QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
7 O YLVHXU FRXOHXU
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
0RGH G HPSORL
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQ
)UDQDLV
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQ
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLF
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
&RPPDQGHV SULQFLSDOHV YLG RGLVTXH '9' 8WLOLVHU OHV PHQXV VXU FUDQ )RQFWLRQ 7 O WH[WH $MXVWDJH GX IRUPDW GH O LPDJH &RQQH[LRQV DXGLRYLG R $9
0HQX ,PDJH 3ULVHV DYDQW $9 EURFKHV 69LG R
0HQX 6RQ 5&$ $XGLR9LG R HW SULVHV FDVTXH 0HQX &RQILJXUDWLRQ %URFKDJH GHV SULVHV 3(5,7(/ HW 69LG R 0HQX 5 JODJH 3ULVHV DUULýUH 3(5,7(/ EURFKHV
0HQX 5 JODJH (GLWLRQ GHV SURJUDPPHV $9 $9 HW OD SULVH GH VRUWLH DXGLR 5&$ 'LDJQRVWLF GHV SDQQHV 0HQX 5 JODJH 5 JODJH PDQXHO ,QIRUPDWLRQV J Q UDOHV /DQJXH 26' &DUDFW ULVWLTXHV 0HQX 5 JODJH &RQILJXUDWLRQ DXWRPDWLTXH $73
$9(57,66(0(176 (7 35þ&$87,216
- &H W O YLVHXU HVW FRQX SRXU IRQFWLRQQHU VXU XQ U VHDX GH
9 +] &$
- 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
- $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
WRWDOHPHQWOHW O YLVHXUGHO DOLPHQWDWLRQVHFWHXU' 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
YHQWXHOOHG W ULRUDWLRQGHVFRPSRVDQWV OHFWURQLTXHV,OIDXW
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 HVQH SHXYHQWûWUH
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
/DFRQILJXUDWLRQDXWRPDWLTXHYDFRPPHQFHUOHVFKDñQHVVRQW
LGHQWLIL HV HW P PRULV HV
6L XQ PDJQ WRVFRSH FRPSDWLEOH HVW EUDQFK
OD SULVH $9
OHV SDUDPýWUHV GH U JODJH GHV FKDñQHV VHURQW FRSL V VXU OH
PDJQ WRVFRSH YLD OD OLDLVRQ 4/LQN
9RLU SDJH OD
6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH
WHFKQRORJLH 4/LQN YRXV SRXYH] PDLQWHQDQW O DOOXPHU
/HV SDUDPýWUHV GH U JODJH FRUUHVSRQGURQW FHX[ GX W O YLVHXU
6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH
OD
WHFKQRORJLH 1(;79,(:/,1. YRXV GHYUH] ODQFHU OH W O FKDUJHPHQW
PDQXHOOHPHQW
5HSRUWH]YRXVDXPRGHG HPSORLGXPDJQ WRVFRSHSRXUOHVG 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 *8,'( '( 0,6( (1 5287( 5$3,'(
8QH O JýUH LQFOLQDLVRQ GH O LPDJH SHXW ûWUH YLVLEOH RX GHV W FKHV FRORU HV SHXYHQW SDUIRLV DSSDUDñWUH GDQV OHV
FRLQV GH O FUDQ SXUHW GHV FRXOHXUV 9RXV SRXYH] XWLOLVHU OD IRQFWLRQ GH FRUUHFWLRQ J RPDJQ WLTXH SRXU
OLPLQHU FHV G IDXWV VL Q FHVVDLUH
$VVXUH]YRXV WRXW G DERUG TXH OHV SURF GXUHV GH W O FKDUJHPHQW $73 HW
4/LQN VRQW WHUPLQ HV
/ FUDQ QH GRLW DIILFKHU DXFXQ PHQX
$SSX\H] LFL SXLV UHO FKH] SRXU RXYULU OH YROHW
$SSX\H] GH PDQLýUH U S W H VXU OD WRXFKH ) MXVTX
DIILFKDJH GH OD IRQFWLRQ GH FRUUHFWLRQ J RPDJQ WLTXH
)
$SSX\H] GH PDQLýUH U S W H VXU OHV WRXFKHV kl RX
k l MXVTX FH TXH O LPDJH VRLW KRUL]RQWDOH
Y
$SSX\H] QRXYHDX VXU OD WRXFKH ) SRXU UHWRXUQHU HQ
PRGH GH YLVXDOLVDWLRQ QRUPDOH
5HIHUPH] OH YROHW SRXU SU YHQLU WRXW GRPPDJH
,O HVW UHFRPPDQG GH U JOHU OHV FRPPDQGHV GH O LPDJH VXU
OHV QLYHDX[ GH YLVXDOLVDWLRQ VWDQGDUG GýV TXH OD SURF GXUH
$73 HVW WHUPLQ H 3RXU FH IDLUH DSSX\H] VXU OH ERXWRQ k1l
VLWX VRXV OH YROHW GH OD W O FRPPDQGH
9RXV SRXYH]
5pJODJH *pRPDJQpWLTXH
)
)
675
3RXU VRUWLU
5pJOHU
)
Y 79$9
1
SU VHQW UHJDUGHU QRUPDOHPHQW YRV PLVVLRQV
/H FXUVHXU YRXV SHUPHW GH U JOHU OHV GHX[ IRQFWLRQV
GH EDVH
5 JODJH GX YROXPH
&KDQJHPHQW GH FKDñQH
&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 IDRQ U S W H SRXU V OHFWLRQQHU OHV
IRQFWLRQV 9ROXPH &RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW 7HLQWH HQ PRGH 176& *UDYHV $LJXùV %DODQFH HW PRGH
&RQILJXUDWLRQ HW &RUUHFWLRQ
J RPDJQ WLTXH
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
$SSX\H] SRXU REWHQLU O DIILFKDJH GH OD
SRVLWLRQ GX SURJUDPPH GX QRP GX
SURJUDPPH GX QXP UR GH FDQDO GX
V\VWýPH 79 GH O KHXUH GX PRGH
VW U R HW GX WDEOHDX GH SURJUDPPHV
7RXFKHV 7 O WH[WH SDJH 3ULVH FDVTXH SDJH 3ULVHV DXGLRYLG R 5&$ 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 $9 SDJH 7RXFKH (QUHJLVWUHPHQW 79 GLUHFW
SDJH 7RXFKH 0DUFKH$UUûW G HIIHW $PELDQFH
7RXFKH GH FRPPDQGH $VSHFW
SDJH $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
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
,QVWUXFWLRQV
,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS FRXOHXU
3 15
$,
1RUPDO
1RQ
2XL
,QGLFDWHXU G RSWLRQ
&HUWDLQHV RSWLRQV FRPPH &RQWUDVWH /XPLQRVLW &RXOHXU HW 1HWWHW
SHUPHWWHQW G DXJPHQWHU RX GH U GXLUH OH QLYHDX
&HUWDLQHV RSWLRQV FRPPH O RSWLRQ 0LQXWHULH YHLOOH YRXV GHPDQGHQW GH IDLUH XQ
FKRL[
&HUWDLQHV RSWLRQV FRPPH OH PHQX &RQILJXUDWLRQ FRQGXLVHQW XQ DXWUH PHQX
/HV WRXFKHV ,0$*( 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
/HVFXUVHXUVJDXFKHHWGURLWHSHUPHWWHQWG DFF GHU
DX[PHQXV G DMXVWHUOHV QLYHDX[RX GHV 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
$LGH
G PRQWUH OH
IRQFWLRQQHPHQWGHVPHQXVGLVSRQLEOHV$SSX\H]
VXU OD WRXFKH +(/3 HW V OHFWLRQQH] O XQH GHV
RSWLRQV
+(/3
"
6L OD WRXFKH l+(/3l HVW DFWLRQQ H DORUV TX XQ
PHQX HVW DIILFK OD lERñWH G LQVWUXFWLRQVl VHUD
GLVVLPXO H $SSX\H] QRXYHDX VXU OD WRXFKH
l+(/3l SRXU DIILFKHU OD lERñWH G LQVWUXFWLRQVl
$-867$*( '8 )250$7 '( / ,0$*(
$SSX\H] VXU OD WRXFKH $63(&7
SRXU SDUFRXULU OH PHQX GH TXDWUH
RSWLRQV G DVSHFW $XWR HW
6 =RRP
$XWR
7RXWHIRLV VL YRXV V OHFWLRQQH] OH PRGH
$872 VXU FHW O YLVHXU O FUDQ DIILFKHUD
DXWRPDWLTXHPHQW OHV LPDJHV UHXHV
OHXU WDLOOH PD[LPXP
$63(&7
$XWR
$XWR
DIILFKHUD XQH LPDJH VRXV VRQ
IRUPDW
QRUPDO
9RXV
SRXYH]
V OHFWLRQQHUFHWWHRSWLRQ VLYRXVG VLUH]
YRLU O LPDJH GDQV FH IRUPDW
$-867$*( '8 )250$7 '( / ,0$*(
DIILFKHUD XQH LPDJH VRXV VRQ
IRUPDW
QRUPDO
9RXV
SRXYH]
V OHFWLRQQHUFHWWHRSWLRQ VLYRXVG VLUH]
YRLU O LPDJH VRXV FH IRUPDW
6 =RRP
6=RRP
/H PRGH 6 =RRP YRXV SHUPHW
G DJUDQGLU O LPDJH HW GH OD G SODFHU
KRUL]RQWDOHPHQW HW YHUWLFDOHPHQW
/HV ERXWRQV GH V OHFWLRQ VXU FUDQ TXL
DSSDUDLVVHQW SRXU FHUWDLQHV IRQFWLRQV
G DMXVWDJH GX IRUPDW GH O LPDJH
GLVSDUDñWURQWDSUýVTXHOTXHVVHFRQGHV
6L YRXV VRXKDLWH] V OHFWLRQQHU XQH
RS UDWLRQ DSUýV OHXU GLVSDULWLRQ
DSSX\H] XQH IRLV GH SOXV VXU OD WRXFKH
$VSHFW SRXU IDLUH U DSSDUDñWUH FHV
ERXWRQV
+RUL] +RUL] 9HUWL 9HUWL
$JUDQGLVVHPHQW DYHF 6 =RRP
6L HQ PRGH $XWR OD WDLOOH GH O LPDJH
Q HVW SDV VDWLVIDLVDQWH ORUVTXH YRXV
SDVVH] GHV SURJUDPPHV HQ JUDQG
FUDQ
HQUHJLVWU V
VXU
YRWUH
PDJQ WRVFRSH LO VH SHXW TXH OD
FRPPDQGH $OLJQHPHQW GH YRWUH
PDJQ WRVFRSH DLW EHVRLQ G XQ U JODJH
FRQVXOWH] OH PDQXHO GH YRWUH
PDJQ WRVFRSH )21&7,21 67,// $55ú7 685 ,0$*(
)RQFWLRQ 67,// DUUûW VXU LPDJH
/D WRXFKH 67,// YRXV SHUPHW
G HIIHFWXHU XQ DUUûW VXU LPDJH WRXW
PRPHQW
+2/'
67,//
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[
79$9
,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
6RUWLU
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPSFRXOHXU
3 15
$,
79$9
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
,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPSFRXOHXU
3 15
$,
/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
/H
U JODJH
$,
DQDO\VH
DXWRPDWLTXHPHQW O LPDJH UHXH HW OXL
DSSOLTXH XQ WUDLWHPHQW SRXU DP OLRUHU
OH FRQWUDVWH OD SURIRQGHXU GH FKDPS HW
OD YLYDFLW GHV FRXOHXUV
1HWWHWp
1RUPDO
1RQ
2XL
6RUWLU
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
5pJOHU
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
79$9
6RUWLU
6RQ
$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
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
HQWUHOHVKDXWSDUOHXUVGURLWH HWJDXFKH
&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
6RUWLU
&KRLVLU
0RGLILFDWLRQ
79$9
6RUWLU
6RQ
9ROXPH
*UDYH
$LJX
%DODQFH
03;
0RGH
$PELDQFH
6WpUpR
0XVLTXH
1RQ
/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\QDPLTXHTXL VLPXOHO HIIHW
GH VRQ VSDWLDO DP OLRU 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
&KRLVLU
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
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
7 O WH[WH
79$9
6RUWLU
&RQILJXUDWLRQ
79$9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG6FLQW
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
2XL
2XL
/ RSWLRQ 7 O WH[WH YRXV SHUPHW GH
FKRLVLU HQWUH OHV PRGHV )/2) RX /,67
SDJH &KRLVLU
0RGLILFDWLRQ
0LQXWHULH YHLOOH
5HG6FLQW
/D PLQXWHULH GH YHLOOH SHUPHW GH
V OHFWLRQQHU O KHXUH GH FRXSXUH GX
W O YLVHXU VXU XQH SODJH GH PLQXWHV LQWHUYDOOHV GH PLQXWHV
9RXV WURXYHUH] QRUPDOHPHQW TX LO HVW
SU I UDEOH GH U JOHU OD IRQFWLRQ
5HG6FLQW VXU 0DUFKH SRXU U GXLUH OHV
O JHUV PRXYHPHQWV GH O LPDJH ,O HVW
FHSHQGDQW SRVVLEOH TXH OD TXDOLW GH
FHUWDLQV SURJUDPPHV VRLW DP OLRU H HQ
V OHFWLRQQDQW OD SRVLWLRQ $UUûW
79$9
6RUWLU
&RQILJXUDWLRQ
7pOpWH[WH
0LQXWHULH YHLOOH
5HG6FLQW
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
2XL
2XL
&KRLVLU
4/LQN
5pJODJH
/DQJXHV 26'
/D OLDLVRQ 4/LQN YRXV SHUPHW G DFWLYHU
RX GH G VDFWLYHU OD FRPPXQLFDWLRQ GH
GRQQQ HV DYHF XQ PDJQ WRVFRSH
FRPSDWLEOH SDJH /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$9
&RQILJXUDWLRQ
7pOpWH[WH
0LQXWHULH YHLOOH
5HG6FLQW
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
2XL
1RQ
6RUWLU
0(18 5þ*/$*(
/H PHQX 5 JODJH YRXV SHUPHW G DFF GHU DX[ PHQXV 5 JODJH PDQXHO 5 JODJH DXWRPDWLTXH HW
5 JODJH ILQ
&21),*85$7,21
2XYUH] OH PHQX &RQILJXUDWLRQ
&KRLVLU
$OOH] DX PHQX 5 JODJH
0RGLILFDWLRQ
6RUWLU
79$9
(QWUH] GDQV OH PHQX 5 JODJH
&RQILJXUDWLRQ
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
7pOpWH[WH
0LQXWHULH YHLOOH
5HG6FLQW
4 /LQN
5pJODJH
/DQJXHV 26'
$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
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
&HWWHRSWLRQYRXVSHUPHWG HIIHFWXHUOH
U JODJH G DFFRUG ILQ GHV FKDñQHV
6\VWýPH FRXOHXU
5 JODJH YROXPH
' FRGHXU $9
)/2)
1RQ
2XL
1RQ
/H PHQX 6\VWýPH FRXOHXU YRXV
SHUPHW GH FKRLVLU OH VWDQGDUG GH
WUDQVPLVVLRQ FRUUHFW
9RXV SHUPHW GH U JOHU OH QLYHDX GH
YROXPHGHFKDTXHFKDñQHLQGLYLGXHOOH
&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
&KRLVLU
$FFpGHU
79$9
6RUWLU
&RQILJXUDWLRQ
7pOpWH[WH
0LQXWHULH YHLOOH
5HG6FLQW
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
2XL
1RQ
$FFpGHU
&+
&KRLVLU
$FFpGHU
5HYHQLU 79$9
675
6RUWLU
0pPR
5pJODJH
3URJ VpOHFWLRQ
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
5pJODJH YROXPH
'pFRGHXU $9
$FFpGHU
$872
1RQ
0(18 5þ*/$*( 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
0RGLILFDWLRQ
$OOH] DX PHQX 5 JODJH
6RUWLU
79$9
&RQILJXUDWLRQ
(QWUH] GDQV OH PHQX 5 JODJH
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
$OOH] DX PHQX þGLWLRQ GHV
SURJUDPPHV
)/2)
1RQ
1RQ
(QWUH] GDQV OH PHQX þGLWLRQ GHV
SURJUDPPHV
(IIHFWXH] OHV FKDQJHPHQWV
YRXOXV UHSRUWH]YRXV DX[
VHFWLRQV VXLYDQWHV &KRLVLU
$FFpGHU
6RUWLU
79$9
$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
675
79$9
&RQILJXUDWLRQ
7pOpWH[WH
)RUPDW
0LQXWHULH YHLOOH
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
1RQ
$FFpGHU
3RXU HIIDFHU XQH SRVLWLRQ GH SURJUDPPH
LQXWLOH
&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
$FFpGHU
$872
1RQ
&KDQJHU
SURJUDPPH
6pOHFWLRQQHU
$SSX\H] XQH QRXYHOOH IRLV VXU OD
WRXFKH URXJH SRXU YDOLGHU
5HYHQLU $SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
79$9
(IIDF
6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
3URJ
&K
&+
6RUWLU
0pPR
1RP
;<=
,QVpU
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
&KDQJHU
79!9&5
0(18 5þ*/$*( 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
&KDQJHU
SURJUDPPH
6pOHFWLRQQHU
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[
&K
&+
&+
1RP
;<=
=;<
(IIDF
,QVpU
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
&KDQJHU
79!9&5
675
$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
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
5HYHQLU 6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
$SSX\H] GH QRXYHDX VXU OD
WRXFKH MDXQH SRXU YDOLGHU
3URJ
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
&KDQJHU
SURJUDPPH
6pOHFWLRQQHU
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
$OOH]
0RGLILHU
OD FKDvQH
6pOHFWLRQQHU
5HYHQLU 6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
OD FRORQQH &DQDO
$XJPHQWH] RX U GXLVH] OH QXP UR
GH FDQDO RX XWLOLVH] OD WRXFKH &
SRXU O DFFýV GLUHFW DX FDQDO
SDJH 3URJ
675
&K
&+
&+
1RP
;<=
=;<
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
$SSX\H] VXU 675 SRXU P PRULVHU
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
79$9
3RXU FKDQJHU OH QRP G XQH SRVLWLRQ GH
SURJUDPPH
&KRLVLVVH] OD SRVLWLRQ YRXOXH
5HYHQLU 3URJ
3RVLWLRQQH]YRXV VXU OH VHFRQG
FDUDFWýUH
&RQWLQXH] MXVTX DX FKDQJHPHQW
FRPSOHW GX QRP
&K
1RP
%ORTXHU 6\V
&+
;<=
1RQ
1RQ
&+
=;<
1RQ
1RQ
1RQ
$ % & ' ( ) * + , - . / 0
1 2 3 4 5 6 7 8 9 : ; < =
6 OHFWLRQQH] OH QRXYHDX SUHPLHU
FDUDFWýUH
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
3RVLWLRQQH]YRXV VXU OH QRP
$SSX\H] VXU 675 SRXU P PRULVHU
&KDQJHU
FDUDFWLUH
6pOHFWLRQQHU
675
79$9
6&
6&
6&
6&
6&
0(18 5þ*/$*( 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
5HYHQLU 675
79$9
6RUWLU
0pPR
79$9
675
3URJUDPPH VpOHFWLRQ
3URJ
3RXU FRSLHU OHV SDUDPýWUHV GH SURJUDPPH VXU
$9
XQ PDJQ WRVFRSH FRPSDWLEOH FRQQHFW
$OOH]
0RGLILHU OH
V\VWqPH 79
6pOHFWLRQQHU
&K
&+
&+
1RP
;<=
=;<
%ORTXHU 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
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&5 (1 &2856
$77(1'(= 693
79$9
3URJUDPP 7pOpFRPPDQGH QRQ GLVSRQLEOH
0(18 5þ*/$*( $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
5HYHQLU
$SSX\H] SRXU ODQFHU OD
FRQILJXUDWLRQ DXWRPDWLTXH $73 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
'pEXW $73
5HYHQLU
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 IDDGH
SDUWLU GX PHQX VXU FUDQ RX GHV
0HQX 5 JODJH PDQXHO
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
$OOH] DX PHQX 5 JODJH
$FFpGHU
5HYHQLU 3URJ VpOHFWLRQ
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
5pJODJH YROXPH
'pFRGHXU $9
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
5pJODJH
(QWUH] GDQV OH PHQX 5 JODJH
$OOH]
&KRLVLU
&+
5HYHQLU 675
79$9
79$9
675
5pJODJH PDQXHO
5 JODJH PDQXHO FRPPDQGHV HQ IDDGH
$SSX\H] VXU OD WRXFKH ) )DDGH
MXVTX REWHQWLRQ GX PHQX
5 JODJH
)
&+
Y
6&
$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
5pJODJH PDQXHO
79$9
79$9
675
)
)DoDGH
'pEXWHU UHFKHUFKH
'pSODFHU OH FXUVHXU
3RXU PpPR
3RXU VRUWLU
Y
675
)
9
79$9
675
)
/$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'
&21),*85$7,21
2XYUH] OH PHQX &RQILJXUDWLRQ
&KRLVLU
$FFpGHU
6RUWLU
79$9
$OOH] DX PHQX /DQJXH 26'
&RQILJXUDWLRQ
7pOpWH[WH
0LQXWHULH YHLOOH
5HG6FLQW
4 /LQN
5pJODJH
/DQJXHV 26'
(QWUH] GDQV OH PHQX /DQJXHV
26'
)/2)
1RQ
2XL
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$9
5HYHQLU /DQJXHV 26'
'HXWVFK
(QJOLVK
)UDQoDLV
,WDOLDQR
(//+1,.$
&KRLVLU
79$9
(VSDxRO
1RUVN
'DQVN
6YHQVND
6RUWLU
1HGHUODQGV
6XRPL
7UNoH
3RUWXJXrV
/,$,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
$OOH]
0RGLILFDWLRQ
/LDLVRQ 4/LQN
79$9
6RUWLU
&RQILJXUDWLRQ
&RQILUPH] TXH OD OLDLVRQ 4/LQN
HVW O WDW kDFWLY l
79$9
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU
7pOpWH[WH
0LQXWHULH YHLOOH
5HG6FLQW
4 /LQN
5pJODJH
/DQJXHV 26'
)/2)
1RQ
2XL
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 IDRQ 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 - &KDTXHIRLVTXHODIRQFWLRQ &RQILJXUDWLRQ DXWRPDWLTXH $73 HVWXWLOLV HOHVSDUDPýWUHVGHU JODJHVRQWWUDQVPLVDXPDJQ 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 YRXVLQWURGXLVH] XQHFDVVHWWH YLG R GDQV YRWUHPDJQ WRVFRSH HWTXH YRXVDSSX\H] VXUOH ERXWRQ 0DUFKH GXPDJQ 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
&21),*85$7,21
2XYUH] OH PHQX &RQILJXUDWLRQ
&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
0LQXWHULH YHLOOH
5HG6FLQW
6\VWqPH FRXOHXU
5pJODJH YROXPH
4 /LQN
/DQJXHV 26'
)/2)
1RQ
2XL
$872
2XL
0HQX 6RQ
621
2XYUH] OH PHQX 6RQ
&KRLVLU
5pJOHU
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
79$9
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
$PELDQFH
0XVLTXH
1RQ
6RUWLU
)21&7,21 0$*1þ726&23(/(&7(85 '( 9,'þ2',648(6 '9'
&HWWHW O FRPPDQGHSHXWûWUHXWLOLV HDYHFFHUWDLQVPDJQ WRVFRSHVHWOHFWHXUVGHYLG RGLVTXHVDXIRUPDW'9' 'LJLWDO9HUVDWLOH'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' $SSX\H] XQH IRLV VXU FHWWH WRXFKH
SRXU VDXWHU OD SODJH VXLYDQWH (Q PRGH /HFWXUH
DSSX\H] GH IDRQ FRQWLQXH VXU FHWWH WRXFKH SRXU
YLVXDOLVHU O LPDJH HQ PRGH G DYDQFH UDSLGH
6DXW GH SODJH5HPERELQDJH UDSLGH9LVXDOLVDWLRQ
0$*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 IDRQ 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/,67TXDWUHQXP URVGHSDJHGHFRXOHXUVGLII UHQWHVDSSDUDLVVHQWHQ EDVGHO FUDQ&KDFXQ GHFHVQXP URVSHXWûWUHFKDQJ
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
VXMHWVDSSX\H]VXUOHERXWRQFRORU FRUUHVSRQGDQW&HWWHIRQFWLRQSHUPHWG REWHQLUUDSLGHPHQWGHVLQIRUPDWLRQVVXUOHVVXMHWVLQGLTX V
0RGH 797 O WH[WH
797(;7
$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
OD IRLV
G XQH XQLW
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
+2/'
MRXU RX $FFýV DX[ VRXVSDJHV
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
DXWRPDWLTXH
MRXU
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 IDRQ GRQW OHV LQIRUPDWLRQV VRQW WUDQVPLVHV YRXVGHYUH] SHXWûWUH SUHVVHUSOXVG XQHIRLV
FHWWH WRXFKH SRXU UHYHQLU O LQGH[ SULQFLSDO
&211(;,216 $8',2 9,'þ2
3ULVHV DYDQW $9 EURFKHV 6 9LG R 5&$ $XGLR9LG R HW SULVHV FDVTXH
3UHVVH] HW UHO FKH] SRXU RXYULU
6RUWLH SULVH
FDVTXH
(QWU H YLG R
SULVH 69LGHR
6 9
(QWU H YLG R
SULVH 9
6 9
(QWU H DXGLR
SULVHV *'
)LFKH MDFN VW U R PP
F EOHV
DXGLR
5&$
& 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 '
3ULVH 3(5,7(/ EURFKHV $9
(QWU H &9%6 YLG R
0DVVH
(WDW 59%
0DVVH
WDW 59%
(WDW &9%6 YLG R
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
/HV HQWU HV DG TXDWHV SRXU $9 LQFOXHQW
59% URXJHYHUWEOHX
&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 '
/HV EURFKHV $9 HW G SHQGHQW GH OD
FRPPXWDWLRQ 69+6 9,'þ2 $9
3ULVHV EURFKHV 6 9LGHR
(QWU H FKURPLQDQFH
(QWU H OXPLQDQFH
0DVVH FKURPLQDQFH
0DVVH OXPLQDQFH
&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(/ $9
& EOH 3(5,7(/
& EOH 3(5,7(/
0DJQ WRVFRSH
0DJQ WRVFRSH 69LG R
0DJQ WRVFRSH
0DJQ WRVFRSH FRPSDWLEOH OLDLVRQ 4/,1.
5 FHSWHXU VDWHOOLWH
&DP VFRSH 69LG R
&DP VFRSH
&RQVROH GH MHXRUGLQDWHXU 59%
1RWHV / TXLSHPHQW DX[LOLDLUH HW OHV F EOHV UHSU VHQW V QH VRQW SDV IRXUQLV DYHF
FH W O YLVHXU
1H EUDQFKH] SDV G RUGLQDWHXU PXQL G XQH VRUWLH 77/ 9 VXU FH W O YLVHXU
',$*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
6L O LPDJH HVW O JýUHPHQW LQFOLQ H XWLOLVH] OD IRQFWLRQ
GH FRUUHFWLRQ J RPDJQ WLTXH YRLU *XLGH GH PLVH
HQ URXWH UDSLGH SDJH /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\PSWÎPHVGH
OD SDQQH O DLGH GX JXLGH GH GLDJQRVWLF GH OD SDJH SU F GHQWH
YRWUH UHYHQGHXU
3RXU WRXW G SDQQDJH DGUHVVH]YRXV
3DQDVRQLF HQ LQGLTXDQW OH QXP UR GX PRGýOH HW OH QXP UR GH
V ULH ILJXUDQW O DUULýUH GX W O YLVHXU &HUWDLQHVIRQFWLRQVGLVSRVHQWG XQHP PRULVDWLRQGHVGHUQLýUHV
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
/LDLVRQ 4/LQN
5 JODJH YROXPH
' FRGHXU $9
&RUUHFWLRQ J RPDJQ WLTXH
5HG6FLQW
1 &RQVROHV GH MHX[ 2UGLQDWHXUV SHUVRQQHOV
/ XWLOLVDWLRQSURORQJ HGHMHX[YLG RRXG RUGLQDWHXUVSHUVRQQHOV
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 HQ WDW GH YHLOOH
:
7XEH LPDJH
'LDJRQDOH YLVLEOH
6RUWLH DXGLR
PXVLTXH
'LPHQVLRQV
3RLGV
6\VWýPHV GH U FHSWLRQQRP GH EDQGH
FP
[ : 506 [ : 032 LPS GDQFH W
+
/
3
PP
PP
PP
NJ
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
&$79 6 6 +\SHUEDQG
3$/ '.
'. 6(&$0 '.
9+) 5 5
9+) 5 5
9+) 5 5
8+) ( (
3$/ /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 W
$9 DUULýUH
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 59%
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R OLDLVRQ 4/LQN
[ VRUWLHV DXGLR 5&$
$9 DYDQW
$9 HQWU H 69LG R [ HQWU HV DXGLR 5&$ [ HQWU H YLG R 5&$
&HV FDUDFW ULVWLTXHV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV LQGLTX V VRQW DSSUR[LPDWLIV
&;
">
Link público atualizado
O link público para o seu chat foi atualizado.