Offres
API
Connexion
Documents similaires
Compte-Rendu - cr 30 03 26
Compte-Rendu - cr 13 04 26
Compte-Rendu - cr 26 03 2025
Compte-Rendu - cr 20 03 26
Compte-Rendu - cr 07 10 25
Compte-Rendu - cr 25 11 25
Compte-Rendu - cr 05 12 24
Compte-Rendu - cr 12 04 23
Compte-Rendu - cr 31 03 2022
Compte-Rendu - cr 14 04 25
Compte-Rendu - cr 03 03 26
Document publié le Samedi 18 avril 2026 à 04h15 par la commune de Cazals.
Lien du pdf (Compte-Rendu - cr 03 03 26)
Thèmes du document : Industrie, Investissement et développement économique,
5pSXEOLTXH)UDQoDLVH
'pSDUWHPHQW /27
$UURQGLVVHPHQW *RXUGRQ
&$=$/6&RPPXQH
3URFqVYHUEDO
/HPDUGLPDUVjKHXUHVO DVVHPEOpHUpJXOLqUHPHQWFRQYRTXpHOHIpYULHU V HVWUpXQLHVRXVODSUpVLGHQFHGH3KLOLSSH5,*$/
3UpVHQWV 3KLOLSSH 5,*$/ ,VDEHOOH 3(/$7$1 6pEDVWLHQ *$%$/'( (YHO\QH 5,9,(5( 0DULH5HLQH 0200(-$ )UDQFLV 5$&/27 *HQHYLqYH 5248(6 (PLOLH '8&+$7($8
5HSUpVHQWpV
$EVHQWV HW H[FXVpV .pYLQ %25,( %HQRLW /$)21 &KULVWLDQ /$9(5*1( /DXUHQW $/$=$5'
6HFUpWDLUHGHODVpDQFH 6pEDVWLHQ*$%$/'(
2UGUHGXMRXU
'pVLJQDWLRQGXVHFUpWDLUHGHVpDQFH
9DOLGDWLRQGXSURFqVYHUEDOGHODVpDQFHSUpFpGHQWH
2FWURLGHODJDUDQWLHjFHUWDLQVFUpDQFLHUVGHO $JHQFH)UDQFHORFDOHSRXU %RQVFDGHDX[YLWULQHGHQRsOGH¼SRXU
&RQYHQWLRQGHPLVHjGLVSRVLWLRQGHVORFDX[SRXUOD62*('2
0LVHjMRXUGpOLEpUDWLRQ,+76LQGHPQLWpKRUDLUHSRXUWUDYDX[VXSSOpPHQWDLUHV 0LVHjMRXUGpOLEpUDWLRQ5,)6((3LQWpJUDWLRQGX&,$REOLJDWRLUH
&ODVVHPHQWFKHPLQG ,UqQH
3URMHWGHGLYLVLRQHWERUQDJHSRXUFUpDWLRQG XQFKHPLQG DFFqVOH-D\QHQRUG
4XHVWLRQVGLYHUVHV
3UpSDUDWLRQpOHFWLRQVPXQLFLSDOHV EXUHDXGHYRWHSDQQHDX[DIILFKDJHLQVWDOODWLRQ
'pOLEpUDWLRQVGXFRQVHLO
1RPLQDWLRQG XQ H VHFUpWDLUHGHVpDQFH 1'(BB
/HFRGHJpQpUDOGHVFROOHFWLYLWpVWHUULWRULDOHVSUpYRLW HQVRQDUWLFOH/ TX¶DXGpEXW GHFKDFXQHGHVHVVpDQFHV OH&RQVHLO0XQLFLSDOQRPPHXQRXSOXVLHXUVGHVHVPHPEUHV SRXUUHPSOLUOHVIRQFWLRQVGHVHFUpWDLUH
,OV¶DJLWGHQRPPHUOHVHFUpWDLUHGHODVpDQFHGHFHMRXU /H&RQVHLO0XQLFLSDO DSUqVHQDYRLUGpOLEpUp jO¶XQDQLPLWp
1RPPH0*$%$/'(6pEDVWLHQVHFUpWDLUHGHVpDQFH
'pOLEpUDWLRQ DGRSWpH
$SSUREDWLRQGXSURFqVYHUEDOGHODVpDQFHSUpFpGHQWH 1B
9XOH&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVHWQRWDPPHQWO DUWLFOH/ &RQVLGpUDQWTXHOHSURMHWGXSURFqVYHUEDOGHODVpDQFHSUpFpGHQWHDSUpDODEOHPHQWpWp FRPPXQLTXpjO HQVHPEOHGHVFRQVHLOOHUVPXQLFLSDX[
0RQVLHXU OH 0DLUH LQYLWH OH &RQVHLO 0XQLFLSDO j DSSURXYHU OH SURFqVYHUEDO GH OD VpDQFH SUpFpGHQWH
/H&RQVHLO0XQLFLSDODSUqVHQDYRLUGpOLEpUpjO XQDQLPLWp
DSSURXYHVDQVREVHUYDWLRQOHSURFqVYHUEDOGHODVpDQFHGXIpYULHU
'pOLEpUDWLRQ DGRSWpH
2FWURL GH OD JDUDQWLH j FHUWDLQV FUpDQFLHUV GH O $JHQFH )UDQFH ORFDOH SRXU 1 '(BB
/H *URXSH $JHQFH )UDQFH /RFDOH D SRXU REMHW GH SDUWLFLSHU DX ILQDQFHPHQW GH VHV 0HPEUHV FROOHFWLYLWpV WHUULWRULDOHV OHXUV JURXSHPHQWV HW OHV pWDEOLVVHPHQWV SXEOLFV ORFDX[ (3/ FLDSUqVOHV0HPEUHV
,QVWLWXpSDUOHVGLVSRVLWLRQVGHO¶DUWLFOH/GX&*&7WHOTXHPRGLILpSDUO¶DUWLFOH GHODORLQ GXGpFHPEUH UHODWLYHjO HQJDJHPHQWGDQVODYLHORFDOHHWj ODSUR[LPLWpGHO DFWLRQSXEOLTXH
© /HV FROOHFWLYLWpV WHUULWRULDOHV OHXUV JURXSHPHQWV HW OHV pWDEOLVVHPHQWV SXEOLFV ORFDX[ SHXYHQWFUpHUXQHVRFLpWpSXEOLTXHUHYrWDQWODIRUPHGHVRFLpWpDQRQ\PHUpJLHSDUOHOLYUH,, GXFRGHGHFRPPHUFHGRQWLOVGpWLHQQHQWODWRWDOLWpGXFDSLWDOHWGRQWO REMHWHVWGHFRQWULEXHU SDUO LQWHUPpGLDLUHG XQHILOLDOHjOHXUILQDQFHPHQW
&HWWHVRFLpWpHWVDILOLDOHH[HUFHQWOHXUDFWLYLWpH[FOXVLYHPHQWSRXUOHFRPSWHGHVFROOHFWLYLWpV WHUULWRULDOHV GH OHXUV JURXSHPHQWV HW GHV pWDEOLVVHPHQWV SXEOLFV ORFDX[ &HWWH DFWLYLWp GH ILQDQFHPHQW HVW HIIHFWXpH SDU OD ILOLDOH j SDUWLU GH UHVVRXUFHV SURYHQDQW SULQFLSDOHPHQW G pPLVVLRQV GH WLWUHV ILQDQFLHUV j O H[FOXVLRQ GH UHVVRXUFHV GLUHFWHV GH O (WDW RX GH UHVVRXUFHVJDUDQWLHVSDUO (WDW
3DUGpURJDWLRQDX[GLVSRVLWLRQVGHVDUWLFOHV/j//// / HW / OHV FROOHFWLYLWpV WHUULWRULDOHV OHXUV JURXSHPHQWV HW OHV pWDEOLVVHPHQWVSXEOLFVORFDX[VRQWDXWRULVpVjJDUDQWLUO LQWpJUDOLWpGHVHQJDJHPHQWVGHOD ILOLDOHGDQVODOLPLWHGHOHXUHQFRXUVGHGHWWHDXSUqVGHFHWWHILOLDOH/HVPRGDOLWpVGHPLVHHQ °XYUHGHFHWWHJDUDQWLHVRQWSUpFLVpHVGDQVOHVVWDWXWVGHVGHX[VRFLpWpVª /H*URXSH$JHQFH)UDQFH/RFDOHHVWFRPSRVpGHGHX[VRFLpWpV
O¶$JHQFH)UDQFH/RFDOHVRFLpWpDQRQ\PHjGLUHFWRLUHHWFRQVHLOGHVXUYHLOODQFH
O¶$JHQFH)UDQFH/RFDOH±6RFLpWp7HUULWRULDOH OD6RFLpWp7HUULWRULDOH VRFLpWpDQRQ\PHj FRQVHLOG¶DGPLQLVWUDWLRQ
&RQIRUPpPHQWDX[VWDWXWVGHOD6RFLpWp7HUULWRULDOHDX[VWDWXWVGHO¶$JHQFH)UDQFH/RFDOH HW DX SDFWH G¶DFWLRQQDLUHV FRQFOX HQWUH FHV GHX[ VRFLpWpV HW O¶HQVHPEOH GHV 0HPEUHV OH 3DFWH ODSRVVLELOLWpSRXUXQ0HPEUHGHEpQpILFLHUGHSUrWVGHO¶$JHQFH)UDQFH/RFDOHHVW FRQGLWLRQQpHjO¶RFWURLSDUOHGLW0HPEUHG¶XQHJDUDQWLHDXWRQRPHjSUHPLqUHGHPDQGHDX EpQpILFHGHFHUWDLQVFUpDQFLHUVGHO¶$JHQFH)UDQFH/RFDOH OD*DUDQWLH
/D FRPPXQH GH &D]DOV D GpOLEpUp SRXU DGKpUHU DX *URXSH $JHQFH )UDQFH /RFDOH OH RFWREUH
/¶REMHWGHODSUpVHQWHGpOLEpUDWLRQHVWFRQIRUPpPHQWDX[GLVSRVLWLRQVSUpFLWpHVGHJDUDQWLU OHVHQJDJHPHQWVGHO¶$JHQFH)UDQFH/RFDOHGDQVOHVFRQGLWLRQVHWOLPLWHVGpFULWHVFLDSUqV DILQGHVpFXULVHUXQHVRXUFHGHILQDQFHPHQWSpUHQQHHWGpGLpHDX[0HPEUHV
3UpVHQWDWLRQGHVPRGDOLWpVJpQpUDOHVGHIRQFWLRQQHPHQWGHOD*DUDQWLHGRQWOHPRGqOHHVW HQDQQH[HjODSUpVHQWHGpOLEpUDWLRQ
2EMHW
/D*DUDQWLHDSRXUREMHWGHJDUDQWLUFHUWDLQVHQJDJHPHQWVGHO¶$JHQFH)UDQFH/RFDOH GHV HPSUXQWVREOLJDWDLUHVSULQFLSDOHPHQW jODKDXWHXUGHO¶HQFRXUVGHGHWWHGX0HPEUHDXSUqV GHO¶$JHQFH)UDQFH/RFDOH
%pQpILFLDLUHV
/D*DUDQWLHHVWFRQVHQWLHDXSURILWGHVWLWXODLUHV OHV%pQpILFLDLUHV GHGRFXPHQWVRXWLWUHV pPLVSDUO¶$JHQFH)UDQFH/RFDOHGpFODUpVpOLJLEOHVjOD*DUDQWLH OHV7LWUHV(OLJLEOHV
0RQWDQW
/HPRQWDQWGHOD*DUDQWLHFRUUHVSRQGjWRXWPRPHQWHWFHTXHOTXHVRLWOHQRPEUHHWRXOH YROXPHG¶HPSUXQWVGpWHQXVSDUOH0HPEUHDXSUqVGHO¶$JHQFH)UDQFH/RFDOHDXPRQWDQW GHVRQHQFRXUVGHGHWWH SULQFLSDOLQWpUrWVFRXUXVHWQRQSD\pVHWpYHQWXHOVDFFHVVRLUHVOH WRXWGDQVODOLPLWHGXPRQWDQWSULQFLSDOHPSUXQWpDXWLWUHGHO¶HQVHPEOHGHVFUpGLWVFRQVHQWLV SDUO¶$JHQFH)UDQFH/RFDOHjODFRPPXQHGH&D]DOVTXLQ¶RQWSDVpWpWRWDOHPHQWDPRUWLV
$LQVLVLOH0HPEUHVRXVFULWSOXVLHXUVHPSUXQWVDXSUqVGHO¶$JHQFH)UDQFH/RFDOHFKDTXH HPSUXQWV¶DFFRPSDJQHGHO¶pPLVVLRQG¶XQHQJDJHPHQWGH*DUDQWLHWHOOHTXHGLUHFWHPHQW FRQFOXDXSUqVGHO¶$)/ 'XUpH
/DGXUpHPD[LPDOHGHOD*DUDQWLHFRUUHVSRQGjODGXUpHGXSOXVORQJGHVHPSUXQWVGpWHQXV SDUOH0HPEUHDXSUqVGHO¶$JHQFH)UDQFH/RFDOHHWFHTXHOOHTXHVRLWO¶RULJLQHGHVSUrWV GpWHQXVDXJPHQWpHGHMRXUV
&RQGLWLRQVGHPLVHHQ°XYUHGHOD*DUDQWLH
/HPpFDQLVPHGH*DUDQWLHPLVHQ°XYUHFUpHXQOLHQGHVROLGDULWpHQWUHO¶$JHQFH)UDQFH /RFDOH HW FKDFXQ GHV 0HPEUHV GDQV OD PHVXUH R FKDTXH 0HPEUH SHXW rWUH DSSHOp HQ SDLHPHQWGHODGHWWHGHO¶$JHQFH)UDQFH/RFDOHHQO¶DEVHQFHGHWRXWGpIDXWGHODSDUWGXGLW 0HPEUHDXWLWUHGHVHPSUXQWVTX¶LODVRXVFULWVYLVjYLVGHO¶$JHQFH)UDQFH/RFDOH
/D*DUDQWLHSHXWrWUHDSSHOpHSDUWURLVFDWpJRULHVGHSHUVRQQHV L XQ%pQpILFLDLUH LL XQ UHSUpVHQWDQW KDELOLWp G¶XQ RX GH SOXVLHXUV %pQpILFLDLUHV HW LLL OD 6RFLpWp 7HUULWRULDOH /HV FLUFRQVWDQFHV G¶DSSHO GH OD SUpVHQWH *DUDQWLH VRQW GpWDLOOpHV GDQV OH PRGqOH ILJXUDQW HQ DQQH[HjODSUpVHQWHGpOLEpUDWLRQ
1DWXUHGHOD*DUDQWLH
/D *DUDQWLH HVW XQH JDUDQWLH DXWRQRPH DX VHQV GH O¶DUWLFOH GX &RGH FLYLO (Q FRQVpTXHQFHVRQDSSHOSDUXQ%pQpILFLDLUHQ¶HVWSDVVXERUGRQQpjODGpPRQVWUDWLRQG¶XQ GpIDXWGHSDLHPHQWUpHOSDUO¶$JHQFH)UDQFH/RFDOH
'DWHGHSDLHPHQWGHVVRPPHVDSSHOpHVDXWLWUHGHOD*DUDQWLH
6L OD *DUDQWLH HVW DSSHOpH OH 0HPEUH FRQFHUQp GRLW V¶DFTXLWWHU GHV VRPPHV GRQW OH SDLHPHQWOXLHVWGHPDQGpGDQVXQGpODLGHMRXUVRXYUpV
7HOOHVVRQWOHVSULQFLSDOHVFDUDFWpULVWLTXHVGHOD*DUDQWLHREMHWGHODSUpVHQWHGpOLEpUDWLRQHW GRQWOHVVWLSXODWLRQVFRPSOqWHVILJXUHQWHQDQQH[H
3URSRVLWLRQSRXUOHGLVSRVLWLIGHODGpOLEpUDWLRQ
/HFRQVHLOPXQLFLSDO
9XOH&RGHJpQpUDOGHVFROOHFWLYLWpVWHUULWRULDOHVHWQRWDPPHQWVRQDUWLFOH/
9XODGpOLEpUDWLRQQHQGDWHGXPDLD\DQWFRQILpj/DXUHQW$/$=$5' PDLUHODFRPSpWHQFHHQPDWLqUHG¶HPSUXQWV 9XODGpOLEpUDWLRQQHQGDWHGXRFWREUHD\DQWDSSURXYpO¶DGKpVLRQj O¶$JHQFH)UDQFH/RFDOHGHODFRPPXQHGH&D]DOV
9X OHV VWDWXWV GHV GHX[ VRFLpWpV GX *URXSH $JHQFH )UDQFH /RFDOH HW FRQVLGpUDQW OD QpFHVVLWp G¶RFWUR\HU j O¶$JHQFH )UDQFH /RFDOH XQH JDUDQWLH DXWRQRPH j SUHPLqUH GHPDQGH DX EpQpILFH GH FHUWDLQV FUpDQFLHUV GH O¶$JHQFH )UDQFH /RFDOH j KDXWHXU GH O¶HQFRXUV GH GHWWH GH OD FRPPXQH GH &D]DOV DILQ TXH OD FRPPXQH GH &D]DOV SXLVVH EpQpILFLHUGHSUrWVDXSUqVGHO¶$JHQFH)UDQFH/RFDOH
9XOHGRFXPHQWGpFULYDQWOHPpFDQLVPHGHOD*DUDQWLHVRLWOH0RGqOHHQYLJXHXUjOD GDWHGHVSUpVHQWHV
$SUqVHQDYRLUGpOLEpUpOHFRQVHLOPXQLFLSDOGpFLGHjO XQDQLPLWp
'pFLGH TXH OD *DUDQWLH GH OD FRPPXQH GH &D]DOV HVW RFWUR\pH GDQV OHV FRQGLWLRQV VXLYDQWHV DX[ WLWXODLUHV GH GRFXPHQWV RX WLWUHV pPLV SDU O¶$JHQFH )UDQFH /RFDOH OHV %pQpILFLDLUHV
OH PRQWDQW PD[LPDO GH OD *DUDQWLH SRXYDQW rWUH FRQVHQWL SRXU O¶DQQpH HVW pJDO DX PRQWDQWPD[LPDOGHVHPSUXQWVTXHODFRPPXQHGH&D]DOVHVWDXWRULVpHjVRXVFULUHSHQGDQW O¶DQQpH
ODGXUpHPD[LPDOHGHOD*DUDQWLHFRUUHVSRQGjODGXUpHGXSOXVORQJGHVHPSUXQWVGpWHQX SDU OD FRPPXQH GH &D]DOV SHQGDQW O¶DQQpH DXSUqV GH O¶$JHQFH )UDQFH /RFDOH DXJPHQWpHGHMRXUV
OD*DUDQWLHSHXWrWUHDSSHOpHSDUFKDTXH%pQpILFLDLUHSDUXQUHSUpVHQWDQWKDELOLWpG¶XQRX GHSOXVLHXUV%pQpILFLDLUHVRXSDUOD6RFLpWp7HUULWRULDOH HW
VLOD*DUDQWLHHVWDSSHOpHODFRPPXQHGH&D]DOVV¶HQJDJHjV¶DFTXLWWHUGHVVRPPHVGRQW OHSDLHPHQWOXLHVWGHPDQGpGDQVXQGpODLGHMRXUVRXYUpV
OHQRPEUHGH*DUDQWLHVRFWUR\pHVSDUOHPDLUH/DXUHQW$/$=$5'DXWLWUHGHO¶DQQpH VHUDpJDODXQRPEUHGHSUrWVVRXVFULWVDXSUqVGHO¶$JHQFH)UDQFH/RFDOHGDQVODOLPLWHGHV VRPPHV LQVFULWHV DX EXGJHW SULPLWLI GH UpIpUHQFH HW TXH OH PRQWDQW PD[LPDO GH FKDTXH *DUDQWLHVHUDpJDODXPRQWDQWWHOTX¶LOILJXUHGDQVO¶DFWHG¶HQJDJHPHQW
$XWRULVHOHPDLUH/DXUHQW$/$=$5'RXVRQUHSUpVHQWDQWSHQGDQWO¶DQQpHjVLJQHU OH RX OHV HQJDJHPHQWV GH *DUDQWLH SULV SDU OD FRPPXQH GH &D]DOV GDQV OHV FRQGLWLRQV GpILQLHVFLGHVVXV
FRQIRUPpPHQW DX[ PRGqOHV SUpVHQWDQW O¶HQVHPEOH GHV FDUDFWpULVWLTXHV GH OD *DUDQWLH HW ILJXUDQWHQDQQH[HV
$XWRULVHOHPDLUH/DXUHQW$/$=$5'RXVRQUHSUpVHQWDQWjSUHQGUHWRXWHVOHVPHVXUHVHW jVLJQHUWRXVOHVDFWHVQpFHVVDLUHVjO¶H[pFXWLRQGHODSUpVHQWHGpOLEpUDWLRQ
'pOLEpUDWLRQ DGRSWpH %RQVFDGHDX[YLWULQHGH1RsOGHHXURVSRXU 1'(BB
(Q GpFHPEUH LO D pWp GpFLGp GH GLVWULEXHU ERQV FDGHDX[ GH ¼ RIIHUWV SDU OD FRPPXQHSRXULQFLWHUOHVFRPPHUoDQWVDUWLVDQVjGpFRUHUOHXUVYLWULQHVHWDLQVLHPEHOOLUOH YLOODJHGH&D]DOV
/DUHPLVHGHVSUL[DHXOLHXOHGLPDQFKHGpFHPEUHORUVGXPDUFKpGH1RsO/HV GHX[ JDJQDQWV RQW pWp VpOHFWLRQQpV SDU XQ MXU\ /HV ERQV GH ¼ TX LOV RQW UHoXV RQW pWp XWLOLVpVGDQVGHVFRPPHUFHVFD]DODLV
$SUqV HQ DYRLU GpOLEpUp j O XQDQLPLWp OH FRQVHLO PXQLFLSDO DSSURXYH FHWWH LQLWLDWLYH HW DXWRULVHPRQVLHXUOH0DLUHRXVRQUHSUpVHQWDQWjSUpYRLUDXEXGJHWODVRPPHGH¼SRXU SD\HU OHV IDFWXUHV FRUUHVSRQGDQWHV j FHV ERQV FDGHDX[ DXSUqV GHV FRPPHUoDQWV GH &D]DOV
'pOLEpUDWLRQ DGRSWpH
&RQYHQWLRQGHPLVHjGLVSRVLWLRQGHVORFDX[SRXUOD62*('2 1'(BB
/D 62*('2 VRFLpWp TXL JqUH GpVRUPDLV OH UpVHDX G HDX j OD SODFH GH OD 6$85 D GHPDQGp j OD PDLULH GH &D]DOV GH OXL PHWWUH j GLVSRVLWLRQ XQ ORFDO SRXU OD SHUPDQHQFH KHEGRPDGDLUHGXMHXGLGH KjKHWGHKjK
,O HVW SURSRVp GH OHXU PHWWUH OD VDOOH GX &RQVHLO 0XQLFLSDO j WLWUH JUDFLHX[ 8Q SURMHW GH FRQYHQWLRQDpWpUpGLJpH(OOHHVWVRXPLVHjO DSSUREDWLRQGXSUpVHQWFRQVHLO
'pOLEpUDWLRQ DGRSWpH
0LVH j MRXU GpOLEpUDWLRQ ,+76 LQGHPQLWp KRUDLUH SRXU WUDYDX[ VXSSOpPHQWDLUHV 1 '(BB
&HWWH GpOLEpUDWLRQ GRLW rWUH SULVH DILQ G DMRXWHU OH JUDGH GH UpGDFWHXU HW FHOXL G DJHQW GH PDvWULVHSULQFLSDOHWrWUHHQFRQIRUPLWpDYHFOD7UpVRUHULH
/H&RQVHLO0XQLFLSDOVXUUDSSRUWGX0DLUH
98OHFRGHJpQpUDOGHODIRQFWLRQSXEOLTXH
98 OH GpFUHW Q GX MDQYLHU UHODWLI DX[ LQGHPQLWpV KRUDLUHV SRXU WUDYDX[ VXSSOpPHQWDLUHVPRGLILp
98OHVFUpGLWVLQVFULWVDXEXGJHW
&RQVLGpUDQWTXHFRQIRUPpPHQWjO DUWLFOHGXGpFUHWQ LODSSDUWLHQWjO DVVHPEOpH GpOLEpUDQWHGHIL[HUGDQVOHVOLPLWHVSUpYXHVSDUOHVWH[WHVVXVYLVpVODQDWXUHOHVFRQGLWLRQV G DWWULEXWLRQHWOHWDX[PR\HQGHVLQGHPQLWpVDSSOLFDEOHVDXSHUVRQQHOGHODFROOHFWLYLWp
9XO¶DYLVGXFRPLWpVRFLDOWHUULWRULDOHQGDWHGXRFWREUH
$SUqVGpOLEpUDWLRQOH&RQVHLO0XQLFLSDOGpFLGHjO XQDQLPLWpGHVPHPEUHVSUpVHQWV
%pQpILFLDLUHVGHO ,+76
G LQVWLWXHUVHORQOHVPRGDOLWpVVXLYDQWHVHWGDQVODOLPLWHGHVWH[WHVDSSOLFDEOHVDX[DJHQWV GH O (WDW O LQGHPQLWp KRUDLUH SRXU WUDYDX[ VXSSOpPHQWDLUHV DX[ DJHQWV UHOHYDQW GHV FDGUHV G HPSORLVVXLYDQWV
)LOLqUH *UDGH )RQFWLRQVRX6HUYLFH
$GPLQLVWUDWLYH 5pGDFWHXU $GPLQLVWUDWLI
7HFKQLTXH $JHQWGHPDvWULVHSULQFLSDO 9RLULH
/HV LQGHPQLWpV KRUDLUHV SRXU WUDYDX[ VXSSOpPHQWDLUHV VRQW DWWULEXpHV GDQV OH FDGUH GH OD UpDOLVDWLRQHIIHFWLYHGHWUDYDX[VXSSOpPHQWDLUHVGHPDQGpVSDUO DXWRULWpWHUULWRULDOHRXOHFKHI GH VHUYLFH HW VHORQ OHV GLVSRVLWLRQV GX GpFUHW Q GX MDQYLHU /D UpPXQpUDWLRQGHFHVWUDYDX[VXSSOpPHQWDLUHVHVWVXERUGRQQpHjODPLVHHQSODFHGHPR\HQ GH FRQWU{OH PR\HQ GH FRQWU{OH DXWRPDWLVp GpFRPSWH GpFODUDWLI /H YHUVHPHQW GH FHV LQGHPQLWpVHVWOLPLWpjXQFRQWLQJHQWPHQVXHOGHKSDUPRLVHWSDUDJHQW
/DFRPSHQVDWLRQGHVKHXUHVVXSSOpPHQWDLUHVGRLWSUpIpUHQWLHOOHPHQWrWUHUpDOLVpHVRXVOD IRUPH G XQ UHSRV FRPSHQVDWHXU j GpIDXW HOOH GRQQH OLHX j LQGHPQLVDWLRQ GDQV OHV FRQGLWLRQVVXLYDQWHV
OD UpPXQpUDWLRQ KRUDLUH HVW PXOWLSOLpH SDU SRXU OHV TXDWRU]H SUHPLqUHV KHXUHV VXSSOpPHQWDLUHVHWSDUSRXUOHVKHXUHVVXLYDQWHV
/ KHXUHVXSSOpPHQWDLUHHVWPDMRUpHGHORUVTX HOOHHVWHIIHFWXpHGHQXLWHWGHVGHX[ WLHUVORUVTX HOOHHVWHIIHFWXpHXQGLPDQFKHRXXQMRXUIpULp
3RXU OHV DJHQWV TXL H[HUFHQW OHXUV IRQFWLRQV j WHPSV SDUWLHO OH PRQWDQW GH O KHXUH VXSSOpPHQWDLUH HVW GpWHUPLQp HQ GLYLVDQW SDU OD VRPPH GX PRQWDQW DQQXHO GX WUDLWHPHQWHWGHO LQGHPQLWpGHUpVLGHQFHG XQDJHQWDXPrPHLQGLFHH[HUoDQWjWHPSVSOHLQ
/H WHPSV GH UpFXSpUDWLRQ DFFRUGp j XQ DJHQW HVW pJDO j OD GXUpH GHV WUDYDX[ VXSSOpPHQWDLUHV HIIHFWXpV 8QH PDMRUDWLRQ GH QXLW GLPDQFKH RX MRXUV IpULpV SHXW rWUH HQYLVDJpHGDQVOHVPrPHVSURSRUWLRQVTXHFHOOHVIL[pHVSRXUODUpPXQpUDWLRQF¶HVWjGLUH XQHPDMRUDWLRQGHSRXUOHWUDYDLOGHQXLWHWGHVSRXUOHWUDYDLOGXGLPDQFKHHWGHV MRXUVIpULpV
$JHQWV&RQWUDFWXHOVGHGURLWSXEOLF
3UpFLVH TXH OHV GLVSRVLWLRQV GHV SULPHV HW LQGHPQLWpV IDLVDQW O REMHW GH OD SUpVHQWH GpOLEpUDWLRQSRXUURQWrWUHpWHQGXHVDX[DJHQWVFRQWUDFWXHOVGHGURLWSXEOLFGHODFROOHFWLYLWp VXUOHVPrPHVEDVHVTXHFHOOHVDSSOLFDEOHVDX[IRQFWLRQQDLUHVGHVJUDGHVGHUpIpUHQFH
'DWHG HIIHW
/HV GLVSRVLWLRQV GH OD SUpVHQWH GpOLEpUDWLRQ RQW SULV HIIHW UpWURDFWLYHPHQW DX HU MDQYLHU
&UpGLWVEXGJpWDLUHV
/HVFUpGLWVFRUUHVSRQGDQWVVHURQWSUpYXVHWLQVFULWVDXEXGJHW
'pOLEpUDWLRQ DGRSWpH
0LVHjMRXUGpOLEpUDWLRQ5,)6((3LQWpJUDWLRQGX&,$REOLJDWRLUH 1'(BB
'pOLEpUDWLRQDMRXUQpH
&ODVVHPHQWHQYRLHFRPPXQDOH 1B
0RQVLHXU 3KLOLSSH 5,*$/ HU DGMRLQW UDSSHOOH TXH OD GHUQLqUH PLVH j MRXU GX WDEOHDX GH FODVVHPHQWGHVYRLHVFRPPXQDOHVGDWHGXRFWREUH
&HWWHGHUQLqUHPLVHjMRXUSRUWHjPqWUHVOLQpDLUHVjFDUDFWqUHGHFKHPLQ PqWUHV FDUUpV GH YRLHV j FDUDFWqUH GH SODFHV HW j PqWUHV OLQpDLUHV GH YRLHV j FDUDFWqUHGHUXHV
,OLQGLTXHTX LOFRQYLHQWGHFODVVHUOHFKHPLQG ,UqQH
6pEDVWLHQ*DEDOGHQ DSDVSULVSDUWDXYRWHHWHVWVRUWLGHODVDOOH
/HFRQVHLOPXQLFLSDODSUqVHQDYRLUGpOLEpUpGpFLGHjO XQDQLPLWp GHFODVVHUVRXVOHQXPpUROHFKHPLQG ,UqQHSRXUXQHORQJXHXUGHPqWUHVSDUWDQW GHODURXWHGpSDUWHPHQWDOHQ
GHGRQQHUSRXYRLUDX0DLUHRXjVRQUHSUpVHQWDQWSRXUVLJQHUWRXVGRFXPHQWVQpFHVVDLUHV jODPRGLILFDWLRQGXWDEOHDXGHFODVVHPHQW
GHPHWWUHjMRXUOHWDEOHDXGHFODVVHPHQWFRPPHVXLW
PqWUHVOLQpDLUHVGHFKHPLQV
PðGHSODFHV
PqWUHVOLQpUDLUHVGHUXHV
'pOLEpUDWLRQ DGRSWpH
3URMHW GH GLYLVLRQ HW ERUQDJH SRXU FUpDWLRQ G XQ FKHPLQ G DFFqV OH -D\QH 1RUG 1 '(BB
'pOLEpUDWLRQDMRXUQpH
4XHVWLRQVGLYHUVHV
3UpSDUDWLRQGHVpOHFWLRQVPXQLFLSDOHV EXUHDXGHYRWHSDQQHDX[G DIILFKDJHLQVWDOODWLRQ
3DQQHDX6723URXWHGX6ROHLOFRXFKDQW XQSDQQHDX6723LQVWDOOpUpFHPPHQWSDUOD''7 IDLW GH QRPEUHX[ PpFRQWHQWV FDU LO HVW SODFp j XQ HQGURLW HW LO QH SHUPHW SDV XQH ERQQH YLVLELOLWp 'H SOXV OD EDQGH DX VRO HVW LQH[LVWDQWH HW OH SDQQHDX VH WURXYH MXVWH DYDQW OH SDQQHDX &('(= /( 3$66$*( VXU OD SURPHQDGH GHV 5HLQHWWHV 'H SOXV OD SURFpGXUH DYHF OH SURSULpWDLUH GH OD JUDQJHWWH HVW WRXMRXUV HQ FRXUV 8QH PLVH HQ GHPHXUH D pWp HQYR\pHPDLVHOOHHVWUHYHQXHDYLVpHPDLVQRQUpFODPpH
/H&RQVHLO'pSDUWHPHQWDODGpFLGpGHFKDQJHUO HPSODFHPHQWVDQVFRQVXOWHUOD&RPPXQH
)UDQFLV5$&/27SURSRVHGHFRQWDFWHU03(5(=GHOD''7DILQGHOXLH[SOLTXHUODVLWXDWLRQ HWDYRLUGHVUpSRQVHVDX[TXHVWLRQVGHVDGPLQLVWUpV,OOXLHVWGHPDQGpGHPHWWUHOD0DLULH HQFRSLHGHODUpSRQVHTXLOXLVHUDDSSRUWpH
/D&RPPXQHGH&D]DOVDYDLWSURSRVpTXHFHSDQQHDXVRLWSODFpURXWHGH&DUODQH
3KLOLSSH5,*$/YDHVVD\HUGHSUHQGUHFRQWDFWDYHFOHSURSULpWDLUHGHODJUDQJHWWH
3KLOLSSH5,*$/
3UpVLGHQWGHVpDQFH
6pEDVWLHQ*$%$/'(
6HFUpWDLUHGHVpDQFH