TX28LK1FS | Mode d'emploi | Panasonic TX25LK1FS Operating instrustions

Ajouter à Mes manuels
20 Des pages
TX28LK1FS | Mode d'emploi | Panasonic TX25LK1FS Operating instrustions | Fixfr
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
7 O YLVHXU FRXOHXU
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
0RGH GjHPSORL
DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
DVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
$YDQW OD PLVH HQ VHUYLFH GX W O YLVHXU OLVH] DWWHQWLYHPHQW FH PRGH GjHPSORL HW FRQVHUYH] OH SRXU
RQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
OHV UHFKHUFKHV VXLYDQWHV GHV LQIRUPDWLRQV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
F 3DQDVRQLF 3DQDVRQLF 3DQDVRQLF 3DQDVRQLF 3DQDVRQLF
7;/.)6
7;/.)6
74%('
)UDQ˜DLV
%,(19(18(
&KHU FOLHQW 3DQDVRQLF
%LHQYHQXH GDQV OD IDPLOOH GHV XWLOLVDWHXUV GH SURGXLWV 3DQDVRQLF 1RXV HVS URQV TXH FH W O YLVHXU FRXOHXU YRXV SURFXUHUD
GHV DQQ HV GH MRLH &HW DSSDUHLO HVW DYDQF WHFKQLTXHPHQW QRXV YRXV UHFRPPDQGRQV GH YRXV UHSRUWHU WRXW GjDERUG DX
lJXLGH GH PLVH HQ URXWH UDSLGHl DYDQW GH SUHQGUH FRQQDLVVDQFH GX PRGH GjHPSORL FRPSOHW TXH YRXV GHYUH] FRQVHUYHU
VRLJQHXVHPHQW GHV ILQV GH U I UHQFH XOW ULHXUH
7$%/( '(6 0$7,(5(6
-
$YHUWLVVHPHQWV HW SU FDXWLRQV *XLGH GH PLVH HQ URXWH UDSLGH &RPPDQGHV SULQFLSDOHV $UEUH GX SURJUDPPH 0HQXV VXU FUDQ 0HQX SULQFLSDO 0HQX 6RQ 0HQX &RQILJXUDWLRQ 0HQX 5 JODJH 0HQX 5 JODJH &RQILJXUDWLRQ DXWRPDWLTXH 5HFKHUFKH DXWR 0HQX 5 JODJH 5 JODJH PDQXHO &KDQJHPHQW GHV SRVLWLRQV GH SURJUDPPH /DQJXHV 26' )RQFWLRQV SDUWLFXOLýUHV
4 /LQN 7 O FKDUJHPHQW GHV GRQQ HV YHUV OH PDJQ WRVFRSH 4 /LQN
6 OHFWLRQ $9 0DUFKH $9 &RPPDQGH GX PDJQ WRVFRSH )RQFWLRQ 7 O WH[WH $UUDQJHPHQW GHV SURJUDPPHV &RQQH[LRQ DXGLRYLG R H[WHUQH 'LDJQRVWLF GHV SDQQHV ,QIRUPDWLRQV J Q UDOHV SRXU XWLOLVDWHXUV &DUDFW ULVWLTXHV -
-
$9(57,66(0(176 (7 35þ&$87,216
F
&H
W
O
YLVHXU
HVW
FRQ˜X
SRXU
IRQFWLRQQHU
VXU
XQ
U
VHDX
GH
F
9 +] &$
F
1jH[SRVH] MDPDLV OH W
O
H[FHVVLYH GHV FKRFV
SRXUUDLW
HQ
U
VXOWHU
'
YLVHXU
OD SOXLH RX
HQGRPPDJHU
OD
VDQW
GH
O
XWLOLVDWHXU
G
GX W
F
$77(17,21 +$87( 7(16,21 1H UHWLUH] MDPDLV OH FRXYHUFOH DUULýUH SRXU QH SDV
SURWHFWLRQ OHV SLýFHV VRXV WHQVLRQ /H W
/jLQWHUUXSWHXU
PDUFKHDUUûW
WRWDOHPHQW OH W
O
F
GH
O
PRGýOH
QH
G
FRQQHFWH
(YLWH] GjH[SRVHU OH W
O
SDV
EUDQFKH] OD
YLVHXU QH GRLW SDV ûWUH XWLOLV
ULRGH GH WHPSV SURORQJ
SHQGDQW
H
YLVHXU GLUHFWHPHQW DX[ UD\RQV GX VROHLO RX
WRXWH DXWUH VRXUFH GH FKDOHXU
FH
W
O
YLVHXU
Oj
OHFWULFLW
VWDWLTXH
F
EDVH
SHXW SURGXLUH
ULRUDWLRQ GHV FRPSRVDQWV
YXH DILQ G
YLWHU XQH
OHFWURQLTXHV ,O IDXW SU
XQ HVSDFH GH FP WRXW DXWRXU GX W
SODF
YLVHXU GH O
DOLPHQWDWLRQ VHFWHXU '
ILFKH GH OD SULVH PXUDOH VL OH W
XQH S
ODLVVHU VDQV
YLVHXU QH FRQWLHQW DXFXQH
JýUHPHQW KXPLGH HW GjXQ
WUROH 3HQGDQW OH FRQWDFW DYHF OH WXEH FDWKRGLTXH
8QH YHQWLODWLRQ VXIILVDQWH GRLW ûWUH SU
G
SDUDEOH SDU O
XWLOLVDWHXU
SLýFH LQWHUQH U
F
O
OjDLGH GjXQ FKLIIRQ GRX[ O
WHUJHQW QRQ DEUDVLI 1
XWLOLVH] SDV GH SURGXLWV GH QHWWR\DJH
GH EHQ]RO RX GH S
HW
O
DSSDUHLO
F
EUDQFKH] OD ILFKH GH OD SULVH PXUDOH 1HWWR\HU OH ERñWLHU HW OH WXEH
FDWKRGLTXH
OD VRXUFH G
KXPLGLW
OHFWULTXHV RX PûPH XQ ULVTXH G
LQFHQGLH
HW
(175(7,(1 '8 %2ð7,(5 (7 '8 78%( &$7+2',48(
GDQV XQ PHXEOH RX HQWUH GHV
O
YHQWXHOOH
YRLU DX PRLQV
YLVHXU PûPH VL FHOXL FL HVW
WDJýUHV (/,0,1$7,21 '(6 'þ&+(76
0HWWH] OHV HPEDOODJHV RX OHV EDWHULHV XV
SRXU OHV G
FKHWV GH V
SDUDWLRQ
HV GDQV OHV FRQWDLQHUV
*8,'( '( 0,6( (1 5287( 5$3,'(
*XLGH GH PLVH HQ URXWH UDSLGH
9 ULILH] TXH YRXV GLVSRVH]
ELHQ GHV DFFHVVRLUHV
VXLYDQWV
28
3LOHV SRXU
W O FRPPDQGH
[ 5 80
6&$57
%UDQFKH] O
DQWHQQH HW O
TXLSHPHQW DX[LOLDLUH $OOXPH] OHV SRVWHV EUDQFK V
&DFKH GHV
FRQQHFWLRQV $9
7..(
7 O FRPPDQGH
(85
6 OHFWLRQQH] YRWUH ODQJXH
$SSX\H] VXU
k79$9l
OD
WRXFKH
6 OHFWLRQQH] YRWUH SD\V
$SSX\H] VXU
k79$9l
0RGH GjHPSORL
*DUDQWLH FRXYUDQW
OH W O YLVHXU
3LOHV SRXU W O FRPPDQGH
OD
WRXFKH
/D
FRQILJXUDWLRQ
VH
IDLW
DXWRPDWLTXHPHQW YRV FKDñQHV VRQW
LGHQWLIL HV P PRULV HV HW DUUDQJ HV
YRLU OD SDJH ,QWHUUXSWLRQ GH OD V TXHQFH $73 DSSX\H] VXU OD WRXFKH k)l
7HUPLQDLVRQ GH OD V TXHQFH $73 DSSX\H] VXU OD WRXFKH k1l
6L XQ PDJQ WRVFRSH FRPSDWLEOH HVW
FRQQHFW OD SULVH $9 OHV SDUDPýWUHV GH
SURJUDPPH VHURQW W O FKDUJ V GDQV OH
PDJQ WRVFRSH SDU O
LQWHUP GLDLUH GH OD
OLDLVRQ 4/LQN 9RLU OD SDJH : $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
: 1H P ODQJH] SDV SLOHV GH
W\SHV GLII UHQWV F G GHV
SLOHV
DOFDOLQHV
HW
GH
PDQJDQýVH QjXWLOLVH] SDV GH
SLOHV 1L&DG UHFKDUJHDEOHV
5 JODJH GH YROXPH
6 OHFWLRQ GH FKDñQH
- 6L OH PDJQ WRVFRSH QjD SDV DFFHSW OHV GRQQ HV W O FKDUJ HV GX
W O YLVHXU YRXV GHYUH] SHXWûWUH V OHFWLRQQHU O
RSWLRQ kW O FKDUJHPHQW
GHV GRQQ HV l GX PHQX GX PDJQ WRVFRSH
- 6L OD OLDLVRQ 4/LQN QH IRQFWLRQQH SDV FRUUHFWHPHQW Y ULILH] TXH OH F EOH
OD SULVH $9 GX W O YLVHXU TXjLO HVW k)XOO
6&$573þ5,7(/ HVW FRQQHFW
IXQFWLRQl EURFKHV HW TXH OH PDJQ WRVFRSH HVW ELHQ FRPSDWLEOH DX[
WHFKQRORJLHV 4/LQN 1(;79,(:/,1. RX VLPLODLUH
- 3RXU SOXV GH UHQVHLJQHPHQWV VXU OD OLDLVRQ 4/LQN HW O
TXLSHPHQW GH
FRQQH[LRQ YRLU OHV SDJHV HW $GUHVVH]YRXV YRWUH UHYHQGHXU SRXU
HQ VDYRLU SOXV
6L YRXV LQVWDOOH] XQ PDJQ WRVFRSH QHXI FRPSDWLEOH OD OLDLVRQ 4/LQN YRXV
SRXYH] PDLQWHQDQW O
DOOXPHU /HV SDUDPýWUHV W O FKDUJ V FRUUHVSRQGURQW
FHX[ GX W O YLVHXU 6L YRXV LQVWDOOH] XQ PDJQ WRVFRSH FRPSDWLEOH OD OLDLVRQ
1(;79,(:/,1. YRXV GHYUH] FRPPDQGHU PDQXHOOHPHQW OH W O FKDUJHPHQW
&RQVXOWH] OH PRGH GjHPSORL GX PDJQ WRVFRSH SRXU SOXV GH G WDLOV
&200$1'(6 35,1&,3$/(6
)D˜DGH
$OLPHQWDWLRQ
6(&7(85
ERXWRQ
0DUFKH$UUûW
7 PRLQ URXJH LQGLTXH O
WDW GH YHLOOH
3RXU DOOXPH] OH W O YLVHXU DSSX\H] VXU OD WRXFKH
G
WDW GH YHLOOH RX VXU OHV WRXFKHV RX VXU OHV
WRXFKHV 0 PRULVDWLRQ GHV SDUDPýWUHV GH U JODJH HW GH
FRQILJXUDWLRQ GHV IRQFWLRQV GDQV OH P PRLUH 675
) 6 OHFWLRQ GHV IRQFWLRQV
$IILFKDJH GHV IRQFWLRQV VXU O
FUDQ DSSX\HU GH ID˜RQ
U SHW H SRXU V OHFWLRQQHU OHV IRQFWLRQV 9ROXPH
&RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW 7HLQWH HQ PRGH
176& *UDYH $LJX %DODQFH HW PRGH &RQILJXUDWLRQ
3ULVH FDVTXH YRLU OD SDJH 3ULVHV DXGLRYLG R 5&$ YRLU OD SDJH &RPPXWDWHXU 79$9 YRLU OD SDJH /
DXJPHQWDWLRQ RX OD GLPLQXWLRQ GH OD SRVLWLRQ GH
SURJUDPPH G
XQH XQLW /RUVTX
XQH IRQFWLRQ HVW
G M DIILFK H DSSX\H] SRXU DXJPHQWHU RX GLPLQXHU
OD IRQFWLRQ V OHFWLRQQ H
7 O FRPPDQGH
&RPPXWDWHXU 0DUFKH(WDW GH YHLOOH
VWDQGE\
5 JODJH GH OD IRQFWLRQ V OHFWLRQQ H
$XFXQH IRQFWLRQ V OHFWLRQQ H 5 JODJH GH 9ROXPH
6 OHFWLRQ GH OD IRQFWLRQ $SSX\H]
SRXU REWHQLU O
DIILFKDJH GX PHQX VXU
O
FUDQ SDJH /D WRXFKH k1l UDSSHOH OHV U JODJHV
P PRULV V SDU OD WRXFKH 675 VXU OH
ID˜DGH 6RUWLH GX PHQX VXU O
FUDQ
7RXFKHV QXP ULTXHV SRXU OD V OHFWLRQ GHV SRVLWLRQV GX
SURJUDPPH
SRXU OD V OHFWLRQ GLUHFWH GHV FDQDX[
SRXU OHV SDJHV GH 7 O WH[WH
6 OHFWLRQ GLUHFWH GX FDQDO DSSX\H]
VXU FHWWH WRXFKH HW V OHFWLRQQH] OH
FDQDO YRXOX
O
DLGH GHV WRXFKHV
QXP ULTXHV
3RXU OD V OHFWLRQ GLUHFWH GX FDQDO GH
k+\SHUl FKDñQH W O YLVLRQ GH F EOH
DSSX\H] VXU OHV WRXFKHV GH OD
V OHFWLRQ GLUHFWH GX FDQDO HW OHV
WRXFKHV GH OD V OHFWLRQ GX
SURJUDPPH k&l k l HW SDU OHV
WRXFKHV QXP ULTXHV V OHFWLRQQH] OH
QXP UR
&RXSXUH GH 6RQ
7RXFKH (QUHJLVWUHPHQW GLUHFW 4/LQN
7RXFKH (WDW SRXU REWHQLU O
DIILFKDJH GH OD
SRVLWLRQ
GX SURJUDPPH
GX QXP UR GH FDQDO
GH O
KHXUH
GX PRGH VW UHRPRQR00
QRP GH FKDñQHV DYHF 7 O WH[WH
6 OHFWLRQ GX QXP UR KDXW RX EDV GX FDQDO
V OHFWLRQ GX PHQX HW WRXFKH SRXU OHV
SDJHV GX W O WH[WH
&RPPXWDWHXU $979 YRLU OHV SDJHV HW
3RXU OD P PRULVDWLRQ HW OD FRQILUPDWLRQ
GDQV OH PHQX VXU Oj FUDQ
6 OHFWLRQ GHV FKDñQHV
GHX[ FKLIIUHV
O
DLGH GHV WRXFKHV QXP ULTXHV
7RXFKHV 7 O WH[WH YRLU OD SDJH 7RXFKHV 0DJQ WRVFRSH YRLU OD
SDJH $5%5( '8 352*5$00(
0HQX SULQFLSDO
6RQ
9ROXPH
&RQWUDVWH
*UDYH
/XPLQRVLW
$LJX
&RXOHXU
6W
U
R 0RQR 0 0
%DODQFH
1HWWHW
7HLQWH VHXO 176&
03;
0XVLTXH 3DUROH
0RGH
0LQXWHULH YHLOOH
6RQ
&RQILJXUDWLRQ
&RQILJXUDWLRQ
2XHVW (VW
/DQJXH GX WH[WH
1RQ )RUPDW
$XWR & $ 7 6
6\VWýPH FRXOHXU
$872 3$/ 0176& 176& 6(&$0
VHXOHPHQW $9
4 /LQN
5
/DQJXHV 26'
'HXWVFK
(QJOLVK
JODJH
/DQJXHV 26'
5
JODJH
1RQ 2XL
$73 DWWHQWLRQ
3D\V
5ýJODJH PDQXHO
'HXWVFKODQG
$73
)UDQFH
)UDQ˜DLV
5HFKHUFKH DXWR
,WDOLDQR
5
(//+1,.$
6\VWýPH 79
(VSDÆRO
5
1RUVN
&KDQJHU
'DQVN
6\VWýPH FRXOHXU
6& )
,WDOLD
JODJH PDQXHO
JODJH ILQ
6YHQVND
'
1HGHUODQGV
4 /LQN
6XRPL
5ýJODJH YROXPH
7ÚUN˜H
%ORTXHU
FRGHXU $9
(VSDÆRO
&KDQJHU
1HGHUODQGV
$XWR 3$/ 6(&$0
(8
1RQ 2XL
79
Ž
9&5
1RQ 2XL
3RUWXJXûV
0(186 685 (&5$1
&H W O YLVHXU HVW TXLS G
XQ V\VWýPH YROX GH PHQXV TXL YRXV SHUPHW G
DFF GHU DX[ U JODJHV HW DX[ RSWLRQV GHV
SDUDPýWUHV
&XUVHXU GX PHQX SRXU V OHF
WLRQ HW U JODJH GHV SDUDPýWUHV
$SSX\H] VXU OD WRXFKH k)l
SRXU HQWUHU GDQV OH PHQX
&KRLVLU
5 JOHU
7LWUH GX PHQX
%DUUH GH V OHFWLRQ
0HQX SULQFLSDO
&RQWUDVWH
6RUWLU
,QVWUXFWLRQV
,QGLFDWHXU GX SDUDPýWUH
/XPLQRVLW
&RXOHXU
1HWWHW
7HLQWH VHXOHPHQW 176&
6RXVPHQX
0LQXWHULH YHLOOH
6RQ
&RQILJXUDWLRQ
$SSX\H] VXU OD WRXFKH
k1l SRXU VRUWLU GX PHQX
&HUWDLQHV RSWLRQV FRPPH SDU H[HPSOH &RQWUDVWH /XPLQRVLW &RXOHXU HW 1HWWHW SHUPHWWHQW GjDXJPHQWHU RX GH
U GXLUH OH QLYHDX VHORQ YRV GHPDQGHV SHUVRQHOOV
&HUWDLQHV RSWLRQV FRPPH RSWLRQ 0LQXWHULH YHLOOH YRXV GHPDQGHQW GH IDLUH XQ FKRL[
&HUWDLQHV RSWLRQV OH PHQX &RQILJXUDWLRQ FRQGXLVVHQW XQ DXWUH PHQX
/D WRXFKH k)l SHUPHW HQWUHU DX[ PHQXV SULQFLSDX[ HW UHYHQLU DX PHQX SU F GHQW
/D WRXFKH k1l SHUPHW VRUWLU GX PHQX VXU O
FUDQ RX OD V OHFWLRQ G
XQ RSWLRQ
/D WRXFKH k79$9l SHUPHW FRQILUPHU OD V OHFWLRQ
0(18 35,1&,3$/
&H PHQX YRXV SHUPHW G
HIIHFWXHU HQWUH DXWUHV OHV U JODJHV GH TXDOLW GH OjLPDJH
$SSX\H] VXU OD WRXFKH k)l
6 OHFWLRQQH] OH PHQX G PDQG &KRLVLU
5 JOHU
0HQX SULQFLSDO
$XJPHQWH] RX U GXLVH] OH QLYHDX RX
U JOH] O
WDW GHV RSWLRQV
&RQWUDVWH
/XPLQRVLW
&RXOHXU
1HWWHW
$SSX\H] VXU OH WRXFKH k1l SRXU VRUWLU GX
PHQX
&RQWUDVWH
/XPLQRVLW
&RXOHXU
1HWWHW
7HLQWH
/H U JODJH GH OD WHLQWH QjDSSDUDñWUD
HQ WDQW TX
RSWLRQ GH PHQX TXH VL XQH
VRXUFH GH VLJQDO 176& SDU $9 HVW
FRQQHFW DX W O YLVHXU HW LO YRXV
SHUPHW GH U JOHU OD WHLQWH
0LQXWHULH
YHLOOH
/D PLQXWHULH YHLOOH SHUPHW GH
V OHFWLRQQHU O
KHXUH GH FRXSXUH GX
W O YLVHXU VXU XQH SDJH GH PLQXWHV LQWHUYDOOHV GH PLQXWHV
6RQ
0HQX 6RQ YRXV SHUPHW G
HQWUHU GDQV
OHV IRQFWLRQV GX U JODJH GX VRQ
&RQILJXUDWLRQ
/HV QLYHDX[ GH FRQWUDVWH OXPLQRVLW FRXOHXU QHWWHW SHXYHQW ûWUH U JO V
VHORQ YRV GHPDQGHV HW FRQGLWLRQV
G
REVHUYDWLRQ 1jLPSRUWH TXDQG LOV
SHXYHQW ûWUH U JO V VXU OHV QLYHDX[
U JO V SDU OH IDEULFDQW HQ DSSX\DQW
VXU OD WRXFKH k1l
0HQX &RQILJXUDWLRQ YRXV SHUPHW
G
HQWUHU GDQV OHV DXWUHV IRQFWLRQV
GDQV OH 0HQX 5 JODJH LQFOXV
7HLQWH VHXOHPHQW 176&
0LQXWHULH YHLOOH
6RQ
&RQILJXUDWLRQ
&RQWUDVWH
6RUWLU
0(18 621
&H PHQX YRXV SHUPHW GH U JOHU WRXV OHV DVSHFWV GX VRQ VHORQ YRV SU I UHQFHV
$SSX\H] VXU OD WRXFKH k)l
6 OHFWLRQQH] OH PHQX 6RQ
&KRLVLU
$FF GHU
6RUWLU
(QWUH] GDQV OH PHQX 6RQ
0HQX SULQFLSDO
&RQWUDVWH
/XPLQRVLW
&RXOHXU
6 OHFWLRQQH] OH PHQX G PDQG 1HWWHW
7HLQWH VHXOHPHQW 176&
0LQXWHULH YHLOOH
6RQ
$FF GHU
&RQILJXUDWLRQ
$XJPHQWH] RX GLPLQXH] OHV QLYHDX
RX U JOH] O
WDW GHV RSWLRQV
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX 6RQ
&KRLVLU
5 JOHU
/H U JODJH 9ROXPH YRXV SHUPHW GH U JOHU
9ROXPH OH QLYHDX GX YROXPH GH VRUWLH J Q UDO
6RUWLU
5HYHQLU
6RQ
9ROXPH
*UDYH
/H U JODJH *UDYH
YRXV SHUPHW
G
DFFHQWXHU OHV IU TXHQFHV SOXV EDVVHV HW
JUDYHVVRQ QLYHDX SHXW ûWUH DXJPHQW RX
GLPLQX *UDYH
$LJX
%DODQFH
03;
0RGH
6W
U
R
0XVLTXH
/H U JODJH $LJX YRXV SHUPHW G
DFFHQWXHU
$LJX OHV IU TXHQFHV SOXV KDXWHV HW VRQ QLYHDX
SHXW ûWUH DXJPHQW RX GLPLQX %DODQFH
03;
0RGH
/D EDODQFH DJLW VXU OH QLYHDX VRQRUHV
HQWUH OHV KDXWSDUOHXUV GURLW HW JDXFKH
&HOD SHUPHW GH U JOHU OHV QLYHDX[ VRQRUHV
HQWUH OHV KDXWVSDUOHXUV VHORQ OHV
GHPDQGHV G
XQ DXGLWHXU
03; VHUD U JO HQ PRGH l6WHUHRl VjLO HVW
PLV SRXU RIIULU OD PHLOOHXUH UHSURGXFWLRQ
VRQRUH HQ FDV GH G JUDGDWLRQ GH OD
U FHSWLRQ QRXV YRXV UHFRPPDQGRQV GH
SDVVHU HQ PRGH 0RQR /HV PRGHV 0RQR
0 HW 0 SHXYHQW ûWUH V OHFWLRQQ V
DXVVL VL OH SURJUDPPH PHW HQ GHX[
ODQJXHV
/H
VLJQDO
HVW
G WHFW
DXWRPDWLTXHPHQW
$LJX
(Q V OHFWLRQQDQW OHV PRGHV 0XVLTXH RX
3DUROH 2XL SHXW FKDQJHU OH WLPEUH GX VRQ
0(18 &21),*85$7,21
/H PHQX &RQILJXUDWLRQ VXLYDQW YRXV SHUPHW G
DFF GHU
PHQX 5 JODJH
GLYHUVHV IRQFWLRQV YROX HV DLQVL TXH DX
$SSX\H] VXU OD WRXFKH k)l
6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ
VXLYDQWH
&KRLVLU
$FF GHU
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
VXLYDQWH
6RUWLU
0HQX SULQFLSDO
&RQWUDVWH
6 OHFWLRQQH] OH PHQX G PDQG /XPLQRVLW
&RXOHXU
1HWWHW
$XJPHQWH] RX GLPLQXH] OH QLYHDX
RX U JOH] O
RSWLRQ
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU
GX PHQX &RQILJXUDWLRQ
7HLQWH VHXOHPHQW 176&
0LQXWHULH YHLOOH
6RQ
&RQILJXUDWLRQ
$FF GHU
/DQJXH GX /D V OHFWLRQ HQWUH OHV VLJQHV GH O
HVW RX GH O
RXHVW
GDQV OH 0HQX 7 O WH[WH
7H[WH
/D IRQFWLRQ )RUPDW YRXV SHUPHW GH YRLU GHV
SURJUDPPHV JUDQG DQJOH DYHF OH IRUPDW FRUUHFW
/H V\VWýPH DXWRPDWLTXH SRXU OD
V\QWRQLVDWLRQ GX FRQWUDVWH
/H FRQWUDVWH HVW U JO DXWRPDWLTXHPHQW
VHORQ OH FKDQJHPHQW GH O
FODLUDJH DX
PLOLHX HQYLURQQDQW
&$76 3RXU REWHQLU GHV U VXOWDWV PHLOOHXUV U JOH]
WRXW G
DERUG OH FRQWUDVWH DX PD[LPXP DLQVL
OD IRQFWLRQ &$76 SHXW IRQFWLRQQHU
GDQV O
HVSDFH VXIILVDQW 3XLV V OHFWLRQQH]
XQH GH WURLV
SRVVLELOLW V VHORQ YRV
GHPDQGHV & $ 7 6
G EUDQFK H
)RUPDW
& $ 7 6
& $ 7 6
VHQVLELOLW PR\HQQH
VHQVLELOLW KDXWH
/H PHQX 6\VWýPH FRXOHXU YRXV SHUPHW GH
6\VWýPH FRXOHXU FKRLVLU OH VWDQGDUG GH WUDQVPLVVLRQ FRUUHFW
4/LQN
/D OLDLVRQ 4/LQN YRXV SHUPHW G
DFWLYLW
RX G VDFWLYHU OD FRPPXQLFDWLRQ GH
GRQQ HV
DYHF
XQ
PDJQ WRVFRSH
FRPSDWLEOH 9RLU OD SDJH 0HQX 5 JODJH
/H PHQX 5 JODJH YRXV GRQQH DFFýV GH
QRPEUHXVHV
DXWUHV
IRQFWLRQV
&RQILJXUDWLRQ DXWRPDWLTXH GHV FDQDX[
IRQFWLRQV $73 5 JODJH ILQ HW 5 JODJH GH
9ROXPH 9RLU OD SDJH /DQJXHV 26'
/H PHQX /DQJXHV 26' YRXV SHUPHW GH
V OHFWLRQQHU OD ODQJXH XWLOLV H VXU WRXV OHV
PHQXV Gj FUDQ YRLU OD SDJH &KRLVLU
5 JOHU
5HYHQLU
&RQILJXUDWLRQ
/DQJXH GX WH[WH
)RUPDW
2XHVW
$XWR
& $ 7 6
6\VWýPH FRXOHXU
$XWR
VHXOHPHQW $9
4 /LQN
5
JODJH
/DQJXHV 26'
1RQ
6RUWLU
0(18 5þ*/$*(
/H PHQX 5 JODJH SHUPHW G
DFFýGHU DX[ PHQXV 5 JODJH PDQXHO HW 5 JODJH DXWRPDWLTXH
$SSX\H] VXU OD WRXFKH k)l
6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ VXLYDQWH
&KRLVLU
$FF GHU
6RUWLU
0HQX SULQFLSDO
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ VXLYDQWH
&RQWUDVWH
6 OHFWLRQQH] OH PHQX 5 JODJH
/XPLQRVLW
&RXOHXU
1HWWHW
7HLQWH VHXOHPHQW 176&
0LQXWHULH YHLOOH
(QWUH] GDQV OH PHQX 5 JODJH
6RQ
&RQILJXUDWLRQ
$FF GHU
(QWUH] GDQV OH PHQX G PDQG &KRLVLU
$XJPHQWH] RX GLPLQXH] OH QLYHDX RX
U JOH] O
WDW GjRSWLRQ
$FF GHU
5HYHQLU
6RUWLU
&RQILJXUDWLRQ
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX
/DQJXH GX WH[WH
)RUPDW
5HFKHUFKH
DXWR
5 JODJH PDQXHO
6\VWýPH 79
5HFKHUFKH DXWR YRXV SHUPHW OH U JODJH
DXWRPDWLTXH GX W O YLVHXU 9RLU OD SDJH
/H PHQX 5 JODJH PDQXHO YRXV SHUPHW
GH U JOHU PDQXHOOHPHQW OHV SRVLWLRQV GH
FKDñQHV 9RLU OD SDJH /
RSWLRQ GH QRUPH DXGLR
$XWR
& $ 7 6
&RORXU V\VWHP
$XWR
VHXOHPHQW $9
4 /LQN
5 JODJH
1RQ
$FF GHU
/DQJXHV 26'
5 JODJH ILQ
&KDQJHU
6\VWýPH FRXOHXU
' FRGHXU $9
4/LQN
&HWWH RSWLRQ YRXV SHUPHW G
HIIHFWXHU OH
U JODJH ILQ GX SURJUDPPH
/H PHQX &KDQJHU YRXV SHUPHW GH
FKDQJHU OD SRVLWLRQ GX SURJUDPPH VHORQ
YRWUH GHPDQGH 9RLU OD SDJH /H PHQX 6\VWýPH FRXOHXU YRXV SHUPHW
GH FKRLVLU OH VWDQGDUG GH WUDQVPLVVLRQ
FRUUHFW
&HWWH RSWLRQ HVW XWLOLV
TXDQG XQ
G FRGHXU HVW FRQQHFW YLD $9 /D PHWWUH
O
WDW $&7,9þ 2XL VL XQ VLJQDO FRG GRLW
ûWUH G FRG SDU OH G FRGHXU /D PHWWUH
O
WDW G VDFWLY 1RQ DSUýV OjXWLOLVDWLRQ
&+
&KRLVLU
$FF GHU
5 JODJH
5HFKHUFKH DXWR
5
0 PR
6RUWLU
$FF GHU
JODJH PDQXHO
6\VWýPH 79
5
5HYHQLU
6&
JODJH ILQ
&KDQJHU
6\VW
'
PH FRXOHXU
FRGHXU $9
$872
1RQ
4 /LQN
5
JODJH YROXPH
%ORTXHU
1RQ
/
RSWLRQ 4/LQN SHUPHW G
DFWLYHU OD
WUDQVPLVVLRQ GHV GRQQ HV GDQV OH
PDJQ WRVFRSH FRPSDWLEOH 9RLU OHV
SDJHV HW 5 JODJH YROXPH
/H PHQX 5 JODJH YROXPH YRXV SHUPHW GH
U JOHU OH QLYHDX GH YROXPH SRXU OH
SURJUDPPH DYHF OHV GLII UHQWV QLYHDX[
GH YROXPH
%ORTXHU
&HWWH RSWLRQ YRXV SHUPHW GH EORTXHU OD
SRVLWLRQ GHV SURJUDPPHV FRQWUH O
DFFýV
LQG VLUDEOH
0(18 5þ*/$*( &RQILJXUDWLRQ DXWRPDWLTXH 5HFKHUFKH DXWR
/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 WUDQVSRUW GX W O YLVHXU
RX GH G P QDJHPHQW GDQV XQH DXWUH U JLRQ
$SSX\H] VXU OD WRXFKH k)l
&+
&KRLVLU
$FF GHU
6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ VXLYDQWH
5 JODJH
5
JODJH PDQXHO
6\VWýPH 79
5
6RUWLU
$FF GHU
5HFKHUFKH DXWR
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ VXLYDQWH
0 PR
5HYHQLU
6&
JODJH ILQ
&KDQJHU
6 OHFWLRQQH] OH PHQX 5 JODJH
6\VWýPH FRXOHXU
$872
'
1RQ
FRGHXU $9
4 /LQN
5
JODJH YROXPH
1RQ
%ORTXHU
(QWUH] GDQV OH PHQX 5 JODJH
6 OHFWLRQQH] OH PHQX 5HFKHUFKH DXWR
$77(17,21
6 OHFWLRQQH] $FFýV
5HG
PDUUHU O
$73 HIIDFHUD OHV
GRQQýHV DFWXHOOHV HW H[
XQ QRXYHDX U
FXWHUD
JODJH
$SSX\H] SRXU FRQILUPHU 0DUFKH
' EXW $73
6 OHFWLRQQH] YRWUH SD\V
$SSX\H] SRXU ODQFHU OD FRQILJXUDWLRQ
DXWRPDWLTXH 5HFKHUFKH DXWR
/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
YRLU OD SDJH 5HYHQLU
6RUWLU
79$9
3D\V
'HXWVFKODQG
)UDQFH
,WDOLD
1HGHUODQGV
(VSDÆD
(8
&KRLVLU
8QH IRLV FHWWH RS UDWLRQ WHUPLQ H OH
W O YLVHXU DIILFKHUD OD SRVLWLRQ GH
SURJUDPPH ' EXW $73
5HYHQLU
6RUWLU
$SSX\H] VXU OD WRXFKH k)l SRXU FRXSHU OD
V TXHQFH 5HFKHUFKH DXWR
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GH
OD V TXHQFH 5HFKHUFKH DXWR
$73 (1 &2856
&+
) 5HYHQLU
1 7R 6RUWLU
%%&
0(18 5þ*/$*( 5þ*/$*( 0$18(/
/H U JODJH PDQXHO GHV SRVLWLRQV GH SURJUDPPHV SHXW V
HIIHFWXHU
O
DLGH GHV WRXFKHV HQ ID˜DGH
SDUWLU GX PHQX VXU O
FUDQ RX
$SSX\H] VXU OD WRXFKH k)l
6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ VXLYDQWH
&+
&KRLVLU
$FF GHU
0 PR
5HYHQLU
6RUWLU
5 JODJH
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ VXLYDQWH
5HFKHUFKH DXWR
6 OHFWLRQQH] OH PHQX 5 JODJH
5 JODJH PDQXHO
$FF GHU
6\VWýPH 79
6&
5
JODJH ILQ
&KDQJHU
(QWUH] GDQV OH PHQX 5 JODJH
6\VWýPH FRXOHXU
$872
'
1RQ
FRGHXU $9
4 /LQN
5
JODJH YROXPH
%ORTXHU
1RQ
6 OHFWLRQQH] OH PHQX 5 JODJH PDQXHO
(QWUH] GDQV 5 JODJH PDQXHO
&+
6 OHFWLRQQH] OD SRVLWLRQ GH SURJUDPPH
G VLU H
&KRLVLU
' EXWHU UHFKHUFKH
&RPPHQFH] OH U JODJH
4XDQG OH SURJUDPPH YRXOX HVW ORFDOLV DSSX\H] VXU OH WRXFKH k79$9l HQ
W O FRPPDQGH RX VXU OD WRXFKH k675l HQ
ID˜DGH SRXU P PRULVHU
675
79$9
5 JODJH PDQXHO FRPPDQGHV HQ ID˜DGH
$SSX\H] VXU OD WRXFKH kl RX kl SRXU
HQWUHU GDQV OH PHQX 5 JODJH PDQXHO
)
d b
$SSX\H] VXU OD WRXFKH k79$9l SRXU
DOWHUQHU HQWUH k3URJl l' EXWHU UHFKHUFKHl
RX k6\VWýPH 79l
79$9
$SSX\H] VXU OD WRXFKH kl RX kl SRXU
FKDQJHU OD SRVLWLRQ GX SURJUDPPH
FRPPHQFHU OD UHFKHUFKH RX FKDQJHU OH
V\VWýPH 79
d b
4XDQG OD FKDñQH YRXOXH HVW ORFDOLV H
DSSX\H] VXU k675l SRXU P PRULVHU
5 S WH] OD SURF GXUH FLGHVVXV SRXU
DFFRUGHU GjDXWUHV SURJUDPPHV RX DSSX\H]
VXU OD WRXFKH k)l SRXU VRUWLU
675
6RUWLU
5 JODJH PDQXHO
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX
PHQX
$SSX\H] GH QRXYHDX VXU OD WRXFKH ) GH
ID˜DGH SRXU HQWUHU GDQV OH 0HQX 5 JODJH
PDQXHO
0 PR
5HYHQLU
1RWH 6L YRXV FRQQDLVVH] OHV QXP URV GHV FDQDX[ YRXV
SRXYH] XWLOLVHU OH V OHFWLRQ GLUHFWH GDQV OH PHQX
k5 JODJH PDQXHOl
$SSX\H] VXU OD WRXFKH k&l HQ W O FRPPDQGH SRXU
OD P PRULVDWLRQ UDSLGH GHV FKDñQHV HQWUH] GDQV OH PHQX 5 JODJH PDQXHO
GRQQH] OH QXP UR GH OH SU V OHFWLRQ
DSSX\H] VXU OD WRXFKH k&l
SDU OH FODYLHU QXP ULTXH GRQQHU OH QXP UR GX
FDQDO
DSSX\H] VXU OD WRXFKH k79$9l SRXU P PRULVHU
DSSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX
3RXU OD V OHFWLRQ GLUHFWH GX FDQDO GH k+\SHUl FKDñQH
W O YLVLRQ GH F EOH DSSX\H] VXU OHV WRXFKHV GH OD
V OHFWLRQ GLUHFWH GX FDQDO HW OHV WRXFKHV GH OD
V OHFWLRQ GX SURJUDPPH k&l k l HW SDU OHV
WRXFKHV QXP ULTXHV V OHFWLRQQH] OH QXP UR 6XU
Oj FUDQ HVW DIILFK k&+ l HW SXLV k+ l
0 PRULVDWLRQ YRLU FLGHVVXV
)
&+$1*(0(17 '(6 326,7,216 '( 352*5$00(
/D V OHFWLRQ k&KDQJHUl YRXV SHUPHW FKDQJHU GHX[ SRVLWLRQV GX SURJUDPPH VRLPûPH
$SSX\H] VXU OD WRXFKH k)l 6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
&KRLVLU
5 JOHU
6 OHFWLRQQH] OH PHQX 5 JODJH
&KDQJHU
5HYHQLU
6RUWLU
&KDQJHU
(QWUH] GDQV OH PHQX 5 JODJH
3URJ
&+
%%&
&+
,79
DYHF
6 OHFWLRQQH] OH PHQX &KDQJHU
3URJ
(QWUH] GDQV OH PHQX &KDQJHU
6 OHFWLRQQH] SUHPLýUH SRVLWLRQ GX
SURJUDPPH
6 OHFWLRQQH] VHFRQGH SRVLWLRQ GX
SURJUDPPH
$SSX\H] VXU OD WRXFKH k79$9l SRXU
FRQILUPHU OD V OHFWLRQ
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX
PHQX
79$9
/$1*8(6 26'
/RUV GH O
LQVWDOODWLRQ LQLWLDOH GX W O YLVHXU OD ODQJXH G
DIILFKDJH VXU 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'
$SSX\H] VXU OD WRXFKH k)l
6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ
&KRLVLU
&KRLVLU
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
'HXWVFK
6 OHFWLRQQH] OH PHQX /DQJXHV 26'
(QJOLVK
)UDQ˜DLV
,WDOLDQR
(QWUH] GDQV OH PHQX /DQJXHV 26'
6 OHFWLRQQH] OjRSWLRQ GH YRWUH FKRL[
$SSX\H] VXU OD WRXFKH k1l SRXU
FRQILUPHU HW VRUWLU GX PHQX
6RUWLU
5HYHQLU
/DQJXHV 26'
(//+1,.$
(VSDÆRO
1HGHUODQGV
1RUVN
6XRPL
'DQVN
7ÚUN˜H
6YHQVND
3RUWXJXûV
4 /,1.
/D OLDLVRQ 4/LQN SHUPHW DX W O YLVHXU GH FRPPXQLTXHU DYHF OH PDJQ WRVFRSH
$SSX\H] VXU OD WRXFKH k)l
&KRLVLU
6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ
5 JOHU
5HYHQLU
6RUWLU
&RQILJXUDWLRQ
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
ODQJXH GX WH[WH
)RUPDW
6 OHFWLRQQH] 4/LQN
$XWR
& $ 7 6
&RORXU V\VWHP
&RQILUPH] TXH OD OLDLVRQ 4/LQN HVW
kDFWLY l 2XL
$XWR
VHXOHPHQW $9
Oj WDW
4 /LQN
5
2XL
JODJH
/DQJXHV 26'
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX
/H PDJQ WRVFRSH GRLW ûWUH FRQQHFW SDU XQ F EOH 6&$573(5,7(/ W\SH FRXYUDQW WRXWHV IRQFWLRQV HQWUH OD SULVH $9 GX
W O YLVHXU HW OD SULVH FRUUHVSRQGDQWH GX PDJQ WRVFRSH &RQVXOWH] OH PRGH GjHPSORL GX PDJQ WRVFRSH SRXU WRXV
UHQVHLJQHPHQWV FRPSO PHQWDLUHV /D OLDLVRQ 4/LQN 1(;79,(:/,1. RX OHV WHFKQRORJLHV VLPLODLUHV SHUPHWWHQW DX
W O YLVHXU GH FRPPDQGHU XQ PDJQ WRVFRSH FRPSDWLEOH GjHQUHJLVWUHU OH SURJUDPPH UHWUDQVPLV FH PRPHQWO VXU
Oj FUDQ GX W O YLVHXU TXHOOH TXH VRLW OD SRVLWLRQ GH U JODJH GH SURJUDPPH GX PDJQ WRVFRSH &HOD VLPSOLILH
FRQVLG UDEOHPHQW OjHQUHJLVWUHPHQW GHV SURJUDPPHV
3RXU HQUHJLVWUHU O
PLVVLRQ TXH YRXV ûWHV HQ WUDLQ GH UHJDUGHU
',5(&7 79
$SSX\H] VXU OD WRXFKH ',5(&7 79 5(& GH OD W O FRPPDQGH
5(&
6L OH PDJQ WRVFRSH HVW WHLQW LO VjDOOXPH 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
0DJQ WRVFRSH HQUHJ SURJ SU U JO
6RXUFH 79 HQ FRXUV GjHQUHJLVWUHPHQW
0DJQ WRVFRSH HQUHJ SURSUH WXQHU
/H PDJQ WRVFRSH HQUHJLVWUH OH VLJQDO GX SURJUDPPH
GH VRQ SURSUH WXQHU 9RXV SRXYH] WHLQGUH OH
W O YLVHXU HW ODLVVHU OH PDJQ WRVFRSH HQUHJLVWUHU GH OD
ID˜RQ QRUPDOH
/H PDJQ WRVFRSH HVW HQ WUDLQ G
HQUHJLVWUHU O
PLVVLRQ
UHWUDQVPLVH SDU OH W O YLVHXU 9RXV QH GHYH] SDV FKDQJHU OD
SRVLWLRQ GX SURJUDPPH RX WHLQGUH OH W O YLVHXU VL YRXV OH
IDLWHV OH PDJQ WRVFRSH V
DUUûWHUD DXWRPDWLTXHPHQW
3DV GjHQUHJLVWUHPHQW &$66(77( 3527(*((
/D ODQJXHWWH GH SURWHFWLRQ OjDUULýUH GH OD FDVVHWWH YLG R D
W HQO Y H
([HPSOHV GjDXWUHV PHVVDJHV SRXYDQW ûWUH DIILFK V 3DV GjHQUHJ &$66(77( 121 ,16(5((
3DV GjHQUHJ /(&785( (1 &2856
(QUHJLVWUHPHQW 9&5 9&5 H[WQX
3DV GjHQUHJ (15(* '(-$ (1 &2856
3DV GjHQUHJ %$1'( (1'200$*((
3DV GjHQUHJ $%6(1&(
'( 6,*1$/(
7UDQVPLVVLRQ GHV LQIRUPDWLRQV VXU OH U JODJH
3RXU DVVXUHU GHV HQUHJLVWUHPHQWV YLG R FRUUHFWV OH W O YLVHXU HW OH PDJQ WRVFRSH GRLYHQW ûWUH OHV PûPHV LQIRUPDWLRQV GX
U JODJH YRLU OD SDJH - &KDTXH IRLV TXH OD IRQFWLRQ &RQILJXUDWLRQ DXWRPDWLTXH 5HFKHUFKH DXWR HVW XWLOLV H OHV SDUDPýWUHV GH U JODJH VRQW
WUDQVPLV DX PDJQ WRVFRSH
)RQFWLRQ GX EUDQFKHPHQW DXWRPDWLTXH
&HV IRQFWLRQV VXSSO PHQWDLUHV VRQW GLVSRQLEOHV DYHF OD OLDLVRQ 4/LQN GH 3DQDVRQLF - 4XDQG YRXV LQWURGXLVH] XQH FDVVHWWH YLG R GDQV OH PDJQ WRVFRSH HW TXH YRXV DSSX\H] VXU OD WRXFKH /(&785( OH
W O YLVHXU VH PHW DXWRPDWLTXHPHQW HQ PDUFKH HW V OHFWLRQQH O
HQWU H $9 SRXU YRXV SHUPHWWUH GH UHJDUGHU OD FDVVHWWH
- 6L YRXV WHLJQH] OH W O YLVHXU DORUV TXH OH PDJQ WRVFRSH HVW HQ PRGH $UUûW $YDQFH UDSLGH 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 kG VDFWLY l1RQ
1RWH LPSRUWDQWH 7RXHV OHV PDJQ WRVFRSHV QjDFFHSWHQW SDV FH V\VWýPH GH FRPPXQLFDWLRQV GH GRQQ HV FHUWDLQV PDJQ WRVFRSHV
SHXYHQW DFFHSWHU FHUWDLQHV IRQFWLRQV PDLV SDV GjDXWUHV &RQVXOWH] OH PRGH GjHPSORL GX PDJQ WRVFRSH SRXU YRXV
LQIRUPHU 6L OD OLDLVRQ 4/LQN HVW LQRS UDQWH FRPPHQFH] SDU FRQILUPHU TXH OH F EOH 6&$57 3(5,7(/ XWLOLV HVW ELHQ GX
W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV &RQVXOWH] YRWUH UHYHQGHXU SRXU YRXV LQIRUPHU
7þ/þ&+$5*(0(17 '(6 '211þ(6 (1 0$*1þ726&23( 4 /,1.
/H PHQX 4/LQN HQUHJLVWUH WRXWHV GRQQ HV VXU OHV SURJUDPPHV U JO V GX W O YLVHXU GDQV OH
P PRLUH GX PDJQ WRVFRSH
$SSX\H] VXU OD WRXFKH k)l
6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
6 OHFWLRQQH] OH PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
79 Ž 9&5
3URJUDPPH 6 OHFWLRQQH] 4/LQN
$FWLYH] 4/LQN
1RWH
3HQGDQW O
HQUHJLVWUHPHQW GHV GRQQ HV OH W O FRPPDQGH Q
HVW SDV DFWLI
6þ/(&7,21 $9 0$5&+( $9
F
$SSX\H] VXU OD WRXFKH k79$9l SRXU DFWLYHU OH PRGH k$9l 6L OH PDJQ WRVFRSH U FHSWHXU VDWHOOLWH FDP VFRSH HWF
YRLU OD SDJH VRQW FRQQHFW V HW VRQW DFWLY V VRQ VLJQDO HVW DIILFK VXU Oj FUDQ GX W O YLVHXU HW VXU OH FÎW JDXFKH
GH O
FUDQ V
DIILFKH k$9l OD SRVLWLRQ GX SURJUDPPH V OHFWLRQQ H Q
HVW SDV LPSRUWDQWH /H U FHSWHXU GX W O YLVHXU
VHUD LJQRU F
&H W O YLVHXU YRXV SHUPHW OH EUDQFKHPHQW DXWRPDWLTXH HQ PRGH k$9l VL O
TXLSHPHQW FRQQHFW
PHW OH VLJQDO GH
EUDQFKHPHQW VXU OD SULVH 6&$57 HQ FDV GH VRQ DFWLYDWLRQ /H VLJQDO GH O
TXLSHPHQW DXGLRYLVXHO FRQQHFW HW k(&l
RX k(&5*%l HQWU H 59% V
DIILFKHQW VXU OH FÎW JDXFKH GH O
FUDQ (Q FDV GX FKDQJHPHQW GH OD V OHFWLRQ GX
SURJUDPPH GX W O YLVHXU O
LPDJH QH FKDQJH SDV
F
5HYHQLU HQ PRGH k79l HQ DSSX\DQW VXU OD WRXFKH k79$9l RX SDU OjDUUûW GH O
TXLSHPHQW $9 FRQQHFW F
/D FRQQH[LRQ GH GHX[ TXLSHPHQWV k$9l HQ PûPH WHPSV Q
HVW SDV SRVVLEOH OHV VLJQDX[ SHXYHQW VH P ODQJHU
F
(Q FDV GH OD FRQQH[LRQ GH O
TXLSHPHQW k$9l HQ PRGH 176& OH W O YLVHXU G WHFWHUD DXWRPDWLTXHPHQW FH VLJQDO HW
UHSURGXLUD HQ FH PRGH /jRIIUH GX 0HQX SULQFLSDO GDQV OHV ODQJXHV 26' HVW FRPSO WHU HQ PRGH k$9l SDU k7HLQWHl
DSSX\H] VXU OHV WRXFKHV kl RX kl SRXU OH U JODJH
)21&7,21 0$*1þ726&23(
&HWWH W O FRPPDQGH SHXW ûWUH XWLOLV H DYHF FHUWDLQV PDJQ WRVFRSHV GH OD PDUTXH 3DQDVRQLF þWDQW
GRQQ TXH FHUWDLQV PDJQ WRVFRSHV RIIUHQW GHV IRQFWLRQV GLII UHQWHV YHXLOOH] YRXV U I UHU DX PRGH
G
HPSORL GH O
DSSDUHLO RX FRQVXOWH] OH UHYHQGHXU SRXU YRXV LQIRUPHU
9&5
þWDW GH YHLOOH
$SSX\H] VXU
PDJQ WRVFRSH
SRXU OjDUUûWHU
FHWWH WRXFKH SRXU PHWWUH OH
O
WDW GH YHLOOH $SSX\H] QRXYHDX
/HFWXUH
$SSX\H] VXU FHWWH WRXFKH SRXU OLUH OD FDVVHWWH GX
PDJQ WRVFRSH
$UUûW
$SSX\H] VXU FHWWH WRXFKH SRXU DUUûWHU OD FDVVHWWH
6DXW GH SODJH $YDQFH UDSLGH 9LVXDOLVDWLRQ
0DJQ WRVFRSH $SSX\H] VXU FHWWH WRXFKH SRXU
FRPPDQGHU O
DYDQFH UDSLGH (Q PRGH /HFWXUH
DSSX\H] VXU FHWWH WRXFKH SRXU YLVXDOLVHU O
LPDJH HQ
PRGH GjDYDQFH UDSLGH
6DXW GH SODJH 5HPERELQDJH UDSLGH 9LVXDOLVDWLRQ
0DJQ WRVFRSH $SSX\H] VXU FHWWH WRXFKH SRXU
UHPERELQHU UDSLGH OD EDQGH (Q PRGH /HFWXUH
DSSX\H] VXU FHWWH WRXFKH SRXU YLVXDOLVHU OD EDQGH
HQ PRGH GH UHPERELQDJH UDSLGH
$UUûW VXU LPDJH
$SSX\H] VXU FHWWH WRXFKH HQ PRGH /HFWXUH SRXU
REWHQLU O
DUUûW VXU OjLPDJH $SSX\H] GH QRXYHDX SRXU
UHSUHQGUH OD OHFWXUH QRUPDOH
2SWLRQ GX SURJUDPPH HQ EDV RX HQ KDXW
$SSX\H] SRXU DXJPHQWHU RX GLPLQXHU OD SRVLWLRQ GX
SURJUDPPH GX PDJQ WRVFRSH
5(&
',5(&7
79 5(&
(QUHJLVWUHPHQW
$SSX\H] VXU FHWWH WRXFKH SRXU HQUHJLVWUHU
(QUHJLVWUHPHQW GLUHFW
$SSX\H] VXU FHWWH WRXFKH SRXU O
HQUHJLVWUHPHQW
GLUHFW GX W O YLVHXU &RQGLWLRQV YRLU OD SDJH
)21&7,21 7þ/þ7(;7(
- /HV IRQFWLRQV GH 7 O WH[WH YDULHQW VHORQ OHV VRFL W V GH UDGLRIIXVLRQ HW QH VRQW GLVSRQLEOHV TXH VL OD FKDñQH V OHFWLRQQ H
WUDQVPHW OH 7 O WH[WH
- (Q DSSX\DQW VXU OD WRXFKH k)l HQ PRGH 7 O WH[WH OD IRQFWLRQ GH FRQWUDVWH DIILFKH XQH EDUUH GH FRXOHXU EOHXH SXLV
DSSX\H] VXU OHV WRXFKHV kl HW kl SRXU PRGLILHU OH U JODJH VHORQ OHV EHVRLQV
- (Q DSSX\DQW VXU OHV WRXFKHV kl HW kl HQ PRGH 7 O WH[WH LO Q
HVW SRVVLEOH GH PRGLILHU TXH OH YROXPH
(Q TXRL FRQVLVWH )/2) )$67(;7 "
(Q PRGH )$67(;7 TXDWUH VXMHW GH FRXOHXU GLII UHQWHV DSSDUDLVVHQW HQ EDV GH Oj FUDQ /HV FRXOHXUV GHV VXMHWV U SRQGHQW
DX[ FRXOHXUV GHV WRXFKHV VXU YRWUH W O FRPPDQGH 3RXU REWHQLU OHV LQIRUPDWLRQV VXU OjXQ GH FHV VXMHWV DSSX\H] VXU OD
WRXFKH FRORU H FRUUHVSRQGDQWH &HWWH IRQFWLRQ SHUPHW GjREWHQLU UDSLGHPHQW GHV LQIRUPDWLRQV VXU OHV VXMHWV LQGLTX V
797(;7
0RGH 797 O WH[WH
$SSX\H] VXU OD WRXFKH 797(;7 /D SDJH 7 O WH[WH VjDIILFKH
UHYHQLU HQ PRGH 79
,1'(;
+2/'
Oj FUDQ$SSX\H]
QRXYHDX VXU FHWWH WRXFKH SRXU
,QGH[
$SSX\H] VXU ,1'(; SRXU UHYHQLU VXU OD SDJH GjLQGH[ SULQFLSDO 6HORQ OD ID˜RQ GRQW OHV LQIRUPDWLRQV VRQW
WUDQVPLVHV YRXV GHYUH] SHXWûWUH SUHVVHU SOXV G
XQH IRLV VXU FHWWH WRXFKH SRXU UHYHQLU O
LQGH[ SULQFLSDO
0DLQWLHQ GH OD SDJH
$SSX\H] VXU OD WRXFKH +2/' SRXU UHWHQLU OD SDJH 7 O WH[WH ORUV GH OD FRQVXOWDWLRQ GjLQIRUPDWLRQV FRXUDQW VXU
SOXVLHXUV SDJHV $SSX\H] GH QRXYHDX SRXU UHYHQLU OD PLVH MRXU DXWRPDWLTXH
$FFýV
7,0( 7(;7
797(;7
5(9($/
OD VRXVSDJH
/RUVTXH O
LQIRUPDWLRQ VXU OD SDJH GH W O WH[WH G SDVVH XQH SDJH OH V\VWHPH GH FKDQJHPHQW DXWRPDWLTXH GH OD
VRXVSDJH SRXUUD PHWWUH XQ FHUWDLQ WHPSV DYDQW G
DWWHLQGUH OD VRXVSDJH YRXOXH
$SSX\H] VXU OD WRXFKH 7,0( 7(;7 HQ KDXW D JDXFKH GH O
FUDQ V
DIILFKHUD 6 OHFWLRQQH] OH QXP UR GH OD VRXVSDJH YRXOXH 3RXU OD V OHFWLRQ GH OD SDJH HQWUH] 3XLV OH V\VWHPH FKHUFKHUD FHWWH SDJH YRXOXH
3HQGDQW OHV UHFKHUFKHV GH FHWWH SDJH RQ SHXW UHYHQLU HQ PRGH 79 SURJUDPPH HQ DSSX\DQW VXU OD WRXFKH 797(;7
(Q UHQWUDQW HQ PRGH 7(/(7(;7( HW TXDQG OD VRXVSDJH YRXOXH HVW DIILFK H HOOH UHVWH DIILFK H MXVTX
OD
V OHFWLRQ G
XQH QRXYHOOH SDJH GH W O WH[WH RX MXVTX
DX FKDQJHPHQW GH OD SRVLWLRQ GX SURJUDPPH
3RXU HIIDFHU OD VRXVSDJH XWLOLVH] O
XQ GHV PR\HQV VXLYDQWV $SSX\H] VXU OD WRXFKH ,1'(; FRQILJXUDWLRQ
6 OHFWLRQQH] XQ QRXYHDX QXP UR GH SDJH GH W O WH[WH
&KDQJHU OD SRVLWLRQ GH SURJUDPPH
5HYHDO 5 Y OHU
3RXU U Y OHU OHV PRWV FDFK V SDU H[HPSOH OHV U SRQVHV DX[ TXHVWLRQV GH TXL] RX GH GHYLQHWWHV YHQWXHOOHPHQW
SRXU DIILFKHU GHV FRGHV 9363'&
)7%
3OHLQ +DXW %DV
$SSX\H] VXU OD WRXFKH HW OD SDUWLH KDXWH GH OjDJUDQGLVVHPHQW HVW DIILFK H
/
DIILFKDJH GH O
LQIRUPDWLRQ $SSX\H] QRXYHDX SRXU O
DIILFKDJH GH OD SDUWLH EDVVH GH OjDJUDQGLVVHPHQW
GX 7 O WH[WH VXU Oj FUDQ
3RXU UHYHQLU HQ PRGH QRUPDO )8//SOHLQ DSSX\H] QRXYHDX VXU OD WRXFKH
6 OHFWLRQ GHV SDJHV
/HV SDJHV SHXYHQW ûWUH V OHFWLRQQ HV GH GHX[ PDQLýUHV D HQ DSSX\DQW VXU OHV WRXFKHV GH G ILOHPHQW SRXU DFFURñWUH RX G FURñWUH OH QXP UR GH SDJH G
XQH
OD IRLV
XQLW
E HQ HQWUDQW OH QXP UR GH SDJH OjDLGH GHV WRXFKHV GH W O FRPPDQGH
7RXFKHV URXJH YHUWH MDXQH EOHX
(Q PRGH )$67(;7 FHV GHUQLýUHV FRUUHVSRQGHQW DX[ GLII UHQWV VXMHWV GH FRXOHXU
6RUWLH
$SSX\H] VXU OD WRXFKH k1l SRXU UHYHQLU HQ PRGH 79 QRUPDO
$55$1*(0(17 '(6 352*5$00(6
$SUýV OH U JODJH DXWRPDWLTXH 5HFKHUFKH DXWR OHV SURJUDPPHV VRQW P PRULV V GDQV OH P PRLUH GX W O YLVHXU VHORQ OH
SD\V HW OHV ODQJXHV 26' HW VHORQ OHV LQIRUPDWLRQV GH O
PHWWHXU SDUWLFXOLHU
3OXWÎW LOV VRQW P PRULV V SDU OjRUGUH DVFHQGDQW GHV SRVLWLRQV GHV SURJUDPPHV - WRXV OHV SURJUDPPHV DYHF OH QRP WURXY V VHORQ OH WDEOHDX HW SXLV - OHV SURJUDPPHV DYHF OH QRP TXH OH WDEOHDX QH FRQWLHQW SDV SDU RUGUH DVFHQGDQW GHV SRVLWLRQV GX SURJUDPPH HW SXLV - OHV SURJUDPPHV DYHF OH QRP QRQ LGHQWLIL SDU RUGUH DVFHQGDQW VHORQ OHV SRVLWLRQV GX SURJUDPPH
25'(5
)5$1&(
(63$*1(
7)
79(
)5
79
)5
/$
3RXU OHV DXWUHV SD\V HXURS HQV OHV SURJUDPPHV VRQW DUUDQJ V HW P PRULV V GDQV OH P PRLUH GX W O YLVHXU VHORQ OHXU
U JODJH
&211(;,21 $8',29,'(2 (;7(51(
/H FRQQHFWHXU DUULýUH $9 6&$57 EURFKHV HW OHV FRQQHFWHXUV IURQWDOV 5&$
(QWU HV DXGLRYLGHR $9 VRQW G WHUPLQ HV SRXU OH UDFFRUGHPHQW GX PDJQ WRVFRSH GX
U FHSWHXU VDWHOOLWH HW SRXU OHV DXWUHV TXLSHPHQWV DXGLRYLVXHOV FRPSDWLEOHV
(QWU HVRUWLH DUULýUH GX FRQQHFWHXU $9 6&$57
3DQQHDX IURQWDO $9
& EOH 6&$57
-DFN G
HQWU H GX
PDJQ WRVFRSH 9
-DFN SRXU O
HQWU H
GX VRQ /5
6RUWLH GH MDFN
SRXU FDVTXHV
0DJQ WRVFRSH
& EOH GH
PDJQ WRVFRSH
5&$
F EOHV
DXGLR 5&$
0DJQ WRVFRSH
5 FHSWHXU VDWHOOLWH
&DVTXH DYHF ILFKH MDFN
PP
&DP VFRSH
&DP VFRSH
&RQVROH GH MHXRUGLQDWHXU 59%
1 %URFKDJH GHV SULVHV 6&$57 3(5,7(/
3ULVH 6&$57 EURFKHV $9
&RQQHFWHXU GH PDVVH
6RUWLH &9%6 YLG R
0DVVH &9%6
(QWU H GX VLJQDO 5
0DVVH GX VLJQDOH 5
(QWU H GX VLJQDOH *
0DVVH GX VLJQDOH *
(QWU H GX VLJQDOH %
0DVVH GX VLJQDOH %
6RUWLH DXGLR JDXFKH
6RUWLH DXGLR GURLWH
(QWU H &9%6 YLG R
0DVVH
WDW 59%
(WDW 59%
0DVVH
4 /LQN
6LJQDO &9%6 YLG R
(QWU H DXGLR JDXFKH
0DVVH DXGLR
(QWU H DXGLR GURLWH
/HV HQWU HV DG TXDWHV SRXU $9 LQFOXHQW 59% URXJHYHUWEOHX
1RWHV /HV TXLSHPHQWV DX[LOLDLUHV HW OHV F EOHV UHSU VHQW V QH VRQW SDV IRXUQLV DYHF OH W O YLVHXU
1H EUDQFKH] SDV GjRUGLQDWHXU PXQL GjXQH VRUWLH 77/ 9 VXU FH W O YLVHXU
(Q FDV GX EURFKDJH GH FDVTXH OH UHSURGXFWHXU HQ W O YLVHXU HVW G EUDQFK 1H EUDQFKH] SDV HQ PûPH WHPSV OHV HQWU HV $9 HQ ID˜DGH HW OjDUULýUH GX W O YLVHXU OHV
VLJQDOV DXGLR HW YLG R SHXYHQW VH P ODQJHU
',$*1267,& '(6 3$11(6
6\PSWÎPHV
,PDJH
6RQ
9 ULILH]
/D SRVLWLRQ O
RULHQWDWLRQ OH UDFFRUGHPHQW GH
OjDQWHQQH
,PDJH QHLJHXVH
6RQ GLVFRUGDQW
/D SRVLWLRQ O
RULHQWDWLRQ OH UDFFRUGHPHQW GH
OjDQWHQQH
,PDJH G PXOWLSOL H
6RQ QRUPDO
/D SUR[LPLW G
DSSDUHLOV OHFWURP QDJHUV
GHV YRLWXUHVPRWRF\FOHWWHV
G
FODLUDJHV OXPLQLVFHQWV
3DUDVLWHV
6RQ GLVFRUGDQW
5 JODJH GH YROXPH
6L OD FRXSXUH GX VRQ HVW DFWLY H
,PDJH QRUPDO
3DV GjLPDJH
3DV GH VRQ
3DV GH VRQ
6L HOOH HVW V OHFWLRQQ H OD QRUPH FRUUHFWH GH VRQ
GDQV OH PHQX 5 JODJH 6&)
6L OH W O YLVHXU Q
HVW SDV HQ PRGH $9
OD SULVH VHFWHXU HVW ELHQ EUDQFK H
OH W O YLVHXU HVW DOOXP
OHV QLYHDX[ GH VRQ HW GjLPDJH QH VRQW SDV U JO V
DX PLQLPXP
OH W O YLVHXU Q
HVW SDV Oj WDW GH YHLOOH
6L OH U JODJH GHV FRXOHXUV QjHVW SDV DX PLQLPXP
3DV GH FRXOHXU
6RQ QRUPDO
5 JODJH OH FDQDO 5 DFFRUGHU OH FDQDO XWLOLVHU OH
U JODJH ILQ
0DXYDLVH LPDJH RX GLVWRUVLRQ
7DFKHV GH FRXOHXU
,PDJH QRUPDO
6RQ IDLEOH RX SDV GH VRQ
6RQ QRUPDO
6RQ IDLEOH RX GLVFRUGDQW
/
LQIOXHQFH HW OD SRUW H G
XQ TXLSHPHQW QRQ EOLQG
DYHF XQH LQWHUI UHQFH PDJQ WLTXH G SODFH] OHV
U SURGXFWHXUV
/H W O YLVHXU D W G SODF DORUV TXjLO WDLW DOOXP O
WHLQGUH SHQGDQW DX PRLQV PLQXWHV
/D U FHSWLRQ GX VRQ SHXWûWUH G JUDG H
VXELWHPHQW SDU H[HPSOH SDU SHUWXEDWLRQV
DWPRVSK ULTXHV
0HWWUH OH U JODJH 03; PHQX 6RQ VXU 0RQR MXVTX
FH TXH OH U FHSWLRQ V
DP OLRUH
,1)250$7,216 *(1(5$/(6 3285 87,/,6$7(856
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 PRGHO 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 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 1 &RQVROHV GH MHX[ 2UGLQDWHXUV SHUVRQQHOV
/
XWLOLVDWLRQ SURORQJ H GH MHX[ YLG R RX G
RUGLQDWHXUV
SHUVRQQHOV SHXW SURYRTXHU XQ PDUTXDJH SHUPDQHQW
RPEUHV VXU Oj FUDQ GX W O YLVHXU &HWWH G W ULRUDWLRQ
SHUPDQHQWH GX WXEH FDWKRGLTXH SHXW ûWUH OLPLW H HQ
UHVSHFWDQW OHV FRQVLJQHV VXLYDQWHV F 5 GXLVH] OHV U JODJHV GH OXPLQRVLW HW GH FRQWUDVWH DX
PLQLPXP
F 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
F &HWWH G WHULRUDWLRQ GX WXEH FDWKRGLTXH Q
HVW SDV GXH XQ
G IDXW GH IRQFWLRQQHPHQW HW HOOH QH WRPEH GRQF SDV VRXV
OD JDUDQWLH 3DQDVRQLF
3URJUDPPH
4/LQN
5 JODJH GH YROXPH $9
9ROXPH
5 JLPH SDUROHPXVLTXH
*UDYHV
$LJXHV
0RGH GH YHLOOH
3D\V
5 JLPH GH PLVH HQ VHUYLFH
7HLQWH
&$76
&RQWUDVWH
1HWWHW
/XPLQRVLW
&RXOHXU
%DODQFH '*
(WDW
/DQJXHV 26'
1 0LVH HQ YHLOOH DXWRPDWLTXH 6/((3
6L OH W O YLVHXU Q
HVW SDV WHLQW ORUVTXH OD FKDñQH GH W O YLVLRQ
FHVVH G
PHWWUH OH PRGH GH YHLOOH V
HFOHQFKHUD
DXWRPDWLTXHPHQW DSUýV PLQXWHV &HWWH IRQFWLRQ Q
HVW SDV
GLVSRQLEOH ORUVTXH OH W O YLVHXU HVW HQ PRGH $9
&$5$&7þ5,67,48(6
0RGýOH
7;/.)6
$OLPHQWDWLRQ OHFWULTXH
7;/.)6
9 DF +]
&RQVRPPDWLRQ
:
:
&RQVRPPDWLRQ HQ DWWHQWH
:
:
7XEH LPDJH
'LDJRQDOH YLVLEOH
FP
FP
6RUWLH DXGLR
PXVLTXH
'LPHQVLRQV
3RLGV NJ
6\VWýPHV GH U FHSWLRQQRP GH EDQGH
[ : 506 [ : 032 LPS GDQFH W
+
/
3
PP
PP
PP
PP
PP
PP
NJ
NJ
3$/ %* 3$/ + 3$/ 6(&$0 %* 6(&$0 //
9+) ( (
9+) + + ,7$/,$
9+) $ + ,7$/,$
8+) ( (
&$79 6 6
&$79 6 6 0 0
&$79 6 6 8 8
&$79 6 6 +\SHUEDQG
0176& /HFWXUH GH PDJQ WRVFRSH 9&5 176& 0+]
176& (QWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRFVRSH 9&5 176&
3RVLWLRQV GH SURJUDPPH
9&5
$QWHQQH DUULýUH
8+) 9+)
&DVTXH DYDQW
PP LPS GDQFH W
$9 FRQQHFWHXU DUULýUH
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 59% 4/LQN
$9 FRQQHFWHXU DYDQW
$9 DYDQW HQWU H DXGLR VW UHR 5&$ [ HQWU H YLG R 5&$
&HV FDUDFW ULVWLTXHV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV LQGLTX V VRQW DSSUR[LPDWLIV
&;

Manuels associés