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
7 O YLVHXU FRXOHXU
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
0RGH G HPSORL
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
)UDQDLV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
74%('0
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLF
7; 3;'0
%,(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 GHPDJQ WRVFRSH FRPSDWLEOH 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 WH[WH )HQûWUHV PXOWLSOHV 0HQX ,PDJH 0HQX 6RQ 0HQX &RQILJXUDWLRQ 0HQX 5 JODJH 0HQX 5 JODJH 3URJUDPPH
V OHFWLRQ 0HQX 5 JODJH $73 &RQILJXUDWLRQ
DXWRPDWLTXH 0HQX 5 JODJH 5 JODJH PDQXHO /LDLVRQ 4/LQN /DQJXHV 26' )RQFWLRQ 0DJQ WRVFRSH /HFWHXU
GH YLG RGLVTXHV '9'5 )RQFWLRQ 7 O WH[WH &RQQH[LRQV DXGLR YLG R 6 OHFWLRQ HW FRQILJXUDWLRQ $9 )LFKHV IURQWDOHV %URFKDJH GHV SULVHV 3(5,7(/ 69LGHR
HW &RPSRQHQW HQWU H < 3E 3U 3ULVHV DUULýUH 'LDJQRVWLF GHV SDQQHV ,QIRUPDWLRQV JHQHUDOHV &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
O DSSDUHLO 1H MDPDLV H[SRVHU FH W O YLVHXU
GHV FODERXVVXUHV RX GHV JRXWWHV G HDX 1H
MDPDLV SRVHU G REMHWV UHPSOLV GH OLTXLGH
FRPPH GHV YDVHV VXU OH W O YLVHXU RX
DXGHVVXV GH FH GHUQLHU
- $77(17,21 +$87( 7(16,21 1H UHWLUH] MDPDLV OH FRXYHUFOH DUULýUH SRXU QH
SDV ODLVVHU VDQV SURWHFWLRQ OHV SLýFHV VRXV
WHQVLRQ /H W O YLVHXU QH FRQWLHQW DXFXQH
SLýFH LQWHUQH U SDUDEOH SDU O XWLOLVDWHXU
- (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
- $VVXUH] YRXV XQ DFFýV IDFLOH
F EOH G DOLPHQWDWLRQ
OD SULVH GX
- / 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
- ,O HVW LQWHUGLW G HPSûFKHU OD YHQWLODWLRQ HQ
FRXYUDQW OHV JULOOHV G D UDWLRQ DYHF GHV
REMHWV FRPPH MRXUQDX[ QDSSHV RX ULGHDX[
- /,48,'$7,21
þ&2/2*,48(
'(6
'þ&+(76
1H MHWH] SDV OHV EDWWHULHV OHV HPEDOODJHV HW
OHV YLHX[ DSSDUHLOV DYHF
OHV RUGXUHV P QDJýUHV PDLV
WULH] OHV VHORQ OD O JLVODWLRQ
HQ YLJXHXU
- &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
- 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
*DUDQWLF 3DQ (XURS HQQH
3LOHV SRXU W O FRPPDQGH
[ 5 80
7 O FRPPDQGH (85
T
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&G 1L0+ -
*8,'( '( 0,6( (1 5287( 5$3,'(
5DFFRUGH] O DQWHQQH HW EUDQFKH] O TXLSHPHQW DX[LOLDLUH
$9
5 FHSWHXU VDWHOOLWH
$9
28
$9
9&5 '9'5
$9
9 ULILH] G DERUG TXH OH PDJQ WRVFRSH
'9'5 HVW HQ PRGH YHLOOH
%UDQFKH] OH W O YLVHXU HW DOOXPH]OH
*8,'( '( 0,6( (1 5287( 5$3,'(
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 '9'5
HVW EUDQFK OD SULVH $9 OHV SDUDPýWUHVGH
U JODJH GHV FKDñQHV VHURQW FRSL V VXU OH
PDJQ WRVFRSH '9'5 YLD OD OLDLVRQ 4/LQN
9RLU SDJH 6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH '9'5 OD WHFKQRORJLH 4/LQN
YRXV SRXYH] PDLQWHQDQW O DOOXPHU /HV SDUDPýWUHV GH U JODJH FRUUHVSRQGURQW FHX[ GX
W O YLVHXU
OD WHFKQRORJLH
6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH '9'5
1(;79,(:/,1. YRXV GHYUH] ODQFHU OH W O FKDUJHPHQW PDQXHOOHPHQW
5HSRUWH]YRXV DX PRGH G HPSORL GX PDJQ WRVFRSH '9'5 SRXU OHV G WDLOV
- 6L OH PDJQ WRVFRSH '9'5 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,'(
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 6(7 83
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21 6(783
3DVVH] O RSWLRQ * RPDJQ WLTXH
$FF GH] DX PHQX * RPDJQ WLTXH
5 JOH] O DQJOH GH O LPDJH VL Q FHVVDLUH
$SSX\H] VXU OD WRXFKH 79$9 SRXU VRUWLU GX PHQX
* RPDJQ WLTXH
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
&KDQJHPHQW GH FKDñQH
5 JODJH GX YROXPH
&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
3ULVHV DXGLRYLG R 5&$
ERXWRQ 9HLOOH RX OHV WRXFKHV SRXU
SDJH DOOXPHU OH W O YLVHXU
3ULVH 69+6 SDJH 675 P PRULVDWLRQ QRUPDOLV H 3HUPHW GH
P PRULVHU OHV SDUDPýWUHV GH U JODJH GHV
3ULVH
FDVTXH
SDJH IRQFWLRQV
) V OHFWLRQ GHV IRQFWLRQV &RPPXWDWHXU 79$9 SDJH $IILFKDJH GHV IRQFWLRQV VXU O FUDQ XWLOLVHU GH $XJPHQWH RX GLPLQXH OD SRVLWLRQ GH
IDRQ U S W H SRXU V OHFWLRQQHU OHV IRQFWLRQV SURJUDPPH G XQH XQLW /RUVTX XQH IRQFWLRQ
9ROXPH &RQWUDVWH /XPLQRVLW &RXOHXU HVW G M DIILFK H DSSX\H] SRXU DXJPHQWHU
1HWWHW 7HLQWH HQ PRGH 176& *UDYHV RX GLPLQXHU G XQH XQLW OD IRQFWLRQ
$LJXùV %DODQFH HW PRGH &RQILJXUDWLRQ HW V OHFWLRQQ H
&RUUHFWLRQ J RPDJQ WLTXH
&RXSXUH GX VRQ
7RXFKH 0$5&+($55ú7 G WDW GH
&XUVHXUV
SHUPHWWDQW OHV
YHLOOH
OHFWLRQV
HW U JODJHV
V
0LVH O WDW GH YHLOOH GX W O YLVHXU
6 OHFWLRQ HQWUH PRGHV
7RXFKHV GH PHQX
W O YLVHXU HW HQWU H
3RXU DFF GHU DX[ PHQXV ,PDJH
$XGLR9LG R SDJH 6RQ HW &RQILJXUDWLRQ SDJH 7RXFKHV GH FRXOHXU SRXU OHV
7RXFKH (WDW
IRQFWLRQV þGLWLRQ GHV
$SSX\H] SRXU REWHQLU O DIILFKDJH
SURJUDPPHV SDJH GH OD SRVLWLRQ GX SURJUDPPH GX
)RQFWLRQV 7 O WH[WH SDJH QRP GX SURJUDPPH GX QXP UR
6 OHFWLRQ $9 SDJH GH FDQDO GX V\VWýPH 79 GH
$VSHFW SDJH O KHXUH GX PRGH VW U R HW GX
)RQFWLRQV 0XOWLZLQGRZ
WDEOHDX GH SURJUDPPHV
)HQûWUHV PXOWLSOHV SDJH 7RXFKHV 7 O WH[WH SDJH 7RXFKHV GH FKDQJHPHQW GH
SURJUDPPHFKDñQH HW
7RXFKH (QUHJLVWUHPHQW 79 GLUHFW
WRXFKH 7 O WH[WH SDJH SDJH 7RXFKH 0DUFKH$UUûW G HIIHW
6 OHFWLRQ GHV FKDñQHV GHX[
$PELDQFH
FKLIIUHV O DLGH GHV
WRXFKHV QXP ULTXHV
7RXFKH GH FRPPDQGH $VSHFW
$SSX\H] VXU OH ERXWRQ & HW
SDJH SRXU OH FKRL[ GLUHFW GX
7RXFKH GH 0XOWLZLQGRZ
FDQDO
GDQV OH K\SHUEDQG
SDJH 7RXFKHV PDJQ WRVFRSH $FFýV GLUHFW DX[ FDQDX[ SHQGDQW
/HFWHXU GH GLVTXHV '9'5
O XWLOLVDWLRQ QRUPDOH GX W O YLVHXU
SDJH RX SDUWLU GHV PHQXV 5 JODJH
(GLWLRQ GH SURJUDPPH RX
7RXFKH +HOS $LGH &RQILJXUDWLRQ PDQXHOOH DSSX\H]
' PRQVWUDWLRQ GX
HW HQWUH] OH FDQDO YRXOX O DLGH
IRQFWLRQQHPHQW GHV PHQXV VXU
GHV WRXFKHV QXP ULTXHV
FUDQ
/D WRXFKH 1 UDSSHOOH OHV U JODJHV
P PRULV V DYHF OD WRXFKH GH
675 P PRULVDWLRQ QRUPDOLV H
P PRULVDWLRQ 675 P PRULVDWLRQ
QRUPDOLV H
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 3,&785( 6281' 6(7 83
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
/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
675
HIIHFWX XQ U JODJH RX U JO O WDW G XQH RSWLRQ
79$9
/D WRXFKH 79$9 SHUPHW GH VRUWLU GX V\VWýPH GH PHQX HW GH UHYHQLU
O FUDQ 79 QRUPDO
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
/ þ&5$1
W O FRPPDQGHV TXL VRQW XWLOLV HV SRXU $,'(
&KRLVLU
QDYLJXHU GDQV OH PHQX LQGLTX &RQVXOWH] %RñWH
G LQVWUXFWLRQV
0RGLILFDWLRQ
OD GHVFULSWLRQ GHV IRQFWLRQV GHV ERXWRQV LOOXVWU H
6RUWLU
FLGHVVXV
79$9
,PDJH
1RWHV
- 6L OD WRXFKH l+(/3l HVW DFWLRQQ H DORUV
0RGH ,PDJH
'\QDPLTXH
TX XQ PHQX HVW DIILFK OD lERñWH
&RQWUDVWH
G LQVWUXFWLRQVl
VHUD
GLVVLPXO H
/XPLQRVLWp
&RXOHXU
$SSX\H]
QRXYHDX VXU OD WRXFKH
1HWWHWp
l+(/3l SRXU DIILFKHU OD lERñWH
7HPS &RXOHXU
1RUPDO
G LQVWUXFWLRQVl
315
$XWR
- /D IHQûWUH G DLGH Q HVW SDV LOOXVWU H GDQV
OHV LPDJHV GHV PHQXV GH FH JXLGH
XQLTXHPHQW SDU PDQTXH GH SODFH +(/3 0HQX DLGH
"
/H ERXWRQ $,'( +(/3 ODQFH XQH &200(17 87,/,6(5 /(6 0(186
G PRQVWUDWLRQ GHV PHQXV GLVSRQLEOHV
/D WRXFKHV 0(18 RXYUH
RX IHUPH OHV PHQXV
$SSX\H] VXU OH ERXWRQ HW V OHFWLRQQH]
O XQH GHV RSWLRQV
0(18 79$9
3UHVVH] OHV WRXFKHV
GH OD WpOpFRPPDQGH SRXU
FKRLVLU SDUPL OHV RSWLRQV
0LVH HQ P PRLUH GHV GHUQLýUHV
V OHFWLRQV
3UHVVH] OHV WRXFKHV SRXU OH UpJODJH GHV RSWLRQV RX
SRXU DFFHGHU DX PHQX FKRLVL
&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 /D WRXFKH 79$9 SHUPHW GH
UHSUHQGUH Oc 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
$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
DIILFKHUD XQH LPDJH VRXV VRQ
IRUPDW QRUPDO 9RXV SRXYH] V OHFWLRQHU
FHWWH RSWLRQ VL YRXV G VLUH] YRLU O LPDJH
VRXV FH IRUPDW
$63(&7
$-867$*( '8 )250$7 '( / ,0$*(
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
GLVSDUDñWURQW DSUýV TXHOTXHV VHFRQGHV
6L YRXV VRXKDLWH] V OHFWLRQQHU XQH
+RUL] +RUL] 9HUWL 9HUWL
RS UDWLRQ DSUýV OHXU GLVSDULWLRQ
DSSX\H] XQH IRLV GH SOXV VXU OD WRXFKH
$JUDQGLVVHPHQW DYHF 6=RRP
$VSHFW SRXU IDLUH U DSSDUDñWUH FHV
ERXWRQV
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 '9'5 LO VH SHXW TXH OD FRPPDQGH $OLJQHPHQW
GH YRWUH PDJQ WRVFRSH '9'5 DLW EHVRLQ G XQ U JODJH FRQVXOWH] OH PDQXHO GH YRWUH
PDJQ WRVFRSH '9'5 )21&7,21 67,// $55ú7 685 ,0$*(
/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 LPDJH HW WH[WH
0RGH 7þ/þ7(;7(
)(1ú75(6 08/7,3/(6
$SSX\H] VXU OH ERXWRQ )(1ú75(6 08/7,3/(6 SHQGDQW TXH OHV WRXFKHV GH
V OHFWLRQ VRQW HQFRUH DIILFK HV O FUDQ SRXU SDVVHU HQWUH OH SURJUDPPH
DFWXHO OD IRQFWLRQ LPDJH HW LPDJH HW LPDJH GDQV LPDJH
08/7,
:,1'2:
/HV WRXFKHV GH V OHFWLRQ O FUDQ TXL FRUUHVSRQGHQW DX[ TXDWUH ERXWRQV
FRORU V GH OD W O FRPPDQGH TXL DSSDUDLVVHQW SRXU OHV IRQFWLRQV GLVSDUDLV
VHQW HQ TXHOTXHV VHFRQGHV 6L YRXV G VLUH] V OHFWLRQQHU XQH RS UDWLRQ
ORUVTXH OHV WRXFKHV QH VRQW SDV DIILFK HV DSSX\H] VXU OH ERXWRQ )(1ú75(6
08/7,3/(6 XQH IRLV GH SOXV /HV WRXFKHV U DSSDUDñWURQW
,PDJH HW LPDJH
3HUPHW G DIILFKHU GHX[ LPDJHV HQ PûPH WHPSV
$SSX\H] VXU OH ERXWRQ YHUW SRXU V OHFWLRQQHU OH
FRQWHQX GH OD IHQûWUH GH GURLWH SRXU SDVVHU GH
O DIILFKDJH G XQH FKDñQH W O YLV H O DIILFKDJH
GHV VRXUFHV $9 H[FHSW $9& 3RXU PRGLILHU OD
FKDñQH W O YLV H DSSX\H] VXU OD WRXFKH YHUWH
MXVTX FH TXH OD FKDñQH DFWXHOOHPHQW
V OHFWLRQQ H DSSDUDLVVH SXLV XWLOLVH] OD
W O FRPPDQGH SRXU FKDQJHU GH FKDñQH
SHQGDQW TXH OHV WRXFKHV GH V OHFWLRQ VRQW
WRXMRXUV YLVLEOHV O FUDQ $SSX\H] VXU OH ERXWRQ MDXQH SRXU FKDQJHU OH
FRQWHQX GHV GHX[ IHQûWUHV
8WLOLVH] OD W O FRPPDQGH SRXU V OHFWLRQQHU XQH
FKDñQH W O YLV H RX XQH VRXUFH $9 GDQV OD
IHQûWUH GH JDXFKH
0RGH LPDJH HW LPDJH
,PDJH GDQV LPDJH
3HUPHW G DIILFKHU GHX[ LPDJHV HQ PûPH WHPSV
$SSX\H] VXU OH ERXWRQ YHUW SRXU V OHFWLRQQHU OH
FRQWHQX GH OD SHWLWH IHQûWUH SRXU SDVVHU GH
O DIILFKDJH G XQH FKDñQH W O YLV H O DIILFKDJH
GHV VRXUFHV $9 H[FHSW $9& 3RXU PRGLILHU OD
FKDñQH W O YLV H DSSX\H] VXU OD WRXFKH YHUWH
MXVTX FH TXH OD FKDñQH DFWXHOOHPHQW
V OHFWLRQQ H DSSDUDLVVH SXLV XWLOLVH] OD
W O FRPPDQGH SRXU FKDQJHU GH FKDñQH
SHQGDQW TXH OHV WRXFKHV GH V OHFWLRQ VRQW
WRXMRXUV YLVLEOHV O FUDQ $SSX\H] VXU OH ERXWRQ URXJH SRXU UHSRVLWLRQQHU
OD SHWLWH LPDJH VXU O FUDQ
$SSX\H] VXU OH ERXWRQ MDXQH SRXU FKDQJHU OH
FRQWHQX GHV GHX[ IHQûWUHV
8WLOLVH] OD W O FRPPDQGH SRXU V OHFWLRQQHU XQH
FKDñQH W O YLV H RX XQH VRXUFH $9 GDQV OD
IHQûWUH SULQFLSDOH
0RGH LPDJH GDQV LPDJH
/HV GHX[ SURJUDPPHV RQW W LQYHUV V
OH SURJUDPPH GH OD SHWLWH IHQûWUH HVW
GHYHQX OH SURJUDPPH SULQFLSDO
0(18 ,0$*(
&H PHQX YRXV SHUPHW G HIIHFWXHU WRXV OHV U JODJHV GH TXDOLW GH O LPDJH
2XYUH] OH PHQX ,PDJH
3,&785(
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
$SSX\H] VXU OD WRXFKH 1 SRXU OH
UHWRXU DX[ SDUDPýWUHV G XVLQH
0RGH ,PDJH
79$9
1
,PDJH
0RGH ,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS &RXOHXU
315
,PDJH
0RGH ,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS &RXOHXU
315
'\QDPLTXH
1RUPDO
$XWR
1RUPDO
1RUPDO
$XWR
,PDJH
/H 0RGH ,PDJH GDQV OH
0HQX LPDJHV YRXV SHUPHW
0RGH ,PDJH
&LQpPD
&RQWUDVWH
GH V OHFWLRQQHU PRGLILHU HW
/XPLQRVLWp
HQUHJLVWUHU WURLV GLII UHQWV
&RXOHXU
U JODJHV GH O LPDJH 1HWWHWp
'\QDPLTXH 1RUPDO DQG
7HPS &RXOHXU
1RUPDO
&LQ PD
315
$XWR
'DQV FKDTXH V OHFWLRQ GX
0RGH ,PDJH YRXV SRXYH] FKRLVLU HW HQUHJLVWUHU OH FRQWUDVWH OD OXPLQRVLW O DFXLW OD WHLQWH SRXU 176& H[FOXVLYHPHQW OD FRXOHXU HW O TXLOLEUH GHV
FRXOHXUV OD FKDOHXU GHV FRXOHXUV G DSUýV YRV GHPDQGHV FRQFUýWHV FRQFHUQDQW
O LPDJH YRXV SRXYH] SDU H[HPSOH V OHFWLRQQHU FHUWDLQV U JODJHV SRXU OHV
WUDQVPLVVLRQV VSRUWLYHV GLII UHQWV GHV U JODJHV SHUPHWWDQW OH VXLYL GHV ILOPV
GHV LQIRUPDWLRQV HWF /H 0RGH ,PDJH YRXV SURSRVH WURLV U JODJHV DXWRQRPHV
DX PD[LPXP SRXU FKDTXH VRXUFH GX VLJQDO 5) $9 $9 $9 $9
FRPSUHQDQW 5*% <89 / DQDO\VH HW OH WUDLWHPHQW GH O LPDJH HQWUDQWH SHUPHWWHQW GDQV OHV WURLV PRGHV
XQ SHUIHFWLRQQHPHQW DXWRPDWLTXH GH O LPDJH
(Q DSSX\DQW VXU OD WRXFKH 1 GH OD W O FRPPDQGH YRXV SRXYH] UHYHQLU DX[
SDUDPHWUHV G XVLQH GX SURILO V OHFWLRQQ VXU OD VRXUFH FKRLVLH GX VLJQDO
0(18 ,0$*(
&RQWUDVWH
/XPLQRVLW
&RXOHXU
7HLQWH SRXU
176&
H[FOXVLYHPHQW
1HWWHW
7HPS &RXOHXU
315
0RGH
%DOD\DJH
/HV QLYHDX[ GH FRQWUDVWH OXPLQRVLW FRXOHXU WHLQWH SRXU 176&
H[FOXVLYHPHQW HW QHWWHW SHXYHQW ûWUH U JO V VHORQ YRV SU I UHQFHV
/H U JODJH G TXLOLEUDJH GHV FRXOHXUV YRXV SHUPHW GH U JOHU OD FRXOHXU
GRPLQDQWH GH O LPDJH
315 U GXLW DXWRPDWLTXHPHQW OHV SDUDVLWHV LQG VLUDEOHV
6L OH VLJQDO VRXUFH <89 < 3E 3U HVW EUDQFK DX W O YLVHXU LO SHXW V DY UHU
Q FHVVDLUH GH U JOHU OH 0RGH %DOD\DJH HQWUH 3URJUHVVLI HW ,QWHUPLWWHQW +]
3$/ RX +] 176& (175þ(
02'( %$/$<$*(
,QWHUPLWWHQW
3$/
+]
3URJUHVVLI
176&
+]
3URJUHVVLI
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
6RQ
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH] OHV QLYHDX[
RX U JOH] O WDW GHV RSWLRQV
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ
675 DSUýV DYRLU U JO XQH IRQFWLRQ
FHWWH YDOHXU HVW HQUHJLVWU H FRPPH
YDOHXU SDU G IDXW HOOH UHPSODFHUD OD
YDOHXU U JO H HQ XVLQH $SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX 6RQ
675
9ROXPH
*UDYH
$LJX
%DODQFH
(FRXWHXUV
03;
0RGH
$PELDQFH
6WpUpR
0XVLTXH
1RQ
9ROXPH
79$9
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 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
6RUW $9
79$9
&RQILJXUDWLRQ
6RUW $9
79
7pOpWH[WH
/LVW
0LQXWHULH YHLOOH 1RQ
5HG 6FLQW
2XL
4/LQN
2XL
/DQJXH GH WH[WH 2XHVW
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
2IIUH XQ FKRL[ GH VLJQDX[ HQYR\HU OD ILFKH $9 6FDUW &HWWH V OHFWLRQV 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
5HG 6FLQW
4/LQN
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
/D OLDLVRQ 4/LQN YRXV SHUPHW G DFWLYHU RX GH G VDFWLYHU OD FRPPXQLFDWLRQ GH
GRQQQ HV DYHF XQ PDJQ WRVFRSH FRPSDWLEOH '9'5 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 $73 5 JODJH ILQ 6\VWýPH GH FRXOHXU HW
9ROXPH SDJH /DQJXHV 26'
/H PHQX /DQJXH 26' YRXV SHUPHW GH FKDQJHU OD ODQJXH XWLOLV H VXU WRXV OHV
PHQXV G FUDQ SDJH * RPDJQ WLTXH 6L YRXV UHPDUTXH] XQ O JHU G V TXLOLEUH GH O LPDJH RX VL O FUDQ FRPSRUWH GHV
]RQHV FRORU HV DX[ DQJOHV XWLOLVH] FHWWH IRQFWLRQ SRXU OHV OLPLQHU
9RLU þWDSH SDJH *XLGH GH PLVH HQ URXWH UDSLGH 0(18 5þ*/$*(
/H PHQX 5 JODJH YRXV SHUPHW G DFF GHU DX[ PHQXV 5 JODJH PDQXHO 5 JODJH
DXWRPDWLTXH HW 5 JODJH ILQ
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
&RQILJXUDWLRQ
$OOH] DX PHQX 5 JODJH
6RUW $9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
(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
5pJODJH
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ
675 DSUýV DYRLU U JO XQH IRQFWLRQ
FHWWH YDOHXU HVW HQUHJLVWU H FRPPH
YDOHXU SDU G IDXW HOOH UHPSODFHUD OD
YDOHXU U JO H HQ XVLQH 675
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU
79$9
3URJUDPPH
V OHFWLRQ
79
/LVW
1RQ
2XL
2XL
2XHVW
$FFpGHU
3URJUDPPH VpOHFWLRQ $FFpGHU
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
$XWR
&RUUHFWLRQ YROXPH
'pFRGHXU $9
1RQ
/ DFFýV DX PHQX 3URJUDPPH V OHFWLRQ 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
6\VWýPH
FRXOHXU
/H PHQX 6\VWýPH FRXOHXU YRXV SHUPHW GH FKRLVLU OH VWDQGDUG GH WUDQVPLVVLRQ
FRUUHFW
&RUUHFWLRQ
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 $&7,9þ VL XQ VLJQDO FRG GRLW ûWUH G FRG SDU OH G FRGHXU /D PHWWUH
O WDW G VDFWLY DSUýV O XWLOLVDWLRQ
0(18 5þ*/$*( 352*5$00( 6þ/(&7,21
/H PHQX 3URJUDPPH V OHFWLRQ YRXV SHUPHW G DMXVWHU OHV U JODJHV GH SRVLWLRQ
GHV SURJUDPPHV
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
5pJODJH
$OOH] DX PHQX 5 JODJH
3URJUDPPH VpOHFWLRQ $FFpGHU
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
$XWR
&RUUHFWLRQ YROXPH
'pFRGHXU $9
1RQ
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] DX PHQX 3URJUDPPH V OHFWLRQ
(QWUH] GDQV OH PHQX 3URJUDPPH
V OHFWLRQ
3URJUDPPH VpOHFWLRQ
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 3URJUDPPH V OHFWLRQ
79$9
3URJ
&K
&+
&+
1RP
;<=
=;<
%ORT 6\V
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
(IIDFHU ,QVpUHU &KDQJHU 7pOpFKDUJ
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
3URJUDPPH VpOHFWLRQ
3URJ
(IIDFHU
&K
&+
&+
1RP
;<=
=;<
%ORT 6\V
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
$QQXOHU
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU DMRXWHU XQH SRVLWLRQ GH
SURJUDPPH
3URJUDPPH VpOHFWLRQ
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ
GDQV OD FRORQQH 3URJ
3URJ
$SSX\H] VXU OD WRXFKH YHUWH
$SSX\H] GH QRXYHDX VXU OD WRXFKH
YHUWH SRXU YDOLGHU
1RP
;<=
=;<
%ORT 6\V
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
,QVpUHU
&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[
3RXU G SODFHU XQ SURJUDPPH
DXWUH SRVLWLRQ
&K
&+
&+
$QQXOHU
XQH
3URJUDPPH VpOHFWLRQ
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ
GDQV OD FRORQQH 3URJ
3URJ
$SSX\H] VXU OH ERXWRQ MDXQH
&KRLVLVVH] OD QRXYHOOH SRVLWLRQ
GH OD FKDñQH
&K
&+
&+
1RP
;<=
=;<
%ORT 6\V
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
&RQILUPHU $QQXOHU
$SSX\H] QRXYHDX VXU OH ERXWRQ
MDXQH VXU O FUDQ SRXU FRQILUPHU
YRWUH G FLVLRQ
3RXU U JOHU XQH SRVLWLRQ GH
SURJUDPPH
$OOH] OD FRORQQH &DQDO
$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 $SSX\H] VXU 675 SRXU P PRULVHU
3URJUDPPH VpOHFWLRQ
3URJ &K
&+
&+
1RP
;<=
=;<
%ORT 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
675
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU FKDQJHU OH QRP G XQH SRVLWLRQ
GH SURJUDPPH
3RVLWLRQQH]YRXV VXU OH QRP
3URJ &K
6 OHFWLRQQH] OH QRXYHDX SUHPLHU
FDUDFWýUH
3RVLWLRQQH]YRXV VXU OH VHFRQG
FDUDFWýUH
&RQWLQXH] MXVTX DX FKDQJHPHQW
FRPSOHW GX QRP
$SSX\H] VXU 675 SRXU P PRULVHU
6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
=;<
3URJUDPPH VpOHFWLRQ
3URJ &K
6 OHFWLRQQH] O WDW %ORFDJH DFWLY RX
G VDFWLY
675
$SSX\H] VXU 675 SRXU P PRULVHU
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
9RXV SRXYH] PRGLILHU OH V\VWýPH
DXGLR XWLOLV SRXU XQH FKDñQH
%ORT
675
9RXV SRXYH] YHUURXLOOHU XQH FKDñQH
SRXU HPSûFKHU TX RQ \ DFFýGH
$SSX\H] VXU 675 SRXU P PRULVHU
&+
&+
1RP
$%&'()*+,-./01234567
89:;<= 3RXU EORTXHU XQH SRVLWLRQ GH
SURJUDPPH DILQ G HQ LQWHUGLUH
O DFFýV
&KRLVLVVH] OH V\VWýPH YRXOX 6& 3$/ %* 6(&$0 %*
6& 3$/ ,
6& 3$/ '. 6(&$0 '.
) 6(&$0 //
3URJUDPPH VpOHFWLRQ
&+
&+
1RP
;<=
=;<
%ORT 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
3URJUDPPH VpOHFWLRQ
3URJ &K 1RP %ORT
&+ ;<=
1RQ
1RQ
&+ =;<
1RQ
1RQ
1RQ
675
6&
6&
6&
6&
6&
6\V
6&
6&
6&
6&
6&
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU FRSLHU OHV SDUDPýWUHV GH
SURJUDPPH VXU XQ PDJQ WRVFRSH
$9
FRPSDWLEOH '9'5 FRQQHFW
$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
'9'5 &HOD SHXW SUHQGUH TXHOTXHV
VHFRQGHV VHORQ OH QRPEUH GH FKDñQHV
P PRULV HV 6L OH PHVVDJH k4/LQN"
9HULILHU WDW PDJQ WRVFRSH '9'5 l
DSSDUDñW O FUDQ OH W O YLVHXU Q HVW
SDV HQ PHVXUH GH WUDQVPHWWUH OHV
GRQQ HV GH SURJUDPPH DX
PDJQ WRVFRSH '9'5 9HXLOOH]
FRQVXOWHU OH 0RGH G HPSORL GX
PDJQ WRVFRSH '9'5 SRXU SOXV GH
G WDLOV
7e/e&+$5*(0(17 (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
$OOH] DX PHQX 5 JODJH
6(7 83
$77(17,21
$73 HIIDFHUD OHV GRQQqHV
DFWXHOOHV HW H[HFXWHUD XQ
QRXYHDX UpJODJH
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] DX PHQX &RQILJXUDWLRQ DXWR
(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
'9'5 HVW FRQQHFW OD SULVH
$9 OHV SDUDPýWUHV GHV
SURJUDPPHV VHURQW WUDQVPLV
DXWRPDWLTXHPHQW DX
PDJQ WRVFRSH '9'5 YLD OD
OLDLVRQ 4/LQN SDJH 8QH IRLV FHWWH RS UDWLRQ WHUPLQ H
OH W O YLVHXU DIILFKHUD OD SRVLWLRQ
GH SURJUDPPH 5HYHQLU
'pEXW $73
79$9
6RUWLU
3D\V
'HXWVFKODQG
gVWHUUHLFK
)UDQFH
,WDOLD
(VSDxD
3RUWXJDO
1HGHUODQG
'DQPDUN
6YHULJH
1RUJH
6XRPL
%HOJLTXH
6XLVVH
(//$'$
3ROVND
ýHVNi UHSXEOLND
0DJ\DURUV]iJ
((X
&+
$73 (1 &2856
5(&+(5&+( $77(1'(= 693
&+ ;<=
6(783 5HYHQLU DX PHQX FDQDX[
79$9 3RXU 6RUWLU
0(18 5þ*/$*( 5þ*/$*( 0$18(/
/H U JODJH PDQXHO GHV SRVLWLRQV GH SURJUDPPHV SHXW V HIIHFWXHU
PHQX VXU FUDQ RX GHV FRPPDQGHV HQ IDDGH
0HQX 5 JODJH PDQXHO
2XYUH] OH PHQX &RQILJXUDWLRQ
SDUWLU GX
6(7 83
&+
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
5pJODJH PDQXHO
$OOH] 5 JODJH PDQXHO
(QWUH] GDQV 5 JODJH PDQXHO
6 OHFWLRQQH] OD SRVLWLRQ GH
SURJUDPPH G VLU H
&RPPHQFH] OH U JODJH
4XDQG OH SURJUDPPH YRXOX HVW
ORFDOLV DSSX\H] VXU 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 Y
$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 Y
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
675
5 S WH] OD SURF GXUH FLGHVVXV SRXU
DFFRUGHU G DXWUHV SURJUDPPHV RX
DSSX\H] VXU OD WRXFKH ) SRXU VRUWLU
)
&+
6&
5pJODJH PDQXHO )DoDGH
'pEXWHU 5HFKHUFKH
79$9 'pSODFHU OH FXUVHXU
675
3RXU 0pPR
)
3RXU 6RUWLU
675
)
9
79$9
/,$,621 4/,1.
/D OLDLVRQ 4/LQN SHUPHW DX W O YLVHXU GH FRPPXQLTXHU DYHF YRWUH
PDJQ WRVFRSH RX '9'5
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
$OOH] /LDLVRQ 4/LQN
&RQILUPH] TXH OD OLDLVRQ 4/LQN HVW
O WDW kDFWLY l
&RQILJXUDWLRQ
6RUW $9
79
7pOpWH[WH
/LVW
0LQXWHULH YHLOOH 1RQ
5HG 6FLQW
2XL
4/LQN
2XL
/DQJXH GH WH[WH 2XHVW
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
79$9
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU
/H PDJQ WRVFRSH '9'5 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 '9'5 &RQVXOWH] OH PRGH G HPSORL GX PDJQ WRVFRSH '9'5 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 '9'5 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 '9'5 &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 '9'5 HVW WHLQW LO V DOOXPH DXWRPDWLTXHPHQW TXDQG YRXV DSSX\H] VXU OD
WRXFKH ',5(&7 79 5(&
8Q PHVVDJH SURYHQDQW GX PDJQ WRVFRSH '9'5 V DIILFKH VXU O FUDQ GX W O YLVHXU SRXU LQGLTXHU
FH TXL HVW HQUHJLVWU RX TXH O HQUHJLVWUHPHQW GLUHFW HVW LPSRVVLEOH (QUHJ DUUHWp 6RXUFH 79 GLIIpUHQWH
(QUHJLVWUHPHQW HQ FRXUV
/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 HQUHJLVWUHPHQW 79
/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
$XFXQ HQUHJ &DVVHWWH RX GLVTXH 2."
/D ODQJXHWWH GH SURWHFWLRQ O DUULýUH
GH OD FDVVHWWH YLG R D W HQOHY H
([HPSOHV G DXWUHV PHVVDJHV SRXYDQW ûWUH DIILFK V 7e/e&+$5*(0(17 (1 &2856
7pOpFKDUJ LPSRVVLEOH 0DWpULHO 2."
7pOpFKDUJ
7e/e&+$5*(0(17 3URJUDPPH
/,$,621 4/,1.
3RXU O FKDQJH GHV SDUDPýWUHV GH U JODJH
3RXU DVVXUHU GHV HQUHJLVWUHPHQWV YLG R FRUUHFWV OH W O YLVHXU HW OH PDJQ WRVFRSH '9'5 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 '9'5 )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 XQ GLVTXH GDQV YRWUH PDJQ WRVFRSH '9'5 HW TXH
YRXV DSSX\H] VXU OH ERXWRQ 0DUFKH GX PDJQ WRVFRSH '9'5 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 '9'5 HVW HQ PRGH $UUûW $YDQFH
UDSLGH RX 5HPERELQDJH OH PDJQ WRVFRSH '9'5 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 '9'5 Q DFFHSWHQW SDV FH V\VWýPH GH FRPPXQLFDWLRQV GH GRQQ HV
&HUWDLQV PDJQ WRVFRSHV '9'5 SHXYHQW DFFHSWHU FHUWDLQHV IRQFWLRQV PDLV SDV G DXWUHV
&RQVXOWH] OH PRGH G HPSORL GH YRWUH PDJQ WRVFRSH '9'5 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
/$1*8(6 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
/DQJXHV 26'
$OOH] DX PHQX /DQJXHV 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$9
'HXWVFK
(QJOLVK
)UDQoDLV
,WDOLDQR
(//+1,.$
ýHãWLQD
5RPkQ
3ROVNL
(VSDxRO
1HGHUODQGV
1RUVN
6XRPL
'DQVN
7UNoH
6YHQVND
3RUWXJXrV
0DJ\DU
+UYDWVNL
5XVVNLM
%XOJDULDQ
6ORYHQVN\ 6ORYHQVNR
6USVNL
)21&7,21 0$*1þ726&23(/(&7(85 '( 9,'þ2',648(6 '9'5
&HWWH W O FRPPDQGH SHXW ûWUH XWLOLV H DYHF FHUWDLQV PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV DX
IRUPDW '9'5 'LJLWDO 9HUVDWLOH 'LVF GH OD PDUTXH 3DQDVRQLF þWDQW GRQQ TXH FHUWDLQV
PDJQ WRVFRSHV '9'5 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 WRVFRSH '9'5 OHFWHXU GH
YLG RGLVTXHV O WDW GH YHLOOH
$SSX\H] QRXYHDX SRXU O DOOXPHU
7RXFKH PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV '9'5
8WLOLVH] FHWWH WRXFKH SRXU TXH OD W O FRPPDQGH FRPPDQGH OH
PDJQ WRVFRSH '9'5 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 $YDQFH UDSLGH 9LVXDOLVDWLRQ
0$*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 '9'5 $SSX\H] XQH IRLV VXU FHWWH WRXFKH SRXU VDXWHU OD SODJH
VXLYDQWH (Q PRGH /HFWXUH DSSX\H] GH IDRQ FRQWLQXH VXU FHWWH WRXFKH
SRXU YLVXDOLVHU O LPDJH HQ PRGH G DYDQFH UDSLGH
6DXW GH SODJH 5HPERELQDJH UDSLGH 9LVXDOLVDWLRQ
0$*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 '9'5 $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 '9'5 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 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 GHO FUDQ
- /D OLJQH G WDW HQ EDV GH O FUDQ YRXV LQGLTXH WRXMRXUV TXHO ERXWRQ YRXV FRQGXLUD O LQIRUPDWLRQ
VRXKDLW H
797(;7
0RGH 797 O WH[WH
$SSX\H] VXU OH ERXWRQ 7þ/þ7(;7( SRXU SDVVHU GX SURJUDPPH HQ
FRXUV DX W O WH[WH 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
)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
3OHLQ +DXW %DV
6(7 83
$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
5 Y OHU
6(7 83
$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) 723 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
0DLQWLHQ GH OD SDJH
+2/'
$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
675
)3
,1'(;
(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
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
,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
)21&7,21 7þ/þ7(;7(
0LVH
6(7 83
MRXU
$SSX\H] VXU OH ERXWRQ 5þ*/$*( 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 HQ PRGH 79 YRXV GHYH] DSSX\HU VXU OD WRXFKH 6(783 SXLV VXU
OD WRXFKH MDXQH SRXU IDLUH 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
&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 FRP
PHQW 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 79$9
$SSX\H] VXU OH ERXWRQ 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 '9'5 OD ILFKH $9
3HULW O 79$9
/HV WRXFKHV GH V OHFWLRQ DSSDUDLVVHQW O FUDQ DSUýV TXHOTXHV 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 $9 HW XQH SULVH SRXU FDVTXH
3UHVVH] HW
UHO FKH] SRXU
RXYULU
6RUWLH SULVH FDVTXH
)LFKH MDFN
VW U R PP
69
(QWU H YLG R
SULVH 69LG R
(QWU H YLG R
SULVH 9
(QWU H
DXGLR
SULVHV / 5
JDXFKH GURLWH
& EOH YLG R
5&$
F EOHV
DXGLR 5&$
&$0(6&23(
&$648( 67þ5þ2 DYHF ILFKH
MDFN PP
1RWHV
- /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
%URFKDJH GHV SULVHV 3(5,7(/ 6 9LGHR HW &RPSRQHQW HQWU H < 3E 3U
3ULVHV 3(5,7(/ EURFKHV $9 HW $9 69LG R r $9 XQLTXHPHQW
&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 '
(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 3(5,7(/ EURFKHV $9
&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
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
3ULVH EURFKHV 69LGHR
(QWU H FKURPLQDQFH
(QWU H OXPLQDQFH
$9& &RPSRQHQW HQWU H < 3E 3U
[ 5&$ 9LGHR &DEOHV
<89 HQWU H
0DVVH FKURPLQDQFH
0DVVH OXPLQDQFH
&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 $9 6
+,), 6<67(0
[ F EOHV
DXGLR 5&$
6RUWLH GHV SULVHV
6257,( $8',2 *'
(QWU H $9&
&RPSRQHQW
[ 5&$ 9LGHR
&DEOHV
(QWU HVRUWLH
GH OD SULVH
3(5,7(/ $9
& EOH 3(5,7(/
0$*1þ726&23(
'þ&2'(85
/(&7(85 '9'5
$ QRWHU &H
WHUPLQDO DFFHSWH
OH IRUPDW
LQWHUODF QRUPDO
DLQVL TXH OH
IRUPDW
SURJUHVVLI
/(&7(85 '9'5
&$0(6&23(
69,'(2
&2162/( '(
-(825',1$7(85
59%
(QWU HVRUWLH GH
(QWU HVRUWLH
OD SULVH
GH OD SULVH
3(5,7(/ $9 GH
3(5,7(/ $9
OD OLDLVRQ 4/LQN
& EOH 3(5,7(/
& EOH 3(5,7(/
0$*1þ726&23(
0$*1(726&23(
0$*1þ726&23(
0$*1(726&23(
69,'þ2
69,'þ2
0$*1þ726&23(
&203$7,%/(
/,$,621 4/,1.
'þ&2'(85
/(&7(85 '9'5
&$0(6&23(
69,'(2
/(&7(85 '9'5
&$0(6&23(
69,'(2
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 DXGLR
YLG R G WDLOV SDJH - 3RXU OHV LQIRUPDWLRQV VXU OH F EODJH GH OD SULVH 3HULW O YRLU HQ SDJH - /RUVTXH YRXV FRQQHFWH] XQ FRPSRVDQW $9 OH W O YLVHXU SDVVH DXWRPDWLTXHPHQW DX PRGH
$9& &HUWDLQHV IRQFWLRQV VHURQW SHXWûWUH OLPLW HV GDQV FH PRGH
- / HQWU H FRPSRVDQW YLG R HVW GHVWLQ H XQLTXHPHQW OD YLG R 3RXU O DXGLR YRXV GHYH]
JDOHPHQW FRQQHFWHU XQ F EOH VFDUW $9
- $96 Q HVW SDV GLVSRQLEOH ORUVTXH YRXV DYH] FRQQHFW XQ FRPSRVDQW
- (Q PRGH $9& HQWU H SURJUHVVLYH HW GHV FRPSRVDQWV OD VRUWLH PRQLWHXU $9 Q HVW SDV
GLVSRQLEOH
',$*1267,& '(6 3$11(6
,PDJH
6\PSWÎPHV
,PDJH QHLJHXVH
6RQ
6RQ GLVFRUGDQW
,PDJH G PXOWLSOL H
6RQ QRUPDO
3DUDVLWHV
6RQ GLVFRUGDQW
9 ULILHU
/D SRVLWLRQ O RULHQWDWLRQ RX OH UDFFRUGHPHQW
GH O DQWHQQH
/D SRVLWLRQ O RULHQWDWLRQ RX OH UDFFRUGHPHQW
GH O DQWHQQH
/D SUR[LPLW G DSSDUHLOV OHFWURP QDJHUV
GH YRLWXUHVPRWRF\FOHWWHV G FODLUDJHV
IOXRUHVFHQWV
6 OHFWLRQQH] OD IRQFWLRQ 315 GDQV OH PHQX
,PDJH SRXU U GXLUH OD GLVWRUVLRQ GH O LPDJH
/H U JODJH GH YROXPH
,PDJH QRUPDOH
3DV GH VRQ
3DV G LPDJH
3DV GH VRQ
6L OD FRXSXUH GH VRQ HVW DFWLY H
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
0DXYDLVH LPDJH RX
6RQ IDLEOH RX SDV GH VRQ
GLVWRUVLRQ
7DFKHV GH FRXOHXU
6RQ QRUPDO
,PDJH QRUPDOH
6RQ IDLEOH RX GLVFRUGDQW
5 DFFRUGHU OH V FDQDO FDQDX[ 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
,1)250$7,216 *(1(5$/(6
' SDQQDJH
$YDQW GH IDLUH DSSHO DX U SDUDWHXU G WHUPLQH] OHV V\PSWÎPHV GH OD SDQQH O DLGH GX JXLGH GH
GLDJQRVWLF GH OD SDJH SU F GHQWH 3RXU WRXW G SDQQDJH DGUHVVH]YRXV YRWUH UHYHQGHXU
3DQDVRQLF HQ LQGLTXDQW OH QXP UR GX PRGýOH HW OH QXP UR GH V ULH ILJXUDQW O DUULýUH GX W O YLVHXU &$5$&7þ5,67,48(6
$OLPHQWDWLRQ
OHFWULTXH
&RQVRPPDWLRQ
&RQVRPPDWLRQ HQ
DWWHQWH
7XEH LPDJH
'LDJRQDOH YLVLEOH
6RUWLH DXGLR
PXVLTXH
+
'LPHQVLRQV
/
3
3RLGV
7;3;'0
9 $& +]
:
:
FP
[ : 506 [ : 032 LPS GDQFH :
PP
PP
PP
NJ
3$/ %* 3$/ , 6(&$0 %* 6(&$0 //
9+) ( (
9+) + + ,7$/,(
9+) $ + ,7$/,(
8+) ( (
&$79 6 6
&$79 6 6 0 0
6\VWýPHV GH
&$79 6 6 8 8
&$79 6 6 +\SHUEDQG
U FHSWLRQQRP GH 3$/ '.
'. 6(&$0 '.
9+) 5 5
9+) 5 5
EDQGH
9+) 5 5
8+) ( (
3$/ /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
9&5
SURJUDPPH
$QWHQQH DUULýUH
8+) 9+)
&DVTXH DYDQW
PP LPS GDQFH :
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 59%
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R
OLDLVRQ 4/LQN
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R
$9 DUULýUH
HQWU H 59%
[ 5&$ &RPSRQHQW HQWU H < 3E 3U
[ 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
&6
">
Публичная ссылка обновлена
Публичная ссылка на ваш чат обновлена.