUqV DLVpHV GDQV OH VHQV R OHV UpVXOWDWV QH VRQW SDV GHV FKLIIUHV RX GHV QRWHV
PDLV GHV TXDQWLWpV GLYHUVHV GH PDWLqUHV RX VXEVWDQFHV FRQVRPPpHV RX UHMHWpHV
(YDOXDWLRQEDVpHVXUODUpJOHPHQWDWLRQ
/·pYDOXDWLRQ EDVpH VXU OD UpJOHPHQWDWLRQ GpYHORSSpH SDU (') >-$1,1 @ FRQVLVWH HQ
SUHPLHU OLHX j LGHQWLILHU OHV SULQFLSDX[ LPSDFWV HQYLURQQHPHQWDX[ DX FRXUV GX F\FOH GH
YLH G·XQ SURGXLW j O·DLGH GH OD SKDVH G·LQYHQWDLUH GH O·$&9 3DU OD VXLWH XQ V\VWqPH GH
QRWDWLRQ HVW pWDEOL SRXU FKDFXQH GHV SKDVHV VHORQ TXH OHV VXEVWDQFHV TX·HOOHV JpQqUHQW
VRQW LQWHUGLWHV OLPLWpHV RX DXWRULVpHV SDU OD UpJOHPHQWDWLRQ OHV GLUHFWLYHV HXURSpHQQHV
HQ SDUWLFXOLHU HIIHFWLYH RX HQ SUpSDUDWLRQ
'DQV FH V\VWqPH XQH WRXWH SXLVVDQFH HVW GRQQpH DX JpQLH UpJOHPHQWDLUH FH TXL GDQV
FHUWDLQV FDV SHXW FRQWULEXHU DX GpYHORSSHPHQW GH FRPSRUWHPHQWV LQGXVWULHOV pFR
FRQIRUPLVWHV >%87(/%(//,1, @ HW pYLWHU O·DGRSWLRQ GH VROXWLRQV HQYLURQQHPHQWDOHV
DOODQW DXGHOj GHV H[LJHQFHV UpJOHPHQWDLUHV
8Q WHO RXWLO G·pYDOXDWLRQ SUpVHQWH XQ LQWpUrW SDU UDSSRUW DX[ DXWUHV FHOXL GH SUHQGUH HQ
FRPSWH OD UpJOHPHQWDWLRQ TXL V·DSSOLTXH FH GRQW OHV HQWUHSULVHV VRXFLHXVHV GH UHVSHFWHU
O·HQYLURQQHPHQW GRLYHQW VH SUpRFFXSHU
,O SHUPHW HQWUH DXWUHV GH FRQVLGpUHU GHV DVSHFWV GH VpFXULWp DYHF QRWDPPHQW OD
SRVVLELOLWp G·pYDOXHU OHV SURGXLWV HQ VLWXDWLRQ G·DYDULH FDV GH WUDQVIRUPDWHXUV
pOHFWULTXHV HQ IODPPH SDU H[HPSOH Oj R O·$&9 QH OH SHUPHW SDV DORUV TXH GHV
3DJH
PDWpULDX[ LQIODPPDEOHV SHXYHQW HQJHQGUHU GHV LPSDFWV HQYLURQQHPHQWDX[ WUqV QpIDVWHV

HQ VLWXDWLRQ G·LQFHQGLH
/·LGpH TXL VRXVWHQGDLW OH GpYHORSSHPHQW G·XQ WHO RXWLO pWDLW GH VH GLUH TX·XQH pYDOXDWLRQ
SXUHPHQW HQYLURQQHPHQWDOH SHXW UpYpOHU GHV LPSDFWV FRQVLGpUpV FRPPH SUpRFFXSDQWV
VXU OHVTXHOV O·HQWUHSULVH YD IRFDOLVHU VHV DFWLRQV G·DPpOLRUDWLRQ DORUV TX·DXFXQH
UpJOHPHQWDWLRQ QH V·DSSOLTXH GRQF TX·DXFXQH WD[H QH ULVTXH GH VXUJLU WDQGLV TXH
G·DXWUHV LPSDFWV SHXYHQW SDUDvWUH SOXV LQVLJQLILDQWV PDLV ELHQ SOXV YLVpV SDU GHV WH[WHV GH
ORLV HW SOXV WD[pV GRQF SOXV FRWHX[
0DLV HQ FRQWUHSDUWLH RQ SHXW DXVVL LPDJLQHU TXH GDQV OH FDV G XQ UHMHW G XQH VXEVWDQFH
VRXSoRQQpH G DYRLU XQ IRUW LPSDFW SRXU XQ RX SOXVLHXUV FULWqUHV SDUWLFXOLHUV VXEVWDQFH
QpDQPRLQV QRQ YLVpH SDU OD UpJOHPHQWDWLRQ OD SUXGHQFH YRXGUDLW TXH O RQ V LQWpUHVVH
TXRLTX LO HQ VRLW GH SOXV SUqV j FH SUREOqPH HQYLURQQHPHQWDO HW FH YLGH MXULGLTXH SRXU
VH SUpSDUHU DX FDV R OH YLGH VH FRPEOHUDLW & HVW FH TX RQ D SOXV KDXW DSSHOp XQH
DSSURFKH DQWLFLSDWULFH SURDFWLYH
/HV SULQFLSDOHV OLPLWHV TX LO HVW SRVVLEOH GH IDLUH G XQ RXWLO G pYDOXDWLRQ EDVpH VXU OD
UpJOHPHQWDWLRQ RXWUH TX LO QpFHVVLWH XQH YHLOOH UpJOHPHQWDLUH WUqV ULJRXUHXVH VRQW TXH
O pYDOXDWLRQ FRPSDUDWLYH GH GHX[ SURGXLWV UHVWH WUqV GpSHQGDQWH G XQH SDUW GHV WH[WHV
SULV HQ FRPSWH UpJOHPHQWDWLRQ IUDQoDLVH HXURSpHQQH « HW GH O pYROXWLRQ UDSLGH GH OD
UpJOHPHQWDWLRQ G DXWUH SDUW 8QH pYDOXDWLRQ D\DQW SHUPLV SDU H[HPSOH GH FKRLVLU XQ
PDWpULDX SOXW{W TX XQ DXWUH SRXUUD DLQVL VH UpYpOHU FDGXTXH VL OH PDWpULDX FKRLVL VH WURXYH
VRXGDLQHPHQW YLVp SDU XQ QRXYHDX WH[WH GH ORL RX OD YDOHXU GX VHXLO DXWRULVp UHYXH j OD
EDLVVH
,QGLFHpFRORJLTXH
&HWWH PpWKRGH SUpFRQLVH O·pWDEOLVVHPHQW G·XQ LQGLFH TXL UHSRVH VXU O·pYDOXDWLRQ G·XQ
QRPEUH OLPLWp GH FULWqUHV UHWHQXV FRPPH SHUWLQHQWV 2Q QH SDUOH SDV GDQV FH FDV G XQH
DSSURFKH JOREDOH F\FOH GH YLH PDLV G XQH DSSURFKH VSpFLILTXH
8Q H[HPSOH G·LQGLFH HVW FHOXL VXU OD TXDOLWp pFRORJLTXH GHV SURGXLWV >9(17(5( @ XQH
DQDO\VH PXOWLFULWqUH EDVpH VXU O·LGHQWLILFDWLRQ GHV SUREOqPHV HQYLURQQHPHQWDX[ GH
GLIIpUHQWV QLYHDX[ GH JUDYLWp YD OHV UHIRUPXOHU VRXV IRUPH GH TXHVWLRQV TXDOLWDWLYHV GRQW
OHV UpSRQVHV RX PRGDOLWpV VRQW KLpUDUFKLVpHV GH OD VLWXDWLRQ LGpDOH PRGDOLWp IDYRUDEOH j
OD VLWXDWLRQ LQVDWLVIDLVDQWH PRGDOLWp GpIDYRUDEOH HW SRQGpUpHV SDU GHV SpQDOLWpV
/D SpQDOLWp HVW SRXU XQH PRGDOLWp IDYRUDEOH ; j GpWHUPLQHU SRXU XQH PRGDOLWp
GpIDYRUDEOH HW ; SRXU XQH PRGDOLWp PpGLDQH VLWXDWLRQ LQWHUPpGLDLUH
3DJH
/HV TXHVWLRQV VRQW JpQpUDOHPHQW UpVXPpHV SDU WKqPH RX IDFWHXU G·LPSDFW VRXV IRUPH GH
FULWqUHV HX[PrPHV UHJURXSpV GDQV GHV FODVVHV WHOOHV TXH UHF\FODELOLWp GXUDELOLWp
DGpTXDWLRQ DX EHVRLQ«
5HQDXOW D DGDSWp FHW RXWLO SRXU pYDOXHU VHV HPEDOODJHV >&$'2 @ GDQV FH FDV FODVVHV
HW FULWqUHV VRQW OHV VXLYDQWV
&ODVVH , 5HVSHFW GHV VSpFLILFDWLRQV PDWpULDX[
1DWXUH GHV FRPSRVDQWV &

&ODVVH ,, 'LYHUVLWp HW WUL j OD VRXUFH GHV FRPSRVDQWV SHUGXV
'LYHUVLWp HW WUL j OD VRXUFH &

&ODVVH ,,, 5HF\FODELOLWp GH O HPEDOODJH
5HF\FODELOLWp &
&ODVVH ,9 'XUDELOLWp GH O HPEDOODJH
'XUpH GH YLH &

&ODVVH 9 5LVTXHV LQFHQGLH OLpV DX[ PDWpULDX[ SODVWLTXHV
&RQFHSWLRQ &
&DUDFWpULVWLTXHV GH FRPEXVWLRQ &
&ODVVH 9, $GpTXDWLRQ GH O HPEDOODJH DX EHVRLQ
6XUTXDOLWp &
6RXVTXDOLWp &
6RXUFH 6\OYLD &DGR ,QGLFH pFRORJLTXH GH O·HPEDOODJH FKH] 5HQDXOW 5DSSRUW GH 0DVWqUH
0pFDQLTXH HW (QYLURQQHPHQW (16$0 &KDPEpU\
/D PpWKRGH JpQpUDOH GH O LQGLFH HVW OD VXLYDQWH
&KRL[ GX SURGXLW j pYDOXHU
'pILQLWLRQ GHV FODVVHV UHJURXSDQW OHV FULWqUHV G pYDOXDWLRQ j SDUWLU
GHV SULRULWpV HQYLURQQHPHQWDOHV GH O HQWUHSULVH
'pILQLWLRQ GHV PRGDOLWpV SRXU FKDTXH FULWqUH
'pILQLWLRQ GHV SpQDOLWpV PD[LPDOHV UHODWLYHV j FKDTXH FULWqUH SRXU
XQH PRGDOLWp GpIDYRUDEOH
&DOFXO GH O LQGLFH pFRORJLTXH
/·LQGLFH JOREDO GX SURGXLW HVW pJDO j 6RPPH GHV SpQDOLWpV
/D OLPLWH G XQ WHO RXWLO UpVLGH GDQV OD UHODWLYLWp GX FKRL[ GHV FULWqUHV HW GHV SRQGpUDWLRQV
RX YDOHXUV GH SpQDOLWp TX·RQ OHXU DIIHFWH
3DJH
(FRFRPSDVV
&HW RXWLO GpYHORSSp SDU OD VRFLpWp 'RZ D SRXU REMHFWLI G pYDOXHU OHV FKRL[ G RSWLRQV
G DPpOLRUDWLRQV G XQ SURGXLW HQ FRXUV RX ILQ GH FRQFHSWLRQ HW FH HQ YLVXDOLVDQW VXU XQ
JUDSKLTXH HQ SUHPLHU OLHX OD SRVLWLRQ GX SURGXLW H[LVWDQW SDU UDSSRUW j VL[ FULWqUHV SXLV
HQ YLVXDOLVDQW OHV QRXYHOOHV VROXWLRQV >)866/(5 HW DO @
/HV VL[ FULWqUHV UHWHQXV VRQW OHV VXLYDQWV
OD FRQVHUYDWLRQ GHV UHVVRXUFHV QDWXUHOOHV
OHV ULVTXHV SRWHQWLHOV YLVjYLV GH OD VDQWp HW GH O HQYLURQQHPHQW
O LQWHQVLWp HQ PDWpULDX[
OD FRQVRPPDWLRQ GX SURGXLW HQ PDWpULDX[ VXU O HQVHPEOH
GH VRQ F\FOH GH YLH
O LQWHQVLWp pQHUJpWLTXH OD FRQVRPPDWLRQ GX SURGXLW HQ pQHUJLH VXU O HQVHPEOH GH VRQ
F\FOH GH YLH
OD UHYDORULVDWLRQ UHIDEULFDWLRQ UpXWLOLVDWLRQ HW UHF\FODJH
O H[WHQVLRQ GH VHUYLFH SRXU OH FOLHQW QRWLRQ TXL UHFRXYUH OHV SRVVLELOLWpV GH
UpSDUDELOLWp HW G H[WHQVLRQ RX PLVH j QLYHDX G HPSORL SDUWDJp G DFFURLVVHPHQW GH OD
GXUDELOLWp RX HQFRUH GH PXOWLIRQFWLRQQDOLWp
&H JUDSKLTXH HVW UHSUpVHQWp VXU OD ILJXUH VXLYDQWH
([WHQVLRQ GH VHUYLFH
&RQVHUYDWLRQ GHV UHVVRXUFHV 5HYDORULVDWLRQ

5LVTXHV HQYLURQQHPHQW HW VDQWp ,QWHQVLWp pQHUJpWLTXH
,QWHQVLWp HQ PDWpULDX[
)LJXUH /D UHSUpVHQWDWLRQ GHV VL[ FULWqUHV GH O (FRFRPSDVV
6RXUFH &ODXGH )XVVOHU 'ULYLQJ (FR,QQRYDWLRQ $ EUHDNWKURXJK GLVFLSOLQH IRU LQQRYDWLRQ DQG
VXVWDLQDELOLW\ S
,QWHQVLWp HQ PDWpULDX[ FH FULWqUH FRUUHVSRQG j OD QRWLRQ GH VDF j GRV pFRORJLTXH RX 0,36

SUpFpGHPPHQW pYRTXpH GDQV OHV RXWLOV G pYDOXDWLRQ TXDQWLWDWLYH IUXLW GHV UHFKHUFKHV GH O LQVWLWXW DOOHPDQG
:XSSHUWDO ,QVWLWXWH
3DJH
6XU XQH pFKHOOH G pYDOXDWLRQ GH j OH SURGXLW H[LVWDQW FRQVLGpUp FRPPH SURGXLW GH

UpIpUHQFH VH YRLW DWWULEXHU OD QRWH SRXU FKDFXQ GHV FULWqUHV &RQFHUQDQW O pYDOXDWLRQ GHV
VROXWLRQV G DPpOLRUDWLRQV RX G LQQRYDWLRQV OHV RSWLRQV FKRLVLHV VRQW SRVLWLRQQpHV VXU OHV
D[HV GHV FULWqUHV DX[TXHOV HOOHV FRUUHVSRQGHQW XQ RX SOXVLHXUV DYHF XQH QRWH GH j
DWWULEXpH VHORQ OH SRXUFHQWDJH G DPpOLRUDWLRQ RX G DJJUDYDWLRQ SDU UDSSRUW j OD VLWXDWLRQ
GH UpIpUHQFH / pFKHOOH GH FHV QRWHV HVW YDULDEOH VHORQ OHV FULWqUHV H[HPSOH VXU OD
FRQVRPPDWLRQ GHV UHVVRXUFHV QDWXUHOOHV DFFURLVVHPHQW GH SOXV GH
UpGXFWLRQ GH SOXV GH HW UpGXFWLRQ GH SOXV GH /HV GLIIpUHQWV FDOFXOV GH
FRQVRPPDWLRQ « SRXU OH SURGXLW H[LVWDQW HW OHV QRXYHOOHV VROXWLRQV VRQW EDVpV VXU GHV
GRQQpHV GX F\FOH GH YLH GX SURGXLW HW UDSSRUWpV j O XQLWp IRQFWLRQQHOOH FKRLVLH
/ LQWpUrW G XQ WHO RXWLO HVW GH SRXYRLU pYDOXHU GLIIpUHQWHV RSWLRQV GH FRQFHSWLRQ JpQpUpHV
DX FRXUV GH VpDQFHV GH FUpDWLYLWp HW GH SUHQGUH GHV GpFLVLRQV /H FKRL[ GHV VROXWLRQV
VHUD ELHQ HQWHQGX HIIHFWXp DX YX GHV UpVXOWDWV GH FKDFXQH GHV SURSRVLWLRQV HW SRXU OHV
REMHFWLIV HW OD VWUDWpJLH GH GpYHORSSHPHQW TXH O HQWUHSULVH VH VHUD GpILQLV ,O V DJLW ELHQ
G XQ RXWLO G pYDOXDWLRQ TXH O RQ SHXW TXDOLILHU G RXWLO G DLGH j OD GpFLVLRQ &HUWDLQV OH
TXDOLILHQW PrPH G RXWLO VWUDWpJLTXH GDQV OH VHQV R LO SHUPHW GH FKRLVLU GHV GLUHFWLRQV
SURPHWWHXVHV HQ WHUPHV G pFRLQQRYDWLRQV >9DQ 1(6 HW DO @ >6,021 HW DO @
&KHFNOLVWV
/HV FKHFNOLVWV RX OLVWHV GH FRQWU{OH SHUPHWWHQW DX FRQFHSWHXU G·pYDOXHU VL OH SURGXLW HVW

UHVSHFWXHX[ GH O·HQYLURQQHPHQW HQ UpSRQGDQW j GHV TXHVWLRQV SUpFLVHV SRXU XQH RX
SOXVLHXUV SKDVHV GX F\FOH GH YLH &H VRQW GHV TXHVWLRQQDLUHV G pYDOXDWLRQ TXL DLGHQW j
pWDEOLU UDSLGHPHQW OH SURILO HQYLURQQHPHQWDO GX SURGXLW
&HV TXHVWLRQQDLUHV DGDSWpV j WHOOH RX WHOOH FDWpJRULH GH SURGXLWV VRQW FRQVLGpUpV
FRPPH XQH DSSURFKH SUDJPDWLTXH GHV PpWKRGHV G pYDOXDWLRQ HW WUqV SULVpV SDU OHV
LQGXVWULHOV
/HV DVSHFWV TXDOLWDWLIV G XQ SURGXLW TXL SHXYHQW rWUH SULV HQ FRPSWH VRQW SDU H[HPSOH
VRQ FDUDFWqUH MHWDEOH RX UpXWLOLVDEOH OH FDUDFWqUH YLHUJH RX UHF\FOp GHV PDWpULDX[
SUpVHQWV OH FDUDFWqUH UHQRXYHODEOH RX QRQ GHV UHVVRXUFHV XWLOLVpHV
/HV FKHFNOLVWV SHXYHQW rWUH VWDQGDUG RX ELHQ VSpFLILTXHV j XQH HQWUHSULVH 3KLOLSV D SDU
H[HPSOH GpYHORSSp GHX[ RXWLOV EDVpV VXU FH SULQFLSH GH TXHVWLRQQDLUH
ª (FR(VWLPDWRU (( >0(,1'(56 D@
/ RXWLO VH SUpVHQWH VRXV OD IRUPH G·XQ TXHVWLRQQDLUH GpYHORSSp SDU 3KLOLSV 'HVLJQ HW
SXEOLp GDQV OHV *UHHQ 3DJHV GH O·HQWUHSULVH HW OH JXLGH LQWHUQH 3RLQW RI QR
5HWXUQ
3DJH
/H TXHVWLRQQDLUH VH GpFOLQH HQ TXDWUH SDUDJUDSKHV

9LH GX SURGXLW
(QHUJLH HW PDWpULDX[
5HF\FODELOLWp DSSURFKH ILQ GH YLH
'pFKHWV GDQJHUHX[
5HPDUTXH /H WHPSV pYDOXp GH VRQ UHQVHLJQHPHQW FRPSOHW HVW GH j KHXUHV
$ FKDTXH SDUDJUDSKH FRUUHVSRQG XQ FHUWDLQ QRPEUH GH TXHVWLRQV GRQW OHV UpSRQVHV

SHXYHQW rWUH XQH TXDQWLWp FRQVRPPDWLRQ G·pQHUJLH SDU H[HPSOH XQ QRPEUH
G·DQQpHV GXUpH G·XWLOLVDWLRQ RXL RX QRQ SLqFHV DFFHVVLEOHV " PDWpULDX[
UHF\FODEOHV " « /HV UpSRQVHV VRQW HQ FDVFDGH GDQV OH VHQV R HOOHV QpFHVVLWHQW
VRXYHQW GH SUHQGUH HQ FRPSWH OHV UpSRQVHV j FHUWDLQHV TXHVWLRQV SUpFpGHQWHV
/HV VRXVWRWDX[ FRUUHVSRQGHQW j OD VRPPH GHV UpSRQVHV DX[ TXHVWLRQV SRXU FKDFXQ
GHV SDUDJUDSKHV HW OH WRWDO (( SRXU XQ SURGXLW pTXLYDXW j OD VRPPH GHV VRXVWRWDX[
GHV SDUDJUDSKHV HW
/H (( SDU DQ FRUUHVSRQG j >(( VRXVWRWDO GX SDUDJUDSKH GXUpH GH YLH GX
SURGXLW @
/·LQWpUrW G·XQH WHOOH PpWKRGH HVW GH V·LQWpUHVVHU j OD VWUXFWXUH PrPH GX SURGXLW (OOH
YD SHUPHWWUH G·DLGHU OHV UpIOH[LRQV XOWpULHXUHV VXU GH QRXYHOOHV GLUHFWLRQV GH
FRQFHSWLRQ G·XQ SURGXLW &KDFXQH GHV DOWHUQDWLYHV SRXUUD DORUV rWUH FRPSDUpH DX
UpVXOWDW (( GX SURGXLW UpIpUHQFH YHUVLRQ SUpFpGHQWH SOXV SURFKH SURGXLW GDQV OD
JDPPH RX HQFRUH SURGXLW FRQFXUUHQW
/HV TXHVWLRQV pWDQW WUqV SUpFLVHV FH W\SH G·RXWLO QH SRXUUD rWUH XWLOLVp TXH VXU XQ
SURGXLW H[LVWDQW ELHQ LGHQWLILp TXH O·RQ VRXKDLWH pYDOXHU
ª )DVW)LYH >0(,1'(56 D@
&HWWH FKHFNOLVW HVW DGDSWpH SRXU O pYDOXDWLRQ G XQ QRXYHDX SURGXLW HQ FRXUV GH

FRQFHSWLRQ SKDVH GH FRQFHSWLRQ GpWDLOOpH
$SUqV DYRLU FKRLVL XQH UpIpUHQFH SURGXLW GH YHUVLRQ SUpFpGHQWH RX FRQFXUUHQW LO
V·DJLW GH UpSRQGUH j XQH FRXUWH OLVWH GH TXHVWLRQV UpSRQVHV SDU RXL RX SDU QRQ
FRQFHUQDQW FLQT FULWqUHV PDMHXUV pQHUJLH FRQVRPPDWLRQ SOXV IDLEOH "
UHF\FODELOLWp SURGXLW SOXV UHF\FODEOH " PDWpULDX[ UHF\FOpV RX UHF\FODEOHV SDUWLHV
VpSDUDEOHV " « SUpVHQFH GH PDWpULDX[ GDQJHUHX[ SURGXFWLRQ GH PRLQV GH
GpFKHWV FKLPLTXHV " SUpVHQFH GH PDWpULDX[ LQWHUGLWV " « GXUDELOLWp HW UpSDUDELOLWp
PHLOOHXUHV " VHUYLFH UHQGX H[LVWHWLO GHV DOWHUQDWLYHV GH FRQFHSWLRQ SRXU UHQGUH
OH PrPH VHUYLFH DYHF GHV LPSDFWV PRLQGUHV VXU O·HQYLURQQHPHQW "
3DJH
6HORQ OH QRPEUH GH RXL OH SURGXLW pWXGLp FRPSDUp j OD UpIpUHQFH VHUD H[FHOOHQW
DFFHSWDEOH j DPpOLRUHU« 'DQV OH FDV G·XQH VHXOH UpSRQVH SRVLWLYH LO HVW
QpFHVVDLUH GH FKRLVLU XQH DXWUH UpIpUHQFH
ª /H )UDXQKRIHU ,QVWLWXWH ,3$ $OOHPDJQH D pJDOHPHQW GpYHORSSp GHV FKHFNOLVWV
GRQW XQH SRXU DLGHU j DPpOLRUHU OH UHF\FODJH G·XQ SURGXLW >67(,1+,/3(5 @
/HV FULWqUHV SULV HQ FRPSWH VRQW
OD UHF\FODELOLWp GHV PDWpULDX[
OD YDULpWp GHV PDWpULDX[
OD FRPSDWLELOLWp GHV PDWpULDX[
OD SUpVHQFH GH VXEVWDQFHV GDQJHUHXVHV
OD VWUXFWXUH GX SURGXLW
OH PDUTXDJH
OH GpPRQWDJH HW OD VpSDUDWLRQ
3RXU FKDTXH FULWqUH WURLV FDV VRQW SRVVLEOHV FKDTXH FDV FRUUHVSRQGDQW j XQH
VLWXDWLRQ VLWXDWLRQ LGpDOH SRXU O HQYLURQQHPHQW DFFHSWDEOH RX QpFHVVLWDQW XQH
DPpOLRUDWLRQ 3RXU XQ SURGXLW LO VXIILW GH GpWHUPLQHU SRXU FKDTXH FULWqUH GDQV
TXHOOH VLWXDWLRQ O RQ VH WURXYH SRXU pYDOXHU JOREDOHPHQW O DSWLWXGH GX GLW SURGXLW
DX UHF\FODJH
$ QRWHU TXH FHWWH FKHFNOLVW SHXW DXVVL rWUH XWLOLVpH FRPPH RXWLO G·DPpOLRUDWLRQ
SRXU YpULILHU DX IXU HW j PHVXUH GH O·DYDQFpH GX SURMHW G·pFRFRQFHSWLRQ TXH OHV
YRLHV FKRLVLHV GDQV OHV pWDSHV SUpFpGHQWHV VRQW VDWLVIDLVDQWHV YLVLRQ LWpUDWLYH GX
SURMHW
/ pYDOXDWLRQ GH SURGXLWV j O DLGH GH FKHFNOLVWV DPqQH DX PrPH FRQVWDW TXH SRXU OHV
DSSURFKHV PDWULFLHOOHV SXLVTXH OHV UpSRQVHV DX[ TXHVWLRQV VRQW WRXMRXUV DVVH]
VXEMHFWLYHV &HFL GLW GDQV FHUWDLQV FDV OHV TXHVWLRQV H[LJHQW GHV UpSRQVHV SUpFLVHV HQ
WHUPHV GH FRQVRPPDWLRQ G pQHUJLH GH QRPEUH G DQQpHV GH GXUDELOLWp « FH TXL OLPLWH
O HVSDFH GH GLYHUJHQFH HQWUH SOXVLHXUV pYDOXDWLRQV HIIHFWXpHV SDU GLIIpUHQWV H[SHUWV HW
OpJLWLPH GDYDQWDJH OH UpVXOWDW
&HUWDLQV TXHVWLRQQDLUHV VRQW QpDQPRLQV SDUIRLV WURS ORQJV FH TXL SHXW UHEXWHU OHV
LQGXVWULHOV VRXPLV SRXU OD SOXSDUW j GHV FRQWUDLQWHV WHPSRUHOOHV
3DJH
/LVWHVGHPDWpULDX[
&HV OLVWHV RQW SRXU REMHFWLI G·H[FOXUH RX GH PLQLPLVHU O·HPSORL GH FHUWDLQV PDWpULDX[ RX
VXEVWDQFHV GDQJHUHXVHV GDQV OD FRPSRVLWLRQ G·XQ SURGXLW (OOHV VRQW SRXU OD SOXSDUW
EDVpHV VXU OHV UpJOHPHQWDWLRQV GHV SD\V
(ODERUpHV SDU OHV HQWUHSULVHV HW LQWpJUpHV DX[ FDKLHUV GHV FKDUJHV UHPLV DX[
IRXUQLVVHXUV FHV OLVWHV UHIOqWHQW FRPPH FKH] 3KLOLSV OHV UpJOHPHQWDWLRQV LQWHUQDWLRQDOHV
OHV SOXV GUDVWLTXHV (OOHV YRQW PrPH SDUIRLV DXGHOj G DSUqV OD SROLWLTXH LQWHUQH GH
O HQWUHSULVH
1RPEUH G LQGXVWULHOV OHV XWLOLVHQW (OOHV VRQW GH SOXVLHXUV W\SHV

$LQVL 'LJLWDO GLVSRVH GH OLVWHV GH
PDWpULDX[ LQWHUGLWV
PDWpULDX[ GDQJHUHX[ UpJOHPHQWpV
PDWpULDX[ QLFH WR DYRLG
,O V DJLW GH SUHVFULSWLRQV IRUWHV
&KH] 3KLOLSV RQ SDUOH GH
VXEVWDQFHV LQWHUGLWHV
VXEVWDQFHV GH OD OLVWH $ VHXLO OLPLWH GH FRQFHQWUDWLRQ DXWRULVp GDQV OH
PDWpULDX RX OH SURGXLW SSP
VXEVWDQFHV GH OD OLVWH % VHXLO OLPLWH GH FRQFHQWUDWLRQ DXWRULVp GDQV OH
PDWpULDX RX OH SURGXLW SSP
4XDQW j O HQWUHSULVH 6FKQHLGHU (OHFWULF HOOH GLVWLQJXH
OHV VXEVWDQFHV LQWHUGLWHV G XQH SDUW FHOOHV TXL VRQW HIIHFWLYHPHQW LQWHUGLWHV
SDU OHV ORLV FRPPH O DPLDQWH OH SORPE O DUVHQLF « RX IRUWHPHQW
UpJOHPHQWpHV HOOHV QH VRQW SDV XWLOLVpHV SDU WRXV OHV VLWHV GX JURXSH
OHV VXEVWDQFHV GpFRQVHLOOpHV G DXWUH SDUW OHXU HPSORL HVW ODLVVp DX FKRL[
GHV GLUHFWHXUV WHFKQLTXHV GH FKDTXH VLWH &HWWH FDWpJRULH HVW UHSUpVHQWpH
SDU OHV VXEVWDQFHV IRUWHPHQW YLVpHV SDU GHV SURMHWV GH UpJOHPHQWDWLRQ
$XFXQ VHXLO GH FRQFHQWUDWLRQ Q HVW SULV HQ FRPSWH FRPPH GDQV OH FDV GHV OLVWHV 3KLOLSV
8QH GHV SULQFLSDOHV FULWLTXHV GH FHV OLVWHV UpVLGH GDQV OH GLVFUpGLW LPSXWp SDUIRLV j WRUW
j FHUWDLQHV VXEVWDQFHV VDQV VH VRXFLHU GX FRQWH[WH G·XWLOLVDWLRQ %HDXFRXS GH OLVWHV VRQW
HQ HIIHW WURS FRQWUDLJQDQWHV HW O LQWHUGLFWLRQ V\VWpPDWLTXH GH SOXV HQ SOXV GH PDWpULDX[
VRXV SUpWH[WH TX LOV VRQW WR[LTXHV Q HVW SDV WRXMRXUV MXVWLILpH $LQVL XQ SURGXLW WR[LTXH
PDLV GRQW OH IOX[ HVW PDvWULVp HW FRQWHQX WRXW DX ORQJ GX F\FOH GH YLH GX SURGXLW QH
SRVHUD D SULRUL DXFXQ SUREOqPH j O·HQYLURQQHPHQW
8Q JURXSH GH WUDYDLO V HVW j FH SURSRV FRQVWLWXp DX VHLQ GH OD &RPPLVVLRQ (QYLURQQHPHQW
GH OD ),((& ,O HVW IDURXFKHPHQW RSSRVp DX SULQFLSH PrPH GH FHV OLVWHV HQ HVWLPDQW TXH
OHXU XWLOLVDWLRQ QH SHXW FRQGXLUH TX j XQH VWpULOLVDWLRQ GH OD FUpDWLYLWp GHV HQWUHSULVHV HW j
3DJH
XQH XQLIRUPLVDWLRQ GHV SURGXLWV $ FHOD LO IDXW FRPSWHU VXU OD SRVVLELOLWp TX © HOOHV
HQFRXUDJHQW OHV DXWRULWpV j UpJOHPHQWHU WRXMRXUV GDYDQWDJH VDQV UpHOOHPHQW V DSSX\HU VXU
GHV LQYHVWLJDWLRQV VFLHQWLILTXHV WHFKQLTXHV pFRQRPLTXHV HWRX HQYLURQQHPHQWDOHV
DSSURIRQGLHV ª SURSRV GX UHVSRQVDEOH GH FH JURXSH GH WUDYDLO
/ XVDJH G XQH VXEVWDQFH GHYUDLW rWUH DLQVL UpJOHPHQWp ORUVTX XQ LPSDFW HQYLURQQHPHQWDO
HVW DYpUp WRXW HQ SUpFLVDQW OHV GRPDLQHV G DSSOLFDWLRQ FRQFHUQpV OH SORPE GDQV OHV
SHLQWXUHV SDU H[HPSOH
3RXU UpSRQGUH j OD PHQDFH GH FHV EDQQLVVHPHQWV O 2UJDOLPH

VXU SURSRVLWLRQ GX
JURXSH GH WUDYDLO GH OD ),((& D PLV HQ SODFH XQH FRPPLVVLRQ GDQV OH EXW G pWDEOLU XQ
GLDORJXH FRQVWUXFWLI DYHF OD &RPPLVVLRQ (XURSpHQQH &HWWH FRPPLVVLRQ HVW FKDUJpH GH
UHFXHLOOLU OHV LQIRUPDWLRQV WHFKQLTXHV TXL SHUPHWWURQW G pYLWHU GHV PHVXUHV GH
EDQQLVVHPHQW QRQ IRQGpHV RX GH QpJRFLHU GHV SpULRGHV GH WUDQVLWLRQ DFFHSWDEOHV
SHUPHWWDQW OD PLVH HQ SODFH GH QRXYHOOHV VROXWLRQV DOWHUQDWLYHV
&HV WUDYDX[ VRQW ELHQ HQWHQGX HQ UDSSRUW DYHF OD SUpSDUDWLRQ GH OD IXWXUH 'LUHFWLYH
(XURSpHQQH VXU OHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV HQ ILQ GH YLH ODTXHOOH SUpYRLW
O LQWHUGLFWLRQ GH O HPSORL GX SORPE GX PHUFXUH GX FDGPLXP GX FKURPH KH[DYDOHQW GHV
HU
UHWDUGDWHXUV GH IODPPH KDORJpQpV 3%%V HW 3%'(V HW GHV DOOLDJHV FXLYUHEpU\OOLXP DX
-DQYLHU
/D SROpPLTXH HVW EDVpH VXU OH IDLW TXH O LQWHUGLFWLRQ GH O HPSORL G XQH VXEVWDQFH
GRLW rWUH IRQGpH VXU XQH DUJXPHQWDWLRQ VFLHQWLILTXH
SHXW RFFXOWHU GHV SRVVLELOLWpV GH UHF\FODJH GH SURGXLWV XVDJpV GH
RX DQV FRQWHQDQW FHV VXEVWDQFHV
SHXW PHWWUH HQ GDQJHU OD SpUHQQLWp G XQH LQGXVWULH FRPPH FHOOH GX ]LQF
ORUV GH O LQWHUGLFWLRQ GX FDGPLXP
© / LQWHUGLFWLRQ G XQH VXEVWDQFH QH GHYUDLW HQ IDLW rWUH DFFHSWpH TXH ORUVTXH OH VXEVWLWXW TXL
UpXQLW OHV FRQGLWLRQV GH SHUIRUPDQFHV WHFKQLTXHV VpFXULWp IDLVDELOLWp pFRQRPLTXH HW
PRLQGUH LPSDFW VXU O HQYLURQQHPHQW H[LVWH ª SUpFLVH OH UHVSRQVDEOH GX JURXSH GH WUDYDLO
GH OD ),((&
/D &RPPXQDXWp (XURSpHQQH VHPEOH GRQF YLYHPHQW FULWLTXpH VXU OH IDLW G LQWHUGLUH DYDQW
PrPH G DYRLU pYDOXHU OHV ULVTXHV UpHOV UHSUpVHQWpV SDU WHOOH RX WHOOH VXEVWDQFH HW
HQFRXUDJHU OD UHFKHUFKH GH QRXYHOOHV VROXWLRQV
'DQV OH FDV GX FDGPLXP QRWDPPHQW VRQ LQWHUGLFWLRQ SRXUUDLW ELHQ UXLQHU WRXWH XQH
pFRQRPLH HW IDLUH GLVSDUDvWUH OHV TXHOTXHV HPSORLV FRQFHUQpV SDU OD SURGXFWLRQ HW
OH UHF\FODJH GHV EDWWHULHV 1L&G UpJOHPHQWp SDU OD 'LUHFWLYH (8 Q O XQH GHV
GHX[ SULQFLSDOHV XWLOLVDWLRQV GX &G DYHF OH UHYrWHPHQW DQWLFRUURVLRQ GHV VWUXFWXUHV
25*$/,0( *URXSH GH OLDLVRQ GHV LQGXVWULHV HXURSpHQQHV PpFDQLTXHV pOHFWULTXHV pOHFWURQLTXHV HW GH
WUDYDLO GHV PpWDX[
3DJH
PpWDOOLTXHV $ FH MRXU HQ HIIHW DXFXQH VROXWLRQ GH UHPSODFHPHQW pFRQRPLTXH ILDEOH HW
SOXV UHVSHFWXHXVH GH O HQYLURQQHPHQW Q D HQFRUH pWp WURXYpH GDQV OHV GHX[ FDV «
/H FRQVWDW HVW LGHQWLTXH SRXU OH SORPE XWLOLVp GDQV OHV VRXGXUHV SRXU OHTXHO LO H[LVWH
GHV DOWHUQDWLYHV SOXV FKqUHV HW SOXV LPSDFWDQWHV VXU O HQYLURQQHPHQW HW OH FKURPH
KH[DYDOHQW XWLOLVp GDQV OHV UpIULJpUDWHXUV SUpVHQWDQW GHV ULVTXHV HQYLURQQHPHQWDX[
LQGpQLDEOHV PDLV ELHQ PDvWULVpV
)RUFH HVW GH FRQVWDWHU HQILQ TXH OHV 'LUHFWLYHV (XURSpHQQHV PDQTXHQW G KRPRJpQpLWp
SXLVTXH GDQV OH FDV GX SORPE VRQ HPSORL GDQV OHV VRXGXUHV HVW LQWHUGLW SDU OD IXWXUH
GLUHFWLYH VXU OHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV PDLV QRQ FRQFHUQp SDU OD GLUHFWLYH
VXU OHV DXWRPRELOHV pJDOHPHQW HQ SUpSDUDWLRQ « 6L UpJOHPHQWDWLRQ LO \ D SRXU XQ W\SH
G DSSOLFDWLRQ SRXUTXRL GLIIpUHQFLHU OHV GRPDLQHV G DFWLYLWp "
2Q SRXUUD WURXYHU GDQV OD OLWWpUDWXUH RX OHV GRFXPHQWV LQWHUQHV G·HQWUHSULVHV OHV OLVWHV
GH VXEVWDQFHV VXLYDQWHV
✔ /D OLVWH GH VXEVWDQFHV FKLPLTXHV GH O·86 &OHDQ $LU $FW
✔ 'DQV O pOHFWULTXH HW O pOHFWURQLTXH OD OLVWH GH VXEVWDQFHV FKLPLTXHV YLVpHV SDU OD
UpJOHPHQWDWLRQ XWLOLVpH SDU OHV DVVRFLDWLRQV HXURSpHQQHV GH IDEULFDQWV GH SURGXLWV
pOHFWULTXHV HW pOHFWURQLTXHV ($&(0(&7(/((&$(852%,7 HQ FROODERUDWLRQ DYHF
OH &(),& &RQVHLO (XURSpHQ GH O ,QGXVWULH &KLPLTXH
&HWWH OLVWH SUpFLVH OHV GRPDLQHV G DSSOLFDWLRQ FRQFHUQpV SDU GHV LQWHUGLFWLRQV RX GHV
OLPLWHV G·XWLOLVDWLRQ FRQIRUPpPHQW DX VRXKDLW GX JURXSH GH WUDYDLO GH OD ),((&
✔ 'DQV O DXWRPRELOH OHV OLVWHV QRLUH JULVH HW EODQFKH GH 92/92 OD OLVWH QRLUH SUpVHQWH
OHV VXEVWDQFHV TXL QH GRLYHQW SDV rWUH XWLOLVpHV GDQV O·HQWUHSULVH OD OLVWH JULVH
SUpVHQWH FHOOHV GRQW O·XWLOLVDWLRQ GRLW rWUH OLPLWpH HW OD OLVWH EODQFKH OHV VXEVWDQFHV GH
VXEVWLWXWLRQ SRVVLEOHV
3DJH
3RLQWV GH YXH VXU OHV RXWLOV G pYDOXDWLRQ j GRPLQDQWH

TXDOLWDWLYH
&KDFXQ GHV RXWLOV SUpFpGHPPHQW GpFULWV SUpVHQWH j QRWUH VHQV GHV DYDQWDJHV HW GHV
LQFRQYpQLHQWV SDUIRLV PDMHXUV SRXU OHXU XWLOLVDWHXU /H WDEOHDX VXLYDQW UpVXPH OHV
SRLQWV SULQFLSDX[ j VRXOLJQHU
− )DFLOLWp G pODERUDWLRQ
− 0DWULFHV $7 7 HW 0RWRUROD QRWDWLRQ
− (WXGH PXOWLFULWqUH HW PXOWLSKDVH SOXV
VXEMHFWLYH GHV LPSDFWV SDU FULWqUH HW
VLPSOH HW UDSLGH TX XQH $&9
0DWULFHV SKDVH GX F\FOH GH YLH
− 0RGH GH UHSUpVHQWDWLRQ GHV UpVXOWDWV WUqV
− 0DWULFH 0(7 ([SORLWDWLRQ GHV
H[SOLFLWH SRLQWV VXU XQH FLEOH SRXU OD
UpVXOWDWV SDUIRLV PDO DLVpH
PDWULFH $7 7
− 'LIILFXOWp GH EDVHU XQH pYDOXDWLRQ GH

SHUIRUPDQFH HQYLURQQHPHQWDOH GH
(YDOXDWLRQ − /LHQ HQWUH SUREOqPHV HQYLURQQHPHQWDX[ SURGXLWV SDU UDSSRUW j GHV WH[WHV
EDVpH VXU OD HW UpJOHPHQWDWLRQ FULWqUH WUqV LPSRUWDQW UpJOHPHQWDLUHV HQ SHUSpWXHOOH
UpJOHPHQWDWLRQ SRXU OHV LQGXVWULHOV pYROXWLRQ
− 4XHO QLYHDX GH SULVH HQ FRPSWH GHV
WH[WHV GH ORLV QDWLRQDO HXURSpHQ « "
− (YDOXDWLRQ FKLIIUpH VLPSOH QRWHV

,QGLFH − &KRL[ GHV FULWqUHV HW GHV SRQGpUDWLRQV
DWWULEXpHV j GLIIpUHQWV SURGXLWV IDFLOHPHQW
pFRORJLTXH WRWDOHPHQW VXEMHFWLI
FRPSDUDEOHV
− (YDOXDWLRQ HW FKRL[ GH QRXYHOOHV VROXWLRQV

− 1RWDWLRQ TXDOLWDWLYH VXEMHFWLYH
GH FRQFHSWLRQ DPpOLRUDWLRQ RX
(FRFRPSDVV − (YDOXDWLRQ ORQJXH VL OHV VL[ FULWqUHV j
LQQRYDWLRQ UHODWLYHPHQW DLVpV SDU
OD IRLV VRQW SULV HQ FRPSWH
UDSSRUW j XQH VLWXDWLRQ GH UpIpUHQFH
− 5pSRQVHV UDSLGHV j TXHOTXHV TXHVWLRQV

VLPSOHV − (YDOXDWLRQ WURS VXEMHFWLYH SDU UDSSRUW
− %RQQH pYDOXDWLRQ HQYLURQQHPHQWDOH DX[ TXHVWLRQV SRVpHV
&KHFNOLVW G HQVHPEOH VXU XQ SURGXLW ILQL RX HQ FRXUV − 1pFHVVLWp G XWLOLVHU GHV FKHFNOLVWV
GH FRQFHSWLRQ UHODWLYHPHQW FRXUWHV j SDJHV
− 2XWLO FRQQX HW WUqV DSSUpFLp GHV PD[LPXP
LQGXVWULHOV
…/…
3DJH

− (OLPLQDWLRQ DUELWUDLUH GH FHUWDLQHV
/LVWH GH − 6XEVWDQFHV LQWHUGLWHV RX DXWRULVpHV VXEVWDQFHV GRQW DXFXQ VXEVWLWXW
PDWpULDX[ FODLUHPHQW pQRQFpHV Q H[LVWH GDQV GHV FRQGLWLRQV
pFRQRPLTXHV UDLVRQQDEOHV
7DEOHDX 3RLQWV GH YXH VXU OHV RXWLOV G pYDOXDWLRQ HQYLURQQHPHQWDOH j GRPLQDQWH TXDOLWDWLYH
&RQFOXVLRQ
' DSUqV OD OLWWpUDWXUH HW O HQTXrWH VXU OH WHUUDLQ LO VHPEOH TXH G XQH PDQLqUH TXDVL
JpQpUDOH SHX G HQWUHSULVHV VH VRLHQW UpHOOHPHQW ODQFpHV GDQV GHV pWXGHV
HQYLURQQHPHQWDOHV G pYDOXDWLRQ FRPSOqWH GH OHXUV SURGXLWV &HV GHUQLHUV pWDQW VRXYHQW
FRPSOH[HV GDQV OH GRPDLQH pOHFWULTXH HW pOHFWURQLTXH GHV pWXGHV GX W\SH $QDO\VH GX
&\FOH GH 9LH VRQW TXHOTXH SHX UHGRXWpHV
/ DSSURFKH $&9 SDUDvW QpDQPRLQV LQWpUHVVDQWH SRXU FHUWDLQV SXLVTX HOOH SHXW
SHUPHWWUH G LGHQWLILHU OHV SRLQWV IDLEOHV GHV SURGXLWV DQDO\VpV TXH O RQ YHXW UHFRQFHYRLU HW
VHUYLU GH EDVH SRXU O pODERUDWLRQ GH QRUPHV RX UHFRPPDQGDWLRQV LQWHUQHV j O HQWUHSULVH
PDLV O DEVHQFH GH FRQVHQVXV JpQpUDO VXU OHV YDOHXUV GHV SRQGpUDWLRQV HW OD VXEMHFWLYLWp
GH O LQWHUSUpWDWLRQ GHV UpVXOWDWV VXVFLWHQW GHV GRXWHV TXDQW j VD ILDELOLWp
' DXWUHV pWXGHV VRQW SDUIRLV SUpIpUpHV HOOHV FRUUHVSRQGHQW j GHV DQDO\VHV SOXV
VXFFLQFWHV j O DLGH GH PDWULFHV $7 7 0DWUL[ GH FKHFNOLVWV G LQYHQWDLUHV GH PDWpULDX[
RX HQFRUH GH FDOFXOV GH FRWV HQYLURQQHPHQWDX[
&HV RXWLOV D\DQW SHUPLV G pYDOXHU XQH VLWXDWLRQ O H[LVWDQW O HQWUHSULVH HW SOXV
SDUWLFXOLqUHPHQW VHV pTXLSHV GH FRQFHSWLRQ YRQW DORUV DYRLU EHVRLQ G DXWUHV RXWLOV SRXU
JpQpUHU GHV VROXWLRQV G DPpOLRUDWLRQV
3DJH
287,/6 ' $0(/,25$7,21 '( /$ &21&(37,21

(19,5211(0(17$/('(6352'8,76
&HV RXWLOV YRQW DLGHU O pTXLSH GH FRQFHSWLRQ GDQV VD GpPDUFKH GH UHFKHUFKH GH VROXWLRQV
HQ OD JXLGDQW HW OXL GRQQDQW GHV FRQVHLOV HQ PDWLqUH GH VWUDWpJLHV SRVVLEOHV j DGRSWHU
&HOOHVFL GpSHQGURQW GHV REMHFWLIV HW GHV SULRULWpV IL[pHV SDU OD GLUHFWLRQ GH O·HQWUHSULVH
$X FRXUV GH OD GpPDUFKH O pTXLSH SRXUUD pYDOXHU OHV DOWHUQDWLYHV GH FRQFHSWLRQ FKRLVLHV
j O DLGH GH FHUWDLQV GH FHV RXWLOV TXL SHUPHWWHQW DXVVL G pYDOXHU OHV RSWLRQV RX j O DLGH GHV
RXWLOV G pYDOXDWLRQ SUpFpGHPPHQW pYRTXpV
/HV WDEOHDX[ HW VXLYDQWV UHSUHQQHQW OHV GLIIpUHQWV pOpPHQWV UpSHUWRULpV
2XWLOVG DPpOLRUDWLRQGHODFRQFHSWLRQHQYLURQQHPHQWDOHGHVSURGXLWV
7\SHV G RXWLOV GLVSRQLEOHV ([HPSOHV UpIpUHQFHV &DUDFWpULVWLTXHV SULQFLSDOHV
$)125 )' ; pFRFRQFHSWLRQ
'RQQH DX OHFWHXU GHV GpILQLWLRQV GHV
$)125 1) ,62 PDUTXDJH GHV SLqFHV SULQFLSHV JpQpUDX[ SRXU LQWpJUHU
&RQVHQVXHOOH *pQpUDOH O HQYLURQQHPHQW
$)125 ,62 *XLGH&(, 3UpFRQLVDWLRQV SRXU LQWpJUHU O HQYLURQQHPHQW
SRXU OHV FRQFHSWHXUV GH QRUPHV GDQV OHV QRUPHV
1RUPH 'RQQH DX OHFWHXU GHV GpILQLWLRQV GHV
&RQVHQVXHOOH 6HFWRULHOOH $)125 1) 5 1) ;3 5 $XWRPRELOH SULQFLSHV DGDSWpV DX VHFWHXU SRXU LQWpJUHU
O HQYLURQQHPHQW
1RUPH pODERUpH SDU OHV FRQVWUXFWHXUV DXWRPRELOHV

,QWHUQH j O HQWUHSULVH SRXU OHXUV IRXUQLVVHXUV GDQV O REMHFWLI GH O $FFRUG 3ULQFLSHV HW UqJOHV j VXLYUH DGDSWpV j
&DGUH O HQWUHSULVH
&RQFHSWLRQ SRXU XQH PHLOOHXUH pFRHIILFDFLWp

:%&6' 86$
5HFRPPDQGDWLRQV j VXLYUH VHORQ OHV D[HV
*XLGHOLQHV GH 3KLOLSV VWUDWpJLTXHV FKRLVLV
*XLGHOLQHV
*XLGHOLQHV GH FRQFHSWLRQ HQ YXH GX
GpVDVVHPEODJH HW GX UHF\FODJH >'2:,( @
7DEOHDX GH FRPSDWLELOLWp GHV PDWpULDX[ $VVRFLDWLRQV GH PDWpULDX[ SRVVLEOHV RX QRQ HQ
WKHUPRSODVWLTXHV YXH GX UHF\FODJH
/LVWH GH TXHVWLRQV FODVVpHV SDU D[H
(FRGHVLJQ 6WUDWHJ\ :KHHO

VWUDWpJLTXH G pFRFRQFHSWLRQ DYHF OLJQHV
/LVWH >%5(=(7 HW DO @ GLUHFWULFHV SRVVLEOHV YLVXDOLVDWLRQ VXU XQH
FLEOH GH OD SRVLWLRQ GX SURGXLW SRXU FKDTXH

&KHFNOLVW
D[H
3URGXFW ,PSURYHPHQW 0DWUL[ $7 7 86$ /LVWH GH TXHVWLRQV SHUPHWWDQW G LPDJLQHU GHV
>*5$('(/ HW DO @ YRLHV G DPpOLRUDWLRQ SDU UDSSRUW j O H[LVWDQW
1RLUH 0DWpULDX[ j EDQQLU
/LVWH GH PDWpULDX[ /LVWHV QRLUH JULVH HW EODQFKH 9ROYR 6XqGH « *ULVH 0DWpULDX[ j OLPLWHU VHXLO
%ODQFKH 6XEVWDQFHV GH VXEVWLWXWLRQ
(FRODEHO HXURSpHQ 1) (QYLURQQHPHQW )UDQFH

0LVH HQ SODFH GH FULWqUHV pFRORJLTXHV j
$SSURFKH
$QJH %OHX $OOHPDJQH &\JQH %ODQF 3D\V UHVSHFWHU SRXU O REWHQWLRQ GH O pFRODEHO
G pFRODEHOOLVDWLRQ
1RUGLTXHV « 9RLHV j VXLYUH SXLV pYDOXDWLRQ j O DLGH G XQH
$&9
7DEOHDX /LVWH GHV RXWLOV G·DPpOLRUDWLRQ GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH GX SURGXLW
3DJH
2XWLOVG DPpOLRUDWLRQGHODFRQFHSWLRQHQYLURQQHPHQWDOHGHVSURGXLWV
7\SHV G RXWLOV GLVSRQLEOHV ([HPSOHV UpIpUHQFHV &DUDFWpULVWLTXHV SULQFLSDOHV
(FRFRQFHSWLRQ 8QH DSSURFKH SURPHWWHXVH SRXU
*XLGH SpGDJRJLTXH WUqV FRPSOHW SRXU
XQH SURGXFWLRQ HW XQH FRQVRPPDWLRQ VRXWHQDEOHV
LQIRUPHU pGXTXHU DSSURFKH JOREDOH
>%5(=(7 HW DO @
&RQFHSWLRQ LQWpJUDQW OH F\FOH GH YLH XQ PDQXHO *XLGH SUDJPDWLTXH SOXV VSpFLILTXHPHQW
SRXU 30( >%(+5(1'7 HW DO @ GHVWLQpV DX[ 30(
0DQXHO GH FRQFHSWLRQ GH SURGXLWV pOHFWURQLTXHV 0DQXHO VSpFLILTXH GRQQDQW GHV LQVWUXFWLRQV
UHVSHFWXHX[ GH O·HQYLURQQHPHQW GH FRQFHSWLRQ DVVHPEODJHV PDWpULDX[
>%(5*(1'$+/ HW DO @ FRPSRVDQWV HPEDOODJHV «
*XLGH VXFFLQFW VXU OD FRQFHSWLRQ HQ YXH GH

,&(5 *XLGHOLQHV &RQFHSWLRQ SRXU OH UHF\FODJH
YDORULVHU XQ SURGXLW HQ ILQ GH YLH
0DWULFH G RSWLRQV ILQ GH YLH

G pTXLSHPHQWV pOHFWURQLTXHV HW pOHFWULTXHV
SRXU FKRLVLU OH
>,&(5 @
*pQpUDO
PRGH GH FRQFHSWLRQ GX SURGXLW
*XLGH WUqV GLGDFWLTXH VXU OD *&9 *HVWLRQ GX

*HVWLRQ GX F\FOH GH YLH HQYLURQQHPHQWDOH *XLGH
&\FOH GH 9LH VRQ FRQFHSW VRQ DSSOLFDWLRQ
SRXU GH PHLOOHXUHV GpFLVLRQV FRPPHUFLDOHV
GDQV O HQWUHSULVH HW TXHOTXHV RXWLOV VLPSOHV j
*XLGH >(19 &$1$'$ @
XWLOLVHU
&RQFHSWLRQ HQ YXH GH GpVDVVHPEOHU

*XLGHV FRQoXV SRXU DLGHU OH FRQFHSWHXU j
>.$+0(<(5 @
IDEULTXHU XQ SURGXLW IDFLOH j YDORULVHU HQ ILQ
&RQFHSWLRQ HQ YXH GH GpPDQWHOHU >6,021 @

GH YLH
')5 6WDQGDUGV &RQFHYRLU GHV SURGXLWV

5HFXHLO GH SULQFLSHV DILQ G RSWLPLVHU OH
WHFKQLTXHPHQW UHF\FODEOHV 9',
UHF\FODJH GqV OD FRQFHSWLRQ
>%(,7= HW DO @
0DQXHO SUpVHQWDQW OD SROLWLTXH
HQYLURQQHPHQWDOH GH 3+,/,36 O pFR

3+,/,36 >0(,1'(56 D@
FRQFHSWLRQ HW VRQ LQWpJUDWLRQ GDQV OH
GpYHORSSHPQW GHV SURGXLWV GHV RXWLOV «

,QWHUQH j O HQWUHSULVH
0DQXHO DYHF GHV SULQFLSHV GH EDVH OHV
SULQFLSDOHV FDUDFWpULVWLTXHV G XQ pFRSURGXLW

6&+1(,'(5 (/(&75,& >/$85(17 @
GHV UqJOHV GH FRQFHSWLRQ GHV RXWLOV G DLGH j OD
GpFLVLRQ «
/RJLFLHO &I WDEOHDX[ VSpFLILTXHV

0pWKRGH GH UHFKHUFKH SRXU XQ SURGXLW GH OD
PHLOOHXUH DGpTXDWLRQ j XQ EHVRLQ HQ PHWWDQW

$QDO\VH GH OD YDOHXU >'(/$)2//,( @
HQ MHX XQ PLQLPXP GH UHVVRXUFHV FRW
2XWLO
>$QDO\VH IRQFWLRQQHOOH LQFOXVH@
2UJDQLVDWLRQQHO $SSURFKH SUHQDQW HQ FRPSWH OH F\FOH GH YLH
GX SURGXLW GHSXLV VD FRQFHSWLRQ MXVTX j VRQ
,QJpQLHULH &RQFRXUDQWH >)28/$5' @ H[SORLWDWLRQ HQ LQFOXDQW OD TXDOLWp OHV FRWV
OD SODQLILFDWLRQ HW OH EHVRLQ GHV XWLOLVDWHXUV
WRXV OHV VHUYLFHV PRELOLVpV
$XWUHV « FI WH[WH
7DEOHDX /LVWH GHV RXWLOV G·DPpOLRUDWLRQ GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH GX SURGXLW
3DJH
1RUPHV
&H VRQW GHV VXSSRUWV SDSLHU TXL YRQW GRQQHU GHV UHFRPPDQGDWLRQV G DFWLRQ V DX
FRQFHSWHXU RX GHV PR\HQV SRXU O DLGHU SDUIRLV j VDWLVIDLUH GHV UpJOHPHQWDWLRQV
1RUPHVFRQVHQVXHOOHV
6RQW DSSHOpHV QRUPHV FRQVHQVXHOOHV OHV QRUPHV TXL VRQW LVVXHV G·XQ SURFHVVXV GH
FRQVHQVXV HQWUH SOXVLHXUV DFWHXUV &·HVW OH FDV GHV QRUPHV 1) 1RUPH )UDQoDLVH RX ,62
,QWHUQDWLRQDO 6WDQGDUG 2UJDQLVDWLRQ SRXU OHVTXHOOHV VWDWXHQW GHV FRPPLVVLRQV GH
QRUPDOLVDWLRQ
,O H[LVWH G·DERUG GHV QRUPHV JpQpUDOHV TXL V·DSSOLTXHQW j WRXWHV OHV HQWUHSULVHV (OOHV
VRQW FRPSRVpHV GH GpILQLWLRQV HW GH SULQFLSHV GH FRQFHSWLRQ UpGXFWLRQ GHV LPSDFWV
SHQVHU F\FOH GH YLH PRLQV F·HVW PLHX[ « HW YLVHQW j DLGHU OH FRQFHSWHXU j LQWpJUHU
UDWLRQQHOOHPHQW OD UpGXFWLRQ GHV LPSDFWV VXU O·HQYLURQQHPHQW
8Q H[HPSOH W\SH HVW OH IDVFLFXOH GRFXPHQWDLUH )' ; >$)125 @ 3ULVH HQ
FRPSWH GH O·HQYLURQQHPHQW GDQV OD FRQFHSWLRQ GHV SURGXLWV 3ULQFLSHV JpQpUDX[ HW
DSSOLFDWLRQ /LJQHV GLUHFWULFHV
5HPDUTXH &H IDVFLFXOH GRFXPHQWDLUH MXVWLILH OD YRORQWp IUDQoDLVH GH VH GpPDUTXHU GHV

DXWUHV SD\V GH OD &RPPXQDXWp (XURSpHQQH SXLVTXH OD )UDQFH HVW OH SUHPLHU SD\V j
SURSRVHU XQH QRUPH SRXU XQH FRQFHSWLRQ UHVSHFWXHXVH GH O HQYLURQQHPHQW
6RQW H[SRVpV GDQV FH GRFXPHQW GHV SULQFLSHV JpQpUDX[ TXL DLGHURQW O HQWUHSULVH j
FRQVWUXLUH VD SURSUH GpPDUFKH HQYLURQQHPHQWDOH VHORQ OD QDWXUH PrPH GH VHV SURGXLWV
/H IDVFLFXOH VH YHXW XQ RXWLO G DFFRPSDJQHPHQW GH O LQGXVWULHO HQ DERUGDQW OHV FLQT
SULQFLSHV HVVHQWLHOV j DSSUpKHQGHU
3ULVH HQ FRPSWH JOREDOH GH O HQYLURQQHPHQW SDU O DSSURFKH PXOWLFULWqUH RX

F\FOH GH YLH
,QWpJUDWLRQ GH O HQYLURQQHPHQW GDQV OHV PpWKRGHV GH FRQFHSWLRQ
8WLOLVDWLRQ GH PpWKRGHV HW G RXWLOV G pYDOXDWLRQ
&RPELQDLVRQ GH VWUDWpJLHV GH UpGXFWLRQ GHV LPSDFWV SRWHQWLHOV
RSWLPLVDWLRQ GX VHUYLFH UHQGX SDU OH SURGXLW SUpVHUYDWLRQ GHV UHVVRXUFHV
UpGXFWLRQ GHV SROOXWLRQV GHV GpFKHWV HW GHV QXLVDQFHV
'LDORJXH HW SDUWHQDULDW SULVH HQ FRPSWH GX SRLQW GH YXH GHV GLYHUV
DFWHXUV LPSOLTXpV LQIRUPDWLRQ SRXU OHV FRQVRPPDWHXUV HW OHV
SURIHVVLRQQHOV QRWDPPHQW FHX[ GHV RSpUDWLRQV GH ILQ GH YLH
3DJH
/ HQWUHSULVH SRXUUD WURXYHU GDQV XQH VpULH G DQQH[HV RXWUH GHV LQIRUPDWLRQV VXU O $&9 HW
XQH PpWKRGH G pYDOXDWLRQ VLPSOLILpH (64&9 SUpVHQWpH SUpFpGHPPHQW DYHF OHXU SODFH
UHVSHFWLYH GDQV XQH GpPDUFKH G pYDOXDWLRQ HQYLURQQHPHQWDOH XQ H[HPSOH G LQWpJUDWLRQ
G XQH PpWKRGH G pYDOXDWLRQ GDQV XQH GpPDUFKH GH FRQFHSWLRQ HW XQH OLVWH QRQ
H[KDXVWLYH G LQGLFDWHXUV SRXYDQW rWUH XWLOLVpV SRXU SUHQGUH HQ FRPSWH HW pYDOXHU OHV
LPSDFWV HQYLURQQHPHQWDX[ OHV SOXV VLJQLILFDWLIV DVVRFLpV DX SURGXLW
&H GRFXPHQW D pWp SUpVHQWp j 6DQ )UDQVLVFR GDQV OH FDGUH GHV WUDYDX[ GH PDQDJHPHQW
HQYLURQQHPHQWDO GH O ,62 HW VHUYLUD G RVVDWXUH SRXU XQH IXWXUH QRUPH LQWHUQDWLRQDOH
2Q SRXUUDLW pJDOHPHQW pYRTXHU OD QRUPH 1) ,62 UHODWLYH DX PDUTXDJH GHV

SODVWLTXHV ,GHQWLILFDWLRQ JpQpULTXH HW PDUTXDJH GHV SURGXLWV SODVWLTXHV >$)125 @
/H JXLGH ,62 *XLGH SRXU O LQWURGXFWLRQ GHV DVSHFWV HQYLURQQHPHQWDX[ GDQV OHV
QRUPHV GH SURGXLW >$)125 @ TXDQW j OXL D SRXU FLEOH OHV FRQFHSWHXUV GH QRUPHV VRQ
REMHW SULQFLSDO HVW GH IDLUH LQWpJUHU O·HQYLURQQHPHQW GDQV WRXV OHV WH[WHV GH QRUPDOLVDWLRQ
HW FH DX QLYHDX JpQpUDO
'HV QRUPHV VHFWRULHOOHV FRQFHUQHQW TXDQW j HOOHV XQ GRPDLQH G·DFWLYLWp VSpFLILTXH

&·HVW OH FDV GH OD QRUPH 5 9pKLFXOHV URXWLHUV 7UDLWHPHQW GHV 9pKLFXOHV +RUV
G 8VDJH 9+8 'pSROOXWLRQ HW GpVDVVHPEODJH GHV SLqFHV QRQ PpWDOOLTXHV )LFKH
WHFKQLTXH >$)125 @ RX GH OD QRUPH HQFRUH H[SpULPHQWDOH ;3 5 9pKLFXOHV
URXWLHUV ² &RQFHSWLRQ GHV YpKLFXOHV HQ YXH GH O·RSWLPLVDWLRQ GH OHXU YDORULVDWLRQ HQ ILQ GH
YLH >$)125 E@
1RUPHVLQWHUQHVDX[HQWUHSULVHV
%HDXFRXS G HQWUHSULVHV GpYHORSSHQW GHV QRUPHV HQ LQWHUQH GDQV OH EXW G·DFFURvWUH OD

SULVH HQ FRPSWH GH O·HQYLURQQHPHQW j O·LQWpULHXU GHV VLWHV PDLV pJDOHPHQW DX QLYHDX GH
OD ILOLqUH GX SURGXLW F·HVWjGLUH FKH] OHXUV IRXUQLVVHXUV
$LQVL DX QLYHDX GH O·DSSOLFDWLRQ GH O·$FFRUG&DGUH VLJQp OH 0DUV DX VHLQ GX
VHFWHXU DXWRPRELOH GHV QRUPHV RQW pWp pWDEOLHV HW VRQW HQ SDUWLFXOLHU GHVWLQpHV DX[
$FFRUG&DGUH $FFRUG YRORQWDLUH VLJQp SDU OHV LQGXVWULHV DXWRPRELOHV IUDQoDLVHV SRXU O HQJDJHPHQW GDQV
OD YRLH GH O DPpOLRUDWLRQ GH OD UHF\FODELOLWp GHV YpKLFXOHV &HW DFFRUG DVVRFLH OHV FRQVWUXFWHXUV DXWRPRELOHV
IUDQoDLV OHV SURGXFWHXUV GH PDWpULDX[ HW OHV pTXLSHPHQWLHUV OHV SURIHVVLRQQHOV GH OD UpFXSpUDWLRQ HW GX
UHF\FODJH VRXV O pJLGH GHV SRXYRLUV SXEOLFV 0LQLVWqUHV GH O (QYLURQQHPHQW HW GH O ,QGXVWULH 3U{QDQW XQ
DSSUHQWLVVDJH FROOHFWLI j UHVSRQVDELOLWp SDUWDJpH LO SUpFLVH OHV REMHFWLIV YRORQWDLUHV VXLYDQWV SRXU UpGXLUH OD
PLVH HQ GpFKDUJH GHV GpFKHWV LVVXV GX WUDLWHPHQW GHV 9+8 RX 9pKLFXOHV +RUV G 8VDJH HW DLQVL UHVSHFWHU OHV
ORLV GX PDUFKp
• (Q 7DX[ GH YDORULVDWLRQ GHV YpKLFXOHV GH HQ SRLGV HQ GpFKDUJH DYHF XQ SODIRQG GH
NJ
• (Q 7DX[ GH YDORULVDWLRQ GHV YpKLFXOHV GH HQ SRLGV
3DJH
IRXUQLVVHXUV GHV FRQVWUXFWHXUV OHV pTXLSHPHQWLHUV HW DX[ LQGXVWULHOV GH OD GpPROLWLRQ

GH OD UpFXSpUDWLRQ HW GX UHF\FODJH
/HV pTXLSHPHQWLHUV GRLYHQW DLQVL V HQJDJHU j
LQWHQVLILHU OHV HIIRUWV HQ PDWLqUH GH 5HFKHUFKH 'pYHORSSHPHQW DILQ
G XWLOLVHU GHV PDWpULDX[ j WDX[ GH YDORULVDWLRQ FURLVVDQW HW GH SOXV HQ SOXV
GH PDWpULDX[ UHF\FOpV
LQWpJUHU OHV FRQWUDLQWHV WHFKQLTXHV HW pFRQRPLTXHV GX UHWUDLWHPHQW GDQV OD
FRQFHSWLRQ GHV QRXYHDX[ PRGqOHV
JpQpUDOLVHU OH PDUTXDJH GHV SLqFHV
'H OHXU F{Wp OHV LQGXVWULHOV GH OD ILQ GH YLH GRLYHQW V HQJDJHU j
5HVSHFWHU OH SULQFLSH VHORQ OHTXHO WRXW RSpUDWHXU DVVXPH GqV ORUV TX LO

SUHQG HQ FKDUJH XQ YpKLFXOH KRUV G XVDJH OD UHVSRQVDELOLWp GH VRQ
UHWUDLWHPHQW FRPSOHW
$ SUHQGUH HQ FRPSWH OHV LQIRUPDWLRQV WHFKQLTXHV IRXUQLHV SDU OHV
FRQVWUXFWHXUV DILQ G REWHQLU GHV UpVXOWDWV GH UHWUDLWHPHQW FRQIRUPHV DX[
REMHFWLIV
$ LQWHQVLILHU OHXUV HIIRUWV SRXU PHWWUH DX SRLQW HW GpYHORSSHU GHV PpWKRGHV
GH UHWUDLWHPHQW HW GHV ILOLqUHV GH YDORULVDWLRQ WHFKQLTXHPHQW HW
pFRQRPLTXHPHQW SOXV HIILFDFHV
$ DVVXUHU HQ OLDLVRQ DYHF OHV FRQVWUXFWHXUV OD GLIIXVLRQ DXSUqV GHV
SURIHVVLRQQHOV GH O DXWRPRELOH GHV LQIRUPDWLRQV SHUPHWWDQW GH IDFLOLWHU OH
UHWUDLWHPHQW GHV YpKLFXOHV KRUV G XVDJH
«
/LVWHV
/HV OLVWHV XWLOLVpHV SRXU pYDOXHU XQ SURGXLW SHXYHQW pJDOHPHQW VHUYLU j JXLGHU XQH
pTXLSH VXU OD YRLH GH O·DPpOLRUDWLRQ GH OD FRQFHSWLRQ G·XQ SRLQW GH YXH HQYLURQQHPHQWDO
*XLGHOLQHV &KHFNOLVWV
&HUWDLQHV OLVWHV IRXUQLVVHQW DX FRQFHSWHXU RXWUH GHV EDVHV G·pYDOXDWLRQ GX SURGXLW GHV
pOpPHQWV GH FKRL[ GH VWUDWpJLHV G·pFRFRQFHSWLRQ SRVVLEOHV HQ OXL SURSRVDQW SOXVLHXUV
W\SHV G·DFWLRQ
3DJH
/HV FKHFNOLVWV VRQW SOXW{W EDVpHV VXU GHV TXHVWLRQV GRQW OHV UpSRQVHV YRQW JXLGHU OH
FRQFHSWHXU OHV JXLGHOLQHV RX OLJQHV GLUHFWULFHV VRQW TXDQW j HOOHV FRQVWLWXpHV GH
SULQFLSHV RX UHFRPPDQGDWLRQV j VXLYUH
&·HVW OH FDV GHV JXLGHOLQHV &RQFHSWLRQ SRXU XQH PHLOOHXUH pFRHIILFDFLWp
GpYHORSSpHV SDU OH :%&6' :RUOG %XVLQHVV &RXQFLO IRU 6XVWDLQDEOH 'HYHORSPHQW

TXL GRQQHQW OHV UHFRPPDQGDWLRQV VXLYDQWHV
5pGXLUH OD TXDQWLWp GH PDWpULDX[ XWLOLVpV SRXU OHV ELHQV HW OHV VHUYLFHV

5pGXLUH OH FRQWHQX pQHUJpWLTXH GHV ELHQV HW GHV VHUYLFHV
5pGXLUH OHV ULVTXHV GH GLVSHUVLRQ GH VXEVWDQFHV WR[LTXHV
$FFURvWUH OD UHF\FODELOLWp GHV PDWpULDX[
0D[LPLVHU O HPSORL GXUDEOH GH UHVVRXUFHV UHQRXYHODEOHV
$FFURvWUH OD GXUDELOLWp GHV SURGXLWV
$FFURvWUH OH VHUYLFH UHQGX SDU OHV ELHQV HW OHV VHUYLFHV
/HV *XLGHOLQHV GH FRQFHSWLRQ SRXU OH GpVDVVHPEODJH HW OH UHF\FODJH >'2:,( @

VRQW HOOHV UpSDUWLHV HQ WURLV VHFWLRQV UHODWLYHV DX[ WURLV GRPDLQHV j FRQVLGpUHU ORUVTX LO
V DJLUD GH GpVDVVHPEOHU OHV SURGXLWV DUULYpV HQ ILQ GH YLH SRXU XQ UHF\FODJH pYHQWXHO
PDWpULDX[ FRQQH[LRQV HQWUH FRPSRVDQWV HW VWUXFWXUH PrPH GX SURGXLW
2Q SRXUUDLW pJDOHPHQW FLWHU HQ H[HPSOH OHV JXLGHOLQHV GH 5HQDXOW &RQFHSWLRQ SRXU OH
UHF\FODJH OHVTXHOOHV SUpVHQWHQW OHV D[HV IRUWV GH OD FRQFHSWLRQ HQ YXH GX UHF\FODJH
GpSROOXWLRQ GX YpKLFXOH GpPRQWDJH SRXU OH UHF\FODJH EUR\DJH GH OD YRLWXUH SXLV

YDORULVDWLRQ pQHUJpWLTXH GHV UpVLGXV GH EUR\DJH GHV UqJOHV VH GpFOLQDQW VXU FH VFKpPD
VRQW HQVXLWH GpFULWHV >)52(/,&+ HW DO @
/H WDEOHDX GH FRPSDWLELOLWp GHV PDWpULDX[ WKHUPRSODVWLTXHV SUpVHQWp GDQV OD ILJXUH

SHXW DXVVL rWUH XWLOLVp FRPPH RXWLO GH FRQVHLO W\SH JXLGHOLQHV HQ SHUPHWWDQW DX
FRQFHSWHXU G pYLWHU GHV DVVRFLDWLRQV GH SODVWLTXHV GDQV OHV SURGXLWV HQWUDYDQW WRXWH
SRVVLELOLWp GH UHF\FODJH HQ ILQ GH YLH
3DJH
&203$7,%,/,7( '( 5(&<&/$*( '(6 0(/$1*(6 7+(5023/$67,48(6
%RQQH FRPSDWLELOLWp
&RPSDWLEOH VL SHWLW YROXPH G DGGLWLI PRLQV GH j pYLWHU VL SRVVLEOH
,QFRPSDWLEOH j pYLWHU DEVROXPHQW
SODVWLTXH
DGGLWLI
33( 6%
$6$6$1
300$
+'3(
320
3%7
738
$%6
3&
3$
33
36
$%6 . + - . . . +
SODVWLTXHPDMRULWDLUH
+ - - +
$6$6$1 - - . + - . . . +
3$ .+ . . +
- . . - . . . +
3%7 . . . + - . - . . . .
3& + + - + - + - . . . +
+'3( - - - - - . . . . . .
300$ - - . - . . . +
320 .+ .+ - -
+
- . - . . .
33 . . - - . . . . . . .+
33( 6% . . - - . . - . + .
36 . . - - . . . -- . + .
738 + + - - . . . . . .
)LJXUH 7DEOHDX GH FRPSDWLELOLWp GHV PDWpULDX[ WKHUPRSODVWLTXHV *UHHQ 3DJHV GH 3KLOLSV
&KDTXH HQWUHSULVH SHXW pJDOHPHQW GLVSRVHU GH VHV SURSUHV JXLGHOLQHV GpYHORSSpHV SDU
GHV VHUYLFHV VSpFLDOLVpV (QYLURQQHPHQW3URGXLW RX $FFRPSDJQHPHQW3URGXLW 3URGXFW
6WHZDUGVKLS RX OH EXUHDX G pWXGH OXLPrPH
/D FKHFNOLVW 5RXH GHV VWUDWpJLHV G·pFRFRQFHSWLRQ /L'6ZKHHO /LIH F\FOH 'HVLJQ

6WUDWHJLHV RX (FR:KHHO >%5(=(7 HW DO @ TXDQW j HOOH HVW ELHQ XQ RXWLO G DPpOLRUDWLRQ
GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH PDLV F HVW DYDQW WRXW XQ RXWLO PXOWLSOH ,O VH SUpVHQWH
VRXV OD IRUPH G XQH UHSUpVHQWDWLRQ JUDSKLTXH FLUFXODLUH GH KXLW D[HV VWUDWpJLTXHV VXU XQH
pFKHOOH GH j R UHSUpVHQWH SRXU XQ D[H SDUWLFXOLHU XQ PDXYDLV FRPSRUWHPHQW
HQYLURQQHPHQWDO GX SURGXLW ILJXUp DX FHQWUH GH OD FLEOH &HV D[HV VRQW OHV VXLYDQWV
&KRL[ GH PDWpULDX[ SHX LPSDFWDQWV
5pGXFWLRQ GH O HPSORL GH PDWpULDX[
7HFKQLTXHV GH SURGXFWLRQ SURSUHV
'LVWULEXWLRQ HIILFDFH ORJLVWLTXH
([WHQVLRQ GH OD GXUpH GH YLH GX SURGXLW
5pGXFWLRQ GHV LPSDFWV HQ FRXUV G XWLOLVDWLRQ
2SWLPLVDWLRQ GH OD ILQ GH YLH
1RXYHDX FRQFHSW GpPDWpULDOLVDWLRQ VHUYLFH
3DJH
8QH OLVWH GH TXHVWLRQV (FRGHVLJQ &KHFNOLVW YD G DERUG SHUPHWWUH DX FRQFHSWHXU

G pYDOXHU XQ SURGXLW H[LVWDQW HW OH SRVLWLRQQHU VXU OD FLEOH HQ DWWULEXDQW GHV QRWHV GH j
SRXU FKDTXH D[H & HVW OD SDUWLH pYDOXDWLRQ TXL SHUPHW GH YLVXDOLVHU OH SURILO G XQ
SURGXLW DFWXHO IRUPH REWHQXH HQ UHOLDQW OHV SRLQWV SODFpV VXU OHV D[HV
'DQV XQ SURMHW GH UHFRQFHSWLRQ SDU H[HPSOH OD VHFRQGH pWDSH YD FRQVLVWHU j GpILQLU OHV
SULRULWpV GH FRQFHSWLRQ SRXU O HQYLURQQHPHQW HQ SRLQWDQW VXU OD FLEOH OHV D[HV VXU
OHVTXHOV RQ VRXKDLWH V DPpOLRUHU QRWDPPHQW SRXU FHX[ R OD QRWH HVW SURFKH GH RX
2Q SHXW SDUOHU GDQV FH FDV G RXWLO VWUDWpJLTXH PDLV DXVVL G RXWLO GH FRPPXQLFDWLRQ
LQWHUQH HW H[WHUQH O HQWUHSULVH SHXW PRQWUHU j VRQ SHUVRQQHO VHV SDUWHQDLUHV VHV
FRQFXUUHQWV YRLUH PrPH VHV FOLHQWV GDQV TXHOOH GLUHFWLRQ HOOH VRXKDLWH IRFDOLVHU VHV
DFWLRQV 3OXV OD GLIIpUHQFH GH VXUIDFH HQWUH OH SURILO GX SURGXLW H[LVWDQW HW FHOXL GX
QRXYHDX VHUD JUDQGH SOXV OD VWUDWpJLH G HQWUHSULVH HQ PDWLqUH G pFRFRQFHSWLRQ VHUD
TXDOLILpH G DPELWLHXVH
/D GHUQLqUH IRQFWLRQQDOLWp GH O (FR:KHHO HVW ELHQ OD SDUWLH DLGH j O DPpOLRUDWLRQ GH OD
FRQFHSWLRQ SRXU O HQYLURQQHPHQW $X[ TXHVWLRQV GH O (FRGHVLJQ &KHFNOLVW UHODWLYHV j

FKDTXH pWDSH GH OD YLH GX SURGXLW FRUUHVSRQGHQW XQ FHUWDLQ QRPEUH G RSWLRQV
G DPpOLRUDWLRQ FODVVpHV SDU D[H VWUDWpJLTXH &HV RSWLRQV YRQW SHUPHWWUH DX FRQFHSWHXU
GDQV XQH WURLVLqPH pWDSH G RULHQWHU VHV UHFKHUFKHV WHFKQRORJLTXHV SRXU XQH PHLOOHXUH
FRQFHSWLRQ
'HV FKHFNOLVWV FRPPH FHOOHV XWLOLVpHV SRXU FKDTXH pOpPHQW GH OD PDWULFH 3URGXFW
,PSURYHPHQW 0DWUL[ GH $7 7 SUpVHQWpH FRPPH XQ RXWLO G·pYDOXDWLRQ j GRPLQDQWH
TXDOLWDWLYH YRQW DXVVL SHUPHWWUH G·DPpOLRUHU OD FRQFHSWLRQ pFRORJLTXH GHV SURGXLWV HQ
IRXUQLVVDQW XQ FHUWDLQ QRPEUH GH PR\HQV G·DFWLRQV
/HV TXHVWLRQV VXLYDQWHV VRQW H[WUDLWHV GHV FKHFNOLVWV XWLOLVpHV DYHF OD PDWULFH $7 7
>*5$('(/ HW DO @
(OpPHQW GH OD PDWULFH (WDSH GX F\FOH GH YLH H[WUDFWLRQ GHV UHVVRXUFHV FULWqUH
HQYLURQQHPHQW FKRL[ GHV PDWpULDX[
4XHVWLRQV
• (VWFH TXH WRXV OHV PDWpULDX[ XWLOLVpV SRXU UHPSOLU OD IRQFWLRQ VRQW OHV PRLQV
WR[LTXHV HW OHV SOXV UHVSHFWXHX[ GH O·HQYLURQQHPHQW "
• (VWFH TXH OH SURGXLW HVW FRQoX SRXU PLQLPLVHU O·HPSORL GH PDWpULDX[ UDUHV "
• (VWFH TXH OH SURGXLW HVW FRQoX SRXU XWLOLVHU GHV PDWpULDX[ UHF\FOpV GqV TXH F·HVW
SRVVLEOH "
3DJH
(OpPHQW GH OD PDWULFH (WDSH GX F\FOH GH YLH UHF\FODJH ILQ GH YLH FULWqUH
HQYLURQQHPHQW UpVLGXV JD]HX[
4XHVWLRQV
• (VWFH TXH OHV JD] FRQWHQXV GDQV OH SURGXLW SHXYHQW rWUH UpFXSpUpV ORUV GX
GpVDVVHPEODJH SOXW{W TXH SHUGXV "
• (VWFH TXH OD UpFXSpUDWLRQ HW OD UpXWLOLVDWLRQ GHV PDWpULDX[ JpQqUHQW GHV UpVLGXV
JD]HX[ "
• (VWFH TXH OHV SLqFHV GH SODVWLTXH SHXYHQW rWUH LQFLQpUpHV VDQV H[LJHU
G·DSSDUHLOODJH GH QHWWR\DJH VRSKLVWLTXp "
/LVWHVGHPDWpULDX[
&H VRQW OHV PrPHV OLVWHV TXH FHOOHV TXL VRQW XWLOLVpHV SRXU pYDOXHU XQ SURGXLW H[LVWDQW
(OOHV SHXYHQW rWUH XWLOLVpHV HQ WRXW GpEXW GX SURFHVVXV GH FRQFHSWLRQ FRQFHSWLRQ
SUpOLPLQDLUH SDU H[HPSOH SRXU LGHQWLILHU OHV PDWpULDX[ GRQW O·XWLOLVDWLRQ HVW j pYLWHU RX j
PLQLPLVHU
92/92 XWLOLVH SDU H[HPSOH VHV OLVWHV QRLUH JULVH HW EODQFKH
$SSURFKHVG·pFRODEHOOLVDWLRQ
(OOHV FRQVLVWHQW j UHVSHFWHU XQH OLVWH GH FULWqUHV ELHQ GpILQLV FRUUHVSRQGDQW DX[ TXDOLWpV
HQYLURQQHPHQWDOHV TXH GRLW SUpVHQWHU WRXW SURGXLW SRXU OHTXHO RQ VRXKDLWH REWHQLU XQ
ODEHO /D GpPDUFKH HVW OD PrPH SRXU O DWWULEXWLRQ GHV pFRODEHOV RIILFLHOV O·pFRODEHO
HXURSpHQ RX OHV ODEHOV QDWLRQDX[ 1) (QYLURQQHPHQW HQ )UDQFH O·$QJH %OHX HQ
$OOHPDJQH OH &\JQH %ODQF GDQV OHV SD\V QRUGLTXHV «
/D OLVWH GHV FULWqUHV HVW WRXMRXUV VSpFLILTXH j XQ W\SH GH SURGXLW SDUWLFXOLHU HW UHYXH
UpJXOLqUHPHQW &HV FULWqUHV VRQW OD SOXSDUW GX WHPSV FODVVpV HQ GHX[ FDWpJRULHV OHV
FULWqUHV pFRORJLTXHV HW O DSWLWXGH j O XVDJH HW UHIOqWHQW JpQpUDOHPHQW FRUUHFWHPHQW OHV
LPSDFWV HQYLURQQHPHQWDX[ VLJQLILFDWLIV GX SURGXLW ,OV ILJXUHQW GDQV XQ FDKLHU GHV
FKDUJHV pODERUp HQ FRQFHUWDWLRQ DYHF OHV GLIIpUHQWHV SDUWLHV LQWpUHVVpHV LQGXVWULHOV
GLVWULEXWHXUV FRQVRPPDWHXUV DVVRFLDWLRQV GH SURWHFWLRQ GH O HQYLURQQHPHQW HW SRXYRLUV
SXEOLFV >%2(*/,1 @ 3RXU FKDTXH FULWqUH VRQW GpILQLV XQ VHXLO G DFFHSWDELOLWp RX QLYHDX
G H[LJHQFH HW XQ PRGH GH SUHXYH QRUPH GLUHFWLYH GpFODUDWLRQ GX IDEULFDQW HW RX
YpULILFDWLRQ SDU O DXGLWHXU
3DJH
/HV pFRODEHOV FRQFHUQHQW XQH FDWpJRULH UHODWLYHPHQW UHVWUHLQWH GH W\SHV GH SURGXLWV HQ

SDUWLFXOLHU O pFRODEHO IUDQoDLV 1)(QYLURQQHPHQW 8QH HQWUHSULVH LQWpUHVVpH SDU
O·REWHQWLRQ GH FHV pFRODEHOV FKHUFKHUD ORUV GH OD UHFRQFHSWLRQ G XQ SURGXLW GX W\SH
FRQFHUQp j VDWLVIDLUH OHV FULWqUHV H[LJpV UHWHQXV
& HVW HQ FH VHQV TX RQ SHXW FRQVLGpUHU TX XQH YRORQWp G pFRODEHOOLVHU VRQ SURGXLW YD
DPHQHU XQH HQWUHSULVH j VHQVLELOLVHU VHV pTXLSHV GH FRQFHSWLRQ OHV FULWqUHV j SUHQGUH
HQ FRPSWH SRXUURQW JXLGHU OHV FRQFHSWHXUV GDQV OHXU GpPDUFKH
*XLGHV
/HV JXLGHV VRQW GHV GRFXPHQWV SOXV pODERUpV TXH OHV VLPSOHV JXLGHOLQHV RX FKHFNOLVWV
,OV VH YHXOHQW G XQH DSSURFKH JOREDOH HW GpWDLOOpH HQ WHUPHV G LQIRUPDWLRQV IRXUQLHV j
O XWLOLVDWHXU
,OV VHURQW SRXU OD SOXSDUW SOXV XWLOHV DX[ UHVSRQVDEOHV GH VHUYLFH (QYLURQQHPHQW HQ
SDUWLFXOLHU RX j OD GLUHFWLRQ TX DX[ FRQFHSWHXUV SOXV IDPLOLDULVpV j O HPSORL GH FKHFNOLVWV
RX GH OLVWHV G LQVWUXFWLRQV UHODWLYHPHQW VXFFLQFWHV
2Q SHXW GLVWLQJXHU OHV JXLGHV JpQpUDX[ GHV JXLGHV VSpFLILTXHV GpYHORSSpV HQ LQWHUQH
GDQV OHV HQWUHSULVHV
*XLGHVJpQpUDX[
,OV FRQWLHQQHQW GHV OLJQHV GLUHFWULFHV JpQpUDOHV GHV UHFRPPDQGDWLRQV RX SULQFLSHV TXL
YRQW JXLGHU OH FRQFHSWHXU GDQV GHV YRLHV GH UHFKHUFKH 8QH GLIIpUHQFH VHQVLEOH DYHF OHV
OLVWHV HVW OH F{Wp SpGDJRJLTXH GHV JXLGHV LOV YLVHQW HIIHFWLYHPHQW G XQH SDUW j pGXTXHU
HW VHQVLELOLVHU HW G DXWUH SDUW j GpYHORSSHU OHV FRQQDLVVDQFHV GHV SHUVRQQHV j TXL LOV VRQW
GHVWLQpV
&HV JXLGHV DYHF XQH DSSURFKH JOREDOH HW XQH GpPDUFKH SURJUHVVLYH UHJURXSHQW
O·HQVHPEOH GHV RSpUDWLRQV j UpDOLVHU SRXU UpXVVLU OH FKDOOHQJH GH O·pFRFRQFHSWLRQ
&·HVW OH FDV GX PDQXHO GpYHORSSp SDU O pTXLSH GX SURIHVVHXU + %UH]HW GH 'HOIW 3D\V
%DV GDQV OH FDGUH G·XQ SURMHW 3520,6( 352GXNWRQWZLNNHOLQJ PHW 0LOLHX DOV ,QQRYDWLYH
6WUDWHJLH GH FRRSpUDWLRQ HQWUH GRX]H RUJDQLVDWLRQV HW SXEOLp GHSXLV SDU OH 318(
(FRODEHO 1)(QYLURQQHPHQW OHV SURGXLWV FRQFHUQpV VRQW OHV SHLQWXUHV OHV YHUQLV HW SURGXLWV FRQQH[HV
OHV VDFVSRXEHOOHV OHV FROOHV SRXU UHYrWHPHQW GH VROV OHV DX[LOLDLUHV PpFDQLTXHV GH ODYDJH OHV DVSLUDWHXUV
WUDvQHDX[ 6RQW H[FOXV OHV SURGXLWV SKDUPDFHXWLTXHV HW DJURDOLPHQWDLUHV OHV VHUYLFHV HW OH VHFWHXU
DXWRPRELOH
318( 3URJUDPPH GHV 1DWLRQV 8QLHV SRXU O (QYLURQQHPHQW 3DULV
3DJH
(FRFRQFHSWLRQ XQH DSSURFKH SURPHWWHXVH SRXU XQH SURGXFWLRQ HW XQH
FRQVRPPDWLRQ VRXWHQDEOHV >%5(=(7 HW DO @
/·DSSURFKH GX PDQXHO FRPSUHQG OHV pWDSHV VXLYDQWHV FKHPLQHPHQW TXH GHYUD VXLYUH
O pTXLSH GH FRQFHSWLRQ GDQV OH FDGUH G XQ SURMHW G pFRFRQFHSWLRQ VHORQ + %UH]HW

3ODQLILFDWLRQ HW RUJDQLVDWLRQ G·XQ SURMHW
6pOHFWLRQ GX SURGXLW
(WDEOLVVHPHQW G·XQH VWUDWpJLH G·pFRFRQFHSWLRQ
%UDLQVWRUPLQJ HW VpOHFWLRQ GH QRXYHOOHV VROXWLRQV SRXU OH SURGXLW
'pWDLOV GH FRQFHSWLRQ GpYHORSSHPHQW
&RPPXQLFDWLRQ HW LQWURGXFWLRQ GX SURGXLW VXU OH PDUFKp
(YDOXDWLRQ GX SURMHW SDU OH UHWRXU G·H[SpULHQFH
$SUqV XQ SDUDJUDSKH VXU OHV HQMHX[ HW O·LPSRUWDQFH VWUDWpJLTXH GH O·pFRFRQFHSWLRQ HW
XQH GpILQLWLRQ PrPH GX FRQFHSW FRPSDUp j G·DXWUHV DSSURFKHV HQYLURQQHPHQWDOHV GDQV
O·HQWUHSULVH OHV VHSW pWDSHV GH OD GpPDUFKH VRQW GpFULWHV WUqV VFUXSXOHXVHPHQW pWD\pHV
GH VFKpPDV HW SULQFLSHV VLPSOHV HW G·H[HPSOHV WUqV FRQFUHWV SURMHWV HQ HQWUHSULVH
/H PDQXHO FRPSRUWH HQVXLWH SOXVLHXUV PRGXOHV GpWDLOODQW VXFFHVVLYHPHQW
➫ OHV GLYHUVHV VWUDWpJLHV SRVVLEOHV G·pFRFRQFHSWLRQ
➫ O·RSWLPLVDWLRQ GH OD ILQ GH YLH GHV SURGXLWV
➫ GHV PpWKRGHV G·DQDO\VHV GH F\FOH GH YLH
➫ GHV PpWKRGHV GH FDOFXOV GX FRW GX F\FOH GH YLH
➫ GHV H[HPSOHV GH JURXSHV GH WUDYDLO j FRQVWLWXHU VXU WHO RX WHO WKqPH
➫ GHV GRQQpHV VXU OHV SROLWLTXHV HQYLURQQHPHQWDOHV HXURSpHQQHV HQ PDWLqUH GH
SURGXLWV OH PDUNHWLQJ YHUW HW OHV pFRODEHOV
➫ GHV GRQQpHV VXU OHV SUREOqPHV pFRORJLTXHV SULQFLSDX[ HIIHW GH VHUUH
DFLGLILFDWLRQ DWPRVSKpULTXH WURX GH OD FRXFKH G·R]RQH VPRJ «
➫ XQH OLVWH GH O·HQVHPEOH GHV pTXLSHV GH UHFKHUFKH G·pFROHV RX G·XQLYHUVLWpV GHV
DVVRFLDWLRQV GHV FDELQHWVFRQVHLOV HW HQWUHSULVHV FRQFHUQpHV GDQV OH PRQGH SDU
O·pFRFRQFHSWLRQ
➫ +XLW ILFKHV GH WUDYDLO j UHPSOLU DLVpPHQW HW UDSLGHPHQW SDU OH SHUVRQQHO G·XQH
HQWUHSULVH FRQFHUQp SDU XQ SURMHW SDUWLFXOLHU G·pFRFRQFHSWLRQ HOOHV RQW SRXU
REMHFWLI GH IDFLOLWHU O·DSSURFKH HQ UpVXPDQW OHV SULQFLSDOHV WkFKHV j UpDOLVHU
1RXV DYRQV pYRTXp FH FKHPLQHPHQW GDQV OH SDUDJUDSKH VXU OHV PRGqOHV GH SURFHVVXV G pFR
FRQFHSWLRQ SURSRVpV GDQV OD OLWWpUDWXUH LO HVW UHSUpVHQWp VXU OD ILJXUH GH OD SDUWLH / (FR
FRQFHSWLRQ GDQV O HQWUHSULVH
3DJH
D 3ODQQLQJ GX SURMHW
E 3RVLWLRQQHPHQW GX IXWXU SURGXLW VXU OH PDUFKp SDU UDSSRUW j VD YDOHXU
YHUWH
F 0DWULFH 0(7
G 0RWHXUV LQWHUQHV j O·HQWUHSULVH
H 0RWHXUV H[WHUQHV j O·HQWUHSULVH
I 2SWLRQV G·DPpOLRUDWLRQ GH O·pFRFRQFHSWLRQ
J 0DWULFH GHV SULRULWpV IDLVDELOLWpV WHFKQLTXH HW pFRQRPLTXH RSSRUWXQLWpV
GH PDUFKp «
K 5RXH GHV VWUDWpJLHV G·pFRFRQFHSWLRQ
8Q JXLGH VLPLODLUH GHVWLQp DX[ SHWLWHV HW PR\HQQHV HQWUHSULVHV GpVLUHXVHV GH V·LQYHVWLU

GDQV XQ WHO SURMHW HVW OH UpVXOWDW G·XQ SURJUDPPH GH UHFKHUFKH HXURSpHQ
© &RQFHSWLRQ LQWpJUDQW OH F\FOH GH YLH ² 'pYHORSSHPHQW GH PpWKRGHV HW OLJQHV GLUHFWULFHV
SRXU FRQFHYRLU GHV SURGXLWV FRPSOH[HV UHVSHFWXHX[ GH O·HQYLURQQHPHQW ª DYHF TXDWUH

pTXLSHV XQLYHUVLWDLUHV
&H JXLGH &RQFHSWLRQ LQWpJUDQW OH F\FOH GH YLH ² XQ PDQXHO SRXU 30( >%(+5(1'7 HW
DO @ V·DSSOLTXH VSpFLILTXHPHQW VXU OHV SURGXLWV FRPSOH[HV TXL SUpVHQWHQW SOXVLHXUV
SRLQWV IDLEOHV HQYLURQQHPHQWDX[
$SUqV XQH EUqYH SUpVHQWDWLRQ GX SURFHVVXV GH FRQFHSWLRQ GH VHV GLIIpUHQWHV pWDSHV GHV
DFWHXUV FRQFHUQpV pTXLSH GH FRQFHSWLRQ FKDvQH GX SURGXLW HW DFWHXUV H[WHUQHV FOLHQWV
JURXSHV GH SUHVVLRQ RUJDQLVPHV GH UpJOHPHQWDWLRQ JRXYHUQHPHQW « HW GHV RXWLOV
GLVSRQLEOHV SRXU pYDOXHU HW DPpOLRUHU OH SURGXLW YLVjYLV GH O·HQYLURQQHPHQW VRQW
GpFULWV WUHL]H SULQFLSHV G·pFRFRQFHSWLRQ DX[TXHOV VRQW DVVRFLpV SOXVLHXUV FULWqUHV TXL
IDFLOLWHQW OD FRPSUpKHQVLRQ GX SULQFLSH
&KDTXH SULQFLSH IDLW O·REMHW G·XQ FKDSLWUH j OD ILQ GXTXHO XQH OLVWH GH FRQWU{OH SHUPHW GH
YpULILHU VL SRXU FKDTXH FULWqUH OD VLWXDWLRQ HVW LGpDOH $ FULWqUH ELHQ SULV HQ FRPSWH
DFFHSWDEOH % FULWqUH SHX SULV HQ FRPSWH RX j PRGLILHU & FULWqUH QRQ SULV HQ
FRPSWH
(TXLSHV XQLYHUVLWDLUHV ,=7 ,QVWLWXWH IRU )XWXUHV 6WXGLHV DQG 7HFKQRORJ\ $VVHVVPHQW $OOHPDJQH ,9$0
8QLYHUVLW\ RI $PVWHUGDP ,QWHUIDFXOW\ 'HSDUWPHQW RI (QYLURQPHQWDO 6FLHQFH 3D\V%DV ,g: ,QVWLWXWH RI
5HVHDUFK RQ (FRORJLFDO (FRQRP\ $XWULFKH DQG ,1(7, 1DWLRQDO ,QVWLWXWH RI (QJLQHHULQJ DQG ,QGXVWULDO
7HFKQRORJ\ 3RUWXJDO
3DJH
/HV SULQFLSHV G·pFRFRQFHSWLRQ VRQW OHV VXLYDQWV
3 $WWHLQGUH XQH HIILFDFLWp HQYLURQQHPHQWDOH GRXEOpH G·XQH IRQFWLRQQDOLWp RSWLPDOH
3 6DXYHJDUGHU OHV UHVVRXUFHV
3 8WLOLVHU GHV UHVVRXUFHV UHQRXYHODEOHV HW GLVSRQLEOHV HQ TXDQWLWp VXIILVDQWH
3 $FFURvWUH OD GXUDELOLWp GX SURGXLW
3 &RQFHYRLU SRXU UpXWLOLVHU OH SURGXLW
3 &RQFHYRLU SRXU UHF\FOHU OHV PDWpULDX[
3 &RQFHYRLU SRXU GpVDVVHPEOHU
3 /LPLWHU O·HPSORL GH VXEVWDQFHV GDQJHUHXVHV
3 3URGXLUH HQ UHVSHFWDQW O·HQYLURQQHPHQW
3 0LQLPLVHU O·LPSDFW HQYLURQQHPHQWDO GX SURGXLW DX FRXUV GH VRQ XWLOLVDWLRQ
3 8WLOLVHU GHV HPEDOODJHV UHVSHFWXHX[ GH O HQYLURQQHPHQW
3 (OLPLQHU OHV PDWpULDX[ QRQ UHF\FODEOHV HQ UHVSHFWDQW O·HQYLURQQHPHQW
3 ,QWURGXLUH XQH ORJLVWLTXH UHVSHFWXHXVH GH O·HQYLURQQHPHQW
)LJXUH 7UHL]H SULQFLSHV G pFRFRQFHSWLRQ H[WUDLW GX PDQXHO &RQFHSWLRQ LQWpJUDQW OH F\FOH GH YLH ²
XQ PDQXHO SRXU 30(
/H GHUQLHU FKDSLWUH GX JXLGH HQILQ HVW FRQVWLWXp GH SOXVLHXUV H[HPSOHV LQGXVWULHOV

FRQFHUQDQW GHV pFRSURGXLWV DXVVL GLYHUV TX·XQ WpOpYLVHXU XQ FRSLHXU XQH VWDWLRQ GH
WUDYDLO LQIRUPDWLTXH XQ UpIULJpUDWHXU « &HV H[HPSOHV VH UpYqOHQW WUqV XWLOHV HW SULVpV
GHV LQGXVWULHOV SXLVTX LOV SURXYHQW O HIILFDFLWp GH O pFRFRQFHSWLRQ © G DXWUHV O RQW IDLW HW
oD PDUFKH « ª
0DQXHO SRXU OD FRQFHSWLRQ GH

'·DXWUHV JXLGHV SOXV VXFFLQFWV H[LVWHQW WHO TXH OH
SURGXLWV pOHFWURQLTXHV UHVSHFWXHX[ GH O·HQYLURQQHPHQW >%(5*(1'$+/ @ TXL HW DO
DSUqV TXHOTXHV SULQFLSHV GH EDVHV GRQQH GHV LQVWUXFWLRQV WUqV SUpFLVHV VXU OH FKRL[ GHV
FRPSRVDQWV pOHFWURQLTXHV OHV WHFKQLTXHV pFRFRPSDWLEOHV G·DVVHPEODJH GHV SLqFHV
PpFDQLTXHV OH PDUTXDJH GHV SODVWLTXHV « (Q ILQ GH JXLGH XQH VLPSOH OLVWH GH FRQWU{OH
V\QWKpWLVH O·HQVHPEOH GH FH TX·LO IDXW IDLUH HW QH SDV IDLUH 'DQV OH PrPH GRPDLQH OHV
,&(5 *XLGHOLQHV &RQFHSWLRQ SRXU OH UHF\FODJH G·pTXLSHPHQWV pOHFWURQLTXHV HW
pOHFWULTXHV >,&(5 @ GRQQHQW pJDOHPHQW TXHOTXHV SULQFLSHV JpQpUDX[ GHV VXJJHVWLRQV
GH FRQFHSWLRQ SRXU OH UHF\FODJH HW H[SOLTXHQW HQ SDUWLFXOLHU TX·LO HVW QpFHVVDLUH G·pWDEOLU
XQH VWUDWpJLH GH FRQFHSWLRQ SRXU SRXYRLU YDORULVHU OH SURGXLW HQ ILQ GH YLH ,O HVW DLQVL
FRQVHLOOp G·pODERUHU XQH PDWULFH G·RSWLRQV ILQ GH YLH j SDUWLU GH ODTXHOOH SRXUUD rWUH
,&(5 ,QGXVWU\ &RXQFLO IRU (OHFWURQLF HTXLSPHQW 5HF\FOLQJ 5R\DXPH8QL

2SWLRQV ILQ GH YLH SRVVLEOHV 5HIDEULFDWLRQ UHYHQWH UHPLVH j QLYHDX UHF\FODJH PDWpULDX[
pOLPLQDWLRQ GpFKDUJH RX LQFLQpUDWLRQ VHORQ O RSWLRQ YLVpH OHV UqJOHV GH FRQFHSWLRQ YDULHQW 3RXU OHV
RSWLRQV UqJOHV JpQpUDOHV VRQW SURSRVpHV GDQV OD PDWULFH GX JXLGH GH O ,&(5
3DJH
FKRLVLH OD VWUDWpJLH GH FRQFHSWLRQ GX SURGXLW SHUPHWWDQW GH OH YDORULVHU DX PLHX[ HW
DWWHLQGUH OHV REMHFWLIV IL[pV GDQV OH FDGUH GH O RSWLRQ YLVpH
/H JXLGH *HVWLRQ GX F\FOH GH YLH HQYLURQQHPHQWDOH *XLGH SRXU GH PHLOOHXUHV
GpFLVLRQV FRPPHUFLDOHV pGLWp SDU (QYLURQQHPHQW &DQDGD >(19 &$1$'$ @ HVW OXL
HQFRUH UHODWLYHPHQW EUHI HW FRQVWUXLW WUqV VLPSOHPHQW DXWRXU GX FRQFHSW GH *&9
*HVWLRQ GX &\FOH GH 9LH ,O HVW GHVWLQp j Q LPSRUWH TXHO W\SH G HQWUHSULVH
$SUqV XQH LQWURGXFWLRQ WUqV GLGDFWLTXH DYHF VFKpPDV OXGLTXHV j O DSSXL GH GpILQLWLRQ HW
GH SUpVHQWDWLRQ GH OD *&9 LO HVW GpFULW FH TX LPSOLTXH FHWWH *&9 SRXU GLIIpUHQWV FRUSV
GH PpWLHU GDQV O HQWUHSULVH XQ SODQ G DFWLRQ j PHWWUH HQ SODFH HW TXHOTXHV RXWLOV VLPSOHV
8Q IRUPXODLUH GHVFULSWLI GHV LQWUDQWV HW H[WUDQWV G XQ SURFpGp XQLWDLUH
'HV OLVWHV GH FRQWU{OH GX GHVLJQ H[WUDLWHV G XQH GLUHFWLYH 'HVLJQ IRU WKH
(QYLURQPHQW 'I( GH O $VVRFLDWLRQ &DQDGLHQQH GH 1RUPDOLVDWLRQ
8Q WDEOHDX DYHF GHV FULWqUHV G pWDEOLVVHPHQW GHV SULRULWpV
8Q PRGqOH GH OHWWUH HW GH IRUPXODLUH W\SHV j HQYR\HU j XQ IRXUQLVVHXU SRXU
REWHQLU VD FROODERUDWLRQ
8Q WRXU G KRUL]RQ GH PpWKRGHV G pYDOXDWLRQ GX F\FOH GH YLH (YDOXDWLRQ GX
&\FOH GH 9LH $SHUoX GX &\FOH GH 9LH 3URILO (QYLURQQHPHQWDO
2Q SRXUUDLW HQFRUH FLWHU OHV RXYUDJHV LQWLWXOpV FRPPH &RQFHSWLRQ SRXU OH
GpVDVVHPEODJH TXL RIIUH XQH DSSURFKH VSpFLILTXH SRXU OHV GLIIpUHQWHV pWDSHV GH
FRQFHSWLRQ >.$+0(<(5 @ &RQFHSWLRQ SRXU OH GpPDQWqOHPHQW XWLOLVp SRXU IDFLOLWHU
UpHPSORL UHIDEULFDWLRQ HW UHF\FODJH >6,021 @ RX HQFRUH OHV ')5 6WDQGDUGV 9',
&RQFHYRLU GHV SURGXLWV WHFKQLTXHPHQW UHF\FODEOHV >%(,7= HW DO @
*XLGHVLQWHUQHV
&HV JXLGHV RQW pWp GpYHORSSpV SDU GH JUDQGHV HQWUHSULVHV FRPPH 3KLOLSV >0(,1'(56
D@ 6FKQHLGHU (OHFWULF >/$85(17 @ 6RQ\ (OHFWUROX[ « GDQV O·REMHFWLI GH
VHQVLELOLVHU OHXUV FRQFHSWHXUV j OD SUREOpPDWLTXH GH O·LQWpJUDWLRQ GH O·HQYLURQQHPHQW
GqV OD FRQFHSWLRQ GX SURGXLW
&H W\SH GH JXLGH UHJURXSH OD SOXSDUW GX WHPSV OHV SULQFLSHV FODVVLTXHV GHV JXLGHV
JpQpUDX[ PDLV DXVVL OD SROLWLTXH GH O HQWUHSULVH HQ PDWLqUH G HQYLURQQHPHQWSURGXLW OHV
QRUPHV LQWHUQHV OHV UpJOHPHQWDWLRQV HQ YLJXHXU j UHVSHFWHU HW OD GHVFULSWLRQ GH
TXHOTXHV RXWLOV SDUIRLV VSpFLILTXHV j O HQWUHSULVH
3DJH
$SSURFKHVLQIRUPDWLVpHVOHVORJLFLHOV
/HV FRQFHSWHXUV GHYUDLHQW GH SOXV HQ SOXV IDLUH DSSHO j GHV RXWLOV LQIRUPDWLTXHV GH
FRQFHSWLRQ HQYLURQQHPHQWDOH TXL SRXUUDLHQW V·LQVpUHU GDQV OHV SURFHVVXV HW OHV
V\VWqPHV LQIRUPDWLTXHV FRXUDQWV GH FRQFHSWLRQ SRXU QH SDV UDOHQWLU OD PLVH VXU OH
PDUFKp
$FKDTXHORJLFLHOVDVSpFLILFLWp
&KDTXH ORJLFLHO SHXW rWUH FDUDFWpULVp SDU VD VSpFLILFLWp 1RXV QRXV VRPPHV HIIRUFpV GDQV
QRV WUDYDX[ GH UHFKHUFKH G HQ pWDEOLU XQ FODVVHPHQW VHORQ OHXU W\SH G DSSURFKH
☛ /HV ORJLFLHOV G DSSURFKHJpQpUDOHSUHQDQW HQ FRPSWH WRXWHV OHV SKDVHV GX F\FOH GH

YLH GX SURGXLW HW SHUPHWWDQW GH FKRLVLU GHV RSWLRQV GH FRQFHSWLRQ SRXU PLQLPLVHU OHV
HIIHWV QpJDWLIV VXU O HQYLURQQHPHQW HQ SKDVH G XWLOLVDWLRQ RX GH ILQ GH YLH SDU
H[HPSOH
☛ /HV ORJLFLHOV G DSSURFKH VSpFLILTXH IRFDOLVpH VXU XQ W\SH GH FRQFHSWLRQ
UHVSHFWXHXVH GH O HQYLURQQHPHQW FRPPH OHV ORJLFLHOV D[pV VXU OH 'I' RX &RQFHSWLRQ
SRXU GpVDVVHPEOHU HQ ILQ GH YLH &HV RXWLOV VRQW GLWV G DSSURFKH 'I;
☛ /HV ORJLFLHOV G DSSURFKH VSpFLILTXH IRFDOLVpH VXU XQ WKqPH SDUWLFXOLHU FRPPH OD
3UpYHQWLRQ GH 3ROOXWLRQ
☛ /HV ORJLFLHOV G DSSURFKHVSpFLILTXHIRFDOLVpH VXU XQH SKDVH GH OD YLH GX SURGXLW
2Q SHXW HQ TXHOTXH VRUWH SDUOHU G DSSURFKH PRQRSKDVH
1RXV DYRQV QRWDPPHQW LGHQWLILp GHX[ SKDVHV GX F\FOH GH YLH FRQFHUQpHV
✔ /D IDEULFDWLRQ &KRL[ GHV IRXUQLVVHXUV
&KRL[ GHV PDWpULDX[
✔ /D ILQ GH YLH 7RXW W\SH GH WUDLWHPHQW GH ILQ GH YLH SHXW rWUH HQYLVDJp
FHUWDLQV ORJLFLHOV SURSRVHQW SOXVLHXUV DOWHUQDWLYHV j
O XWLOLVDWHXU
1RXV SRXYRQV UHWURXYHU GDQV FHWWH FDWpJRULH OHV ORJLFLHOV
G DSSURFKH 'I' SUpFpGHPPHQW UpSHUWRULpV
3DJH
/D SOXSDUW GH FHV ORJLFLHOV RXWUH OH IDLW GH JXLGHU O pTXLSH GH FRQFHSWLRQ GDQV VD
GpPDUFKH SHXYHQW OXL SHUPHWWUH DXVVL G pYDOXHU OHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV
G XQ SURGXLW H[LVWDQW RX HQ FRXUV GH FRQFHSWLRQ & HVW HQ SDUWLFXOLHU OH FDV GHV DSSURFKHV
GH W\SH 'I; 'I' SDU H[HPSOH DYHF OHVTXHOOHV XQ FRQFHSWHXU YD SRXYRLU DQDO\VHU OH
FDUDFWqUH GpVDVVHPEODEOH G XQ SURGXLW DFWXHOOHPHQW VXU OH PDUFKp SURGXLW G XQH JDPPH
DFWXHOOH RX SURGXLW FRQFXUUHQW HW YRLU OHV VROXWLRQV G DPpOLRUDWLRQV HQ DGRSWDQW XQH
GpPDUFKH LWpUDWLYH SURJUHVVLYH GH FRQFHSWLRQ GDQV OH FDV G XQH UHFRQFHSWLRQ
QRWDPPHQW
/HV WDEOHDX[ j GHV SDJHV VXLYDQWHV SUpVHQWHQW TXHOTXHV ORJLFLHOV

DFWXHOOHPHQW
GLVSRQLEOHV VXU OH PDUFKp >&@ HQ FRXUV GH GpYHORSSHPHQW >('@ RX GpYHORSSpV PDLV

MDPDLV FRPPHUFLDOLVpV >1&@ SRXU GHV UDLVRQV G RUGUH pFRQRPLTXH WHFKQLTXH «
&HUWDLQV GRQW QRXV QH VDYRQV SDV OH GHYHQLU VRQW LGHQWLILpV SDU XQ >"@
1RXV OHV DYRQV LGHQWLILpV SDU O LQWHUPpGLDLUH GH WUDYDX[ GpFULWV GDQV OD OLWWpUDWXUH
>32<1(5 HW DO @ >6,021 HW DO @ >9(==2/, @
1RXV DYRQV UpSHUWRULp FHV ORJLFLHOV VHORQ O DSSURFKH TXL OHV FDUDFWpULVH $ QRWHU TXH SRXU
GHV UDLVRQV pFRQRPLTXHV pYLGHQWHV QRXV Q DYRQV SX QRXV OHV SURFXUHU 1RV UHPDUTXHV
FULWLTXHV VH EDVHQW HQ IDLW SDUIRLV VXU O pWXGH GH YHUVLRQV GH GpPRQVWUDWLRQ HW OD SOXSDUW
GX WHPSV VXU GHV SXEOLFDWLRQV RX GHV DYLV G XWLOLVDWHXUV
8Q WDEOHDX HQ DQQH[H UDSSRUWH OH GHYHQLU GH FHV ORJLFLHOV GDQV OD PHVXUH R QRXV GLVSRVRQV GHV
LQIRUPDWLRQV FRXUDQW IpYULHU
3DJH
,$SSURFKHJpQpUDOH
/RJLFLHO 'pYHORSSpSDU &DUDFWpULVWLTXHV
2XWLO SHUPHWWDQW G·pWDEOLU XQH 6WUDWpJLH GH 'pYHORSSHPHQW
(QYLURQQHPHQWDO GH 3URGXLW
'pYHORSSp SRXU OD VRFLpWp 1RUWHO 8.
008
6H FRPSRVH GH PRGXOHV FRQFHUQDQW
0DQFKHVWHU 0HWURSROLWDQ
(FRGHVLJQ7RRO • LQWpJUDWLRQ G·XQH VWUDWpJLH G·pFRFRQFHSWLRQ
8QLYHUVLW\ 8.
• FRQVHLOV
>32<1(5 HW DO DE@ %15 (XURSH /WG 8. • VWRFNDJH GHV LQIRUPDWLRQV
• PpPRULVDWLRQ GHV VROXWLRQV G·DPpOLRUDWLRQ
• © FRPSWHUHQGX ª HQYLURQQHPHQWDO
6HUD OLp j GHV ORJLFLHOV GH &$2 3UR(QJLQHHU >"@

)RQFWLRQQH VXU 6WDWLRQ 6XQ
3RXU XQ SURGXLW GpFULW HQ VRXVHQVHPEOHV
• GRQQH XQ ELODQ GHV LPSDFWV HQYLURQQHPHQWDX[ G·DSUqV

XQH $&9 VXU FULWqUHV pFRORJLTXHV
• SHUPHW GH FRQWU{OHU OD FRQIRUPLWp j OD UpJOHPHQWDWLRQ
• LGHQWLILH OHV DPpOLRUDWLRQV j HIIHFWXHU
• LQIRUPH HW PHW HQ JDUGH j O·DLGH GH PHVVDJHV © WR GR ª HW
(FRELODQ © ZDUQLQJ ª OH FRQFHSWHXU TXDQG LO FRQVWUXLW
(,0( 6FKQHLGHU (OHFWULF
O DUERUHVFHQFH GX SURGXLW
,%0
(QYLURQPHQWDO ,QIRUPDWLRQ 7KRPVRQ 0XOWLPpGLD

LQWHUIDFHV JUDSKLTXHV SRVVLEOHV © 'HVLJQHU ª HW © ([SHUW ª
DQG 0DQDJHPHQW ([SORUHU /HJUDQG
HW FRXFKHV GLIIpUHQWHV SUpYXHV GRQQDQW DFFqV RX QRQ j
$OFDWHO $OVWKRP
$GHPH )
FHUWDLQHV IRQFWLRQQDOLWpV
>'8%276 @
'HVLJQHU IRQFWLRQQDOLWpV PLQLPDOHV HW 3URMHFW 0DQDJHU
SRVVLELOLWp GH FUpHU GH QRXYHDX[ SURMHWV VXU O LQWHUIDFH

'HVLJQHU
([SHUW VXU O LQWHUIDFH ([SHUW OLEUH DFFqV j WRXW HW (QGRI/LIH
0DQDJHU HQFRUH LQYDOLGH
3RVVLELOLWp G pWDEOLU XQH VRUWH GH FDUWH G LGHQWLWp GX SURGXLW

SRXU IRXUQLU j GHV FOLHQWV GHV GLVWULEXWHXUV «
>&@
…/…
3DJH
,$SSURFKHJpQpUDOH
6\VWqPH H[SHUW SHUPHWWDQW GH GpWHUPLQHU OD SULRULWp GH
/($'6,, GLIIpUHQWHV VWUDWpJLHV G·pFRFRQFHSWLRQ GqV OHV SUHPLqUHV
SKDVHV GX SURFHVVXV GH FRQFHSWLRQ GH SURGXLWV
/LIHF\FOH 'HVLJQ 6WUDWHJLHV 'HOIW 8QLYHUVLW\ RI
([SHUW 6\VWHP 7HFKQRORJ\ 1/ %DVH GH O·pWXGH pYDOXDWLRQ GHV GLIIpUHQWHV VWUDWpJLHV HQ
pFRSRLQWV G·DSUqV O·XWLOLVDWLRQ G·XQH PDWULFH 0(7 VXU OHV
>520%2876 @ PDWpULDX[ HW SURFpGpV FKRLVLV
>('@
7DEOHDX /RJLFLHOV G pFRFRQFHSWLRQ G DSSURFKH JpQpUDOH
,,$SSURFKHVSpFLILTXH&RQFHSWLRQSRXUGpVDVVHPEOHU
2SWLPLVDWLRQ GHV VpTXHQFHV GH GpVDVVHPEODJH

&*'0
$0(7,'(
&RQVRUWLXP RQ *UHHQ
'HVLJQ DQG 0DQXIDFWXULQJ *UDSKH GHV SpQDOLWpV HQ IRQFWLRQ GH O·DFFHVVLELOLWp GHV

$ 0HWKRG IRU 7LPH 86$ SLqFHV O·DSWLWXGH DX FRQWU{OH
'LVDVVHPEO\ (VWLPDWLRQ
5(1$8/7 ) 3ODQV GH PDFUR SURFHVV HW PLFUR SURGXLW GpVDVVHPEODJH
>*$8&+(521 HW DO @ /DERUDWRLUH 6 )
>1&@
6LPXODWLRQ HW FDOFXO GHV SURFHVV GH GpVDVVHPEODJH

)$36
,QVWLWXWH IRU 0DQXIDFWXULQJ

5H*U(G $XWRPDWLRQ DQG 3URGXFWLRQ
• /H PRGXOH 5HF\FOLQJJUDSK (GLWRU 5H*U(G PRGpOLVH OD
VWUXFWXUH GX SURGXLW DYHF GHV LQIRUPDWLRQV VXU OH

'LV3OD\ 6\VWHPV '
GpVDVVHPEODJH HW OH UHF\FODJH
,QVWLWXWH IRU (QJLQHHULQJ
>)(/'0$11 HW DO @ 'HVLJQ 8QLYHUVLW\ RI • /H PRGXOH 'LV3OD\ FDOFXOH OH GpVDVVHPEODJH RSWLPDO
(UODQJHQ1UQEHUJ '
GHJUp FRW >('@
2SWLPLVDWLRQ GX GpVDVVHPEODJH GHV SURGXLWV SDU O·pYDOXDWLRQ
GX UDSSRUW JDLQV pFRQRPLTXHV FRWV GH O·RSpUDWLRQ
5H6WDU
&DUQHJLH 0HOORQ 8QLYHUVLW\
(WXGH GX GHJUp GH GpVDVVHPEODJH DGpTXDW
86$
>1$9,1&+$1'5$ @
$ FKDTXH pWDSH FKRL[ GH WUDLWHPHQW UpXWLOLVDWLRQ "
UHF\FODJH " >"@

…/…
3DJH
,,$SSURFKHVSpFLILTXH&RQFHSWLRQSRXUGpVDVVHPEOHU
2XWLO FRPSRVp GH PRGXOHV
• 1LYHDX GH GpVDVVHPEODJH GX SURGXLW

• (YDOXDWLRQ SDU UDSSRUW j FULWqUHV FDUDFWpULVDQW OH
SURGXLW HW FODVVpV HQ JURXSHV 6WUXFWXUH 7HFKQLTXHV GH
IL[DWLRQ 'pVDVVHPEODJH RXWLOV QRPEUH G RSpUDWLRQV
0DWpULDX[ 6HJPHQWV DFFHVVLELOLWp PDQLDELOLWp «
8WLOLVDWLRQ XOWpULHXUH / pYDOXDWLRQ SUHQDQW HQ FRPSWH OHV
GLIIpUHQWV SDUDPqWUHV D\DQW XQH LQIOXHQFH VXU FKDTXH
FULWqUH HVW UHODWLYHPHQW FRPSOH[H YLD XQH IRUPXOH
$V752L' PDWKpPDWLTXH DGpTXDWH HOOH DERXWLW j GHV YDOHXUV GH
7HFKQLFDO 8QLYHUVLW\ RI
%UDXQVFKZHLJ ' j FRPSDUDEOHV SRXU FKDTXH FULWqUH

$VVHVVPHQW 7RRO IRU • &RWV GH GpVDVVHPEODJH
5HF\FOLQJ 2ULHQWHG 'HVLJQ
0DQXIDFWXULQJ 7HFKQRORJ\ • 7HPSV GH GpVDVVHPEODJH SHUPHW G HVWLPHU GHV FRWV HQ
&HQWUH 6RXWK .RUHD IRQFWLRQ GX WHPSV QpFHVVDLUH GH FKRLVLU O RXWLO OH SOXV
>+(66(/%$&+ HW DO @
UDSLGH GH WURXYHU GHV FRQQH[LRQV DLVpHV j
GpVDVVHPEOHU «
• 6pTXHQFH GH GpVDVVHPEODJH 2UGUH GH GpPRQWDJH j
VXLYUH " XQ JUDSKH HW XQH PDWULFH GHV SULRULWpV GH
GpPRQWDJH SHXYHQW rWUH pODERUpV
&HW RXWLO YD SHUPHWWUH G DLGHU OH FRQFHSWHXU GDQV VD WkFKH HQ

pYDOXDQW OD GpVDVVHPEODELOLWp GX SURGXLW DX IXU HW j PHVXUH
GH VD FRQFHSWLRQ
>&@
7DEOHDX /RJLFLHOV G pFRFRQFHSWLRQ G DSSURFKH 'I; 'I'
3DJH
,,,$SSURFKHVSpFLILTXH3UpYHQWLRQGH3ROOXWLRQ
6H FRPSRVH GH PRGXOHV
2ULHQWDWLRQ ,QIRUPDWLRQV VXU OD 3UpYHQWLRQ GH 3ROOXWLRQ
GpILQLWLRQ VWUDWpJLHV SRVVLEOHV
$QDO\VH $LGH OH FRQFHSWHXU j FKRLVLU GHV RSWLRQV GH
FRQFHSWLRQ SRXU GLPLQXHU OHV IOX[ GH GpFKHWV
8QH FKHFNOLVW OXL SHUPHW GH IDLUH VHV FKRL[ DLGH G·XQH EDVH
GH GRQQpHV R OD 33 HVW GLYLVpH HQ FDWpJRULHV 5pGXFWLRQ j

3('*(
OD 6RXUFH 5HF\FODJH 7UDLWHPHQW (OLPLQDWLRQ
86 'HSDUWPHQW RI (QHUJ\

3ROOXWLRQ 3UHYHQWLRQ '2( 86$
(QYLURQPHQWDO 'HVLJQ 3RXU FKDTXH RSWLRQ HW FKDTXH FDWpJRULH GHV ILFKHV
*XLGH IRU (QJLQHHUV SHUPHWWHQW DX FRQFHSWHXU G·DQDO\VHU
DYHF GHV H[HPSOHV GHV UpIpUHQFHV
• OD GLIILFXOWp G·LQWpJUDWLRQ G·XQH RSWLRQ HQ IRQFWLRQ GX
SRWHQWLHO GH JDLQ pFRQRPLTXH
• O·pWDSH GX SURFHVVXV GH FRQFHSWLRQ SRXU DJLU
• OD SKDVH GX F\FOH GH YLH FRQFHUQpH SDU 33
• OH EpQpILFLDLUH SURMHW VLWH UpJLRQ
• OD WHFKQLTXH j HPSOR\HU H[LVWH RX QRQ " >&@

7DEOHDX /RJLFLHO G pFRFRQFHSWLRQ G DSSURFKH 3UpYHQWLRQ GH 3ROOXWLRQ
,9$SSURFKHVSpFLILTXHjXQHSKDVHGXF\FOHGHYLH
&KRL[GHVIRXUQLVVHXUV
6H FRPSRVH GH SDUWLHV SULQFLSDOHV
,9) • 8Q TXHVWLRQQDLUH j pODERUHU LO YD SHUPHWWUH G·pYDOXHU OHV
7KH 6ZHGLVK ,QVWLWXWH RI IRXUQLVVHXUV /HV TXHVWLRQV VRQW UpSDUWLHV HQ FDWpJRULHV
3URGXFWLRQ (QJLQHHULQJ QLYHDX UHFRPPDQGp HW QLYHDX RSWLRQQHO SRXU FKDFXQH
5HVHDUFK
(FR3XUFKDVHU GHV LQIRUPDWLRQV j OD IRLV VXU OH IRXUQLVVHXU HW VXU VHV
HQ FROODERUDWLRQ DYHF
SURGXLWV
HQWUHSULVHV LQWHUQDWLRQDOHV
>%(5*(1'$+/ HW DO @
• 8Q RXWLO G·pYDOXDWLRQ GHV UpSRQVHV IRXUQLHV DX
(ULFVVRQ 3KLOLSV
FRQFHSWHXU RXWLO EDVp VXU XQ V\VWqPH GH PDWULFHV
6LHPHQV(OHPD 9DUWD
$%% 0 «
(3$ VXpGRLVH &HW RXWLO YD SHUPHWWUH GH FKRLVLU OH IRXUQLVVHXU SDUDLVVDQW OH
SOXV UHVSHFWXHX[ GH O HQYLURQQHPHQW DX YX GHV UpSRQVHV
IRXUQLHV >&@
7DEOHDX /RJLFLHO G pFRFRQFHSWLRQ IRFDOLVp VXU XQH SKDVH GX F\FOH GH YLH OD IDEULFDWLRQ DYHF OH
FKRL[ GHV IRXUQLVVHXUV
3DJH
&KRL[GHVPDWpULDX[
$LGH SRXU OH FRQFHSWHXU GDQV OH FKRL[ GH PDWpULDX[
SHUIRUPDQWV SUpVHUYDQW O·HQYLURQQHPHQW
pWDSHV GDQV OD VpOHFWLRQ
7KH&DPEULGJH
(FR6HOHFWRU *UDQWD 'HVLJQ /LPLWHG 8.
• (Q IRQFWLRQ GHV SURSULpWpV SK\VLTXHV pOHFWULTXHV
WKHUPLTXHV PpFDQLTXHV« HW GH O·LPSDFW
&(6 8QLYHUVLW\ RI &DPEULGJH
HQYLURQQHPHQWDO GH OD SURGXFWLRQ GX PDWpULDX
'HSDUWPHQW RI (QJLQHHULQJ
• (Q IRQFWLRQ G·LQIRUPDWLRQV VXU OHV FDUDFWpULVWLTXHV QRQ

>:(*67 HW DO @ TXDQWLILDEOHV GHV PDWpULDX[ SKRWRV GH OD PLFURVWUXFWXUH
GLVSRQLELOLWp SUL[ « GLVSRQLEOHV GDQV OH V\VWqPH
G·LQIRUPDWLRQ © (FR9LHZ ª >('@

6pOHFWLRQ TXDOLWDWLYH HW TXDQWLWDWLYH GHV PDWpULDX[ G·DSUqV
GHV pWXGHV $&9 GHV pWXGHV GH FRW SULVH HQ FRPSWH GHV
GRQQpHV HQYLURQQHPHQWDOH HW pFRQRPLTXHV VXU OH F\FOH GH
YLH FRPSOHW GX SURGXLW
(XUR0$7 $SSURFKH WL GDQV OH FKRL[ GHV PDWpULDX[ WRSGRZQ SDU

7HFKQLFDO 8QLYHUVLW\ RI
%HUOLQ '
RSSRVLWLRQ DX[ PpWKRGHV FODVVLTXHV GH FKRL[ ERWWRPXS
>)/(,6&+(5 HW DO @ EDVpHV VXU OHV FRPSpWHQFHV HQ PDWpULDX[ SDUIRLV OLPLWpHV
GHV FRQFHSWHXUV LWpUDWLYH LQWHUDFWLYH HW SDU LQWpJUDWLRQ GH
SOXVLHXUV FULWqUHV GH VpOHFWLRQ IDLVDELOLWp WHFKQRORJLTXH
UHF\FODELOLWp FRQGLWLRQV GH WUDYDLO LPSDFWV
HQYLURQQHPHQWDX[ FRW « >('@

2XWLO FRQVWLWXp G XQH EDVH GH GRQQpHV SHUPHWWDQW DX
FRQFHSWHXU GH FKRLVLU GHV PDWpULDX[ SURFpGpV RX
FRPSRVDQWV SDU UDSSRUW j GHV LQIRUPDWLRQV WHFKQLTXHV VRXV
IRUPH GH GRQQpHV FKLIIUpHV GH JUDSKHV HW GHV GRQQpHV
HQYLURQQHPHQWDOHV OHXU pFRLQGLFDWHXU HQ P3W HQ SDUWLFXOLHU
OHV LQSXWV HW RXWSXWV GH OHXU SURFHVVXV GH IDEULFDWLRQ GpFULW
,GH0DW
'HOIW 8QLYHUVLW\ RI
VHORQ XQH DUERUHVFHQFH GpWDLOOpH «
7HFKQRORJ\ 1/
/D FRPSDUDLVRQ GHV PDWpULDX[ RX SURFpGpV SHXW rWUH

UpDOLVpH JUkFH j GHV WDEOHV RX GHV JUDSKHV
/H FRQFHSWHXU SHXW SDU O LQWHUPpGLDLUH G XQ ILOWUH GpILQLU
FHUWDLQV FULWqUHV QLYHDX GH SURSULpWp WHFKQRORJLHV GH PLVH
HQ IRUPH DSSOLFDWLRQV VRXKDLWpHV SRXU IDFLOLWHU VRQ FKRL[
>&@
…/…
8QH YHUVLRQ GpPR HVW WpOpFKDUJHDEOH VXU OH VLWH GH 78 'HOIW j O DGUHVVH VXLYDQWH
KWWSZZZLRWXGHOIWQOUHVHDUFKGIVLGHPDWLQGH[KWP
3DJH
&KRL[GHVPDWpULDX[
2XWLO SURWRW\SH SHUPHWWDQW OH FKRL[ GHV PDWpULDX[ HQ
IRQFWLRQ GH OHXUV SURSULpWpV GHV SURFpGpV GH IDEULFDWLRQ
GHV FRWV HW GHV LPSDFWV HQYLURQQHPHQWDX[ WRXW DX ORQJ GH
OHXU F\FOH GH YLH
2XWLO FRQVWLWXp GH PRGXOHV
• 3URILOH HQYLURQQHPHQWDO GHV PDWpULDX[ EDVH SRXU OH
FKRL[ GHV PDWpULDX[
• &KRL[ GHV 0DWpULDX[ SRVVLELOLWp SRXU O·XWLOLVDWHXU GH
,P6HOHFWLRQ FKRLVLU XQ PDWpULDX HQ SUHQDQW HQ FRPSWH VHV SURSUHV

&DUQHJLH 0HOORQ 8QLYHUVLW\
H[LJHQFHV GH FRQFHSWLRQ HW OHV SURFHVVXV GH IDEULFDWLRQ
86$
>&+(1 HW DO @
/H V\VWqPH FDOFXOH OHV FRWV HQYLURQQHPHQWDX[ H[WHUQHV
HW LQWHUQHV HQ IRQFWLRQ GX SRLGV GX PDWpULDX GX FRW
HQJDJp SDU O·XWLOLVDWHXU HW GH OD EDVH GH GRQQpHV
HQYLURQQHPHQWDOHV GHV PDWpULDX[
• $QDO\VH GH VHQVLELOLWp
/·XWLOLVDWHXU SHXW FKDQJHU TXHOTXHV GRQQpHV SRXU YRLU
O·LQIOXHQFH LQFLGHQWH VXU OH FKRL[ GHV PDWpULDX[
>1&@
7DEOHDX /RJLFLHOV G pFRFRQFHSWLRQ IRFDOLVpV VXU XQH SKDVH GX F\FOH GH YLH OD IDEULFDWLRQ DYHF OH
FKRL[ GHV PDWpULDX[
3DJH
)LQGHYLH
$GYLVRU)RU &RQVHLOV G·DSUqV O·DQDO\VH GHV DVVHPEODJHV HQ WHUPH GH
JpRPpWULH
(QJLQHHULQJ 'HVLJQ
&RPSRQHQW
5HVHDUFK &HQWHU
'HVLJQ &DUQHJLH 0HOORQ 8QLYHUVLW\ $QDO\VH GH OD FRPSDWLELOLWp GHV PDWpULDX[ HW GHV WHFKQLTXHV
86$ GH IL[DWLRQ
>',$=&$/'(521 @ >"@

$QDO\VH GH GLIIpUHQWV VFpQDULRV GH UHF\FODJH j SDUWLU GH OD
GHVFULSWLRQ GHV SURGXLWV
6H FRPSRVH GH PRGXOHV SHUPHWWDQW O·pYDOXDWLRQ
6,(0(16 ' HQ SDUWHQDULDW

'(0523 • GHVFULSWLRQ GX SURGXLW SLqFHV FRQQH[LRQV
DYHF SOXVLHXUV HQWUHSULVHV
DFFHVVLELOLWpV «
GRQW $JID $OFDWHO 6(/
'HVLJQ DQG (YDOXDWLRQ 1HGHUODQGVH 3KLOLSV • EDVH GH FRQQDLVVDQFHV © UHF\FODJH ª PDWpULDX[
0HWKRG IRU WKH 5HF\FODELOLW\ %HGULMYHQ« SURFpGpV GH UHF\FODJH RSpUDWLRQV GH GpVDVVHPEODJH
RI (OHFWURPHFKDQLFDO PDUFKpV «
3URGXFWV 7HFKQLVFKH +RFKVFKXOH • GRQQpHV VXU FRWV GH UHF\FODJH HW GH GpVDVVHPEODJH
'$5067$'7 '
RSWLPXP FKHPLQ GH GpVDVVHPEODJH OH SOXV UHQWDEOH "
>(%$&+ @
3RVVLELOLWp G pYDOXHU OH FRW JOREDO G XQ SURGXLW HQ ILQ GH YLH
SDU UDSSRUW j GLIIpUHQWV VFpQDULRV UpXWLOLVDWLRQ
GpVDVVHPEODJH VpSDUDWLRQ HW UHF\FODJH GHV PDWpULDX[
>&@
'HVLJQIRU $QDO\VH GHV RSWLRQV GH ILQ GH YLH
%RRWKUR\G 'HZKXUVW ,QF

(QYLURQPHQW •
86$ 'RQQpHV VXU OH F\FOH GH YLH GHV FRPSRVDQWV G·XQ SURGXLW
6RIWZDUH7RRO DYHF FRWV GH GpVDVVHPEODJH HW RSWLRQV GH UHF\FODJH
712 ,QVWLWXWH RI ,QGXVWULDO • 3HXW rWUH OLp j GHV ORJLFLHOV GH &$2 3UR(QJLQHHU
7HFKQRORJ\ 1/
>&857,6 @
>.1,*+7 HW DO @ >&@
…/…
3DJH
)LQGHYLH
2XWLO j XWLOLVHU YLD XQH OLDLVRQ ,QWHUQHW
,GHQWLILFDWLRQ GHV FDUDFWpULVWLTXHV GX SURGXLW FODVVpHV VHORQ

TXDWUH FDWpJRULHV JpQpULTXHV GH IDFWHXUV
• )DFWHXUV H[WHUQHV DX SURGXLW F\FOH GH FRQFHSWLRQ
F\FOH WHFKQRORJLTXH FRPSOH[LWp IRQFWLRQQHOOH «
• )DFWHXUV UHODWLIV DX[ PDWpULDX[ QRPEUH PDWpULDX[
WR[LTXHV PDWpULDX[ QpFHVVLWDQW XQ UHF\FODJH «
• )DFWHXUV UHODWLIV DX GpVDVVHPEODJH WHPSV pWDSHV
QRPEUH GH FRPSRVDQWV QRPEUH GH FRQQH[LRQV «
(/'$ • )DFWHXUV UHODWLIV j OD ORJLVWLTXH LQYHUVH TXL VXSSRUWH

6WDQIRUG 8QLYHUVLW\ 86$ OHV LQIUDVWUXFWXUHV GH UHF\FODJH " GH FROOHFWH " GH
(QGRI/LIH 'HVLJQ WUDQVSRUW " TXL EpQpILFLH GHV RSpUDWLRQV GH UHF\FODJH "
$GYLVRU 1DWLRQDO 6FLHQFH )RXQGDWLRQ «

86$
>526( HW DO DEF@ *XLGH OH FRQFHSWHXU j SDUWLU GH FHV FDUDFWpULVWLTXHV j

GpWHUPLQHU OHV VWUDWpJLHV GH ILQ GH YLH GH VRQ SURGXLW HW FH
GqV OH GpEXW GX SURFHVVXV GH FRQFHSWLRQ &RQQDLVVDQW OD
VWUDWpJLH GH ILQ GH YLH SRVVLELOLWp SRXU OH FRQFHSWHXU GH
SUpYRLU OD VWUXFWXUH DGpTXDWH GX SURGXLW HW G LPDJLQHU GHV
DPpOLRUDWLRQV GHV WHFKQLTXHV GH UHF\FODJH YLVLRQ
SURVSHFWLYH
,QIRUPDWLRQV VWRFNpHV GDQV XQH EDVH GH GRQQpHV XWLOH j

G·DXWUHV FRQFHSWHXUV
>('@
(YDOXDWLRQ GH O·DVVHPEODJH GHV SLqFHV
/$6H5
(WXGH GH OD UpSDUDELOLWp pWDSHV GH UpSDUDWLRQ HW FRWV
/LIHF\FOH $VVHPEO\
6WDQIRUG 8QLYHUVLW\ 86$
DVVRFLpV
6HUYLFHDELOLW\ DQG
5HF\FOLQJ 3URWRW\SH
2KLR 6WDWH 8QLYHUVLW\ 86$
3URJUDP (WXGH GH OD UHF\FODELOLWp SDU JURXSHV GH FRPSRVDQWV
FRPSDWLEOHV FRWV GH GpVDVVHPEODJH HW GH UHWUDLWHPHQW
>,6+,, @ >1&@
7DEOHDX /RJLFLHOV G pFRFRQFHSWLRQ IRFDOLVpV VXU XQH SKDVH GX F\FOH GH YLH OD ILQ GH YLH
3DJH
2Q SRXUUD HQFRUH FLWHU WUqV VXFFLQFWHPHQW G DXWUHV ORJLFLHOV IRFDOLVpV VXU OD ILQ GH YLH
GHV SURGXLWV >%8//,1*(5 HW DO @ >67(,1+,/3(5 HW DO @ >9(==2/, @
5(.21 ,O DLGH j OD FRQFHSWLRQ HQ YXH GX UHF\FODJH
9(5$1'$ ,O DVVLVWH OH FRQFHSWHXU GDQV OH FKRL[ GHV VWUDWpJLHV RSWLPDOHV GH
UHF\FODJH HQ OXL GRQQDQW GHV LQIRUPDWLRQV UHODWLYHV DX[ SUHVWDWLRQV
GH SOXVLHXUV HQWUHSULVHV GH UHF\FODJH HW OHXUV SUL[
521'$ ,O SHUPHW O DQDO\VH GH EDVHV GH GRQQpHV RULHQWpHV UHF\FODJH
5(&29(5< ,O DLGH SDU OH FDOFXO j O RSWLPLVDWLRQ GH OD UpXWLOLVDWLRQ GH SLqFHV GX
SURGXLW
5287,1* ,O RSWLPLVH OHV ORJLVWLTXHV GH UHF\FODJH
/HVORJLFLHOVGHVRXWLOVDGDSWpVDXPRQGHLQGXVWULHO"
$X YX GH OD OLWWpUDWXUH HW GH QRWUH HQTXrWH OHV ORJLFLHOV OHV SOXV FRQQXV SDU OHV
HQWUHSULVHV SLRQQLqUHV VRQW JpQpUDOHPHQW GHV RXWLOV G DSSURFKHV 'I; HQ SDUWLFXOLHU 'I'
YRLUH 'I5 'HVLJQ IRU 5HF\FOLQJ XWLOLVpV HQ FRXUV RX ILQ GH FRQFHSWLRQ SRXU PRGpOLVHU
GHV VFpQDULRV GH GpVDVVHPEODJH GHV SURGXLWV
/H &RUSRUDWH 3URGXFW 6WHZDUGVKLS GH +3 UHFRQQDvW TXH VRQ HQWUHSULVH XWLOLVH GH WHOV
ORJLFLHOV GHSXLV SOXVLHXUV DQQpHV PDLV O REMHFWLI SULPDLUH GH OHXU HPSORL Q pWDLW SDV OLp j
XQH SUpRFFXSDWLRQ HQYLURQQHPHQWDOH PDLV WRXW VLPSOHPHQW XQH YRORQWp G RSWLPLVHU OD
VWUXFWXUH GH OHXUV SURGXLWV SRXU IDFLOLWHU WRXWH RSpUDWLRQ GH UpSDUDWLRQ RX GH
PDLQWHQDQFH 1RXV UHPDUTXHURQV QpDQPRLQV TXH FHW REMHFWLI UHMRLQW O HQYLURQQHPHQW
SXLVTX XQH UpSDUDWLRQ SOXV DLVpH DVVXUHUD XQH SOXV JUDQGH GXUDELOLWp GX SURGXLW
/HV DXWUHV ORJLFLHOV VRQW HQFRUH ELHQ PpFRQQXV 2Q QRWHUD SRXU OD SOXSDUW TX LOV RQW pWp
GpYHORSSpV GDQV OH FDGUH GH SURMHWV OLDQW GHV pTXLSHV GH UHFKHUFKH XQLYHUVLWDLUHV HW
GHV LQGXVWULHOV RQ SHXW GRQF OHXU UHSURFKHU OH IDLW TX LOV UpSRQGHQW j GHV
SUREOpPDWLTXHV VSpFLILTXHV GHV HQWUHSULVHV FRPPDQGLWDLUHV HW VRLHQW SHX DGDSWpV j
G DXWUHV
/D SOXSDUW GX WHPSV OHV JUDQGHV HQWUHSULVHV ILQDQFHQW OH GpYHORSSHPHQW GH ORJLFLHOV
SURSUHV j OHXUV EHVRLQV SDU GHV FDELQHWV H[WHUQHV
/D IRUPH LQIRUPDWLVpH GH WHOV RXWLOV UHVWH WUqV DSSUpFLpH GHV LQGXVWULHOV OHV FRQFHSWHXUV
WUDYDLOODQW GH SOXV HQ SOXV V\VWpPDWLTXHPHQW VXU RUGLQDWHXU &$2'$2 OHV ORJLFLHOV
V LQWqJUHQW SOXV IDFLOHPHQW GDQV OHXU DFWLYLWp / LQIRUPDWLVDWLRQ GHV PpWKRGHV G pYDOXDWLRQ
,O HVW j SUpFLVHU SDU UDSSRUW j OD SOXSDUW GH FHV ORJLFLHOV TX LOV pWDLHQW HQ GpYHORSSHPHQW GDQV SOXVLHXUV
XQLYHUVLWpV DOOHPDQGHV HQ 5(.21 8QLYHUVLW\ RI .DUOVUXKH 9(5$1'$ 521'$ 5(&29(5< HW
5287,1* )UDXQKRIHU ,QVWLWXWH « ,OV VRQW LQGLTXpV LFL j WLWUH LQGLFDWLI SRXU PRQWUHU OD PXOWLSOLFLWp G RXWLOV
GpYHORSSpV HQ SDUWLFXOLHU VXU OH GpVDVVHPEODJH HW OH UHF\FODJH HQ $OOHPDJQH 1RXV QH VDYRQV SDV j FH MRXU
V LOV RQW pWp FRPPHUFLDOLVpV
3DJH
GHV SURGXLWV HW GHV SURSRVLWLRQV G RSWLRQV G DPpOLRUDWLRQ VH YHXW HQ HIIHW XQ PR\HQ SOXV
UDSLGH SRXU DLGHU OH FRQFHSWHXU GDQV VD GpPDUFKH SXLVTX LO Q DXUD SDV j DOOHU FKHUFKHU
O LQIRUPDWLRQ GDQV XQ JXLGH RX UHPSOLU GHV TXHVWLRQQDLUHV « ,O OXL VXIILUD TXHOTXHIRLV GH
TXHOTXHV GRQQpHV G HQWUpH SRXU REWHQLU GHV UpVXOWDWV SHUWLQHQWV & HVW G DLOOHXUV OD UDLVRQ
SRXU ODTXHOOH GH SOXV HQ SOXV G HQWUHSULVHV GLIIXVHQW GHV LQIRUPDWLRQV HQYLURQQHPHQWDOHV
GHV SUpFRQLVDWLRQV« SDU ,QWUDQHW &HV LQIRUPDWLRQV SOXV IDFLOHPHQW PLVHV j MRXU SDU GHV
H[SHUWV (QYLURQQHPHQW LQWHUQHV OHV UHVSRQVDEOHV GH VHUYLFH « VRQW SOXV DLVpPHQW OXHV
HW DVVLPLOpHV SDU FKDFXQ G DXWDQW SOXV TX HOOHV VRQW SUpVHQWpHV VRXV XQH IRUPH VLPSOH HW
OXGLTXH
3RXUWDQW OH &RUSRUDWH 3URGXFW 6WHZDUGVKLS GH 'LJLWDO O XQH GHV VRFLpWpV HQTXrWpHV
HVWLPH TX XQ RXWLO GLVWLQFW SHUG UDSLGHPHQW GH VD YDOHXU SXLVTX LO GRLW rWUH XWLOLVp HQ
SDUDOOqOH DYHF GHV RXWLOV FODVVLTXHV GH &$2 ' DXWUH SDUW SRXU FHUWDLQV GHV ORJLFLHOV
pYRTXpV SOXV KDXW OD PLVH HQ VLWXDWLRQ GDQV O HQWUHSULVH QpFHVVLWH RXWUH OD SUpVHQFH G XQ
H[SHUW HQYLURQQHPHQW SRXU DOLPHQWHU OD EDVH GH GRQQpHV HW OD PHWWUH j MRXU FHOOH G XQ
H[SHUW LQIRUPDWLTXH YHQDQW VHFRQGHU HQ FDV GH EHVRLQ O XWLOLVDWHXU OH FRQFHSWHXU RX OH
FKHI GH SURMHW & HVW OH FDV GH O (,0( TXL QpFHVVLWH SRXU IRQFWLRQQHU O DFTXLVLWLRQ G XQH
VWDWLRQ 6XQ RQpUHXVH
/HV ORJLFLHOV VRQW GRQF ELHQ VRXYHQW SHUoXV FRPPH GHV RXWLOV VXSSOpPHQWDLUHV DX SDQHO
GpMj LPSUHVVLRQQDQW G RXWLOV GH WRXW W\SH PDQLSXOpV GDQV OHV HQWUHSULVHV /HXU
FRPSOH[LWp HW SDUIRLV XQ ODQJDJH LQDGDSWp DX PpWLHU GH OD FRQFHSWLRQ QRPHQFODWXUHV
GLIIpUHQWHV SDU H[HPSOH OHV WUDQVIRUPHQW UDSLGHPHQW HQ RXWLOV LQXWLOHV
/ LQWpUrW G XQH LQIRUPDWLVDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH VHUDLW GRQF GH IDLUH
DSSDUDvWUH GHV PHVVDJHV VXU OHV ULVTXHV HQYLURQQHPHQWDX[ DX FRXUV GH OD PRGpOLVDWLRQ
FODVVLTXH GX SURGXLW ,O VHUDLW DLQVL SOXV LQWpUHVVDQW G LQWpJUHU XQ PRGXOH (QYLURQQHPHQW
GDQV OHV ORJLFLHOV GH FRQFHSWLRQ &$2 FODVVLTXHV XWLOLVpV (XFOLG $XWR&$' 3UR
(QJLQHHU &DWLD SXLVTX LO SDUDvW LQFRQFHYDEOH TX XQH HQWUHSULVH HW D IRUWLRUL XQH
30( VH YRLW REOLJpH G DFTXpULU SOXVLHXUV ORJLFLHOV G pFRFRQFHSWLRQ GH VSpFLILFLWpV
GLIIpUHQWHV SRXU PHQHU j ELHQ XQ SURMHW
8QH DXWUH FULWLTXH TXH O RQ SHXW pPHWWUH j O HQFRQWUH GH FHUWDLQV GH FHV ORJLFLHOV
QRWDPPHQW FHX[ UHODWLIV j OD ILQ GH YLH GHV SURGXLWV HVW OLpH j OHXU DSSURFKH WURS VRXYHQW
GpFRQQHFWpH GH OD UpDOLWp pFRQRPLTXH HW LQGXVWULHOOH GHV ILOLqUHV GH ILQ GH YLH GHV
FRQWUDLQWHV WHFKQLTXHV GXHV DX[ SUREOqPHV G XVXUH GHV SURGXLWV OHVTXHOOHV Q RQW SX rWUH
SULVHV HQ FRPSWH GDQV OD PRGpOLVDWLRQ VXU GHV SURGXLWV QHXIV 2Q SHXW SDUOHU GH
UHFKHUFKH IRQGDPHQWDOH GpFRQWH[WXDOLVDQW OH SURGXLW GH VRQ HQYLURQQHPHQW UpHO
$LQVL GHV ORJLFLHOV DPpULFDLQV FRPPH $GYLVRU )RU &RPSRQHQW 'HVLJQ VH EDVHQW
XQLTXHPHQW VXU O DUFKLWHFWXUH GX SURGXLW HQ HPSUXQWDQW XQH DSSURFKH JpRPpWULTXH
3DJH
WULGLPHQVLRQQHOOH
GX GpPRQWDJH R O RQ SURFqGH j GHV RSpUDWLRQV GH GpPRQWDJH
YLUWXHOOHV QH SHUPHWWDQW SDV GH MXJHU GH OD GLIILFXOWp UpHOOH GH GpPRQWDJH VXU XQ SURGXLW
XVDJp HQ HIIHW VL OHV pWDWV GH VXUIDFH GH FHUWDLQHV SLqFHV FRQGLWLRQQHQW OD IDFLOLWp GHV
PRXYHPHQWV UHODWLIV GHV FRPSRVDQWV TXH GLUH GH O pWDW GH FHV VXUIDFHV DSUqV SOXVLHXUV
DQQpHV G XVDJH HW D IRUWLRUL GH OD IDFLOLWp GHV RSpUDWLRQV GH GpPRQWDJH "
' DXWUHV DSSURFKHV FRPPH FHOOH GX ORJLFLHO DPpULFDLQ 5H6WDU RX G DXWUHV ORJLFLHOV
DOOHPDQGV WHOV TXH 5H*U(G 'LV3OD\ 9HUDQGD 5HFRYHU\ « VRQW EDVpHV VXU GHV
pYDOXDWLRQV pFRQRPLTXHV FDOFXOV GHV FRWV HW UHYHQXV GHV RSpUDWLRQV j HIIHFWXHU HQ ILQ
GH YLH GHV SURGXLWV SRXU PRGpOLVHU OHV QLYHDX[ GH GpPRQWDJH UHQWDEOHV PDLV HQILQ
FRPPHQW FRQQDvWUH OHV WHFKQLTXHV OHV ILOLqUHV OHV FRWV j PR\HQ RX ORQJ WHUPH VDQV XQH
GpPDUFKH SURVSHFWLYH "
1RXV DYRQV YX TX LO H[LVWDLW XQH PXOWLWXGH G RXWLOV G DPpOLRUDWLRQ TXH O RQ TXDOLILHUD
G RSpUDWLRQQHOV GDQV OH VHQV R LOV VHURQW XWLOLVpV HQ FRXUV GH FRQFHSWLRQ SDU O pTXLSH GH
SURMHW RX O XQ GH VHV PHPEUHV OH FRQFHSWHXU OH PDUNHWHXU O H[SHUW HQ pFRFRQFHSWLRQ
GH O pTXLSH V LO H[LVWH « SRXU O DLGHU j SURJUHVVHU GDQV VD GpPDUFKH ,O HQ H[LVWH
G DXWUHV SOXV VWUDWpJLTXHV j FRPPHQFHU SDU GHV PpWKRGHV G RUJDQLVDWLRQ TXH QRXV
TXDOLILHURQV G RXWLOV RUJDQLVDWLRQQHOV
2XWLOVRUJDQLVDWLRQQHOV
/H FKHI G XQ SURMHW GH FRQFHSWLRQ HVW O DQLPDWHXU G XQH GpPDUFKH FROOHFWLYH DVVRFLDQW OH
FRQFHSWHXU DYHF OHV PpWLHUV GH O DYDO GH OD SURGXFWLRQ HW FHX[ GH O DPRQW IRXUQLVVHXUV HW
pTXLSHPHQWLHUV
/HV RXWLOV RUJDQLVDWLRQQHOV VRQW GHV DSSURFKHV TXL YRQW SHUPHWWUH O RSWLPLVDWLRQ GH
O LQWpJUDWLRQ GH O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ GX SURGXLW SDU OH ELDLV G XQH
PHLOOHXUH RUJDQLVDWLRQ GHV DFWHXUV FRQFHUQpV &H VRQW GHV DSSURFKHV GH WUDYDLO SOXV
JOREDOHV TXL QpFHVVLWHQW OD PRELOLVDWLRQ GH WRXV
$SSURFKH JpRPpWULTXH GX GpPRQWDJH OHV ORJLFLHOV HQ TXHVWLRQ GRLYHQW SRXYRLU j SDUWLU GH O DQDO\VH
WULGLPHQVLRQQHOOH GHV VWUXFWXUHV GpWHUPLQHU OHV RSpUDWLRQV WKpRULTXHPHQW UpDOLVDEOHV HW O RUGUH j VXLYUH
&HWWH YLVLRQ FRUUHVSRQG j XQH WUDQVSRVLWLRQ GHV PpWKRGHV GH SODQLILFDWLRQ G DVVHPEODJHV DXWRPDWLVpV YHUV OH
GpPRQWDJH ELHQ TXH FH GHUQLHU QH GRLYH SDV rWUH FRQVLGpUp FRPPH O RSpUDWLRQ ULJRXUHXVHPHQW LQYHUVH GH
O DVVHPEODJH
3DJH
'HX[ FRQFHSWV PDMHXUV G RUJDQLVDWLRQ SHXYHQW rWUH H[SORLWpV j FHWWH ILQ
ª O $QDO\VH GH OD 9DOHXU
ª O ,QJpQLHULH &RQFRXUDQWH RX VLPXOWDQpH
$QDO\VHGHOD9DOHXU
/·$QDO\VH GH OD 9DOHXU >'(/$)2//,( @ HVW XQH PpWKRGH GH UpIOH[LRQ HW G·LQQRYDWLRQ TXL
D IDLW VHV SUHXYHV 6RQ REMHFWLI HVW G·RSWLPLVHU OH UDSSRUW GHJUp G·DGpTXDWLRQ GX SURGXLW
DX EHVRLQFRW GX SURGXLW
&H UDSSRUW FRUUHVSRQG HQ IDLW j OD YDOHXU PrPH GX SURGXLW (W DQDO\VHU OD YDOHXU G·XQ
SURGXLW F·HVW UHFKHUFKHU VD PHLOOHXUH DGpTXDWLRQ j XQ EHVRLQ HQ PHWWDQW HQ MHX XQ
PLQLPXP GH UHVVRXUFHV ILQDQFLqUHV
/D PpWKRGH $9 FRQVLVWH j UpXQLU SOXVLHXUV SHUVRQQHV FRQFHUQpHV SDU OH SURGXLW j
FRQFHYRLU HQ LQWHUQH HW HQ H[WHUQH GH O HQWUHSULVH
/H JURXSH GH WUDYDLO HQ FKDUJH GH O·DQDO\VH GH OD YDOHXU GX SURGXLW DGRSWH XQH ORQJXH
GpPDUFKH FRPSUHQDQW SKDVHV
2ULHQWDWLRQ GH O·pWXGH &KDPS REMHFWLIV FRQWUDLQWHV GHJUp GH UHPLVH HQ FDXVH
DXWRULVp
5HFKHUFKH G·LQIRUPDWLRQV 5HFKHUFKH HW FROOHFWH GH UHQVHLJQHPHQWV GH W\SH
WHFKQLTXH pFRQRPLTXH VRFLDO HW OpJDO HQ LQWHUQH RX HQ H[WHUQH j O·HQWUHSULVH
$QDO\VH IRQFWLRQQHOOH 5HFHQVHPHQW HW TXDQWLILFDWLRQ YDOHXU QRPLQDOH WROpUDQFHV
QLYHDX GH TXDOLWp DFFHSWDEOH GH FKDTXH IRQFWLRQ HW FRQWUDLQWH QpFHVVDLUH HW VXIILVDQWH
GpILQLVVDQW OH EHVRLQ DXTXHO GRLW UpSRQGUH OH SURGXLW
/·DQDO\VH IRQFWLRQQHOOH YD SHUPHWWUH GH GLVWLQJXHU OHV IRQFWLRQV G·XVDJH GHV IRQFWLRQV
G·HVWLPH RX OHV IRQFWLRQV SULQFLSDOHV GHV IRQFWLRQV FRQWUDLQWHV GX SURGXLW
5HFKHUFKH GH VROXWLRQV 5HFKHUFKH G·XQ PD[LPXP G·LGpHV EUDLQVWRUPLQJ FKHFN
OLVW
(WXGH HW pYDOXDWLRQ GHV VROXWLRQV (YDOXDWLRQ WHFKQLTXH pFRQRPLTXH HW VRFLDOH GHV
VROXWLRQV HQYLVDJpHV pWXGH GH UHQWDELOLWp DYDQWDJHV HW LQFRQYpQLHQWV
%LODQ SUpYLVLRQQHO HW FKRL[ 3UpVHQWDWLRQ GHV VROXWLRQV VpOHFWLRQQpHV HW FRQGLWLRQV
GH OHXUV DSSOLFDWLRQV
3DJH
5pDOLVDWLRQ 0LVH HQ ±XYUH DYHF OD VROXWLRQ ILQDOHPHQW FKRLVLH
2Q SHXW DLVpPHQW LPDJLQHU TXH FHW RXWLO RUJDQLVDWLRQQHO DLGDQW j RSWLPLVHU XQ SURGXLW
SXLVVH SHUPHWWUH G LQWpJUHU OD FRPSRVDQWH HQYLURQQHPHQWDOH HW FRQFHYRLU XQ SURGXLW
YHUW DLQVL SRXU XQ PrPH FDKLHU GHV FKDUJHV IRQFWLRQQHO EDVp VXU OD VHXOH GpILQLWLRQ
GHV EHVRLQV GX FOLHQW OHV VROXWLRQV UHWHQXHV SRXUURQW ELHQ rWUH UHVSHFWXHXVHV GH
O HQYLURQQHPHQW HW FH G DXWDQW SOXV TX HOOHV VRQW H[LJpHV SDU OH FOLHQW
- 0LFKHO SUpVLGHQW GH O $)$9 HVWLPH GDQV VRQ DUWLFOH 0DQDJHPHQW GH OD YDOHXU SRXU
OH GpYHORSSHPHQW GXUDEOH >0,&+(/ @ TX HIIHFWLYHPHQW O $9 HVW WRXW j IDLW HQ PHVXUH
GH SUHQGUH HQ FRPSWH OHV H[LJHQFHV HQYLURQQHPHQWDOHV ,O pYRTXH j FH SURSRV TXHOTXHV
FULWqUHV FRQFUHWV XVXHOOHPHQW FRQVLGpUpV SRXU pYDOXHU XQ SURGXLW DX UHJDUG GH
O HQYLURQQHPHQW HW HQ FRQFOXW TXH OHV TXHVWLRQV DX[TXHOOHV FHV FULWqUHV QpFHVVLWHQW GH
UpSRQGUH SHXYHQW WRXW j IDLW ELHQ rWUH VRXOHYpHV GDQV OD GpPDUFKH ORUV GH O pWDEOLVVHPHQW
GHV FRQWUDLQWHV GH OD UHFKHUFKH G LQIRUPDWLRQ HW GH O DQDO\VH IRQFWLRQQHOOH
✔ &ULWqUH 6RXFL G XWLOLVHU HQ DPRQW GX SURFHVVXV GH SURGXFWLRQ GHV PDWpULDX[ RX

UHVVRXUFHV GRQW O H[WUDFWLRQ QH IUDJLOLVH SDV FHUWDLQV pFRV\VWqPHV RX QH FRQGXLVH SDV
j GHV pYROXWLRQV LUUpYHUVLEOHV
¾ 4XHVWLRQV $YHF TXRL SURGXLWRQ " $ SDUWLU GH TXRL HVWFH IDLW "
✔ &ULWqUH ,PSDFWV HQYLURQQHPHQWDX[ GX SURGXLWV j WHUPH HQ ILQ GH YLH

¾ 4XHVWLRQV 4XLG GH OD ILQ GH YLH GX SURGXLW " 2 FHOD YDWLO DOOHU "
✔ &ULWqUH ([LJHQFH GH PLQLPLVDWLRQ GX UHFRXUV j GHV UHVVRXUFHV UDUHV HW j GHV

pQHUJLHV IRVVLOHV QRQ UHQRXYHODEOHV VDQV FRPSWHU O pOLPLQDWLRQ GHV
VXUGLPHQVLRQQHPHQWV RX GHV VXUFRQVRPPDWLRQV
¾ 4XHVWLRQV /D WDLOOH GX SURGXLW Q HVW HOOH SDV VXUpYDOXpH " $WRQ EHVRLQ
GH WHOOH RX WHOOH UHVVRXUFH UDUH SDUWLFXOLqUH " «
2Q SHXW VRXYHQW V DSHUFHYRLU TXH SRXU FHUWDLQHV UHPLVHV HQ FDXVH G XQ SURGXLW OHV
TXHVWLRQV VXU VD FRQFHSWLRQ SHXYHQW DPHQHU GLUHFWHPHQW YHUV GHV SUpRFFXSDWLRQV
G RUGUH HQYLURQQHPHQWDO
3RXU - 0LFKHO TXL SURSRVH OH YRFDEOH $QDO\VH GH OD 9DOHXU SRXU OH 'pYHORSSHPHQW

'XUDEOH $9'' © O XQH GHV DSSURFKHV OHV SOXV pYLGHQWHV j PHWWUH HQ ±XYUH FRQVLVWH j
WRXMRXUV SUHQGUH HQ FRPSWH GDQV OHV FDKLHUV GHV FKDUJHV IRQFWLRQQHOV XQH SDUWLH UHODWLYH DX
UHVSHFW GH O HQYLURQQHPHQW DYHF GHV FULWqUHV VSpFLILTXHV j GpWHUPLQHU HW GHV QLYHDX[
G DSSUpFLDWLRQ DFFHSWDEOHV ª
$)$9 $VVRFLDWLRQ )UDQoDLVH SRXU O $QDO\VH GH OD 9DOHXU
3DJH
,O VXJJqUH DXVVL TXH OH JURXSH GH WUDYDLO $9 WLHQQH FRPSWH GH FHWWH QRXYHOOH GLPHQVLRQ
DPRQWDYDO GX SURGXLW HW GLVSRVH G·LQIRUPDWLRQV FRUUHVSRQGDQWHV SRXU SUHQGUH HQ
FRPSWH OHV FRQVpTXHQFHV j PR\HQ HW ORQJ WHUPH GH OD UpDOLVDWLRQ HW GLIIXVLRQ GX SURGXLW
pWXGLp HW OD FRPSOH[LWp DFFUXH GX V\VWqPH GXH DX[ LQWHUDFWLRQV SURGXLWHQYLURQQHPHQW
3RXU FRQFOXUH VXU FH SDUDJUDSKH QRXV SRXUULRQV GLUH TXH O $QDO\VH GH OD 9DOHXU SHXW
VHUYLU OH GpYHORSSHPHQW GXUDEOH HW UpFLSURTXHPHQW SXLVTXH OHV UqJOHV GH FHW RXWLO
RUJDQLVDWLRQQHO VH SUrWHQW DX UHQRXYHOOHPHQW HW UHVVRXUFHPHQW GH OD SHQVpH SRXU OD
UHFKHUFKH GH VROXWLRQV GH FRQFHSWLRQ SRXU O HQYLURQQHPHQW ' DXWUH SDUW OD
SUpRFFXSDWLRQ HQYLURQQHPHQWDOH H[LJH XQ FKDQJHPHQW GH SHUVSHFWLYHV OHTXHO MRXHUD
FRPPH XQ SXLVVDQW IDFWHXU GH FUpDWLYLWp HW GRQQHUD XQ QRXYHDX VRXIIOH j O $9 HQ HIIHW
SRXU - 0LFKHO O $9 GRQQH SDUIRLV O LPSUHVVLRQ DXMRXUG KXL GH SUpVHQWHU XQH FHUWDLQH
FDUHQFH HQ PDWLqUH GH UHQRXYHOOHPHQW GHV LGpHV DXWRXU GH OD PpWKRGH PrPH HW GH
PDQTXHU G DPELWLRQ GDQV O H[SORLWDWLRQ GHV QRXYHOOHV SHUVSHFWLYHV RXYHUWHV WHOOHV TXH OD
SULVH HQ FRPSWH GHV H[LJHQFHV pFRQRPLTXH HW VRFLpWDOH GX GpYHORSSHPHQW GXUDEOH
,QJpQLHULH&RQFRXUDQWH
& HVW XQH DSSURFKH V\VWpPLTXH TXL LQWqJUH OH GpYHORSSHPHQW VLPXOWDQp GHV SURGXLWV HW
GHV SURFHVVXV DVVRFLpV LQFOXDQW OD IDEULFDWLRQ HW OH VRXWLHQ ORJLVWLTXH >35,0(&$ @
&HWWH DSSURFKH SUHQG HQ FRPSWH GqV OH GpPDUUDJH OH F\FOH GH YLH GX SURGXLW GHSXLV VD
FRQFHSWLRQ MXVTX j VRQ H[SORLWDWLRQ HQ LQFOXDQW OD TXDOLWp OHV FRWV OD SODQLILFDWLRQ HW OH
EHVRLQ GHV XWLOLVDWHXUV (OOH SHUPHW DLQVL G DPpOLRUHU OD TXDOLWp GHV SURGXLWV HW GH UpGXLUH
OHV FRWV HW GpODLV / LQJpQLHULH FRQFRXUDQWH RX VLPXOWDQpH LPSOLTXH XQH RUJDQLVDWLRQ TXL
PRELOLVH WRXV FHX[ TXL VRQW FRQFHUQpV SDU XQ SURGXLW
4XHOTXHV WUDYDX[ VXU OH VXMHW HQ FRQIURQWDWLRQ DYHF OD SUpRFFXSDWLRQ HQYLURQQHPHQWDOH
RQW SHUPLV G pWDEOLU TX XQ WHO RXWLO RUJDQLVDWLRQQHO SRXYDLW RIIULU OHV PHLOOHXUHV
RSSRUWXQLWpV G LQWpJUDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH GDQV OD FRQFHSWLRQ GDQV OH
VHQV R LO LPSOLTXH XQH SULVH HQ FRPSWH VLPXOWDQpH GH SUpRFFXSDWLRQV HQ WHUPHV GH
IRQFWLRQ V GH VWUXFWXUH GH IDEULFDWLRQ GH FRW PDLV DXVVL GH TXDOLWp GH ILDELOLWp « HW
GHSXLV TXHOTXHV DQQpHV G HQYLURQQHPHQW >+2//2:$< HW DO @
(Q WHUPHV G HQYLURQQHPHQW XQH WHOOH RUJDQLVDWLRQ YD SHUPHWWUH j WRXV GH UpIOpFKLU j OD
UpGXFWLRQ GH O LPSDFW pFRORJLTXH G XQ SURGXLW VXU O HQVHPEOH GH VRQ F\FOH GH YLH FKDFXQ
GHV DFWHXUV DSSRUWDQW VD SURSUH YLVLRQ GHV SUREOqPHV HW OHV VROXWLRQV G DPpOLRUDWLRQ
HQYLVDJHDEOHV >0,&+(/(77, @
4XH O RQ SDUOH GH HQYLURQPHQWDOO\ FRQVFLRXV FRQFXUUHQW GHVLJQ FRQFHSWLRQ
FRQFRXUDQWH UHVSHFWXHXVH GH O HQYLURQQHPHQW >+$7725, HW DO @ RX GH *UHHQ
&RQFXUUHQW (QJLQHHULQJ LQJpQLHULH VLPXOWDQpH YHUWH XQ SURJUDPPH GH UHFKHUFKH
VXpGRLV GHV DQQpHV D\DQW HX SRXU REMHW G LQWpJUHU O DSSURFKH 'I( GDQV OH V\VWqPH
3DJH
GH 0DQDJHPHQW (QYLURQQHPHQWDO G XQH HQWUHSULVH >.$5/6621 @ O DSSURFKH TXL

SUpGRPLQH HVW ELHQ WRXMRXUV FHOOH G XQH QpFHVVDLUH FRQIURQWDWLRQ HW PLVH HQ EDODQFH GH
SOXVLHXUV FULWqUHV SDUIRLV LQFRPSDWLEOHV SRXU WURXYHU OHV FRPSURPLV LQGLVSHQVDEOHV
HQWUH OHV FRQWUDLQWHV GH FKDFXQ DILQ GH FRQFHYRLU HQ UHVSHFWDQW O HQYLURQQHPHQW
' DXWUHVRXWLOVHQFRUH«
%LHQ G DXWUHV RXWLOV H[LVWHQW HQFRUH HQ PDWLqUH G DPpOLRUDWLRQ GH OD FRQFHSWLRQ

HQYLURQQHPHQWDOH
1RXV DOORQV DLQVL UHWURXYHU G DXWUHV RXWLOV IRFDOLVpV VXU OD ILQ GH YLH GHV SURGXLWV HW HQ
SDUWLFXOLHU OH GpVDVVHPEODJH RX OH UHF\FODJH GHV RXWLOV SDSLHU ,OV VHURQW XWLOHV DX
FRQFHSWHXU SRXU G XQH SDUW pYDOXHU OH FDUDFWqUH GpVDVVHPEODEOH RX UHF\FODEOH G XQ
SURGXLW H[LVWDQW HW G DXWUH SDUW OXL SHUPHWWUH G HQYLVDJHU GHV VROXWLRQV PHLOOHXUHV GH
FRQFHSWLRQ 6DQV HQWUHU GDQV OH GpWDLO SRXU QH SDV DORXUGLU OH GLVFRXUV QRXV SRXYRQV
pYRTXHU OHV RXWLOV VXLYDQWV >%8//,1*(5 HW DO @
'LDJUDPPH HQ DUrWH GH SRLVVRQ LQYHUVpH >,6+,, HW DO @

3ODQ GH UH\FODELOLWp >,6+,, @
3ODQ GH GpVDVVHPEODJH VWUXFWXUHO
*UDSKH GH SUpFpGHQFH GH GpVDVVHPEODJH
7DEOH GHV WHPSV GH GpVDVVHPEODJH
7DEOH GHV GLIIpUHQWHV FRQQH[LRQV IDFLOHPHQW GpWDFKDEOHV
«
1RXV DOORQV j SUpVHQW GpWDLOOHU SOXV SDUWLFXOLqUHPHQW GHX[ GH FHV RXWLOV
'LDJUDPPHHQDUrWHGHSRLVVRQLQYHUVpH
& HVW XQH UHSUpVHQWDWLRQ JUDSKLTXH GpULYpH GX GLDJUDPPH SOXV FODVVLTXH HQ DUrWH GH
SRLVVRQ TXL OXL SHUPHW G·RSWLPLVHU OD VpTXHQFH G·DVVHPEODJH G·XQ SURGXLW >,6+,, HW DO
@ /H GLDJUDPPH HQ DUrWH GH SRLVVRQ LQYHUVpH FRQVLVWH j YLVXDOLVHU OHV pWDSHV GH

GpVDVVHPEODJH VXU XQ DUEUH GH SURFpGXUHV FRPPH GDQV O·H[HPSOH SUpVHQWp FLDSUqV
'I( HW 60( QRXV \ UHYLHQGURQV GDQV OH SDUDJUDSKH GH FHWWH SDUWLH
&ULWqUHV j SUHQGUH HQ FRPSWH FRQFHUQDQW XQ SURGXLW G DSUqV 0 +DWWRUL >+$7725, HW DO @
)RQFWLRQ IDFWHXUV G HVWLPDWLRQ SHUIRUPDQFH HW VpFXULWp (FRQRPLH )DFWHXUV G HVWLPDWLRQ SURGXFWLYLWp HW
FDUDFWqUH FRPPHUFLDOLVDEOH (QYLURQQHPHQW )DFWHXUV G HVWLPDWLRQ UHF\FODELOLWp GHV PDWpULDX[ HW
GpVDVVHPEODELOLWp HQ IRQFWLRQ GH OD VWUXFWXUH GH OD TXDOLWp GHV SLqFHV «
3DJH
([HPSOH GH GLDJUDPPH HQ DUrWH GH SRLVVRQ LQYHUVpH SRXU XQH FDIHWLqUH
&DIHWLqUH
&DUDIH UpXWLOLVDWLRQ
6\VWqPH GH FKDXIIDJH
&RPSRVDQWV PpWDOOLTXHV
UHF\FODJH GHV SLqFHV
&DRXWFKRXF 3ODVWLTXH
LQFLQpUDWLRQ HW UpFXSpUDWLRQ pQHUJpWLTXH
%RvWLHU VXSpULHXU UHF\FODJH GH SUHPLqUH TXDOLWp
%RvWLHU LQIpULHXU UHF\FODJH GH TXDOLWp LQIpULHXUH
5pVLGX LQFLQpUDWLRQ HW UpFXSpUDWLRQ pQHUJpWLTXH
)LJXUH 'LDJUDPPH HQ DUrWH GH SRLVVRQ LQYHUVpH XWLOLVp GDQV OH FDV G XQH FDIHWLqUH
6XU XQ SURGXLW H[LVWDQW LO HVW DLQVL SRVVLEOH G LGHQWLILHU OHV VpTXHQFHV GHV pWDSHV
VXFFHVVLYHV RX VLPXOWDQpHV OHV GLIILFXOWpV GH GpVDVVHPEODJH OHV FRWV GHV RSpUDWLRQV j
UpDOLVHU HW OHV pWDSHV SRXYDQW FRQGXLUH j GHV pFKHFV 8QH DQDO\VH DX SUpDODEOH HVW
QpFHVVDLUH SRXU PHWWUH O·DFFHQW VXU OHV PRGXOHV RX OHV FRPSRVDQWV TXL GHYUDLHQW RX QRQ
rWUH GHVWLQpV j OD PDLQWHQDQFH j OD UpXWLOLVDWLRQ RX DX UHF\FODJH
5HPDUTXH 'HX[ W\SHV GH GLDJUDPPHV VRQW SRVVLEOHV
3URGXLW 3URGXLW
)LQ GX GpVDVVHPEODJH )LQ GX GpVDVVHPEODJH
6pTXHQFHV GpSHQGDQWHV 6pTXHQFHV LQGpSHQGDQWHV
)LJXUH 'HX[ W\SHV GH GLDJUDPPHV HQ DUrWH GH SRLVVRQ LQYHUVpH
&HW RXWLO QH SHXW FHSHQGDQW DLGHU OH FRQFHSWHXU j LGHQWLILHU OD VWUDWpJLH DGpTXDWH GH ILQ
GH YLH SRXU VRQ SURGXLW ,O GRLW GRQF ELHQ OH FRQQDvWUH DLQVL TXH VD VWUDWpJLH GH ILQ GH YLH
/ RXWLO OXL VHUD HQ IDLW XWLOH SRXU RSWLPLVHU OHV VpTXHQFHV GH GpVDVVHPEODJH G XQ SURGXLW
3DJH
H[LVWDQW j UHFRQFHYRLU DILQ G DPpOLRUHU VD UHF\FODELOLWp PDLV SDV GDQV OH FDV G XQ WRXW
QRXYHDX SURGXLW >526( HW DO E@
/H GLDJUDPPH VH IRFDOLVH GH SOXV VXU OD FRQFHSWLRQ HQ YXH G DPpOLRUHU OD UHF\FODELOLWp
G XQ SURGXLW VDQV WHQLU FRPSWH GHV EHVRLQV GH GpYHORSSHU GH QRXYHOOHV WHFKQRORJLHV GH
UHF\FODJH >526( HW DO D@
3ODQGH5HF\FODELOLWp
,O V DJLW G XQ RXWLO GH FRQFHSWLRQ HQ YXH GX UHF\FODJH TXL YD DLGHU j DPpOLRUHU OD
UHF\FODELOLWp GX SURGXLW SDU OD VpOHFWLRQ GH PDWpULDX[ >,6+,, @ ,O VH IRFDOLVH VXU GHX[
IDFWHXUVFOp OD FRPSOH[LWp GX GpVDVVHPEODJH HW O HIILFDFLWp HQ PDWLqUH GH YDORULVDWLRQ
&H SODQ VH SUpVHQWH VRXV OD IRUPH G·XQ JUDSKLTXH G·pYDOXDWLRQ GX QRPEUH GH EHQQHV GH
WUL SDU PDWpULDX[ OHTXHO WUDGXLW OD FRPSOH[LWp GX SURGXLW YLVjYLV GX GpVDVVHPEODJH HQ
IRQFWLRQ GX SRXUFHQWDJH GH SDUWLHV QRQ UHF\FOpHV pOLPLQpHV 8Q JUDQG QRPEUH GH
EHQQHV LQGLTXH JpQpUDOHPHQW XQ IRUW QLYHDX GH GpVDVVHPEODJH HW GDYDQWDJH GH
PDWpULDX[ /·RSWLPLVDWLRQ YD FRQVLVWHU j UpGXLUH OH QRPEUH GH EHQQHV HW OH SRXUFHQWDJH
GHV SLqFHV pOLPLQpHV IDYRULVDWLRQ GX UHF\FODJH
'LYHUVHV pWXGHV GH FDV RQW PRQWUp TXH FHW RXWLO SRXYDLW rWUH XWLOH GDQV OHV VLWXDWLRQV
VXLYDQWHV >/(( HW DO @
&DUDFWpULVDWLRQ GH OD VWUDWpJLH GH ILQ GH YLH PLVH HQ pYLGHQFH GX GHJUp GH
GpVDVVHPEODJH SRXU XQ SURGXLW H[LVWDQW SDUIDLWHPHQW FRQQX
*pQpUDWLRQ G LGpHV SRXU DPpOLRUHU OD UHF\FODELOLWp
,GHQWLILFDWLRQ G RSSRUWXQLWpV GH GpYHORSSHPHQW GH WHFKQRORJLHV GH UHF\FODJH
&RPPH GDQV OH FDV GX GLDJUDPPH HQ DUrWH GH SRLVVRQ LQYHUVpH FHW RXWLO QH SRXUUD rWUH
FHSHQGDQW XWLOLVp TXH VXU XQ SURGXLW H[LVWDQW ELHQ FRQQX TXH O RQ YHXW UHFRQFHYRLU HQ
DPpOLRUDQW OD UHF\FODELOLWp >526( HW DO E@
3RLQWVGHYXHVXUOHVSULQFLSDX[RXWLOVG DPpOLRUDWLRQGHOD

FRQFHSWLRQHQYLURQQHPHQWDOHGHVSURGXLWV
&KDFXQ GHV SULQFLSDX[ RXWLOV SUpFpGHPPHQW GpFULWV SUpVHQWH GHV DYDQWDJHV HW GHV
LQFRQYpQLHQWV SDUIRLV PDMHXUV SRXU OHXU XWLOLVDWHXU /H WDEOHDX VXLYDQW UpVXPH OHV
SRLQWV SULQFLSDX[ j VRXOLJQHU
3DJH

− 5qJOHV JpQpUDOHV VLPSOHV DGDSWpHV j
GHV QpRSK\WHV YRFDEXODLUH UDSSHO GH
− 5qJOHV SDUIRLV WURS JpQpUDOHV GLIILFLOHV j
1RUPHV SULQFLSHV JpQpUDX[ «
LQWHUSUpWHU
− 2XWLO VHUYDQW G XQH ERQQH EDVH GH
WUDYDLO SRXU GpEXWHU
/LVWHV
− $LGH DLVpH DX FRQFHSWHXU SDU GHV − 2XWLO SDSLHU SHUGX SDUPL WDQW G DXWUHV
UHFRPPDQGDWLRQV VLPSOHV SRXU pFR GRFXPHQWV SURFpGXUHV PDQXHOV
*XLGHOLQHV FRQFHYRLU LQVWUXFWLRQ TXDOLWp «
− 2XWLO OH SOXV UpSDQGX HW IDFLOHPHQW $ LQWpJUHU GDQV OH PDQXHO G LQVWUXFWLRQV
XWLOLVp FODVVLTXHV
− $LGH DLVpH DX FRQFHSWHXU GDQV OH FKRL[

− 2XWLO SDSLHU SHUGX SDUPL WDQW G DXWUHV
GHV D[HV G pFRFRQFHSWLRQ HW FH SDU
GRFXPHQWV
O LQWHUPpGLDLUH GH TXHVWLRQV ELHQ
− 1pFHVVLWp G XWLOLVHU GHV FKHFNOLVWV
FLEOpHV
&KHFNOLVWV UHODWLYHPHQW EUqYHV SDJHV PD[LPXP
− )DFLOLWH EHDXFRXS OHV UHYXHV GH
− 4XHVWLRQV GHYDQW UHVWHU VLPSOHV SRXU
FRQFHSWLRQ HQ FRXUV GH SURFHVVXV
pYLWHU G HIIUD\HU OH FRQFHSWHXU V LO HVW
SRXU VDYRLU VL OD YRLH FKRLVLH HVW
GpVLJQp FRPPH XWLOLVDWHXU
ERQQH
− 2XWLO SDSLHU WURS VRXYHQW RXEOLp LJQRUp

SDU OHV FRQFHSWHXUV
− *UDQG SDQHO G LQIRUPDWLRQV SRXU WRXW
− %HDXFRXS WURS G LQIRUPDWLRQV SRXU
XWLOLVDWHXU GpVLUDQW FRQQDvWUH O pFR
FHUWDLQV JXLGHV OHV SOXV FRPSOHWV WURS
FRQFHSWLRQ
YROXPLQHX[ WURS FRPSOH[HV
*XLGHV − *XLGHV VXFFLQFWV XWLOHV SRXU SOXVLHXUV
− 'LIILFLOHPHQW H[SORLWDEOHV SDU XQ
VHUYLFHV FKDFXQ \ WURXYDQW OHV
FRQFHSWHXU SUHVVp
LQIRUPDWLRQV HVVHQWLHOOHV GRQW LO SHXW
− $ GHVWLQDWLRQ SOXW{W GHV UHVSRQVDEOHV GH
DYRLU EHVRLQ
VHUYLFH (QYLURQQHPHQW 0DUNHWLQJ
4XDOLWp 5 ' «
…/…
3DJH

− 2XWLOV VRXYHQW DGDSWpV XQLTXHPHQW DX[
SUpRFFXSDWLRQV GH O HQWUHSULVH D\DQW
SDUWLFLSp DX SURMHW GH GpYHORSSHPHQW
− 2XWLOV FRPSOH[HV HW FRWHX[ SRXU XQH
− 2XWLOV LQIRUPDWLTXHV SOXV SURFKHV GX 30(
PpWLHU GX FRQFHSWHXU TXH O RXWLO − /DQJDJH WURS SHX VRXYHQW DGDSWp DX
SDSLHU ODQJDJH GX FRQFHSWHXU
− −
/RJLFLHOV (WXGH WUqV DSSURIRQGLH VXU FHUWDLQV 2XWLOV VXSSOpPHQWDLUHV j XWLOLVHU HQ
WKqPHV FKRL[ GH PDWpULDX[ SDUDOOqOH GHV RXWLOV FODVVLTXHV GLIILFXOWp
GpVDVVHPEODJH G DXWDQW SOXV TXH OD GH FRQYDLQFUH XQ FRQFHSWHXU GH OHV
EDVH GH GRQQpHV HVW ULFKH HQ XWLOLVHU VDXI V LOV VRQW OLpV j GHV ORJLFLHOV
LQIRUPDWLRQV GH &$2 FODVVLTXHV
− /RJLFLHOV 'I' 'pFRQWH[WXDOLVDWLRQ GX
SURGXLW
2XWLOV SOXV VRXYHQW XWLOLVDEOHV GDQV OH FDV
GH SURGXLWV H[LVWDQWV j UHFRQFHYRLU
7DEOHDX 3RLQWV GH YXH VXU OHV SULQFLSDX[ RXWLOV G DPpOLRUDWLRQ GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH
GHV SURGXLWV
&RQFOXVLRQ
,O H[LVWH QRXV YHQRQV GH OH YRLU GDQV OHV SDUDJUDSKHV SUpFpGHQWV SOpWKRUH G RXWLOV
pODERUpV SRXU RULHQWHU OHV pTXLSHV GH FRQFHSWLRQ GDQV OHXU GpPDUFKH GH UHFKHUFKH GH
VROXWLRQV QRXYHOOHV SRXU pFRFRQFHYRLU 0DLV SDUPL FHV RXWLOV SRXU JpQpUHU FHUWDLQV
VRQW SOXV FRXUDPPHQW FRQQXV HW XWLOLVpV HW j FH MRXU SRXU OD SOXSDUW EDVpV VXU GHV
DSSURFKHV SDSLHU JXLGHV JXLGHOLQHV FKHFNOLVWV OLVWHV GH PDWpULDX[ QRUPHV
' DSUqV O DYLV GH SOXVLHXUV GHV LQGXVWULHOV LQWHUURJpV ORUV GH QRWUH HQTXrWH LO V DYqUH TXH
SRXU EHDXFRXS GH FHV RXWLOV SDSLHU OH VHQWLPHQW TXL WUDQVSDUDvW OH SOXV VRXYHQW HVW TX LOV
VH UDMRXWHQW j GHV PRQWDJQHV GH PDQXHOV G LQVWUXFWLRQ TXDOLWp HQYLURQQHPHQW GH
GLYHUVHV SURFpGXUHV G LQVWUXFWLRQV « VRXV OHVTXHOOHV FURXOHQW OHV pTXLSHV GH
FRQFHSWLRQ 1RPEUH G HQWUHSULVHV OHV SOXV DYDQFpHV GDQV OH GRPDLQH V RULHQWHQW
QpDQPRLQV YHUV OD GLIIXVLRQ GH QRPEUHXVHV LQIRUPDWLRQV VXU OHXU UpVHDX LQIRUPDWLTXH
LQWHUQH ,QWUDQHW YRLH GH GLYXOJDWLRQ GHV GRQQpHV GH SOXV HQ SOXV SULVpH &KDFXQ SHXW
DOOHU SXLVHU OHV LQIRUPDWLRQV GRQW LO GpVLUH GLVSRVHU j VD JXLVH 4XRL TX RQ HQ GLVH
WRXWHIRLV PDQXHOV HW JXLGHOLQHV GHPHXUHQW GHV FRQVWDQWHV SDUPL OHV RXWLOV
LQGLVSHQVDEOHV DX[ pTXLSHV
3DJH
3RXU FH TXL FRQFHUQH OHV ORJLFLHOV ELHQ SHX HQFRUH SDUPL OHV TXHOTXHV H[HPSOHV
VXFFLQFWHPHQW SUpVHQWpV SOXV KDXW RQW UpHOOHPHQW pWp XWLOLVpV SDU OHV HQWUHSULVHV
&HUWDLQV Q RQW SDV HQFRUH pWp FRPPHUFLDOLVpV HW QH OH VHURQW SHXWrWUH MDPDLV V LO V DYqUH
TX LOV QH UpSRQGHQW SDV GH PDQLqUH SHUWLQHQWH j OD SUREOpPDWLTXH LQGXVWULHOOH RX H[LJHQW
GHV LQYHVWLVVHPHQWV WURS LPSRUWDQWV SRXU GHV UpVXOWDWV PpGLRFUHV LQH[SORLWDEOHV WURS
pORLJQpV GH OD UpDOLWp LQGXVWULHOOH
3RXU UpVXPHU HQILQ VXU OH FDUDFWqUH GHV SULQFLSDX[ W\SHV G RXWLOV SUpVHQWpV GDQV OHV GHX[
SDUDJUDSKHV pYDOXDWLRQ HW DPpOLRUDWLRQ QRXV DYRQV pODERUp XQ WDEOHDX TXL VLWXH OHXUV
DSSURFKHV HQ WHUPHV GH QRWHV GH j FI WDEOHDX OHV XQHV SDU UDSSRUW DX[ DXWUHV (Q
HIIHW LO HVW SRVVLEOH GH FRQVLGpUHU SRXU OHV W\SHV G RXWLOV UpSHUWRULpV OHXUV SDUWV
UHVSHFWLYHV G pYDOXDWLRQ HW G DPpOLRUDWLRQ PrPH VL QRXV DYRQV SUpFpGHPPHQW
pYRTXp GHX[ FDWpJRULHV SULQFLSDOHV G RXWLOV RQ QH SHXW LJQRUHU TXH GHV RXWLOV
G pYDOXDWLRQ FRPPH OHV RXWLOV $&9 SHUPHWWHQW G LQLWLHU GHV DPpOLRUDWLRQV HW GHV RXWLOV
G DPpOLRUDWLRQ FRPPH OHV ORJLFLHOV 'I' RX FHUWDLQV JXLGHV SHUPHWWHQW G pYDOXHU OHV
VROXWLRQV HQYLVDJpHV DX FRXUV GX SURFHVVXV G pFRFRQFHSWLRQ
&HV QRWHV SRXU OHV pYDOXDWLRQV HW OHV DLGHV j O DPpOLRUDWLRQ VRQW DWWULEXpHV GH OD PDQLqUH
VXLYDQWH
ª (YDOXDWLRQ
$SSURFKH GH O RXWLO
7\SHV GH 7\SHV GH
4XDOLWDWLYH 4XDQWLWDWLYH
3KDVH V GX
&ULWqUHV GRQQpHV G HQWUpH GRQQpHV GH VRUWLH
F\FOH GH YLH
3DV G pYDOXDWLRQ
✘

RXLQRQ
RX SOXVLHXUV 0RQRFULWqUH 6XEVWDQFHV GDQJHUHXVHV
7UqV VLPSOH 6HXLOV GH FRQFHQWUDWLRQ

4XHOTXHV GRQQpHV VXU OH RXLQRQ
✘ RX SOXVLHXUV 0XOWLFULWqUH
SURGXLW H[LVWDQW 1RWHV SpQDOLWpV «
RXLQRQ
'RQQpHV DVVH] SUpFLVHV

3OXVLHXUV RX )DYRUDEOHDFFHSWDEOH
✘ 0XOWLFULWqUH VXU OH SURGXLW H[LVWDQW RX
F\FOH GH YLH GpIDYRUDEOH
HQ FRXUV GH FRQFHSWLRQ
1RWHV SpQDOLWpV «
RX SOXVLHXUV 'RQQpHV DVVH] SUpFLVHV 9DOHXUV G LPSDFWV

0RQR RX
6LPSOLILpH RX VXU OH SURGXLW H[LVWDQW RX DYHF RX VDQV GLPHQVLRQ

PXOWLFULWqUH
✘ &\FOH GH YLH HQ ILQ GH FRQFHSWLRQ pFRLQGLFDWHXUV
(YDOXDWLRQ
&\FOH GH YLH (FRQRPLTXH &RWV HQYLURQQHPHQWDX[ 6RPPH GHV FRWV HQ ) «
pFRQRPLTXH
'RQQpHV SUpFLVHV VXU XQ
SURGXLW H[LVWDQW RX HQ ILQ

9DOHXUV G LPSDFWV
✘ &RPSOqWH &\FOH GH YLH 0XOWLFULWqUH GH FRQFHSWLRQ
DYHF RX VDQV GLPHQVLRQ

FRQQDLVVDQFH FRPSOqWH
GX SURGXLW QpFHVVDLUH
7DEOHDX 1RWHV DWWULEXpHV DX[ W\SHV G RXWLOV G pYDOXDWLRQ HQ IRQFWLRQ GH OHXUV FDUDFWpULVWLTXHV
3DJH
5HPDUTXH /HV FULWqUHV SULV HQ FRPSWH SDU OHV RXWLOV SHXYHQW rWUH pFRORJLTXHV $&9
$&9 VLPSOLILpHV pFRLQGLFDWHXUV DSSURFKHV PDWULFLHOOHV RX UHOHYHU GH OD FRQFHSWLRQ
HQYLURQQHPHQWDOH FKHFNOLVWV LQGLFH pFRORJLTXH (FRFRPSDVV
/D JDPPH GHV RXWLOV G pYDOXDWLRQ V pWHQG GHSXLV OHV VLPSOHV OLVWHV GH PDWpULDX[ LQWHUGLWV
MXVTX DX[ ORJLFLHOV G $&9 pODERUpV ' DSUqV OH WDEOHDX FLGHVVXV OHV pYDOXDWLRQV VRQW
GH SOXV HQ SOXV SUpFLVHV HW TXDQWLWDWLYHV GH j 3RXU GHV pYDOXDWLRQV QRWpHV HW
SULQFLSDOHPHQW OHV FULWqUHV VRQW PXOWLSOHV HW OH SURGXLW HVW FRQVLGpUp VXU O HQVHPEOH GH
VRQ F\FOH GH YLH 3RXU GHV pYDOXDWLRQV GH JpQpUDOHPHQW XQH VHXOH pWDSH OD IDEULFDWLRQ
SDU H[HPSOH HW XQ VHXO FULWqUH VRQW OHV FRQGLWLRQV GH O pWXGH SUpVHQWpH FRPPH
UHODWLYHPHQW VLPSOLVWH
ª $PpOLRUDWLRQ
$SSURFKH GH O RXWLO
7\SHG DLGH 3KDVH V GX

&ULWqUHV
F\FOH GH YLH
$XFXQH DLGH j O DPpOLRUDWLRQ
/pJqUH DLGH j O DPpOLRUDWLRQ GX SURGXLW HQ SHUPHWWDQW

G LGHQWLILHU VHV SULQFLSDX[ SRLQWV IDLEOHV VXU OHVTXHOV OHV DFWLRQV 0RQR RX
RX SOXVLHXUV
VHURQW IRFDOLVpHV PXOWLFULWqUH
VHORQ O RXWLO
/HV UpVXOWDWV G pYDOXDWLRQ VRQW SDUIRLV GLIILFLOHV j H[SORLWHU FH TXL VHORQ O RXWLO
SHXW FRPSURPHWWUH FHV UHFKHUFKHV G DPpOLRUDWLRQ
RX SOXVLHXUV
$LGH j O DPpOLRUDWLRQ SOXV PDUTXpH GDQV OH VHQV R OHV UpVXOWDWV 0RQR RX
VHORQ O RXWLO
G pYDOXDWLRQ VRQW SOXV IDFLOHV j LQWHUSUpWHU SXLV H[SORLWHU SDU PXOWLFULWqUH
$SSURFKH F\FOH GH
O pTXLSH SURMHW VHORQ O RXWLO
YLH SOXV V\VWpPDWLTXH
$VVH] ERQQH DLGH j O DPpOLRUDWLRQ SXLVTXH OHV FULWqUHV SULV HQ

FRPSWH VRQW SURFKHV GHV FRQFHSWHXUV HW GH OHXU GpPDUFKH
RX SOXVLHXUV
/HV UpVXOWDWV G pYDOXDWLRQ VRQW GLUHFWHPHQW H[SORLWDEOHV SRXU 0XOWLFULWqUH
VHORQ O RXWLO
DPpOLRUHU OD FRQFHSWLRQ HQ WHUPHV GH PDWpULDX[ G DVVHPEODJH
« ,OV SHUPHWWHQW j O pTXLSH GH VH SRVHU OHV ERQQHV TXHVWLRQV
%RQQH DLGH j O DPpOLRUDWLRQ GDQV OH VHQV R O pTXLSH YD rWUH

VHQVLELOLVpH SXLV JXLGpH GDQV VD GpPDUFKH GH FRQFHSWLRQ RX SOXVLHXUV
0XOWLFULWqUH
DPpOLRUDWLRQV HW pYDOXDWLRQV SRXU FHUWDLQV GH FHV RXWLOV FRPPH VHORQ O RXWLO
GHV JXLGHV
…/…
3DJH
$SSURFKH GH O RXWLO
7\SHG DLGH 3KDVH V GX

&ULWqUHV
F\FOH GH YLH
$LGH j O DPpOLRUDWLRQ WUqV DSSUpFLDEOH SXLVTXH GLUHFWHPHQW OLpH
j OD GpPDUFKH GH O pTXLSH OHV RXWLOV VRQW SOXV LQWHUDFWLIV FDU RX SOXVLHXUV
VRXYHQW VRXV IRUPH LQIRUPDWLVpH FRPPH OHV ORJLFLHOV 'I( VHORQ O RXWLO
0XOWLFULWqUH
DSSURFKH JpQpUDOH 'I' 'I5 ,OV SHUPHWWHQW DX IXU HW j PHVXUH 'I' SKDVH
GH O DYDQFpH GX SURMHW GH SURSRVHU GHV DPpOLRUDWLRQV HW GH OHV 'I( F\FOH GH YLH
pYDOXHU
7DEOHDX 1RWHV DWWULEXpHV DX[ W\SHV G RXWLOV G DPpOLRUDWLRQ HQ IRQFWLRQ GH OHXUV FDUDFWpULVWLTXHV
/H FODVVHPHQW GHV RXWLOV HVW OH VXLYDQW
(YDOXDWLRQ

(YDOXDWLRQ

EDVpH VXU OD
$&9 VLPSOLILpH
$&9 FRPSOqWH
0,36
UpJOHPHQWDWLRQ
$SSURFKH

$LGH j O DPpOLRUDWLRQ
PDWULFLHOOH 0pWKRGH GHV
,QGLFH (FR,QGLFDWHXUV
pFRORJLTXH (WXGH GHV FRWV
(FRFRPSDVV

/LVWH GH
PDWpULDX[
&KHFNOLVW &KHFNOLVW
2XWLO
RUJDQLVDWLRQQHO

*XLGH

*XLGH
1RUPH
*XLGHOLQHV
1RUPH
/RJLFLHOV HW /RJLFLHOV HW
DXWUHV RXWLOV DXWUHV RXWLOV
'I' 'I'
/RJLFLHOV 'I( /RJLFLHOV 'I(
7DEOHDX &ODVVHPHQW GHV RXWLOV VHORQ OHXU QLYHDX G pYDOXDWLRQ HW G DLGH j O DPpOLRUDWLRQ
' DSUqV OH WDEOHDX RQ SHXW VH UHQGUH FRPSWH TX LO Q H[LVWH SDV G RXWLO R O DPpOLRUDWLRQ
HVW QXOOH QRWH QRXV HVWLPRQV HQ HIIHW TXH TXHO TXH VRLW OH QLYHDX G pYDOXDWLRQ GH
O RXWLO GHV YRLHV G DPpOLRUDWLRQ VRQW WRXMRXUV HQYLVDJHDEOHV &HUWDLQV ORJLFLHOV 'I('I'
VRQW j QRWUH VHQV OHV VHXOV RXWLOV SHUPHWWDQW j OD IRLV G DPpOLRUHU XQ SURGXLW HQ FRXUV GH
3DJH
FRQFHSWLRQ HW G pYDOXHU FHV DPpOLRUDWLRQV HQ FRXUV RX ILQ GH FRQFHSWLRQ 1RXV OHXU

DYRQV GRQF DWWULEXp OD QRWH PD[LPDOH G DPpOLRUDWLRQ HW GH ERQQHV QRWHV G pYDOXDWLRQ
&HUWDLQV RXWLOV FRPPH OHV JXLGHV OHV QRUPHV RX OHV FKHFNOLVWV VRQW FODVVpV GDQV
SOXVLHXUV QLYHDX[ FHOD GpSHQG HQ IDLW GHV FDUDFWpULVWLTXHV PrPH GH FHV RXWLOV
/HV RXWLOV G $&9 FRPSOqWH RX VLPSOLILpH VRQW FHUWHV SHUIRUPDQWV HQ WHUPHV G pYDOXDWLRQ
PDLV VRQW OLPLWpV HQ PDWLqUH G DLGH GHV pTXLSHV j O DPpOLRUDWLRQ GHV SURGXLWV
1RXV DOORQV j SUpVHQW pYRTXHU TXHOTXHV DXWUHV RXWLOV ,OV QH V LQVFULYHQW SDV GDQV OH
VFKpPD SURSUHPHQW GLW GH OD FRQFHSWLRQ GH SURGXLW GDQV OH VHQV (Q HIIHW LOV QH VHURQW
SDV XWLOLVpV SRXU pYDOXHU XQ SURGXLW H[LVWDQW RX DLGHU j HQ FRQFHYRLU XQ QRXYHDX PDLV
SRXU
− FKRLVLU XQH VWUDWpJLH RXWLOV VWUDWpJLTXHV
− VHQVLELOLVHU OHV pTXLSHV SURMHW j O pFRFRQFHSWLRQ RXWLOV GH VHQVLELOLVDWLRQ
− SHUPHWWUH j O HQWUHSULVH GH FRPPXQLTXHU VXU VHV DFWLRQV HQYLURQQHPHQWDOHV GDQV OD
FRQFHSWLRQ RXWLOV GH FRPPXQLFDWLRQ
/(6287,/6675$7(*,48(6
&H W\SH G RXWLO D SRXU REMHFWLI G DLGHU XQH HQWUHSULVH j GpYHORSSHU XQH VWUDWpJLH GH
GpYHORSSHPHQW G pFRSURGXLW HW FH j SDUWLU GH OD SROLWLTXH HQYLURQQHPHQWDOH TX HOOH VH
VHUD GpILQLH HW FHUWDLQV REMHFWLIV GH FRQFHSWLRQ TX HOOH VH VHUD IL[pV
0DWULFH(FRSRUWIROLR
,QVSLUpH GH OD PDWULFH G·DQDO\VH VWUDWpJLTXH GX %RVWRQ &RQVXOWLQJ *URXS FHWWH PDWULFH

D SRXU REMHFWLI XQH UHSUpVHQWDWLRQ GH OD YDOHXU YHUWH GHV SURGXLWV HQ IRQFWLRQ GH OD SDUW
GH PDUFKp TX LOV WLHQQHQW GDQV OHXU VSpFLDOLWp >%5(=(7 HW DO @ (OOH YD SHUPHWWUH GH
FKRLVLU OH SURGXLW j pFRFRQFHYRLU OH SOXV SURPHWWHXU G XQ SRLQW GH YXH HQYLURQQHPHQWDO
HW pFRQRPLTXH HW FH SDU UDSSRUW DX[ DWWHQWHV GX FOLHQW /H PHLOOHXU SURGXLW SUpVHQWHUD
XQH JUDQGH YDOHXU HQYLURQQHPHQWDOH SRXU XQ IRUW SRWHQWLHO GH SDUWV GH PDUFKp &HW RXWLO
SHXW rWUH XWLOLVp SDU OH VHUYLFH PDUNHWLQJ ORUV GHV pWXGHV GH PDUFKp HW GH OD FRQFXUUHQFH
/ pYDOXDWLRQ SHXW VH IDLUH VXU XQ SURGXLW H[LVWDQW RX XQ QRXYHDX SURGXLW HQ FRXUV GH FRQFHSWLRQ
0DWULFH %&* FODVVLTXH 'DQV FH GLDJUDPPH HQ IRUPH GH PDWULFH FDUUpH FKDFXQH GHV IDPLOOHV GH
SURGXLWV FRQVWLWXDQW O 2IIUH GH O HQWUHSULVH HVW SODFpH HQ IRQFWLRQ GH GHX[ FULWqUHV OD FRQFHUQDQW OD SDUW GX
PDUFKp TX HOOH WLHQW GDQV VD VSpFLDOLWp $ HW OD FURLVVDQFH GX VHFWHXU FRQFHUQp % $ HW % )RUWV SURGXLW
YHGHWWH $ )RUW HW % IDLEOH SURGXLW YDFKH j ODLW $ IDLEOH HW % )RUW SURGXLW GLOHPPH $ HW % IDLEOHV SURGXLW
SRLGV PRUW
3DJH
&H W\SH GH PDWULFH UHIOqWH OHV SULRULWpV HQYLURQQHPHQWDOHV UHFRQQXHV SULRULWpV VRXYHQW
G·RUGUH SROLWLTXH
/D PDWULFH (FRSRUWIROLR GH OD ILJXUH HVW XQ H[HPSOH SRXU OHV PDWpULDX[ G·HPEDOODJH
pOHYp
(PEDOODJH FRQVLJQp
(PEDOODJH UpDOLVp HQ
5HPSOLVVDJH GH O HPEDOODJH
PDWpULDX[ UHF\FOpV
DYHF GHV PDWpULDX[ QDWXUHOV
3RWHQWLHO GH YDOHXU
HQYLURQQHPHQWDOH

(PEDOODJH QRQ FRQVLJQp
5HPSOLVVDJH DYHF GX 36 (PEDOODJH QRQ FRQVLJQp
H[SDQVp
EDV
EDV pOHYp
3RWHQWLHO GH SDUWV GH PDUFKp
)LJXUH 0DWULFH (FRSRUWIROLR XWLOLVpH SRXU OH FKRL[ GH PDWpULDX[ G HPEDOODJH
6RXUFH +DQ %UH]HW &DUROLHQ 9DQ +HPHO (FRGHVLJQ $ 3URPLVLQJ DSSURDFK WR VXVWDLQDEOH
SURGXFWLRQ DQG FRQVXPSWLRQ 318( 3DULV S
&HW H[HPSOH LOOXVWUH OD SULRULWp KROODQGDLVH j OD VROXWLRQ GHV HPEDOODJHV FRQVLJQpV
/HV QXPpURV GDQV OHV FHOOXOHV FRUUHVSRQGHQW j O·RUGUH GHV SULRULWpV j GRQQHU j OD
FRQFHSWLRQ G·XQ WHO SURGXLW 3RXU OD FHOOXOH SDU H[HPSOH LO V·DJLW SRXU O·HQWUHSULVH GH
IDEULTXHU XQ SURGXLW WUqV UHVSHFWXHX[ GH O·HQYLURQQHPHQW HW SUpVHQWDQW XQ IRUW SRWHQWLHO
GH SDUWV GH PDUFKp
$X[ (WDWV8QLV OHV WUDYDX[ GH 3 (DJDQ O RQW PHQp j FRQVLGpUHU HIIHFWLYHPHQW TXH
O HPSORL GH OD PDWULFH FODVVLTXH %&* RX PDWULFH 3RUWIROLR DYHF OD GLPHQVLRQ
HQYLURQQHPHQW SRXYDLW DPHQHU O HQWUHSULVH j V HQ VHUYLU FRPPH RXWLO OXL SHUPHWWDQW GH
FKRLVLU XQH VWUDWpJLH HQYLURQQHPHQWDOH SDUWLFXOLqUH G XQH SDUW HW G XWLOLVHU OH PHLOOHXU
RXWLO G DQDO\VH HQYLURQQHPHQWDOH SRVVLEOH G DXWUH SDUW >($*$1 @
'DQV VD WKpRULH LO FRQVLGqUH HQ IDLW OD PDWULFH FDUUpH FODVVLTXH 3DUWV GH PDUFKp
I &URLVVDQFH GX PDUFKp j ODTXHOOH LO DGMRLQW XQH WURLVLqPH GLPHQVLRQ O LPSDFW
HQYLURQQHPHQWDO 'DQV FHWWH QRXYHOOH PDWULFH OD FURLVVDQFH GX PDUFKp HQ WHUPHV
G HQYLURQQHPHQW HVW YXH FRPPH XQH RSSRUWXQLWp SRXU O HQWUHSULVH HW OHV SDUWV GH PDUFKp
FRPPH XQH H[SRVLWLRQ DX ULVTXH SXLVTX XQH HQWUHSULVH D\DQW GH IRUWHV SDUWV GH PDUFKp
GRLW IDEULTXHU GDYDQWDJH GH SURGXLWV FH TXL UHSUpVHQWH GH SOXV JUDQGV ULVTXHV GH
3DJH
SROOXWLRQV HW PRWLYH XQ SOXV JUDQG LQWpUrW GH O RSLQLRQ SXEOLTXH HW GHV DVVRFLDWLRQV

G pFRORJLVWHV
/D GLPHQVLRQ LPSDFW HQYLURQQHPHQWDO LPSOLTXH OD FROOHFWH G LQIRUPDWLRQV
HQYLURQQHPHQWDOHV HW XQ FHUWDLQ QRPEUH GH FKRL[ j IDLUH DYDQW GH SURPRXYRLU OH SURGXLW
FHQVp YHUW
&HFL YD LPSOLTXHU SRXU XQH HQWUHSULVH FRPPHUFLDOLVDQW SDU H[HPSOH GHV SURGXLWV VXU XQ
PDUFKp HQ FURLVVDQFH DYHF GH IRUWHV SDUWV GH PDUFKp G HIIHFWXHU GHV pYDOXDWLRQV
HQYLURQQHPHQWDOHV GX W\SH $&9 FRPSOqWH SRXU DWWHVWHU GH OD YDOHXU YHUWH GHV SURGXLWV
/D ILJXUH VXLYDQWH UHSUpVHQWH OHV RXWLOV G pYDOXDWLRQ HW GH UHFKHUFKH GH VROXWLRQV TXH
QRXV GpVLJQHURQV SDU RXWLOV G pFRFRQFHSWLRQ SUpFRQLVpV SDU 3 (DJDQ HQ IRQFWLRQ GH OD
VLWXDWLRQ PDUNHWLQJ
$&9
0RGLILFDWLRQV 3URGXLW $&9 VLPSOLILpH
3URFHVV SRXU pOLPLQHU WRXW LPSDFW
SRXU UpGXLUH OHV LPSDFWV
$&9
$&9 GpWDLOOpH
IRFDOLVpH VXU OHV SKDVHV ,P S D F W
SRXU FRPPXQLTXHU
G XWLOLVDWLRQ HW GH ILQ GH
'I' H Q Y LUR QQ
QQHH P H Q WD O
YLH
,,, ,9
2SSRUWXQLWp
,QWHUUXSWLRQ GH
$9
FRPPHUFLDOLVDWLRQ GX
SRXU UpGXLUH OHV LPSDFWV
SURGXLW
&KHFNOLVW GH OD $&9 VLPSOLILpH

FRQFHSWLRQ $9
$&9 VLPSOLILpH SRXU GLIIpUHQFLHU OH
$9 SURGXLW
, ,,
([SRVLWLRQ
)LJXUH 0DWULFH %&* DYHF OD GLPHQVLRQ HQYLURQQHPHQWDOH HW OHV RXWLOV G pFRFRQFHSWLRQ DGpTXDWV
6RXUFH 3DWULFN (DJDQ ,QWHJUDWLQJ WKH (QYLURQPHQW LQWR 3URGXFW OLQH 6WUDWHJLHV &DUH ,QQRYDWLRQ
3URFHHGLQJV )UDQFIRUW $OOHPDJQH S
3DJH
&RQFUqWHPHQW VHORQ OH FDV GH ILJXUH HQ WHUPHV GH SDUWV GH PDUFKp HW GH FURLVVDQFH GX

PDUFKp VHORQ OHV ULVTXHV SRWHQWLHOV G LPSDFWV HQYLURQQHPHQWDX[ O HQWUHSULVH VHUD
DPHQpH j XWLOLVHU GLIIpUHQWV RXWLOV
1RXV Q pYRTXHURQV FLDSUqV TXH OHV GHX[ FDV , HW ,9
'DQV OH FDV , OH SURGXLW HVW XQ SRLGV PRUW / HQWUHSULVH GRLW pYDOXHU OHV LPSDFWV
HQYLURQQHPHQWDX[ GH VRQ SURGXLW DYHF XQH $&9 VLPSOLILpH 6 LO V DYqUH TXH OHV LPSDFWV
VRQW VLJQLILFDWLIV DXWDQW QH SOXV OH FRPPHUFLDOLVHU 6 LOV VRQW IDLEOHV RX LQH[LVWDQWV
O HQWUHSULVH SHXW HQYLVDJHU GH UHYRLU VD FRQFHSWLRQ SRXU HVVD\HU GH UpGXLUH OH FRW GH VD
IDEULFDWLRQ VRQ SUL[ GH YHQWH OH UHQGUH SOXV YHUW « HW FH j O DLGH G XQH FKHFNOLVW GH
FRQFHSWLRQ HW GH OD PpWKRGH G $QDO\VH GH OD 9DOHXU SRXU JpQpUHU GH QRXYHOOHV VROXWLRQV
QRWDPPHQW j SDUWLU GH OD UqJOH VLPSOH GHV 5 5pGXLUH 5pXWLOLVHU 5HF\FOHU / LGpH VRXV
MDFHQWH HVW O RSSRUWXQLWp FRPPHUFLDOH UHSUpVHQWpH SDU OD GLIIpUHQFLDWLRQ
HQYLURQQHPHQWDOH GX SURGXLW
'DQV OH FDV ,9 OH SURGXLW HVW XQ SURGXLW YHGHWWH / HQWUHSULVH GRLW DEVROXPHQW SURXYHU
TX LO Q D DXFXQ LPSDFW QpJDWLI VXU O HQYLURQQHPHQW HQ UpDOLVDQW XQH $&9 GpWDLOOpH
/ pOLPLQDWLRQ GHV LPSDFWV pYHQWXHOV GX SURGXLW GHYLHQW GRQF XQH VWUDWpJLH
SUpSRQGpUDQWH HQ SDUWLFXOLHU OD SULVH HQ FRPSWH GHV SUREOqPHV GH ILQ GH YLH UHWRXU GHV
SURGXLWV j SUpYRLU « $ILQ G LGHQWLILHU FHV LPSDFWV XQH pYDOXDWLRQ GH W\SH $&9
VLPSOLILpH HVW SUpFRQLVpH GH PrPH TX XQH DQDO\VH 'I' VXU OH GpVDVVHPEODJH HW OHV
SRVVLELOLWpV GH YDORULVDWLRQ HQ ILQ GH YLH $SUqV UHFKHUFKH HW FKRL[ GH QRXYHOOHV VROXWLRQV
GH FRQFHSWLRQ ORUVTXH OHV LPSDFWV VRQW DVVXUpV G rWUH PLQLPLVpV O HQWUHSULVH VH GRLW GH
UpDOLVHU XQH $&9 DSSURIRQGLH SRXU FRPPXQLTXHU SUpFLVpPHQW OHV UpVXOWDWV DX[ FOLHQWV
DX[ DVVRFLDWLRQV G pFRORJLVWHV HW j WRXV FHX[ TXL SRXUURQW OHV H[LJHU
&HWWH PDWULFH LQVSLUpH G XQH PDWULFH PDUNHWLQJ FODVVLTXH SDUDvW ELHQ XWLOH FRPPH RXWLO
SHUPHWWDQW GH FKRLVLU XQH VWUDWpJLH GH GpYHORSSHPHQW GH SURGXLW YHUW HW OHV RXWLOV G pFR
FRQFHSWLRQ QpFHVVDLUHV
5RXHGHV6WUDWpJLHVG (FRFRQFHSWLRQ
2Q SHXW pJDOHPHQW UHWURXYHU GDQV FHWWH FDWpJRULH OD FKHFNOLVW (FR:KHHO RX 5RXH GHV
6WUDWpJLHV G·(FRFRQFHSWLRQ SUpFpGHPPHQW SUpVHQWpH FRPPH XQ RXWLO G·DPpOLRUDWLRQ
GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH (OOH YD SHUPHWWUH j XQH pTXLSH GH GpILQLU DSUqV
O·pYDOXDWLRQ GH O·H[LVWDQW OHV SULRULWpV GH FRQFHSWLRQ SRXU O HQYLURQQHPHQW HQ SRLQWDQW
VXU OD FLEOH OHV D[HV VWUDWpJLTXHV VXU OHVTXHOV HOOH VRXKDLWH V DPpOLRUHU
3DJH
/(6287,/6'(6(16,%,/,6$7,21
&H W\SH G RXWLO D pWp pODERUp SRXU VHQVLELOLVHU HQWUH DXWUHV OHV pTXLSHV GH FRQFHSWLRQ j
O HQYLURQQHPHQW &H VRQW GHV RXWLOV SRXU OD FRQQDLVVDQFH /HV XWLOLVDWHXUV FRQFHUQpV
VHURQW HQ SDUWLFXOLHU OHV FRQFHSWHXUV OHV PDUNHWHXUV OHV LQJpQLHXUV 5 ' HW OHV
UHVSRQVDEOHV HQYLURQQHPHQW
(FR5H'HVLJQ7RRO.LW
&H NLW VH FRPSRVH G XQH FDVVHWWH YLGpR HW G XQ PDQXHO LQWLWXOp $ *XLGH WR

(FR5HGHVLJQ &RQoX SDU XQH pTXLSH DXVWUDOLHQQH GX 50,7 >*(576$.,6 @ SRXU rWUH
WUqV GLGDFWLTXH OH ILOP SUpVHQWH GH QRPEUHX[ DYDQWDJHV SDU UDSSRUW DX[ JXLGHV SDUIRLV
IDVWLGLHX[ j OLUH LO GpFULW SOXVLHXUV pWXGHV GH FDV HW UpXQLW XQ FHUWDLQ QRPEUH G HQWUHYXHV
DYHF GHV FRQFHSWHXUV GHV FKHIV G HQWUHSULVHV GHV H[SHUWV HQ HQYLURQQHPHQW HW GHV
UHSRUWDJHV VXU GHV SURMHWV UpXVVLV DYDQW SHQGDQW HW DSUqV OH SURFHVVXV G pFRFRQFHSWLRQ
/HV H[HPSOHV SUpVHQWpV VRQW WUqV pORTXHQWV HW YRXOXV FRQYDLQFDQWV /D SUpVHQWDWLRQ GHV
SURMHWV VRXV IRUPH YLVXHOOH HW SOXV OXGLTXH TXH OHV KDELWXHOV JXLGHV SDSLHU SHUPHW GH
ELHQ VHQVLELOLVHU OH VSHFWDWHXU VDQV OH PRELOLVHU WURS ORQJWHPSV
%LHQ HQWHQGX OD VHQVLELOLVDWLRQ SRXUUD rWUH DSSURIRQGLH JUkFH DX PDQXHO DFFRPSDJQDQW
OD YLGpR OHTXHO UHWUDQVFULW OHV UHSRUWDJHV HW DSSRUWH GHV FRPSOpPHQWV G LQIRUPDWLRQ
XWLOHV HQ FRXUV GH FRQFHSWLRQ UpJOHPHQWDWLRQ RXWLOV HW GLYHUV FRQWDFWV SRXU GHV EHVRLQV
FRQFHUQDQW GHV EDVHV GH GRQQpHV GHV ORJLFLHOV GHV RUJDQLVDWLRQV HW GHV UHVVRXUFHV
,QWHUQHW
(FR.QRZ+RZ
,O V DJLW G XQ PRGXOH ,QWUDQHW GH VHQVLELOLVDWLRQ GpYHORSSp SDU O HQWUHSULVH VXpGRLVH

G pOHFWURPpQDJHU (OHFWUROX[ SRXU IRUPHU HW LQIRUPHU VRQ SHUVRQQHO j OD UpIOH[LRQ
HQYLURQQHPHQWDOH /H V\VWqPH GLVSHQVH XQH DXWRIRUPDWLRQ j O HQYLURQQHPHQW
>7(*67$0 @ >38<28 @ ,O HVW IRQGp VXU O XWLOLVDWLRQ G XQH EDVH GH GRQQpHV
LQWHUDFWLYH FRQVWLWXpH GH WURLV VRXVPRGXOHV
&RQQDLVVDQFHV EDVLTXHV HQ HQYLURQQHPHQW
/ DSSURFKH G (OHFWUROX[ HQ PDWLqUH G HQYLURQQHPHQW OD VWUDWpJLH GH
O HQWUHSULVH HW OHV WUDYDX[ UpDOLVpV VXU GHV OLJQHV GH SURGXLWV
50,7 5R\DO 0HOERXUQH ,QVWLWXWH RI 7HFKQRORJ\ $XVWUDOLH KWWSGDHGDOXVHGFUPLWHGXDX
&H PRGXOH HVW GHSXLV TXHOTXHV PRLV VXU OH VLWH ,QWHUQHW G (OHFWUROX[ KWWSZZZHOHFWUROX[VH SRXU
FRPPXQLTXHU HQ H[WHUQH OHV DFWLRQV HQYLURQQHPHQWDOHV GH O HQWUHSULVH
3DJH
'HV FRQVLJQHV HW GHV H[HPSOHV G DSSURFKH HQYLURQQHPHQWDOH GDQV OHV

DFKDWV OD ORJLVWLTXH HW OH GpYHORSSHPHQW GH SURGXLWV
&HW RXWLO GH VHQVLELOLVDWLRQ HVW EDVp VXU OD SULVH GH FRQVFLHQFH HW OD UHVSRQVDELOLVDWLRQ GH

FKDFXQ HW HQ SDUWLFXOLHU GHV FRQFHSWHXUV GDQV O LQWpJUDWLRQ GHV SUpRFFXSDWLRQV
HQYLURQQHPHQWDOHV GDQV WRXWHV OHV DFWLYLWpV LQGXVWULHOOHV
'H SOXV HQ SOXV G HQWUHSULVHV V LQWpUHVVHQW DLQVL j OD GLYXOJDWLRQ G LQIRUPDWLRQV GLYHUVHV HW

G RXWLOV VLPSOHV VXU OHXU UpVHDX ,QWUDQHW GDQV XQ REMHFWLI GH YXOJDULVDWLRQ YRLUH GH
EDQDOLVDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH HW FH SRXU FKDFXQ GHV PHPEUHV GHV
GLIIpUHQWV VHUYLFHV DFKDWV EXUHDX G pWXGH PDUNHWLQJ PpWKRGHV TXDOLWp «
(FR4XHVW
,O V DJLW G XQ TXHVWLRQQDLUH LQIRUPDWLVp GpYHORSSp SDU O pTXLSH GX SURIHVVHXU + %UH]HW

GH O 8QLYHUVLWp GH 'HOIW >%5,1. HW DO @ ,O HVW GHVWLQp j VHQVLELOLVHU OHV IRXUQLVVHXUV GHV
HQWUHSULVHV GH O pOHFWURQLTXH
&RQoX SUDJPDWLTXH HW QRQVFLHQWLILTXH LO YD JXLGHU VRQ XWLOLVDWHXU GDQV OHV SUHPLqUHV
pWDSHV GH OD GpPDUFKH G pFRFRQFHSWLRQ
¾ (Q OXL RIIUDQW OD SRVVLELOLWp GH UpSRQGUH j XQ TXHVWLRQQDLUH G DXWRDXGLW j FKRL[

PXOWLSOH OXL SHUPHWWDQW GH GpWHUPLQHU O pFRSURILO GH VHV ELHQV HW VHUYLFHV
8QH SDUWLH GX TXHVWLRQQDLUH HVW FRQVDFUpH DX[ SURGXLWV HW FRQFHUQH
OD FRQFHSWLRQ GHV SURGXLWV
OHV PDWpULDX[
OHV VXEVWDQFHV WR[LTXHV pYHQWXHOOHPHQW XWLOLVpHV
OD FRQVRPPDWLRQ G pQHUJLH
OHV HPEDOODJHV HW OD GLVWULEXWLRQ
OD GXUDELOLWp HW OD ILQ GH YLH
/D VHFRQGH SDUWLH HVW FRQVDFUpH j O HQWUHSULVH HOOHPrPH VD SROLWLTXH
HQYLURQQHPHQWDOH O H[LVWHQFH SRWHQWLHOOH G XQ 6\VWqPH GH 0DQDJHPHQW GH
O (QYLURQQHPHQW HW GH SURJUDPPHV G (FRFRQFHSWLRQ
¾ (Q OH PRWLYDQW VXU OD YRLH GH O DPpOLRUDWLRQ GX SURILO HQYLURQQHPHQWDO GH VHV SURGXLWV

DILQ GH OHV FRQFHYRLU SHX LPSDFWDQWV HW MRXLU GH EpQpILFHV HQ WHUPHV GH FRWV GH
SURGXFWLRQ G RSSRUWXQLWpV GH PDUFKpV «
8QH YHUVLRQ GpPR HVW WpOpFKDUJHDEOH VXU OH VLWH ,QWHUQHW GH 78 'HOIW j O DGUHVVH VXLYDQWH
KWWSZZZLRWXGHOIWQOUHVHDUFKGIVHFRTXHVW(FRTXHVWKWPO
3DJH
¾ (Q OXL IRXUQLVVDQW TXHOTXHV RSWLRQV G DPpOLRUDWLRQ HQYLURQQHPHQWDOH
(Q IDLW O pYDOXDWLRQ GHV UpSRQVHV DX TXHVWLRQQDLUH YD VH FRQFUpWLVHU SDU XQ LQGLFDWHXU
FKLIIUp UHIOHW GH OD SRVLWLRQ HQYLURQQHPHQWDOH GX IRXUQLVVHXU (Q IRQFWLRQ GH OD YDOHXU GH
FHW LQGLFDWHXU (FR4XHVW GRQQHUD j VRQ XWLOLVDWHXU GHV SULRULWpV G DFWLRQ
HQYLURQQHPHQWDOH VXU VRQ SURGXLW HW TXHOTXHV VXJJHVWLRQV SRXU V HQJDJHU GH PDQLqUH
SOXV JOREDOH VXU OD YRLH GH O pFRFRQFHSWLRQ
/(6287,/6'(&20081,&$7,21
/HV RXWLOV GH FHWWH FDWpJRULH VRQW GHVWLQpV SRXU XQH HQWUHSULVH j FRPPXQLTXHU VHV
DFWLRQV HQ PDWLqUH GH FRQFHSWLRQ HQYLURQQHPHQWDOH HW FH HQ IRQFWLRQ GH VHV SURSUHV
UpIpUHQWLHOV 'H WHOV RXWLOV SHXYHQW rWUH XWLOLVpV SDU OHV VHUYLFHV FRPPHUFLDX[ RX
PDUNHWLQJ SRXU LQIRUPHU OHV FOLHQWV OHV UHF\FOHXUV pYHQWXHOV DLGHU OHV FRPPHUFLDX[ j
SURPRXYRLU OHV QRXYHDX[ SURGXLWV VXU OH PDUFKp HW SDU OH VHUYLFH HQYLURQQHPHQW SRXU
FRPPXQLTXHU VXU OHV DFWLRQV HQYLURQQHPHQWDOHV GH O·HQWUHSULVH 1RXV DOORQV LFL GpWDLOOHU
TXHOTXHV XQV GH FHV W\SHV G RXWLOV GpYHORSSpV SDU GHV FHQWUHV GH UHFKHUFKH GHV
RUJDQLVPHV GH QRUPDOLVDWLRQ RX SDU OHV HQWUHSULVHV HOOHVPrPHV SRXU UpSRQGUH DX[
GHPDQGHV FRPPH GDQV OH FDV G ,%0 DYHF VRQ RXWLO LQIRUPDWLTXH VSpFLILTXH 3(3
3URGXFW (QYLURQPHQWDO 3URILOH UpYpODQW OD FRPSRVLWLRQ GHV SURGXLWV HW OHXUV
SULQFLSDOHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV SRWHQWLHOOHPHQW LPSDFWDQWHV >&+,1* HW
DO @
2XWLO G ,%0 3(3 1RXV OH SUpVHQWRQV LFL FRPPH XQ RXWLO GH FRPPXQLFDWLRQ PDLV SRXU GHV UDLVRQV GH
VLPSOLILFDWLRQ QRXV QH O DYRQV SDV IDLW DSSDUDvWUH GDQV G DXWUHV FODVVHPHQWV LO HVW HQ HIIHW pJDOHPHQW XWLOLVp
FKH] ,%0 FRPPH RXWLO G pYDOXDWLRQV GLYHUVHV
pYDOXDWLRQ GHV SURJUqV UpDOLVpV SDU OHV GLYLVLRQV SRXU UHVSHFWHU OHV H[LJHQFHV HQYLURQQHPHQWDOHV
UHTXLVHV HW DWWHLQGUH OHV REMHFWLIV IL[pV SDU OD 'LUHFWLRQ HQ WHUPHV GH UpGXFWLRQ GH OD FRQVRPPDWLRQ
pQHUJpWLTXH GHV SURGXLWV G DXJPHQWDWLRQ GH O XWLOLVDWLRQ GH PDWpULDX[ UHF\FOpV «
pYDOXDWLRQ GX UHVSHFW GH OD UpJOHPHQWDWLRQ
pYDOXDWLRQ GH OD FRQFHSWLRQ PrPH GX SURGXLW
HW RXWLO G DLGH j O RSWLPLVDWLRQ ILQ GH YLH GHV SURGXLWV LO GRQQH SDU H[HPSOH GHV LQIRUPDWLRQV VXU OH FRQWHQX HW
OD ORFDOLVDWLRQ GHV PDWpULDX[ SRWHQWLHOOHPHQW GDQJHUHX[ ORUV GHV RSpUDWLRQV GH GpVDVVHPEODJH HW GH
UHF\FODJH
3DJH
'pFODUDWLRQ(QYLURQQHPHQWDOHGH3URGXLW
6RXUFH 'RFXPHQW 9ROYR VXU O (QYLURQPHQWDO 3URGXFW 'HFODUDWLRQ GH OD 9ROYR 6
,O V DJLW G XQ RXWLO GpYHORSSp SDU 9ROYR /D GpFODUDWLRQ VH GpFOLQH HQ TXDWUH WKqPHV OH

PDQDJHPHQW HQYLURQQHPHQWDO GH 9ROYR OD IDEULFDWLRQ LPSDFWV HQYLURQQHPHQWDX[ HQ
FRXUV GH IDEULFDWLRQ O XWLOLVDWLRQ LPSDFWV HQYLURQQHPHQWDX[ HQ FRXUV G XWLOLVDWLRQ HW OH
UHF\FODJH LPSDFWV HQYLURQQHPHQWDX[ ORUV GX WUDLWHPHQW HQ ILQ GH YLH GX YpKLFXOH
3RXU FKDFXQ GHV WKqPHV UDSSRUWp DX YpKLFXOH SOXVLHXUV LQGLFDWHXUV RQW pWp FKRLVLV
✔ 0DQDJHPHQW GH O HQYLURQQHPHQW
/HV IRXUQLVVHXUV HW O HQYLURQQHPHQW

'HX[ pWDSHV YRQW SHUPHWWUH j 9ROYR G pYDOXHU OH FRPSRUWHPHQW GHV IRXUQLVVHXUV GX
YpKLFXOH YLVjYLV GH O HQYLURQQHPHQW OD UHFKHUFKH GH OD SURSRUWLRQ GH IRXUQLVVHXUV
GLVSRVDQW G XQ V\VWqPH GH PDQDJHPHQW GH O HQYLURQQHPHQW 60( FHUWLILp RX HQUHJLVWUp
HW FHOOH GH OD SURSRUWLRQ GH IRXUQLVVHXUV D\DQW HIIHFWXp XQH DXWRpYDOXDWLRQ GH OHXUV
DFWLRQV HQYLURQQHPHQWDOHV SDU UDSSRUW DX[ H[LJHQFHV GH 9ROYR
&RQWU{OH VXU OHV SURSUHV DFWLRQV GH 9ROYR FHOOHV R 9ROYR HVW SURSULpWDLUH j
SOXV GH
&HV DFWLRQV GRLYHQW rWUH FRXYHUWHV SDU XQ 60(
/HV FRQFHVVLRQQDLUHV HW O HQYLURQQHPHQW

'HX[ LQGLFDWHXUV RQW pWp GpILQLV SRXU pYDOXHU OD SRVLWLRQ GHV FRQFHVVLRQQDLUHV FRQFHUQpV
SDU OH YpKLFXOH OD SURSRUWLRQ G HPSOR\pV GHV FRQFHVVLRQV HXURSpHQQHV D\DQW UHoX XQH
IRUPDWLRQ j O HQYLURQQHPHQW HW OD SURSRUWLRQ GH FRQFHVVLRQV HXURSpHQQHV GLVSRVDQW
G XQ 60( FHUWLILp
✔ )DEULFDWLRQ
(PLVVLRQ GH VROYDQWV
2Q pYDOXH OD TXDQWLWp G pPLVVLRQV GH VROYDQWV GpJDJpV NJ HQ FRXUV GH IDEULFDWLRQ GX
YpKLFXOH
(PSORL GH PDWpULDX[
2Q pYDOXH OD SURSRUWLRQ GH PDWpULDX[ XWLOLVpV GDQV OH YpKLFXOH HQ UHJDUG GH OD TXDQWLWp
UpHOOHPHQW H[WUDLWH YRORQWp GH GLPLQXHU OHV GpFKHWV GH IDEULFDWLRQ
&RQVRPPDWLRQ G pQHUJLH
2Q pYDOXH OD TXDQWLWp G pQHUJLH GpSHQVpH ORUV GH OD IDEULFDWLRQ GX YpKLFXOH
3DJH
✔ 8WLOLVDWLRQ
(PLVVLRQV GH &2 +& HW 12 [ HQ JNP
(YDSRUDWLRQ G K\GURFDUEXUHV
(PLVVLRQV GH &2 HQ JNP
✔ 5HF\FODJH
0DUTXDJH GHV SODVWLTXHV
9ROYR H[LJH TXH OHV SLqFHV SODVWLTXHV SHVDQW SOXV GH J VRLHQW PDUTXpHV
'pPRQWDJH GX YpKLFXOH
3RXU 9ROYR LO HVW HVVHQWLHO TX XQ PDQXHO GH GpPRQWDJH SDU YpKLFXOH GpFULYH OHV
PHLOOHXUHV PpWKRGHV j VXLYUH ' DXWUH SDUW 9ROYR H[LJH TXH OD TXDQWLWp GH VXEVWDQFHV
GDQJHUHXVHV XWLOLVpHV VRLW PLQLPLVpH YRLUH pOLPLQpH HW FH JUkFH j O HPSORL GHV OLVWHV QRLUH
HW JULVH pYRTXpHV SOXV KDXW 8Q V\VWqPH GH FRQWU{OH GRLW rWUH PLV HQ SODFH SRXU YpULILHU
OD FRPSRVLWLRQ HQ PDWpULDX[ GX YpKLFXOH
(PSORL GH SODVWLTXHV UHF\FOpV
9ROYR GRLW XWLOLVHU GH SOXV HQ SOXV GH SODVWLTXHV UHF\FOpV GDQV OD IDEULFDWLRQ GH VHV
QRXYHDX[ PRGqOHV /D SURSRUWLRQ GH SODVWLTXHV UHF\FOpV GRLW DSSDUDvWUH VXU OD
GpFODUDWLRQ
/D GpFODUDWLRQ GHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV GX YpKLFXOH VH SUpVHQWH VRXV OD
IRUPH UHSUpVHQWpH FLDSUqV
3DJH
)LJXUH ([HPSOH GH UHSUpVHQWDWLRQ JUDSKLTXH GH OD 'pFODUDWLRQ (QYLURQQHPHQWDOH GH 3URGXLW GH
9ROYR
6RXUFH (QYLURQPHQWDO 3URGXFW 'HFODUDWLRQ 9ROYR 6 EURFKXUH FRPPHUFLDOH pGLWpH SDU
9ROYR
8Q WHO RXWLO VHUD XWLOLVp HQ ILQ GH FRQFHSWLRQ SDU XQ PDUNHWHXU RX XQ DJHQW FRPPHUFLDO
GqV ORUV TXH OH YpKLFXOH HVW ELHQ FRQQX HW TX XQ FHUWDLQ QRPEUH G K\SRWKqVHV SHXYHQW
rWUH DYDQFpHV QRWDPPHQW TXDQW DX[ pPLVVLRQV SRWHQWLHOOHV DX FRXUV GH O XWLOLVDWLRQ
(&0$753URGXFWUHODWHGHQYLURQPHQWDODWWULEXWHV
&H UDSSRUW WHFKQLTXH GpYHORSSp SDU O (&0$ >(&0$ @ IRXUQLW XQ W\SH G pFR
ODQJDJH FRQFHUQDQW OHV SURGXLWV pOHFWURQLTXHV LO pWDEOLW HQ TXHOTXH VRUWH XQ ODQJDJH
SRXU QpJRFLHU HW FRPPXQLTXHU DYHF OH JRXYHUQHPHQW HW OHV DVVRFLDWLRQV
HQYLURQQHPHQWDOLVWHV
(&0$ 6WDQGDUGL]LQJ ,QIRUPDWLRQ DQG &RPPXQLFDWLRQ 6\VWHPV DVVRFLDWLRQ HXURSpHQQH GH QRUPDOLVDWLRQ
SRXU OHV SURGXLWV G LQIRUPDWLRQ HW GH FRPPXQLFDWLRQ
3DJH
,O HVW DLQVL IRFDOLVp VXU OD UpGDFWLRQ G XQH DXWRGpFODUDWLRQ GHV IDEULFDQWV OHXU SHUPHWWDQW
GH FRPPXQLTXHU DX[ FOLHQWV HW DX[ FROOHFWHXUV GHV LQIRUPDWLRQV HQYLURQQHPHQWDOHV VXU
OHV SURGXLWV YHQGXV SXLV FROOHFWpV HQ ILQ GH YLH XQH pFRGpFODUDWLRQ DX[ GLUHV GH -&
&DUEDOOHV 3UpVLGHQW GH OD &RPPLVVLRQ (QYLURQQHPHQW GH OD ),((& >&$5%$//(6 @
/HV FDUDFWpULVWLTXHV j LQWpJUHU VRQW DLQVL
3RXU FRPPXQLTXHU DX[ FOLHQWV HOOHV VRQW UHODWLYHV DX[ pPLVVLRQV FKLPLTXHV DX[
VXEVWDQFHV GDQJHUHXVHV DX[ W\SHV GH EDWWHULH XWLOLVpV HW DX[ SRVVLELOLWpV GH
SURORQJHU OD GXUpH GH YLH
3RXU FRPPXQLTXHU DX[ FROOHFWHXUVUHF\FOHXUV HOOHV VRQW UHODWLYHV j OD IDFLOLWp GH
GpVDVVHPEODJH DX[ SLqFHV j PDQLSXOHU DYHF VRLQ DX[ SLqFHV UpXWLOLVDEOHV HW DX
PDUTXDJH GHV PDWpULDX[
5HPDUTXH 3RXU pYDOXHU HW FRPPXQLTXHU VXU OHV ULVTXHV G pPLVVLRQV FKLPLTXHV R]RQH
SRXVVLqUH « SK\VLTXHV EUXLW pOHFWURPDJQpWLTXHV OH UDSSRUW SUpFRQLVH HQ SDUWLFXOLHU
OHV QRUPHV GH PHVXUH j XWLOLVHU
8Q WHO RXWLO SHXW rWUH XWLOLVp SDU OH VHUYLFH TXDOLWp FKDUJp GH IDLUH OHV WHVWV VXU OH SURGXLW
SDU OHV FRQFHSWHXUV FKDUJpV G pWDEOLU GLYHUVHV QRWLFHV G XWLOLVDWLRQ GH PLVH HQ JDUGH «
HW HQILQ SDU OHV PDUNHWHXUV FKDUJpV GH OD FRPPXQLFDWLRQ GHV FDUDFWpULVWLTXHV GX SURGXLW
VXU OH PDUFKp
6HORQ -& &DUEDOOHV © FH GRFXPHQW (&0$ HVW HQ FRKpUHQFH DYHF OD QRUPH ,62
0DUTXDJHV HW GpFODUDWLRQV HQYLURQQHPHQWDX[ DXWRGpFODUDWLRQ HQYLURQQHPHQWDOH
pODERUpH DX VHLQ GX FRPLWp WHFKQLTXH GH O ,62 HW DYHF pJDOHPHQW OH IXWXU GRFXPHQW ,62
TXL FRQFHUQH OD FRPPXQLFDWLRQ HQYLURQQHPHQWDOH SURIHVVLRQQHOOH ª ,O HVWLPH GH
VXUFURvW TXH © OD GpPDUFKH G·DXWRGpFODUDWLRQ VHPEOH rWUH OD PHLOOHXUH DSSURFKH HQ UpSRQVH

DX[ GHPDQGHV GpMj H[LVWDQWHV RX j YHQLU GHV FOLHQWV HOOH HVW VRXSOH HW ELHQ GLPHQVLRQQpH
DX SUREOqPH HQYLURQQHPHQWDO SRVp (OOH HVW EHDXFRXS PRLQV FRQWUDLJQDQWH TXH O·DSSURFKH
SDU pFRODEHO ª ,O FLWH HQ HIIHW O·H[HPSOH GHV SD\V QRUGLTXHV VRXYHQW SLRQQLHUV HQ
PDWLqUH G·HQYLURQQHPHQW R OHV pFRGpFODUDWLRQV RQW VXSSODQWp OHV pFRODEHOV GDQV OH
GRPDLQH GHV LQGXVWULHV GH O·LQIRUPDWLRQ
5RXHGHV6WUDWpJLHVG (FR&RQFHSWLRQ
2Q SHXW UHWURXYHU j QRXYHDX GDQV FHWWH FDWpJRULH (FR:KHHO

O· TXL YD VHUYLU j XQ
UHVSRQVDEOH HQYLURQQHPHQW RX GpYHORSSHPHQW SRXU FRPPXQLTXHU HQ LQWHUQH RX HQ
H[WHUQH VXU OHV D[HV VWUDWpJLTXHV VXU OHVTXHOV O·HQWUHSULVH VRXKDLWH HQJDJHU VHV DFWLRQV
3DJH
5DSSRUW(QYLURQQHPHQW
& HVW O RXWLO GH FRPPXQLFDWLRQ SDU H[FHOOHQFH /HV HQWUHSULVHV V HQJDJHQW GDQV OHXUV
SURJUDPPHV HQYLURQQHPHQWDX[ j FRPPXQLTXHU WRXWHV OHV DQQpHV YLD FH UDSSRUW VXU
OHXUV DFWLRQV HQ IDYHXU GH O HQYLURQQHPHQW 'HSXLV SHX OHV HQWUHSULVHV FRPPHQFHQW j
SXEOLHU GHV UDSSRUWV FRPSRUWDQW XQ YROHW UHODWLI DX[ WUDYDX[ HQJDJpV VXU OHXUV SURGXLWV
1RXV QRWHURQV SRXU FORUH FH SDUDJUDSKH TXH ERQ QRPEUH G RXWLOV G pYDOXDWLRQ pYRTXpV
GDQV FH FKDSLWUH SHXYHQW DXVVL rWUH HPSOR\pV FRPPH RXWLOV GH FRPPXQLFDWLRQ SDU OHV
HQWUHSULVHV GDQV OD PHVXUH R LOV SHXYHQW ORXHU OHV TXDOLWpV HQYLURQQHPHQWDOHV G XQ
SURGXLW OHV DUJXPHQWV FRPPHUFLDX[ VRQW DORUV ELHQ IRQGpV VXU GHV pWXGHV VFLHQWLILTXHV
FRPPH OH VWLSXOHQW GH SOXV HQ SOXV GH WH[WHV UHODWLIV DX PDUNHWLQJ YHUW HW FH SRXU
SDOOLHU OH PDQTXH GH FRQILDQFH FURLVVDQW GH OD FOLHQWqOH IDFH j GHV GpFODUDWLRQV YDJXHV RX
LPSUpFLVHV HW OD SUROLIpUDWLRQ GH ODEHOV DXWRGpFODUpV SDUPL XQH PXOWLWXGH G·pFRODEHOV
RIILFLHOV
8Q WHO LQYHQWDLUH ORLQ G rWUH H[KDXVWLI PRQWUH QpDQPRLQV OD PXOWLSOLFLWp GHV RXWLOV GpMj
GpYHORSSpV SRXU DLGHU O·LQGXVWULHO j LQWpJUHU OH SDUDPqWUH HQYLURQQHPHQW GqV OD
FRQFHSWLRQ GHV SURGXLWV
2Q SHXW UHPDUTXHU XQH JUDQGH GLYHUVLWp G·DSSURFKH GH FHWWH SUREOpPDWLTXH PHQDQW
LQGpQLDEOHPHQW j GHV SRVVLELOLWpV G XWLOLVDWLRQ FRXSOpH GH FHUWDLQV RXWLOV
FRPSOpPHQWDLUHV 6L O·XQ SDU H[HPSOH HVW IRFDOLVp VXU OH FDOFXO GHV LPSDFWV
pFRORJLTXHV G XQ SURGXLW HW OH VHFRQG VXU OHV FDOFXOV GH FRWV HQYLURQQHPHQWDX[ OH
FRXSODJH GHV GHX[ SHUPHWWUD G REWHQLU GHV UpVXOWDWV SOXV FRPSOHWV
'DQV XQ SURFHVVXV G pFRFRQFHSWLRQ SOXVLHXUV RXWLOV SRXUURQW GRQF rWUH XWLOLVpV FKDFXQ
j XQH pWDSH SUpFLVH GX GpYHORSSHPHQW
4XHOTXHV H[HPSOHV GH SDUDJUDSKHV 3URGXLWV GH UDSSRUWV HQYLURQQHPHQWDX[ DQQXHOV 3URGXFW

6WHZDUGVKLS ,%0 3ROLF\ DQG SUDFWLFH ([WHQGHG SURGXFW UHVSRQVDELOLW\ 6LHPHQV 3URGXFW
6RQ\ 2UJDQL]DWLRQ DQG 7RROV 3URGXFW 'HYHORSPHQW (OHFWUROX[ 7KH 3URGXFWV RI (FR9LVLRQ
3KLOLSV 0DQDJHU O HQYLURQQHPHQW MXVTX HQ ILQ GH YLH 5HQDXOW 5HFKHUFKH
'pYHORSSHPHQW &RQFHSWLRQ G XQ SURGXLW IRUPXODWLRQ (OI $WRFKHP «
/HV DUJXPHQWV YHUWV DYDQFpV SDU XQH HQWUHSULVH SRXU FRPPXQLTXHU VXU OHV DYDQWDJHV HQYLURQQHPHQWDX[
GH VRQ SURGXLW YRQW IDLUH O REMHW G XQH QRUPH ,62 0DUTXDJH HW GpFODUDWLRQV HQYLURQQHPHQWDX[ ² DXWR
GpFODUDWLRQV HQYLURQQHPHQWDOHV j FRPSWHU GH PLGpFHPEUH &HWWH QRUPH D XQ REMHFWLI VLPSOH © /D
PpWKRGRORJLH G·pYDOXDWLRQ XWLOLVpH SDU OHV SHUVRQQHV SUpVHQWDQW OHV GpFODUDWLRQV HQYLURQQHPHQWDOHV GRLW rWUH
FODLUH WUDQVSDUHQWH VFLHQWLILTXHPHQW LUUpIXWDEOH HW GRFXPHQWpH GH WHOOH VRUWH TXH WRXW DFKHWHXU SRWHQWLHO GH
SURGXLWV FRQFHUQpV VRLW DVVXUp GH OD YDOLGLWp GHV GpFODUDWLRQV ª &HWWH QRUPH VH YHXW rWUH XQH JDUDQWLH GH
ILDELOLWp SRXU OHV DXWRGpFODUDWLRQV HQYLURQQHPHQWDOHV >'( @
3DJH
/H FKRL[ G pODERUHU HW G DSSOLTXHU WHO RX WHO RXWLO W\SH JXLGHOLQHV FKHFNOLVWV PDWULFHV
G pYDOXDWLRQ « G DFTXpULU WHO RX WHO ORJLFLHO YD GpSHQGUH G XQ FHUWDLQ QRPEUH GH
FULWqUHV j SUHQGUH HQ FRPSWH O HQWUHSULVH VRQ GRPDLQH G DFWLYLWp VHV SURGXLWV VD
VWUDWpJLH VRQ RUJDQLVDWLRQ LQWHUQH VHV EHVRLQV HW ELHQ HQWHQGX VHV UHVVRXUFHV KXPDLQHV
HW ILQDQFLqUHV
'DQV OH SDUDJUDSKH VXLYDQW QRXV DOORQV SUpFLVpPHQW DGMRLQGUH O XWLOLVDWLRQ GH FHV RXWLOV
DX SURFHVVXV G pFRFRQFHSWLRQ
/(6287,/6'$1681352&(6686' (&2&21&(37,21
7RXV OHV RXWLOV SUpFpGHPPHQW GpFULWV YRQW SRXYRLU rWUH FKRLVLV SDU OHV pTXLSHV SURMHW
SRXU OHV DLGHU j GpYHORSSHU GHV pFRSURGXLWV &H SDUDJUDSKH HVW GHVWLQp j PRQWUHU OHV
pWDSHV GX SURFHVVXV DX FRXUV GHVTXHOOHV FKDFXQ GH FHV RXWLOV VHUD HPSOR\p j DLGHU DX
FKRL[ GH O RXWLO VHORQ VHV EHVRLQV HW DX FKRL[ GH O XWLOLVDWHXU VHORQ OH W\SH G RXWLO
/ HPSORL GHV RXWLOV j WUDYHUV OHV pWDSHV GX SURFHVVXV

G pFRFRQFHSWLRQ
1RXV DYRQV pYRTXp HQ LQWURGXLVDQW FHWWH VHFRQGH SDUWLH GX PpPRLUH OHV WUDYDX[ GH
SOXVLHXUV ODERUDWRLUHV FRQFHUQDQW O LQWpJUDWLRQ GHV RXWLOV GDQV XQ SURFHVVXV G pFR
FRQFHSWLRQ >.2570$1 HW DO @ >/(12; HW DO D@ ,OV UHODWHQW O H[LVWHQFH GH WURLV
GLPHQVLRQV SRXU FDUDFWpULVHU XQ RXWLO j XWLOLVHU GDQV O pODERUDWLRQ G XQ SURGXLW O pWDSH GH
FRQFHSWLRQ R LO SHXW rWUH XWLOLVp OD SKDVH GX F\FOH GH YLH GX SURGXLW VXU ODTXHOOH LO VH
IRFDOLVH HW VRQ GHJUp G DLGH j OD GpFLVLRQ &HV WURLV FRPSRVDQWHV VRQW UHSUpVHQWpHV VXU
OD ILJXUH FLDSUqV
3DJH
(WDSHV GH FRQFHSWLRQ GX SURGXLW
'pYHORSSHPHQW
&RQFHSWLRQ GX
SURGXLW
6SpFLILFDWLRQV GHV
X[ V
LD H
H[LJHQFHV
Q
pU G
LH
WLR
WLR
DW RQ
Y
LFD
GH
VD
P DFWL
LOL
EU
)LQ
$QDO\VH GHV EHVRLQV
8W
WU
)D
([
(WDSHV GX F\FOH GH YLH GX
,QYHQWDLUH SURGXLW
,PSDFW
$PpOLRUDWLRQ
7\SH G DLGH GH O RXWLO
)LJXUH 1LYHDX[ GH FODVVLILFDWLRQ GHV RXWLOV G pFRFRQFHSWLRQ
6RXUFH -RKQ (KUHQIHOG ,PSOHPHQWLQJ 'HVLJQ IRU (QYLURQPHQW $ SULPHU JXLGH GHYHORSHG E\
'LJLWDO (TXLSPHQW DQG 7KH 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\ SURJUDP RQ 7HFKQRORJ\
%XVLQHVV (QYLURQPHQW (WDWV8QLV S
1RXV UDSSHORQV LFL OHV pWDSHV GX SURFHVVXV G pFRFRQFHSWLRQ GH SURGXLW FKRLVL GDQV OH
FKDSLWUH SUpFpGHQW
3ODQLILFDWLRQ GX SURMHW RX SODQQLQJ SURGXLW
6SpFLILFDWLRQV GX SURGXLW DYHF DQDO\VH IRQFWLRQQHOOH
'pYHORSSHPHQW
,QGXVWULDOLVDWLRQ
&RPPHUFLDOLVDWLRQ
5HWRXUV G H[SpULHQFH
3RXU FH TXL FRQFHUQH OH GHJUp G DLGH j OD GpFLVLRQ GHV RXWLOV HW OD SKDVH GX F\FOH GH YLH
GX SURGXLW VXU ODTXHOOH LOV VH IRFDOLVHQW QRXV DYRQV YX GDQV OHV SDUDJUDSKHV FRQVDFUpV j
OD GHVFULSWLRQ GHV RXWLOV OHV GLIIpUHQWHV IDPLOOHV TXL H[LVWHQW OHV FULWqUHV SULV HQ FRPSWH
HW OHV SKDVHV FRQFHUQpHV
3RXU FH TXL FRQFHUQH OLHQ RXWLOVpWDSHV GH FRQFHSWLRQ

OH OD ILJXUH VXLYDQWH GpFULW
VXFFLQFWHPHQW OH PRGqOH TXH QRXV SURSRVRQV OH GpURXOHPHQW G XQ SURFHVVXV G pFR
FRQFHSWLRQ DX FRXUV GXTXHO SOXVLHXUV RXWLOV SHXYHQW rWUH VLPXOWDQpPHQW RX
3DJH
VXFFHVVLYHPHQW XWLOLVpV &KDTXH RXWLO IDLVDQW HQ HIIHW DSSHO j GHV FRQQDLVVDQFHV GHV
LQIRUPDWLRQV GLIIpUHQWHV SOXV RX PRLQV pODERUpHV XQH SODFH SDUWLFXOLqUH SRXUUD OXL rWUH
DWWULEXpH GDQV OH GpURXOHPHQW GX SURFHVVXV GH FRQFHSWLRQ
$ QRWHU VXU FHWWH ILJXUH TX DSSDUDLVVHQW pJDOHPHQW GHV RXWLOV SOXV FODVVLTXHV RXWLOV SRXU
OD TXDOLWp FRPPH OH 4)' DXWUH RXWLO GX W\SH RUJDQLVDWLRQQHO SLORWp SDU OH VHUYLFH
PDUNHWLQJ WRXW DX ORQJ GX SURMHW HW O $0'(& XWLOLVpH SDU O pTXLSH SURMHW HQ FRXUV GH
FRQFHSWLRQ FRQFHSWLRQ GpWDLOOpH HVVHQWLHOOHPHQW
/H 4)' HVW XQ RXWLO RUJDQLVDWLRQQHO SHUPHWWDQW GH IDLUH HQWHQGUH OD YRL[ GX FOLHQW HW OD
YpKLFXOHU j WUDYHUV WRXWHV OHV SKDVHV GX F\FOH GH GpYHORSSHPHQW ,O YD SRXU ORUV V DJLU
G LGHQWLILHU SXLV GH WUDGXLUH ILGqOHPHQW HW GH IDoRQ FRQFHUWpH FRQFUqWH REMHFWLYH
ULJRXUHXVH V\VWpPDWLTXH HW GLVFLSOLQpH OHV DWWHQWHV GX FOLHQW >=$Î', @
/D PpWKRGH HPSOR\pH VH GpFOLQH HQ pWDSHV
(WXGH GH PDUFKp DWWHQWHV GHV FOLHQWV OLVWH FODLUH GHV H[LJHQFHV H[KDXVWLYH HW
KLpUDUFKLVpH j pODERUHU
'pILQLWLRQ GX SURGXLW DQDO\VH IRQFWLRQQHOOH IRQFWLRQV GH VHUYLFH 482, &200(17
&20%,(1 "
'pILQLWLRQ GHV FRPSRVDQWV VSpFLILFDWLRQV WHFKQLTXHV GX SURGXLW
'pILQLWLRQ GHV SURFHVVXV PR\HQV HW PpWKRGHV GH WUDYDLO HQ FRXUV GH IDEULFDWLRQ
2UJDQLVDWLRQ GH OD SURGXFWLRQ
&RPPH SRXU G DXWUHV RXWLOV RUJDQLVDWLRQQHOV LO YD V DJLU GH WUDYDLOOHU HQ pTXLSH

FRQVWLWXpH GH j SHUVRQQHV UHSUpVHQWDQW OHV SULQFLSDX[ VHUYLFHV FRQFHUQpV SDU OH
GpYHORSSHPHQW GX SURGXLW
/ $0'(& TXDQW j HOOH HVW XQH PpWKRGH ULJRXUHXVH HW SUpYHQWLYH YLVDQW j UHFHQVHU SXLV
j pYDOXHU OHV GpIDLOODQFHV SRWHQWLHOOHV G XQ V\VWqPH /D UpIOH[LRQ HQ JURXSH j
SHUVRQQHV FRQGXLW j XQH KLpUDUFKLVDWLRQ GHV FDXVHV GH GpIDLOODQFH VXLYLH G XQH SULVH GH
GpFLVLRQ TXDQW DX[ DFWLRQV j PHQHU
4)' 4XDOLW\ )XQFWLRQ 'HSOR\PHQW

$0'(& $QDO\VH GHV 0RGHV GH 'pIDLOODQFH GH OHXUV (IIHWV HW GH OHXU &ULWLFLWp
3DJH
8QH WHOOH PpWKRGH DSSHOpH SDUIRLV LPDJLQHU HQ QpJDWLI HVW VWUXFWXUpH HQ pWDSHV
VpTXHQWLHOOHV
,QLWLDOLVHU &KRL[ HW LGHQWLILFDWLRQ GX VXMHW j WUDLWHU

$QDO\VHU $QDO\VH IRQFWLRQQHOOH GX VXMHW GpIDLOODQFHV SRWHQWLHOOHV HW FRQVpTXHQFHV
SRXU OH FOLHQW
(YDOXHU 'pFLGHU (YDOXDWLRQ HW KLpUDUFKLVDWLRQ GHV GpIDLOODQFHV SRWHQWLHOOHV HIIHWV
FDXVHV GHJUpV GH JUDYLWp HW FULWLFLWpV DFWLRQV FRUUHFWLYHV j HQJDJHU
5HFKHUFKHU GHV VROXWLRQV 5HFKHUFKH GH VROXWLRQV SRXU OHV ULVTXHV VXSpULHXUV DX
VHXLOV
6XLYUH $QDO\VH HW pYDOXDWLRQ GHV VROXWLRQV FRUUHFWLYHV pWXGLpHV
$SSOLTXHU $SSOLFDWLRQ GHV VROXWLRQV FRUUHFWLYHV UHWHQXHV
9pULILHU &DSLWDOLVHU 9pULILFDWLRQ GH O HIILFDFLWp GHV DFWLRQV FRUUHFWLYHV HW
FDSLWDOLVDWLRQ GH O H[SpULHQFH SRXU GHV SURMHWV IXWXUV
2Q SHXW UpDOLVHU HQWUH DXWUHV
− GHV $0'(& 3URGXLW DQDO\VH GH OD FRQFHSWLRQ GX SURGXLW SRXU V DVVXUHU TXH OD

VROXWLRQ WHFKQRORJLTXH UpSRQG DX FDKLHU GHV FKDUJHV
− GHV $0'(& 3URFHVVXV DQDO\VH GH OD FRQFHSWLRQ GH O LQGXVWULDOLVDWLRQ GX SURGXLW SRXU
V DVVXUHU TXH OH SURFHVVXV LQGXVWULHO pWXGLp SHUPHWWUD HQ VpULH GH IDEULTXHU XQ SURGXLW
FRQIRUPH DX[ VSpFLILFDWLRQV HW GRQF DX EHVRLQ GX FOLHQW
'DQV OD ILJXUH FLDSUqV LO V DJLW SOXW{W G $0'(& 3URGXLW R O RQ LQWqJUH OD GRQQpH
HQYLURQQHPHQWDOH OLpH DX SURGXLW
&HV RXWLOV 4)' HW $0'(& SHXYHQW rWUH HPSOR\pV HQ LQWpJUDQW OD FRPSRVDQWH

(QYLURQQHPHQW OHV H[LJHQFHV HQYLURQQHPHQWDOHV GHV FOLHQWV SRXU OH 4)' HW OHV ULVTXHV
HQYLURQQHPHQWDX[ j SUpYRLU SRXU O $0'(& $LQVL SOXVLHXUV pTXLSHV GH UHFKHUFKH RQW
pODERUp TXHOTXHV SLVWHV SRXU pWHQGUH O HPSORL GH FHV RXWLOV FODVVLTXHV GDQV XQH
DSSURFKH HQYLURQQHPHQWDOH
ª /H 4()' ² 4XDOLW\ DQG (QYLURQPHQW )XQFWLRQ 'HSOR\PHQW ² PRGqOH GDQRLV

PpWKRGH 4)' DX FRXUV GH ODTXHOOH RQ XWLOLVH GHV UpVXOWDWV G $&9 SRXU
DPpOLRUHU OD SRVLWLRQ GX SURGXLW VXU OH PDUFKp >2/(6(1 @
ª /H (2' ² (QYLURQPHQWDO 2EMHFWLYH 'HSOR\PHQW ² PRGqOH VXpGRLV PRGqOH

LQVSLUp GH OD PDWULFH PDLVRQ GH OD TXDOLWp GH OD PpWKRGH 4)' LO DQDO\VH OD
$0'(& ,PDJLQHU HQ QpJDWLI SDU RSSRVLWLRQ j OD FRQFHSWLRQ &UpHU HQ SRVLWLI
3DJH
FRUUpODWLRQ HQWUH FULWqUHV HQYLURQQHPHQWDX[ HW SURGXLWV SRXU LGHQWLILHU OHV

PHLOOHXUV FULWqUHV G pFRFRQFHSWLRQ j FRQVLGpUHU >.$5/6621 @
>'$9,'6621 @
ª / (,)$ ² (QYLURQPHQWDO ,PSDFW DQG )DFWRU $QDO\VLV ² PRGqOH FDOLIRUQLHQ

PRGqOH EDVp VXU OD PpWKRGH )0($ )DLOXUH 0RGH DQG (IIHFW $QDO\VLV
PpWKRGH SUDWLTXHPHQW pTXLYDOHQWH j O $0'(& FH PRGqOH LGHQWLILH OHV
GDQJHUV SRWHQWLHOV SRXU O HQYLURQQHPHQW HQJHQGUpV SDU GHV FRPSRVDQWV
LQGLYLGXHOV RX JURXSHV GH FRPSRVDQWV GDQV XQ PRGH GH FRQFHSWLRQ GRQQp
>'$9,'6621 @
ª / (QYLURQPHQWDO )0($ RX ()0($ PRGqOH VXpGRLV PRGqOH TXL LGHQWLILH HW

pYDOXH OHV LPSDFWV HQYLURQQHPHQWDX[ SRWHQWLHOV GX SURGXLW GDQV XQH DSSURFKH
F\FOH GH YLH HW FH SRXU SUpYHQLU G pYHQWXHOOHV GpIDLOODQFHV
HQYLURQQHPHQWDOHV >'$9,'6621 @ &HWWH DSSURFKH HVW HQ SDUWLFXOLHU
XWLOLVpH FKH] 9ROYR G DSUqV VRQ UDSSRUW (QYLURQQHPHQW GH
3DJH
2XWLOV G DPpOLRUDWLRQ
2XWLOV G pYDOXDWLRQ
DXWUHV
*XLGH JpQpUDO RX LQWHUQH j O HQWUHSULVH
3ODQLILFDWLRQ GX SURMHW 2XWLO GH VHQVLELOLVDWLRQ
(FR5H'HVLJQ 7RRO .LW

(FR .QRZ +RZ
(FR4XHVW
(WXGH TXDQWLWDWLYH GH O H[LVWDQW 2XWLO VWUDWpJLTXH

$&9 FRPSOqWH (FR:KHHO
$&9 VLPSOLILpH 0DWULFH (FR3RUWIROLR
(FR,QGLFDWHXUV
6SpFLILFDWLRQV (WXGH GHV FRWV HQYLURQQHPHQWDX[
GX SURGXLW (WXGH TXDOLWDWLYH GH O H[LVWDQW
$SSURFKH PDWULFLHOOH
,QGLFH pFRORJLTXH
&KHFNOLVW
/LVWH GH PDWpULDX[
0pWKRGH 4()'
/RJLFLHO 'I' RX 'I5
2XWLOV G DPpOLRUDWLRQ
1RUPH
(ODERUDWLRQ (Q ILQ G pWDSH « *XLGHOLQHV
GHV FRQFHSWV (WXGH TXDOLWDWLYH FKHFNOLVW

/LVWH GH PDWpULDX[
ORUV GH OD UHYXH GH FRQFHSWLRQ &KHFNOLVW
1RUPH
4)' (QYLURQQHPHQW
*XLGHOLQHV
(Q ILQ G pWDSH /LVWH GH PDWpULDX[

&RQFHSWLRQ
&KHFNOLVW
SUpOLPLQDLUH (WXGH TXDOLWDWLYH DSSURFKH PDWULFLHOOH
/RJLFLHO G DSSURFKH JpQpUDOH RX VSpFLILTXH
FKHFNOLVW (FRFRPSDVV
3UpYHQWLRQ GH SROOXWLRQ FKRL[ GHV IRXUQLVVHXUV
ORUV GH OD UHYXH GH FRQFHSWLRQ
FKRL[ GHV PDWpULDX[ 'I' 'I5 «
/RJLFLHO G DSSURFKH JpQpUDOH RX VSpFLILTXH
(Q ILQ G pWDSH
2XWLO RUJDQLVDWLRQQHO
3UpYHQWLRQ GH SROOXWLRQ FKRL[ GHV IRXUQLVVHXUV
FKRL[ GHV PDWpULDX[ 'I' 'I5 «

&RQFHSWLRQ (WXGH TXDOLWDWLYH HWRX TXDQWLWDWLYH
GpWDLOOpH
DSSURFKH PDWULFLHOOH FKHFNOLVW (FR
$0'(&
FRPSDVV $&9 VLPSOLILpH RX GpWDLOOpH
ORUV GH OD UHYXH GH FRQFHSWLRQ ILQDOH DYHF SULVH HQ FRPSWH GHV ULVTXHV HQYLURQQHPHQWDX[
'pYHORSSHPHQW
,QGXVWULDOLVDWLRQ
2XWLO GH FRPPXQLFDWLRQ
'pFODUDWLRQ (QYLURQQHPHQWDOH GH 3URGXLW
RXWLO 9ROYR
(&0$ 75
&RPPHUFLDOLVDWLRQ
(FR:KHHO
5DSSRUW (QYLURQQHPHQW
5pVXOWDWV G RXWLOV G pYDOXDWLRQ
SUpVHQWpV VRXV IRUPH GH UDGDUV G KLVWRJUDPPHV «
(WXGH TXDOLWDWLYH HWRX TXDQWLWDWLYH

(FDUWV DYHF OHV REMHFWLIV "
)LJXUH /HV RXWLOV GDQV XQ SURFHVVXV G pFRFRQFHSWLRQ j TXHOOH pWDSH OHV XWLOLVHU "
6XU OD ILJXUH VRQW PHQWLRQQpV WRXV OHV W\SHV G RXWLOV TXL SHXYHQW rWUH HPSOR\pV SDU OHV
pTXLSHV SURMHW DX FRXUV GX SURFHVVXV GH FRQFHSWLRQ ,O V DJLW Oj GH PRQWUHU j TXHO QLYHDX
GX GpURXOHPHQW GX SURFHVVXV GH FUpDWLRQ LOV SHXYHQW rWUH LQVpUpV &H PRGqOH SURSRVp
3DJH
QH FRQVWLWXH HQ DXFXQ FDV XQH UpIpUHQFH GH SURFHVVXV G pFRFRQFHSWLRQ R WRXV OHV
RXWLOV SUpVHQWpV VHUDLHQW j XWLOLVHU &KDTXH HQWUHSULVH YD HQ HIIHW SURFpGHU VHORQ VHV
PR\HQV ILQDQFLHUV HW KXPDLQV VHV FRQQDLVVDQFHV DFTXpULU FHUWDLQV GH FHV RXWLOV OHV
DGDSWHU j VHV DFWLYLWpV HQ GpYHORSSHU G DXWUHV HW FH SRXU VDWLVIDLUH VD SROLWLTXH GH
GpYHORSSHPHQW HW VD VWUDWpJLH
5HPDUTXH 8Q PrPH RXWLO G pYDOXDWLRQ FKHFNOLVW« RX G DPpOLRUDWLRQ JXLGHOLQHV
QRUPH ORJLFLHO 'I' « SHXW rWUH HPSOR\p j SOXVLHXUV pWDSHV GX SURFHVVXV
/HFKRL[GHO RXWLOHWGHVRQXWLOLVDWHXU
' DSUqV % %UDV XQ RXWLO SRXUUD rWUH FDUDFWpULVp GH OD PDQLqUH VXLYDQWH >%5$6 @
☛ 6D VLPSOLFLWp DSWLWXGH j O XVDJH IDFLOLWp GH PLVH j O pSUHXYH FRQYLYLDOLWp
☛ 6D YDOLGLWp TXDOLWp GHV GRQQpHV
☛ 6HV H[LJHQFHV HQ WHUPHV GH UHVVRXUFHV KXPDLQHV ILQDQFLqUHV HW
PDWpULHOOHV
☛ 6RQ DSWLWXGH j IRXUQLU GHV UpVXOWDWV H[SORLWDEOHV
☛ 6RQ REMHFWLYLWp GHX[ XWLOLVDWHXUV GRLYHQW VL SRVVLEOH REWHQLU GHV UpVXOWDWV
VHPEODEOHV
☛ 6RQ DGDSWDELOLWp SDU UDSSRUW j O HQWUHSULVH HW DX[ GLIIpUHQWV SURMHWV GH
GpYHORSSHPHQW
☛ 6RQ FDUDFWqUH pYROXWLI FDSDFLWp j IDLUH pYROXHU OHV LQIRUPDWLRQV TX LO
FRQWLHQW
8QH pTXLSH SURMHW DX FRXUV GH VD GpPDUFKH DXUD EHVRLQ GH GLIIpUHQWV RXWLOV GRQW OHV
W\SHV YRQW GpSHQGUH GH OD VWUDWpJLH G HQWUHSULVH OH QLYHDX G H[LJHQFH UHTXLV GH VRQ
RUJDQLVDWLRQ GX QLYHDX G LQWpJUDWLRQ GHV SUDWLTXHV GH 'I( GH O pWDSH GX SURFHVVXV GH
FRQFHSWLRQ HW GX QLYHDX GH FRQQDLVVDQFHV QpFHVVDLUH >0,=8., HW DO @
/HV GLYHUVHV TXHVWLRQV j VH SRVHU ORUV GX FKRL[ GH O RXWLO j WHOOH RX WHOOH pWDSH GX
SURFHVVXV G pFRFRQFHSWLRQ VRQW
4XL XWLOLVHUD O RXWLO "
3RXUTXRL O XWLOLVHUDWLO "
'H TXHOOHV LQIRUPDWLRQV DXUDWLO EHVRLQ SRXU O XWLOLVHU " 3HXWLO HQ
GLVSRVHU j FHWWH pWDSH GX SURFHVVXV "
'LVSRVHWLO GHV FRPSpWHQFHV QpFHVVDLUHV HW VXIILVDQWHV "
4XHO UpVXOWDW YD GRQQHU O RXWLO HW VRXV TXHOOH IRUPH "
&H UpVXOWDW VHUDWLO VXIILVDPPHQW H[SORLWDEOH SDU VRQ XWLOLVDWHXU "
3DJH
&KDTXH RXWLO D\DQW VHV SURSUHV FDUDFWpULVWLTXHV HW REMHFWLIV O XWLOLVDWHXU GH O RXWLO SRXUUD
YDULHU VHORQ OHV FDV GH ILJXUHV HW HQ SDUWLFXOLHU O RUJDQLVDWLRQ VWUXFWXUHOOH GH O HQWUHSULVH
H[LVWHQFH RX SDV QRWDPPHQW G XQ H[SHUW HQ pFRFRQFHSWLRQ FI SDUDJUDSKH VXU
O RUJDQLVDWLRQ LQWHUQH GDQV OH FKDSLWUH SUpFpGHQW
1RXV DYRQV HVVD\p GDQV OH WDEOHDX TXL VXLW G LGHQWLILHU OH RX OHV XWLOLVDWHXUV SRWHQWLHOV GH
FKDFXQ GHV RXWLOV 3OXVLHXUV SHUVRQQHV SDUIRLV SHXYHQW rWUH GLVSRVpHV j OHV XWLOLVHU
/RUVTXH O HQWUHSULVH GLVSRVH G XQ H[SHUW HQ pFRFRQFHSWLRQ LQWHUQH RX H[WHUQH DX
VHUYLFH HQYLURQQHPHQW LQWpJUp RX QRQ GDQV O pTXLSH SURMHW OXL UHYLHQGUD ELHQ VRXYHQW
FHWWH WkFKH 'DQV OH FDV FRQWUDLUH O HQWUHSULVH SRXUUD DYRLU UHFRXUV j XQ FRQVXOWDQW
H[WHUQH RX V DSSX\HU VXU OHV FRPSpWHQFHV LQWHUQHV GH FRQFHSWHXUV GH PDUNHWHXUV GX
UHVSRQVDEOH HQYLURQQHPHQW RX PHPEUH GH FH VHUYLFH «
/H WDEOHDX VXLYDQW SUpVHQWH OHV RXWLOV HW OHXUV XWLOLVDWHXUV SRWHQWLHOV
$FWHXUV
(QYLURQQHPHQW
([SHUW HQ pFR
(TXLSH SURMHW
&RQFHSWHXU
FRQFHSWLRQ
0DUNHWHXU
2XWLO 7\SH
$FKHWHXU
6HUYLFH
$&9 FRPSOqWH ✘
$&9 VLPSOLILpH (YDOXDWLRQj ✘ ✘
0pWKRGHV GHV pFRLQGLFDWHXUV GRPLQDQWH ✘ ✘
0,36 TXDQWLWDWLYH ✘
(WXGH GHV FRWV ✘ ✘
$SSURFKH PDWULFLHOOH ✘ ✘
(YDOXDWLRQ EDVpH VXU OD
✘
UpJOHPHQWDWLRQ
(YDOXDWLRQj
,QGLFH pFRORJLTXH ✘
GRPLQDQWH
(FRFRPSDVV ✘ ✘
TXDOLWDWLYH
&KHFNOLVW ✘ ✘
/LVWH GH PDWpULDX[ ✘
…/…
3DJH
$FWHXUV
(QYLURQQHPHQW
([SHUW HQ pFR
(TXLSH SURMHW
&RQFHSWHXU
FRQFHSWLRQ
0DUNHWHXU
2XWLO 7\SH
$FKHWHXU
6HUYLFH
1RUPH ✘ ✘
*XLGHOLQHV ✘ ✘
&KHFNOLVW ✘ ✘
/LVWH GH PDWpULDX[ $PpOLRUDWLRQ ✘ ✘
*XLGH ✘ ✘
/RJLFLHO 'I( 'I' « ✘ ✘ ✘
2XWLO RUJDQLVDWLRQQHO ✘
(FR5H'HVLJQ 7RRO .LW ✘
(FR .QRZ +RZ 6HQVLELOLVDWLRQ ✘
(FR 4XHVW )
(FR:KHHO ✘
6WUDWpJLTXH
0DWULFH (FR3RUWIROLR ✘
'pFODUDWLRQ (QYLURQQHPHQWDOH
✘
GH 3URGXLW 9ROYR
(&0$ 75 &RPPXQLFDWLRQ ✘ ✘

5DSSRUW (QYLURQQHPHQW ✘
5pVXOWDWV G pYDOXDWLRQ ✘
7DEOHDX /HV GLIIpUHQWV W\SHV G RXWLOV UpSHUWRULpV HW OHXUV XWLOLVDWHXUV SRWHQWLHOV
/pJHQGH (TXLSH SURMHW WRXV OHV PHPEUHV VRQW FRQFHUQpV SDU O HPSORL GH O RXWLO
GpVLJQp FRQFHSWHXUV PDUNHWHXUV DFKHWHXUV «
) )RXUQLVVHXUV
5HPDUTXH 1RXV DYRQV UpSHUWRULp GDQV FH WDEOHDX O HQVHPEOH GHV RXWLOV SUpFpGHPPHQW
pYRTXpV /D OLVWH QH VDXUDLW rWUH H[KDXVWLYH GDQV FKDFXQH GHV SULQFLSDOHV FDWpJRULHV
pYDOXDWLRQ DPpOLRUDWLRQ VWUDWpJLTXH VHQVLELOLVDWLRQ FRPPXQLFDWLRQ
' DSUqV FH WDEOHDX RQ UHPDUTXH TXH FKDTXH DFWHXU GH O HQWUHSULVH HW SOXV
SDUWLFXOLqUHPHQW GH O pTXLSH SURMHW SHXW rWUH FRQFHUQp SDU O HPSORL G XQ RXWLO ,O UHVWH TXH
O H[SHUW HQ pFRFRQFHSWLRQ RX XQ UHSUpVHQWDQW GX VHUYLFH HQYLURQQHPHQW VL DXFXQ
3DJH
H[SHUW HW OH FRQFHSWHXU GHPHXUHQW SUREDEOHPHQW OHV SOXV VROOLFLWpV GDQV OD GpPDUFKH
JOREDOH G pFRFRQFHSWLRQ VDQV FRPSWHU XQH PRELOLVDWLRQ QRQ QpJOLJHDEOH GX VHUYLFH
PDUNHWLQJ
(QILQ HQ FRQFOXVLRQ GH FH SDUDJUDSKH QRXV UDSSRUWHURQV VLPSOHPHQW OD QpFHVVLWp GH
ELHQ LGHQWLILHU DYDQW O HPSORL GHV RXWLOV OHV DFWHXUV FRQFHUQpV HW FH SDU UDSSRUW DX[
FRQQDLVVDQFHV UHTXLVHV HW j O H[SORLWDELOLWp GHV UpVXOWDWV $XVVL VHORQ OHXU W\SH HW OHXU
EHVRLQ G LQIRUPDWLRQ VXU OH SURGXLW FHV RXWLOV QH SRXUURQW rWUH XWLOLVpV TX j FHUWDLQHV
pWDSHV GX SURFHVVXV GH FRQFHSWLRQ
/(6 287,/6 '$16 81 6<67(0( '( 0$1$*(0(17

(19,5211(0(17$/
' DSUqV QRWUH HQTXrWH HW OD OLWWpUDWXUH LO V DYqUH TXH ERQ QRPEUH G HQWUHSULVHV VH
SUpRFFXSDQW G HQYLURQQHPHQW GDQV OD FRQFHSWLRQ GH OHXUV SURGXLWV RQW GDQV XQ SUHPLHU
WHPSV IRFDOLVp OHXUV DFWLRQV VXU OHXU VLWH GH SURGXFWLRQ HQ FHOD HQFRXUDJpHV SDU OD
SXEOLFDWLRQ G XQH VpULH QRUPHV ,62 VXU OH PDQDJHPHQW HQYLURQQHPHQWDO 6 pWDQW
GpMj VWUXFWXUpHV HW RUJDQLVpHV SRXU OD FHUWLILFDWLRQ TXDOLWp GH SOXV HQ SOXV H[LJpH SDU
OHXUV FOLHQWV FHWWH GpPDUFKH GH FHUWLILFDWLRQ HQYLURQQHPHQWDOH QH OHXU SDUXW SDV
LQVXUPRQWDEOH &HUWDLQHV HQWUHSULVHV FHUWHV QH VRXKDLWHQW SDV V\VWpPDWLTXHPHQW
DWWHLQGUH OD FHUWLILFDWLRQ ,62 PDLV pODERUHQW QpDQPRLQV OHV SURFpGXUHV DG KRF SRXU
IDFLOLWHU OH PDQDJHPHQW GH OHXU VLWH
(Q PDWLqUH G pFRFRQFHSWLRQ LO Q H[LVWH SDV HQFRUH GH SURFpGXUHV pWDEOLHV PDLV O RQ SHXW
QRWHU G DSUqV O pTXLSH GH UHFKHUFKH GH 0 6LPRQ TXH GHV RXWLOV SHXYHQW rWUH XWLOLVpV GDQV
OD VWUXFWXUH PrPH G XQ V\VWqPH GH PDQDJHPHQW GH O HQYLURQQHPHQW SXLVTXH FHUWDLQV
UpSRQGHQW SUpFLVpPHQW DX[ H[LJHQFHV GH FHUWDLQHV SURFpGXUHV GX 60( >6:($70$1 HW
DO @ /H VXFFqV GH OD FRQFHSWLRQ SRXU O HQYLURQQHPHQW VHUD SUpFLVpPHQW OLp j OD
FRPELQDLVRQ GX SURFHVVXV WUDGLWLRQQHO GH GpYHORSSHPHQW GH SURGXLW DYHF OH
PDQDJHPHQW GH O HQYLURQQHPHQW G DSUqV 0 .DUOVVRQ >.$5/6621 @ TXL HVWLPH TXH OD
VWUXFWXUH G XQ 60( HVW SURFKH GH FHOOH G XQ SURFHVVXV G pFRFRQFHSWLRQ GH SURGXLW /H
WDEOHDX VXLYDQW UHSUpVHQWH FHWWH VLPLOLWXGH VWUXFWXUHOOH
3DJH
6\VWqPH GH 0DQDJHPHQW GH &RQFHSWLRQ SRXU O HQYLURQQHPHQW

O (QYLURQQHPHQW
(QJDJHPHQW GDQV OD SULVH HQ FRPSWH GHV
3ROLWLTXH HQYLURQQHPHQWDOH
LPSDFWV HQYLURQQHPHQWDX[ GHV SURGXLWV
2EMHFWLIV HW FLEOHV SRXU UpGXLUH OHV LPSDFWV GHV

3ODQLILFDWLRQ
SURGXLWV
3ODQV G DFWLRQ SRXU UHPSOLU OHV REMHFWLIV
SUpFpGHPPHQW IL[pV
0LVH HQ ±XYUH IRQFWLRQQHPHQW $OORFDWLRQ GHV UHVSRQVDELOLWpV GH FKDFXQ GHV
PHPEUHV GH O pTXLSH SURMHW PDUNHWLQJ DFKDWV
EXUHDX G pWXGHV
(YDOXDWLRQ GHV LPSDFWV GHV QRXYHDX[ SURGXLWV

HQ ILQ GH FRQFHSWLRQ $&9 SRXU G XQH SDUW
&RQWU{OH DFWLRQ FRUUHFWLYH YpULILHU VL OHV REMHFWLIV IL[pV SRXUURQW rWUH
DWWHLQWV HW G DXWUH SDUW DPpOLRUHU OHV SUDWLTXHV HW
OH V\VWqPH
5HYXH GH OD SROLWLTXH HW GHV REMHFWLIV SRXU

5HYXH GH OD 'LUHFWLRQ UpGXLUH HQFRUH OHV LPSDFWV HQYLURQQHPHQWDX[
GHV IXWXUV SURGXLWV
7DEOHDX 6\VWqPH GH 0DQDJHPHQW GH O (QYLURQQHPHQW HW &RQFHSWLRQ SRXU O HQYLURQQHPHQW
/D SULQFLSDOH GLIIpUHQFH HQWUH OHV GHX[ UpVLGH GDQV O REMHFWLI PrPH G DFWLRQ TXL VHUD OD
VDWLVIDFWLRQ GHV EHVRLQV GX FOLHQW SRXU OH GpYHORSSHPHQW GH SURGXLW HW OD UpGXFWLRQ GHV
LPSDFWV HQYLURQQHPHQWDX[ SRXU OH 60( VDQV IRUFpPHQW VDWLVIDLUH OH FOLHQW «
3RXU UHYHQLU DX[ GLIIpUHQWHV pWDSHV G XQ 60( HW OHV RXWLOV UHODWLIV DX[ SURGXLWV QRXV
HVWLPRQV FRPPH - .RUWPDQ 5 9DQ %HUNHO TXH OHV RXWLOV G pYDOXDWLRQ SHXYHQW rWUH
XWLOLVpV DX FRXUV GHV pWDSHV GH SODQLILFDWLRQ SXLV GH FRQWU{OH WDQGLV TXH FHX[
G DPpOLRUDWLRQ DX FRXUV GH O pWDSH GH PLVH HQ ±XYUH >.2570$1 HW DO @
3RXU FH TXL FRQFHUQH OD UHYXH GH OD 'LUHFWLRQ 7 0F $ORRQH SURSRVH XQ RXWLO GpGLp j
O pYDOXDWLRQ PrPH GX SURFHVVXV G pFRFRQFHSWLRQ G XQH HQWUHSULVH >0F $/221( HW DO
@ &HW RXWLO VH GpFOLQH HQ FLQT SDUWLHV DYHF TXHVWLRQV SRXU FKDFXQH G HOOHV $ FKDTXH
TXHVWLRQ FRUUHVSRQG XQH UpSRQVH ELQDLUH RXL QRQ R UHSUpVHQWH XQH VLWXDWLRQ
LGpDOH SRXU O HQYLURQQHPHQW
3DJH
/HV FLQT SDUWLHV VRQW OHV VXLYDQWHV
0RWLYDWLRQ LQLWLDOH HW VRXWHQXH SDU OD 'LUHFWLRQ OH *URXSH «

)OX[ G LQIRUPDWLRQ&RPPXQLFDWLRQ pTXLSHV GH FRQFHSWLRQ FURVV
IRQFWLRQQHOOHV H[LVWHQFH G XQ PDQXHO GH FRQFHSWLRQ HQYLURQQHPHQWDOH H[LVWHQFH
G XQ H[SHUW HQ pFRFRQFHSWLRQ «
9LVLRQ &\FOH GH 9LH FRQWUDWV GH UHWRXU GHV SURGXLWV XQLWpV GH UHPLVH j QHXI GHV
SURGXLWV HVWLPDWLRQ GHV pFRQRPLHV UpDOLVpHV «
3UDWLTXH GH OD &RQFHSWLRQ (QYLURQQHPHQWDOH SULVH HQ FRPSWH GX FULWqUH
HQYLURQQHPHQW pWXGH $&9 UHYXH GH FRQFHSWLRQ HQYLURQQHPHQWDOH «
3RVLWLRQQHPHQW VWUDWpJLTXH REMHFWLIV j ORQJ WHUPH FRPPXQLFDWLRQ «
3RXU FKDFXQH GHV SDUWLHV OHV VFRUHV GHV UpSRQVHV REWHQXHV VRQW DGGLWLRQQpV HQWUH HW
SXLV SRVLWLRQQpV VXU XQ UDGDU TXL SHUPHWWUD UDSLGHPHQW j OD 'LUHFWLRQ G LGHQWLILHU OHV
SRLQWV j DPpOLRUHU SRXU XQ SURMHW XOWpULHXU REMHFWLI G DPpOLRUDWLRQ FRQWLQXH SURSUH j XQ
60(
3OXVLHXUV HQWUHSULVHV HQ IDLW OLHQW O pFRFRQFHSWLRQ HW OH PDQDJHPHQW HQYLURQQHPHQWDO

$LQVL 3KLOLSV D FRQoX VRQ PDQXHO G pFRFRQFHSWLRQ 3RLQW RI QR 5HWXUQ >0(,1'(56 DE@
VHORQ OH SODQ GH OD QRUPH ,62 UHODWLYH j OD FHUWLILFDWLRQ GX 6\VWqPH GH 0DQDJHPHQW
GH O (QYLURQQHPHQW GH O HQWUHSULVH
(QJDJHPHQW GH OD 'LUHFWLRQ
3ROLWLTXH HQYLURQQHPHQWDOH
3ODQLILFDWLRQ
0LVH HQ ±XYUH HW IRQFWLRQQHPHQW
&RQWU{OH HW DFWLRQ FRUUHFWLYH
5HYXH GH OD 'LUHFWLRQ
&H OLHQ HVW G DX IDLW TXH OH SURFHVVXV G pFRFRQFHSWLRQ D EHVRLQ G XQH DUFKLWHFWXUH DYHF
GHV SURFpGXUHV SUpFLVHV j VXLYUH SRXU TXH O pTXLSH SURMHW SXLVVH LQWpJUHU GH PDQLqUH GH
SOXV HQ SOXV V\VWpPDWLTXH OD FRPSRVDQWH HQYLURQQHPHQW GDQV OD VWUXFWXUH GX SURFHVVXV
GH FRQFHSWLRQ FODVVLTXH GHV SURGXLWV OD 3&3 RX 3URFpGXUH GH &UpDWLRQ GH 3URGXLW FKH]
3KLOLSV /H JURXSH KROODQGDLV VXJJqUH GH V LQVSLUHU GH O DSSURFKH VWUXFWXUpH GH OD QRUPH
,62
&H SRLQW GH YXH HVW SDUWDJp SDU OH SURIHVVHXU + %UH]HW 78 'HOIW TXL GDQV XQ DUWLFOH pFULW
HQ FROODERUDWLRQ DYHF & 5RFKD GRFWRUDQWH j O ,1(7,
3URGXFWRULHQWHG HQYLURQPHQWDO
PDQDJHPHQW V\VWHPV D FDVH VWXG\ >52&+$ HW DO @ SUpVHQWH XQ PRGqOH GH V\VWqPH
,1(7, ,QVWLWXWR 1DFLRQDO GH (QJHQKDULD ( 7HFQRORJLD ,QGXVWULDO 3RUWXJDO
3DJH
GH PDQDJHPHQW HQYLURQQHPHQWDO RULHQWp SURGXLW EDVp VXU O DSSURFKH 3ODQ'R&KHFN
$FW RX 3ODQLILHU$JLU9pULILHU5pDJLU
&21&/86,21
&H FKDSLWUH QRXV D SHUPLV GH IDLUH OH SRLQW VXU OH SDQHO G RXWLOV GH FDUDFWpULVWLTXHV
PXOWLSOHV GRQW SHXYHQW GLVSRVHU OHV pTXLSHV SURMHW GDQV OHXU GpPDUFKH
3DU GpILQLWLRQ XQ RXWLO YD SHUPHWWUH j VRQ XWLOLVDWHXU G HIIHFWXHU XQ WUDYDLO 3RXU FH TXL
FRQFHUQH OHV RXWLOV TXH QRXV DYRQV TXDOLILpV G pYDOXDWLRQ LOV OXL SHUPHWWURQW G pWDEOLU XQ
SURILO HQYLURQQHPHQWDO GX SURGXLW TXH FHWWH pYDOXDWLRQ VRLW j GRPLQDQWH TXDQWLWDWLYH RX
TXDOLWDWLYH VHORQ XQH DSSURFKH F\FOH GH YLH RX VSpFLILTXH
/HV RXWLOV TXDOLILpV G DPpOLRUDWLRQ GH O pFRFRQFHSWLRQ VHURQW TXDQW j HX[ XWLOLVpV SRXU
JXLGHU O pTXLSH HW OHV FRQFHSWHXUV HQ SDUWLFXOLHU GDQV OH SURFHVVXV GH GpYHORSSHPHQW
6RXV IRUPH SDSLHU RX LQIRUPDWLVpH LOV VRQW HQ HIIHW FRQoXV SRXU IRXUQLU j O XWLOLVDWHXU GHV
YRLHV G DPpOLRUDWLRQ GH OD FRQFHSWLRQ HW FH HQ OXL LQGLTXDQW OHV UpJOHPHQWDWLRQV
DX[TXHOOHV LO GRLW VH VRXPHWWUH HQ OXL GRQQDQW OHV UqJOHV j VXLYUH HQ WHUPHV G HPSORL GH
PDWpULDX[ GH VWUXFWXUH GHV SURGXLWV«
2XWUH FHV GHX[ JUDQGHV FDWpJRULHV G RXWLOV LO HQ HVW G DXWUHV TXH QRXV DYRQV EULqYHPHQW
pYRTXpHV FHUWDLQHV VRQW GHVWLQpHV j VHQVLELOLVHU OHV DFWHXUV j O pFRFRQFHSWLRQ G DXWUHV
j pWDEOLU GHV VWUDWpJLHV SDU OH VHUYLFH PDUNHWLQJ HQ SDUWLFXOLHU HW FHUWDLQV HQILQ j
FRPPXQLTXHU OHV DFWLRQV HQYLURQQHPHQWSURGXLW GHV pTXLSHV /HV U{OHV SULQFLSDX[ GH
WRXV FHV RXWLOV VRQW GH SHUPHWWUH OD FRPPXQLFDWLRQ HQWUH OHV VHUYLFHV HW OD GLIIXVLRQ GHV
LQIRUPDWLRQV
,OV QH SRXUURQW DLGHU OHV pTXLSHV TX HQ pWDQW XWLOLVpV j ERQ HVFLHQW F HVWjGLUH GDQV
O pWDSH DGpTXDWH GX SURFHVVXV GH FRQFHSWLRQ HQ UpSRQGDQW SUpFLVpPHQW DX[ TXHVWLRQV
VRXOHYpHV HW HQ IRXUQLVVDQW GHV UpVXOWDWV VXIILVDPPHQW FRPSUpKHQVLEOHV HW H[SORLWDEOHV
SDU OHXUV XWLOLVDWHXUV
%HDXFRXS G RXWLOV ORJLFLHOV HQ SDUWLFXOLHU FRQVLGpUpV FRPPH FRPSOH[HV RQW pWp
GpYHORSSpV HQ PDUJH GX PRQGH LQGXVWULHO /HXU PLVH HQ VLWXDWLRQ V DYqUH GRQF
FRPSURPLVH QRQ VHXOHPHQW SDU GH QRPEUHX[ SUREOqPHV G RUGUH ILQDQFLHU HWRX PDWpULHO
PDLV DXVVL GHV SUREOqPHV GH PpFRQQDLVVDQFH GH O DFWLYLWp PrPH GH FRQFHSWLRQ HW GH
VRXVHVWLPDWLRQ GHV SKpQRPqQHV G DSSUHQWLVVDJH LQKpUHQWV j FHWWH DFWLYLWp
2Q FRQVWDWH VRXYHQW VXU OH WHUUDLQ TXH OHV RXWLOV OHV SOXV FRXUDPPHQW HPSOR\pV
GHPHXUHQW HQFRUH VRXV IRUPH SDSLHU FRPPH OHV JXLGHOLQHV OHV JXLGHV OHV FKHFNOLVWV
« 2Q OHXU UHSURFKH OHXU PDQTXH G LQWHUDFWLYLWp GH G\QDPLVPH PDLV SRXU O KHXUH OHV
ORJLFLHOV G pFRFRQFHSWLRQ SU{QDQW FHWWH UpDFWLYLWp HVVHQWLHOOH GDQV XQ PRQGH HQ
SHUSpWXHO PRXYHPHQW QH UpSRQGHQW SRXUWDQW SDV HQFRUH DX[ EHVRLQV GHV pTXLSHV 8QH
DGDSWDELOLWp SDUIRLV GLIILFLOH GDQV OH PRQGH GHV FRQFHSWHXUV XQ PDQTXH GH ODQJDJH
3DJH
FRPPXQ XQH XUJHQWH QpFHVVLWp GH GpYHORSSHU GHV FRQQDLVVDQFHV QRXYHOOHV HW OH
VHQWLPHQW G REWHQLU GHV UpVXOWDWV SHX VLJQLILFDWLIV DX UHJDUG GHV LQYHVWLVVHPHQWV UpDOLVpV
FRQWULEXHQW j UDOHQWLU FHWWH DSSURSULDWLRQ GHV ORJLFLHOV SDU OHV HQWUHSULVHV
&RPPH QRXV O DYRQV YX SRXU FHUWDLQHV HQWUHSULVHV PDOJUp XQ IRLVRQQHPHQW G RXWLOV HW
GHV UHVVRXUFHV RUJDQLVDWLRQQHOOHV FRQVWLWXpHV HQ VHUYLFHV JpQpUDX[ FHOD QH VXIILW
SRXUWDQW SDV WRXMRXUV j DVVXUHU OD PRELOLVDWLRQ GH FKDFXQ HW OD UpXVVLWH GX SURFHVVXV
G pFRFRQFHSWLRQ &HWWH VLWXDWLRQ VH UHWURXYH GDQV OHV SHWLWHV XQLWpV GpSHQGDQW GH JUDQGV
JURXSHV FRPPH QRXV DOORQV O LOOXVWUHU GDQV OD SDUWLH VXLYDQWH TXL FRQFHUQH QRWUH
DSSURFKH WHUUDLQ FKH] 3KLOLSV (FODLUDJH (OOH YD QRWDPPHQW QRXV SHUPHWWUH GH FRQVWDWHU
TXH GHV RXWLOV DXVVL SHUIRUPDQWV VRLHQWLOV QH SRXUURQW rWUH SOHLQHPHQW H[SORLWpV VL OHV
HQMHX[ UHVWHQW LQFRPSULV OHV FRQQDLVVDQFHV LQVXIILVDQWHV HW O RUJDQLVDWLRQ LQGXVWULHOOH
LQDGDSWpH

2UJDQLVDWLRQ FRQFHUQDQW HQ SDUWLFXOLHU OD FLUFXODWLRQ GHV LQIRUPDWLRQV HW GHV FRQQDLVVDQFHV
3DJH
3DUWLH 3URSRVLWLRQ G XQH GpPDUFKH JOREDOH G pFRFRQFHSWLRQ FKH] 3KLOLSV (FODLUDJH
3$57,(&21)5217$7,21$8;5($/,7(6'8
021'(,1'8675,(/
352326,7,21' 81('(0$5&+(*/2%$/(' (&2
&21&(37,21&+(=3+,/,36(&/$,5$*(
6200$,5(
,1752'8&7,21
/(6 35(0,(56 3$6 9(56 / $3352&+( (19,5211(0(17352'8,7

0,6( / e35(89( ' 81 287,/ ' e9$/8$7,21 (19,5211(0(17$/(
2XWLOXWLOLVpHWSURGXLWVpWXGLpV
3URWRFROHGHO pWXGH
3ULQFLSDX[UpVXOWDWVG pWXGH
(WXGH VXU OH OXPLQDLUH HQFDVWUp (XURSD
3KDVH GH IDEULFDWLRQ
3KDVH GH GLVWULEXWLRQ
3KDVH G XWLOLVDWLRQ
3KDVH GH ILQ GH YLH
(WXGH VXU OH OXPLQDLUH HQFDVWUp (XURSD
(WXGH VXU XQH YHUVLRQ GH OXPLQDLUH HQFDVWUp VDQV OH EDOODVW FRQYHQWLRQQHO
&ULWLTXHVGHO RXWLO(FRVFDQVHVDYDQWDJHV

&ULWLTXHVGHO RXWLO(FRVFDQVHVOLPLWHV
(78'( '( %(1&+0$5.,1* (19,5211(0(17$/
/DPpWKRGHHWOHVSURGXLWVpWXGLpV
'HVUpVXOWDWVSOXVSDUODQWVSRXUXQHpTXLSHSURMHW
&21&/86,21 (7 5e)/(;,216 ,163,5e(6 '(6 '(8; e78'(6
32,176 '( 98( '(6 6(59,&(6 9,69,6 '( &(77( 1289(//( $3352&+( '( /$
&21&(37,21
/H5HVSRQVDEOH(QYLURQQHPHQWREMHFWLIVSUpFLVG pFRFRQFHSWLRQ
PDLVLPSUpFLVLRQVGDQVOHFKRL[GHVPR\HQV
3DJH
/H%XUHDXG (WXGHO (QYLURQQHPHQWSHUoXFRPPHXQHFRQWUDLQWH

VXSSOpPHQWDLUHSDUGHVFRQFHSWHXUVGpPXQLV
'HV UpDFWLRQV YLVjYLV GH OD SROLWLTXH JOREDOH HW GH OD 'LUHFWLRQ
3HUFHSWLRQ GH OD FRQWUDLQWH HQYLURQQHPHQWDOH
&RQWUDGLFWLRQ HQWUH O pFRFLWR\HQ HW O pFRFRQFHSWHXU OH FRQFHSWHXU HQ PDQTXH
G· LQFLWDWLRQ
5pDFWLRQV YLVjYLV GHV pWXGHV (FRVFDQ HW %HQFKPDUNLQJ
4XLG GH OD QpFHVVLWp GH O H[SHUWLVH "
/HVHUYLFH0DUNHWLQJOHVPDUNHWHXUVHQDWWHQWHGHVLJQHVIRUWVIDFHj
GHVH[LJHQFHVHQYLURQQHPHQWDOHVGHVFOLHQWVHQFRUHSHXUHVVHQWLHV
/HVHUYLFH$FKDWV/HFKRL[GLIILFLOHGHVIRXUQLVVHXUVUHVSHFWXHX[GH
O HQYLURQQHPHQW
/·(19,5211(0(17 $8 &°85 '( /$ 'e0$5&+( '( &21&(37,21

/$ 'e0$5&+( &/$66,48( '( &21&(37,21 /$ 352&e'85( '( &5e$7,21 '(
352'8,7
48,' '( / ,17e*5$7,21 '8 3$5$0Ë75( (19,5211(0(17 '$16 /$ 352&e'85(
'( &5e$7,21 '( 352'8,7 "
,QWURGXFWLRQGHVQLYHDX[G pFRFRQFHSWLRQ
/HVSRLQWVG HQWUpHGHO HQYLURQQHPHQWGDQVOD3&3
'pYHORSSHPHQWG RXWLOVDGDSWpVDX[GHX[QLYHDX[G pFRFRQFHSWLRQ

&21&/86,21
3DJH
,1752'8&7,21
/H JURXSH 3KLOLSV PXOWLQDWLRQDOH GLYHUVLILpH GDQV OHV PpWLHUV GH O pOHFWURQLTXH IXW SDUPL
OHV SUHPLqUHV HQWUHSULVHV j VH SUpRFFXSHU GHV LPSDFWV GH VHV DFWLYLWpV VXU
O HQYLURQQHPHQW
'qV OH %RDUG 0DQDJHPHQW SULW O LQLWLDWLYH GH IRUPXOHU XQ FHUWDLQ QRPEUH GH
JXLGHOLQHV D\DQW SRXU REMHW G DPpOLRUHU OHV SHUIRUPDQFHV HQYLURQQHPHQWDOHV GHV
QRPEUHXVHV XQLWpV GH OD VRFLpWp
6D SROLWLTXH HQ PDWLqUH G HQYLURQQHPHQW HVW GHSXLV GHYHQX XQ pOpPHQW HVVHQWLHO GDQV OHV
DFWLRQV GH O RUJDQLVDWLRQ WRXWH HQWLqUH
&HWWH SROLWLTXH HQYLURQQHPHQWDOH JOREDOH IXW pODERUpH SRXU OD SUHPLqUH IRLV HQ SXLV
PLVH j MRXU HQ (OOH HVW GHSXLV UpJXOLqUHPHQW PRGLILpH HW DGDSWpH SRXU VDWLVIDLUH
DX[ H[LJHQFHV pYROXWLYHV GH O HQYLURQQHPHQW YLD QRWDPPHQW OD UpJOHPHQWDWLRQ HW OHV
GHPDQGHV GHV SDUWHQDLUHV FI $QQH[H Q 3ROLWLTXH (QYLURQQHPHQWDOH GH 3KLOLSV
/D SKLORVRSKLH JpQpUDOH GH OD YLVLRQ HQYLURQQHPHQWDOH GX JURXSH 3KLOLSV GpFOLQpH SDU

VRQ SUpVLGHQW &RU %RRQVWUD HVW XQH WRWDOH FRQYLFWLRQ GDQV OH 'pYHORSSHPHQW 'XUDEOH YX
FRPPH © O XQ GHV SOXV JUDQGV GpILV DX[TXHOV QRWUH SODQqWH VRLW FRQIURQWpH ª ' DSUqV
0RQVLHXU %RRQVWUD 3KLOLSV V HQJDJH DLQVL j FRQVWDPPHQW H[SORUHU OHV YRLHV YHUV XQ MXVWH
pTXLOLEUH HQWUH pFRQRPLH HW pFRORJLH
&HWWH SROLWLTXH VH GpFOLQH DXWRXU GH TXDWUH SULQFLSHV GLWV GH EDVH
/H 'pYHORSSHPHQW 'XUDEOH
(TXLOLEUHU GpYHORSSHPHQW pFRQRPLTXH HW LPSDFWV pFRORJLTXHV
0LHX[ YDXW SUpYHQLU TXH JXpULU

$QWLFLSHU SRXU pYLWHU GHV DFFLGHQWV DX[ FRQVpTXHQFHV IkFKHXVHV SRXU O HQYLURQQHPHQW
8QH DSSURFKH SDU OH F\FOH GH YLH

7RXW SUHQGUH HQ FRPSWH GHSXLV OD QDLVVDQFH GHV SURGXLWV MXVTX j OHXU ILQ GH YLH
&RRSpUDWLRQ
&RRSpUHU DYHF OHV LQVWDQFHV JRXYHUQHPHQWDOHV HW DXWUHV SDUWHQDLUHV
/HV UqJOHV HVVHQWLHOOHV pGLFWpHV SDU OD SROLWLTXH HQYLURQQHPHQWDOH GX JURXSH 3KLOLSV HQ

SDUWLFXOLHU FRQFHUQDQW VHV SURGXLWV VRQW OHV VXLYDQWHV
ª 3KLOLSV pWDEOLW GHV REMHFWLIV UpDOLVWHV VXU OHV SODQV WHFKQLTXH HW pFRQRPLTXH SRXU
RSWLPLVHU OD SHUIRUPDQFH HQYLURQQHPHQWDOH GH VHV SURGXLWV O pYDOXDWLRQ GH O LPSDFW
HQYLURQQHPHQWDO VXU WRXW OH F\FOH GH YLH OD UpGXFWLRQ YRLUH O pOLPLQDWLRQ GHV
3DJH
VXEVWDQFHV GDQJHUHXVHV OD UpGXFWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH O DPpOLRUDWLRQ

GH O DSWLWXGH DX UHF\FODJH HW j O pOLPLQDWLRQ HQ ILQ GH YLH
ª 3KLOLSV V HQJDJH j UHVSHFWHU WRXWHV OHV UpJOHPHQWDWLRQV TXL V DSSOLTXHQW HW HVW SUrWH j
SDVVHU GHV DFFRUGV YRORQWDLUHV
ª 3KLOLSV V HQJDJH j FRPPXQLTXHU VD SROLWLTXH HQYLURQQHPHQWDOH j VHV HPSOR\pV HW VHV

SDUWHQDLUHV HW j SXEOLHU VHV UpVXOWDWV
ª 3KLOLSV DSSUHQG j VHV HPSOR\pV j ±XYUHU GDQV OH FDGUH GH VD SROLWLTXH

HQYLURQQHPHQWDOH
3KLOLSV SULW GRQF DVVH] W{W O LQLWLDWLYH G LQWpJUHU O HQYLURQQHPHQW GDQV WRXWHV VHV GpFLVLRQV
G RUGUH VWUDWpJLTXH QRQ VHXOHPHQW DX QLYHDX GX JURXSH PDLV DXVVL GH VHV GLYLVLRQV
SURGXLWV HQ VH GRWDQW GH SODQV G DFWLRQ R O pFRFRQFHSWLRQ SULW VHV OHWWUHV GH QREOHVVH
/H SUHPLHU SURJUDPPH G DFWLRQV LQWURGXLVDQW FHWWH DSSURFKH SURGXLW 7KH (QYLURQPHQWDO

2SSRUWXQLW\ IXW ODQFp HQ ,O HVW UHSUpVHQWp VXU OD ILJXUH VXLYDQWH ,O GpVLJQDLW
O pFRFRQFHSWLRQ FRPPH O XQ GHV SRLQWV VWUDWpJLTXHV PDMHXUV SDUPL OHV KXLW SRLQWV
G DFWLRQ GpILQLV SRXU EpQpILFLHU GHV DYDQWDJHV VXLYDQWV
☛ $QWLFLSDWLRQ GH O pYROXWLRQ GH OD OpJLVODWLRQ FRQFHUQDQW OHV SURGXLWV

☛ 5pGXFWLRQ GX FRW GHV SURGXLWV HW GX FRW WRWDO G XVDJH GHV SURGXLWV
☛ $FFURLVVHPHQW GH OD IRUFH FRPSpWLWLYH
☛ $PpOLRUDWLRQ GH O LPDJH GH PDUTXH YLVjYLV GHV FOLHQWV
7KH (QYLURQPHQWDO 2SSRUWXQLW\ ,W DLPV DW UHYHUVLQJ RXU DWWLWXGH IURP DYRLGLQJ WKUHDWV WR ORRNLQJ IRU
FKDOHQJHV / HQYLURQQHPHQW j FRQVLGpUHU GDYDQWDJH FRPPH XQH RSSRUWXQLWp TX XQH PHQDFH
3DJH
3URJUDPPHV SRXU OHV 3URGXFW 'LYLVLRQV
(FR&RQFHSWLRQ
6WUDWpJLH GH FRPPXQLFDWLRQ &RQFHSWLRQ GH SURGXLW
/REELHV H[WpULHXUV (FKDQJH
5pVHDX LQWHUQH G LQIRUPDWLRQV
([LJHQFHV SRXU OHV

IRXUQLVVHXUV
3URJUDPPHV SRXU OH *URXSH
&HUWLILFDWLRQ GX 60( 2SWLPLVDWLRQ GHV
GH UpGXFWLRQ GH OD
FRQVRPPDWLRQ G pQHUJLH
SURFHVV
GH UpGXFWLRQ GH &RQFHSWLRQ GH SURGXLW

O XWLOLVDWLRQ GHV HPEDOODJHV
)LJXUH 3URJUDPPH GH 3KLOLSV GH 7KH (QYLURQPHQWDO 2SSRUWXQLW\
)LQ OH JURXSH GpFLGDLW G pODERUHU XQ VHFRQG SURJUDPPH G pFRGpYHORSSHPHQW

SRXU OD SpULRGH (FR9LVLRQ &H SURJUDPPH FRXYUH j OD IRLV OHV DVSHFWV
SURGXLW SURGXFWLRQ FRPPXQLFDWLRQ HW FRQWU{OH FI $QQH[H Q 3URJUDPPH (FR
9LVLRQ GH 3KLOLSV
&RQFHUQDQW OHV SURGXLWV 3KLOLSV UpDIILUPH O LQWpJUDWLRQ GH O HQYLURQQHPHQW GDQV VHV

DFWLYLWpV SRXU XQ ERQ SRVLWLRQQHPHQW GH O HQWUHSULVH HQ WHUPHV FRQFXUUHQWLHO HW
FRPPHUFLDO
/H SURJUDPPH VWLSXOH TXH GpVRUPDLV OH GpYHORSSHPHQW GHV SURGXLWV OH PDUNHWLQJ HW OHV
YHQWHV GHYURQW rWUH IRFDOLVpV VXU O XQ RX SOXVLHXUV GHV FULWqUHV RX LQGLFDWHXUV
HQYLURQQHPHQWDX[ VXLYDQWV
0DVVH
6XEVWDQFHV WR[LTXHV
&RQVRPPDWLRQ G·pQHUJLH
5HF\FODELOLWp )LQ GH YLH
(PEDOODJH
3DJH
$ FKDFXQ GH FHV FULWqUHV HVW DWWULEXp XQ SLFWRJUDPPH XWLOLVp GDQV OH FDGUH GHV
FRPPXQLFDWLRQV
$ QRWHU LFL TXH OH FKRL[ GH FHV FULWqUHV SHXW rWUH IRQFLqUHPHQW FULWLTXDEOH SXLVTXH
FHUWDLQV VRXOqYHQW GH QRPEUHX[ GpEDWV HQYLURQQHPHQWDX[ HW G DXWUHV SUpVHQWHQW HQWUH
HX[ GHV DQWLQRPLHV PDQLIHVWHV 1RXV UHYLHQGURQV SOXV WDUG VXU FH SUREOqPH PDLV
SRXYRQV G RUHV HW GpMj pYRTXHU TXHOTXHV H[HPSOHV TXL LOOXVWUHQW FHV SURSRV 3UHQRQV
DLQVL OHV FDV GH
− O HPSORL GHV ODPSHV j PHUFXUH FH VRQW FHUWHV GHV ODPSHV j pFRQRPLH G pQHUJLH TXL
SRXUUDLHQW GRQF VDWLVIDLUH OH FULWqUH pQHUJLH PDLV TXH GLUH GX FULWqUH VXEVWDQFHV
WR[LTXHV " 4XHOOH SULRULWp GRLWRQ GRQQHU j FKDFXQ GH FHV GHX[ FULWqUHV " (VWFH OD
VWUDWpJLH G HQWUHSULVH TXL YD HQ GpFLGHU HQ QH SUHQDQW HQ FRPSWH TX XQ VHXO FULWqUH "
− O HPSORL GHV SODVWLTXHV j OD SODFH GHV PpWDX[ LOV SHUPHWWHQW FHUWHV GH GLPLQXHU
HIIHFWLYHPHQW OD PDVVH GX SURGXLW PDLV SRVHQW GDYDQWDJH GH SUREOqPHV HQ WHUPHV GH
UHF\FODJH HQ ILQ GH YLH 'DQV OH FDV GH O DXWRPRELOH SDU H[HPSOH RQ SHXW rWUH HQ
SUpVHQFH G XQ GpOLFDW GLOHPPH HQWUH
XQ YpKLFXOH DYHF EHDXFRXS GH FRPSRVDQWV SODVWLTXHV SOXV OpJHU PRLQV

pQHUJLYRUH SDUIRLV GLIILFLOH j UHF\FOHU
HW XQ YpKLFXOH DYHF EHDXFRXS GH FRPSRVDQWV PpWDOOLTXHV SOXV ORXUG SOXV
pQHUJLYRUH IDFLOH j UHF\FOHU«
− O HPSORL GHV HPEDOODJHV FH FULWqUH HVW FRPSOH[H HW SHXW HQ HIIHW VRXOHYHU XQ GpEDW
FRQVLVWDQW j VH GHPDQGHU GDQV TXHO FDV OHV LPSDFWV HQYLURQQHPHQWDX[ VRQW OHV
PRLQGUHV HPEDOODJH ORXUG HPSOR\p SOXVLHXUV IRLV YHUVXV HPEDOODJH OpJHU HPSOR\p
XQH VHXOH IRLV "
'DQV OH SURJUDPPH (FR9LVLRQ O DFFHQW HVW WRXW SDUWLFXOLqUHPHQW SRUWp VXU OHV
HPEDOODJHV XWLOLVpV GRQW OD PDVVH GHYUD rWUH UpGXLWH GH G LFL SDU UDSSRUW j
O DQQpH GH UpIpUHQFH DQQpH GX SUpFpGHQW SURJUDPPH 0DLV HVWFH j GLUH TX XQ
HPEDOODJH SOXV OpJHU VXIILW j rWUH ELHQ PHLOOHXU SRXU O HQYLURQQHPHQW " 1H GRLWRQ SDV
SUHQGUH HQ FRPSWH pJDOHPHQW OH YROXPH OD SUpVHQFH pYHQWXHOOH GH VXEVWDQFHV
WR[LTXHV GX W\SH FROOH RX HQFUH OH QRPEUH GH PDWpULDX[ VL O HPEDOODJH HVW UHF\FODEOH
YRLUH PrPH UHF\FOp « " (Q GpILQLWLYH TXH VLJQLILH rWUH ERQ RX PHLOOHXU VXU FH
FULWqUH HPEDOODJH "
$ FRPSWHU GH O DQQpH OHV XQLWpV GH FKDTXH EUDQFKH G DFWLYLWp GRLYHQW FKRLVLU OHXU
SURGXLWSKDUH YHUW SURGXLW *UHHQ )ODJVKLS HW HQ GpYHORSSHU DX PRLQV XQ SDU DQ
3DJH
(OOHV GRLYHQW DXVVL GpILQLU OH SRXUFHQWDJH GH OHXU SRUWHIHXLOOH GH SURGXLWV D\DQW pWp
FRQoXV VHORQ TXHOTXHV UqJOHV G pFRFRQFHSWLRQ SURGXLWV (FRGHVLJQ HW PRQWUHU TXH FHWWH
SURSRUWLRQ SRXUUD V DFFURvWUH GXUDQW OD SpULRGH
5HPDUTXH %LHQ HQWHQGX OHV SURGXLWSKDUHV YHUWV HW OHV SURGXLWV D\DQW EpQpILFLp GH
O pFRFRQFHSWLRQ GHYURQW HQ UqJOH JpQpUDOH rWUH FRPSDUpV HW DPpOLRUpV VXU OD EDVH GHV
FLQT FULWqUHV SUpFpGHPPHQW GpILQLV
$X QLYHDX GH OD SURGXFWLRQ OH SURJUDPPH (FR 9LVLRQ YLVH GHV UpGXFWLRQV GH GH OD

SURGXFWLRQ GH GpFKHWV GH GH OD FRQVRPPDWLRQ G pQHUJLH HW GH O HPSORL GH
VXEVWDQFHV GDQJHUHXVHV GH j VHORQ OHXU FDWpJRULH SRXU VDQV FRPSWHU
XQH DPpOLRUDWLRQ GH GHV UHQGHPHQWV pQHUJpWLTXHV O DQQpH GH UpIpUHQFH FKRLVLH
SRXU IL[HU FHV REMHFWLIV pWDQW WRXMRXUV O DQQpH
,O HVW GH SOXV H[LJp TXH WRXV OHV VLWHV GH SURGXFWLRQ VRLHQW FHUWLILpV ,62 HQ
(QILQ GDQV OH EXW GH PRQWUHU TXH 3KLOLSV HVW XQH HQWUHSULVH pFRFLWR\HQQH TXL ±XYUH
SRXU O HQYLURQQHPHQW HOOH HVW WHQXH G pGLWHU GHV UDSSRUWV HQYLURQQHPHQWDX[ OHVTXHOV
GHYUDLHQW IDLUH O REMHW GH YpULILFDWLRQV H[WHUQHV /H GHUQLHU HQ GDWH D pWp pGLWp HQ DYULO
LO SUpVHQWH SOXVLHXUV H[HPSOHV GH SURGXLWV GpYHORSSpV GDQV OH FDGUH GX
SURJUDPPH (FR9LVLRQ GRQW OH OXPLQDLUH (XURSD TXH QRXV DYRQV pWXGLp
8QH WHOOH SROLWLTXH HW OHV SURJUDPPHV G DFWLRQ V \ UDSSRUWDQW VH GpFOLQDQW GDQV OHV QHXI
GLYLVLRQV 3URGXLW GX JURXSH 3KLOLSV F HVW GDQV FH FDGUH TXH QRXV DYRQV HQJDJp XQH
FROODERUDWLRQ DYHF XQH XQLWp GH SURGXFWLRQ IUDQoDLVH GH OD GLYLVLRQ /LJKWLQJ JURXSH
&HWWH XQLWp GH SHUVRQQHV LPSODQWpH j /DPRWWH%HXYURQ HVW PDOJUp VD SHWLWH
WDLOOH XQ &HQWUH GH &RPSpWHQFH ,QWHUQDWLRQDO DSSDUWHQDQW j OD EUDQFKH G DFWLYLWp
/XPLQDLUHV GH 3KLOLSV (FODLUDJH XQH GLYLVLRQ GH 3KLOLSV )UDQFH /HV DFWLYLWpV VRQW D[pHV
VXU OH GpYHORSSHPHQW GH OXPLQDLUHV DUFKLWHFWXUDX[ HW GpFRUDWLIV / XQLWp QH SHXW rWUH
ELHQ HQWHQGX FRQVLGpUpH FRPPH XQH 30( PDLV VH FRPSRUWH QpDQPRLQV FRPPH
WHOOH HOOH GLVSRVH HQ HIIHW G XQH ODUJH DXWRQRPLH WDQW GDQV OD GpILQLWLRQ HW OD FRQFHSWLRQ
GH VHV SURGXLWV TXH GDQV OHXU IDEULFDWLRQ HW OHXU FRPPHUFLDOLVDWLRQ
6RXV O LPSXOVLRQ GX JURXSH FHWWH XQLWp VRXKDLWDQW V HQJDJHU GDQV OD YRLH GH O pFR
FRQFHSWLRQ QRXV D FRQILp XQH PLVVLRQ PXOWLSOH
0LVH j O pSUHXYH G XQ RXWLO G pYDOXDWLRQ HQYLURQQHPHQWDOH j WUDYHUV XQ

ORJLFLHO G $&9
6HQVLELOLVDWLRQ j FHV QRXYHOOHV QRWLRQV G HQYLURQQHPHQWSURGXLW GHV
GLIIpUHQWV VHUYLFHV FRQFHUQpV SDU OH GpYHORSSHPHQW
,QWpJUDWLRQ GH OD GRQQpH HQYLURQQHPHQWDOH GDQV OD 3URFpGXUH GH &UpDWLRQ
GH 3URGXLW 3&3 GX VLWH DLGH GHV pTXLSHV SURMHW GDQV OHXU GpPDUFKH
3DJH
3RXU FRQFOXUH VXU FHW H[SRVp GX FRQWH[WH GH QRWUH FROODERUDWLRQ DYHF 3KLOLSV QRXV
SRXUULRQV GLUH TX j O pYLGHQFH OH JURXSH DIILFKH WUqV QHWWHPHQW VD YRORQWp G DPpOLRUHU VRQ
LPDJH GH PDUTXH HQ VH SUpRFFXSDQW GH O HQYLURQQHPHQW HW FRPPXQLTXH DERQGDPPHQW
VXU VD GpPDUFKH ,O SUpVHQWH GH IDoRQ V\VWpPDWLTXH GHV FULWqUHV JpQpUDX[ G pFR
FRQFHSWLRQ VXU OHVTXHOV OHV XQLWpV GRLYHQW V DSSX\HU PDLV QRXV YHUURQV GDQV OHV SURSRV
TXL YRQW VXLYUH TXH OHXU GpFOLQDLVRQ FRQFUqWH GDQV XQH XQLWp GX JURXSH Q HVW SDV VL
VLPSOH
/(6 35(0,(56 3$6 9(56 / $3352&+( (19,5211(0(17

352'8,7
(Q UpSRQVH DX[ H[LJHQFHV GX JURXSH GDQV OH FDGUH GH VD SROLWLTXH HQYLURQQHPHQWDOH

3KLOLSV /DPRWWH%HXYURQ V HVW GRWpH G XQ 6\VWqPH GH 0DQDJHPHQW (QYLURQQHPHQWDO
FHUWLILp ,62 GpEXW
8QH YRORQWp GH UpGXLUH OH SRLGV GH VHV HPEDOODJHV FRQIRUPpPHQW DX[ REMHFWLIV GHV
SURJUDPPHV VXFFHVVLIV 7KH (QYLURQPHQWDO 2SSRUWXQLW\ HW (FR9LVLRQ DX
SDU UDSSRUW j DYDLW GpMj FRQGXLW O XQLWp j VH SUpRFFXSHU G HQYLURQQHPHQW GDQV OH
PpWLHU PrPH GH OD FRQFHSWLRQ /H JURXSH GH WUDYDLO HPEDOODJH DLQVL FRQVWLWXp SRXU
WURXYHU GH QRXYHOOHV VROXWLRQV FRQGXLVLW DSUqV SOXVLHXUV PRLV GH UpIOH[LRQV O XQLWp j
UpDOLVHU HQ SUqV GH GH UpGXFWLRQ SDU PRGLILFDWLRQ GX V\VWqPH GH UHPSOLVVDJH
GHV HPEDOODJHV
$X QLYHDX PrPH GH VHV SURGXLWV FHSHQGDQW DXFXQH DSSURFKH FRPSOqWH Q DYDLW pWp
HQWUHSULVH MXVTXHOj ELHQ TX XQ FHUWDLQ QRPEUH GH GRFXPHQWV UHODWLIV j FHWWH DSSURFKH
HQYLURQQHPHQWSURGXLW DLHQW pWp WUDQVPLV SDU OH &((2 &RUSRUDWH (QYLURQPHQWDO DQG
(QHUJ\ RIILFH DX UHVSRQVDEOH (QYLURQQHPHQW GX VLWH OHTXHO OHV D SOXV RX PRLQV ELHQ
GLVWULEXpV j FKDFXQ GHV VHUYLFHV FRQFHUQpV 2Q \ WURXYH QRWDPPHQW
☛ OHV GLUHFWLYHV LQWHUQHV GX JURXSH LQVSLUpHV GHV UpJOHPHQWDWLRQV HQYLURQQHPHQWDOHV

LQWHUQDWLRQDOHV FRQFHUQDQW SULQFLSDOHPHQW OHV VXEVWDQFHV LQWHUGLWHV RX
UpJOHPHQWpHV OHV HPEDOODJHV OH PDUTXDJH GHV SLqFHV OD FRPPXQLFDWLRQ YHUWH
/D PLVH HQ SODFH GX 60( D pWp SRVVLEOH JUkFH j OD FRQVWLWXWLRQ G XQH pTXLSH GpQRPPpH *URXSH
2SpUDWLRQQHO (QYLURQQHPHQW *2( (OOH HVW FRQVWLWXpH GH PHPEUHV GH GLIIpUHQWV VHUYLFHV GH O HQWUHSULVH
OH 5HVSRQVDEOH (QYLURQQHPHQW OH 5HVSRQVDEOH 4XDOLWp OH 5HVSRQVDEOH (QWUHWLHQ0DLQWHQDQFH OH FKHI
G DWHOLHU PpFDQLTXHSHLQWXUH OH 5HVSRQVDEOH 03'/ 0DFKLQH DQG 3URGXFW 'RFXPHQWDWLRQ /LJKWLQJ OH
5HVSRQVDEOH GX %( XQ DFKHWHXU HW XQ PDUNHWHXU
/ XQLWp GH /DPRWWH%HXYURQ FRQoRLW HOOHPrPH OHV HPEDOODJHV GH VHV SURGXLWV PDLV QH OHV IDEULTXH SDV
3DJH
☛ GHV GRFXPHQWV UHODWLIV j O pWDW GH OD UpJOHPHQWDWLRQ DX QLYHDX LQWHUQDWLRQDO VXU OD

FRQVRPPDWLRQ G pQHUJLH GDQV OHV SURGXLWV OHV pFRODEHOV OHV HPEDOODJHV OHV
GpFKHWV OHV VXEVWDQFHV WR[LTXHV «
☛ GHV PDQXHOV pYRTXDQW G XQH PDQLqUH JpQpUDOH OD SROLWLTXH GH 3KLOLSV HQ PDWLqUH

G HQYLURQQHPHQW OHV SULQFLSDOHV GpILQLWLRQV j FRQQDvWUH OHV DFWLRQV j PHQHU HW SOXV
VSpFLILTXHPHQW
GHV QRWLRQV GH F\FOH GH YLH GHV UqJOHV G pFRFRQFHSWLRQ SRXU FRQFHYRLU
SRXU GpVDVVHPEOHU WDEOHDX GH FRPSDWLELOLWp GHV SODVWLTXHV UqJOHV VXU OHV
YLV OHV FOLSV « GHV UqJOHV SRXU OHV HPEDOODJHV OHV SUREOqPHV
SRWHQWLHOOHPHQW HQJHQGUpV SDU WHO RX WHO PDWpULDX RX FRPSRVDQW HW OHV
FRQVHLOV SRXU OHV pYLWHU *UHHQ 3DJHV
GHV UqJOHV SRXU pWDEOLU XQH SROLWLTXH GH FRQFHSWLRQ YHUWH GHV RXWLOV
G pYDOXDWLRQ $&9 (FR,QGLFDWRU (FR(VWLPDWRU )DVW )LYH 3RLQW RI 1R
5HWXUQ
☛ GHV QHZVOHWWHUV VSpFLILTXHV DX[ DFWLRQV HQYLURQQHPHQWDOHV GH 3KLOLSV /LJKWLQJ
pODERUpHV SDU OD 6XSSRUW 7HDP (QYLURQPHQWDO 0DQDJHPHQW (OOHV LQIRUPHQW OHV
OHFWHXUV VXU WRXW FH TXL FRQFHUQH O pFODLUDJH HW O HQYLURQQHPHQW HQ PDWLqUH GH
UpJOHPHQWDWLRQ GH FRPPXQLFDWLRQ G pFRODEHOV «
&H VRQW SRXU OD SOXSDUW GHV LQIRUPDWLRQV j FDUDFWqUH JpQpUDO GX JURXSH RX SOXV
VSpFLILTXHPHQW GH OD GLYLVLRQ /LJKWLQJ VDQV DFFRPSDJQHPHQW RX LQIRUPDWLRQ
SDUWLFXOLqUH ,O Q HVW DLQVL IDLW pWDW G DXFXQH UHFRPPDQGDWLRQ VXU O XWLOLVDWLRQ GHV RXWLOV HW OD
PLVH HQ SODFH G XQH RUJDQLVDWLRQ 'HV LQIRUPDWLRQV HW H[SpULHQFHV VRQW WRXWHIRLV
pFKDQJpHV HQWUH OHV GLIIpUHQWHV XQLWpV GH 3KLOLSV )UDQFH HQ SDUWLFXOLHU ORUV GHV UpXQLRQV
GH OHXUV 5HVSRQVDEOHV (QYLURQQHPHQW TXDWUH IRLV SDU DQ HW FHOOHV GH OHXUV JURXSHV GH
WUDYDLO (FRGHVLJQ SOXVLHXUV IRLV SDU DQ PDLV PRLQV UpJXOLqUHV
&RQFHUQDQW OHV OXPLQDLUHV OD SUHPLqUH pWDSH IXW GRQF G pYDOXHU OHV LPSDFWV
HQYLURQQHPHQWDX[ GX F\FOH GH YLH GH SURGXLWV FRQoXV HW DVVHPEOpV VXU OH VLWH ,O
V DJLVVDLW G DERUG GH WHVWHU O DSWLWXGH j O HPSORL HW O HIILFDFLWp SRXU XQ FRQFHSWHXU G XQ
RXWLO UHFRPPDQGp SDU OH JURXSH HW HQVXLWH GH UHFXHLOOLU XQ FHUWDLQ QRPEUH G LQIRUPDWLRQV
VXU OHV HIIHWV QpIDVWHV GHV OXPLQDLUHV SKDVHV FRQFHUQpHV HW FRPSRVDQWV PLV HQ FDXVH
&HV GRFXPHQWV IRQW pWDW GH O DYDQFpH GHV UpJOHPHQWDWLRQV HQ (XURSH HQ $PpULTXH HW HQ $VLH VXU GHV VXMHWV
YDULpV (Q FH TXL FRQFHUQH OHV HPEDOODJHV SDU H[HPSOH LOV QRWLILHQW OHV SRVLWLRQV GHV GLIIpUHQWV SD\V HQ
PDWLqUH GH ORJLVWLTXH LQYHUVH GHV V\VWqPHV pFRQRPLTXHV WD[HV " PLV HQ SODFH GHV H[LJHQFHV GH
FRPSRVLWLRQ GH QRUPHV GH PDUTXDJHV GH V\VWqPHV G LQIRUPDWLRQ GX FOLHQW «
$ /DPRWWH%HXYURQ FH JURXSH (FRGHVLJQ HVW FRQVWLWXp GX 5HVSRQVDEOH (QYLURQQHPHQW GX 5HVSRQVDEOH
%( HW G XQ DFKHWHXU VSpFLDOLVp HPEDOODJH
3DJH
/D VHFRQGH pWDSH FRQVLVWHUD SOXV ORLQ j UpLQWHUURJHU OD GpPDUFKH GH FRQFHSWLRQ SRXU
GpVLJQHU OHV SRLQWV G DQFUDJH GX SDUDPqWUH HQYLURQQHPHQW
0LVHjO pSUHXYHG XQRXWLOG pYDOXDWLRQHQYLURQQHPHQWDOH
/ RXWLO j WHVWHU pWDLW OH ORJLFLHO KROODQGDLV (FRVFDQ EDVp VXU OD PpWKRGH G pYDOXDWLRQ GHV
(FRLQGLFDWHXUV (FR,QGLFDWRU GpFULWH GDQV OH FKDSLWUH SUpFpGHQW SDUWLH 6D PLVH j
O pSUHXYH IXW HIIHFWXpH VXU GHX[ SURGXLWV OXPLQDLUHV HQFDVWUpV (XURSD QRXYHOOH
YHUVLRQ HW (XURSD YHUVLRQ DQWpULHXUH GRQW O pWXGH RXWLO SURGXLWV SURWRFROH

H[SpULPHQWDO HW SULQFLSDX[ UpVXOWDWV HVW GpFULWH GDQV OHV SDUDJUDSKHV FLDSUqV /HV
SURSRV TXL VXLYURQW OD GHVFULSWLRQ GH O pWXGH FRQFHUQHQW HVVHQWLHOOHPHQW QRWUH SRLQW GH
YXH VXU O RXWLO HW OD PpWKRGH OHTXHO SUHQG HQ FRPSWH O DFFXHLO GHV GLIIpUHQWV VHUYLFHV
UpVHUYp DX[ WUDYDX[ VXU OHV HQFDVWUpV 1RXV pYRTXHURQV QRWDPPHQW OHV SULQFLSDX[
DYDQWDJHV HW OLPLWHV G (FRVFDQ
/ DQQH[H GH FH PpPRLUH SUpVHQWH SOXVLHXUV FRSLHV G pFUDQ GX ORJLFLHO HW XQ WDEOHDX
SUpVHQWDQW OHV SULQFLSDOHV UHPDUTXHV TXH QRXV IRUPXORQV DSUqV H[SpULPHQWDWLRQ GH
O RXWLO
2XWLOXWLOLVpHWSURGXLWVpWXGLpV

/ RXWLO XWLOLVp HVW OH ORJLFLHO (&26&$1 GpYHORSSp SDU O HQWUHSULVH KROODQGDLVH 7XUWOH
%D\ HW DFWXHOOHPHQW FRPPHUFLDOLVp SDU OH 712

,QVWLWXWH RI ,QGXVWULDO 7HFKQRORJ\ 'HOIW
3D\V%DV GRQW XQ VHUYLFH HVW FKDUJp GH O DVVLVWDQFH HQ OLJQH GHV XWLOLVDWHXUV
6·DSSX\DQW VXU OD PpWKRGH GHV pFRLQGLFDWHXUV OD YHUVLRQ HPSOR\pH FRQWLHQW
SOXVLHXUV EDVHV GH GRQQpHV (FRLQGLFDWRU HW (FRLQGLFDWRU SOXV FRPSOqWH TXH OD
SUpFpGHQWH
/HV SURGXLWV pWXGLpV TXDQW j HX[ VRQW GHX[ OXPLQDLUHV HQFDVWUpV (XURSD HW (XURSD
RX &)/
JpQpUDOHPHQW XWLOLVpV GDQV OHV IDX[SODIRQGV GHV HQWUHSULVHV GHV JUDQGHV
VXUIDFHV GHV K{WHOV FDIpV UHVWDXUDQWV
/H OXPLQDLUH (XURSD SUpVHQWp GDQV OD ILJXUH HVW FRQVLGpUp FRPPH OD QRXYHOOH YHUVLRQ
G HQFDVWUp DSUqV OD IDPLOOH G (XURSD
1RXV DYRQV XWLOLVp OD SUpFpGHQWH YHUVLRQ GX ORJLFLHO ,O H[LVWH GHSXLV SHX XQH YHUVLRQ
/D SDJH LQWHUQHW GX 712 FRQVDFUpH DX ORJLFLHO (FRVFDQ HVW j O DGUHVVH VXLYDQWH
KWWSZZZLQGWQRQOHQSURGXFWGHYHORSPHQWHFRVFDQ
&)/ &RPSDFW )OXRUHVFHQW /DPS
3DJH
)LJXUH /XPLQDLUH HQFDVWUp (XURSD pWXGLp DYHF OH ORJLFLHO (FRVFDQ
3URWRFROHGHO pWXGH
/ pWXGH HQYLURQQHPHQWDOH GHV GHX[ OXPLQDLUHV HQFDVWUpV D pWp UpDOLVpH GDQV OHV
FRQGLWLRQV VXLYDQWHV
− / XQLWp IRQFWLRQQHOOH TXL WUDGXLW OH VHUYLFH UHQGX SDU OHV HQFDVWUpV D pWp FKRLVLH
SRXU OHV GHX[ SURGXLWV FRPPH O pFODLUDJH SHQGDQW KHXUHV SDU MRXU MRXUV SDU
DQ VXU XQH SpULRGH GH DQV WHPSV PR\HQ DX ERXW GXTXHO OHV HQFDVWUpV VRQW
UHPSODFpV
− /H FKRL[ GHV IURQWLqUHV GX V\VWqPH pWXGLp GH PDQLqUH j OLPLWHU OH FKDPS GH O pWXGH

HW UHQGUH OD WkFKH SOXV VLPSOH IXW GH GLVWLQJXHU OHV pWDSHV LQFOXVHV GHV pWDSHV
H[FOXHV GHV FDOFXOV
'DQV QRWUH FDV OHV pWDSHV LQFOXVHV GDQV OH V\VWqPH VRQW OHV VXLYDQWHV
ª )DEULFDWLRQ
/D IDEULFDWLRQ GHV PDWpULDX[ FRQVWLWXWLIV GHV GLIIpUHQWV FRPSRVDQWV GHV HQFDVWUpV

H[WUDFWLRQ GHV PDWLqUHV SUHPLqUHV SULVH HQ FRPSWH \ FRPSULV O HPEDOODJH
/HV SURFpGpV GH PLVH HQ IRUPH GHV PDWpULDX[ GDQV OHV FRPSRVDQWV
/ DVVHPEODJH GHV FRPSRVDQWV FKH] 3KLOLSV (FODLUDJH 2QW pWp FDOFXOpHV OHV
FRQVRPPDWLRQV G pQHUJLH UHODWLYHV DX[ YLVVHXVHV XWLOLVpHV GDQV OHV FKDvQHV GH
PRQWDJH OHV VHXOV RXWLOV pOHFWULTXHV XWLOLVpV DX PRQWDJH
/H WUDQVSRUW GH FKDFXQ GHV FRPSRVDQWV \ FRPSULV O HPEDOODJH GHSXLV OH IRXUQLVVHXU
MXVTXH FKH] 3KLOLSV
3DJH
ª 'LVWULEXWLRQ
/H WUDQVSRUW GHV HQFDVWUpV WHUPLQpV MXVTXH FKH] OH FOLHQW ILQDO WURLV GHVWLQDWLRQV
GLIIpUHQWHV RQW pWp FKRLVLHV OD )UDQFH /\RQ O ,WDOLH 5RPH HW O $XWULFKH 9LHQQH
5HPDUTXH /D GLVWULEXWLRQ V HIIHFWXH SRXU FKDTXH SD\V j GHV SRLQWV FHQWUDX[ G R OHV
FRPPDQGHV SDUWLURQW FKH] FKDFXQ GHV FOLHQWV
ª 8WLOLVDWLRQ
/D FRQVRPPDWLRQ G pQHUJLH GHV HQFDVWUpV SRXU O XQLWp IRQFWLRQQHOOH FKRLVLH pFODLUDJH

KHXUHV SDU MRXU MRXUV SDU DQ SHQGDQW DQV GDQV OHV WURLV SD\V FRQVLGpUpV
ª )LQGHYLH
/H WUDLWHPHQW GH FKDFXQ GHV FRPSRVDQWV \ FRPSULV O HPEDOODJH GHV HQFDVWUpV DSUqV

GpPRQWDJH
/HV pWDSHV H[FOXHV GX V\VWqPH VRQW OHV VXLYDQWHV
/H F\FOH GH YLH GHV ODPSHV XWLOLVpHV 3/& : IDEULTXpHV SDU G DXWUHV XQLWpV GH
3KLOLSV (FODLUDJH
/H F\FOH GH YLH GHV PDFKLQHV HW RXWLOV XWLOLVpV
/H F\FOH GH YLH GHV HPEDOODJHV GHV FRPSRVDQWV QpJOLJHDEOHV
/H F\FOH GH YLH GHV LQIUDVWUXFWXUHV URXWHV XVLQHV HW GHV PR\HQV GH WUDQVSRUW
HPSOR\pV
/H WUDLWHPHQW GHV FKXWHV GH IDEULFDWLRQ SRXU FKDFXQ GHV FRQVWLWXDQWV DXFXQH
GRQQpH
/H GpPRQWDJH GHV HQFDVWUpV HQ ILQ GH YLH DXFXQH GRQQpH HQ SDUWLFXOLHU VXU OD
FRQVRPPDWLRQ G pQHUJLH HQJHQGUpH GLIILFLOH j FKLIIUHU
/HV WUDQVSRUWV GHV HQFDVWUpV VXU OHXU OLHX GH GpPRQWDJH HW GH FKDFXQ GHV FRPSRVDQWV
VXU OHXU OLHX GH WUDLWHPHQW DXFXQH GRQQpH
/ H[LVWHQFH G pYHQWXHOV FRSURGXLWV
/HV UDLVRQV GH O H[FOXVLRQ GH FHUWDLQHV pWDSHV VRQW PXOWLSOHV (OOHV SHXYHQW rWUH LQWHUQHV
RQ VRXKDLWH VH IRFDOLVHU VXU OH F\FOH GH YLH GH O HQFDVWUp VDQV WHQLU FRPSWH GHV pWDSHV GX
F\FOH GH YLH GHV PDFKLQHV HW LQIUDVWUXFWXUHV RX GHV FRQVWLWXDQWV GLWV PDUJLQDX[ HQ
WHUPH GH IOX[ WHPSRUDLUHV RQ PDQTXH GH GRQQpHV GHV IRXUQLVVHXUV GH WHO RX WHO
FRQVWLWXDQW RX FRQWH[WXHOOHV OHV LPSDFWV DVVRFLpV j WHOOH RX WHOOH pWDSH VH VRQW UpYpOpV
QpJOLJHDEOHV
3DJH
&RQFHUQDQW OHV K\SRWKqVHV VXU OHV WUDLWHPHQWV HQ ILQ GH YLH GHV GLIIpUHQWV FRPSRVDQWV HQ
LPDJLQDQW TXH OHV HQFDVWUpV XVDJpV VRLHQW UpFXSpUpV LO D pWp GpFLGp TXH OHV PDWpULDX[
GHV FRPSRVDQWV SRXUUDLHQW rWUH YDORULVpV DSUqV GpPRQWDJH GHV HQFDVWUpV
' XQH PDQLqUH JpQpUDOH QRXV DYRQV FRQVLGpUp TXH
O HQFDVWUp SHXW rWUH FROOHFWp HQ ILQ GH YLH HW GpPRQWp

OHV PDWLqUHV PpWDOOLTXHV IHUUHXVHV HW QRQ IHUUHXVHV SHXYHQW rWUH UHF\FOpHV DVVH]
DLVpPHQW HQ ERXFOH IHUPpH SRXU OH PrPH XVDJH RX RXYHUWH SRXU XQ XVDJH
GLIIpUHQW
OHV PDWLqUHV SODVWLTXHV SHXYHQW rWUH UHF\FOpHV j XQ QLYHDX LQIpULHXU
OH FDUWRQ HVW UHF\FOp
OHV FRPSRVDQWV SOXV FRPSOH[HV FRQVWLWXpV GH QRPEUHX[ PDWpULDX[ HQ SHWLWH TXDQWLWpV
VRQW LQFLQpUpV SXLVTXH OHXU GpPRQWDJH Q HVW QL WUqV DLVp QL pFRQRPLTXHPHQW YDODEOH
YX OHV IDLEOHV TXDQWLWpV GH PDWpULDX[
1RXV DYRQV HQ RXWUH FRQVLGpUp OHV VFpQDULRV G LQFLQpUDWLRQ FRPSOqWH GH O HQFDVWUp HW GH

PLVH HQ GpFKDUJH
3RXU FH TXL FRQFHUQH OHV GRQQpHV HW OHV FDOFXOV OD SOXSDUW GHV pFRLQGLFDWHXUV SULV HQ
FRPSWH VRQW LVVXV GH OD EDVH GH GRQQpHV (FRLQGLFDWRU /HV YDOHXUV PDQTXDQWHV RQW
pWp IRXUQLHV SDU XQH XQLWp GX JURXSH 3KLOLSV VSpFLDOLVpH GDQV OH FDOFXO GHV pFR
LQGLFDWHXUV
&RQFHUQDQW OHV WUDQVSRUWV OHV GLVWDQFHV VpSDUDQW OH OLHX G DVVHPEODJH GX OLHX GH
IDEULFDWLRQ GH FKDFXQ GHV FRPSRVDQWV RQW pWp FDOFXOpHV HW PXOWLSOLpHV SDU OHV PDVVHV GHV
FRPSRVDQWV SRXU REWHQLU GHV YDOHXUV HQ WNP /H PRGH GH WUDQVSRUW FKRLVL HVW XQ FDPLRQ
GH WRQQHV
3RXU OD FRQVRPPDWLRQ pQHUJpWLTXH LO D pWp WHQX FRPSWH GX SD\V GDQV OHTXHO O HQFDVWUp
VHUDLW XWLOLVp pFRLQGLFDWHXU FRUUHVSRQGDQW j 0- G pQHUJLH FRQVRPPp YDULDQW G XQ SD\V
j O DXWUH VHORQ OD SROLWLTXH pQHUJpWLTXH QDWLRQDOH
3ULQFLSDX[UpVXOWDWVG pWXGH
/HV UpVXOWDWV SUpVHQWpV LFL FRQFHUQHQW SULQFLSDOHPHQW OH VFRUH HQYLURQQHPHQWDO SRXU OH

F\FOH GH YLH FRPSOHW GH FKDFXQ GHV HQFDVWUpV HW SRXU FKDFXQH GHV SKDVHV IDEULFDWLRQ
GLVWULEXWLRQ XWLOLVDWLRQ ILQ GH YLH
3DJH
(WXGHVXUOHOXPLQDLUHHQFDVWUp(XURSD
3RXU O (XURSD QRXYHOOH YHUVLRQ G HQFDVWUp O pWXGH D SHUPLV G pWDEOLU XQ pFRLQGLFDWHXU

JOREDO SRXU OH F\FOH GH YLH FRPSOHW GH
PLOOLSRLQWV P3W
/D ILJXUH FLDSUqV UHSUpVHQWDQW O LPSDFW UHODWLI GH FKDFXQH GHV SKDVHV GX F\FOH GH YLH
GH O HQFDVWUp XWLOLVp HQ )UDQFH SHUPHW GH PHWWUH HQ pYLGHQFH OD SUpGRPLQDQFH GH
O LPSDFW GH OD SKDVH G XWLOLVDWLRQ SDU UDSSRUW DX[ DXWUHV IDEULFDWLRQ ILQ GH
YLH HW GLVWULEXWLRQ
L ife cycle
144.29101 m P t
Production: 20 %
Res t: 1 %
Dis pos al: 6 %
Usage: 74 %
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GH FKDFXQH GHV SKDVHV
GX F\FOH GH YLH GH O HQFDVWUp (XURSD HQ )UDQFH
/HV UpVXOWDWV VXLYDQWV FRQFHUQHQW FKDFXQH GHV SKDVHV HW SHUPHWWHQW G LGHQWLILHU OHV
FRPSRVDQWV HW PDWpULDX[ OHV SOXV LPSDFWDQWV F HVWjGLUH FHX[ SUpVHQWDQW O pFR
LQGLFDWHXU RX VFRUH HQYLURQQHPHQWDO OH SOXV pOHYp
3KDVHGHIDEULFDWLRQ
3RXU FHWWH SKDVH SUpVHQWDQW XQ pFRLQGLFDWHXU GH P3W RQ SHXW FRQVWDWHU DLVpPHQW
TXH OH FRPSRVDQW OH SOXV LPSDFWDQW HVW OH EDOODVW WUDQVIRUPDWHXU FRQYHQWLRQQHO TXL
FRQWULEXH j j O LPSDFW JOREDO GH OD IDEULFDWLRQ
3DJH
E n castré C FL
28.24750 mP t
Collerette déc orative: 2 %
Réf lecteur: 5 %
Couv erc le: 1 %
Boîtier: 2 %
Ballas t 230 V : 78 %
Rest: 5 %
Boîte emballage: 2 %
Ress ort A s clip: 2 %
Ress ort d'appui: 1 %
Bride ballast: 2 %
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GH FKDFXQ GHV

FRPSRVDQWV GH O (XURSD HQ SKDVH GH IDEULFDWLRQ
1RXV DYRQV FRQVLGpUp TXH OH EDOODVW 9 GH J pWDLW FRQVWLWXp GH J G DFLHU J
GH FXLYUH HW J GH UpVLQH SRO\HVWHU 3RXU XQ VFRUH GH P3W GH O LPSDFW
HQYLURQQHPHQWDO VRQW GXV j O XWLOLVDWLRQ GH ILOV GH FXLYUH GDQV OHV ERELQDJHV GX
WUDQVIRUPDWHXU HW j O XWLOLVDWLRQ G DFLHU
5HPDUTXH (IIHFWLYHPHQW G DSUqV OD EDVH GH GRQQpHV XWLOLVpH RQ DWWULEXH j OD IDEULFDWLRQ
G NJ GH ILO GH FXLYUH PP O pFRLQGLFDWHXU P3W DORUV TXH SRXU OD IDEULFDWLRQ
G NJ G DFLHU O pFRLQGLFDWHXU HVW GH P3W
3RXU FH TXL FRQFHUQH OHV WUDQVSRUWV GH FKDFXQ GHV FRPSRVDQWV OD SOXSDUW RQW XQ LPSDFW
QpJOLJHDEOH SXLVTXH OHV PDVVHV WUDQVSRUWpHV SRXU XQ VHXO HQFDVWUp VRQW WUqV IDLEOHV
WRXWHV LQIpULHXUHV j J
3DJH
/D ILJXUH VXLYDQWH UHSUpVHQWH OHV LPSDFWV UHODWLIV GHV DXWUHV FRPSRVDQWV VL O RQ IDLW
DEVWUDFWLRQ GX EDOODVW 2Q UHPDUTXH TXH OH VHFRQG FRPSRVDQW OH SOXV LPSDFWDQW HVW OH
UpIOHFWHXU FRQVWLWXp GH SODVWLTXH 3& PpWDOOLVp $O F HVW OD PpWDOOLVDWLRQ TXL SRVH GHV
SUREOqPHV
E n c a s tré C F L
6 .0 7 5 0 5 m P t
Réf lec teur: 22 %
Cou v erc le: 5 %
Collerette d éc orativ e: 8 %
Boîtier: 11 %
V as que pris ma tique: 4 %
Res t: 2 %
Dou ille PLC 18 W orien table: 3 %
Bloque c âb les : 2 %
Câb le 1 (grand bleu): 1 %
Câble (blanc ): 2 % Cale emballage: 4 %
Câb le (petit bleu): 1 %
Son de thermique: 3 %
Brid e ballas t: 9 %
Res s ort A s c lip: 11 %

Res s ort d'appu i: 5 %
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GH FKDFXQ GHV

FRPSRVDQWV GH O (XURSD VDQV OH EDOODVW HQ SKDVH GH IDEULFDWLRQ
3KDVHGHGLVWULEXWLRQ
& HVW OD SKDVH TXL FRQFHUQH OH WUDQVSRUW GH O HQFDVWUp DVVHPEOp VXU VRQ OLHX G XWLOLVDWLRQ
1RXV DYRQV SRXU FHOD FKRLVL WURLV GHVWLQDWLRQV FRPPH SUpFpGHPPHQW GpFULW /\RQ 5RPH
HW 9LHQQH
3RXU OHV WURLV FDV O LPSDFW GX WUDQVSRUW UHVWH IDLEOH SXLVTX LO QH UHSUpVHQWH HQ PR\HQQH
TX GH O LPSDFW JOREDO $ QRWHU TX LO V DJLW G XQ WUDQVSRUW SDU FDPLRQ / XWLOLVDWLRQ G XQ
DYLRQ RX G XQ EDWHDX VHUDLW SUREDEOHPHQW SOXV QXLVLEOH j O HQYLURQQHPHQW
3KDVHG XWLOLVDWLRQ
&HWWH SKDVH HVW FDUDFWpULVpH GDQV QRWUH pWXGH SDU OD FRQVRPPDWLRQ pQHUJpWLTXH GH
O HQFDVWUp 3RXU XQ pFODLUDJH PR\HQ GH KHXUHV SDU MRXU MRXUV SDU DQ GXUDQW DQV
XQLWp IRQFWLRQQHOOH FKRLVLH DYHF XQH SXLVVDQFH GH : OD FRQVRPPDWLRQ G pQHUJLH HVW
3DJH
GH N:K & HVW OD SKDVH GX F\FOH GH YLH OD SOXV LPSDFWDQWH SXLVTXH VD FRQWULEXWLRQ j
O LPSDFW JOREDO HVW G DX PRLQV 'DQV OH FDV G XQ HQFDVWUp (XURSD XWLOLVp HQ ,WDOLH
FHWWH SURSRUWLRQ GHYLHQW PrPH
(Q IDLW FHWWH SURSRUWLRQ YD GpSHQGUH GH OD SROLWLTXH pQHUJpWLTXH GX SD\V R O HQFDVWUp HVW
LQVWDOOp 'DQV QRWUH FDV FHWWH pWXGH PRQWUH OHV DYDQWDJHV GH O pQHUJLH QXFOpDLUH
IUDQoDLVH SDU UDSSRUW j O pQHUJLH WKHUPLTXH LWDOLHQQH HW FH DX VHQV SXUHPHQW pFRORJLTXH
F HVWjGLUH HQ WHUPHV GH UHMHWV DWPRVSKpULTXHV JD] j HIIHW GH VHUUH VDQV UHQWUHU
GDQV OD SROpPLTXH VXU OHV GpFKHWV QXFOpDLUHV 2Q UHPDUTXH HQ HIIHW G DSUqV
O KLVWRJUDPPH GH OD ILJXUH TXH O pFRLQGLFDWHXU JOREDO GX F\FOH GH YLH G XQ OXPLQDLUH
XWLOLVp HQ ,WDOLH HVW SUDWLTXHPHQW TXDWUH IRLV VXSpULHXU j FHOXL G XQ OXPLQDLUH XWLOLVp
HQ )UDQFH /D GLIIpUHQFH VH VLWXH DX QLYHDX GHV LPSDFWV GH OD SKDVH G XWLOLVDWLRQ
FDUDFWpULVpH SDU OD FRQVRPPDWLRQ pQHUJpWLTXH GX OXPLQDLUH
C o m p are p ro d u cts
900.00000 mPt
850.00000
827.47606
800.00000
750.00000
700.00000
650.00000
600.00000
550.00000
500.00000
450.00000
400.00000
350.00000
300.00000
248.22079
250.00000
200.00000
150.00000 144.29101
100.00000
50.00000
0.00000
Enc as tré CFL Enc as tré CFL #2 Enc as tré CFL #3
)LJXUH +LVWRJUDPPH UHSUpVHQWDQW O LPSDFW JOREDO H[SULPp HQ P3W GH FKDFXQ GHV WURLV F\FOHV GH
YLH GH O HQFDVWUp (XURSD &)/ HQ )UDQFH &)/ HQ ,WDOLH &)/ HQ $XWULFKH
3KDVHGHILQGHYLH
/D ILJXUH FLDSUqV PHW HQ pYLGHQFH XQH IRLV GH SOXV O LPSDFW PDMRULWDLUH j UHODWLI DX
WUDLWHPHQW GX EDOODVW HQ ILQ GH YLH 2Q D VXSSRVp HQ SUHPLqUH K\SRWKqVH TXH O HQFDVWUp
pWDLW FROOHFWp GpPRQWp HW TXH GDQV OD PHVXUH GX SRVVLEOH OHV SLqFHV UHF\FODEOHV pWDLHQW
UHF\FOpHV PpWDX[ SODVWLTXHV 'DQV FH FDV SRXU GHV FRPSRVDQWV FRPPH OH EDOODVW
O LQFLQpUDWLRQ D pWp FKRLVLH
3DJH
&HWWH IRUWH FRQWULEXWLRQ GX EDOODVW j O LPSDFW JOREDO HVW GXH j OD TXDQWLWp G pQHUJLH
QpFHVVDLUH SRXU LQFLQpUHU OHV ERELQDJHV GH FXLYUH HW OHV W{OHV PDJQpWLTXHV HQUREpV GDQV
XQH UpVLQH SRO\HVWHU
Encastré CFL
Sonde thermique: 1 %
7.94247 mPt Douille PLC 18 W orientable: 1 %
Vasque prismatique: 2 %
Collerette décorative: 1 %
Réflecteur: 8 %
Couvercle: 3 %
Boîtier: 6 %
Rest: 3 %
Ballast 230 V: 74 %
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GX WUDLWHPHQW HQ ILQ GH

YLH GH FKDTXH FRPSRVDQW GH O (XURSD HQ )UDQFH 6FpQDULR DYHF UHF\FODJH LQFLQpUDWLRQ
'DQV O K\SRWKqVH R WRXV OHV FRPSRVDQWV VHUDLHQW LQFLQpUpV HQ ILQ GH YLH RQ REWLHQW OH
UpVXOWDW GH OD ILJXUH VXLYDQWH
Encastré CFL
Sonde thermique: 1 %
8.36006 mPt
Douille PLC 18 W orientable: 1 %
Réf lecteur: 8 %
Couvercle: 3 %
Boîtier: 6 %
Rest: 2 %
Cale emballage: 1 %
Ballast 230 V: 70 % Bride ballast: 2 %

YLH GH FKDTXH FRPSRVDQW GH O (XURSD HQ )UDQFH 6FpQDULR LQFLQpUDWLRQ FRPSOqWH
3DJH
2Q FRQVWDWH TXH O pFRLQGLFDWHXU GH ILQ GH YLH UHVWH SURFKH GH FHOXL GX VFpQDULR
SUpFpGHQW /D GLIIpUHQFH G LPSDFW HQWUH OH UHF\FODJH GHV PpWDX[ HW SODVWLTXHV HW OHXU
LQFLQpUDWLRQ Q HVW GRQF SDV WUqV DSSUpFLDEOH DYHF OH ORJLFLHO XWLOLVp
2Q QH SHXW PHVXUHU DLQVL O LQWpUrW GH SRXYRLU UHF\FOHU XQ FRPSRVDQW PpWDOOLTXH RX
SODVWLTXH HW V DIIUDQFKLU G XQH FHUWDLQH TXDQWLWp GH QXLVDQFHV VXU O HQYLURQQHPHQW ORUV GH
OD IDEULFDWLRQ GH FHWWH SLqFH j SDUWLU GHV PDWLqUHV SUHPLqUHV
6L RQ LPDJLQH HQILQ TXH OH SURGXLW HQ ILQ GH YLH SHXW rWUH PLV HQ GpFKDUJH RQ REWLHQW OHV
UpVXOWDWV VXLYDQWV
E n ca s tré C F L
0.69 9 81 m Pt
Ballast 230 V : 82 %
Ré f lecteur: 1 %
Re st: 5 %
Ca le emballage : 2 %
Boîte emballage : 5 %
Bride b alla st: 4 %

YLH GH FKDTXH FRPSRVDQW GH O (XURSD HQ )UDQFH 6FpQDULR GH PLVH HQ GpFKDUJH GX OXPLQDLUH
2Q UHPDUTXH LPPpGLDWHPHQW TXH FH VFpQDULR JpQqUH PRLQV GH SROOXWLRQV WUqV IDLEOH
pFRLQGLFDWHXU SXLVTXH HIIHFWLYHPHQW DXFXQ WUDLWHPHQW Q HQJHQGUH HQ SDUWLFXOLHU GH
UHMHWV DWPRVSKpULTXHV HW GH FRQVRPPDWLRQ G pQHUJLH /H EDOODVW HVVHQWLHOOHPHQW
PpWDOOLTXH HQJHQGUH XQH IRLV GH SOXV OHV LPSDFWV OHV SOXV VLJQLILFDWLIV UHODWLYHPHQW DX[
DXWUHV FRPSRVDQWV
,O YD VDQV GLUH TX XQ WHO VFpQDULR VXSSRVH GH JUDQGHV TXDQWLWpV GH GpFKHWV LO GHYUDLW
GLVSDUDvWUH j O KRUL]RQ R G DSUqV OD UpJOHPHQWDWLRQ ORLV GX HW GX
OHV LQVWDOODWLRQV G pOLPLQDWLRQ GHV GpFKHWV SDU VWRFNDJH QH VHURQW DXWRULVpHV j DFFXHLOOLU
TXH GHV GpFKHWV XOWLPHV
3DJH
(WXGHVXUOHOXPLQDLUHHQFDVWUp(XURSD
3RXU FH TXL FRQFHUQH OH OXPLQDLUH HQFDVWUp (XURSD OHV UpVXOWDWV VRQW VHQVLEOHPHQW OHV
PrPHV TXH VXU O (XURSD SXLVTXH SRXU OH F\FOH GH YLH FRPSOHW O pFRLQGLFDWHXU JOREDO
HVW GH P3W VRLW OpJqUHPHQW VXSpULHXU j FHOXL GH O (XURSD P3W
3RXU FKDFXQH GHV SKDVHV GX F\FOH GH YLH GH O (XURSD OHV REVHUYDWLRQV VRQW OHV PrPHV
TXH SRXU O (XURSD
/D SKDVH G XWLOLVDWLRQ D XQ LPSDFW UHODWLI PDMHXU SDU UDSSRUW DX[ DXWUHV SKDVHV
IDEULFDWLRQ ILQ GH YLH HW GLVWULEXWLRQ SRXU XQ HQFDVWUp XWLOLVp HQ
)UDQFH
/H EDOODVW HVW OH FRPSRVDQW OH SOXV LPSDFWDQW HQ IDEULFDWLRQ GH O LPSDFW GH OD
SKDVH GH IDEULFDWLRQ OH ERvWLHU HQ DFLHU pWDQW OH VHFRQG
/ LPSDFW GX WUDQVSRUW GH O HQFDVWUp ORUV GH OD GLVWULEXWLRQ HVW PLQLPH
/H WUDLWHPHQW HQ ILQ GH YLH GX EDOODVW LQFLQpUDWLRQ HVW HQFRUH OH SOXV QXLVLEOH HW
UHSUpVHQWH GH O LPSDFW JOREDO GH OD SKDVH GH ILQ GH YLH WUDLWHPHQW WUqV
pQHUJLYRUH
2Q QH SHXW FRQVWDWHU HQ GpILQLWLYH TX XQH IDLEOH DPpOLRUDWLRQ GX SRLQW GH YXH SXUHPHQW

pFRORJLTXH HQWUH OD QRXYHOOH YHUVLRQ G HQFDVWUp (XURSD HW OD SUpFpGHQWH (XURSD
&HWWH IDLEOH GLIIpUHQFH G pFRLQGLFDWHXU SRXUUDLW V H[SOLTXHU SDU OH IDLW TX (XURSD
FRQWLHQW GDYDQWDJH GH PDWLqUHV SODVWLTXHV PRLQV QXLVLEOHV j O HQYLURQQHPHQW DX QLYHDX
GH OHXU IDEULFDWLRQ HOOHV UHTXLqUHQW SDU H[HPSOH PRLQV G pQHUJLH ORUV GH OHXU PLVH HQ
RHXYUH PDLV LO HVW SOXV ORXUG HW FRQWLHQW GHV SLqFHV VXSSOpPHQWDLUHV ' DXWUH SDUW OHV
GHX[ YHUVLRQV XWLOLVHQW OHV PrPHV W\SHV GH EDOODVWV FRQYHQWLRQQHOV FRPSRVDQWV D SULRUL
OHV SOXV LPSDFWDQWV
2Q QRWHUD WRXWHIRLV TXH FHWWH GLIIpUHQFH HVW YUDLPHQW SHX VLJQLILFDWLYH P3W HW TXH
GDQV FH FDV SUpFLV O·pWXGH (FRVFDQ QRQ GLVFULPLQDQWH QH SHUPHW SDV GH FRQVWDWHU XQ
FRPSRUWHPHQW LQFRQWHVWDEOHPHQW SOXV HQYLURQQHPHQWDO GX OXPLQDLUH (XURSD (Q HIIHW
YX OD VXEMHFWLYLWp GH FH JHQUH G·DQDO\VH GRQW OHV UpVXOWDWV GpSHQGHQW DXVVL JUDQGHPHQW
GHV K\SRWKqVHV SRVpHV GX QRPEUH HW GH OD TXDOLWp GHV GRQQpHV XWLOLVpHV HVWLO
UDLVRQQDEOH GH SHQVHU TXH OHV P3W G·pFDUW VRLW GH OD YDOHXU GH O·pFRLQGLFDWHXU
JOREDO VRQW VFLHQWLILTXHPHQW YDODEOHV HW VXIILVHQW j HQ FRQFOXUH TXH O·(XURSD HVW SOXV
pFRORJLTXH " &HOD QH VXIILW SDV j QRWUH VHQV«
1RXV SRUWLRQV SOXV KDXW GHV VRXSoRQV VXU O HIIHW YLVLEOHPHQW QXLVLEOH GX EDOODVW ,O V HVW DJL
j FH SURSRV G LPDJLQHU XQ OXPLQDLUH HQFDVWUp (XURSD VDQV FH EDOODVW FRQYHQWLRQQHO DILQ
GH FRQILUPHU RX G LQILUPHU FHV VRXSoRQV
3DJH
(WXGH VXU XQH YHUVLRQ GH OXPLQDLUH HQFDVWUp VDQV OH EDOODVW
FRQYHQWLRQQHO
8QH WHOOH YHUVLRQ VDQV OH EDOODVW W{OHV PDJQpWLTXHV ERELQDJHV GH FXLYUH H[LVWH LO V DJLW
G XQH YHUVLRQ GLWH +) +DXWH )UpTXHQFH SRXU ODTXHOOH OH EDOODVW XWLOLVp HVW pOHFWURQLTXH
/ pWXGH DYHF (FRVFDQ QRXV D GRQQp OHV SULQFLSDX[ UpVXOWDWV VXLYDQWV
• / pFRLQGLFDWHXU JOREDO GX F\FOH GH YLH FRPSOHW GH OD YHUVLRQ +) HVW GH P3W
DORUV TX LO pWDLW GH P3W SRXU O (XURSD VWDQGDUG VRLW SUHVTXH HQ PRLQV
G LPSDFWV
• /HV SURSRUWLRQV UHODWLYHV GHV LPSDFWV GH FKDFXQH GHV SKDVHV VRQW VHQVLEOHPHQW OHV
PrPHV SXLVTXH O XWLOLVDWLRQ UHSUpVHQWH GHV LPSDFWV OD IDEULFDWLRQ OD ILQ GH
YLH HW OD GLVWULEXWLRQ
/D GLIIpUHQFH HQWUH OHV GHX[ YHUVLRQV VH VLWXH HQ JUDQGH SDUWLH DX QLYHDX GH OD SKDVH
G XWLOLVDWLRQ SXLVTXH OHV LPSDFWV GH OD IDEULFDWLRQ HW GH OD ILQ GH YLH UHVWHQW SUHVTXH
LQFKDQJpV 3RXU FHV GHUQLqUHV G DLOOHXUV O LPSDFW UHODWLI DX EDOODVW pOHFWURQLTXH HVW
WRXMRXUV OH SOXV JUDQG SDU UDSSRUW j FHX[ GHV DXWUHV FRPSRVDQWV VDQV rWUH DXWDQW
PDMRULWDLUH HQ IDEULFDWLRQ HW HQ ILQ GH YLH +\SRWKqVH GH FDOFXO LQFLQpUDWLRQ
GX EDOODVW
/HV ILJXUHV HW FLDSUqV UHSUpVHQWHQW OHV LPSDFWV GHV SKDVHV GH IDEULFDWLRQ HW GH ILQ
GH YLH
3DJH
E ncastré C FL version H F
8.89490 mP t
Collerette déc orativ e: 5 %
V as que pris matique: 3 % Réf lec teur: 15 %
Câble (grand bleu): 3 %
Couvercle: 3 %
Boîtier: 8 %
Res t: 2 %
Câble (petit blanc ): 1 %
Câble (grand blanc ): 2 %
Bloque c âbles : 1 %
Cale emballage: 2 %
Ballast Elec tronique: 36 %
Res sort A s clip: 7 %

Res sort d'appui: 3 %
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GH OD IDEULFDWLRQ GHV

GLIIpUHQWV FRPSRVDQWV GH O (XURSD RX &)/ YHUVLRQ +)
Encastré CFL
3.143 mPt
Couvercle: 7 %
Réf lecteur: 20 %
Boîtier: 16 %
Rest: 3 %
Câble (grand blanc): 2 %

Câble (grand bleu): 2 %
Cale emballage: 2 %
Ballast Electronique: 34 %
)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GHV WUDLWHPHQWV GH ILQ
GH YLH GH FKDFXQ GHV FRPSRVDQWV GH O (XURSD YHUVLRQ +)
&HWWH QRXYHOOH pWXGH D SHUPLV GH FRQILUPHU OHV HIIHWV QpJDWLIV GX EDOODVW FRQYHQWLRQQHO
VXU O HQYLURQQHPHQW
3DJH
$ QRWHU WRXWHIRLV TXH OHV ODPSHV QRQ SULVHV HQ FRPSWH GDQV O pWXGH VRQW DXVVL
UHVSRQVDEOHV GH O LPSDFW GH OD SKDVH G XWLOLVDWLRQ /D YHUVLRQ +) HVW PRLQV LPSDFWDQWH
TXH OD YHUVLRQ VWDQGDUG FH SHXW rWUH G QRQ VHXOHPHQW DX FKDQJHPHQW GH EDOODVW PDLV
DXVVL j FHOXL GHV ODPSHV PRLQV pQHUJLYRUHV
&ULWLTXHVGHO RXWLO(FRVFDQVHVDYDQWDJHV
/D PLVH j O pSUHXYH GH FH ORJLFLHO VRXKDLWp VLPSOH HW SUDJPDWLTXH SDU VHV FRQFHSWHXUV D

SHUPLV G LGHQWLILHU XQ FHUWDLQ QRPEUH GH VHV DYDQWDJHV ,O D DLQVL pWp FRQoX SRXU rWUH
HPSOR\p UDSLGHPHQW HIILFDFHPHQW SDU GHV XWLOLVDWHXUV SHX IDPLOLDULVpV DYHF OHV
PpWKRGHV G $&9 ' DSUqV QRWUH H[SpULPHQWDWLRQ LO SUpVHQWH QRWDPPHQW OHV LQWpUrWV
VXLYDQWV
ª 8QH JUDQGH IDFLOLWp G HPSORL
,O HVW WUqV DLVp G LQVpUHU j SDUWLU GH OD EDVH GH GRQQpHV OHV pFRLQGLFDWHXUV UHODWLIV j
XQ PDWpULDX RX SURFpGp LQWpJUp GDQV OD IHXLOOH GH FDOFXO
,O VXIILW GH ELHQ FRQQDvWUH OH SURGXLW j pYDOXHU VHV FRPSRVDQWV OHV PDWpULDX[
FRQVWLWXWLIV OHV SURFpGpV GH PLVH HQ IRUPH OD FRQVRPPDWLRQ G pQHUJLH HQ SKDVH
G XWLOLVDWLRQ «
ª 'HV EDVHV GH GRQQpHV IDFLOHV j FUpHU HW PDQLSXOHU
/HV EDVHV GH GRQQpHV GX ORJLFLHO 12+ (FRLQGLFDWRU (FRLQGLFDWRU «

VRQW HQ HIIHW HQFRUH LQFRPSOqWHV ,O HVW WUqV DLVp G HQ FUpHU XQH QRXYHOOH SRXU \
LQVpUHU OHV LQIRUPDWLRQV FROOHFWpHV SDU DLOOHXUV HQ SDUWLFXOLHU DXSUqV GX FHQWUH GH
3KLOLSV FKDUJp G DOLPHQWHU OHV EDVHV GH GRQQpHV HQ YDOHXUV G pFRLQGLFDWHXUV &)7
3KLOLSV
ª 8QH OHFWXUH HW XQH LQWHUSUpWDWLRQ GHV UpVXOWDWV DLVpHV
,O HVW SRVVLEOH G DIILFKHU OHV UpVXOWDWV VRXV IRUPH G KLVWRJUDPPHV RX GH GLDJUDPPHV

HQ SRUWLRQ DYHF OHV PDVVHV OHV pFRLQGLFDWHXUV RX OHV FRWV DYHF SURSRUWLRQV HQ NJ
P3W RX UHODWLIV
$IILFKDJH GHV FRWV &RW GHV FRPSRVDQWV GHV SURFpGpV GH PLVH HQ IRUPH GHV WUDLWHPHQWV HQ ILQ GH YLH
GHV WUDQVSRUWV
3DJH
'HV KLVWRJUDPPHV GH FRPSDUDLVRQ HQWUH SOXVLHXUV SURGXLWV YRQW SHUPHWWUH DLVpPHQW

G LGHQWLILHU OHV SRLQWV IDLEOHV GH WHO RX WHO SURGXLW ,O VHUD DORUV SRVVLEOH GH FRPSDUHU
OHV LPSDFWV DSUqV XQ FKDQJHPHQW GH PDWpULDX GH SURFHVVXV GH IDEULFDWLRQ GH PRGH
GH YDORULVDWLRQ GX SURGXLW OXLPrPH RX GH FHUWDLQV GH VHV FRPSRVDQWV «
ª 8QH pWXGH pFRQRPLTXH GX F\FOH GH YLH HQYLVDJHDEOH
/D SRVVLELOLWp G DIILFKHU GDQV OD PHVXUH R OHV GRQQpHV VRQW DFFHVVLEOHV WRXV OHV
FRWV GH PDQLqUH j SRXYRLU UpDOLVHU RXWUH XQH pWXGH SXUHPHQW HQYLURQQHPHQWDOH
UHODWLYH DX[ pFRLQGLFDWHXUV XQH pWXGH GHV FRWV VXU OH F\FOH GH YLH
(FRVFDQ D pWp GpYHORSSp GDQV O REMHFWLI G rWUH XWLOLVp SDU OHV FRQFHSWHXUV SRXU pYDOXHU OHV
SHUIRUPDQFHV HQYLURQQHPHQWDOHV GH OHXUV SURGXLWV ,O V DYqUH FRPPH OH VRXOLJQDLW OH
5HVSRQVDEOH 5HFKHUFKH 'pYHORSSHPHQW j O LVVXH GH OD SUpVHQWDWLRQ GH O pWXGH TX LO
SHXW pJDOHPHQW VHUYLU DX VHUYLFH PDUNHWLQJ SRXU FRPPXQLTXHU VXU GHV DYDQWDJHV
HQYLURQQHPHQWDX[ pYHQWXHOV GHV SURGXLWV HQ FRPSDUDLVRQ SDU H[HPSOH DYHF XQH
YHUVLRQ SUpFpGHQWH FODVVLTXH HW FH GH SDU OH PRGH GH UHSUpVHQWDWLRQ GHV UpVXOWDWV
KLVWRJUDPPHV RX GLDJUDPPHV HQ SRUWLRQ
&HSHQGDQW PDOJUp XQ FHUWDLQ QRPEUH GH TXDOLWpV UHQGDQW DLQVL OH ORJLFLHO WUqV FRQYLYLDO
HW IDFLOH G DFFqV LO Q HQ GHPHXUH SDV PRLQV SOXVLHXUV LQFRQYpQLHQWV PDMHXUV TXL
UHPHWWHQW HQ FDXVH VRQ XWLOLVDWLRQ V\VWpPDWLTXH
&ULWLTXHVGHO RXWLO(FRVFDQVHVOLPLWHV
' DSUqV OHV pWXGHV TXH QRXV DYRQV UpDOLVpHV HW O REVHUYDWLRQ DSSURIRQGLH GH OD PpWKRGH
GHV pFRLQGLFDWHXUV IRUFH HVW GH FRQVWDWHU OHV OLPLWHV VXLYDQWHV
ª 8QH PpWKRGH GH FDOFXO GHV pFRLQGLFDWHXUV VFLHQWLILTXHPHQW FRQWHVWDEOH
/D PpWKRGH (FR,QGLFDWRU SUpVHQWpH GDQV OD SDUWLH SUpFpGHQWH HVW EDVpH VXU XQ
V\VWqPH GH SRQGpUDWLRQ HW G DJUpJDWLRQ VXEMHFWLI HW OHV FDOFXOV GHV pFRLQGLFDWHXUV
VRQW GLIILFLOHV j YpULILHU TXHOOHV VRQW OHV K\SRWKqVHV TXL SUpVLGHQW DX[ FDOFXOV "
4XHOV VRQW OHV PRGHV GH FDOFXO " 4XHOOHV VRQW OHV GRQQpHV SULVHV HQ FRPSWH " 6RQW
HOOHV XQLTXHPHQW KROODQGDLVHV " 4XHOV VRQW OHV FRHIILFLHQWV GH SRQGpUDWLRQ FKRLVLV "
2Q GpVLJQH SDUIRLV FH JHQUH G RXWLOV G RXWLOV ERvWH QRLUH FDU LO FRPSLOH GHV pFR
LQGLFDWHXUV H[SULPpV HQ PLOOLSRLQWV P3W j SDUWLU GHVTXHOV LO HVW LPSRVVLEOH GH
GpWHUPLQHU OHV TXDQWLWpV GH IOX[ j O·RULJLQH GH FHV YDOHXUV
3DJH
ª 8Q pFRLQGLFDWHXU SXUHPHQW pFRORJLTXH
/HV FDOFXOV VRQW XQLTXHPHQW EDVpV VXU GHV QRWLRQV GH FRQVRPPDWLRQ G pQHUJLH HW GH
PDWLqUH GH UHMHWV GH GpFKHWV « 1H VRQW SDV SULVHV HQ FRPSWH OHV QRWLRQV GH
GpPRQWDELOLWp GX SURGXLW GH FRPSDWLELOLWp GHV PDWpULDX[ &HV GHUQLqUHV VRQW
SRXUWDQW SOXV pYRFDWULFHV SRXU XQH pTXLSH SURMHW TXH GHV YDOHXUV LQFRPSUpKHQVLEOHV
G pFRLQGLFDWHXUV H[SULPpHV HQ XQLWp P3W PLOOLSRLQWV 4XH UpSRQGUH j OD TXHVWLRQ
G XQ FRQFHSWHXU ©FRPELHQ IDXWLO GH PLOOLSRLQWV SRXU FRQVLGpUHU TXH PRQ SURGXLW HVW
ERQ SRXU O HQYLURQQHPHQW " ª &HUWHV OHV UpVXOWDWV Q·RQW DXFXQH VLJQLILFDWLRQ GDQV
O·DEVROX SXLVTXH GDQV FH JHQUH G·pWXGH QRXV DYRQV YX TX·LO IDOODLW XQH UpIpUHQFH PDLV
FRPPHQW VLJQLILHU j XQ FRQFHSWHXU TXH VRQ SURGXLW HQJHQGUH GHV SUREOqPHV
HQYLURQQHPHQWDX[ PHVXUpV GH [ P3W HW OXL VRXOLJQHU O DPSOHXU GH FHV HIIHWV "
'DQV OH FDV GHV UpVXOWDWV HQ WHUPHV G LPSDFWV pFRORJLTXHV OHV D[HV G DPpOLRUDWLRQ SDU
UDSSRUW j O LGHQWLILFDWLRQ GHV SRLQWV IDLEOHV VRQW DXVVL SOXV GLIILFLOHV j SURSRVHU FDU XQ
WHO ELODQ Q D SDV GH WUDGXFWLRQ LPPpGLDWH HQ WHUPHV G DFWLRQ FRUUHFWLYH ,O PDQTXH OD
GHVFULSWLRQ ULFKH GX SURGXLW SHUPHWWDQW GH IDLUH DUULYHU OH SRLQW GH YXH pFRQRPLTXH
HW LQGXVWULHO GHV DFWHXUV TXL YRQW DYRLU j JpUHU j WHUPH OH GLW SURGXLW HQ ILQ GH YLH
ª 8QH QRWLRQ GH VHUYLFH UHQGX SDU OH SURGXLW GLIILFLOH j PHWWUH HQ DYDQW
/HV QRWLRQV GH UHQGHPHQW G pFODLUHPHQW IRQGDPHQWDOHV GDQV OH FDV GHV OXPLQDLUHV

VRQW GLIILFLOHV j PHWWUH HQ pYLGHQFH RQ QH SHXW HQWUHU GDQV OH ORJLFLHO TXH OD
FRQVRPPDWLRQ pQHUJpWLTXH GX SURGXLW FHSHQGDQW GHX[ OXPLQDLUHV SHXYHQW
FRQVRPPHU OD PrPH pQHUJLH HQ D\DQW GHV UHQGHPHQWV G pFODLUHPHQW GLIIpUHQWV SRXU
GHX[ OXPLQDLUHV 3KLOLSV D\DQW GHV UHQGHPHQWV UHVSHFWLIV GH HW SDU H[HPSOH LO
IDXGUD SRXU XQ pFODLUDJH GH EkWLPHQW LGHQWLTXH GHX[ IRLV SOXV G HQFDVWUpV GH
UHQGHPHQW TXH G HQFDVWUpV GH UHQGHPHQW
/D QRWLRQ GX VHUYLFH UHQGX SDU OH SURGXLW Q LQWHUYLHQW GRQF SDV &HOD QpFHVVLWH DORUV
GH UHFDOFXOHU OD FRQVRPPDWLRQ pQHUJpWLTXH GHV OXPLQDLUHV HQ FRQVLGpUDQW XQ
UHQGHPHQW G pFODLUHPHQW LGHQWLTXH
ª 'HV GRQQpHV ELHQ LQFRPSOqWHV HW HQ SDUWLFXOLHU VXU OD ILQ GH YLH
&HUWDLQHV GRQQpHV UHODWLYHV j GHV WUDLWHPHQWV GH VXUIDFH RX GHV FRPSRVDQWV

pOHFWURQLTXHV VRQW DEVHQWHV GHV EDVHV DFWXHOOHV FH TXL SHXW SRVHU GHV SUREOqPHV
G pWXGH FRPPH ORUV GH QRWUH DQDO\VH DYHF OH EDOODVW pOHFWURQLTXH RX OH FDOFXO GH
O pFRLQGLFDWHXU G XQ UpIOHFWHXU HQ SODVWLTXH PpWDOOLVp 2Q FRPSUHQG DORUV DLVpPHQW
TXH FHUWDLQHV XQLWpV FRQFHYDQW GHV SURGXLWV j IRUWH SURSRUWLRQ GH FRPSRVDQWV
pOHFWURQLTXHV FRQWHQDQW GHV VXEVWDQFHV FKLPLTXHV GpSORUHQW OD SDXYUHWp GHV
GRQQpHV XQLWp GH 6XUHVQHV
3DJH
7RXV OHV pFRLQGLFDWHXUV GHV GLIIpUHQWV PRGHV GH WUDLWHPHQW HQ ILQ GH YLH UHF\FODJH
YDOHXUV LQFLQpUDWLRQ YDOHXUV PLVH HQ GpFKDUJH YDOHXUV SRXU FKDFXQ
GHV PDWpULDX[ QH ILJXUHQW SDV GDQV OHV EDVHV GH GRQQpHV HQ SDUWLFXOLHU OH UHF\FODJH
GHV PpWDX[ QRQ IHUUHX[ « FH TXL HVW IRUWHPHQW UHJUHWWDEOH GDQV OH FDV GHV SURGXLWV
pOHFWULTXHV HW pOHFWURQLTXHV FRPSRVpV GH JUDQGHV TXDQWLWpV GH FXLYUH RX G DOXPLQLXP
ª 8Q PRGH UHF\FODJH HQ ILQ GH YLH SHX PLV HQ YDOHXU HQ PDWLqUH GH EpQpILFHV
HQYLURQQHPHQWDX[
/H IDLW TXH OH UHF\FODJH SHUPHWWH XQH UpXWLOLVDWLRQ GX PDWpULDX GDQV XQ DXWUH SURGXLW
HW pYLWH DLQVL GHV FRQVRPPDWLRQV GH PDWLqUH YLHUJH HW G pQHUJLH VXSSOpPHQWDLUHV
Q HVW SDV FRQVLGpUp /HV pFRLQGLFDWHXUV VRQW DLQVL HVVHQWLHOOHPHQW FDOFXOpV HQ
SUHQDQW HQ FRPSWH OD FRQVRPPDWLRQ pQHUJpWLTXH OHV UHMHWV GDQV O DLU GDQV O HDX HW OD
SURGXFWLRQ GH GpFKHWV HQJHQGUpV SDU O LQFLQpUDWLRQ RX OH SURFHVVXV PrPH GH
UHF\FODJH G XQ NJ GH SODVWLTXH RX GH PpWDO
ª /HV VXEVWDQFHV GDQJHUHXVHV DEVHQWHV GHV FDOFXOV
,O V DYqUH HQ HIIHW TXH OH SURJUDPPH (FR9LVLRQ GX JURXSH 3KLOLSV PHW HQWUH DXWUHV
O DFFHQW VXU OHV VXEVWDQFHV WR[LTXHV DORUV TX LO Q HVW SDV IDLW pWDW G XQ JUDQG QRPEUH
G HQWUH HOOHV GDQV OH ORJLFLHO DPLDQWH PHUFXUH 3&% &)& « & HVW UHJUHWWDEOH DX[
GLUHV GX 5HVSRQVDEOH 4XDOLWp 'pYHORSSHPHQW GH O XQLWp GH 6XUHVQHV FDU OD
UpJOHPHQWDWLRQ DFWXHOOH HVW D[pH VXU FHV VXEVWDQFHV
&RPPH QRXV O pYRTXLRQV SOXV KDXW HQ FRQFOXVLRQ GH O pWXGH OD FRPSDUDLVRQ GHV LPSDFWV
GHV GHX[ OXPLQDLUHV HQFDVWUpV IXW SHX FRQFOXDQWH 8QH WHOOH DQDO\VH D SHUPLV GH VRXOHYHU
XQ FHUWDLQ QRPEUH G LQWHUURJDWLRQV VXU O RXWLO
(VWLO SHX SUREDQW GDQV O DEVROX RX VHXOHPHQW PDO DGDSWp j GHV SURGXLWV FRPPH OHV
SHWLWV OXPLQDLUHV "
3HX G DXWUHV XQLWpV GH 3KLOLSV )UDQFH Q RQW YUDLPHQW HQFRUH XWLOLVp (FRVFDQ j SDUW O XQLWp
GX 0DQV VXU GHV WpOpSKRQHV SRUWDEOHV 3KLOLSV &RQVXPHU &RPPXQLFDWLRQV HW UpFHPPHQW
FHOOH GH 6XUHVQHV VXU GHV GpFRGHXUV 3KLOLSV 6RXQG 9LVLRQ HW FHOOH GH 3RQW j 0RXVVRQ
VXU GHV ODPSHV 3KLOLSV /LJKWLQJ /RUV GH OD SUpVHQWDWLRQ GH QRV UpVXOWDWV DX FRXUV G XQH
UpXQLRQ GHV 5HVSRQVDEOHV (QYLURQQHPHQW GHV GLIIpUHQWHV XQLWpV OH GpEDW QH SXW DYRLU
OLHX SXLVTX LOV Q DYDLHQW SDV UpIOpFKL VXU O RXWLO HW OD PpWKRGH GHV pFRLQGLFDWHXUV &H TXL
OHXU SDUDLVVDLW DYDQW WRXW LQWpUHVVDQW pWDLW GH SRXYRLU YLVXDOLVHU OHV LPSDFWV
3DJH
HQYLURQQHPHQWDX[ GHV SURGXLWV HW PRQWUHU GHV GLIIpUHQFHV VHORQ OHV W\SHV pWXGLpV HW OHV
VFpQDULRV UHWHQXV 'HSXLV OHV H[SpULHQFHV G DXWUHV XQLWpV DLGDQW LO V DYqUH TXH
ª (FRVFDQ QH IRXUQLW SDV GH UpVXOWDWV WUqV VLJQLILFDWLIV SRXU GHV SURGXLWV GH IDLEOHV
PDVVHV FHOD H[SOLTXHUDLW HQ SDUWLH GHV GLIIpUHQFHV G LPSDFWV SHX VLJQLILFDWLYHV
GDQV QRV DQDO\VHV FRPSDUDWLYHV &H FRQVWDW HVW HQ HIIHW VHPEODEOH j FHOXL GX
5HVSRQVDEOH 4XDOLWp 'pYHORSSHPHQW GH O XQLWp GH 6XUHVQHV
ª (FRVFDQ Q HVW SDV DGDSWp SRXU O pWXGH GHV SURGXLWV pOHFWURQLTXHV OD EDVH GH
GRQQpHV Q HVW SDV VXIILVDPPHQW FRPSOqWH
ª 6RQ XWLOLVDWLRQ V\VWpPDWLTXH GDQV OHV XQLWpV Q HVW SDV G DFWXDOLWp $X 0DQV HQ HIIHW
LO Q HVW XWLOLVp TXH SRQFWXHOOHPHQW VXU FHUWDLQV SURMHWV LO SHUPHW GH YDOLGHU XQ
SURGXLW RX LGHQWLILHU GHV SRLQWV IDLEOHV VXU OHVTXHOV LO IDXGUD RULHQWHU OHV DFWLRQV
ORUV G XQ IXWXU GpYHORSSHPHQW $ 6XUHVQHV LO GHYUDLW rWUH XWLOLVp XQLTXHPHQW SRXU
OH SUHPLHU SURGXLW G XQH JDPPH
/ DJUpJDWLRQ GHV UpVXOWDWV SRXU REWHQLU XQH QRWH XQLTXH HVWHOOH ILQDOHPHQW XWLOH
SRXU XQ FRQFHSWHXU "
1RXV DYRQV pYRTXp GDQV OD SDUWLH VXU OHV RXWLOV TXH OH V\VWqPH GH PpWKRGH SHUPHWWDQW
G DJUpJHU OHV UpVXOWDWV G pYDOXDWLRQ HVW FRQWHVWDEOH HW VRXYHQW FRQWURYHUVp 8QH QRWH
pFRORJLTXH H[SULPpH HQ P3W SHXW FHUWHV VHUYLU j XQ PDUNHWHXU GDQV XQ DUJXPHQWDLUH
FRPSDUDWLI PDLV TX HQ HVWLO GX FRQFHSWHXU " &H UpVXOWDW Q HQWUH SDV GDQV VD ORJLTXH
G DFWLRQ FDU LO QH OXL GRQQH SDV OHV PR\HQV G DJLU 1RXV DYRQV GH SOXV FRQVWDWp OH IDLEOH
pFDUW G pFRLQGLFDWHXUV GHV GHX[ OXPLQDLUHV DORUV TX LOV VRQW FRQoXV GH PDQLqUH GLIIpUHQWH
HQ WHUPHV GH FRPSRVDQWV PDWpULDX[ V\VWqPH GH FRQQH[LRQ « &HWWH IDLEOH GLVWLQFWLRQ QH
SHXW VDWLVIDLUH XQ FRQFHSWHXU
1RXV DYRQV GRQF GpFLGp HQ DFFRUG DYHF OHV 5HVSRQVDEOHV (QYLURQQHPHQW HW %(
G pWXGLHU FHV SURGXLWV VXU OD EDVH GHV FULWqUHV SOXV FRQFUHWV GX SURJUDPPH (FR9LVLRQ
HW GH OHV FRPSDUHU j GHV SURGXLWV FRQFXUUHQWV XQH pWXGH GH %HQFKPDUNLQJ VXU OHV
GHX[ OXPLQDLUHV 3KLOLSV FRQIURQWpV j GHX[ OXPLQDLUHV FRQFXUUHQWV FRQFXUUHQWV $ HW %
/RUV GH OD SUpVHQWDWLRQ GH QRV UpVXOWDWV XQH DXWUH pWXGH VXU GHV WpOpSKRQHV PRELOHV IXW pJDOHPHQW
SUpVHQWpH ,O V HVW DYpUp TXH OHV WpOpSKRQHV LPSDFWHQW GDYDQWDJH HQ FRXUV GH IDEULFDWLRQ HW OHV OXPLQDLUHV HQ
FRXUV G XWLOLVDWLRQ
(WXGH GH EHQFKPDUNLQJ &RPSDUDLVRQ GHV SURGXLWV 3KLOLSV DYHF GHV SURGXLWV GH OD FRQFXUUHQFH
3DJH
(WXGHGH%HQFKPDUNLQJHQYLURQQHPHQWDO
6XU QRWUH LQLWLDWLYH HW SRXU UHQWUHU GDQV OD GpPDUFKH GX JURXSH LO D pWp GpFLGp G pWXGLHU
GHV SURGXLWV VXU OHV FLQT FULWqUHV HQYLURQQHPHQWDX[ HVVHQWLHOV GpILQLV GDQV OH
SURJUDPPH (FR9LVLRQ SUpFpGHPPHQW SUpVHQWp
0DVVH
6XEVWDQFHV WR[LTXHV GDQJHUHXVHV
5HF\FODELOLWp )LQ GH YLH
(PEDOODJH
&H VRQW HQ HIIHW GHV FULWqUHV TXL SRXU OD SOXSDUW VRQW SOXV SURFKHV GHV SUpRFFXSDWLRQV GH
O pTXLSH SURMHW HQ SDUWLFXOLHU FHX[ UHODWLIV j OD PDVVH j OD FRQVRPPDWLRQ G pQHUJLH HW j
O HPEDOODJH ,O Q HQ YD QpDQPRLQV SDV GH PrPH SRXU OHV FULWqUHV ILQ GH YLH HW
VXEVWDQFHV WR[LTXHV GLIILFLOHV j PDQLSXOHU VL O RQ SHXW FRPSUHQGUH TXH O XQ GHV
REMHFWLIV GH O pTXLSH SURMHW SRXUUD FRQVLVWHU j UpGXLUH OD FRQVRPPDWLRQ pQHUJpWLTXH G XQ
SURGXLW FRPPHQW DSSUpKHQGHU O REMHFWLI RSWLPLVHU OD ILQ GH YLH RX DPpOLRUHU OD
UHF\FODELOLWp G XQ SURGXLW VDQV OH GpFOLQHU HQ SOXVLHXUV VRXVFULWqUHV SOXV H[SOLFLWHV SRXU
O pTXLSH & HVW SUpFLVpPHQW FH TXH QRXV DOORQV GpYHORSSHU GDQV OH SDUDJUDSKH VXLYDQW
2Q SHXW LFL SDUOHU GH %HQFKPDUNLQJ HQYLURQQHPHQWDO RQ pWXGLH OHV FDUDFWpULVWLTXHV

HQYLURQQHPHQWDOHV SUpFLVHV GHV SURGXLWV FRQFXUUHQWV
/DPpWKRGHHWOHVSURGXLWVpWXGLpV
/D SUHPLqUH pWDSH G XQH WHOOH pWXGH HVW OH GpVDVVHPEODJH GHV SURGXLWV ,O V HVW GRQF DJL
WRXW G DERUG GH UpXQLU OHV RXWLOV QpFHVVDLUHV DX GpPRQWDJH GHV OXPLQDLUHV SRXU OHV
SURGXLWV FRQFHUQpV FHOD FRQVLVWDLW SRXU O HVVHQWLHO HQ
☛ 8Q WRXUQHYLV SODW
☛ 'HX[ WRXUQHYLV FUXFLIRUPHV
☛ 8Q WRXUQHYLV SRXU YLV &+& &RQLTXH +H[DJRQDOH &UHXVH
☛ 8QH VXFHWWH WLJH PpWDOOLTXH SRXU UHWLUHU OHV FkEOHV GHV ERUQLHUV
☛ 8QH SLQFH FRXSDQWH
/ REMHFWLI GX GpVDVVHPEODJH HVW GH GpVROLGDULVHU OHV FRPSRVDQWV SRXU OHV SHVHU

LGHQWLILHU HW FDUDFWpULVHU OHV OLDLVRQV HW O DUFKLWHFWXUH PrPH GX SURGXLW DJHQFHPHQW GHV
3DJH
FRPSRVDQWV &H JHQUH GH GLVVHFWLRQ HVW XWLOLVp GH PDQLqUH FRXUDQWH ORUV GHV pWXGHV GH
EHQFKPDUNLQJ FODVVLTXH PHQpHV SDU OHV FRQFHSWHXUV VXU GHV SURGXLWV FRQFXUUHQWV
/HV OXPLQDLUHV IXUHQW GRQF GpVDVVHPEOpV HW pWXGLpV HQ GpWDLO / RSpUDWLRQ UpDOLVpH DX

VHLQ GX EXUHDX G pWXGH HQ FROODERUDWLRQ DYHF XQ FRQFHSWHXU VH GpURXOD VXU XQH GHPL
MRXUQpH DSSUR[LPDWLYHPHQW TXDWUH KHXUHV
,O HVW j SUpFLVHU LFL TXH FH SUHPLHU WUDYDLO G DSSURFKH HQYLURQQHPHQWDOH GH OD FRQFHSWLRQ
HVW LQFRPSOHW HW UDSLGH &RPPH WRXWH QRXYHOOH DSSURFKH LO Q D SDV EpQpILFLp GH WRXWH OD
ULJXHXU TXL FDUDFWpULVH XQH PpWKRGH ELHQ pWDEOLH HW VWUXFWXUpH
&RPPH QRXV OH VLJQDOLRQV SOXV KDXW QRXV DYRQV G SRXU IDFLOLWHU OD FRPSUpKHQVLRQ GHV
UpVXOWDWV GH O pWXGH SRXU XQ FRQFHSWHXU FKRLVLU GHV VRXVFULWqUHV WUqV FRQFUHWV j FKDFXQ
GHV FULWqUHV (FR9LVLRQ &HV VRXVFULWqUHV SHUPHWWHQW HQ SDUWLFXOLHU GH UHQGUH SOXV
FRPSUpKHQVLEOHV OH FULWqUH ILQ GH YLH
/H WDEOHDX GH O HQVHPEOH GHV FULWqUHV HW VRXVFULWqUHV SULV HQ FRPSWH HVW SUpVHQWp FL
DSUqV
&5,7(5(6 6286&5,7(5(6
0DVVH GHV PpWDX[ IHUUHX[

0DVVH GHV PpWDX[ QRQ IHUUHX[ $O &X «
0DVVH 0DVVH GHV PDWLqUHV SODVWLTXHV
0DVVH GHV FRPSRVDQWV FRPSOH[HV FRQVWLWXpV GH SOXVLHXUV
PDWpULDX[ PpODQJpV
6XEVWDQFHV GDQJHUHXVHV "
&RQVRPPDWLRQ G pQHUJLH 5HQGHPHQW G pFODLUHPHQW
1RWH DWWULEXpH DX GpPRQWDJH

1RPEUH GH W\SHV GH FRPSRVDQWV
5HF\FODELOLWp )LQ GH YLH 1RPEUH GH PDWpULDX[
1RPEUH HW W\SH GH IL[DWLRQV HQWUH FRPSRVDQWV
0DUTXDJH GHV SLqFHV HQ SDUWLFXOLHU SODVWLTXHV
0DVVH
9ROXPH
(PEDOODJH
1RPEUH GH FRPSRVDQWV
1RPEUH GH PDWpULDX[
7DEOHDX /LVWH GHV FULWqUHV HW VRXVFULWqUHV SULV HQ FRPSWH GDQV O pWXGH GH %HQFKPDUNLQJ
HQYLURQQHPHQWDO
3DJH
&RQFHUQDQW OD ILQ GH YLH QRXV DYRQV FKRLVL G pWDEOLU j OD OXPLqUH G H[SpULPHQWDWLRQV HW

GH WUDYDX[ UpIpUHQFpV GDQV OD OLWWpUDWXUH XQ V\VWqPH GH QRWDWLRQ VXEMHFWLYH SRXU pYDOXHU
OD IDFLOLWp GH GpVDVVHPEODJH GHV SURGXLWV FHWWH SOXV RX PRLQV JUDQGH IDFLOLWp SHXW HQ
HIIHW UHQGUH XQ SURGXLW HQ ILQ GH YLH DLVpPHQW UHF\FODEOH WHFKQLTXHPHQW HW
pFRQRPLTXHPHQW SDUODQW
&H V\VWqPH GH QRWDWLRQ Q HVW SDV EDVp VXU O H[LVWHQFH RX QRQ GH WHFKQRORJLHV GH
GpPRQWDJH RX GHV WHPSV OLPLWHV G RSpUDWLRQ FRPPH F HVW OH FDV GDQV FHUWDLQHV
PpWKRGHV GpYHORSSpHV GDQV OH GRPDLQH GH O DXWRPRELOH 7UDYDX[ GX *HRUJLD ,QVWLWXWH RI
7HFKQRORJ\ 86$ ,O SUHQG HQ FRPSWH OH QRPEUH G RXWLOV j XWLOLVHU OHV W\SHV GH
FRQQH[LRQV UHQFRQWUpV «
'pPRQWDJH WUqV IDFLOH

)L[DWLRQ DYHF FOLSV WUqV SHX RX SDV GH YLV 6L SUpVHQFH GH YLV XQH VHXOH HPSUHLQWH
'pPRQWDJH IDFLOH HW UDSLGH
'DYDQWDJH GH IL[DWLRQV DYHF YLV XQH RX GHX[ HPSUHLQWHV SRVVLEOHV

'pPRQWDJH PpGLRFUH
&OLSV GH SOXVLHXUV W\SHV YLV GH SOXVLHXUV HPSUHLQWHV DX PRLQV GHX[ RX SOXV
RXWLOV VWDQGDUGV
'pPRQWDJH GLIILFLOH
%HDXFRXS G RXWLOV GLIIpUHQWV QpFHVVDLUHV SLQFHV WRXUQHYLV FUXFLIRUPHV HW QRQ
FUXFLIRUPHV FOpV RXWLOV VWDQGDUGV RX SDV
'pPRQWDJH LPSRVVLEOH VDQV GpPDQWHOHU HQWUH SLqFH UpXWLOLVDEOHV
5LYHWV VRXGXUHV FROOH « QpFHVVLWp GH GpPDQWHOHU GpVDVVHPEODJH GHVWUXFWLI SRXU
GpVROLGDULVHU GHX[ SLqFHV GH PDWpULDX[ LQFRPSDWLEOHV DX UHF\FODJH HW UpXWLOLVDEOHV
LQGpSHQGDPPHQW
$ QRWHU TXH FHWWH QRWH DWWULEXpH DX GpPRQWDJH V DYqUH VDQV LQWpUrW VL OH OXPLQDLUH HVW
EUR\p HQ ILQ GH YLH 1RXV QRXV VRPPHV FHSHQGDQW SODFpV GDQV O K\SRWKqVH R OH SURGXLW
pWDLW FROOHFWp SDV QpFHVVDLUHPHQW SDU 3KLOLSV PDLV SDU XQ UHF\FOHXU SURIHVVLRQQHO
/ RSWLPLVDWLRQ GH OD YDORULVDWLRQ GHV OXPLQDLUHV VHUD GRQF FRQGLWLRQQpH SDU OD QDWXUH GH
OHXU FROOHFWH / K\SRWKqVH G XQ FLUFXLW VSpFLILTXH DYHF XQ pYHQWXHO UHWRXU FKH] OH IDEULFDQW
HVW ELHQ SHX SUREDEOH YX OD QDWXUH GHV SURGXLWV HW OHXU OLHX G XWLOLVDWLRQ ,O HVW HQ
UHYDQFKH SOXV YUDLVHPEODEOH TX LOV VRLHQW DFKHPLQpV j WHUPH YHUV XQ FHQWUH GH WUL
(Q FH TXL FRQFHUQH OD UHQWDELOLWp GX UHF\FODJH GH SHWLWV FRPSRVDQWV RX GH PDWpULDX[ GH
IDLEOH SRLGV QRXV DYRQV HIIHFWLYHPHQW FRQVLGpUp XQ VFpQDULR GpVDVVHPEODJH
UHF\FODJH ELHQ TXH OHV SURGXLWV VRLHQW SRXU OD SOXSDUW SHX YROXPLQHX[ HW OpJHUV HW TXH
GHV VFpQDULRV EUR\DJH LQFLQpUDWLRQ RX EUR\DJH UHF\FODJH VRLHQW SOXV DSSURSULpV
SRXU FHUWDLQV FDU SOXV UHQWDEOHV SUREOqPHV GX FRW GH GpPRQWDJH GH OD TXDQWLWp GHV
JLVHPHQWV HW GH OD UHQWDELOLWp GHV ILOLqUHV HQ SDUWLFXOLHU 1RXV DYRQV GRQF IRUPXOp HQ
VHFRQGH K\SRWKqVH TXH OHV SURGXLWV pWDLHQW GpVDVVHPEOpV HW WULpV DSUqV FROOHFWH
3DJH
/ REMHFWLI TXL PRWLYH FHWWH K\SRWKqVH HVW OD VHQVLELOLVDWLRQ GHV pTXLSHV j OD FRQFHSWLRQ
SRXU OH GpVDVVHPEODJH DX[ QRWLRQV G DFFHVVLELOLWp GHV FRPSRVDQWV GH OLPLWH GX QRPEUH
GH FRQQH[LRQV FH TXL SHXW IDFLOLWHU QRQ VHXOHPHQW OHV WUDLWHPHQWV HQ ILQ GH YLH PDLV
pJDOHPHQW GHV RSpUDWLRQV GH PDLQWHQDQFH RX GH UpSDUDWLRQ DX FRXUV GH OD YLH GHV
SURGXLWV
'HVUpVXOWDWVSOXVSDUODQWVSRXUXQHpTXLSHSURMHW
/ pWXGH GH %HQFKPDUNLQJ HQYLURQQHPHQWDO VXU OHV TXDWUH OXPLQDLUHV D GRQQp OHV UpVXOWDWV
SUpVHQWpV GDQV OH WDEOHDX VXLYDQW
&HWWH UHSUpVHQWDWLRQ GLIIpUHQWH GH FHOOH GH O pWXGH (FRVFDQ HVW VDQV FRQWHVWH SOXV ULFKH
SRXU XQH pTXLSH SURMHW HW HQ SDUWLFXOLHU XQ FRQFHSWHXU
(QFDVWUp (8523$ (QFDVWUp (8523$

&ULWqUHV &RQFXUUHQW $ &RQFXUUHQW %
3+,/,36 3+,/,36
0DVVH J
0DVVH WRWDOH
0DWpULDX[ )HUUHX[ DFLHU

0DWpULDX[ QRQ )HUUHX[
DOXPLQLXP FXLYUH
0DWLqUHV 3ODVWLTXHV
$XWUHV EDOODVW
6XEVWDQFHV 7R[LTXHV 1RQ UHQVHLJQp 1RQ UHQVHLJQp 1RQ UHQVHLJQp 1RQ UHQVHLJQp
N:K
&RQVRPPDWLRQ pQHUJpWLTXH (FODLUDJH KM MDQ N:K N:K N:K
DQV
5HQGHPHQW G pFODLUHPHQW
5HF\FODELOLWp
'pPRQWDJH QRWH
1RPEUH GH W\SHV GH
FRPSRVDQWV GLIIpUHQWV
1RPEUH GH PDWpULDX[

GLIIpUHQWV
1RPEUH GH YLV W\SH W\SHV W\SHV W\SH
GH W\SHV GLIIpUHQWV ULYHWV
0DUTXDJH GHV SODVWLTXHV &RXUDQW &RXUDQW ,QH[LVWDQW ,QH[LVWDQW
(PEDOODJH
0DVVH J
9ROXPH O
1RPEUH GH FRPSRVDQWV
1RPEUH GH PDWpULDX[
7DEOHDX (WXGH GH EHQFKPDUNLQJ SDU UDSSRUW DX[ FULWqUHV GX SURJUDPPH (&29,6,21
3DJH
'DQV FH WDEOHDX OHV FDVHV FRORUpHV FRUUHVSRQGHQW DX PHLOOHXU VFRUH HQ WHUPHV GH

FRQFHSWLRQ HQYLURQQHPHQWDOH
5HPDUTXHV
(Q O pWDW DFWXHO GHV FRQQDLVVDQFHV LO HVW ELHQ GLIILFLOH GH FRQQDvWUH DYHF SUpFLVLRQ
OHV PDWpULDX[ DGGLWLIV GHV SODVWLTXHV HW D IRUWLRUL SRXU OHV SURGXLWV FRQFXUUHQWV
&HWWH PpFRQQDLVVDQFH GX FRQWHQX HQ VXEVWDQFHV pYHQWXHOOHPHQW WR[LTXHV HW
LQWHUGLWHV GHV FRPSRVDQWV GHV HQFDVWUpV HVW XQH GHV PDMHXUHV SUpRFFXSDWLRQV
DFWXHOOHV GH 3KLOLSV /DPRWWH%HXYURQ HQ WHUPHV G HQYLURQQHPHQW /H VLWH QH
GLVSRVH HQ HIIHW SRXU O LQVWDQW G DXFXQH EDVH GH GRQQpHV FRPSRVDQWV
PDWpULDX[ SHUPHWWDQW GH FKRLVLU HQ FRQQDLVVDQFH GH FDXVH GHV SLqFHV QH
FRQWHQDQW DXFXQH GHV VXEVWDQFHV YLVpHV SDU OHV GLUHFWLYHV LQWHUQHV GH OD
GLYLVLRQ pFODLUDJH 1RXV QH SRXYRQV GRQF SRXU O LQVWDQW FHUWLILHU TXH OHV SURGXLWV
VRQW H[HPSWV GH VXEVWDQFHV GDQJHUHXVHV WDQW TXH OHV LQIRUPDWLRQV FRPSOqWHV
DXSUqV GHV IRXUQLVVHXUV Q DXURQW SDV pWp UpXQLHV
(Q O DEVHQFH GH JDUDQWLH QRXV DYRQV GRQF SUpIpUp QH SDV UHQVHLJQHU FH
FULWqUH 15
/H PDUTXDJH FRXUDQW GHV SODVWLTXHV VLJQLILH TXH OHV SLqFHV GH PDVVH DX PRLQV
VXSpULHXUH j J VRQW LGHQWLILpHV G DSUqV OD QRUPH 1) ,62 >$)125 @
/H WDEOHDX VXLYDQW FRUUHVSRQG j O LQWHUSUpWDWLRQ GHV UpVXOWDWV GH FHWWH pWXGH 1RXV DYRQV
DWWULEXp SRXU FKDFXQ GHV FULWqUHV j FKDFXQ GHV SURGXLWV OHV SLFWRJUDPPHV
FRUUHVSRQGDQW DX[ FULWqUHV G (FR9LVLRQ VL OH SURGXLW SUpVHQWH XQ PHLOOHXU VFRUH
HQYLURQQHPHQWDO TXH VHV FRQFXUUHQWV & HVW HQ HIIHW OH PRGH GH FRPPXQLFDWLRQ GX
JURXSH 3KLOLSV VXU OHV DYDQWDJHV HQYLURQQHPHQWDX[ GH VHV SURGXLWV
&HWWH EDVH GH GRQQpHV FRPSRVDQWV PDWpULDX[ GHYUDLW rWUH pODERUpH FRXUDQW
1RXV VRXOLJQRQV TXH FH V\VWqPH GH FRPPXQLFDWLRQ SDU SLFWRJUDPPH HVW IRQFLqUHPHQW FULWLTXDEOH FDU
HQILQ DX YX GH TXHOOH UpIpUHQFH XQH YHUVLRQ SUpFpGHQWH " XQ RX SOXVLHXUV SURGXLWV FRQFXUUHQWV " « HW VXLWH
j TXHO W\SH G·pWXGH DYHF OH ORJLFLHO (FRVFDQ RX XQ DXWUH " G·DSUqV XQH DQDO\VH GH EHQFKPDUNLQJ " SHXWRQ
GpFLGHU G·DWWULEXHU WHO RX WHO SLFWRJUDPPH " &HWWH PpWKRGH QH GHYUDLW GRQF rWUH HQYLVDJHDEOH TX·HQ LQWHUQH
j 3KLOLSV HQ IDLVDQW O K\SRWKqVH TXH OHV pWXGHV HQYLURQQHPHQWDOHV RQW SX rWUH UpDOLVpHV GH OD PrPH PDQLqUH
IRFDOLVpHV HQ SDUWLFXOLHU VXU OHV FULWqUHV (FR9LVLRQ 8QH LOOXVWUDWLRQ GH FHWWH FRPPXQLFDWLRQ HVW OD
EURFKXUH )URP JUHHQ WR JROG ORXDQW OHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV GH SURGXLWV IDEULTXpV
SDU OHV GLIIpUHQWHV XQLWpV GX JURXSH &HWWH FRPPXQLFDWLRQ HVW HQ SDUWLH UHSULVH GDQV OH GHUQLHU UDSSRUW
HQYLURQQHPHQWDO GH
3DJH
(QFDVWUp (8523$ (QFDVWUp (8523$

&ULWqUHV &RQFXUUHQW $ &RQFXUUHQW %
3+,/,36 3+,/,36
0DVVH
6XEVWDQFHV 7R[LTXHV 15 15 15 15
&RQVRPPDWLRQ
pQHUJpWLTXH
UHQGHPHQW G pFODLUHPHQW
5HF\FODELOLWp
(PEDOODJH
5pVXOWDW
1RPEUH GH
SLFWRJUDPPHV
7DEOHDX 1RPEUH GH SLFWRJUDPPHV DIIHFWpV j FKDFXQ GHV HQFDVWUpV HQ IRQFWLRQ GHV FLQT FULWqUHV GX
SURJUDPPH (FR9LVLRQ
$X YX GHV UpVXOWDWV GX WDEOHDX O HQFDVWUp (XURSD SRXUUDLW rWUH FRQVLGpUp FRPPH

SOXV UHVSHFWXHX[ GH O HQYLURQQHPHQW TXH OHV DXWUHV VXU OHV FULWqUHV UHWHQXV DORUV TX HQ
WHUPHV GH UHF\FODELOLWp LO VHPEOH PRLQV SHUIRUPDQW TXH O HQFDVWUp (XURSD ,O QH V DJLW
SDV SRXU DXWDQW GH FRQVLGpUHU TXH OH QRPEUH GH SLFWRJUDPPHV DWWULEXpV IDLW OD
YDOHXU HQYLURQQHPHQWDOH GX SURGXLW SXLVTXH OHV FLQT FULWqUHV QH VRQW DXFXQHPHQW

FRPSDUDEOHV
1RXV QH VDXULRQV GRQF HQ GpGXLUH LFL TXH O (XURSD HVW DVVXUpPHQW PHLOOHXU TXH
O (XURSD ,O IDXGUDLW SRXU FHOD KLpUDUFKLVHU OHV FULWqUHV HW FH HQ IRQFWLRQ GHV SULRULWpV
DFFRUGpHV j FKDFXQ G HX[ FHFL GRLW UHOHYHU G XQH VWUDWpJLH G HQWUHSULVH
/HV SURGXLWV FRQFXUUHQWV GH $ HW GH % VRQW SDU FRQWUH PDQLIHVWHPHQW SOXV QXLVLEOHV j
O HQYLURQQHPHQW TXH OHV SURGXLWV 3KLOLSV SOXV ORXUGV SOXV IDLEOHV UHQGHPHQWV
G pFODLUHPHQW HPEDOODJHV SOXV ORXUGV HW SOXV YROXPLQHX[ HW HQILQ UHF\FODELOLWp GLIILFLOH
QRPEUHXVHV IL[DWLRQV PDUTXDJH GHV SODVWLTXHV SUHVTXH LQH[LVWDQW
/H GDQJHU G XQ WHO FRQVWDW SRXUUDLW rWUH GH FRQVLGpUHU TXH OHV SURGXLWV 3KLOLSV VRQW GpMj
PHLOOHXUV TXH OHV FRQFXUUHQWV GRQF SRXUTXRL DOOHU SOXV ORLQ " &HSHQGDQW GDQV XQ
REMHFWLI G DPpOLRUDWLRQ FRQWLQXH GH OD TXDOLWp WHO TXH VWLSXOp SDU OD SROLWLTXH 3KLOLSV OH
3ODQ %HVW FKH] 3KLOLSV /DPRWWH%HXYURQ SDU H[HPSOH LO V DJLW GH WRXMRXUV FKHUFKHU
j IDLUH PLHX[ SRXU VDWLVIDLUH OH FOLHQW HW VH SRVLWLRQQHU GHYDQW OHV FRQFXUUHQWV
6DXI ELHQ HQWHQGX VL RQ OXL DWWULEXH OHV FLQT SLFWRJUDPPHV OH SURGXLW HVW DORUV PHLOOHXU SRXU OHV FLQT
FULWqUHV
3DJH
&RQFOXVLRQHWUpIOH[LRQVLQVSLUpHVGHVGHX[pWXGHV
'DQV OH FDV GHV SURGXLWV 3KLOLSV RQ UHPDUTXH TXH O pWXGH $&9 QH SHUPHW SDV UpHOOHPHQW
GH GLVWLQJXHU OHXUV LPSDFWV &HOOH GH %HQFKPDUNLQJ HQYLURQQHPHQWDO HQ UHYDQFKH PHW
HQ pYLGHQFH XQ HQFDVWUp (XURSD DYHF XQH PHLOOHXUH QRWH GH ILQ GH YLH HW OD YHUVLRQ
(XURSD PHLOOHXUH VXU OHV FULWqUHV PDVVH HW HPEDOODJH
&HV pWXGHV QH VRQW SDV IRFDOLVpHV HQ IDLW VXU OHV PrPHV FULWqUHV SXLVTXH O XQH SHX
GLVFULPLQDQWH SUHQG HQ FRPSWH GHV FULWqUHV pFRORJLTXHV HW OD VHFRQGH GHV FULWqUHV
SOXV ODUJHV GH FRQFHSWLRQ HQYLURQQHPHQWDOH /HV FLQT FULWqUHV (FR9LVLRQ QH VRQW SDV
FODLUHPHQW PLV HQ OXPLqUH GDQV O pWXGH DYHF (FRVFDQ / LQFRKpUHQFH GHV GHX[ PpWKRGHV
HVW GRQF GLIILFLOH j JpUHU SRXU XQH pTXLSH SURMHW HW O RQ SHXW V LQWHUURJHU VXU OD
UHVSRQVDELOLWp GH O DUELWUDJH HQWUH OHV GHX[ /D 'LUHFWLRQ YDWHOOH ODLVVHU OH FKRL[ DX[
pTXLSHV GH UpDOLVHU WHOOH RX WHOOH pWXGH RX GH WUDQFKHU HQWUH OHV UpVXOWDWV " 9DWHOOH
LPSRVHU O XQH GHV GHX[ PpWKRGHV "
1RXV pYRTXLRQV SOXV KDXW GDQV OH FKDSLWUH FRQVDFUp DX[ RXWLOV OH SUREOqPH
G LQWHUSUpWDWLRQ GHV UpVXOWDWV G pYDOXDWLRQ PXOWLFULWqUH GH GHX[ SURGXLWV UHODWLIV j
O DJUpJDWLRQ GHV LPSDFWV FDV GHV $&9 &RPPHQW GpFUpWHU TX XQ SURGXLW HVW PHLOOHXU
TXH O DXWUH SRXU O HQYLURQQHPHQW VDQV DJUpJHU OHV UpVXOWDWV " 2Q VH UHWURXYH
HIIHFWLYHPHQW GDQV FHWWH VLWXDWLRQ SRXU O pWXGH GH %HQFKPDUNLQJ OH SUREOqPH GH
KLpUDUFKLVDWLRQ GHV FLQT FULWqUHV UHVWH HQWLHU 2Q SHXW LPDJLQHU TXH VL FHWWH
KLpUDUFKLVDWLRQ UHOqYH GH OD VHXOH VWUDWpJLH G HQWUHSULVH F HVW OH FULWqUH FRQVRPPDWLRQ
G pQHUJLH TXL VHUD SULRULWDLUH FKH] 3KLOLSV /DPRWWH%HXYURQ
/HV FKRL[ j IDLUH DX UHJDUG GHV GLIIpUHQWV UpVXOWDWV GHV pWXGHV YRQW GpSHQGUH GHV
REMHFWLIV j DWWHLQGUH PDLV DXVVL HW VXUWRXW GHV FRQWUDLQWHV GH SHUIRUPDQFH
WHFKQRORJLTXHV HW pFRQRPLTXHV
4XHOTXHV VRXVFULWqUHV Q RQW SDV pWp SULV HQ FRPSWH GDQV O pWXGH GH %HQFKPDUNLQJ
HQYLURQQHPHQWDO ,O VHUDLW SUREDEOHPHQW IRUW XWLOH GH OHV SUHQGUH HQ FRPSWH
3RXU OH FULWqUH 5HF\FODELOLWp )LQ GH YLH QRXV SRXUULRQV FRQVLGpUHU
− /H QRPEUH WRWDO GH FRPSRVDQWV GX SURGXLW

− /H WHPSV GH GpPRQWDJH SRXU XQ GpPRQWDJH FRPSOHW RX WHPSV PHVXUp SDU
pWDSH VL SOXVLHXUV QLYHDX[ GH GpPRQWDJH VRQW LGHQWLILpV
− /H QRPEUH G RXWLOV QpFHVVDLUHV DX GpPRQWDJH
3DJH
− /H WDX[ RX LQGLFH GH UHF\FODELOLWp
0DVVH GH PDWpULDX[ UHF\FODEOHV DSUqV GpVDVVHPEODJH
[
0DVVH WRWDOH GX SURGXLW
5HPDUTXH /D GpILQLWLRQ GX WHUPH GH UHF\FODELOLWp VXVFLWH GH QRPEUHX[ GpEDWV HW IDLW
O REMHW DXMRXUG KXL GH SOXVLHXUV WUDYDX[ GH UHFKHUFKH GDQV OH GRPDLQH GH O DXWRPRELOH HQ
SDUWLFXOLHU FKH] 36$ 5HQDXOW &KU\VOHU ,O LPSRUWH HQ HIIHW GH VDYRLU OHV K\SRWKqVHV TXH
O RQ IRUPXOH HW OHV FULWqUHV TXH O RQ FRQVLGqUH SRXU DSSUpFLHU OD UHF\FODELOLWp G XQ SURGXLW
WHPSV HW FRW GH GpVDVVHPEODJH GH WRXW RX SDUWLH GX SURGXLW H[LVWHQFH HW FRW GX
SURFHVVXV GH UHF\FODJH DGpTXDW ILOLqUH «
&H GpEDW VH WURXYH DX F±XU GH O DFWXDOLWp SXLVTXH OHV GHX[ GLUHFWLYHV HXURSpHQQHV HQ
SUpSDUDWLRQ VXU OHV DXWRPRELOHV G XQH SDUW HW OHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV
G DXWUH SDUW VWLSXOHQW GHV WDX[ SUpFLV GH YDORULVDWLRQ j DWWHLQGUH HQ PDVVH GH
UpXWLOLVDWLRQ RX UHF\FODJH PLQLPXP DX SRXU OHV SURGXLWV G pFODLUDJH

SDU
H[HPSOH
3RXU OH FULWqUH (PEDOODJH QRXV SRXUULRQV FRQVLGpUHU
− /H V\VWqPH G DVVHPEODJH GHV FRPSRVDQWV FROOH DJUDIHV
6DYRLU HQ HIIHW VL OHV FRQVWLWXDQWV GH O HPEDOODJH VRQW FROOpV DJUDIpV VFRWFKpV « SHXW
rWUH WUqV LPSRUWDQW j SUHQGUH HQ FRPSWH SXLVTXH GH FHOD YD GpSHQGUH OD SOXSDUW GX
WHPSV OD SRVVLELOLWp GH UHF\FOHU RX QRQ O HPEDOODJH 8QH FROOH SDUIRLV WR[LTXH OLDQW GX
FDUWRQ j GX SODVWLTXH SHXW HIIHFWLYHPHQW HPSrFKHU OHV PDWpULDX[ G LQWpJUHU XQH ILOLqUH DG
KRF GH UHF\FODJH «
− /H UDWLR GX YROXPH GH O HPEDOODJH SDU OH YROXPH GX SURGXLW
/ REMHFWLI GH FH FDOFXO HVW GH GLPLQXHU OH UDSSRUW GHV YROXPHV VRLW OH YROXPH GHV
SURGXLWV HW OD TXDQWLWp GH YLGH GDQV OHV HPEDOODJHV FHOD YD VH WUDGXLUH SDU GHV SURGXLWV
HW RX GHV HPEDOODJHV SOXV UpVLVWDQWV DX[ FKRFV
(QILQ FHV GHX[ pWXGHV RQW pWp UpDOLVpHV HQ PDUJH GH WRXW SURMHW PDLV DYHF OH FRQFRXUV GH
WRXV OHV VHUYLFHV HQ SDUWLFXOLHU OHV DFKDWV HW OHV IRXUQLVVHXUV SRXYDQW DSSRUWHU OHV
GRQQpHV QpFHVVDLUHV 3DUPL FHV GHUQLHUV FHUWDLQV VH VRQW PRQWUpV WUqV FRRSpUDWLIV HQ
DFFHSWDQW GH IRXUQLU OHV GRQQpHV GDQV OD PHVXUH R LOV HQ GLVSRVDLHQW ' DXWUHV HQ
UHYDQFKH RQW pWp SOXV GLIILFLOHV j FRQYDLQFUH HW OHV GpPDUFKHV SDUIRLV OHQWHV SRXU HQ
'DQV OH FDV GHV OXPLQDLUHV pWXGLpV SDU H[HPSOH YD VH SRVHU OH SUREOqPH GH OD UHF\FODELOLWp GHV EDOODVWV
FRQVWLWXpV GH W{OHV PDJQpWLTXHV GH ERELQDJHV GH FXLYUH OH WRXW HQUREp GDQV XQH UpVLQH «
3DJH
GpILQLWLYH QH SDV REWHQLU GH GRQQpHV SHUWLQHQWHV VRLW SDU PDQTXH GH FRQQDLVVDQFHV

PrPHV GHV IRXUQLVVHXUV VRLW SRXU GHV UDLVRQV GH FRQILGHQWLDOLWp
$SUqV FLQT PRLV G DQDO\VH OH 5HVSRQVDEOH (QYLURQQHPHQW QRXV LQYLWDLW j SUpVHQWHU OHV
UpVXOWDWV j OD 'LUHFWLRQ SXLV j FKDFXQ GHV SULQFLSDX[ VHUYLFHV FRQFHUQpV SDU OD
FRQFHSWLRQ G XQ SURGXLW %XUHDX G pWXGH $FKDWV 0DUNHWLQJ 4XDOLWp O REMHFWLI pWDQW
G XQH SDUW GH SHUFHYRLU O DFFXHLO UpVHUYp j OD PLVH HQ SODFH G XQ QRXYHO RXWLO HW
G HQJHQGUHU G DXWUH SDUW XQH SULVH GH FRQVFLHQFH YLVjYLV GH FHWWH QRXYHOOH DSSURFKH
3RXU FH TXL FRQFHUQH OD VHQVLELOLVDWLRQ GHV VHUYLFHV TXDWUH UpXQLRQV LGHQWLTXHV GH GHX[
KHXUHV IXUHQW RUJDQLVpHV SRXU XQH GL]DLQH GH SHUVRQQHV FKDFXQH DYHF DX SURJUDPPH
OHV UpVXOWDWV GHV pWXGHV (FRVFDQ HW %HQFKPDUNLQJ HQYLURQQHPHQWDO

XQH SUpVHQWDWLRQ GHV HQMHX[ GH O pFRFRQFHSWLRQ QRWLRQV GH F\FOH GH YLH
UpJOHPHQWDWLRQ «
TXHOTXHV VSpFLILFDWLRQV DGDSWpHV j FKDTXH VHUYLFH
&KDFXQ GHYDQW HIIHFWLYHPHQW VH SUpRFFXSHU GHV LPSDFWV G XQ SURGXLW VXU

O HQYLURQQHPHQW HW FRQQDvWUH VD SDUW GH UHVSRQVDELOLWp LO LPSRUWDLW G DSSUpKHQGHU OHV
GLYHUVHV UpDFWLRQV DILQ G pODERUHU j WHUPH XQH GpPDUFKH SRXU LQWpJUHU DX PLHX[ OHV
SUpRFFXSDWLRQV G HQYLURQQHPHQW GDQV OH SURFHVVXV FODVVLTXH GH FRQFHSWLRQ
3RLQWV GH YXH GHV VHUYLFHV YLVjYLV GH FHWWH QRXYHOOH
DSSURFKHGHODFRQFHSWLRQ
/RUV GHV UpXQLRQV GH VHQVLELOLVDWLRQ FKDTXH PHPEUH GH GLIIpUHQWV VHUYLFHV D SX

H[SULPHU VRQ DYLV TXDQW j OD SHUWLQHQFH GHV pWXGHV UpDOLVpHV HW VD SHUFHSWLRQ GH OD
SUpRFFXSDWLRQ HQYLURQQHPHQWDOH GDQV VRQ PpWLHU 1RXV UDSSRUWRQV GDQV OHV
SDUDJUDSKHV VXLYDQWV OHV SURSRV HVVHQWLHOV TXL RQW SX WUDQVSDUDvWUH DX FRXUV GH QRV
pFKDQJHV GDQV OHV UpXQLRQV PDLV pJDOHPHQW ORUV G HQWUHWLHQV DXVVL RXYHUWV TXH SRVVLEOH
DYHF GHV PHPEUHV GH FKDTXH VHUYLFH
/H 5HVSRQVDEOH (QYLURQQHPHQW REMHFWLIV SUpFLV G pFR

FRQFHSWLRQPDLVLPSUpFLVLRQVGDQVOHFKRL[GHVPR\HQV
/D VRFLpWp 3KLOLSV HVW WUqV KLpUDUFKLVpH 1RXV DYRQV YX TXH OH JURXSH D pODERUp XQH
SROLWLTXH HQYLURQQHPHQWDOH FRQFHUQDQW OHV SURGXLWV HW SOXVLHXUV SURJUDPPHV G DFWLRQ j
3DJH
UHVSHFWHU SDU WRXV OHV VLWHV GH SURGXFWLRQ WKH (QYLURQPHQWDO 2SSRUWXQLW\
(FR9LVLRQ / HQYLURQQHPHQW IDLVDQW SDUWLH GX SRVLWLRQQHPHQW GH OD PDUTXH 3KLOLSV HQ
WDQW TX LPDJH GH PDUTXH G XQH HQWUHSULVH pFRFLWR\HQQH OD FRPPXQLFDWLRQ GX JURXSH
VXU FH VXMHW YLD UDSSRUWV FROORTXHV HW FRQJUqV LQWHUQDWLRQDX[ HVW WUqV DERQGDQWH ,O
V DYqUH FHSHQGDQW TXH OHV VLWHV VRQW SDUIRLV TXHOTXH SHX GpPXQLV TXDQW DX[ SURFpGXUHV
j VXLYUH SRXU UHPSOLU OHV REMHFWLIV IL[pV GDQV OHV SURJUDPPHV HQ HIIHW OHV PR\HQV GH
SDUYHQLU DX[ EXWV YLVpV VRQW OD SOXSDUW GX WHPSV ODLVVpV DX FKRL[ GHV XQLWpV PR\HQV
KXPDLQV RUJDQLVDWLRQQHOV PDWpULHOV HW ILQDQFLHUV
(Q )UDQFH OH UHODLV LQVWLWXp SDU OH *URXSH DX QLYHDX GH OD 'LUHFWLRQ 7HFKQLTXH GH 3KLOLSV
)UDQFH OHTXHO HVW GHVWLQp j UHQVHLJQHU OHV 5HVSRQVDEOHV (QYLURQQHPHQW GHV XQLWpV
IUDQoDLVHV HQ PDWLqUH GH SROLWLTXH HQYLURQQHPHQWDOH GH GLUHFWLYHV LQWHUQHV « VH UpYqOH
PDOKHXUHXVHPHQW SDUIRLV LQRSpUDQW &·HVW GX PRLQV FH TXL SHXW WUDQVSDUDvWUH DX[ GLUHV
GH FHUWDLQV GH FHV UHVSRQVDEOHV TXL VH UpXQLVVHQW TXDWUH IRLV SDU DQ SRXU pFKDQJHU VXU
OHXUV H[SpULHQFHV UHVSHFWLYHV
,O Q H[LVWH SDV UpHOOHPHQW GH VHUYLFH (QYLURQQHPHQW VXU OH VLWH GH /DPRWWH%HXYURQ
SXLVTXH OH UHVSRQVDEOH HQYLURQQHPHQW HVW DYDQW WRXW UHVSRQVDEOH GHV UHODWLRQV
VRFLDOHV« (Q PDWLqUH G pFRFRQFHSWLRQ LO HVWLPH TX LO Q D SDV OH FKRL[ FRQFHUQDQW VRQ
LQWpJUDWLRQ GDQV OHV DFWLYLWpV GH O XQLWp PDLV TX XQH JUDQGH OLEHUWp GHPHXUH VXU OD
PDQLqUH GH SURFpGHU 9LVjYLV GX ORJLFLHO (FRVFDQ LO FRQILUPH TXH OH JURXSH O LPSRVH j
WRXWHV OHV XQLWpV GH IDEULFDWLRQ TXL VRXKDLWHQW pYDOXHU OHV LPSDFWV HQYLURQQHPHQWDX[ GH
OHXUV SURGXLWV 6HORQ OXL © DXFXQH Q HVW WHQXH GH O XWLOLVHU VL HOOH HVWLPH TXH VRQ HPSORL QH
OXL HVW SDV LQGLVSHQVDEOH UpVXOWDWV LQH[SORLWDEOHV GpPDUFKH LQDSSURSULpH F HVW
FHSHQGDQW SRXU O LQVWDQW OH VHXO ORJLFLHO TX XQH XQLWp SRXUUD DFTXpULU GDQV XQH GpPDUFKH
HQYLURQQHPHQWSURGXLW ª 2Q SHXW SDUOHU GX PRQRSROH G·(FRVFDQ FKH] 3KLOLSV OHTXHO

SHXW rWUH PDO DFFXHLOOL SDU OHV pTXLSHV FRPPH QRXV OH VRXOLJQLRQV SOXV KDXW SXLVTX LO OHXU
HVW QRQ VHXOHPHQW LPSRVp PDLV DXVVL TX DXFXQH DLGH QH OHXU HVW IRXUQLH SRXU XQH PLVH
HQ DSSOLFDWLRQ GDQV OHV SURMHWV
2Q YRLW GRQF XQH JUDQGH OLEHUWp GDQV OH FKRL[ GHV SURFpGXUHV G DFWLRQ FRQWUDLUHPHQW DX
FKRL[ LPSRVp GHV RXWLOV j XWLOLVHU 'H QRWUH SRLQW GH YXH XQ WHO PRGH GH IRQFWLRQQHPHQW
Q HVW SDV VDQV SRVHU GHV GLIILFXOWpV HQ SDUWLFXOLHU DX QLYHDX GHV pTXLSHV SURMHW KDELWXpHV
j VXLYUH GHV SURFpGXUHV LQVFULWHV GDQV OHV PDQXHOV G LQVWUXFWLRQV &H SURSRV UHMRLQW WRXW j
IDLW OHV DQDO\VHV GH * GH 7HUVVDF VXU OH PpWLHU GH OD FRQFHSWLRQ TXDQG LO VRXOLJQH TXH
© OHV FRQFHSWHXUV RQW EHVRLQ GH GLVSRVLWLIV G DLGH j OD GpFLVLRQ SUHVFULSWLIV TXL VWUXFWXUHQW
OHXU HVSDFH G DFWLRQ ª >'( 7(566$& @

/ H[LVWHQFH GH QRPEUHX[ JXLGHV HW GLUHFWLYHV LQWHUQHV pGLWpV SDU OH *URXSH GHPHXUH
HQFRUH SDUIRLV LJQRUpH GH OHXUV GHVWLQDWDLUHV RX OHXU FRQWHQX LQFRPSULV HQ SDUWLFXOLHU
GHV FRQFHSWHXUV ,OV VRQW SRXUWDQW GHVWLQpV j DLGHU OHV pTXLSHV j LQWpJUHU OD
SUpRFFXSDWLRQ HQYLURQQHPHQWDOH GDQV OHXUV DFWLYLWpV PDLV OD VHQVLELOLVDWLRQ HW OD
IRUPDWLRQ GX SHUVRQQHO GHV XQLWpV UHVWH LQVXIILVDQWH SRXU SHUPHWWUH XQH PRELOLVDWLRQ
,O IDXW VDYRLU TXH 3KLOLSV HVW O XQH GHV HQWUHSULVHV D\DQW SDUWLFLSp DX SURMHW GH GpYHORSSHPHQW G (FRVFDQ
SDU OD VRFLpWp KROODQGDLVH 7XUWOH %D\ 8QH XQLWp GX JURXSH HVW FKDUJpH GH FRPSOpWHU OD EDVH GH GRQQpHV HW
GH UHQVHLJQHU OHV XWLOLVDWHXUV 3KLOLSV VXU OHV pFRLQGLFDWHXUV PDQTXDQWV
3DJH
DXWRXU GH FHWWH SUREOpPDWLTXH 8QH PpFRQQDLVVDQFH GHV HQMHX[ GH O pFRFRQFHSWLRQ

GRXEOpH G XQH PDXYDLVH SHUFHSWLRQ GHV RXWLOV SURSRVpV FRPPH (FRVFDQ FRQFRXUHQW HQ
IDLW j XQ FRPSRUWHPHQW GH UpWLFHQFH YLVjYLV GH FHWWH QRXYHOOH GRQQH YpFXH FRPPH XQH
FRQWUDLQWH 1RXV \ UHYLHQGURQV GDQV OH SDUDJUDSKH VXLYDQW
(Q WHUPHV GH PRWHXUV GH O pFRFRQFHSWLRQ WHOV TX pYRTXpV GDQV OD SDUWLH LO DSSDUDvW

FODLUHPHQW LFL HW G DSUqV OHV SURSRV GX UHVSRQVDEOH HQYLURQQHPHQW TX LOV WLHQQHQW
HVVHQWLHOOHPHQW YRLUH H[FOXVLYHPHQW GH O REOLJDWLRQ GH VXLYUH OD SROLWLTXH LPSRVpH SDU OH
JURXSH 3RXU O KHXUH HQ HIIHW OHV SUHVVLRQV GH OD FOLHQWqOH VHPEOHQW WUqV IDLEOHV OHV
FRQFXUUHQWV VXU OH PDUFKp QH VHPEOHQW SDV IRQFLqUHPHQW D[pV VXU OH PDUNHWLQJ YHUW HW
OHV pTXLSHV QH SDUDLVVHQW SDV FRPSOqWHPHQW FRQYDLQFXHV GHV UpGXFWLRQV GH FRW j
HVFRPSWHU G XQH DSSURFKH HQYLURQQHPHQWSURGXLW ,O HVW YUDL TXH OD SOXSDUW OHV
FRQFHSWHXUV OHV DFKHWHXUV OHV PDUNHWHXUV LJQRUHQW HQ SDUWLFXOLHU OHV pYROXWLRQV GH OD
UpJOHPHQWDWLRQ HW QRWDPPHQW OD SUpSDUDWLRQ G XQH GLUHFWLYH HXURSpHQQH FRQFHUQDQW OHV
SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV HQ ILQ GH YLH LOV LJQRUHQW HQ IDLW OHV pFKpDQFHV j
FRXUW WHUPH GH FHWWH UpJOHPHQWDWLRQ HW OHV LPSOLFDWLRQV TX HOOH YD HQJHQGUHU SRXU OHV
HQWUHSULVHV FRQFHUQpHV HW OHV pTXLSHV SURMHW GDQV OH GpYHORSSHPHQW GHV SURGXLWV
/H %XUHDX G (WXGH O (QYLURQQHPHQW SHUoX FRPPH XQH

FRQWUDLQWHVXSSOpPHQWDLUHSDUGHVFRQFHSWHXUVGpPXQLV
$X WUDYHUV GHV UpDFWLRQV GHV FRQFHSWHXUV WDQW DX FRXUV GH QRWUH pWXGH VXU (FRVFDQ GH
O DQDO\VH GH %HQFKPDUNLQJ TXH ORUV GHV UpXQLRQVGpEDWV QRXV DYRQV SX GpFHOHU
SOXVLHXUV W\SHV GH UpDFWLRQV
'HV UpDFWLRQV YLVjYLV GH OD SROLWLTXH JOREDOH HW GH OD
'LUHFWLRQ
6L OD 'LUHFWLRQ H[SULPH FODLUHPHQW VRQ HQJDJHPHQW YLVjYLV GH FHWWH DSSURFKH OHV

FRQFHSWHXUV RQW QpDQPRLQV GX PDO j FHUQHU VD SRVLWLRQ HW GpSORUHQW OH PDQTXH PDQLIHVWH
GH ORJLTXH HW GH FRKpUHQFH / pFRFRQFHSWLRQ ILJXUH FHUWHV DX UDQJ GHV DFWLRQV j
qPH
HQJDJHU GDQV O RSWLTXH GH O DPpOLRUDWLRQ GH OD TXDOLWp j OD SODFH VXU OHV DFWLRQV
GX SODQ %(67 OH SHUVRQQHO D HIIHFWLYHPHQW UHoX OD FRQVLJQH GH SUHQGUH HQ
FRPSWH FHWWH QRXYHOOH DSSURFKH GH OD FRQFHSWLRQ ODTXHOOH IXW WUDQVPLVH SDU OH
UHVSRQVDEOH HQYLURQQHPHQW HW FHOXL GX EXUHDX G pWXGH
/H %XUHDX G·(WXGH j /DPRWWH%HXYURQ HVW FRQVWLWXp G·XQH WUHQWDLQH GH SHUVRQQHV FKHIV GH SURMHW HW
GHVVLQDWHXUV SUDWLTXHPHQW HQ pJDOH SURSRUWLRQ VRQW PRELOLVpV VXU GHV SURGXLWV VWDQGDUGV SURGXLWV VXU
FDWDORJXH HW VXU GHV SURGXLWV VSpFLDX[ SURMHWV DYHF FOLHQWV LGHQWLILpV
3DJH
1pDQPRLQV DXFXQH FRQWUHSDUWLH HQ WHUPHV GH VRXWLHQ HW GH VXLYL GH O DFWLRQ QH OHXU HVW

SRXU O LQVWDQW DOORXpH SDU OD 'LUHFWLRQ ,OV VRXKDLWHUDLHQW GRQF TXH FHWWH GHUQLqUH OHXU
DFFRUGH OH EpQpILFH GH O DSSUHQWLVVDJH HW OHV PR\HQV QpFHVVDLUHV GX WHPSV GHV
UHVVRXUFHV ILQDQFLqUHV HW KXPDLQHV
'DQV OH PrPH RUGUH G LGpH OHV FRQFHSWHXUV DWWHQGHQW EHDXFRXS GHV PDUNHWHXUV TX LOV
MRXHQW OH MHX HW SUHQQHQW SDUW j FHWWH QRXYHOOH DSSURFKH LOV GHYUDLHQW HIIHFWXHU OHV
pWXGHV GH PDUFKp HW GH OD FRQFXUUHQFH HQ FRQVpTXHQFH HW pODERUHU GHV FDKLHUV GHV
FKDUJHV IRQFWLRQQHOV RX PDUNHWLQJ R OD GLPHQVLRQ HQYLURQQHPHQWDOH SUHQGUDLW WRXWH
VD YDOHXU /H EXUHDX G pWXGH D SRXU O KHXUH HQ HIIHW OD IRUWH LPSUHVVLRQ G rWUH GpVLJQp
SDU OD 'LUHFWLRQ FRPPH GHYDQW rWUH OH PRWHXU GH OD SULVH HQ FRPSWH GH FHWWH QRXYHOOH
GRQQpH DORUV PrPH TXH OHV PDUNHWHXUV FKHIV GH SURGXLW HW PDQDJHUV GHV pTXLSHV
SURMHW Q HQ VRQW SDV FRQYDLQFXV
3HUFHSWLRQGHODFRQWUDLQWHHQYLURQQHPHQWDOH
$X WUDYHUV GHV UpDFWLRQV GHV FRQFHSWHXUV LO WUDQVSDUDvW OH VHQWLPHQW JpQpUDO TXH FHWWH
QRXYHOOH DSSURFKH GH OD FRQFHSWLRQ HVW YXH FRPPH XQH FRQWUDLQWH VXSSOpPHQWDLUH
QpFHVVLWDQW XQ LQYHVWLVVHPHQW QRQ QpJOLJHDEOH GH FKDFXQ '·DXFXQV HVWLPHQW G·DLOOHXUV
TX·XQ WHO LQYHVWLVVHPHQW QH SRXUUD DOOHU GH SDLUH DYHF OD UpGXFWLRQ GH OD GXUpH GHV
SURMHWV SU{QpH SDU OD 'LUHFWLRQ
/HV PHPEUHV GX EXUHDX G·pWXGH VH WURXYHQW DLQVL FRQIURQWpV j GHX[ H[LJHQFHV
DQWLQRPLTXHV SXLVTX HQ HIIHW O·DSSURSULDWLRQ GH OD GpPDUFKH G·pFRFRQFHSWLRQ UHTXLHUW
XQ DSSUHQWLVVDJH OHQW HW SURJUHVVLI OHDUQLQJ E\ GRLQJ TXL QH SHXW VH FRQMXJXHU GDQV XQ
SUHPLHU WHPSV DYHF XQH UpGXFWLRQ GX WHPSV GH FRQFHSWLRQ & HVW DLQVL OH FDV ORUV GH OD
PLVH HQ SODFH GH OD GpPDUFKH ORUVTXH OHV DXWRPDWLVPHV Q H[LVWHQW SDV HW TXH GHPHXUHQW
GH PXOWLSOHV LQWHUURJDWLRQV VXU OH FKHPLQHPHQW j VXLYUH
2XWUH FH SUREOqPH WHPSRUHO LO SDUDvW pYLGHQW TXH OHV FRQFHSWHXUV QH FRPSUHQQHQW SDV
OHV HQMHX[ GH O pFRFRQFHSWLRQ SUpVHQWpV GDQV OD SDUWLH / (FRFRQFHSWLRQ GDQV
O HQWUHSULVH OHV FRQVpTXHQFHV SRXU OHV HQWUHSULVHV GH OD 'LUHFWLYH HXURSpHQQH HQ
SUpSDUDWLRQ OHV FKDQFHV GH UpGXLUH j WHUPH OHV FRWV OHV RSSRUWXQLWpV GH VH GpPDUTXHU
GH OD FRQFXUUHQFH « 1RPEUH GH FHV HQMHX[ VRQW VWUDWpJLTXHV PDLV OHV FRQFHSWHXUV QH
OHV SHUoRLYHQW SRXUWDQW SDV FRPPH WHOV SXLVTX LOV PDQTXHQW G H[SOLFDWLRQV HW VXUWRXW
TX LOV pSURXYHQW GHV GLIILFXOWpV j VH SURMHWHU GDQV OH WHPSV HW KRUV GH O HQWUHSULVH ,OV VRQW
VXUFKDUJpV GH FRQWUDLQWHV TX LOV VH VRQW j SUpVHQW DSSURSULpHV HW TX LOV LQWqJUHQW GDQV
&HV pWXGHV GH PDUFKp HW GH OD FRQFXUUHQFH RULHQWpHV VHORQ XQH DSSURFKH HQYLURQQHPHQWDOH RQW pWp
pYRTXpHV GDQV OD SDUWLH FRQVDFUpH j O pFRFRQFHSWLRQ GDQV O HQWUHSULVH SDUWLH
$ QRWHU j FH SURSRV TXH O DQDO\VH IRQFWLRQQHOOH TXHOTXH SHX QpJOLJpH GHSXLV GHV DQQpHV VRXV SUpWH[WH
TXH OHV SURMHWV VRQW UDUHPHQW LQQRYDQWV OHV WHFKQLTXHV HW FRPSRVDQWV HPSOR\pV VRXYHQW LGHQWLTXHV D
UpFHPPHQW pWp UpLQWURGXLWH j FKDUJH SRXU OH PDUNHWLQJ HQ FRQFHUWDWLRQ DYHF OH EXUHDX G pWXGH GH
FDUDFWpULVHU OHV FULWqUHV GHV GLIIpUHQWHV IRQFWLRQV SULQFLSDOHV HW FRQWUDLQWHV GpVLJQpHV GX SURGXLW
3DJH
OHXU GpPDUFKH HW pYDFXHQW SUHVTXH WRXW QDWXUHOOHPHQW FHOOHFL SHUoXH FRPPH PRLQV
LPSRUWDQWH PRLQV VWUDWpJLTXH © ,O OHXU IDXW GRQF DSSUHQGUH SRXU VH VDLVLU GH FHWWH
FRQWUDLQWH FRPPH FH IXW OH FDV ORUVTX LO V HVW DJL G LQWpJUHU OD TXDOLWp TXDQG OHV pTXLSHV
GLVSRVDLHQW GH SHX G·RXWLOV HW GH SHX GH VRXWLHQ ª UHFRQQDvW HIIHFWLYHPHQW OH 5HVSRQVDEOH

5HFKHUFKH 'pYHORSSHPHQW
/H SUREOqPH j QRWUH VHQV HVW TX LO PDQTXH HQFRUH XQ PpWLHU GDQV O·pTXLSH SURMHW
TXHOTX·XQ FRQQDLVVDQW VXIILVDPPHQW OH UHF\FODJH XQ FRQFHSWHXU SHXWrWUH " RX XQ
H[SHUW FRQQDLVVDQW j OD IRLV OH PpWLHU GH OD FRQFHSWLRQ HW OHV ILOLqUHV GH ILQ GH YLH &·HVW OXL
TXL SRXUUDLW rWUH SRUWHXU GHV FRQWUDLQWHV OLpHV j OD ILQ GH YLH GRQW VRQW GpSRXUYXV OHV
FRQFHSWHXUV 1RXV UHYLHQGURQV SOXV WDUG VXU FHWWH TXHVWLRQ GH O·H[SHUWLVH
&RQWUDGLFWLRQ HQWUH O pFRFLWR\HQ HW O pFRFRQFHSWHXU OH

FRQFHSWHXUHQPDQTXHG·LQFLWDWLRQ
&HUWDLQV FRQFHSWHXUV LUUpGXFWLEOHV VH PRQWUHQW TXHOTXH SHX KRVWLOHV j FH W\SH

G DSSURFKH GH OD FRQFHSWLRQ HQ HVWLPDQW TX LOV Q \ YRLHQW DXFXQ LQWpUrW RQ WRXFKH
HIIHFWLYHPHQW Oj OH F±XU GX SUREOqPH O pFRFRQFHSWLRQ Q HVW FHUWDLQHPHQW SDV XQ PR\HQ
GH IDFLOLWHU OD WkFKH GX FRQFHSWHXU PDLV SOXW{W FHOOH GX YDORULVDWHXU HW pYHQWXHOOHPHQW
FHOOH GH O XWLOLVDWHXU &RPPH QRXV O·pYRTXLRQV GDQV OHV SDUDJUDSKHV SUpFpGHQWV OHV
FRQFHSWHXUV QH FRPSUHQQHQW SDV O·HQMHX © ILQ GH YLH ª HW OHV H[LJHQFHV TXH FHOD VXSSRVH
&HV FRQFHSWHXUV VH GLVHQW SRXUWDQW WUqV SUpRFFXSpV SDU O HQYLURQQHPHQW HQ DIILUPDQW
IDLUH SHUVRQQHOOHPHQW GX WUL VpOHFWLI SUHQGUH VRLQ GH OD QDWXUH SURVFULUH OHV GpFKDUJHV
VDXYDJHV OLPLWHU OHV FRQVRPPDWLRQV G pQHUJLH « ,OV \ YRLHQW Oj SUREDEOHPHQW XQ
LQWpUrW SRXU OHXU SURSUH ELHQrWUH HW OHXUV ILQDQFHV PDLV WUqV FHUWDLQHPHQW DXVVL SRXU
IODWWHU OHXU HJR HW VpGXLUH O HQWRXUDJH F HVW GDQV O DLU GX WHPSV LO HVW GRQF GH ERQ WRQ GH
SUpWHQGUH TXH O RQ VH SUpRFFXSH G HQYLURQQHPHQW ,O Q HQ YD SDV GH PrPH GDQV OHXU
DFWLYLWp SURIHVVLRQQHOOH HW FH TXL WRXFKH SOXV SDUWLFXOLqUHPHQW j OHXU PpWLHU 'DQV FH FDV
RQ OHXU GHPDQGH G LQWpJUHU GHV FRQWUDLQWHV VXSSOpPHQWDLUHV VDQV TXH FHUWDLQV \ YRLHQW
GH TXHOFRQTXHV EpQpILFHV SHUVRQQHOV 2Q SHXW FHUWHV OHXU SDUOHU GH EpQpILFHV
pFRQRPLTXHV PDLV LOV FRQFHUQHQW O HQWUHSULVH « 6DQV XQH IRUWH VHQVLELOLVDWLRQ HW GHV
LQFLWDWLRQV j OD PRWLYDWLRQ SDUWLFLSDWLRQ DFWLYH j GHV JURXSHV GH WUDYDLO FRPPXQLFDWLRQ
SUpFLVHV GHV REMHFWLIV HW GHV UpVXOWDWV QRPEUHX[ EpQpILFHV SRXU FKDFXQ pYDOXDWLRQV LO
\ D SHX GH FKDQFHV G HVSpUHU TX LOV V LQYHVWLVVHQW FRPSOqWHPHQW HW DYHF FRQYLFWLRQ 2Q
SRXUUDLW DYDQFHU DXVVL OD QpFHVVLWp SRXU OD 'LUHFWLRQ GH UHFRQQDvWUH OH WUDYDLO DFFRPSOL
OH FRQFHSWHXU GHYDQW HIIHFWLYHPHQW UHVVHQWLU TXH VD PRELOLVDWLRQ HVW UHPDUTXpH
1RXV DYRQV SUpFpGHPPHQW SDUOp GH PRGHV G RUJDQLVDWLRQ HW G RXWLOV SRXU pFRFRQFHYRLU
LO QH YD SDV VDQV GLUH TXH VDQV XQH PRELOLVDWLRQ JpQpUDOH GX SHUVRQQHO DXWRXU GH FHWWH
FDXVH FRPPXQH ULHQ QH SRXUUD VH IDLUH « 3DUPL OHV FLQT WkFKHV HVVHQWLHOOHV G XQ SURMHW
G pFRFRQFHSWLRQ WHOOHV TXH O pYRTXDLW - (KUHQIHOG >(+5(1)(/' @ FI SDUDJUDSKH
GDQV OD SDUWLH F HVW SUREDEOHPHQW OD PRWLYDWLRQ GX SHUVRQQHO SDU GHV LQFLWDWLRQV TX LO
FRQYLHQGUDLW GH PLHX[ SUHQGUH HQ FRPSWH
3DJH
5pDFWLRQVYLVjYLVGHVpWXGHV(FRVFDQHW%HQFKPDUNLQJ
/·RXWLO (FRVFDQ SRXUUDLW rWUH YX FRPPH XQ RXWLO G·DSSUHQWLVVDJH SRXU DLGHU j PLHX[
SHUFHYRLU OHV SUREOqPHV HQYLURQQHPHQWDX[ SRVpV SDU XQ SURGXLW ,O SRXUUDLW GRQF HQ
FHOD SDUWLFLSHU j O·DFFHSWDWLRQ GH OD FRQWUDLQWH 0DLV O XQ GHV FRQFHSWHXUV VRXOLJQH GHX[
GpOLFDWV SUREOqPHV SURSUHV DX[ pWXGHV HQYLURQQHPHQWDOHV GH W\SH $&9 QRXV OHV DYLRQV
pYRTXpV GDQV OH SDUDJUDSKH UHODWLI DX[ $&9 GH OD SDUWLH RXWLOV
− 6HORQ OHV K\SRWKqVHV G pWXGHV FKRLVLHV LO HVW WRXMRXUV SRVVLEOH G RULHQWHU OHV UpVXOWDWV
WHOV TXH VRXKDLWpV
− /RUV G XQH pWXGH FRPSDUDWLYH GH GHX[ SURGXLWV GHVWLQpH j OD FRPPXQLFDWLRQ
O XWLOLVDWHXU HVW OLEUH GH FKRLVLU XQ UpIpUHQWLHO GH VRUWH TXH OH QRXYHDX SURGXLW j
FRPPHUFLDOLVHU QH SRXUUD rWUH TXH PHLOOHXU HQYLURQQHPHQWDOHPHQW SDUODQW «
3RXU UpVXPHU OD FULWLTXH GHV FRQFHSWHXUV YLVjYLV GX ORJLFLHO WHVWp LO VXIILW GH UHSUHQGUH
FHWWH SKUDVH HQWHQGXH ORUV GH OD UHVWLWXWLRQ GH QRV WUDYDX[ RQ IDLW RX SHXW IDLUH GLUH FH
TXH O RQ YHXW j O pWXGH HW REWHQLU OHV UpVXOWDWV GpVLUpV

&H VHQWLPHQW GH PDQTXH G REMHFWLYLWp GH O RXWLO IUDJLOLVH G DXWDQW SOXV OHV FRQYLFWLRQV GHV
FRQFHSWHXUV HQYHUV OH ELHQIRQGp GH OD UpDOLVDWLRQ GH FH W\SH G pWXGHV
HQYLURQQHPHQWDOHV TX LOV SHUoRLYHQW GLIILFLOHPHQW OHV PRWLYDWLRQV SURIRQGHV GH OD
'LUHFWLRQ © RQ YD OH IDLUH SXLVTX LO HQ HVW DLQVL HW VXUWRXW VL RQ Q D SDV OH FKRL[ PDLV TX HVW
FH TXH FHOD YD QRXV DSSRUWHU " TXH YDWRQ IDLUH GHV UpVXOWDWV " 6RQWLOV SHUWLQHQWV " ª ,O IDXW
HIIHFWLYHPHQW TXH FHV UpVXOWDWV VRLHQW WUDGXFWLEOHV GDQV OHXU ODQJDJH GDQV OHXU V\VWqPH
G·DFWLRQ ,OV RQW EHDX rWUH VLJQLILFDWLIV SRXU XQ VSpFLDOLVWH GH O·HQYLURQQHPHQW LOV Q·HQ
VRQW SDV SRXU DXWDQW RSpUDWLRQQHOV SRXU OHV FRQFHSWHXUV
© (VWFH YUDLPHQW j QRXV GH IDLUH FH JHQUH G·pWXGH " ª (Q WHUPHV GH UHVVRXUFHV KXPDLQHV
O pWXGH (FRVFDQ SRVH HIIHFWLYHPHQW OD TXHVWLRQ GH O H[SHUWLVH
'·DSUqV O·pWXGH GH %HQFKPDUNLQJ HQILQ O DSSURFKH G pFRFRQFHSWLRQ SRVH OH GLIILFLOH

FKDOOHQJH GH O DQWLFLSDWLRQ VXU OD ILQ GH YLH GHV SURGXLWV ,O HVW YUDL TXH OHV FRQFHSWHXUV
RQW GX PDO j VH SURMHWHU VXU OH PR\HQ RX ORQJ WHUPH G DXWDQW SOXV TXH GDQV OH FDV GH
/DPRWWH%HXYURQ LOV Q RQW DXFXQH YLVLELOLWp VXU OHV SURGXLWV DSUqV FRPPHUFLDOLVDWLRQ
%HDXFRXS VH UpIqUHQW DX SUpVHQW HW SRXU O·XQ G·HX[ © PDUTXHU OHV SLqFHV SODVWLTXHV SRXU
IDFLOLWHU OH UHF\FODJH GH GHPDLQ DORUV PrPH TXH FHUWDLQHV ILOLqUHV GH WUDLWHPHQW Q H[LVWHQW
SDV DXMRXUG KXL SDUDvW LQXWLOH ª

'H PrPH OH PDQTXH GH FRQQDLVVDQFHV GH OD UpJOHPHQWDWLRQ HW GH VRQ pYROXWLRQ SHXW
DQQLKLOHU OD SRVVLELOLWp G DQWLFLSHU SDU H[HPSOH VXU O pOLPLQDWLRQ SUpYXH GH O HPSORL GH
WHOOH RX WHOOH VXEVWDQFH HW VXUWRXW VXU OD UHVSRQVDELOLWp SRWHQWLHOOH GHV IDEULFDQWV YLVjYLV
GH OHXUV SURGXLWV XVDJpV
3DJH
4XLGGHODQpFHVVLWpGHO H[SHUWLVH"
(Q UpSRQVH DX[ LQWHUURJDWLRQV GH FHUWDLQV FRQFHSWHXUV RQ HVW HQ HIIHW HQ GURLW GH VH

SRVHU GHX[ TXHVWLRQV
− 3HXWRQ LPDJLQHU TXH FKDTXH FRQFHSWHXU VRLW j PrPH GH UpDOLVHU HQ FRXUV GH SURMHW
GHV pWXGHV HQYLURQQHPHQWDOHV DYHF FH ORJLFLHO "
$ QRWHU TX·(FRVFDQ XWLOLVp GH PDQLqUH SRQFWXHOOH VXU TXHOTXHV SURMHWV DX VHLQ GH O·XQLWp
GH 3KLOLSV GX 0DQV 3KLOLSV &RQVXPHU &RPPXQLFDWLRQV Q·HVW SDV PDQLSXOp SDU OHV
FRQFHSWHXUV HX[PrPHV &·HVW XQ PHPEUH GX VHUYLFH HQYLURQQHPHQW TXL HQ HVW FKDUJp
− 6 DJLWLO GH GpVLJQHU RX GH UHFUXWHU XQ H[SHUW HQYLURQQHPHQW RX pFRFRQFHSWLRQ

FKDUJp GH WRXWHV FHV pWXGHV H[SHUW LQGpSHQGDQW SRXYDQW rWUH LQWpJUp GDQV FKDTXH
pTXLSH SURMHW "
&HWWH GHUQLqUH TXHVWLRQ UHODWLYH j OD SODFH GH O·H[SHUWLVH HQ PDWLqUH G·HQYLURQQHPHQW

IXW VRXOHYpH SDU O XQ GHV FRQFHSWHXUV HVWLPDQW TXH OHV UpVXOWDWV GH O pWXGH (FRVFDQ QH
VRQW TXH SXUH DQDO\VH HW UHJUHWWDQW TXH OH ORJLFLHO QH IRXUQLVVH DXFXQH YRLH
G DPpOLRUDWLRQ HQYLURQQHPHQWDOH 3RXU OXL FH U{OH G pYDOXDWLRQ GHV SURGXLWV SXLV GH
SURSRVLWLRQV GH SLVWHV SRWHQWLHOOHV G DPpOLRUDWLRQ LQFRPEH QpFHVVDLUHPHQW j XQ
VSpFLDOLVWH FROODERUDQW DYHF OH EXUHDX G pWXGH SRXU WRXV OHV SURMHWV XQH PDQLqUH SHXW
rWUH G pYDFXHU FHWWH QRXYHOOH FRQWUDLQWH MXJpH LQDFFHSWDEOH SRXU FHUWDLQV «
LQDFFHSWDEOH FDU WUqV FHUWDLQHPHQW PDO FRPPXQLTXpH LQFRPSULVH HW VRXVHVWLPpH
FRPPH QRXV O·DYRQV YX
&HFL UHODQFH OH GpEDW pYRTXp GDQV OD SDUWLH FRQVDFUpH j O RUJDQLVDWLRQ LQWHUQH HQ
PDWLqUH G pFRFRQFHSWLRQ SRXU RX FRQWUH O H[LVWHQFH G XQ VHUYLFH GpGLp WRXW
VSpFLILTXHPHQW j OD SUREOpPDWLTXH HQYLURQQHPHQWDOH GDQV OD FRQFHSWLRQ GHV SURGXLWV "
9RLWRQ SRLQGUH Oj OD QpFHVVLWp GH IDLUH H[LVWHU XQ QRXYHDX PpWLHU "
1RXV QH SRXYRQV GpFUpWHU TX XQH RUJDQLVDWLRQ HVW PHLOOHXUH TX XQH DXWUH PDLV QRXV
SHQVRQV TXH FKDFXQ GHV PHPEUHV GX EXUHDX G pWXGH GRLW rWUH VHQVLELOLVp j
O HQYLURQQHPHQW GRLW SDUWLFLSHU DX[ VpDQFHV GH UpIOH[LRQV VXU GH QRXYHOOHV SRVVLELOLWpV
GH FRQFHSWLRQ HW VHFRQGHU O H[SHUW V LO HQ HVW GDQV VD GpPDUFKH (Q DXFXQH IDoRQ OD
VLWXDWLRQ G XQH pTXLSH V HQ UHPHWWDQW LQWpJUDOHPHQW j XQ VSpFLDOLVWH SRXU WRXWHV OHV
TXHVWLRQV G HQYLURQQHPHQW QH VDXUDLW rWUH LGpDOH FHV GHUQLqUHV GRLYHQW FRQFHUQHU WRXW
XQ FKDFXQ
3DJH
/HVHUYLFH0DUNHWLQJOHVPDUNHWHXUVHQDWWHQWHGHVLJQHV
IRUWV IDFH j GHV H[LJHQFHV HQYLURQQHPHQWDOHV GHV FOLHQWV
HQFRUHSHXUHVVHQWLHV
/HV PDUNHWHXUV VRQW GDQV O HQVHPEOH OHV PRLQV HQFOLQV j LQWpJUHU O HQYLURQQHPHQW GDQV OH
GpYHORSSHPHQW GHV SURGXLWV /H UHVSRQVDEOH 0DUNHWLQJ HVW FHUWHV FRQVFLHQW GHV
RSSRUWXQLWpV UHSUpVHQWpHV SDU O pFRFRQFHSWLRQ HW GX UHWDUG LQGXVWULHO IUDQoDLV SDU
UDSSRUW DX[ SD\V QRUGLTXHV PDLV FHOD QH VXIILW SDV SRXU O KHXUH j PRELOLVHU OHV PHPEUHV
GX VHUYLFH
$ FH PDQTXH G HQWKRXVLDVPH HW G HQJDJHPHQW SOXVLHXUV UDLVRQV SHXYHQW rWUH LQYRTXpHV
− /H PDQTXH G HQJDJHPHQW IHUPH GH OD 'LUHFWLRQ

8Q GHV PDUNHWHXUV HVWLPH TXH © TXHOTX XQ GRLW GpFLGHU GHV DFWLRQV SUpFLVHV j
HQWUHSUHQGUH GDQV FH GRPDLQH HW IRXUQLU OHV PR\HQV DGpTXDWV &H QH SHXW rWUH TX·DX
QLYHDX GH OD 'LUHFWLRQ ª
− /·DOORQJHPHQW QpFHVVDLUH GHV GpODLV GH GpYHORSSHPHQW TXL VHUDLW FRQWUDLUH j OD

SROLWLTXH G·HQWUHSULVH
/HV PDUNHWHXUV UHMRLJQHQW LFL O·DYLV G·DXWUHV PHPEUHV GH O·pTXLSH SURMHW
− 8QH SUpRFFXSDWLRQ GH OD FOLHQWqOH SHX D[pH VXU O·HQYLURQQHPHQW SRXU O·LQVWDQW 6L RQ

HQ FURLW OHV pWXGHV GH PDUFKp UpDOLVpHV j /DPRWWH%HXYURQ SHX GH FHV FOLHQWV HQ HIIHW
VHUDLHQW SUrWV j SD\HU SOXV FKHU GHV SURGXLWV GLWV YHUWV 1RXV QRWHURQV LFL
TX·HIIHFWLYHPHQW FHUWDLQV GH FHV SURGXLWV SHXYHQW rWUH SOXV FKHUV PDLV Q·HQ IDLVRQV
SDV XQH JpQpUDOLWp SXLVTXH FH Q·HVW SDV WRXMRXUV OH FDV H[HPSOH pORTXHQW GHV
HPEDOODJHV SOXV OpJHUV FRQWHQDQW PRLQV GH PDWLqUHV SOXV IDFLOHPHQW UHF\FODEOHV
GRQF PRLQV FKHUV HQ GpILQLWLYH
&HWWH IDLEOH SUpRFFXSDWLRQ GHV FOLHQWV SHXW HQ SDUWLH rWUH DWWULEXpH DX IDLW TXH OHV
PDUFKpV GH FHWWH XQLWp VRQW DYDQW WRXW SURIHVVLRQQHOV FRPPH QRXV O·DYRQV YX GDQV OD
SDUWLH /D WHFKQLTXH OHV SHUIRUPDQFHV HW OD TXDOLWp VRQW SULRULWDLUHV HQ PDWLqUH GH
FULWqUHV G·DFKDW
8Q PDUNHWHXU UHPDUTXH WRXWHIRLV TXH OD FRPPXQLFDWLRQ SURGXLW FRPPHQFH j
pYROXHU HW TXH OHV LQGXVWULHOV GH OD SURIHVVLRQ ORXHQW GH SOXV HQ SOXV VRXYHQW OHV
TXDOLWpV GH OHXUV SURGXLWV HQ VRXOLJQDQW TXH FHUWDLQHV VRQW DXVVL XQ SOXV SRXU
O HQYLURQQHPHQW / H[HPSOH OH SOXV UpSDQGX DFWXHOOHPHQW TXL GH SOXV VH VLWXH GDQV OH
GRPDLQH GH O pFODLUDJH HVW OD FRPPXQLFDWLRQ VXU OHV ODPSHV RX OHV OXPLQDLUHV
SHUPHWWDQW XQH pFRQRPLH G pQHUJLH QRQ QpJOLJHDEOH FHOD UHSUpVHQWH j OD IRLV XQ
EpQpILFH SRXU OH FOLHQW HQ WHUPHV pFRQRPLTXHV HW XQ EpQpILFH SRXU O HQYLURQQHPHQW
/H 5HVSRQVDEOH 0DUNHWLQJ HVW RULJLQDLUH GHV 3D\V%DV SD\V R OD FXOWXUH HQYLURQQHPHQWDOH HVW IRUWHPHQW
DQFUpH GDQV OHV PHQWDOLWpV GDQV OH FRPSRUWHPHQW GHV HQWUHSULVHV HW GH OD VRFLpWp HQ JpQpUDO
3DJH
0DLV RQ VDLW DXVVL TX·j WUDYHUV FHWWH FRPPXQLFDWLRQ RQ WRXFKH OHV OLPLWHV HW OHV
DPELJXwWpV G·XQH WHOOH GpPRQVWUDWLRQ V·LO V·DJLW GH ODPSHV DX PHUFXUH TXL FRPSRUWHQW
XQ ULVTXH GH SROOXWLRQ SDU OD SUpVHQFH PrPH GX PHUFXUH
/H PDUNHWHXU LQVLVWH VXU OH IDLW TXH O DUJXPHQW YHUW Q HVW JpQpUDOHPHQW SDV PLV HQ
DYDQW PDLV YLHQW UHQIRUFHU O DUJXPHQW TXDOLWp GX SURGXLW LO SDUOH GH TXDOLWp
HQYLURQQHPHQWDOH FH TXH QRXV VRXOLJQLRQV GDQV OH SDUDJUDSKH VXU OH FRQVXPpULVPH
YHUW GDQV OD SDUWLH
8Q GHV PDUNHWHXUV LQWHUURJpV SHQVH HQ IDLW TXH OD PRELOLVDWLRQ HQYLURQQHPHQWDOH

GHYLHQGUD UpHOOH GqV TXH OD FRQFXUUHQFH VH VHUD LQVWDOOpH VXU FH FUpQHDX &HOD SRXUUD
DORUV GHYHQLU XQ FULWqUH GH SRLGV SRXU VH GpPDUTXHU & HVW pJDOHPHQW O DYLV GX
5HVSRQVDEOH 4XDOLWp 'pYHORSSHPHQW GH O XQLWp GH 6XUHVQHV 4XHOTXHV FRQFXUUHQWV
FRPPHQFHQW j FRPPXQLTXHU VXU OHV DFWLRQV HQYLURQQHPHQWDOHV HQWUHSULVHV VXU OHXUV
SURGXLWV YLD OHXUV UDSSRUWV HQYLURQQHPHQWDX[ DQQXHOV RX OHXUV FDWDORJXHV GH SURGXLWV
OHV FDV GHPHXUHQW QpDQPRLQV HQFRUH LVROpV HW O·RQ VRXSoRQQH FHUWDLQV G·(XURSH GX 6XG
GH YRXORLU IDLUH FURLUH TX·LOV VH SUpRFFXSHQW G·HQYLURQQHPHQW ELHQ TX·LO Q·HQ VRLW ULHQ «
$X VHLQ GX VHUYLFH PDUNHWLQJ OH GHVLJQHU FKDUJp GH SURSRVHU GHV IRUPHV HW GHV

PDWpULDX[ HQYLVDJHDEOHV SRXU OHV QRXYHDX[ SURGXLWV UHFRQQDvW SDUIRLV XQ PDQTXH
G RULJLQDOLWp GDQV OHV SURMHWV UHQGX QpFHVVDLUH SDU XQ PDUFKp SHX HQFOLQ DX[
FKDQJHPHQWV 6HV pODQV G LQQRYDWLRQ VRQW HQ HIIHW IUHLQpV SDU OHV PDUNHWHXUV FUDLJQDQW
GHV ULVTXHV GH SHUWHV GH PDUFKp QRWDPPHQW HQ $OOHPDJQH RX DX[ 3D\V%DV 'H SDU VD
FXOWXUH OH GHVLJQHU UHFRQQDvW YRLU HQ O pFRFRQFHSWLRQ XQH IRUPH GH UHWRXU GH O LQGXVWULH
PDQXIDFWXULqUH YHUV OD QDWXUH © 'DQV (FRGHVLJQ LO \ D pFR pFRORJLH OHV IRUPHV GHV
SURGXLWV GRLYHQW rWUH pSXUpHV DOpDWRLUHV OHV OLJQHV DUURQGLHV HW OHV PDWpULDX[ SOXV SURFKHV
GH OD 7HUUH OH PpWDO HW OH ERLV GHV PDWpULDX[ JpQpUDOHPHQW j IRUWH YDOHXU G HVWLPH FKH] OH
FOLHQW ª &HSHQGDQW OH PDUNHWLQJ VH GRLW GH UHVSHFWHU OD SROLWLTXH GH FRQFHSWLRQ GX
JURXSH 'HVLJQ 3ROLF\ HW OHV H[LJHQFHV GH VHV PDUFKpV HXURSpHQV OHVTXHOV GDQV
O HQVHPEOH QH VRQW YLVLEOHPHQW SDV SUrWV DX FKDQJHPHQW UDGLFDO GHV SURGXLWV 3KLOLSV VH
VLWXH HQ IDLW SOXW{W GDQV XQH ORJLTXH VXLYHXVH PHWRR SURGXLWV VLPLODLUHV DX[ SURGXLWV
FRQFXUUHQWV © /D WHFKQRORJLH pYROXH SHX G XQ SURMHW j O DXWUH FH VRQW OHV IRUPHV TXL VRQW
TXHOTXH SHX PRGHUQLVpHV ª DYRXH OH GHVLJQHU
(Q GpILQLWLYH OH FKRL[ GHV IRUPHV GHV PDWpULDX[ j HPSOR\HU HW OD IL[DWLRQ GHV SUL[ VRQW
GLFWpV SDU OH PDUFKp /H PDUNHWHXU FKHI GH SURGXLW MRXH GRQF XQ U{OH GH SUHVFULSWLRQ
GDQV OHV SURMHWV FH TXH GpSORUHQW FHUWDLQV FRQFHSWHXUV VH VHQWDQW DLQVL EULGpV GDQV OHXU
GpPDUFKH &HV GHUQLHUV HVWLPHQW j MXVWH WLWUH TX·LOV QH SRXUURQW WHQLU FRPSWH GH
O·HQYLURQQHPHQW TXH ORUVTXH OH PDUNHWLQJ HQ VHUD LQWLPHPHQW FRQYDLQFX HW RULHQWHUD VHV
SUHVFULSWLRQV GDQV FH VHQV © MXVTXHOj WRXWH DFWLRQ HQYLURQQHPHQWDOH YHQDQW GX %(
3KLOLSV D pGLWp HQ XQH QRUPH JpQpUDOH SRXU OH *URXSH UHODWLYH DX PDUNHWLQJ YHUW HW HQ XQ JXLGH
GH VHQVLELOLVDWLRQ HQYLURQQHPHQWDOH GX 0DUNHWLQJ *HW LW JUHHQHU
/H GHVLJQHU HVW LPSOLTXp GDQV WRXV OHV SURMHWV GH FUpDWLRQ GH SURGXLWV
3DJH
ULVTXHUDLW GH QH SDV rWUH UHFRQQXH ª &·HVW DXVVL SRXU FHOD TXH OH %( QH VRXKDLWH SDV rWUH
O·XQLTXH PRWHXU GH OD GpPDUFKH G·pFRFRQFHSWLRQ
3RXU ILQLU VXU XQH QRWH HQFRXUDJHDQWH HQ PDWLqUH G·HQJDJHPHQW GX PDUNHWLQJ OH VHUYLFH
V·HVW WURXYp WUqV UpFHPPHQW FRQIURQWp j XQH TXHVWLRQ HPEDUUDVVDQWH G·XQ FOLHQW XQH
JUDQGH VXUIDFH QRXYHOOHPHQW LPSODQWpH j /LVERQQH V·HVW HQ HIIHW DGUHVVpH DX VHUYLFH
PDUNHWLQJ GH 3KLOLSV SRXU VDYRLU VL OHV SURGXLWV TXL OHXU pWDLHQW YHQGXV FRQWHQDLHQW O·XQH
GHV VXEVWDQFHV QRXYHOOHPHQW YLVpHV SDU OD UpJOHPHQWDWLRQ SRUWXJDLVH 8QH TXHVWLRQ j
ODTXHOOH O·XQLWp GH /DPRWWH%HXYURQ IXW ELHQ HPEDUUDVVpH GH UpSRQGUH SXLVTX·HQ HIIHW
LQFDSDEOH GH IRXUQLU XQH UpSRQVH SHUWLQHQWH RXL RX QRQ HW VL RXL HQ TXHOOH
TXDQWLWp " HQ LJQRUDQW PrPH GDQV XQ SUHPLHU WHPSV VL FHWWH VXEVWDQFH IDLVDLW
HIIHFWLYHPHQW SDUWLH GHV VXEVWDQFHV LQWHUGLWHV RX j HPSORL OLPLWp SDU OHV GLUHFWLYHV DG
KRF GH 3KLOLSV 1·D\DQW DXFXQH FRQQDLVVDQFH GX FRQWHQX H[DFW GH VHV SURGXLWV HW QH OHV
IDEULTXDQW SDV HOOHPrPH HOOH GHYDLW IDLUH UHPRQWHU OH SUREOqPH DX[ GLIIpUHQWV
IRXUQLVVHXUV VXVFHSWLEOHV G rWUH FRQFHUQpV HQ HVSpUDQW TX LOV DLHQW HX[PrPHV OD
VROXWLRQ
&HWWH DQHFGRWH VHUYLW G XQH SDUW j IDLUH SUHQGUH FRQVFLHQFH j FHUWDLQV PDUNHWHXUV TXH OHV
H[LJHQFHV HQYLURQQHPHQWDOHV GH FOLHQWV SRXYDLHQW HIIHFWLYHPHQW OHV DIIHFWHU HW
SUREDEOHPHQW PrPH OHXU IDLUH SHUGUH GHV PDUFKpV HQ FDV GH QRQ UHVSHFW LO V DJLVVDLW
GRQF SHXWrWUH GH QH SDV VRXVHVWLPHU FH QRXYHDX SDUDPqWUH HW GH O LQWpJUHU GDQV OD
GpPDUFKH GH FKDFXQ
(OOH VHUYLW G DXWUH SDUW OD FDXVH GH O pODERUDWLRQ G XQH EDVH GH GRQQpHV FRPSRVDQWV
PDWpULDX[ QpFHVVDLUH SRXU UpSRQGUH DX[ LQWHUURJDWLRQV G pYHQWXHOV FOLHQWV HW
FHUWDLQHPHQW SUpVLGHU j WHUPH DX FKRL[ SDUWLFXOLHU GH FRPSRVDQWV RX PDWpULDX[ ORUV GX
SURFHVVXV GH FRQFHSWLRQ 1RXV VRXOLJQLRQV HQ HIIHW SOXV KDXW O DEVHQFH GH FHWWH EDVH GH
FRQQDLVVDQFHV TXL GHYUDLW SURFKDLQHPHQW rWUH GpYHORSSpH O XQH GHV DFWLRQV
HQYLURQQHPHQWDOHV GH 3KLOLSV /DPRWWH%HXYURQ HQ
/H VHUYLFH $FKDWV /H FKRL[ GLIILFLOH GHV IRXUQLVVHXUV

UHVSHFWXHX[GHO HQYLURQQHPHQW
$X YX GHV PDQXHOV G LQVWUXFWLRQ GH FKDFXQ GHV VHUYLFHV F HVW FHUWDLQHPHQW FHOXL GHV
DFKDWV TXL SRXU O KHXUH FRQWLHQW OH SOXV JUDQG QRPEUH GH UqJOHV UHODWLYHV j
O HQYLURQQHPHQW ,O HVW YUDL TXH GDQV OH FDV GH FHWWH XQLWp TXL FRQoRLW HW DVVHPEOH VHV
SURGXLWV PDLV QH OHV IDEULTXH SDV OHV LQVWUXFWLRQV FRQFHUQDQW OHV FRQWUDWV 3KLOLSV
IRXUQLVVHXUV HW OHV FRQGLWLRQV G DFKDWV GHV FRPSRVDQWV FRQGLWLRQQHQW IRUWHPHQW OD TXDOLWp
GHV SURGXLWV HW HQ SDUWLFXOLHU OHXU TXDOLWp HQYLURQQHPHQWDOH
/H VHUYLFH GLVSRVH DLQVL G XQH SURFpGXUH UHODWLYH j OD 3ROLWLTXH 4XDOLWp HW
(QYLURQQHPHQW TXL VWLSXOH OD VHQVLELOLVDWLRQ HQYLURQQHPHQWDOH GHV IRXUQLVVHXUV
3DJH
VHQVLELOLVDWLRQ DX[ QRUPHV ,62 HW OHXU pYDOXDWLRQ HQYLURQQHPHQWDOH 8QH GLUHFWLYH
HQYLURQQHPHQWDOH LQWHUQH j 3KLOLSV (FODLUDJH FRQFHUQH pJDOHPHQW OHV DFKDWV /HV
SURFpGXUHV H[LVWHQW HIIHFWLYHPHQW PDLV OHXU DSSOLFDWLRQ Q HVW SDV VL VLPSOH «
/HV SULQFLSDX[ IRXUQLVVHXUV VRQW FHUWHV VHQVLELOLVpV j O HQYLURQQHPHQW YLD OHV MRXUQpHV
IRXUQLVVHXUV RX GHV YLVLWHV VXU VLWH GH 3KLOLSV PDLV EHDXFRXS UHVWH HQFRUH j IDLUH HQ
PDWLqUH GH SULVH HQ FRPSWH HIIHFWLYH GH O HQYLURQQHPHQW GDQV OHV pFKDQJHV
3KLOLSV)RXUQLVVHXUV HQ HIIHW FH SDUDPqWUH Q HVW WRXMRXUV SDV FRQVLGpUp DX PrPH QLYHDX
TXH OH SUL[ GHV FRPSRVDQWV OHXU TXDOLWp OH UHVSHFW GHV GpODLV RX OD UpDFWLYLWp GX
IRXUQLVVHXU GDQV OD JULOOH GH QRWDWLRQ SHUPHWWDQW VRQ pYDOXDWLRQ /D SULQFLSDOH UDLVRQ
LQYRTXpH j FH FRPSRUWHPHQW GH O·DFKHWHXU UpVLGH VLPSOHPHQW GDQV OH IDLW TX·LO QH FRQoRLW
SDV HQFRUH G·pOLPLQHU XQ IRXUQLVVHXU VRXV SUpWH[WH TX·LO QH UHVSHFWH SDV OHV UqJOHV
G·HQYLURQQHPHQW RX TX·LO QH GLVSRVH SDV GH V\VWqPH GH PDQDJHPHQW HQYLURQQHPHQWDO
FHUWLILp /·XQ GHV DFKHWHXUV UHFRQQDvW j MXVWH WLWUH TXH SOXVLHXUV GH OHXUV IRXUQLVVHXUV VRQW
GHV 30( ORFDOHV SRXU OHVTXHOOHV OD SUpRFFXSDWLRQ HQYLURQQHPHQWDOH Q·HVW SDV FHOOH GX
PRPHQW © HOOHV VRQW GpMj ELHQ RFFXSpHV DYHF OD FHUWLILFDWLRQ TXDOLWp DORUV OHXU SDUOHU
G·HQYLURQQHPHQW G·pFRFRQFHSWLRQ « ª &HFL QH PDQTXH G·DLOOHXUV SDV GH VRXOHYHU OH

GpOLFDW GLOHPPH HQWUH OH FKRL[ GH JUDQGV IRXUQLVVHXUV WUqV SUpRFFXSpV SDU OHV TXHVWLRQV
G·HQYLURQQHPHQW PDLV ORLQ GH /DPRWWH%HXYURQ FH TXL VXSSRVH GHV LPSDFWV
HQYLURQQHPHQWDX[ GH WUDQVSRUWV LPSRUWDQWV HW OH FKRL[ GH SHWLWV IRXUQLVVHXUV ORFDX[ QH
UHVSHFWDQW SDV O·HQYLURQQHPHQW
'·DSUqV XQH HQTXrWH UpDOLVpH ORUV GH OD PLVH HQ SODFH GH OD FHUWLILFDWLRQ ,62 GX VLWH
GH 3KLOLSV LO V·DYpUDLW HIIHFWLYHPHQW TX·HQ VXU OHV IRXUQLVVHXUV D\DQW DFFHSWp GH
UpSRQGUH DX[ TXHVWLRQV VXU IRXUQLVVHXUV VHXOHPHQW GLVSRVDLHQW G·XQ 60(
FHUWLILp GHV IRXUQLVVHXUV QRUGLTXHV HQ SDUWLFXOLHU HW SUqV GH Q·HQYLVDJHDLHQW PrPH
SDV GH 60( &HOD PRQWUDLW O·DPSOHXU GX FKHPLQ j SDUFRXULU
3KLOLSV /DPRWWH%HXYURQ HQYLVDJH SURFKDLQHPHQW GH UpLWpUHU FHWWH FDPSDJQH HQ
HVSpUDQW FRQVWDWHU XQH QHWWH DPpOLRUDWLRQ GDQV OD SUpRFFXSDWLRQ HQYLURQQHPHQWDOH GHV
HQWUHSULVHV /·DXWUH REMHFWLI G·XQH WHOOH pWXGH SRXUUDLW DXVVL GDQV OH FDGUH GH OD PLVH HQ
SODFH GH O·pFRFRQFHSWLRQ FRQVLVWHU j VHQVLELOLVHU GDYDQWDJH OHV IRXUQLVVHXUV j FHWWH
DSSURFKH HQYLURQQHPHQWSURGXLW HQ OHV LQWHUURJHDQW QRWDPPHQW VXU OD FRPSRVLWLRQ GHV
FRPSRVDQWV IRXUQLV PDWpULDX[ VXEVWDQFHV UpJOHPHQWpHV SDU 3KLOLSV « 0DLV OD SOXSDUW
GHV DFKHWHXUV VRQW VFHSWLTXHV TXDQW DX[ UHWRPEpHV G·XQH WHOOH FDPSDJQH /HV
IRXUQLVVHXUV VRQW FHUWHV WHQXV GH FRQQDvWUH OHV VXEVWDQFHV LQWHUGLWHV RX j HPSORL OLPLWp
SDU 3KLOLSV OHV OLVWHV FRUUHVSRQGDQWHV OHXUV VRQW HQYR\pHV HW GH FHUWLILHU TXH OHXUV
SURGXLWV VRQW FRQIRUPHV j FHV UqJOHV FH VRQW OHV SURFpGXUHV G·LQVWUXFWLRQ GX VHUYLFH
$FKDWV TXL O·H[LJHQW GDQV OH FDGUH GHV FRQWUDWV DYHF OHV IRXUQLVVHXUV 0DLV ELHQ VRXYHQW
FHV GHUQLHUV LJQRUHQW HX[PrPHV OH FRQWHQX GH OHXUV SURGXLWV LOV RQW pJDOHPHQW GHV
6XU FH SRLQW GH YXH GHV WUDQVSRUWV XQ DFKHWHXU V·LQWHUURJH SRXU VDYRLU VL ILQDOHPHQW XQ WUDQVSRUW GH PDVVH
HQ FRQWDLQHUV SDU EDWHDX GHSXLV O·$VLH Q·HVW SDV PHLOOHXU SRXU O·HQYLURQQHPHQW TXH SOXVLHXUV WUDQVSRUWV SDU
FDPLRQ GHSXLV O·(XURSH &HFL UHVWH HIIHFWLYHPHQW j YpULILHU PDLV TXRL TX·LO HQ VRLW RQ SHXW rWUH HQ GURLW GH
GRXWHU GH O·pWKLTXH HQYLURQQHPHQWDOH GHV HQWUHSULVHV DVLDWLTXHV HW GH V·LQWHUURJHU VXU OD QRFLYLWp GX FRQWHQX
FKLPLTXH GHV FRPSRVDQWV IRXUQLV«
3DJH
IRXUQLVVHXUV « RX OHV FRQFHQWUDWLRQV H[DFWHV HW UDUHV VRQW FHX[ TXL FHUWLILHQW TX·DXFXQH
VXEVWDQFH GHV OLVWHV Q·HVW SUpVHQWH RX HQ TXDQWLWp LQIpULHXUH DX VHXLO DXWRULVp WHOV VRQW
OHV FRQVWDWV HIIHFWXpV ORUV GHV UpVXOWDWV GH O·HQTXrWH GH VXU OH FRQWHQX GHV SURGXLWV
GH IRXUQLVVHXUV
,OV Q·RQW SRXUWDQW SDV UHPLV HQ FDXVH OHV UHODWLRQV GH FKDFXQ DYHF 3KLOLSV XQ DFKHWHXU
DYRXDQW G DLOOHXUV QH SDV DYRLU VX H[SORLWHU OHV UpVXOWDWV © OD SOXSDUW GHV IRXUQLVVHXUV
LQWHUURJpV RQW PDO UpSRQGX DX[ TXHVWLRQV TX·LOV Q·DYDLHQW VHPEOHWLO SDV FRPSULVHV 3RXU
FHX[ TXL GLVSRVDLHQW YUDLVHPEODEOHPHQW GHV UpSRQVHV XQ IRXUQLVVHXU QRUGLTXH KDELWXp
SUREDEOHPHQW j FH JHQUH GH TXHVWLRQV SDU H[HPSOH FRPPHQW YpULILHU OD ILDELOLWp GHV
GRQQpHV " HW VXUWRXW « TXH IDLUH GH FHV UpVXOWDWV " ª 6DQFWLRQQHU OHV IRXUQLVVHXUV HQ
GpIDXW " /HV DFKHWHXUV Q·RQW SDV SRXU O·LQVWDQW IUDQFKL FH FDS ,O IDXGUDLW SRXU FHOD TX·LOV
UHoRLYHQW GHV LQVWUXFWLRQV SUpFLVHV GH OD 'LUHFWLRQ &HUWDLQV SDUOHQW G·XQ IXWXU SURFKH
R WRXV OHV IRXUQLVVHXUV GH UDQJ $ KRPRORJXpV SDUWHQDLUHV GHYURQW rWUH QpFHVVDLUHPHQW
FHUWLILpV ,62 PDLV DXFXQH GDWH Q·D SRXU O·KHXUH pWp SURSRVpH $ QRWHU LFL TXH FHWWH
QRUPH ,62 QH FHUWLILDQW SDV OH SURGXLW PDLV OH VLWH OH SUREOqPH GHV VXEVWDQFHV WR[LTXHV
SROOXDQWHV GHPHXUH HQWLHU ,O IDXGUDLW GRQF DOOHU YHUV XQ PDQDJHPHQW SOXV ODUJH j
VWLSXOHU GDQV OHV DFFRUGV
,O UHVWH TXH SRXU O LQVWDQW OHV IRXUQLVVHXUV GRLYHQW SRXU rWUH KRPRORJXpV SDUWHQDLUHV
DYRLU XQ FKLIIUH G DIIDLUHV LPSRUWDQW

VLJQHU XQ DFFRUG ORJLVWLTXH
DYRLU XQH QRWH G pYDOXDWLRQ VXSpULHXUH RX pJDOH j
VLJQHU XQ DFFRUG TXDOLWp GDQV OHTXHO OH IRXUQLVVHXU V HQJDJH j UHVSHFWHU HQWUH DXWUHV
GHV VSpFLILFDWLRQV HQYLURQQHPHQWDOHV
➫ 5HVSHFW GH OD OpJLVODWLRQ V DSSOLTXDQW j VRQ DFWLYLWp HQ PDWLqUH

G HQYLURQQHPHQW
➫ 3DV G XWLOLVDWLRQ DXVVL ELHQ GDQV OD FRPSRVLWLRQ GH VHV SURGXLWV TXH GDQV VHV
SURFHVV GH VXEVWDQFHV LQWHUGLWHV HW GH VXEVWDQFHV j VXSSULPHU OLVWH $ FKH]
3KLOLSV
/·HQWUHSULVH SHXW HIIHFWLYHPHQW ELHQ JpUHU VHV QXLVDQFHV VXU OH VLWH PDLV IDEULTXHU GHV SURGXLWV QpIDVWHV
SRXU O·HQYLURQQHPHQW FRQWHQDQW GHV VXEVWDQFHV WR[LTXHV
&HWWH pYDOXDWLRQ GX IRXUQLVVHXU UHSRVH VXU SOXVLHXUV FULWqUHV
pFRQRPLTXHV FRPSpWLWLYLWp GHV SUL[ WUDQVSDUHQFH GHV FRWV DVVLVH MXULGLTXH HW ILQDQFLqUH
WHFKQRORJLTXHV H[SpULHQFH HW PDvWULVH WHFKQLTXH UpIpUHQFHV IRUFH GH SURSRVLWLRQ WHFKQLTXH
LQQRYDWLRQ " «
TXDOLWp UpVXOWDW FRQWU{OH SDU UDSSRUW j O REMHFWLI ,62 " SODQ G DPpOLRUDWLRQ
ORJLVWLTXHV UHVSHFW GHV GpODLV GH OLYUDLVRQ FDSDFLWp G DGDSWDWLRQ DX[ EHVRLQV TXDOLWp GX WUDQVSRUW «
VHUYLFHV WHPSV GH UpSRQVH FRPPHUFLDO WHFKQLTXH UpFODPDWLRQV WHPSV G LQWHUYHQWLRQ TXDOLWpV GHV
FRQWDFWV
HQYLURQQHPHQWDX[ 60( FHUWLILp " GpPDUFKH HQYLURQQHPHQWDOH " DFWLRQV OLpHV j O HQYLURQQHPHQW " &HV
FULWqUHV QH VRQW SDV QRWpV GH PDQLqUH FKLIIUpH GH j FRPPH OHV DXWUHV PDLV XQLTXHPHQW DYHF GHV
,OV QH UHQWUHQW GRQF SDV GDQV OD QRWH G pYDOXDWLRQ
3DJH
➫ 0LVH HQ SODFH G DOWHUQDWLYHV WHFKQLTXHV VL GHV VXEVWDQFHV GH OD OLVWH $ VRQW

SUpVHQWHV GDQV VHV SURGXLWV RX VHV SURFHVV
7RXWHIRLV DXFXQ DXGLW GH YpULILFDWLRQ QH YLHQW SRXU O LQVWDQW DWWHVWHU GH FH UHVSHFW GHV
VSpFLILFDWLRQV HQYLURQQHPHQWDOHV
1RXV GLVLRQV SOXV KDXW TXH O DQHFGRWH GX FOLHQW GH /LVERQQH GH PrPH TXH OD QpFHVVLWp
pYHQWXHOOH GH UpDOLVHU GHV DQDO\VHV GH F\FOH GH YLH pWXGHV (FRVFDQ HQ LQWHUQH DYDLHQW
TXHOTXH SHX UHQIRUFp O LGpH G XQH EDVH GH GRQQpHV FRPSRVDQWV PDWpULDX[ 'HV
TXHVWLRQQDLUHV DVVH] VLPSOHV GHYUDLHQW GRQF rWUH SURFKDLQHPHQW HQYR\pV DX[ SULQFLSDX[
IRXUQLVVHXUV GDQV XQ SUHPLHU WHPSV ,O VH SRXUUDLW TXH SRXU IDFLOLWHU OD WkFKH GH FHV
GHUQLHUV VHORQ OHV FRQVHLOV G XQH DXWUH XQLWp 3KLOLSV SURFpGDQW DLQVL OD SHUVRQQH HQ
FKDUJH GX GpYHORSSHPHQW GH OD EDVH VRLW DPHQpH j UHQFRQWUHU FHUWDLQV GHV IRXUQLVVHXUV
SRXU UHPSOLU DYHF HX[ OH TXHVWLRQQDLUH
/HV GHX[ pWXGHV HQYLURQQHPHQWDOHV HW OHV UpXQLRQV GH VHQVLELOLVDWLRQ GHV VHUYLFHV

FRQVWLWXqUHQW OH SUHPLHU JUDQG SDV GH 3KLOLSV /DPRWWH%HXYURQ VXU OD YRLH GH O pFR
FRQFHSWLRQ /D VHFRQGH pWDSH FRQVLVWD j LGHQWLILHU GDQV OD SURFpGXUH GH FRQFHSWLRQ GHV
SURGXLWV pWDEOLH SDU OH VLWH OHV SRLQWV G DQFUDJH GH OD GLPHQVLRQ HQYLURQQHPHQWDOH
O REMHFWLI GH OD GpPDUFKH pWDQW GH SURSRVHU GHV RXWLOV VLPSOHV HW SUDJPDWLTXHV j XWLOLVHU
SRXU UpSRQGUH j O HVVHQWLHO GHV TXHVWLRQV HQYLURQQHPHQWDOHV VRXOHYpHV DX FRXUV GX
GpURXOHPHQW G XQ SURMHW
&HWWH SURSRVLWLRQ GH GpPDUFKH G pFRFRQFHSWLRQ HVW LVVXH GHV UpIOH[LRQV VXU O pFR
FRQFHSWLRQ HQ HQWUHSULVH SDUWLH HW OD SHUWLQHQFH GH O HPSORL GH FHUWDLQV RXWLOV SDUWLH

/·(19,5211(0(17 $8 &°85 '( /$ '(0$5&+( '(

&21&(37,21
/D SUHPLqUH SKDVH G pWXGH IXW O DSSURSULDWLRQ GX SURFHVVXV GH FUpDWLRQ GH SURGXLW OH

GpURXOHPHQW JpQpUDO OHV UHVSRQVDELOLWpV HW OHV SURFpGXUHV G LQVWUXFWLRQ GH FKDFXQ GHV
PHPEUHV GH O pTXLSH SURMHW / REMHFWLI SULQFLSDO pWDLW GH FRPSUHQGUH FH SURFHVVXV GH
FRQFHSWLRQ SRXU PLHX[ LGHQWLILHU OHV SRLQWV G HQWUpH GX SDUDPqWUH HQYLURQQHPHQW
1RXV pYRTXLRQV HQ LQWURGXFWLRQ GH FHWWH SDUWLH OHV QRWLRQV GH SURGXLWV JUHHQ IODJVKLS
HW GH SURGXLWV HFRGHVLJQ TXH VRQW FHQVpHV GpYHORSSHU OHV XQLWpV 3KLOLSV ,O V DJLW HQ IDLW
GH GHX[ QLYHDX[ G pFRFRQFHSWLRQ TXH OH JURXSH D FKRLVL GH SUHQGUH HQ FRPSWH ,OV
3DJH
FRUUHVSRQGHQW DX[ QLYHDX[ DPpOLRUDWLRQ GX SURGXLW

HW UHFRQFHSWLRQ GX SURGXLW

GpFULWV GDQV OD SDUWLH 'H Oj OH VHFRQG REMHFWLI TXL D SUpVLGp j O pODERUDWLRQ G XQ PRGqOH
GH GpPDUFKH G pFRFRQFHSWLRQ pWDLW GH SURSRVHU GHX[ YRLHV j VXLYUH FKDFXQH GHYDQW
SHUPHWWUH G DWWHLQGUH O XQ RX O DXWUH GHV QLYHDX[
/D GpPDUFKH FODVVLTXH GH FRQFHSWLRQ OD 3URFpGXUH GH

&UpDWLRQGH3URGXLW
/H JURXSH 3KLOLSV GLVSRVH G XQH 3URFpGXUH GH &UpDWLRQ GH 3URGXLW 3&3 JpQpUDOH TXH
FKDFXQH GHV XQLWpV GHV GLIIpUHQWHV GLYLVLRQV D DGDSWp j VD SURSUH DFWLYLWp
'DQV OH FDV GH 3KLOLSV /DPRWWH%HXYURQ FHWWH SURFpGXUH VH GpFOLQH HQ FLQT SKDVHV
,GpH
)DLVDELOLWp
&RQFHSWLRQ
'pYHORSSHPHQW
/DQFHPHQW
(Q IDLVDQW OH SDUDOOqOH DYHF OH SURFHVVXV GH FRQFHSWLRQ FKRLVL FRPPH PRGqOH GDQV OD
SDUWLH QRXV SURSRVRQV OHV FRUUHVSRQGDQFHV VXLYDQWHV G DSUqV OD ILJXUH FLDSUqV
0RGqOH GH SURFHVVXV GH 3&3

3KLOLSV
FRQFHSWLRQ UHWHQX /DPRWWH%HXYURQ
,GpH
6SpFLILFDWLRQV GX SURGXLW

)DLVDELOLWp
&RQFHSWLRQ GpWDLOOpH &RQFHSWLRQ
'pYHORSSHPHQW
'pYHORSSHPHQW
,QGXVWULDOLVDWLRQ
&RPPHUFLDOLVDWLRQ /DQFHPHQW
)LJXUH 3URSRVLWLRQ GH FRUUHVSRQGDQFH HQWUH OHV SKDVHV GH OD 3&3 GH 3KLOLSV /DPRWWH%HXYURQ HW

FHOOHV GX PRGqOH GH SURFHVVXV GH FRQFHSWLRQ UHWHQX
3DJH
'DQV XQ SURMHW GH GpYHORSSHPHQW OHV VHUYLFHV VRQW PRELOLVpV HQ pTXLSH ODTXHOOH HVW
GLULJpH SDU OH VHUYLFH 0DUNHWLQJ F HVW HQ HIIHW OH PDUNHWHXU GpVLJQp FKHI GH SURGXLW
TXL HVW WHQX UHVSRQVDEOH GX ERQ GpURXOHPHQW G XQ SURMHW HW TXL SUpVHQWH O DYDQFpH GHV
WUDYDX[ j OD 'LUHFWLRQ ORUV GHV UpXQLRQV PHQVXHOOHV HW GHV UHYXHV GH FRQFHSWLRQ GH ILQ GH
SKDVHV ,O FRRUGRQQH pJDOHPHQW OHV GLIIpUHQWV PHPEUHV GH O pTXLSH SURMHW GRQW OD
FRPSRVLWLRQ YDULHUD DX IXU HW j PHVXUH GH O DYDQFpH GX SURFHVVXV GH FUpDWLRQ DLQVL OHV
FRPSpWHQFHV GHV PHPEUHV GH FHUWDLQV VHUYLFHV FRPPH OHV 0pWKRGHV RX OD 3URGXFWLRQ
QH VHURQW PRELOLVpHV SDU H[HPSOH TX HQ SKDVH GH FRQFHSWLRQ FRQFHSWLRQ GpWDLOOpH
(Q GHKRUV GX PDUNHWHXU OHV SULQFLSDX[ PHPEUHV SHUPDQHQWV GH O pTXLSH SURMHW VRQW
GHV UHSUpVHQWDQWV
➫ GX EXUHDX G pWXGH XQ FRQFHSWHXU GpVLJQp FKHI GH SURMHW DVVRFLp j XQ GHVVLQDWHXU

HQ FKDUJH G pODERUHU WRXV OHV SODQV XWLOLVpV FRPPH VXSSRUW GH GLVFXVVLRQ ORUV GH
QRPEUHXVHV UpXQLRQV DYHF OHV IRXUQLVVHXUV OH VHUYLFH GHV PpWKRGHV HW OD
SURGXFWLRQ
➫ GX VHUYLFH DFKDWV
➫ GX VHUYLFH TXDOLWp HQ SULQFLSH XQ WHFKQLFLHQ FKDUJp G HIIHFWXHU OHV WHVWV GH

IDLVDELOLWp HW XQ VSpFLDOLVWH RSWLFLHQSKRWRPpWULVWH
➫ GX VHUYLFH PDUNHWLQJ OH GHVLJQHU HQ FKDUJH GHV SURSRVLWLRQV GH IRUPHV GH
PDWpULDX[ G DVSHFWV HVWKpWLTXHV GLYHUV HQ VD TXDOLWp G H[SHUW DUWLVWLTXH
/D 3URFpGXUH GH &UpDWLRQ GH 3URGXLWV DFWXHOOHPHQW XWLOLVpH SDU O·XQLWp GH 3KLOLSV /DPRWWH

%HXYURQ HVW UHSUpVHQWpH GDQV OD ILJXUH GH OD SDJH VXLYDQWH
&H WHFKQLFLHQ RSWLFLHQSKRWRPpWULVWH HVW VSpFLDOLVp GDQV O pWXGH GH OD IRUPH GHV UpIOHFWHXUV SHUPHWWDQW OH
PHLOOHXU UHQGHPHQW G pFODLUHPHQW GHV OXPLQDLUHV
3DJH
3KDVH 6HUYLFHV LPSOLTXpV 3ULQFLSDOHV WkFKHV 'pFLVLRQ GX &RPLWp 3URGXLWV
1RUPH (1 1RUPH VXU OHV OXPLQDLUHV
%HVRLQ GX FOLHQW
,GpH
WHFKQLTXHV
0DUNHWLQJ pFRQRPLTXHV UHQWDELOLWp QLYHDX GH SUL[
TXDQWLWp SODQQLQJ
HVWKpWLTXHV
&HV VSpFLILFDWLRQV UpSRQGHQWHOOHV DX[
EHVRLQV GX FOLHQW "
$FFRUG VXU OHV VSpFLILFDWLRQV
QRQ
RXL *2 12 *2
3UppWXGH GHVLJQ HW WHFKQLTXH
352&('85('(&5($7,21'(352'8,76
0DUNHWLQJ 7HVWV VXU SURWRW\SHV SDUWLHOV
3UL[ GH UHYLHQW GX SURGXLW HW PRQWDQW

%XUHDX G pWXGHV
G LQYHVWLVVHPHQW HVWLPDWLI
)DLVDELOLWp 4XDOLWp
$FKDWV
4'/ 3ODQQLQJ
%LODQ GH IDLVDELOLWp
(VWLO IDLVDEOH GH UpSRQGUH DX[ VSpFLILFDWLRQV

$FFRUG VXU OH ELODQ GH IDLVDELOLWp
GH OD SKDVH ,GpH "
QRQ
RXL *2 12 *2
&UpDWLRQ G XQH pTXLSH SURMHW
'HVLJQ GpILQLWLI
(WXGH GpWDLOOpH
3ODQV FRQVXOWDWLRQ
7HVWV VXU SURWRW\SH IRQFWLRQQHO
3UL[ GH UHYLHQW 3URGXLW HW LQYHVWLVVHPHQW

0DUNHWLQJ
SUpYLVLRQQHO
9DOLGDWLRQ GH OD FRQVWUXFWLRQ SDU OH VHUYLFH
&RQFHSWLRQ
%XUHDX G pWXGHV
TXDOLWp
4XDOLWp 4'/ 9DOLGDWLRQ SDU OH PDUFKp
0pWKRGHV $0'(&
$FKDWV
3URGXFWLRQ %LODQ GH FRQFHSWLRQ
/H GRVVLHU HVWLO FRPSOHW "
3DV GH GpULYH SDU UDSSRUW j OD IDLVDELOLWp " 9DOLGDWLRQ GX GRVVLHU &RQFHSWLRQ
4XHOOH HVW OD UHQWDELOLWp "
/HV VSpFLILFDWLRQV VRQWHOOHV UHVSHFWpHV " *2 12 *2
QRQ $FFRUG SRXU LQYHVWLU
RXL
3ODQV H[pFXWLRQ
,QYHVWLVVHPHQW RXWLOODJH
&RPPDQGH GHV SLqFHV
%XUHDX G pWXGHV 5pFHSWLRQ GH SLqFHV W\SHV
'pYHORSSHPHQW 4XDOLWp
$FKDWV
7HVWV 4'/ VXU SURGXLW SLqFHV W\SHV
1RPHQFODWXUHV YXHV pFODWpHV QRWLFHV
0pWKRGHV 3UpVpULHV
3URGXFWLRQ 3UL[ GH UHYLHQW
$GPLQLVWUDWLRQ 2XYHUWXUH GHV FRGHV
'RVVLHU GH ILQ GH GpYHORSSHPHQW 6XLYL GX GRVVLHU
'LVVROXWLRQ GH O pTXLSH SURMHW
%XUHDX G pWXGHV
/DQFHPHQW 0DUNHWLQJ
3URGXFWLRQ
$XWRULVDWLRQ GH SURGXLUH
3ODQV FRPPHUFLDX[ GH ODQFHPHQW

5HOHDVH GH 4'/
4XDOLWp
)LJXUH /D 3URFpGXUH GH &UpDWLRQ GH 3URGXLWV FKH] 3KLOLSV (FODLUDJH /DPRWWH%HXYURQ
3DJH
'DQV OD GpPDUFKH FODVVLTXH GH FRQFHSWLRQ OHV pTXLSHV SURMHW GLVSRVHQW SRXU O KHXUH GHV
RXWLOV VXLYDQWV
➫ 8Q PDQXHO G LQVWUXFWLRQV SRXU FKDFXQ GHV VHUYLFHV LO VH FRPSRVH GHV GLIIpUHQWHV

SURFpGXUHV j VXLYUH DYHF GHV JXLGHOLQHV HW GHV FKHFNOLVWV SHUPHWWDQW GH YDOLGHU OHV
WkFKHV HIIHFWXpHV /HV FKHIV GH SURMHW V·\ UpIqUHQW EHDXFRXS DX FRXUV GX
GpURXOHPHQW GX SURMHW
➫ 8Q PDQXHO TXDOLWp
➫ 8Q ORJLFLHO GH &$2 (06 GH FKH] ,QWHUJUDSK DX EXUHDX G·pWXGH
/HV pTXLSHV QH WUDYDLOOHQW SDV DYHF pQRUPpPHQW G·RXWLOV LQIRUPDWLTXHV &HFL VXSSRVH OD
FLUFXODWLRQ DX VHLQ GX EXUHDX G·pWXGH HW G·DXWUHV VHUYLFHV G·XQH JUDQGH TXDQWLWp GH
GRFXPHQWV SDSLHU DYHF OHV ULVTXHV LQKpUHQWV GH SHUWHV G·XQH SDUW HW GH PLVHV j MRXU SHX
UpDFWLYHV G·DXWUH SDUW
(Q WHUPHV GH PpWKRGHV GH WUDYDLO XWLOLVpHV QRXV DYRQV SOXV KDXW pYRTXp OH UHWRXU j
O·XVDJH GH O·DQDO\VH IRQFWLRQQHOOH HQ 3KDVH ,GpH GHV $0'(& 3URGXLW VRQW UpDOLVpHV HQ
3KDVH &RQFHSWLRQ SRXU FHUWDLQV SURMHWV ORUVTXH VH IDLW UHVVHQWLU OD QpFHVVLWp GH UpIOpFKLU
HQ JURXSH VXU GH QRXYHOOHV VROXWLRQV GH FRQFHSWLRQ SHUPHWWDQW GH UpVRXGUH GH GpOLFDWV
SUREOqPHV GH TXDOLWp
(Q WHUPHV G·DFWLYLWp O·HVVHQWLHO GHV SURMHWV VRQW GHV DPpOLRUDWLRQV GH SURGXLWV GHV
UHFRQFHSWLRQV HW GHV H[WHQVLRQV GH JDPPHV FH HQ SDUWLFXOLHU SRXU OHV SURGXLWV
VWDQGDUGV VXU FDWDORJXH /HV SURMHWV G·LQQRYDWLRQ VRQW SRXU OD SOXSDUW UpVHUYpV DX[
6SpFLDX[ TXL GpYHORSSHQW GHV SURGXLWV j OD GHPDQGH GH FOLHQWV
4XLGGHO LQWpJUDWLRQGXSDUDPqWUH(QYLURQQHPHQWGDQVOD

3URFpGXUHGH&UpDWLRQGH3URGXLW"
,QWURGXFWLRQGHVQLYHDX[G pFRFRQFHSWLRQ
6WUDWpJLTXHPHQW SDUODQW pFRFRQFHYRLU YD FRQVLVWHU j PHWWUH HQ SODFH GHV PHVXUHV HW GHV

VWUDWpJLHV 3URGXLW j O DLGH G LQIRUPDWLRQV VXU OH SRWHQWLHO GH PDUFKp HW OHV EHVRLQV GHV
FOLHQWV HQ PDWLqUH G HQYLURQQHPHQW SRXU OHV LQFOXUH GDQV OD GpPDUFKH GH FRQFHSWLRQ ,O
YD GRQF V DJLU GH UpXQLU OD SROLWLTXH GH GpYHORSSHPHQW GHV DFWLYLWpV j OD SROLWLTXH
HQYLURQQHPHQWDOH FRPPH QRXV OH PRQWUH OD ILJXUH VXLYDQWH
3DJH
3ROLWLTXH HQYLURQQHPHQWDOH 3ROLWLTXH GHV DFWLYLWpV
%HVRLQV WHQGDQFHV 3ROLWLTXH HW 6WUDWpJLH

3RWHQWLHO PDUNHWLQJ
HQ PDWLqUH G HQYLURQQHPHQW 3URGXLW
3&3
&RQFHSW 3URGXLW 6SpFLILFDWLRQV 3URGXLW
2EMHFWLIV HQYLURQQHPHQWDX[ 7HFKQRORJLH 3URGXLW
j FRXUW ORQJ WHUPH 0DUFKp 0DUFKp
)RQFWLRQ 3URGXFWLRQ
([LJHQFHV SRXU OH
SURGXLW
&RQFHSWLRQ GX
SURGXLW
)LJXUH (QYLURQQHPHQW HW 3URFpGXUH GH &UpDWLRQ GH 3URGXLW FKH] 3KLOLSV *URXSH OH PRGqOH
6RXUFH +HUPDQ 0HLQGHUV *XLGH 3KLOLSV 3RLQW RI 1R 5HWXUQ S
$X QLYHDX RSpUDWLRQQHO QRXV DYRQV GpMj YX TXH OHV LGpHV PDvWUHVVHV G XQ SURFHVVXV
G pFRFRQFHSWLRQ UpVLGHQW GDQV
− O LGHQWLILFDWLRQ GDQV XQ SURFHVVXV GH FRQFHSWLRQ FODVVLTXH GHV SRLQWV G HQWUpH
DGpTXDWV GX SDUDPqWUH HQYLURQQHPHQW
− OD PLVH HQ SODFH G XQH RUJDQLVDWLRQ
− OH GpYHORSSHPHQW GHV RXWLOV FRUUHVSRQGDQWV UpSRQGDQW DX[ EHVRLQV GH O pTXLSH SURMHW
HW DGDSWpV j O XVDJH GH FHUWDLQV GHV PHPEUHV GH O pTXLSH
1RXV DYRQV pYRTXp TX LO H[LVWH SOXVLHXUV QLYHDX[ G pFRFRQFHSWLRQ TXL SHXYHQW rWUH
HQYLVDJpV LOV YRQW VH WUDGXLUH SDU GHV GLIIpUHQFHV GH UHPLVH HQ FDXVH GX SURGXLW RX
PrPH GX V\VWqPH GH SURGXFWLRQ
,O LPSRUWH j XQH HQWUHSULVH GpVLUHXVH GH V LPSOLTXHU GDQV XQ SURMHW G pFRFRQFHSWLRQ GH
VH GpILQLU OH QLYHDX TX HOOH VRXKDLWH DWWHLQGUH / XQLWp 3KLOLSV GH /DPRWWH%HXYURQ V HVW
DLQVL FKRLVLH WURLV QLYHDX[ G pFRFRQFHSWLRQ GDQV OH FDGUH GX GpYHORSSHPHQW GH VHV
IXWXUV QRXYHDX[ SURGXLWV 'HX[ G HQWUH HX[ VRQW pWDEOLV SDU UDSSRUW DX[ FLQT LQGLFDWHXUV
FKRLVLV GDQV OH SURJUDPPH (FR9LVLRQ
1LYHDX &DV G·XQH QRQ SULVH HQ FRPSWH GHV UqJOHV G·HQYLURQQHPHQW SRXU GHV
UDLVRQV WHPSRUHOOHV GpODLV WURS FRXUWV LPSDUWLV DX SURMHW ILQDQFLqUHV «
GDQV OH FDV G·XQH H[WHQVLRQ GH OD JDPPH GH PRGLILFDWLRQV PLQHXUHV G·XQ
SURGXLW «
3DJH
1LYHDX[ ,QVSLUpV G (FR9LVLRQ OHV FULWqUHV GH GpFLVLRQ TXL VH UDSSRUWHQW j FHV

GHX[ QLYHDX[ RQW pWp FKRLVLV GDQV XQ SUHPLHU WHPSV HQ FRQFHUWDWLRQ DYHF
OHV PHPEUHV GX EXUHDX G pWXGH ORUV G XQH UpXQLRQ DYHF WRXV OHV FKHIV GH
SURMHW SXLV pWDEOLV SDU OH UHVSRQVDEOH GX %( TXHOTXHV PRLV SOXV WDUG
/D VHFRQGH JpQpUDWLRQ GH FULWqUHV VH YHXW SOXV GUDVWLTXH TXH OD
SUpFpGHQWH HQ WHUPHV G H[LJHQFHV SRXU OH GpYHORSSHPHQW GH SURGXLWV
(OOH D QpDQPRLQV pWp YDOLGpH SDU OD 'LUHFWLRQ /D PLVH HQ DSSOLFDWLRQ GH
FHV QLYHDX[ G pFRFRQFHSWLRQ SRXUUDLW V HIIHFWXHU GDQV OHV SURFKDLQV
SURMHWV GH O DQQpH
&ULWqUHVUHODWLIVDXQLYHDXjDWWHLQGUH
1LYHDX
*pQpUDWLRQ *pQpUDWLRQ
(FRGHVLJQ 6WDQGDUG 3URGXLW PHLOOHXU TXH WRXV VHV 3URGXLW PHLOOHXU TXH FHOXL
FRQFXUUHQWV VXU DX PRLQV XQ TX LO UHPSODFH VXU WURLV
$PpOLRUDWLRQ LQFUpPHQWDOH GX FULWqUH (FR 9LVLRQ FULWqUHV
1LYHDX
SURGXLW 3URGXLW pYDOXp DYHF XQH 3URGXLW DX PRLQV qPH SDU

/HV VSpFLILFDWLRQV HQYLURQQHPHQWDOHV FKHFNOLVW G pYDOXDWLRQ UDSSRUW j VHV FRQFXUUHQWV VXU
SDUWHQW GX ERQ VHQV (OOHV VRQW RXLQRQ RXL UHTXLV OH FULWqUH pQHUJLH
VLPSOHV 2Q QH UHPHW SDV WRWDOHPHQW
HQ FDXVH OH SURGXLW 3URGXLW(FRGHVLJQ
3URGXLW*UHHQ)ODJVKLS
(FRGHVLJQ 3OXV
5HFRQFHSWLRQ GX SURGXLW
3URGXLW PHLOOHXU TXH WRXV VHV
1LYHDX
/H SURGXLW HVW FRQoX GDQV OH EXW G·XQH 3URGXLW PHLOOHXU TXH WRXV VHV
FRQFXUUHQWV VXU DX PRLQV
GpPDUFKH PDUNHWLQJ IRUWH /HV
FULWqUHV HQYLURQQHPHQWDX[ SHXYHQW
WURLV FULWqUHV (FR9LVLRQ GRQW FRQFXUUHQWV
pQHUJLH
VXU OH FULWqUH
OD FRQVRPPDWLRQ G·pQHUJLH
rWUH SULRULWDLUHV 3URGXLW HU RX qPH SRXU WRXV
FULWqUH GRQW OD QRQ SULVH HQ
/H SURGXLW VHUD OH SURGXLW SKDUH YHUW OHV DXWUHV FULWqUHV
FRPSWH HVW UpGKLELWRLUH
GH 3KLOLSV
7DEOHDX &ULWqUHV FDUDFWpULVDQW OHV GHX[ QLYHDX[ G pFRFRQFHSWLRQ GpILQLV FKH] 3KLOLSV (FODLUDJH
/pJHQGH *pQpUDWLRQ FULWqUHV FKRLVLV HQ FRQFHUWDWLRQ DYHF OHV FKHIV GH SURMHW
*pQpUDWLRQ FULWqUHV FKRLVLV SDU OH UHVSRQVDEOH GX EXUHDX G pWXGHV
5HPDUTXH 'DQV OH FDV GHV FULWqUHV GH JpQpUDWLRQ SRXU OH QLYHDX (FRGHVLJQ
6WDQGDUG OD UpIpUHQFH HVW IDLWH DX[ SHUIRUPDQFHV GX SURGXLW H[LVWDQW j UHPSODFHU 'DQV
3URGXLW *UHHQ )ODJVKLS 3URGXLW 3KDUH 9HUW
3DJH
OH FDV G XQ VFpQDULR G DPpOLRUDWLRQ GH SURGXLW O REMHFWLI HVW HIIHFWLYHPHQW GH PHVXUHU

O LPSRUWDQFH GHV DPpOLRUDWLRQV HQYLURQQHPHQWDOHV DSSRUWpHV DX SURGXLW
$ WHUPH OH QLYHDX (FRGHVLJQ 6WDQGDUG GHYUDLW rWUH DSSOLFDEOH GH PDQLqUH V\VWpPDWLTXH

j WRXV OHV QRXYHDX[ SURGXLWV /H QLYHDX *UHHQ )ODJVKLS TXDQW j OXL QH GHYUDLW
FRQFHUQHU TXH RX SURGXLWV SDU DQ
$ QRWHU TXH OHV FULWqUHV GH GpFLVLRQ GpFULWV GDQV OH WDEOHDX RQW pWp SRXU SDUWLH LQVSLUpV
GH FHX[ GH O XQLWp 3KLOLSV &RQVXPHU &RPPXQLFDWLRQV GX 0DQV ,OV RQW pWp DGDSWpV DX[
SURGXLWV G pFODLUDJH HQ PHWWDQW HQ SDUWLFXOLHU O DFFHQW VXU OH FULWqUH FRQVRPPDWLRQ
G pQHUJLH
&HV QLYHDX[ G pFRFRQFHSWLRQ j DWWHLQGUH VRQW j GpILQLU WUqV W{W GDQV OH GpURXOHPHQW GX
SURMHW 'DQV OH FDV G XQ SURGXLW *UHHQ )ODJVKLS OH FULWqUH HQYLURQQHPHQW HVW GpVLJQp
FRPPH WUqV LPSRUWDQW HW OHV pWXGHV GH PDUFKp HW GH OD FRQFXUUHQFH GRLYHQW rWUH SOXV
DSSURIRQGLHV
(Q ILQ GH GpYHORSSHPHQW F HVW XQH QRXYHOOH pWXGH GH %HQFKPDUNLQJ HQYLURQQHPHQWDO

TXL GH QRWUH SRLQW GH YXH GHYUDLW SRXYRLU SHUPHWWUH GH YDOLGHU VL OH SURGXLW GRLW rWUH
GpFODUp (FRGHVLJQ RX *UHHQ )ODJVKLS HW FH HQ IRQFWLRQ GHV FULWqUHV GH GpFLVLRQ GX
WDEOHDX 'DQV OH FDV G XQH LQYDOLGDWLRQ LO YD V DJLU G LGHQWLILHU O pWDSH GX SURFHVVXV R OD
PRGLILFDWLRQ GRLW rWUH DSSRUWpH VL FHOOHFL V DYqUH QpFHVVDLUH
1RXV HVWLPLRQV SOXV KDXW TXH OH FKRL[ GH GpYHORSSHPHQW G XQ pFRSURGXLW GRLW rWUH
HIIHFWXp HQ WRXW GpEXW GH SURMHW YRLUH PrPH GDQV OD SKDVH GH FKRL[ GHV IXWXUV SURMHWV OH
5ROOLQJ 3ODQ FKH] 3KLOLSV ,O V DJLUD DORUV GH GpWHUPLQHU VL OH SURGXLW GRLW rWUH *UHHQ
)ODJVKLS RX VLPSOHPHQW (FRGHVLJQ &HWWH SUpFLVLRQ HVW FDSLWDOH FDU HOOH SHXW
SHUPHWWUH j O HQWUHSULVH GH VH VLWXHU GDQV XQH GpPDUFKH GH SURJUqV YLVjYLV GH
O HQYLURQQHPHQW ,O VH SHXW HQ HIIHW TXH GHV SURGXLWV V DYqUHQW PRQWUHU XQ ERQ
FRPSRUWHPHQW HQYLURQQHPHQWDO VDQV DYRLU pWp pFRFRQoXV &HFL HVW DVVH] DPELJX FDU
O DWWHLQWH GH IXWXUV REMHFWLIV G pFRFRQFHSWLRQ QH SRXUUD rWUH OH IDLW GX KDVDUG &H Q HVW
TX HQ LQVWLWXDQW XQH GpPDUFKH ELHQ pWDEOLH G pFRFRQFHSWLRQ TXH O HQWUHSULVH \
SDUYLHQGUD
/HVSRLQWVG HQWUpHGHO HQYLURQQHPHQWGDQVOD3&3
/HV GHX[ QLYHDX[ G pFRFRQFHSWLRQ GpILQLV LO V HVW DJL G LGHQWLILHU OHV SRLQWV G DQFUDJH GX
QRXYHDX SDUDPqWUH HQYLURQQHPHQW GDQV OD GpPDUFKH GX SURFHVVXV GH FUpDWLRQ GH
SURGXLW SURSUH j 3KLOLSV /DPRWWH%HXYURQ /D ILJXUH VXLYDQWH LOOXVWUH FHV DFWLRQV j
HQJDJHU HQ WHUPHV G HQYLURQQHPHQW
3DJH
3&3 HW (QYLURQQHPHQW
3KDVH 6HUYLFH 0DUNHWLQJ

LGpH
(WXGH GHV H[LJHQFHV HQYLURQQHPHQWDOHV GX 0DUFKp
(WXGH HQYLURQQHPHQWDOH GH OD FRQFXUUHQFH HW GHV SURGXLWV 3KLOLSV H[LVWDQWV

SRLQWV IRUWV HW IDLEOHV
2SSRUWXQLWpV HW PHQDFHV SRXU 3KLOLSV
$QDO\VH IRQFWLRQQHOOH DYHF SUpRFFXSDWLRQ HQYLURQQHPHQWDOH SKDVHV XWLOLVDWLRQ 6SpFLILFDWLRQV HQYLURQQHPHQWDOHV
ILQ GH YLH GX SURGXLW GX SURGXLW j GpYHORSSHU
'pILQLWLRQ G D[HV VWUDWpJLTXHV j SUHQGUH HQ FRPSWH
2EMHFWLIV HQYLURQQHPHQWDX[ YLVpV
3KDVH 6HUYLFHV 0DUNHWLQJ GHVLJQHU %( 4XDOLWp

)DLVDELOLWp $FKDWV
3UppWXGH GH OD IRUPH GX SURGXLW GHV PDWpULDX[ «HQ SUHQDQW HQ FRPSWH

OHV UqJOHV G pFRFRQFHSWLRQ JXLGHOLQHV FRQFHSWHXU
OD EDVH GH GRQQpHV HQYLURQQHPHQWDOH VL HOOH H[LVWH
OHV UpVXOWDWV G XQH pWXGH HQYLURQQHPHQWDOH WHFKQLTXH GH OD FRQFXUUHQFH
&KHFNOLVWV G pYDOXDWLRQ SRXU VDYRLU VL OHV
VSpFLILFDWLRQV HQYLURQQHPHQWDOHV
SHXYHQW rWUH DWWHLQWHV
3KDVH 6HUYLFHV 0DUNHWLQJ %( 4XDOLWp 0pWKRGHV

&RQFHSWLRQ $FKDWV 3URGXFWLRQ
5HFKHUFKH GH VROXWLRQV WHFKQLTXHV SUHQDQW HQ FRPSWH O HQYLURQQHPHQW
%UDLQVWRUPLQJ G RSWLRQV G pFRFRQFHSWLRQ
5HFKHUFKH GH WHFKQRORJLH DXSUqV GHV IRXUQLVVHXUV VHQVLELOLVpV j O HQYLURQQHPHQW

TXHVWLRQQDLUHV HW DXGLWpV
&KRL[ GHV PDWpULDX[ OHV PRLQV LPSDFWDQWV SRVVLEOH DWWHQWLRQ DX SUREOqPH GHV
VXEVWDQFHV WR[LTXHV
5pDOLVDWLRQV G $0'(& SRXYDQW SUHQGUH HQ FRPSWH OHV ULVTXHV HQYLURQQHPHQWDX[

pYHQWXHOV
&KHFNOLVWV G pYDOXDWLRQ SRXU VDYRLU VL OHV
VSpFLILFDWLRQV HQYLURQQHPHQWDOHV VRQW
UHVSHFWpHV
(WXGH GH %HQFKPDUNLQJ
(QYLURQQHPHQWDO
SRXU GpFODUHU OH SURGXLW
*UHHQ )ODJVKLS RX (FRGHVLJQ
3KDVH 6HUYLFHV %( 4XDOLWp $FKDWV 0pWKRGHV

'pYHORSSHPHQW 3URGXFWLRQ $GPLQLVWUDWLRQ
9HLOOH SRXU pYLWHU OHV GpULYHV HW YpULILFDWLRQ GH O DWWHLQWH GHV REMHFWLIV
&RQWU{OH GH OD TXDOLWp HQYLURQQHPHQWDOH GHV FRPSRVDQWV IRXUQLV
1pFHVVLWp G XQ SDUDJUDSKH HQYLURQQHPHQW GDQV OH UDSSRUW GH OLYUDLVRQ
3KDVH 6HUYLFHV %( 0DUNHWLQJ3URGXFWLRQ4XDOLWp

/DQFHPHQW
&RPPXQLFDWLRQ SUHQDQW HQ FRPSWH OHV DYDQWDJHV HQYLURQQHPHQWDX[ GX SURGXLW
HQ SOXV GH VHV TXDOLWpV FODVVLTXHV
)LJXUH /D UpIOH[LRQ HQYLURQQHPHQWDOH GDQV OD 3&3 GH 3KLOLSV /DPRWWH%HXYURQ
3DJH
'pYHORSSHPHQW G RXWLOV DGDSWpV DX[ GHX[ QLYHDX[ G pFR

FRQFHSWLRQ
$ SDUWLU GH O LGHQWLILFDWLRQ GHV SRLQWV G HQWUpH GH OD GRQQpH HQYLURQQHPHQWDOH QRWUH

WkFKH V HVW SRXUVXLYLH SDU O pODERUDWLRQ GH TXHOTXHV RXWLOV VLPSOHV HW SUDJPDWLTXHV j
O XVDJH GHV pTXLSHV SURMHW HW HQ SDUWLFXOLHU GHV FRQFHSWHXUV &HV RXWLOV RQW pWp SHQVpV
SRXU JXLGHU OHV pTXLSHV GDQV OHXU GpPDUFKH HW VWUXFWXUHU TXHOTXH SHX OHXUV DFWLRQV ,OV
Q RQW QpDQPRLQV SDV pWp PLV j O pSUHXYH VXU XQ SURMHW HW QH SRXUURQW ELHQ VU rWUH YDOLGpV
RX DGDSWpV TX DSUqV DYRLU pWp WHVWpV $ SDUWLU GH Oj LO SRXUUD rWUH HQYLVDJp GH OHV LQWpJUHU
GDQV OHV SURFpGXUHV G LQVWUXFWLRQ GHV VHUYLFHV YRLUH PrPH GH UpGLJHU XQH SURFpGXUH
VSpFLILTXH UHODWLYH j OHXU GHVFULSWLRQ HW OHXU XWLOLVDWLRQ FRPPH QRXV O D SURSRVp OH
5HVSRQVDEOH GX %(
'DQV OHV SDUDJUDSKHV TXL YRQW VXLYUH QRXV QRXV VRPPHV HIIRUFpV GH GLVWLQJXHU OHV GHX[
QLYHDX[ G pFRFRQFHSWLRQ SRXU GpVLJQHU O HPSORL GHV RXWLOV HW OHV UHVSRQVDELOLWpV GH
FKDFXQ /H WDEOHDX VXLYDQW SUpVHQWH HIIHFWLYHPHQW OD OLVWH GHV RXWLOV TX LO FRQYLHQW
G XWLOLVHU DX FRXUV GX GpURXOHPHQW GX SURFHVVXV GH FUpDWLRQ 1RXV DYRQV LGHQWLILp OHV
SKDVHV GXUDQW OHVTXHOOHV O pTXLSH SHXW OHV PRELOLVHU DLQVL TXH OHV VHUYLFHV DFWHXUV RX
UHVSRQVDEOHV GH O pWXGH
/ H[SHUW HQ pFRFRQFHSWLRQ RX HQ HQYLURQQHPHQW V LO HQ HVW SRXUUD GH SDU VHV
FRQQDLVVDQFHV YHQLU VHFRQGHU RX UHPSODFHU OH VHUYLFH GpVLJQp SRXU PDQLSXOHU

FHUWDLQV RXWLOV FRPPH (FRVFDQ GDQV OH FDV R FHOXLFL VHUDLW XWLOLVp SRXU OH GpYHORSSHPHQW
GHV SURGXLWV *UHHQ )ODJVKLS $ QRWHU TXH FHW H[SHUW GpVLJQp VHQVLELOLVDWHXU HW
IRUPDWHXU GHV pTXLSHV SRXUUDLW rWUH PRELOLVp VXU SOXVLHXUV XQLWpV SRXU UHQGUH FRKpUHQW
OHV GpPDUFKHV GH FHOOHVFL FH VHUDLW O DFWHXU GH OD FRKpUHQFH FKH] 3KLOLSV ,O SRXUUDLW
IDLUH EpQpILFLHU FKDFXQH GHV XQLWpV GHV H[SpULHQFHV GHV DXWUHV 8QH WHOOH FRQILJXUDWLRQ
SDUDvW SRVVLEOH SRXU FHUWDLQV G DXWDQW TXH GDQV XQH VHXOH XQLWp VHORQ OHV DFWLYLWpV OD
FKDUJH GH WUDYDLO Q HVW SDV YXH FRPPH LQVXUPRQWDEOH
3DJH
3KDVHV GH OD 3&3 1LYHDX 1LYHDX

2XWLOV 6HUYLFH
UHVSRQVDEOH
$FWHXUV
([SHUW
pFRFRQFHSWLRQ "
(FRGHVLJQ
6WDQGDUG
(FRGHVLJQ
3OXV
, ) & ' /
(WXGH VWUDWpJLTXH
(WXGH 0DUNHWLQJ 0DUFKp &RQFXUUHQFH HQ 0, 0,
PDWLqUH G HQYLURQQHPHQW
(WXGH WHFKQLTXH
0, %(
(WXGH GH %HQFKPDUNLQJ (QYLURQQHPHQWDO
0DWULFH GHV pFRSULRULWpV 0, 0, %(
$QDO\VH IRQFWLRQQHOOH
0, 0, %(
DYHF FULWqUH HQYLURQQHPHQW
(FR0DWULFH %( %(
FKRL[ G pFRFRQFHSWLRQ
$FKDWV $FKDWV
%DVH GH GRQQpHV HQYLURQQHPHQWDOH
03'/ %(
*XLGHOLQHV &RQFHSWHXU %( %(
*XLGHOLQHV FODVVLTXHV HQYLURQQHPHQW
&KHFNOLVWV G pFRFRQFHSWLRQ %( %(
SRXU OHV UHYXHV GH FRQFHSWLRQ
&RQWU{OHV GH TXDOLWp
4'/ 4'/
HQYLURQQHPHQWDOH
(WXGH (FRVFDQ 0, %(
*XLGHOLQHV 0DUNHWLQJ 0, 0,
&RPPXQLFDWLRQ YHUWH LQWHUQH HW H[WHUQH
(TXLSH
&KHFNOLVW (TXLSH 3URMHW 0, %(
SURMHW
7DEOHDX /HV RXWLOV j LQWpJUHU GDQV OD 3&3 SRXU DWWHLQGUH OHV QLYHDX[ (FRGHVLJQ 6WDQGDUG RX
(FRGHVLJQ 3OXV
/pJHQGH %( %XUHDX G (WXGH 0, 0DUNHWLQJ 4'/ 4XDOLWp
03'/ 'RFXPHQWDWLRQ
, )
,GpH )DLVDELOLWp & &RQFHSWLRQ ' 'pYHORSSHPHQW / /DQFHPHQW
9R\RQV j SUpVHQW TXHOTXHV XQV GHV RXWLOV pODERUpV SRXU OHV GHX[ QLYHDX[ G pFR
FRQFHSWLRQ
3DJH
ª (WXGHGH%HQFKPDUNLQJ(QYLURQQHPHQWDO
/ pWXGH UpDOLVpH VXU GHX[ OXPLQDLUHV HW SUpFpGHPPHQW GpFULWH GHYUDLW GRUpQDYDQW rWUH
HIIHFWXpH GDQV WRXW QRXYHDX SURMHW GH GpYHORSSHPHQW HW FH DX PrPH WLWUH TXH O pWXGH GH
%HQFKPDUNLQJ FODVVLTXH 1RXV DYRQV pODERUp VRXV ([FHO XQ SHWLW RXWLO SHUPHWWDQW ORUV GH
O DQDO\VH GH OD FRQFXUUHQFH WHFKQLTXH HQ SKDVH )DLVDELOLWp GH FRPSWDELOLVHU
DXWRPDWLTXHPHQW XQH IRLV OHV GRQQpHV UHQWUpHV OH QRPEUH GH FRPSRVDQWV OHV PDVVHV HW
SRXUFHQWDJHV PDVVLTXHV UHODWLIV GHV PDWpULDX[ OHV V\VWqPHV GH IL[DWLRQ OH WDX[ GH
UHF\FODELOLWp « XQ H[HPSOH GH JULOOH HVW SUpVHQWp HQ $QQH[H (WXGH GH
%HQFKPDUNLQJ (QYLURQQHPHQWDO (Q ILQ G pWXGH QRXV DYRQV UpVXPp O HVVHQWLHO GHV
UpVXOWDWV VXU XQH VHXOH SDJH SHUPHWWDQW DX[ FRQFHSWHXUV GH FRPSDUHU UDSLGHPHQW OHV
SURGXLWV &HWWH FRPSDUDLVRQ GHV SHUIRUPDQFHV GHV SURGXLWV DQDO\VpV VXU OD EDVH GHV
FLQT FULWqUHV (FR9LVLRQ SHXW rWUH UHSUpVHQWpH HQ ILQ GH SURMHW
➫ GDQV XQ WDEOHDX PRQWUDQW OHV DYDQWDJHV GX QRXYHDX SURGXLW GpYHORSSp SDU

UDSSRUW j GHV FRQFXUUHQWV RX XQH YHUVLRQ SUpFpGHQWH
➫ VXU XQ UDGDU SRXU FKDTXH D[H FRUUHVSRQGDQW DX[ FLQT FULWqUHV LO V DJLW GH
SRVLWLRQQHU OH SURGXLW VXU XQH pFKHOOH GH j R UHSUpVHQWH OD VLWXDWLRQ OD SOXV
IDYRUDEOH j O HQYLURQQHPHQW
&HWWH pWXGH GH %HQFKPDUNLQJ GHYUDLW rWUH XWLOLVpH SRXU OHV GHX[ QLYHDX[ G pFR
FRQFHSWLRQ
(Q ILQ GH GpYHORSSHPHQW XQH VHFRQGH pWXGH VXU OH SURGXLW SRXUUDLW SHUPHWWUH GH OH

GpFODUHU (FRGHVLJQ RX *UHHQ )ODJVKLS FRPPH QRXV OH SUpFLVLRQV SOXV KDXW
ª 0DWULFHGHVpFRSULRULWpV
&HWWH PDWULFH j O XVDJH GX 0DUNHWLQJ HW GX %( FRQVLVWH j SUpFLVHU DX UHJDUG GH O pWXGH GH

%HQFKPDUNLQJ HQYLURQQHPHQWDO SUpFpGHPPHQW XWLOLVpH OHV REMHFWLIV GH FRQFHSWLRQ TX LO
FRQYLHQW GH VH IL[HU [ GH UpGXFWLRQ GH OD PDVVH HW FH SDU UDSSRUW DX[ FULWqUHV (FR
9LVLRQ 6HORQ OD SULRULWp DFFRUGpH DX[ FULWqUHV VWUDWpJLH G HQWUHSULVH HW DX[ REMHFWLIV j
UHPSOLU OHV D[HV GH WUDYDLO SRXU FKDTXH FULWqUH VHURQW LGHQWLILpV
&HWWH PDWULFH UHSUpVHQWpH ILJXUH SRXUUD SULQFLSDOHPHQW rWUH XWLOLVpH HQ SKDVH
IDLVDELOLWp SRXU OHV GHX[ QLYHDX[ G pFRFRQFHSWLRQ
3DJH
&RQVRPPDWLRQ
0DVVH 6XEVWDQFHV WR[LTXHV 5HF\FODELOLWp )LQ GH YLH (PEDOODJH
G pQHUJLH
3ULRULWp GHV
FULWqUHV
H[HPSOHV
$XJPHQWDWLRQ UHQGHPHQW

G pFODLUHPHQW
'LPLQXWLRQ
3ULRULWp GHV REMHFWLIV

QRPEUH GH YLV
'LPLQXWLRQ

PDVVH SURGXLW
'LPLQXWLRQ QRPEUH GH

FRPSRVDQWV
'LPLQXWLRQ QRPEUH

GH PDWpULDX[
$XJPHQWDWLRQ WHQHXU

HQ PDWpULDX[ UHF\FOpV
(OLPLQDWLRQ G XQH
VXEVWDQFH QRXYHOOHPHQW
LQWHUGLWH
)LJXUH 0DWULFH GHV (FRSULRULWpV SULRULWpV GHV REMHFWLIV G pFRFRQFHSWLRQ
ª (FRPDWULFHPDWULFHGHFKRL[GHVRSWLRQVG pFRFRQFHSWLRQ
&HWWH PDWULFH VHUD XWLOLVpH HQ SKDVH )DLVDELOLWp RXHW &RQFHSWLRQ SRXU OH FKRL[ GH
QRXYHOOHV VROXWLRQV GH FRQFHSWLRQ (OOH HVW j O XVDJH GX %( TXL SRXUUD rWUH DLGp GDQV VD
WkFKH SDU XQ H[SHUW HQ pFRFRQFHSWLRQ &H W\SH G RXWLO SHUPHWWDQW GH OLVWHU OHV IDLVDELOLWpV
pFRQRPLTXHV HW WHFKQLTXHV G XQH SDUW HW OHV DYDQWDJHV RX LQFRQYpQLHQWV j HVFRPSWHU GH
FKDFXQH GHV RSWLRQV SRVVLEOHV G DXWUH SDUW FRQYLHQW SRXU OH QLYHDX (FRGHVLJQ 3OXV LO
QpFHVVLWH HQ HIIHW XQH PRELOLVDWLRQ LPSRUWDQWH GX %( &HOOHFL QH SRXUUD SDV DYRLU OLHX j
QRWUH VHQV GDQV WRXV OHV SURMHWV GH O XQLWp GX PRLQV WDQW TXH OHV pTXLSHV Q DXURQW SDV OHV
FRQQDLVVDQFHV VXIILVDQWHV
3DJH
) D LV D E LOLWp % p Q p ILF H V , Q F R Q Y p Q LH Q WV
& ULWq UH 3 ULR ULWp 2 S WLR Q V
2 E MH F WLI
j
( F R 9 LV LR Q G p F R F R Q F H S WLR Q
7 H F K Q LT X H ( F R Q R P LT X H /H F OL H Q W ILQ D O / LQ V W D O OD W H X U / H Q W U H S U LV H / H Q Y LU R Q Q H P H Q W
0 DVVH
6 X E V WD Q F H V
W R [ LT X H V
& R Q V R P P D WLR Q
G p Q H U J LH
5 H F \ F O D E LO L W p
) LQ G H Y LH
( P E D OO D J H
)LJXUH (FRPDWULFH &KRL[ G pFRFRQFHSWLRQ
ª %DVHGHGRQQpHVHQYLURQQHPHQWDOH
(OOH GHYUDLW DLGHU OHV FRQFHSWHXUV j FKRLVLU OHV FRPSRVDQWV HW RX PDWpULDX[ (OOH
SHUPHWWUDLW pJDOHPHQW DX[ PDUNHWHXUV GH SRXYRLU UpSRQGUH j GHV UHTXrWHV GH FOLHQWV FI
SOXV KDXW DQHFGRWH GH /LVERQQH
&HWWH EDVH HVW HQ SURMHW HW Q D IDLW SRXU O LQVWDQW O REMHW G DXFXQV WUDYDX[ (OOH QpFHVVLWH
FRPPH QRXV O pYRTXLRQV SOXV KDXW O HQYRL GH TXHVWLRQQDLUHV SUpFLV DX[ IRXUQLVVHXUV
OHVTXHOV QH VRQW SDV HQFRUH WUqV UpFHSWLIV ,O V DJLUDLW SRXU FRQVWLWXHU FHWWH EDVH GH
FRQQDvWUH OHV SULQFLSDX[ PDWpULDX[ FRQVWLWXWLIV GHV FRPSRVDQWV XWLOLVpV SOXV GH
UpIpUHQFHV DFWXHOOHPHQW « HW OHV VXEVWDQFHV FRQWHQXHV GDQV FHV PDWpULDX[ 2Q
FRPSUHQGUD DLVpPHQW TX XQH WHOOH WkFKH VHUD FRQGLWLRQQpH HQ PDMHXUH SDUWLH SDU OD
ERQQH YRORQWp GHV IRXUQLVVHXUV HW XQ pQRUPH LQYHVWLVVHPHQW GH OD SDUW GHV DFKHWHXUV
ª *XLGHOLQHVFRQFHSWHXU
4XHOTXHV UHFRPPDQGDWLRQV UHODWLYHV DX[ VXEVWDQFHV LQWHUGLWHV RX OLPLWpHV HW OH
PDUTXDJH GHV SLqFHV DYDLHQW GpMj pWp LQWURGXLWHV GDQV OHV JXLGHOLQHV GH FRQFHSWLRQ GX
PDQXHO G LQVWUXFWLRQ GX %( 1RXV DYRQV FRPSOpWp FHV JXLGHOLQHV SDU GHV UqJOHV UHODWLYHV
DX FKRL[ GHV PDWpULDX[ DX[ V\VWqPHV GH FRQQH[LRQ j O DUFKLWHFWXUH GX SURGXLW j
O HPEDOODJH « &HV UqJOHV UHODWLYHV j O pFRFRQFHSWLRQ VRQW FRPSOqWHPHQW LQWpJUpHV
DYHF OHV DXWUHV SXLVTX HOOHV GRLYHQW IDLUH SDUWLH GRUpQDYDQW GX TXRWLGLHQ GHV FRQFHSWHXUV
3DJH
'HV H[WUDLWV VRQW SUpVHQWpV HQ $QQH[H (OOHV FRQFHUQHQW pYLGHPPHQW OHV GHX[
QLYHDX[ G pFRFRQFHSWLRQ
5HPDUTXH &HV JXLGHOLQHV SRXUUDLHQW j WHUPH UHPSODFHU OHV JXLGHOLQHV FODVVLTXHV
DFWXHOOHV TXL IRQW O REMHW G XQH SURFpGXUH GDQV OH PDQXHO G LQVWUXFWLRQ GX %( (OOHV
GHYURQW SRXU FHOD rWUH YDOLGpHV SDU OD 'LUHFWLRQ
ª &KHFNOLVWVG pFRFRQFHSWLRQ
(OOHV SHUPHWWHQW GH YpULILHU VL OH SURMHW pYROXH GDQV OD ERQQH YRLH G DSUqV OHV REMHFWLIV
IL[pV GqV OD SKDVH )DLVDELOLWp (OOHV VRQW j O XVDJH GHV FRQFHSWHXUV YRLUH GH O H[SHUW HQ
pFRFRQFHSWLRQ (OOHV VHURQW VXUWRXW XWLOLVpHV SRXU OH QLYHDX (FRGHVLJQ 3OXV SXLVTX LO
YD GDQV FH FDV V DJLU GH PHWWUH XQ IRUW DFFHQW VXU OHV SHUIRUPDQFHV HQYLURQQHPHQWDOHV GX
SURGXLW VXU OHVTXHOOHV OH VHUYLFH 0DUNHWLQJ GHYUD FRPPXQLTXHU
&KDTXH FKHFNOLVW HVW DGDSWpH j XQ D[H G·pFRFRQFHSWLRQ FRPPH FDUDFWqUH UHF\FODEOH
GX SURGXLW FDUDFWqUH GpPRQWDEOH GX SURGXLW PLQLPLVDWLRQ GH OD FRQVRPPDWLRQ
G·pQHUJLH HQ SKDVH G·XWLOLVDWLRQ « XQ H[HPSOH HVW SUpVHQWp HQ $QQH[H &HV FKHFN
OLVWV VRQW j XWLOLVHU j FKDTXH ILQ GH SKDVH )DLVDELOLWp &RQFHSWLRQ HW
'pYHORSSHPHQW
ª (WXGH(FRVFDQ
,O Q HVW SDV DVVXUp TXH O DQDO\VH GHV SURGXLWV DYHF (FRVFDQ VRLW GpVRUPDLV UpDOLVpH pWDQW
GRQQp O DFFXHLO UpVHUYp ORUV GH OD SUpVHQWDWLRQ GH QRV UpVXOWDWV ,O V DYqUH WRXWHIRLV TX XQH
WHOOH pWXGH SHXW rWUH H[SORLWpH j GHV ILQV GH FRPPXQLFDWLRQ VXU OHV SURMHWV GH
GpYHORSSHPHQW GH SURGXLWV *UHHQ )ODJVKLS / DQDO\VH UpDOLVpH SDU XQ FRQFHSWHXU RX
SOXW{W XQ H[SHUW HQ pFRFRQFHSWLRQ FRPPH WHO HVW OH FDV GDQV O XQLWp GX 0DQV SRXUUDLW HQ
HIIHW VHUYLU j ORXHU FKLIIUHV j O DSSXL OHV TXDOLWpV HQYLURQQHPHQWDOHV GX SURGXLW HQ
WHUPHV pFRORJLTXHV ,O SRXUUDLW rWUH GpPRQWUp TXH OH QRXYHDX SURGXLW HVW PRLQV
LPSDFWDQW TXH OD YHUVLRQ SUpFpGHQWH
5HPDUTXH /HV UpVXOWDWV GH O pWXGH DYHF (FRVFDQ VRQW FKH] 3KLOLSV &RQVXPHU
&RPPXQLFDWLRQV DX 0DQV XQ FULWqUH GH GpFLVLRQ SRXU GpVLJQHU XQ SURGXLW *UHHQ
)ODJVKLS
$ /DPRWWH%HXYURQ SRXU O LQVWDQW DXFXQ PHPEUH GHV pTXLSHV SURMHW QH V HVW UpVLJQp j
XWLOLVHU (FRVFDQ «
3DJH
ª &KHFNOLVW(TXLSH3URMHW
&HWWH FKHFNOLVW FRQVWLWXH XQ GRFXPHQW GH UpIpUHQFH SRXU O pTXLSH SURMHW GDQV VD

GpPDUFKH (OOH UDVVHPEOH HQ HIIHW O HQVHPEOH GHV RXWLOV G pFRFRQFHSWLRQ TX HOOH GHYUDLW
XWLOLVHU DYHF OH QLYHDX G pFRFRQFHSWLRQ FRQFHUQp O pWDSH j ODTXHOOH LOV VRQW j HPSOR\HU
GHSXLV OD SKDVH ,GpH MXVTX j OD SKDVH /DQFHPHQW OH VHUYLFH UHVSRQVDEOH OH
VHUYLFH DFWHXU HW XQH WUqV EUqYH GHVFULSWLRQ GH FKDFXQ G HX[ &HWWH FKHFNOLVW HVW
LQVSLUpH G XQ PRGqOH FODVVLTXH TXL IDLW O REMHW G XQH SURFpGXUH GDQV OH PDQXHO
G LQVWUXFWLRQ GX %( &HWWH FKHFNOLVW GRQW OD PDLQWHQDQFH HVW GH OD UHVSRQVDELOLWp GX
5HVSRQVDEOH GX %XUHDX G (WXGH SHUPHW DX FKHI GH SURMHW GH YpULILHU TXH OH
FKHPLQHPHQW GX SURFHVVXV GH FUpDWLRQ HVW FRQIRUPH j OD SURFpGXUH
/D YHUVLRQ HQYLURQQHPHQWDOH GH FHWWH FKHFNOLVW GRQW OD UHVSRQVDELOLWp GH PDLQWHQDQFH
SRXUUDLW LQFRPEHU HQ SDUWLH DX %( HW DX VHUYLFH 0DUNHWLQJ Q D SDV pWp YDOLGpH SXLVTXH OD
SOXSDUW GHV RXWLOV Q RQW SDV pWp WHVWpV ORUV G XQ SURMHW
5HPDUTXH 7RXV OHV RXWLOV GHYUDLHQW HQ SULQFLSH rWUH GpFULWV SOXV HQ GpWDLO DYHF GHV
IHXLOOHVW\SHV j UHSURGXLUH SRXU FH TXL FRQFHUQH OHV PDWULFHV RX OHV FKHFNOLVWV SDU
H[HPSOH GDQV XQH SURFpGXUH LQWLWXOpH /HV RXWLOV G (FRGHVLJQ SURFpGXUH YDOLGpH SDU
OD 'LUHFWLRQ DSUqV PLVH j O pSUHXYH HW DFFHSWDWLRQ G XQ FHUWDLQ QRPEUH G RXWLOV
3RXU FH TXL FRQFHUQH OHV DXWUHV RXWLOV pYRTXpV GDQV OH WDEOHDX LO V DJLW GH GpPDUFKHV
FODVVLTXHV GDQV OHVTXHOOHV SHXYHQW rWUH LQVpUpHV GHV UqJOHV UHODWLYHV j O HQYLURQQHPHQW
(WXGH 0DUNHWLQJ
3RXU OH QLYHDX (FRGHVLJQ 3OXV TXL UHOqYH GDYDQWDJH G XQH DSSURFKH VWUDWpJLTXH OH
VHUYLFH PDUNHWLQJ YD rWUH IRUWHPHQW PRELOLVp DYHF XQH GpPDUFKH G DQDO\VH GX PDUFKp HW
GHV FRQFXUUHQWV SOXV FRPSOqWH FDU RULHQWpH VXU OHV SUpRFFXSDWLRQV G HQYLURQQHPHQW
➫ 4XH YHXW OH FOLHQW "

➫ 4XH IRQW OHV FRQFXUUHQWV "
➫ 4XHOV D[HV RQWLOV FKRLVLV "
➫ &RPPHQW VH GpPDUTXHU "
➫ 4XHOOHV VSpFLILFDWLRQV IL[HU HQ WHUPHV GH PDWpULDX[ WDX[ GH UHF\FODELOLWp "
➫ 4XHOV VRQW OHV DUJXPHQWV OHV SOXV SRUWHXUV HQ WHUPH GH FRPPXQLFDWLRQ
YHUWH " «
&KHI GH 3URMHW XQ FRQFHSWHXU HQ FKDUJH GX GpYHORSSHPHQW G XQ SURGXLW
3DJH
$QDO\VH )RQFWLRQQHOOH
'DQV OH FDGUH GHV VSpFLILFDWLRQV IL[pHV SDU OH 0DUNHWLQJ DX %XUHDX G pWXGHV O·DFFHQW
GHYUD rWUH SRUWp SRXU OHV GHX[ QLYHDX[ G pFRFRQFHSWLRQ VXU OH FKRL[ GHV PDWpULDX[ OH
UHVSHFW GH O·HQYLURQQHPHQW HW HQ SDUWLFXOLHU VXU OD PDLQWHQDQFH UpSDUDWLRQ HW OD ILQ GH
YLH GX SURGXLW UpXWLOLVDWLRQ GpPRQWDJH UHF\FODJH «
&RQWU{OHV GH TXDOLWp HQYLURQQHPHQWDOH
,OV YRQW FRQVLVWHU SRXU OHV GHX[ QLYHDX[ G pFRFRQFHSWLRQ j YpULILHU DX QLYHDX GX
VHUYLFH 4XDOLWp VL OHV SLqFHV GX SURGXLW VRQW PDUTXpHV VL OH GpPRQWDJH GX SURGXLW HVW
VLPSOH HW UDSLGH « &HV FRQWU{OHV V DMRXWHQW DX[ WHVWV FODVVLTXHPHQW XWLOLVpV HQ
ODERUDWRLUH WHQXH DX IHX SURWHFWLRQV GLYHUVHV «
*XLGHOLQHV 0DUNHWLQJ
'qV OH ODQFHPHQW GX SURGXLW LO YD V DJLU GH FRPPXQLTXHU VXU OHV SHUIRUPDQFHV
HQYLURQQHPHQWDOHV VXU OH PDUFKp & HVW YDODEOH SRXU OHV GHX[ QLYHDX[ DYHF XQ SOXV IRUW
DFFHQW SRXU OH QLYHDX *UHHQ )ODJVKLS 1RXV DYRQV pYRTXp SOXV KDXW O H[LVWHQFH GH
GRFXPHQWV 3KLOLSV UHODWLIV DX 0DUNHWLQJ YHUW FH TX LO IDXW IDLUH HW QH SDV IDLUH 3KLOLSV
(QYLURQPHQWDO &RPPXQLFDWLRQ *XLGHOLQHV /HV UHFRPPDQGDWLRQV VRQW SDU H[HPSOH
OHV VXLYDQWHV
/HV SURGXLWV GRLYHQW rWUH SURPXV SDU UDSSRUW j GHV EpQpILFHV SRXU OH FOLHQW SOXW{W TXH SRXU
O HQYLURQQHPHQW 3RVLWLRQQHU RX SURPRXYRLU XQ SURGXLW VHXOHPHQW SDU UDSSRUW j VRQ
PRLQGUH LPSDFW VXU O HQYLURQQHPHQW GHYUDLW rWUH pYLWp
$ IDLUH
− $UJXPHQWHU VXU FH TXL HVW IDFWXHO HW VXEVWDQWLHO FRPPH G pFRQRPLH

G pQHUJLH
− 7UDGXLUH DXWDQW TXH IDLUH VH SHXW OHV DPpOLRUDWLRQV EpQpILTXHV SRXU
O HQYLURQQHPHQW HQ VSpFLILFDWLRQV FRQYHQWLRQQHOOHV GH SURGXLW UpGXFWLRQ GH
PDVVH SOXV IDLEOH FRQVRPPDWLRQ G pQHUJLH «
$ QH SDV IDLUH
− 1H SDV H[DJpUHU O LPSRUWDQFH G DUJXPHQWV HQYLURQQHPHQWDX[ FRPPH VDQV

&)& RX VDQV PHUFXUH «
3DJH
3RXU FRQFOXUH VXU FH SDUDJUDSKH VXU OHV RXWLOV QRXV SRXUULRQV GLUH TX LO V DJLVVDLW
SULQFLSDOHPHQW LFL GH SUpVHQWHU XQH GpPDUFKH G pFRFRQFHSWLRQ TX XQH HQWUHSULVH SHXW
HQJDJHU HW LPDJLQHU OHV RXWLOV TX HOOH SRXUUDLW XWLOLVHU SRXU UpSRQGUH j VD SUREOpPDWLTXH
(Q DXFXQ FDV QRXV QH VDXULRQV DIILUPHU TXH WRXV OHV RXWLOV pYRTXpV SOXV KDXW VRQW
QpFHVVDLUHV HW VXIILVDQWV WDQW TX LOV Q DXURQW SDV pWp PLV j O pSUHXYH 3RXU O KHXUH VHXOH
O pWXGH GH %HQFKPDUNLQJ HQYLURQQHPHQWDO D pWp YDOLGpH HW GHYUDLW IDLUH O REMHW G XQH
XWLOLVDWLRQ GpVRUPDLV V\VWpPDWLTXH
&21&/86,21
/ REMHW GH FHWWH SDUWLH pWDLW GH FRQIURQWHU XQH H[SpULHQFH GH WHUUDLQ GDQV XQH SHWLWH XQLWp
G XQ JUDQG *URXSH DYHF OHV HQVHLJQHPHQWV WLUpV GH OD OLWWpUDWXUH HQ WHUPHV
G RUJDQLVDWLRQ HW G RXWLOV
&RQFHUQDQW O RUJDQLVDWLRQ QRXV DYRQV FRQVWDWp TXH PDOJUp O HQJDJHPHQW GX JURXSH
3KLOLSV GDQV O pFRFRQFHSWLRQ GHV SHWLWHV VWUXFWXUHV FRPPH FHOOH GH /DPRWWH%HXYURQ
SRXYDLHQW VH WURXYHU GpPXQLHV GHYDQW OH PDQTXH G DLGH GH VRXWLHQ HW G RXWLOV OHXU
SHUPHWWDQW GH WHQLU FHV QRXYHDX[ REMHFWLIV /H GHUQLHU SURJUDPPH HQ GDWH GX JURXSH
(FR9LVLRQ VWLSXOH HQ HIIHW XQ FHUWDLQ QRPEUH GH GLUHFWLYHV IRFDOLVpHV VXU
FLQT FULWqUHV MXJpV HVVHQWLHOV PDVVH VXEVWDQFHV WR[LTXHV FRQVRPPDWLRQ G pQHUJLH
UHF\FODELOLWp ILQ GH YLH HPEDOODJH DYHF GHV UpVXOWDWV SUpFLV j REWHQLU GDQV FKDTXH VLWH
PDLV OHV PR\HQV G \ SDUYHQLU VRQW ODLVVpV DX OLEUH DUELWUH GH FKDFXQ &HFL HQJHQGUH GH
IDLW XQH GpVRULHQWDWLRQ GHV 'LUHFWLRQV OHVTXHOOHV PDQTXDQW G HQJDJHPHQW IHUPH RQW GX
PDO j PRELOLVHU OHXUV pTXLSHV
8QH pWXGH DYHF OH ORJLFLHO G $&9 (FRVFDQ UHFRPPDQGp SDU OH *URXSH D PRQWUp TX XQ
WHO RXWLO LPSRVp DX[ pTXLSHV pWDLW PDO YpFX &HW RXWLO DSSDUDvW SHX DGDSWp DX[ SURGXLWV
pWXGLpV HW VXUWRXW IRFDOLVp VXU GHV FULWqUHV pFRORJLTXHV DVVH] ORLQ GHV SUREOpPDWLTXHV
G XQH pTXLSH SURMHW HW GHV FULWqUHV G (FR9LVLRQ 3DU DLOOHXUV OD FRQWUDLQWH
HQYLURQQHPHQWDOH HW VHV HQMHX[ GHPHXUHQW SRXU EHDXFRXS LQFRPSULV
8QH GpPDUFKH G pFRFRQFHSWLRQ QpFHVVLWH XQ IRUW HQJDJHPHQW GH OD GLUHFWLRQ HW XQH
PRELOLVDWLRQ GH FKDFXQ &KDTXH PHPEUH G XQH pTXLSH SURMHW GRLW DLQVL VH VHQWLU
FRQFHUQp HW DYRLU FRQVFLHQFH GH VHV UHVSRQVDELOLWpV DXVVL ELHQ OHV FRQFHSWHXUV OHV
DFKHWHXUV TXH OHV PDUNHWHXUV 1 LPSRUWH TXHO RXWLO DXVVL SHUIRUPDQW VRLWLO QH SRXUUD
rWUH FRQYHQDEOHPHQW XWLOLVp TXH PLV HQ WHQVLRQ GDQV XQH RUJDQLVDWLRQ R FKDFXQ DXUD
FRPSULV HW LQWpJUp OD FRQWUDLQWH HQYLURQQHPHQWDOH FRPPH FH IXW DXWUHIRLV OH FDV SRXU OD
TXDOLWp &HWWH LQWpJUDWLRQ QH SRXUUD VH IDLUH TXH SDU XQ DSSUHQWLVVDJH OHQW HW SURJUHVVLI
JUkFH j GHV LQFLWDWLRQV HQ WHUPHV G pYDOXDWLRQ GH FRPPXQLFDWLRQ GH SDUWLFLSDWLRQ j GHV
JURXSHV GH WUDYDLO «
3DJH
' DSUqV OH SURJUDPPH (FR9LVLRQ O XQLWp GH /DPRWWH%HXYURQ V HVW FKRLVL SRXU OH
GpYHORSSHPHQW GH VHV IXWXUV SURGXLWV GHX[ QLYHDX[ G pFRFRQFHSWLRQ VDQV FRPSWHU XQ
QLYHDX R O HQYLURQQHPHQW QH VHUDLW SDV SULV HQ FRPSWH 1RXV DYRQV GpYHORSSp XQH
GpPDUFKH HW GHV RXWLOV VLPSOHV GHYDQW SHUPHWWUH G DWWHLQGUH FHV QLYHDX[ 3RXU O LQVWDQW
WRXV FHV RXWLOV Q RQW SDV HQFRUH IDLW O REMHW G H[SpULPHQWDWLRQV QpDQPRLQV FHUWDLQV
FRPPH OHV JXLGHOLQHV FRQFHSWHXU HW O pWXGH GH %HQFKPDUNLQJ (QYLURQQHPHQWDO pWDLHQW
HQYLVDJpV j OD ILQ GH QRWUH WUDYDLO GH WHUUDLQ G rWUH XWLOLVpV DVVH] V\VWpPDWLTXHPHQW GDQV
OHV IXWXUV SURMHWV
3DJH
&RQFOXVLRQ JpQpUDOH
&21&/86,21*(1(5$/(
/ pFRFRQFHSWLRQ RX FRQFHSWLRQ SRXU O HQYLURQQHPHQW HVW GHSXLV SHX SRXU O HQWUHSULVH

XQH QRXYHOOH SUREOpPDWLTXH TX HOOH SRXUUDLW ELHQ SUHQGUH HQ FRPSWH SRXU HQ WLUHU j
WHUPH XQ DYDQWDJH FRQFXUUHQWLHO ,O V DJLW GH FRQFHYRLU GHV SURGXLWV HQ D\DQW FRQVLGpUp
GqV OHXU FRQFHSWLRQ O HQVHPEOH GHV LPSDFWV HQYLURQQHPHQWDX[ TX LOV SRXUURQW DYRLU GX
EHUFHDX j OD WRPEH VRLW VXU O HQVHPEOH GH OHXU F\FOH GH YLH
1RV WUDYDX[ GH UHFKHUFKH QRXV RQW FRQGXLWV j DERUGHU GHX[ JUDQGV DVSHFWV GH O pFR
FRQFHSWLRQ HW FH j WUDYHUV OHV GHX[ SUHPLqUHV SDUWLHV GH FH PpPRLUH
− O RUJDQLVDWLRQ HQ HQWUHSULVH
− OHV RXWLOV GHVWLQpV j DLGHU OHV pTXLSHV SURMHW
(Q PDWLqUH G RUJDQLVDWLRQ QRXV DYRQV PHQp QRWUH pWXGH GDQV O REMHFWLI GH FRPSUHQGUH FH
TX HVW UpHOOHPHQW XQH FRQFHSWLRQ GLWH UHVSHFWXHXVH GH O HQYLURQQHPHQW 6XU OD EDVH
G XQH UHYXH ELEOLRJUDSKLTXH HW G XQH SUHPLqUH HQTXrWH GH WHUUDLQ DXSUqV G HQWUHSULVHV
GHV VHFWHXUV pOHFWULTXHV HW pOHFWURQLTXHV QRXV DYRQV G DERUG HVVD\p GH VLWXHU OHV
DSSURFKHV LQGXVWULHOOHV DFWXHOOHV HQ PDWLqUH G pFRFRQFHSWLRQ (OOHV UHSRVHQW VXU
SOXVLHXUV DFFHSWLRQV SRVVLEOHV TXH QRXV DYRQV GpFULWHV (OOHV VH EDVHQW QRWDPPHQW VXU
XQH PDQLqUH SDUWLFXOLqUH GH FRQVLGpUHU OH FULWqUH HQYLURQQHPHQW GDQV OD FRQFHSWLRQ VXU
XQ PRGH GH UHPLVH HQ FDXVH GX SURGXLW HW VXU GHV YLVLRQV GLIIpUHQWHV GH VRQ F\FOH GH YLH
VHORQ TXH O RQ VH IRFDOLVH RX SDV VXU XQH VHXOH SKDVH HW TXH O RQ SUHQG HQ FRPSWH XQ RX
SOXVLHXUV FULWqUHV $ O KHXUH DFWXHOOH OD SOXSDUW GHV HQWUHSULVHV ELHQ TXH V LQWpUHVVDQW j
O pFRFRQFHSWLRQ QH UHPHWWHQW SDV IRQFLqUHPHQW HQ FDXVH OHXUV SURGXLWV RX OHXU PRGH GH
SURGXFWLRQ (OOHV VH IRFDOLVHQW SOXW{W VXU O RSWLPLVDWLRQ GH FHUWDLQV FULWqUHV
FRQVRPPDWLRQ G pQHUJLH VXEVWDQFHV WR[LTXHV VXU OH F\FOH GH YLH FRPSOHW GH OHXUV
SURGXLWV RX FHUWDLQHV SKDVHV ILQ GH YLH HW GpFODUHQW HQ IDLW SUHQGUH HQ FRPSWH OH FULWqUH
HQYLURQQHPHQW DX PrPH WLWUH TXH OHV FRWV OHV GpODLV OHV SHUIRUPDQFHV HW OD TXDOLWp /H
WHUPH DQJORSKRQH FRQVDFUp j FH JHQUH G DSSURFKH HVW 'I( 'HVLJQ IRU (QYLURQPHQW
1RXV QRXV VRPPHV HQVXLWH LQWpUHVVpV DX[ IDFWHXUV TXL SRXYDLHQW PRWLYHU OHV HQWUHSULVHV
GDQV FHWWH DSSURFKH ,O YLHQW TXH OHV SULQFLSDX[ PRWHXUV H[WHUQHV VRQW DFWXHOOHPHQW
GDQV O RUGUH OHV SUHVVLRQV GH OD FOLHQWqOH GH OD FRQFXUUHQFH HW GH OD UpJOHPHQWDWLRQ HW
OHV SULQFLSDX[ PRWHXUV LQWHUQHV OD UpGXFWLRQ GHV FRWV HW O DPpOLRUDWLRQ GH O LPDJH GH
PDUTXH GDQV OHV VHFWHXUV pOHFWULTXHV HW pOHFWURQLTXHV /D KLpUDUFKLH GH FHV PRWHXUV
SRXUUD YDULHU QRWDPPHQW DYHF O pYROXWLRQ UDSLGH GH OD UpJOHPHQWDWLRQ
3DJH
&RQFOXVLRQ JpQpUDOH
/ pFRFRQFHSWLRQ LPSOLTXH XQH YLVLRQ GLIIpUHQWH GX SURGXLW HW GH O DFWLYLWp GH FRQFHSWLRQ

1RXV DYRQV YX TX LO H[LVWH HQ IDLW SOXVLHXUV QLYHDX[ GH UHPLVH HQ FDXVH GX SURGXLW GHSXLV
XQH VLPSOH DPpOLRUDWLRQ HQYLURQQHPHQWDOH MXVTX j XQ YpULWDEOH FKDQJHPHQW GH V\VWqPH
SURGXFWLI $ FHV GLIIpUHQFHV GH QLYHDX[ YRQW V DMRXWHU GH QRPEUHX[ D[HV VWUDWpJLTXHV GH
FRQFHSWLRQ TXL V RIIUHQW j O LQGXVWULHO VHORQ TX LO V LQWpUHVVH DX FKRL[ GH PDWpULDX[ SHX
LPSDFWDQWV j OD UpGXFWLRQ GHV LPSDFWV GH VRQ SURGXLW HQ SKDVH G XWLOLVDWLRQ RX HQFRUH j
O RSWLPLVDWLRQ GH FHOXLFL HQ ILQ GH YLH $ FKDFXQ GH FHV D[HV FRUUHVSRQGURQW GHV UqJOHV
SUpFLVHV GH FRQFHSWLRQ
3RXU HVSpUHU SDUYHQLU j FHV PRGLILFDWLRQV GH FRQFHSWLRQ O HQWUHSULVH D EHVRLQ GH PHWWUH
HQ SODFH XQH RUJDQLVDWLRQ DXVVL ELHQ HQ H[WHUQH TX HQ LQWHUQH $LQVL OD YLVLRQ F\FOH GH
YLH GH VHV SURGXLWV YD O REOLJHU j FROODERUHU GDYDQWDJH DYHF VHV IRXUQLVVHXUV G XQH SDUW HW
DYHF GHV FROOHFWHXUVUHF\FOHXUV G DXWUH SDUW ' DSUqV OD OLWWpUDWXUH HW G DSUqV QRWUH
HQTXrWH QRXV DYRQV SURSRVp G DWWULEXHU XQ U{OH DX[ DFWHXUV SULQFLSDX[ GH O HQWUHSULVH
LPSOLTXpV GDQV FHWWH DSSURFKH G pFRFRQFHSWLRQ GRQW SDUPL HX[ XQ H[SHUW HQ pFR
FRQFHSWLRQ &HUWDLQHV HQWUHSULVHV HQ HIIHW SHXYHQW HQ GLVSRVHU QRXV DYRQV YX TXH VD
SODFH HW VD PLVVLRQ YDULHQW G XQH HQWUHSULVH j O DXWUH HW TX LO HVW GH FH IDLW GLIILFLOH
G LQVWLWXHU XQH RUJDQLVDWLRQW\SH FRPPH FHOOH GLWH HQ VDEOLHU SURSRVpH SDU XQH
pTXLSH GH UHFKHUFKH DPpULFDLQH / XQH GHV TXHVWLRQV VRXOHYpHV SDU FHWWH SUREOpPDWLTXH
G RUJDQLVDWLRQ pWDLW MXVWHPHQW OD TXHVWLRQ GH O H[SHUWLVH )DXWLO FRQVWLWXHU RX SDV XQH
VWUXFWXUH VSpFLDOHPHQW GpGLpH DX[ TXHVWLRQV G HQYLURQQHPHQWSURGXLW DX ULVTXH GH
GpPRELOLVHU OHV DXWUHV DFWHXUV " (Q VLWXDWLRQ QRXV DYRQV DGPLV TXH GHV VROXWLRQV OLYUpHV
FOp HQ PDLQ SDU XQH HQWLWp LQGpSHQGDQWH QH SRXYDLHQW TXH GLIILFLOHPHQW rWUH
UHFHYDEOHV HW TX LO GRLW \ DYRLU FRQFHUWDWLRQ HQWUH WRXV 7RXW HVW HQ IDLW DIIDLUH GH
FRPSURPLV GDQV XQH G\QDPLTXH G DSSUHQWLVVDJH FROOHFWLI SURJUHVVLI
3DUOHU G DSSUHQWLVVDJH UHYLHQW j pYRTXHU OD QpFHVVLWp GH PHWWUH HQ SODFH GHV GLVSRVLWLIV
SRXU DSSUHQGUH j LQWpJUHU OHV QRXYHOOHV FRQQDLVVDQFHV UHODWLYHV j O HQYLURQQHPHQW ,O YD
V DJLU SRXU O pTXLSH SURMHW GDQV XQ SUHPLHU WHPSV G H[SORUHU FHV FRQQDLVVDQFHV SXLV GH
OHV H[SORLWHU F HVWjGLUH OHV LQWHUSUpWHU HW OHV WUDGXLUH SRXU FKDFXQ GHV PHPEUHV GH
O pTXLSH &HV FRQQDLVVDQFHV VHURQW DX ILO GHV SURMHWV LQWpJUpHV GH SOXV HQ SOXV DLVpPHQW
GDQV OD GpPDUFKH TXH V DSSURSULHURQW OHV DFWHXUV
(Q WHUPHV GH VWUXFWXUH GX SURFHVVXV G pFRFRQFHSWLRQ QRXV DYRQV SURSRVp XQ PRGqOH
GH GpPDUFKH LQVSLUp G XQ PRGqOH GH FRQFHSWLRQ FODVVLTXH
3ODQLILFDWLRQ SURMHW
'pYHORSSHPHQW
,QGXVWULDOLVDWLRQ
&RPPHUFLDOLVDWLRQ
3DJH
&RQFOXVLRQ JpQpUDOH
5HWRXUV G H[SpULHQFH TXL SRUWHQW VXU O HQVHPEOH GHV pWDSHV

SUpFpGHQWHV
3RXU FKDFXQH GH FHV pWDSHV QRXV DYRQV SURSRVp XQ FHUWDLQ QRPEUH GH UpIOH[LRQV HW
G pWXGHV HQYLURQQHPHQWDOHV TX LO FRQYLHQGUDLW G DGRSWHU
'HV pWXGHV VXU OD UpXVVLWH GH FH W\SH GH SURMHW RQW PRQWUp TX LO HVW G DERUG LQGLVSHQVDEOH
TXH OD 'LUHFWLRQ VH PRQWUH PRWLYpH HW YDORULVH G XQH PDQLqUH RX G XQH DXWUH OH WUDYDLO
DFFRPSOL /HV pTXLSHV SURMHW RQW HQ HIIHW EHVRLQ G LQFLWDWLRQV GH VXLYL GHV DFWLRQV HW GH
FRPPXQLFDWLRQ SRXU V LQYHVWLU SOHLQHPHQW 8Q WUDYDLO G pTXLSH XQH ERQQH
FRPSUpKHQVLRQ GHV PpFDQLVPHV GH FRQFHSWLRQ FODVVLTXH O DLGH G XQ H[SHUW GHV
IRUPDWLRQV HW GHV RXWLOV SpGDJRJLTXHV VLPSOHV SRXU UHPSOLU GHV REMHFWLIV SUpFLV YRLOj FH
TXL GHYUDLW DLGHU j DVVXUHU XQH DSSURSULDWLRQ GH OD GpPDUFKH G pFRFRQFHSWLRQ /HV
ULVTXHV G pFKHF HW GH UHMHW GH OD GpPDUFKH SRXUURQW HX[ rWUH SULQFLSDOHPHQW OLpV j XQH
FHUWDLQH LQFRPSUpKHQVLRQ SDU OHV pTXLSHV GHV HQMHX[ UpJOHPHQWDLUHV RX FRQFXUUHQWLHOV
XQ PDQTXH GH VDYRLUIDLUH HW GH FRQQDLVVDQFHV HW VXUWRXW GH WUqV QRPEUHXVHV
LQFHUWLWXGHV SURSUHV j O HQYLURQQHPHQW OD UpJOHPHQWDWLRQ OHV WHFKQLTXHV GH WUDLWHPHQW
HQ ILQ GH YLH OD YLVLRQ GDQV OH WHPSV HW KRUV GH O HQWUHSULVH «
1RXV GLVLRQV SOXV KDXW TXH OHV pTXLSHV RQW EHVRLQ G RXWLOV SRXU pFRFRQFHYRLU ,O QRXV
pWDLW GRQF LQGLVSHQVDEOH G HQ VDYRLU GDYDQWDJH VXU OH SDQHO G RXWLOV TXL SHXW OHXU rWUH
SURSRVp ,O V DJLW GH O DXWUH JUDQG YROHW GH O pFRFRQFHSWLRQ TXH QRXV DYRQV DERUGp GDQV
XQ VHFRQG FKDSLWUH
3RXU HQ VDYRLU SOXV QRXV DYRQV VRXKDLWp RXWUH UpDOLVHU XQ pWDW GH O DUW GH FH TXL H[LVWH
DXMRXUG KXL pWDEOLU XQH FODVVLILFDWLRQ SDUPL XQ IRLVRQQHPHQW G RXWLOV WRXW DXVVL GLIIpUHQWV
OHV XQV TXH OHV DXWUHV 'HX[ JUDQGHV FDWpJRULHV G RXWLOV VRQW HQ IDLW LGHQWLILDEOHV
− OHV RXWLOV G pYDOXDWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[ G XQ SURGXLW FHV RXWLOV

SHUPHWWHQW G pWDEOLU XQ pFRSURILO RX SURILO HQYLURQQHPHQWDO RX HQFRUH FDUWH
G LGHQWLWp HQYLURQQHPHQWDOH GX GLW SURGXLW
− OHV RXWLOV G DPpOLRUDWLRQ GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH G XQ SURGXLW FHV RXWLOV

YRQW DLGHU OHV pTXLSHV SURMHW j WURXYHU GH QRXYHOOHV VROXWLRQV GH FRQFHSWLRQ SRXU
SDOOLHU OHV IDLEOHVVHV HQYLURQQHPHQWDOHV LGHQWLILpHV ORUV GH O pYDOXDWLRQ
&RQFHUQDQW OHV RXWLOV G pYDOXDWLRQ GHX[ PRGHV VRQW HQFRUH HQYLVDJHDEOHV / XQ j
GRPLQDQWH TXDQWLWDWLYH UHJURXSH GHV RXWLOV QpFHVVLWDQW EHDXFRXS G LQIRUPDWLRQV VXU OH
SURGXLW j pYDOXHU GRQW GHV ORJLFLHOV $&9 WUqV pODERUpV HQ WHUPHV GH PpWKRGHV GH FDOFXO
HW GH SUpVHQWDWLRQ GHV UpVXOWDWV /H VHFRQG j GRPLQDQWH TXDOLWDWLYH HVW UpVHUYp j GHV
RXWLOV SOXV VLPSOHV FRQVWLWXpV SDUIRLV GH VLPSOHV OLVWHV R LO V DJLW GH UpSRQGUH SDU RXL RX
SDU QRQ j GHV TXHVWLRQV HW QRWHU VLPSOHPHQW OHV UpSRQVHV RXL HW QRQ SDU
H[HPSOH SRXU DIIHFWHU XQH QRWH HQYLURQQHPHQWDOH DX SURGXLW
3DJH
&RQFOXVLRQ JpQpUDOH
$ORUV TXH OD SUHPLqUH FDWpJRULH QH SRXUUD rWUH XWLOLVpH TXH VXU GHV SURGXLWV H[LVWDQWV
ELHQ FRQQXV OD VHFRQGH HQ UHYDQFKH SRXUUD SDUIRLV VHUYLU j pYDOXHU OH SURGXLW HQ FRXUV
GH FRQFHSWLRQ (Q WHUPHV GH PpWKRGH VL O RQ UHSURFKH DX[ RXWLOV TXDOLWDWLIV GH UHSRVHU
VXU GHV V\VWqPHV GH QRWDWLRQ VXEMHFWLIV GDQV OH FDV GHV RXWLOV TXDQWLWDWLIV OHV UHSURFKHV
VRQW GDYDQWDJH OLpV DX IDLW TXH OHV UpVXOWDWV YRQW JUDQGHPHQW GpSHQGUH GH O REMHFWLI IL[p
GHV GRQQpHV GRQW O XWLOLVDWHXU GLVSRVH HW GHV K\SRWKqVHV TX LO DXUD pWDEOLHV 1RV
H[SpULHQFHV GH WHUUDLQ QRXV RQW PRQWUp TXH O RQ SUrWH HQ HIIHW VRXYHQW j FHV RXWLOV OH
GpIDXW GH SRXYRLU IDLUH HQ VRUWH G REWHQLU OHV UpVXOWDWV HVFRPSWpV 'H SOXV FHV UpVXOWDWV
FKLIIUpV QH YRQW SDV SRXU DXWDQW DLGHU OHV FRQFHSWHXUV GDQV OD UHFKHUFKH GH QRXYHOOHV
VROXWLRQV VRLW SDUFH TX LOV QH VRQW SDV H[SULPpV GDQV XQ ODQJDJH FRPSUpKHQVLEOH VRLW
SDUFH TX LOV TXDQWLILHQW GHV LPSDFWV SRXU GHV FULWqUHV pFRORJLTXHV WURS pORLJQpV GH
O DFWLYLWp FRQFUqWH GH FRQFHSWLRQ HW GRQF SHX DSSUpKHQGDEOHV SDU OHV FRQFHSWHXUV
1RXV DYRQV GRQF LGHQWLILp GHV RXWLOV G DPpOLRUDWLRQ SOXV IRFDOLVpV VXU OD FRQFHSWLRQ HW
GHVWLQpV j DFFRPSDJQHU OHV pTXLSHV 'HSXLV OHV QRUPHV MXVTX DX[ ORJLFLHOV HQ SDVVDQW
SDU OHV JXLGHOLQHV OHV FKHFNOLVWV OHV OLVWHV GH PDWpULDX[ « O pYHQWDLO G RXWLOV SURSRVpV
HVW Oj HQFRUH WUqV ODUJH $ O KHXUH GH O LQIRUPDWLTXH RQ SRXUUDLW SHQVHU TXH OHV ORJLFLHOV
VRQW OHV SOXV SULVpV SDU OHV HQWUHSULVHV DX UHJDUG G RXWLOVSDSLHU SHX UpDFWLIV $X YX GH
QRV HQTXrWHV FH Q HVW FHSHQGDQW SDV HQFRUH OH FDV SXLVTXH LOV VRQW SRXU EHDXFRXS
GpYHORSSpV HQ PDUJH GX PRQGH LQGXVWULHO GDQV GHV ODERUDWRLUHV GH UHFKHUFKH
GpFRQWH[WXDOLVpV GH OD UpDOLWp 3HUoXV FRPPH FRPSOH[HV OHXU PLVH HQ VLWXDWLRQ HQ
HQWUHSULVH HVW FRPSURPLVH SDU GH QRPEUHX[ SUREOqPHV G RUGUH ILQDQFLHU SUL[
GLVVXDVLIV HW PDWpULHO LOV QpFHVVLWHQW GH ORXUGV LQYHVWLVVHPHQWV PDWpULHOV $ FHOD
V DMRXWHQW GHV SUREOqPHV GH PpFRQQDLVVDQFH GH O DFWLYLWp PrPH GH FRQFHSWLRQ HW GH
VRXVHVWLPDWLRQ GHV SKpQRPqQHV G DSSUHQWLVVDJH LQKpUHQWV j FHWWH DFWLYLWp /HV pTXLSHV
RQW HQ HIIHW EHVRLQ GH FRPSUHQGUH OD GpPDUFKH OH PRGH G XWLOLVDWLRQ OHV LQIRUPDWLRQV
QpFHVVDLUHV HW OHV UpVXOWDWV j H[SORLWHU SRXU V DJXHUULU j O HPSORL G XQ ORJLFLHO 8QH
DGDSWDELOLWp SDUIRLV GLIILFLOH GDQV OH PRQGH GHV FRQFHSWHXUV XQ PDQTXH GH ODQJDJH
FRPPXQ XQH XUJHQWH QpFHVVLWp GH GpYHORSSHU GHV FRQQDLVVDQFHV QRXYHOOHV HW OH
VHQWLPHQW G REWHQLU GHV UpVXOWDWV SHX VLJQLILFDWLIV DX UHJDUG GHV LQYHVWLVVHPHQWV UpDOLVpV
FRQWULEXHQW GRQF j UDOHQWLU FHWWH DSSURSULDWLRQ GHV ORJLFLHOV SDU OHV HQWUHSULVHV
2XWUH FHV GHX[ JUDQGHV FDWpJRULHV pYDOXDWLRQ HW DPpOLRUDWLRQ QRXV DYRQV LGHQWLILp
G DXWUHV RXWLOV VLPSOHV G HPSORL HW UDSLGHV j V DSSURSULHU
− GHV RXWLOV VWUDWpJLTXHV TXL YRQW DLGHU j pWDEOLU XQH VWUDWpJLH G pFRFRQFHSWLRQ HQ
GpEXW GH SURMHW
− GHV RXWLOV GH VHQVLELOLVDWLRQ TXL YRQW DJXHUULU OHV pTXLSHV j OD SUpRFFXSDWLRQ
HQYLURQQHPHQWDOH GDQV OHV DFWLYLWpV GH FRQFHSWLRQ &HV RXWLOV VRQW GH SOXV HQ SOXV
LQIRUPDWLVpV LQWUDQHW SRXU IDFLOLWHU OHXU PLVH j MRXU HW O DFFqV OLEUH GH WRXV j WRXW
LQVWDQW
− GHV RXWLOV GH FRPPXQLFDWLRQ TXL YRQW SHUPHWWUH GH SUpVHQWHU HQ LQWHUQH HW HQ
H[WHUQH OHV DFWLRQV GH O HQWUHSULVH HQ PDWLqUH G pFRFRQFHSWLRQ
3DJH
&RQFOXVLRQ JpQpUDOH
$SUqV SUpVHQWDWLRQ G XQ IRLVRQQHPHQW G RXWLOV LO QRXV D SDUX RSSRUWXQ GH QRXV LQWHUURJHU

VXU O pWDSH GX SURFHVVXV G pFRFRQFHSWLRQ DX FRXUV GH ODTXHOOH FKDFXQ G HX[ SRXYDLW rWUH
SHUWLQHQW PDLV DXVVL VXU VRQ RX VHV XWLOLVDWHXUV SRWHQWLHOV (Q HIIHW DSUqV OD GHVFULSWLRQ
G XQ PRGqOH GH GpPDUFKH G pFRFRQFHSWLRQ R O RQ VWLSXOH TXH OHV pTXLSHV RQW EHVRLQ
G RXWLOV SRXU WUDYDLOOHU QRXV IDLVRQV O K\SRWKqVH TX LO HVW QpFHVVDLUH GH PHWWUH HQ
WHQVLRQ GHV RXWLOV HW GHV SURFHVVXV &HFL FRQVWLWXH SUpFLVpPHQW O RULJLQDOLWp GH FHWWH
WKqVH
$X YX G XQH SDUW GHV FDUDFWpULVWLTXHV GH FKDFXQ GHV RXWLOV HW G DXWUH SDUW GHV
FRQQDLVVDQFHV HW GHV UpVXOWDWV QpFHVVDLUHV j FKDTXH pWDSH GX SURFHVVXV QRXV DYRQV
GRQF SURSRVp XQH GpPDUFKH DYHF OHV RXWLOV QpFHVVDLUHV HW OHV DFWHXUV FRQFHUQpV 6L
FKDTXH PHPEUH G XQH pTXLSH D VD SDUW GH WkFKHV HW GH UHVSRQVDELOLWpV LO V DYqUH HQ IDLW
TXH OHV DFWHXUV OHV SOXV VRXYHQW VROOLFLWpV VRQW OHV FRQFHSWHXUV HW O H[SHUW HQ pFR
FRQFHSWLRQ V LO HQ HVW pYHQWXHOOHPHQW XQ PHPEUH GX VHUYLFH (QYLURQQHPHQW FHW H[SHUW
UpDOLVDQW OXLPrPH OHV pWXGHV HQYLURQQHPHQWDOHV RX YHQDQW FRQVHLOOHU HW VHFRQGHU OHV
FRQFHSWHXUV
(QILQ PrPH VL SRXU O LQVWDQW XQ 6\VWqPH GH 0DQDJHPHQW GH O (QYLURQQHPHQW QH
FRQFHUQH SDV OHV SURGXLWV QRXV QRXV VRPPHV DSSX\pV VXU OD OLWWpUDWXUH SRXU LGHQWLILHU
XQH FHUWDLQH VLPLOLWXGH VWUXFWXUHOOH HQWUH XQH GpPDUFKH G pFRFRQFHSWLRQ HW OHV RXWLOV TXL
V \ UDSSRUWHQW G XQH SDUW HW OHV pWDSHV SULQFLSDOHV G XQ 60( G DXWUH SDUW
)RUWV GH FHV HQVHLJQHPHQWV HQ WHUPHV G RUJDQLVDWLRQ HW G RXWLOV QRXV QRXV VRPPHV DORUV
DWWHOpV j XQH pWXGH GH WHUUDLQ GDQV XQH SHWLWH XQLWp GH OD GLYLVLRQ pFODLUDJH GX *URXSH
3KLOLSV &HWWH XQLWp VXU OHV GLUHFWLYHV GH VRQ *URXSH DYDLW GpFLGp GH SUHQGUH HQ FRPSWH
O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ GH VHV SURGXLWV
&HWWH H[SpULHQFH WUqV HQULFKLVVDQWH QRXV D QRQ VHXOHPHQW SHUPLV GH PHWWUH j O pSUHXYH
XQ RXWLO G pYDOXDWLRQ HQYLURQQHPHQWDOH (FRVFDQ LPSRVp SDU OH *URXSH PDLV DXVVL GH
QRXV LPPHUJHU GDQV OH PRQGH GH OD FRQFHSWLRQ SRXU FRPSUHQGUH O DFWLYLWp HW DLGHU OHV
pTXLSHV j GpYHORSSHU GHV pFRSURGXLWV HQ OHXU SURSRVDQW XQH GpPDUFKH HW GHV RXWLOV
SUDJPDWLTXHV
1RWUH pWXGH (FRVFDQ SUpVHQWpH j FKDFXQ GHV SULQFLSDX[ VHUYLFHV FRQFHUQpV SDU OH
GpYHORSSHPHQW G XQ SURGXLW QRXV SHUPLW GH FRQVWDWHU
− 4X XQ RXWLO LPSRVp DX[ pTXLSHV DORUV PrPH TX HOOHV Q RQW SDV VDLVL OHV HQMHX[ GH VRQ
XWLOLVDWLRQ pWDLW PDO YpFX YRLUH LJQRUp &HFL HVW G DXWDQW SOXV H[SULPp TX (FRVFDQ HVW
UHVVHQWL FRPPH XQ RXWLO ERvWH QRLUH TXL GRQQH GHV LPSDFWV HQYLURQQHPHQWDX[
JOREDX[ GH SURGXLWV H[SULPpV HQ PLOOLSRLQWV P3W GHV UpVXOWDWV pFRORJLTXHV IRUW
pORLJQpV GHV SUpRFFXSDWLRQV GH O pTXLSH SURMHW &H VRQW GH SOXV GHV UpVXOWDWV
G DQDO\VH TXL QH SURSRVHQW SDV G DPpOLRUDWLRQV
− 4X XQ RXWLO FRPPH (FRVFDQ Q HVW SDV DGDSWp j WRXW W\SH GH SURGXLWV &HOD YD GpSHQGUH
GH OD PDVVH GHV SURGXLWV pWXGLpV HW GH OHXU FRPSRVLWLRQ SUREOqPH GH OD EDVH GH
3DJH
&RQFOXVLRQ JpQpUDOH
GRQQpHV 'DQV QRWUH FDV O pWXGH VXU OD FRPSDUDLVRQ GH GHX[ OXPLQDLUHV HQFDVWUpV QH
IXW SDV VXIILVDPPHQW GLVFULPLQDQWH SRXU GHV SURGXLWV FRQoXV VHORQ GHV WHFKQLTXHV
GLIIpUHQWHV XQ SURGXLW PpWDO XQ SURGXLW SODVWLTXH
/D SURSRVLWLRQ G XQH DXWUH pWXGH VXU OHV PrPHV SURGXLWV PDLV EDVpH VXU GHV FULWqUHV
HQYLURQQHPHQWDX[ GH FRQFHSWLRQ PDVVH VXEVWDQFHV WR[LTXHV FRQVRPPDWLRQ G pQHUJLH
UHF\FODELOLWp ILQ GH YLH HW HPEDOODJH FRPSUpKHQVLEOHV SDU O pTXLSH IXW HIIHFWLYHPHQW
PLHX[ DFFXHLOOLH &HWWH pWXGH pWDLW EDVpH VXU OHV FLQT FULWqUHV GX GHUQLHU SURJUDPPH
(QYLURQQHPHQWDO GH 3KLOLSV OHTXHO YLVH HQWUH DXWUHV OHV SURGXLWV
0rPH VL OD FRPSDUDLVRQ GH GHX[ SURGXLWV pWXGLpV DYHF XQH PpWKRGH PXOWLFULWqUH
GHPHXUH GLIILFLOH HW FRQWHVWDEOH FDU HQILQ FRPPHQW GLVFULPLQHU GHX[ SURGXLWV TXL QH
SUpVHQWHQW SDV GH ERQV UpVXOWDWV SRXU OHV PrPHV FULWqUHV O pWXGH IXW SOXV FRQFOXDQWH
FDU OHV pTXLSHV \ YR\DLHQW XQH PDQLqUH QRXYHOOH HW GLIIpUHQWH G REVHUYHU OHV SURGXLWV HW
OHXUV FRQFXUUHQWV & pWDLW SOXV SURFKH GH OHXU PpWLHU HW GH SOXV F pWDLW GH
O HQYLURQQHPHQW
/ HVVHQWLHO GH QRWUH H[SpULHQFH DFTXLVH FKH] 3KLOLSV HVW UHODWLI DX[ SRLQWV GH YXH HW DX[
SUDWLTXHV GH FKDFXQ GHV VHUYLFHV IDFH j FHWWH QRXYHOOH SUREOpPDWLTXH HQYLURQQHPHQWDOH
j SUHQGUH HQ FRPSWH GDQV OHXU GpPDUFKH GH FRQFHSWLRQ
,O UHVVRUW GH FHV REVHUYDWLRQV TX XQH 'LUHFWLRQ SHX HQJDJpH HW PRELOLVDWULFH DXUD
G pQRUPHV GLIILFXOWpV j PRWLYHU VHV pTXLSHV 1RXV SDUOLRQV SUpFpGHPPHQW GH
O RUJDQLVDWLRQ HW GHV RXWLOV j PHWWUH HQ SODFH ,OV VRQW FHUWHV QpFHVVDLUHV PDLV QRXV DYRQV
SX FRQVWDWHU TXH PDOJUp XQ IRLVRQQHPHQW G RXWLOV HW G LQIRUPDWLRQV HW GHV UHVVRXUFHV
RUJDQLVDWLRQQHOOHV FRQVWLWXpHV HQ VHUYLFHV JpQpUDX[ FDV GH 3KLOLSV FHOD QH VXIILW
SRXUWDQW SDV WRXMRXUV j PRELOLVHU OHV DFWHXUV HW DVVXUHU OD UpXVVLWH GX SURFHVVXV G pFR
FRQFHSWLRQ &KDTXH PHPEUH G XQH pTXLSH SURMHW GRLW DLQVL VH VHQWLU FRQFHUQp HW DYRLU
FRQVFLHQFH GH VHV UHVSRQVDELOLWpV (Q WHUPHV G RXWLO HQILQ TXHO TX LO VRLW LO QH SRXUUD rWUH
FRQYHQDEOHPHQW XWLOLVp TXH PLV HQ WHQVLRQ GDQV XQH RUJDQLVDWLRQ R FKDFXQ DXUD FRPSULV
HW LQWpJUp OD FRQWUDLQWH HQYLURQQHPHQWDOH (W FHWWH LQWpJUDWLRQ QH SRXUUD VH IDLUH TXH SDU
XQ DSSUHQWLVVDJH OHQW HW SURJUHVVLI JUkFH j GHV LQFLWDWLRQV HQ WHUPHV G pYDOXDWLRQ GH
FRPPXQLFDWLRQ GH SDUWLFLSDWLRQ j GHV JURXSHV GH WUDYDLO «
)LQDOHPHQW RQ VH UHQG FRPSWH TXH OHV pTXLSHV RQW JUDQGHPHQW EHVRLQ G XQH PpWKRGH
VWUXFWXUpH SRXU pFRFRQFHYRLU 1RXV DYRQV GDQV OH FDGUH GH FHV WUDYDX[ FRQVWDWp TXH
EHDXFRXS GH UHFKHUFKHV pWDLHQW HIIHFWXpHV VXU OH GpYHORSSHPHQW G RXWLOV FHUWDLQHV VXU
O RUJDQLVDWLRQ GH O pFRFRQFHSWLRQ HQ HQWUHSULVH OHVTXHOOHV VH IRFDOLVHQW GHSXLV SHX VXU
O DLGH DX[ 30( 0DLV SHX HQFRUH OLHQW RXWLOV HW RUJDQLVDWLRQV FRPPH QRXV QRXV VRPPHV
SURSRVpV GH OH IDLUH GDQV FHV WUDYDX[
3UREOqPH GHV pYDOXDWLRQV DYHF GHV PpWKRGHV PXOWLFULWqUHV FRPPH OHV $&9 FRPPHQW pYDOXHU XQ
SURGXLW SDU UDSSRUW j GHV FULWqUHV LQGpSHQGDQWV VDQV HVVD\HU GH OHV SRQGpUHU SRXU REWHQLU XQH QRWH
HQYLURQQHPHQWDOH XQLTXH SOXV IDFLOH ORUV GH FRPSDUDLVRQV TXH SOXVLHXUV QRWHV SRXU GHV FULWqUHV
G LPSRUWDQFHV GLIIpUHQWHV
3DJH
&RQFOXVLRQ JpQpUDOH
,O IDXW HQ HIIHW DUWLFXOHU RXWLOV HW SURFHVVXV 3RXU OHV IDLUH WHQLU XQH UpHOOH PLVH HQ
VLWXDWLRQ GHV RXWLOV HVW LQGLVSHQVDEOH ' DXWUH SDUW LO IDXW SHQVHU XQH SURFpGXUH DX
VHUYLFH GH OD FRQVWUXFWLRQ HQWUH RXWLOV HW SURFHVVXV
1RXV DYRQV SURSRVp j O XQLWp GH 3KLOLSV XQH GpPDUFKH G pFRFRQFHSWLRQ GpYHORSSp GH

VLPSOHV RXWLOV HW GpVLJQp OHV SULQFLSDX[ DFWHXUV j PRELOLVHU &H SHXW rWUH XQH ERQQH EDVH
SRXU LQLWLHU XQH GpPDUFKH G pFRFRQFHSWLRQ PDLV LO PDQTXH HQFRUH GHV VWUXFWXUHV ELHQ
pWDEOLHV TXL DVVXUHUDLHQW XQH DPpOLRUDWLRQ FRQWLQXH GH OD GpPDUFKH
3DUOHU G RUJDQLVDWLRQ GH UHVSRQVDELOLWpV HW G RXWLOV HQ PDWLqUH G pFRFRQFHSWLRQ SRXUUDLW
DORUV pYRTXHU OD QpFHVVLWp GH O pODERUDWLRQ G XQ V\VWqPH GH PDQDJHPHQW GH O pFR
FRQFHSWLRQ j O LPDJH GX 60( G XQ VLWH 2Q UHFRQQDvW TXH OHV pTXLSHV GLVSRVDQW G XQH
PpWKRGH VWUXFWXUpH SRXUUDLHQW SOXV DLVpPHQW V LQYHVWLU HW pYDOXHU OHXUV SHUIRUPDQFHV HQ
WHUPHV G DPpOLRUDWLRQ
&HUWDLQHV UHFKHUFKHV RQW OLHX HIIHFWLYHPHQW GDQV FH VHQV SXLVTX XQH pTXLSH KROODQGDLVH
GH O 8QLYHUVLWp 7HFKQRORJLTXH GH 'HOIW D UpFHPPHQW SUpVHQWp XQ PRGqOH GH V\VWqPH GH
PDQDJHPHQW HQYLURQQHPHQWDO RULHQWp SURGXLW EDVp VXU O DSSURFKH 3ODQ'R&KHFN$FW
RX 3ODQLILHU$JLU9pULILHU5pDJLU >52&+$ HW DO @
3RXU O KHXUH DX QLYHDX LQWHUQDWLRQDO WRXW OH PRQGH V DFFRUGH j GLUH TX LO V DJLW ELHQ
HIIHFWLYHPHQW GH VWUXFWXUHU OD GpPDUFKH G pFRFRQFHSWLRQ PDLV DXFXQ FRQVHQVXV Q D
HQFRUH DERXWL j O pODERUDWLRQ G XQH QRUPH 6L FHUWDLQV FRPPH OHV (WDWV8QLV HW OD *UDQGH
%UHWDJQH HVWLPHQW TXH OH VXMHW HVW GpMj WUDLWp SRXU SDUWLH GDQV OD QRUPH ,62 HW TXH
FHUWDLQHV H[LJHQFHV G·DXWUHV QRUPHV SHXYHQW DXVVL VHUYLU DX[ LQGXVWULHOV G DXWUHV
FRPPH OD )UDQFH VRXWHQXH SDU OH -DSRQ HW OD &RUpH GX 6XG SHUVLVWHQW j SHQVHU TXH OHV
GHX[ GpPDUFKHV PDQDJHPHQW GH VLWH HW PDQDJHPHQW GH SURGXLW VRQW LQGpSHQGDQWHV HW
TXH WRXV OHV SRLQWV VSpFLILTXHV DX SURGXLW QH VRQW SDV WUDLWpV GDQV OD QRUPH ,62 /H
FRPLWp ,627& O·D\DQW DXWRULVp FHV GHUQLHUV RQW FRQVWLWXp HQ 2FWREUH XQ
JURXSH GH WUDYDLO FKDUJp GH UpIOpFKLU VXU O·pODERUDWLRQ G·XQ JXLGH WUDGXFWLRQ j
O·LQWHUQDWLRQDO GX IDVFLFXOH GRFXPHQWDLUH 1) ; 0DQDJHPHQW (QYLURQQHPHQWDO
3ULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ GHV SURGXLWV 3ULQFLSHV JpQpUDX[ HW
DSSOLFDWLRQ /LJQHV GLUHFWULFHV >(19 @
6 DJLUDLWLO G DMRXWHU GHV SUpRFFXSDWLRQV HQYLURQQHPHQWDOHV OLpHV DX SURGXLW GDQV
FHUWDLQV SDUDJUDSKHV GH OD QRUPH ,62 FRPPH SUpYX j O RULJLQH GH
O pODERUDWLRQ GH FHWWH QRUPH RX G LPDJLQHU XQH DXWUH QRUPH HW XQ 6\VWqPH GH
0DQDJHPHQW GH O (FR&RQFHSWLRQ " &HWWH UpIOH[LRQ SRXUUDLW IDLUH O REMHW GH
UHFKHUFKHV XOWpULHXUHV HW FRQVWLWXHU GHV SHUVSHFWLYHV GH UHFKHUFKH j FHV WUDYDX[
3DJH
%LEOLRJUDSKLH
%,%/,2*5$3+,(
$
>$'(0( @ $'(0( &RQFHSWLRQ GH SURGXLWV HW HQYLURQQHPHQW
H[HPSOHV G pFRFRQFHSWLRQ $'(0( (GLWLRQV 3DULV
>$'/ @ $57+85 ' /,77/( 'HVLJQ IRU (QYLURQPHQW 0HDVXUHV DQG
7RROV &XUUHQW 7UHQGV 'LVFXVVLRQ *XLGH IRU 'LJLWDO (TXLSPHQW
&RUSRUDWLRQ
>$)125 @ $)125 ; 0DWLqUHV SUHPLqUHV HW pQHUJLH
9RFDEXODLUH HW PpWKRGRORJLH GH OD GpWHUPLQDWLRQ GX FRQWHQX
pQHUJpWLTXH eTXLYDOHQFHV pQHUJpWLTXHV S
>$)125 @ $)125 5 9pKLFXOHV URXWLHUV 7UDLWHPHQW GHV
9pKLFXOHV +RUV G 8VDJH 9+8 'pSROOXWLRQ HW GpVDVVHPEODJH GHV
SLqFHV QRQ PpWDOOLTXHV )LFKH WHFKQLTXH S
>$)125 @ $)125 1) ,62 ,GHQWLILFDWLRQ JpQpULTXH HW PDUTXDJH
GHV SURGXLWV SODVWLTXHV S
>$)125 D@ $)125 5HFXHLO GH QRUPHV IUDQoDLVHV 0DQDJHPHQW GH
qPH
O HQYLURQQHPHQW pGLWLRQ
>$)125 E@ $)125 ;3 5 9pKLFXOHV URXWLHUV &RQFHSWLRQ GHV
YpKLFXOHV HQ YXH GH O RSWLPLVDWLRQ GH OHXU YDORULVDWLRQ HQ ILQ GH YLH
S
>$)125 @ $)125 ,62 *XLGH&(, *XLGH SRXU O LQWURGXFWLRQ GHV
DVSHFWV HQYLURQQHPHQWDX[ GDQV OHV QRUPHV GH SURGXLW S
>$)125 @ $)125 )' ; 0DQDJHPHQW (QYLURQQHPHQWDO 3ULVH
HQ FRPSWH GH O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ GHV SURGXLWV
3ULQFLSHV JpQpUDX[ HW DSSOLFDWLRQ /LJQHV GLUHFWULFHV S
>$/7,1* @ $/7,1* / /LIH &\FOH 'HVLJQ RI 3URGXFWV $ 1HZ 2SSRUWXQLW\
IRU 0DQXIDFWXULQJ (QWHUSULVH &RQFXUUHQW (QJLQHHULQJ $XHUEDFK
3XEOLVKHUV
>$/7,1* HW DO @ $/7,1* / -5*(16(1 - 7KH /LIH &\FOH &RQFHSW DV D %DVLV
IRU 6XVWDLQDEOH ,QGXVWULDO 3URGXFWLRQ $QQDOV RI WKH &,53 9RO
SS
>$/7,1* HW DO @ $/7,1* / /(*$57+ -% /LIH &\FOH (QJLQHHULQJ DQG 'HVLJQ
$QQDOV RI WKH &,53 9RO SS
>$2866$7 @ $2866$7 $ /D SHUWLQHQFH HQ LQQRYDWLRQ QpFHVVLWp G XQH
DSSURFKH SOXULHOOH 7KqVH GH GRFWRUDW (16$0 3DULV S
3DJH
%LEOLRJUDSKLH
%
>%$..(5 @ %$..(5 & (QYLURQPHQWDO ,QIRUPDWLRQ IRU ,QGXVWULDO
'HVLJQHUV 7KqVH GH GRFWRUDW 'HOIW 8QLYHUVLW\ RI 7HFKQRORJ\ 'HOIW
3D\V%DV S
>%$57+ @ %$57+ ' 6WUDWpJLHV LQGXVWULHOOHV GH SURGXFWLRQ HW GH
UHF\FODJH /HV pGLWLRQV GH O RUJDQLVDWLRQ S
>%(+5(1'7 HW DO @ %(+5(1'7 6 -$6&+ & 3(1('$ 0& 9$1 :((1(1 +
/LIH &\FOH 'HVLJQ $ 0DQXDO IRU 6PDOO DQG 0HGLXP6L]HG
(QWHUSULVHV 635,1*(59(5/$* %HUOLQ
>%(,7= HW DO @ %(,7= : *5,00 0 -25'(1 : .$8)(5 + 67(,1+,/3(5 5
:(%(5 5 :(1'( $ (11$8/$7 ' .RQVWUXLHUHQ
UHF\FOLQJJUHFKWHU WHFKQLVFKHU 3URGXNW 9', 8QLYHUVLW\ RI
%HUOLQ $OOHPDJQH
>%(5*(1'$+/ HW DO @ %(5*(1'$+/ &* +('(0$/0 3 6(*(5%(5* 7
+DQGERRN IRU 'HVLJQ RI (QYLURQPHQWDOO\ &RPSDWLEOH (OHFWURQLF
3URGXFWV ,9) 0|OQGDO 6XqGH
>%(5*(1'$+/ HW DO @ %(5*(1'$+/ &* 6(*(5%(5* 7 (FR3XUFKDVHU $
WRRO IRU HQYLURQPHQWDOO\ FRQVFLRXV SURFXUHPHQW RI HOHFWURQLF
FRPSRQHQWV DQG HOHFWURQLF SURGXFWV ,9) 5HVHDUFK 3XEOLFDWLRQ
,9) 0|OQGDO 6XqGH
>%+$05$ HW DO @ %+$05$ 7 0F $/221( 7& 2UJDQLVDWLRQ UHTXLUHPHQWV IRU
DFKLHYLQJ (QYLURQPHQWDOO\ &RQVFLRXV 'HVLJQ &,53 ,QWHUQDWLRQDO
WK
6HPLQDU RQ /LIH &\FOH (QJLQHHULQJ (FR3HUIRUPDQFH %HUOLQ

$OOHPDJQH
>%/$1& HW DO @ %/$1& , /$%28=( ( $QDO\VH GH &\FOH GH 9LH (YDOXDWLRQ
GH OD TXDOLWp GHV GRQQpHV 7HFKQLTXHV GH O·LQJpQLHXU 7UDLWp
(QYLURQQHPHQW * 3DULV
>%/28(7 HW DO @ %/28(7 $ 5,92,5( ( / (FRELODQ /HV SURGXLWV HW OHXUV
LPSDFWV VXU O HQYLURQQHPHQW '812' 3DULV
>%2(*/,1 @ %2(*/,1 1 /D SURPRWLRQ GH OD TXDOLWp pFRORJLTXH GHV
SURGXLWV HW OHV pFRODEHOV 7HFKQLTXHV GH O·LQJpQLHXU 7UDLWp
(QYLURQQHPHQW * 3DULV
>%21$Î7, @ %21$Î7, -3 (QYLURQQHPHQW GH O·DGDSWDWLRQ j
O·DQWLFLSDWLRQ VFLHQWLILTXH *pQLH LQGXVWULHO OHV HQMHX[
pFRQRPLTXHV 38*
>%g77&+(5 HW DO @ %g77&+(5 + +$570$1 5 (FRGHVLJQ EHQHILW IRU WKH
HQYLURQPHQW DQG SURILW IRU WKH FRPSDQ\ 81(3 ,QGXVWU\ DQG
(QYLURQPHQW 9RO 1 SS 3DULV
>%2867($' @ %2867($' , (FRSURILOHV RI WKH (XURSHDQ SODVWLFV LQGXVWU\
UHSRUW Q; 3:0, %UX[HOOHV %HOJLTXH
>%5$*' @ %5$*' $ /HDUQLQJ IURP WKH LQWURGXFWLRQ RI JUHHQ SURGXFWV
WZR FDVH VWXGLHV IURP WKH JDUGHQLQJ LQGXVWU\ 7KH -RXUQDO RI
6XVWDLQDEOH 3URGXFW 'HVLJQ 9RO SS
>%5$//$ @ %5$//$ -* 'HVLJQ IRU ([FHOOHQFH 0F *UDZ +LOO 1HZ
<RUN
3DJH
%LEOLRJUDSKLH
>%5$6 @ %5$6 % ,QFRUSRUDWLQJ HQYLURQPHQWDO LVVXHV LQ SURGXFW GHVLJQ
DQG UHDOL]DWLRQ 81(3 ,QGXVWU\ DQG (QYLURQPHQW 9RO 1 SS
3DULV
>%5(=(7 HW DO @ %5(=(7 -& 9$1 +(0(/ & 3URGXFW 'HYHORSPHQW ZLWK WKH
(QYLURQPHQW DV ,QQRYDWLRQ 6WUDWHJ\ 7KH 3520,6( $SSURDFK 'HOIW
8QLYHUVLW\ RI 7HFKQRORJ\ 5HSRUW 'HOIW 3D\V%DV
>%5(=(7 HW DO @ %5(=(7 -& &5$0(5 -0 67(9(/6 $/1 )URP :DVWH
0DQDJHPHQW WR (QYLURQPHQWDO ,QQRYDWLRQ 5DWKHQDX ,QVWLWXWH
5HSRUW /D +D\H 3D\V%DV
>%5(=(7 @ %5(=(7 -& '\QDPLFV LQ HFRGHVLJQ SUDFWLFH 81(3 ,QGXVWU\
DQG (QYLURQPHQW 9RO 1 SS 3DULV
>%5(=(7 HW DO @ %5(=(7 -& 9$1 +(0(/ & (FRGHVLJQ $ 3URPLVLQJ
DSSURDFK WR VXVWDLQDEOH SURGXFWLRQ DQG FRQVXPSWLRQ 318( 3DULV
>%5,1. HW DO @ %5,1. 6 ',(+/ - & %5(=(7 + +(11(66(< - (FR4XHVW
DQ HFRGHVLJQ ORQJGLVWDQFH OHDUQLQJ WRRO IRU VXSSOLHUV RI WKH
HOHFWURQLFV LQGXVWU\ &DUH ,QQRYDWLRQ 3URFHHGLQJV SS

9LHQQH $XWULFKH
>%8//,1*(5 HW DO @ %8//,1*(5 +- :$56&+$7 - %233 5 0HWKRGV DQG 7RROV
WR 6XSSRUW 'HVLJQ IRU 5HF\FOLQJ &,53
QG ,QWHUQDWLRQDO 6HPLQDU RQ
/LIH &\FOH (QJLQHHULQJ 5(&< (UODQJHQ $OOHPDJQH

>%8//,1*(5 HW DO @ %8//,1*(5 +- :$56&+$7 - %233 5 :g51(5 .
$SSURDFKHV WR 3URGXFW /LIH&\FOH &RVW (VWLPDWLRQ LQ &RQFXUUHQW
(QJLQHHULQJ UG ,QWHUQDWLRQDO &RQIHUHQFH RQ &RQFXUUHQW

(QJLQHHULQJ (OHFWURQLF 'HVLJQ $XWRPDWLRQ &DPEULGJH
5R\DXPH8QL
>%87(/%(//,1, @ %87(/%(//,1, % 6WUDWpJLH G· HQYLURQQHPHQW GHV VLWHV GH
SURGXFWLRQ 7HFKQLTXHV GH O·LQJpQLHXU 7UDLWp (QYLURQQHPHQW *

3DULV )UDQFH
>%871(5 @ %871(5 6 +RZ 5HDO LV WKH *UHHQ &RQVXPHU " 'LVFXVVLRQ
SDSHU SUHSDUHG IRU UHWDLOHUV %DWWHOOH 6HDWWOH 5HVHDUFK &HQWHU
6HDWWOH 86$
&
>&$'2 @ &$'2 6 ,QGLFH pFRORJLTXH GH O·HPEDOODJH 5HQDXOW
5DSSRUW GH 0DVWqUH 0pFDQLTXH HW (QYLURQQHPHQW (16$0
&KDPEpU\
>&$5%$//(6 @ &$5%$//(6 -& / (FRGpFODUDWLRQ HQYLURQQHPHQWDOH GHV
SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV XQH UpSRQVH DGDSWpH DX[
GHPDQGHV OpJLWLPHV GHV FOLHQWV (QYLURQQHPHQW 9RO SS

>&$67(7 HW DO @ &$67(7 3 /( %28$5 & /H QRXYHDX VKRSSLQJ pFRORJLTXH
SURGXLWV j FRQQDvWUH 6DQG 3DULV
>&+$57(5 @ &+$57(5 0 6XUYH\ (QYLURQPHQW DQG 'HVLJQ LQ WKH
(OHFWURQLFV 6HFWRU 5HSRUW )DFXOW\ RI 'HVLJQ &HQWUH )RU
6XVWDLQDEOH 'HVLJQ )DUQKDP 5R\DXPH8QL
3DJH
%LEOLRJUDSKLH
>&+$57(5 HW DO @ &+$57(5 0 &+,&. $ 0DQDJLQJ (FRGHVLJQ 7KH &I6'
1HZVOHWWHU 9RO Q
>&+$57(5 HW DO @ &+$57(5 0 %(/0$1( , ,QWHJUDWHG 3URGXFW 3ROLF\ ,33
DQG HFRSURGXFW GHYHORSPHQW (3' 7KH -RXUQDO RI 6XVWDLQDEOH
3URGXFW 'HVLJQ 9RO SS

>&+(1 HW DO @ &+(1 5: 1$9,1&+$1'5$ ' 1$,5 , 35,1= ) :$'(+5$ ,/
,P6HOHFWLRQ $Q $SSURDFK IRU 0DWHULDO 6HOHFWLRQ WKDW
,QWHJUDWHV 0HFKDQLFDO 'HVLJQ DQG /LIH &\FOH (QYLURQPHQWDO %XUGHQV
,((( 6\PSRVLXP RQ (OHFWURQLFV WKH (QYLURQPHQW 2UODQGR

86$
>&+(9$/,(5 @ &+(9$/,(5 - (ODERUDWLRQ G XQ SURWRFROH G DQDO\VH GH F\FOH
GH YLH GHV SURFpGpV $SSOLFDWLRQ DX[ WUDLWHPHQWV GHV IXPpHV
G LQFLQpUDWLRQ GHV GpFKHWV PpQDJHUV 7KqVH GH GRFWRUDW ,16$
/\RQ S
>&+,1* HW DO @ &+,1* 6 -$&48(6 0 .,5%< -5 0$11 7 'HYHORSPHQW
RI D &RPSUHKHQVLYH 3URGXFW (QYLURQPHQWDO 3URILOH 6\VWHP &DUH
,QQRYDWLRQ 3URFHHGLQJV SS 9LHQQH $XWULFKH

>&/$1(7 @ &/$1(7 / 3ULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV OD
FRQFHSWLRQ G XQH JODFLqUH &DPSLQJ *D] 5DSSRUW GH 0DVWqUH
0pFDQLTXH HW (QYLURQQHPHQW (16$0 &KDPEpU\
>&/$5. @ &/$5. 7 (FRGHVLJQ DQG VXSSO\ FKDLQ PDQDJHPHQW QG
,QWHUQDWLRQDO &RQIHUHQFH RQ 0DQDJLQJ HFRGHVLJQ 7KH &HQWUH IRU
6XVWDLQDEOH 'HVLJQ /RQGUHV 5R\DXPH8QL
>&/$5. HW DO @ &/$5. 7 &+$57(5 0 (FRGHVLJQ &KHFNOLVWV )RU
(OHFWURQLF 0DQXIDFWXUHUV 6\VWHP ,QWHJUDWRUV DQG 6XSSOLHUV RI
&RPSRQHQWV DQG 6XEDVVHPEOLHV 7HFKQLFDO 5HSRUW 7KH &HQWUH IRU
6XVWDLQDEOH 'HVLJQ )DUQKDP 5R\DXPH8QL
>&28/7(5 HW DO @ &28/7(5 6 %5$6 % )2/(< & $ /H[LFRQ RI *UHHQ
(QJLQHHULQJ 7HUPV ,QWHUQDWLRQDO &RQIHUHQFH RQ (QJLQHHULQJ
'HVLJQ ,&(' 3UDJXH 5pSXEOLTXH 7FKqTXH
>&857,6 @ &857,6 06 'HVLJQ )RU (QYLURQPHQW VRIWZDUH 81(3
,QGXVWU\ DQG (QYLURQPHQW 9RO 1 S 3DULV
'
>'( @ '(&,6,21 (19,5211(0(17 (FRFRQFHSWLRQ VL[ H[HPSOHV
j VXLYUH 'pFLVLRQ (QYLURQQHPHQW Q
>'( @ '(&,6,21 (19,5211(0(17 /HV DUJXPHQWV YHUWV GpVRUPDLV
QRUPDOLVpV 'pFLVLRQ (QYLURQQHPHQW Q
>'( &$/8:( @ '( &$/8:( 1 (FRWRROV PDQXDO $ FRPSUHKHQVLYH UHYLHZ
RI 'HVLJQ IRU (QYLURQPHQW WRROV 0DQFKHVWHU 0HWURSROLWDQ
8QLYHUVLW\ 7HFKQLFDO 5HSRUW 0DQFKHVWHU 5R\DXPH8QL
>'(/$)2//,( @ '(/$)2//,( * $QDO\VH GH OD YDOHXU +$&+(77( 3DULV
>'(6*(25*(6 @ '(6*(25*(6 -3 3URSRVLWLRQ SRXU O RUJDQLVDWLRQ GHV
ILOLqUHV GH FROOHFWH HW GH YDORULVDWLRQ GHV SURGXLWV pOHFWULTXHV HW
pOHFWURQLTXHV DUULYpV HQ ILQ GH YLH 5DSSRUW G pWXGH S
3DJH
%LEOLRJUDSKLH
>'( 7(566$& @ '( 7(566$& * /H WUDYDLO GH FRQFHSWLRQ GH TXRL SDUOHWRQ
" &RRSpUDWLRQ HW &RQFHSWLRQ 2FWDUHV (GLWLRQV 7RXORXVH SS

>'(:%(55< @ '(:%(55< ( (FRGHVLJQ (FR 'HVLJQ 9RO ,9
6WUDWHJLHV
1 SS

>'(:%(55< HW DO @ '(:%(55< ( *2**,1 3$ 6SDFHVKLS FR
HFRGHVLJQ
GHVLJQ MRXUQDO 1 SS

>'( :,17(5 HW DO @ '( :,17(5 $ .$/6 -$* $ PHWKRGLF DSSURDFK WR WKH
HQYLURQPHQWDO HIIHFWV RI &,53 QG ,QWHUQDWLRQDO

PDQXIDFWXULQJ
6HPLQDU RQ /LIH &\FOH (QJLQHHULQJ 5(&<· (UODQJHQ $OOHPDJQH

>',$=&$/'(521 HW DO @ ',$=&$/'(521 $ HW DO &RPSXWHU EDVHG DGYLVRUV IRU
HQYLURQPHQWDOO\ FRQVFLRXV JUHHQ SURGXFW GHVLJQ &08 5HSRUW ('5&

(QJLQHHULQJ 'HVLJQ 5HVHDUFK &HQWHU &DUQHJLH 0HOORQ
8QLYHUVLW\ 3LWWVEXUJK 86$
>'2:,( @ '2:,( 7$ $ GLVDVVHPEO\ SODQQLQJ DQG RSWLPLVDWLRQ
PHWKRGRORJ\ IRU GHVLJQ 7KqVH GH GRFWRUDW 7KH 0DQFKHVWHU
0HWURSROLWDQ 8QLYHUVLW\ 0DQFKHVWHU 5R\DXPH8QL S
>'8%276 @ '8%276 3 8Q RXWLO G DLGH j OD FRQFHSWLRQ GHV SURGXLWV
7HFKQLTXHV GH O·LQJpQLHXU 7UDLWp (QYLURQQHPHQW * 3DULV
(
>($*$1 @ ($*$1 3 ,QWHJUDWLQJ WKH (QYLURQPHQW LQWR 3URGXFW OLQH
6WUDWHJLHV &DUH ,QQRYDWLRQ 3URFHHGLQJV SS )UDQFIRUW

$OOHPDJQH
>(%$&+ @ (%$&+ +
'(0523 5HF\FOLQJ DQDO\VLV DQG GHVLJQ VRIWZDUH
%ULWH (XUDP 3URMHFW 6LHPHQV $* 0QLFK $OOHPDJQH

>(&0$ @ (&0$ 6WDQGDUGL]LQJ ,QIRUPDWLRQ DQG &RPPXQLFDWLRQ 6\VWHPV
3URGXFWUHODWHG HQYLURQPHQWDO DWWULEXWHV 7HFKQLFDO 5HSRUW
75
>(+5(1)(/' @ (+5(1)(/' - ,PSOHPHQWLQJ 'HVLJQ IRU (QYLURQPHQW $
SULPHU JXLGH GHYHORSHG E\ 'LJLWDO (TXLSPHQW DQG 7KH
0DVVDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\ SURJUDP RQ 7HFKQRORJ\
%XVLQHVV (QYLURQPHQW (WDWV8QLV
>(+5(1)(/' HW DO @ (+5(1)(/' - /(12; 0- 7KH GHYHORSPHQW DQG
LPSOHPHQWDWLRQ RI 'I( 7KH -RXUQDO RI 6XVWDLQDEOH

SURJUDPPHV

>(1*(/%25*+6 @ (1*(/%25*+6 ( 72WDO 352GXFW OLIH&\FOH &2VW (VWLPDWLRQ
72352&2 ,QWHUV\PS %DGHQ %DGHQ $OOHPDJQH

>(19 @ (19,5211(0(17 (FRFRQFHSWLRQ WUDYDX[ GH O· $)125 HW GH
(QYLURQQHPHQW Q S

O· ,62
>(19 &$1$'$ @ (19,5211(0(17 &$1$'$ *HVWLRQ GX F\FOH GH YLH

HQYLURQQHPHQWDOH *XLGH SRXU GH PHLOOHXUHV GpFLVLRQV
FRPPHUFLDOHV
3DJH
%LEOLRJUDSKLH
)
>)(/'0$11 HW DO @ )(/'0$11 . 0(('7 2 5HF\FOLQJ DQG 'LVDVVHPEO\ RI
(OHFWURQLFV 'HYLFHV 7KH ,),3 :* ,QWHUQDWLRQDO &RQIHUHQFH RQ
/LIH&\FOH 0RGHOOLQJ IRU ,QQRYDWLYH 3URGXFWV DQG 3URFHVVHV %HUOLQ
$OOHPDJQH
>)/(,6&+(5 HW DO @ )/(,6&+(5 * 5(%,7=(5 * 6&+,//(5 8 6&+0,'7 :3
HXUR0DW 7RRO IRU (QYLURQPHQWDO /LIH &\FOH 'HVLJQ DQG /LIH
&\FOH &RVWLQJ 5DSSRUW WHFKQLTXH 7HFKQLFDO 8QLYHUVLW\ RI %HUOLQ
,QVWLWXWH IRU (QYLURQPHQWDO (QJLQHHULQJ %HUOLQ $OOHPDJQH
>)28/$5' @ )28/$5' & /D PRGpOLVDWLRQ HQ HQWUHSULVH &,026$ HW
LQJpQLHULH VLPXOWDQpH +(50(6 3DULV
>)52(/,&+ HW DO @ )52(/,&+ ' 025($8 ) &+(5)$1 6 /D &RQFHSWLRQ GHV
YpKLFXOHV HQ YXH GX UHF\FODJH 'pFKHWV WUDLWHPHQW YDORULVDWLRQ
5HYXH $QQXHOOH GHV (OqYHV GHV $UWV HW 0pWLHUV 3DULV SS
>)526+ HW DO @ )526+ 5 *$//2328/26 1 6WUDWHJLHV IRU 0DQXIDFWXULQJ
6FLHQWLILF $PHULFDQ 9RO SS
>)866/(5 HW DO @ )866/(5 & -$0(6 3 'ULYLQJ (FR ,QQRYDWLRQ $
EUHDNWKURXJK GLVFLSOLQH IRU LQQRYDWLRQ DQG VXVWDLQDELOLW\ 3LWPDQ
3XEOLVKLQJ /RQGUHV
*
>*$8&+(521 HW DO @ *$8&+(521 7 6+(1* 3 =8660$1 ( +LHUDUFKLFDO
'LVDVVHPEO\ 3ODQQLQJ IRU &RPSOH[ 6\VWHPV ,6&,( -DSDQ86$
6\PSRVLXP 2Q )OH[LEOH $XWRPDWLRQ ,QWHUQDWLRQDO &RQIHUHQFH RQ
1HZ 7HFKQRORJLFDO ,QQRYDWLRQ IRU WKH VW &HQWXU\ 2WVX -DSRQ
>*(576$.,6 @ *(576$.,6 - (FRGHVLJQ IRU WKH UHDO ZRUOG 81(3 ,QGXVWU\
DQG (QYLURQPHQW 9RO 1 SS 3DULV
>*2('.223 D@ *2('.223 0 7KH (FRLQGLFDWRU )LQDO 5HSRUW 1DWLRQDO
5HXVH RI :DVWH 5HVHDUFK 3URJUDPPH 12+ 3Up FRQVXOWDQWV
UDSSRUW Q
>*2('.223 E@ *2('.223 0 7KH (FRLQGLFDWRU 0DQXDO IRU
'HVLJQHUV 1DWLRQDO 5HXVH RI :DVWH 5HVHDUFK 3URJUDPPH 12+
3Up FRQVXOWDQWV UDSSRUW Q
>*5$('(/ HW DO @ *5$('(/ 7( $//(1%< %5 ,QGXVWULDO (FRORJ\ $7 7
>*5$('(/ HW DO @ *5$('(/ 7( $//(1%< %5 'HVLJQ IRU (QYLURQQHPHQW
$7 7
+
>+$7&+8(/ @ +$7&+8(/ $ $SSUHQWLVVDJHV FROOHFWLIV HW DFWLYLWpV GH
FRQFHSWLRQ 5HYXH IUDQoDLVH GH JHVWLRQ SS
3DJH
%LEOLRJUDSKLH
>+$7&+8(/ @ +$7&+8(/ $ &RRSpUDWLRQ HW FRQFHSWLRQ FROOHFWLYH 9DULpWp

HW FULVHV GHV UDSSRUWV GH SUHVFULSWLRQ &RRSpUDWLRQ HW &RQFHSWLRQ
2FWDUHV (GLWLRQV 7RXORXVH SS
>+$7725, HW DO @ +$7725, 0 ,128( + 12085$ 1 'HVLJQ 6WUDWHJ\ IRU
(FRORJLFDOO\ &RQVFLRXV 3URGXFW &,53 UG ,QWHUQDWLRQDO 6HPLQDU RQ
/LIH &\FOH (QJLQHHULQJ (&23HUIRUPDQFH =ULFK 6XLVVH
>+(50$1 @ +(50$1 9 (8 :RUNLQJ SDSHU RQ WKH PDQDJHPHQW RI ZDVWH
IURP HOHFWULFDO HOHFWURQLF HTXLSPHQW $Q LQGXVWU\ UHVSRQVH ,&/
&RQIHUHQFH RQ 3URGXFW GHVLJQ LPSOLFDWLRQV RI WKH (XURSHDQ
&RPPLVVLRQ V UHFHQW DSSURDFK WR WKH PDQDJHPHQW RI ZDVWH IURP
HOHFWULFDO HOHFWURQLF HTXLSPHQW 7KH &HQWUH IRU 6XVWDLQDEOH
'HVLJQ /RQGUHV 5R\DXPH8QL
>+(66(/%$&+ HW DO @ +(66(/%$&+ - .,0 <- $VVHVVPHQW RI WKH 3URGXFW DQG
3URFHVV 7R ,PSURYH 'LVDVVHPEO\ DQG 5HF\FODELOLW\ IRU 'HVLJQ IRU
(QYLURQPHQW ')( &DUH ,QQRYDWLRQ 3URFHHGLQJV SS
)UDQFIRUW $OOHPDJQH
>+2))0$1 @ +2))0$1 : ) $ 7LHUHG $SSURDFK WR 'HVLJQ IRU
(QYLURQPHQW ,QWHUQDWLRQDO &RQIHUHQFH RQ &OHDQ (OHFWURQLFV
3URGXFWV DQG 7HFKQRORJ\ (GLPERXUJ 5R\DXPH8QL
>+2//2:$< HW DO @ +2//2:$< / &/(** ' 75$17(5 , &2&.(5+$0 *
,QFRUSRUDWLQJ HQYLURQPHQWDO SULQFLSOHV LQWR WK GHVLJQ SURFHVV
0DWHULDOV 'HVLJQ 9RO 1 SS
,
>,&(5 @ ,&(5 'HVLJQ IRU 5HF\FOLQJ (OHFWURQLF DQG (OHFWULFDO
(TXLSPHQW ,&(5 *XLGHOLQHV /RQGUHV 5R\DXPH8QL
>,6+,, @ ,6+,, . /LIH&\FOH (QJLQHHULQJ 'HVLJQ 'HSDUWPHQW RI
0HFKDQLFDO (QJLQHHULQJ 5HSRUW 6WDQIRUG 8QLYHUVLW\ 6WDQIRUG 86$
>,6+,, HW DO @ ,6+,, . /(( % 5HYHUVH )LVKERQH 'LDJUDP D 7RRO LQ $LG RI
'HVLJQ IRU 3URGXFW 5HWLUHPHQW $60( 'HVLJQ 7HFKQLFDO &RQIHUHQFH
>,6+,, @ ,6+,, . 0DWHULDO 6HOHFWLRQ ,VVXHV LQ 'HVLJQ IRU 5HF\FODELOLW\
3URFHHGLQJV RI WKH QG ,QWHUQDWLRQDO &RQIHUHQFH RQ (FREDODQFH SS
7VXNXED -DSRQ
>,62 @ ,62 0DQDJHPHQW HQYLURQQHPHQWDO $QDO\VH GH
&\FOH GH 9LH 3ULQFLSHV JpQpUDX[ HW &DGUH
>,62 @ ,62 0DQDJHPHQW HQYLURQQHPHQWDO $QDO\VH GH
&\FOH GH 9LH 'pILQLWLRQ GHV REMHFWLIV HW GH O pFKHOOH ,QYHQWDLUH GX
F\FOH GH YLH
>,62 D@ ,62&' 0DQDJHPHQW HQYLURQQHPHQWDO $QDO\VH GH
&\FOH GH 9LH (YDOXDWLRQ GH O ,PSDFW GX &\FOH GH 9LH
>,62 E@ ,62',6 0DQDJHPHQW HQYLURQQHPHQWDO $QDO\VH GH
&\FOH GH 9LH ,QWHUSUpWDWLRQ GX &\FOH GH 9LH
3DJH
%LEOLRJUDSKLH
-
>-$.2%6(1 @ -$.2%6(1 . 'HVLJQ SULQFLSOHV ZLWK VSHFLDO UHIHUHQFH WR
DOXPLQLXP $OXPLQLXP SS 6NDQDOXPLQLXP

>-$1,1 @ -$1,1 0 $SSURFKH FULWLTXH GH SOXVLHXUV PpWKRGRORJLHV GH
GLDJQRVWLF G LPSDFW GH PDWpULHOV pOHFWULTXHV VXU O HQYLURQQHPHQW
(') 5DSSRUW GH 0DVWqUH 0pFDQLTXH HW (QYLURQQHPHQW (16$0
&KDPEpU\
>-$1,1 HW DO @ -$1,1 0 %(//,1, % %/$1&21 5 )52(/,&+ ' (GXFDWLRQ
DQG 7UDLQLQJ IRU 6XVWDLQDEOH 'HYHORSPHQW &DUH ,QQRYDWLRQ·
3URFHHGLQJV SS 9LHQQH $XWULFKH
>-$1,1 HW DO @ -$1,1 0 %87(/%(//,1, % (FRFRQFHSWLRQ (WDW GH O DUW GHV
RXWLOV GLVSRQLEOHV 7HFKQLTXHV GH O·LQJpQLHXU 7UDLWp (QYLURQQHPHQW

* 3DULV
>-2+1621 HW DO @ -2+1621 ( ) *$< $ $ 3UDFWLFDO &XVWRPHU2ULHQWHG ')(
0HWKRGRORJ\ ,((( 2UODQGR 86$

>-28,1($8 @ -28,1($8 & $QDO\VH GH OD YDOHXU 7HFKQLTXHV GH
O·LQJpQLHXU 7UDLWp &RQFHSWLRQ GHV SURGXLWV LQGXVWULHOV $* 3DULV
.
>.$+0(<(5 @ .$+0(<(5 0 )OH[LEOH 'LVDVVHPEO\ ZLWK ,QGXVWULDO 5RERWV
,3$ )UDXQKRIHU ,QVWLWXWH 7HFKQLFDO 5HSRUW 6WXWWJDUW $OOHPDJQH
>.$5/6621 @ .$5/6621 0 $VVXULQJ (QYLURQPHQWDO 3HUIRUPDQFH LQ
3URGXFW 'HYHORSPHQW 'LVVHUWDWLRQ IRU OLFHQFLDWH LQ (QJLQHHULQJ
7KH *UHHQ &RQFXUUHQW (QJLQHHULQJ 5HVHDUFK 3URJUDPPH ,,,((
/XQG 8QLYHUVLW\ 6XqGH
>.b51b HW DO @ .b51b $ +(,6.$1(1 ( 7KH FKDOOHQJH RI SURGXFW FKDLQ
WKLQNLQJ IRU SURGXFW GHYHORSPHQW DQG GHVLJQ WKH H[DPSOH RI
HOHFWULFDO DQG HOHFWURQLF SURGXFWV 7KH -RXUQDO RI 6XVWDLQDEOH

>.(2/(,$1 HW DO @ .(2/(,$1 * $ *5(*25< $ 0(1(5(< ' /LIH &\FOH
'HVLJQ *XLGDQFH 0DQXDO (QYLURQPHQWDO 5HTXLUHPHQWV DQG WKH
3URGXFW 6\VWHP (3$ 5HSRUW Q 5
>.(2/(,$1 HW DO @ .(2/(,$1 * $ 0(1(5(< ' 6XVWDLQDEOH 'HYHORSPHQW E\
'HVLJQ 5HYLHZ RI /LIH &\FOH 'HVLJQ DQG 5HODWHG $SSURDFKHV $LU

:DVWH 9RO SS
>.(2/(,$1 HW DO @ .(2/(,$1 * $ .2&+ - ( 0(1(5(< ' /LIH &\FOH
'HVLJQ )UDPHZRUN DQG 'HPRQVWUDWLRQ 3URMHFWV 3URILOHV RI $7 7
DQG $OOLHG6LJQDO (3$ 5HSRUW Q 5
>.+$/,)$ @ .+$/,)$ . /D SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV
O LQGXVWULH ,QVWDQWDQpV WHFKQLTXHV SS

>.+$/,)$ @ .+$/,)$ . $QDO\VH GX &\FOH GH 9LH GHV V\VWqPHV HQ
LQWHUIDFH pFRQRPLHpFRORJLH 3URSRVLWLRQ G XQH GpPDUFKH
HPSLULTXH HW LWpUDWLYH 7KqVH GH GRFWRUDW 8QLYHUVLWp 3$5,6 , /D
6RUERQQH S
3DJH
%LEOLRJUDSKLH
>.1,*+7 HW DO @ .1,*+7 : &857,6 0 'HVLJQ IRU (QYLURQPHQW VRIWZDUH
GHYHORSPHQW 7KH -RXUQDO RI 6XVWDLQDEOH 3URGXFW 'HVLJQ 9RO SS

>.2570$1 HW DO @ .2570$1 - 9$1 %(5.(/ 5 /$)/(85 0 7RZDUGV DQ
(QYLURQPHQWDO 'HVLJQ 7RROER[ IRU &RPSOH[ 3URGXFWV 3UHOLPLQDU\
UHVXOWV DQG H[SHULHQFHV IURP VHOHFWHG SURMHFWV 3URFHHGLQJV RI

,QWHUQDWLRQDO &RQIHUHQFH RQ &OHDQ (OHFWURQLFV 3URGXFWV DQG
7HFKQRORJ\ (GLPERXUJ 5R\DXPH8QL SS
/
>/$1'5< @ /$1'5< 0 / DPELJXwWp FRPPH RXWLO GH JHVWLRQ 5HYXH
)UDQoDLVH GH *HVWLRQ Q 6HSWHPEUH2FWREUH
>/$85(17 @ /$85(17 ' 3ULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV OD
FRQFHSWLRQ GHV SURGXLWV *XLGH JpQpUDO GH 6&+1(,'(5
(/(&75,& 5DSSRUW GH 0DVWqUH 0pFDQLTXH HW (QYLURQQHPHQW
(16$0 &KDPEpU\
>/( %25*1( @ /( %25*1( 5 'H O XVDJH GHV $QDO\VHV GH &\FOH GH 9LH
7KqVH GH GRFWRUDW (16$0 3DULV S
>/( &24 @ /( &24 0 $SSURFKH LQWpJUDWLYH HQ FRQFHSWLRQ GH
SURGXLWV 7KqVH GH GRFWRUDW (16$0 3DULV S
>/(( HW DO @ /(( % 5+(( 6 ,6+,, . 5REXVW 'HVLJQ IRU 5HF\FODELOLW\
XVLQJ 'HPDQXIDFWXULQJ &RPSOH[LW\ 0HWULFV $60( 'HVLJQ 7HFKQLFDO

&RQIHUHQFHV DQG &RPSXWHUV LQ (QJLQHHULQJ &RQIHUHQFH
6DFUDPHQWR 86$
>/(12; HW DO @ /(12; 0 -25'$1 % (+5(1)(/' - 7KH 'LIIXVLRQ RI
'HVLJQ IRU (QYLURQPHQW $ 6XUYH\ RI &XUUHQW 3UDFWLFH ,(((

6\PSRVLXP RQ (OHFWURQLFV WKH (QYLURQPHQW 3URFHHGLQJV SS
86$
>/(12; HW DO D@ /(12; 0 (+5(1)(/' -5 'HVLJQ IRU (QYLURQPHQW $ 1HZ
)UDPHZRUN IRU 6WUDWHJLF 'HFLVLRQV 0RYLQJ $KHDG ZLWK ,62

&KDS SS
>/(12; HW DO E@ /(12; 0 (+5(1)(/' - 2UJDQL]LQJ IRU (IIHFWLYH
(QYLURQPHQWDO 'HVLJQ 7HFKQLFDO 5HSRUW 7HFKQRORJ\ %XVLQHVV
(QYLURQPHQW 3URJUDP 0,7 &DPEULGJH 86$
0
>0F $/221( HW DO @ 0F $/221( 7& (9$16 6 7KH &KDOOHQJHV RI
(QYLURQPHQWDOO\ &RQVFLRXV 'HVLJQ ,QWHUQDWLRQDO &RQIHUHQFH RQ

&OHDQ (OHFWURQLFV 3URGXFWV DQG 7HFKQRORJ\ (GLPERXUJ 5R\DXPH
8QL
3DJH
%LEOLRJUDSKLH
>0F $/221( HW DO D@ 0F $/221( 7& (9$16 6 ,QWHJUDWLQJ HQYLURQPHQWDO
GHFLVLRQV LQWR GHVLJQ D PRYH WRZDUGV VXVWDLQDEOH SURGXFW
GHYHORSPHQW &RQIHUHQFH RI WKH *UHHQLQJ RI ,QGXVWU\ 1HWZRUN

*OREDO 5HVWUXFWXULQJ $ 3ODFH )RU (FRORJ\ " +HLGHOEHUJ
$OOHPDJQH
>0F $/221( HW DO E@ 0F $/221( 7& +2//2:$< /3 )URP 3URGXFW 'HVLJQHU
WR (QYLURQPHQWDOO\ &RQVFLRXV 3URGXFW 'HVLJQHU $SSOLHG &RQFXUUHQW

(QJLQHHULQJ &RQIHUHQFH 6HDWWOH 86$
>0F $/221( HW DO D@ 0F $/221( 7& (9$16 6 +RZ *RRG LV \RXU
HQYLURQPHQWDO GHVLJQ SURFHVV " $ VHOIDVVHVVPHQW WHFKQLTXH
,QWHUQDWLRQDO &RQIHUHQFH RQ (QJLQHHULQJ 'HVLJQ ,&('·

3URFHHGLQJV 9RO SS 7DPSHUH )LQODQGH
>0$1=,1, @ 0$1=,1, ( 7KH OLPLWV DQG SRVVLELOLWLHV RI HFRGHVLJQ
&RPPXQLFDWLRQ ORUV G XQ ZRUNVKRS G H[SHUWV (FRGHVLJQ RI

3URGXFWV 'HOIW 3D\V%DV
>0$1=,1, @ 0$1=,1, ( 'HVLJQLQJ VXVWDLQDELOLW\ OHDSIURJ DQWLFLSDWLRQ
RI D SRVVLEOH IXWXUH 'RPXV $FDGHP\ 5HSRUW 0LODQ ,WDOLH
>0(,-.$03 @ 0(,-.$03 5 &KDQJLQJ FRQVXPHU QHHGV E\ HFRHIILFLHQW
VHUYLFHV DQ HPSLULFDO VWXG\ RQ &DU 6KDULQJ

QG ,QWHUQDWLRQDO
&RQIHUHQFH 7RZDUGV VXVWDLQDEOH SURGXFW GHVLJQ 7KH &HQWUH IRU

>0(,1'(56 D@ 0(,1'(56 + 3RLQW RI QR UHWXUQ 3+,/,36 (FR'HVLJQ
JXLGHOLQHV
>0(,1'(56 E@ 0(,1'(56 + 3RLQW RI QR UHWXUQ HFRGHVLJQ DFFRUGLQJ WR
,62
QG ,QWHUQDWLRQDO &RQIHUHQFH RQ 0DQDJLQJ HFRGHVLJQ
7KH &HQWUH IRU 6XVWDLQDEOH 'HVLJQ /RQGUHV 5R\DXPH8QL

>0(1.( HW DO @ 0(1.( '0 '$9,6 *$ 9,*21 %: (YDOXDWLRQ RI /LIH
&\FOH $VVHVVPHQW 7RROV 7HFKQLFDO 5HSRUW SUHSDUHG IRU +D]DUGRXV
:DVWH %UDQFK (QYLURQPHQW &DQDGD
>0(5 @ 0(5 6 /HV PRQGHV HW OHV RXWLOV GH OD FRQFHSWLRQ 3RXU XQH
DSSURFKH VRFLRWHFKQLTXH GH OD FRQFHSWLRQ GH SURGXLW 7KqVH GH
GRFWRUDW ,13* *UHQREOH S
>0,&+(/ @ 0,&+(/ - 0DQDJHPHQW GH OD YDOHXU SRXU OH GpYHORSSHPHQW
GXUDEOH /D 9DOHXU Q SS

>0,&+(/(77, @ 0,&+(/(77, *) 5ROH DQG LQIOXHQFH RI HFRGHVLJQ RQ QHZ
SURGXFWV FRQFHSWLRQ PDQXIDFWXULQJ DQG DVVHPEO\ WK ,QWHUQDWLRQDO

&RQIHUHQFH RQ $GYDQFHG 0DQXIDFWXULQJ 6\VWHPV DQG 7HFKQRORJ\
$067 8GLQH ,WDOLH
>0,'/(5 @ 0,'/(5 & 'pYHORSSHPHQW GH OD JHVWLRQ GH SURMHW HW
pYROXWLRQ GHV HQWUHSULVHV 5DSSRUW GX &HQWUH GH 5HFKHUFKHV HW GH
*HVWLRQ (FROH 3RO\WHFKQLTXH
>0,//(7 @ 0,//(7 ' 3ULVH HQ FRPSWH GH O (QYLURQQHPHQW HQ
&RQFHSWLRQ 3URSRVLWLRQ G XQH GpPDUFKH G DLGH j OD FRQFHSWLRQ
SHUPHWWDQW GH OLPLWHU OHV SRQFWLRQV HW UHMHWV HQJHQGUpV SDU OH
SURGXLW VXU VRQ F\FOH GH YLH 7KqVH GH O (16$0 3DULV S
3DJH
%LEOLRJUDSKLH
>0,=8., HW DO @ 0,=8., & 6$1'%251 3$ 3,776 * 'I( $ 6XUYH\ RI
&XUUHQW 3UDFWLFHV DQG 7RROV &DUH ,QQRYDWLRQ 3URFHHGLQJV SS
)UDQFIRUW $OOHPDJQH
1
>1$9$552 HW DO @ 1$9$552 $ 6&+1(,'(5 ) &+(9$/,(5 - $QDO\VH GX
F\FOH GH YLH 3UREOqPHV G DIIHFWDWLRQ 7HFKQLTXHV GH O·LQJpQLHXU
7UDLWp (QYLURQQHPHQW * 3DULV
>1$9,1&+$1'5$ @ 1$9,1&+$1'5$ ' 5H6WDU $ 'HVLJQ 7RRO IRU
(QYLURQPHQWDO 5HFRYHU\ $QDO\VLV ,QWHUQDWLRQDO &RQIHUHQFH RQ
(QJLQHHULQJ 'HVLJQ /D +D\H 3D\V%DV
2
>2·&21125 @ 2·&21125 ) 3UDFWLFDO 7RROV IRU (QYLURQPHQWDOO\ &RQVFLRXV
WK
'HVLJQ DQG 0DQXIDFWXULQJ ,ULVK 0DQXIDFWXULQJ &RQIHUHQFH
,UODQGH
>2/(6(1 @ 2/(6(1 - (QYLURQPHQWDO 4)' 7KH &UHDWLRQ RI 3URMHFW
)RFXV ,QWHUQDWLRQDO &RQIHUHQFH RQ (QJLQHHULQJ 'HVLJQ ,&('·
>27$ @ 2)),&( 2) 7(&+12/2*< $66(660(17 *UHHQ 3URGXFWV E\
'HVLJQ FKRLFHV IRU D FOHDQHU HQYLURQPHQW 86 &RQJUHVV
:DVKLQJWRQ 86$
3
>3$+/ HW DO @ 3$+/ * %(,7= : (QJLQHHULQJ 'HVLJQ D V\VWHPDWLF
DSSURDFK 'HVLJQ &RXQFLO /RQGUHV 5R\DXPH8QL
>3257(5 HW DO @ 3257(5 0 9$1 '(5 /,1'( & *UHHQ DQG &RPSHWLWLYH
(QGLQJ WKH 6WDOHPDWH +DUYDUG %XVLQHVV 5HYLHZ SS
>32<1(5 HW DO @ 32<1(5 -5 6,021 0 ,QWHJUDWLRQ RI ')( 7RROV ZLWK
SURGXFW GHYHORSPHQW ,QWHUQDWLRQDO &RQIHUHQFH RQ &OHDQ
(OHFWURQLFV 3URGXFWV DQG 7HFKQRORJ\ (GLPERXUJ 5R\DXPH8QL
>32<1(5 HW DO D@ 32<1(5 -5 6,021 0 7KH &RQWLQXLQJ ,QWHJUDWLRQ RI WKH
(FRGHVLJQ 7RRO ZLWK 3URGXFW 'HYHORSPHQW 0DQFKHVWHU
0HWURSROLWDQ 8QLYHUVLW\ 7HFKQLFDO 5HSRUW 0DQFKHVWHU 5R\DXPH
8QL
>32<1(5 HW DO E@ 32<1(5 -5 6,021 0 ,QWHJUDWLQJ (QYLURQPHQWDO
,QIRUPDWLRQ ,QWR $ 'HVLJQHU V &RJQLWLYH 3URFHVVHV 8VLQJ $Q
(FRGHVLJQ ([SHUW 6\VWHP $ SURWRFRO DQDO\VLV &DVH 6WXG\
0DQFKHVWHU 0HWURSROLWDQ 8QLYHUVLW\ 7HFKQLFDO 5HSRUW 0DQFKHVWHU
5R\DXPH8QL
>35,(85 @ 35,(85 0 /H GURLW SURJUHVVH OD MXVWLFH KpVLWH 6FLHQFH HW
7HFKQRORJLH Q SS
3DJH
%LEOLRJUDSKLH
>35,0(&$ @ 35,0(&$ 3{OH GHV 5HVVRXUFHV ,QIRUPDWLTXHV SRXU OD

0pFDQLTXH $FWHV GX FROORTXH &RQFXUUHQW (QJLQHHULQJ
$SSOLFDWLRQV HW SHUVSHFWLYHV GH OD FRQFHSWLRQ SRXU OD SURGXFWLRQ
,16$ /\RQ
>35,16 @ 35,16 - ) 'HVLJQ IRU (QYLURQPHQW LQ 3UDFWLFH ,QWHUQDWLRQDO
&RQIHUHQFH RQ (QJLQHHULQJ 'HVLJQ ,&('· 3URFHHGLQJV 9RO
SS 7DPSHUH )LQODQGH
>38<28 @ 38<28 -% 'pPDUFKHV G pFRFRQFHSWLRQ HQ HQWUHSULVH
7HFKQLTXH GH O ,QJpQLHXU 7UDLWp (QYLURQQHPHQW * 3DULV
4
>48$5$17( HW DO @ 48$5$17( ' 0$*121 / 'HVLJQ LQGXVWULHO 7HFKQLTXHV
GH O·LQJpQLHXU 7UDLWp *pQLH ,QGXVWULHO $* 3DULV
5
>5$0 HW DO @ 5$0 % 9DQ .1,33(1%(5* 3 (FRGHVLJQ :RUNVKRS 3KLOLSV
&((2 3KLOLSV &)7
>52&+$ HW DO @ 52&+$ & %5(=(7 + 3URGXFWRULHQWHG HQYLURQPHQWDO
PDQDJHPHQW V\VWHPV D FDVH VWXG\ 7KH -RXUQDO RI 6XVWDLQDEOH

>520%2876 @ 520%2876 -3 /($'6 ,, $ .QRZOHGJHEDVHG V\VWHP IRU
UDQNLQJ 'I(2SWLRQV 7HFKQLFDO 5HSRUW 'HOIW 8QLYHUVLW\ RI
7HFKQRORJ\ 'HOIW 3D\V%DV
>526( HW DO D@ 526( &0 ,6+,, . 0$68, . +RZ SURGXFW FKDUDFWHULVWLFV
GHWHUPLQH HQGRIOLIH VWUDWHJLHV ,(((· ,QWHUQDWLRQDO 6\PSRVLXP

RQ (OHFWURQLFV WKH (QYLURQPHQW &RQIHUHQFH &KLFDJR 86$
>526( HW DO E@ 526( &0 %(,7(5 . ,6+,, . 0$68, . &KDUDFWHUL]DWLRQ RI
3URGXFW HQGRIOLIH VWUDWHJLHV WR HQKDQFH UHF\FODELOLW\ $60( 'HVLJQ

IRU 0DQXIDFWXULQJ 6\PSRVLXP $WODQWD 86$
>526( HW DO F@ 526( &0 67(9(/6 $ ,6+,, . 3URGXFW &KDUDFWHULVWLFV DQG
WKHLU 5HODWLRQVKLS WR (QGRI/LIH 6WUDWHJLHV &DUH ,QQRYDWLRQ·

3URFHHGLQJV SS 9LHQQH $XWULFKH
>52866($8; @ 52866($8; 3 (YDOXDWLRQ FRPSDUDWLYH GH O LPSDFW
HQYLURQQHPHQWDO JOREDO (&,(* GX F\FOH GH YLH GHV SURGXLWV
7KqVH GH GRFWRUDW ,16$ /\RQ S
>52< HW DO @ 52< 5 60,7+ 0 3277(5 6 *UHHQ SURGXFW GHYHORSPHQW
IDFWRUV LQ FRPSHWLWLRQ ,QWHUQDWLRQDO &RPSHWLWLYHQHVV DQG

(QYLURQPHQWDO 3ROLF\ %DUNHU 7 .RKOHU - &KDS SS
(GZDUG (OJDU
>5<$1 @ 5<$1 & (FR'HVLJQ QRW (FR7HFKQRORJ\ 6RFLDO DQG FXOWXUDO
IDFWRUV DV WKH NH\ WR GHVLJQ LQ D JUHHQHU PDUNHW 7HFKQRYLVLRQ

&RQIHUHQFH &RSHQKDJXH 'DQHPDUN
3DJH
%LEOLRJUDSKLH
6
>6$85 HW DO @ 6$85 . *(',*$ - +(66(/%$&+ - 6&+8&.(57 0 (<(5(5 3
/LIH &\FOH $VVHVVPHQW DV DQ (QJLQHHULQJ 7RRO LQ WKH
$XWRPRWLYH ,QGXVWU\ 7KH ,QWHUQDWLRQDO -RXUQDO RI /LIH &\FOH
$VVHVVPHQW 9RO SS
>6&+,(66(5 @ 6&+,(66(5 3 )DFWHXU HW VDF j GRV pFRORJLTXH RXWLOV SRXU
PHVXUHU OHV SURJUqV YHUV XQH FRQVRPPDWLRQ SOXV VRXWHQDEOH
&RQIpUHQFH (XURIRUXP (FRFRQFHSWLRQ GHV SURGXLWV 3DULV )UDQFH

>6&+0,'+(,1< @ 6&+0,'+(,1< 6 &KDQJHU GH &DS 'XQRG 3DULV
>6&+0,'7%/((. @ 6&+0,'7%/((. ) *HGDQNHQ EHU HLQH QHXH 'LPHQVLRQ
GHV 8PZHOWVFKXW]HV :LH HUUHLFKHQ ZLU HLQH ]XNXQIWVIlKLJH
:LUWVFKDIW " 5DSSRUW 7HFKQLTXH GX :XSSHUWDO ,QVWLWXWH :XSSHUWDO
$OOHPDJQH
>6(7$& @ 6(7$& *XLGHOLQHV IRU /LIH&\FOH $VVHVVPHQW $ &RGH RI
3UDFWLFH
>6(85$7 @ 6(85$7 6 /D GLPHQVLRQ pFRORJLTXH / H[SDQVLRQ S
>6,'252)) @ 6,'252)) 6 (YDOXDWLRQ GHV LPSDFWV HQYLURQQHPHQWDX[
3DQRUDPD GHV PpWKRGHV XWLOLVpHV HQ $&9 &RQIpUHQFH ,QWHUQDWLRQDOH
0DWpULHOV (OHFWULTXHV ,QGXVWULHOV HW (QYLURQQHPHQW 9HUVDLOOHV

)UDQFH
>6,021 @ 6,021 0 'HVLJQ IRU 'LVPDQWOLQJ 3URIHVVLRQDO
(QJLQHHULQJ
>6,021 HW DO @ 6,021 0 6:($70$1 $ 3URGXFWV RI D VXVWDLQDEOH IXWXUH
WKH ,QWHUQDWLRQDO 6XVWDLQDEOH 'HYHORSPHQW 5HVHDUFK &RQIHUHQFH
0DQFKHVWHU 5R\DXPH8QL
>6,021 HW DO @ 6,021 0 (9$16 6 0F $/221( 7& 6:($70$1 $ %+$05$
7 322/( 6 (FRGHVLJQ 1DYLJDWRU $ NH\ UHVRXUFH LQ WKH
GULYH WRZDUGV HQYLURQPHQWDOO\ HIILFLHQW SURGXFW GHVLJQ
0DQFKHVWHU 0HWURSROLWDQ 8QLYHUVLW\ &UDQILHOG 8QLYHUVLW\
(QJLQHHULQJ DQG 3K\VLFDO 6FLHQFHV 5HVHDUFK &RXQFLO 5R\DXPH
8QL
>60,7+ HW DO D@ 60,7+ 07 52< 5 3277(5 6 7KH &RPPHUFLDO ,PSDFWV RI
*UHHQ 3URGXFW 'HYHORSPHQW 7HFKQLFDO 5HSRUW ',* 7KH 2SHQ
8QLYHUVLW\ 'HVLJQ LQQRYDWLRQ *URXS 0LOWRQ .H\QHV 5R\DXPH8QL
>60,7+ HW DO E@ 60,7+ 07 52< 5 3277(5 6 *UHHQ SURGXFW GHYHORSPHQW
SUDFWLFH DQG SURILW %XVLQHVV 6WUDWHJ\ (QYLURQPHQW &RQIHUHQFH
/HHGV 5R\DXPH8QL
>621'((1 HW DO @ 621'((1 05 &$5/6216.$/$. 6 $ 7RRO IRU SODQQLQJ
6XVWDLQDEOH 3URGXFW 'HYHORSPHQW LQ 6PDOO &RPSDQLHV ,QWHUQDWLRQDO
&RQJUHVV RQ (QYLURQPHQWDOO\ &RQVFLRXV 'HVLJQ DQG 0DQXIDFWXULQJ

(&'0 5RFKHVWHU 86$
>67(,1+,/3(5 @ 67(,1+,/3(5 5 3URGXFW UHF\FOLQJ DQG HFRGHVLJQ
FKDOOHQJHV VROXWLRQV DQG H[DPSOHV ,QWHUQDWLRQDO &RQIHUHQFH RQ
&OHDQ (OHFWURQLFV (GLPERXUJ 5R\DXPH8QL
3DJH
%LEOLRJUDSKLH
>67(,1+,/3(5 HW DO @ 67(,1+,/3(5 5 +,(%(5 0 5HF\FOLQJ 1HWZRUNV DQG 'HVLJQ
IRU (QYLURQPHQW $Q ,QWHUGLVFLSOLQDU\ $SSURDFK IRU 'RZQF\FOLQJ
5HF\FOLQJ DQG 8SF\FOLQJ &DUH ,QQRYDWLRQ· 3URFHHGLQJV SS

9LHQQH $XWULFKH
>67(9(/6 D@ 67(9(/6 $/1 0RYLQJ FRPSDQLHV WRZDUGV VXVWDLQDELOLW\
WKURXJK HFRGHVLJQ FRQGLWLRQV IRU VXFFHVV 7KH -RXUQDO RI

6XVWDLQDEOH 3URGXFW 'HVLJQ 9RO SS
>67(9(/6 E@ 67(9(/6 $/1 'HVLJQ IRU (QYLURQPHQW 81(3 $VLD 3DFLILF
7HFKQLFDO 0RQLWRU SS
>6758%(/ @ 6758%(/ 9 'HYHORSPHQW RI D © *UHHQ 79 ª &DUH ,QQRYDWLRQ
3URFHHGLQJV SS )UDQFIRUW $OOHPDJQH
>6:($70$1 HW DO @ 6:($70$1 $ 6,021 0 'HVLJQ IRU (QYLURQPHQW 7RROV DQG
3URGXFW ,QQRYDWLRQ &,53
UG ,QWHUQDWLRQDO 6HPLQDU RQ /LIH &\FOH
(QJLQHHULQJ (&23HUIRUPDQFH =ULFK 6XLVVH

>6:($70$1 HW DO @ 6:($70$1 $ 6,021 0 %/20%(5* 6 ,QWHJUDWLQJ
'HVLJQ IRU (QYLURQPHQW ZLWKLQ DQ (QYLURQPHQWDO 0DQDJHPHQW
6\VWHP ,QWHUQDWLRQDO &RQIHUHQFH RQ (QJLQHHULQJ 'HVLJQ ,&('·

>67(,1+,/3(5 @ 67(,1+,/3(5 5 3URGXFW UHF\FOLQJ DQG HFRGHVLJQ
FKDOOHQJHV VROXWLRQV DQG H[DPSOHV ,QWHUQDWLRQDO &RQIHUHQFH RQ

&OHDQ (OHFWURQLFV (GLPERXUJ 5R\DXPH8QL
7
>7(*67$0 @ 7(*67$0 $ 0DQDJLQJ HFRGHVLJQ DW (OHFWUROX[ QG
,QWHUQDWLRQDO &RQIHUHQFH RQ 0DQDJLQJ HFRGHVLJQ 7KH &HQWUH IRU
>7,*(5 HW DO @ 7,*(5 + 0,//(7 ' &RQFHSWLRQ SRXU O·HQYLURQQHPHQW
LQYHQWHU GH QRXYHDX[ RXWLOV HW GH QRXYHDX[ V\VWqPHV G·DFWLRQV
&RQFHSWLRQ GH SURGXLWV PpFDQLTXHV &KDS SS

+(50(6 3DULV
9
>9DQ +(0(/ @ 9DQ +(0(/ & 7KH ,& (FRGHVLJQSURMHFW UHVXOWV DQG
OHVVRQV IURP D 'XWFK LQLWLDWLYH WR LPSOHPHQW HFRGHVLJQ LQ VPDOO
DQG PHGLXPVL]HG FRPSDQLHV LQ 'HOIW 8QLYHUVLW\ RI
7HFKQRORJ\ 7HFKQLFDO 5HSRUW 'HOIW 3D\V%DV
>9DQ +(0(/ @ 9DQ +(0(/ & (FR'HVLJQ HPSLULFDOO\ H[SORUHG 'HVLJQ IRU
(QYLURQHPHQW LQ 'XWFK VPDOO DQG PHGLXP VL]HG HQWHUSULVHV 7KqVH
'HOIW 8QLYHUVLW\ RI 7HFKQRORJ\ 'HOIW 3D\V%DV S
>9DQ 1(6 HW DO @ 9DQ 1(6 1 &5$0(5 - (FR(IILFLHQF\ $VVHVVPHQW IRU
6WUDWHJLF 3URGXFW 3ODQQLQJ
QG ,QWHUQDWLRQDO &RQIHUHQFH 7RZDUGV
VXVWDLQDEOH SURGXFW GHVLJQ 7KH &HQWUH IRU 6XVWDLQDEOH 'HVLJQ
/RQGUHV 5R\DXPH8QL
3DJH
%LEOLRJUDSKLH
>9(17(5( @ 9(17(5( -3 /D TXDOLWp pFRORJLTXH GHV SURGXLWV 'HV
pFRELODQV DX[ pFRODEHOV $)125 6DQJ GH OD 7HUUH 3DULV
>9(17(5( @ 9(17(5( -3 &RQFHSWLRQ pFRORJLTXH GHV SURGXLWV
7HFKQLTXHV GH O·LQJpQLHXU 7UDLWp (QYLURQQHPHQW * 3DULV
>9(==2/, @ 9(==2/, & $Q RYHUYLHZ RI OLIH F\FOH GHVLJQ DQG LQIRUPDWLRQ
WHFKQRORJ\ WRROV 7KH -RXUQDO RI 6XVWDLQDEOH 3URGXFW 'HVLJQ 9RO
SS
:
>:%&6' @ :RUOG %XVLQHVV &RXQFLO IRU 6XVWDLQDEOH 'HYHORSPHQW (FR
(IILFLHQW /HDGHUVKLS IRU ,PSURYHG (FRQRPLF DQG (QYLURQPHQWDO
3HUIRUPDQFH 7HFKQLFDO 5HSRUW
>:%&6' @ :RUOG %XVLQHVV &RXQFLO IRU 6XVWDLQDEOH 'HYHORSPHQW (FR
HIILFLHQF\ ,QGLFDWRUV $ 7RRO IRU %HWWHU 'HVLFLRQ0DNLQJ 7HFKQLFDO
5HSRUW
>:(*67 HW DO @ :(*67 8*. $6+%< 0) (QYLURQPHQWDOO\ &RQVFLRXV
'HVLJQ DQG 0DWHULDOV 6HOHFWLRQ qPH
&RQIpUHQFH ,QWHUQDWLRQDOH
35,0(&$ ,'00( /D &RQFHSWLRQ HW OD )DEULFDWLRQ ,QWpJUpHV HQ
0pFDQLTXH 87& &RPSLqJQH )UDQFH
>:(7(5,1*6 HW DO @ :(7(5,1*6 5$30 236&+225 -% 7KH HFRFDSDFLW\ DV D
FKDOOHQJH WR WHFKQRORJLFDO GHYHORSPHQW 5DSSRUW SRXU OH $GYLVRU\
&RXQFLO IRU 5HVHDUFK RQ 1DWXUH DQG (QYLURQPHQW 5012 5LMVZLMN
3D\V%DV
>:,//,$06 @ :,//,$06 - 7KH 5(', %HQFKPDUNLQJ 7RRO 7KH &HQWUH IRU
6XVWDLQDEOH 'HVLJQ 7HFKQLFDO 5HSRUW )DUQKDP 5R\DXPH8QL
=
>=$Î', @ =$Î', $ 4)' XQH LQWURGXFWLRQ 7HFKQLTXH HW
'RFXPHQWDWLRQ /DYRLVLHU 3DULV
3DJH
$EUpYLDWLRQV
$%5(9,$7,216
6,*/(6 )5$1d$,6 87,/,6(6 '$16 &( 0(02,5(
$9 $QDO\VH GH OD 9DOHXU
$&9 $QDO\VH GH &\FOH GH 9LH
$)$9 $VVRFLDWLRQ )UDQoDLVH SRXU O $QDO\VH GH OD 9DOHXU
$)125 $VVRFLDWLRQ )UDQoDLVH GH 1RUPDOLVDWLRQ
$'(0( $JHQFH GH O (QYLURQQHPHQW GH OD 0DvWULVH GH O (QHUJLH
$0'(& $QDO\VH GHV 0RGHV GH 'pIDLOODQFH GH OHXUV (IIHWV HW GH OHXU &ULWLFLWp
%&* %RVWRQ &RQVXOWLQJ *URXS
%( %XUHDX G (WXGH
&$2 &RQFHSWLRQ $VVLVWpH SDU 2UGLQDWHXU
&G&) &DKLHU GHV &KDUJHV )RQFWLRQQHO
&( &RQWHQX (QHUJpWLTXH
&(( &RPPXQDXWp (FRQRPLTXH (XURSpHQQH
&35 &RQFHSWLRQ 3RXU OH 5HF\FODJH
'$2 'HVVLQ $VVLVWp SDU 2UGLQDWHXU
(64&9 (YDOXDWLRQ 6LPSOLILpH HW 4XDOLWDWLYH GX &\FOH GH 9LH
),((& )pGpUDWLRQ IUDQoDLVH GHV ,QGXVWULHV GH O (OHFWULFLWp GH O (OHFWURQLTXH HW GH OD
&RPPXQLFDWLRQ
*&9 *HVWLRQ GX &\FOH GH 9LH
0, 0DUNHWLQJ 6HUYLFH 0DUNHWLQJ 3KLOLSV (FODLUDJH
2&'( 2UJDQLVDWLRQ GH &RRSpUDWLRQ HW GH 'pYHORSSHPHQW (FRQRPLTXHV
3%% 3RO\EURPRELSKpQ\OH
3%'( 3RO\EURPRGLSKpQ\OHWKHU
3&% 3RO\FKORURELSKpQ\OH
3(()9 3URGXLWV (OHFWULTXHV HW (OHFWURQLTXHV HQ )LQ GH 9LH
30( 3HWLWHV HW 0R\HQQHV (QWUHSULVHV
318( 3URJUDPPH GHV 1DWLRQV 8QLHV SRXU O (QYLURQQHPHQW
60( 6\VWqPH GH 0DQDJHPHQW GH O (QYLURQQHPHQW
8( 8QLRQ (XURSpHQQH
9+8 9pKLFXOH +RUV G 8VDJH
3DJH
$EUpYLDWLRQV
6,*/(6 $1*/26$;216 28 $875(6 87,/,6(6 '$16 &( 0(02,5(
$/&$ $OWHUQDWLYH RX $EULGJHG /LIH &\FOH $QDO\VLV

$0(7,'( $ 0(WKRG IRU 7,PH 'LVDVVHPEO\ (VWLPDWLRQ
$30( $VVRFLDWLRQ RI 3ODVWLFV 0DQXIDFWXUHUV LQ (XURSH %HOJLTXH
$502 $VVHW 5HF\FOLQJ 0DQDJHPHQW 2UJDQL]DWLRQ ;HUR[
$60( $PHULFDQ 6RFLHW\ RI 0HFKDQLFDO (QJLQHHUV (WDWV8QLV
$V752L' $VVHVVPHQW 7RRO IRU 5HF\FOLQJ 2ULHQWHG 'HVLJQ
%8 %XVLQHVV 8QLW
&$5( &RPSUHKHQVLYH $SSURDFK IRU WKH 5HF\FOLQJ RI (OHFWURQLFV ,QQRYDWLRQ
&&3 &RPSHWHQFH &HQWUH 3ODVWLFV 3KLOLSV
&((2 &RUSRUDWH (QYLURQPHQWDO DQG (QHUJ\ 2IILFH 3KLOLSV
&)6' &HQWUH IRU 6XVWDLQDEOH 'HVLJQ 5R\DXPH8QL
&)7 &HQWUH IRU 0DQXIDFWXULQJ 7HFKQRORJ\ 3KLOLSV
&0/ &HQWUH 0LOLHXNXQGH /HLGHQ 3D\V%DV
'(('6 '(VLJQ IRU (QYLURQPHQW 'HFLVLRQ 6XSSRUW 5R\DXPH8QL
'(0523 'HVLJQ DQG (YDOXDWLRQ 0HWKRG IRU WKH 5HF\FODELOLW\ RI (OHFWURPHFKDQLFDO 3URGXFWV
')' 'HVLJQ )RU 'LVDVVHPEO\
')( 'HVLJQ )RU WKH (QYLURQPHQW
')(( 'HVLJQ IRU (QYLURQPHQW LQ (OHFWURQLFV )LQODQGH
')5 'HVLJQ )RU 5HF\FOLQJ
'); 'HVLJQ )RU ; R ; 'LVDVVHPEO\ (QHUJ\ (IILFLHQF\ (QYLURQPHQW
0DQXIDFWXULQJ 4XDOLW\ 5HFRYHU\ 5HF\FOLQJ 6DIHW\ 6HUYLFHDELOLW\ «
($&(0 (XURSHDQ $VVRFLDWLRQ RI &RQVXPHU (OHFWURQLFV 0DQXIDFWXUHUV
(&' (QYLURQPHQWDOO\ &RQVFLRXV 'HVLJQ
(&'0 (QYLURQPHQWDOO\ &RQVFLRXV 'HVLJQ DQG 0DQXIDFWXULQJ
(&(&3 (QJLQHHULQJ &HQWHU IRU (QYLURQHPHQWDO &RQVFLRXV 3URGXFWV ,%0
(&7(/ (XURSHDQ 7HOHFRP (TXLSPHQW DQG (OHFWURQLFV ,QGXVWU\ $VVRFLDWLRQ
(',3 (QYLURQPHQWDO 'HVLJQ RI ,QGXVWULDO 3URGXFWV 'DQHPDUN
(( (FR(VWLPDWRU
((&$ (QHUJ\ (IILFLHQF\ &RQVHUYDWLRQ $XWKRULW\
()0($ (QYLURQPHQWDO )DLOXUH 0RGH DQG (IIHFW $QDO\VLV
(+6 (QYLURQPHQW +HDOWK DQG 6DIHW\
(,)$ (QYLURQPHQWDO ,PSDFW DQG )DFWRU $QDO\VLV
(,0( (QYLURQPHQWDO ,QIRUPDWLRQ DQG 0DQDJHPHQW ([SORUHU
(/'$ (QGRI/LIH 'HVLJQ $GYLVRU
(2' (QYLURQPHQWDO 2EMHFWLYH 'HSOR\PHQW
(3$ (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ (WDWV8QLV
(3' (FR3URGXFW 'HYHORSPHQW
(33 (QYLURQPHQWDO 3URGXFW 3ROLF\
(35 ([WHQGHG 3URGXFHU 5HVSRQVLELOLW\
(36 (QYLURQPHQWDO 3ULRULW\ 6WUDWHJ\
(7+ (LGJHQ|VVLVFKH 7HFKQLVFKH +RFKVFKXOH =ULFK 6XLVVH
3DJH
$EUpYLDWLRQV
(852%,7 (XURSHDQ $VVRFLDWLRQ RI 0DQXIDFWXUHUV RI %XVLQHVV 0DFKLQHV DQG ,QIRUPDWLRQ
7HFKQRORJ\
)&$ )XOO &RVW $FFRXQWLQJ
)0($ )DLOXUH 0RGH DQG (IIHFW $QDO\VLV
,&(' ,QWHUQDWLRQDO &RQIHUHQFH RQ (QJLQHHULQJ 'HVLJQ
,&(5 ,QGXVWU\ &RXQFLO IRU (OHFWURQLF HTXLSPHQW 5HF\FOLQJ 5R\DXPH8QL
,((( ,QVWLWXWH RI (OHFWULFDO DQG (OHFWURQLFV (QJLQHHUV (WDWV8QLV
,3' ,%0 3URFHVVXV 'HYHORSPHQW ,%0
,33 ,QWHJUDWHG 3URGXFW 3ROLF\
,62 ,QWHUQDWLRQDO 6WDQGDUGV 2UJDQL]DWLRQ
/$6H5 /LIHF\FOH $VVHPEO\ 6HUYLFHDELOLW\ DQG 5HF\FOLQJ 3URWRW\SH 3URJUDP
/&$ /LIH &\FOH $VVHVVPHQW RX /LIH &\FOH $QDO\VLV
/&& /LIH &\FOH &RVWLQJ
/&' /LIH &\FOH 'HVLJQ
/L'6 /LIH F\FOH 'HVLJQ 6WUDWHJLHV
0(7 0DWHULDOV (QHUJ\ 7R[LFLW\
0,36 0DWHULDO ,QWHQVLW\ 3HU XQLW RI 6HUYLFH
0,7 0DVVDFKXVVHWV ,QVWLWXWH RI 7HFKQRORJ\ (WDWV8QLV
03'/ 0DFKLQH DQG 3URGXFW 'RFXPHQWDWLRQ /LJKWLQJ 6HUYLFH 'RFXPHQWDWLRQ 3KLOLSV
(FODLUDJH
25*$/,0( /LDLVRQ *URXS RI WKH (XURSHDQ 0HFKDQLFDO (OHFWULFDO (OHFWURQLF DQG
0HWDOZRUNLQJ ,QGXVWULHV
27$ 2IILFH RI 7HFKQRORJ\ $VVHVVPHQW (WDWV8QLV
3('*( 3ROOXWLRQ 3UHYHQWLRQ (QYLURQPHQWDO 'HVLJQ *XLGH IRU (QJLQHHUV
3&' 3KLOLSV &RUSRUDWH 'HVLJQ 3KLOLSV
3&3 3URGXFW &UHDWLRQ 3URFHVV 3KLOLSV
3(3 3URGXFW (QYLURQPHQWDO 3URILOH ,%0
32(06 3URGXFW2ULHQWHG (QYLURQPHQWDO 0DQDJHPHQW 6\VWHP
3:0, 3ODVWLFV :DVWH 0DQDJHPHQW ,QVWLWXWH %HOJLTXH
4'/ 4XDOLW\ 'HSDUWPHQW /LJKWLQJ 6HUYLFH 4XDOLWp 3KLOLSV (FODLUDJH
4()' 4XDOLW\ DQG (QYLURQPHQW )XQFWLRQ 'HSOR\PHQW
4)' 4XDOLW\ )XQFWLRQ 'HSOR\PHQW
5(', 5HJLRQDO (FR(IILFLHQF\ 'HPRQVWUDWRU ,QLWLDWLYH 5R\DXPH8QL
50,7 5R\DO 0HOERXUQH ,QVWLWXWH RI 7HFKQRORJ\ $XVWUDOLH
7&$ 7RWDO &RVW $FFRXQWLQJ
72352&2 7RWDO 3URGXFW /LIH &\FOH &RVW (VWLPDWLRQ
6(7$& 6RFLHW\ RI (QYLURQPHQWDO 7R[LFRORJ\ DQG &KHPLVWU\
60( 6PDOO DQG 0HGLXP (QWUHSULVHV
675(7&+ 6HOHFWLRQ RI V75DWHJLF (QYLURQPHQ7DO &KDOOHQJHV
9', 9HUHLQ 'HXWVFKHU ,QJHQLHXUH $OOHPDJQH
:%&6' :RUOG %XVLQHVV &RXQFLO IRU 6XVWDLQDEOH 'HYHORSPHQW 6XLVVH
3DJH
*ORVVDLUH
*/266$,5(
/HV GpILQLWLRQV TXL VXLYHQW VRQW HQ SDUWLFXOLHU LVVXHV GHV RXYUDJHV VXLYDQWV
☛ / (FRELODQ GH $QWRLQH %/28(7 (PPDQXHOOH 5,92,5( (GLWLRQV 'XQRG >%/28(7 HW DO @
☛ /H *XLGH 5K{QH$OSHV GHV 'pFKHWV GX FDELQHW G LQJpQLHXUV FRQVHLO &6' $=85 SRXU
O $'(0( HW OD 5pJLRQ 5K{QH$OSHV
&ULWqUH GH FRQFHSWLRQ
&ULWqUH UHODWLI j OD FRQFHSWLRQ G XQ SURGXLW QRPEUH GH FRPSRVDQWV QRPEUH GH
PDWpULDX[ QRPEUH GH YLV WDX[ GH UHF\FODELOLWp WHPSV G DVVHPEODJH WHPSV GH
GpVDVVHPEODJH « 'DQV XQ SURFHVVXV G pFRFRQFHSWLRQ RQ SDUOHUD GH FULWqUH GH
FRQFHSWLRQ HQYLURQQHPHQWDO &H SHXW DXVVL rWUH GpVLJQp FRPPH XQ LQGLFDWHXU
&ULWqUH pFRORJLTXH RX HQYLURQQHPHQWDO

&ULWqUH FRXUDPPHQW XWLOLVp GDQV OH FDGUH GHV DQDO\VHV GH F\FOH GH YLH HIIHW GH VHUUH
GHVWUXFWLRQ GH OD FRXFKH G R]RQH DFLGLILFDWLRQ DWPRVSKpULTXH VPRJ G pWp &RPSRVpV
2UJDQLTXHV 9RODWLOV RX &29 VPRJ G KLYHU SRXVVLqUHV HW SDUWLFXOHV HXWURSKLVDWLRQ GHV
HDX[ « 2Q GpVLJQH FH FULWqUH SDU OH WHUPH G LPSDFW HQYLURQQHPHQWDO GDQV O $&9 RX
LQGLFDWHXU HQYLURQQHPHQWDO GDQV OH FDGUH QRWDPPHQW G XQH SROLWLTXH HQYLURQQHPHQWDOH
G HQWUHSULVH IRFDOLVpH VXU WHO RX WHO LQGLFDWHXU
'pFKHW
' DSUqV OD ORL GX MXLOOHW WRXW UpVLGX G XQ SURFHVVXV GH SURGXFWLRQ GH
WUDQVIRUPDWLRQ RX G XWLOLVDWLRQ WRXWH VXEVWDQFH PDWpULDX SURGXLW RX SOXV JpQpUDOHPHQW
WRXW ELHQ PHXEOH DEDQGRQQp RX TXH VRQ GpWHQWHXU GHVWLQH j O DEDQGRQ
'pFKHW XOWLPH
' DSUqV OD ORL GX MXLOOHW HVW XQ UpVLGX XOWLPH XQ GpFKHW UpVXOWDQW RX QRQ GX
WUDLWHPHQW G XQ GpFKHW TXL Q HVW SDV VXVFHSWLEOH G rWUH WUDLWp GDQV OHV FRQGLWLRQV
WHFKQLTXHV HW pFRQRPLTXHV GX PRPHQW QRWDPPHQW SDU H[WUDFWLRQ GH OD SDUW YDORULVDEOH
RX SDU UpGXFWLRQ GH VRQ FDUDFWqUH SROOXDQW RX GDQJHUHX[
3DJH
*ORVVDLUH
'pYHORSSHPHQW 'XUDEOH
'pYHORSSHPHQW TXL FRUUHVSRQG j XQH IRUPH GH SURJUqV UpSRQGDQW DX[ EHVRLQV GX
SUpVHQW VDQV FRPSURPHWWUH O DSWLWXGH GHV JpQpUDWLRQV IXWXUHV j UpSRQGUH DX[ OHXUV
(FRFRQFHSWLRQ
,QWpJUDWLRQ GH OD SURWHFWLRQ GH O HQYLURQQHPHQW GqV OD FRQFHSWLRQ GHV SURGXLWV HW GHV
SURFpGpV LQGXVWULHOV / REMHW G XQH WHOOH GpPDUFKH HVW OD UpGXFWLRQ GHV LPSDFWV G XQ
SURGXLW VXU O HQYLURQQHPHQW WRXW DX ORQJ GH VRQ F\FOH GH YLH GHSXLV O H[WUDFWLRQ GH VHV
PDWpULDX[ FRQVWLWXWLIV MXVTX j VRQ pOLPLQDWLRQ HQ ILQ GH YLH /H FRQFHSW GH EDVH HVW OH
PRGqOH GX F\FOH GH YLH R WRXV OHV HQWUDQWV PDWpULDX[ HW pQHUJLH HW VRUWDQWV pPLVVLRQV
SROOXDQWHV HW GpFKHWV GHV SURFHVVXV XWLOLVpV HQ SKDVHV GH IDEULFDWLRQ GLVWULEXWLRQ
XWLOLVDWLRQ HW pOLPLQDWLRQ VRQW LGHQWLILpV HW SULV HQ FRPSWH GqV OD FRQFHSWLRQ GX SURGXLW
(FRODEHO
6\VWqPH GH FHUWLILFDWLRQ GHV SURGXLWV D\DQW XQH PRLQGUH LQFLGHQFH VXU O HQYLURQQHPHQW
SDU UDSSRUW j G DXWUHV SURGXLWV UHPSOLVVDQW OHV PrPHV IRQFWLRQV
(OLPLQDWLRQ
&H WHUPH UHFRXYUH O HQVHPEOH GHV RSpUDWLRQV GH FROOHFWH WUDQVSRUW WUDLWHPHQW HWRX
PLVH HQ GpFKDUJH GH GpFKHWV
)DFWHXU G LPSDFW
&RQVRPPDWLRQV HQWUDQW HQWUpHV RX LQSXWV HW UHMHWV VRUWDQW VRUWLHV RX RXWSXWV GX
V\VWqPH pWXGLp
)OX[
(QWUpHV HW VRUWLHV G XQ V\VWqPH
,PSDFW
(IIHWV G XQ IOX[ VXU O HQYLURQQHPHQW
,QGLFDWHXU HQYLURQQHPHQWDO
,QVWUXPHQW GH PHVXUH SHUPHWWDQW G pYDOXHU OD SHUIRUPDQFH HQYLURQQHPHQWDOH G XQ
SURGXLW HQ GRQQDQW GHV LQGLFDWLRQV XWLOHV DX VXLYL DX FRQWU{OH HW FH GDQV XQ REMHFWLI
G DPpOLRUDWLRQ 2Q SRXUUD WURXYHU FRPPH LQGLFDWHXU OD FRQVRPPDWLRQ pQHUJpWLTXH OD
FRQWULEXWLRQ j OD GHVWUXFWLRQ GH OD FRXFKH G R]RQH j O HIIHW GH VHUUH RX OH WDX[ GH
UHF\FODELOLWp OH WHPSV GH GpVDVVHPEODJH «
,QYHQWDLUH
%LODQ TXDQWLWDWLI GHV IOX[ HQWUDQW HW VRUWDQW G XQ V\VWqPH GpILQL GHX[LqPH pWDSH GH
O $&9
3DJH
*ORVVDLUH
0DQDJHPHQW HQYLURQQHPHQWDO
(QVHPEOH GHV DFWLYLWpV GH PDQDJHPHQW TXL GpWHUPLQHQW OD SROLWLTXH HQYLURQQHPHQWDOH
OHV REMHFWLIV HW OHV UHVSRQVDELOLWpV HW TXL OD PHWWHQW HQ ±XYUH SDU GHV PR\HQV WHOV TXH OD
SODQLILFDWLRQ GHV REMHFWLIV HQYLURQQHPHQWDX[ OD PHVXUH GHV UpVXOWDWV HW OD PDvWULVH GHV
HIIHWV VXU O HQYLURQQHPHQW
3URILO HQYLURQQHPHQWDO
(QVHPEOH GHV HIIHWV VXU O HQYLURQQHPHQW G XQ SURGXLW RX G XQH ILOLqUH GH SURGXFWLRQ
5pFXSpUDWLRQ
(OOH VH VLWXH HQ DPRQW GH OD YDORULVDWLRQ 2SpUDWLRQ TXL SHUPHW GH VRUWLU XQ GpFKHW GH VRQ
FLUFXLW WUDGLWLRQQHO GH FROOHFWH HW GH WUDLWHPHQW /D UpFXSpUDWLRQ VXSSRVH XQH FROOHFWH
VpSDUpH RX XQ WUL XQ GpPRQWDJH XQH GpPROLWLRQ SXLV OD VpSDUDWLRQ HW OH
FRQGLWLRQQHPHQW GH FHUWDLQV GpFKHWV HQ YXH G XQH YDORULVDWLRQ
5HF\FODELOLWp
7HUPH GpVLJQDQW XQH QRWLRQ SRWHQWLHOOH /D UHF\FODELOLWp G XQ SURGXLW G XQ FRPSRVDQW «
pYDOXH VD FDSDFLWp j rWUH YDORULVDEOH YDORULVDWLRQ SRVVLEOH
5HF\FODJH
5pLQWURGXFWLRQ HIIHFWLYH G XQ GpFKHW GDQV XQ F\FOH GH SURGXFWLRQ HQ UHPSODFHPHQW WRWDO
RX SDUWLHO G XQH PDWLqUH SUHPLqUH YLHUJH UHF\FODJH GHV PDWpULDX[
/H UHF\FODJH SHXW LQWHUYHQLU GDQV OH PrPH F\FOH GH SURGXFWLRQ TXH OH SURGXLW G RULJLQH
FDV GX YHUUH RX GHV PpWDX[ UHF\FODJH HQ ERXFOH IHUPpH RX GDQV XQ F\FOH GLIIpUHQW
SRXU XQH SURGXFWLRQ JpQpUDOHPHQW PRLQV QREOH FDV QRWDPPHQW GX UHF\FODJH GHV
SODVWLTXHV j SOXV EDV QLYHDX GH SURSULpWpV UHF\FODJH HQ ERXFOH RXYHUWH
5pHPSORL
1RXYHO HPSORL GX GpFKHW SRXU XQ XVDJH DQDORJXH j FHOXL GH VD SUHPLqUH XWLOLVDWLRQ
UpHPSORL GH FHUWDLQV FRPSRVDQWV GH SURGXLWV pOHFWULTXHV RX pOHFWURQLTXHV «
5pXWLOLVDWLRQ
8WLOLVDWLRQ G XQ PDWpULDX UpFXSpUp SRXU XQ XVDJH GLIIpUHQW GH VRQ SUHPLHU HPSORL RX
LQWURGXFWLRQ GH FH PDWpULDX GDQV XQ DXWUH F\FOH GH SURGXFWLRQ TXH FHOXL GRQW LO HVW LVVX
6\VWqPH
(QVHPEOH GHV RSpUDWLRQV TXL FRQFRXUHQW j UHPSOLU OD IRQFWLRQ pWXGLpH /H V\VWqPH SHXW
rWUH VXEGLYLVp HQ SOXVLHXUV VRXVV\VWqPHV ,O SHXW FRPSUHQGUH WRXW RX SDUWLH GHV pWDSHV
TXL YRQW GH OD SURGXFWLRQ GH PDWLqUHV SUHPLqUHV MXVTX j O pOLPLQDWLRQ ILQDOH GX SURGXLW
3DJH
*ORVVDLUH
7UDLWHPHQW
& HVW O HQVHPEOH GHV RSpUDWLRQV TXL WUDQVIRUPHQW XQ GpFKHW FRPSRVWDJH WUL
YDORULVDWLRQ LQFLQpUDWLRQ WUDLWHPHQW SK\VLFRFKLPLTXH « HQ YXH VRLW G REWHQLU XQH
PDWLqUH SUHPLqUH VHFRQGDLUH VRLW GH GLPLQXHU OD WR[LFLWp LQLWLDOH GX GpFKHW
9DORULVDWLRQ PDWLqUH
7HUPH JpQpULTXH UHFRXYUDQW OH UpHPSORL OD UpXWLOLVDWLRQ OH UHF\FODJH OD UpJpQpUDWLRQ
GHV GpFKHWV 5pHPSORL HW UpXWLOLVDWLRQ QH VRQW QpDQPRLQV SDV WRXMRXUV GpVLJQpV FRPPH GHV
YDORULVDWLRQV PDWLqUH
9DORULVDWLRQ pQHUJpWLTXH
&RQVLVWH j XWLOLVHU OHV FDORULHV FRQWHQXHV GDQV XQ GpFKHW HQ OHV EUODQW HW HQ UpFXSpUDQW
O pQHUJLH DLQVL SURGXLWH VRXV IRUPH GH FKDOHXU RX G pOHFWULFLWp /D YDORULVDWLRQ
pQHUJpWLTXH SHXW rWUH UpDOLVpH HQ XVLQH G LQFLQpUDWLRQ HQ FLPHQWHULH «
3DJH
$QQH[HV
$11(;(6
6200$,5(
$11(;( *8,'( ' (175(7,(1 '( / e78'( (;3/25$72,5(
$11(;( &2037(5(1'8 '( / (148È7(
$11(;( /$ 5e*/(0(17$7,21 685 /(6 352'8,76 e/(&75,48(6 (7

e/(&7521,48(6 86$*e6 (1 (8523(
$11(;( '(9(1,5 '(6 /2*,&,(/6 ' e&2&21&(37,21 ,'(17,),e6
$11(;( 35e6(17$7,21 '8 /2*,&,(/ (&26&$1
$11(;( 32/,7,48( (19,5211(0(17$/( '( 3+,/,36
$11(;( 352*5$00( (&29,6,21 '( 3+,/,36
$11(;( (78'( '( %(1&+0$5.,1* (19,5211(0(17$/
$11(;( *8,'(/,1(6 &21&(37(85 (;75$,76 '(6 5Ë*/(6 *e1e5$/(6 '(

'e9(/233(0(17 ,17e*5$17 /( 3$5$0Ë75( (19,5211(0(17
$11(;( (;(03/( '( &+(&./,67 ' e9$/8$7,21 (19,5211(0(17$/(

3DJH
$QQH[H *XLGH G HQWUHWLHQ
$11(;(*8,'(' (175(7,(1'(/ (78'(

(;3/25$72,5(
/DFRQFHSWLRQGHVSURGXLWV
HW
O LQWpJUDWLRQGXSDUDPqWUH(QYLURQQHPHQW
,&DUWHG LGHQWLWpGHO HQWUHSULVH
• 3HUVRQQH UHQFRQWUpH 'DWH
• )RQFWLRQ
• 1RP GH O HQWUHSULVH
• $GUHVVH
• 6HFWHXU G DFWLYLWp (IIHFWLI 'DWH GH FUpDWLRQ
• )DLWHVYRXV SDUWLH G XQ JURXSH " /HTXHO "
• &KLIIUH G DIIDLUHV PR\HQ VXU DQV
• 5DQJ VXU OH PDUFKp SRXU O DFWLYLWp SULQFLSDOH
• (VWFH TXH YRV VLWHV VRQW GHV LQVWDOODWLRQV FODVVpHV " 6RQWLOV VRXPLV j GpFODUDWLRQ RX
DXWRULVDWLRQ "
«««««««««««««««««««««««««««««««««««««««««
3DJH
• (WHVYRXV FHUWLILpV HQ 4XDOLWp"

«««««««««««««««««««««««««««««««««««««««««
• $YH]YRXV UHoX GHV SUL[ RX GLVWLQFWLRQV HQ HQYLURQQHPHQW "

«««««««««««««««««««««««««««««««««««««««««
,,$FWLYLWpVGHO HQWUHSULVH
7\SHV GH SURGXLWV IDEULTXpV

«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
1RPEUH GH SURGXLWV GLIIpUHQWV ([LVWHWLO SOXVLHXUV JDPPHV GH SURGXLWV "

/HVTXHO OH V "
«««««««««««««««««««««««««««««««««««««««««
'XUpH GH YLH G XVDJH GHV SURGXLWV HQ PR\HQQH

«««««««««««««««««««««««««««««««««««««««««
'XUpH GH YLH FRPPHUFLDOH HQ PR\HQQH

«««««««««««««««««««««««««««««««««««««««««
&RPPHUFLDOLVH]YRXV YRXVPrPH YRV SURGXLWV "

«««««««««««««««««««««««««««««««««««««««««
,,,(QWUHSULVHHW(QYLURQQHPHQW
,,,3ROLWLTXHJpQpUDOHHQPDWLqUHG HQYLURQQHPHQW
'HSXLV TXDQG YRXV SUpRFFXSH]YRXV GH O LPSDFW GH YRV DFWLYLWpV VXU O HQYLURQQHPHQW "
(VWFH XQH LQLWLDWLYH SURSUH RX H[LJpH "
«««««««««««««««««««««««««««««««««««««««««
4XHOOH HVW YRWUH DSSURFKH YLVjYLV GH O HQYLURQQHPHQW " 7UDLWHPHQWV HQGRISLSH

GHV SROOXWLRQV HW QXLVDQFHV " 7HFKQRORJLHV SURSUHV " (FRSURGXLWV "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
3DJH
3RXU YRXV TXHOOHV QRWLRQV UHFRXYUH O H[SUHVVLRQ GpYHORSSHPHQW GXUDEOH "

«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
3RXUULH]YRXV SUpFLVHU OH SRLGV GH FKDFXQ GHV pOpPHQWV VXLYDQWV GDQV OD SULVH HQ

FRPSWH GH O HQYLURQQHPHQW SUHVVLRQV LQWHUQH HW H[WHUQHV
QXO IDLEOH PR\HQ IRUW
◊ OH VHFWHXU G DFWLYLWp
◊ OH JUDQG SXEOLF DVVRFLDWLRQV GLYHUVHV
◊ OHV FROOHFWLYLWpV WHUULWRULDOHV (WDW 5pJLRQ 'pSDUWHPHQW
◊ OH JURXSH
◊ OHV DFWLRQQDLUHV
◊ OD GLUHFWLRQ GH O HQWUHSULVH
◊ OH SHUVRQQHO
◊ OHV FOLHQWV
◊ OD EDQTXH
◊ OHV DVVXUDQFHV
◊ OD OpJLVODWLRQ
◊ OH ULVTXH pFRQRPLTXH SHUWH GH SDUWV GH PDUFKp
◊ O LPDJH GH PDUTXH
◊ DXWUH V j SUpFLVHU
&RPPHQW HVW RUJDQLVpH OD JHVWLRQ GH O HQYLURQQHPHQW GDQV YRWUH HQWUHSULVH " $YH]
YRXV
◊ XQ UHVSRQVDEOH HQYLURQQHPHQW "

✔ 0LVVLRQ "
✔ %XGJHW "
✔ 3ODFH GDQV O RUJDQLJUDPPH " (VWLO LQGpSHQGDQW "
◊ XQ GpSDUWHPHQW RX VHUYLFH HQYLURQQHPHQW "
✔ 7DLOOH "
✔ 0LVVLRQ "
◊ XQ FRPLWp G HQYLURQQHPHQW "
✔ 7DLOOH "
✔ 0LVVLRQ "
◊ XQ FRPLWp WHFKQLTXH G HQYLURQQHPHQW "
✔ 7DLOOH "
✔ 0LVVLRQ "
◊ XQH LQWpJUDWLRQ GH O HQYLURQQHPHQW ODLVVpH j O LQLWLDWLYH GHV VHUYLFHV RX
GpSDUWHPHQWV "
3DJH
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
/D TXDOLWp HVW GpMj ELHQ LPSODQWpH GDQV OHV HQWUHSULVHV 3HQVH]YRXV TXH
O HQYLURQQHPHQW GRLYH rWUH XQH GpPDUFKH VSpFLILTXH RX LQWpJUpH j OD TXDOLWp j OD
VpFXULWp "
«««««««««««««««««««««««««««««««««««««««««
$YH]YRXV XQ WDEOHDX GH ERUG HQYLURQQHPHQWDO VXUYHLOODQFH G XQ FHUWDLQ QRPEUH
G LQGLFDWHXUV HQYLURQQHPHQWDX[ "
«««««««««««««««««««««««««««««««««««««««««
&RPPHQW V HIIHFWXH OD VHQVLELOLVDWLRQ GX SHUVRQQHO j O HQYLURQQHPHQW "
«««««««««««««««««««««««««««««««««««««««««
4XHOV VRQW OHV PR\HQV GH FRPPXQLTXHU GDQV FH GRPDLQH "
«««««««««««««««««««««««««««««««««««««««««
$YH]YRXV GHV REMHFWLIV HQYLURQQHPHQWDX[ j FRXUW PR\HQ RX ORQJ WHUPH "
«««««««««««««««««««««««««««««««««««««««««
(QYLVDJH]YRXV XQH FHUWLILFDWLRQ ,62 SDU H[HPSOH " 3RXUTXRL "
«««««««««««««««««««««««««««««««««««««««««
%pQpILFLH]YRXV G DLGHV j O LQYHVWLVVHPHQW GDQV O HQYLURQQHPHQW HQ SDUWLFXOLHU HQ
PDWLqUH GH WHFKQRORJLHV SURSUHV HW G pFRSURGXLWV " 4XHOV W\SHV G DLGHV "
«««««««««««««««««««««««««««««««««««««««««
• 0DUFKp
,QWpJUH]YRXV O HQYLURQQHPHQW GDQV YRV DFWLRQV GH FRPPHUFLDOLVDWLRQ "
«««««««««««««««««««««««««««««««««««««««««
4XHOV W\SHV GH FOLHQWV DYH]YRXV "
«««««««««««««««««««««««««««««««««««««««««
• 4XHOV UDSSRUWV HQWUHWHQH]YRXV DYHF HX[ "
«««««««««««««««««««««««««««««««««««««««««
• 6XELVVH]YRXV GHV SUHVVLRQV " 4XHOOHV VRQW SDU H[HPSOH OHXUV H[LJHQFHV HQ PDWLqUH
G HQYLURQQHPHQW " &RPPHQW RQWHOOHV pYROXp FHV GHUQLqUHV DQQpHV "
3DJH
6HORQ OHV SD\V FOLHQWV TXHOOHV VRQW OHV SUHVVLRQV HQYLURQQHPHQWDOHV UHODWLYHV GH
FKDFXQ VXU XQH pFKHOOH GH j "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
4XHOV VRQW YRV FRQFXUUHQWV SULQFLSDX[ "
«««««««««««««««««««««««««««««««««««««««««
• (QWUHWHQH]YRXV H[FOXVLYHPHQW GHV UDSSRUWV GH FRQFXUUHQFH RX FRRSpUH]YRXV
SDUIRLV " 'H TXHOOH PDQLqUH "
«««««««««««««««««««««««««««««««««««««««««
• &RPPHQW YRXV VLWXH]YRXV SDU UDSSRUW j OD FRQFXUUHQFH HQ PDWLqUH G HQYLURQQHPHQW "
«««««««««««««««««««««««««««««««««««««««««
• $YH]YRXV GpMj FRPPXQLTXp DYHF YRV FRQFXUUHQWV VXU GHV SUREOqPHV
HQYLURQQHPHQWDX[ "
«««««««««««««««««««««««««««««««««««««««««
$YH]YRXV DLQVL GpMj VLJQp GHV DOOLDQFHV LQWUDVHFWRULHOOHV RX JOREDOHV "
«««««««««««««««««««««««««««««««««««««««««
)DLWHVYRXV SDUWLH GH FKDUWHV LQWUDVHFWRULHOOHV RX JOREDOHV "
«««««««««««««««««««««««««««««««««««««««««
• 6L QRQ SHQVH]YRXV TXH FHOD HVW SRVVLEOH HW VHULH]YRXV SUrW j OH IDLUH "
«««««««««««««««««««««««««««««««««««««««««
• 3RXU YRXV O HQYLURQQHPHQW HVWLO XQ PR\HQ HIILFDFH GH GLIIpUHQFLHU YRV SURGXLWV VXU OH
PDUFKp GH YRXV GpPDUTXHU GH OD FRQFXUUHQFH "
«««««««««««««««««««««««««««««««««««««««««
3HQVH]YRXV DLQVL TXH O HQYLURQQHPHQW FRQGLWLRQQH YRWUH SRVLWLRQ FRPSpWLWLYH IXWXUH "
«««««««««««««««««««««««««««««««««««««««««
• / HQYLURQQHPHQW HVWLO SRXU YRXV XQ PRWHXU GH O LQQRYDWLRQ "
«««««««««««««««««««««««««««««««««««««««««
3DJH
• 5pJOHPHQWDWLRQHW1RUPDOLVDWLRQ
&RPPHQW SUHQH]YRXV HQ FRPSWH OD OpJLVODWLRQ HQYLURQQHPHQWDOH"

«««««««««««««««««««««««««««««««««««««««««
&RPPHQW UpDJLVVH]YRXV YLVjYLV GHV OpJLVODWLRQV QDWLRQDOH HXURSpHQQH HW

LQWHUQDWLRQDOH "
«««««««««««««««««««««««««««««««««««««««««
9RXV WHQH]YRXV LQIRUPpV GHV pYROXWLRQV GH OD OpJLVODWLRQ " &RPPHQW "

«««««««««««««««««««««««««««««««««««««««««
(VVD\H]YRXV G DOOHU DXGHOj GHV REOLJDWLRQV PLQLPDOHV GH OD OpJLVODWLRQ

HQYLURQQHPHQWDOH "
(VVD\H]YRXV DLQVL GH SUpYRLU O pYROXWLRQ GHV UpJOHPHQWDWLRQV FRPSRUWHPHQW SURDFWLI
SOXW{W TXH UpDFWLI " 3RXUTXRL HW FRPPHQW "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
3DUWLFLSH]YRXV j GHV FRPPLVVLRQV QDWLRQDOHV RX LQWHUQDWLRQDOHV GH QRUPDOLVDWLRQ "

«««««««««««««««««««««««««««««««««««««««««
4XH SHQVH]YRXV GH OD PDQLqUH G pODERUHU GHV QRUPHV "

«««««««««««««««««««««««««««««««««««««««««
,,,5HFKHUFKH 'pYHORSSHPHQW
,,, &RQFHSWLRQ GHV SURGXLWV
(WHVYRXV FRQFHSWHXU RX DVVHPEOHXU "

«««««««««««««««««««««««««««««««««««««««««
4XHOOH HVW OD WDLOOH GH YRWUH VHUYLFH 5HFKHUFKH 'pYHORSSHPHQW "

«««««««««««««««««««««««««««««««««««««««««
(Q FH TXL FRQFHUQH OD FRQFHSWLRQ G XQ QRXYHDX SURGXLW TXHO W\SH GH IRQFWLRQQHPHQW

DGRSWH]YRXV " )RQFWLRQQH]YRXV FODVVLTXHPHQW GLYLVLRQ SDU PpWLHUV RX SDU JHVWLRQ
GH SURMHWV PpWLVVDJH GHV PpWLHUV SRXU XQ FRW REMHFWLI"
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
3DJH
'DQV OH FDV G XQ IRQFWLRQQHPHQW SDU SURMHW TXHOOH PpWKRGH GH WUDYDLO DYH]YRXV
LQJpQLHULH VLPXOWDQpH DQDO\VH GH OD YDOHXU "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
4XHO HVW OH SURFHVVXV GH FUpDWLRQ G XQ QRXYHDX SURGXLW "
◊ $ SDUWLU G XQ EHVRLQ
◊ $ SDUWLU GH O LGpH G XQ QRXYHDX SURGXLW
◊ $ SDUWLU G XQH pWXGH PDUNHWLQJ "
◊
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
4XHOOHV VRQW OHV GLIIpUHQWHV pWDSHV GX SURFHVVXV GH FRQFHSWLRQ G XQ SURGXLW "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
◊ (VWFH XQ SURFHVVXV VpTXHQWLHO RX FRQFRXUDQW "
«««««««««««««««««««««««««««««««««««««««««
◊ 5pDOLVH]YRXV XQH DQDO\VH IRQFWLRQQHOOH UpGDFWLRQ G XQ FDKLHU GHV FKDUJHV
IRQFWLRQQHO "
4XHOV DFWHXUV GH O HQWUHSULVH \ SDUWLFLSHQW "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
◊ 9DWLO MXVTX j O pODERUDWLRQ G XQ SURWRW\SH "
«««««««««««««««««««««««««««««««««««««««««
4XHOOHV VRQW OHV FRQWUDLQWHV SULQFLSDOHV GpODLV FRWV TXDOLWp VpFXULWp GDQV OH
GpYHORSSHPHQW GH YRV SURGXLWV " 4XH YLVH YRWUH RUJDQLVDWLRQ HQ SULRULWp "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
8WLOLVH]YRXV GHV ORJLFLHOV GH FRQFHSWLRQ W\SH &$2'$2 " /HVTXHOV " $ TXHO VWDGH GX
SURFHVVXV GH FRQFHSWLRQ HW FRPPHQW VRQWLOV XWLOLVpV "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
4XHOOH HVW OD GXUpH PR\HQQH GH GpYHORSSHPHQW G XQ QRXYHDX SURGXLW " 4XHO HVW OH
QRPEUH GH SHUVRQQHV FRQFHUQpHV"
«««««««««««««««««««««««««««««««««««««««««
3DJH
,,, / (QYLURQQHPHQW XQ QRXYHDX SDUDPqWUH j LQWpJUHU GDQV OD FRQFHSWLRQ "
4XH SHQVH]YRXV GHV pFRODEHOV " $YH]YRXV GHV SURGXLWV ODEHOOLVpV " 2QWLOV XQ LQWpUrW
FRPPHUFLDO "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
9RWUH HQWUHSULVH DWHOOH UpDOLVp RX HQYLVDJp XQH pWXGH G LPSDFWV HQYLURQQHPHQWDX[
G XQ RX SOXVLHXUV SURGXLWV " 4XHO W\SH G pWXGH " 8QH DQDO\VH GH F\FOH GH YLH "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• 3RXU TXHOOH V UDLVRQ V DYH]YRXV HQWUHSULV FH W\SH G pWXGH " 8WLOLVH]YRXV SDU
H[HPSOH GHV PDWpULDX[ GDQJHUHX[ UpJOHPHQWpV GDQV YRV SURGXLWV "
«««««««««««««««««««««««««««««««««««««««««
• $YH]YRXV IDLW DSSHO j XQH VRFLpWp H[WpULHXUH RX O DYH]YRXV UpDOLVpH YRXV PrPH"
«««««««««««««««««««««««««««««««««««««««««
• 4XHOOHV RQW pWp O pWHQGXH OD PpWKRGH OHV FRQFOXVLRQV HW OHV pYHQWXHOOHV
UHFRPPDQGDWLRQV "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• /H UDSSRUW G pWXGH DWLO pWp GLIIXVp " $XSUqV GH TXL HQ LQWHUQH HQ H[WHUQH "
«««««««««««««««««««««««««««««««««««««««««
• 4XHOOHV RQW pWp OHV UHWRPEpHV GH O pWXGH 4XHOOHV PHVXUHV FRQFUqWHV RQW pWp SULVHV
PRGLILFDWLRQV GHV SURFpGpV GH IDEULFDWLRQ VXEVWLWXWLRQ GH PDWpULDX[ j ULVTXH "
)RQWHOOHV O REMHW GH FRQWU{OHV SpULRGLTXHV DWWHVWDQW GH OHXU H[pFXWLRQ "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• 3HQVH]YRXV V\VWpPDWLVHU FH JHQUH G pWXGH " 3RXU WRXV OHV SURGXLWV "
«««««««««««««««««««««««««««««««««««««««««
• 8QH WHOOH pWXGH SHXWHOOH rWUH LQGLVSHQVDEOH DX ERQ FKRL[ GHV DFWLRQV j UpDOLVHU HQ
IDYHXU GH O HQYLURQQHPHQW "
«««««««««««««««««««««««««««««««««««««««««
3DJH
• 3HQVH]YRXV TXH O $QDO\VH GH &\FOH GH 9LH VRLW XQH ERQQH DSSURFKH SRXU LQWpJUHU
O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ " 3RXUTXRL "
«««««««««««««««««««««««««««««««««««««««««
$YH]YRXV UpDOLVp XQ LQYHQWDLUH H[KDXVWLI GHV PDWpULDX[ FRQWHQXV GDQV YRV SURGXLWV
DYHF
◊ OHXU WR[LFLWp
◊ OHXU pFRWR[LFLWp
◊ OHXU FRQIRUPLWp j OD UpJOHPHQWDWLRQ "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
/HV PHPEUHV GH YRWUH VHUYLFH 5HFKHUFKH 'pYHORSSHPHQW RQWLOV FRQVFLHQFH GH OHXU

UHVSRQVDELOLWp YLVjYLV GH O HQYLURQQHPHQW "
«««««««««««««««««««««««««««««««««««««««««
• 7UDYDLOOHQWLOV HQ FROODERUDWLRQ DYHF OH UHVSRQVDEOH HQYLURQQHPHQW " 4XHO W\SH GH

FROODERUDWLRQ " 3DUWLFLSHQWLOV DX FRPLWp G HQYLURQQHPHQW " 'H TXHOOH PDQLqUH "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• ,QWpJUH]YRXV DLQVL OHV ULVTXHV HW DVSHFWV HQYLURQQHPHQWDX[ GqV OH VWDGH GH OD

FRQFHSWLRQ "
«««««««««««««««««««««««««««««««««««««««««
➣ $X VHQV GH ULVTXHV HW DVSHFWV HQYLURQQHPHQWDX[

(VVHQWLHOOHPHQW DX QLYHDX GHV SURGXLWV PDLV DXVVL GHV SURFHVVXV GH IDEULFDWLRQ
◊ 3ROOXWLRQ GHV WURLV PLOLHX[

∗ DLU
∗ HDX
∗ VRO
◊ 1XLVDQFHV
∗ EUXLWV
∗ RGHXUV
∗ UD\RQQHPHQWV
◊ &RQVRPPDWLRQ GHV UHVVRXUFHV QDWXUHOOHV

∗ pQHUJLH
pQHUJLH UHQRXYHODEOH
pQHUJLH QRQ UHQRXYHODEOH
3DJH
9RXV LQWpUHVVH]YRXV j O pQHUJLH FRQWHQXH GDQV YRV GHPLSURGXLWV "
∗ PDWpULDX[
HQ SKDVH GH IDEULFDWLRQ GH WUDQVSRUW GLVWULEXWLRQ G XWLOLVDWLRQ GH ILQ GH YLH
◊ 9DORULVDWLRQ GHV SURGXLWV HW PDWpULDX[ HQ ILQ GH YLH
∗ GpPRQWDJH GpPDQWqOHPHQW EUR\DJH GHV SURGXLWV
∗ UpXWLOLVDWLRQ UHF\FODJH YDORULVDWLRQ pQHUJpWLTXH YDORULVDWLRQ PDWLqUH
GHV PDWpULDX[
• (VWFH XQH GpPDUFKH YRORQWDLUH RX H[LJpH " 3DU TXL "
«««««««««««««««««««««««««««««««««««««««««
• $YH]YRXV VLQRQ O LQWHQWLRQ GH OH IDLUH SURFKDLQHPHQW " 3RXUTXRL "
«««««««««««««««««««««««««««««««««««««««««
$X QLYHDX GH YRV SURGXLWV DYH]YRXV LQWpJUp FHUWDLQV SULQFLSHV DILQ GH SUHQGUH HQ
FRPSWH OH SDUDPqWUH HQYLURQQHPHQWDO " (Q G DXWUHV WHUPHV DYH]YRXV FKRLVL GHV D[HV
VWUDWpJLTXHV G pFRFRQFHSWLRQ "
«««««««««««««««««««««««««««««««««««««««««
• 4XHOOHV VRQW OHV D[HV VWUDWpJLTXHV G pFRFRQFHSWLRQ TXL YRXV SDUDLVVHQW OHV SOXV
SHUWLQHQWV "
6pOHFWLRQ GH PDWpULDX[ OHV PRLQV LPSDFWDQWV
∗ PRLQV WR[LTXHV PRLQV GDQJHUHX[
∗ UHQRXYHODEOHV
∗ SHX pQHUJLYRUHV
∗ UHF\FOpV
∗ UHF\FODEOHV
∗ UpGXFWLRQ GH OD PDVVH
∗ UpGXFWLRQ GX YROXPH
∗ WHFKQLTXHV GH SURGXFWLRQ DOWHUQDWLYHV
∗ PRLQV G pWDSHV GH SURGXFWLRQ
∗ FRQVRPPDWLRQ G pQHUJLH PLQLPDOH
∗ PRLQV GH SURGXFWLRQ GH GpFKHWV
2SWLPLVDWLRQ GX V\VWqPH GH GLVWULEXWLRQ
∗ HPEDOODJHV UpXWLOLVDEOHV SOXV SURSUHV HW PRLQV QRPEUHX[ RX YROXPLQHX[
3DJH
∗ PRGHV GH WUDQVSRUW PRLQV pQHUJLYRUHV
5pGXFWLRQ GHV LPSDFWV GHV SURGXLWV HQ SKDVH G XWLOLVDWLRQ

∗ PRLQV GH FRQVRPPDWLRQ pQHUJpWLTXH
∗ VRXUFHV G pQHUJLH SOXV SURSUHV HW UHQRXYHODEOHV
∗ PRLQV GH EHVRLQV HQ pQHUJLH QRQ UHQRXYHODEOH
2SWLPLVDWLRQ GH OD GXUpH GH YLH GHV SURGXLWV

∗ GXUDELOLWp HW ILDELOLWp
∗ PDLQWHQDQFH HW UpSDUDWLRQV IDFLOLWpHV
∗ VWUXFWXUH PRGXODLUH GHV SURGXLWV
∗ IRUW OLHQ SURGXLWFRQVRPPDWHXU
2SWLPLVDWLRQ GH OD ILQ GH YLH GHV SURGXLWV

∗ 'pVDVVHPEODJH GHV SURGXLWV
∗ UpXWLOLVDWLRQ GHV SURGXLWV
∗ UHIDEULFDWLRQUHPLVH j QHXI
∗ UHF\FODJH GHV PDWpULDX[ IDFLOLWp SDU OHXU PDUTXDJH
∗ LQFLQpUDWLRQ SOXV VUH
'pYHORSSHPHQW G XQ QRXYHDX FRQFHSW 0RGLILFDWLRQ GH OD IDoRQ GH SHQVHU

∗ GpPDWpULDOLVDWLRQ
∗ SDUWDJH GH O XWLOLVDWLRQ GHV SURGXLWV
∗ LQWpJUDWLRQ GH QRXYHOOHV IRQFWLRQV
∗ RSWLPLVDWLRQ IRQFWLRQQHOOH GHV SURGXLWV
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• $ TXHO QLYHDX GX SURFHVVXV GH FRQFHSWLRQ OHV LQWpJUH]YRXV "

«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• 3DU TXL HW FRPPHQW FHV SULQFLSHV RX VWUDWpJLHV VRQWLOV LQFOXV GDQV OH FDKLHU GHV
FKDUJHV " /H VHUYLFH HQYLURQQHPHQW DWLO XQ U{OH j MRXHU " $WLO XQH VLPSOH YRL[
FRQVXOWDWLYH RX XQ U{OH GpWHUPLQDQW "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
3DJH
• ([LVWHWLO GHV PR\HQV GH SUHVVLRQ SRXU LPSRVHU GH QRXYHOOHV UqJOHV "
«««««««««««««««««««««««««««««««««««««««««
• 4XHOV VRQW OHV REVWDFOHV UHQFRQWUpV WHFKQLTXH ILQDQFLHU FXOWXUHO "
«««««««««««««««««««««««««««««««««««««««««
• < DWLO GHV FRPSURPLV j IDLUH" /HVTXHOV "
«««««««««««««««««««««««««««««««««««««««««
8WLOLVH]YRXV GHV OLVWHV GH PDWpULDX[ j SURVFULUH RX GRQW LO IDXW OLPLWHU O XWLOLVDWLRQ "
«««««««««««««««««««««««««««««««««««««««««
([LVWHWLO GHV FRQWUDLQWHV GH IDEULFDWLRQ OLPLWDQW OH QRPEUH GH SRVVLELOLWpV G LQWpJUHU
DX PLHX[ O HQYLURQQHPHQW QpFHVVLWp GH PRGLILHU FRPSOqWHPHQW GHV V\VWqPHV GH
IDEULFDWLRQ HQWUDvQDQW DLQVL GH JURV LQYHVWLVVHPHQWV RXHW GHV WUDQVIHUWV GH SROOXWLRQ
SUREOqPHV GH FRW GH SROOXWLRQ DOORQJHPHQW GHV WHPSV GH IDEULFDWLRQ SUREOqPHV GH
GpODLV "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
/HV LQYHVWLVVHPHQWV GDQV O HQYLURQQHPHQW RQWLOV XQH LQFLGHQFH VXU OH SUL[ GH YHQWH GH
YRV SURGXLWV " 4XHOV DUJXPHQWV DYDQFH]YRXV DILQ GH IDFLOLWHU OHXU YHQWH "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
$YH]YRXV HVWLPp OH JDLQ pFRQRPLTXH RX G LPDJH SRWHQWLHO j SOXV RX PRLQV ORQJ
WHUPH REWHQX JUkFH j OD SULVH HQ FRPSWH GH O HQYLURQQHPHQW GqV OD FRQFHSWLRQ "
«««««««««««««««««««««««««««««««««««««««««
(Q G DXWUHV WHUPHV O LQWpJUDWLRQ GH OD YDOHXU YHUWH GDQV XQ SURGXLW HVWFH XQH
FRQWUDLQWH WHFKQLTXH ILQDQFLqUH RX XQH RSSRUWXQLWp XQH FKDQFH "
«««««««««««««««««««««««««««««««««««««««««
9RV IRXUQLVVHXUV HW FRVRXVWUDLWDQWV VRQWLOV VHQVLELOLVpV j O HQYLURQQHPHQW "
«««««««««««««««««««««««««««««««««««««««««
• ([LJH]YRXV G HX[ GH ERQQHV SHUIRUPDQFHV HQYLURQQHPHQWDOHV " 4XHOOHV UqJOHV
SULQFLSDOHV OHXU LPSRVH]YRXV " 4XH OHXU VXJJpUH]YRXV "
«««««««««««««««««««««««««««««««««««««««««
3DJH
'LVSRVH]YRXV G XQ PDQXHO JXLGH SDSLHU GH FRQFHSWLRQ HQYLURQQHPHQWDOH " 6L

RXL O XWLOLVH]YRXV " &RPPHQW "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• 9RXV HQ DYH] XQ PDLV QH O XWLOLVH] SDV RX PDO SRXUTXRL "

«««««««««««««««««««««««««««««««««««««««««
• )LQGHYLHGHVSURGXLWV
9RXV LPSRVH]YRXV XQH UHVSRQVDELOLWp YLVjYLV GH YRV SURGXLWV GX EHUFHDX j OD

WRPEH "
«««««««««««««««««««««««««««««««««««««««««
9RXV SUpRFFXSH]YRXV GH OD ILQ GH YLH GHV SURGXLWV XVDJpV "

6L RXL DYH]YRXV RUJDQLVp OD FROOHFWH GH FHV SURGXLWV HW OHXU WUDLWHPHQW "
«««««««««««««««««««««««««««««««««««««««««
< DWLO GHV UHWRXUV G LQIRUPDWLRQ G H[SpULHQFH GH O DYDO j O DPRQW GHV ILOLqUHV SURGXLWV
"
«««««««««««««««««««««««««««««««««««««««««
• (WHVYRXV DLQVL RUJDQLVp SDU ILOLqUH GX FRQFHSWHXU SURGXFWHXU DX UHF\FOHXU 3URMHW

$FFRUG&DGUH '(6*(25*(6 " 5pIOH[LRQ VXU GHV ILOLqUHV GH YDORULVDWLRQ GHV
SURGXLWV HQ ILQ GH YLH "
«««««««««««««««««««««««««««««««««««««««««
• 3HQVH]YRXV TXH FH W\SH GH FRQFHUWDWLRQ SDU ILOLqUH VRLW LQGLVSHQVDEOH j OD UpVROXWLRQ

GHV SUREOqPHV HQYLURQQHPHQWDX[ SRVpV SDU OHV SURGXLWV "
«««««««««««««««««««««««««««««««««««««««««
• 4XHOOHV VRQW OHV FRQVpTXHQFHV VXU OD FRQFHSWLRQ RX UHFRQFHSWLRQ GHV SURGXLWV"

«««««««««««««««««««««««««««««««««««««««««
&HV SURGXLWV RQW pWp FRQoXV LO \ D YRLUH DQV ,OV Q RQW SRXU OD PDMRULWp SDV pWp
FRQoXV GDQV O REMHFWLI GH IDFLOLWHU OHXU WUDLWHPHQW HQ ILQ GH YLH 3HQVH]YRXV TXH F HVW
LQGLVSHQVDEOH DXMRXUG KXL " 3RXUTXRL "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
3DJH
4XH SHQVH]YRXV GH OD GpFLVLRQ GDQV OD ORL VXU OHV GpFKHWV GX GH OLPLWHU
OD PLVH HQ GpFKDUJH DX[ VHXOV GpFKHWV XOWLPHV j FRPSWHU GX F HVWjGLUH
GHPDLQ "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• 3URVSHFWLYH
&RQQDLVVH]YRXV GHV RXWLOV SHUPHWWDQW O LQWpJUDWLRQ GH OD YDOHXU (QYLURQQHPHQW GDQV OD

FRQFHSWLRQ" &RPPHQW HQ DYH]YRXV HQWHQGX SDUOHU " /HVTXHOV XWLOLVH]YRXV "
«««««««««««««««««««««««««««««««««««««««««
&RQQDLVVH]YRXV O DYDQWSURMHW GH OD QRXYHOOH QRUPH $)125 1) ; FRQFHUQDQW

OD SULVH HQ FRPSWH GH O HQYLURQQHPHQW GDQV OD FRQFHSWLRQ HW OH GpYHORSSHPHQW GHV
SURGXLWV 3ULQFLSHV JpQpUDX[ HW DSSOLFDWLRQ "
• 4XH SHQVH]YRXV GH VRQ FRQWHQX "

«««««««««««««««««««««««««««««««««««««««««
• 9RXV SDUDvWLO VXIILVDPPHQW H[SOLFLWH "
«««««««««««««««««««««««««««««««««««««««««
• 9RXV GRQQHWLO GHV OLJQHV GLUHFWULFHV VDWLVIDLVDQWHV "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
4XHO JHQUH G RXWLO VHUDLW SRXU YRXV OH SOXV HIILFDFH SRVVLEOH SRXU SUHQGUH HQ FRPSWH
GHV FULWqUHV GX W\SH VpOHFWLRQ GHV PDWpULDX[ SULVH HQ FRPSWH GH OD ILQ GH YLH
GLPLQXWLRQ GH O pQHUJLH FRQWHQXH RX FRQVRPPpH "
«««««««««««««««««««««««««««««««««««««««««
• 6RXV TXHOOH IRUPH GRLWLO GH SUpIpUHQFH VH SUpVHQWHU OLJQHV GLUHFWULFHV PDQXHO

ORJLFLHO "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• $ TXHO QLYHDX GX SURFHVVXV GH FRQFHSWLRQ IDXGUDLWLO O LQWpJUHU "

«««««««««««««««««««««««««««««««««««««««««
4XHOOHV VRQW YRV EHVRLQV VSpFLILTXHV " 9RV DWWHQWHV "

«««««««««««««««««««««««««««««««««««««««««
3DJH
%LHQ DXGHOj GH O RXWLO QH IDXWLO SDV UHSHQVHU O RUJDQLVDWLRQ GHV DFWHXUV LQGXVWULHOV
SRXU LQWpJUHU DX PLHX[ FHW RXWLO "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• 1H GRLW RQ SDV HQWLqUHPHQW UHYRLU OHV PpWKRGRORJLHV GH WUDYDLO HW OHV PRGHV GH
SHQVpH SRXU UpXVVLU OH FKDOOHQJH GH O pFRFRQFHSWLRQ "
«««««««««««««««««««««««««««««««««««««««««
• &RPPHQW SURFpGHU VHORQ YRXV "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
• ,QIRUPDWLRQ
6XLYH]YRXV UpJXOLqUHPHQW O DYDQFpH GHV WHFKQRORJLHV HQ PDWLqUH G HQYLURQQHPHQW "
«««««««««««««««««««««««««««««««««««««««««
4XH SHQVH]YRXV GH O LQIRUPDWLRQ RX GHV FRQVHLOV H[WpULHXUV GLVSRQLEOHV SRXU YRXV
DLGHU j SUHQGUH HQ FRPSWH OH SDUDPqWUH HQYLURQQHPHQW GqV OH VWDGH GH OD FRQFHSWLRQ "
«««««««««««««««««««««««««««««««««««««««««
4XHOOHV VRQW YRV DWWHQWHV "
«««««««««««««««««««««««««««««««««««««««««
(WHVYRXV DERQQpV j GHV PDJD]LQHV MRXUQDX[ VSpFLDOLVpV HQ HQYLURQQHPHQW HW SOXV
SDUWLFXOLqUHPHQW HQ pFRFRQFHSWLRQ -RXUQDO RI ,QGXVWULDO (FRORJ\ 86$ -RXUQDO RI

6XVWDLQDEOH 3URGXFW 'HVLJQ 8. "
«««««««««««««««««««««««««««««««««««««««««
(WHVYRXV UHOLpV j GHV UpVHDX[ GH FRQQDLVVDQFHV W\SH ,QWHUQHW UpVHDX LQWHUQH
,QWUDQHW EDVHV GH GRQQpHV "
«««««««««««««««««««««««««««««««««««««««««
• 6L RXL XWLOLVH]YRXV FHV PR\HQV G LQIRUPDWLRQ UpJXOLqUHPHQW " &RPPHQW "
«««««««««««««««««««««««««««««««««««««««««
• < WURXYH]YRXV OHV LQIRUPDWLRQV UHFKHUFKpHV "
«««««««««««««««««««««««««««««««««««««««««
3DUWLFLSH]YRXV j GHV UpXQLRQV G LQIRUPDWLRQ GHV FRQIpUHQFHV ZRUNVKRSV VSpFLILTXHV
DX FRQFHSW G pFRFRQFHSWLRQ " (Q )UDQFH " $ O pWUDQJHU "
«««««««««««««««««««««««««««««««««««««««««
3DJH
• 'H TXHOV W\SHV GH PDQLIHVWDWLRQV V DJLWLO "

• 3DU TXL VRQWHOOHV RUJDQLVpHV "
• &RPPHQW HQ rWHVYRXV LQIRUPpV "
• /HV MXJH]YRXV XWLOHV "
• 3HQVH]YRXV TX LO IDXGUDLW OHV PXOWLSOLHU "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
)DLWHVYRXV SDUWLH G XQ V\QGLFDW SURIHVVLRQQHO " /HTXHO " 9RXV IRXUQLWLO GHV
LQIRUPDWLRQV HQ PDWLqUH G pFRFRQFHSWLRQ "
«««««««««««««««««««««««««««««««««««««««««
(WHVYRXV DVVRFLpV DYHF G DXWUHV HQWUHSULVHV GX PrPH V\QGLFDW RX YRV FRQFXUUHQWV

DILQ GH SDUWDJHU GHV VDYRLUIDLUH HQ pFRFRQFHSWLRQ "
«««««««««««««««««««««««««««««««««««««««««
&RPPHQW OHV FRQFHSWHXUV VRQWLOV VHQVLELOLVpV j O HQYLURQQHPHQW "
• 5HoRLYHQWLOV XQH IRUPDWLRQ SDUWLFXOLqUH RX VRQWLOV DVVLVWpV G H[SHUWV HQ

HQYLURQQHPHQW "
«««««««««««««««««««««««««««««««««««««««««
• 'DQV OH FDV G H[SHUWV VRQWLOV LQWHUQHV RX H[WHUQHV j O HQWUHSULVH "

«««««««««««««««««««««««««««««««««««««««««
&RQQDLVVH]YRXV OHV JURXSHV GH WUDYDLO W\SH FHUFOHV G HQYLURQQHPHQW "

«««««««««««««««««««««««««««««««««««««««««
3RXU YRXV TXHOOH VWUXFWXUH RUJDQLVDWLRQQHOOH SDUDvW OD SOXV DGDSWpH SRXU YpKLFXOHU DX
PLHX[ OHV LQIRUPDWLRQV QpFHVVDLUHV SDUPL WRXV OHV PHPEUHV GX SHUVRQQHO LPSOLTXpV
GDQV XQ SURMHW GH FRQFHSWLRQ "
«««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««
3DJH
$QQH[H &RPSWHUHQGX GH O HQTXrWH
$11(;(&2037(5(1'8'(/ (148(7(
/(6 (175(35,6(6 (7 / (&2&21&(37,21 &203257(0(176 '$16 /(

'20$,1( (/(&75,48( (7 (/(&7521,48(
(QTXrWH UpDOLVpH GX DRW DX GpFHPEUH
6200$,5(
,1752'8&7,21

/(6 (175(35,6(6 9,6,7e(6
/(6 35,1&,3$8; )$&7(856 '( /$ 35,6( (1 &2037( '( /·(19,5211(0(17 '$16
/$ &21&(37,21 '(6 352'8,76
,17e*5$7,21 '8 3$5$0Ë75( (19,5211(0(17$/ '$16 /$ 'e0$5&+( '(
&21&(37,21 25*$1,6$7,21
326,7,211(0(17 (7 5Ñ/( '8 3(56211(/ / ,17(5)$&( (19,5211(0(17
352'8,76
,1)250$7,21 (7 )250$7,21 '(6 &21&(37(856
,03/,&$7,21 '(6 )2851,66(856 (7 5(&<&/(856 $3352&+( 3$5 ),/,Ë5(
/HVIRXUQLVVHXUV
/HVUHF\FOHXUV
1,9($8 '( 35,6( (1 &2037( '( /·(19,5211(0(17 '$16 /( 352&(6686 '(
&21&(37,21
35263(&7,9( 7<3( '·25*$1,6$7,21 '8 75$9$,/
,17e*5$7,21 '8 3$5$0Ë75( (19,5211(0(17$/ '$16 /$ 'e0$5&+( '(

&21&(37,21 02<(16
(78'(6 (19,5211(0(17$/(6 25,(17e(6 352'8,76
35e2&&83$7,21 '( /$ ),1 '( 9,( '(6 352'8,76
675$7e*,(6 ' e&2&21&(37,21
3DJH
287,/6 &21186 (7 87,/,6e6

35263(&7,9( 7<3(6 ' 287,/6 1e&(66$,5(6 '$16 81( 'e0$5&+( ' e&2
&21&(37,21
3DJH
,1752'8&7,21
/HVHQWUHSULVHVYLVLWpHV
'RPDLQH 3HUVRQQH V
(QWUHSULVHV *URXSH 3URGXLWV
G·DFWLYLWp UHQFRQWUpH V
$SSDUHLOODJH pOHFWULTXH
G LQVWDOODWLRQ %7
• 7DEOHDX[ GH
/(*5$1' GLVWULEXWLRQ 5HVSRQVDEOH

(/(&75,&,7( /(*5$1' )
%DJQROHW • 'LVMRQFWHXUV (QYLURQQHPHQW 3URGXLWV
• 3ULVHV GH FRXUDQW
• ,QWHUUXSWHXUV
• 7UDQVIRUPDWHXUV %7
0DFKLQHV pOHFWULTXHV
$%% ,QGXVWULH
WRXUQDQWHV 5HVSRQVDEOH
&KDPSDJQH $%%
• $V\QFKURQHV (QYLURQQHPHQW 6LWH

VXU6HLQH
(/(&752
• 6\QFKURQHV
0(&$1,48(
-(80217
6&+1(,'(5 7UDQVIRUPDWHXUV GH
6&+1(,'(5 'LUHFWHXU 7HFKQLTXH
) SXLVVDQFH
/\RQ
• 7pOpYLVLRQV
• 0DJQpWRVFRSHV
&203$*1,( • &DPpVFRSHV
'LUHFWHXU 7HFKQLTXH HW
)5$1d$,6( • 5DVRLUV pOHFWULTXHV

3+,/,36 1/ 'LUHFWHXU
3+,/,36 • %DODGHXUV
'pYHORSSHPHQW 4XDOLWp
6XUHVQHV
• 7pOpSKRQHV
• 0DWpULHO PpGLFDO
• 0DWpULHO G pFODLUDJH
•
'LUHFWHXU GHV VHUYLFHV
(/(&7521,48(
7(;$6 6HPLFRQGXFWHXUV
WHFKQLTXHV )UDQFH
•
7(;$6
,167580(176 '63 6HUYLFHV
,167580(176 5HVSRQVDEOH )(6+

9LOOHQHXYH • &DOFXODWULFHV
86$ )DFLOLW\ (QYLURQPHQWDO
/RXEHW
• -HX[
6HFXULW\ DQG +HDOWK
• 7pOpYLVLRQV
7+20621
7+20621 6$ • $XGLR
0XOWLPpGLD *UHHQ 79 0DQDJHU
) • 9LGpR PDJQpWRVFRSHV
$QJHUV
• &RPPXQLFDWLRQV
««
3DJH
'RPDLQH 3HUVRQQH V
(QWUHSULVHV *URXSH 3URGXLWV
G·DFWLYLWp UHQFRQWUpH V
6XU OH VLWH GH /D *DXGH

1HWZRUN +DUGZDUH /HDGHUVKLS &UHDWRU HW
'LYLVLRQ ,QJpQLHXU %XUHDX
,%0
,%0 86$ • 3URGXLWV GH UpVHDX[ G·pWXGH
/D *DXGH
ORFDX[ GpYHORSSHPHQW
• 3URGXLWV GH JUDQGV PpFDQLTXH
UpVHDX[
• 3URGXLWV 'HVNWRS GX
&RQVXOWDQW
',*,7$/ 3& j OD VWDWLRQ GH WUDYDLO
,1)250$7,48( (QYLURQQHPHQW ²
$QQHF\OH ',*,7$/ 86$ • 6HUYHXUV
&RUSRUDWH 3URGXFW
9LHX[ • 0RELOHV DFFHVVRLUHV
6WHZDUGVKLS
GH UpVHDX[
• 3& EDV PLOLHX HW KDXW

GH JDPPH
+(:/(77 &RUSRUDWH 3URGXFW
• ,PSULPDQWHV
3$&.$5' +3 86$ 6WHZDUGVKLS GLYLVLRQ
• $SSDUHLOODJH GH PHVXUH
(\EHQV 3&
GH ODERUDWRLUH
• $SSDUHLOODJH PpGLFDO
• /DYHOLQJH ODYH
YDLVVHOOH VqFKHOLQJH
• )RXU IRXU j PLFUR 'LUHFWHXU GHV 5HODWLRQV
(/(&752 %5$1'7 5XHLO RQGHV 7HFKQLTXHV FKDUJp
%5$1'7 ,
0(1$*(5 0DOPDLVRQ • &XLVLQLqUH WDEOH GH GHV TXHVWLRQV
FXLVVRQ G (QYLURQQHPHQW
• 5pIULJpUDWHXU
FRQJpODWHXU
/LVWH GHV HQWUHSULVHV HQTXrWpHV
7RXWHV OHV HQWUHSULVHV RQW XQH GpPDUFKH GH FRQFHSWLRQ SDU JHVWLRQ GH SURMHWV © /H
SUREOqPH FKRLVLW O·pTXLSH ª 7, HW XWLOLVHQW OHV PpWKRGHV G·DQDO\VH GH OD YDOHXU ,%0
RX FRQFHSWLRQ SRXU XQ FRW REMHFWLI $%% ,QGXVWULH RX HQFRUH LQJpQLHULH VLPXOWDQpH FDV
GX SURFHVV GH FRQFHSWLRQ GH SURGXLW FKH] 3+,/,36 3&3 3URGXFW &UHDWLRQ 3URFHVV
/H SURFHVVXV GH FUpDWLRQ G XQ SURGXLW SHXW GpEXWHU GH SOXVLHXUV PDQLqUHV SRVVLEOHV
j SDUWLU G XQH pWXGH GH PDUFKp SHUPHWWDQW G LGHQWLILHU OHV EHVRLQV GH OD FOLHQWqOH OHV
DFWLYLWpV GH OD FRQFXUUHQFH OHV GpODLV GH SURGXFWLRQ OH SUL[ GH YHQWH DILQ G pODERUHU OH
SURGXLW DGpTXDW j SDUWLU GHV VSpFLILFDWLRQV LGHQWLILpHV
3DJH
j SDUWLU GH O LGpH G XQ QRXYHDX SURGXLW VXLYLH G XQH pWXGH GH PDUFKp SHUPHWWDQW GH
FRQVWDWHU VL OH SURMHW HVW YLDEOH
$ O LQVWDU GH ',*,7$/ OHV GLIIpUHQWHV SKDVHV GX SURFHVVXV GH GpYHORSSHPHQW G XQ
SURGXLW SRXU OD SOXSDUW GHV HQWUHSULVHV VRQW OHV VXLYDQWHV
∗ GHVFULSWLRQ PDUNHWLQJ
∗ VSpFLILFDWLRQ WHFKQLTXH
∗ GpYHORSSHPHQW
∗ UpDOLVDWLRQ G XQ SURWRW\SH HW YDOLGDWLRQ
∗ SUpSDUDWLRQ GX SURGXLW GDQV VD YHUVLRQ ILQDOH
/HV ORJLFLHOV GH FRQFHSWLRQ XWLOLVpV SDU OHV HQWUHSULVHV VRQW WUqV GLYHUV HW ELHQ FLEOpV VXU
OHV GLYHUVHV DFWLYLWpV (8&/,' /(*5$1' XWLOLVp SRXU OHV SURGXLWV HW OHV RXWLOV
$872&$' $%% ,QGXVWULH 3UR(QJLQHHU -(80217 6&+1(,'(5 7UDQVIRUPDWHXUV VDQV
FRPSWHU OHV ORJLFLHOV VSpFLDOLVpV GDQV OH GRPDLQH GH O DFRXVWLTXH GH OD YLEUDWLRQ
%5$1'7 HW ELHQ GDYDQWDJH HQFRUH WHO TXH &$7,$ GpYHORSSp SDU OD VRFLpWp
'$66$8/7
/HV SULQFLSDX[ IDFWHXUV GH OD SULVH HQ FRPSWH GH

O·HQYLURQQHPHQWGDQVODFRQFHSWLRQGHVSURGXLWV
' XQH PDQLqUH JpQpUDOH RQ VH UHQG FRPSWH TXH OHV HQWUHSULVHV GHV GRPDLQHV
pOHFWULTXHV HW pOHFWURQLTXHV VRQW HQ DYDQFH GDQV OD UpIOH[LRQ HQYLURQQHPHQWDOH SDU
UDSSRUW j OHXUV SURGXLWV HW FH SRXU SOXVLHXUV UDLVRQV
◊ OH YROXPH HW OD PDVVH LPSRUWDQWV GH SURGXLWV HQ ILQ GH YLH LO HVW HQ HIIHW XUJHQW GH
WURXYHU GHV VROXWLRQV SRXU DPpOLRUHU OHXU YDORULVDWLRQ HW pYLWHU G DEXVLYHV PLVHV HQ
GpFKDUJH SXLVTX HQ VHXOV OHV GpFKHWV XOWLPHV QH VHURQW DFFHSWpV GDQV OHV
FHQWUHV G HQIRXLVVHPHQW
◊ OD FRPSOH[LWp PrPH GHV SURGXLWV
' DSUqV OH 5HVSRQVDEOH (QYLURQQHPHQW 3URGXLWV G +3 GLYLVLRQ 3& F HVW XQ VHFWHXU GH
SUpGLOHFWLRQ SRXU OHV JRXYHUQHPHQWV HW OHV RUJDQLVPHV UpJOHPHQWDLUHV /HV SURGXLWV
VRQW GHV SURGXLWV SKDUHV YHQGXV HQ JUDQGH TXDQWLWp HW FRQVWLWXDQW GHV FDVWHVWV LGpDX[
/HV IDFWHXUV LQIOXHQoDQW OD SULVH HQ FRPSWH GH O· HQYLURQQHPHQW GDQV OH IRQFWLRQQHPHQW
GH O· HQWUHSULVH HW SDUWLFXOLqUHPHQW OD FRQFHSWLRQ GH SURGXLWV SUHVVLRQV LQWHUQHV HW
H[WHUQHV SHXYHQW YDULHU FHSHQGDQW HQWUH OHV JURXSHV G HQWUHSULVHV
pOHFWULFLWppOHFWURPpFDQLTXH pOHFWURQLTXH LQIRUPDWLTXH pOHFWURPpQDJHU
3DJH
✔ 3RXU OD SOXSDUW GHV HQWUHSULVHV YLVLWpHV OD OpJLVODWLRQ HVW XQ IRUW GULYHU

SULQFLSDOHPHQW SRXU OD SULVH HQ FRPSWH JpQpUDOH GH O HQYLURQQHPHQW DSSURFKH VLWH
SRXU FH TXL FRQFHUQH O DSSURFKH SURGXLW OH *UHHQ 79 0DQDJHU GH 7+20621
0XOWLPpGLD WLHQW WRXWHIRLV j VRXOLJQHU TX HOOH HVW HQFRUH IDLEOH SDUWLFXOLqUHPHQW HQ
)UDQFH © HOOH QH IDLW TX HQWpULQHU XQH VLWXDWLRQ ª
&HW DYLV HVW UHQIRUFp SDU OHV SURSRV GX 'LUHFWHXU 7HFKQLTXH GH 3+,/,36 )UDQFH SRXU
TXL LO UHVWH EHDXFRXS j IDLUH DX QLYHDX HXURSpHQ HQ PDWLqUH GH UpJOHPHQWDWLRQ GHV
PDWpULDX[ VHXOV OHV &)& HW +&)& RQW IDLW O·REMHW GH WUDYDX[ LQWHUQDWLRQDX[ TXH GLUH
SRXU OH PHUFXUH OH SORPE OH FDGPLXP "
/D )UDQFH IDLW GH SOXV SDUWLH GHV SD\V TXL DFFXVHQW XQ pQRUPH UHWDUG GDQV
O·LQWpJUDWLRQ GHV GLUHFWLYHV HXURSpHQQHV GDQV OHXU UpJOHPHQWDWLRQ QDWLRQDOH
'DQV O·HQVHPEOH WRXWHV OHV HQWUHSULVHV UHQFRQWUpHV VDXI -(80217 6&+1(,'(5

7UDQVIRUPDWHXUV HW $%% ,QGXVWULH VRQW UHSUpVHQWpHV GDQV GHV FRPPLVVLRQV
QDWLRQDOHV RX LQWHUQDWLRQDOHV GH QRUPDOLVDWLRQ
JpQpUDOHV $)125 &(1 ,62
VSpFLILTXHV (&0$ (XURSHDQ EDVH WR &RPSXWHU 0DQXIDFWXUHU $VVRFLDWLRQ
',*,7$/ &(0$7(& *URXSHPHQW ,QWHUQDWLRQDO GHV IDEULFDQWV GH VHPL
FRQGXFWHXUV 7,
HW GHV FRPPLVVLRQV GH UpJOHPHQWDWLRQ HQ PDWLqUH G HQYLURQQHPHQW (OOH SHXYHQW

DLQVL IDLUH XQH YHLOOH UpJOHPHQWDLUH DFWLYH DQWLFLSHU JUDQGHPHQW OHV GLUHFWLYHV
FRPSRUWHPHQW SURDFWLI HW HVVD\HU GH UHQGUH OHV WH[WHV FHQVpV HW FRPSDWLEOHV DYHF
OH PLOLHX LQGXVWULHO
/·DQWLFLSDWLRQ j GHX[ RX WURLV DQV VXU OHV WH[WHV GH ORL SHUPHW G·LQWpJUHU
SURJUHVVLYHPHQW GH QRXYHOOHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV GDQV OHV SURGXLWV
HQ pYLWDQW GH ORXUGV LQYHVWLVVHPHQWV HW XQH UpSHUFXVVLRQ IkFKHXVH VXU OH SUL[ GH
YHQWH GHV SURGXLWV 3+,/,36 +3
(Q FH TXL FRQFHUQH OD YHQWH GHV SURGXLWV j O·pWUDQJHU FHUWDLQHV HQWUHSULVHV SUHQQHQW

HQ FRPSWH OHV OpJLVODWLRQV OHV SOXV IRUWHV ,%0 G·DXWUHV DGDSWHQW OHXUV SURGXLWV j
FKDFXQH GHV UpJOHPHQWDWLRQV GHV SD\V FOLHQWV 3+,/,36 /(*5$1' DILQ G·pYLWHU
G·pYHQWXHOOHV GLVWRUVLRQV GH FRQFXUUHQFH HW HQILQ FHUWDLQHV DGRSWHQW OHXUV SURSUHV
VWDQGDUGV ',*,7$/ RX 7(;$6 ,167580(176 TXL GLVSRVHQW SDU H[HPSOH GH
VWDQGDUGV LQWHUQHV &RUSRUDWH 3ROLFLHV VRXYHQW SOXV GUDVWLTXHV TXH OHV
UpJOHPHQWDWLRQV QDWLRQDOHV &HV VWDQGDUGV VRQW HQ IDLW EDVpV VXU OD SRQGpUDWLRQ GHV
ORLV OHV SOXV FRQWUDLJQDQWHV
3DJH
✔ /D SUHVVLRQ GHV FOLHQWV GLYHUJH
ª 6HORQ OHXU W\SH GHV LQGXVWULHOV JUDQGV FRPSWHV JUDQGHV HQWUHSULVHV GX W\SH
)UDQFH 7HOHFRP (') GHV JURVVLVWHV GHV GLVWULEXWHXUV GHV DVVRFLDWLRQV RX
JRXYHUQHPHQWV OH JUDQG SXEOLF
/HV LQGXVWULHOV RX OHV LQVWDQFHV GX JRXYHUQHPHQW VRQW GDYDQWDJH VHQVLEOHV j OD
SULVH HQ FRPSWH GH O·HQYLURQQHPHQW GDQV OHV SURGXLWV ,OV SHXYHQW H[LJHU WHOOH RX
WHOOH FDUDFWpULVWLTXH GDQV OH SURGXLW XQ ODEHO SDUWLFXOLHU H[HPSOH OH ODEHO
(QHUJ\ 6WDU PRLQGUH FRQVRPPDWLRQ G·pQHUJLH SHQGDQW OH IRQFWLRQQHPHQW SRXU
OHV 3& SDU OHV DJHQWV GX JRXYHUQHPHQW DPpULFDLQ XQ FRQWUDW GH UHSULVH
pFKDQJH GX SURGXLW XVDJp FRQWUH XQ SURGXLW QHXI
/HV JURVVLVWHV RX GLVWULEXWHXUV Q·RQW SDV HQFRUH GH IRUWHV H[LJHQFHV HQ WHUPH
G·HQYLURQQHPHQW 3RXU O·LQVWDQW SULPHQW FRW TXDOLWp HW SHUIRUPDQFH
'DQV OH GRPDLQH GH O pOHFWURPpQDJHU SDU H[HPSOH %5$1'7 OD FRQFXUUHQFH HVW
SOXW{W IpURFH HW OHV GLVWULEXWHXUV RQW GH SOXV HQ SOXV VRXYHQW GH GHPDQGHV VXU OHV
SHUIRUPDQFHV pQHUJpWLTXHV PRLQGUH FRQVRPPDWLRQ HW OHV SUL[ GH YHQWH
ª 6HORQ OHXUV RULJLQHV OHV FOLHQWV G·(XURSH GX 1RUG GH 6XLVVH G·$OOHPDJQH VRQW
WRXMRXUV SOXV H[LJHDQWV HQ PDWLqUH G·HQYLURQQHPHQW TXH FHX[ G·(XURSH GX 6XG
&·HVW XQH GLIIpUHQFH GH FXOWXUH GH VHQVLELOLWp /HV H[LJHQFHV SRUWHQW HQ
SDUWLFXOLHU VXU OD WR[LFLWp GHV PDWpULDX[ OHV RQGHV pOHFWURPDJQpWLTXHV
/HV FOLHQWV IUDQoDLV OHV SOXV VHQVLEOHV VRQW OHV HQWUHSULVHV GH WpOpFRPPXQLFDWLRQV
&HV H[LJHQFHV YRQW VH WUDGXLUH SDU GHV TXHVWLRQQDLUHV j UHPSOLU SDU GHV FULWqUHV
SUpFLV j LQWpJUHU GDQV OH FDKLHU GHV FKDUJHV GX SURGXLW 3RXU FHUWDLQV PDUFKpV
FRPPH HQ 6XLVVH HQ 6XqGH RX HQ $XWULFKH OH FULWqUH HQYLURQQHPHQWDO HVW PrPH
UpGKLELWRLUH XQ GRVVLHU HQYLURQQHPHQWDO GRLW rWUH MRLQW j WRXWH SURSRVLWLRQ FDV
GH ',*,7$/
&HUWDLQV FOLHQWV OHV JUDQGV FRPSWHV YRQW MXVTX j FHUWLILHU O HQWUHSULVH DX QLYHDX
(QYLURQQHPHQW F HVW OH FDV GH %5,7,6+ 7(/(&20 FOLHQW GH ',*,7$/
,O DUULYH PrPH SDUIRLV TXH O HQWUHSULVH UHIXVH GH YHQGUH VHV SURGXLWV GDQV XQ
SD\V ORUVTXH OHV SUHVVLRQV VRQW WURS IRUWHV ',*,7$/ D DLQVL UHIXVp GH YHQGUH GHV
PRQLWHXUV HQ 6XqGH SRXU FDXVH GH QRUPHV GUDVWLTXHV GH UDGLDWLRQV VXU OHV pFUDQV
VHXOV OHV pFUDQV VXpGRLV 12.,$ SRXYDLHQW OHV UHVSHFWHU
ª 6HORQ OH GRPDLQH FRQFHUQp HW OH W\SH GH SURGXLWV IDEULTXpV 'DQV OH FDV GH

SURGXLWV pOHFWULTXHV IDEULTXpV SDU $%% ,QGXVWULH PDFKLQHV pOHFWULTXHV
WRXUQDQWHV -(80217 6&+1(,'(5 7UDQVIRUPDWHXUV WUDQVIRUPDWHXUV pOHFWULTXHV
RX HQFRUH /(*5$1' DSSDUHLOODJH pOHFWULTXH G·LQVWDOODWLRQ %7 OHV H[LJHQFHV
3DJH
HQYLURQQHPHQWDOHV GHV FOLHQWV VRQW HQFRUH ELHQ IDLEOHV SDU UDSSRUW DX[
H[LJHQFHV GDQV OH GRPDLQH pOHFWURQLTXH (Q HIIHW OHV SULQFLSDOHV H[LJHQFHV
V·H[SULPHQW HQ WHUPH GH VpFXULWp GH SHUIRUPDQFH GH TXDOLWp GH FRW HW GH
IDFLOLWp GH PDLQWHQDQFH
3RXU %5$1'7 OHV H[LJHQFHV FRQFHUQHQW VXUWRXW OHV SHUIRUPDQFHV pQHUJpWLTXHV

GHV DSSDUHLOV FH TXL UHMRLQW HQ TXHOTXH VRUWH OHV H[LJHQFHV HQYLURQQHPHQWDOHV
PRLQGUH FRQVRPPDWLRQ G pQHUJLH HQ SKDVH G XWLOLVDWLRQ
'DQV OH FDV GH /(*5$1' FHSHQGDQW GHV HQWUHSULVHV GH %73 FRPPHQFHQW GHSXLV

SHX 3URJUDPPH UpFHQW j LQWHUURJHU OD VRFLpWp j SURSRV GHV TXDOLWpV
HQYLURQQHPHQWDOHV GH VHV SURGXLWV HW FH GDQV OH FDGUH GH FKDQWLHUV +4( +DXWH
4XDOLWp (QYLURQQHPHQW H[LJHDQW OH UHVSHFW G·XQ FHUWDLQ QRPEUH GH QRUPHV
4XDOLWp (QYLURQQHPHQW
3RXU FH TXL FRQFHUQH OHV SURGXLWV pOHFWURQLTXH RX LQIRUPDWLTXH OHV SUHVVLRQV VRQW
SOXV IRUWHV HW FH QRWDPPHQW DX QLYHDX GHV HPEDOODJHV FDV GH 3+,/,36 VXELVVDQW
GHV SUHVVLRQV GH OD SDUW GHV GLVWULEXWHXUV
✔ /D PRWLYDWLRQ GX JURXSH HW GH OD GLUHFWLRQ G·HQWUHSULVH HVW WUqV LPSRUWDQWH GDQV

O·DGRSWLRQ G·XQH DSSURFKH G·pFRFRQFHSWLRQ
3RXU OD SOXSDUW GHV HQWUHSULVHV RQ SHXW UHPDUTXHU TXH OD SULVH HQ FRPSWH GH

O·HQYLURQQHPHQW HVW YRORQWDLUH GDQV OH EXW G·pFRQRPLVHU PDWLqUH HW pQHUJLH HW GH
OLPLWHU OHV SROOXWLRQV OHV GpFKHWV
/·HQYLURQQHPHQW HVW FRQVLGpUp FRPPH XQH RSSRUWXQLWp HW VDQV DXFXQ GRXWH XQ
PRWHXU G·LQQRYDWLRQ
3RXU FHUWDLQV LO V DJLW G XQ PR\HQ DFWXHO ',*,7$/ RX j YHQLU 3+,/,36 %5$1'7 GH

GLIIpUHQFLHU VHV SURGXLWV GH OD FRQFXUUHQFH SRXU OD GHYDQFHU ,O SRXUUD
SUREDEOHPHQW DVVXUHU XQH SRVLWLRQ FRPSpWLWLYH IXWXUH j O HQWUHSULVH
3RXU G DXWUHV HQ UHYDQFKH 7+20621 0XOWLPpGLD LO V DJLW VXUWRXW GH QH SDV SHUGUH

GH PDUFKpV &H Q HVW SDV XQH VWUDWpJLH SRXU GHYDQFHU OD FRQFXUUHQFH XQ SURGXLW
SHXW HQ HIIHW GDYDQWDJH UHVSHFWHU O HQYLURQQHPHQW TXH VHV FRQFXUUHQWV PDLV rWUH
LQDGDSWp DX PDUFKp GRQF LQYHQGDEOH GH PrPH V LO HVW OH VHXO pFRORJLTXHPHQW
QpIDVWH
'DQV OH FDV GH $%% ,QGXVWULH VXU OH VLWH YLVLWp 30( RQ D SX FRQVWDWHU TXH OD
GLUHFWLRQ DYDLW QRPPp UpFHPPHQW GpEXW XQ UHVSRQVDEOH HQYLURQQHPHQW
H[LJp SDU OH JURXSH $%% SRXU WRXV VHV VLWHV FHSHQGDQW OD GLUHFWLRQ Q·HVW SDV
PRWLYpH SDU O·HQYLURQQHPHQW TX·HOOH FRQVLGqUH GDYDQWDJH FRPPH XQH PHQDFH HW
XQH VRXUFH GH GpSHQVH VXSSOpPHQWDLUH &H QRXYHDX UHVSRQVDEOH VH GRLW GRQF GH
PRWLYHU OH SHUVRQQHO (7 OD GLUHFWLRQ SRXU SURXYHU j WRXV TX·LO HVW IRUW SRVVLEOH GH
IDLUH GHV pFRQRPLHV /H VLWH Q·D SRXU O·LQVWDQW DGRSWp TX·XQH DSSURFKH VLWH JHVWLRQ
GHV QXLVDQFHV HQ YXH G·XQH SURFKDLQH FHUWLILFDWLRQ ,62 PDLV OH UHVSRQVDEOH
3DJH
HQYLURQQHPHQW VH PRQWUH WRXW j IDLW SUrW j DGRSWHU XQH DSSURFKH SURGXLW GqV TX LO OH
SRXUUD
&HWWH H[SpULHQFH SHUPHW GH PRQWUHU TXH FHUWDLQV JURXSHV LQGXVWULHOV FRPPXQLTXHQW
EHDXFRXS GDQV OH PRQGH VXU OD SULVH HQ FRPSWH GH O·HQYLURQQHPHQW GDQV O·HQVHPEOH
GH OHXUV DFWLYLWpV DORUV TXH SOXVLHXUV VLWHV GH IDEULFDWLRQ HQ )UDQFH SDU H[HPSOH
FRPPHQFHQW j SHLQH OD JHVWLRQ GH OHXUV GpFKHWV «
/D VLWXDWLRQ GH -(80217 6&+1(,'(5 7UDQVIRUPDWHXUV 30( GX JURXSH 6&+1(,'(5

HVW SUHVTXH VLPLODLUH VLWH GH SURGXFWLRQ FHUWLILp ,62 0DUV Q·D\DQW SDV
HQFRUH DGRSWp OD GpPDUFKH G·pFRFRQFHSWLRQ /H VHUYLFH HQYLURQQHPHQW HVW HQ
DWWHQWH GHV LQIRUPDWLRQV SRXYDQW SURYHQLU GX JURXSH HW GH OD SURIHVVLRQ SDU
O·LQWHUPpGLDLUH GH GLVFXVVLRQV DX VHLQ GHV V\QGLFDWV
✔ 8QH ERQQH LPDJH GH PDUTXH GH O·HQWUHSULVH HVW O·XQH GHV UDLVRQV SRXU OHVTXHOOHV
O·HQYLURQQHPHQW HVW SULV HQ FRPSWH GDQV OD FRQFHSWLRQ GHV SURGXLWV &·HVW
SULQFLSDOHPHQW OH FDV SRXU OHV GRPDLQHV pOHFWURQLTXH 3+,/,36 7, HW LQIRUPDWLTXH
',*,7$/ +3 ,%0 PDLV SDV HQFRUH SRXU OHV HQWUHSULVHV GX GRPDLQH pOHFWULTXH OD
SHUIRUPDQFH HW OD TXDOLWp SULPDQW DXMRXUG·KXL VXU OD SUpVHUYDWLRQ GH O·HQYLURQQHPHQW
GDQV OHV EHVRLQV GH OD FOLHQWqOH
✔ /H ULVTXH pFRQRPLTXH RX SHUWH GH SDUWV GH PDUFKp HVW j FH MRXU UHODWLYHPHQW

IDLEOH SRXU OD SOXSDUW GHV HQWUHSULVHV OH ULVTXH pWDQW WRXWHIRLV SOXV JUDQG GDQV OHV
SD\V GX 1RUG OD 6XLVVH RX O·$OOHPDJQH FDV GHV PDUFKpV GH ',*,7$/ GH 7+20621
0XOWLPpGLD GH 7, HW GH %5$1'7
,17(*5$7,21'83$5$0(75((19,5211(0(17$/
'$16/$'(0$5&+('(&21&(37,21
25*$1,6$7,21
3RVLWLRQQHPHQWHWU{OHGXSHUVRQQHOjO LQWHUIDFH

(QYLURQQHPHQW3URGXLWV
'H SOXV HQ SOXV GH JUDQGHV HQWUHSULVHV GLVSRVHQW GH 5HVSRQVDEOHV 3URGXFW

6WHZDUGVKLS RX $FFRPSDJQHPHQW 3URGXLWV D\DQW XQH SRVLWLRQ PRQGLDOH HW VSpFLDOLVpV
SDU VHFWHXU G DFWLYLWp
,OV LQWHUYLHQQHQW VXU WRXW FH TXL FRQFHUQH OHV SURGXLWV OD TXDOLWp OHV SHUIRUPDQFHV OHV
FRWV HW O HQYLURQQHPHQW
3DJH
(Q PDWLqUH G HQYLURQQHPHQW LOV RQW XQ U{OH LQGpSHQGDQW GHV 5HVSRQVDEOHV

(QYLURQQHPHQW (+6 (QYLURQPHQW +HDOWK 6HFXULW\ GHV JURXSHV VSpFLDOLVpV VLWHV HW
SURFHVVXV
'DQV OH FDV G +3 OD VWUXFWXUH HVW HQFRUH FRPSOpWpH SDU GHV UHVSRQVDEOHV )LQ GH YLH
GHV SURGXLWV (2/ (QG 2I /LIH VSpFLDOLVpV SDU DFWLYLWp HW GX SHUVRQQHO FKDUJp GH
VXLYUH OD UpJOHPHQWDWLRQ HW GH UHFXHLOOLU OHV EHVRLQV GH OD FOLHQWqOH HQ WHUPH
G HQYLURQQHPHQW &HV GHUQLHUV VRQW VSpFLDOLVpV SDU SD\V
&KH] 3+,/,36 LO H[LVWH GHV (QYLURQPHQWDO &RRUGLQDWRUV (& HQ FKDUJH GH O LQWpJUDWLRQ

RSpUDWLRQQHOOH GH O HQYLURQQHPHQW GDQV OHV DFWLYLWpV
,OV MRXHQW OH U{OH G H[SHUWV HQ IRXUQLVVDQW OHXU VDYRLUIDLUH j O RUJDQLVDWLRQ ,OV VWLPXOHQW HQ
SDUWLFXOLHU OD FRRSpUDWLRQ HQYLURQQHPHQWDOH GHV SHUVRQQHOV LPSOLTXpV O pFKDQJH
G LQIRUPDWLRQV HW OH PDLQWLHQ GH OD FDSLWDOLVDWLRQ GHV H[SpULHQFHV HQ HQYLURQQHPHQW OD
SOXSDUW GH FHV H[SHUWV VRQW ORFDOLVpV DX[ 3D\V%DV
,OV VRQW DLGpV GDQV OHXU WkFKH SDU OH 0DQDJHPHQW 5HSUHVHQWDWLYH UHVSRQVDEOH GX 60(
6\VWqPH GH 0DQDJHPHQW (QYLURQQHPHQWDO GH 3+,/,36
/HV (& VRQW WUqV LPSOLTXpV GDQV OD GpPDUFKH G pFRFRQFHSWLRQ RX LQWpJUDWLRQ GH
O HQYLURQQHPHQW GDQV OH 3&3 3URGXFW &UHDWLRQ 3URFHVV ,OV VRQW VHFRQGpV VRLW SDU OHV
3URGXFW 0DQDJHUV UHVSRQVDEOHV GX 3URGXFW 6WHZDUGVKLS VRLW SDU GHV FRQFHSWHXUV
VHQLRUV 'DQV OH SUHPLHU FDV OHV FRQVLGpUDWLRQV HQYLURQQHPHQWDOHV VRQW SOXW{W EDVpHV
VXU GHV pWXGHV GH PDUFKp DORUV TXH GDQV OH VHFRQG FDV HOOHV VRQW EDVpHV VXU OHV
DYDQFpHV WHFKQRORJLTXHV
• ([SHUWV (QYLURQQHPHQW 3URGXLWV LQWHUQHV RX H[WHUQHV
'DQV GHV HQWUHSULVHV FRPPH 7+20621 0XOWLPpGLD XQ 5HVSRQVDEOH (QYLURQQHPHQW

*UHHQ 79 0DQDJHU HVW LQWpJUp GDQV OH VHUYLFH 5 ' LO HVW HQ FKDUJH GH OD VWUDWpJLH
(QYLURQQHPHQW HW GpILQLW OHV UqJOHV j DSSOLTXHU ,O VH SRVLWLRQQH GRQF HQ WDQW TX·H[SHUW
HQ HQYLURQQHPHQW FKDUJp G·DLGHU OHV FRQFHSWHXUV GDQV OD SULVH HQ FRPSWH GH FH
QRXYHDX SDUDPqWUH 6RQ DFWLYLWp VH VLWXH DX QLYHDX HXURSpHQ HOOH FRXYUH HQ HIIHW
O HQVHPEOH GHV PRGqOHV HXURSpHQV GH 7+20621 0XOWLPpGLD
'H PrPH ',*,7$/ GLVSRVH G ,QWHJUDWLRQ 0DQDJHUV RX H[SHUWV LQWHUQHV DX[ pTXLSHV
GH FRQFHSWLRQ O H[SHUW HVW QRPPp SRXU XQH DFWLYLWp SDUWLFXOLqUH HW FRXYUH WRXW OH
PDUFKp HXURSpHQ YRLUH PRQGLDO
,%0 D FUpp XQ (&(&3 (QJLQHHULQJ &HQWHU IRU (QYLURQPHQWDO &RQVFLRXV 3URGXFWV

5DOHLJK 86$ F HVW XQ FHQWUH GH FRPSpWHQFH MRXDQW XQ U{OH G DVVLVWDQFH LO UHJURXSH
GHV LQJpQLHXUV SURPDWpULDX[ HW SURSURFHVVXV IRUPpV SRXU DVVLVWHU HQ SHUPDQHQFH OHV
pTXLSHV GH GpYHORSSHPHQW GH SURGXLWV SRXU GHV SUREOqPHV FRPSOH[HV ,O H[LVWH
pJDOHPHQW GHV H[SHUWV LQWHUQHV DX[ pTXLSHV GH FRQFHSWLRQ GHV &RRUGLQDWHXUV
3DJH
(QYLURQQHPHQW 3URGXLWV UHVSRQVDEOHV G pWXGH 6XU OH VLWH GH SURGXFWLRQ GH 0DQFKHVWHU

SDU H[HPSOH WURLV LQJpQLHXUV VRQW FKDUJpV HQWLqUHPHQW GH FRQVHLO HQ (QYLURQQHPHQW
GDQV OHV GLIIpUHQWHV SKDVHV GH O ,3' ,%0 3URFHVVXV 'HYHORSPHQW
&KH] %5$1'7 HQ UHYDQFKH DXFXQ H[SHUW HQ WDQW TXH WHO Q HVW QRPPp 8Q VHXO LQJpQLHXU
SRXU OH JURXSH VXLW OHV SUREOqPHV HQYLURQQHPHQWDX[ OLpV DX[ SURGXLWV HW VHQVLELOLVH OH
SHUVRQQHO /HV FRQFHSWHXUV GRLYHQW UHVSHFWHU OHV FRQVLJQHV HQYLURQQHPHQWDOHV
DSSRVpHV GDQV OHV FDKLHUV GHV FKDUJHV HW FRQIRUPHV DX[ H[LJHQFHV GH OD FOLHQWqOH GX
PDUFKp
'H PrPH FKH] /(*5$1' F HVW OH UHVSRQVDEOH (QYLURQQHPHQW GH O XQLWp TXL MRXH OH U{OH
GH FRQVHLOOHU DXSUqV GHV FRQFHSWHXUV
,QIRUPDWLRQHW)RUPDWLRQGHVFRQFHSWHXUV
3RXU LQWpJUHU DX PLHX[ O HQYLURQQHPHQW GDQV OHV SURGXLWV OHV HQWUHSULVHV RQW ELHQ
FRPSULV TX HOOHV VH GHYDLHQW GH VHQVLELOLVHU HQ LQIRUPDQW HW GH IRUPHU OHXUV FRQFHSWHXUV
j O HQYLURQQHPHQW
',*,7$/ RUJDQLVH DLQVL UpJXOLqUHPHQW GHV IRUPDWLRQV IRUPHOOHV GH VHV FRQFHSWHXUV VRXV
IRUPH GH MRXUQpHV FRQVDFUpHV j O pFRXWH G LQWHUYHQDQWV OHXU H[SOLTXDQW OHV HQMHX[ GH
O HQYLURQQHPHQW OHXU GRQQDQW GHV RXWLOV GH UpIpUHQFH HW GHV SHQVHErWHV ' DXWUH SDUW LOV
GLVSRVHQW FRPPH WRXW OH SHUVRQQHO GH EXOOHWLQV GH FRPPXQLFDWLRQ *OREDO :DWFK HW
GH 1HZVOHWWHUV GDQV OH :HE LQWHUQH GH ORJLFLHOV GH IRUPDWLRQ HW SDUWLFLSHQW HQILQ j GHV
JURXSHV GH WUDYDLO
,OV VRQW GH SOXV DLGpV G H[SHUWV LQWHUQHV 3URGXFW 6WHZDUGVKLS FRPPH FKH] 7(;$6
,167580(176 HW 7+20621 0XOWLPpGLD TXL WUDYDLOOH DXVVL DYHF GHV H[SHUWV H[WHUQHV
GHV FRQVXOWDQWV
&KH] ,%0 GHV IRUPDWLRQV VRQW RUJDQLVpHV DQQXHOOHPHQW HW GHV H[SHUWV LQWHUQHV
DFFRPSDJQHQW FHUWDLQHV pWDSHV GX SURFHVV GH FRQFHSWLRQ ,3' ,%0 3URFHVVXV
'HYHORSPHQW
'DQV OH FDV GH 3+,/,36 OHV FRQFHSWHXUV VRQW HQYR\pV DX[ 3D\V%DV SRXU rWUH IRUPpV j
O pFRFRQFHSWLRQ
&KH] +3 OHV FRQFHSWHXUV VRQW VHQVLELOLVpV DX[ SULQFLSHV HVVHQWLHOV GH UHVSHFW GH
O HQYLURQQHPHQW HW HQ SDUWLFXOLHU j O pFRGHVLJQ GqV OHXU UHFUXWHPHQW HW FH ORUV G XQH
SUHPLqUH UpXQLRQ DYHF OH 5HVSRQVDEOH 3URGXFW 6WHZDUGVKLS
/(*5$1' HW %5$1'7 IRQFWLRQQHQW XQ SHX GLIIpUHPPHQW GDQV OH VHQV TX HOOHV QH

GLVSRVHQW SDV G H[SHUWV OHV FRQFHSWHXUV VRQW VXIILVDPPHQW IRUPpV HW LQIRUPpV SRXU
pFRFRQFHYRLU
3DJH
3RXU GHV 30( FRPPH -(80217 6&+1(,'(5 7UDQVIRUPDWHXUV RX $%% ,QGXVWULH OHV
FRQFHSWHXUV VRQW VHQVLELOLVpV FRPPH WRXV OHV PHPEUHV GX SHUVRQQHO ORUV GH UpXQLRQV
UpJXOLqUHV KHEGRPDGDLUHV FKH] $%% HW HQ SDUWLFLSDQW j GHV JURXSHV GH WUDYDLO
RUJDQLVpV SDUIRLV SDU OHXU V\QGLFDW SURIHVVLRQQHO RX OD ),((& )pGpUDWLRQ GHV
,QGXVWULHV (OHFWULTXHV (OHFWURQLTXHV HW GH &RPPXQLFDWLRQ
,PSOLFDWLRQGHVIRXUQLVVHXUVHWUHF\FOHXUVDSSURFKHSDU
ILOLqUH
7RXWHV OHV SHUVRQQHV LPSOLTXpHV GDQV OD FKDvQH GH YDOHXU GX SURGXLW VRQW GH SOXV HQ
SOXV VHQVLELOLVpHV j O HQYLURQQHPHQW HQ DPRQW OHV IRXUQLVVHXUV HW HQ DYDO OHV
UHF\FOHXUV
/HVIRXUQLVVHXUV
8QH JUDQGH PDMRULWp GHV HQWUHSULVHV LQWHUURJpHV LPSRVH DLQVL j VHV IRXUQLVVHXUV
G DGRSWHU XQ FRPSRUWHPHQW UHVSHFWXHX[ GH O HQYLURQQHPHQW SDUWLFXOLqUHPHQW OHV
HQWUHSULVHV GHV VHFWHXUV pOHFWURQLTXH HW LQIRUPDWLTXH
$LQVL GDQV OH FDV GH ',*,7$/ OHV IRXUQLVVHXUV VRQW FRQWUDLQWV GH FRQVXOWHU XQ PDQXHO
'HVLJQ IRU WKH (QYLURQPHQW
UpDOLVp SRXU OHV DLGHU j FRPSUHQGUH OHV HQMHX[ GH
O LQWpJUDWLRQ GH O HQYLURQQHPHQW GqV OD FRQFHSWLRQ ',*,7$/ OHXU FRPPXQLTXH VHV
QRUPHV HQYLURQQHPHQWDOHV VHV OLVWHV GH PDWpULDX[ LQWHUGLWV VHV VSpFLILFDWLRQV GH
GpYHORSSHPHQW /HV IRXUQLVVHXUV GRLYHQW GRQQHU GHV LQIRUPDWLRQV SUpFLVHV VXU OHXUV
SURGXLWV HW VH VRXVWUDLUH j GHV DXGLWV UpDOLVpV SDU ',*,7$/
,%0 H[LJH j VHV IRXUQLVVHXUV GH UHPSOLU GHV TXHVWLRQQDLUHV FRQFHUQDQW OD WR[LFLWp HW OH

UHVSHFW GH OD UpJOHPHQWDWLRQ GH OHXUV PDWpULDX[ /H 5HVSRQVDEOH (QYLURQQHPHQW
3URGXLWV VXJJqUH PrPH TXH VRLHQW pGLWpHV GHV QRUPHV SHUPHWWDQW GH JpUHU DX PLHX[ OD
TXDOLWp HQYLURQQHPHQWDOH GHV IRXUQLVVHXUV
'DQV OH FDV GH +(:/(77 3$&.$5' GHV FRQWUDWV G DFKDW H[LVWHQW GHSXLV DQV OHVTXHOV
FRQWUDLJQHQW OHV IRXUQLVVHXUV j DGRSWHU XQ FRPSRUWHPHQW HQYLURQQHPHQWDO ,O \ D WURLV
QLYHDX[ G H[LJHQFH GHV H[LJHQFHV HQYLURQQHPHQWDOHV VRQW VSpFLILpHV GDQV OH FRQWUDW
G DFKDW IRXUQLVVHXU+3 XQ TXHVWLRQQDLUH HVW j UHPSOLU VXU O KRQQHXU HWRX +3 V DXWRULVH
j DXGLWHU VHV IRXUQLVVHXUV
3DJH
/HV FULWqUHV HQYLURQQHPHQWDX[ VRQW UpSDUWLV HQ GHX[ QLYHDX[
✎ OHV 0867 &ULWqUHV LQFRQWRXUQDEOHV HW H[LJpV VL OH IRXUQLVVHXU QH UHVSHFWH SDV

O XQ GH FHV FULWqUHV LO VHUD pYLQFp PrPH VL VHV SUL[ VRQW WRXW j IDLW FRPSpWLWLIV &HV
FULWqUHV VRQW G XQH SDUW OHV FULWqUHV H[LJpV SDU OD UpJOHPHQWDWLRQ HW G DXWUH SDUW GHV
FULWqUHV FRUUHVSRQGDQW j FHUWDLQV HQJDJHPHQWV GH O HQWUHSULVH
([HPSOH ,QWHUGLFWLRQ G XWLOLVHU GHV &)& RX GHV UHWDUGDQWV GH IODPPH EURPpV
✎ OHV :,6+ &ULWqUHV GHPDQGpV PDLV QRQ REOLJDWRLUHV SDU H[HPSOH FHX[ QpFHVVDLUHV
SRXU REWHQLU XQ pFRODEHO
'HV FRQWUDWV DYHF H[LJHQFHV HQ PDWLqUH G HQYLURQQHPHQW HW GHV SURFpGXUHV GH

TXDOLILFDWLRQ HQYLURQQHPHQWDOH OLHQW pJDOHPHQW 7(;$6 ,167580(176 HW VHV
IRXUQLVVHXUV
3RXU G DXWUHV FRPPH 7+20621 0XOWLPpGLD %5$1'7 HW GDQV XQH PRLQGUH PHVXUH
-(80217 6&+1(,'(5 7UDQVIRUPDWHXUV GHV H[LJHQFHV HQYLURQQHPHQWDOHV ILJXUHQW GDQV
OHV FDKLHUV GHV FKDUJHV j UHVSHFWHU
3RXU $%% ,QGXVWULH HW /(*5$1' OHV IRXUQLVVHXUV QH VRQW SDV HQFRUH WUqV VHQVLELOLVpV
&HSHQGDQW SURFKDLQHPHQW $%% ,QGXVWULH GHYUDLW H[LJHU GHV ILFKHV GH WR[LFLWp SRXU WRXV
OHV PDWpULDX[ IRXUQLV
/HVUHF\FOHXUV
3RXU FH TXL FRQFHUQH OHV UHF\FOHXUV LOV GHYUDLHQW GH SOXV HQ SOXV VRXYHQW rWUH OLpV SDU
FRQWUDW DYHF OHV HQWUHSULVHV IDEULFDQWHV FDV GH O HQWUHSULVH (&26<17+(6( WUDYDLOODQW
DYHF 3+,/,36
&HUWDLQHV RQW PrPH LQWpJUp GHV XQLWpV GH GpPRQWDJHUHF\FODJH GDQV OHXU DFWLYLWp FH
TXL IDFLOLWH OH UHWRXU GHV LQIRUPDWLRQV HW XQH PHLOOHXUH DSSUpKHQVLRQ SDU OHV FRQFHSWHXUV
GHV SUREOqPHV GH WUDLWHPHQW GHV SURGXLWV HQ ILQ GH YLH F HVW OH FDV G +3 TXL GLVSRVH
pJDOHPHQW GH UHVSRQVDEOHV )LQ GH 9LH
&KH] ,%0 OHV 5HVSRQVDEOHV )LQ GH 9LH GH O HQWUHSULVH DX QLYHDX PRQGLDO VH

UpXQLVVHQW XQH IRLV SDU DQ HW pPHWWHQW XQ DYLV JOREDO GH FRPSRUWHPHQW j DGRSWHU SDU OHV
EXUHDX[ G pWXGH HQ IRQFWLRQ GHV WHQGDQFHV GX PDUFKp /HV LQIRUPDWLRQV VRQW
UHWRXUQpHV DX[ 5HVSRQVDEOHV GHV FRQFHSWHXUV HW GLIIXVpHV DX[ H[SHUWV G pWXGH
&RRUGLQDWHXUV (QYLURQQHPHQW 3URGXLWV YLD OH PDQXHO GH FRQFHSWLRQ HQYLURQQHPHQWDOH
3DJH
)RUFH HVW GH FRQVWDWHU TXH FHV UHWRXUV G LQIRUPDWLRQ DYDODPRQW VRQW HQFRUH UDUHV FHFL
SHXW rWUH HQ SDUWLH DWWULEXp j OD GLIILFXOWp GH VXLYUH OH FKHPLQHPHQW GHV SURGXLWV HQ
SKDVH G XWLOLVDWLRQ FDV GH 7, IDEULFDQW GHV SXFHV pOHFWURQLTXHV LQWpJUpHV GDQV G DXWUHV
PDWpULHOV W\SH 3& GH /(*5$1' GH -(80217 6&+1(,'(5 7UDQVIRUPDWHXUV
8QH GLUHFWLYH HXURSpHQQH VXU OD ILQ GH YLH GHV SURGXLWV pOHFWULTXH HW pOHFWURQLTXH HVW
DFWXHOOHPHQW HQ SUpSDUDWLRQ HW GHYUDLW rWUH SXEOLpH YHUV OD ILQ GH O DQQpH 2FWREUH
" (OOH GHYUDLW SHUPHWWUH G RULHQWHU SOXV DLVpPHQW OHV pWXGHV SRXU SUHQGUH HQ FRPSWH OD
ILQ GH YLH GHV SURGXLWV (OOH SRXUUDLW pJDOHPHQW SHUPHWWUH GH UpSRQGUH j OD TXHVWLRQ
&RPPHQW RSWLPLVHU OD ILQ GH YLH GHV SURGXLWV "
/H 'LUHFWHXU GHV 5HODWLRQV 7HFKQLTXHV FKDUJp GHV TXHVWLRQV G HQYLURQQHPHQW GH

%5$1'7 GpSORUH HQFRUH OH PDQTXH G LQWHUURJDWLRQ GH OD SDUW GHV UHF\FOHXUV 3RXU OXL
OHV UHF\FOHXUV VRXKDLWHQW VLPSOHPHQW TX LO \ DLW OH SOXV GH PpWDO SRVVLEOH SRXU HQ UHWLUHU
OH SOXV G DUJHQW SRVVLEOH OHV SURGXLWV pOHFWURPpQDJHUV pWDQW SRXU O LQVWDQW HQWLqUHPHQW
EUR\pV GDQV OHV PrPHV EUR\HXUV TXH OHV 9+8 OHV PDWLqUHV PpWDOOLTXHV UpFXSpUpHV RQW
GDYDQWDJH GH YDOHXU VXU OH PDUFKp TXH OHV PDWLqUHV SODVWLTXHV
/H UDSSRUW '(6*(25*(6 VXU XQ 3URMHW G $FFRUG&DGUH OLDQW OHV DFWHXUV GH OD

FKDvQH GH YDOHXU G XQ SURGXLW pOHFWULTXH RX pOHFWURQLTXH QRWLRQV GH UHVSRQVDELOLWpV
SDUWDJpHV HW SURSUHV GH FKDTXH DFWHXU Q HVW SRXU O KHXUH TX XQ FRQFHSW ,O Q D SDV
YpULWDEOHPHQW SURSRVp GH VROXWLRQV HQ SDUWLFXOLHU GHV ILOLqUHV GH YDORULVDWLRQ GHV
SURGXLWV
'HV H[SpULHQFHV SLORWHV GH PLVH HQ DSSOLFDWLRQ RQW pWp PHQpHV HQ 5pJLRQ 5K{QH$OSHV
HW 3RLWRX&KDUHQWHV SRXU HIIHFWXHU XQ pWDW GHV OLHX[ GHV JLVHPHQWV HW GHV ILOLqUHV GH
YDORULVDWLRQ H[LVWDQWHV HW j HQYLVDJHU ,O Q \ D FHSHQGDQW SDV HQFRUH GH FRQVHQVXV
QDWLRQDO HQ FH GRPDLQH
/D SOXSDUW GHV SHUVRQQHV LQWHUURJpHV SHQVH QpDQPRLQV TX XQH FRQFHUWDWLRQ SDU ILOLqUH
SURGXLW HVW LQGLVSHQVDEOH SRXU UpVRXGUH OHV SUREOqPHV HQYLURQQHPHQWDX[ SRVpV SDU
OHV SURGXLWV
1LYHDXGHSULVHHQFRPSWHGHO·HQYLURQQHPHQWGDQVOH
SURFHVVXVGHFRQFHSWLRQ
'DQV OD PHVXUH GX SRVVLEOH SOXV O HQYLURQQHPHQW HVW SULV HQ FRPSWH HQ DPRQW GX

SURFHVVXV GH FRQFHSWLRQ HW PLHX[ F HVW
,O IDXW WRXWHIRLV DYRXHU TXH O HQYLURQQHPHQW GRLW rWUH SULV HQ FRPSWH DX PrPH WLWUH TXH
OHV DXWUHV SDUDPqWUHV FRWV GpODLV SHUIRUPDQFHV TXDOLWp HW Q HVW SDV SULRULWDLUH
&RW HW SHUIRUPDQFH UHVWHQW SULYLOpJLpV SRXU VDWLVIDLUH OD FOLHQWqOH
3DJH
/D SOXSDUW GX WHPSV O LQWpJUDWLRQ G XQH QRXYHOOH UqJOH HQYLURQQHPHQWDOH VXLW RX GHYDQFH

OD UpJOHPHQWDWLRQ 6L OHV HQWUHSULVHV HVVDLHQW G DQWLFLSHU OH SOXV SRVVLEOH SRXU QH SDV
SUpFLSLWHU G pYHQWXHOV FKDQJHPHQWV RQpUHX[ GH FRQFHSWLRQ LO HVW SRVVLEOH TX LO Q \ DLW
DXFXQH LQFLGHQFH VXU OH SUL[ GH YHQWH GX SURGXLW SOXV YHUW IDFLOLWDQW DLQVL VD
FRPPHUFLDOLVDWLRQ FDV GH 7, ,%0 3+,/,36 7+20621 0XOWLPpGLD
&H Q HVW FHSHQGDQW SDV WRXMRXUV OH FDV /(*5$1' PDLV VL OH FOLHQW SOXV pFRFLWR\HQ HVW
SUrW j SD\HU SOXV FKHU XQ SURGXLW SOXV YHUW DORUV
3RXU ELHQ pFRFRQFHYRLU XQ SURGXLW OH SHUVRQQHO (QYLURQQHPHQW GH ',*,7$/

SDUWLFLSH HQ WDQW TXH FRQVHLOOHUV j OD UpGDFWLRQ GX FDKLHU GHV FKDUJHV ,OV LPSRVHQW TXH
OD UpJOHPHQWDWLRQ VRLW UHVSHFWpH HW SHXYHQW pYHQWXHOOHPHQW LQWHUGLUH OD
FRPPHUFLDOLVDWLRQ G XQ SURGXLW V LOV GpFqOHQW OH PRLQGUH PDQTXHPHQW DX[ UqJOHV /D
GpFLVLRQ ILQDOH LQFRPEH FHSHQGDQW j OD 'LUHFWLRQ
&RPPH FLWp SOXV KDXW 3+,/,36 GLVSRVH G XQ 3&3 3URGXFW &UHDWLRQ 3URFHVV ,O
FRUUHVSRQG j XQ SURFHVVXV G LQQRYDWLRQ
(FRFRQFHYRLU YD FRQVLVWHU j PHWWUH HQ SODFH GHV PHVXUHV HW GHV VWUDWpJLHV 3URGXLW j
O DLGH G LQIRUPDWLRQV VXU OH SRWHQWLHO GH PDUFKp HW OHV EHVRLQV HW WHQGDQFHV GHV FOLHQWV HQ
PDWLqUH G HQYLURQQHPHQW SRXU OHV LQFOXUH GDQV OH 3&3
3ROLWLTXH HQYLURQQHPHQWDOH 3ROLWLTXH GHV DFWLYLWpV
%HVRLQV WHQGDQFHV 3ROLWLTXH HW 6WUDWpJLH

3RWHQWLHO PDUNHWLQJ
HQ PDWLqUH G HQYLURQQHPHQW 3URGXLW
3&3
&RQFHSW 3URGXLW 6SpFLILFDWLRQV 3URGXLW
2EMHFWLIV HQYLURQQHPHQWDX[ 7HFKQRORJLH 3URGXLW
j FRXUW ORQJ WHUPH 0DUFKp 0DUFKp
)RQFWLRQ 3URGXFWLRQ
([LJHQFHV SRXU OH
SURGXLW
&RQFHSWLRQ GX
SURGXLW
2Q UHPDUTXH TXH OD GpPDUFKH PDUNHWLQJ V DFFRPSDJQH G XQH GpPDUFKH

HQYLURQQHPHQWDOH R HQ IRQFWLRQ GH OD SROLWLTXH GH O HQWUHSULVH HQ PDWLqUH
G HQYLURQQHPHQW HW OHV EHVRLQV H[SULPpV GH OD FOLHQWqOH VXU FH SRLQW RQ LQWqJUH FHUWDLQV
FULWqUHV HQYLURQQHPHQWDX[ GqV OH GpEXW GX SURFHVV GH FRQFHSWLRQ &HV FULWqUHV SHXYHQW
3DJH
FRUUHVSRQGUH j GHV REMHFWLIV VWUDWpJLTXHV j FRXUW WHUPH RX ORQJ WHUPH 8QH WHOOH
GpPDUFKH HVW SULQFLSDOHPHQW HPSOR\pH SRXU OHV HPEDOODJHV DFWXHOOHPHQW
/ DSSURFKH GH 3+,/,36 HVW WUqV GLGDFWLTXH HW SURJUHVVLYH SRXU VHQVLELOLVHU SHWLW j SHWLW
OHV FRQFHSWHXUVGpYHORSSHXUV j O HQYLURQQHPHQW HW YDLQFUH OHXUV UpVLVWDQFHV
/H VFpQDULR G XQ SURMHW SLORWH G pFRFRQFHSWLRQ UHFRPPDQGp SRXU GpEXWHU GDQV XQH
WHOOH DSSURFKH GH WUDYDLO XWLOLVp FKH] 3+,/,36 HVW SUpVHQWp GDQV OH FKDSLWUH GX
PpPRLUH
(Q FH TXL FRQFHUQH OD GpPDUFKH FRPSOqWH G pFRFRQFHSWLRQ GH 3+,/,36 RQ SHXW
GLVWLQJXHU G XQH SDUW OD GpPDUFKH VWUDWpJLTXH HW G DXWUH SDUW OD GpPDUFKH
RSpUDWLRQQHOOH WRXWHV GHX[ GpFULWHV SDU OH GLDJUDPPH GH OD SDJH VXLYDQWH
3DJH
'pPDUFKH VWUDWpJLTXH 'pPDUFKH

RSpUDWLRQQHOOH
3ROLWLTXH JpQpUDOH
G HQWUHSULVH
$QDO\VH GHV EHVRLQV 5HYXH WHFKQRORJLTXH
$QDO\VH GX PDUFKp
$QDO\VH GHV
2SSRUWXQLWpV
0HQDFHV
)RUFHV )DLEOHVVHV
3ROLWLTXH 3URGXLW 6WUDWpJLH 3URGXLW
2EMHFWLIV j ORQJ WHUPH
2EMHFWLIV j FRXUW WHUPH (QVHPEOH GHV

H[LJHQFHV 3URGXLW
&RQFHSW GH SURGXLW
1RQ ([LJHQFHV
VDWLVIDLWHV "
&RQFHSWLRQ
SUpOLPLQDLUH
1RQ ([LJHQFHV
VDWLVIDLWHV "
&RQFHSWLRQ
GpWDLOOpH
1RQ 9DOLGDWLRQ
'pYHORSSHPHQW
3DJH
7 , LQWqJUH pJDOHPHQW GHV FULWqUHV HQYLURQQHPHQWDX[ GDQV VD GpPDUFKH PDUNHWLQJ HW

WRXW FRPPH FKH] ',*,7$/ OH SHUVRQQHO HQYLURQQHPHQW SHXW V RSSRVHU j OD PLVH VXU OH
PDUFKp G XQ SURGXLW V LO Q HVW SDV FRQIRUPH j OD UpJOHPHQWDWLRQ RX DX[ H[LJHQFHV GH OD
FOLHQWqOH
&KH] ,%0 RQ SDUOH G ,3' ,%0 3URFHVVXV 'HYHORSPHQW ,O FRXYUH O HQVHPEOH GX F\FOH GH
YLH G XQ SURGXLW GHSXLV O LGpH GH GpYHORSSHPHQW GX SURGXLW MXVTX j VD ILQ GH YLH
$X FRXUV GX GpYHORSSHPHQW FKDTXH SHUVRQQH UHVSRQVDEOH G XQH SKDVH GX SURFHVVXV
GRLW V HQTXpULU GH O LPSDFW HQYLURQQHPHQWDO HQJHQGUp SDU FHWWH SKDVH ,O H[LVWH WRXW XQ
SODQ LQIRUPDWLTXH GpWDLOOp GH GpYHORSSHPHQW LQGLTXDQW TXDQG HW FRPPHQW SUHQGUH HQ
FRPSWH O HQYLURQQHPHQW $ FKDTXH pWDSH GHV SULQFLSHV VRQW j PHWWUH HQ ±XYUH HW j
UHVSHFWHU
(Q ILQ GH GpYHORSSHPHQW XQ FRPLWp GH VXUYHLOODQFH FKDUJp G DXWRULVHU OD
FRPPHUFLDOLVDWLRQ GX SURGXLW V DVVXUH TXH WRXV FHV SULQFLSHV RQW ELHQ pWp SULV HQ
FRPSWH
+(:/(77 3$&.$5' GpILQLW XQ 3URGXFW /LIH &\FOH FRPSRUWDQW GHV SRLQWV GH FRQWU{OH
HQYLURQQHPHQWDX[ HQ SDUWLFXOLHU SRXU FKDTXH pWDSH GX SURFHVVXV
&KH] 7+20621 0XOWLPpGLD F HVW OH 5HVSRQVDEOH (QYLURQQHPHQW GX VHUYLFH

'pYHORSSHPHQW 3URGXLWV TXL D OH U{OH GpWHUPLQDQW GH IDLUH LQWpJUHU WHO RX WHO SULQFLSH HW
HQVXLWH GH FRPPHUFLDOLVHU RX QRQ OH SURGXLW
&KH] $%% ,QGXVWULH -(80217 6&+1(,'(5 7UDQVIRUPDWHXUV HW /(*5$1' OHV SUHVVLRQV

GH OD FOLHQWqOH HQ PDWLqUH G HQYLURQQHPHQW VRQW HQFRUH IDLEOHV HW OH U{OH GX SHUVRQQHO
(QYLURQQHPHQW GDQV OD FRQVWLWXWLRQ GX FDKLHU GHV FKDUJHV GX SURGXLWV UHVWH
QpJOLJHDEOH
3URVSHFWLYH7\SHG·RUJDQLVDWLRQGXWUDYDLO
3RXU ERQ QRPEUH GHV SHUVRQQHV LQWHUURJpHV LO V DJLW GH QH SDV IRQGDPHQWDOHPHQW

PRGLILHU O RUJDQLVDWLRQ GX WUDYDLO SRXU FRQFHYRLU YHUW / LQWpJUDWLRQ GH O HQYLURQQHPHQW
GDQV OHV PRGHV GH SHQVpH HW OHV PRGHV G DFWLRQ GRLW VH IDLUH OH SOXV QDWXUHOOHPHQW
SRVVLEOH
7RXWHV OHV HQWUHSULVHV WUDYDLOOHQW GpMj SDU JHVWLRQ GH SURMHW HW SUDWLTXHQW SRXU OD SOXSDUW
OH FRQFXUUHQW HQJLQHHULQJ LO IDXW VLPSOHPHQW VH SRVHU OHV TXHVWLRQV HW OHV ERQQHV HQ
DPRQW GH OD GpPDUFKH GH FRQFHSWLRQ
3DJH
,O V DJLW SDU H[HPSOH GqV OD GpPDUFKH PDUNHWLQJ HQ DPRQW GH VH SRVHU OD TXHVWLRQ

TXHOV VRQW OHV EHVRLQV VXSSOpPHQWDLUHV GX FOLHQW j VDWLVIDLUH ',*,7$/ %5$1'7 " /HV
EHVRLQV HQYLURQQHPHQWDX[
3RXU OH *UHHQ 79 0DQDJHU GH 7+20621 0XOWLPpGLD SHUVRQQH Q HVW HQFRUH SUrW j

PRGLILHU UpHOOHPHQW OHV PpWKRGRORJLHV GH WUDYDLO G DXWDQW SOXV TXH OHV FRQWUDLQWHV QH
VRQW SDV HQFRUH VXIILVDQWHV UpJOHPHQWDWLRQ ,O H[LVWH GpMj GHV FROODERUDWLRQV GHV
HQWUHSULVHV DYHF OHV IRXUQLVVHXUV HQ DPRQW GH OD FKDvQH GH YDOHXU HW OHV UHF\FOHXUV HQ
DYDO SDU OH ELDLV G DVVRFLDWLRQV GH SURMHWV HXURSpHQV HW G LQLWLDWLYHV SURSUHV
/ LGpH G XQ SODWHDX GH WUDYDLO UpXQLVVDQW IRXUQLVVHXUV IDEULFDQWV HW UHF\FOHXUV FRPPH
GDQV OH GRPDLQH GH O DXWRPRELOH HVW SODLVDQWH PDLV OD PLVH HQ SODFH SRXUUDLW V DYpUHU
ORQJXH HW FRWHXVH
,17(*5$7,21'83$5$0(75((19,5211(0(17$/
'$16/$'(0$5&+('(&21&(37,2102<(16
(WXGHVHQYLURQQHPHQWDOHVRULHQWpHVSURGXLWV
' XQH PDQLqUH TXDVL JpQpUDOH SHX G HQWUHSULVHV VH VRQW UpHOOHPHQW ODQFpHV GDQV GHV
pWXGHV HQYLURQQHPHQWDOHV G pYDOXDWLRQ GH OHXUV SURGXLWV &HV GHUQLHUV pWDQW VRXYHQW
FRPSOH[HV GDQV FH GRPDLQH GHV pWXGHV GX W\SH $QDO\VH GX &\FOH GH 9LH V DYqUHQW
ORQJXHV HW RQpUHXVHV
5HPDUTXH /H © &RUSRUDWH 3URGXFW 6WHZDUGVKLS ª GH +3 HVWLPH WRXWHIRLV TXH

O DSSURFKH $&9 HVW LQWpUHVVDQWH PDLV TX LO IDXGUDLW OD UHQGUH PRLQV FRWHXVH HW SOXV
ILDEOH (OOH GHYUDLW IDLUH O REMHW G XQ FRQVHQVXV JpQpUDO VXU OHV YDOHXUV GHV SRQGpUDWLRQV
,O IDXW GHV UpVXOWDWV VFLHQWLILTXHPHQW YDODEOHV REMHFWLIV HW DFFHSWpV SDU WRXV
&HUWDLQV UHPDUTXHQW TXH GHV pWXGHV D SRVWHULRUL $&9 VRQW LQLQWpUHVVDQWHV

7+20621 0XOWLPpGLD
4XHOTXHV HQWUHSULVHV RQW WRXWHIRLV UpDOLVp GH WHOOHV pWXGHV FRPPH %5$1'7 7, RX
',*,7$/ TXL D QRWDPPHQW HIIHFWXp GHV $&9 GH FDUWHVPqUHV GH FRQGHQVDWHXUV RX
HQFRUH GH FLUFXLWV LQWpJUpV DYHF GpFRPSRVLWLRQ MXVTX DX[ FRPSRVDQWV HW PDWpULDX[ GH
EDVH /RUV G XQH pWXGH DYHF OH )UDXQKRIHU ,QVWLWXWH 6WXWWJDUW GL[ WRQQHV GH YLHX[
PDWpULHOV RQW PrPH pWp GpPDQWHOpHV DILQ G DQDO\VHU OHV GLIIpUHQWV W\SHV GH SODVWLTXHV
GH PpWDX[ IHUUHX[ QRQ IHUUHX[ VHPLSUpFLHX[
3DJH
&HV pWXGHV RQW PLV HQ pYLGHQFH XQ FHUWDLQ QRPEUH GH SRLQWV IDLEOHV WURS GH SODVWLTXHV
GLIIpUHQWV HW SHX PDUTXpV WURS G RXWLOV QpFHVVDLUHV SRXU OH GpVDVVHPEODJH GHV
PDWpULDX[ GDQJHUHX[
,%0 SUpIqUH OHV $&9 GH PDWpULDX[ UpDOLVpHV GDQV OH FHQWUH GH FRPSpWHQFHV DPpULFDLQ
GRQW OHV UpVXOWDWV SHUPHWWHQW G DOLPHQWHU OHV EDVHV GH GRQQpHV
' DXWUHV HQWUHSULVHV FKRLVLVVHQW GHV pWXGHV SOXV VXFFLQFWHV FRPPH GHV PDWULFHV $7 7
0DWUL[ GHV FKHFNOLVWV RX HQFRUH GHV FDOFXOV GH FRWV HQYLURQQHPHQWDX[ 3+,/,36
3OXVLHXUV VRFLpWpV FRPPH 7, ,%0 ',*,7$/ +3 -(80217 6&+1(,'(5

7UDQVIRUPDWHXUV RX $%% ,QGXVWULH RQW UpDOLVp GHV LQYHQWDLUHV DVVH] H[KDXVWLIV GHV
PDWpULDX[ FRQWHQXV GDQV OHXUV SURGXLWV HW FH HQ WHUPH GH WR[LFLWp G pFRWR[LFLWp HW GH
FRQIRUPLWp j OD UpJOHPHQWDWLRQ ,OV RQW pWp pWDEOLV j O DLGH GHV UpSRQVHV DX[
TXHVWLRQQDLUHV WUDQVPLV DX[ GLIIpUHQWV IRXUQLVVHXUV
/HV UpVXOWDWV G pWXGHV FRPPH OHV $&9 RQW SHUPLV j ',*,7$/ G pODERUHU VHV 6WDQGDUGV
(QYLURQQHPHQWDX[ QRUPHV UHFRPPDQGDWLRQV LQWHUQHV HW GH PRGLILHU FHUWDLQHV
FRQFHSWLRQV
3UpRFFXSDWLRQGHODILQGHYLHGHVSURGXLWV
/HV DSSURFKHV GH ILQ GH YLH GLYHUJHQW IRQFLqUHPHQW HQWUH OHV SURGXLWV pOHFWULTXHV HW
OHV SURGXLWV pOHFWURQLTXHV HW LQIRUPDWLTXHV
ª 3URGXLWV pOHFWULTXHV /H VXLYL GX FKHPLQHPHQW GHV SURGXLWV HVW GLIILFLOH SXLVTX·LOV

VRQW © SHUGXV ª GqV OHXU OLYUDLVRQ DSUqV YHQWH ,OV SDVVHQW HQ HIIHW SDU SOXVLHXUV
XWLOLVDWHXUV DVVHPEOHXUV j WUDYHUV OH PRQGH GHV PRWHXUV SDU H[HPSOH FDV GH
O·HQWUHSULVH $%% SHXYHQW rWUH VXFFHVVLYHPHQW XWLOLVpV SXLV UHYHQGXV SRXU rWUH
LQFRUSRUpV GDQV GLIIpUHQWV DSSDUHLOODJHV OHXU FROOHFWH VHPEOH GRQF ELHQ
FRPSURPLVH
ª 3URGXLWV pOHFWURQLTXHV HW LQIRUPDWLTXHV /HV SURGXLWV VRQW SOXV IDFLOHPHQW

© VXLYLV ª HW UpFXSpUpV ,O H[LVWH PrPH GHV FRQWUDWV GH UHSULVH
7RXW GpSHQG DXVVL GH OD WDLOOH GHV SURGXLWV HW GHV YDOHXUV GH VHFRQG PDUFKp
$LQVL SRXU GHV SURGXLWV GH SHWLWH WDLOOH W\SH UDVRLU pOHFWULTXH 3+,/,36 OH UpIOH[H GH
OD FOLHQWqOH UHVWH HQFRUH GH OHV MHWHU ,O HVW SOXV GLIILFLOH G HQ IDLUH DXWDQW SRXU XQ
WpOpYLVHXU RX XQ RUGLQDWHXU
3DJH
3RXU FH TXL FRQFHUQH O·DVSHFW ILQDQFLHU LO HVW LPSRUWDQW GH PHWWUH HQ SODFH XQ

V\VWqPH pFRQRPLTXHPHQW YLDEOH LO IDXW TXH OHV SLqFHV GHV SURGXLWV XVDJpV
GpPRQWpHV WUDLWpHV SXLVVHQW rWUH UHF\FOpHV RX UHYHQGXHV HW UpXWLOLVpHV GH PDQLqUH
UHQWDEOH VXU XQ PDUFKp G·RFFDVLRQ &·HVW SRVVLEOH SRXU GHV SLqFHV RX PDWpULDX[ j
IRUWH YDOHXU DMRXWpH
6L OH FRW GH OD FROOHFWH HW GX UHWUDLWHPHQW GX SURGXLW HVW LPSXWp VXU OH SUL[ GH YHQWH

WHO HVW OH FDV HQ 6XLVVH SURJUDPPH PLV HQ SODFH SDU 6:,&2 OH V\QGLFDW GHV
FRQVWUXFWHXUV LO HVW LPSHQVDEOH TXH FHOD SXLVVH VH IDLUH VXU XQ SURGXLW SHX FKHU TX·LO
YDXGUD PLHX[ GpWUXLUH EUR\HU EUOHU HQ ILQ GH YLH
© & HVW WRXW XQ SUREOqPH GH ORJLVWLTXH GH ILQDQFHV GH WHFKQRORJLH HW VXUWRXW

G pGXFDWLRQ TXL VH SRVH ª 'LUHFWHXU 7HFKQLTXH 3+,/,36 )UDQFH
/HV V\VWqPHV GH FROOHFWH VRQW GLIILFLOHV j PHWWUH HQ SODFH OHV FRQVRPPDWHXUV GRLYHQW
rWUH VHQVLELOLVpV HW FRRSpUHU 7RXW GpSHQGUD GRQF GH OHXU FRPSRUWHPHQW YLVjYLV GH
O·(QYLURQQHPHQW 8Q WHO V\VWqPH VHUD DLQVL SOXV IDFLOH j LQWpJUHU GDQV OHV SD\V
1RUGLTXHV R OHV FOLHQWV VRQW GDYDQWDJH pFRFLWR\HQV 5HVSRQVDEOH (QYLURQQHPHQW
3URGXLWV ',*,7$/
/D SUpRFFXSDWLRQ GH OD ILQ GH YLH HW OD PLVH HQ SODFH GH ILOLqUHV GH YDORULVDWLRQ VRQW

SULPRUGLDOHV FDU HOOHV YRQW SHUPHWWUH G·XQH SDUW GH SRXYRLU UHF\FOHU GHV PDWpULDX[
SURSUHV j rWUH UpXWLOLVpV PRLQV GH GpFKHWV j WUDLWHU PRLQV GH UHVVRXUFHV j GpSHQVHU
SRXU O·H[WUDFWLRQ HW OD IDEULFDWLRQ GH PDWpULDX[ YLHUJHV HW G·DXWUH SDUW GH IDLUH
UHPRQWHU GHV LQIRUPDWLRQV IHHGEDFN DX[ FRQFHSWHXUV FRQFHUQDQW OHV SUREOqPHV GH
WUDLWHPHQWV UHQFRQWUpV SDU OHV UHF\FOHXUV
$LQVL FKH] +(:/(77 3$&.$5' XQH XQLWp GH GpPRQWDJHUHF\FODJH D pWp LQVWDOOpH

SUqV GX OLHX GH WUDYDLO GHV FRQFHSWHXUV FH TXL IDFLOLWH JUDQGHPHQW OH UHWRXU
G LQIRUPDWLRQV HW OD VHQVLELOLVDWLRQ GHV FRQFHSWHXUV DX[ SUREOqPHV UHQFRQWUpV DX
QLYHDX GH OD ILQ GH YLH GHV SURGXLWV HQ SDUWLFLSDQW DX[ GLIIpUHQWHV RSpUDWLRQV GH
GpPRQWDJH LOV SHXYHQW VDYRLU FH TX LO IDXW IDLUH QH SDV IDLUH HW DPpOLRUHU
ª 'DQV OH FDV GHV SURGXLWV pOHFWURPpQDJHUV OH 5HVSRQVDEOH GHV 5HODWLRQV 7HFKQLTXHV

GH %5$1'7 HVWLPH TXH OHXUV UDSSRUWV DYHF OHV UHF\FOHXUV QH YRQW SDV GDQV OH VHQV
G XQH PHLOOHXUH YDORULVDWLRQ GHV SURGXLWV HQ ILQ GH YLH ,O Q \ D HQ HIIHW SDV GH UHWRXU
GHV SUREOqPHV pYHQWXHOOHPHQW UHQFRQWUpV SDU OD JHVWLRQ GHV SURGXLWV XVDJpV
/H FRQFHSW G RSWLPLVDWLRQ GH ILQ GH YLH HVW WRWDOHPHQW FUHX[
%5$1'7 QH GLVSRVH SDV GH VHUYLFH 5HF\FODJH /HV DSSDUHLOV VRQW SRXU OD SOXSDUW
EUR\pV HW OHV PpWDX[ VRQW UpFXSpUpV 6 LO SRXYDLW H[LVWHU GHV PpWKRGHV GH
GpVDVVHPEODJH SHUPHWWDQW GH UpFXSpUHU GHV SLqFHV UpXWLOLVDEOHV %5$1'7 VHUDLW WRXW
j IDLW SUrWH j OHV XWLOLVHU
3DJH
/D SOXSDUW GHV LQGXVWULHOV VRQW HQ DWWHQWH GH OD IXWXUH GLUHFWLYH HXURSpHQQH FRQFHUQDQW OD

ILQ GH YLH GHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV HOOH GHYUDLW TXHOTXH SHX PRGLILHU
OHXUV PDQLqUHV G RSpUHU
6WUDWpJLHVG pFRFRQFHSWLRQ
(OOHV VRQW WUqV GLYHUVHV HW YRQW GpSHQGUH GHV REMHFWLIV GH O HQWUHSULVH j FRXUW PR\HQ RX
ORQJ WHUPH GX PDUFKp GX W\SH GH SURGXLWV IDEULTXpV
2Q SHXW GLVWLQJXHU OHV D[HV VWUDWpJLTXHV VXLYDQWV

6RXUFH (FRGHVLJQ $ 3URPLVLQJ DSSURDFK WR VXVWDLQDEOH SURGXFWLRQ DQG FRQVXPSWLRQ
%UH]HW -& YDQ +HPHO & 318( 3DULV
6pOHFWLRQ GH PDWpULDX[ OHV PRLQV LPSDFWDQWV

∗ PRLQV WR[LTXHV PRLQV GDQJHUHX[
∗ UHQRXYHODEOHV
∗ SHX pQHUJLYRUHV
∗ UHF\FOpV
∗ UHF\FODEOHV

∗ UpGXFWLRQ GH OD PDVVH
∗ UpGXFWLRQ GX YROXPH

∗ WHFKQLTXHV GH SURGXFWLRQ DOWHUQDWLYHV
∗ PRLQV G pWDSHV GH SURGXFWLRQ
∗ FRQVRPPDWLRQ G pQHUJLH PLQLPDOH
∗ PRLQV GH SURGXFWLRQ GH GpFKHWV
2SWLPLVDWLRQ GX V\VWqPH GH GLVWULEXWLRQ

∗ HPEDOODJHV UpXWLOLVDEOHV SOXV SURSUHV HW PRLQV QRPEUHX[ RX YROXPLQHX[
∗ PRGHV GH WUDQVSRUW PRLQV pQHUJLYRUHV
5pGXFWLRQ GHV LPSDFWV GHV SURGXLWV HQ SKDVH G XWLOLVDWLRQ

∗ PRLQV GH FRQVRPPDWLRQ pQHUJpWLTXH
∗ VRXUFHV G pQHUJLH SOXV SURSUHV HW UHQRXYHODEOHV
∗ PRLQV GH EHVRLQV HQ pQHUJLH QRQ UHQRXYHODEOH
3DJH
2SWLPLVDWLRQ GH OD GXUpH GH YLH GHV SURGXLWV
∗ GXUDELOLWp HW ILDELOLWp
∗ PDLQWHQDQFH HW UpSDUDWLRQV IDFLOLWpHV
∗ VWUXFWXUH PRGXODLUH GHV SURGXLWV
∗ IRUW OLHQ SURGXLWFRQVRPPDWHXU
2SWLPLVDWLRQ GH OD ILQ GH YLH GHV SURGXLWV
∗ GpVDVVHPEODJH GHV SURGXLWV
∗ UpXWLOLVDWLRQ GHV SURGXLWV
∗ UHIDEULFDWLRQUHPLVH j QHXI
∗ UHF\FODJH GHV PDWpULDX[ IDFLOLWp SDU OHXU PDUTXDJH
∗ LQFLQpUDWLRQ SOXV VUH
'pYHORSSHPHQW G XQ QRXYHDX FRQFHSW 0RGLILFDWLRQ GH OD IDoRQ GH SHQVHU
∗ GpPDWpULDOLVDWLRQ
∗ SDUWDJH GH O XWLOLVDWLRQ GHV SURGXLWV
∗ LQWpJUDWLRQ GH QRXYHOOHV IRQFWLRQV
∗ RSWLPLVDWLRQ IRQFWLRQQHOOH GHV SURGXLWV
1 LPSRUWH TXHOOH HQWUHSULVH GpVLUHXVH GH UpDOLVHU GHV pFRQRPLHV SHXW V RULHQWHU VXU OD
YRLH GH O pFRFRQFHSWLRQ /RUV GX GpYHORSSHPHQW GH QRXYHOOHV JDPPHV GH SURGXLWV GHV
UpIOH[LRQV VXU OD OLPLWDWLRQ GHV FRWV GH UHYLHQW DPqQHQW IDWDOHPHQW j SHQVHU
HQYLURQQHPHQW VLPSOLILFDWLRQ HW DOOpJHPHQW GX SURGXLW PLQLPLVDWLRQ GH OD SURGXFWLRQ
GH GpFKHWV HQ FRXUV GH IDEULFDWLRQ PLQLPLVDWLRQ GX QRPEUH G RSpUDWLRQV SROOXDQWHV
SRXU pYLWHU OHV FRWV GH WUDLWHPHQW
'HV HQWUHSULVHV GX GRPDLQH pOHFWULTXH RX pOHFWURPpFDQLTXH FRPPH $%% ,QGXVWULH HW
-(80217 6&+1(,'(5 7UDQVIRUPDWHXUV YRQW SULYLOpJLHU OHV PDWpULDX[ PRLQV WR[LTXHV HW
SHX pQHUJLYRUHV XQH FRQVRPPDWLRQ G pQHUJLH PLQLPDOH HQ SKDVH GH SURGXFWLRQ HW
G XWLOLVDWLRQ OD FRQFHSWLRQ HQ YXH GH IDFLOLWHU OH GpPRQWDJH HW OH UHF\FODJH GHV
PDWpULDX[
$ QRWHU TXH FHUWDLQV SURGXLWV GH FH GRPDLQH VRQW FRQoXV VSpFLDOHPHQW LQGpPRQWDEOHV
SRXU GHV UDLVRQV GH VpFXULWp FDV GHV GLVMRQFWHXUV GH /(*5$1' LO Q HVW GRQF SDV
FRQFHYDEOH G HQYLVDJHU XQH VWUDWpJLH GH UHF\FODJH HQ ILQ GH YLH SRXU GH WHOV SURGXLWV
&KH] ,%0 DXFXQ GH FHV SULQFLSHV RX VWUDWpJLHV Q HVW GpPRQWUp rWUH PHLOOHXU TX XQ DXWUH
& HVW XQH FRPELQDLVRQ XQ FRPSURPLV GH SOXVLHXUV VXLWH j XQH DQDO\VH G LPSDFWV TXL
SHUPHWWUD GH GpYHORSSHU XQ SURGXLW SOXV UHVSHFWXHX[ GH O HQYLURQQHPHQW & HVW VDQV
FRPSWHU HQFRUH OHV FRQVLGpUDWLRQV GH FRWV GpODLV HW SHUIRUPDQFHV
3DJH
/HV REMHFWLIV QH SHXYHQW rWUH OHV PrPHV SRXU FKDFXQ GHV SURGXLWV FDU OH UpVHDX GH ILQ GH
YLH OHV ILOLqUHV GH YDORULVDWLRQ GLIIqUHQW GH PrPH TXH OH PRQWDQW GHV LQYHVWLVVHPHQWV j
IDLUH VXU OHV PDWpULDX[
+3 HVVDLH G DJLU j WRXV OHV QLYHDX[ TXH FH VRLW DX QLYHDX GH OD VpOHFWLRQ GHV PDWpULDX[
GH OD UpGXFWLRQ GH OHXU QRPEUH GH OD PLQLPLVDWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH RX GH
O DPpOLRUDWLRQ GH OD ILQ GH YLH &HV VWUDWpJLHV FRUUHVSRQGHQW DSSUR[LPDWLYHPHQW DX[
FULWqUHV GX %OXH $QJHO pFRODEHO DOOHPDQG TXH UHVSHFWHQW OHV SURGXLWV G +3
&KH] %5$1'7 OHV VWUDWpJLHV HQ YXH GX GpPRQWDJH HQ ILQ GH YLH VRQW HQFRUH LOOXVRLUHV
FDU pWDQW GRQQp OH SUL[ GH OD PDLQ G RHXYUH HQ (XURSH OH QRPEUH GH SLqFHV G XQ
DSSDUHLO pOHFWURPpQDJHU IDFLOHPHQW DFFHVVLEOHV F HVWjGLUH HQ PRLQV G XQH PLQXWH
PLQXWH IUDQF HVW WUqV IDLEOH /HV SURGXLWV VRQW GRQF SUHVTXH HQWLqUHPHQW EUR\pV
5HPDUTXH 3RXU FRQGXLUH GHV pWXGHV VXU OH GpPRQWDJH LO IDXGUDLW DQDO\VHU OH FRW GH
UHYHQWH GHV SLqFHV VXU OH PDUFKp HQ VHFRQGH PDLQ HQ GpGXLUH XQ WHPSV G DFFqV
PD[LPXP HW YRLU VL F HVW UpDOLVDEOH
2XWLOVFRQQXVHWXWLOLVpV
3RXU OHV JXLGHU GDQV OHXU GpPDUFKH G pFRFRQFHSWLRQ OHV HQWUHSULVHV XWLOLVHQW XQ FHUWDLQ
QRPEUH G RXWLOV TXL SHXYHQW DOOHU GH OD VLPSOH OLVWH GH PDWpULDX[ j SURVFULUH RX GRQW LO
IDXW OLPLWHU O XWLOLVDWLRQ j GHV ORJLFLHOV SOXV FRPSOH[HV
$LQVL QRXV GLVWLQJXHURQV OHV RXWLOV VXLYDQWV
ª OHV OLVWHV GH PDWpULDX[ j EDQQLU RX OLPLWHU
/D SOXSDUW GHV HQWUHSULVHV OHV XWLOLVHQW & HVW XQ RXWLO VLPSOH G XWLOLVDWLRQ PDLV
GDQJHUHX[ FDU EHDXFRXS GH OLVWHV VRQW WURS FRQWUDLJQDQWHV SULQFLSDOHPHQW FHOOHV
GHV SD\V QRUGLTXHV HW O LQWHUGLFWLRQ V\VWpPDWLTXH GH SOXV HQ SOXV GH PDWpULDX[ VRXV
SUpWH[WH TX LOV VRLHQW WR[LTXHV Q HVW SDV WRXMRXUV MXVWLILpH VL FHV PDWpULDX[ VRQW
PDQLSXOpV DYHF SUpFDXWLRQ
',*,7$/ GLVSRVH GH SOXVLHXUV W\SHV GH OLVWHV OHV PDWpULDX[ LQWHUGLWV OHV PDWpULDX[
GDQJHUHX[ UpJOHPHQWpV HW OHV PDWpULDX[ QLFH WR DYRLG (OOH XWLOLVH GH PrPH TX ,%0
GHV OLVWHV FRUUHVSRQGDQW DX FXPXO GHV LQWHUGLWV PRQGLDX[
/(*5$1' GHYUDLW SURFKDLQHPHQW pWDEOLU VD SURSUH OLVWH TXL VHUYLUD GH FRQWUHOLVWH

YLVjYLV GH WRXWHV OHV OLVWHV HQ FLUFXODWLRQ HQ (XURSH GX 1RUG
3DJH
%5$1'7 XWLOLVH DXVVL GHV OLVWHV SOXV RX PRLQV FRQWUDLJQDQWHV / HQWUHSULVH D ELHQ
WHQWp GH GpYHORSSHU TXHOTXHV pEDXFKHV GH OLVWHV PDLV OHV UpVXOWDWV GHPHXUHQW SHX
SUREDQWV
ª OHV PDQXHOV G pFRFRQFHSWLRQ RX JXLGHV OHV JXLGHOLQHV
'H SOXV HQ SOXV G HQWUHSULVHV GLVSRVHQW GH WHOV PDQXHOV 3DUPL OHV HQWUHSULVHV
UHQFRQWUpHV VHXOHV %5$1'7 -(80217 6&+1(,'(5 7UDQVIRUPDWHXUV HW $%% ,QGXVWULH
Q HQ RQW SDV
3RXU OH 5HVSRQVDEOH (QYLURQQHPHQW G $%% ,QGXVWULH XQ PDQXHO VSpFLILTXH G pFR
FRQFHSWLRQ Q HVW SDV QpFHVVDLUH ,O SUpYRLW SOXW{W GDQV OH IXWXU G LQWpJUHU GHV
SDUDJUDSKHV FRQFHUQDQW OHV SURFHVV G XQH SDUW HW OHV SURGXLWV G DXWUH SDUW GDQV OH
PDQXHO FODVVLTXH XWLOLVp SDU OHV FRQFHSWHXUV
7(;$6 ,167580(17 QH GLVSRVH G DLOOHXUV SDV GH PDQXHO G pFRFRQFHSWLRQ
QpDQPRLQV GHV SROLFHV HQYLURQQHPHQWDOHV VRQW LQWpJUpHV GDQV OHV PDQXHOV FODVVLTXHV
GH FRQFHSWLRQ
+3 HW 7+20621 0XOWLPpGLD GLVSRVHQW GH JXLGHV SDU IDPLOOHV GH SURGXLWV ,OV VRQW
FRQVWLWXpV GH UqJOHV JpQpUDOHV 'HVLJQ IRU (QYLURQPHQW 'HVLJQ IRU 'LVDVVHPEO\
'HVLJQ IRU 5HF\FOLQJ HW GH UqJOHV VSpFLILTXHV DX[ SURGXLWV
3+,/,36 SRVVqGH XQ PDQXHO *UHHQ 3DJHV HW GHV JXLGHOLQHV JpQpUDOHV 3KLOLSV

(FR'HVLJQ *XLGHOLQHV
/H PDQXHO G ,%0 HVW FRQVXOWp SDU OH &RRUGLQDWHXU (QYLURQQHPHQW 3URGXLWV TXL

FRQWUDLQW OH FRQFHSWHXU j UHVSHFWHU OHV SULQFLSHV pGLFWpV
',*,7$/ D GpYHORSSp VRQ PDQXHO HQ FROODERUDWLRQ DYHF XQH pTXLSH GH UHFKHUFKH

DPpULFDLQH GX 0,7 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\ ,O D UDSLGHPHQW pWp
LQIRUPDWLVp SRXU rWUH SOXV DLVp j FRQVXOWHU HW XWLOLVHU
4XDQW j /(*5$1' XQ PDQXHO HVW DFWXHOOHPHQW HQ FRXUV G pODERUDWLRQ DYHF O DLGH GHV
FRQFHSWHXUV DLQVL VHQVLELOLVpV DX SUREOqPH
ª OHV FKHFNOLVWV
&H VRQW GH VLPSOHV OLVWHV TXL IRXUQLVVHQW DX FRQFHSWHXU GHV pOpPHQWV GH FKRL[
SRVVLEOHV HQ PDWLqUH G pFRFRQFHSWLRQ SOXVLHXUV W\SHV G DFWLRQV OXL VRQW SURSRVpHV
(OOHV SHUPHWWHQW DXVVL GH YpULILHU TXH WHO RX WHO SULQFLSH HVW UHVSHFWp HW G pYDOXHU VL OH
SURGXLW pODERUp HVW UHVSHFWXHX[ GH O HQYLURQQHPHQW
/HV JUDQGHV HQWUHSULVHV FRPPH 3+,/,36 +3 RX ',*,7$/ HQ GLVSRVHQW (OOHV VRQW
PrPH LQIRUPDWLVpHV GDQV OH FDV GH ',*,7$/ HW FH SRXU IDFLOLWHU OHXU SULVH HQ FRPSWH
3DJH
ª OHV ORJLFLHOV
/D IRUPH LQIRUPDWLVpH GH WHOV RXWLOV HVW WUqV DSSUpFLpH GHV LQGXVWULHOV OHV
FRQFHSWHXUV WUDYDLOODQW GH SOXV HQ SOXV V\VWpPDWLTXHPHQW VXU RUGLQDWHXU &$2'$2
OHV ORJLFLHOV V LQWqJUHQW SOXV IDFLOHPHQW GDQV OHXU DFWLYLWp
,O Q HQ GHPHXUH SDV PRLQV TX XQ ODQJDJH FRPPXQ UHVWH REOLJDWRLUH %HDXFRXS WURS GH
ORJLFLHOV HQFRUH VRQW LQDGDSWpV DX PpWLHU GH OD FRQFHSWLRQ QRPHQFODWXUHV
GLIIpUHQWHV WURS JUDQGH FRPSOH[LWp LOV VRQW DORUV SHUoXV FRPPH XQH FRQWUDLQWH
VXSSOpPHQWDLUH
,O VHPEOHUDLW TXH O (,0( (YDOXDWLRQ GH O ,0SDFW (QYLURQQHPHQWDO UpFHPPHQW

FRPPHUFLDOLVp UpVROYH XQ FHUWDLQ QRPEUH GH FHV SUREOqPHV
'pYHORSSp SDU (&2%,/$1 j O DLGH GH SOXVLHXUV SDUWHQDLUHV LQGXVWULHOV ,%0
7+20621 0XOWLPpGLD /(*5$1' $/&$7(/ $/67+20 HW 6&+1(,'(5 (/(&75,& HW
ILQDQFp SDU O $'(0( LO GLVSRVH GH WURLV W\SHV GH UpVXOWDWV
'HV LQGLFDWHXUV G LPSDFW VXU O HQYLURQQHPHQW HIIHW GH VHUUH DFLGLILFDWLRQ
DWPRVSKpULTXH HXWURSKLVDWLRQ GH O HDX

'HV LQGLFDWHXUV GH FRQFHSWLRQ PDVVH W\SHV GH PDWpULDX[ XWLOLVpV W\SHV GH
OLDLVRQV
'HV LQGLFDWHXUV GH ILQ GH YLH WDX[ GH GpPRQWDELOLWp WDX[ GH UHF\FODJH
7+20621 0XOWLPpGLD &H W\SH G LQGLFDWHXUV Q HVW SDV HQFRUH pODERUp j FH

MRXU
/ LQWpUrW GH O (,0( HVW G rWUH XQH SODWHIRUPH GHV RXWLOV G HQYLURQQHPHQW SOXVLHXUV
ORJLFLHOV SHXYHQW V \ JUHIIHU VRXV IRUPH GH PRGXOHV OH ORJLFLHO GH FRQFHSWLRQ
FODVVLTXH &$7,$ HVW XQ SHX VLPLODLUH
$YHF SOXVLHXUV LQWHUIDFHV SRVVLEOHV H[SHUW HW FRQFHSWHXU O (,0( SHXW
SUDWLTXHPHQW rWUH FRQVLGpUp FRPPH XQ RXWLO GH JHVWLRQ LQGXVWULHOOH GH O ,62 HW
GH O ,62 ,%0
8Q DXWUH LQWpUrW OD EDVH GH GRQQpHV HVW UpDFWXDOLVDEOH HW VXUWRXW DFFHVVLEOH j
GLVWDQFH XQH SHUVRQQH LQWpUHVVpH SDU OD VWUXFWXUH G XQ SURGXLW UHVSHFWXHX[ GH
O HQYLURQQHPHQW SHXW VL HOOH HQ HVW DXWRULVpH GXSOLTXHU VD VWUXFWXUH VHV PDWpULDX[
VRQ SURFHVV GH IDEULFDWLRQ VDQV DYRLU j WRXW UHFUpHU
3+,/,36 XWLOLVH OH ORJLFLHO (&26&$1 GDQV VHV GLIIpUHQWHV XQLWpV ,O V DJLW SOXW{W G XQ
ORJLFLHO G $&9 TXL SHUPHW pJDOHPHQW GHV FDOFXOV GH FRWV GX F\FOH GH YLH
+3 XWLOLVH GHSXLV ORQJWHPSV GHV ORJLFLHOV GH GpPRQWDJH LOV Q pWDLHQW SDV XWLOLVpV DX
GpSDUW GDQV XQ EXW HQYLURQQHPHQWDO PDLV VHXOHPHQW DILQ GH IDFLOLWHU OH PRQWDJH SXLV
OH GpPRQWDJH HW G DPpOLRUHU OHV SRVVLELOLWpV GH UpSDUDWLRQ HW GH PDLQWHQDQFH
3DJH
7(;$6 ,167580(176 D GpYHORSSp OH ORJLFLHO &$55, &RPSXWHUL]HG $VVHVVPHQW RI

5HODWLYH 5LVN ,PSDFW DYHF 6(0, 6HPLFRQGXFWRU (TXLSPHQW 0DQXIDFWXULQJ
,QGXVWULHV HW OH &(0$7(& *URXSHPHQW LQWHUQDWLRQDO GHV IDEULFDQWV GH 6HPL
&RQGXFWHXUV
',*,7$/ WHVWH EHDXFRXS GH ORJLFLHOV QRXYHOOHPHQW GpYHORSSpV QRWDPPHQW GHV

ORJLFLHOV DOOHPDQGV RX DPpULFDLQV GH VLPXODWLRQ RX PRGpOLVDWLRQ GX GpVDVVHPEODJH
FRPPH 'HVLJQ IRU (QYLURQPHQW 6RIWZDUH 7RRO GH %RRWKUR\G 'HZKXUVW ,QF 86$ LO
SHUPHW O DQDO\VH GHV RSWLRQV GH ILQ GH YLH HW IRXUQLW GHV GRQQpHV VXU OH F\FOH GH YLH
GHV FRPSRVDQWV G XQ SURGXLW DYHF OHV FRWV GH GpVDVVHPEODJH HW GHV RSWLRQV GH
UHF\FODJH
ª $XWUHV RXWLOV
' DXWUHV RXWLOV VRQW FRQQXV HW WHVWpV SDU OHV HQWUHSULVHV PDLV SDUIRLV LQDGDSWpV DX[
DWWHQWHV FDU WURS VRXYHQW GpYHORSSpV SDU GHV pTXLSHV GH UHFKHUFKHV XQLYHUVLWDLUHV RX
LQGXVWULHOOHV HW XWLOLVDEOHV SDU OD VHXOH HQWUHSULVH FRPPDQGLWDLUH GH O pWXGH
,%0 D SDU H[HPSOH WHVWp SOXVLHXUV RXWLOV FRQVDFUpV DX GpVDVVHPEODJH GHV SURGXLWV
PDLV OHXUV FULWqUHV QH FRUUHVSRQGHQW SDV j OD PDQLqUH GH SUDWLTXHU GHV VRFLpWpV
VSpFLDOLVWHV GX GpVDVVHPEODJH DYHF ,%0
7, D GpYHORSSp XQ DUEUH GpFLVLRQQHO SULQFLSDOHPHQW XWLOLVp SRXU OHV HPEDOODJHV

DILQ G RULHQWHU OH FRQFHSWHXU VXU OD YRLH GH OD PHLOOHXUH RSWLRQ
3URVSHFWLYH7\SHVG RXWLOVQpFHVVDLUHVGDQVXQH

GpPDUFKHG pFRFRQFHSWLRQ
/H © &RUSRUDWH 3URGXFW 6WHZDUGVKLS ª GH ',*,7$/ HVWLPH TX LO VHUDLW LQWpUHVVDQW

G LQWpJUHU XQ PRGXOH (QYLURQQHPHQW GDQV XQ ORJLFLHO GH FRQFHSWLRQ &$2 FODVVLTXH
3RXU OXL O LQWpUrW VHUDLW GH IDLUH DSSDUDvWUH GHV PHVVDJHV VXU OHV ULVTXHV
HQYLURQQHPHQWDX[ DX FRXUV GH OD PRGpOLVDWLRQ GX SURGXLW 8Q RXWLO GLVWLQFW SHUGUDLW
UDSLGHPHQW GH VD YDOHXU
3RXU 3+,/,36 LO HVW QpFHVVDLUH TXH OHV RXWLOV VRLHQW WUqV FRQFUHWV SDU UDSSRUW DX[
SUREOqPHV UHQFRQWUpV SDU OH FRQFHSWHXU ,OV GRLYHQW UpSRQGUH j VHV DWWHQWHV HQ VHV
SURSUHV WHUPHV
3DJH
3RXU +3 OD IRUPH LQIRUPDWLTXH HVW SOXV SHUIRUPDQWH TXH OD IRUPH SDSLHU / DFFHQW GRLW
rWUH PLV VXU XQ FRQVHQVXV LQWHUQDWLRQDO HQ WHUPHV GH FULWqUHV SULV HQ FRPSWH GH
SRQGpUDWLRQV
/H 'LUHFWHXU GHV VHUYLFHV WHFKQLTXHV )UDQFH GH 7, VRXWLHQW TXH OHV RXWLOV GHYUDLHQW
WRXMRXUV rWUH GpYHORSSpV GDQV XQ VRXFL GH UpSRQGUH DX[ DWWHQWHV GHV HQWUHSULVHV 'DQV
OH FDV GH SURMHWV GH UHFKHUFKH XQLYHUVLWDLUHV GHV SDUWHQDULDWV LQGXVWULHOV V LPSRVHQW
/H UHVSRQVDEOH WHFKQLTXH GH $%% ,QGXVWULH HVWLPH TXDQW j OXL TXH OHV H[LJHQFHV GH
FRQFHSWLRQ HQ WHUPH G HQYLURQQHPHQW GHYUDLHQW rWUH LQWpJUpHV GDQV GHV QRUPHV DXWUH
W\SH G RXWLO SRXU TXH WRXV OHV FRQVWUXFWHXUV OHV UHVSHFWHQW ,O IDXGUDLW G DXWUH SDUW XQH
ORLFDGUH HW GHV DFFRUGV SDU EUDQFKH SURIHVVLRQQHOOH
3DJH
$QQH[H /D UpJOHPHQWDWLRQ VXU OHV SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV XVDJpV HQ (XURSH
$11(;(/$5(*/(0(17$7,21685/(6352'8,76
(/(&75,48(6(7(/(&7521,48(686$*(6(1(8523(

$YDQW GpFUHW WD[H GH

&ROOHFWH SDU OHV FROOHFWLYLWpV UHSULVH SRXU O XWLOLVDWHXU
ORFDOHV ILQDO
,QIRUPDWLTXH
&ROOHFWH HW WUDLWHPHQW SDU OHV $SUqV GpFUHW 3DV HQFRUH GH GpFUHW
IDEULFDQWV LPSRUWDWHXUV 5HWRXU JUDWXLW SRXU G DSSOLFDWLRQ SUpYX DX
O XWLOLVDWHXU ILQDO PDLV WRXMRXUV HQ SURMHW
$OOHPDJQH
3DV GH PRGH GH FROOHFWH 7D[H GH UHSULVH SRXU
7pOpSKRQLH
pWDEOL O XWLOLVDWHXU ILQDO
5HWRXU JUDWXLW FKH] OHV

GLVWULEXWHXUV RX GDQV OHV
3LOHV SRLQWV GH FROOHFWH PXQLFLSDX[ 'pFUHW HQ YLJXHXU DX
3ULVH HQ FKDUJH JUDWXLWH SDU
OHV IDEULFDQWV
3DV GH GpFUHW
$WWHQWH GHV GpYHORSSHPHQWV
%XUHDXWLTXH HXURSpHQV
7D[H VXU OD YHQWH GH
,QIRUPDWLTXH ([LVWH XQH QRUPH g1250 6
QRXYHDX[ SURGXLWV
9LGpR PHLOOHXUHV SUDWLTXHV
SRXU OD ILQ GH YLH GHV SURGXLWV
pOHFWULTXHV HW pOHFWURQLTXHV
3URGXLWV EODQFV 7D[H GH UHSULVH SRXU

$XWULFKH 5pJOHPHQWDWLRQ HQ SODFH
/DPSHV O XWLOLVDWHXU ILQDO
)DEULFDQWV LPSRUWDWHXUV HW
GLVWULEXWHXUV YLD OD FROOHFWH
3LOHV HW RUJDQLVpH SDU OHV 'pFUHW HQ YLJXHXU GHSXLV
DFFXPXODWHXUV PXQLFLSDOLWpV 6HSWHPEUH
GHV SLOHV SRUWDEOHV VRQW
DFWXHOOHPHQW FROOHFWpHV
3DJH

&ROOHFWH SDU OHV IDEULFDQWV 5pJOHPHQWDWLRQ IODPDQGH VXU

LPSRUWDWHXUV HW GLVWULEXWHXUV 5HWRXU JUDWXLW SRXU OD SUpYHQWLRQ HW OH
3URGXLWV EODQFV
2EMHFWLIV GH UHF\FODJH GHV O XWLOLVDWHXU ILQDO PDQDJHPHQW GHV GpFKHWV
3URGXLWV EUXQV
PpWDX[ IHUUHX[ QRQ IHUUHX[ HW 9/$5($ HQWUpH HQ YLJXHXU j
GHV SODVWLTXHV SDUWLU GX

%HOJLTXH
3RXU OHV SURGXLWV EUXQV HW
)ODQGUHV EODQFV REOLJDWLRQV j SDUWLU GX

'LVFXVVLRQV SRXU O·DGRSWLRQ
G·XQ FRYHQDQW SRXU OD FROOHFWH
2EMHFWLIV GH FROOHFWH GH j 6\VWqPH G·pFRWD[H SD\pH GHV SURGXLWV pOHFWURQLTXHV
SDUWLU GH HW GH UHF\FODJH SDU OHV IDEULFDQWV %()
SLOHV GH SRXU FKDTXH SLOH YHQGXH
&ROOHFWH JUDWXLWH SDU OHV SRXU OHV DGKpUHQWV DX
GpWDLOODQWV HW OHV GLVWULEXWHXUV %(%$7 VLQRQ %()
3URGXLWV
GHV DSSDUHLOV
pOHFWURQLTXHV
pOHFWURQLTXHV PpQDJHUV HW
%HOJLTXH OLVWpV GDQV OH SODQ GH
LQGXVWULHOV GRLYHQW rWUH 'pFUHW HQ GLVFXVVLRQ
:DOORQLH PDQDJHPHQW GHV
FROOHFWpV j SDUWLU GH HW
GpFKHWV DGRSWp OH

j SDUWLU GH
7D[H GH UHSULVH DMRXWpH j
3URGXLWV EODQFV OD WD[H GHV RUGXUHV
3URGXLWV EUXQV PpQDJqUHV
,QIRUPDWLTXH 5HWRXU JUDWXLW SRXU OHV
7pOpSKRQLH &ROOHFWH HW WUDLWHPHQW SDU OHV XWLOLVDWHXUV LQGLYLGXHOV HW
(TXLSHPHQWV FROOHFWLYLWpV ORFDOHV HW QRQ OHV OHV GLVWULEXWHXUV 'pFUHW HQ YLJXHXU DX
PpGLFDX[ SURGXFWHXUV 7D[H VXSSOpPHQWDLUH GH
(TXLSHPHQWV GH UHSULVH SRXU OHV
'DQHPDUN
ODERUDWRLUH SURIHVVLRQQHOV
7UDQVIRUPDWHXUV /·LQGXVWULH GRLW pJDOHPHQW
SD\HU SRXU O·HQOqYHPHQW
)DEULFDQWV HW LPSRUWDWHXUV
3LOHV HW UHVSRQVDEOHV GH OD PLVH HQ (FRWD[H SD\pH SDU OHV /RLV DGRSWpHV
HQ
RUGUHV
HW
-XLQ
VWDWXWDLUHV
DFFXPXODWHXUV SODFH GHV SODQV GH FROOHFWH IDEULFDQWV HW LPSRUWDWHXUV Q
0DL
JUDWXLWH
3DJH

3URGXLWV
pOHFWULTXHV HW 5HWRXU JUDWXLW SRXU (WXGHV SLORWHV HQ FRXUV
pOHFWURQLTXHV O XWLOLVDWHXU ILQDO 3DV GH UpJOHPHQWDWLRQ
(VSDJQH JpQpUDO
3LOHV HW
'pFUHW HQ SURMHW
DFFXPXODWHXUV
3URGXLWV
pOHFWULTXHV HW (WXGH SLORWH VXU OD FROOHFWH HW 7D[H VXU OD YHQWH GH (WXGH SLORWH HQ FRXUV
pOHFWURQLTXHV OD YDORULVDWLRQ QRXYHDX[ SURGXLWV 3DV GH UpJOHPHQWDWLRQ
JpQpUDO
)LQODQGH
/HV PXQLFLSDOLWpV GRLYHQW
3LOHV HW FROOHFWHU WRXWH VRUWH GH
$FWH VXU OHV GpFKHWV

DFFXPXODWHXUV GpFKHWV PpQDJHUV GRQW OHV
SLOHV HW DFFXPXODWHXUV
3URGXLWV
pOHFWULTXHV HW (Q IDYHXU GH OD UHVSRQVDELOLWp
3DV GH UpJOHPHQWDWLRQ
pOHFWURQLTXHV SDUWDJpH
JpQpUDO
5HWRXU JUDWXLW SRXU

7XEHV IOXRUHVFHQWV 'pFUHW DX
O XWLOLVDWHXU ILQDO
)UDQFH
&ROOHFWH HW WUDLWHPHQW GHV
SLOHV DYHF VXEVWDQFHV
GDQJHUHXVHV DFFXPXODWHXUV 5HWRXU JUDWXLW SRXU

3LOHV HW 'pFUHW DX PRGLILp SDU
XVDJpV DX O XWLOLVDWHXU ILQDO DVVXUp SDU

DFFXPXODWHXUV OH GpFUHW GX
&ROOHFWH HW WUDLWHPHQW GH OHV GLVWULEXWHXUV
WRXWHV OHV SLOHV XVDJpHV DX

0rPHV REOLJDWLRQV GH FROOHFWH
3LOHV HW HW GH UHF\FODJH TXH SRXU OD 'pFLVLRQ 0LQLVWpULHOOH MRLQWH
*UqFH DFFXPXODWHXUV GLUHFWLYH HXURSpHQQH PDLV HQ YLJXHXU DX
SDV GH UpHO SURJUDPPH
3URGXLWV 'LVFXVVLRQV HQ FRXUV SRXU XQ
,UODQGH pOHFWURQLTXHV DFFRUG YRORQWDLUH
3DJH

3D\V 3URGXLWV YLVpV
5pJOHPHQWDWLRQ "
(Q FRXUV
5pIULJpUDWHXUV &ROOHFWH HW WUDLWHPHQW GHV 'pFUHW VXU OH PDQDJHPHQW GHV
0DFKLQHV j ODYHU UpIULJpUDWHXUV HQ SODFH HQ 5HWRXU JUDWXLW VRXV GpFKHWV GX DPHQGp SDU
7pOpYLVHXUV FRQGLWLRQ G DFKDW G XQ FHOXL GH R O· $UW
2UGLQDWHXUV ([WHQVLRQ ILQ SRXU OHV QRXYHDX SURGXLW SUpYRLW OD PLVH HQ SODFH GH
,WDOLH YHQWLODWHXUV RUGLQDWHXUV HW OHV WpOpYLVHXUV SRLQWV GH FROOHFWH SDU OHV
LQGXVWULHOV
3LOHV HW 0rPHV RULHQWDWLRQV TXH SRXU
DFFXPXODWHXUV OHV GLUHFWLYHV
&(
&( HW 'pFUHW GX
6\VWqPH GH FROOHFWH
5pIULJpUDWHXUV 6XSHU)UHRQV.sVFKW LQLWLp HQ

$WWHQWH GH
HXURSpHQQH SRXU OHV 3(()9

OD GLUHFWLYH

3LOHV
3LOHV FRQWHQDQW SOXV GH
/X[HPERXUJ PJ GH PHUFXUH
HQ SRLGV GH &G
HQ SRLGV GH 3E )DEULFDQWV GLVWULEXWHXUV HW 5pJOHPHQWDWLRQ GX HQ
3LOHV DOFDOLQHV GpWDLOODQWV YLJXHXU HQ -XLQ
FRQWHQDQW SOXV GH
HQ SRLGV GH
PHUFXUH
,QIRUPDWLTXH
7pOpSKRQLH
5pIULJpUDWHXUV 'pFUHW GX TXL HQWUH HQ
PDFKLQHV j ODYHU )DEULFDQWV HW LPSRUWDWHXUV 7D[H VXU OD YHQWH GH

YLJXHXU DX
VqFKHOLQJH UHVSRQVDEOHV GH OD FROOHFWH j QRXYHDX[ SURGXLWV

LQFLQpUDWLRQ LQWHUGLWH DX
RUGLQDWHXUV SDUWLU GHV SRLQWV GH FROOHFWH PRQWDQW LPSRVp DX FDV

SRXU PDWpULHOV YROXPLQHX[
LPSULPDQWHV PXQLFLSDX[ HW GHV GpWDLOODQWV SDU FDV

FROOHFWH GHV HW DX
(TXLSHPHQWV SRXU SHWLWV PDWpULHOV
SRXU FKDXIIDJH HW FROOHFWH GHV
HDX FKDXGH
3D\V%DV
)DEULFDQWV HW LPSRUWDWHXUV
'pFUHW HQ YLJXHXU DX

6HORQ OH SODQ 67,%$7 OHV SLOHV
&ROOHFWH GHV SLOHV HW DFFX

YHQGXHV DSUqV VRQW
GRQW OH SRLGV HVW VXSpULHXU j
3LOHV HW
FROOHFWpHV SDU OHV 7D[H SD\pH SDU OHV
JUDPPHV j SDUWLU GH
DFFXPXODWHXUV PXQLFLSDOLWpV
/HV LQGXVWULHV TXL QH

IDEULFDQWV
LPSRUWDWHXUV
HW OHV

3ODQ SRXU OD FROOHFWH HW OH

SDUWLFLSHQW SDV DX SODQ
UHF\FODJH GHV EDWWHULHV

GRLYHQW FUpHU OHXU SURSUH

GLVSRVLWLI
3DJH

3D\V 3URGXLWV YLVpV
5pJOHPHQWDWLRQ "
3LOHV HW 'pWDLOODQWV IDEULFDQWV HW 'pFUHW HQ YLJXHXU DX

3RUWXJDO
DFFXPXODWHXUV LPSRUWDWHXUV
3URGXLWV 3DV GH UpJOHPHQWDWLRQ

pOHFWULTXHV HW (WXGHV SLORWHV HQ FRXUV (Q DWWHQWH GHV UpVXOWDWV GHV
5R\DXPH
pOHFWURQLTXHV SURMHWV SLORWHV
8QL
3LOHV HW
$FFRUGV YRORQWDLUHV HQWUH OHV

DFFXPXODWHXUV
3ODQ GH FROOHFWH 5(%$7 LQGXVWULHOV HW OH
JRXYHUQHPHQW
&ROOHFWH HW WUDLWHPHQW SDU OHV
IDEULFDQWV 3UpYXH DX PDLV DWWHQWH
3URGXLWV
2EOLJDWLRQ G LQIRUPHU
7D[H VXU OD YHQWH GHV GHV QRXYHOOHV UpJOHPHQWDWLRQV

6XqGH

pOHFWURQLTXHV
O XWLOLVDWHXU ILQDO QRXYHDX[ SURGXLWV VXU OH WUDLWHPHQW GHV 3(()9
7UDLWHPHQW SUpDODEOH SDU O·(3$ VXpGRLVH
REOLJDWRLUH DYDQW LQFLQpUDWLRQ
EUR\DJH «
&ROOHFWH SDU OHV FROOHFWLYLWpV
ORFDOHV HW OHV GpWDLOODQWV
&ROOHFWH SDU OHV IDEULFDQWV
(OHFWURPpQDJHU SRXU OHV SURGXLWV YHQGXV 7D[H VXU OD YHQWH GH
%XUHDXWLTXH DYDQW OH GpFUHW QRXYHDX[ SURGXLWV 2UGRQQDQFH VXU OD FROOHFWH HW
,QIRUPDWLTXH 7DX[ GH FROOHFWH PLQLPXP /HV SUL[ GHV SURGXLWV RQW OD UHSULVH GHV SURGXLWV
7pOpSKRQLH GDQV OHV DQV DXJPHQWp GH j 1.U pOHFWURQLTXHV HQ ILQ GH YLH GX
)LQDQFHPHQW SDU OHV HQWUDQW HQ YLJXHXU j
SURGXFWHXUV HW OHV SDUWLU GX

LPSRUWDWHXUV
1RUYqJH 5pIULJpUDWHXUV &ROOHFWH SDU OHV FROOHFWLYLWpV
&RQJpODWHXUV ORFDOHV GHSXLV
5pJOHPHQWDWLRQ HQ YLJXHXU DX
SOXVLHXUV
3LOHV HW
DPHQGHPHQWV

DFFXPXODWHXUV
9HQGHXUV 5pYLVLRQ SUpYXH SRXU R
OD UHVSRQVDELOLWp LQFRPEHUD
DX[ IDEULFDQWV HW DX[
YHQGHXUV
3DJH

%XUHDXWLTXH " " 5HWRXU JUDWXLW SRXU
,QIRUPDWLTXH HW O XWLOLVDWHXU ILQDO LQFLWp j
pOHFWURQLTXH GH DFKHWHU XQ QRXYHDX 'pFUHW VXU OD FROOHFWH HW
&ROOHFWH HW WUDLWHPHQW GH OHXUV

ORLVLUV SURGXLW DX FKRL[ GH O· pOLPLQDWLRQ GHV DSSDUHLOV
SURGXLWV SDU OHV IDEULFDQWV

(OHFWURPpQDJHU " " O LQGXVWULHO pOHFWULTXHV HW pOHFWURQLTXHV
&ROOHFWH GH WRXV OHV SURGXLWV

%DOODVWV GHV 6L DXFXQ DUUDQJHPHQW GHV GX HQWUDQW HQ YLJXHXU
SDU OHV GpWDLOODQWV
6XLVVH ODPSHV FRQWHQDQW LQGXVWULHOV WD[H GH UHSULVH DX

GHV 3&%V LPSRVpH SDU OH
3URGXLWV %ODQFV JRXYHUQHPHQW
3LOHV HW 2UGRQQDQFH GX

)DEULFDQWV HW YHQGHXUV (FRWD[H
DFFXPXODWHXUV PRGLILpH OH
6RXUFHV 5HYXH RQOLQH 3URGXFW 6WHZDUGVKLS $GYLVRU KWWSZZZFXWWHUFRPSVD DUWLFOH 7KH

3URJUHVV RI 7DNHEDFN /HJLVODWLRQ IRU (OHFWURQLF (TXLSPHQW $URXQG WKH :RUOG )pYULHU

3URSRV GH +HUEHU (QPDUFK:LOOLDPV GDQV XQ UDSSRUW GH O DVVRFLDWLRQ 7KH 6XUUH\ DQG
+DPSVKLUH (QYLURQPHQWDO %XVLQHVV $VVRFLDWLRQ
qPH SURSRVLWLRQ G XQ SURMHW GH 'LUHFWLYH (XURSpHQQH VXU OHV SURGXLWV pOHFWULTXHV HW
pOHFWURQLTXHV HQ ILQ GH YLH -XLOOHW
3DJH
$QQH[H 'HYHQLU GHV ORJLFLHOV G pFRFRQFHSWLRQ LGHQWLILpV
$11(;('(9(1,5'(6/2*,&,(/6' (&2
&21&(37,21,'(17,),(6
/H WDEOHDX VXLYDQW SUpVHQWH FH TXH VRQW GHYHQXV OHV ORJLFLHOV LGHQWLILpV HW SUpVHQWpV GDQV
OD SDUWLH GX PpPRLUH
/RJLFLHO 4XL" 'HYHQLU"
$GYLVRU IRU &RPSRQHQW

&DUQHJLH 0HOORQ 8QLYHUVLW\ 86$ "
'HVLJQ
&*'0
&RQVRUWLXP RQ *UHHQ 'HVLJQ DQG
0DQXIDFWXULQJ 86$ 2XWLO MDPDLV FRPPHUFLDOLVp
$0(7,'(
8WLOLVDWLRQ SDU O 8QLYHUVLWp GH &DOLIRUQLH
5(1$8/7 )
/DERUDWRLUH 6 )
7HFKQLFDO 8QLYHUVLW\ RI %UDXQVFKZHLJ

9HUVLRQ FRPPHUFLDOH GLVSRQLEOH GXUDQW
'
O pWp
$V752L' 8WLOLVDWLRQ SDU OHV SURGXFWHXUV
0DQXIDFWXULQJ 7HFKQRORJ\ &HQWUH G· pTXLSHPHQWV pOHFWURQLTXHV HQ $VLH GX
6RXWK .RUHD 6XG (VW
*UDQWD 'HVLJQ /LPLWHG 8.
7KH &DPEULGJH (FR

&RPPHUFLDOLVDWLRQ SUpYXH HQ MXLOOHW
6HOHFWRU &(6 8QLYHUVLW\ RI &DPEULGJH 'HSDUWPHQW
RI (QJLQHHULQJ
9HUVLRQ
3URFKDLQH YHUVLRQ PRLWLp
9HQGX j
%RRWKUR\G 'HZKXUVW ,QF 86$
1RNLD ZRUOGZLGH 0DQFKHVWHU 8QLYHUVLW\ 8.
1DWLRQDO 8QLYHUVLW\ RI ,UHODQG 'LJLWDO

'I( 6RIWZDUH 7RRO
712 ,QVWLWXWH RI ,QGXVWULDO 7HFKQRORJ\ (TXLSPHQW &RUS .RGDN 8QLYHUVLW\ RI
1/ 6WXWWJDUW )+7( *( 3ODVWLFV +HOVLQNL
8QLYHUVLW\ .,$ FDUV &RUpH /RFWLWH
0LWVXELVKL -DSRQ $WKHQV 8QLYHUVLW\ 2&(
+ROODQG 6DPVXQJ HW 3LWQH\ %RZHV
6,(0(16 ' HQ SDUWHQDULDW DYHF

SOXVLHXUV HQWUHSULVHV GRQW $JID $OFDWHO
'(0523 6(/ 1HGHUODQGVH 3KLOLSV %HGULMYHQ« &RPPHUFLDOLVp
7HFKQLVFKH +RFKVFKXOH '$5067$'7 '
3DJH
3URMHW GpYHORSSp SRXU 1RUWHO 8. GDQV
(FR'HVLJQ 7RRO 0DQFKHVWHU 0HWURSROLWDQ 8QLYHUVLW\ 8. OH FDGUH G XQH WKqVH
3DV GH QRXYHOOHV GH 1RUWHO «
,9)
7KH 6ZHGLVK ,QVWLWXWH RI 3URGXFWLRQ
(QJLQHHULQJ 5HVHDUFK
(FR3XUFKDVHU HQ FROODERUDWLRQ DYHF HQWUHSULVHV • &RPPHUFLDOLVp
LQWHUQDWLRQDOHV (ULFVVRQ 3KLOLSV

6LHPHQV(OHPD 9DUWD $%% 0 «
(3$ VXpGRLVH
9HUVLRQ GpPR VHXOH GLVSRQLEOH
3URFKDLQH YHUVLRQ LQFHUWDLQH
(FR4XHVW 'HOIW 8QLYHUVLW\ RI 7HFKQRORJ\ 1/ *UDWXLW QH VHUD MDPDLV FRPPHUFLDOLVp
8WLOLVDWLRQ SDU TXHOTXHV UHVSRQVDEOHV
HQYLURQQHPHQW 6RQ\ 3KLOLSV
(FRELODQ
6FKQHLGHU (OHFWULF
,%0

(,0( 7KRPVRQ 0XOWLPpGLD

&RPPHUFLDOLVp 9HUVLRQ
3URFKDLQH YHUVLRQ 0DUV

/HJUDQG
$OFDWHO $OVWKRP
$GHPH )

(/'$
3URFKDLQH YHUVLRQ PDUV
1RQ FRPPHUFLDOLVp SDV GDQV OHV SODQV

2XWLO HQFRUH HQ GpYHORSSHPHQW
(XUR0$7· 7HFKQLFDO 8QLYHUVLW\ RI %HUOLQ '

PpWKRGRORJLH WHUPLQpH
9HUVLRQ VDQV GRXWH GLVSRQLEOH GpEXW
8WLOLVDWLRQ SDU )RUG HW 0DQ 7HFKQRORJ\
9HUVLRQ FRPPHUFLDOLVpH
SURFKDLQHPHQW
,GHPDW ¶ 'HOIW 8QLYHUVLW\ RI 7HFKQRORJ\ 1/ 2XWLO EDVH GH GRQQpHV HQYR\p j GH
QRPEUHXVHV XQLYHUVLWpV HW HQWUHSULVHV
GDQV OH PRQGH

,P6HOHFWLRQ &DUQHJLH 0HOORQ 8QLYHUVLW\ 86$
'pYHORSSp GDQV OH FDGUH G XQH WKqVH HQ
PDLV MDPDLV FRPPHUFLDOLVp

/$6H5 1RQ FRPPHUFLDOLVp $XFXQ WUDYDLO VXU
/$6(5 GHSXLV


/($'6 ,, 'HOIW 8QLYHUVLW\ RI 7HFKQRORJ\ 1/
(QFRUH HQ GpYHORSSHPHQW ILQ SUpYXH HQ
SURMHW GH WKqVH
3DJH
9HUVLRQ
86 'HSDUWPHQW RI (QHUJ\ '2( 86$

9HUVLRQ GLVSRQLEOH DX SULQWHPSV
3('*(
&RPPHUFLDOLVp PDLV IRXUQL JUDWXLWHPHQW
DX[ DJHQFHV GX *RXYHUQHPHQW
)$36
,QVWLWXWH IRU 0DQXIDFWXULQJ $XWRPDWLRQ
%HWD YHUVLRQ GLVSRQLEOH HQ 0DUV
DQG 3URGXFWLRQ 6\VWHPV '
5H*U(G'LV3OD\
&RRSpUDWLRQ DYHF 0RWRUROD 6LHPHQV HW
,QVWLWXWH IRU (QJLQHHULQJ 'HVLJQ +HLGHOEHUJ
8QLYHUVLW\ RI (UODQJHQ1UQEHUJ '
5H6WDU &DUQHJLH 0HOORQ 8QLYHUVLW\ 86$ " &08 QH VXSSRUWH SOXV OH ORJLFLHO
3DJH
$QQH[H 3UpVHQWDWLRQ GX ORJLFLHO (FRVFDQ
$11(;(35(6(17$7,21'8/2*,&,(/(&26&$1
/HV FRSLHV G pFUDQ TXL VXLYHQW FRQFHUQHQW OD YHUVLRQ GX ORJLFLHO TXL GLVSRVH GH OD
EDVH GH GRQQpHV (FRLQGLFDWRU
%DVH GH GRQQpHV 0DWpULDX[ WKHUPRSODVWLTXHV
3DJH
%DVH GH GRQQpHV 3URFHVV GHV SODVWLTXHV
3DJH
%DVH GH GRQQpHV 0RGH GH SURGXFWLRQ pQHUJpWLTXH SRXU OD SKDVH G XWLOLVDWLRQ
3DJH
$UEUH G DUERUHVFHQFH G XQ SURGXLW ILFWLI HW H[HPSOH GH GLDJUDPPH HQ SRUWLRQ SRXU OH
F\FOH GH YLH GX SURGXLW
3DJH
&RPSDUDLVRQ VRXV IRUPH G KLVWRJUDPPHV GHV pFRLQGLFDWHXUV JOREDX[ SRXU OH
F\FOH GH YLH FRPSOHW HW GHV SRLGV GH GHX[ SURGXLWV ILFWLIV pTXLYDOHQWV
3DJH
*5,//(' (9$/8$7,21' (&26&$1

9(56,216
&ULWqUHV 6RXVFULWqUHV 1RWH &RPPHQWDLUHV
3ULVH HQ PDLQ - $LVpH 6\VWqPH GH JOLVVHUFROOHU
OHV pFRLQGLFDWHXUV GH OD EDVH GH GRQQpHV

SRXU XWLOLVHU
3UpVHQWDWLRQ -
JUDSKLTXH 5DGDUV RX KLVWRJUDPPHV WUqV H[SOLFLWHV
&RQYLYLDOLWp
6RXSOHVVH - )DFLOLWp j FRQVWUXLUH O DUERUHVFHQFH GX SURGXLW
$LGH - 3HWLW
HQ OLJQH
PDQXHO G DFFRPSDJQHPHQW
HFRVFDQ#LQGWQRQO
HW DVVLVWDQFH
+XPDLQH - 3DV G DLGH SDUWLFXOLqUH G XQ H[SHUW
8Q FRQFHSWHXU VHXO GRLW VXIILUH
([LJHQFHVHQ
UHVVRXUFHV )LQDQFLqUH - 3HX RQpUHX[
SUL[ G XQH OLFHQFH HQYLURQ ))
0DWpULHOOH - )RQFWLRQQH VRXV :LQGRZV
4XDOLWp GHV GRQQpHV . /LVLELOLWp GHV EDVHV GH GRQQpHV
)LDELOLWp
9LVLELOLWp / 3DV
LQGLFHV
G· DFFqV DX[ SURFpGXUHV GH FDOFXO GHV
(YDOXDWLRQ GX SURGXLW - (YDOXDWLRQ EDVpH VXU OD PpWKRGH $&9
8QH QRWDWLRQ HQYLURQQHPHQWDOH JOREDOH
([SORLWDWLRQ $PpOLRUDWLRQ GX .
3OXV RX PRLQV IDFLOLWpH SDU OHV UHSUpVHQWDWLRQV
GHVUpVXOWDWV SURGXLW JUDSKLTXHV
VRLHQW SURSRVpV
VDQV TXH OHV D[HV G DPpOLRUDWLRQ
$SSURSULDWLRQ GHV -
UpVXOWDWV *UDSKLTXHV VLPSOLFLWp GHV UpVXOWDWV
&DUDFWqUH 0LVH j MRXU - (YROXWLRQ DLVpH GH OD EDVH GH GRQQpHV
pYROXWLI 3pUHQQLWp - 2UJDQLVPH 6XLYHXU OH 712 1/ ILDEOH
.
SURFpGpV
3URFpGpV 0LVHV HQ IRUPH
7UDLWHPHQWV GH VXUIDFH
0pWDX[ IHUUHX[ PpWDX[ QRQ IHUUHX[
$GDSWDWLRQjOD
.
7KHUPRSODVWLTXHV WKHUPRGXUFLVVDEOHV
0DWpULDX[ pODVWRPqUHV YHUUH FRPSRVDQWV VHPL
PpFDQLTXH PDQXIDFWXUpV DXWUHV JD] SURGXLWV
FKLPLTXHV «
)LOLqUHV GH UHF\FODJH . 5HF\FODJH
LQFLQpUDWLRQ

>SDV OHV PpWDX[ QRQ IHUUHX[ ""@
3DJH
$QQH[H 3ROLWLTXH (QYLURQQHPHQWDOH GH 3KLOLSV
$11(;(32/,7,48((19,5211(0(17$/('(
3+,/,36
3DJH
$QQH[H 3URJUDPPH (FR9LVLRQ GH 3KLOLSV
$11(;(352*5$00((&29,6,21'(3+,/,36

3DJH
$QQH[H (WXGH GH %HQFKPDUNLQJ HQYLURQQHPHQWDO
$11(;((78'('(%(1&+0$5.,1*
(19,5211(0(17$/
/HV GRFXPHQWV FLDSUqV UHSUpVHQWHQW G XQH SDUW OD JULOOH j UHPSOLU DX FRXUV GH O pWXGH GH
FRQFHSWLRQ HQYLURQQHPHQWDOH G XQ SURGXLW WHOOH TXH QRXV O DYRQV FUppH HW G DXWUH SDUW
XQH ILFKH GH SUpVHQWDWLRQ V\QWKpWLTXH GHV SULQFLSDX[ UpVXOWDWV &HWWH ILFKH SRXUUD HQ
SDUWLFXOLHU SHUPHWWUH GH FRPSDUHU SOXV DLVpPHQW SOXVLHXUV SURGXLWV 3KLOLSV HW
FRQFXUUHQWV
/HV JULOOHV j UHPSOLU FRQFHUQDQW WRXWHV OHV FDUDFWpULVWLTXHV GX SURGXLW j GpILQLU VHORQ OHV
FLQT FULWqUHV GX SURJUDPPH (FR9LVLRQ VRQW OHV VXLYDQWHV
3DJH
$QQH[H (WXGH GH %HQFKPDUNLQJ HQYLURQQHPHQWDO
/D ILFKH GHV UpVXOWDWV SULQFLSDX[ VH SUpVHQWH GH OD PDQLqUH VXLYDQWH
3DJH
$QQH[H *XLGHOLQHV &RQFHSWHXU FKH] 3KLOLSV
$11(;(*8,'(/,1(6&21&(37(85
(;75$,76'(65(*/(6*(1(5$/(6'('(9(/233(0(17
,17(*5$17/(3$5$0(75((19,5211(0(17
2EMHFWLI
&HWWH SURFpGXUH D SRXU EXW GH GpILQLU GHV UqJOHV JpQpUDOHV GH GpYHORSSHPHQW
/HV LQVWUXFWLRQV SRXU OD FRQFHSWLRQ HW OH PRQWDJH GHV SURGXLWV YRQW SHUPHWWUH GH
UHVSHFWHU OHV UqJOHV G·(FRGHVLJQ
&H VRQW GHV OLJQHV GLUHFWULFHV FRQoXHV SRXU DLGHU OHV FRQFHSWHXUV GDQV OHXU GpPDUFKH
(Q DXFXQ FDV HOOHV QH VRQW REOLJDWRLUHV
$SSOLFDWLRQ
&HWWH SURFpGXUH V·DSSOLTXH DX[ QRXYHDX[ SURGXLWV VWDQGDUG FDWDORJXH
5HVSRQVDELOLWp
/D PDLQWHQDQFH GH FHWWH SURFpGXUH HVW GH OD UHVSRQVDELOLWp GX 5HVSRQVDEOH GX VHUYLFH
%XUHDX G·(WXGHV
/·DSSOLFDWLRQ HVW GH OD UHVSRQVDELOLWp GX &KHI GH 3URMHW ORUV GH OD FRQFHSWLRQ GHV
QRXYHDX[ SURGXLWV
,QVWUXFWLRQV
,QVWUXFWLRQVJpQpUDOHV
$FKDWV GH FRPSRVDQWV
6RXV WUDLWDQFH HQ GpYHORSSHPHQW
3DJH
(PSORLGHVPDWpULDX[ SURGXLWVHWHPEDOODJHV
6XEVWDQFHV LQWHUGLWHV GDQV OHV SURGXLWV HW SURFHVV GH IDEULFDWLRQ
/·XWLOLVDWLRQ GDQV OHV SURGXLWV GHV VXEVWDQFHV VXLYDQWHV HVW LQWHUGLWH G·DSUqV OD
'LUHFWLYH GH 3KLOLSV (FODLUDJH 8/9
8WLOLVDWLRQV SULQFLSDOHV
$PLDQWH
%HU\OOLXP HW VHV FRPSRVpV 'DQV OHV PDWpULDX[ UHVVRUWV HPEDOODJHV
pODVWLTXHV
&DGPLXP HW VHV FRPSRVpV 8'' 'DQV OHV SHLQWXUHV EDWWHULHV HW DFFXPXODWHXUV
3&%V 3&7V HW '%%7 8'' 'DQV OHV FRQGHQVDWHXUV HW WUDQVIRUPDWHXUV
3%%(V HW 3%%V 8'' ,JQLIXJHDQWV GDQV OHV SODVWLTXHV
39& HW 39'& 'DQV OHV FkEODJHV HW OHV HPEDOODJHV
WROpUp GDQV OHV FkEODJHV
3&%V 3RO\FKORURELSKpQ\OHV 3&7V 3RO\FKORURWHUSKpQ\OHV

'%%7 0RQRPpWK\OGLEURPRELSKpQ\OPpWKDQH
3%%(V 3RO\EURPRELSKpQ\OpWKHUV 3%%V 3RO\EURPRELSKpQ\OHV
'DQV OHV SURFHVV OHV VXEVWDQFHV VXLYDQWHV VRQW LQWHUGLWHV
8WLOLVDWLRQV SULQFLSDOHV
$PLDQWH
&)&V )UpRQV 1HWWR\DQWV GH VXUIDFH GpJUDLVVDQWV
&+&V +\GURFDUEXUHV FKORUpV 8'' SURGXLWV GLVVROYDQWV SRXU FROOH ODTXH «
7pWUDFKORURpWKqQH 3(5
7ULFKORURpWKqQH 75,
'LFKORURPpWKDQH
GLFKORURpWKDQH
7ULFKORUR (WKDQH
7pWUDFKORURPpWKDQH 7(75$
7ULFKORURPpWKDQH
&)&V &KORURIOXRURFDUEXUHV
&+&V +\GURFDUEXUHV KDORJpQpV
3DJH
6XEVWDQFHV OLPLWpHV RX GpFRQVHLOOpHV GDQV OHV SURGXLWV HW OHV SURFHVV
/·XWLOLVDWLRQ G·DXWUHV VXEVWDQFHV HVW OLPLWpH RX GpFRQVHLOOpH GDQV OHV SURGXLWV HW OHV
SURFHVV
&H VRQW OHV VXEVWDQFHV GHV OLVWHV $ HW % G·DSUqV OD 'LUHFWLYH GH 3KLOLSV (FODLUDJH 8/9
SRXU SOXV G·LQIRUPDWLRQV VH UHSRUWHU j FHWWH 'LUHFWLYH
5HPDUTXH 3RXU FRQQDvWUH OD OLVWH FRPSOqWH GHV VXEVWDQFHV GHV OLVWHV $ HW % DLQVL TXH
FHOOHV GH OD OLVWH & VXEVWDQFHV GRQW OD TXDQWLWp SHXW HQJHQGUHU GHV SUREOqPHV
HQYLURQQHPHQWDX[ VH UHSRUWHU j OD 'LUHFWLYH 87' © 3KLOLSV (QYLURQPHQWDO
&KHFNOLVW ª
6XEVWDQFHV GH OD OLVWH $ OLPLWH GH FRQFHQWUDWLRQ DXWRULVpH SSP
'DQV OHV SURGXLWV
$QWLPRLQH HW VHV FRPSRVpV 7HOOXULXP HW VHV FRPSRVpV

$UVHQLF HW VHV FRPSRVpV 7KDOOLXP HW VHV FRPSRVpV
&REDOW HW VHV FRPSRVpV .U\SWRQ
3ORPE HW VHV FRPSRVpV 7KRULXP
0HUFXUH HW VHV FRPSRVpV 7ULWLXP
6pOpQLXP HW VHV FRPSRVpV
5HPDUTXH 0HUFXUH HW 3ORPE VRQW GHV PpWDX[ ORXUGV VXVFHSWLEOHV G·rWUH XWLOLVpV
GDQV OHV SHLQWXUHV HW HQFUHV KXLOHV HW OXEULILDQWV
'DQV OHV SURFHVV
&KURPH HW FRPSRVpV GX FKURPH 9, %HQ]qQH

&\DQXUHV 7ROXqQH
;\OqQHV
6XEVWDQFHV GH OD OLVWH % OLPLWH GH FRQFHQWUDWLRQ DXWRULVpH SSP
'DQV OHV SURGXLWV
$UJHQW HW VHV FRPSRVpV 3KpQRO HW VHV FRPSRVpV

%DU\XP HW VHV FRPSRVpV 3KRVSKRUH HW FRPSRVpV LQRUJDQLTXHV
%RUH HW VHV FRPSRVpV 7HUUHV UDUHV HW OHXUV FRPSRVpV
&KURPH HW FRPSRVpV GX FKURPH ,,, 7pWUDEURPRELSKpQRO $
&XLYUH HW VHV FRPSRVpV 7LWDQH HW VHV FRPSRVpV
(WDLQ HW FRPSRVpV RUJDQLTXHV 7XQJVWqQH HW VHV FRPSRVpV
3DJH
)OXRU HW FRPSRVpV IOXRUpV 9DQDGLXP HW VHV FRPSRVpV

,QGLXP HW VHV FRPSRVpV =LQF HW VHV FRPSRVpV
0RO\EGqQH HW VHV FRPSRVpV &RPSRVpV DURPDWLTXHV HW SRO\DURPDWLTXHV
*RXGURQV ELWXPHV
1LFNHO HW VHV FRPSRVpV $XWUHV VXEVWDQFHV pFRWR[LTXHV
'DQV OHV SURFHVV
$PPRQLDF HW FRPSRVpV GH O·DPPRQLXP ,RGDWHV

%URPDWHV ,VRF\DQDWHV
%URPXUHV 0pWKDQDO RX IRUPDOGpK\GH
%XW\ODFpWDWH 1LWUDWHV 1LWULWHV
&KORUDWHV 1LWURJpQR[\GHV
&KORUH 6W\UqQH
)OXRU HW FRPSRVpV IOXRUpV 6XOSKXUHV
+XLOHV PLQpUDOHV 6XOIXUR[\GHV
+XLOHV GH IRUDJH GH FRXSH GH EUR\DJH GH ODPLQDJH
0DUTXDJH GHV PDWpULDX[ GHV FRPSRVDQWV
3RXU GH SOXV DPSOHV LQIRUPDWLRQV VH UHSRUWHU DX[ VXLYDQWHV QRUPHV

81' © (QYLURQPHQWDO PDUNV ODEHOV DQG V\PEROV ª
',1 © 0DUNLQJ RI SDFNDJLQJ PDWHULDOV DQG SDFNDJHV IRU UHFODLPLQJ
UHVSHFWLYHO\ UHF\FOLQJ SDUW DQG ª

',1 © 3ODVWLFV V\PEROV DQG FRGHV SDUW ª
',1 © *UDSKLFDO V\PEROV UHJLVWUDWLRQ GHVLJQDWLRQ ª
,62 © 3ODVWLFV ² V\PEROV ² %DVLF SRO\PHUV DQG WKHLU VSHFLDO FKDUDFWHULVWLFV ª
,62 © *HQHULF LGHQWLILFDWLRQ DQG PDUNLQJ RI SODVWLF SURGXFWV ª
&H PDUTXDJH YD SHUPHWWUH G·LGHQWLILHU OHV PDWpULDX[ XWLOLVpV GDQV OHV SURGXLWV HW OHV
HPEDOODJHV HW OD SRVVLELOLWp GH OHV YDORULVHU RX pOLPLQHU SOXV IDFLOHPHQW HQ ILQ GH YLH
,GHQWLILFDWLRQ RX PDUTXDJH GHV SLqFHV VSpFLILTXHV
/RUV GH OD IDEULFDWLRQ GH QRXYHOOHV SLqFHV O·LGHQWLILFDWLRQ LQWqJUH

- /H 1& DYHF GHUQLHU GLJLW DPRYLEOH
- 8Q GDWHXU PRLV HW DQQpH VRLW VRXV IRUPH GH WDEOHDX VRLW VRXV IRUPH
GH SLRQ SRXU OD GDWH GH IDEULFDWLRQ
- 8Q FRGH PDWLqUH HW XQ ORJR UHF\FODJH
'·DSUqV OD 'LUHFWLYH GH 3KLOLSV (FODLUDJH 8/9 OH PDUTXDJH GH OD PDWLqUH HVW
2%/,*$72,5( ,O FRQFHUQH HQ SDUWLFXOLHU OHV FRPSRVDQWV SODVWLTXHV GH SOXV GH J
3DJH
'DQV OD PHVXUH R OHV GLPHQVLRQV HW OD IRUPH GH OD SLqFH OH SHUPHWWHQW
- 3RXU WRXW FRPSRVDQW SODVWLTXH PRXOp

,O FRQVLVWH HQ IOqFKHV SOHLQHV UHSOLpHV HQ WULDQJOH DYHF O·LGHQWLILFDWLRQ GX PDWpULDX
XWLOLVp OH QRP GX PDWpULDX VRXV OH WULDQJOH FRPPH GDQV O·H[HPSOH GH OD ILJXUH
VXLYDQWH
([HPSOH G·XQ FRPSRVDQW HQ $%6 ([HPSOH G·XQ FRPSRVDQW HQ 3& DYHF

GH ILEUH GH YHUUH
!$%6 !3&²*)
- 3RXU WRXW FRPSRVDQW PpWDOOLTXH PRXOp

/H PDUTXDJH HVW LGHQWLTXH DX[ FRPSRVDQWV SODVWLTXHV DYHF OH QRP GX PpWDO RX GH
O·DOOLDJH DSSRVp VRXV OH ORJR
([HPSOH G·XQ FRPSRVDQW HQ DOOLDJH GH ]DPDN
!=
3RXU OHV GpVLJQDWLRQV GHV PpWDX[ VH UHSRUWHU DX © *XLGH GX 'HVVLQDWHXU ,QGXVWULHO ª

$ &KHYDOLHU
5HPDUTXH 7HFKQLTXHV GH PDUTXDJH /HV pWLTXHWWHV VRQW j pYLWHU
• ,PSUHVVLRQ j FKDXG DYHF MHW G·HQFUH
• $X FRXUV GX PRXODJH SDU LQMHFWLRQ
• *UDYXUH DX ODVHU HQ UHOLHI RX HQ FUHX[
3DJH
• 3RLQoRQQDJH j FKDXG
'DQV OD PHVXUH R OHV GLPHQVLRQV HWRX OD IRUPH GH OD SLqFH QH OH SHUPHWWHQW SDV
/H ORJR © PDWLqUH ª pWDQW GLIILFLOH j DSSRVHU OH PDUTXDJH GHV SLqFHV PRXOpHV SODVWLTXHV
RX PpWDOOLTXHV V·HIIHFWXH GH OD PDQLqUH VXLYDQWH
- 0DUTXDJH GHV SLqFHV © PRQRPDWLqUH ª
3RXU XQ FRPSRVDQW HQ 3& !3&
3RXU XQ FRPSRVDQW HQ ]DPDN !=
- 0DUTXDJH GHV SLqFHV DYHF PpODQJH GH SODVWLTXHV
3RXU XQ FRPSRVDQW DYHF PpODQJH $%6 HW 3& !$%6 3&
- 0DUTXDJH GHV SLqFHV HQ SODVWLTXH FKDUJp
3RXU XQ SRO\SURS\OqQH FKDUJp ILEUH GH YHUUH !33 ² *)
- 0DUTXDJH GHV DOOLDJHV PpWDOOLTXHV
3RXU XQ DOOLDJH G·DOXPLQLXP DYHF GH VLOLFLXP HW DGGLWLRQ GH PDJQpVLXP
!$ ² 6 *
- 0DUTXDJH GHV PDWpULDX[ G·HPEDOODJH
'·DSUqV OHV 'LUHFWLYHV 81' GH 3KLOLSV HW 8/9 GH 3KLOLSV (FODLUDJH

0DUTXDJH GX UHF\FODJH ,O FRQVLVWH HQ IOqFKHV © pYLGpHV ª UHSOLpHV HQ WULDQJOH FRPPH
OH PRQWUH OD ILJXUH FLDSUqV
&H ORJR GHYUDLW rWUH XWLOLVp VDQV DXFXQH DXWUH LQGLFDWLRQ GH PDWpULDX SRXU OH PDUTXDJH
GHV HPEDOODJHV HQ FDUWRQ SDSLHU GH SOXV GH J HW OHV PDWpULDX[ G·HPEDOODJH
0DUTXDJH PDWLqUH LO FRQFHUQH OH PDUTXDJH GHV FRPSRVDQWV G·HPEDOODJH SODVWLTXH GH
SOXV GH J
,O FRQVLVWH HQ IOqFKHV SOHLQHV UHSOLpHV HQ WULDQJOH DYHF O·LGHQWLILFDWLRQ GX PDWpULDX
XWLOLVp FRGH GH IDPLOOH FKLIIUHV j O·LQWpULHXU GX WULDQJOH HW QRP GX PDWpULDX GHVVRXV
/H FRGH GH IDPLOOH GH PDWLqUH XWLOLVp HVW FRQILUPp SDU OH IRXUQLVVHXU HW LQGpSHQGDQW GX QRP
FRPPHUFLDO
3DJH
/H WDEOHDX VXLYDQW SUpVHQWH OHV W\SHV GH SODVWLTXHV DYHF OHXU FRGH FRUUHVSRQGDQW
&RGH GH PDUTXDJH
7\SH GH SODVWLTXH 3(7 3(+' 39& 3(%' 33 36 $XWUHV
([HPSOH DYHF XQ HPEDOODJH HQ 3(+'
/RFDOLVDWLRQ GHV PDUTXDJHV UHF\FODJH HW PDWLqUH 9LVLEOHV HW HQ VXUIDFH GH

O·HPEDOODJH RX GX PDWpULDX G·HPEDOODJH
7DLOOHV PLQLPDOHV GH PDUTXDJH G·DSUqV OD QRUPH 1) (1 VHFWLRQ

0DUTXDJH GHV OXPLQDLUHV

SRXU OHV V\PEROHV GH UHF\FODJH
PP GH KDXW
PP
PPGHKDXWSRXUOHVLGHQWLILFDWLRQVGHPDWLqUH
!$%6 PP
6XUIDFH PLQLPDOH GH SLqFH GP

☛ &DV SDUWLFXOLHU 6L OH PDUTXDJH PDWLqUH VWDQGDUG HVW LPSRVVLEOH SRXU GHV
SUREOqPHV GH GLPHQVLRQV OH PDUTXDJH GX PDWpULDX G·HPEDOODJH SODVWLTXH SHXW
rWUH OH VXLYDQW G·DSUqV OD QRUPH ,62
([HPSOHV 3RXU XQ DFULORQLWULOHEXWDGLqQHVW\UqQH !$%6
3RXU XQ PpODQJH 3& HW $%6 !3& $%6
3RXU XQ SRO\SURS\OqQH FKDUJp j ILEUH GH YHUUH !33 ² *)
3DJH
6SpFLILFDWLRQV JpQpUDOHV VXU O·XWLOLVDWLRQ GHV PDWpULDX[
• 3UpVHUYHU OHV UHVVRXUFHV QDWXUHOOHV
9 8WLOLVHU GHV PDWpULDX[ UHQRXYHODEOHV HW pYLWHU DX PD[LPXP O·HPSORL GH PDWpULDX[

UDUHV
9 8WLOLVHU GHV PDWpULDX[ UHF\FOpV FDV GHV PpWDX[ GH
qPH
IXVLRQ
9 8WLOLVHU GHV PDWpULDX[ UpVLVWDQWV j OD FRUURVLRQ HW GXUDEOHV
• /LPLWHU OD FRQVRPPDWLRQ G·pQHUJLH
9 8WLOLVHU GHV PDWpULDX[ GH IDLEOH FRQWHQX pQHUJpWLTXH SHX G·pQHUJLH FRQVRPPpH

ORUV GH OHXU PLVH HQ ±XYUH
• /LPLWHU OHV LPSDFWV VXU O·HQYLURQQHPHQW OD VDQWp OD VpFXULWp
9 8WLOLVHU GHV PDWpULDX[ QRQ WR[LTXHV

9 5pGXLUH O·HPSORL GH PDWpULDX[ HQJHQGUDQW GH IRUWHV pPLVVLRQV HW GHV GpFKHWV HQ
FRXUV GH SURGXFWLRQ
9 &KRLVLU GHV PDWpULDX[ OpJHUV
• )DFLOLWHU OHV WUDLWHPHQWV HQ ILQ GH YLH GHV SURGXLWV
9 /LPLWHU DXWDQW TXH SRVVLEOH OH QRPEUH GH PDWpULDX[ GLIIpUHQWV GDQV OHV

SURGXLWV VDQV SRXU DXWDQW FRPSURPHWWUH FHUWDLQHV FRQGLWLRQV GH WHQXH HQ
WHPSpUDWXUH SRXU GHV UDLVRQV GH VpFXULWp
9 &KRLVLU GHV PDWpULDX[ UHF\FODEOHV
9 5pGXLUH GDQV OD PHVXUH GX SRVVLEOH O·XWLOLVDWLRQ G·DOOLDJHV
9 5pGXLUH GDQV OD PHVXUH GX SRVVLEOH O·XWLOLVDWLRQ GH PDWpULDX[ FRPSRVLWHV
9 3UpIpUHU O·HPSORL GH WKHUPRSODVWLTXHV DX[ WKHUPRGXUFLVVDEOHV QRQ UHF\FODEOHV
9 5pGXLUH O·XWLOLVDWLRQ GH WKHUPRSODVWLTXHV FKDUJpV
9 3UpIpUHU O·HPSORL GH PDWpULDX[ © FODVVLTXHV ª DX[ PDWpULDX[ VSpFLILTXHV SOXV
GLIILFLOHV j UHF\FOHU
9 8WLOLVHU GHV PDWpULDX[ FRPSDWLEOHV V·LOV VRQW LQVpSDUDEOHV HQ ILQ GH YLH GX
SURGXLW LOV SHXYHQW QpDQPRLQV rWUH WUDLWpV GDQV OD PrPH ILOLqUH PpWDX[ G·XQH
SDUW SODVWLTXHV G·DXWUH SDUW
3DJH
/D ILJXUH VXLYDQWH UHSUpVHQWH OH WDEOHDX GH FRPSDWLELOLWp GHV SODVWLTXHV
&203$7,%,/,7( '( 5(&<&/$*( '(6 0(/$1*(6 7+(5023/$67,48(6
%RQQH FRPSDWLELOLWp
&RPSDWLEOH VL SHWLW YROXPH G DGGLWLI PRLQV GH j pYLWHU VL SRVVLEOH
,QFRPSDWLEOH j pYLWHU DEVROXPHQW
SODVWLTXH
33( 6%
$6$6$1
DGGLWLI
300$
+'3(
320
3%7
738
$%6
3&
3$
33
36
$%6 . + - . . . +
SODVWLTXH PDMRULWDLUH
+ - - +
$6$6$1 - - . + - . . . +
3$ . .
+
. +
- . . - . . . +
3%7 . . . - . - . . . .
3& -
+
- - . . .
+'3(
+
-
+
- -
+
- - .+ . . . . .+
300$ - - . - . . . +
320 .
+
.
+
- -
+
- . - . . .
33 . . - - . . . . . . .+
33( 6% . . - - . . - . .
36 . . - - . . . -- . + + .
738 + + - - . . . . . .
9 (YLWHU OHV LQVHUWV PpWDOOLTXHV GDQV OHV SLqFHV SODVWLTXHV

9 (YLWHU DXWDQW TXH SRVVLEOH OHV SODVWLTXHV SHLQWV RX PpWDOOLVpV GLIILFLOHV j UHF\FOHU
9 (YLWHU OHV pWLTXHWWHV DGKpVLYHV VXU OHV SLqFHV SODVWLTXHV O·DGKpVLI SHXW GpJUDGHU
OHV SURSULpWpV GX SODVWLTXH
6WUXFWXUHGHVSURGXLWV
,O YD V·DJLU GH VLPSOLILHU OHV SURGXLWV SRXU IDFLOLWHU OHXU PRQWDJH HW OHXU GpPRQWDJH
,QVWUXFWLRQV ORUV GH OD FRQFHSWLRQ
• 0LQLPLVHU OD PDVVH HW OH YROXPH GHV SURGXLWV YROXPH HQ GP
• 0LQLPLVHU OH QRPEUH GH FRPSRVDQWV FHOD SHXW pYLWHU FHUWDLQV RXEOLV DX PRQWDJH
• 3ULYLOpJLHU XQH VWUXFWXUH PRGXODLUH SRVVLELOLWp GH PRGLILHU DMRXWHU RX pOLPLQHU GHV
IRQFWLRQV RX VRXVHQVHPEOHV
• 8WLOLVHU DX PD[LPXP GHV SLqFHV FRPPXQHV
• (YLWHU O·HPSORL VXU XQ PrPH SURGXLW GH SLqFHV WUqV VLPLODLUHV VLQRQ LO IDXGUD
SHQVHU DX[ GpWURPSHXUV GH W\SH SRND\RNp ORUV GX PRQWDJH
• 3HUVRQQDOLVHU OHV SURGXLWV XQLTXHPHQW DX GHUQLHU PRPHQW
• 5HJURXSHU OHV SLqFHV UpXWLOLVDEOHV HW IDFLOLWHU OHXU DFFqV
• )DFLOLWHU OH QHWWR\DJH pYLWHU OHV HQGURLWV LQDFFHVVLEOHV GDQV OD PHVXUH R FHOD

Q·LQWHUIqUH SDV DYHF OHV UqJOHV IRQGDPHQWDOHV GH VpFXULWp
3DJH
• )DFLOLWHU OD UpSDUDWLRQ HW OD PDLQWHQDQFH UHJURXSHU OHV SLqFHV IUDJLOHV HW IDFLOLWHU
OHXU DFFqV
• 3HQVHU DX[ HQFRPEUHPHQWV GHV GLIIpUHQWV RXWLOODJHV XWLOLVpV
,QVWUXFWLRQV SDU UDSSRUW DX SURFHVV GH SHLQWXUH
• (YLWHU OH SOXV SRVVLEOH OHV SLqFHV SHLQWHV FH TXL QH IDFLOLWH SDV OH UHF\FODJH 6LQRQ
GDQV OH FDV GHV SLqFHV SODVWLTXHV pYLWHU O· HPSORL GH SOXVLHXUV FRXOHXUV GLIIpUHQWHV
VXU XQ PrPH SURGXLW &HOD SRVH GHV SUREOqPHV GH FRORUDWLRQ GHV SODVWLTXHV UHF\FOpV
LPSRVVLELOLWp GH FKRLVLU OHXU FRXOHXU
• (OLPLQHU OHV SHLQWXUHV FRQWHQDQW GHV PpWDX[ ORXUGV 3E &G « HW SULYLOpJLHU OHV
SHLQWXUHV DYHF VROYDQWV QRQ WR[LTXHV RX j O· HDX
• «
,QVWUXFWLRQV SDU UDSSRUW j OD PpFDQLTXH
&RQQH[LRQVHQWUHFRPSRVDQWV
/H PRGH GH FRQQH[LRQ GHV GLIIpUHQWV FRPSRVDQWV GX SURGXLW D GH QRPEUHXVHV
LQFLGHQFHV VXU OD IDFLOLWp GH PRQWDJH HW OHV SRVVLELOLWpV GH GpPRQWDJH HQ FRXUV
G· XWLOLVDWLRQ UpSDUDWLRQ pYHQWXHOOH RX HQ ILQ GH YLH
• 0LQLPLVHU OH QRPEUH GH FRQQH[LRQV HW IDFLOLWHU OHXU GpVDVVHPEODJH
• )DFLOLWHU O· DFFqV DX[ FRQQH[LRQV PDLQV RXWLOV
• $XJPHQWHU OD YLVLELOLWp GHV FRQQH[LRQV
• 8QLIRUPLVHU OHXU W\SH DXWDQW TXH SRVVLEOH
• 3ULYLOpJLHU GHV FRQQH[LRQV VWDQGDUG
• 8WLOLVHU GHV FRQQH[LRQV UpVLVWDQWHV j OD FRUURVLRQ
• (YLWHU OHV FRQQH[LRQV QpFHVVLWDQW OH GpPDQWqOHPHQW GpPRQWDJH GHVWUXFWLI
VRXGXUHV VHUWLVVDJHV ULYHWV FROOHV «
• 3ULYLOpJLHU OHV FOLSV RX OHV YLV VWDQGDUG FRQQH[LRQV SOXV IDFLOHV j GpPRQWHU
• 8WLOLVHU OH PD[LPXP GH YLV DYHF OD PrPH HPSUHLQWH
• (YLWHU OHV YLV j WrWHV IHQGXHV SULYLOpJLHU OHV YLV GH W\SH 3= &+& 725; «
GpPRQWDJH SOXV UDSLGH
• /LPLWHU OH QRPEUH G RXWLOV QpFHVVDLUHV DX PRQWDJH HW DX GpPRQWDJH
• 3ULYLOpJLHU OHV RXWLOV VWDQGDUGV SRXU OH PRQWDJH HW OH GpPRQWDJH
• &KRLVLU GHV OLHQV HQ PDWpULDX[ FRPSDWLEOHV DYHF OHV FRPSRVDQWV FRQQHFWpV V LOV QH
VRQW SDV VpSDUDEOHV ,OV VHURQW DLQVL WUDLWpV HQ ILQ GH YLH GDQV OD PrPH ILOLqUH
• 3RXU SLqFHV SODVWLTXHV GRQW XQ WKHUPRSODVWLTXH LO HVW SRVVLEOH GH SUpYRLU
3DJH
XQ OLHQ SDU XOWUDVRQ RX ULYHWDJH GDQV OD PHVXUH R OHV SLqFHV VRQW GX

PrPH PDWpULDX HOOHV VHURQW UHF\FOpHV HQVHPEOH
XQ OLHQ SDU VROYDQW HQWUH SLqFHV GH PDWpULDX[ VLPLODLUHV UHF\FODJH
SRVVLEOH
• 6WDQGDUGLVHU OHV FRQQH[LRQV 3 7 1 VXU WRXV OHV GRPLQRV RX ERUQLHUV SKDVH WHUUH
QHXWUH
(Q EUHI YRLFL TXHOTXHV FRQVHLOV SRXU PLQLPLVHU OHV WHPSV GH GpVDVVHPEODJH
• 3RXU OHV YLV
/HV UHQGUH YLVLEOHV HW DLVpPHQW DFFHVVLEOHV
V V
VL YLV SOXV SURIRQGH TXH FP
/HV FKRLVLU j OD ORQJXHXU QpFHVVDLUH
V V
YLV GH SOXV GH FP YLV GH PRLQV GH FP
&KRLVLU GHV WrWHV DGDSWpHV
2. PLHX[ PLHX[ HQFRUH
8WLOLVHU XQ VHXO W\SH GH YLV SDU SURGXLW
V V
3DJH
SDU FKDQJHPHQW GH YLV
3UpIpUHU GHV YLV HQ PpWDO IHUUHX[
• 3RXU OHV FOLSV
/HV UHQGUH YLVLEOHV HW DLVpPHQW DFFHVVLEOHV
1RQ YLVLEOH 9LVLEOH 9LVLEOH GHSXLV OD GURLWH V
GHSXLV OD JDXFKH
V
3UpIpUHU GHV FOLSV GpPRQWDEOHV pYLWHU DLQVL OHV FOLSV TXH O·RQ SHXW FDVVHU
ORUV G·RSpUDWLRQV GH PDLQWHQDQFH RX GH GpPRQWDJH
• 3RXU OHV MRLQWV GH FROOH
8WLOLVHU GHV FROOHV FRPSDWLEOHV DYHF OHV PDWpULDX[ j UHF\FOHU
'LIIpUHQWV PDWpULDX[ 0rPH PDWpULDX SDV GH VpSDUDWLRQ
GHYDQW rWUH VpSDUpV V 2. VL FRUHF\FODJH SRVVLEOH
(PEDOODJHV
,QVWUXFWLRQV JpQpUDOHV

,QVWUXFWLRQV SRXU GHV HPEDOODJHV UHVSHFWXHX[ GH O·HQYLURQQHPHQW
'·DSUqV OHV 'LUHFWLYHV &( 3+,/,36 81' HW 3+,/,36 (FODLUDJH 8/9
• 5pGXLUHDXWDQWTXHSRVVLEOHYROXPHHWSRLGVGHO·HPEDOODJH
3DJH
☛ $WWHQWLRQ O·HPEDOODJH GRLW ELHQ HQWHQGX JDUGHU VHV SURSULpWpV GH SURWHFWLRQ GX

SURGXLW LO GRLW UpSRQGUH DX[ WHVWV GH FKXWH
• 3ULYLOpJLHU XQ HPEDOODJH PRQRPDWLqUH FKDTXH IRLV TXH FHOD HVW SRVVLEOH

• 'DQV OH FDV G·XQ HPEDOODJH PXOWLPDWpULDX[ SUpYRLU OD VpSDUDELOLWp RX OD
FRPSDWLELOLWp GHV PDWpULDX[ ORUV GX UHF\FODJH HQ ILQ GH YLH
• 5HVSHFWHU OHV OLVWHV GHV VXEVWDQFHV LQWHUGLWHV HW OLPLWpHV RX GpFRQVHLOOpHV $ HW %

FRPPH GDQV OH FDV GHV SURGXLWV FI SDUDJUDSKH
• 8WLOLVHU OH SOXV SRVVLEOH GH PDWpULDX[ UHF\FODEOHV
• 8WLOLVHU GX FDUWRQ FRPSRVp G·XQH SDUW LPSRUWDQWH GH PDWLqUH UHF\FOpH
3DJH
$QQH[H &KHFNOLVW G pYDOXDWLRQ HQYLURQQHPHQWDOH
$11(;((;(03/('(
&+(&./,67' (9$/8$7,21(19,5211(0(17$/(
'HV FKHFNOLVWV VXLYDQWHV SHXYHQW rWUH XWLOLVpHV SDU OH %XUHDX G (WXGH SRXU pYDOXHU
UDSLGHPHQW OHV SURGXLWV H[LVWDQWV RX HQ FRXUV GH FRQFHSWLRQ OLVWHV SRXYDQW rWUH XWLOLVpHV
ORUV GHV UHYXHV GH FRQFHSWLRQ j OD ILQ GHV SKDVHV )DLVDELOLWp &RQFHSWLRQ HW
'pYHORSSHPHQW HW pYHQWXHOOHPHQW OHV SURGXLWV FRQFXUUHQWV
&KDFXQH GHV FKHFNOLVWV FRUUHVSRQG j XQ D[H G pFRFRQFHSWLRQ TXH 3KLOLSV DXUD SX
FKRLVLU FRPPH D[H VWUDWpJLTXH GH WUDYDLO GDQV OH FDGUH GH VD SROLWLTXH
HQYLURQQHPHQWDOH
&H VRQW OHV D[HV VXLYDQWV
➫ 3UpVHUYDWLRQ GHV UHVVRXUFHV QDWXUHOOHV (FR9LVLRQ
➫ /LPLWDWLRQ GH O HPSORL GH VXEVWDQFHV GDQJHUHXVHV YRLUH pOLPLQDWLRQ (FR9LVLRQ
➫ 0LQLPLVDWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH HQ FRXUV G XWLOLVDWLRQ
GX SURGXLW (FR9LVLRQ
➫ 'XUDELOLWp GX SURGXLW (FR9LVLRQ
➫ &DUDFWqUH UpXWLOLVDEOH GX SURGXLW
➫ &DUDFWqUH GpVDVVHPEODEOH GX SURGXLW (FR9LVLRQ
➫ &DUDFWqUH UHF\FODEOH GHV PDWpULDX[ GX SURGXLW
➫ (PEDOODJH YHUW (FR9LVLRQ
&KDTXH D[H FRUUHVSRQG j XQ FULWqUH (FR9LVLRQ GpVLJQp SDU OH SURJUDPPH (FR9LVLRQ
0DVVH GLPLQXWLRQ G R OLPLWDWLRQ GH OD FRQVRPPDWLRQ GH UHVVRXUFHV QDWXUHOOHV
6XEVWDQFHV WR[LTXHV
5HF\FODELOLWp )LQ GH YLH 2SWLPLVDWLRQ GH OD ILQ GH YLH GHV SURGXLWV
DFFURLVVHPHQW GH OHXU UHF\FODELOLWp
(PEDOODJH
3DJH
$QQH[H &KHFNOLVW G pYDOXDWLRQ HQYLURQQHPHQWDOH
☛ ,QGLFDWLRQV SRXU UHPSOLU XQH FKHFNOLVW
3RXU FKDTXH FULWqUH SURSRVp LO VXIILW GH FRFKHU OD FDVH FRUUHVSRQGDQW j OD VLWXDWLRQ OD

SOXV SURFKH GX FDV WUDLWp
(Q ILQ GH JULOOH LO VXIILUD GH FRPSWDELOLVHU SRXU FKDFXQH GHV FRORQQHV $ % HW & OH
QRPEUH GH FDVHV FRFKpHV $ SDUWLU GH FHV UpVXOWDWV LO SRXUUD rWUH GpFLGp GH SRXUVXLYUH
GDQV OD PrPH YRLH VL OD VLWXDWLRQ V DYqUH LGpDOH SRXU OD VWUDWpJLH G pFRFRQFHSWLRQ
UHWHQXH RX GH UHWRXUQHU j OD SKDVH SUpFpGHQWH GDQV OH FDV GH SRLQWV j UHYRLU
6RLW XQ H[HPSOH GH FKHFNOLVW j UHPSOLU
☛ 'XUDELOLWp GX SURGXLW
3HUWLQHQW 3DV GH
&ULWqUHV SRXU OH &DUDFWpULVWLTXHV $ % & GRQQpH
SURGXLW
6XSpULHXUH j OD PR\HQQH ❐
)LDELOLWp ❐ 'DQV OD PR\HQQH GHV SURGXLWV H[LVWDQWV ❐ ❐
,QIpULHXUH j OD PR\HQQH ❐
)DLEOH HQ XWLOLVDWLRQ QRUPDOH HW FRQFHUQDQW ❐
VHXOHPHQW OHV FRPSRVDQWV DLVpPHQW UHPSODoDEOHV
8VXUH ❐ 0R\HQQH HW FRQFHUQDQW VHXOHPHQW GHV FRPSRVDQWV ❐ ❐
UHPSODoDEOHV
,PSRUWDQWH VXU GHV FRPSRVDQWV QRQ UHPSODoDEOHV ❐
6WUXFWXUH PRGXODLUH ❐
8WLOLVDWLRQ GH ❐ 6WUXFWXUH SDUWLHOOHPHQW PRGXODLUH ❐ ❐
PRGXOHV
6WUXFWXUH FRPSOH[H ❐
&RQFHSWLRQ DGDSWDEOH DX[ GpYHORSSHPHQWV IXWXUV ❐
$GDSWDWLRQ ❐ $GDSWDWLRQ SRVVLEOH ❐ ❐
WHFKQRORJLTXH
$GDSWDWLRQ LPSRVVLEOH ❐
1HWWR\DJH DLVp ❐
)DFLOLWp GH ❐ &RW GX QHWWR\DJH DFFHSWDEOH ❐ ❐
QHWWR\DJH
1HWWR\DJH LPSRVVLEOH ❐
3DV GH PDLQWHQDQFH QpFHVVDLUH ❐
0DLQWHQDQFH ❐ 0DLQWHQDQFH SHX FRWHXVH ❐ ❐
0DLQWHQDQFH FRWHXVH ❐
5pSDUDWLRQ IDFLOH HW pFRQRPLTXH ❐
5pSDUDWLRQ ❐ &RW GH UpSDUDWLRQ DFFHSWDEOH ❐ ❐
5pSDUDWLRQ LPSRVVLEOH ❐
(YDOXDWLRQ
$ 6LWXDWLRQ LGpDOH
% 6LWXDWLRQ DFFHSWDEOH
& %HVRLQ G·DJLU
3DJH

Thèse Janin

Transféré par

Droits d'auteur :

Formats disponibles

Thèse Janin

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Thèse Janin

Transféré par

Droits d'auteur :

Formats disponibles

Démarche d’éco-conception en entreprise.

To cite this version:

HAL Id: tel-00005632

HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est

Ecole Nationale Supérieure d'Arts et Métiers

L'ECOLE NATIONALE SUPERIEURE

DEMARCHE D'ECO - CONCEPTION EN ENTREPRISE

Soute nue le 28 avril 2000, de vant le jury d'e xam e n :

M. D. FROELICH, Professeur E.N.S.A.M., Chambéry Directeur de thèse

L'ENSAM est un grand établissement composé de huit centres :

/,67( '(6 ),*85(6 

/,67( '(6 7$%/($8;

,1752'8&7,21 *e1e5$/(  

3$57,( / e&2&21&(37,21 '$16 / (175(35,6( 

&21&/86,21  

3$57,( /(6 287,/6 ' e&2&21&(37,21 81( $,'( 23e5$7,211(//( 3285

3$57,( &21)5217$7,21 $8; 5e$/,7(6 '8 021'( ,1'8675,(/ 

&21&/86,21 *e1e5$/(  

%,%/,2*5$3+,(  

*/266$,5(  

)LJXUH   &\FOH GH YLH G XQ SURGXLW HW VHV PRGHV GH YDORULVDWLRQ 

)LJXUH   0RGqOHV GH FRQFHSWLRQ  D 0RGqOH FODVVLTXH GH -DNREVHQ HW E 0RGqOH

)LJXUH   /HV GLIIpUHQWHV pWDSHV GH O $QDO\VH GH &\FOH GH 9LH  

)LJXUH   3URJUDPPH GH 3KLOLSV GH   7KH (QYLURQPHQWDO 2SSRUWXQLW\  

)LJXUH   'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ  GX

7DEOHDX   %LODQ VXU OHV FRQVRPPDWLRQV GH TXHOTXHV UHVVRXUFHV QDWXUHOOHV HW WDX[ GH

7DEOHDX  'LIIpUHQWHV DSSURFKHV LQGXVWULHOOHV GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH  

7DEOHDX   2UJDQLVDWLRQ LQWHUQH  5HVSRQVDELOLWp GHV DQDO\VHV HQYLURQQHPHQWDOHV GHV

7DEOHDX   /LVWH GHV RXWLOV G pYDOXDWLRQ j GRPLQDQWH TXDQWLWDWLYH GHV LPSDFWV

7DEOHDX   &ODVVHPHQW GHV RXWLOV VHORQ OHXU QLYHDX G pYDOXDWLRQ HW G DLGH j

7DEOHDX   /LVWH GHV FULWqUHV HW VRXVFULWqUHV SULV HQ FRPSWH GDQV O pWXGH GH

&H VRXFL GH SURWHFWLRQ GH O HQYLURQQHPHQW HVW HQ SURJUHVVLRQ FURLVVDQWH HQ SDUWLFXOLHU

' DSUqV OD 6(7$& >6(7$&@ FHV SULQFLSDX[ SUREOqPHV HQYLURQQHPHQWDX[ HQJHQGUpV

UHVVRXUFHV ELRWLTXHV HW DELRWLTXHV  GHV SROOXWLRQV HIIHW GH VHUUH GHVWUXFWLRQ GH OD

UpSRQGDQW DX[ EHVRLQV GX SUpVHQW VDQV FRPSURPHWWUH O DSWLWXGH GHV JpQpUDWLRQV

IXWXUHV j UpSRQGUH DX[ OHXUV >6&+0,'+(,1< @

 6(7$&  6RFLHW\ RI (QYLURQPHQWDO 7R[LFRORJ\ DQG &KHPLVWU\

 7KUHH0LOHV,VODQG  $FFLGHQW G XQ UpDFWHXU QXFOpDLUH DX[ (WDWV8QLV

SOXVLHXUV PLOOLHUV GH SHUVRQQHV

 5DSSRUW %UXQGWODQG  5DSSRUW GH OD &RPPLVVLRQ 0RQGLDOH SRXU O (QYLURQQHPHQW HW OH 'pYHORSSHPHQW

GLULJpH SDU *UR +DUOHP %UXQGWODQG 3UHPLHU 0LQLVWUH 1RUYpJLHQ

DQQRQFpV YRQW IRUWHPHQW GpSHQGUH GHV K\SRWKqVHV GH FDOFXO GH FKRL[ SROLWLTXHV «

,PSDFW HQYLURQQHPHQWDO 1LYHDX DWWHQGX HQ  1LYHDX HVWLPp SRXU XQ 

FRQVRPPDWLRQ VRXKDLWp SRXU XQ 'pYHORSSHPHQW 'XUDEOH >:(7(5,1*6 HW DO @

&KDUERQ  WRQQHV 

/D QpFHVVLWp G RSpUDWLRQQDOLVHU FH FRQFHSW GH GpYHORSSHPHQW GXUDEOH SRXU OH UHQGUH

DFFHVVLEOH DX[ HQWUHSULVHV GRLW VH WUDGXLUH SDU GHX[ PRXYHPHQWV HQJDJpV

VLPXOWDQpPHQW >7,*(5 HW DO @ 

 /H SUHPLHU LQFRPEH DX[ pWDWV HW RUJDQLVPHV LQWHUQDWLRQDX[ HW FRQVLVWH j FUpHU XQ

FRQWH[WH OpJLVODWLI QRUPHV G pPLVVLRQV LQWHUGLFWLRQV UqJOHV GH SURFpGXUHV 

GHPDQGHV G DXWRULVDWLRQ RX GH GpFODUDWLRQ SRXU OHV LQVWDOODWLRQV FODVVpHV 

pFRQRPLTXH WD[HV RXWLOV ILVFDX[ HW WHFKQLTXH FUpDWLRQV GH FHQWUHV GH YDORULVDWLRQ

GH ILOLqUHV GH UHF\FODJH FRPSDWLEOH DYHF FH FRQFHSW

 /H VHFRQG LQFRPEH j FKDTXH DFWHXU GH OD VRFLpWp TXL SDU VRQ FRPSRUWHPHQW

UHVSRQVDEOH HW YRORQWDLUH GRLW FRQGXLUH j GLPHQVLRQQHU j VD MXVWH PHVXUH O HQVHPEOH

GHV SRQFWLRQV HW UHMHWV DVVRFLpV j VHV DFWLYLWpV

/ HQJDJHPHQW GHV HQWUHSULVHV GDQV OD SURJUHVVLRQ YHUV OH GpYHORSSHPHQW GXUDEOH D

UHQIRUFHPHQW GHV SUHVVLRQV UpJOHPHQWDLUHV /HV FRQWUDLQWHV VH IDLVDQW GH SOXV HQ SOXV

WHFKQRORJLHV SURSUHV GDQV OHV DQQpHV  >.+$/,)$ @

XWLOLVpV DXMRXUG KXL VH VRQW QpDQPRLQV UpYpOpV LQVDWLVIDLVDQWV HQ WHUPHV GH SHUIRUPDQFHV

/,67( '(6 ),*85(6

/,67( '(6 7$%/($8;

,1752'8&7,21 *e1e5$/(

3$57,( / e&2&21&(37,21 '$16 / (175(35,6(

&21&/86,21

3$57,( /(6 287,/6 ' e&2&21&(37,21 81( $,'( 23e5$7,211(//( 3285

3$57,( &21)5217$7,21 $8; 5e$/,7(6 '8 021'( ,1'8675,(/

&21&/86,21 *e1e5$/(

%,%/,2*5$3+,(

*/266$,5(

)LJXUH &\FOH GH YLH G XQ SURGXLW HW VHV PRGHV GH YDORULVDWLRQ

)LJXUH 0RGqOHV GH FRQFHSWLRQ D 0RGqOH FODVVLTXH GH -DNREVHQ HW E 0RGqOH

)LJXUH /HV GLIIpUHQWHV pWDSHV GH O $QDO\VH GH &\FOH GH 9LH

)LJXUH 3URJUDPPH GH 3KLOLSV GH 7KH (QYLURQPHQWDO 2SSRUWXQLW\

)LJXUH 'LDJUDPPH HQ SRUWLRQV UHSUpVHQWDQW O LPSDFW UHODWLI H[SULPp HQ GX

7DEOHDX %LODQ VXU OHV FRQVRPPDWLRQV GH TXHOTXHV UHVVRXUFHV QDWXUHOOHV HW WDX[ GH

7DEOHDX 'LIIpUHQWHV DSSURFKHV LQGXVWULHOOHV GH OD FRQFHSWLRQ HQYLURQQHPHQWDOH

7DEOHDX 2UJDQLVDWLRQ LQWHUQH 5HVSRQVDELOLWp GHV DQDO\VHV HQYLURQQHPHQWDOHV GHV

7DEOHDX /LVWH GHV RXWLOV G pYDOXDWLRQ j GRPLQDQWH TXDQWLWDWLYH GHV LPSDFWV

7DEOHDX &ODVVHPHQW GHV RXWLOV VHORQ OHXU QLYHDX G pYDOXDWLRQ HW G DLGH j

7DEOHDX /LVWH GHV FULWqUHV HW VRXVFULWqUHV SULV HQ FRPSWH GDQV O pWXGH GH

' DSUqV OD 6(7$& >6(7$&@ FHV SULQFLSDX[ SUREOqPHV HQYLURQQHPHQWDX[ HQJHQGUpV

UHVVRXUFHV ELRWLTXHV HW DELRWLTXHV GHV SROOXWLRQV HIIHW GH VHUUH GHVWUXFWLRQ GH OD

IXWXUHV j UpSRQGUH DX[ OHXUV >6&+0,'+(,1< @

6(7$& 6RFLHW\ RI (QYLURQPHQWDO 7R[LFRORJ\ DQG &KHPLVWU\

7KUHH0LOHV,VODQG $FFLGHQW G XQ UpDFWHXU QXFOpDLUH DX[ (WDWV8QLV

SOXVLHXUV PLOOLHUV GH SHUVRQQHV

5DSSRUW %UXQGWODQG 5DSSRUW GH OD &RPPLVVLRQ 0RQGLDOH SRXU O (QYLURQQHPHQW HW OH 'pYHORSSHPHQW

GLULJpH SDU *UR +DUOHP %UXQGWODQG 3UHPLHU 0LQLVWUH 1RUYpJLHQ

DQQRQFpV YRQW IRUWHPHQW GpSHQGUH GHV K\SRWKqVHV GH FDOFXO GH FKRL[ SROLWLTXHV «

,PSDFW HQYLURQQHPHQWDO 1LYHDX DWWHQGX HQ 1LYHDX HVWLPp SRXU XQ

FRQVRPPDWLRQ VRXKDLWp SRXU XQ 'pYHORSSHPHQW 'XUDEOH >:(7(5,1*6 HW DO @

&KDUERQ WRQQHV

/D QpFHVVLWp G RSpUDWLRQQDOLVHU FH FRQFHSW GH GpYHORSSHPHQW GXUDEOH SRXU OH UHQGUH

DFFHVVLEOH DX[ HQWUHSULVHV GRLW VH WUDGXLUH SDU GHX[ PRXYHPHQWV HQJDJpV

VLPXOWDQpPHQW >7,*(5 HW DO @

/H SUHPLHU LQFRPEH DX[ pWDWV HW RUJDQLVPHV LQWHUQDWLRQDX[ HW FRQVLVWH j FUpHU XQ

FRQWH[WH OpJLVODWLI QRUPHV G pPLVVLRQV LQWHUGLFWLRQV UqJOHV GH SURFpGXUHV

GHPDQGHV G DXWRULVDWLRQ RX GH GpFODUDWLRQ SRXU OHV LQVWDOODWLRQV FODVVpHV

pFRQRPLTXH WD[HV RXWLOV ILVFDX[ HW WHFKQLTXH FUpDWLRQV GH FHQWUHV GH YDORULVDWLRQ

GH ILOLqUHV GH UHF\FODJH FRPSDWLEOH DYHF FH FRQFHSW

/H VHFRQG LQFRPEH j FKDTXH DFWHXU GH OD VRFLpWp TXL SDU VRQ FRPSRUWHPHQW

UHVSRQVDEOH HW YRORQWDLUH GRLW FRQGXLUH j GLPHQVLRQQHU j VD MXVWH PHVXUH O HQVHPEOH

GHV SRQFWLRQV HW UHMHWV DVVRFLpV j VHV DFWLYLWpV

UHQIRUFHPHQW GHV SUHVVLRQV UpJOHPHQWDLUHV /HV FRQWUDLQWHV VH IDLVDQW GH SOXV HQ SOXV

WHFKQRORJLHV SURSUHV GDQV OHV DQQpHV >.+$/,)$ @

pFRORJLTXHV LOV SHXYHQW HQ HIIHW HQJHQGUHU GHV GpSODFHPHQWV GH SROOXWLRQ XQ

HW UDSLGH GHV FRQWUDLQWHV UpJOHPHQWDLUHV

JHVWLRQ ILQDQFLqUH HQYLURQQHPHQWDOH HW VRFLDOH & HVW O qUH GH OD PLQLPLVDWLRQ GHV

GpFKHWV GH OD SURGXFWLRQ SURSUH GH OD SUpYHQWLRQ GH SROOXWLRQ &HUWDLQV pYRTXHQW OH

WHUPH G DSSURFKH PLGGOH RI SLSH >&+$57(5 HW DO @

pYLWHU &HWWH GpPDUFKH QpFHVVLWH XQ FKDQJHPHQW GX SDUDGLJPH SURGXFWLI TXL

G·LQWpJUHU O·HQYLURQQHPHQW ILOWUHV VWDWLRQV G·pSXUDWLRQV j VD UHPLVH HQ FDXVH

j FRXUW WHUPH SXLVTX LO QH UpVXOWH SDV G XQ DMXVWHPHQW RSWLPXP DX GpVLU GHV

FRQVRPPDWHXUV ,O V DJLW SOXV IRQGDPHQWDOHPHQW G XQH FRQFXUUHQFH VXU OH ORQJ WHUPH XQ

SURGXFWLIV GH EDVH LQWpJUHU OHV FRQWUDLQWHV HQYLURQQHPHQWDOHV DLQVL WUDGXLWHV HW UHFRQVWUXLUH

OHXU OpJLWLPLWp GDQV OH GpEDW SXEOLF ª >7,*(5 HW DO @

8Q DXWUH VLJQH GH FHWWH YRORQWp GH SURJUHVVHU YHUV OH GpYHORSSHPHQW GXUDEOH V HVW

GpYHORSSHPHQW GXUDEOH VL O HQWUHSULVH QH MRXH SDV XQ U{OH PRWHXU SUpSRQGpUDQW ª

OD JHVWLRQ GH VRQ F\FOH GH YLH

O·RSLQLRQ SXEOLTXH HQ JpQpUDO HQ FRQWULEXDQW j UHODWLYLVHU OD FRQILDQFH DYHXJOH GDQV OD VFLHQFH

DPRQW SRVVLEOH GDQV OH SURFHVVXV GH FRQFHSWLRQ TXL FRQVWLWXH DLQVL XQ OLHX HW XQ

@ 2Q SDUOH G XQH DSSURFKH G pFRFRQFHSWLRQ RX FRQFHSWLRQ GH SURGXLWV SOXV

UHVSHFWXHX[ GH O HQYLURQQHPHQW /HV WHUPHV DQJORSKRQHV pTXLYDOHQWV VRQW O (FRGHVLJQ

'HX[ GLPHQVLRQV VRQW GRQF FRQFHUQpHV O XQH HQYLURQQHPHQWDOH HW OD VHFRQGH

(Q PDWLqUH G HQYLURQQHPHQW LO YD V DJLU HQWUH DXWUHV GH VXUYHLOOHU OH FRQWHQX FKLPLTXH

GX SURGXLW SUpVHQFH pYHQWXHOOH GH VXEVWDQFHV WR[LTXHV YLVpHV SDU OD UpJOHPHQWDWLRQ

SURGXLWV pOHFWULTXHV HW pOHFWURQLTXHV SDU H[HPSOH HW GH SHQVHU OH WUDLWHPHQW GX SURGXLW

XVDJp GqV VD QDLVVDQFH HQ WHUPHV G DSWLWXGH DX GpPRQWDJH j OD UpXWLOLVDWLRQ DX

UHF\FODJH HQ IRQFWLRQ GH VHV GHYHQLUV SRVVLEOHV FRPPH OH PRQWUH OD ILJXUH

)LJXUH &\FOH GH YLH G XQ SURGXLW HW VHV PRGHV GH YDORULVDWLRQ

(Q PDWLqUH G pFRQRPLH FHWWH DSSURFKH DQWLFLSDWULFH SHXW SHUPHWWUH GHV UpGXFWLRQV GH

GpFKDUJH GHV SURGXLWV XVDJpV

✔ VXU OHV FRQQDLVVDQFHV WHFKQLTXHV HW VFLHQWLILTXHV HW VXU OHV OLHX[ R HOOHV VH

/H SULQFLSH GH 'pYHORSSHPHQW 'XUDEOH TXL WUDGXLW O·LGpH TXH OH GpYHORSSHPHQW GRLW

G LQWpJUDWLRQ GH O HQYLURQQHPHQW GDQV OH SURFHVVXV GH FRQFHSWLRQ HW FH GqV OD

IRUPXODWLRQ PrPH GHV IRQFWLRQV LQGpSHQGDQWHV GHV VROXWLRQV DSSOLFDEOHV

pOHFWURQLTXHV (Q HIIHW QRXV VRXOLJQLRQV SOXV KDXW OD PXOWLSOLFDWLRQ HW O·LQWHQVLILFDWLRQ GHV

VXLYDQWV DX[ (WDWV PHPEUHV

XQ SURMHW GH GLUHFWLYH HXURSpHQQH HOOH GHYUDLW FRQWUDLQGUH OHV IDEULFDQWV j UpFXSpUHU