▼
Scroll to page 2
of
24
7;3;' 7 O YLVHXU FRXOHXU 0RGH G HPSORL )UDQDLV $YDQW OD PLVH HQ VHUYLFH GX W O YLVHXU OLVH] DWWHQWLYHPHQW FH PRGH Gj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ýV SHX G OHFWULFLW ,O HVW GRQF WUýV FRQRPLTXH (Q PRGH 9HLOOH OD FRQVRPPDWLRQ HVW GH : VHXOHPHQW &H PDQXHO HVW LPSULP VXU SDSLHU UHF\FO UHF\FO SDUWLU GH YLHX[ SDSLHUV G VHQFU V VDQV EODQFKLPHQW 0$'( )520 QL D]XUDQW 5(&<&/(' 3$3(5 3ULQWLQJ SDSHU /RZ HPLVVLRQV GXULQJ SURGXFWLRQ 7$%/( '(6 0$7,(5(6 - - - $YHUWLVVHPHQWV HW SU FDXWLRQV $FFHVVRLUHV *XLGH GH PLVH HQ URXWH UDSLGH &RPPDQGHV SULQFLSDOHV 0HQXV VXU FUDQ $FFýV DX[ PHQXV 0HQX SULQFLSDO 0HQX ,PDJH 0HQX VRQ 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 6 OHFWLRQ $9 0DUFKH $9 4 /LQN &RPPDQGH GX PDJQ WRVFRSH '9' )RQFWLRQ 7 O WH[WH &RQQH[LRQ DXGLRYLG R H[WHUQH 'LDJQRVWLF GHV SDQQHV ,QIRUPDWLRQV J Q UDOHV SRXU XWLOLVDWHXUV &DUDFW ULVWLTXHV $9(57,66(0(176 (7 35þ&$87,216 F F F F F &H W O YLVHXU HVW FRQX SRXU IRQFWLRQQHU VXU XQ U VHDX GH 9 +] &$ 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 1H MDPDLV H[SRVHU FH W O YLVHXU GHV FODERXVVXUHV RX GHV JRXWWHV G HDX 1H MDPDLV SRVHU G REMHWV UHPSOLV GH OLTXLGH FRPPH GHV YDVHV VXU OH W O YLVHXU RX DXGHVVXV GH FH GHUQLHU $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 /jLQWHUUXSWHXU 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 (YLWH] GjH[SRVHU OH W O YLVHXU GLUHFWHPHQW DX[ UD\RQV GX VROHLO RX WRXWH DXWUH VRXUFH GH FKDOHXU 3RXU YLWHU OHV ULVTXHV G LQFHQGLH QH MDPDLV SRVHU XQH ERXJLH RX DXWUH REMHW FRQWHQDQW XQH IODPPH VXU OH W O YLVHXU RX SUR[LPLW GH FH GHUQLHU (175(7,(1 '8 %2ð7,(5 (7 '8 78%( &$7+2',48( ' EUDQFKH] OD ILFKH GH OD SULVH PXUDOH 1HWWR\HU OH ERñWLHU HW OH WXEH FDWKRGLTXH OjDLGH GjXQ FKLIIRQ GRX[ O JýUHPHQW KXPLGH HW GjXQ G WHUJHQW QRQ DEUDVLI 1 XWLOLVH] SDV GH SURGXLWV GH QHWWR\DJH EDVH GH EHQ]RO RX GH S WUROH 3HQGDQW OH FRQWDFW DYHF OH WXEH FDWKRGLTXH GX W O YLVHXU Oj OHFWULFLW VWDWLTXH SHXW SURGXLUH F 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 F (/,0,1$7,21 '(6 'þ&+(76 0HWWH] OHV HPEDOODJHV RX OHV EDWHULHV XV HV GDQV OHV FRQWDLQHUV SRXU OHV G FKHWV GH V SDUDWLRQ F $&&(662,5(6 9 ULILH] TXH YRXV GLVSRVH] ELHQ GHV DFFHVVRLUHV VXLYDQWV 3LOHV SRXU W O FRPPDQGH 3LOHV SRXU W O FRPPDQGH [ 5 80 (85 7 O FRPPDQGH *DUDQWLF 3DQ (XURS HQQH 7; 3;' : $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&G 1L0+ UHFKDUJHDEOHV 0RGH GjHPSORL *8,'( '( 0,6( (1 5287( 5$3,'( *XLGH GH PLVH HQ URXWH UDSLGH 28 6&$57 %UDQFKH] O DQWHQQH HW O TXLSHPHQW DX[LOLDLUH $OOXPH] OHV SRVWHV EUDQFK V 6 OHFWLRQQH] YRWUH ODQJXH $SSX\H] VXU OD WRXFKH k2.l 6 OHFWLRQQH] YRWUH SD\V $SSX\H] VXU OH ERXWRQ SRXU ODQFHU $73 /D FRQILJXUDWLRQ VH IDLW DXWRPDWLTXHPHQW YRV FKDñQHV VRQW LGHQWLIL HV P PRULV HV HW DUUDQJ HV 7HUPLQDLVRQ GH OD V TXHQFH $73 DSSX\H] VXU OD WRXFKH k79$9l 6L XQ DSSDUHLO HQUHJLVWUHXU FRPSDWLEOH HVW EUDQFK OD SULVH 6&$57 FRUUHFWH OHV SDUDPýWUHV GH U JODJH GHV FKDñQHV VHURQW FRSL V VXU O DSSDUHLO YLD OD OLDLVRQ 4OLQN 9RLU SDJH 5 JODJH GH YROXPH 6 OHFWLRQ GH FKDñQH &200$1'(6 35,1&,3$/(6 )DDGH $OLPHQWDWLRQ 6(&7(85 ERXWRQ 0DUFKH$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 SDUDPý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ñQHV DYHF 7 O WH[WH 7RXFKH GH FRPPDQGH $VSHFW 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 3RXU OD P PRULVDWLRQ HW OD FRQILUPDWLRQ GDQV OH PHQX VXU Oj FUDQ 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 GHV FKDñQHV GHX[ FKLIIUHV O DLGH GHV WRXFKHV QXP ULTXHV k&l k l HW SDU OHV WRXFKHV QXP ULTXHV V OHFWLRQQH] OH QXP UR &RXSXUH GH 6RQ 7RXFKH (QUHJLVWUHPHQW 79 GLUHFW YRLU OD SDJH /D WRXFKH k1l UDSSHOH OHV U JODJHV P PRULV V SDU OD WRXFKH 675 VXU OH IDDGH 6RUWLH GX PHQX VXU O FUDQ 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 OD SDJH %RXWRQV FRORU V XWLOLV V SRXU OHV IRQFWLRQV 7 O WH[WH YRLU OD SDJH HW OD V OHFWLRQ $9 7RXFKHV 7 O WH[WH YRLU OD SDJH 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 GHV FKDñQHV GHX[ FKLIIUHV O DLGH GHV WRXFKHV QXP ULTXHV 7RXFKHV 0DJQ WRVFRSH'9' YRLU OD SDJH 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 $SSX\H] VXU OD WRXFKH 0(18 SRXU HQWUHU GDQV OH PHQX &XUVHXU GX PHQX SRXU V OHF WLRQ HW U JODJH GHV SDUDPýWUHV ,QVWUXFWLRQV 7LWUH GX PHQX %DUUH GH V OHFWLRQ 6RXVPHQX ,QGLFDWHXU GX SDUDPýWUH $SSX\H] VXU OD WRXFKH k79$9l 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 OH PHQX &RQILJXUDWLRQ FRQGXLVVHQW XQ DXWUH PHQX /D WRXFKH k0(18l SHUPHW HQWUHU DX[ PHQXV SULQFLSDX[ HW UHYHQLU DX PHQX SU F GHQW /D WRXFKH k79$9l SHUPHW VRUWLU GX PHQX VXU O FUDQ RX OD V OHFWLRQ G XQ RSWLRQ /D WRXFKH k2.l SHUPHW FRQILUPHU OD V OHFWLRQ $&&ü6 $8; 0(186 1$9,*$7,21 0(18 $9(& /$ 7þ/þ&200$1'( 3UHVVH] OH ERXWRQ 0(18 SRXU DFF GHU DX 0(18 35,1&,3$/ 8WLOLVH] OHV ERXWRQV IO FK V +DXW%DV SRXU V OHFWLRQQHU OH SDUDPýWUH RX OH PHQX VRXKDLW 8WLOLVH] OHV ERXWRQV IO FK V *DXFKH'URLWH SRXU FKDQJHU OH SDUDPýWUH VRXKDLW RX SRXU DFF GHU DX PHQX VRXKDLW 3UHVVH] OH ERXWRQ 79$9 SRXU TXLWWHU OHV PHQXV &KDTXH PHQX FUDQ SRVVýGH XQH IHQûWUH G DLGH LQGLTXDQW OD IRQFWLRQ GHV ERXWRQV GH W O FRPPDQGH GDQV FH PHQX 0(18 35,1&,3$/ &H PHQX YRXV SHUPHW G DFF GHU DX[ PHQXV 0RGH ,PDJH ,PDJH 6RQ HW &RQILJXUDWLRQ $SSX\H] VXU OD WRXFKH k0(18l 6 OHFWLRQQH] OH PHQX G PDQG $XJPHQWH] RX U GXLVH] OH QLYHDX RX U JOH] O WDW GHV RSWLRQV $SSX\H] VXU OH WRXFKH k79$9l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k79$9l SRXU VRUWLU GX PHQX ,PDJH 0RGH ,PDJH /H PHQX 0RGH LPDJH YRXV SHUPHW GH V OHFWLRQQHU WURLV FRQILJXUDWLRQV GLII UHQWHV SRXU O FUDQ '\QDPLTXH 1RUPDO HW &LQ PD 3RXU FKDTXH PRGH G FUDQ OH FRQWUDVWH OD OXPLQRVLW OD WHLQWH VHXOHPHQW SRXU 176& OD FRXOHXU HW OD WHPS UDWXUH GHV FRXOHXUV SHXYHQW ûWUH U JO V HW HQUHJLVWU V VHORQ YRV SU I UHQFHV SDU H[HPSOH YRXV YRXGUH] SHXWûWUH GHV SDUDPýWUHV GLII UHQWV SRXU UHJDUGHU GHV PLVVLRQV VSRUWLYHV GHV ILOPV GHV DFWXDOLW V HWF /H PRGH LPDJH YRXV SURSRVH MXVTX WURLV SDUDPýWUHV V SDU V SRXU FKDTXH VRXUFH GH VLJQDO 5) $9 HW $9 /HV PRGLILFDWLRQV VRQW HQUHJLVWU HV DXWRPDWLTXHPHQW &HV WURLV PRGHV DQDO\VHQW HW WUDLWHQW O LPDJH DILQ GH O RSWLPLVHU DXWRPDWLTXHPHQW &RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW /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 7HLQWH VHXOHPHQW 176& /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 0(18 621 (QWUH] GDQV OH PHQX 6RQ 6 OHFWLRQQH] OH PHQX G PDQG $XJPHQWH] RX GLPLQXH] OH QLYHDX RX U JOH] O RSWLRQ $SSX\H] VXU OD WRXFKH k79$9l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k79$9l SRXU VRUWLU GX PHQX &RQILJXUDWLRQ 6RUW$9 2IIUH XQ FKRL[ GH VLJQDX[ HQYR\HU OD ILFKH $9 3HULW O &HWWH V OHFWLRQ V RSýUH HQWUH O FUDQ DFWXHO GX W O YLVHXU RX OH PRQLWHXU F G O LPDJH DIILFK H O FUDQ 7 O WH[WH 9RXV SHUPHW GH FKRLVLU OH PRGH )/2) RX /,67 3DJH 0LQXWHULH YHLOOH 9RXV SHUPHW G WHLQGUH OH W O YLVHXU XQ PRPHQW SU G ILQL DOODQW GH PLQXWHV SDU LQWHUYDOOHV GH PLQXWHV 6\VWýPH FRXOHXU $9 9RXV SHUPHW GH V OHFWLRQQHU OD QRUPH GH WUDQVPLVVLRQ FRUUHFWH SRXU OH VLJ QDO UHX &RUUHFWLRQ YROXPH $9 4/LQN /D FRUUHFWLRQ GX YROXPH XQLTXHPHQW HQ PRGH $9 YRXV SHUPHW GH U JOHU OH YROXPH GH FKDTXH HQWU H $9 SRXU FRPSHQVHU OHV GLII UHQFHV GH QLYHDX VRQRUH TXL SHXYHQW H[LVWHU HQWUH OHV TXLSHPHQWV H[WHUQHV /DQJXH GH WH[WH 9RXV SHUPHW G DFWLYHU RX GH G VDFWLYHU OD FRPPXQLFDWLRQ GH GRQQ HV HQWUH FH W O YLVHXU HW XQ PDJQ WRVFRSH FRPSDWLEOH 3DJH 6 OHFWLRQQH] OH MHX GH FDUDFWýUHV DILQ G DYRLU WRXV OHV FDUDFWýUHV Q FHVVDLUHV SRXU OH WH[WH GHV SDJHV W O WH[WHV SDU H[HPSOH FDUDFWýUHV F\ULOOLTXHV HWF 0RGH /DQJXHV 2XHVW DQJODLV IUDQDLV DOOHPDQG JUHF LWDOLHQ HVSDJQRO VX GRLV WXUF (VW WFKýTXH DQJODLV HVWRQLHQ OHWWRQ URXPDLQ UXVVH XNUDLQLHQ (VW WFKýTXH DQJODLV DOOHPDQG KRQJURLV OHWWRQ SRORQDLV URXPDLQ 5 JODJH 'RQQH DFFýV GH QRPEUHXVHV DXWUHV IRQFWLRQV \ FRPSULV 3URJUDPPH V OHF WLRQ HW $73 3DJH /DQJXHV 26' /RUVTXH YRXV LQVWDOOH] OH W O YLVHXU SRXU OD SUHPLýUH IRLV OD ODQJXH G DIILFKDJH O FUDQ HVW G ILQLH VHORQ YRWUH FKRL[ GH SD\V /DQJXHV 26' YRXV SHUPHW GH PRGLILHU OD ODQJXH XWLOLV H SRXU OHV DIILFKDJHV O FUDQ9RLU OD SDJH 0(18 5þ*/$*( /H PHQX 5 JODJH SHUPHW G DFFýGHU DX[ PHQXV 5 JODJH PDQXHO HW 5 JODJH DXWRPDWLTXH (QWUH] GDQV OH PHQX 5 JODJH (QWUH] GDQV OH PHQX G PDQG $XJPHQWH] RX GLPLQXH] OH QLYHDX RX U JOH] O WDW GjRSWLRQ $SSX\H] VXU OD WRXFKH k79$9l SRXU VRUWLU GX PHQX 5HFKHUFKH DXWR 5 JODJH PDQXHO 6\VWýPH 79 5 JODJH ILQ &KDQJHU 6\VWýPH FRXOHXU 'HFRGHU$9 4/LQN &RUUHFWLRQ YROXPH %ORTXHU 5HFKHUFKH DXWR YRXV SHUPHW OH U JODJH DXWRPDWLTXH GX W O YLVHXU 9RLU OD SDJH /H PHQX 5 JODJH PDQXHO YRXV SHUPHW GH U JOHU PDQXHOOHPHQW OHV SRVLWLRQV GH FKDñQHV 9RLU OD SDJH / RSWLRQ GH QRUPH DXGLR &HWWH RSWLRQ YRXV SHUPHW G HIIHFWXHU OH U JODJH ILQ GX SURJUDPPH /H PHQX &KDQJHU YRXV SHUPHW GH FKDQJHU OD SRVLWLRQ GX SURJUDPPH VHORQ YRWUH GHPDQGH 9RLU OD SDJH /H PHQX 6\VWý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ñQHV VS FLILTXHV 8WLOLVH] FHWWH IRQFWLRQ VL OH YROXPH YDULH EHDXFRXS G XQH FKDñQH O DXWUH (Q U JODQW OH YROXPH G XQH FKDñQH SRXU O DPHQHU DX QLYHDX GHV DXWUHV FKDñQHV YRXV Q DXUH] SDV U JOHU OH YROXPH FKDTXH IRLV TXH YRXV FKDQJH] GH FKDñQH &HWWH RSWLRQ YRXV SHUPHW GH EORTXHU OD SRVLWLRQ GHV SURJUDPPHV FRQWUH O DFFýV LQG VLUDEOH 0(18 5þ*/$*( &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 (QWUH] GDQV OH PHQX 5 JODJH 6 OHFWLRQQH] OH PHQX 5HFKHUFKH DXWR 6 OHFWLRQQH] $FFýV $SSX\H] SRXU FRQILUPHU 0DUFKH 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 DSSDUHLO HQUHJLVWUHXU FRPSDWLEOH HVW EUDQFK OD SULVH 6&$57 FRUUHFWH OHV SDUDPýWUHV GH U JODJH GHV FKDñQHV VHURQW FRSL V VXU O DSSDUHLO YLD OD OLDLVRQ 4OLQN 9RLU SDJH 8QH IRLV FHWWH RS UDWLRQ WHUPLQ H OH W O YLVHXU DIILFKHUD OD SRVLWLRQ GH SURJUDPPH $SSX\H] VXU OD WRXFKH k0(18l SRXU FRXSHU OD V TXHQFH 5HFKHUFKH DXWR $SSX\H] VXU OD WRXFKH k79$9l SRXU VRUWLU GH OD V TXHQFH 5HFKHUFKH DXWR 0(18 5þ*/$*( 5þ*/$*( 0$18(/ /H U JODJH PDQXHO GHV SRVLWLRQV GH SURJUDPPHV SHXW V HIIHFWXHU O DLGH GHV WRXFKHV HQ IDDGH SDUWLU GX PHQX VXU O FUDQ RX (QWUH] GDQV OH PHQX 5 JODJH 6 OHFWLRQQH] OH PHQX 5 JODJH PDQXHO (QWUH] GDQV 5 JODJH PDQXHO 6 OHFWLRQQH] OD SRVLWLRQ GH SURJUDPPH G VLU H &RPPHQFH] OH U JODJH 4XDQG OH SURJUDPPH YRXOX HVW ORFDOLV DSSX\H] VXU OH WRXFKH k2.l HQ W O FRPPDQGH RX VXU OD WRXFKH k675l HQ IDDGH SRXU P PRULVHU $SSX\H] VXU OD WRXFKH k79$9l SRXU VRUWLU GX PHQX 5 JODJH PDQXHO FRPPDQGHV HQ IDDGH $SSX\H] GH QRXYHDX VXU OD WRXFKH ) GH IDDGH SRXU HQWUHU GDQV OH 0HQX 5 JODJH PDQXHO $SSX\H] VXU OD WRXFKH kl RX kl SRXU HQWUHU GDQV OH PHQX 5 JODJH PDQXHO $SSX\H] VXU OD WRXFKH k79$9l SRXU FKRLVLU OH QXP UR GX SURJUDPPH 6\VWHPH 79 RX OD SRVLWLRQ GX FDQDO UHTXLV $SSX\H] VXU OD WRXFKH kl RX kl SRXU FKDQJHU OD SRVLWLRQ GX SURJUDPPH FRPPHQFHU OD UHFKHUFKH RX FKDQJHU OH V\VWýPH 79 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 ) d b d b 675 ) 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 k2.l SRXU P PRULVHU DSSX\H] VXU OD WRXFKH k79$9l 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 (QWUH] GDQV OH PHQX 5 JODJH 6 OHFWLRQQH] OH PHQX &KDQJHU (QWUH] GDQV OH PHQX &KDQJHU 6 OHFWLRQQH] SUHPLýUH SRVLWLRQ GX SURJUDPPH 6 OHFWLRQQH] SUHPLýUH SRVLWLRQ GX SURJUDPPH 3DVVH] OD GHX[LýPH SRVLWLRQ SURJUDPPH $SSX\H] VXU OD WRXFKH k2.l SRXU FRQ ILUPHU OD V OHFWLRQ $SSX\H] VXU OD WRXFKH k79$9l SRXU VRUWLU GX PHQX /$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' (QWUH] GDQV OH PHQX &RQILJXUDWLRQ 6 OHFWLRQQH] OH PHQX /DQJXHV 26' (QWUH] GDQV OH PHQX /DQJXHV 26' 6 OHFWLRQQH] OjRSWLRQ GH YRWUH FKRL[ $SSX\H] VXU OD WRXFKH k79$9l SRXU FRQILUPHU HW VRUWLU GX PHQX 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 8WLOLVH] OHV ERXWRQV URXJH HW YHUW SRXU FKRLVLU HQWUH HQWU HV $9 HW $9 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 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 $9 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 4 /,1. 4/LQN SHUPHW DX W O YLVHXU GH FRPPXQLTXHU DYHF XQ PDJQ WRVFRSH RX XQ HQUHJLVWUHXU GH '9' FRPSDWLEOH 3RXU TXH OD OLDLVRQ 4/LQN SXLVVH IRQFWLRQQHU OH W O YLVHXU GRLW ûWUH UHOL XQ DSSDUHLO G HQUHJLVWUHPHQW SRUWDQW OH ORJR l 4/LQN l l 1(;79,(:/,1. l l '$7$ /2*,& l l (DV\ /LQN l l 0HJDORJLF l RX l 60$57/,1. l HW XWLOLVDQW XQ F EOH 6FDUW l )XOO\ ZLUHG l HQWUH OD ILFKH $9 GX W O YLVHXU HW OD ILFKH DSSURSUL H GH YRWUH PDJQ WRVFRSH HQUHJLVWUHXU GH '9' 3RXU OD FRQQH[LRQ OD ILFKH 6FDUW DSSURSUL H GH O DSSDUHLO G HQUHJLVWUHPHQW FRQVXOWH] OH PDQXHO GH O DSSDUHLO FRQFHUQ /RUVTXH YRXV XWLOLVH] XQ DSSDUHLO SRUWDQW OH ORJR l 1(;79,(:/,1. l OHV SULQFLSDOHV IRQFWLRQV GLVSRQLEOHV VRQW 7 O FKDUJHPHQW SU FRQILJXU 3HUPHW GH W O FKDUJHU O RUGUH GHV FKDñQHV W O YLV HV O DSSDUHLO G HQUHJLVWUHPHQW SRXU TXH YRV HQUHJLVWUHPHQWV VRLHQW FRUUHFWV ,O \ D SOXVLHXUV PDQLýUHV GH U DOLVHU FHWWH RS UDWLRQ 3HQGDQW O LQVWDOODWLRQ FRPPH H[SOLTX GDQV OH JXLGH UDSLGH SDUWLU GH OD SDJH /RUVTXH O $73 HVW ODQF GHSXLV OH PHQX 5 JODJH YRLU SDJH /RUVTXH OH W O FKDUJHPHQW SU FRQILJXU HVW ODQF GHSXLV O DSSDUHLO G HQUHJLVWUHPHQW &RQVXOWH] OH PDQXHO GH O DSSDUHLO FRQFHUQ ,PSRUWDQW &HUWDLQV DSSDUHLOV G HQUHJLVWUHPHQW QH VXSSRUWHQW SDV FH W\SH GH V\VWýPH GH FRPPXQLFDWLRQ GH GRQQ HV &HUWDLQV VXSSRUWHQW FHUWDLQHV IRQFWLRQV PDLV SDV WRXWHV &RQVXOWH] OH PDQXHO GH O DSSDUHLO FRQFHUQ 6L 4/LQN QH IRQFWLRQQH SDV FRQILUPH] WRXW G DERUG TXH YRWUH F EOH 6FDUW HVW GX W\SH l )XOO\ ZLUHG l &RQVXOWH] YRWUH IRXUQLVVHXU SRXU DYRLU SOXV GH G WDLOV 7HO FUDQ WHO HQUHJLVWUHPHQW (15(*,675(0(17 ',5(&7 &HWWH IRQFWLRQ YRXV SHUPHW G HQUHJLVWUHU LPP GLDWHPHQW O PLVVLRQ TXH YRXV UHJDUGH] VXU O DSSDUHLO G HQUHJLVWUHPHQW EUDQFK VXU OD ILFKH 6FDUW DYHF 4/LQN $SSX\H] VXU OH ERXWRQ ',5(&7 79 5(& GH OD W O FRPPDQGH O FUDQ 6L XQ DSSDUHLO 4/LQN HVW FRQQHFW XQ PHVVDJH DSSDUDñW VXU O FUDQ GX W O YLVHXU SRXU LQGLTXHU OH SURJUDPPH HQUHJLVWU RX ELHQ OH IDLW TXH O HQUHJLVWUHPHQW Q HVW SDV SRVVLEOH &HUWDLQV DSSDUHLOV FRPSDWLEOHV DYHF 4/LQN DIILFKHQW XQLTXHPHQW OH PHVVDJH ORUVTXH OD FKDñQH V OHFWLRQQ H HVW RX ORUVTX LOV VRQW HQ PRGH $9 &RQVXOWH] OH PDQXHO GH O DSSDUHLO $XFXQ HQUHJ &DVVHWWH RX GLVTXH (QUHJLVWUHPHQW HQ FRXUV / DSSDUHLO HQUHJLVWUH OH VLJQDO GHSXLV VRQ SURSUH WXQHU 6L YRXV OH VRXKDLWH] YRXV SRXYH] DUUûWHU OH W O YLVHXU HW ODLVVHU O DSSDUHLO HQUHJLVWUHU QRUPDOHPHQW /D FDVVHWWH RX OH GLVTXH HVW SHXWû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ýWHPHQW UHPERELQ H $IILFKDJH GH O LPDJH GH O DSSDUHLO G HQUHJLVWUHPHQW 6L OH W O YLVHXU HVW HQ PRGH 9HLOOH HW VL O DSSDUHLO G HQUHJLVWUHPHQW HQYRLH XQ PHQX DIILFKHU VXU O FUDQ GX W O YLVHXU 0HQX SULQFLSDO SDU H[HPSOH OH W O YLVHXU VH PHWWUD DXWRPDWLTXHPHQW HQ PDUFKH HW OH PHQX VHUD DIILFK ' DXWUHV DSSDUHLOV SHXYHQW VXSSRUWHU FHWWH IRQFWLRQ &RQVXOWH] OH PDQXHO &H W O YLVHXU FRPPXQLTXH DYHF G DXWUHV DSSDUHLOV G HQUHJLVWUHPHQW SRUWDQW OHV ORJRV VXLYDQWV k'$7$ /2*,&l PDUTXH FRPPHUFLDOH GH 0HW] &RUSRUDWLRQ -k(DV\ /LQNl PDUTXH FRPPHUFLDOH GH 3KLOLSV &RUSRUDWLRQ k0HJDORJLFl PDUTXH FRPPHUFLDOH GH *UXQGLJ &RUSRUDWLRQ -k60$57/,1.l PDUTXH FRPPHUFLDOH GH 6RQ\ &RUSRUDWLRQ ,PSRUWDQW &HV DSSDUHLOV G HQUHJLVWUHPHQW SHXYHQW VXSSRUWHU WRXWHV OHV IRQFWLRQV FLGHVVXV RX FHUWDLQHV G HQWUH HOOHV VHXOHPHQW &RQVXOWH] OHXU PDQXHO &HUWDLQV DSSDUHLOV G HQUHJLVWUHPHQW QH VXSSRUWHQW SDV FH W\SH GH V\VWýPH GH FRPPXQLFDWLRQ GH GRQQ HV &HUWDLQV VXSSRUWHQW TXHOTXHV IRQFWLRQV PDLV SDV WRXWHV &RQVXOWH] OH PDQXHO GH O DSSDUHLO FRQFHUQ &HUWDLQHV IRQFWLRQV VRQW GLVSRQLEOHV XQLTXHPHQW SRXU O DSSDUHLO FRQQHFW OD SULVH 6FDUW DYHF 4/LQN 6L 4/LQN QH IRQFWLRQQH SDV Y ULILH] G DERUG TXH YRWUH F EOH 6FDUW HVW GX W\SH l )XOO\ ZLUHG l &RQVXOWH] YRWUH IRXUQLVVHXU )21&7,21 0$*1þ726&23('9' &HWWH W O FRPPDQGH SHXW ûWUH XWLOLV H DYHF FHUWDLQV PDJQ WRVFRSHV GH OD PDUTXH 3DQDVRQLF þWDQW GRQQ TXH FHUWDLQV PDJQ WRVFRSHV'9'V RIIUHQW GHV IRQFWLRQV GLII UHQWHV YHXLOOH] YRXV U I UHU DX PRGH G HPSORL GH O DSSDUHLO RX FRQVXOWH] OH UHYHQGHXU SRXU YRXV LQIRUPHU þWDW GH YHLOOH $SSX\H] VXU PDJQ WRVFRSH SRXU OjDUUûWHU FHWWH WRXFKH SRXU PHWWUH OH O WDW GH YHLOOH $SSX\H] QRXYHDX 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 FDVVHWWH GX PDJQ WRVFRSHOH GLVTXH YLG R $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 /(&7(85 '9' $SSX\H] XQH IRLV VXU FHWWH WRXFKH SRXU VDXWHU OD SODJH VXLYDQWH 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 /(&7(85 '9' $SSX\H] XQH IRLV VXU FHWWH WRXFKH SRXU VDXWHU OD SODJH SU F GHQWH $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(& (QUHJLVWUHPHQW $SSX\H] VXU FHWWH WRXFKH SRXU HQUHJLVWUHU )21&7,21 7þ/þ7(;7( - /HV IRQFWLRQV GH 7 O WH[WH YDULHQW VHORQ OHV VRFL W V GH UDGLRGLIIXVLRQ HW QH VRQW GLVSRQLEOHV TXH VL OD FKDñ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ûWUH FKDQJ HW HQUHJLVWU GDQV OD P PRLUH GX W O YLVHXU (Q TXRL FRQVLVWH OH PRGH )/2) " (Q PRGH )/2) 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 723 7HOHWH[W TX HVW FH TXH F HVW " 723 7HOHWH[W VLPSOLILH HW DFF OýUH OD V OHFWLRQ GHV SDJHV 7HOHWH[WH / DFFýV DX[ SDJHV HVW SUDWLTXHPHQW LPP GLDW ,O VXIILW G DSSX\HU VXU OH ERXWRQ HW OD SDJH DSSDUDñW &RPPHQW D PDUFKH " $YHF 723 7HOHWH[W OHV TXDWUH ERXWRQV FRORU V 5RXJH 9HUW -DXQH HW %OHX RQW OHV IRQFWLRQV VXLYDQWHV - 3RXU YRXV G SODFHU HQWUH OHV EORFV GH VXMHWV 63257 SDU H[HPSOH XWLOLVH] OH ERXWRQ %OHX 'DQV OH VXMHW 63257 YRXV SRXYH] DORUV V OHFWLRQQHU GLII UHQWV JURXSHV FRPPH 7HQQLV )RRWEDOO %DVHEDOO HWF HQ XWLOLVDQW OH ERXWRQ -DXQH /RUVTXH YRXV DUULYH] DX GHUQLHU JURXSH GX EORF OH ERXWRQ -DXQH YRXV IDLW SDVVHU DX EORF VXLYDQW - /H ERXWRQ 9HUW V OHFWLRQQH OD SDJH 68,9$17( GLVSRQLEOH - /H ERXWRQ 5RXJH V OHFWLRQQH OD SDJH 35þ&þ'(17( GLVSRQLEOH 4XHOV VRQW OHV DYDQWDJHV GH 723 7HOHWH[W " - 6 OHFWLRQ GHV SDJHV HQ DSSX\DQW VXU XQ VHXO ERXWRQ 6 OHFWLRQ IDFLOH GHV VXMHWV TXL YRXV LQW UHVVHQW 5 GXFWLRQ GHV WHPSV G DWWHQWH 6L YRXV HQWUH] XQ QXP UR GH SDJH TXL Q H[LVWH SDV XQ SRLQW G LQWHUURJDWLRQ DSSDUDñW HQ EDV GH O FUDQ 8QH OLJQH G WDW GH OD SDJH HQ EDV GH O FUDQ YRXV SHUPHW GH VDYRLU WRXW PRPHQW TXHO ERXWRQ XWLOLVHU SRXU DIILFKHU OHV LQIRUPDWLRQV TXH YRXV UHFKHUFKH] 797(;7 0RGH 797 O WH[WH $SSX\H] VXU OH ERXWRQ 7þ/þ7(;7( SRXU SDVVHU GX SURJUDPPH HQ FRXUV DX W O WH[WH 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 FURñ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ýUHV FRUUHVSRQGHQW DX[ GLII UHQWV VXMHWV GH FRXOHXU (Q PRGH /,67 HOOHV FRUUHVSRQGHQW DX[ GLII UHQWV QXP URV GH SDJHV FRORU HV 0 PRLUH GH OLVWH (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 2. MXVTX FH TXH OHV QXP URV GH SDJH FKDQJHQW GH FRXOHXU +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 )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 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 2. HW WHQH] OD HQIRQF H /H QXP UR GH SDJH HVW DORUV P PRULV $SSX\H] VXU OD WRXFKH )3 SRXU UDSSHOHU FHWWH SDJH 0LVH MRXU $SSX\H] VXU OH ERXWRQ 5þ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ýV DX[ VRXVSDJHV /RUVTXH OHV LQIRUPDWLRQV GX 7HOHWH[W WLHQQHQW VXU SOXV G XQH SDJH LO VH SHXW TXH OH SDVVDJH DXWRPDWLTXH G XQH VRXVSDJH O DXWUH MXVTX FHOOH UHTXLVH SUHQQH GX WHPSV /RUVTX XQH VRXVSDJH HVW WURXY H VRQ QXP UR V DIILFKH HQ KDXW GH OD SDJH SRXU TXH YRXV SXLVVLH] OD V OHFWLRQQHU $X IXU HW PHVXUH TXH OHV VRXVSDJHV VRQW G WHFW HV OHV LQIRUPDWLRQV VLWX HV DX VRPPHW GH OD SDJH FKDQJHQW HW YRXV DYH] WRXMRXUV DFFýV DX FKRL[ GH VRXVSDJHV OH SOXV U FHQW (Q PRGH LPDJH HW WH[WH XWLOLVH] OHV WRXFKHV GH FXUVHXU JDXFKH HW GURLWH SRXU V OHFWLRQQHU XQH VRXVSDJH TXL VH WURXYH GDQV OD JDPPH GH QXP URV GH SDJHV DIILFK H DX VRPPHW GH OD IHQûWUH 7HOHWH[W /RUVTXH OH 7HOHWH[W IRQFWLRQQH VXLYH] OD SURF GXUH VXLYDQWH SRXU DFF GHU DX[ VRXVSDJHV 6L OD VRXVSDJH TXH YRXV VRXKDLWH] FRQVXOWHU Q HVW SDV HQFRUH GLVSRQLEOH DSSX\H] VXU OD WRXFKH 0(18 SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV DSSX\H] VXU OD WRXFKH MDXQH SRXU DIILFKHU O LPDJH 79 SHQGDQW TXH OH V\VWý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ñWUH OD SDJH 7HOHWH[W F 6L YRXV FRQVWDWH] TXH OHV VRXVSDJHV VRQW WUDQVPLVHV PDLV O DIILFKDJH QH FKDQJH SDV OH QXP UR GH OD VRXVSDJH LQGLTXH TXH OH FRQWHQX D W PLV MRXU HW TX LO Q \ D DXFXQH VRXVSDJH 6L YRXV VDYH] TXHOOH VRXVSDJH YRXV YRXOH] DIILFKHU DSSX\H] VXU OH ERXWRQ 0(18 SRXU DIILFKHU OHV O HQGURLW RÖ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ûWUH SUHVVHU SOXV G XQH IRLV FHWWH WRXFKH SRXU UHYHQLU O LQGH[ SULQFLSDO &211(;,21 $8',29,'(2 (;7(51( /H FRQQHFWHXU DUULýUH $9$9 6&$57 EURFKHV HW OHV FRQQHFWHXUV 5&$ (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 6RUWLH GHV SULVHV 6257,( $8',2 * ' &KDñQH KLIL & EOH 3(5,7(/ (QWU HVRUWLH GH OD SULVH 3(5,7(/ $9 0$*1þ726&23( 'þ&2'(85 /(&7(85 '9' & EOH 3(5,7(/ (QWU HVRUWLH GH OD SULVH 3(5,7(/ $9 GH OD OLDLVRQ 4/LQN 0$*1þ726&23( 0$*1þ726&23( &203$7,%/( /,$,621 4/,1. /(&7(85 '9' (15(*,675(85 '9' &$0(6&23( &$0(6&23( &2162/( '( -(825',1$7(85 59% 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 $9 1H EUDQFKH] SDV HQ PûPH WHPSV OHV HQWU HV $9 HQ IDDGH HW OjDUULýUH GX W O YLVHXU OHV VLJQDOV DXGLR HW YLG R SHXYHQW VH P ODQJHU ',$*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 6RQ IDLEOH RX SDV GH VRQ 6RQ QRUPDO / 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 ,PDJH QRUPDO 6RQ IDLEOH RX GLVFRUGDQW ,1)250$7,216 *(1(5$/(6 3285 87,/,6$7(856 1 ' SDQQDJH $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 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 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; 3;' $OLPHQWDWLRQ OHFWULTXH 9 DF +] &RQVRPPDWLRQ : &RQVRPPDWLRQ HQ DWWHQWH : 7XEH LPDJH 'LDJRQDOH YLVLEOH FP 6RUWLH DXGLR PXVLTXH 'LPHQVLRQV [ : 032 LPS GDQFH : + / 3 3RLGV NJ 6\VWýPHV GH U FHSWLRQQRP GH EDQGH PP PP PP NJ 3$/ %* 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 : $9 FRQQHFWHXU DUULýUH $9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG RHQWU H 59% $9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R4/LQN [ VRUWLH DXGLR 5&$ $9 FRQQHFWHXU DYDQW $9 DYDQW [ HQWU H DXGLR 5&$ [ HQWU H YLG R 5&$ &HV FDUDFW ULVWLTXHV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV LQGLTX V VRQW DSSUR[LPDWLIV &6