Panasonic TX21AS1F Operating instrustions

QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
7 O YLVHXU FRXOHXU
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
0RGH G HPSORL
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
)UDQ˜DLV
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
74%('
3DQDVRQLF 3DQDVRQLF 3DQDVRQLF 3DQDVRQLF 3DQDVRQLF 3
7; $6)
%,(19(18(
&KHU FOLHQW 3DQDVRQLF
%LHQYHQXH GDQV OD IDPLOOH GHV XWLOLVDWHXUV GH SURGXLWV 3DQDVRQLF 1RXV HVS URQV TXH FH W O YLVHXU FRXOHXU YRXV
SURFXUHUD GHV DQQ HV GH MRLH &HW DSSDUHLO WDQW H[WUûPHPHQW VRSKLVWLTX QRXV YRXV UHFRPPDQGRQV GH YRXV UHSRUWHU
WRXW G DERUG DX JXLGH GH PLVH HQ URXWH UDSLGH DYDQW GH SUHQGUH FRQQDLVVDQFH GX PRGH G HPSORL FRPSOHW TXL YRXV IHUD
G FRXYULU WRXWHV OHV IRQFWLRQV GH FHW DSSDUHLO
7$%/( '(6 0$7,(5(6
$YHUWLVVHPHQWV HW SU FDXWLRQV /LDLVRQ 4/LQN $FFHVVRLUHV 6 OHFWLRQ HW FRQILJXUDWLRQ $9 *XLGH GH PLVH HQ URXWH UDSLGH )RQFWLRQ 0DJQ WRVFRSH/HFWHXU GH
YLG RGLVTXH '9' &RPPDQGHV SULQFLSDOHV 8WLOLVHU OHV PHQXV VXU FUDQ 0HQX ,PDJH 0HQX 6RQ 0HQX &RQILJXUDWLRQ 0HQX 5 JODJH )RQFWLRQ 7 O WH[WH &RQQH[LRQV DXGLRYLG R $9
3ULVHV DYDQW $9 EURFKHV 69LG R
5&$ $XGLR9LG R HW SULVHV FDVTXH %URFKDJH GHV SULVHV 3(5,7(/ HW 69LG R 0HQX 5 JODJH (GLWLRQ GHV SURJUDPPHV 3ULVHV DUULýUH 3(5,7(/ EURFKHV
$9 $9 HW OD SULVH GH VRUWLH DXGLR 5&$ 0HQX 5 JODJH &RQILJXUDWLRQ DXWRPDWLTXH $73
'LDJQRVWLF GHV SDQQHV 0HQX 5 JODJH 5 JODJH PDQXHO ,QIRUPDWLRQV J Q UDOHV /DQJXH 26' &DUDFW ULVWLTXHV $9(57,66(0(176 (7 35þ&$87,216
- &H W O YLVHXU HVW FRQ˜X SRXU IRQFWLRQQHU VXU XQ U VHDX GH
9 +] &$
- 1 H[SRVH] MDPDLV OH W O YLVHXU
OD SOXLH RX XQH VRXUFH
G KXPLGLW H[FHVVLYH GHV FKRFV OHFWULTXHV RX PûPH XQ
ULVTXH G LQFHQGLH SRXUUDLW HQ U VXOWHU HW HQGRPPDJHU
O DSSDUHLO
- $77(17,21 +$87( 7(16,21 1H UHWLUH] MDPDLV OH FRXYHUFOH DUULýUH SRXU QH SDV ODLVVHU VDQV
SURWHFWLRQ OHV SLýFHV VRXV WHQVLRQ /H W O YLVHXU QH FRQWLHQW
DXFXQH SLýFH LQWHUQH U SDUDEOH SDU O XWLOLVDWHXU
-
(YLWH] G H[SRVHU OH W O YLVHXU GLUHFWHPHQW DX[ UD\RQV GX
VROHLO RX WRXWH DXWUH VRXUFH GH FKDOHXU
- / LQWHUUXSWHXU PDUFKHDUUûW GH FH PRGýOH QH G FRQQHFWH SDV
WRWDOHPHQW OH W O YLVHXU GH O DOLPHQWDWLRQ VHFWHXU ' EUDQFKH]
OD ILFKH GH OD SULVH PXUDOH VL OH W O YLVHXU QH GRLW SDV ûWUH XWLOLV
SHQGDQW XQH S ULRGH GH WHPSV SURORQJ H
- (175(7,(1 '8 %2,7,(5 (7 '8 78%( &$7+2',48(
' EUDQFKH] OD ILFKH GH OD SULVH PXUDOH 1HWWR\H] O E QLVWHULH
HW OH WXEH FDWKRGLTXH O DLGH G XQ FKLIIRQ GRX[ O JýUHPHQW
KXPLGH HW G XQ G WHUJHQW QRQ DEUDVLI 1 XWLOLVH] SDV GH
SURGXLWV GH QHWWR\DJH EDVH GH EHQ]RO RX GH S WUROH
0DQLSXOH] O FUDQ GX W O YLVHXU DYHF VRLQ FDU FHOXLFL SHXW
SURGXLUH GH O OHFWULFLW VWDWLTXH
- 8QH YHQWLODWLRQ VXIILVDQWH GRLW ûWUH SU YXH DILQ G YLWHU XQH
YHQWXHOOH G W ULRUDWLRQ GHV FRPSRVDQWV OHFWURQLTXHV ,O IDXW
SU YRLU DX PRLQV XQ HVSDFH GH FP WRXW DXWRXU GX W O YLVHXU
PûPH VL FHOXLFL HVW SODF GDQV XQ PHXEOH RX HQWUH GHV
WDJýUHV
&RQWULEXH] DX PDLQWLHQ GH O HQYLURQQHPHQW
- /HV EDWWHULHV UHFKDUJHDEOHV RX SLOHV XVDJ HV QH SHXYHQW ûWUH
DMRXW HV DX[ G FKHWV P QDJHUV
- ,QIRUPH]YRXV DXSUýV GHV DXWRULW V ORFDOHV FRPS WHQWHV
DILQ GH FRQQDñWUH OHV HQGURLWV RÖ YRXV SRXYH] G SRVHU YRV
EDWWHULHV HW SLOHV XVDJ HV
%
1H SDV MHWHU PDLV
G SRVHU GDQV XQ
HQGURLW DG TXDW
$&&(662,5(6
9 ULILH] TXH YRXV GLVSRVH] ELHQ GHV DFFHVVRLUHV VXLYDQWV
T
0RGH G HPSORL
*DUDQWLH FRXYUDQW
OH W O YLVHXU
7 O FRPPDQGH
(85
3LOHV SRXU W O FRPPDQGH
[ 5 80
3LOHV SRXU W O FRPPDQGH
- $VVXUH]YRXV TXH OHV SLOHV VRQW FRUUHFWHPHQW
LQVWDOO HV
- 1H P ODQJH] SDV SLOHV QHXYHV HW SLOHV XV HV
5HWLUH] LPP GLDWHPHQW OHV SLOHV XV HV
- 1 XWLOLVH] SDV GH SLOHV GH W\SHV GLII UHQWV S H[
GHV SLOHV DOFDOLQHV HW DX PDQJDQýVH HW
Q XWLOLVH] SDV GH SLOHV UHFKDUJHDEOHV 1L&DG *8,'( '( 0,6( (1 5287( 5$3,'(
5DFFRUGH] O DQWHQQH HW EUDQFKH] O TXLSHPHQW DX[LOLDLUH
5 FHSWHXU VDWHOOLWH
$9
$9
28
0DJQ WRVFRSH
$9
$9
3D\V
'HXWVFKODQG
gVWHUUHLFK
)UDQFH
,WDOLD
(VSDxD
3RUWXJDO
1HGHUODQG
'DQPDUN
6YHULJH
1RUJH
6XRPL
%HOJLTXH
6XLVVH
(//$'$
((X
'pEXW $73
5pJO PDQXHO
&KRLVLU
SD\V
6RUWLU
6 OHFWLRQQH] OH SD\V 3RXU OD 6XLVVH HW OD %HOJLTXH
GH YRWUH FKRL[
FKRLVLVVH] OD ODQJXH
9 ULILH] G DERUG TXH OH PDJQ WRVFRSH HVW HQ PRGH YHLOOH
%UDQFKH] OH W O YLVHXU HW DOOXPH]OH
$SSX\H] VXU OH ERXWRQ URXJH
&+
&+
$73 HQ FRXUV
5HFKHUFKH $WWHQGH] 693
&+
;<=
79 $9 6RUWLU
6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH
OD
WHFKQRORJLH 4/LQN YRXV SRXYH] PDLQWHQDQW O DOOXPHU
/HV SDUDPýWUHV GH U JODJH FRUUHVSRQGURQW FHX[ GX W O YLVHXU
6L XQ PDJQ WRVFRSH FRPSDWLEOH HVW EUDQFK OD SULVH $9 6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH
OD
OHV SDUDPýWUHV GH U JODJH GHV FKDñQHV VHURQW FRSL V VXU OH WHFKQRORJLH 1(;79,(:/,1. YRXV GHYUH] ODQFHU OH W O FKDUJHPHQW
PDJQ WRVFRSH YLD OD OLDLVRQ 4/LQN
PDQXHOOHPHQW
9RLU SDJH 5HSRUWH]YRXV DX PRGH G HPSORL GX PDJQ WRVFRSH SRXU OHV G WDLOV
- 6L OH PDJQ WRVFRSH Q D SDV DFFHSW OHV GRQQ HV W O G FKDUJ HV GX W O YLVHXU YRXV GHYUH] SHXWûWUH V OHFWLRQQHU O RSWLRQ
7 O FKDUJHPHQW GX PHQX GX PDJQ WRVFRSH
- 6L OD OLDLVRQ 4/LQN QH IRQFWLRQQH SDV FRUUHFWHPHQW Y ULILH] OH UDFFRUGHPHQW OD SULVH $9 GX W O YLVHXU Y ULILH] TXH OH F EOH
3(5,7(/ XWLOLV VRLW GX W\SH GLW € )XOO IXQFWLRQ  HW TXH OH PDJQ WRVFRSH VRLW FRPSDWLEOH OD WHFKQRORJLH 4/LQN 1(;79,(:/,1. RX
XQH WHFKQRORJLH TXLYDOHQWH 9HXLOOH] YRXV UHQVHLJQHU DXSUýV GH YRWUH UHYHQGHXU SRXU OHV G WDLOV
- 3RXU SOXV G LQIRUPDWLRQ VXU OD OLDLVRQ 4/LQN HW O TXLSHPHQW GH FRQQH[LRQ UHSRUWH]YRXV DX[ SDJHV HW /D FRQILJXUDWLRQ DXWRPDWLTXH YD FRPPHQFHU OHV FKDñQHV VRQW
LGHQWLIL HV HW P PRULV HV
&200$1'(6 35,1&,3$/(6 )$—$'( (7 7þ/þ&200$1'(
$OLPHQWDWLRQ
6(&7(85 ERXWRQ 0DUFKH$UUûW
7 PRLQ URXJH G WDW GH YHLOOH
8WLOLVH] OH ERXWRQ 9HLOOH RX OHV
WRXFKHV SRXU DOOXPHU OH
W O YLVHXU
675 P PRULVDWLRQ QRUPDOLV H 3HUPHW
GH P PRULVHU OHV SDUDPýWUHV GH U JODJH
GHV IRQFWLRQV
) V OHFWLRQ GHV IRQFWLRQV
$IILFKDJH GHV IRQFWLRQV O FUDQ XWLOLVHU
GH ID˜RQ U S W H SRXU V OHFWLRQQHU OHV
IRQFWLRQV 9ROXPH &RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW 7HLQWH HQ PRGH 176& *UDYHV $LJXùV %DODQFH HW PRGH
&RQILJXUDWLRQ
7RXFKH 0$5&+($55ú7 G WDW GH
YHLOOH
0LVH O WDW GH YHLOOH GX W O YLVHXU
7RXFKHV GH PHQX
3RXU DFF GHU DX[ PHQXV ,PDJH 6RQ
HW &RQILJXUDWLRQ SDJH 7RXFKH (WDW
$SSX\H] SRXU REWHQLU O DIILFKDJH GH OD
SRVLWLRQ GX SURJUDPPH GX QRP GX
SURJUDPPH GX QXP UR GH FDQDO GX
V\VWýPH 79 GH O KHXUH GX PRGH
VW U R HW GX WDEOHDX GH SURJUDPPHV
7RXFKHV 7 O WH[WH SDJH 7RXFKH (QUHJLVWUHPHQW 79 GLUHFW
SDJH 7RXFKH 0DUFKH$UUûW G HIIHW $PELDQFH
$FFýV GLUHFW DX[ FDQDX[ SHQGDQW
O XWLOLVDWLRQ QRUPDOH GX W O YLVHXU
RX SDUWLU GHV PHQXV 5 JODJH
(GLWLRQ GH SURJUDPPH RX
&RQILJXUDWLRQ PDQXHOOH DSSX\H]
HW HQWUH] OH FDQDO YRXOX O DLGH
GHV WRXFKHV QXP ULTXHV
/D WRXFKH 1 UDSSHOOH OHV U JODJHV
P PRULV V DYHF OD WRXFKH GH
P PRULVDWLRQ 675 P PRULVDWLRQ
QRUPDOLV H
3ULVH FDVTXH SDJH 3ULVHV DXGLRYLG R 5&$ SDJH 3ULVH 6 9+6 SDJH &RPPXWDWHXU 79$9 SDJH $XJPHQWH RX GLPLQXH OD SRVLWLRQ GH SURJUDPPH G XQH XQLW /RUVTX XQH IRQFWLRQ HVW G M DIILFK H DSSX\H] SRXU DXJPHQWHU
RX GLPLQXHU G XQH XQLW OD IRQFWLRQ V OHFWLRQQ H
&RXSXUH GX VRQ
&XUVHXUV SHUPHWWDQW OHV V OHFWLRQV HW
U JODJHV
6 OHFWLRQ HQWUH PRGHV W O YLVHXU HW
HQWU H $XGLR9LG R SDJH 7RXFKHV GH FRXOHXU SRXU IRQFWLRQV
þGLWLRQ GHV SURJUDPPHV SDJH )RQFWLRQV 7 O WH[WH SDJH 6 OHFWLRQ $9 SDJH 7RXFKHV GH FKDQJHPHQW GH
SURJUDPPHFKDñQH HW
WRXFKH 7 O WH[WH SDJH 6 OHFWLRQ GHV FKDñQHV GHX[ FKLIIUHV
O DLGH GHV WRXFKHV
QXP ULTXHV
7RXFKHV PDJQ WRVFRSH /HFWHXU GH GLVTXHV '9' SDJH 7RXFKH +HOS $LGH ' PRQVWUDWLRQ
GX IRQFWLRQQHPHQW GHV PHQXV VXU
FUDQ
87,/,6(5 /(6 0(186 685 (&5$1
&H W O YLVHXU HVW TXLS G XQ V\VWýPH DYDQF GH PHQXV G DIILFKDJH
G DFF GHU DX[ U JODJHV HW DX[ RSWLRQV
O FUDQ TXL YRXV SHUPHWWHQW
&KRLVLU
0RGLILFDWLRQ
6RUWLU
79$9
7LWUH GX PHQX
6RXVPHQXV
%DUUH GH V OHFWLRQ
,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS FRXOHXU
3 15
$,
&HUWDLQHV RSWLRQV FRPPH &RQWUDVWH /XPLQRVLW SHUPHWWHQW G DXJPHQWHU RX GH U GXLUH OH QLYHDX
,QGLFDWHXU G RSWLRQ
1RUPDO
1RQ
2XL
&RXOHXU HW 1HWWHW
&HUWDLQHV RSWLRQV FRPPH O RSWLRQ 0LQXWHULH YHLOOH YRXV GHPDQGHQW GH IDLUH XQ
FKRL[
&HUWDLQHV RSWLRQV FRPPH OH PHQX &RQILJXUDWLRQ FRQGXLVHQW XQ DXWUH PHQX
/HV WRXFKHV ,0$*( 621 HW &21),*85$7,21
VRQW XWLOLV HV SRXU RXYULU OHV PHQXV SULQFLSDX[ HW
SRXU UHYHQLU DX PHQX SU F GHQW
,0$*(
621
&21),*85$7,21
/HV WRXFKHV GH FXUVHXU KDXW HW EDV SHUPHWWHQW GH
G SODFHU OH FXUVHXU YHUWLFDOHPHQW VXU OHV PHQXV
/HV FXUVHXUV JDXFKH HW GURLWH SHUPHWWHQW G DFF GHU
DX[ PHQXV G DMXVWHU OHV QLYHDX[ RX GH V OHFWLRQQHU
OHV GLII UHQWHV RSWLRQV
/D WRXFKH 675 SHUPHW GH P PRULVHU OHV
SDUDPýWUHV DSUýV DYRLU HIIHFWX XQ U JODJH RX
U JO O WDW G XQH RSWLRQ
675
79$9
/D WRXFKH 79$9 SHUPHW GH VRUWLU GX V\VWýPH GH
PHQX HW GH UHYHQLU O FUDQ 79 QRUPDO
/D WRXFKH +(/3
$LGH G PRQWUH OH
IRQFWLRQQHPHQW GHV PHQXV GLVSRQLEOHV $SSX\H]
VXU OD WRXFKH +(/3 HW V OHFWLRQQH] O XQH GHV
RSWLRQV
6L OD WRXFKH l+(/3 l HVW DFWLRQQ H DORUV TX XQ
PHQX HVW DIILFK OD lERñWH G LQVWUXFWLRQVl VHUD
GLVVLPXO H $SSX\H] QRXYHDX VXU OD WRXFKH
l+(/3 l SRXU DIILFKHU OD lERñWH G LQVWUXFWLRQVl
,QVWUXFWLRQV
+(/3
"
0(18 ,0$*(
&H PHQX YRXV SHUPHW G HIIHFWXHU WRXV OHV U JODJHV GH TXDOLW GH O LPDJH
2XYUH] OH PHQX ,PDJH
&KRLVLU
5pJOHU
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
,PDJH
$XJPHQWH] RX U GXLVH] OHV
QLYHDX[ RX U JOH] O WDW GHV
RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU GX PHQX ,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPSFRXOHXU
3 15
$,
79$9
79$9
6RUWLU
1RUPDO
1RQ
2XL
&RQWUDVWH
/XPLQRVLW
&RXOHXU
&KRLVLU
/HV QLYHDX[ GH FRQWUDVWH OXPLQRVLW FRXOHXU HW QHWWHW SHXYHQW ûWUH U JO V
VHORQ YRV SU I UHQFHV
1HWWHW
7HLQWH
7HPS FRXOHXU
315
$,
/H U JODJH GH OD WHLQWH Q DSSDUDñWUD HQ
WDQW TX RSWLRQ GH PHQX TXH VL XQH
VRXUFH GH VLJQDO 176& HVW FRQQHFW H
DX W O YLVHXU SRXU YRXV SHUPHWWUH GH
U JOHU OD WHLQWH
5pJOHU
79$9
6RUWLU
,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPSFRXOHXU
3 15
$,
1RUPDO
1RQ
2XL
/H U JODJH G TXLOLEUDJH GHV FRXOHXUV
YRXV SHUPHW GH U JOHU OD FRXOHXU
GRPLQDQWH GH O LPDJH
315 U GXLW DXWRPDWLTXHPHQW
SDUDVLWHV LQG VLUDEOHV
OHV
$,
DQDO\VH
/H
U JODJH
DXWRPDWLTXHPHQW O LPDJH UH˜XH HW OXL
DSSOLTXH XQ WUDLWHPHQW SRXU DP OLRUHU
OH FRQWUDVWH OD SURIRQGHXU GH FKDPS HW
OD YLYDFLW GHV FRXOHXUV
1HWWHWp
0(18 621
/H PHQX 6RQ YRXV SHUPHW GH U JOHU WRXV OHV DVSHFWV GX VRQ VHORQ YRV SU I UHQFHV
6281'
2XYUH] OH PHQX 6RQ
&KRLVLU
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
5pJOHU
79$9
$XJPHQWH] RX GLPLQXH] OHV
QLYHDX[ RX U JOH] O WDW GHV
RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU GX PHQX 6RQ
9ROXPH
*UDYH
$LJX
%DODQFH
03;
0RGH
$PELDQFH
6RUWLU
6RQ
79$9
9ROXPH
*UDYH
$LJX
%DODQFH
03;
0RGH
$PELDQFH
6WpUpR
0XVLTXH
1RQ
&KRLVLU
/H U JODJH 9ROXPH YRXV SHUPHW GH
U JOHU OH QLYHDX GH YROXPH J Q UDO
/H U JODJH *UDYHV YRXV SHUPHW
G DFFHQWXHU OHV IU TXHQFHV OHV SOXV
EDVVHV HW SHXW ûWUH DXJPHQW RX
GLPLQX /H U JODJH $LJXùV YRXV SHUPHW
G DFFHQWXHU OHV IU TXHQFHV OHV SOXV
KDXWHV HW SHXW ûWUH DXJPHQW RX
GLPLQX 0RGLILFDWLRQ
79$9
6RQ
9ROXPH
*UDYH
$LJX
%DODQFH
03;
0RGH
$PELDQFH
6WpUpR
0XVLTXH
1RQ
/D EDODQFH DJLW VXU OHV QLYHDX[ VRQRUHV
HQWUH OHV KDXWSDUOHXUV GURLWH HW JDXFKH
&HOD SHUPHW GH U JOHU OHV QLYHDX[
VRQRUHV HQWUH OHV KDXWSDUOHXUV HQ
IRQFWLRQ GH OD SRVLWLRQ G FRXWH
03; HVW KDELWXHOOHPHQW U JO HQ PRGH
6W U R SRXU RIIULU OD PHLOOHXUH
UHSURGXFWLRQ VRQRUH (Q FDV GH
G JUDGDWLRQ GH OD U FHSWLRQ RX
G LQGLVSRQLELOLW GX VHUYLFH QRXV YRXV
UHFRPPDQGRQV GH SDVVHU HQ PRGH
0RQR /HV PRGHV 0RQR 0 HW 0
SHXYHQW ûWUH V OHFWLRQQ V VL GHV
VLJQDX[ FRUUHVSRQGDQWV VRQW WUDQVPLV
/H VRQ SHXW ûWUH DP OLRU GXUDQW OHV
PRGHV 0XVLTXH RX 3DUROH HQ
V OHFWLRQQDQW OD IRQFWLRQ DSSURSUL H
/ RSWLRQ $PELDQFH IRXUQLW XQH
VWLPXODWLRQ G\QDPLTXH TXL VLPXOH O HIIHW
GH VRQ VSDWLDO DP OLRU 6RUWLU
&KRLVLU
0RGLILFDWLRQ
79$9
6RQ
9ROXPH
*UDYH
$LJX
%DODQFH
03;
0RGH
$PELDQFH
6WpUpR
0XVLTXH
1RQ
6RUWLU
0(18 &21),*85$7,21
/H PHQX &RQILJXUDWLRQ YRXV SHUPHW G DFF GHU GLYHUVHV IRQFWLRQV DYDQF HV DLQVL TX DX PHQX
5 JODJH
6(7 83
2XYUH] OH PHQX &RQILJXUDWLRQ
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
&KRLVLU
0RGLILFDWLRQ
$XJPHQWH] RX GLPLQXH] OHV
QLYHDX[ RX U JOH] O WDW GHV
RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU GX PHQX
&RQILJXUDWLRQ
79$9
6RUWLU
&RQILJXUDWLRQ
79$9
7 O WH[WH
/ RSWLRQ 7 O WH[WH YRXV SHUPHW GH
FKRLVLU HQWUH OHV PRGHV )/2) RX /,67
SDJH )RUPDW
)RUPDW YRXV SHUPHW GH YRLU GHV
SURJUDPPHV HQ IRUPDW JUDQG FUDQ
DYHF OH UDWLR G DVSHFW FRUUHFW 0LQXWHULH YHLOOH
/D PLQXWHULH GH YHLOOH SHUPHW GH
V OHFWLRQQHU O KHXUH GH FRXSXUH GX
W O YLVHXU VXU XQH SODJH GH PLQXWHV LQWHUYDOOHV GH PLQXWHV
4/LQN
/D OLDLVRQ 4/LQN YRXV SHUPHW G DFWLYHU
RX GH G VDFWLYHU OD FRPPXQLFDWLRQ GH
GRQQQ HV DYHF XQ PDJQ WRVFRSH
FRPSDWLEOH SDJH 7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
2XL
&KRLVLU
0RGLILFDWLRQ
79$9
6RUWLU
&RQILJXUDWLRQ
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
2XL
&KRLVLU
5pJODJH
/DQJXHV 26'
/H PHQX 5 JODJH YRXV GRQQH DFFýV
GH QRPEUHXVHV DXWUHV IRQFWLRQV GRQW (GLWLRQ GHV SURJUDPPHV )RQFWLRQ $73
5 JODJH ILQ 6\VWýPH GH FRXOHXU HW
9ROXPH SDJH /H PHQX /DQJXH 26' YRXV SHUPHW GH
FKDQJHU OD ODQJXH XWLOLV H VXU WRXV OHV
PHQXV G FUDQ SDJH 0RGLILFDWLRQ
79$9
6RUWLU
&RQILJXUDWLRQ
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
1RQ
0(18 5þ*/$*(
/H PHQX 5 JODJH YRXV SHUPHW G DFF GHU DX[ PHQXV 5 JODJH PDQXHO 5 JODJH DXWRPDWLTXH HW
5 JODJH ILQ
2XYUH] OH PHQX &RQILJXUDWLRQ
&21),*85$7,21
&KRLVLU
$OOH] DX PHQX 5 JODJH
0RGLILFDWLRQ
&RQILJXUDWLRQ
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
$XJPHQWH] RX GLPLQXH] OHV
U JODJHV U JOH] O WDW GHV
RSWLRQV RX DFF GH] XQ DXWUH
PHQX
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU
3URJ VpOHFWLRQ
6RUWLU
79$9
(QWUH] GDQV OH PHQX 5 JODJH
)/2)
1RQ
1RQ
79$9
/ DFFýV DX PHQX (GLWLRQ GHV
SURJUDPPHV YRXV SHUPHW GH
G SODFHU G LQV UHU G HIIDFHU GH
QRPPHU HW GH EORTXHU OHV FKDñQHV HW
G DFF GHU DX V\VWýPH 79 SDJH 5HFKHUFKH DXWR
/H PHQX &RQILJXUDWLRQ DXWRPDWLTXH
YRXV SHUPHW GH UHFRQILJXUHU
DXWRPDWLTXHPHQW YRWUH W O YLVHXU
SDJH 5pJODJH PDQXHO
/H PHQX 5 JODJH PDQXHO YRXV
SHUPHW GH U JOHU PDQXHOOHPHQW OHV
SRVLWLRQV GH SURJUDPPHV LQGLYLGXHOV
SDJH 5 JODJH ILQ
&HWWH RSWLRQ YRXV SHUPHW G HIIHFWXHU OH
U JODJH G DFFRUG ILQ GHV FKDñQHV
&KRLVLU
$FFpGHU
79$9
&RQILJXUDWLRQ
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
1RQ
$FFpGHU
&KRLVLU
&+
6\VWýPH FRXOHXU
/H PHQX 6\VWýPH FRXOHXU YRXV
SHUPHW GH FKRLVLU OH VWDQGDUG GH
WUDQVPLVVLRQ FRUUHFW
5 JODJH YROXPH
9RXV SHUPHW GH U JOHU OH QLYHDX GH
YROXPH GH FKDTXH FKDñQH LQGLYLGXHOOH
' FRGHXU $9
&HWWH RSWLRQ HVW XWLOLV H TXDQG XQ
G FRGHXU HVW FRQQHFW YLD $9 /D
PHWWUH O WDW $&7,9þ VL XQ VLJQDO
FRG GRLW ûWUH G FRG SDU OH
G FRGHXU /D PHWWUH
O WDW
G VDFWLY DSUýV O XWLOLVDWLRQ
6RUWLU
$FFpGHU
5HYHQLU
79$9
675
5pJODJH
3URJ VpOHFWLRQ
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
5pJODJH YROXPH
'pFRGHXU $9
$FFpGHU
$872
1RQ
6RUWLU
0pPR
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
/H PHQX þGLWLRQ GHV SURJUDPPHV YRXV SHUPHW G DMXVWHU OHV U JODJHV GH SRVLWLRQ GHV SURJUDPPHV
2XYUH] OH PHQX &RQILJXUDWLRQ
&21),*85$7,21
&KRLVLU
$OOH] DX PHQX 5 JODJH
0RGLILFDWLRQ
6RUWLU
79$9
(QWUH] GDQV OH PHQX 5 JODJH
&RQILJXUDWLRQ
$OOH] DX PHQX þGLWLRQ GHV
SURJUDPPHV
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
(QWUH] GDQV OH PHQX þGLWLRQ GHV
SURJUDPPHV
)/2)
1RQ
1RQ
(IIHFWXH] OHV FKDQJHPHQWV
YRXOXV UHSRUWH]YRXV DX[
VHFWLRQV VXLYDQWHV $SSX\H] VXU OD WRXFKH 675 SRXU
P PRULVHU OHV FKDQJHPHQWV
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
&KRLVLU
$FFpGHU
675
79$9
3RXU HIIDFHU XQH SRVLWLRQ GH SURJUDPPH
LQXWLOH
&RQILJXUDWLRQ
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
1RQ
$FFpGHU
&KRLVLU
&+
$FFpGHU
5HYHQLU
79$9
675
5pJODJH
&KRLVLVVH] OD SRVLWLRQ GH
SURJUDPPH
3URJ VpOHFWLRQ
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
5pJODJH YROXPH
'pFRGHXU $9
$SSX\H] VXU OD WRXFKH URXJH GH
OD W O FRPPDQGH
$872
1RQ
&KDQJHU
SURJUDPPH
6pOHFWLRQQHU
5HYHQLU 79$9
6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
3URJ
(IIDF
&K
&+
6RUWLU
0pPR
$FFpGHU
$SSX\H] XQH QRXYHOOH IRLV VXU OD
WRXFKH URXJH SRXU YDOLGHU
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
6RUWLU
79$9
1RP
;<=
,QVpU
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
&KDQJHU
79!9&5
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU DMRXWHU XQH SRVLWLRQ GH SURJUDPPH
&KRLVLVVH] OD SRVLWLRQ GH
SURJUDPPH RÖ VHUD LQV U OH
QRXYHDX SURJUDPPH
5HYHQLU 6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
$SSX\H] VXU OD WRXFKH YHUWH
3URJ
$SSX\H] GH QRXYHDX VXU OD WRXFKH
YHUWH SRXU YDOLGHU
&HWWH SRVLWLRQ YLHUJH SHXW
PDLQWHQDQW ûWUH FRQILJXU H
QRPP H EORTX H HW XWLOLV H SRXU OH
V\VWýPH GH W O YLVLRQ GH YRWUH
FKRL[
$SSX\H] VXU 675 SRXU P PRULVHU
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
3RXU G SODFHU XQ SURJUDPPH
&KDQJHU
SURJUDPPH
6pOHFWLRQQHU
&K
&+
&+
1RP
;<=
=;<
(IIDF
,QVpU
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
&KDQJHU
79!9&5
675
79$9
XQH DXWUH SRVLWLRQ
5HYHQLU $SSX\H] VXU OD WRXFKH MDXQH GH
OD W O FRPPDQGH
6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
3URJ
6 OHFWLRQQH] OD SRVLWLRQ TXH
YRXV VRXKDLWH] G SODFHU
&KDQJHU
SURJUDPPH
6pOHFWLRQQHU
&K
&+
&+
1RP
%ORTXHU 6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
&KDQJHU
79!9&5
=;<
(IIDF
,QVpU
6 OHFWLRQQH] OD QRXYHOOH
SRVLWLRQ
&KDQJHU
SURJUDPPH
6pOHFWLRQQHU
5HYHQLU $SSX\H] GH QRXYHDX VXU OD
WRXFKH MDXQH SRXU YDOLGHU
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
3URJ
79$9
(IIDF
&K
&+
1RP
;<=
&+
=;<
,QVpU
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
&KDQJHU
79!9&5
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU U JOHU XQH SRVLWLRQ GH SURJUDPPH
6 OHFWLRQQH] OD SRVLWLRQ GH
SURJUDPPH
0RGLILHU
OD FKDvQH
6pOHFWLRQQHU
5HYHQLU
$OOH] OD FRORQQH &DQDO
79$9
675
3URJUDPPH VpOHFWLRQ
$XJPHQWH] RX U GXLVH] OH QXP UR
GH FDQDO RX XWLOLVH] OD WRXFKH &
SRXU O DFFýV GLUHFW DX FDQDO
SDJH 3URJ
$SSX\H] VXU 675 SRXU P PRULVHU
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
675
&K
&+
&+
1RP
;<=
=;<
6RUWLU
0pPR
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
79$9
3RXU FKDQJHU OH QRP G XQH SRVLWLRQ GH
SURJUDPPH
&KRLVLVVH] OD SRVLWLRQ YRXOXH
5HYHQLU
3RVLWLRQQH]YRXV VXU OH QRP
3URJUDPPH VpOHFWLRQ
3URJ
&K
1RP
&KDQJHU
FDUDFWLUH
6pOHFWLRQQHU
79$9
675
%ORTXHU 6\V
&+
;<=
1RQ
1RQ
&+
=;<
1RQ
1RQ
1RQ
$ % & ' ( ) * + , - . / 0
1 2 3 4 5 6 7 8 9 : ; < =
6 OHFWLRQQH] OH QRXYHDX SUHPLHU
FDUDFWýUH
3RVLWLRQQH]YRXV VXU OH VHFRQG
FDUDFWýUH
6RUWLU
0pPR
6&
6&
6&
6&
6&
&RQWLQXH] MXVTX DX FKDQJHPHQW
FRPSOHW GX QRP
$SSX\H] VXU 675 SRXU P PRULVHU
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
675
79$9
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU EORTXHU XQH SRVLWLRQ GH SURJUDPPH
DILQ G HQ LQWHUGLUH O DFFýV
6 OHFWLRQQH] OD SRVLWLRQ G VLU H
3RVLWLRQQH]YRXV VXU OD FRORQQH
%ORTXHU
%ORTXHU
RXLQRQ
6pOHFWLRQQHU
5HYHQLU
6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
6 OHFWLRQQH] O WDW %ORTXHU DFWLY
RX G VDFWLY 3URJ
$SSX\H] VXU 675 SRXU P PRULVHU
675
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
79$9
SURJUDPPHV
1RWH
4XDQG XQH SRVLWLRQ GH SURJUDPPH HVW EORTX H
O DFFýV GLUHFW DX FDQDO HQ XWLOLVDQW OD WRXFKH & HW OHV
WRXFKHV QXP ULTXHV GH OD W O FRPPDQGH Q HVW SDV
GLVSRQLEOH
&K
&+
&+
1RP
;<=
=;<
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
3RXU FKDQJHU OH V\VWýPH 79 SRXU XQH
SRVLWLRQ GH SURJUDPPH YRXOXH
6 OHFWLRQQH] OD SRVLWLRQ G VLU H
3RVLWLRQQH]YRXV VXU OD FRORQQH
6\V
&KRLVLVVH] OH V\VWýPH YRXOX 6& 3$/ %* + 6(&$0 %*
6& 3$/ ,
6& 3$/ '. 6(&$0 '.
) 6(&$0 //
$SSX\H] VXU 675 SRXU P PRULVHU
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
0RGLILHU OH
V\VWqPH 79
6pOHFWLRQQHU
5HYHQLU
675
79$9
675
3URJUDPPH VpOHFWLRQ
3URJ
79$9
3RXU FRSLHU OHV SDUDPýWUHV GH SURJUDPPH VXU
$9
XQ PDJQ WRVFRSH FRPSDWLEOH FRQQHFW
&K
&+
&+
1RP
;<=
=;<
6RUWLU
0pPR
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
$OOH] OD FRORQQH 3URJ
$SSX\H] VXU OH ERXWRQ EOHX GH OD
W O FRPPDQGH
/HV SDUDPýWUHV GX SURJUDPPH
VRQW PDLQWHQDQW WUDQVPLV DX
PDJQ WRVFRSH &HOD SHXW SUHQGUH
TXHOTXHV VHFRQGHV VHORQ OH
QRPEUH GH FKDñQHV P PRULV HV
6L OH PHVVDJH k4/LQN" 9HULILHU
WDW PDJQ WRVFRSHl DSSDUDñW
O FUDQ OH W O YLVHXU Q HVW SDV HQ
PHVXUH GH WUDQVPHWWUH OHV
GRQQ HV GH SURJUDPPH DX
PDJQ WRVFRSH 9HXLOOH] FRQVXOWHU
OH 0RGH G HPSORL GX
PDJQ WRVFRSH SRXU SOXV GH
G WDLOV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
79$9
79!9&5 (1 &2856
$77(1'(= 693
3URJUDPP 7pOpFRPPDQGH QRQ GLVSRQLEOH
6&
6&
6&
6&
6&
0(18 5þ*/$*( $73 &21),*85$7,21 $8720$7,48(
/H PHQX &RQILJXUDWLRQ DXWRPDWLTXH YRXV SHUPHW GH UHFRQILJXUHU DXWRPDWLTXHPHQW YRWUH W O YLVHXU
HQ IRQFWLRQ GHV FKDñQHV GH W O YLVLRQ ORFDOHV &HWWH IRQFWLRQ HVW XWLOH HQ FDV GH G P QDJHPHQW
GDQV XQH DXWUH U JLRQ
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
&KRLVLU
&+
$FFpGHU
5HYHQLU
$OOH] DX PHQX 5 JODJH
79$9
675
5pJODJH
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] DX PHQX 5HFKHUFKH DXWR
3URJ VpOHFWLRQ
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
5pJODJH YROXPH
'pFRGHXU $9
6RUWLU
0pPR
$FFpGHU
$872
1RQ
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ DXWR
$SSX\H] SRXU FRQILUPHU HW
FRPPHQFHU
$77(17,21
$73 HIIDFHUD OHV GRQQqHV DFWXHOOHV
HW H[HFXWHUD XQ QRXYHDX UpJODJH
6 OHFWLRQQH] OH SD\V
'pEXW $73
$SSX\H] SRXU ODQFHU OD
FRQILJXUDWLRQ DXWRPDWLTXH $73 5HYHQLU
79$9
6RUWLU
3D\V
/H W O YLVHXU YD FKHUFKHU
LGHQWLILHU HW WULHU GDQV O RUGUH OHV
FKDñQHV GH W O YLVLRQ ORFDOHV 6L
XQ PDJQ WRVFRSH FRPSDWLEOH HVW
FRQQHFW OD SULVH $9 OHV
SDUDPýWUHV GHV SURJUDPPHV
VHURQW WUDQVPLV DXWRPDWLTXHPHQW
DX PDJQ WRVFRSH YLD OD OLDLVRQ
4/LQN SDJH 'HXWVFKODQG
gVWHUUHLFK
)UDQFH
,WDOLD
(VSDxD
3RUWXJDO
1HGHUODQG
'DQPDUN
6YHULJH
1RUJH
6XRPL
%HOJLHQ
6FKZHL]
(//$'$
((X
&KRLVLU SD\V
5HYHQLU
'pEXW $73
79$9
6RUWLU
&+
8QH IRLV FHWWH RS UDWLRQ WHUPLQ H
OH W O YLVHXU DIILFKHUD OD SRVLWLRQ
GH SURJUDPPH $73 (1 &2856
5(&+(5&+( $77(1'(= 693
&+ ;<=
6(783 5HYHQLU DX PHQX FDQDX[
79$9 3RXU VRUWLU
0(18 5þ*/$*( 5þ*/$*( 0$18(/
/H U JODJH PDQXHO GHV SRVLWLRQV GH SURJUDPPHV SHXW V HIIHFWXHU
FRPPDQGHV HQ ID˜DGH
SDUWLU GX PHQX VXU FUDQ RX GHV
0HQX 5 JODJH PDQXHO
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
&KRLVLU
&+
$OOH] DX PHQX 5 JODJH
$FFpGHU
5HYHQLU
5pJODJH
(QWUH] GDQV OH PHQX 5 JODJH
3URJ VpOHFWLRQ
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
5pJODJH YROXPH
'pFRGHXU $9
$OOH] 5 JODJH PDQXHO
(QWUH] GDQV 5 JODJH PDQXHO
$FFpGHU
$872
1RQ
6 OHFWLRQQH] OD SRVLWLRQ GH
SURJUDPPH G VLU H
&+
3URJUDPPH
EDVKDXW
5HFKHUFKH
EDVKDXW
6RUWLU
0pPR
&RPPHQFH] OH U JODJH
4XDQG OH SURJUDPPH YRXOX HVW
ORFDOLV DSSX\H] VXU 675 SRXU
P PRULVHU
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU GX PHQX 5 JODJH
PDQXHO
6RUWLU
0pPR
79$9
675
5HYHQLU
675
79$9
79$9
675
5pJODJH PDQXHO
5 JODJH PDQXHO FRPPDQGHV HQ ID˜DGH
$SSX\H] VXU OD WRXFKH ) )D˜DGH
MXVTX REWHQWLRQ GX PHQX
€5 JODJH
$SSX\H] VXU OD WRXFKH RX $SSX\H] VXU OD WRXFKH 79$9 SRXU
DOWHUQHU HQWUH € &KDQJHU
SURJUDPPH  € ' EXWHU UHFKHUFKH 
RX € 0RGLILHU OH V\VWýPH 79 
$SSX\H] VXU RX SRXU FKDQJHU
GH SRVLWLRQ GH SURJUDPPH
FRPPHQFHU OD UHFKHUFKH RX
FKDQJHU OH V\VWýPH 79
4XDQG OD FKDñQH YRXOXH HVW
ORFDOLV H DSSX\H] VXU 675 SRXU
P PRULVHU
5 S WH] OD SURF GXUH FLGHVVXV
SRXU DFFRUGHU G DXWUHV
SURJUDPPHV RX DSSX\H] VXU OD
WRXFKH ) SRXU VRUWLU
)
&+
Y
6&
5pJODJH PDQXHO
79$9
79$9
675
)
)DoDGH
'pEXWHU UHFKHUFKH
'pSODFHU OH FXUVHXU
3RXU PpPR
3RXU VRUWLU
Y
675 )
675
)
9 79$9
/$1*8( 26'
/RUV GH O LQVWDOODWLRQ LQLWLDOH GX W O YLVHXU OD ODQJXH G DIILFKDJH O FUDQ D W U JO H HQ IRQFWLRQ GX
SD\V GH YRWUH FKRL[ 9RXV SRXYH] FHSHQGDQW V OHFWLRQQHU XQH DXWUH ODQJXH SDUWLU GX PHQX
/DQJXHV 26'
2XYUH] OH PHQX &RQILJXUDWLRQ
&21),*85$7,21
&KRLVLU
$FFpGHU
$OOH] DX PHQX /DQJXH 26'
6RUWLU
79$9
&RQILJXUDWLRQ
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
(QWUH] GDQV OH PHQX /DQJXHV
26'
)/2)
1RQ
1RQ
$FFpGHU
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
$SSX\H] VXU OD WRXFKH 79$9
SRXU YDOLGHU YRWUH V OHFWLRQ HW
VRUWLU
&KRLVLU
79$9
5HYHQLU
&KRLVLU
79$9
6RUWLU
/DQJXHV 26'
'HXWVFK
(QJOLVK
)UDQoDLV
,WDOLDQR
(//+1,.$
(VSDxRO
1RUVN
'DQVN
6YHQVND
1HGHUODQGV
6XRPL
7UNoH
3RUWXJXrV
/,$,621 4/,1.
/D OLDLVRQ 4/LQN SHUPHW DX W O YLVHXU GH FRPPXQLTXHU DYHF YRWUH PDJQ WRVFRSH
6(7 83
2XYUH] OH PHQX &RQILJXUDWLRQ
&KRLVLU
0RGLILFDWLRQ
$OOH] /LDLVRQ 4/LQN
79$9
6RUWLU
&RQILJXUDWLRQ
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
&RQILUPH] TXH OD OLDLVRQ 4/LQN
HVW O WDW kDFWLY l
79$9
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU
)/2)
1RQ
2XL
/H PDJQ WRVFRSH GRLW ûWUH FRQQHFW SDU XQ F EOH 3(5,7(/ W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV HQWUH OD SULVH $9 GX W O YLVHXU HW OD SULVH
FRUUHVSRQGDQWH GX PDJQ WRVFRSH &RQVXOWH] OH PRGH G HPSORL GX PDJQ WRVFRSH SRXU WRXV UHQVHLJQHPHQWV FRPSO PHQWDLUHV /D
OLDLVRQ 4/LQN OD OLDLVRQ 1(;79,(:/,1. RX OHV WHFKQRORJLHV VLPLODLUHV SHUPHWWHQW DX W O YLVHXU GH FRPPDQGHU XQ PDJQ WRVFRSH
FRPSDWLEOH G HQUHJLVWUHU OH SURJUDPPH UHWUDQVPLV FH PRPHQWO VXU O FUDQ RX GX W O YLVHXU TXHOOH TXH VRLW OD SRVLWLRQ GH U JODJH GH
SURJUDPPH GX PDJQ WRVFRSH &HOD VLPSOLILH FRQVLG UDEOHPHQW O HQUHJLVWUHPHQW GHV SURJUDPPHV
3RXU HQUHJLVWUHU O PLVVLRQ TXH YRXV ûWHV HQ WUDLQ GH UHJDUGHU
$SSX\H] VXU OD WRXFKH ',5(&7 79 5(& GH OD W O FRPPDQGH
',5(&7
79 5(&
6L OH PDJQ WRVFRSH HVW WHLQW LO V DOOXPH DXWRPDWLTXHPHQW TXDQG YRXV DSSX\H] VXU OD WRXFKH ',5(&7 79 5(&
8Q PHVVDJH SURYHQDQW GX PDJQ WRVFRSH V DIILFKH VXU O FUDQ GX W O YLVHXU SRXU LQGLTXHU FH TXL HVW HQUHJLVWU RX TXH
O HQUHJLVWUHPHQW GLUHFW HVW LPSRVVLEOH 0DJQpWRVFRSH HQUHJ SURJ SUpUpJOp
0DJQpWRVFRSH HQU VRQ SURSUH WXQHU
/H PDJQ WRVFRSH HQUHJLVWUH OH VLJQDO GH
SURJUDPPH GH VRQ SURSUH WXQHU 9RXV SRXYH]
WHLQGUH OH W O YLVHXU HW ODLVVHU OH PDJQ WRVFRSH
HQUHJLVWUHU GH OD ID˜RQ QRUPDOH
6RXUFH 79 HQ FRXUV G·HQUHJLVWUHPHQW
/H PDJQ WRVFRSH HVW HQ WUDLQ G HQUHJLVWUHU O PLVVLRQ UHWUDQVPLVH SDU
OH W O YLVHXU 9RXV QH GHYH] SDV FKDQJHU OD SRVLWLRQ GH SURJUDPPH
RX WHLQGUH OH W O YLVHXU VL YRXV OH IDLWHV OH PDJQ WRVFRSH V DUUûWHUD
DXWRPDWLTXHPHQW G HQUHJLVWUHU HW V WHLQGUD
3DV G·HQUHJ &$66(77( 3527(*((
/D ODQJXHWWH GH SURWHFWLRQ O DUULýUH GH OD FDVVHWWH
YLG R D W HQOHY H
([HPSOHV G DXWUHV PHVVDJHV SRXYDQW ûWUH DIILFK V 3DV G·HQUHJ &$66(77( 121 ,16(5((
3DV G·HQUHJ (15(* '(-$ (1 &2856
3DV G·HQUHJ /(&785( (1 &2856
3DV G·HQUHJ %$1'( (1'200$*((
(QUHJLVWUHPHQW 9&5 9&5 H[W
3DV G·HQUHJ $%6(1&( '( 6,*1$/
3RXU O FKDQJH GHV SDUDPýWUHV GH U JODJH
3RXU DVVXUHU GHV HQUHJLVWUHPHQWV YLG R FRUUHFWV OH W O YLVHXU HW OH PDJQ WRVFRSH GRLYHQW SRXYRLU FKDQJHU GHV LQIRUPDWLRQV VXU OHV
SDUDPýWUHV GH U JODJH SDJH - &KDTXH IRLV TXH OD IRQFWLRQ &RQILJXUDWLRQ DXWRPDWLTXH $73 HVW XWLOLV H OHV SDUDPýWUHV GH U JODJH VRQW WUDQVPLV DX PDJQ WRVFRSH
)RQFWLRQV 0LVH HQ PDUFKH HW $UUûW DXWRPDWLTXHV GX W O YLVHXU
&HV IRQFWLRQV VXSSO PHQWDLUHV VRQW GLVSRQLEOHV DYHF OD OLDLVRQ 4/LQN GH 3DQDVRQLF
- 4XDQG YRXV LQWURGXLVH] XQH FDVVHWWH YLG R GDQV YRWUH PDJQ WRVFRSH HW TXH YRXV DSSX\H] VXU OH ERXWRQ 0DUFKH GX PDJQ WRVFRSH
OH W O YLVHXU VH PHW DXWRPDWLTXHPHQW HQ PDUFKH HW V OHFWLRQQH O HQWU H $9 SRXU YRXV SHUPHWWUH GH YLVLRQQHU OD YLG R
- 6L YRXV WHLJQH] OH W O YLVHXU DORUV TXH OH PDJQ WRVFRSH HVW HQ PRGH $UUûW $YDQFH UDSLGH RX 5HPERELQDJH OH PDJQ WRVFRSH
V DUUûWHUD DXWRPDWLTXHPHQW
3RXU G VDFWLYHU OD OLDLVRQ 4/LQN
6L YRXV QH VRXKDLWH] SDV XWLOLVHU OD OLDLVRQ 4/LQN DOOH] DX PHQX &RQILJXUDWLRQ V OHFWLRQQH] O RSWLRQ 4/LQN HW V OHFWLRQQH] O WDW
€ ' VDFWLY  2II SDJH 1RWH LPSRUWDQWH 7RXV OHV PDJQ WRVFRSHV Q DFFHSWHQW SDV FH V\VWýPH GH FRPPXQLFDWLRQV GH GRQQ HV &HUWDLQV PDJQ WRVFRSHV SHXYHQW DFFHSWHU
FHUWDLQHV IRQFWLRQV PDLV SDV G DXWUHV &RQVXOWH] OH PRGH G HPSORL GH YRWUH PDJQ WRVFRSH SRXU YRXV LQIRUPHU
6L OD OLDLVRQ 4/LQN HVW LQRS UDQWH FRPPHQFH] SDU FRQILUPHU TXH OH F EOH 3(5,7(/ XWLOLV HVW ELHQ GX W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV
&RQVXOWH] YRWUH UHYHQGHXU SRXU YRXV LQIRUPHU
6þ/(&7,21 (7 &21),*85$7,21 $9
/H PHQX 6 OHFWLRQ $9 YRXV SHUPHW GH V OHFWLRQQHU OD VRXUFH $9 GH YRWUH FKRL[
$SSX\H] VXU OD WRXFKH 79$9
79$9
$9
$SSX\H] VXU OD WRXFKH GH FRXOHXU
DSSURSUL H GH OD W O FRPPDQGH
SHQGDQW TXH OHV RSWLRQV VRQW
DIILFK HV O FUDQ /HV RSWLRQV GLVSDUDLVVHQW
9RXV SRXYH] HIIHFWXHU GHV U JODJHV
GDQV OHV PHQXV &RQILJXUDWLRQ RX
6RQ
$9
$96
$96
0HQX &RQILJXUDWLRQ
2XYUH] OH PHQX &RQILJXUDWLRQ
&21),*85$7,21
&KRLVLU
0RGLILFDWLRQ
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
79$9 79$96RUWLU
&RQILJXUDWLRQ
$FF GH] DX[ U JODJHV RX DX[
RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU
79$9
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
6\VWqPH FRXOHXU
5pJODJH YROXPH
4 /LQN
/DQJXHV 26'
)/2)
1RQ
$872
2XL
0HQX 6RQ
621
2XYUH] OH PHQX 6RQ
&KRLVLU
5pJOHU
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
79$9
6RUWLU
6RQ
$FF GH] DX[ U JODJHV RX DX[
RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU
79$9
9ROXPH
*UDYH
$LJX
%DODQFH
0RGH
$PELDQFH
0XVLTXH
1RQ
)21&7,21 0$*1þ726&23(/(&7(85 '( 9,'þ2',648(6 '9'
&HWWH W O FRPPDQGH SHXW ûWUH XWLOLV H DYHF FHUWDLQV PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV DX IRUPDW '9' 'LJLWDO 9HUVDWLOH 'LVF
GH OD PDUTXH 3DQDVRQLF þWDQW GRQQ TXH FHUWDLQV PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV RIIUHQW GHV IRQFWLRQV GLII UHQWHV
YHXLOOH] YRXV U I UHU DX PRGH G HPSORL GH O DSSDUHLO RX FRQVXOWHU OH UHYHQGHXU SRXU YRXV LQIRUPHU
'9'
9&5
þWDW GH YHLOOH
$SSX\H] VXU FHWWH WRXFKH SRXU PHWWUH OH
PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV O WDW GH
YHLOOH
$SSX\H] QRXYHDX SRXU O DOOXPHU
7RXFKH PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV '9'
8WLOLVH] FHWWH WRXFKH SRXU TXH OD W O FRPPDQGH
FRPPDQGH OH PDJQ WRVFRSH RX OH OHFWHXU GH
YLG RGLVTXHV
/HFWXUH
$SSX\H] VXU FHWWH WRXFKH SRXU OLUH OD FDVVHWWHOH
GLVTXH YLG R
$UUûW
$SSX\H] VXU FHWWH WRXFKH SRXU DUUûWHU OD FDVVHWWHOH
GLVTXH YLG R
6DXW GH SODJH$YDQFH UDSLGH9LVXDOLVDWLRQ
0$*1þ726&23( $SSX\H] VXU FHWWH WRXFKH SRXU
FRPPDQGHU O DYDQFH UDSLGH (Q PRGH /HFWXUH
DSSX\H] VXU FHWWH WRXFKH SRXU YLVXDOLVHU O LPDJH HQ
PRGH G DYDQFH UDSLGH
/(&7(85 '9' $SSX\H] XQH IRLV VXU FHWWH WRXFKH
SRXU VDXWHU OD SODJH VXLYDQWH (Q PRGH /HFWXUH
DSSX\H] GH ID˜RQ FRQWLQXH VXU FHWWH WRXFKH SRXU
YLVXDOLVHU O LPDJH HQ PRGH G DYDQFH UDSLGH
6DXW GH SODJH5HPERELQDJH UDSLGH9LVXDOLVDWLRQ
0$*1þ726&23( $SSX\H] VXU FHWWH WRXFKH SRXU
UHPERELQHU OD EDQGH (Q PRGH /HFWXUH DSSX\H] VXU
FHWWH WRXFKH SRXU YLVXDOLVHU OD EDQGH HQ PRGH GH
UHPERELQDJH UDSLGH
/(&7(85 '9' $SSX\H] XQH IRLV VXU FHWWH WRXFKH
SRXU VDXWHU OD SODJH SU F GHQWH (Q PRGH /HFWXUH
DSSX\H] GH ID˜RQ FRQWLQXH VXU FHWWH WRXFKH SRXU
YLVXDOLVHU O LPDJH HQ PRGH UHFXO UDSLGH
$UUûW VXU LPDJH
$SSX\H] VXU FHWWH WRXFKH HQ PRGH /HFWXUH SRXU REWHQLU
O DUUûW VXU LPDJH
$SSX\H] GH QRXYHDX SRXU UHSUHQGUH OD OHFWXUH QRUPDOH
' ILOHPHQW
$SSX\H] SRXU DXJPHQWHUGLPLQXHU G XQH XQLW OD
SRVLWLRQ GH SURJUDPPH GX PDJQ WRVFRSH
5(&
(QUHJLVWUHPHQW
$SSX\H] VXU FHWWH WRXFKH SRXU HQUHJLVWUHU
)21&7,21 7þ/þ7(;7(
- /HV IRQFWLRQV GH 7 O WH[WH YDULHQW VHORQ OHV FKDñQHV GH W O YLVLRQ HW QH VRQW GLVSRQLEOHV TXH VL OD FKDñQH V OHFWLRQQ H WUDQVPHW OH
7 O WH[WH
- (Q DSSX\DQW VXU OD WRXFKH ,PDJH HQ PRGH 7 O WH[WH OD IRQFWLRQ GH FRQWUDVWH DIILFKH XQH EDUUH GH FRXOHXU F\DQ DSSX\H] VXU
* SRXU PRGLILHU OH U JODJH VHORQ OHV EHVRLQV
(Q DSSX\DQW VXU OD WRXFKH &RQILJXUDWLRQ HQ PRGH 7 O WH[WH OHV RSWLRQV GH IRQFWLRQV VS FLDOHV VRQW DIILFK HV HQ EDV GH O FUDQ
- (Q PRGH 7 O WH[WH OH YROXPH SHXW WRXMRXUV ûWUH PRGLIL SRXU V DGDSWHU DX QLYHDX GH U FHSWLRQ G VLU (Q TXRL FRQVLVWH OH PRGH /,67 /,67( "
(Q PRGH /,67 TXDWUH QXP URV GH SDJH GH FRXOHXUV GLII UHQWHV DSSDUDLVVHQW HQ EDV GH O FUDQ &KDFXQ GH FHV QXP URV SHXW ûWUH FKDQJ
HW HQUHJLVWU GDQV OD P PRLUH GX W O YLVHXU
(Q TXRL FRQVLVWH OH PRGH )$67(;7 7(;7( 5$3,'( "
(Q PRGH )$67(;7 TXDWUH VXMHWV GH FRXOHXUV GLII UHQWHV DSSDUDLVVHQW HQ EDV GH O LPDJH 3RXU REWHQLU SOXV G LQIRUPDWLRQ VXU O XQ GH FHV
VXMHWV DSSX\H] VXU OH ERXWRQ FRORU FRUUHVSRQGDQW &HWWH IRQFWLRQ SHUPHW G REWHQLU UDSLGHPHQW GHV LQIRUPDWLRQV VXU OHV VXMHWV LQGLTX V
797(;7
0RGH 797 O WH[WH
$SSX\H] VXU OD WRXFKH 797(;7
/D SDJH 7 O WH[WH V DIILFKH O FUDQ
$SSX\H] QRXYHDX VXU FHWWH WRXFKH SRXU UHYHQLU HQ PRGH 79
6 OHFWLRQ GHV SDJHV
/HV SDJHV SHXYHQW ûWUH V OHFWLRQQ HV GH GHX[ PDQLýUHV D $SSX\H] VXU OHV WRXFKHV GH G ILOHPHQW SRXU DFFURñWUH RX G FURñWUH OH QXP UR GH SDJH
G XQH XQLW OD IRLV
E (Q HQWUDQW OH QXP UR GH SDJH O DLGH GHV WRXFKHV GH OD W O FRPPDQGH
&21),*85$7,21
)XOO 7RS %RWWRP 3OHLQ +DXW %DV
$SSX\H] VXU OD WRXFKH &21),*85$7,21 SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV VXU OD
WRXFKH YHUWH
$SSX\H] XQH QRXYHOOH IRLV VXU OD WRXFKH YHUWH SRXU DJUDQGLU OD SDUWLH ,1)(5,(85( GH O FUDQ
$SSX\H] XQH QRXYHOOH IRLV SRXU UHYHQLU O DIILFKDJH QRUPDO SOHLQ FUDQ )8// &21),*85$7,21
5HYHDO 5 Y OHU
$SSX\H] VXU OD WRXFKH &21),*85$7,21 SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV VXU OD
WRXFKH URXJH SRXU U Y OHU OHV PRWV FDFK V SDU H[HPSOH OHV U SRQVHV DX[ SDJHV GH MHX[
$SSX\H] GH QRXYHDX SRXU FDFKHU OHV U SRQVHV
7RXFKHV URXJH YHUWH MDXQH EOHX
(Q PRGH )$67(;7 FHV GHUQLýUHV FRUUHVSRQGHQW DX[ GLII UHQWV VXMHWV GH FRXOHXU
(Q PRGH /,67 /,67( HOOHV FRUUHVSRQGHQW DX[ GLII UHQWV QXP URV GH SDJHV FRORU HV
/LVW 6WRUH 0 PRLUH GH OLVWH
675
(Q PRGH /,67 OHV TXDWUH QXP URV GH SDJH SHXYHQW ûWUH FKDQJ V SRXU OHV SRVLWLRQV GH
FKDñQHV VHXOHPHQW 3RXU FH IDLUH DSSX\H] VXU O XQH GHV WRXFKHV GH FRXOHXU HW HQWUH]
OH QRXYHDX QXP UR GH SDJH
3UHVVH] HW PDLQWHQH] HQIRQF H OD WRXFKH 675 MXVTX FH TXH OHV QXP URV GH SDJH
FKDQJHQW GH FRXOHXU
)21&7,21 7þ/þ7(;7(
,O Q HVW SDV SRVVLEOH GH FKDQJHU OD SRVLWLRQ GX SURJUDPPH HQ PRGH )ODVK G LQIRUPDWLRQV 0LVH MRXU RX $FFýV DX[ VRXVSDJHV
+2/'
0DLQWLHQ GH OD SDJH
$SSX\H] VXU OD WRXFKH +2/' SRXU UHWHQLU OD SDJH 7 O WH[WH ORUV GH OD FRQVXOWDWLRQ
G LQIRUPDWLRQV FRXUDQW VXU SOXVLHXUV SDJHV $SSX\H] GH QRXYHDX SRXU UHYHQLU OD PLVH MRXU
DXWRPDWLTXH
3DJH SU I U H )3
)3
&HWWH IRQFWLRQ SHUPHW GH P PRULVHU XQH SDJH HW GH OD UDSSHOHU LQVWDQWDQ PHQW 3RXU PHWWUH OD
SDJH HQ P PRLUH OH W O YLVHXU GRLW ûWUH HQ PRGH /LVWH HW OD SRVLWLRQ GH SURJUDPPH GRLW ûWUH
HQWUH HW $SSX\H] VXU OD WRXFKH EOHXH SRXU V OHFWLRQQHU OH QXP UR GH SDJH SXLV DSSX\H]
VXU OD WRXFKH 675 HW WHQH]OD HQIRQF H /H QXP UR GH SDJH HVW DORUV P PRULV $SSX\H] VXU
OD WRXFKH )3 SRXU UDSSHOHU FHWWH SDJH
8SGDWH 'LVSOD\ 0LVH MRXU
$SSX\H] VXU OD WRXFKH &21),*85$7,21 SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV VXU OD
WRXFKH MDXQH SRXU YRLU O LPDJH W O YLV H WRXW HQ FKHUFKDQW XQH SDJH 7 O WH[WH
/RUVTXH OD SDJH HVW WURXY H O FUDQ DIILFKHUD OH QXP UR GH OD SDJH HQ KDXW JDXFKH
$SSX\H] VXU OD WRXFKH MDXQH SRXU YRLU OD SDJH
$SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
&21),*85$7,21
1HZV )ODVK )ODVK G LQIRUPDWLRQV
/RUVTX XQH SDJH GH IODVK G LQIRUPDWLRQV D W V OHFWLRQQ H DSSX\H] VXU OD WRXFKH
&21),*85$7,21 HW VXU OD WRXFKH MDXQH SRXU UHJDUGHU OD W O YLVLRQ QRUPDOHPHQW /RUVTXH OD
PLVH MRXU G XQ IODVK G LQIRUPDWLRQV VHUD FDSW H OH QXP UR GH SDJH VHUD DIILFK O FUDQ
$SSX\H] DORUV VXU OD WRXFKH MDXQH SRXU DIILFKHU OH IODVK G LQIRUPDWLRQV
$SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
8SGDWH 0LVH MRXU
$SSX\H] VXU OD WRXFKH &21),*85$7,21 HW VXU OD WRXFKH MDXQH SRXU YLVXDOLVHU OD PLVH MRXU
G LQIRUPDWLRQV VXU FHUWDLQHV SDJHV /RUVTX XQH PLVH MRXU HVW FDSW H OH QXP UR GH SDJH HVW
DIILFK HQ KDXW GH O FUDQ JDXFKH
$SSX\H] VXU OD WRXFKH MDXQH SRXU YLVXDOLVHU OD SDJH
$SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
$FFýV DX[ VRXVSDJHV FRG HV
&21),*85$7,21
/RUVTXH OHV LQIRUPDWLRQV 7 O WH[WH RFFXSHQW SOXV G XQH SDJH OH V\VWýPH GH FKDQJHPHQW
DXWRPDWLTXH GHV VRXVSDJHV SRXUUD PHWWUH XQ FHUWDLQ WHPSV DYDQW G DWWHLQGUH OD VRXVSDJH
YRXOXH ,O HVW SRVVLEOH G HQWUHU OH QXP UR GH VRXVSDJH VRXKDLW HW GH FRQWLQXHU VXLYUH OH
SURJUDPPH QRUPDO MXVTX FH TXH OD VRXVSDJH FRUUHFWH DLW W WURXY H
6 OHFWLRQQH] OH QXP UR GH SDJH YRXOX O DLGH GHV WRXFKHV $SSX\H] VXU OD WRXFKH &21),*85$7,21 SXLV VXU OD WRXFKH EOHX 7
GURLWH GH O FUDQ
(QWUH] OH QXP UR GH VRXVSDJH G VLU DYDQW TXH OH 7
3RXU V OHFWLRQQHU OD SDJH HQWUH] HW V DIILFKHUD HQ KDXW
QH GLVSDUDLVVH
6L YRXV ûWHV HQ PRGH /,67 XQ € 7  DSSDUDñWUD GDQV OD IHQûWUH GX EDV $SSX\H] VXU OD WRXFKH MDXQH SRXU UHJDUGHU XQH PLVVLRQ GH W O YLVLRQ QRUPDOH
$SSX\H] VXU &21),*85$7,21 HW VXU OD WRXFKH MDXQH HQ PRGH /,67 /RUVTXH OD SDJH HVW GLVSRQLEOH DSSX\H] VXU OD WRXFKH MDXQH SRXU YRLU OD SDJH
3RXU HIIDFHU OD SDJH XWLOLVH] O XQ GHV PR\HQV VXLYDQWV - $SSX\H] VXU &21),*85$7,21
- 6 OHFWLRQQH] XQ QRXYHDX QXP UR GH SDJH
- $SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
,1'(;
,QGH[
$SSX\H] VXU ,1'(; SRXU UHYHQLU VXU OD SDJH G LQGH[ SULQFLSDO
6HORQ OD ID˜RQ GRQW OHV LQIRUPDWLRQV VRQW WUDQVPLVHV YRXV GHYUH] SHXWûWUH SUHVVHU SOXV G XQH IRLV
FHWWH WRXFKH SRXU UHYHQLU O LQGH[ SULQFLSDO
&211(;,216 $8',2 9,'þ2
3ULVHV DYDQW $9 EURFKHV 69LG R 5&$ $XGLR9LG R HW SULVHV FDVTXH
3UHVVH] HW UHO FKH] SRXU RXYULU
6RUWLH SULVH
FDVTXH
(QWU H YLG R
SULVH 69LGHR
69
69
(QWU H DXGLR
SULVHV *'
(QWU H YLG R
SULVH 9
)LFKH MDFN VW U R PP
F EOHV
DXGLR
5&$
& EOH
YLG R
5&$
0DJQ WRVFRSH
&$648( 67þ5þ2
DYHF ILFKH MDFN PP
1RWH /HV TXLSHPHQWV DX[LOLDLUHV HW OHV F EOHV UHSU VHQW V QH VRQW SDV IRXUQLV DYHF OH W O YLVHXU
1 %URFKDJH GHV SULVHV 3(5,7(/
3ULVH 3(5,7(/ EURFKHV $9
&RQQHFWHXU GH PDVVH 6RUWLH &9%6 YLG R 0DVVH &9%6
(QWU H URXJH
0DVVH URXJH
(QWU H YHUWH
0DVVH YHUWH
(QWU H EOHXH
0DVVH EOHXH
6RUWLH DXGLR *
6RUWLH DXGLR '
(QWU H &9%6 YLG R
0DVVH WDW 59%
(WDW 59%
0DVVH
(WDW &9%6 YLG R
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
/HV HQWU HV DG TXDWHV SRXU $9 LQFOXHQW
59% URXJHYHUWEOHX
3ULVH 3(5,7(/ EURFKHV $9
&RQQHFWHXU GH PDVVH 6RUWLH &9%6 YLG R 0DVVH &9%6
(QWU H 6&
0DVVH
0DVVH
6RUWLH DXGLR *
6RUWLH DXGLR '
(QWU H &9%6 YLG R
0DVVH
/LDLVRQ 4/LQN
(WDW YLG R &9%6
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
3ULVHV EURFKHV 69LGHR
(QWU H FKURPLQDQFH
(QWU H OXPLQDQFH
0DVVH FKURPLQDQFH
0DVVH OXPLQDQFH
/HV EURFKHV $9 HW G SHQGHQW GH OD
FRPPXWDWLRQ 69+6 9,'þ2 $9
&211(;,216 $8',2 9,'þ2
3ULVHV DUULýUH 3(5,7(/ EURFKHV $9$9 6 HW OD SULVH GH VRUWLH DXGLR 5&$
+,), 6<67(0
6RUWLH GHV SULVHV
6257,( $8',2
*'
[ F EOHV DXGLR
5&$
(QWU HVRUWLH GH OD SULVH
3(5,7(/ $9 GH OD
OLDLVRQ 4/LQN
(QWU HVRUWLH GH OD SULVH
3(5,7(/ $9
& EOH 3(5,7(/
& EOH 3(5,7(/
0DJQ WRVFRSH
5 FHSWHXU VDWHOOLWH
0DJQ WRVFRSH
0DJQ WRVFRSH 69LG R
0DJQ WRVFRSH FRPSDWLEOH OLDLVRQ 4/,1.
&DP VFRSH 69LG R
&DP VFRSH
&RQVROH GH MHXRUGLQDWHXU 59%
1RWHV / TXLSHPHQW DX[LOLDLUH HW OHV F EOHV UHSU VHQW V QH VRQW SDV IRXUQLV DYHF
FH W O YLVHXU
1H EUDQFKH] SDV G RUGLQDWHXU PXQL G XQH VRUWLH 77/ 9 VXU FH W O YLVHXU
',$*1267,& '(6 3$11(6
6\PSWÎPHV
,PDJH
6RQ
9 ULILHU
/D SRVLWLRQ O RULHQWDWLRQ RX OH UDFFRUGHPHQW GH
O DQWHQQH
,PDJH QHLJHXVH
6RQ GLVFRUGDQW
/D SRVLWLRQ O RULHQWDWLRQ RX OH UDFFRUGHPHQW GH
O DQWHQQH
,PDJH G PXOWLSOL H
6RQ QRUPDO
/D SUR[LPLW G DSSDUHLOV OHFWURP QDJHUV
GH YRLWXUHVPRWRF\FOHWWHV
G FODLUDJHV IOXRUHVFHQWV
3DUDVLWHV
6RQ GLVFRUGDQW
6 OHFWLRQQH] OD IRQFWLRQ 315 GDQV OH PHQX ,PDJH
SRXU U GXLUH OD GLVWRUVLRQ GH O LPDJH
/H U JODJH GH YROXPH
6L OD FRXSXUH GH VRQ HVW DFWLY H
,PDJH QRUPDOH
3DV G LPDJH
3DV GH VRQ
3DV GH VRQ
6L OH W O YLVHXU HVW HQ PRGH $9
6L OD SULVH VHFWHXU HVW ELHQ EUDQFK H
6L OH W O YLVHXU HVW DOOXP
6L OHV QLYHDX[ GH VRQ HW G LPDJH VRQW U JO V DX
PLQLPXP
6L OH W O YLVHXU HVW O WDW GH YHLOOH
6L OH U JODJH GHV FRXOHXUV HVW DX PLQLPXP
3DV GH FRXOHXU
6RQ QRUPDO
5 DFFRUGHU OH V FDQDO FDQDX[ 0DXYDLVH LPDJH RX GLVWRUVLRQ
7DFKHV GH FRXOHXU
6RQ IDLEOH RX SDV GH VRQ
6RQ QRUPDO
6 LO \ D XQH LQWHUI UHQFH PDJQ WLTXH G XQ
TXLSHPHQW QRQ EOLQG
6L OH W O YLVHXU D W G SODF DORUV TX LO WDLW DOOXP 'DQV FH FDV O WHLQGUH SHQGDQW DX PRLQV PLQXWHV
/D U FHSWLRQ GX VRQ SHXW V ûWUH G JUDG H
0HWWUH OH U JODJH 03; PHQX 6RQ VXU 0RQR
MXVTX FH TXH OD U FHSWLRQ V DP OLRUH
,PDJH QRUPDOH
6RQ IDLEOH RX GLVFRUGDQW
,1)250$7,216 *(1(5$/(6
1 ' SDQQDJH
1 0LVH HQ P PRLUH GHV GHUQLýUHV V OHFWLRQV
$YDQW GH IDLUH DSSHO DX U SDUDWHXU G WHUPLQH] OHV V\PSWÎPHV GH
OD SDQQH O DLGH GX JXLGH GH GLDJQRVWLF GH OD SDJH SU F GHQWH
3RXU WRXW G SDQQDJH DGUHVVH]YRXV
YRWUH UHYHQGHXU
3DQDVRQLF HQ LQGLTXDQW OH QXP UR GX PRGýOH HW OH QXP UR GH
V ULH ILJXUDQW O DUULýUH GX W O YLVHXU &HUWDLQHV IRQFWLRQV GLVSRVHQW G XQH P PRULVDWLRQ GHV GHUQLýUHV
V OHFWLRQV RS U HV FH TXL VLJQLILH TXH OHV U JODJHV DFWLIV DX
PRPHQW RÖ OH W O YLVHXU HVW WHLQW VHURQW U WDEOLV TXDQG OH
W O YLVHXU VHUD UDOOXP 3URJUDPPH
7HLQWH
/DQJXH 26'
0176& 176& VHXOHPHQW
3RVLWLRQ $9
&RQWUDVWH
9ROXPH
1HWWHW
03;
$VSHFW
*UDYHV
9HLOOH
$LJXùV
,QWHOOLJHQFH DUWLILFLHOOH $, ,PDJH
%DODQFH
&RXOHXU
%DODQFH FRXOHXU
/XPLQRVLW
(WDW
$PELDQFH
315
0RGH 7 O WH[WH
5 JODJH YROXPH
/LDLVRQ 4/LQN
' FRGHXU $9
1 &RQVROHV GH MHX[ 2UGLQDWHXUV SHUVRQQHOV
/ XWLOLVDWLRQ SURORQJ H GH MHX[ YLG R RX G RUGLQDWHXUV SHUVRQQHOV
SHXW SURYRTXHU XQ PDUTXDJH SHUPDQHQW GH O FUDQ G XQ
W O YLVHXU &HWWH G W ULRUDWLRQ SHUPDQHQWH GX WXEH FDWKRGLTXH
SHXW ûWUH OLPLW H HQ UHVSHFWDQW OHV FRQVLJQHV VXLYDQWHV - 5 GXLVH] OHV U JODJHV GH OXPLQRVLW HW GH FRQWUDVWH DX
PLQLPXP
- 1H ODLVVH] SDV YRWUH W O YLVHXU DOOXP
GH PDQLýUH
FRQWLQXH ORUVTXH YRXV O XWLOLVH] DYHF XQH FRQVROH GH MHX
YLG R RX XQ RUGLQDWHXU SHUVRQQHO
- &HWWH G W ULRUDWLRQ GX WXEH FDWKRGLTXH Q HVW SDV GXH XQ
G IDXW GH IRQFWLRQQHPHQW HW HOOH QH WRPEH GRQF SDV VRXV
OD JDUDQWLH 3DQDVRQLF
1 0LVH HQ YHLOOH DXWRPDWLTXH
6L OH W O YLVHXU Q HVW SDV WHLQW ORUVTXH OD FKDñQH GH W O YLVLRQ
FHVVH G PHWWUH OH PRGH GH YHLOOH V HQFOHQFKHUD
DXWRPDWLTXHPHQW DSUýV PLQXWHV &HWWH IRQFWLRQ Q HVW SDV
GLVSRQLEOH ORUVTXH OH W O YLVHXU HVW HQ PRGH $9
&$5$&7þ5,67,48(6
7;$6)
$OLPHQWDWLRQ OHFWULTXH
9 +] &$
&RQVRPPDWLRQ
:
&RQVRPPDWLRQ WDW GH YHLOOH
:
7XEH LPDJH
FP
'LDJRQDOH YLVLEOH
6RUWLH DXGLR
PXVLTXH
'LPHQVLRQV
[ : 506 [ : 032 LPS GDQFH :
+
/
3
PP
PP
PP
3RLGV
NJ
3$/ %* + 3$/ , 6(&$0 %* 6(&$0 //
6\VWýPHV GH U FHSWLRQQRP GH EDQGH
9+) ( (
9+) $ + ,7$/,(
&$79 6 6
&$79 6 6 8 8
3$/ '.
'. 6(&$0 '.
9+) + + ,7$/,(
8+) ( (
&$79 6 6 0 0
&$79 6 6 +\SHUEDQG
9+) 5 5
9+) 5 5
9+) 5 5
8+) ( (
3$/ /HFWXUH GHV FDVVHWWHV 176& SDUWLU GH PDJQ WRVFRSHV 3$/
0176& HQWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRVFRSHV 0+]
176& HQWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRVFRSHV 176&
3RVLWLRQV GH SURJUDPPH
9&5
$QWHQQH DUULýUH
8+) 9+)
&DVTXH DYDQW
PP LPS GDQFH :
$9 DUULýUH
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 59%
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R OLDLVRQ 4/LQN
$9 DYDQW
$9 HQWU H 69LG R [ HQWU HV DXGLR 5&$ [ HQWU H YLG R 5&$
[ VRUWLHV DXGLR 5&$
&HV FDUDFW ULVWLTXHV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV LQGLTX V VRQW DSSUR[LPDWLIV
&;
">