Text preview for : spice3f5.pdf part of MAAS KNT-5000 Stabilized DC Power Supply
MAAS KNT-5000
Back to : Maas KNT-5000.pdf | Home
6SLFH)
0DQXHOGHUpIpUHQFHGH 'p]DL*/$2
9HUVLRQGX0DL
7UDGXLWHWDGDSWpGH 6SLFH8VHU0DQXDO E\ 74XDUOHV$51HZWRQ'23HGHUVRQ$6DQJLRYDQQL9LQFHQWHOOL 'HSDUWPHQWRI(OHFWULFDO(QJLQHHULQJDQG&RPSXWHU6FLHQFHV 8QLYHUVLW\RI&DOLIRUQLD %HUNHOH\&D
SDU 'p]DL*/$2
DXWHXUGH:LQ(&$'KWWSJODRGH]DLIUHHIU HPDLOZLQHFDG#\DKRRIU :LQ(&$'IRQFWLRQQHDYHF:LQVFKHPKWWSSURZDQDGRRIUDXWHXUFDR
6RPPDLUH
$1$/<6(6'(63,&() $1$/<6((1&217,18 $1$/<6()5e48(17,(//(3(7,766,*1$8; $1$/<6(7(0325(//( $1$/<6('(%58,7 &$/&8/'(63Ð/(6(7=e526 $1$/<6('(',67256,213(7,766,*1$8; $1$/<6('(6(16,%,/,7e &$/&8/'(/$)21&7,21'(75$16)(57(1&217,18 *e1e5$/,7e6685/$'e),1,7,21'(6&,5&8,76 5Ê*/(6'
(&5,785( /,67('(6e48,327(17,(//(6 /$'e),1,7,21'(602'Ê/(6(7'(60$&52 &20326$176 (;(03/('(),&+,(5&,5&8,7 (&5,785('(6120%5(6 (&5,785('(612(8'6 5Ê*/(6'
,17(5&211(;,21 (;35(66,2160$7+e0$7,48(6 &200$1'(6'(63,&() 237,216 $1$/<6(6 $&% $/$<$*()5e48(17,(/ '&$ 1$/<6((1&217,18 ',672$ 1$/<6('(',67256,21+$5021,48( 3=& $/&8/'(63Ð/(6(7=e526 6(16 7)) 21&7,21'(75$16)(57(1&217,18 12,6($ 1$/<6('(%58,7 75$1$ 1$/<6(7(0325(//( 23& $/&8/'832,17'(5(326 &21',7,216,1,7,$/(6 12'(6(73 52326(81e7$7,1,7,$/ ,&' e),1,7/(6&21',7,216,1,7,$/(6 'e),1,7,21'
811289($802'Ê/( &20326$176(702'Ê/(6$1$/2*,48(663,&( 6285&('e),1,($5%,75$,5(0(17 75$16,6725¬-21&7,21%,32/$,5(
75$16,6725026)(7 &21'(16$7(85 6285&('(&285$17&2175Ð/e((1&285$17 6285&('(7(16,21&2175Ð/e((1&285$17 ',2'(¬-21&7,21 ,1'8&7$1&( 5e6,67256 6286&,5&8,76 /,*1(6'(75$160,66,216$163(57(6 /,*1(6'(75$160,66,21$9(&3(57(6 ,17(55837(85&2175Ð/e(17(16,21 ,17(55837(85&2175Ð/e(1&285$17 6285&('(7(16,21&2175Ð/e((17(16,21 6285&('(&285$17&2175Ð/e((17(16,21 0878(//(,1'8&7$1&(,1'8&7$1&(6&283/e(6 6285&(,1'e3(1'$17('(&285$17 6285&(,1'e3(1'$17('( 7(16,21 6285&('
,038/6,21$1$/2*,48( 6285&(6,1862Í'$/( 6285&(02'8/e((1)5e48(1&( 6 285&((;321(17,(//( 6285&(/,1e$,5('e),1,3$5025&($8; 75$16,67250(6)(7 /,*1(5& 75$16,6725¬())(7'(&+$036¬-21&7,21
$QDO\VHVGH6SLFH) $QDO\VHHQFRQWLQX
/DSRUWLRQG
DQDO\VHHQFRQWLQXGH6SLFH) GpWHUPLQHOHSRLQWGHIRQFWLRQQHPHQWHQFRQWLQXGXFLUFXLWDYHF OHVLQGXFWDQFHVFRXUWFLUFXLWpHVHWOHVFRQGHQVDWHXUVHQFLUFXLWRXYHUWOHVSDUDPqWUHVGHO
DQDO\VHHQFRQWLQXVRQW VSpFLILpHVVXUOHVOLJQHVGHFRPPDQGHV'&7) HW238QHDQDO\VHHQFRQWLQXHVWDXWRPDWLTXHPHQWHIIHFWXpH DYDQW WRXWH DQDO\VH WHPSRUHOOH SRXU GpWHUPLQHU OHV FRQGLWLRQV LQLWLDOHV GX FLUFXLW HW DYDQW WRXWH DQDO\VH GH EDOD\DJH IUpTXHQWLHO SRXU GpWHUPLQHU OHV PRGqOHV OLQHDULVpHV SHWLWV VLJQDX[ GHV FRPSRVDQWV QRQ OLQpDLUHV 6L FHODHVWGHPDQGpODIRQFWLRQGHWUDQVIHUWHQFRQWLQXHVWFDOFXOpHUDSSRUWHQWUHODYDULDEOHGHVRUWLHHWODVRXUFH G
HQWUpH /DUpVLVWDQFHG
HQWUpHHWODUpVLVWDQFHGHVRUWLHIRQWDXVVLSDUWLHGHVGRQQpHVTXLSHXYHQWrWUHFDOFXOpHV ORUVGHO
DQDO\VHHQFRQWLQX(QILQFHWWHDQDO\VHSHXWrWUHXWLOLVpHSRXUREWHQLUGHVFDUDFWpULVWLTXHVVWDWLTXHVGHV FRPSRVDQWV2QYDULHXQHVRXUFHLQGpSHQGDQWHGHWHQVLRQRXGHFRXUDQWGDQVXQLQWHUYDOOHGpILQLSDUO
XWLOLVDWHXU HWOHVYDULDEOHVGHVRUWLHVVRQWVWRFNpHVSRXUFKDFXQHGHVYDOHXUVGHODVRXUFHYDULDEOH
$QDO\VH)UpTXHQWLHOOHSHWLWVVLJQDX[
/DSRUWLRQG
DQDO\VHIUpTXHQWLHOOHSHWLWVVLJQDX[GH6SLFH)FDOFXOH ODUpSRQVHIUpTXHQWLHOOHGXFLUFXLWVRXPLVj XQHH[FLWDWLRQVLQXVRwGDOH/HSURJUDPPHFDOFXOHG
DERUGOHSRLQWGHIRQFWLRQQHPHQWHQFRQWLQXHHWGpWHUPLQHOHV PRGqOHV OLQpDLUHV SHWLWV VLJQDX[ GH WRXV OHV FRPSRVDQWV QRQ OLQpDLUHV GX FLUFXLW /H FLUFXLW DLQVL OLQpDULVp HVW HQVXLWHDQDO\VpVXUO
LQWHUYDOOHGHIUpTXHQFHVSpFLILpSDUO
XWLOLVDWHXU/DVRUWLHGpVLUpHG
XQHDQDO\VHIUpTXHQWLHOOH HVW VRXYHQW XQH IRQFWLRQ GH WUDQVIHUWJDLQ HQ WHQVLRQ LPSpGDQFH GH WUDQVIHUWHWF 6L OH FLUFXLW D XQH VHXOH VRXUFHGHEDOD\DJHIUpTXHQWLHOOHLOHVWG
XVDJHG
pWDEOLUODYDOHXUGHODVRXUFHjO
XQLWpHWODSKDVHj]pURGHWHOOH IDoRQTXHOHVYDULDEOHVGHVRUWLHDLHQWODPrPHYDOHXUFRPPHIRQFWLRQGHWUDQVIHUW/HVSDUDPqWUHVGHO
DQDO\VH SDUEDOD\DJHIUpTXHQWLHOOHVRQWGRQQpVSDUO
LQVWUXFWLRQ$&
$QDO\VHWHPSRUHOOH
/DSRUWLRQG
DQDO\VHWHPSRUHOOHGH6SLFH) GpWHUPLQHODUpSRQVHWUDQVLWRLUHGXFLUFXLWVXUXQLQWHUYDOOHGHWHPSV VSpFLILp SDU O
XWLOLVDWHXU /HV FRQGLWLRQV LQLWLDOHV VRQW DXWRPDWLTXHPHQW FDOFXOpHV SDU XQH DQDO\VH HQ FRQWLQX 7RXWHV OHV VRXUFHV TXL QH VRQW SDV IRQFWLRQ GX WHPSV SDU H[HPSOH OHV DOLPHQWDWLRQV VRQW LQLWLDOLVpHV j OHXUV YDOHXUVFRQWLQXHV/
LQWHUYDOOHGHWHPSVGHVLPXODWLRQHVWVSpFLILpHSDUODFRPPDQGH75$1
$QDO\VHGHEUXLW
&DOFXOGHVS{OHVHW]pURV
/DSRUWLRQG
DQDO\VHGHVS{OHVHW]pURVGH6SLFH) FDOFXOHOHVS{OHVHWRXOHV]pURVORUVG
XQHDQDO\VHGHW\SH IRQFWLRQGHWUDQVIHUWHQUpJLPHVLQXVRwGDOH/HSURJUDPPHFDOFXOHG
DERUGOHSRLQWGHIRQFWLRQQHPHQWHQFRQWLQX HWGpWHUPLQHOHVPRGqOHVOLQpDLUHVSHWLWVVLJQDX[GHWRXVOHVFRPSRVDQWVQRQOLQpDLUHVGXFLUFXLW/HFLUFXLWDLQVL OLQpDULVpHVWHQVXLWHXWLOLVpSRXUGpWHUPLQHUOHVS{OHVHW]pURVGHODIRQFWLRQGHWUDQVIHUW 'HX[ W\SHV GH IRQFWLRQ GH WUDQVIHUW VRQW SHUPLVHV /
XQH GH OD IRUPH WHQVLRQ GH VRUWLH WHQVLRQ G
HQWUpH HW O
DXWUHGHODIRUPHWHQVLRQGHVRUWLH FRXUDQWG
HQWUpH &HVGHX[W\SHVGHIRQFWLRQGHWUDQVIHUWFRXYUHQWWRXV OHVFDVHWO
RQSHXWGpWHUPLQHUOHVS{OHV]pURVGHIRQFWLRQVWHOOHVTXHLPSpGDQFHHQWUpHVRUWLHHWJDLQHQWHQVLRQ /HVSRUWVG
HQWUpHHWGHVRUWLHVRQWVSpFLILpVSDUSDLUHVGHQRHXGV /
DQDO\VH S{OHV HW ]pURV IRQFWLRQQHQW DYHF OHV UpVLVWRUV FRQGHQVDWHXUV LQGXFWDQFHV VRXUFHV OLpHV OLQpDLUHV VRXUFHV LQGpSHQGDQWHV GLRGHV WUDQVLVWRUV ELSRODLUHV WUDQVLVWRUV j HIIHWV GH FKDPSV HW 026 /HV OLJQHV GH WUDQVPLVVLRQ QH VRQW SDV SHUPLVHV /D PpWKRGH XWLOLVpH GDQV O
DQDO\VH HVW XQH UHFKHUFKH QXPpULTXH VRXV RSWLPLVpH 3RXU GH JUDQGV FLUFXLWV FHOD SHXW SUHQGUH XQ WHPSV FRQVLGpUDEOH RX pFKRXHU GDQV OD WHQWDWLYH GH GpWHUPLQHUWRXVOHVS{OHVHW]pURVSRXUFHUWDLQFLUFXLWVODPpWKRGHSHXWGpWHUPLQHUXQQRPEUHH[FHVVLIGHS{OHV HW]pURV
$QDO\VHGHGLVWRUVLRQSHWLWVVLJQDX[
/DSRUWLRQG
DQDO\VHGHGLVWRUVLRQ6SLFH)FDOFXOHODUpSRQVHKDUPRQLTXHHQUpJLPHSHUPDQHQWHWOHVSURGXLWV G
LQWHUPRGXODWLRQ 6L GHV VLJQDX[ D\DQW XQH VHXOH IUpTXHQFH VRQW VSpFLILpHV HQ HQWUpH GX FLUFXLW OHV YDOHXUV FRPSOH[HV GHV GHX[LqPHV HW WURLVLqPH KDUPRQLTXHV VRQW GpWHUPLQpHV j FKDTXH SRLQW GX FLUFXLW 6
LO \ D GHV VLJQDX[G
HQWUpHVjGHX[IUpTXHQFHVO
DQDO\VHWURXYHQWOHVYDOHXUVFRPSOH[HGHVYDULDEOHVGHFLUFXLWjODVRPPH II HWjODGLIIpUHQFHII GHVVLJQDX[G
HQWUpHVDLQVLTX
jODGLIIpUHQFHHQWUHODSOXVSHWLWHIUpTXHQFHGX VHFRQGKDUPRQLTXHHWODSOXVJUDQGHIUpTXHQFH /
DQDO\VH GH GLVWRUVLRQ HVW VXSSRUWp SDU OHV FRPSRVDQWV QRQ OLQpDLUHV VXLYDQWV GLRGHV WUDQVLVWRUV ELSRODLUHV WUDQVLVWRUVjHIIHWVGHFKDPSV026QLYHDX[%6,0%6,0HW HW0(6)(77RXVOHVFRPSRVDQWV OLQpDLUHV VXSSRUWHQW DXWRPDWLTXHPHQW O
DQDO\VH GH GLVWRUVLRQ 6
LO \ D GHV LQWHUUXSWHXUV SUpVHQWV GDQV OH FLUFXLW O
DQDO\VHFRQWLQXHjrWUHSUpFLVHjFRQGLWLRQTXHOHVLQWHUUXSWHXUVQHFKDQJHQWSDVG
pWDWVVRXVOHVVROOLFLWDWLRQV GHV IDLEOHV H[FLWDWLRQV XWLOLVpHV SRXU OH FDOFXO GHV GLVWRUVLRQV /H SURJUDPPH FDOFXOH G
DERUG OH SRLQW GH IRQFWLRQQHPHQW HQ FRQWLQXH HW GpWHUPLQH OHV PRGqOHV OLQpDLUHV SHWLWV VLJQDX[ GH WRXV OHV FRPSRVDQWV QRQ OLQpDLUHV GX FLUFXLW /H FLUFXLW DLQVL OLQpDULVp HVW HQVXLWH DQDO\Vp VXU O
LQWHUYDOOH GH IUpTXHQFH VSpFLILp SDU O
XWLOLVDWHXU
$QDO\VHGHVHQVLELOLWp &DOFXOGHODIRQFWLRQGHWUDQVIHUWHQFRQWLQX *pQpUDOLWpVVXUODGpILQLWLRQGHVFLUFXLWV
8QILFKLHU6SLFHFRPSUHQGOHVSDUWLHVVXLYDQWHV /HVVRXUFHVLQGpSHQGDQWHV /DOLVWHGHVFRPSRVDQWVQHWOLVW &HWWHOLVWHUHSUpVHQWHODWRSRORJLHGXUpVHDXjVLPXOHU /HVFRPPDQGHV$QDO\VHVFRQWU{OHGHVVRUWLHVHWRSWLRQV /DGpILQLWLRQGHVPRGqOHV /DGpILQLWLRQGHVPDFURFRPSRVDQWVVRXVFLUFXLWV
8QILFKLHU6SLFHSHXWrWUHGpFULWGDQVQ
LPSRUWHTX
HOOHRUGUHFHSHQGDQWLODGHVUqJOHVG
pFULWXUHV
5qJOHVG
(FULWXUH
/HFLUFXLWjDQDO\VHUHVWGpFULWSDUXQHQVHPEOHGHOLJQHVTXLGpILQLVVHQWG
XQHSDUWODWRSRORJLHGXFLUFXLWHWOD YDOHXU GHV pOpPHQWV HW G
DXWUH SDUW OHV GpILQLWLRQV GHV SDUDPqWUHV GH PRGqOHV OHV DQDO\VHV HW OH OHV VRUWLHV GH GRQQpHV /
pFULWXUHG
XQILFKLHU6SLFHUHSRVHVXUXQIRUPDWSHXFRQWUDLJQDQWPDLVREpLVVDQWjXQPLQLPXPGH UqJOHV &H VRQWOHVVXLYDQWHV
/DSUHPLqUHOLJQHHVWLQWHUSUpWpSDU6SLFHFRPPHOHQRPGXFLUFXLWjVLPXOHU(OOHGRLWGRQFFRQWHQLUOHQRP GX FLUFXLW &HWWH LQIRUPDWLRQ HVW XWLOLVp GDQV WRXWHV OHV UHSUpVHQWDWLRQV LQWHUQHV HW SRXU OHV VRUWLHV GHV UpVXOWDWVOLVWLQJVWDEOHDX[JUDSKHVHWF 7RXWHOLJQHFRPSRUWDQWXQHDVWpULVTXH VHUDLJQRUpHSDU6SLFH(OOHHVWFRQVLGpUpHFRPPHXQFRPPHQWDLUH /HV FKDPSV VXU XQH PrPH OLJQH VRQW VpSDUpHV SDU XQ RX SOXVLHXUV HVSDFHV XQH YLUJXOH OH VLJQH RX GHV SDUHQWKqVHV/HVHVSDFHVVXSSOpPHQWDLUHVVRQWLJQRUpV /HVFKDPSVQXPpULTXHVUHVSHFWHQWOHVUqJOHVG
pFULWXUHGHVQRPEUHV 7RXWH OLJQH FRPPHQoDQW SDU XQ SOXV HVW FRQFDWHQpH DXWRPDWLTXHPHQW DYHF OD OLJQH SUpFpGHQWH &HWWH UHSUpVHQWDWLRQ SHUPHW GH YLVXDOLVHU XQH OLJQH TXL VHUDLW HQ SULQFLSH WURS ORQJXH SRXU rWUH YXH HQWLqUHPHQW VXU O
pFUDQHQODGpFRXSDQWHQSOXVLHXUVOLJQHVUHOLpVSDUGHV /DILQGHILFKLHUHVWPDUTXpHSDUODFRPPDQGHHQG /DGpILQLWLRQGHODWRSRORJLHGXFLUFXLWUHVSHFWHO
pFULWXUHGHODOLVWHGHVpTXLSRWHQWLHOOHV
/LVWHGHVpTXLSRWHQWLHOOHV
&HWWH OLVWH GpFULW OD WRSRORJLH GX FLUFXLW HQ pQXPpUDQW OHV FRPSRVDQWV HW HQ LQGLTXDQW OHXUV YDOHXUV HW OHXUV LQWHUFRQQH[LRQV /H SUHPLHU FDUDFWqUH GH OD OLJQH HVW LPSRUWDQW ,O GpWHUPLQH OH W\SH GH FRPSRVDQW /HV LQGLFDWLRQV VXLYDQWHV UHSUpVHQWHQWOHVQRHXGVSDUOHVTXHOVOHFRPSRVDQWHVWDWWDFKpDXUHVWHGXFLUFXLWSXLVXQHUpIpUHQFHpYHQWXHOjXQ PRGqOHRXjXQVRXVFLUFXLWHWHQILQGHVYDOHXUVOLpHVDXFRPSRVDQW ([HPSOHGHGpILQLWLRQV 5ELDVN 41111 ;8$
/HSUHPLHUFRPSRVDQWHVWXQHUpVLVWDQFHFRQQHFWpHHQWUHOHVQRHXGVHWD\DQWXQHYDOHXUGHN /H GHX[LqPH HVW XQ WUDQVLVWRU ELSRODLUH FRQQHFWp HQWUH OHV QRHXGV 1 1 HW 1 DYHF SRXU QRP GH PRGqOH 1 /HWURLVLqPHFRPSRVDQWHVWXQPDFURFRPSRVDQWVRXVFLUFXLW 8$
/DGpILQLWLRQGHVPRGqOHVHWGHVPDFURFRPSRVDQWV
&HWWHGpILQLWLRQFRPPHQFHSDUOHVPRWFOpVPRGHORXVXEFNW
([HPSOHGHILFKLHUFLUFXLW
([HPSOHGHILFKLHU6SLFH 3DLUHGLIIpUHQWLHOOH 0RGHOV PRGHOTQOQSQEI UE FFV SIWI QVWU QVFMH SIFMF SIYD PRGHOTQUQSQEI UE FFV SIWI QVWU QVFMH SIFMF SIYD QHWOLVWH TTQU TTQO UVN UVN UFN UFN TTQO TTQU UELDVN VRXUFHVDOLPHQWDWLRQV YFPGFVLQPHJ DF YGPGFVLQPHJ DF YFF YHH $QDO\VHV WIY YFP WIY YGP VHQVY RSWLRQVDFFWOLVWUHOWRO WUWRO HQG
(FULWXUHGHVQRPEUHV
8Q FKDPSV UHSUpVHQWDQW XQ QRPEUH SHXW rWUH XQ FKDPSV G
HQWLHUV GH UpHOV HQ YLUJXOH IORWWDQWH DXVVLELHQTX
XQHQWLHURXXQUpHOVXLYLG
XQH[SRVDQWHQWLHUHH RXXQHQWLHURXXQUpHO VXLYLSDUOHVIDFWHXUVG
pFKHOOHVXLYDQWV 7 A P A * A X A 0HJ A 1 A . A S A I A
/HVOHWWUHVLPPpGLDWHPHQWjODVXLWHG
XQQRPEUHVDQVrWUHXQIDFWHXUG
pFKHOOHVRQWLJQRUpHVHWOHVOHWWUHVYHQDQWj ODVXLWHGHVIDFWHXUVG
pFKHOOHVRQWLJQRUpHV$LQVL99ROWVHW+]UHSUpVHQWHQWWRXVOHPrPHQRPEUH HW 0 0$ 06HF HW 00KRV UHSUpVHQWHQW DXVVL WRXV OH PrPH IDFWHXU G
pFKHOOH $ QRWHU TXH +]HH.+]HW.UHSUpVHQWHQWOHPrPHQRPEUH
(FULWXUHGHVQRHXGV
$QRWHU,OHVWLPSRUWDQWGHQRWHUODGLIIpUHQFHHQWUH0PLOOL HW0(*PpJD
8QQRPGHQRHXGSHXWrWUHXQHFKDvQHDUELWUDLUHGHFDUDFWqUHV /HQRHXGGHUpIpUHQFHPDVVH GRLWTXDQWjOXLrWUHQRPPp$QRWHUODGLIIpUHQFHVXLYDQWHHQWUH6SLFH) RXOHVQRHXGVVRQWWUDLWpVFRPPHGHVFKDvQHVGHFDUDFWqUHVHWQRQpYDOXpVFRPPHGHVQRPEUHVHW6SLFHOHV QRHXGV
HW
VRQWGHX[QRHXGVGLVWLQFWVGDQV6SLFH)PDLVSDVGDQV6SLFH
5qJOHVG
LQWHUFRQQH[LRQ
/HFLUFXLWQHSHXWFRQWHQLUGHERXFOHVGHWHQVLRQVHWRXG
LQGXFWDQFHVGHFRXSXUHVFRPSUHQDQWGHVVRXUFHVGH FRXUDQWVHWRXGHVFRQGHQVDWHXUV &KDTXHQRHXGGRLWDYRLUXQFKHPLQSRXUOHFRXUDQWFRQWLQXYHUVOHSRWHQWLHOGHUpIpUHQFHODPDVVH &HFKHPLQ SHXWrWUHREWHQXVLQpFHVVDLUHSDUO
LQVHUWLRQGHUpVLVWDQFHVGHWUqVIRUWHYDOHXU 7RXVOHVQRHXGVGRLYHQWDYRLUGHX[FRQQH[LRQVH[FHSWpVOHVOLJQHVGHWUDQVPLVVLRQSRXUSHUPHWWUHOHVOLJQHVGH WUDQVPLVVLRQVDQVWHUPLQDLVRQ HWOHVQRHXGVGHVXEVWUDWGHV026)(7TXLRQWGHWRXWHIDoRQGHX[FRQQHFWLRQV LQWHUQHV /HVHQVSRVLWLIGXFRXUDQWWUDYHUVDQWXQpOpPHQWSDVVLIHVWFHOXLDOODQWGHODEURFKHjODEURFKH B
([SUHVVLRQV0DWKpPDWLTXHV
([SUHVVLRQVPDWKpPDWLTXHV
8QHH[SUHVVLRQHVWXQHIRUPXOHDOJpEULTXHXWLOLVDQWGHVVFDODLUHVHWGHVYHFWHXUVHWOHVRSpUDWLRQVVXLYDQWHV A HVW O
RSpUDWHXU PRGXOR HW O
RSpUDWHXU YLUJXOH D GHX[ VLJQLILFDWLRQV 6
LO HVW SUpVHQW GDQV OD OLVWH G
DUJXPHQWV G
XQHIRQFWLRQGpILQLHSDUO
XWLOLVDWHXULOVHUWjVpSDUHUOHVDUJXPHQWV6LQRQOHWHUPH[\HVWV\QRQ\PHGH[ M\ 6RQWDXVVLGLVSRQLEOHVOHVRSpUDWLRQVORJLTXHVHW _RX QRQ HWOHVRSpUDWLRQVUHODWLRQQHOOHV!! HW ! GLIIpUHQW 6
LOV VRQW XWLOLVp GDQV GHV H[SUHVVLRQV DOJpEULTXHV LOV IRQFWLRQQHQW FRPPH GDQV OH ODQJDJH & SURGXLVDQW OHV YDOHXUV RX 2Q SHXW DXVVL XWLOLVHU OHV V\QRQ\PHV VXLYDQWV SRXU OHV RSpUDWHXUV UHODWLRQQHOV JW ! OW JH ! OH QH ! HT DQG RU _ QRW 9RLFLTXHOTXHVH[HPSOHV FRV7,0( GEY VLQFRVORJ>@ 7,0( UQGY FRVYLQEUDQFK A>H@ QRWDF)5(4>@WUDQ7,0(>@ JW
)RQFWLRQV
/HVIRQFWLRQVVXLYDQWHVVRQWGLVSRQLEOHV )RQFWLRQ 'HVFULSWLRQ PDJYHF /HUpVXOWDWHVWXQYHFWHXUGHUpHOVGRQWFKDTXHpOpPHQWFRQWLHQW OHPRGXOHGHpOpPHQWFRUUHVSRQGDQWGDQVOHYHFWHXUFRPSOH[H YHF SKYHF /H pOpPHQW HVW XQ YHFWHXU GH pOpPHQW GRQW FKDTXH pOpPHQW FRQWLHQW OD SKDVH GH pOpPHQW FRUUHVSRQGDQW GDQV OH YHFWHXU FRPSOH[HYHF 6LODYDULDEOHXQLWVQ
HVWSDVGpILQLHODSKDVHHVWHQUDGLDQVSDU GpIDXW3DUXQHFRPPDQGHGXW\SH VHWXQLWV GHJUHHVOHVDQJOHVVHURQWFDOFXOpVHQGHJUpV MYHF 0XOWLSOLHOHYHFWHXUFRPSOH[HYHF SDUOHQRPEUHLPDJLQDLUHSXU L UHDOYHF &DOFXOHODSDUWLHUpHOGXYHFWHXUFRPSOH[HYHF
LPDJYHF GEYHF ORJYHF ORJYHF OQYHF H[SYHF DEVYHF VTUWYHF VLQYHF FRVYHF WDQYHF DWDQYHF QRUPYHF UQGYHF
&DOFXOHODSDUWLHLPDJLQDLUHGXYHFWHXUFRPSOH[HYHF ORJPDJYHF &DOFXOHOHORJDULWKPHGHEDVHGHYHF
PHDQYHF
YHFWRUQRPE XQLWYHFYHF OHQJWKYHF GHULYYHF
LQWHUSRODWHSORWYHF
&DOFXOHOHORJDULWKPHQpSpULHQGHYHF &DOFXOHO
H[SRQHQWLHOGHYHF &DOFXOH OD YDOHXU DEVROXH GH YHFWHXU F
HVW j GLUH OH PRGXOH LGHQWLTXHjPDJYHF &DOFXOHODUDFLQHFDUUpGHYHF &DOFXOHOHVLQXVGHYHF &DOFXOHOHFRVLQXVGHYHF &DOFXOHODWDQJHQWHGHYHF &DOFXOHO
DUFWDQJHQWHGHYHF &DOFXOH OH YHFWHXU QRUPDOLVp j /D YDOHXU GX SOXV JUDQG pOpPHQWHVWUDPHQpj &DOFXOH XQ YHFWHXU FRPSRVp G
HQWLHUV DOpDWRLUHV GRQW OD YDOHXU HVW SULVH HQWUH HW OD YDOHXU DEVROXH GH GpIDXW 3DU FRUUHVSRQGDQWGDQVYHF &DOFXOHXQVFDODLUHTXLHVWODPR\HQQHGHVpOpPHQWVGXYHFWHXU YHF /H UpVXOWDW HVW XQ YHFWHXU GH WDLOOH QRPE HW GRQW OHV pOHPHQWV VRQWQRPE &DOFXOHXQYHFWHXUL XQLWpGHPrPHWDLOOHTXHYHF &DOFXOH XQ VFDODLUH TXL HVW OD WDLOOH GH YHF HQ QRPEUH G
pOHPHQWV &DOFXOHXQHLQWHUSRODWLRQGH YHFHQXWLOLVDQWO
D[HGHVDEVFLVVHV GHILQLSRXUSORW &DOFXOHODGHULYpGXYHFWHXU1HPDUFKHSDVFRUUHFWHPHQW
&RQVWDQWHV
&RQVWDQWHV WUXH \HV QR IDOVH SL H F L NHOYLQ HFKDUJH EROW] SODQFN 7
,O\DXQFHUWDLQQRPEUHGHFRQVWDQWHVGDQV6SLFH)TXLSHXYHQWrWUHXWLOLVpVGDQVOHVH[SUHVVLRQV 'HVFULSWLRQ 9DXW 9DXW 9DXW 9DXW ODEDVHGXORJDULWKPHQpSpULHQ /DFpOpULWpGHODOXPLqUHPVHF /
LPDJLQDLUHSXUUDFLQHFDUUpGH± F
HVWjGLUH 7HPSpUDWXUHDEVROXHHQGHJUpVFHQWLJUDGH & /DFKDUJHGHO
pOHFWURQH& /DFRQVWDQWHGH%ROW]PDQ
VH /DFRQVWDQWHGH3ODQFNK H
&RPPDQGHVGH6SLFH) 2SWLRQV $QDO\VHV
$& '& ',672 12,6( 23 3= 6(16 7) 75$1
/HVGLIIHUHQWHVDQDO\VHVVRQW
$QDO\VHIUpTXHQWLHOOH $QDO\VHHQFRQWLQX $QDO\VHGHGLVWRUVLRQKDUPRQLTXH $QDO\VHGHEUXLW &DOFXOGXSRLQWGHUHSRV &DOFXOGHVS{OHVHW]pURV $QDO\VHGHVHQVLELOLWp &DOFXOGHIRQFWLRQGHWUDQVIHUW $QDO\VHWHPSRUHOOH
$&%DOD\DJHIUpTXHQWLHO
5{OH 6\QWD[H ([HPSOHV &DOFXOHODUpSRQVHIUpTHQWLHOOHVXUO
LQWHUYDOOHGHIUpTXHQFHVVSpFLILp $&'(&1')'(%87)),1 $&2&712)'(%87)),1 $&/,113)'(%87)),1 $&'(&. $&2&70(* $&/,1+=
$UJXPHQWVHWRSWLRQV
'(&VWLSXOHTXHODYDULDWLRQVHIDLWSDUGpFDGH1'HVWGRQFOHQRPEUHGHSRLQWVFDOFXOpV SDUGpFDGH 2&7GpILQLWXQHYDULDWLRQSDURFWDYH12pWDQWOHQRPEUHGHSRLQWVSDURFWDYH /,1 SHUPHW GH UpDOLVHU XQH YDULDWLRQ OLQpDLUH GH OD IUpTXHQFH 13 HVW DORUV OH QRPEUH GH SRLQWVWRWDOjFDOFXOHU )'(%87HVWODIUpTXHQFHGHGpEXWGXEDOD\DJH )),1HVWODIUpTXHQFHGHILQGHEDOD\DJH
&RPPHQWDLUHV
/DFRPPDQGH$&SHUPHWG
HIIHFWXHUXQHDQDO\VHIUpTXHQWLHOOHHQSHWLWVVLJQDX[/HFLUFXLW HVWGRQFOLQpDULVpDXWRXUGHVRQSRLQWGHIRQFWLRQQHPHQW&HVRQWOHVVRXUFHVTXLGLVSRVHQW GH O
DWWULEXW $& TXL VHURQW XWLOLVpHV SRXU OD YDULDWLRQ GH IUpTXHQFH /D SUpVHQFH G
XQ JpQpUDWHXUGHWHQVLRQVLQXVRwGDOHQ
HVWSDVVXIILVDQWHSRXUUpDOLVHUOHEDOD\DJHIUpTXHQWLHO
'&$QDO\VHHQFRQWLQX
5{OH &DOFXOHODFDUDFWpULVWLTXHGHWUDQVIHUWHQFRQWLQX '&9,1 '&9'69*6 '&9&(,%XX
6\QWD[H
([HPSOHV
'&65&9'9)9,1&>65&9'9)9,1&@
$UJXPHQWVHWRSWLRQV
&RPPHQWDLUHV
65&HVWOHQRPG
XQHVRXUFHLQGpSHQGDQWH 9'VSpFLILHODYDOHXUGHGpEXWG
DQDO\VH 9)LQGLTXHODYDOHXUGHILQG
DQDO\VH 9,1&HVWOHSDVGHODYDULDWLRQ $X FDV RX XQH GHX[LqPH VRXUFH HVW LQGLTXpH OHV YDOHXUV 65& 9' 9) 9,1& UHSUpVHQWHQWOHVHQWLWpVUHODWLYHVjODGHX[LqPHVRXUFH
/DFRPPDQGH'&SHUPHWGHFDOFXOHUXQHFDUDFWpULVWLTXHGHWUDQVIHUWHQFRQWLQX/RUVGH O
DQDO\VH OHV FDSDFLWpV VRQW FRQVLGpUpV FRPPH pWDQW HQ FRXUWFLUFXLW OHV LQGXFWDQFHV FRPPHpWDQWGHVFLUFXLWVRXYHUWVHWOHVUpVXOWDWVVRQWOLQpDULVpVHQWUHOHVSRLQWVREWHQXV /HSUHPLHUH[HPSOHSHUPHWj9,1GHYDULHUGHYjYSDUSDVGH9$XFDVRX XQHGHX[LqPHVRXUFHGHYDULDWLRQHVWSUpVHQWHODSUHPLqUHVRXUFHYDULHVXULQWHUYDOOHSRXU FKDTXH YDOHXU GH OD VHFRQGH VRXUFH &HWWH SRVVLELOLWp HVW WUqV LPSRUWDQWH SRXU WUDFHU OHV FDUDFWpULVWLTXHVGHVRUWLHGHVVHPLFRQGXFWHXUV
',672$QDO\VHGHGLVWRUVLRQKDUPRQLTXH
5{OH &DOFXOHODGLVWRUVLRQ
6\QWD[H ([HPSOHV $UJXPHQWVHWRSWLRQV
',672'(&1')'(%87)),1)685)! ',6722&712)'(%87)),1)685)! ',672/,113)'(%87)),1)685)! ',672'(&N+]0K] ',672'(&N+]0K]
'(&VWLSXOHTXHODYDULDWLRQVHIDLWSDUGpFDGH1'HVWGRQFOHQRPEUHGHSRLQWVFDOFXOpV SDUGpFDGH 2&7GpILQLWXQHYDULDWLRQSDURFWDYH12pWDQWOHQRPEUHGHSRLQWVSDURFWDYH /,1 SHUPHW GH UpDOLVHU XQH YDULDWLRQ OLQpDLUH GH OD IUpTXHQFH 13 HVW DORUV OH QRPEUH GH SRLQWVWRWDOjFDOFXOHU
)'(%87HVWODIUpTXHQFHGHGpEXWGXEDOD\DJH )),1HVWODIUpTXHQFHGHILQGHEDOD\DJH
&RPPHQWDLUHV
)685)3HUPHWGHVpOHFWLRQQHUHQWUHDQDO\VHVSHFWUDOHHWDQDO\VHKDUPRQLTXH1RPEUH VLWXpGDQVO
LQWHUYDOOHQRQFRPSULV HW
/DFRPPDQGH',672UpDOLVHO
DQDO\VHGHGLVWRUVLRQHQSHWLWVVLJQDX[/DPpWKRGHPLVH HQ°XYUHHIIHFWXHXQHDQDO\VHSDUOHVVpULHVPXOWLGLPHQVLRQQHOOHGH9ROWHUDHQXWLOLVDQWOHV VpULHV PXOWLGLPHQVLRQQHOOHV GH 7D\ORU SRXU UHSUpVHQWHU OHV QRQ OLQpDULWpV DX SRLQW GH IRQFWLRQQHPHQW /RUVTXH OH QRPEUH )685 ) HVW DEVHQW ',672 HIIHFWXH XQH DQDO\VH KDUPRQLTXH /H FLUFXLW HVW DQDO\Vp SDU YDULDWLRQ G
XQH IUpTXHQFH XQLTXH ) FRPPH GDQV OH FDV G
XQH FRPPDQGH$& /HV VRXUFHV GLVSRVDQW GH O
DWWULEXW ',672) VRQW XWLOLVpHV SXU HIIHFWXHU O
DQDO\VH /H PRGXOH HW OD SKDVH GHV VRXUFHV VXLYHQW OH PRW FOp ',672) /HV DUJXPHQWV pYHQWXHOV LQWHUYHQDQW DSUqV OH PRW FOp ',672) VRQW LJQRUpHV /
DQDO\VH SURGXLW GHV UpVXOWDWV DPSOLWXGH HW SKDVH GHV SRWHQWLHOV GH QRHXGV HW GHV FRXUDQWV GH EUDQFKH DX[ IUHTXHQFHV KDUPRQLTXHV)HW) /RUVTXH OH QRPEUH )685) HVW SUpVHQW RQ HIIHFWXH XQH DQDO\VH VSHFWUDOH 'DQV FH FDV WRXWVHSDVVHFRPPHVLRQDYDLWGHX[VRXUFHV)HW)YDULDQWGHODPDQLqUHVXLYDQWH) HVWIL[HHW)YDULHFRPPHGDQVXQHFRPPDQGH$&/DYDOHXUjODTXHOOH)HVWIL[pHHVWOH SURGXLW GH )'(%87 SDU )685) &KDTXH VRXUFH LQGpSHQGDQWH GX FLUFXLW SHXW DLQVL SRWHQWLHOOHPHQW DYRLU GHX[ VRXUFHV VLQXVRwGDOHV SRXU HIIHFWXHU O
DQDO\VH GH GLVWRUVLRQ /
DPSOLWXGH HW OD SKDVH GH OD FRPSRVDQWH ) VRQW VSpFLILpV SDU OHV DUJXPHQWV GX PRWFOp ',672)GDQVODOLJQHGHGpILQLWLRQGHODVRXUFHG
HQWUpH'HPrPHO
DPSOLWXGHHWODSKDVH GHODFRPSRVDQWH)VRQWVSpFLILpVSDUOHVDUJXPHQWVGXPRWFOp',672)/HVDQDO\VHV SURGXLVHQW GHV UpVXOWDWV VXU WRXV OHV SRWHQWLHOV GH QRHXGV HW FRXUDQWV GH EUDQFKH DX[ IUpTXHQFHVG
LQWHUPRGXODWLRQ))))HW))HQIRQFWLRQGH)
3=&DOFXOGHVS{OHVHW]pURV
5{OH 6\QWD[H &DOFXOHOHVS{OHVHW]pURVGXFLUFXLW 3=12(8'12(8'12(8'12(8'&8532/ 3=12(8'12(8'12(8'12(8'&85=(5 3=12(8'12(8'12(8'12(8'&853= 3=12(8'12(8'12(8'12(8'92/32/ 3=12(8'12(8'12(8'12(8'92/=(5 3=12(8'12(8'12(8'12(8'92/3= 3=&8532/ 3=92/=(5 3=&853=
([HPSOHV
$UJXPHQWVHWRSWLRQV
&85LQGLTXHTXHODIRQFWLRQGHWUDQVIHUWHVWGHW\SHWHQVLRQGHVRUWLH FRXUDQWG
HQWUpH 92/LQGLTXHTXHODIRQFWLRQGHWUDQVIHUWHVWGHW\SHWHQVLRQGHVRUWLH WHQVLRQG
HQWUpH 32/VSpFLILHTXHFHVRQWOHV3{OHVXQLTXHPHQWTXLGRLYHQWrWUHFDOFXOpV =(5LQGLTXHTXHFHVRQWOHV=pURVXQLTXHPHQWTXLGRLYHQWrWUHFDOFXOpV 3=SHUPHWGHFDOFXOHUjODIRLVOHVS{OHVHWOHV]pURV
&RPPHQWDLUHV
12(8'HW12(8'VRQWOHVGHX[QRHXGVG
HQWUpH 12(8'HW12(8'VRQWOHVGHX[QRHXGVGHVRUWLH
/H PRW FOp 3= SHUPHW GH VH GRQQHU XQH PDUJH GH PDQRHXYUH $X FDV RX j FDXVH G
XQ SUREOqPH GH FRQYHUJHQFH OHV S{OHV SDU H[HPSOH QH SRXYDLHQW rWUH FDOFXOpV OHV ]pURV SRXUUDLHQWO
rWUHHWYLFHYHUVD
6(16
5{OH 6\QWD[H &DOFXOHODVHQVLELOLWpSHWLWVVLJQDX[HQUpJLPHFRQWLQXRXHQUpJLPHVLQXVRwGDOH 6(169$56257,( 6(169$56257,($&'(&1')'(%87)),1 6(169$56257,($&2&712)'(%87)),1 6(169$56257,($&/,113)'(%87)),1 6(1696257,( 6(1696257,( $&'(&N 6(16,97(67
([HPSOHV
$UJXPHQWVHWRSWLRQV
'(&VWLSXOHTXHODYDULDWLRQVHIDLWSDUGpFDGH1'HVWGRQFOHQRPEUHGHSRLQWVFDOFXOpV SDUGpFDGH 2&7GpILQLWXQHYDULDWLRQSDURFWDYH12pWDQWOHQRPEUHGHSRLQWVSDURFWDYH /,1 SHUPHW GH UpDOLVHU XQH YDULDWLRQ OLQpDLUH GH OD IUpTXHQFH 13 HVW DORUV OH QRPEUH GH SRLQWVWRWDOjFDOFXOHU )'(%87HVWODIUpTXHQFHGHGpEXWGXEDOD\DJH )),1HVWODIUpTXHQFHGHILQGHEDOD\DJH
&RPPHQWDLUHV
/DVHQVLELOLWpGH9$56257,(SDUUDSSRUWjWRXVOHVSDUDPqWUHVQRQQXOVGHVFRPSRVDQWV HVWFDOFXOpHORUVTXHO
DQDO\VH6(16HVWVSpFLILpH9$56257,(HVWXQHYDULDEOHGHFLUFXLW SRWHQWLHO GH QRHXG RX FRXUDQW G
XQH VRXUFH GH WHQVLRQ /D SUHPLqUH IRUPH FDOFXOH OD VHQVLELOLWpGH9$56257,(SRXUOHSRLQWGHUHSRVHQFRQWLQXH
7))RQFWLRQGHWUDQVIHUWHQFRQWLQX
5{OH 6\QWD[H &DOFXOHODIRQFWLRQGHWUDQVIHUWSHWLWVVLJQDX[HQFRQWLQX 7)9$56257,(65&(175(( 7)9 9,1 7),9&+$5*( 9,1
([HPSOHV $UJXPHQWVHWRSWLRQV
&RPPHQWDLUHV
9$56257,(HVWODYDULDEOHGHVRUWLHSHWLWVVLJQDX[ 65&(175((HVWODVRXUFHG
HQWUpHSHWLWVVLJQDX[
6SLFH) FDOFXOH OD IRQFWLRQ GH WUDQVIHUW SHWLWV VLJQDX[ HQ FRQWLQX VRUWLHHQWUpH OD UpVLVWDQFHG
HQWUpHHWODUpVLVWDQFHGHVRUWLHGXFLUFXLW3RXUOHSUHPLHUH[HPSOH6SLFH) FDOFXOHUDOHUDSSRUWY YLQODUpVLVWDQFHG
HQWUpHHQSHWLWVVLJQDX[jYLQHWODUpVLVWDQFH GHVRUWLHSHWLWVVLJQDX[PHVXUpVHQWUHOHVQRHXGVHW
12,6($QDO\VHGHEUXLW
5{OH (IIHFWXHXQHDQDO\VHGHEUXLW
6\QWD[H
([HPSOHV
12,6(9165()! 65&'(&_/,1_2&7 376)'(%87)),1336! 12,6(9 9,1'(&N+=0K] 12,6(9 92&7H
$UJXPHQWVHWRSWLRQV
16HVWOHQRHXGVXUOHTXHOOHEUXLWGHVRUWLHWRWDOHVWGpVLUp 5()HVWOHQRHXGGHUpIpUHQFH 65&QRPGHODVRXUFHLQGpSHQGDQWHJpQpUDWULFHGXEUXLWG
HQWUpH '(&VWLSXOHTXHODYDULDWLRQVHIDLWSDUGpFDGH376HVWGRQFOHQRPEUHGHSRLQWVFDOFXOpV SDUGpFDGH 2&7GpILQLWXQHYDULDWLRQSDURFWDYH376HVWGRQFOHQRPEUHGHSRLQWVSDURFWDYH /,1SHUPHWGHUpDOLVHUXQHYDULDWLRQOLQpDLUHGHODIUpTXHQFH376HVWDORUVOHQRPEUHGH SRLQWVWRWDOjFDOFXOHU )'(%87HVWODIUpTXHQFHGHGpEXWGXEDOD\DJH )),1HVWODIUpTXHQFHGHILQGHEDOD\DJH 336HQWLHURSWLRQQHO
&RPPHQWDLUHV
&HWWHFRPPDQGHSHUPHWG
HIIHFWXHUO
DQDO\VHGHEUXLWGXFLUFXLW6L5()HVWGRQQpDORUVOD WHQVLRQ GH EUXLW 916 95() HVW FDOFXOpH 6L 5() Q
HVW SDV GRQQp OD PDVVH HVW SULVH FRPPHSRWHQWLHOGHUpIpUHQFH/RUVTXH336HVWGRQQpODFRQWULEXWLRQGHFKDTXHJpQpUDWHXU GHEUXLWHVWSURGXLWFKDTXH336SRLQWVGHIUpTXHQFH
75$1$QDO\VHWHPSRUHOOH
5{OH 6\QWD[H &DOFXOHODUpSRQVHWHPSRUHOOHVXUO
LQWHUYDOOHGHWHPSVVSpFLILp 75$173$67),17'(%8770$;!! 75$11616 75$1161616 75$11686
([HPSOHV
$UJXPHQWVHWRSWLRQV
&RPPHQWDLUHV
73$6HVWOHSDVG
LPSUHVVLRQGHVUpVXOWDWVGDQVOHILFKLHUGHVRUWLH 7),1HVWOHWHPSVGHILQGHVLPXODWLRQ 7'(%87FHOXLGXGpEXWGHODVLPXODWLRQ 70$;HVWOHSDVPD[LPDOTXH6SLFH)XWLOLVH 8,& 8VH ,QLWLDO &RQGLWLRQ HVW XQ PRW FOp RSWLRQQHO TXL LQGLTXH TXH O
XWLOLVDWHXU QH YHXW SDV TXH 6SLFH) FDOFXOH OXL PrPH OHV YDOHXUV GX SRLQW GH UHSRV DYDQW GH FRPPHQFHU O
DQDO\VHWHPSRUHOOH
6L 7'(%87 Q
HVW SDV PHQWLRQQp OD YDOHXU ]pUR HVW SULVH SDU GpIDXW 'H WRXWH IDoRQ O
DQDO\VH WHPSRUHOOH FRPPHQFH WRXMRXUV DX WHPSV 'DQV O
LQWHUYDOOH > 7'(%87@ OH FLUFXLW HVW DQDO\Vp PDLV OHV UpVXOWDWV QH VRQW SDV VWRFNpV 'DQV O
LQWHUYDOOH >7'(%87 7),1@OHFLUFXLWHVWDQDO\VpHWOHVUpVXOWDWVVRQWVWRFNpV3DUGpIDXWOHSURJUDPPHFKRLVLW OD SOXV SHWLWH YDOHXU HQWUH 73$6 HW 7),17'(%87 70$; HVW XWLOH ORUVTXH O
RQ YHXWJDUDQWLUXQLQWHUYDOOHGHFDOFXOSOXVSHWLWTXHO
LQWHUYDOOHG
LPSUHVVLRQ 6L OH PRW FOp 8,& HVW VSpFLILp 6SLFH) XWLOLVH OHV YDOHXUV GRQQpHV SDU OHV H[SUHVVLRQ ,& VXU OD GpILQLWLRQ GH FHUWDLQV pOpPHQWV FRPPH OHV FRQGLWLRQV LQLWLDOHV GH O
DQDO\VH WHPSRUHOOH DYDQW GH FRPPHQFHU FHWWH DQDO\VH 6L OD OLJQH GH FRQWU{OH ,& D pWp VSpFLILpH DORUV OHV SRWHQWLHOV GH QRHXGV SUpVHQWV VXU FHWWH OLJQH VHURQW XWLOLVpV SRXU FDOFXOHU OHV FRQGLWLRQVLQLWLDOHVGHVGLIIpUHQWVFRPSRVDQWV
23&DOFXOGXSRLQWGHUHSRV
5{OH &DOFXOGXSRLQWGHUHSRV 23 23
6\QWD[H
([HPSOHV $UJXPHQWVHWRSWLRQV &RPPHQWDLUHV
/
LQFOXVLRQ GH FHWWH OLJQH GDQV XQ ILFKLHU SHUPHW j 6SLFH) GH GpWHUPLQHU OH SRLQW GH UHSRV HQ FRQWLQX DYHF OHV LQGXFWDQFHV FRXUWFLUFXLWpHV HW OHV FRQGHQVDWHXUV HQ FLUFXLW RXYHUW $QRWHUTXHGHWRXWHIDoRQOHFDOFXOGXSRLQWGHUHSRVHQFRQWLQXHVWHIIHFWXpDYDQW FKDTXHDQDO\VHWHPSRUHOOHSRXUGpWHUPLQHUOHVFRQGLWLRQVLQLWLDOHVGXUpJLPHWUDQVLWRLUHHW DYDQW FKDTXH DQDO\VH KDUPRQLTXH GH EUXLW S{OHV HW ]pURV SRXU GpWHUPLQHU OHV PRGqOHV OLQpDULVpVSHWLWVVLJQDX[SRXUOHVFRPSRVDQWVQRQOLQpDLUHV9RLUDXVVL.((32,1)2
&RQGLWLRQV,QLWLDOHV 12'(6(73URSRVHXQpWDWLQLWLDO
5{OH 3URSRVHXQpWDWLQLWLDO
6\QWD[H
([HPSOHV $UJXPHQWVHWRSWLRQV
12'(6(7912(8' 9$/912(8' 9$/ 12'(6(79 9 9
&RPPHQWDLUHV
12(8'12(8'1RPVGHVQRHXGVjLQLWLDOLVHU 9$/9$/9DOHXUVGHVWHQVLRQVG
LQLWLDOLVDWLRQ
/D OLJQH GH FRPPDQGH 12'(6(7 DJLW FRPPH XQH DLGH SRXU OH SURJUDPPH ORUV GH VD UHFKHUFKH GX SRLQW GH UHSRV 8QH SUHPLqUH SDVVH HVW HIIHFWXpH HQ XWLOLVDQW OHV SRWHQWLHOV LQGLTXpV SDU OD FRPPDQGH 12'(6(7 /HV LWpUDWLRQV SHXYHQW FRQWLQXHU SOXV UDSLGHPHQW YHUVODYpULWDEOHVROXWLRQ&HWWHVSpFLILFDWLRQSHXWrWUHXWLOHFRPPHDLGHjODFRQYHUJHQFH ORUV GH OD VLPXODWLRQ G
XQ FLUFXLW DVWDEOH RX ELVWDEOH 0DLV GH PDQLqUH JpQpUDOH OD FRPPDQGHQ
HVWSDVQpFHVVDLUH
,&'pILQLWOHVFRQGLWLRQVLQLWLDOHV
5{OH 'pILQLWOHVFRQGLWLRQVLQLWLDOHVGHWHQVLRQVXUXQQRHXG ,&912(8' 9$/912(8' 9$/ ,&9 9 9
6\QWD[H
([HPSOHV $UJXPHQWVHWRSWLRQV
&RPPHQWDLUHV
12(8'12(8'1RPVGHVQRHXGVjLQLWLDOLVHU 9$/9$/9DOHXUVGHVWHQVLRQVG
LQLWLDOLVDWLRQ
6SLFH) LQLWLDOLVH OHV FRQGLWLRQV LQLWLDOHV G
XQH DQDO\VH WHPSRUHOOH j O
DLGH GH FHWWH FRPPDQGH(OOHDGHX[LQWHUSUpWDWLRQVHQIRQFWLRQGHFHTXHOHSDUDPqWUH8,&GHODOLJQH GH FRPPDQGH 75$1 HVW VSpFLILp RX SDV $XVVL LO QH IDXGUDLW SDV FRQIRQGUH FHWWH FRPPDQGH DYHF OD FRPPDQGH 12'(6(7 /D FRPPDQGH 12'(6(7 HVW VHXOHPHQW XQH DLGH j OD FRQYHUJHQFH HW QH GHYUDLW SDV DIIHFWHU OH UpJLPH SHUPDQHQW H[FHSWp SRXU OHV FLUFXLWVjSOXVLHXUVSRLQWVGHUHSRV /HVGHX[LQWHUSUpWDWLRQVGHODOLJQHGHFRPPDQGH,&VRQWOHVVXLYDQWHV /RUVTXH OH SDUDPqWUH 8,& HVW VSpFLILp VXU OD OLJQH GH FRPPDQGH 75$1 DORUV OHV SRWHQWLHOVGHQRHXGVGRQQpHVSDUODFRPPDQGH,&VRQWXWLOLVpVSRXUFDOFXOHUOHVFRQGLWLRQV LQLWLDOHVGHVFRQGHQVDWHXUVWUDQVLVWRUVELSRODLUHV-)(7 HW026&HODpTXLYDXWjVSpFLILHU OHSDUDPqWUH,& VXUFKDTXHOLJQHGHGpILQLWLRQG
XQFRPSRVDQWGHIDoRQSOXVDSSURSULp 3DUFHTXHGDQVFHVFRQGLWLRQVOHFDOFXOGXSRLQWGHUHSRVGHYDQWVHUYLUGHSRLQWGHGpSDUW j O
DQDO\VH WHPSRUHOOH Q
HVW SDV HIIHFWXp O
RQ GHYUD YHLOOHU j FH TXH WRXWHV OHV YDOHXUV GH UHSRVHQFRQWLQXGHVVRXUFHVVRLHQWSUpVHQWHVVXUODOLJQHGHFRPPDQGH,&VLFHVYDOHXUV
GRLYHQWVHUYLUSRXUGpWHUPLQHUOHVFRQGLWLRQVLQLWLDOHV
/RUVTXH OH SDUDPqWUH 8,& Q
HVW SDV VSpFLILp VXU OD OLJQH GH FRPPDQGH 75$1 OD VROXWLRQDXSRLQWGHUHSRVHQFRQWLQXHVWG
DERUGFDOFXOpDYDQWTXHO
DQDO\VHWHPSRUHOOHQH GpEXWH 'DQV FH FDV OHV WHQVLRQV GH QRHXG GpILQLHV VXU OD OLJQH GH FRPPDQGH ,& VRQW IRUFpV DX[ YDOHXUV GpVLUpHV SHQGDQW OH FDOFXO GH OD VROXWLRQ GH SRODULVDWLRQ SHQGDQW O
DQDO\VH WHPSRUHOOH OHV FRQWUDLQWHV VXU OHV QRHXGV VRQW {WpHV &
HVW OD PpWKRGH DGRSWpH pWDQWGRQQpTX
HOOHSHUPHWj6SLFH)GHFDOFXOHUGHVVROXWLRQVFRQVLVWDQWHV
'pILQLWLRQG
XQQRXYHDXPRGqOH
5{OH 'pILQLWOHPRGqOHGHVLPXODWLRQG
XQFRPSRVDQW
6\QWD[H
([HPSOHV $UJXPHQWVHWRSWLRQV
02'(/102'7<3(13$50 9$/13$50 9$/ 02'(/02'131%) ,6 (9%)
&RPPHQWDLUHV
102'HVWOHQRPGXQRXYHDXPRGqOHjGpILQLU 7<3(HVWOHW\SHGHPRGqOH 13$501RPGXSDUDPqWUHGXPRGqOH 9$/9DOHXUjDVVLJQHUDXSDUDPqWUH
/D SOXSDUW GHV pOpPHQWV VLPSOHV GH FLUFXLW UHTXLHUW XQ SHWLW QRPEUH GH YDOHXUV GH SDUDPqWUHV 7RXWHIRLV FHUWDLQV GLVSRVLWLIV OHV GLVSRVLWLIV j VHPLFRQGXFWHXUV HQ SDUWLFXOLHU LQFOXVGDQV6SLFH)H[LJHQWXQQRPEUHLPSRUWDQWGHYDOHXUVGHSDUDPqWUHV,O DUULYH VRXYHQW TXH EHDXFRXS GH GLVSRVLWLIV GpILQLV GDQV OH FLUFXLW SDUWDJHQW OH PrPH HQVHPEOH GH YDOHXUV 3RXU FHV UDLVRQV XQ HQVHPEOH GH YDOHXUV GH SDUDPqWUHV G
XQ PRGqOHGHGLVSRVLWLIHVWGpILQLHVXUXQHOLJQHVpSDUpHGHW\SH02'(/HWjODTXHOOHXQ QRPXQLTXH102'HVWGRQQp/HVOLJQHVGHGpFODUDWLRQVGHVFRPSRVDQWVGDQV6SLFH) VHUpIpUHURQWDXQRPGHPRGqOH102'SRXUSDUWDJHUOHVYDOHXUVGHSDUDPqWUHV 3RXU FHV pOpPHQWV GH W\SHV SOXV FRPSOH[HV FKDTXH OLJQH GH GpFODUDWLRQ GX FRPSRVDQW FRQWLHQWOHQRPGXFRPSRVDQWOHVQRHXGVSDUOHVTXHOVLOHVWFRQQHFWpDXUHVWHGXFLUFXLWHW OHQRPGXPRGqOHGHSOXVGHVSDUDPqWUHVRSWLRQQHOVSHXYHQWrWUHVSpFLILpVSRXUFHUWDLQV FRPSRVDQWVIDFWHXUVJpRPpWULTXHVHWFRQGLWLRQVLQLWLDOHV3RXUXQHGHVFULSWLRQGHVTXLQ]H W\SHVGHPRGqOHVDQDORJLTXHV6SLFHYRL7\SHVGHPRGqOHV6SLFH
&RPSRVDQWVHW0RGqOHV$QDORJLTXHV63,&(
/HVFRPSRVDQWVGH6SLFHIVRQW % & ' ( ) * + , . / 0 2 4 5 6 7 8 9 : ; =
6RXUFHGpSHQGDQWHQRQOLQpDLUHGpILQLHDUELWUDLUHPHQW &RQGHQVDWHXU 'LRGH 6RXUFHGHWHQVLRQFRQWU{OpHHQWHQVLRQ 6RXUFHGHFRXUDQWFRQWU{OpHHQFRXUDQW 6RXUFHGHFRXUDQWFRQWU{OpHHQWHQVLRQ 6RXUFHGHWHQVLRQFRQWU{OpHHQFRXUDQW VRXUFHGHFRXUDQWLQGpSHQGDQWH 7UDQVLVWRUjHIIHWGHFKDPSVjMRQFWLRQ ,QGXFWDQFHVFRXSOpHV0XWXHOOHV ,QGXFWDQFH 7UDQVLVWRU026 /LJQHGHWUDQVPLVVLRQDYHFSHUWHV 7UDQVLVWRUELSRODLUH 5pVLVWDQFH ,QWHUUXSWHXUFRQWU{OpHQWHQVLRQ /LJQHGHWUDQVPLVVLRQVDQVSHUWHV /LJQHV5&jGLVWULEXWLRQXQLIRUPHDYHFSHUWHV 6RXUFHGHWHQVLRQLQGpSHQGDQWH ,QWHUUXSWHXUFRQWU{OpHQFRXUDQW 0DFURFRPSRVDQW6RXVFLUFXLW 7UDQVLVWRU0(6)(7GpULYpGX*D$V)(7
6RXUFHGpILQLHDUELWUDLUHPHQW
)RUPHJpQpUDOH %;;;;;;;11, (;35!9 (;35! ([HPSOHV %, FRVY VLQY %9 OQFRVORJY A Y AY AY %, %9 H[SSLALYGG 1HVWOHQRHXGSRVLWLIHW1OHQRHXGQpJDWLI/HVYDOHXUVGHVSDUDPqWUHVGH9HW,GpWHUPLQHQWOHVWHQVLRQV HWFRXUDQWVUHVSHFWLYHPHQWDX[ERUQHVHWjWUDYHUVOHGLVSRVLWLI6L,HVWGRQQpHDORUVOHGLVSRVLWLIHVWXQHVRXUFH GHFRXUDQWHWVL9HVWGRQQpHDORUVF
HVWXQHVRXUFHGHWHQVLRQ&HSHQGDQWXQHVHXOHH[SUHVVLRQ,RX9 GRLWrWUH GRQQpH /H FRPSRUWHPHQW HQ UpJLPH VLQXVRwGDOH SHWLWV VLJQDX[ GH OD VRXUFH QRQOLQpDLUH HVW FHOXL G
XQH VRXUFH OLQpDLUH GpSHQGDQWHDYHFXQFRHIILFLHQWGHSURSRUWLRQQDOLWppJDOjODGpULYpHGHODVRXUFHFDOFXOpHDXSRLQWGHUHSRVHQ FRQWLQXSRLQWGHSRODULVDWLRQ /HVH[SUHVVLRQVGRQQpHVSRXU9HW,SHXYHQWrWUHQ
LPSRUWHTXHOOHIRQFWLRQGHWHQVLRQVRXGHFRXUDQWVFLUFXODQW GDQVOHVVRXUFHVGHWHQVLRQGXV\VWqPH6HXOHODFRPSRVDQWHFRQWLQXHGHVVRXUFHVGHWHQVLRQHWGHFRXUDQWHVW XWLOLVpH /
pYDOXDWLRQGHO
H[SUHVVLRQDGPHWOHVIRQFWLRQVPDWKpPDWLTXHVVXLYDQWHV DEV DVLQK FRVK VLQ DFRV DWDQ H[S VLQK DFRVK DWDQK OQ VTUW DVLQ FRV ORJ WDQ /DIRQFWLRQXHVWO
pFKHORQXQLWDLUHDYHFXQHYDOHXUGHSRXUOHVDUJXPHQWVSOXVJUDQGVTXHHWXQHYDOHXUGH SRXUOHVDUJXPHQWVSOXVSHWLWVTXH$XWUHPHQWGLW X[ VL[!
X[ VL[ /DIRQFWLRQXUDPSHVWO
LQWpJUDOHGHO
pFKHORQXQLWDLUH XUDPS[ VL[ XUDPS[ [VL[! &HVGHX[IRQFWLRQVVRQWXWLOHVSRXUODV\QWKqVHGHIRQFWLRQVQRQOLQpDLUHVGpILQLHVSDUPRUFHDX[&HSHQGDQWOHXU XWLOLVDWLRQSHXWHQWUDvQHUGHVSUREOqPHVGHFRQYHUJHQFHQRWDPPHQWORUVGHVWUDQVLWLRQV /HVRSpUDWHXUVVWDQGDUGVVXLYDQWVVRQWGpILQLHV AXQDLUH 6LO
DUJXPHQWGHORJOQRXVTUWGHYLHQWQpJDWLIODYDOHXUDEVROXHGHO
DUJXPHQWVHUDXWLOLVpH6LXQGpQRPLQDWHXU RXO
DUJXPHQWGHORJRXOQGHYLHQWQXOXQHHUUHXUVXUYLHQGUD'
DXWUHVSUREOqPHVSHXYHQWVXUYHQLUVLO
DUJXPHQW G
XQHIRQFWLRQGDQVXQHGpULYpHSDUWLHOOHHQWUHGDQVXQHUpJLRQRXODIRQFWLRQQ
HVWSDVGpILQLH 3RXUDFFpGHUjODYDOHXUGXWHPSV LO VXIILW G
LQWpJUHU OH FRXUDQW G
XQH VRXUFH GH FRXUDQW FRQVWDQW j O
DLGH G
XQ FRQGHQVDWHXUHWG
XWLOLVHUODWHQVLRQUpVXOWDQWH1HSDVRXEOLHUGHPHWWUHj]pURODWHQVLRQLQLWLDOHDX[ERUQHVGX FRQGHQVDWHXU /HVFRPSRVDQWVQRQOLQpDLUHVUpVLVWRUVFRQGHQVDWHXUVHWLQGXFWDQFHV SHXYHQWrWUHVV\QWKpWLVpHVjO
DLGH GH OD VRXUFH GpSHQGDQWH QRQOLQpDLUH /D UpDOLVDWLRQ GHV UpVLVWRUV QRQOLQpDLUHV HVW pYLGHQWH /D UpDOLVDWLRQ GHV FRQGHQVDWHXUV HW GHV LQGXFWDQFHV QRQOLQpDLUHV O
HVW PRLQV 9RLFL XQ H[HPSOH GH UpDOLVDWLRQ G
XQ FRQGHQVDWHXU QRQOLQpDLUH 6XEFNWQOFDSSRVQHJ %[FDOFXOHIWHQVLRQG
HQWUpH H[I YSRV YQHJ %[Y IYSRVQHJ &[FDSDFLWDQFHOLQpDLUH &[ 9[$PSqUHPqWUHGHPHVXUHGXFRXUDQWGDQVOHFRQGHQVDWHXU 9['&9ROWV 5DPHQHUOHFRXUDQWjWUDYHUV&[GDQVOHFLUFXLW )[SRVQHJ9[ HQGV /DUpDOLVDWLRQG
XQHLQGXFWDQFHVXLYUDOHPrPHSURFpGp
7UDQVLVWRUjMRQFWLRQELSRODLUH
*pQpUDOIRUPH 4;;;;;;;1&1%1(16!102'685)$&(!2))!,& 9%(9&(!7(03 7! ([HPSOHV 4402',& 4$02' 1&1%HW1(VRQWOHVQRHXGVFROOHFWHXUEDVHHWpPHWWHXUUHVSHFWLYHPHQW16HVWXQHFRQQH[LRQRSWLRQQHOOH DXVXEVWUDW6LFHGHUQLHUQRHXGQ
HVWSDVSUpVHQWODPDVVHHVWXWLOLVpH 102'HVWOHQRPGXPRGqOH685)$&(HVWXQIDFWHXUG
pFKHOOHTXLPXOWLSOLHRXGLYLVHODYDOHXUVGHFHUWDLQ SDUDPqWUHV XWLOLVpHV GDQV OH PRGqOH /H SDUDPqWUH 2)) LQGLTXH XQH FRQGLWLRQRSWLRQQHOOH DX GpPDUUDJH GH O
DQDO\VH HQ FRQWLQX 6L OH IDFWHXU G
pFKHOOH HVW RPLV OD YDOHXU HVW SULVH SDU GpIDXW /D VSpFLILFDWLRQ GH OD FRQGLWLRQRSWLRQQHOOH LQLWLDOHjO
DLGHGHO
LQVWUXFWLRQ,& 9%(9&(HVWGHVWLQpHjrWUHXWLOLVpHDYHFO
RSWLRQ 8,&GHODOLJQHGHFRPPDQGH75$1TXDQGXQHDQDO\VHWHPSRUHOOHHVWUHTXLVHHWDYHFGHVFRQGLWLRQVLQLWLDOHV DXWUHVTXHFHOOHVREWHQXHVSDUOHFDOFXOGXSRLQWGHUHSRV9RLUODGHVFULSWLRQGHODOLJQHGHFRPPDQGH,&SRXU XQHPHLOOHXUHIDoRQG
LQGLTXHUOHVFRQGLWLRQVLQLWLDOHV /DYDOHXURSWLRQQHOOH 7(03HVWODWHPSpUDWXUHGHIRQFWLRQQHPHQWGXGLVSRVLWLI/DQRXYHOOHYDOHXUPDVTXH FHOOHTXLDYDLWpWpVSpFLILpHSDUODOLJQHGHFRPPDQGH237,21 /HV0RGqOHV131313 GXWUDQVLVWRUELSRODLUH /HPRGqOHGXWUDQVLVWRUELSRODLUHjMRQFWLRQGH6SLFH)HVWXQHDGDSWDWLRQGXPRGqOHGHFRQWU{OHSDUODFKDUJH GH*XPPHOHW3RRQ&HPRGqOHPRGLILpIDLWXQHH[WHQVLRQGXPRGqOHRULJLQDOSRXUSUHQGUHHQFRPSWHSOXVLHXUV HIIHWV j GHV IRUWV QLYHDX GH SRODULVDWLRQ /H PRGqOH VH VLPSOLILH DXWRPDWLTXHPHQW YHUV OH PRGqOH (EHUV0ROO ORUVTXHFHUWDLQVSDUDPqWUHVQHVRQWSDVVSpFLILpV/HVQRPVGHVSDUDPqWUHVXWLOLVpVGDQVOHPRGqOH*XPPHO3RRQ RQWpWpFKRLVLVDILQG
rWUHPLHX[FRPSULVSDUO
XWLOLVDWHXUGXSURJUDPPHHWSRXUPLHX[UHIOpWHUODIDoRQGHSHQVHU jODIRLVHQSK\VLTXHGXFRPSRVDQWHWHQFRQFHSWLRQGHFLUFXLWV
/HPRGqOHVWDWLTXHHVWGpILQLSDUOHVSDUDPqWUHV,6%)1),6(,.)HW1(TXLGpWHUPLQHOHVFDUDFWpULVWLTXHV GX JDLQ GLUHFW ,6 %5 15 ,6& ,.5 HW 1& TXL GpWHUPLQHQW OHV FDUDFWpULVWLTXHV GX JDLQ LQYHUVH HW 9$) HW 9$5TXLGpWHUPLQHQWODFRQGXFWDQFHGHVRUWLHSRXUOHVUpJLRQVGLUHFWHWLQYHUVHV 7URLVUpVLVWDQFHVRKPLTXHV5%5&HW5(VRQWLQFOXVHVDYHF5%SRXYDQWGpSHQGUHIRUWHPHQWGXFRXUDQW/H VWRFNDJH GHV FKDUJHV VXU OD EDVH HVW PRGpOLVpH SDU OHV WHPSV GH WUDQVLW GLUHFW WHPSV GH WUDQVLW HQ PRGH ) HW LQYHUVHWHPSVGHWUDQVLWHQPRGH5 7)HW75DYHF7)SRXYDQWGpSHQGUHGHODSRODULVDWLRQVLFHODHVWGpVLUp /HVFDSDFLWDQFHVQRQOLQpDLUHVGHODFRXFKHGHGpSOpWLRQVRQWGpWHUPLQpVSDU&-(9-(HW0-(SRXUODMRQFWLRQ %(&-&9-&HW0-&SRXUODMRQFWLRQ%&HW&-69-6HW0-6SRXUODMRQFWLRQ&6&ROOHFWHXU6XEVWUDW /DGpSHQGDQFHjODWHPSpUDWXUHGXFRXUDQWGHVDWXUDWLRQ,6HVWGpWHUPLQpHSDUODODUJHXUGHODEDQGHLQWHUGLWH (*HWO
H[SRVDQWGHWHPSpUDWXUHGDQVO
H[SUHVVLRQGXFRXUDQWLQYHUVHGHVDWXUDWLRQ ;7,'HSOXVO
H[SRVDQW GHWHPSpUDWXUHGDQVO
H[SUHVVLRQGXJDLQEHWD;7%GDQVOHQRXYHDXPRGqOHUHQGFRPSWHGHODGpSHQGDQFHj OD WHPSpUDWXUH GX FRXUDQW GH EDVH /D WHPSpUDWXUH QRPLQDOH j ODTXHOOH FHV SDUDPqWUHV RQW pWp PHVXUpV HVW 7120GRQWODYDOHXUSDUGpIDXWHVWVSpFLILpHVXUODOLJQHGHFRPPDQGH237,216 /HVSDUDPqWUHVGXWUDQVLVWRUELSRODLUHXWLOLVpGDQVOHPRGqOHPRGLILpG*XPPHO3RRQVRQWOLVWpVFLGHVVRXV/HV QRPVGHSDUDPqWUHVXWLOLVpVGDQVOHVYHUVLRQVDQWpULHXUVGH63,&(VRQWWRXMRXUVDFFHSWpV 3DUDPqWUHVGXPRGqOHPRGLILpGH*XPPHO3RRQ 1RP ,6 %) 1) 9$) ,.) 3DUDPqWUH &RXUDQWGHVDWXUDWLRQ %HWDGLUHFWPRGH) LGpDOPD[LPXP &RHIILFLHQWG
pPLVVLRQHQPRGH) 7HQVLRQ(DUO\HQPRGH) /LPLWHSRXUOHFRXUDQWjIRUWHLQMHFWLRQGXJDLQ GLUHFW 3HUWHGHFRXUDQWGHVDWXUDWLRQ%( 3HUWHGHFRHIILFLHQWG
pPLVVLRQ%( %HWDLQYHUVHPRGH5 LGpDOPD[LPXP &RHIILFLHQWG
pPLVVLRQHQPRGH5 7HQVLRQ(DUO\HQPRGH5 /LPLWHSRXUOHFRXUDQWjIRUWHLQMHFWLRQGXJDLQ LQYHUTH 3HUWHGHFRXUDQWGHVDWXUDWLRQ%& 3HUWHGHFRHIILFLHQWG
pPLVVLRQ%& 5HVLVWDQFHGHEDVHjSRODULVDWLRQQXOOH &RXUDQWSRXUXQHUpVLVWDQFHGHODEDVH UEUEP 5pVLVWDQFHPLQLPXPGHODEDVHDX[FRXUDQWVpOHYpV 5pVLVWDQFHG
pPHWWHXU 5pVLVWDQFHGHFROOHFWHXU &DSDFLWDQFHGHODFRXFKHGHGpSOpWLRQ%(j SRODULVDWLRQQXOOH 3RWHQWLHOFRXFKHGHGpSOpWLRQ%( FRHIILFLHQWGHJUDGDWLRQGHODMRQFWLRQ%( 7HPSVGHWUDQVLWGLUHFWLGpDO 8QLWpV 9DOHXUSDU GpIDXW $ H 9 LQILQL $ LQILQL $ 9 $ $ $ ) LQILQL LQILQL LQILQL 5% ([HPSOH H H H S) QV ,QIOXHQFHGH 685)$&(
,6( 1( %5 15 9$5 ,.5
,6& 1& 5% ,5% 5%0 5( 5& &-( 9-( 0-( 7)
9 VHF
7UDQVLVWRU026)(7
)RUPHJpQpUDOH 0;;;;;;;1'1*161%102'/ 9$/!: 9$/!$' 9$/!$6 9$/! 3' 9$/!36 9$/!15' 9$/!156 9$/!2))! ,& 9'69*69%6!7(03 7! ([HPSOHV 07<3( 002'0/ 8: 8 002'/ 8: 8$' 3$6 33' 836 8
&RQGHQVDWHXU
$6LPSOH&RQGHQVDWHXU )RUPHJpQpUDOH &;;;;;;;119$/(85,& &21',1! ([HPSOHV &%<38) &26&8,& 9 1HW1VRQWUHVSHFWLYHPHQWOHVQRHXGVSRVLWLIHWQpJDWLIGHO
pOpPHQW9$/(85HVWODFDSDFLWDQFHHQ)DUDGV /DFRQGLWLRQLQLWLDOHRSWLRQQHOOH HVWODWHQVLRQLQLWLDODX[ERUQHVGXFRQGHQVDWHXUHQ9ROWV $QRWHUTXHOHV FRQGLWLRQVLQLWLDOHVQHVRQWUpHOOHPHQWSULVHVHQFRPSWHTXHVLO
RSWLRQ8,&HVWSUHVVHQWHVXUODOLJQHGH FRPPDQGH75$1 127(/HVFRQGHQVDWHXUVQRQOLQpDLUHVQHVRQWSDVGLUHFWHPHQWVXSSRUWpVSDU6SLFH)&HSHQGDQWRQSHXW XWLOLVHUOHVVRXUFHVGpSHQGDQWHVQRQOLQpDLUHVSRXUOHVPRGpOLVHU %&RQGHQVDWHXUVjVHPLFRQGXFWHXUV )RUPHJpQpUDOH &;;;;;;;119$/(85!102'!/ /(1*7+!: :,'7+!,& 9$/! ([HPSOHV &/2$'3 &02'&02'(// X: X &0RGqOH& 1RP &&-6: '(): 1$552: 3DUDPqWUH MRQFWLRQERWWRPFDSDFLWDQFH MRQFWLRQVLGHZDOOFDSDFLWDQFH GHIDXOWGHYLFHZLGWK QDUURZLQJGXHWRVLGHHWFKLQJ 8QLWpV )PqWUH )PqWUH PqWUH PqWUH 9DOHXUSDU([HPSOH GpIDXW H H H H H
&$3 = &- (/(1*7+ - 1$552: )(:,'7+ - 1$552: ) + &-6: (/(1*7+ + :,'7+ - 1$552: )
6RXUFHGHFRXUDQWFRQWU{OpHHQFRXUDQW
)RUPHJpQpUDOH );;;;;;;119&2179$/8( ([HPSOHV )96(16
1HW1VRQWUHVSHFWLYHPHQWOHVQRHXGVSRVLWLIHWQpJDWLI/DFLUFXODWLRQGXFRXUDQWHVWGHODERUQHSRVLWLYHYHUV ODERUQHjWUDYHUVODVRXUFH9&217HVWOHQRPG
XQHVRXUFHGHWHQVLRQjWUDYHUVGHODTXHOOHOHFRXUDQWGH FRQWU{OHFLUFXOH/DGLUHFWLRQSRVLWLYHGHFLUFXODWLRQGHFRXUDQWHVWGHODERUQHSRVLWLYHYHUVODERUQHQpJDWLYH WUDYHUVODVRXUFH9&2179$/(85HVWODYDOHXUGXJDLQHQFRXUDQW
6RXUFHGHWHQVLRQFRQWU{OpHHQFRXUDQW
)RUPHJpQpUDOH +;;;;;;;119&2179$/(85 ([HPSOHV +;9=. 1HW1VRQWUHVSHFWLYHPHQWOHVQRHXGVSRVLWLIHWQpJDWLI9&217HVWOHQRPG
XQHVRXUFHGHWHQVLRQjWUDYHUV GHODTXHOOHOHFRXUDQWGHFRQWU{OHFLUFXOH/DGLUHFWLRQSRVLWLYHGHFLUFXODWLRQGHFRXUDQWHVWGHODERUQHSRVLWLYH YHUVODERUQHQpJDWLYHWUDYHUVODVRXUFH9&2179$/(85HVWODWUDQVUpVLVWDQFHHQRKPV
'LRGHjMRQFWLRQ
)RUPHJpQpUDOH ';;;;;;;1$1.102'685)$&(!2))!,& 9'!7(03 7! ([HPSOHV '%5,'*(',2'( '&/03'02',& /HQRHXG1$HVWO
DQRGHHWOHQRHXG1.HVWODFDWKRGH 102'HVWOHQRPGXPRGqOH685)$&(HVWXQIDFWHXUG
pFKHOOHTXLPXOWLSOLHRXGLYLVHODYDOHXUVGHFHUWDLQ SDUDPqWUHV XWLOLVpHV GDQV OH PRGqOH SDU GpIDXW OD YDOHXU GH OD VXUIDFH HVW 6L SDU H[HPSOH RQ LQGLTXH XQH VXUIDFHGHGLRGHpJDOHjFHFLFRUUHVSRQGjGLRGHVPLVHVHQSDUDOOqOH/HVSDUDPqWUHVKRPRJqQHVjXQFRXUDQW SDU H[HPSOH HW GpSHQGDQW GX FRXUDQW VHURQW PXOWLSOLpV SDU WDQGLV TXH OHV SDUDPqWUHV KRPRJqQHV j XQH UpVLVWDQFHHWGpSHQGDQWVGHODVXUIDFHVHURQWGLYLVpVSDU/HSDUDPqWUH2))LQGLTXHXQHFRQGLWLRQRSWLRQQHOOH DXGpPDUUDJHGHO
DQDO\VHHQFRQWLQX6LOHIDFWHXUG
pFKHOOHHVWRPLVODYDOHXUHVWSULVHSDUGpIDXW /DVSpFLILFDWLRQGHODFRQGLWLRQRSWLRQQHOOH LQLWLDOHjO
DLGHGHO
LQVWUXFWLRQ,& 9'HVWGHVWLQpHjrWUHXWLOLVpH DYHF O
RSWLRQ 8,& GH OD OLJQH GH FRPPDQGH 75$1 TXDQG XQH DQDO\VH WHPSRUHOOH HVW UHTXLVH HW DYHF GHV FRQGLWLRQVLQLWLDOHVDXWUHVTXHFHOOHVREWHQXHVSDUOHFDOFXOGXSRLQWGHUHSRV /DYDOHXURSWLRQQHOOH 7(03HVWODWHPSpUDWXUHGHIRQFWLRQQHPHQWGXGLVSRVLWLI/DQRXYHOOHYDOHXUPDVTXH FHOOHTXLDYDLWpWpVSpFLILpHSDUODOLJQHGHFRPPDQGH237,21
/HPRGqOH' GHOD'LRGH
/HPRGqOHGHODGLRGHHVWGpWHUPLQpSDUXQVFKpPDpTXLYDOHQWIRQFWLRQGXW\SHG
DQDO\VHXWLOLVpH2QGLVWLQJXH GRQFOHVFLQTPRGqOHVVXLYDQWV /H0RGqOHVWDWLTXH /HPRGqOHVLJQDX[IRUWV /HPRGqOHSHWLWVVLJQDX[ /HPRGqOHGHEUXLW /HPRGqOHGHGLVWRUVLRQ /HPRGqOHVWDWLTXHHVWFDUDFWpULVpSDUOHVSDUDPqWUHV,6HW18QHUpVLVWDQFHRKPLTXH56HVWLQFOXVH /HVHIIHWVGHVWRFNDJHGHVFKDUJHVVRQWPRGpOLVpVSDUOHWHPSVGHWUDQVLW77HWODFDSDFLWDQFHQRQOLQpDLUHGHOD FRXFKHGHGpSOpWLRQHVWGpWHUPLQpHSDUOHVSDUDPqWUHV&-29-HW0 /DGpSHQGDQFHGHODWHPSpUDWXUHSDUUDSSRUWDXFRXUDQWGHVDWXUDWLRQHVWGpILQLHSDUSDUDPqWUHV(*UHSUpVHQWDQW O
pQHUJLHG
DFWLYDWLRQHW;7,O
H[SRVDQWGHODWHPSpUDWXUHGXFRXUDQWGHVDWXUDWLRQ/DWHPSpUDWXUHQRPLQDOHj ODTXHOOHFHVSDUDPqWUHVRQWpWpPHVXUpVHVW7120GRQWODYDOHXUSDUGpIDXWHVWVSpFLILpHVXUODOLJQHGH FRPPDQGH237,216 /DWHQVLRQGHFODTXDJHHVWPRGpOLVpHSDUXQDFFURLVVHPHQWH[SRQHQWLHOGXFRXUDQWLQYHUVHGHODGLRGHHWHVW GpWHUPLQpSDUOHVSDUDPqWUHV%9HW,%9TXLVRQWWRXVOHVGHX[SRVLWLIV 1RPV ,6 56 3DUDPqWUHV 8QLWpV $ 9DOHXUVSDU ([HPSOH GpIDXW H H ,QIOXHQFH GH 685)$&(
&RXUDQWGHVDWXUDWLRQ 5pVLVWDQFHRKPLTXH
1 77 &-2 90 (* ;7,
([SRVDQWGHWHPSpUDWXUHSRXUOHFRXUDQWGH VDWXUDWLRQ .) &RHIILFLHQWG
RQGXODWLRQGXEUXLW $) ([SRVDQWG
RQGXODWLRQGXEUXLW )& 3DUDPqWUHGHSRODULVDWLRQGLUHFWH %9 7HQVLRQGHFODTXDJH ,%9 &RXUDQWjODWHQVLRQGHFODTXDJH 7120 7HPSpUDWXUHGHPHVXUHGHVSDUDPqWUHV
&RHIILFLHQWG
pPLVVLRQ 7HPSVGHWUDQVLWLRQ &DSDFLWDQFHGHODMRQFWLRQ 3RWHQWLHOGHODMRQFWLRQ *UDGLHQWGHWHPSpUDWXUH (QHUJLHG
DFWLYDWLRQ/DUJHXUGHODEDQGH LQWHUGLWH
VHF ) 9 H9
,656HW&-VRQWPLVjO
pFKHOOHjO
DLGHGXIDFWHXU685)$&(
9 $ &
LQILQL P$
QV S) 6L 6EG *H MQ 6EG
,QGXFWDQFH
)RUPHJpQpUDOH /<<<<<<<119$/(85,& &21',1,7! ([HPSOHV //,1.8+ /6+8178,& 0$ 1HW1VRQWOHVQRHXGVUHVSHFWLYHPHQWSRVLWLI9$/(85HVWODYDOHXUGHO
LQGXFWDQFHHQ+HQU\V /DFRQGLWLRQLQLWLDOHRSWLRQQHOOH HVWOHFRXUDQWLQLWLDOHQ$ FLUFXODQWGDQVGHODERUQH1YHUVODERUQH1 $QRWHUTXHOHVFRQGLWLRQVLQLWLDOHVQHVRQWUpHOOHPHQWSULVHVHQFRPSWHTXHVLO
RSWLRQ8,&HVWSUHVVHQWHVXUOD OLJQHGHFRPPDQGH75$1 127(/HVLQGXFWDQFHVQRQOLQpDLUHVQHVRQWSDVGLUHFWHPHQWVXSSRUWpVSDU6SLFH)&HSHQGDQWRQSHXW XWLOLVHUOHVVRXUFHVGpSHQGDQWHVQRQOLQpDLUHVSRXUOHVPRGpOLVHU
5pVLVWRUV
$6LPSOH5pVLVWRUV )RUPHJpQpUDOH 5;;;;;;;119$/(85 ([HPSOHV 5 5&. 1 HW 1 VRQW OHV GHX[ QRHXGV GH O
pOpPHQW 9$/(85 HVW OD UpVLVWDQFH HQ RKPV HW SHXW rWUH SRVLWLYH RX QpJDWLYHPDLVSDVQXOOH 6SLFH)DXWRULVHpJDOHPHQWjDYRLUGHVUpVLVWRUVVHPLFRQGXFWHXUV %5pVLVWRUV6HPLFRQGXFWHXUV )RUPHJpQpUDOH 5;;;;;;;119$/(85!102'!/ /21*!: /$5*!7(03 7! ([HPSOHV 5/2$'. 502'502'(// X: X &HFL HVW XQH IRUPH SOXV JpQpUDOH TXH FHOOH GX UpVLVWRU SUpVHQWp GDQV OD VHFWLRQ VLPSOH UpVLVWRU HW SHUPHW OD PRGpOLVDWLRQ GHV HIIHWV GH WHPSpUDWXUH HW SHUPHW pJDOHPHQW OH FDOFXO GH OD YDOHXU HIIHFWLYH GH OD UpVLVWDQFH j SDUWLUGHVLQIRUPDWLRQVVWULFWHPHQWJpRPpWULTXHVHWGHVVSpFLILFDWLRQGXSURFHVVGHIDEULFDWLRQ 6L9$/(85HVWVSpFLILpOHVLQIRUPDWLRQVJpRPpWULTXHVVRQWLJQRUpHVHWODUpVLVWDQFHHVWGpILQLHSDU9$/(85 6L 102' HVW VSpFLILp OD UpVLVWDQFH SHXW rWUH FDOFXOpH j SDUWLU GHV LQIRUPDWLRQV GH SURFHVV IRXUQLHV GDQV OH
PRGqOH102'HWOHVGRQQpHV/$5*HW/21*6L9$/(85Q
HVWSDVVSpFLILpHDORUV102'HW/21*GRLYHQW REOLJDWRLUHPHQWO
rWUH6L/$5*Q
HVWSDVVSpFLILpHDORUVXQHYDOHXUGHODUJHXUSDUGpIDXWHVWIRXUELHjSDUWLUGX PRGqOH /D YDOHXU RSWLRQQHOOH 7(03 HVW OD WHPSpUDWXUH GH WUDYDLO GX FRPSRVDQW &HWWH YDOHXU PDVTXH OD VSpFLILFDWLRQGHWHPSpUDWXUHGRQQpHSDUODFRPPDQGH237,21 &0RGqOHSRXUOHUpVLVWRUVHPLFRQGXFWHXU5 /HPRGqOHGXUpVLVWRUFRQVLVWHHQGRQQpHVUHODWLYHVDXSURFHVVGHIDEULFDWLRQSHUPHWWDQWOHFDOFXOGHODUpVLVWDQFH j SDUWLU GHV LQIRUPDWLRQV JpRPpWULTXHV HW OD FRUUHFWLRQ GH FHWWH UpVLVWDQFH HQ IRQFWLRQ GH OD WHPSpUDWXUH /HV SDUDPqWUHVGLVSRQLEOHVVRQWGRQQpVGDQVOHWDEOHDXVXLYDQW 1RP 9DOHXUV ([HPSOH SDUGpIDXW 7& &RHIILFLHQWGHWHPSpUDWXUHGXSUHPLHURUGUH & 7& &RHIILFLHQWGHWHPSpUDWXUHGXVHFRQGRUGUH & 56+ 5pVLVWDQFHGHFRXFKH VTXDUH '(): /DUJHXUSDUGpIDXW PqWUHV H H 1$552: (SDLVVHXU PqWUHV H 7120 7HPSpUDWXUHGHPHVXUHGHVSDUDPqWUHV & /D UpVLVWDQFH GH FRXFKH RX UpVLVWDQFH ODPHOODLUH HVW OD UpVLVWDQFH WUDQVYHUVDOH G
XQH FRXFKH SOXV RX PRLQV FRQGXFWULFHHQWUHGHX[FRWpVRSSRVpVG
XQUHFWDQJOHTXHO
RQ\DXUDLWGpFRXSp&HWWHYDOHXUHVWXWLOLVpHDYHFOH SDUDPqWUHG
pSDLVVHXU/HW:SRXUGpWHUPLQHUODUpVLVWDQFHQRPLQDOHjO
DLGHGHODIRUPXOH '():HVWXWLOLVpHSRXUGRQQHUXQHYDOHXUSDUGpIDXWj:VLFHWWHYDOHXUQ
HVWSDVVSpFLILpHGDQVODGpFODUDWLRQGX GLVSRVLWLI 6L QL 56+ QL / QH VRQW VSpFLILpH OD YDOHXU VWDQGDUG GH GpIDXW SRXU OD YDOHXU GH OD UpVLVWDQFH HVW pWDEOLHj N W 7120 SHXW rWUH XWLOLVpH SRXU PDVTXHU OD YDOHXU GH OD WHPSpUDWXUH GH IRQFWLRQQHPHQW GRQQpH SRXU OD WRWDOLWp GX FLUFXLW VLU OD OLJQH GH FRPPDQGH 237,216 $SUqV TXH OD UpVLVWDQFH QRPLQDOH DLW pWp FDOFXOpHODYDOHXUGHODUpVLVWDQFHHVWDMXVWpHHQIRQFWLRQGHODWHPSpUDWXUHVHORQODIRUPXOH 3DUDPqWUHV 8QLWpV
R = RSH
L - NARROW W - NARROW
5( 7 ) = 5(7 ) + 7& (7 - 7 ) + 7& (7 - 7 )
[
]
6RXVFLUFXLWV /LJQHVGHWUDQVPLVVLRQVDQVSHUWHV
)RUPHJpQpUDOH 7;;;;;;;1111= 9$/8(7' 9$/(85!) )5(41/ 150/(1!! ,& 9,9,! ([HPSOHV 7= 7' 16
/DOLJQHjUHWDUGPRGpOLVHO
DFWLRQG
XQHOLJQHGHWUDQVPLVVLRQVDQVSHUWHV 1HW1VRQWOHVQRHXGVDWWDFKpVDXSRUW1HW1VRQWFHX[GXSRUW=HVWO
LPSpGDQFHFDUDFWpULVWLTXHGH ODOLJQH2QQHPRGpOLVHTX
XQPRGHGHSURSDJDWLRQ6LOHVTXDWUHQRHXGVVRQWGLVWLQFWVGDQVOHFLUFXLWUpHODORUV RQSHXWXWLOLVHUOLJQHVGHUHWDUGSRXUPRGpOLVHUPRGHVGHSURSDJDWLRQ2QGRLWVSpFLILHUVRLWXQHIUpTXHQFHHW XQHORQJXHXUVRLWXQWHPSVGHUHWDUG6LXQHIUpTXHQFHHVWVSpFLILpHPDLV1/HVWRPLVODYDOHXUHVWSULVH SDUGpIDXWHQIDLWODIUpTXHQFHHVWVXSSRVpHrWUHFHOOHGXTXDUWG
RQGH $QRWHU%LHQTXHOHVGHX[IRUPHVGHYDQWGRQQHUODORQJXHXUGHODOLJQHVRLHQWRSWLRQQHOOHVO
XQHGHVGHX[ IRUPHVGHYUDILJXUHUREOLJDWRLUHPHQW
/DVSpFLILFDWLRQGHVFRQGLWLRQVLQLWLDOHVRSWLRQQHOOHV FRQVLVWHHQO
pFULWXUHGHODWHQVLRQHWGXFRXUDQWVXUFKDTXH SRUW $QRWHU6
LO\DGHVFRQGLWLRQVLQLWLDOHVDORUVHOOHVV
DSSOLTXHURQWXQLTXHPHQWVLO
RSWLRQ8,&HVWVSpFLILpH GDQVODOLJQHGHFRQWU{OH75$1
$QRWHU8QHOLJQHGHWUDQVPLVVLRQDYHFSHUWHVSRXUODTXHOOHRQLQGLTXHUDGHVSHUWHVQXOOHVSHXWGRQQHUGHV UpVXOWDWVSOXVSUpFLVTXHODOLJQHGHWUDQVPLVVLRQVDQVSHUWHVjFDXVHGHFHUWDLQVGpWDLOVGDQVO
LPSOpPHQWDWLRQGHV PRGqOHV
/LJQHVGHWUDQVPLVVLRQDYHFSHUWHV
)RUPHJpQpUDOH 2;;;;;;;1111102' ([HPSOHV 2/266<02' 2&211(&7,17(5&211(&7 &HFLHVWXQPRGqOHGHFRQYROXWLRQjGHX[SRUWVSRXUOLJQHjWUDQVPLVVLRQPRQRFRQGXFWHXUDYHFSHUWHV1HW 1VRQWOHVQRHXGVDWWDFKpVDXSRUW1HW1VRQWFHX[GXSRUW
$QRWHU8QHOLJQHGHWUDQVPLVVLRQDYHFSHUWHVSRXUODTXHOOHRQLQGLTXHUDGHVSHUWHVQXOOHVSHXWGRQQHUGHV UpVXOWDWVSOXVSUpFLVTXHODOLJQHGHWUDQVPLVVLRQVDQVSHUWHVjFDXVHGHFHUWDLQVGpWDLOVGDQVO
LPSOpPHQWDWLRQGHV PRGqOHV
,QWHUUXSWHXUFRQWU{OpHQWHQVLRQ
*pQpUDOIRUPH 6;;;;;;;111&1&102'21!2))! ([HPSOHV VVZLWFK21 VVPRII 6ZLWFKVPRGHO /HV QRHXGV 1 HW 1 VRQW OHV ERUQHV GX FRQWDFW GH O
LQWHUUXSWHXU /H QRP GX PRGqOH HVW DEVROXPHQW LQGLVSHQVDEOHDORUV TXH OHV FRQGLWLRQV LQLWLDOHV VRQW RSWLRQQHOOHV /HV 1RHXGV 1& HW 1& VRQW UHVSHFWLYHPHQW OHVQRHXGVSRVLWLIVHWQpJDWLIVGHFRQWU{OH
/HPRGqOHGHO
LQWHUUXSWHXU6: /H PRGqOH GH O
LQWHUUXSWHXU SHUPHW GH GpFULUH XQ LQWHUUXSWHXU SURFKH GH O
LGpDO G
rWUH GpFULW GDQV 6SLFH) /
LQWHUUXSWHXUQHSHXWrWUHUpHOOHPHQWLGpDOLVpSDUFHTXHVDUpVLVWDQFHQHSHXWYpULWDEOHPHQWYDULHUGHjO
LQILQL (OOHGRLWWRXMRXUVDYRLUXQHYDOHXUILQLH0DLVSDUXQFKRL[MXGLFLHX[GHVYDOHXUVGHODUpVLVWDQFHO
pWDWSDVVDQWHW FHOOHGHO
pWDWRXYHUWRQSHXWOHVFRQVLGpUHUFHVYDOHXUVFRPPHpWDQWQXOOHHWLQILQLHHQFRPSDUDLVRQGHVDXWUHV pOpPHQWVGXFLUFXLW /HVSDUDPqWUHVGLVSRQLEOHVVRQW 1RP 97 9+ 521 52)) 3DUDPqWUH 7HQVLRQGHVHXLO 7HQVLRQG
\VWpUHVLV 5pVLVWDQFHjO
pWDWSDVVDQW 5pVLVWDQFHjO
pWDWRXYHUW 8QLWp 9ROWV 9ROWV 9DOHXUSDUGpIDXW *0,1
9RLUODOLJQHGHFRQWU{OH237,216SRXUXQGHVFULSWLRQ*0,16DYDOHXUSDUGpIDXWHQWUDvQHXQHUpVLVWDQFH GHO
pWDWRXYHUWGHHRKPV /
XWLOLVDWLRQ G
pOpPHQWV LGpDX[ D\DQW XQH IRUWH QRQOLQpDULWp FRPPH XQ LQWHUUXSWHXU SHXW HQWUDvQHU GH IRUWHV GLVFRQWLQXLWpV GDQV OHV SRWHQWLHOV GH QRHXGV GX FLUFXLW 8Q FKDQJHPHQW UDSLGH FRPPH FHOXL TXL HVW DVVRFLp DX FKDQJHPHQW G
pWDW G
XQ LQWHUUXSWHXU SHXW HQWUDvQHU GHV GpSDVVHPHQW QXPpULTXHV RX GHV SUREOqPHV GH WROpUDQFH SRXYDQWHX[PrPHrWUHODFDXVHGHUpVXOWDWV HUURQpV RX GH GLIILFXOWpV DX QLYHDX GHV SDV GH FDOFXO /
XWLOLVDWHXU G
LQWHUUXSWHXUVSHXWDPpOLRUHUODVLWXDWLRQHQVXLYDQWODSURFpGXUHVXLYDQWH 3UHPLqUHPHQWLOHVWVDJHGHGRQQHUOHVYDOHXUVGHVLPSpGDQFHVG
LQWHUUXSWHXUVMXVWHVFHTX
LOIDXWSRXUOHVYDOHXUV IRUWHVHWIDLEOHVGHIDoRQjFHTX
LOVVRLHQWUHQGXHVQpJOLJHDEOHVGHYDQWOHUHVWHGHVpOpPHQWVGHFLUFXLW9RXORLU XWLOLVHUGHVLPSpGDQFHVV
DSSURFKDQWOHSOXVSUqVGHVYDOHXUVLGpDOHVGDQVWRXVOHVFDVDJJUDYHURQWOHVSUREOqPHV GHV GLVFRQWLQXLWpV PHQWLRQQpV FLGHVVXV %LHQ HQWHQGX ORUV GH OD PRGpOLVDWLRQ GH GLVSRVLWLIV UpHOV FRPPH OHV
026)(76ODUpVLVWDQFHGHO
pWDWSDVVDQWGHYUDLWrWUHDMXVWpHjXQQLYHDXUpDOLVWHIRQFWLRQGHODWDLOOHGXGLVSRVLWLI PRGpOLVp 6L XQ LQWHUYDOOH LPSRUWDQW HQWUH OHV UpVLVWDQFHV 21 HW 2)) GRLW rWUH XWLOLVpH52))521 !H DORUV OD WROpUDQFH G
HUUHXUV DGPLVH ORUV GH O
DQDO\VH WHPSRUHOOH GHYUD rWUH UHYX j OD EDLVVH HQ XWLOLVDQW OD OLJQH GH FRPPDQGH 237,216 HW HQ VSpFLILDQW OH SDUDPqWUH 7572/ j XQH YDOHXU HQ GHVVRXV GH /RUVTXH OHV LQWHUUXSWHXUVVRQWSODFpVDXWRXUVGHFRQGHQVDWHXUVDORUVO
RSWLRQ&+*72/GHYUDrWUHDXVVLUHYXjODEDLVVH1RXV VXJJpURQV GHV YDOHXUV GH HW H UHVSHFWLYHPHQW SRXU FHV GHX[ RSWLRQV &HV FKDQJHPHQWV LQIRUPHURQW 6SLFH) G
rWUH SOXV DWWHQWLIV DX[ SRLQWV GH FRPPXWDWLRQV GH VRUWH TX
DXFXQH HUUHXU QH VXUYLHQQH ORUV GHV FKDQJHPHQWVUDSLGHVGDQVOHFLUFXLW
,QWHUUXSWHXUFRQWU{OpHQFRXUDQW
)RUPHJpQpUDOH :<<<<<<<119&217102'(/21!2))! ([HPSOHV ZYFORFNVZLWFKPRG :YUDPSVP21 ZUHVHWYFOFNORVV\VZLWFK2)) /HV QRHXGV 1 HW 1 VRQW OHV ERUQHV GX FRQWDFW GH O
LQWHUUXSWHXU /H QRP GX PRGqOH HVW DEVROXPHQW LQGLVSHQVDEOHDORUVTXHOHVFRQGLWLRQVLQLWLDOHVVRQWRSWLRQQHOOHV/HFRXUDQWGHFRQWU{OHHVWFHOXLTXLFLUFXOHGDQV OD VRXUFH 9&217 /D GLUHFWLRQ SRVLWLYH SRXU OD FLUFXODWLRQ GX FRXUDQW HVW FHOOH SDUWDQW GX QRHXG SRVLWLI GH OD VRXUFHYHUVOHQRHXGQpJDWLI /HPRGqOHGHO
LQWHUUXSWHXU&6: /H PRGqOH GH O
LQWHUUXSWHXU SHUPHW GH GpFULUH XQ LQWHUUXSWHXU SURFKH GH O
LGpDO G
rWUH GpFULW GDQV 6SLFH) /
LQWHUUXSWHXUQHSHXWrWUHUpHOOHPHQWLGpDOLVpSDUFHTXHVDUpVLVWDQFHQHSHXWYpULWDEOHPHQWYDULHUGHjO
LQILQL (OOHGRLWWRXMRXUVDYRLUXQHYDOHXUILQLH0DLVSDUXQFKRL[MXGLFLHX[GHVYDOHXUVGHODUpVLVWDQFHO
pWDWSDVVDQWHW FHOOHGHO
pWDWRXYHUWRQSHXWOHVFRQVLGpUHUFHVYDOHXUVFRPPHpWDQWQXOOHHWLQILQLHHQFRPSDUDLVRQGHVDXWUHV pOpPHQWVGXFLUFXLW /HVSDUDPqWUHVGLVSRQLEOHVVRQW 1RP ,7 ,+ 521 52)) 3DUDPqWUH &RXUDQWGHVHXLO &RXUDQWG
\VWpUHVLV 5pVLVWDQFHjO
pWDWSDVVDQW 5pVLVWDQFHjO
pWDWRXYHUW 8QLWp $PSqUHV $PSqUHV 9DOHXUSDUGpIDXW *0,1
9RLUODOLJQHGHFRQWU{OH237,216SRXUXQGHVFULSWLRQ*0,16DYDOHXUSDUGpIDXWHQWUDvQHXQHUpVLVWDQFH GHO
pWDWRXYHUWGHHRKPV /
XWLOLVDWLRQ G
pOpPHQWV LGpDX[ D\DQW XQH IRUWH QRQOLQpDULWp FRPPH XQ LQWHUUXSWHXU SHXW HQWUDvQHU GH IRUWHV GLVFRQWLQXLWpV GDQV OHV SRWHQWLHOV GH QRHXGV GX FLUFXLW 8Q FKDQJHPHQW UDSLGH FRPPH FHOXL TXL HVW DVVRFLp DX FKDQJHPHQW G
pWDW G
XQ LQWHUUXSWHXU SHXW HQWUDvQHU GHV GpSDVVHPHQW QXPpULTXHV RX GHV SUREOqPHV GH WROpUDQFH SRXYDQWHX[PrPHrWUHODFDXVHGHUpVXOWDWV HUURQpV RX GH GLIILFXOWpV DX QLYHDX GHV SDV GH FDOFXO /
XWLOLVDWHXU G
LQWHUUXSWHXUVSHXWDPpOLRUHUODVLWXDWLRQHQVXLYDQWODSURFpGXUHVXLYDQWH 3UHPLqUHPHQWLOHVWVDJHGHGRQQHUOHVYDOHXUVGHVLPSpGDQFHVG
LQWHUUXSWHXUVMXVWHVFHTX
LOIDXWSRXUOHVYDOHXUV IRUWHVHWIDLEOHVGHIDoRQjFHTX
LOVVRLHQWUHQGXHVQpJOLJHDEOHVGHYDQWOHUHVWHGHVpOpPHQWVGHFLUFXLW9RXORLU XWLOLVHUGHVLPSpGDQFHVV
DSSURFKDQWOHSOXVSUqVGHVYDOHXUVLGpDOHVGDQVWRXVOHVFDVDJJUDYHURQWOHVSUREOqPHV GHV GLVFRQWLQXLWpV PHQWLRQQpV FLGHVVXV %LHQ HQWHQGX ORUV GH OD PRGpOLVDWLRQ GH GLVSRVLWLIV UpHOV FRPPH OHV 026)(76ODUpVLVWDQFHGHO
pWDWSDVVDQWGHYUDLWrWUHDMXVWpHjXQQLYHDXUpDOLVWHIRQFWLRQGHODWDLOOHGXGLVSRVLWLI PRGpOLVp 6L XQ LQWHUYDOOH LPSRUWDQW HQWUH OHV UpVLVWDQFHV 21 HW 2)) GRLW rWUH XWLOLVpH52))521 !H DORUV OD WROpUDQFH G
HUUHXUV DGPLVH ORUV GH O
DQDO\VH WHPSRUHOOH GHYUD rWUH UHYX j OD EDLVVH HQ XWLOLVDQW OD OLJQH GH FRPPDQGH 237,216 HW HQ VSpFLILDQW OH SDUDPqWUH 7572/ j XQH YDOHXU HQ GHVVRXV GH /RUVTXH OHV LQWHUUXSWHXUVVRQWSODFpVDXWRXUVGHFRQGHQVDWHXUVDORUVO
RSWLRQ&+*72/GHYUDrWUHDXVVLUHYXjODEDLVVH1RXV VXJJpURQV GHV YDOHXUV GH HW H UHVSHFWLYHPHQW SRXU FHV GHX[ RSWLRQV &HV FKDQJHPHQWV LQIRUPHURQW 6SLFH) G
rWUH SOXV DWWHQWLIV DX[ SRLQWV GH FRPPXWDWLRQV GH VRUWH TX
DXFXQH HUUHXU QH VXUYLHQQH ORUV GHV FKDQJHPHQWVUDSLGHVGDQVOHFLUFXLW
6RXUFHGHWHQVLRQFRQWU{OpHHQWHQVLRQ
)RUPHJpQpUDOH (;;;;;;;111&1&9$/(85 ([HPSOHV (
1 HW 1 VRQW UHVSHFWLYHPHQW OHV QRHXGV SRVLWLI HW QpJDWLI 1& HW 1& VRQW OHV QRHXGV SRVLWLI HW QpJDWLI GH FRQWU{OH9$/(85HVWODYDOHXUGXJDLQHQWHQVLRQ
6RXUFHGHFRXUDQWFRQWU{OpHHQWHQVLRQ
)RUPHJpQpUDOH *;;;;;;;111&1&9$/(85 ([HPSOHV *00+2 1HW1VRQWUHVSHFWLYHPHQWOHVQRHXGVSRVLWLIHWQpJDWLI/DFLUFXODWLRQGXFRXUDQWHVWGHODERUQHSRVLWLYHYHUV ODERUQHQpJDWLYHjWUDYHUVODVRXUFH1&HW1&VRQWOHVQRHXGVSRVLWLIHWQpJDWLIGHFRQWU{OH9$/(85HVWOD WUDQVFRQGXFWDQFHHQPKRV
0XWXHOOHLQGXFWDQFH,QGXFWDQFHVFRXSOpHV
)RUPHJpQpUDOH .;;;;;;;/<<<<<
6RXUFH,QGpSHQGDQWHGHFRXUDQW
)RUPHJpQpUDOH ,;;;;;;;11'&!'&75$19$/(85!$&$&0$*$&3+$6(!!! ',672))0$*)3+$6(!!!',672))0$*)3+$6(!!! ([HPSOHV ,&&'& ,,1$&6,10(* ,65&$&6))0.. ,&$55,(5',672) ,02'8/$725',672) ,,1$&',672)',672) 1 HW 1 VRQW UHVSHFWLYHPHQW OHV QRHXGV SRVLWLI HW QpJDWLI 8QH VRXUFH GH FRXUDQW SRVLWLI IRUFH OH FRXUDQW j FLUFXOHUHQVRUWDQWSDUODERUQH1 '&75$1HVWODYDOHXUGHODVRXUFHORUVGHVDQDO\VHVFRQWLQX'& HWWHPSRUHOOH75$16,(17 6LODYDOHXUGH ODVRXUFHHVWQXOOHjODIRLVSRXUO
DQDO\VHHQFRQWLQXHWSRXUO
DQDO\VHWHPSRUHOOHFHWWHYDOHXUSHXWrWUHRPLVH6L ODYDOHXUGHODVRXUFHHVWLQGpSHQGDQWHGXWHPSVSDUH[HPSOH SRXU OD VRXUFH G
DOLPHQWDWLRQ FRQWLQXH OD YDOHXU SHXW rWUH SUpFpGp RSWLRQQHOOHPHQW SDU OH WHUPH '& $LQVL ,&& '& HW ,&& GRQQHURQW OH PrPH UpVXOWDW $&0$*HVWO
DPSOLWXGHHQUpJLPHVLQXVRwGDOHHW$&3+$6(ODSKDVH&HVYDOHXUVVHURQWTXDQWjHOOHVXWLOLVpHV XQLTXHPHQWORUVGHO
DQDO\VHIUpTXHQWLHOOHSHWLWVVLJQDX[6L$&0$*HVWRPLVjODVXLWHGXPRWFOp$&ODYDOHXU HVWSULVHSDUGpIDXW6LpJDOHPHQW$&3+$6(HVWRPLVODYDOHXU]pURHVWSULVHSDUGpIDXW6LODVRXUFHQHGRLW
SDVrWUHXWLOLVpHFRPPHVRXUFHG
HQWUpHSRXUO
DQDO\VHSDUEDOD\DJHIUpTXHQWLHOOHOHPRWFOp$&QHGRLWSDVrWUH VSpFLILp ',672) HW ',672) VRQW OHV PRWVFOp VSpFLILDQW TXH OD VRXUFH LQGpSHQGDQWH D GHV HQWUpHV GH GLVWRUVLRQ DX[ IUpTXHQFHV)HW)UHVSHFWLYHPHQW9RLUODGHVFULSWLRQGHODOLJQHGHFRPPDQGH',672 8QHDPSOLWXGHHW XQHSKDVHRSWLRQQHOOHVSHXYHQWVXLYUHFHVPRWVFOpV/HVYDOHXUVSDUGpIDXWVRQWSRXUO
DPSOLWXGHHWSRXU ODSKDVH 7RXWHVRXUFHLQGpSHQGDQWHSHXWVHYRLUDVVLJQHUXQHIRQFWLRQGXWHPSV6LGRQFFHWWHIRQFWLRQGXWHPSVH[LVWH SRXU OD VRXUFH LQGpSHQGDQWH OD YDOHXU GH OD VRXUFH DX WHPSV HVW XWLOLVp FRPPH YDOHXU SRXU O
DQDO\VH HQ FRQWLQX,O\DFLQTIRQFWLRQVGXWHPSVSHUPHWWDQWGHFUpHUFLQTW\SHVGHVRXUFHVLQGpSHQGDQWHV ODVRXUFHG
LPSXOVLRQDQDORJLTXH ODVRXUFHH[SRQHQWLHOOH ODVRXUFHVLQXVRwGDOH ODVRXUFHPRGXOpHHQIUpTXHQFH ODVRXUFHOLQpDLUHGpILQLHSDUPRUFHDX[
6RXUFH,QGpSHQGDQWHGH7HQVLRQ
)RUPHJpQpUDOH 9;;;;;;;11'&!'&75$19$/(85!$&$&0$*$&3+$6(!!! ',672))0$*)3+$6(!!!',672))0$*)3+$6(!!! ([HPSOHV 9&&'& 9,1$&6,10(* 965&$&6))0.. 90($6 9&$55,(5',672) 902'8/$725',672) 9,1$&',672)',672) 1 HW 1 VRQW UHVSHFWLYHPHQW OHV QRHXGV SRVLWLI HW QpJDWLI $ QRWHU TXH OHV VRXUFHV GH WHQVLRQV Q
H[LJHQW SDV DEVROXPHQWTXHO
XQHGHOHXUVERUQHVVRLWPLVHjODPDVVH/HVHQVSRVLWLIGXFRXUDQWHVWVXSSRVpFLUFXOHUGHOD ERUQH SRVLWLYH j OD ERUQH QpJDWLYH j O
LQWpULHXU GH OD VRXUFH /HV VRXUFHV GH WHQVLRQ HQ SOXV G
rWUH XWLOLVpH SRXU O
H[FLWDWLRQGXFLUFXLWVRQWXWLOLVpVFRPPHDPSqUHPqWUHVGDQV6SLFH),OVXIILWSRXUFHODG
LQVpUHUXQHVRXUFH GHWHQVLRQjWHQVLRQGHVRUWLHQXOOHHQVpULHGDQVXQHEUDQFKHGXFLUFXLWSRXUSRXYRLUDFFpGHUDXFRXUDQWFLUFXODQW GDQVODEUDQFKH&HVVRXUFHVQ
RQWELHQHQWHQGXDXFXQHLQFLGHQFHVXUOHUHVWHGXFLUFXLWFDUD\DQWXQHLPSpGDQFH QXOOHHOOHVVRQWFRQVLGpUpHVFRPPHXQFRXUWFLUFXLW '&75$1HVWODYDOHXUGHODVRXUFHORUVGHVDQDO\VHVFRQWLQX'& HWWHPSRUHOOH75$16,(17 6LODYDOHXUGH ODVRXUFHHVWQXOOHjODIRLVSRXUO
DQDO\VHHQFRQWLQXHWSRXUO
DQDO\VHWHPSRUHOOHFHWWHYDOHXUSHXWrWUHRPLVH6L ODYDOHXUGHODVRXUFHHVWLQGpSHQGDQWHGXWHPSVSDUH[HPSOH SRXU OD VRXUFH G
DOLPHQWDWLRQ FRQWLQXH OD YDOHXU SHXWrWUHSUpFpGpRSWLRQQHOOHPHQWSDUOHWHUPH'&$LQVL9&&'&HW9&& GRQQHURQWOHPrPH UpVXOWDW $&0$*HVWO
DPSOLWXGHHQUpJLPHVLQXVRwGDOHHW$&3+$6(ODSKDVH&HVYDOHXUVVHURQWTXDQWjHOOHVXWLOLVpHV XQLTXHPHQWORUVGHO
DQDO\VHIUpTXHQWLHOOHSHWLWVVLJQDX[6L$&0$*HVWRPLVjODVXLWHGXPRWFOp$&ODYDOHXU HVWSULVHSDUGpIDXW6LpJDOHPHQW$&3+$6(HVWRPLVODYDOHXU]pURHVWSULVHSDUGpIDXW6LODVRXUFHQHGRLW SDVrWUHXWLOLVpHFRPPHVRXUFHG
HQWUpHSRXUO
DQDO\VHSDUEDOD\DJHIUpTXHQWLHOOHOHPRWFOp$&QHGRLWSDVrWUH VSpFLILp ',672) HW ',672) VRQW OHV PRWVFOp VSpFLILDQW TXH OD VRXUFH LQGpSHQGDQWH D GHV HQWUpHV GH GLVWRUVLRQ DX[ IUpTXHQFHV)HW)UHVSHFWLYHPHQW9RLUODGHVFULSWLRQGHODOLJQHGHFRPPDQGH',672 8QHDPSOLWXGHHW XQHSKDVHRSWLRQQHOOHVSHXYHQWVXLYUHFHVPRWVFOpV/HVYDOHXUVSDUGpIDXWVRQWSRXUO
DPSOLWXGHHWSRXU ODSKDVH 7RXWHVRXUFHLQGpSHQGDQWHSHXWVHYRLUDVVLJQHUXQHIRQFWLRQGXWHPSV6LGRQFFHWWHIRQFWLRQGXWHPSVH[LVWH SRXU OD VRXUFH LQGpSHQGDQWH OD YDOHXU GH OD VRXUFH DX WHPSV HVW XWLOLVp FRPPH YDOHXU SRXU O
DQDO\VH HQ FRQWLQX,O\DFLQTIRQFWLRQVGXWHPSVSHUPHWWDQWGHFUpHUFLQTW\SHVGHVRXUFHVLQGpSHQGDQWHV ODVRXUFHG
LPSXOVLRQDQDORJLTXH ODVRXUFHH[SRQHQWLHOOH ODVRXUFHVLQXVRwGDOH ODVRXUFHPRGXOpHHQIUpTXHQFH ODVRXUFHOLQpDLUHGpILQLHSDUPRUFHDX[
6RXUFHG
LPSXOVLRQDQDORJLTXH
)RUPHJpQpUDOH 38/6(997'757)3:3(5 ([HPSOHV 9,138/6(1616161616
3DUDPqWUH 99DOHXULQLWLDOH 9$PSOLWXGHLPSXOVLRQ 7'7HPSVGHUHWDUG 757HPSVGHPRQWpH 7)7HPSVGHGHVFHQWH 3:/DUJHXULPSXOVLRQ 3(5SpULRGH
9DOHXUSDUGpIDXW 767(3 767(3 76723 76723
/HVYDOHXUVGH767(3HW7623VRQWOLpHVjODGpILQLWLRQGHODVLPXODWLRQWHPSRUHOOH75$1 /DWDEOHVXLYDQWHPRQWUHFRPPHQWVSpFLILHUXQHLPSXOVLRQXQLTXH 7HPSV 9DOHXU 9 7' 9 7'75 9 7'753: 9 7'753:7) 9 76723 9 /HVSRLQWVLQWHUPpGLDLUHVVRQWGpWHUPLQpVSDULQWHUSRODWLRQ
8QLWpV 9ROWVRX$PSqUHV 9ROWVRU$PSqUHV VHFRQGHV VHFRQGHV VHFRQGHV VHFRQGHV VHFRQGHV
6RXUFH6LQXVRwGDOH
)RUPHJpQpUDOH 6,1929$)5(47'7+(7$ ([HPSOHV 9,16,10(*16(
3DUDPqWUH 9DOHXUSDUGpIDXW 8QLWpV 922IIVHW 9ROWVRX$PSqUHV 9$$PSOLWXGH 9ROWVRU$PSqUHV )5(4)UpTXHQFH 76723 +] 7'5HWDUG VHFRQGHV 7+(7$)DFWHXU VHFRQGHV G
DPRUWLVVHPHQW /HVYDOHXUV76723HVWOLpHjODGpILQLWLRQGHODVLPXODWLRQWHPSRUHOOH75$1 /DWDEOHVXLYDQWHGpFULWOHSURILOGXVLJQDO 7HPSV j7' 7'j76723 9DOHXU
6RXUFH0RGXOpHHQ)UpTXHQFH
)RUPHJpQpUDOH 6))0929$)&0',)6 ([HPSOHV 96))00.. 3DUDPqWUHV
VO 92 + 9$H - (W - 7' )7+(7$ VLQ()5(4(W + 7'))
922IIVHW 9ROWVRU$PSqUHV 9$$PSOLWXGH 9ROWVRU$PSqUHV )&)UpTXHQFHSRUWHXVH 76723 +] 0',,QGH[GHPRGXODWLRQ )6)UpTXHQFHGXVLJQDO 76723 +] /HVYDOHXUVGH767(3HW76723VRQWOLpHVjODGpILQLWLRQGHODVLPXODWLRQWHPSRUHOOH75$1 /HSURILOGXVLJQDOHVWGpFULWSDUO
pTXDWLRQVXLYDQWH
9DOHXUVSDU GpIDXW
8QLWpV
9 (W ) = 9 + 9$ VLQ ()&W + 0', VLQ ()6W ))
6RXUFHH[SRQHQWLHOOH
)RUPHJpQpUDOH (;3997'7$87'7$8 ([HPSOHV 9,1(;316161616
3DUDPqWUH 99DOHXULQLWLDOH 99DOHXUGHO
LPSXOVLRQ
9DOHXUGHGpIDXW
7'7HPSVGHUHWDUGjOD PRQWpH 7$8&RQVWDQWHGHWHPSVjOD 767(3 VHFRQGHV PRQWpH 7'7HPSVGHUHWDUGjOD 7'767(3 VHFRQGHV GHVFHQWH 7$8&RQVWDQWHGHWHPSVjOD 767(3 VHFRQGHV GHVFHQWH /HVYDOHXUVGH767(3HW76723VRQWOLpHVjODGpILQLWLRQGHODVLPXODWLRQWHPSRUHOOH75$1 /DWDEOHVXLYDQWHGpFULWOHSURILOGXVLJQDO 7HPSV 9DOHXU j7' V1 - (W - 7') 7'j7' 7'j76723
8QLWpV 9ROWVRU$PSqUHV 9ROWVRU$PSqUHV VHFRQGHV
9 + (9 - 9) - H
7$8
- (W - 7' ) - (W - 7') 9 + (9 - 9) -H 7$8 + (9 - 9 ) - H 7$8
6RXUFH/LQpDLUH'pILQLSDU0RUFHDX[
)RUPHJpQpUDOH
3:/79797979! ([HPSOHV 9&/2&.3:/1616161616 &KDTXHSDLUHGHYDOHXUV7L9L VSpFLILHTXHODYDOHXUGHODVRXUFHHVW9LHQ9ROWVRX$PSqUHV DXWHPSV W 7L/DYDOHXUGHODVRXUFHDX[SRLQWVLQWHUPpGLDLUHVHVWREWHQXHSDULQWHUSRODWLRQOLQpDLUHjSDUWLUGHVYDOHXUV G
HQWUpH
7UDQVLVWRU0(6)(7 /LJQH5F 7UDQVLVWRUjHIIHWGHFKDPSVjMRQFWLRQ
)RUPHJpQpUDOH -;;;;;;;1'1*16102'685)$&(!2))!,& 9'69*6!7(03 7! ([HPSOHV --02))