VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
7 O YLVHXU FRXOHXU
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
0RGH G HPSORL
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
)UDQDLV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
74%('6
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLF
7; 36'
%,(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 TXH YRXV
GHYUH] FRQVHUYHU VRLJQHXVHPHQW GHV ILQV GH U I UHQFH XOW ULHXUH
7$%/( '(6 0$7,(5(6
$YHUWLVVHPHQWV HW SU FDXWLRQV $FFHVVRLUHV *XLGH GH PLVH HQ URXWH UDSLGH &RPPDQGHV SULQFLSDOHV 8WLOLVHU OHV PHQXV VXU FUDQ $MXVWDJH GX IRUPDW GH O LPDJH )RQFWLRQ 6WLOO ,PDJH HW 7H[WH 0HQX ,PDJH 0HQX 6RQ 0HQX &RQILJXUDWLRQ 0HQX 5 JODJH 0HQX 5 JODJH (GLWLRQ GHV SURJUDPPHV 0HQX 5 JODJH &RQILJXUDWLRQ DXWRPDWLTXH 0HQX 5 JODJH 5 JODJH PDQXHO /DQJXH 26' /LDLVRQ 4/LQN )RQFWLRQ 0DJQ WRVFRSH/HFWHXU GH
YLG RGLVTXH '9' )RQFWLRQ 7 O WH[WH &RQQH[LRQV DXGLRYLG R $9 )LFKHV IURQWDOHV 3ULVHV DUULýUH 'LDJQRVWLF GHV SDQQHV %URFKDJH GHV SULVHV 3(5,7(/ HW 69LG R &DUDFW ULVWLTXHV $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
GHV
O DSSDUHLO 1H MDPDLV H[SRVHU FH W O YLVHXU
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
- (YLWH] G H[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 D SUR[LPLW GH FH
GHUQLHU
- / LQWHUUXSWHXU PDUFKHDUUûW GH FH PRGýOH QH G FRQQHFWH SDV
WRWDOHPHQW OH W O YLVHXU GH O DOLPHQWDWLRQ VHFWHXU ' EUDQFKH]
OD ILFKH GH OD SULVH PXUDOH VL OH W O YLVHXU QH GRLW SDV ûWUH XWLOLV
SHQGDQW XQH S ULRGH GH WHPSV SURORQJ H
- (175(7,(1 '( / þ%þ1,67(5,( (7 '8 78%(
&$7+2',48(
' EUDQFKH] OD ILFKH GH OD SULVH PXUDOH 1HWWR\H] O E QLVWHULH
HW OH WXEH FDWKRGLTXH O DLGH G XQ FKLIIRQ GRX[ O JýUHPHQW
KXPLGH HW G XQ G WHUJHQW QRQ DEUDVLI 1 XWLOLVH] SDV GH
SURGXLWV GH QHWWR\DJH EDVH GH EHQ]RO RX GH S WUROH
0DQLSXOH] O FUDQ GX W O YLVHXU DYHF VRLQ FDU FHOXLFL SHXW
SURGXLUH GH O OHFWULFLW VWDWLTXH
- 8QH YHQWLODWLRQ VXIILVDQWH GRLW ûWUH SU YXH DILQ G YLWHU XQH
YHQWXHOOH G W ULRUDWLRQ GHV FRPSRVDQWV OHFWURQLTXHV ,O IDXW
SU YRLU DX PRLQV XQ HVSDFH GH FP WRXW DXWRXU GX W O YLVHXU
PûPH VL FHOXLFL HVW SODF GDQV XQ PHXEOH RX HQWUH GHV
WDJýUHV
1 &2162/(6 '( -(8; 25',1$7(856 3(56211(/6
/ XWLOLVDWLRQ SURORQJ H GH MHX[ YLG R RX G RUGLQDWHXUV SHUVRQQHOV
SHXW SURYRTXHU XQ PDUTXDJH SHUPDQHQW GH O FUDQ G XQ
W O YLVHXU &HWWH G W ULRUDWLRQ SHUPDQHQWH GX WXEH FDWKRGLTXH
SHXW ûWUH OLPLW H HQ UHVSHFWDQW OHV FRQVLJQHV VXLYDQWHV - 5 GXLVH] OHV U JODJHV GH OXPLQRVLW HW GH FRQWUDVWH DX
PLQLPXP
- 1H ODLVVH] SDV YRWUH W O YLVHXU DOOXP GH PDQLýUH FRQWLQXH
ORUVTXH YRXV O XWLOLVH] DYHF XQH FRQVROH GH MHX YLG R RX XQ
RUGLQDWHXU SHUVRQQHO
- &HWWH G W ULRUDWLRQ GX WXEH FDWKRGLTXH Q HVW SDV GXH XQ
G IDXW GH IRQFWLRQQHPHQW HW HOOH QH WRPEH GRQF SDV VRXV OD
JDUDQWLH 3DQDVRQLF
1 0,6( (1 9(,//( $8720$7,48(
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
$&&(662,5(6
9 ULILH] TXH YRXV GLVSRVH] ELHQ GHV DFFHVVRLUHV VXLYDQWV
0RGH G HPSORL
T
*DUDQWLH FRXYUDQW OH W O YLVHXU
3LOHV SRXU W O FRPPDQGH
[ 5 80
7 O FRPPDQGH (85$
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
9 ULILH] G DERUG TXH OH PDJQ WRVFRSH HVW HQ PRGH YHLOOH
%UDQFKH] OH W O YLVHXU HW DOOXPH]OH
6 OHFWLRQQH] OH SD\V GH YRWUH FKRL[
$SSX\H] VXU OH ERXWRQ URXJH
/D FRQILJXUDWLRQ DXWRPDWLTXH YD FRPPHQFHU OHV FKDñQHV VRQW
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 6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH OD WHFKQRORJLH 4/LQN YRXV SRXYH] PDLQWHQDQW O DOOXPHU /HV
SDUDPýWUHV GH U JODJH FRUUHVSRQGURQW FHX[ GX W O YLVHXU
6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH OD WHFKQRORJLH 1(;79,(:/,1. YRXV GHYUH] ODQFHU OH W O FKDUJHPHQW
PDQXHOOHPHQW
5HSRUWH]YRXV DX PRGH G HPSORL GX PDJQ WRVFRSH SRXU OHV G WDLOV
- 6L OH PDJQ WRVFRSH Q D SDV DFFHSW OHV GRQQ HV W O G FKDUJ HV GX W O YLVHXU YRXV GHYUH] SHXWûWUH V OHFWLRQQHU O RSWLRQ
7 O FKDUJHPHQW GX PHQX GX PDJQ WRVFRSH
- 6L OD OLDLVRQ 4/LQN QH IRQFWLRQQH SDV FRUUHFWHPHQW Y ULILH] OH UDFFRUGHPHQW OD SULVH $9 GX W O YLVHXU Y ULILH] TXH OH F EOH
3(5,7(/ XWLOLV HVW GX W\SH GLW )XOO IXQFWLRQ HW TXH OH PDJQ WRVFRSH HVW 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,'(
,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
1
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
(Q XWLOLVDQW OHV WRXFKHV GH OD W O FRPPDQGH LQGLTX HV DFF GH] O RSWLRQ GH PHQX
5 JODJH * RPDJQ WLTXH HW VXLYH] OD SURF GXUH FLGHVVRXV RX ELHQ SRXU DYRLU XQH
H[SOLFDWLRQ FRPSOýWH GX V\VWýPH GH PHQXV O FUDQ YRLU SDJH $SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
6(7 83
3DVVH] O RSWLRQ 5 JODJH * RPDJQ WLTXH
$FF GH] DX PHQX 5 JODJH * RPDJQ WLTXH
5 JOH] O DQJOH GH O LPDJH VL Q FHVVDLUH
$SSX\H] VXU OH ERXWRQ 79$9 SRXU TXLWWHU OH PHQX
6(783
79$9
/D IRQFWLRQ 5 JODJH * RPDJQ WLTXH HVW DFFHVVLEOH GH OD IDDGH GH OD W O YLVLRQ
$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
$SSX\H] QRXYHDX VXU OD WRXFKH ) SRXU UHWRXUQHU HQ PRGH GH YLVXDOLVDWLRQ QRUPDO
5HIHUPH] OH YROHW SRXU SU YHQLU WRXW GRPPDJH
Y
)
9RXV SRXYH] 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 VXU 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
O WDW GH YHLOOH GX W O YLVHXU
0LVH
7RXFKHV GH PHQX
3RXU DFF GHU DX[ PHQXV ,PDJH 6RQ
HW &RQILJXUDWLRQ SDJH 7RXFKH (WDW
$SSX\H] SRXU REWHQLU O DIILFKDJH GH OD
SRVLWLRQ GX SURJUDPPH GX QRP GX
SURJUDPPH GX QXP UR GH FDQDO GX
V\VWýPH 79 GH O KHXUH GX PRGH
VW U R HW GX WDEOHDX GH SURJUDPPHV
7RXFKHV 7 O WH[WH SDJH 7RXFKH (QUHJLVWUHPHQW 79 GLUHFW
SDJH 7RXFKH 0DUFKH$UUûW G HIIHW $PELDQFH
3ULVHV DXGLRYLG R 5&$
SDJH 3ULVH 6 9+6 SDJH 3ULVH FDVTXH SDJH &RPPXWDWHXU 79$9 SDJH $XJPHQWH RX GLPLQXH OD SRVLWLRQ GH SURJUDPPH G XQH
XQLW /RUVTX XQH IRQFWLRQ HVW G M DIILFK H DSSX\H]
SRXU DXJPHQWHU RX GLPLQXHU G XQH XQLW OD IRQFWLRQ
V OHFWLRQQ H
&RXSXUH GX VRQ
&XUVHXUV SHUPHWWDQW OHV V OHFWLRQV HW
U JODJHV
6 OHFWLRQ HQWUH PRGHV W O YLVHXU HW
HQWU H $XGLR9LG R SDJH 7RXFKHV GH FRXOHXU SRXU IRQFWLRQV
þGLWLRQ GHV SURJUDPPHV SDJH )RQFWLRQV 7 O WH[WH SDJH 6 OHFWLRQ $9 SDJH 7RXFKHV GH FKDQJHPHQW GH
SURJUDPPHFKDñQH HW
WRXFKH 7 O WH[WH SDJH 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
6 OHFWLRQ GHV FKDñQHV GHX[ FKLIIUHV
O DLGH GHV WRXFKHV
QXP ULTXHV
$SSX\H] VXU OH ERXWRQ & HW SRXU OH FKRL[ GLUHFW GX FDQDO GDQV OH
K\SHUEDQG
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$1
&H W O YLVHXU HVW TXLS G XQ V\VWýPH YROX GH PHQXV DIILFKDJH VXU FUDQ TXL YRXV SHUPHWWHQW
G DFF GHU DX[ U JODJHV HW DX[ RSWLRQV
&HUWDLQHV RSWLRQV FRPPH &RQWUDVWH /XPLQRVLW &RXOHXU HW 1HWWHW SHUPHWWHQW G DXJPHQWHU RX GH U GXLUH OH QLYHDX
&HUWDLQHV RSWLRQV FRPPH O RSWLRQ 0LQXWHULH YHLOOH YRXV GHPDQGHQW GH IDLUH XQ FKRL[
&HUWDLQHV RSWLRQV FRPPH OH PHQX &RQILJXUDWLRQ FRQGXLVHQW XQ DXWUH PHQX
/HV WRXFKHV ,0$*( 621 HW &21),*85$7,21 VRQW XWLOLV HV SRXU
RXYULU OHV PHQXV SULQFLSDX[ HW SRXU UHYHQLU DX PHQX SU F GHQW
/HV WRXFKHV GH FXUVHXU KDXW HW EDV SHUPHWWHQW GH G SODFHU OH
FXUVHXU YHUWLFDOHPHQW VXU OHV PHQXV
3,&785( 6281' 6(7 83
/HV FXUVHXUV JDXFKH HW GURLW SHUPHWWHQW G DFF GHU DX[ PHQXV
G DMXVWHU OHV QLYHDX[ RX GH V OHFWLRQQHU OHV GLII UHQWHV RSWLRQV
/D WRXFKH 675 SHUPHW GH P PRULVHU OHV SDUDPýWUHV DSUýV DYRLU
HIIHFWX XQ U JODJH RX U JO O WDW G XQH RSWLRQ
675
/D WRXFKH 79$9 SHUPHW GH VRUWLU GX V\VWýPH GH PHQX HW GH UHYHQLU
O FUDQ 79 QRUPDO
79$9
8QH IHQûWUH G DLGH O FUDQ HVW DIILFK H FKDTXH IRLV TX XQ PHQX
DSSDUDñW VXU OH W O YLVHXU &HWWH IHQûWUH G DLGH LQGLTXH OHV WRXFKHV GH
OD W O FRPPDQGHV TXL VRQW XWLOLV HV SRXU QDYLJXHU GDQV OH PHQX
LQGLTX &RQVXOWH] OD GHVFULSWLRQ GHV IRQFWLRQV GHV ERXWRQV
FLGHVVXV
$,'( / þ&5$1
%RñWH G LQVWUXFWLRQV
LOOXVWU H
&KRLVLU
5pJOHU
1RWHV
- 6L OD WRXFKH l+(/3l HVW DFWLRQQ H DORUV TX XQ PHQX HVW DIILFK OD
,PDJH
lERñWH G LQVWUXFWLRQVl VHUD GLVVLPXO H $SSX\H] QRXYHDX VXU OD
WRXFKH l+(/3l SRXU DIILFKHU OD lERñWH G LQVWUXFWLRQVl
- /D IHQûWUH G DLGH Q HVW SDV LOOXVWU H GDQV OHV LPDJHV GHV PHQXV GH
FH JXLGH XQLTXHPHQW SDU PDQTXH GH SODFH
/H ERXWRQ $,'( +(/3 ODQFH XQH G PRQVWUDWLRQ GHV PHQXV
GLVSRQLEOHV
$SSX\H] VXU OH ERXWRQ à £ HW V OHFWLRQQH] O XQH GHV RSWLRQV
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS FROHXU
315
$,
79$9
6RUWLU
1RUPDO
1RQ
2XL
+(/3
"
0HQX DLGH
0LVH HQ P PRLUH GHV GHUQLýUHV V OHFWLRQV
&HUWDLQHV IRQFWLRQV GLVSRVHQW G XQH P PRULVDWLRQ GHV GHUQLýUHV
V OHFWLRQV RS U HV FH TXL VLJQLILH TXH OHV U JODJHV DFWLIV DX PRPHQW
RÖ OH W O YLVHXU HVW WHLQW VHURQW U WDEOLV TXDQG OH W O YLVHXU VHUD
UDOOXP &200(17 87,/,6(5 /(6 0(186
/D WRXFKHV 0(18 RXYUH
RX IHUPH OHV PHQXV
3UHVVH] OHV WRXFKHV £ à
GH OD WpOpFRPPDQGH SRXU
FKRLVLU SHUPL OHV RSWLRQV
3UHVVH] OHV WRXFKHV 0(18
SRXU OH UpJODJH GHV RSWLRQV RX
SRXU DFFHGHU DX PHQX FKRLVL
79$9
/D WRXFKH 79$9 SHUPHW GH
UHSUHQDUH Oë HPPLVVLRQ 79
&RQQH[LRQ ([WpULHXUH
'pPRQVWUDWLRQ
$FFpGHU
$-867$*( '8 )250$7 '( / ,0$*(
$SSX\H] VXU OD WRXFKH $63(&7 SRXU
SDUFRXULU OH PHQX GH TXDWUH RSWLRQV
G DVSHFW $XWR HW 6=RRP
$63(&7
$XWR
7RXWHIRLV VL YRXV V OHFWLRQQH] OH PRGH $872 VXU FH W Y YLVHXU
O FUDQ DIILFKHUD DXWRPDWLTXHPHQW OHV LPDJHV UHXHV OHXU WDLOOH
PD[LPXP
$XWR
$XWR
DIILFKHUD XQH LPDJH VRXV VRQ IRUPDW QRUPDO 9RXV SRXYH]
V OHFWLRQQHU FHWWH RSWLRQ VL YRXV G VLUH] YRLU O LPDJH GDQV FH
IRUPDW
$-867$*( '8 )250$7 '( / ,0$*(
DIILFKHUD XQH LPDJH VRXV VRQ IRUPDW QRUPDO 9RXV
SRXYH] V OHFWLRQHU FHWWH RSWLRQ VL YRXV G VLUH] YRLU O LPDJH VRXV
FH IRUPDW
6=RRP
/H PRGH 6=RRP YRXV SHUPHW G DJUDQGLU O LPDJH HW GH OD
G SODFHU KRUL]RQWDOHPHQW HW YHUWLFDOHPHQW
6=RRP
/HV ERXWRQV GH V OHFWLRQ VXU FUDQ TXL DSSDUDLVVHQW SRXU
FHUWDLQHV IRQFWLRQV G DMXVWDJH GX IRUPDW GH O LPDJH GLVSDUDñWURQW
DSUýV TXHOTXHV VHFRQGHV 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
6L HQ PRGH $XWR OD WDLOOH GHO LPDJH Q HVWSDV VDWLVIDLVDQWHORUVTXH
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 +RUL] +RUL] 9HUWL 9HUWL
$JUDQGLVVHPHQW DYHF 6=RRP
)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$*( (7 7(;7(
$SSX\H] VXU OH ERXWRQ 7þ/þ7(;7( SRXU SDVVHU GX SURJUDPPH
HQ FRXUV DX W O WH[WH HW OD IRQFWLRQ LPDJH HW WH[WH ,PDJH HW WH[WH
YRXV SHUPHW GH YRLU OH SURJUDPPH HQ FRXUV HW XQH SDJH GH
W O WH[WH FÎWH FÎWH
4XDQG YRXV XWLOLVH] FHWWH IRQFWLRQ OD W O FRPPDQGH DJLW VXU OD
SDJH W O WH[WH 6L YRXV G VLUH] PRGLILHU OH SURJUDPPH DIILFK DSSX\H] VXU OH ERXWRQ 7þ/þ7(;7( SRXU UHYHQLU O DIILFKDJH GX
SURJUDPPH VHXO DYDQW GH IDLUH OHV FKDQJHPHQWV VRXKDLW V
797(;7
0RGH 7þ/þ7(;7(
0RGH LPDJH HW WH[WH
0(18 ,0$*(
&H PHQX YRXV SHUPHW G HIIHFWXHU WRXV OHV U JODJHV GH TXDOLW GH O LPDJH
3,&785(
2XYUH] OH PHQX ,PDJH
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$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
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ
675 DSUýV DYRLU U JO XQH IRQFWLRQ
FHWWH YDOHXU HVW HQUHJLVWU H FRPPH YD
OHXU SDU G IDXW HOOH UHPSODFHUD OD YD
OHXU U JO H HQ XVLQH &RQWUDVWH
/XPLQRVLW
&RXOHXU
1HWWHW
79$9
675
/HV QLYHDX[ GH FRQWUDVWH OXPLQRVLW FRXOHXU HW QHWWHW SHXYHQW ûWUH U JO V
VHORQ YRV SU I UHQFHV
7HLQWH
/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
7HPS FRXOHXU
/H U JODJH G TXLOLEUDJH GHV FRXOHXUV
YRXV SHUPHW GH U JOHU OD FRXOHXU
GRPLQDQWH GH O LPDJH
315
315 U GXLW DXWRPDWLTXHPHQW OHV
SDUDVLWHV LQG VLUDEOHV
$,
/H U JODJH $, DQDO\VH DXWRPDWLTXHPHQW
O LPDJH UHXH HW OXL DSSOLTXH XQ
WUDLWHPHQW SRXU DP OLRUHU OH FRQWUDVWHOD
SURIRQGHXU GH FKDPS HW OD YLYDFLW GHV
FRXOHXUV
,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS FROHXU
315
$,
1RUPDO
1RQ
2XL
,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS FROHXU
315
$,
1HWWHWp
1RUPDO
1RQ
2XL
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
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH] OHV QLYHDX[ RX
U JOH] O WDW GHV RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX 6RQ
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ
675 DSUýV DYRLU U JO XQH IRQFWLRQ
FHWWH YDOHXU HVW HQUHJLVWU H FRPPH YD
OHXU SDU G IDXW HOOH UHPSODFHUD OD YD
OHXU U JO H HQ XVLQH 79$9
675
9ROXPH
/H U JODJH 9ROXPH YRXV SHUPHW GH
U JOHU OH QLYHDX GH YROXPH J Q UDO
*UDYH
/H U JODJH *UDYHV YRXV SHUPHW
G DFFHQWXHU OHV IU TXHQFHV OHV SOXV
EDVVHV HW SHXW ûWUH DXJPHQW RX
GLPLQX $LJX
/H U JODJH $LJXùV YRXV SHUPHW
G DFFHQWXHU OHV IU TXHQFHV OHV SOXV
KDXWHV HW SHXW ûWUH DXJPHQW RX
GLPLQX %DODQFH
/D EDODQFH DJLW VXU OHV QLYHDX[ VRQRUHV
HQWUH OHV KDXWSDUOHXUV GURLW HW JDXFKH
&HOD SHUPHW GH U JOHU OHV QLYHDX[
VRQRUHV HQWUH OHV KDXWSDUOHXUV HQ
IRQFWLRQ GH OD SRVLWLRQ G FRXWH
(FRXWHXUV
3HXW ûWUH U JO LQG SHQGDPPHQW GHV
KDXWSDUOHXUV FH TXL SHUPHW FKDFXQ
G FRXWHU XQ QLYHDX TXL OHXU FRQYLHQW
03;
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
0RGH
/H VRQ SHXW ûWUH DP OLRU GXUDQW OHV
PRGHV 0XVLTXH RX 3DUROH HQ
V OHFWLRQQDQW OD IRQFWLRQ DSSURSUL H
$PELDQFH
/ RSWLRQ $PELDQFH IRXUQLW XQH
VWLPXODWLRQ G\QDPLTXH TXL VLPXOH O HIIHW
GH VRQ VSDWLDO DP OLRU 6RQ
9ROXPH
*UDYH
$LJX
%DODQFH
(FRXWHXUV
03;
0RGH
$PELHQFH
6WHUHR
0XVLTXH
1RQ
9ROXPH
0(18 &21),*85$7,21
/H PHQX &RQILJXUDWLRQ YRXV SHUPHW G DFF GHU GLYHUVHV IRQFWLRQV YROX HV DLQVL TX DX PHQX
5 JODJH
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH] OHV QLYHDX[ RX
U JOH] O WDW GHV RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX &RQILJXUDWLRQ
79$9
6RUW$9
2IIUH XQ FKRL[ GH VLJQDX[ HQYR\HU OD
ILFKH $9 6FDUW &HWWH V OHFWLRQ V RSýUH
HQWUH O FUDQ DFWXHO GX W O YLVHXU OH VLJQDO
G HQWU H $9$9$9 RX OH PRQLWHXU
F G O LPDJH DIILFK H O FUDQ
7 O WH[WH
/ RSWLRQ 7 O WH[WH YRXV SHUPHW GH FKRLVLU
HQWUH OHV PRGHV 723)/2) RX /,67
SDJH 0LQXWHULH YHLOOH
/D PLQXWHULH GH YHLOOH SHUPHW GH
V OHFWLRQQHU O KHXUH GH FRXSXUH GX
W O YLVHXU VXU XQH SODJH GH PLQXWHV LQWHUYDOOHV GH PLQXWHV
5HG6FLQW
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
4/LQN
/D OLDLVRQ 4/LQN YRXV SHUPHW G DFWLYHU
RX GH G VDFWLYHU OD FRPPXQLFDWLRQ GH
GRQQQ HV DYHF XQ PDJQ WRVFRSH
FRPSDWLEOH SDJH /DQJXH GH WH[WH
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
DQJODLV
HVWRQLHQ
OHWWRQ URXPDLQ UXVVH XNUDLQLHQ
OLWXDQLHQ
(VW
WFKýTXH KRQJURLV
OHWWRQ SRORQDLV URXPDLQ OLWXDQLHQ
5 JODJH
/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 /DQJXHV 26'
/H PHQX /DQJXH 26' YRXV SHUPHW GH
FKDQJHU OD ODQJXH XWLOLV H VXU WRXV OHV
PHQXV G FUDQ SDJH * RPDJQ WLTXH
6L YRXV UHPDUTXH] XQ O JHU G V TXLOLEUH
GH O LPDJH RX VL O FUDQ FRPSRUWH GHV
]RQHV FRORU HV DX[ DQJOHV XWLOLVH] FHWWH
IRQFWLRQ SRXU OHV OLPLQHU 9RLU þWDSH SDJH *XLGH GH PLVH HQ URXWH UDSLGH &RQILJXUDWLRQ
6RUW$9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
79
/LVW
1RQ
0DUFKH
8RL
2XHVW
0RGLILFDWLRQ
6RUWLU
&RQILJXUDWLRQ
6RUW$9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
79
/LVW
1RQ
0DUFKH
8RL
2XHVW
&RQILJXUDWLRQ
6RUW$9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
&KRLVLU
79
/LVW
1RQ
$UUpW
8RL
2XHVW
0(18 5þ*/$*(
/H PHQX 5 JODJH YRXV SHUPHW G DFF GHU DX[ PHQXV 5 JODJH PDQXHO 5 JODJH DXWRPDWLTXH HW
5 JODJH ILQ
6(7 83
2XYUH] OH PHQX &RQILJXUDWLRQ
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH] OHV U JODJHV
U JOH] O WDW GHV RSWLRQV RX DFF GH]
XQ DXWUH PHQX
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ
675 DSUýV DYRLU U JO XQH IRQFWLRQ
FHWWH YDOHXU HVW HQUHJLVWU H FRPPH YD
OHXU SDU G IDXW HOOH UHPSODFHUD OD YD
OHXU U JO H HQ XVLQH &RQILJXUDWLRQ
79$9
675
3URJV OHFWLRQ
/ 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 5 JODJH PDQXHO
/H PHQX 5 JODJH PDQXHO YRXV SHUPHW
GH U JOHU PDQXHOOHPHQW OHV SRVLWLRQV GH
SURJUDPPHV LQGLYLGXHOV SDJH 5 JODJH ILQ
&HWWH RSWLRQ YRXV SHUPHW G HIIHFWXHU OH
U JODJH G DFFRUG ILQ GHV FKDñQHV
PHQX 6\VWýPH FRXOHXU YRXV SHUPHW
6\VWýPH FRXOHXU /H
GH FKRLVLU OH VWDQGDUG GH WUDQVPLVVLRQ
FRUUHFW
5 JODJH YROXPH
9RXV SHUPHW GH U JOHU OH QLYHDX GH
YROXPH GH FKDTXH FKDñQH LQGLYLGXHOOH
' FRGHXU $9
&HWWH RSWLRQ HVW XWLOLV H TXDQG XQ
G FRGHXU HVW FRQQHFW YLD $9 /D
PHWWUH O WDW $&7,9þ VL XQ VLJQDO
FRG GRLW ûWUH G FRG SDU OH G FRGHXU
/D PHWWUH O WDW G VDFWLY DSUýV
O XWLOLVDWLRQ
6RUW$9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
79
/LVW
1RQ
0DUFKH
8RL
2XHVW
$FFpGHU
5pJODJH
3URJ VpOHFWLRQ
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
&RUUHFWLRQ YROXPH
'pFRGHXU $9
$FFpGHU
$872
1RQ
3URJUDPPH VpOHFWLRQ
3URJ &K
(IIDFHU
&+
&+
1RP
;<=
%ORT 6\V
=;<
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
,QVpUHU
&KDQJHU
79 ! 9&5
0(18 5þ*/$*( 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
6(7 83
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] DX PHQX þGLWLRQ GHV SURJUDPPHV
(QWUH] GDQV OH PHQX þGLWLRQ GHV
SURJUDPPHV
3DVVH] OD SRVLWLRQ GH SURJUDPPH
FKRLVLH SDU H[HPSOH 3URJ (IIHFWXH] OHV FKDQJHPHQWV YRXOXV
UHSRUWH]YRXV DX[ VHFWLRQV VXLYDQWHV
$SSX\H] VXU OD WRXFKH 675 SRXU
P PRULVHU OHV FKDQJHPHQWV
675
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
79$9
3RXU HIIDFHU XQH SRVLWLRQ GH SURJUDPPH
LQXWLOH
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ
GDQV OD FRORQQH 3URJ
$SSX\H] VXU OD WRXFKH URXJH GH OD
W O FRPPDQGH
$SSX\H] XQH QRXYHOOH IRLV VXU OD
WRXFKH URXJH SRXU YDOLGHU
3RXU DMRXWHU XQH SRVLWLRQ GH SURJUDPPH
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ
GDQV OD FRORQQH 3URJ
$SSX\H] VXU OD WRXFKH YHUWH
$SSX\H] GH QRXYHDX VXU OD WRXFKH
YHUWH SRXU YDOLGHU
&HWWH SRVLWLRQ YLHUJH SHXW PDLQWHQDQW
ûWUH FRQILJXU H QRPP H EORTX H HW
XWLOLV H SRXU OH V\VWýPH GH W O YLVLRQ
GH YRWUH FKRL[
3URJUDPPH VpOHFWLRQ
3URJ &K
(IIDFHU
&+
&+
1RP
;<=
=;<
,QVpUHU
%ORT 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
&KDQJHU
6&
6&
6&
6&
6&
79 ! 9&5
3URJUDPPH VpOHFWLRQ
3URJ &K
(IIDFHU
&+
&+
1RP
;<=
=;<
,QVpUHU
%ORT 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
&KDQJHU
6&
6&
6&
6&
6&
79 ! 9&5
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU G SODFHU XQ SURJUDPPH XQH DXWUH SRVLWLRQ
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ
GDQV OD FRORQQH 3URJ
3URJUDPPH VpOHFWLRQ
3URJ &K
$SSX\H] VXU OH ERXWRQ MDXQH
&KRLVLVVH] OD QRXYHOOH SRVLWLRQ GH OD
FKDñQH
$SSX\H] QRXYHDX VXU OH ERXWRQ MDXQH
VXU O FUDQ SRXU FRQILUPHU YRWUH
G FLVLRQ
&+
&+
(IIDFHU
1RP
;<=
=;<
,QVpUHU
%ORT 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
&KDQJHU
6&
6&
6&
6&
6&
79 ! 9&5
3RXU U JOHU XQH SRVLWLRQ GH SURJUDPPH
$OOH] OD FRORQQH &DQDO
3URJUDPPH VpOHFWLRQ
$XJPHQWH] RX U GXLVH] OH QXP UR GH
FDQDO RX XWLOLVH] OD WRXFKH & SRXU
O DFFýV GLUHFW DX FDQDO YHQWXHOOHPHQW
OHV WRXFKHV & HW SRXU OH FKRL[
GLUHFW GDQV OH K\SHU EDQGHl
SDJH $SSX\H] VXU 675 SRXU P PRULVHU
3URJ &K
1RP
%ORT 6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
&+
&+
=;<
6&
6&
6&
6&
6&
675
3RXU FKDQJHU OH QRP G XQH SRVLWLRQ GH
SURJUDPPH
3URJUDPPH VpOHFWLRQ
3RVLWLRQQH]YRXV VXU OH QRP
6 OHFWLRQQH] OH QRXYHDX SUHPLHU
FDUDFWýUH
3RVLWLRQQH]YRXV VXU OH VHFRQG
FDUDFWýUH
1RP
%ORT 6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
&+
&+
=;<
6&
6&
6&
6&
6&
$ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7
8 9 : ; < = &RQWLQXH] MXVTX DX FKDQJHPHQW
FRPSOHW GX QRP
$SSX\H] VXU 675 SRXU P PRULVHU
3URJ &K
675
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU EORTXHU XQH SRVLWLRQ GH SURJUDPPH
DILQ G HQ LQWHUGLUH O DFFýV
3URJUDPPH VpOHFWLRQ
9RXV SRXYH] YHUURXLOOHU XQH FKDñQH
SRXU HPSûFKHU TX RQ \ DFFýGH
6 OHFWLRQQH] O WDW %ORFDJH DFWLY RX
G VDFWLY
$SSX\H] VXU 675 SRXU P PRULVHU
675
3URJ &K
1RP
%ORT 6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
&+
&+
=;<
6&
6&
6&
6&
6&
1RWH
4XDQG XQH SRVLWLRQ GH SURJUDPPH HVW
EORTX H O DFFýV GLUHFW DX FDQDO HQ
XWLOLVDQW OD WRXFKH & HW OHV WRXFKHV
QXP ULTXHV GH OD W O FRPPDQGH Q HVW
SDV GLVSRQLEOH
3RXU FKDQJHU OH V\VWýPH 79 SRXU XQH
SRVLWLRQ GH SURJUDPPH YRXOXH
3URJUDPPH VpOHFWLRQ
9RXV SRXYH] PRGLILHU OH V\VWýPH DXGLR
XWLOLV SRXU XQH FKDñQH
&KRLVLVVH] OH V\VWýPH YRXOX 6& 3$/ %* + 6(&$0 %*
6& 3$/ ,
6& 3$/ '. 6(&$0 '.
) 6(&$0 //
$SSX\H] VXU 675 SRXU P PRULVHU
3URJ &K
1RP
%ORT 6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
&+
&+
=;<
6&
6&
6&
6&
6&
675
3RXU FRSLHU OHV SDUDPýWUHV GH SURJUDPPH VXU
XQ PDJQ WRVFRSH FRPSDWLEOH FRQQHFW $9
$OOH] OD FRORQQH 3URJ
$SSX\H] VXU OH ERXWRQ EOHX GH OD
W O FRPPDQGH
/HV SDUDPýWUHV GX SURJUDPPH VRQW
PDLQWHQDQW WUDQVPLV DX PDJQ WRVFRSH
&HOD SHXW SUHQGUH TXHOTXHV VHFRQGHV
VHORQ OH QRPEUH GH FKDñQHV
P PRULV HV 6L OH PHVVDJH k4/LQN"
9HULILHU WDW PDJQ WRVFRSHl DSSDUDñW
O FUDQ OH W O YLVHXU Q HVW SDV HQ
PHVXUH GH WUDQVPHWWUH OHV GRQQ HV GH
SURJUDPPH DX PDJQ WRVFRSH 9HXLOOH]
FRQVXOWHU OH 0RGH G HPSORL GX
PDJQ WRVFRSH SRXU SOXV GH G WDLOV
79!9&5 (1 &2856
$77(1'(= 693
3URJUDPP 7pOpFRPPDQGH QRQ GLVSRQLEOH
0(18 5þ*/$*( $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
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] DX PHQX &RQILJXUDWLRQ DXWR
$77(17,21
$73 HIIDFHUD OHV GRQQqHV DFWXHOOHV
HW H[HFXWHUD XQ QRXYHDX UpJODJH
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
DXWR
$SSX\H] SRXU FRQILUPHU HW FRPPHQFHU
6 OHFWLRQQH] OH SD\V
$SSX\H] SRXU ODQFHU OD FRQILJXUDWLRQ
DXWRPDWLTXH $73
/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 8QH IRLV FHWWH RS UDWLRQ WHUPLQ H OH
W O YLVHXU DIILFKHUD OD SRVLWLRQ GH
SURJUDPPH 'pEXW $73
5HYHQLU
79$9
6RUWLU
3D\V
'HXWVFKODQG
gVWHUUHLFK
)UDQFH
,WDOLD
(VSD D
3RUWXJDO
1HGHUODQG
'DQPDUN
6YHULJH
1RUJH
6XRPL
%HOJLXP
6ZHL]
(//$'$
3ROVND
ýHVNi UHSXEOLND
0DJ\DURUV]iJ
((X
&+
$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 SDUWLU GX PHQX VXU FUDQ RX GHV
FRPPDQGHV HQ IDDGH
0HQX 5 JODJH PDQXHO
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] 5 JODJH PDQXHO
(QWUH] GDQV 5 JODJH PDQXHO
&+
6&
6 OHFWLRQQH] OD SRVLWLRQ GH SURJUDPPH
G VLU H
5pJODJH PDQXHO
&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
675
79$9
5 JODJH PDQXHO FRPPDQGHV HQ IDDGH
$SSX\H] VXU OD WRXFKH ) )DDGH
MXVTX REWHQWLRQ GX PHQX 5 JODJH
)
$SSX\H] VXU OD WRXFKH RX $SSX\H] VXU OD WRXFKH 79$9 SRXU
DOWHUQHU HQWUH &KDQJHU SURJUDPPH
5HFKHUFKH RX &KDQJHU V\VWýPH
79
79 $9
$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
&+
6&
5pJODJH PDQXHO IDoDGH
675
79$9
675
)
'pEXWHU UHFKHUFKH
'pSODFHU OH FXUVHXU
3RXU PpPR
3RXU VRUWLU
)
675 )
9 79$9
/$1*8( 26'
/RUV GH O LQVWDOODWLRQ LQLWLDOH GX W O YLVHXU OD ODQJXH G DIILFKDJH VXU FUDQ D W U JO H HQ IRQFWLRQ
GX SD\V GH YRWUH FKRL[ 9RXV SRXYH] FHSHQGDQW V OHFWLRQQHU XQH DXWUH ODQJXH SDUWLU GX PHQX
/DQJXHV 26'
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
$OOH] DX PHQX /DQJXH 26'
(QWUH] GDQV OH PHQX /DQJXHV 26'
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$SSX\H] VXU OD WRXFKH 79$9 SRXU
YDOLGHU YRWUH V OHFWLRQ HW VRUWLU
79$9
26' ODQJXDJH
'HXWVFK
(QJOLVK
)UDQoDLV
,WDOLDQR
(//+1,.$
ýHãWLQD
5RPkQ
3ROVNL
(VSD RO
1RUVN
'DQVN
6YHQVND
0DJ\DU
5XVVNLM
6ORYHQVN\
1HPDþNL
1HGHUODQGV
6XRPL
7UNoH
3RUWXJX V
+UYDWVNL
%XOJDULDQ
6ORYHQVNR
/,$,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
&RQILJXUDWLRQ
6RUW$9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
$OOH] /LDLVRQ 4/LQN
&RQILUPH] TXH OD OLDLVRQ 4/LQN HVW
O WDW kDFWLY l
79$9
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU
79
/LVW
1RQ
0DUFKH
8RL
2XHVW
/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 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
',5(&7
79 5(&
$SSX\H] VXU OD WRXFKH ',5(&7 79 5(& GH OD W O FRPPDQGH
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 - &KDTXH IRLV TXH OD IRQFWLRQ &RQILJXUDWLRQ DXWRPDWLTXH $73 HVW XWLOLV H OHV SDUDPýWUHV GH U JODJH VRQW WUDQVPLV DX PDJQ WRVFRSH
)RQFWLRQV 0LVH HQ PDUFKH HW $UUûW DXWRPDWLTXHV GX W O YLVHXU
&HV IRQFWLRQV VXSSO PHQWDLUHV VRQW GLVSRQLEOHV DYHF OD OLDLVRQ 4/LQN GH 3DQDVRQLF
- 4XDQG YRXV LQWURGXLVH] XQH FDVVHWWH YLG R GDQV YRWUH PDJQ WRVFRSH HW TXH YRXV DSSX\H] VXU OH ERXWRQ 0DUFKH GX PDJQ WRVFRSH
OH W O YLVHXU VH PHW DXWRPDWLTXHPHQW HQ PDUFKH HW V OHFWLRQQH O HQWU H $9 SRXU YRXV SHUPHWWUH GH YLVLRQQHU OD YLG R
- 6L YRXV WHLJQH] OH W O YLVHXU DORUV TXH OH PDJQ WRVFRSH HVW HQ PRGH $UUûW $YDQFH UDSLGH RX 5HPERELQDJH OH PDJQ WRVFRSH
V DUUûWHUD DXWRPDWLTXHPHQW
3RXU G VDFWLYHU OD OLDLVRQ 4/LQN
6L YRXV QH VRXKDLWH] SDV XWLOLVHU OD OLDLVRQ 4/LQN DOOH] DX PHQX &RQILJXUDWLRQ V OHFWLRQQH] O RSWLRQ 4/LQN HW V OHFWLRQQH] O WDW
' VDFWLY 2II SDJH 1RWH LPSRUWDQWH 7RXV OHV PDJQ WRVFRSHV Q DFFHSWHQW SDV FH V\VWýPH GH FRPPXQLFDWLRQV GH GRQQ HV &HUWDLQV PDJQ WRVFRSHV SHXYHQW DFFHSWHU
FHUWDLQHV IRQFWLRQV PDLV SDV G DXWUHV &RQVXOWH] OH PRGH G HPSORL GH YRWUH PDJQ WRVFRSH SRXU YRXV LQIRUPHU
6L OD OLDLVRQ 4/LQN HVW LQRS UDQWH FRPPHQFH] SDU FRQILUPHU TXH OH F EOH 3(5,7(/ XWLOLV HVW ELHQ GX W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV
&RQVXOWH] YRWUH UHYHQGHXU SRXU YRXV LQIRUPHU
)21&7,21 0$*1þ726&23(/(&7(85 '( 9,'þ2',648(6 '9'
&HWWH W O FRPPDQGH SHXW ûWUH XWLOLV H DYHF FHUWDLQV PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV DX IRUPDW '9' 'LJLWDO 9HUVDWLOH 'LVF GH
OD PDUTXH 3DQDVRQLF þWDQW GRQQ TXH FHUWDLQV PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV RIIUHQW GHV IRQFWLRQV GLII UHQWHV YHXLOOH]
YRXV U I UHU DX PRGH G HPSORL GH O DSSDUHLO RX FRQVXOWHU OH UHYHQGHXU SRXU YRXV LQIRUPHU
'9'
9&5
þWDW GH YHLOOH
$SSX\H] VXU FHWWH WRXFKH SRXU PHWWUH OH
PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV O WDW GH
YHLOOH
$SSX\H] QRXYHDX SRXU O DOOXPHU
7RXFKH PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV '9'
8WLOLVH] FHWWH WRXFKH SRXU TXH OD W O FRPPDQGH
FRPPDQGH OH PDJQ WRVFRSH RX OH OHFWHXU GH
YLG RGLVTXHV
/HFWXUH
$SSX\H] VXU FHWWH WRXFKH SRXU OLUH OD FDVVHWWHOH
GLVTXH YLG R
$UUûW
$SSX\H] VXU FHWWH WRXFKH SRXU DUUûWHU OD FDVVHWWHOH
GLVTXH YLG R
6DXW GH SODJH$YDQFH UDSLGH9LVXDOLVDWLRQ
0$*1þ726&23( $SSX\H] VXU FHWWH WRXFKH SRXU
FRPPDQGHU O DYDQFH UDSLGH (Q PRGH /HFWXUH
DSSX\H] VXU FHWWH WRXFKH SRXU YLVXDOLVHU O LPDJH HQ
PRGH G DYDQFH UDSLGH
/(&7(85 '9' $SSX\H] XQH IRLV VXU FHWWH WRXFKH
SRXU VDXWHU OD SODJH VXLYDQWH (Q PRGH /HFWXUH
DSSX\H] GH IDRQ FRQWLQXH VXU FHWWH WRXFKH SRXU
YLVXDOLVHU O LPDJH HQ PRGH G DYDQFH UDSLGH
6DXW GH SODJH5HPERELQDJH UDSLGH9LVXDOLVDWLRQ
0$*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 VRFL W V GH UDGLRGLIIXVLRQ 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
- $SSX\H] OH ERXWRQ 6RXQG HQ PRGH 7HOHWH[W SRXU DIILFKHU OHV IRQFWLRQV GH YROXPH VRXV IRUPH GH EDUUH YHUWH $SSX\H] VXU * SRXU HIIHFWXHU OHV U JODJHV UHTXLV
(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
(Q TXRL FRQVLVWH OH PRGH /,67 /,67( " (Q PRGH /,67 TXDWUH QXP URV GH SDJH GH FRXOHXUV GLII UHQWHV DSSDUDLVVHQW
HQ EDV GH O FUDQ &KDFXQ GH FHV QXP URV SHXW ûWUH FKDQJ HW HQUHJLVWU GDQV OD P PRLUH GX W O YLVHXU
(Q TXRL FRQVLVWH OH PRGH )$67(;7 7(;7( 5$3,'( " (Q PRGH )$67(;7 TXDWUH VXMHWV GH FRXOHXUV GLII UHQWHV
DSSDUDLVVHQW HQ EDV GH O LPDJH 3RXU REWHQLU SOXV G LQIRUPDWLRQ VXU O XQ GH FHV VXMHWV DSSX\H] VXU OH ERXWRQ FRORU FRUUHVSRQGDQW &HWWH
IRQFWLRQ SHUPHW G REWHQLU UDSLGHPHQW GHV LQIRUPDWLRQV VXU OHV VXMHWV LQGLTX V
(Q TXRL FRQVLVWH OH PRGH 723 7 O WH[WH " /D IRQFWLRQ 7RS 7 O WH[WH UHQG OD V OHFWLRQ GHV SDJHV GH 7 O WH[WH YRXOXHV
SOXV IDFLOH HW SOXV UDSLGH (Q IDLW O DFFýV DX[ SDJHV HVW LQVWDQWDQ DSSX\H] VXU OH ERXWRQ HW OD SDJH DSSDUDñW
&RPPHQW IRQFWLRQQH FHWWH RSWLRQ " / RSWLRQ 723 7 O WH[WH XWLOLVH TXDWUH WRXFKHV FRORU HV URXJH YHUWH MDXQH HW EOHXH
SRXU V OHFWLRQQHU OHV LQIRUPDWLRQV VXLYDQWHV
- 3RXU YRXV G SODFHU G XQH FDW JRULH GH VSHFWDFOH XQH DXWUH 63257 SDU H[HPSOH XWLOLVH] OD WRXFKH EOHXH 8QH IRLV O LQW ULHXU GH OD
FDW JRULH 63257 YRXV SRXYH] V OHFWLRQQHU GHV DFWLYLW V GLII UHQWHV WHOOHV TXH OH WHQQLV OH IRRWEDOO OH EDVNHWEDOO HWF HQ XWLOLVDQW OD
WRXFKH MDXQH 4XDQG OD GHUQLýUH DFWLYLW GH OD FDW JRULH HVW DWWHLQWH OD WRXFKH MDXQH YRXV IDLW SDVVHU OD FDW JRULH GH VSHFWDFOH
VXLYDQWH
- /D WRXFKH YHUWH V OHFWLRQQHUD OD SDJH VXLYDQWH YHUV OH +$87
- /D WRXFKH URXJH V OHFWLRQQHUD OD SDJH VXLYDQWH YHUV OH %$6
4XHOV VRQW OHV DYDQWDJHV "
-
6 OHFWLRQ GH OD SDJH DX VLPSOH WRXFKHU G XQ ERXWRQ
6 OHFWLRQ IDFLOH WDSH SDU WDSH GDQV OHV FDW JRULHV G DFWLYLW V YRXOXHV
5 GXFWLRQ GX WHPSV G DWWHQWH
6L YRXV HQWUH] XQ QXP UR GH SDJH QRQ H[LVWDQW XQ SRLQW G LQWHUURJDWLRQ DSSDUDñW HQ EDV GH O FUDQ
/D OLJQH G WDW HQ EDV GH O FUDQ YRXV LQGLTXH WRXMRXUV TXHO ERXWRQ YRXV FRQGXLUD O LQIRUPDWLRQ VRXKDLW H
0RGH 797 O WH[WH
797(;7
$SSX\H] VXU OH ERXWRQ 7þ/þ7(;7( SRXU SDVVHU GX SURJUDPPH HQ FRXUV DX W O WH[WH HW OD
IRQFWLRQ LPDJH HW WH[WH ,PDJH HW WH[WH YRXV SHUPHW GH YRLU OH SURJUDPPH HQ FRXUV HW XQH
SDJH GH W O WH[WH FÎWH FÎWH YRLU SDJH 6 OHFWLRQ GHV SDJHV
/HV SDJHV SHXYHQW ûWUH V OHFWLRQQ HV GH GHX[ PDQLýUHV D $SSX\H] VXU OHV WRXFKHV GH G ILOHPHQW SRXU DFFURñWUH RX G FURñWUH OH QXP UR GH SDJH G XQH
XQLW OD IRLV
E (Q HQWUDQW OH QXP UR GH SDJH O DLGH GHV WRXFKHV GH OD W O FRPPDQGH
6(7 83
3OHLQ +DXW %DV
6(7 83
5 Y OHU
$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
$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 EOHXH
(Q PRGH )/2) FHV GHUQLýUHV 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
675
+2/'
(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
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
675
)3
3DJH SU I U H )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
0LVH MRXU
6(7 83
$SSX\H] VXU OH ERXWRQ 5þ*/$*( SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV VXU OH ERXWRQ
-DXQH SRXU DIILFKHU O LPDJH GX W O YLVHXU WRXW HQ UHFKHUFKDQW XQH SDJH W O WH[WH SDV
Q FHVVDLUHPHQW HQ PRGH LPDJH HW WH[WH FDU O LPDJH HVW DIILFK H VXU OD JDXFKH GH O FUDQ /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
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 VXU 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
6(7 83
/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 6(783 SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV DSSX\H] VXU OD WRXFKH MDXQH SRXU
DIILFKHU O LPDJH 79 SHQGDQW TXH OH V\VWýPH WURXYH OD SDJH UHTXLVH /HV VRXVSDJHV WURXY HV
VHURQW DIILFK HV DX VRPPHW GH O FUDQ
/RUVTXH OD VRXVSDJH TXH YRXV DYH] GHPDQG H HVW GLVSRQLEOH DSSX\H] VXU OD WRXFKH MDXQH
SRXU UHWRXUQHU O DIILFKDJH GHV SDJHV 7HOHWH[W SXLV XWLOLVH] OHV WRXFKHV GH FXUVHXU JDXFKH HW
GURLWH SRXU V OHFWLRQQHU OD VRXVSDJH GH YRWUH FKRL[
5HPDUTXHV - 6L YRXV QH YRXOH] SDV TXH OHV TXDWUH WRXFKHV VS FLDOHV GH FRXOHXU DSSDUDLVVHQW VXU
O LPDJH 79 SHQGDQW TXH YRXV DWWHQGH] TXH OD SDJH UHTXLVH VRLW WURXY H DSSX\H] VXU OD
WRXFKH GH PHQX 3,&785( 6281' RX 6(783 SRXU VXSSULPHU OHV WRXFKHV GH O FUDQ
$SSX\H] XQH QRXYHOOH IRLV VXU OD WRXFKH 6(783 SRXU DIILFKHU QRXYHDX OHV WRXFKHV 6L
- YRXV DYH] HIIDF OHV WRXFKHV GH IRQFWLRQ VS FLDOHV SXLV VL YRXV DYH] XWLOLV OHV WRXFKHV GH
FXUVHXU JDXFKH HW GURLWH SRXU V OHFWLRQQHU XQH VRXVSDJH DORUV TXH YRXV WLH] WRXMRXUV
SRXU IDLUH
HQ PRGH 79 YRXV GHYH] DSSX\HU VXU OD WRXFKH 6(783 SXLV VXU OD WRXFKH
U DSSDUDñWUH OD SDJH 7HOHWH[W
- 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
3RXU UHYHQLU DX PRGH GH IRQFWLRQQHPHQW 79 QRUPDO DSSX\H] VXU 797(;7
MDXQH
,1'(;
,QGH[
(Q PRGH )/2)
$SSX\H] VXU ,1'(; SRXU UHYHQLU VXU OD SDJH G LQGH[ SULQFLSDO
6HORQ OD IDRQ GRQW OHV LQIRUPDWLRQV VRQW WUDQVPLVHV YRXV GHYUH] SHXWûWUH SUHVVHU SOXV G XQH
IRLV FHWWH WRXFKH SRXU UHYHQLU O LQGH[ SULQFLSDO
&211(;,216 $8',2 9,'þ2
6 OHFWLRQ HW FRQILJXUDWLRQ $9
9RXV SRXYH] FRQQHFWHU GLYHUV TXLSHPHQWV FH W O YLVHXU /HV SDJHV VXLYDQWHV H[SOLTXHQW FRPPHQW FRQQHFWHU GHV TXLSHPHQWV H[
WHUQHV O DYDQW HW O DUULýUH GX W O YLVHXU
/RUVTXH YRWUH TXLSHPHQW HVW FRQQHFW XWLOLVH] OD SURF GXUH FLGHVVRXV SRXU DIILFKHU OHV LPDJHV YHQDQW GH FHW TXLSHPHQW $SSX\H] VXU OH ERXWRQ 79$9
79$9
$SSX\H] VXU OD WRXFKH GH V OHFWLRQ DSSURSUL H O FUDQ SRXU V OHFWLRQQHU
OD VRXUFH $9 TXH YRXV G VLUH] DIILFKHU DSSX\H] VXU OH ERXWRQ YHUW SDU
H[HPSOH SRXU V OHFWLRQQHU $9 VL YRXV DYH] FRQQHFW XQ PDJQ WRVFRSH
OD ILFKH $9 3HULW O /HV WRXFKHV GH V OHFWLRQ DSSDUDLVVHQW O FUDQ DSUýV TXHOTXHV
79$9
VHFRQGHV 6L YRXV G VLUH] V OHFWLRQQHU XQH HQWU H ORUVTXH OHV WRXFKHV QH
VRQW SDV DIILFK HV DSSX\H] VXU OD WRXFKH 79$9 XQH IRLV GH SOXV HW OHV
WRXFKHV U DSSDUDñWURQW
1RWHV
- &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
- 5HYHQLU HQ PRGH k79l HQ DSSX\DQW VXU OD WRXFKH k79$9l RX SDU OjDUUûW GH O TXLSHPHQW $9 FRQQHFW - 9RXV SRXYH] JDOHPHQW V OHFWLRQQHU XQH VRXUFH $9 DYHF OH ERXWRQ 79$9 TXL VH WURXYH VXU OH WDEOHDX GH FRPPDQGH O DYDQW GH
YRWUH W O YLVHXU
$SSX\H] VXU OH ERXWRQ 79$9 SOXVLHXUV IRLV MXVTX FH TXH YRXV DUULYLH] OD VRXUFH $9 TXH YRXV G VLUH] DIILFKHU
- (Q PRGH $9 OH QRPEUH G RSWLRQV GHV PHQXV 621 HW &21),*85$7,21 HVW U GXLW SDU H[HPSOH DX PHQX &RQILJXUDWLRQ LO Q \ D SDV
GH PHQX &RQILJXUDWLRQ )LFKHV IURQWDOHV
'HV TXLSHPHQWV VXSSO PHQWDLUHV SHXYHQW ûWUH FRQQHFW V O DYDQW GH YRWUH W O YLVHXU SDU XQH SULVH 69LG R EURFKHV $9 XQH
SULVH 5&$ $XGLR 9LG R $9 HW XQH SULVH SRXU FDVTXH
3UHVVH] HW UHO FKH] SRXU RXYULU
6RUWLH SULVH FDVTXH
69
)LFKH MDFN VW U R PP
&$648( 67þ5þ2 DYHF
ILFKH MDFN PP
1RWHV
(QWU H YLG R
SULVH 69LG R
(QWU H YLG R
SULVH 9
(QWU H DXGLR SULVHV
/5 JDXFKHGURLWH
F EOHV
DXGLR
5&$
& EOH
YLG R
5&$
&$0(6&23(
- /HV TXLSHPHQWV DX[LOLDLUHV HW OHV F EOHV UHSU VHQW V QH VRQW SDV IRXUQLV DYHF OH W O YLVHXU
- 3RXU OHV LQIRUPDWLRQV VXU OH F EODJH GH OD SULVH 69LG R YRLU HQ SDJH &211(;,216 $8',2 9,'þ2
3ULVHV DUULýUH
,O HVW SRVVLEOH GH EUDQFKHU GHV DSSDUHLOV VXSSO PHQWDLUHV O DUULýUH GH YRWUH W O YLVHXU YLD WURLV SULVHV S ULWHO EURFKHV $9 $9 6 $9 6 +,), 6<67(0
6RUWLH GHV SULVHV 6257,(
$8',2 *'
[ F EOHV DXGLR
5&$
(QWU HVRUWLH GH OD
SULVH 3(5,7(/ $9
& EOH 3(5,7(/
(QWU HVRUWLH GH OD SULVH
3(5,7(/ $9 GH OD OLDLVRQ 4/LQN
(QWU HVRUWLH SULVH
3(5,7(/ $9
& EOH 3(5,7(/
& EOH 3(5,7(/
0$*1þ726&23(
0$*1þ726&23(
0$*1þ726&23( 69,'þ2
0$*1þ726&23( &203$7,%/(
/,$,621 4/,1.
0$*1(726&23(
0$*1(726&23( 69,'þ2
'þ&2'(85
/(&7(85 '9'
'þ&2'(85
&$0(6&23( 69,'(2
/(&7(85 '9'
/(&7(85 '9'
&$0(6&23( 69,'(2
&$0(6&23( 69,'(2
&2162/( '(
-(825',1$7(85 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
/D SULVH $9 EURFKHV SHXW JDOHPHQW ûWUH XWLOLV H FRPPH VRUWLH SRXU O TXLSHPHQW DXGLRYLG R G WDLOV SDJH 3RXU OHV LQIRUPDWLRQV VXU OH F EODJH GH OD SULVH 3HULW O YRLU HQ SDJH ',$*1267,& '(6 3$11(6
' SDQQDJH $YDQW GH IDLUH DSSHO DX U SDUDWHXU G WHUPLQH] OHV V\PSWÎPHV GH OD SDQQH O DLGHGX JXLGHGH GLDJQRVWLFGH ODSDJH
SU F GHQWH 3RXU WRXW G SDQQDJH DGUHVVH]YRXV YRWUH UHYHQGHXU 3DQDVRQLF HQ LQGLTXDQW OH QXP UR GX PRGýOH HW OH QXP UR GH V ULH
ILJXUDQW O DUULýUH GX W O YLVHXU ,PDJH
6\PSWÎPHV
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 $9
6L OD SULVH VHFWHXU HVW ELHQ EUDQFK H
6L OH W O YLVHXU HVW DOOXP
6L OHV QLYHDX[ GH VRQ HW G LPDJH VRQW U JO V DX
PLQLPXP
6L OH W O YLVHXU HVW O WDW GH YHLOOH
6L OH U JODJH GHV FRXOHXUV HVW DX PLQLPXP
3DV GH FRXOHXU
6RQ QRUPDO
5 DFFRUGHU OH V FDQDO FDQDX[ 0DXYDLVH LPDJH RX GLVWRUVLRQ
6RQ IDLEOH RX SDV GH VRQ
7DFKHV GH FRXOHXU
6RQ QRUPDO
6 LO \ D XQH LQWHUI UHQFH PDJQ WLTXH G XQ TXLSHPHQW
QRQ EOLQG
6L OH W O YLVHXU D W G SODF DORUV TX LO WDLW DOOXP 'DQV FH FDV O WHLQGUH SHQGDQW DX PRLQV PLQXWHV
6L O LPDJH HVW O JýUHPHQW LQFOLQ H XWLOLVH] OD IRQFWLRQ
GH FRUUHFWLRQ J RPDJQ WLTXH YRLU *XLGH GH PLVH HQ
URXWH UDSLGH SDJH /D U FHSWLRQ GX VRQ SHXW V ûWUH G JUDG H
0HWWUH OH U JODJH 03; PHQX 6RQ VXU 0RQR MXVTX
FH TXH OD U FHSWLRQ V DP OLRUH
,PDJH QRUPDOH
6RQ IDLEOH RX GLVFRUGDQW
%52&+$*( '(6 35,6(6 3(5,7(/
3ULVHV 3(5,7(/ EURFKHV $9 HW $9
69LG R r $9 XQLTXHPHQW
3ULVH 3(5,7(/ EURFKHV $9
&RQQHFWHXU GH PDVVH 6RUWLH &9%6 YLG R 0DVVH &9%6
5RXJH LQ 6& ,Q 0DVVH URXJH
(QWU H YHUWH
0DVVH YHUWH
(QWU H EOHXH
0DVVH EOHXH
6RUWLH DXGLR *
6RUWLH DXGLR '
&RQQHFWHXU GH PDVVH 6RUWLH &9%6 YLG R 0DVVH &9%6
(QWU H 6&
0DVVH
0DVVH
0DVVH
6RUWLH DXGLR *
6RUWLH DXGLR '
(QWU H &9%6 YLG R
0DVVH WDW 59%
(WDW 59%
0DVVH
(WDW &9%6 YLG R
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
/HV HQWU HV DG TXDWHV SRXU $9 $9
LQFOXHQW 59% 5RXJH9HUW%OHX 6& r ,Q VXU 3LQ j6& r ,Q V DSSOLTXH
$9 XQLTXHPHQW
/HV EURFKHV $9 HW G SHQGHQW GH OD
FRPPXWDWLRQ 69+6 9,'þ2 $9
3ULVH EURFKHV 69LGHR
(QWU H &9%6 YLG R
0DVVH
(QWU H FKURPLQDQFH
0DVVH
/LDLVRQ 4/LQN
(WDW YLG R &9%6
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
0DVVH FKURPLQDQFH
/HV EURFKHV $9 HW G SHQGHQW GH OD
FRPPXWDWLRQ 69+6 9,'þ2 $9
(QWU H OXPLQDQFH
0DVVH OXPLQDQFH
&$5$&7þ5,67,48(6
7;36'
9 $& +]
$OLPHQWDWLRQ OHFWULTXH
&RQVRPPDWLRQ
:
&RQVRPPDWLRQ HQ DWWHQWH
:
7XEH LPDJH
'LDJRQDOH YLVLEOH
6RUWLH DXGLR
PXVLTXH
FP
'LPHQVLRQV
3RLGV
6\VWýPHV GH U FHSWLRQQRP GH EDQGH
3RVLWLRQV GH SURJUDPPH
+
/
3
[ : 506 [ : 032 LPS GDQFH W
PP
PP
PP
NJ
3$/ %* + 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&
9&5
$QWHQQH DUULýUH
8+) 9+)
&DVTXH DYDQW
PP LPS GDQFH W
$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 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R HQWU H 59%
$9 HQWU H 69LG R [ HQWU HV DXGLR 5&$ [ HQWU H YLG R 5&$
$9 DUULýUH
$9 DYDQW
&HV FDUDFW ULVWLTXHV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV LQGLTX V VRQW DSSUR[LPDWLIV
&6
">
Enlace público actualizado
El enlace público a tu chat ha sido actualizado.