7;3;)
7 O YLVHXU FRXOHXU
0RGH G HPSORL
'
)UDQDLV
3;)
74%('
%LHQYHQXH
&KHU FOLHQW 3DQDVRQLF
1RXV HVS URQV TXH YRXV DSSU FLHUH] YRWUH QRXYHDX W O YLVHXU SHQGDQW GH QRPEUHXVHV DQQ HV /D VHFWLRQ *XLGH GH PLVH HQ URXWH
UDSLGH DX G EXW GH FH PDQXHO YRXV SHUPHWWUD G XWLOLVHU YRWUH W O YLVHXU DXVVL UDSLGHPHQW TXH SRVVLEOH 1RXV YRXV UHFRPPDQGRQV
GH SUHQGUH HQVXLWH OH WHPSV GH OLUH OH PDQXHO HQWLHU HW GH OH FRQVHUYHU SRXU OH FRQVXOWHU ORUVTXH YRXV H[SORUH] OHV IRQFWLRQV
VRSKLVWLTX HV TX RIIUH FH W O YLVHXU
&H W O YLVHXU FRQVRPPH WUýV SHX G OHFWULFLW ,O HVW GRQF WUýV FRQRPLTXH (Q PRGH 9HLOOH OD FRQVRPPDWLRQ
HVW GH : VHXOHPHQW
&H PDQXHO HVW LPSULP VXU SDSLHU UHF\FO UHF\FO
SDUWLU GH YLHX[ SDSLHUV G VHQFU V VDQV EODQFKLPHQW
0$'( )520
QL D]XUDQW
5(&<&/(' 3$3(5
3ULQWLQJ SDSHU
/RZ HPLVVLRQV GXULQJ SURGXFWLRQ
7DEOH GHV PDWLHUHV
$FFHVVRLUHV )HQûWUHV PXOWLSOHV $YHUWLVVHPHQWV HW SU FDXWLRQV 5HFKHUFKH GHV FKDñQHV *XLGH GH PLVH HQ URXWH UDSLGH ,PDJH HW WH[WH &RPPDQGHV GH EDVH SDQQHDX DYDQW
HW W O FRPPDQGH %ORTXHU 8WLOLVHU OHV PHQXV VXU FUDQ 0HQX LPDJH )RQFWLRQ PDJQ WRVFRSHOHFWHXU GH
YLG RGLVTXHV '9' 0HQX VRQ )RQFWLRQ 7 O WH[WH 0HQX FRQILJXUDWLRQ &RQQH[LRQV $XGLR 9LG R 0HQX U JODJHV 3U VHQWDWLRQ J Q UDOH )LFKHV IURQWDOHV 3URJUDPPH V OHFWLRQ 3ULVHV DUULýUH &RQILJXUDWLRQ DXWRPDWLTXH 'LDJQRVWLF GHV SDQQHV &RQILJXUDWLRQ PDQXHOOH ,QIRUPDWLRQV VXU OHV SULVHV 3HULW O HW 69LGHR $MXVWDJH GX IRUPDW GH O LPDJH &DUDFW ULVWLTXHV /LDLVRQ 4/LQN $FFHVVRLUHV
9 ULILH] TXH YRXV GLVSRVH] ELHQ GHV DFFHVVRLUHV VXLYDQWV
0RGH G HPSORL
T
7 O FRPPDQGH
(85
7; 3;)
*DUDQWLF 3DQ (XURS HQQH
3LOHV SRXU W O FRPPDQGH
[ 5 80
$YHUWLVVHPHQWV HW SU FDXWLRQV
- &H W O YLVHXU HVW FRQX SRXU IRQFWLRQQHU VXU XQ U VHDX GH
9 $& +]
- 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
- 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
- &RQVROHV GH MHX[ 2UGLQDWHXUV SHUVRQQHOV
/ 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
- $VVXUH] YRXV XQ DFFýV IDFLOH
OD SULVH GX F EOH
G DOLPHQWDWLRQ / LQWHUUXSWHXU PDUFKHDUUûW GH FH PRGýOH QH
G FRQQHFWH SDV WRWDOHPHQW OH W O YLVHXU GH O DOLPHQWDWLRQ
VHFWHXU 9RXV GHYH] UHWLUHU OD ILFKH OHFWULTXH GH OD SULVH
PXUDOH DYDQW GH FRQQHFWHU RX GH G FRQQHFWHU GHV FRUGRQV
RX ELHQ ORUVTXH OH W O YLVHXU QH VHUD SDV XWLOLV SHQGDQW XQH
ORQJXH S ULRGH
1RWH
- 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
- (QWUHWLHQ GH O E QLVWHULH HW GX WXEH FDWKRGLTXH
' 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[
- (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 SUR[LPLW
GH FH GHUQLHU
0LVH HQ SODFH GHV SLOHV GH OD W O FRPPDQGH
2XYULU OH FRPSDUWLPHQW GHV SLOHV
0HWWUH OHV SLOHV O LQW ULHXU ELHQ
UHVSHFWHU OD SRODULW FRUUHFWH
5HPHWWUH OH FRXYHUFOH HQ SODFH
- $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+ *XLGH GH PLVH HQ URXWH UDSLGH
0DJQ WRVFRSH
HQUHJLVWUHXU GH '9'
5DFFRUGH] O DQWHQQH HW EUDQFKH] O TXLSHPHQW
DX[LOLDLUH
28
'þ&2'(85
9 ULILH] G DERUG TXH O DSSDUHLO G HQUHJLVWUHPHQW HVW HQ PRGH 9HLOOH
%UDQFKH] OH W O YLVHXU HW DOOXPH]OH
6 OHFWLRQQH] YRWUH SD\V
3RXU OD 6XLVVH HW OD %HOJLTXH
FKRLVLVVH] OD ODQJXH
6L YRXV G VLUH] FRQILJXUHU OHV
FKDñQHV PDQXHOOHPHQW DSSX\H]
VXU OH ERXWRQ YHUW
9RLU SDJH $SSX\H] VXU OH ERXWRQ URXJH
SRXU U DOLVHU OD FRQILJXUDWLRQ
DXWRPDWLTXH
/D FRQILJXUDWLRQ DXWRPDWLTXH YD FRPPHQFHU OHV FKDñQHV VRQW
LGHQWLIL HV HW P PRULV HV
OD SULVH
6L XQ DSSDUHLO HQUHJLVWUHXU FRPSDWLEOH HVW EUDQFK
6&$57 FRUUHFWH OHV SDUDPýWUHV GH U JODJH GHV FKDñQHV
VHURQW FRSL V VXU O DSSDUHLO YLD OD OLDLVRQ 4OLQN
9RLU SDJH *XLGH GH PLVH HQ URXWH UDSLGH
/RUVTXH OD FRQILJXUDWLRQ DXWRPDWLTXH HVW WHUPLQ H VL YRXV LQVWDOOH] XQ QRXYHO DSSDUHLO G HQUHJLVWUHPHQW FRPSDWLEOH
DYHF 4OLQN YRXV SRXYH] OH PHWWUH HQ URXWH PDLQWHQDQW /HV LQIRUPDWLRQV GH U JODJH W O FKDUJ HV FRUUHVSRQGURQW
FHOOHV GX W O YLVHXU &HUWDLQV DSSDUHLOV QH VXSSRUWHQW SDV FH W O FKDUJHPHQW GHV LQIRUPDWLRQV GH FRQILJXUDWLRQ GHV
FKDñQHV HW LO IDXGUD OHV PHWWUH HQ URXWH PDQXHOOHPHQW &RQVXOWH] OH PDQXHO GH O DSSDUHLO SRXU DYRLU GHV G WDLOV
- 6L O DSSDUHLO G HQUHJLVWUHPHQW Q D SDV DFFHSW OH W O FKDUJHPHQW GHV GRQQ HV GX W O YLVHXU YRXV GHYH]
V OHFWLRQQHU O RSWLRQ GH W O FKDUJHPHQW VXU OH PHQX GH O DSSDUHLO FRQFHUQ - 6L OD OLDLVRQ 4/LQN QH IRQFWLRQQH SDV FRUUHFWHPHQW Y ULILH] TX HOOH HVW FRQQHFW H OD SULVH 6&$57 FRUUHFWH GX
W O YLVHXU TXH OH FRUGRQ 6&$57 HVW GX W\SH l )XOO IXQFWLRQ l HW TXH O DSSDUHLO HVW FRPSDWLEOH DYHF 4/LQN
1(;79,(:/,1. RX GHV WHFKQRORJLHV VLPLODLUHV &RQVXOWH] YRWUH IRXUQLVVHXU SRXU DYRLU SOXV GH G WDLOV
- 3RXU SOXV G LQIRUPDWLRQ VXU OD OLDLVRQ 4/LQN HW O TXLSHPHQW GH FRQQH[LRQ
UHSRUWH]YRXV DX[ SDJHV HW 9RXV SRXYH] UHPDUTXHU XQH O JýUH LQFOLQDLVRQ GH O LPDJH /D IRQFWLRQ GH
FRUUHFWLRQ J RPDJQ WLTXH SHUPHW G OLPLQHU FH SUREOýPH OH FDV FK DQW 9 ULILH] G DERUG TXH OHV SURF GXUHV GH W O FKDUJHPHQW $73 HW 4/LQN VRQW
WHUPLQ HV / FUDQ QH GHYUDLW 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
3DVVH]
6(7 83
O RSWLRQ * RPDJQ WLTXH
$FF GH] DX PHQX * 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
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
&RPPDQGHV GH EDVH SDQQHDX DYDQW HW W O FRPPDQGH
$SSX\H] LFL SRXU RXYULU OH YROHW
$OLPHQWDWLRQ
6(&7(85ERXWRQ
0DUFKH$UUûW
7 PRLQ URXJH
G WDW GH YHLOOH /RUVTXH YRXV
XWLOLVH] OD W O FRPPDQGH
FHOD LQGLTXH TXH OH W O YLVHXU
D UHX XQH FRPPDQGH
675 P PRULVDWLRQ QRUPDOLV H
3HUPHW GH P PRULVHU OHV
SDUDPýWUHV GH U JODJH GHV
IRQFWLRQV
3ULVH FDVTXH
SDJH 3ULVHV DXGLR
YLG R 5&$
SDJH &RPPXWDWHXU 79$9
3ULVH 69+6
SDJH 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
(Q PRGH 9HLOOH DOOXPH OH W O YLVHXU
) 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 &RQILJXUDWLRQ HW &RUUHFWLRQ J RPDJQ WLTXH
7RXFKH 0$5&+($55ú7 G WDW GH YHLOOH
0LVH O WDW GH YHLOOH GX W O YLVHXU
&RXSXUH GX VRQ
7RXFKHV GH PHQX
3RXU DFF GHU DX[ PHQXV ,PDJH
6RQ HW &RQILJXUDWLRQ SDJH &XUVHXUV SHUPHWWDQW OHV V OHFWLRQV
HW U JODJHV
7RXFKH þWDW
$IILFKDJH GH OD SRVLWLRQ GX SURJUDPPH GX
QRP GX SURJUDPPH GX QXP UR GH FDQDO
GH O KHXUH GX PRGH 03; 0RGH %DOD\DJH
6\VWýPH GH U FHSWLRQ GX PRGH $VSHFW HW
GX WDEOHDX GHV SURJUDPPHV
%RXWRQV 7 O WH[WH SDJH 7RXFKH (QUHJLVWUHPHQW 79 GLUHFW
SDJH 'ROE\ 9LUWXDO 2XL 1RQ SDJH 7RXFKH GH FRPPDQGH $VSHFW
SDJH 7RXFKH GH 08/7, :,1'2:
SDJH 6 OHFWLRQ HQWUH PRGHV W O YLVHXU HW
HQWU H $XGLR9LG R
SDJH %RXWRQV FRORU V XWLOLV V SRXU OHV IRQFWLRQV
$VSHFW YRLU SDJH OHV IRQFWLRQV
þGLWLRQ GHV SURJUDPPHV YRLU SDJH OHV IRQFWLRQV 7 O WH[WH YRLU SDJH HW
OD V OHFWLRQ $9 YRLU SDJH )RQFWLRQV 0XOWLZLQGRZ )HQûWUHV
PXOWLSOHV SDJH %RXWRQ 3DXVH SDJH %RXWRQ GH UHFKHUFKH GHV FKDñQHV
SDJH 7RXFKHV GH FKDQJHPHQW GH
SURJUDPPHFKDñQH HW
WRXFKH 7 O WH[WH SDJH (Q PRGH 9HLOOH DOOXPH OH W O YLVHXU
$FFýV GLUHFW DX[ FDQDX[ SHQGDQW
O XWLOLVDWLRQ QRUPDOH GX W O YLVHXU RX
SDUWLU GHV PHQXV 5 JODJH (GLWLRQ GH
SURJUDPPH RX &RQILJXUDWLRQ PDQXHOOH
DSSX\H] HW HQWUH] OH FDQDO YRXOX O DLGH
GHV WRXFKHV QXP ULTXHV
6 OHFWLRQ GHV FKDñQHV GHX[ FKLIIUHV
O DLGH GHV WRXFKHV QXP ULTXHV
%RXWRQ 1 QRUPDOLVHU
5HPHW WRXWHV OHV YDOHXUV
SDU G IDXW
7RXFKHV PDJQ WRVFRSH /HFWHXU GH GLVTXHV '9'
SDJH OHXU QLYHDX
675 P PRULVDWLRQ QRUPDOLV H
(QUHJLVWUH OHV SDUDPýWUHV DFWXHOV HQ WDQW TXH
SDUDPýWUHV QRUPDOLV V VXU OHV PHQXV ,0$*( HW 621
(QUHJLVWUH FHUWDLQHV YDOHXUV GHV PHQXV 5 JODJH HW
3URJUDPPH V OHFWLRQ FRQILUPH OH G EXW GH O $73
7RXFKH +HOS $LGH ' PRQVWUDWLRQ GX IRQFWLRQQHPHQW GHV
PHQXV VXU FUDQ
8WLOLVHU OHV PHQXV VXU FUDQ
'H QRPEUHXVHV IRQFWLRQV GLVSRQLEOHV VXU FH W O YLVHXU SHXYHQW ûWUH DFF G V VXU OHV PHQXV DIILFK V
W O FRPPDQGH FRPPH LQGLTX FLGHVVRXV SRXU DFF GHU HW U JOHU OHV IRQFWLRQV VHORQ YRV VRXKDLWV
/HV WRXFKHV ,0$*( 621 HW &21),*85$7,21 VRQW
XWLOLV HV SRXU RXYULU OHV PHQXV SULQFLSDX[ HW SRXU UHYHQLU DX
PHQX SU F GHQW
O FUDQ 8WLOLVH] OD
3,&785( 6281' 6(7 83
/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
/H ERXWRQ 675 HVW XWLOLV HQ FRQMRQFWLRQ DYHF SOXVLHXUV
IRQFWLRQV SRXU HQUHJLVWUHU GHV YDOHXUV DSUýV DYRLU IDLW GHV
PRGLILFDWLRQV RX G ILQL GHV RSWLRQV
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
1RWHV
- 6L OD WRXFKH l+(/3l HVW DFWLRQQ H DORUV TX XQ PHQX HVW
DIILFK OD lERñWH G LQVWUXFWLRQVl VHUD GLVVLPXO H $SSX\H]
QRXYHDX VXU OD WRXFKH l+(/3l SRXU DIILFKHU OD lERñWH
G LQVWUXFWLRQVl
- /D IHQûWUH G DLGH Q HVW SDV LOOXVWU H GDQV OHV LPDJHV GHV
PHQXV GH FH JXLGH XQLTXHPHQW SDU PDQTXH GH SODFH
/H ERXWRQ $,'( ODQFH XQH G PRQVWUDWLRQ GHV PHQXV GLVSRQLEOHV
$SSX\H] VXU OH ERXWRQ $,'( HW V OHFWLRQQH] O XQH GHV RSWLRQV
+(/3
"
3,&785(
0HQX LPDJH
3,&785(
$SSX\H] VXU OH ERXWRQ PHQX ,0$*(
3DVVH]
O RSWLRQ FKRLVLH
5 JOH] O RSWLRQ FKRLVLH RX DFF GH] DX PHQX FKRLVL
$SSX\H] VXU OH ERXWRQ 79$9
W O YLVLRQ
0RGH ,PDJH
&RQWUDVWH
/XPLQRVLW
&RXOHXU
1HWWHW
7HLQWH
WRXW PRPHQW SRXU UHYHQLU
OD
/H PHQX 0RGH LPDJH YRXV SHUPHW GH
V OHFWLRQQHU WURLV FRQILJXUDWLRQV GLII UHQWHV SRXU
O FUDQ '\QDPLTXH 1RUPDO HW &LQ PD
3RXU FKDTXH PRGH G FUDQ OH FRQWUDVWH OD
OXPLQRVLW OD WHLQWH VHXOHPHQW SRXU 176& OD
FRXOHXU HW OD WHPS UDWXUH GHV FRXOHXUV SHXYHQW
ûWUH U JO V HW HQUHJLVWU V VHORQ YRV SU I UHQFHV
SDU H[HPSOH YRXV YRXGUH] SHXWûWUH GHV
SDUDPýWUHV GLII UHQWV SRXU UHJDUGHU GHV
PLVVLRQV VSRUWLYHV GHV ILOPV GHV DFWXDOLW V HWF
/H PRGH LPDJH YRXV SURSRVH MXVTX WURLV
SDUDPýWUHV V SDU V SRXU FKDTXH VRXUFH GH
VLJQDO 5) $9 $9 $9 $9 \ FRPSULV 5*%
HW $9 /HV PRGLILFDWLRQV VRQW HQUHJLVWU HV
DXWRPDWLTXHPHQW
&HV WURLV PRGHV DQDO\VHQW HW WUDLWHQW O LPDJH DILQ
GH O RSWLPLVHU DXWRPDWLTXHPHQW
$XJPHQWH] RX GLPLQXH] OH QLYHDX GH FHV RSWLRQV
VHORQ YRWUH SU I UHQFH
/RUVTX XQH VRXUFH GH VLJQDO 176& HVW FRQQHFW H
DX W O YLVHXU YRXV SRXYH] U JOHU OH WRQ GH O LPDJH
VHORQ YRWUH SU I UHQFH
7HPS &RXOHXU
9RXV SHUPHW GH U JOHU OD WHPS UDWXUH GHV
FRXOHXUV GH O LPDJH 9RXV DYH] OH FKRL[ HQWUH
)URLG 1RUPDO HW &KDXG
315
5 GXLW DXWRPDWLTXHPHQW OHV EUXLWV GH O LPDJH
0RGH
%DOD\DJH
9RXV SHUPHW GH FKRLVLU OD P WKRGH GH
UHQRXYHOOHPHQW GH O LPDJH (Q PRGH $FXLW\ OH ORJLFLHO GX W O YLVHXU FKRLVLUD OH
PHLOOHXU PRGH SRXU OH VLJQDO DFWXHO +]
GRQQHUD XQH LPDJH VWDEOH SRXU OD SOXSDUW GHV
VLJQDX[ 1RXV YRXV UHFRPPDQGRQV GH U JOHU
0RGH EDOD\DJH VXU 3URJUHVVLI ORUVTXH YRXV
UHJDUGH] XQH WUDQVPLVVLRQ 3$/ RX 176&
1RWH
- /RUVTXH YRXV UHJDUGH] XQH WUDQVPLVVLRQ
3$/ DXWUH TXH 3$/ DORUV TXH 0RGH
EDOD\DJH HVW U JO VXU 3URJUHVVLI O FUDQ
VFLQWLOOH &HOD HVW QRUPDO
79$9
6281'
0HQX VRQ
6281'
$SSX\H] VXU OH ERXWRQ GH PHQX 621
3DVVH]
O RSWLRQ FKRLVLH
5 JOH] O RSWLRQ FKRLVLH RX DFF GH] DX PHQX FKRLVL
$SSX\H] VXU OH ERXWRQ 79$9
W O YLVLRQ
WRXW PRPHQW SRXU UHYHQLU
OD
/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 9ROXPH
9RXV SHUPHW GH G ILQLU OH YROXPH GH VRUWLH
*UDYH
$XJPHQWH RX GLPLQXH OH QLYHDX SRXU UHQGUH OH VRQ
SOXV RX PRLQV JUDYH
$LJX
$XJPHQWH RX GLPLQXH OH QLYHDX SRXU UHQGUH OH VRQ
SOXV RX PRLQV DLJX
%DODQFH
9RXV SRXYH] U JOHU OD EDODQFH GX VRQ HQWUH OH
KDXWSDUOHXU GURLW HW JDXFKH VHORQ YRWUH SRVLWLRQ
G FRXWH
(FRXWHXUV
LQG SHQGDPPHQW
GHV
3HXW
ûWUH
U JO
KDXWSDUOHXUV FH TXL SHUPHW FKDFXQ G FRXWHU
XQ QLYHDX TXL OHXU FRQYLHQW /RUVTXH O LPDJH HVW
O FUDQ HW ORUVTXH YRXV ûWHV HQ PRGH LPDJH OH
FDVTXH UHWUDQVPHW OD EDQGH VRQ GX SURJUDPPH
GDQV OD IHQûWUH JDXFKH OD SRVLWLRQ DFWXHOOH GX
SURJUDPPH /RUVTXH YRXV XWLOLVH] XQH DXWUH
IRQFWLRQ GH OD IHQûWUH GRXEOH OD EDQGH VRQ GX
SURJUDPPH GDQV OD IHQûWUH SULQFLSDOH HW QRQ SDV
OD SOXV SHWLWH IHQûWUH HVW UHWUDQVPLVH
03;
* Q UDOHPHQW U JO VXU 6W U R SRXU GRQQHU OD
PHLOOHXUH UHSURGXFWLRQ PDLV VL OD U FHSWLRQ VH
G W ULRUH RX VL OH VHUYLFH Q HVW SDV GLVSRQLEOH
0RQR 9RXV SRXYH] JDOHPHQW V OHFWLRQQHU
0RQR 0 HW 0 VL OH VLJQDO WUDQVPLV HVW PRQR
0RGH
9RXV SRXYH] DP OLRUHU OD TXDOLW GX VRQ ORUVTXH
YRXV UHJDUGH] GH OD PXVLTXH RX GH OD YRL[ HQ
V OHFWLRQQDQW OH PRGH DSSURSUL 0XVLTXH RX
9RL[
'ROE\ 9LUWXDO
&KRLVLVVH] OD YDOHXU 2Q SRXU SURGXLUH OD VHQVDWLRQ
G ûWUH
HQWRXU
SDU
GHV
KDXWVSDUOHXUV
VXSSO PHQWDLUHV 'ROE\ 9LUWXDO XWLOLVH GHX[
KDXWVSDUOHXUV SRXU VLPXOHU O HIIHW G XQ V\VWýPH
SOXVLHXUV SLVWHV 'ROE\ 9LUWXDO IRQFWLRQQH
XQLTXHPHQW DYHF OHV VLJQDX[ HQFRG V 'ROE\
79$9
675
6(7 83
0HQX FRQILJXUDWLRQ
6(7 83
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
O RSWLRQ FKRLVLH
5 JOH] O RSWLRQ FKRLVLH RX DFF GH] DX PHQX FKRLVL
$SSX\H] VXU OH ERXWRQ 79$9
W O YLVLRQ
4/LQN
WRXW PRPHQW SRXU UHYHQLU
OD
9RXV SHUPHW GH V OHFWLRQQHU OD ILFKH $9 XWLOLVHU
SRXU TXH OH W O YLVHXU HW XQ DSSDUHLO
G HQUHJLVWUHPHQW FRPSDWLEOH SXLVVHQW FKDQJHU
GHV GRQQ HV /HV RSWLRQV VRQW 121 $9
0DJQ WRVFRSH HW $9 HQUHJLVWUHXU GH '9' XQ FKRL[ GH VLJQDX[ HQYR\HU OD ILFKH 6FDUW
6RUW$9 $9 2IIUH
V OHFWLRQQ H O RSWLRQ 4/LQN /HV RSWLRQV VRQW
OD FKDñQH DFWXHOOH GX W O YLVHXU OH VLJQDO G HQWU H
G $9$9$9$9$9 RX (FUDQ
LPDJH
DIILFK H O FUDQ 7 O WH[WH
9RXV SHUPHW GH FKRLVLU OH PRGH )/2) RX /,67
3DJH 0LQXWHULH
YHLOOH
9RXV SHUPHW G WHLQGUH OH W O YLVHXU XQ PRPHQW
SU G ILQL DOODQW GH PLQXWHV SDU LQWHUYDOOHV GH
PLQXWHV
5 G 6FLQW
9RXV SHUPHW GH FRQWUÎOHU OH VFLQWLOOHPHQW GH
O LPDJH HQ PRGH EDOD\DJH +] &KRLVLVVH]
O RSWLRQ 2XL SRXU FRUULJHU OH VFLQWLOOHPHQW PLQHXU
GH O LPDJH RX ELHQ 1RQ SRXU Q DYRLU DXFXQH
U GXFWLRQ GX VFLQWLOOHPHQW 3RXU FHUWDLQHV
PLVVLRQV FH U JODJH SHXW ûWUH E Q ILTXH
' &RPE
3$/ 176&
'H WHPSV
DXWUH ORUVTXH YRXV UHJDUGH] GHV
SKRWRV RX GHV LPDJHV
G ILOHPHQW OHQW OD
JUDQXODWLRQ GHV FRXOHXUV GHYLHQW YLVLEOH
6 OHFWLRQQH] O RSWLRQ 2XL GDQV '&RPE SRXU
TXH OHV FRXOHXUV VRLHQW SOXV QHWWHV HW SOXV
SU FLVHV
/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 WFKýTXH DQJODLV HVWRQLHQ OHWWRQ
URXPDLQ UXVVH XNUDLQLHQ
(VW WFKýTXH DQJODLV DOOHPDQG KRQJURLV
OHWWRQ SRORQDLV URXPDLQ
5 JODJH
'RQQH DFFýV GH QRPEUHXVHV DXWUHV IRQFWLRQV
\ FRPSULV 3URJUDPPH V OHFWLRQ HW $73 3DJH /DQJXHV 26'
/RUVTXH YRXV LQVWDOOH] OH W O YLVHXU SRXU OD
SUHPLýUH IRLV OD ODQJXH G DIILFKDJH O FUDQ HVW
G ILQLH VHORQ YRWUH FKRL[ GH SD\V /DQJXHV 26'
YRXV SHUPHW GH PRGLILHU OD ODQJXH XWLOLV H SRXU OHV
DIILFKDJHV O FUDQ
* 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 79$9
0HQX U JODJHV 3U VHQWDWLRQ J Q UDOH
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
6(7 83
O RSWLRQ PHQX 5 JODJH
$FF GH] DX PHQX 5 JODJH
3DVVH]
O RSWLRQ GH PHQX FKRLVLH
5 JOH] O RSWLRQ FKRLVLH RX DFF GH] DX PHQX FKRLVL
$SSX\H] VXU OH ERXWRQ 79$9
UHYHQLU OD W O YLVLRQ
WRXW PRPHQW SRXU
/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 79$9
675
3URJUDPPH
V OHFWLRQ
9RXV SHUPHW GH SHUVRQQDOLVHU YRV SURJUDPPHV
DMRXWHU RX VXSSULPHU XQH SRVLWLRQ SDU H[HPSOH 3DJH 5HFKHUFKH
DXWR
9RXV SHUPHW GH UHFRPPHQFHU OH U JODJH
DXWRPDWLTXH GX W O YLVHXU 8WLOH VL YRXV
G P QDJH] HW TXH YRXV G VLUH] U JOHU YRWUH
W O YLVHXU VXU OHV FKDñQHV ORFDOHV 3DJH 5 JODJH
PDQXHO
3HUPHW GH U JOHU PDQXHOOHPHQW OD SRVLWLRQ GH
FKDTXH SURJUDPPH 3DJH 5 JODJH ILQ
8WLOLVH] FHWWH RSWLRQ SRXU DSSRUWHU GHV
PRGLILFDWLRQV PLQHXUHV DX U JODJH G XQH FKDñQH
SUDWLTXH SDU H[HPSOH ORUVTXH OHV FRQGLWLRQV
P W R DIIHFWHQW OD TXDOLW GH OD U FHSWLRQ G XQ
SURJUDPPH
6\VWýPH
FRXOHXU
9RXV SHUPHW GH V OHFWLRQQHU OD QRUPH GH
WUDQVPLVVLRQ FRUUHFWH SRXU OH VLJQDO UHX
&RUUHFWLRQ
YROXPH
9RXV SHUPHW GH U JOHU OH YROXPH GH FKDñQHV
VS FLILTXHV 8WLOLVH] FHWWH IRQFWLRQ VL OH YROXPH
YDULH EHDXFRXS G XQH FKDñQH O DXWUH (Q U JODQW
OH YROXPH G XQH FKDñQH SRXU O DPHQHU DX QLYHDX
GHV DXWUHV FKDñQHV YRXV Q DXUH] SDV U JOHU OH
YROXPH FKDTXH IRLV TXH YRXV FKDQJH] GH FKDñQH
' FRGHXU
$9
9RXV SRXYH] XWLOLVHU FHWWH RSWLRQ ORUVTX XQ
G FRGHXU HVW EUDQFK YLD $9 RX $9 (QUHJLVWUH]
OH SDUDPýWUH VXU 2XL SRXU TXH FKDTXH IRLV TXH
FHWWH FKDñQH HVW V OHFWLRQQ H OH ORJLFLHO GX
W O YLVHXU WUDLWH OHV LQIRUPDWLRQV G FRG HV FHFL
HVW LPSRUWDQW VL YRWUH G FRGHXU HVW EUDQFK VXU
$9 RX $9 YLD XQ DSSDUHLO 4/LQN 0HQX U JODJHV 3URJUDPPH V OHFWLRQ
6(7 83
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
O RSWLRQ PHQX 5 JODJH
$FF GH] DX PHQX 5 JODJH
3DVVH]
O RSWLRQ 3URJUDPPH V OHFWLRQ
$FF GH]
3URJUDPPH V OHFWLRQ
3DVVH] OD SRVLWLRQ GH SURJUDPPH FKRLVLH SDU H[HPSOH 3URJ )DLWHV OHV FKDQJHPHQWV Q FHVVDLUHV SDU H[HPSOH GRQQHU XQ
DXWUH QRP XQH FKDñQH YRLU OD SURF GXUH DGDSW H FLGHVVRXV
$SSX\H] VXU OH ERXWRQ 79$9
W O YLVLRQ
WRXW PRPHQW SRXU UHYHQLU
OD
/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 $MRXWHU VXSSULPHU XQH FKDñQH
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ GDQV OD FRORQQH 3URJ
$SSX\H] VXU OH ERXWRQ YHUW SRXU DMRXWHU XQH FKDñQH OD
SRVLWLRQ RX ELHQ OH ERXWRQ URXJH SRXU VXSSULPHU XQH
FKDñQH
$SSX\H] QRXYHDX VXU OH PûPH ERXWRQ SRXU FRQILUPHU
YRWUH G FLVLRQ
' SODFHU XQH FKDñQH
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ GDQV OD FRORQQH 3URJ
$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
5 JOHU XQH FKDñQH
3DVVH]
OD FRORQQH &KDñQH
$XJPHQWH] RX GLPLQXH] OH QXP UR GH OD FKDñQH YRXV
YHUUH] OH W O YLVHXU VH U JOHU VXU OH QRXYHDX QXP UR ORUVTXH
YRXV OH PRGLILH] RX ELHQ XWLOLVH] OH ERXWRQ & SRXU $FFýV
GLUHFW DX[ FKDñQHV YRLU SDJH $SSX\H] VXU 675 SRXU HQUHJLVWUHU FH FKDQJHPHQW
675
79$9
675
0HQX U JODJHV 3URJUDPPH V OHFWLRQ
5HQRPPHU XQH FKDñQH
3RVLWLRQQH]YRXV VXU OH QRP
&KRLVLVVH] OH QRXYHDX FDUDFWýUH /D FDVH HQ EDV GH O FUDQ
LQGLTXH OH FDUDFWýUH DFWXHOOHPHQW FKRLVL
3RVLWLRQQH]YRXV VXU OH VHFRQG FDUDFWýUH
&RQWLQXH] MXVTX DX FKDQJHPHQW FRPSOHW GX QRP
$SSX\H] VXU 675 SRXU HQUHJLVWUHU OH QRXYHDX QRP
675
9HUURXLOOHU XQH FKDñQH
9RXV SRXYH] YHUURXLOOHU XQH FKDñQH SRXU HPSûFKHU TX RQ
\ DFFýGH
3RVLWLRQQH]YRXV VXU OD FRORQQH %ORFDJH
&KRLVLVVH] HQWUH 9HUURX 2XL HW 9HUURX 1RQ
$SSX\H] VXU 675 SRXU HQUHJLVWUHU OD QRXYHOOH YDOHXU
1RWH
- 4XDQG XQH SRVLWLRQ GH SURJUDPPH HVW EORTX H
O DFFýV GLUHFW DX FDQDO HQ XWLOLVDQW OD WRXFKH & HW OHV
WRXFKHV QXP ULTXHV GH OD W O FRPPDQGH Q HVW SDV
GLVSRQLEOH
675
0RGLILHU OH V\VWýPH DXGLR G XQH FKDñQH
9RXV SRXYH] PRGLILHU OH V\VWýPH DXGLR XWLOLV SRXU XQH
FKDñQH
3RVLWLRQQH]YRXV VXU OD FRORQQH 6\V
&KRLVLVVH] OH V\VWýPH GH VRQ YRXOX
6& 3$/ % * + 6(&$0 % *
6& 3$/ ,
6& 3$/ ' . 6(&$0 ' .
)
6(&$0 //
$SSX\H] VXU 675 SRXU HQUHJLVWUHU OD QRXYHOOH YDOHXU
675
7UDQVIHU GHV LQIRUPDWLRQV GHV FKDñQHV VXU XQ PDJQ WRVFRSH HQUHJLVWUHXU GH '9'
/HV IRQFWLRQV FLGHVVRXV VRQW GLVSRQLEOHV XQLTXHPHQW
SDUWLU GH O DSSDUHLO EUDQFK VXU OD ILFKH 6FDUW V OHFWLRQQ H
DYHF 4/LQN YRLU SDJH 9RXV SRXYH] FRSLHU OHV LQIRUPDWLRQV GHV FKDñQHV VXU XQ
DSSDUHLO G HQUHJLVWUHPHQW FRPSDWLEOH EUDQFK VXU $9 RX
$9 YRLU SDJH SRXU OHV LQIRUPDWLRQV VXU OH
EUDQFKHPHQW $SSX\H] VXU OH ERXWRQ EOHX
/HV SDUDPýWUHV GH OD FKDñQH VRQW PDLQWHQDQW HQYR\ V
O DSSDUHLO G HQUHJLVWUHPHQW &HFL SHXW SUHQGUH TXHOTXHV
VHFRQGHV HQ IRQFWLRQ GX QRPEUH GH FKDñQHV HQUHJLVWU HV
6L OH PHVVDJH l )RQFWLRQ QRQ GLVSRQLEOH l DSSDUDñW O FUDQ
OH W O YLVHXU QH SHXW SDV HQYR\HU OHV LQIRUPDWLRQV GH OD
FKDñQH O DSSDUHLO &RQVXOWH] OH PDQXHO GH O DSSDUHLO SRXU
DYRLU XQ FRPSO PHQW G LQIRUPDWLRQ
0HQX U JODJHV &RQILJXUDWLRQ DXWRPDWLTXH
$73 SHXW UHFRPPHQFHU OH U JODJH DXWRPDWLTXH GH YRWUH W O YLVHXU &HWWH IRQFWLRQ HVW XWLOH VL YRXV G P QDJH] SDU H[HPSOH HW VL YRXV
G VLUH] U JOHU YRWUH W O YLVHXU SRXU TX LO UHRLYH OHV FKDñQHV ORFDOHV
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
6(7 83
O RSWLRQ 0HQX 5 JODJH
$FF GH] DX PHQX 5 JODJH
3DVVH]
$73
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ DXWR
$SSX\H] SRXU FRQILUPHU HW FRPPHQFHU
6 OHFWLRQQH] OH SD\V
1RWH
- 6L YRXV SDVVH] O WDSH VXLYDQWH WRXWHV OHV
LQIRUPDWLRQV GH U JODJH VHURQW HIIDF HV
WRXWHV OHV FKDñQHV HW OHXU SRVLWLRQ HQUHJLVWU HV
GDQV OD P PRLUH GH YRWUH W O YLVHXU VHURQW
HIIDF HV SRXU SHUPHWWUH DX[ QRXYHOOHV YDOHXUV
G ûWUH HQUHJLVWU HV 6L YRXV TXLWWH] FHWWH SURF GXUH FH PRPHQWO
HW DYDQW OD ILQ GH O $73 DXFXQH SRVLWLRQ GH FKDñQH
QH VHUD HQUHJLVWU H 5HFRPPHQFH] HW WHUPLQH] OD
SURF GXUH $73 SRXU HIIHFWXHU OH U JODJH GH YRWUH
W O YLVHXU
$SSX\H] VXU OH ERXWRQ SRXU ODQFHU $73
/H W O YLVHXU YD FKHUFKHU LGHQWLILHU HW WULHU GDQV
O RUGUH OHV FKDñQHV GH W O YLVLRQ ORFDOHV
6L XQ DSSDUHLO G HQUHJLVWUHPHQW FRPSDWLEOH HVW
FRQQHFW YLD OD ILFKH $9$9 OHV LQIRUPDWLRQV GH OD
FKDñQH VHURQW HQYR\ HV FHW DSSDUHLO YLD 4/LQN
SDJH 8QH IRLV FHWWH RS UDWLRQ WHUPLQ H OH W O YLVHXU
DIILFKHUD OD FKDñQH TXL RFFXSH PDLQWHQDQW OD
SRVLWLRQ $SSX\H] VXU OH ERXWRQ 79$9 Q LPSRUWH TXHO PRPHQW
SRXU UHYHQLU OD W O YLVLRQ OLVH] ELHQ OD 1RWH GH OD
SURF GXUH FLGHVVXV
79$9
0HQX U JODJHV &RQILJXUDWLRQ PDQXHOOH
9RXV SRXYH] UHFRPPHQFHU OH U JODJH GH FKDñQHV LQGLYLGXHOOHV $SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
6(7 83
O RSWLRQ 0HQX 5 JODJH
$FF GH] DX PHQX 5 JODJH
3DVVH]
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 /D SRVLWLRQ GH OD FKDñQH FOLJQRWHUD
675
$SSX\H] VXU OH ERXWRQ 79$9
SRXU UHYHQLU OD W O YLVLRQ
79$9
Q LPSRUWH TXHO PRPHQW
&RQILJXUDWLRQ PDQXHOOH SDU OH SDQQHDX DYDQW
9RXV SRXYH] JDOHPHQW XWLOLVHU OHV ERXWRQV GX SDQQHDX GH FRQWUÎOH TXL VH WURXYH O DYDQW GH YRWUH W O YLVHXU SRXU U JOHU OD SRVLWLRQ
GH FKDTXH FKDñQH $SSX\H] VXU OD WRXFKH ) )DDGH MXVTX
PHQX 5 JODJH
REWHQWLRQ GX
)
$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 /D SRVLWLRQ GH OD FKDñQH FOLJQRWHUD
675
5 S WH] OD SURF GXUH FLGHVVXV SRXU U JOHU FKDTXH
SRVLWLRQ
$SSX\H] VXU OH ERXWRQ ) Q LPSRUWH TXHO PRPHQW SRXU
UHYHQLU OD W O YLVLRQ
)
$63(&7
$MXVWDJH GX IRUPDW GH O LPDJH
&H W O YLVHXU JUDQG FUDQ YRXV SHUPHW GH UHJDUGHU O LPDJH DX PHLOOHXU IRUPDW \ FRPSULV OHV
LPDJHV JUDQG FUDQ kIRUPDW FLQ PD k
$SSX\H] SOXVLHXUV IRLV VXU OH ERXWRQ $63(&7 SRXU
SDVVHU HQWUH OHV KXLW RSWLRQV G DVSHFW 3DQDVRQLF
$XWR þODUJL =RRP =RRP HW
=RRP
28
$SSX\H] VXU OH ERXWRQ $63(&7 SXLV XWLOLVH] OH
ERXWRQ 528*( RX 9(57 SRXU IDLUH G ILOHU OHV RSWLRQV
G DVSHFW GDQV XQH GLUHFWLRQ RX GDQV O DXWUH
3DQDVRQLF $XWR
3DQDVRQLF $XWR FKRLVLW OH PHLOOHXU IRUPDW SRXU
TXH O LPDJH RFFXSH WRXW O FUDQ HQ VXLYDQW XQH
SURF GXUH HQ TXDWUH WDSHV SRXU Y ULILHU VL
O LPDJH HVW XQH LPDJH JUDQG FUDQ
6L 3DQDVRQLF $XWR G WHFWH XQ VLJQDO JUDQG FUDQ LO
DGRSWH OH PRGH JUDQG FUDQ 6L 3DQDVRQLF $XWR
QH G WHFWH SDV XQ VLJQDO JUDQG FUDQ YRWUH
W O YLVHXU RSWLPLVH O LPDJH SRXU OD UHQGUH OD SOXV
DJU DEOH SRVVLEOH UHJDUGHU
/H WH[WH TXL V DIILFKH
O FUDQ LQGLTXH FRPPHQW
3DQDVRQLF $XWR D G FLG TXHO IRUPDW XWLOLVHU k :,'(l DSSDUDñW HQ KDXW JDXFKH GH O FUDQ VL YRWUH
W O YLVHXU D LGHQWLIL XQ VLJQDO JUDQG FUDQ :66 RX
XQ VLJQDO YHQDQW G XQH SULVH 6FDUW 3DQDVRQLF $XWR
DGRSWH OH IRUPDW JUDQG FUDQ k3DQDVRQLF $XWRl DSSDUDñW HQ KDXW
JDXFKH GH
O FUDQ VL OH W O YLVHXU G WHFWH XQH EDQGH QRLUH HQ
KDXW HW HQ EDV GH O LPDJH 3DQDVRQLF $XWR FKRLVLW OH
PHLOOHXU IRUPDW HW DJUDQGLW O LPDJH SRXU TX HOOH
RFFXSH WRXW O FUDQ 3OXV O LPDJH HVW VRPEUH SOXV
FHWWH SURF GXUH SUHQGUD ORQJWHPSV MXVTX
SOXVLHXUV PLQXWHV 9RXV SRXYH] JDOHPHQW FKRLVLU PDQXHOOHPHQW O XQ
GHV DXWUHV IRUPDWV GLVSRQLEOHV
/DUJH
k:,'(l DSSDUDñW HQ KDXW JDXFKH GH O FUDQ 3DQDVRQLF $XWR
SDVVH DXWRPDWLTXHPHQW DX IRUPDW JUDQG FUDQ 3DQDVRQLF $XWR
k3DQDVRQLF $XWRl DSSDUDñW HQ KDXW JDXFKH GH O FUDQ /H
V\VWýPH FKRLVLW OH PHLOOHXU IRUPDW HW O LPDJH HVW DJUDQGLH SRXU
TX HOOH UHPSOLVVH WRXW O FUDQ
3DQDVRQLF $XWR
QRWHU - (Q PRGH 3DQDVRQLF $XWR VL YRXV UHQFRQWUH] GHV
SUREOýPHV DX QLYHDX GHV GLPHQVLRQV GH O LPDJH
ORUVTXH YRXV UHJDUGH] GHV YLG RV HQ IRUPDW
JUDQG FUDQ OH WUDFNLQJ GH YRWUH PDJQ WRVFRSH
D SHXWûWUH EHVRLQ G ûWUH U JO FRQVXOWH] OH
PDQXHO GH YRWUH PDJQ WRVFRSH - /H IRUPDW JUDQG FUDQ GH GLII UHQWV ILOPV HW
PLVVLRQV SHXW YDULHU 6L OHV GLPHQVLRQV VRQW
XQ IRUPDW VWDQGDUG XQH
VXS ULHXUHV
EDQGH QRLUH DSSDUDñWUD SHXWûWUH HQ KDXW HW HQ
EDV GH YRWUH FUDQ
$SSX\H] VXU OH ERXWRQ $63(&7 SXLV XWLOLVH] OH ERXWRQ 528*( RX
9(57 SRXU IDLUH G ILOHU OHV KXLW RSWLRQV G DVSHFW GDQV XQH
GLUHFWLRQ RX GDQV O DXWUH
$63(&7
$MXVWDJH GX IRUPDW GH O LPDJH
DIILFKH XQH Y ULWDEOH LPDJH
DQDPRUSKRV H VDQV
DXFXQH GLVWRUVLRQ
/ FUDQ DIILFKHUD XQH LPDJH DX
IRUPDW OHWWHUER[ RX DX IRUPDW
VDQV
GLVWRUVLRQV
GHV
GLPHQVLRQV
þODUJL
8WLOLVH] FH PRGH ORUVTXH YRXV
G VLUH] DJUDQGLU XQH LPDJH SRXU TX HOOH RFFXSH WRXW O FUDQ DX
OLHX GH UHJDUGHU XQH PLVVLRQ DYHF
GHV EDQGHV QRLUHV GH SDUW HW
G DXWUH GH O LPDJH / LPDJH VHUD WLU H KRUL]RQWDOHPHQW SRXU
TX HOOH RFFXSH WRXW O FUDQ /D
G IRUPDWLRQ GH O LPDJH HVW YLVLEOH
XQLTXHPHQW DX ERUG GURLW HW
JDXFKH GH O FUDQ
þODUJL
úODUJL
DIILFKH XQH LPDJH DX IRUPDW
VWDQGDUG VDQV GLVWRUVLRQ
$63(&7
$MXVWDJH GX IRUPDW GH O LPDJH
=RRP
=RRP
=RRP DIILFKH GHV LPDJHV ERñWH
DX[ OHWWUHV GH IRUPDW RX VDQV GLVWRUVLRQ
=RRP
=RRP
=RRP
=RRP DIILFKH OHV LPDJHV kERñWH DX[ OHWWUHVl DQDPRUSKRV HV
VXU WRXW O FUDQ VDQV GLVWRUVLRQ
=RRP
=RRP
=RRP
=RRP DIILFKH OHV LPDJHV ERñWH DX[
OHWWUHV VXU WRXW O FUDQ VDQV
GLVWRUVLRQ
DIILFKH O LPDJH VRQ IRUPDW
PD[LPDO PDLV O JýUHPHQW WLU H
=RRP
08/7,
:,1'2:
)HQûWUHV PXOWLSOHV
$SSX\H] VXU OH ERXWRQ )(1ú75(6 08/7,3/(6 3HQGDQW TXH OHV WRXFKHV GH V OHFWLRQ VRQW WRXMRXUV DIILFK HV O FUDQ
XWLOLVH] OH ERXWRQ URXJH HW YHUW SRXU SDVVHU HQWUH OD IRQFWLRQ LPDJH GDQV LPDJH LPDJH KRUV G LPDJH HW LPDJH HW LPDJH
O FUDQ TXL FRUUHVSRQGHQW DX[ TXDWUH ERXWRQV FRORU V GH OD W O FRPPDQGH TXL
/HV WRXFKHV GH V OHFWLRQ
DSSDUDLVVHQW SRXU OHV IRQFWLRQV GLVSDUDLVVHQW 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 $SSX\H] VXU OH ERXWRQ )(1ú75(6 08/7,3/(6 SHQGDQW TXH OHV WRXFKHV GH V OHFWLRQ VRQW WRXMRXUV
DIILFK HV O FUDQ SRXU UHYHQLU O DIILFKDJH QRUPDO
08/7,
:,1'2:
,PDJH HW LPDJH
3HUPHW G DIILFKHU GHX[ LPDJHV HQ PûPH WHPSV
$SSX\H] VXU OH ERXWRQ MDXQH 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 O XQH DSUýV O DXWUH
$SSX\H] VXU OH ERXWRQ EOHX 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 MDXQH 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
O XQH DSUýV O DXWUH
$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
,PDJH KRUV G LPDJH
3HUPHW G DIILFKHU GHX[ FKDñQHV HQ PûPH WHPSV
FRPPH LPDJH GDQV LPDJH /D GLII UHQFH VH VLWXH DX
QLYHDX GH O DIILFKDJH GHV GHX[ FKDñQHV DYHF LPDJH
GDQV LPDJH OD SHWLWH IHQûWUH DSSDUDñW O LQW ULHXU GH
O LPDJH SULQFLSDOH DORUV TX DYHF LPDJH KRUV G LPDJH OD
SHWLWH IHQûWUH DSSDUDñW GURLWH GH O LPDJH SULQFLSDOH
$SSX\H] VXU OH ERXWRQ MDXQH 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
VXFFHVVLYHPHQW
$SSX\H] VXU OH ERXWRQ EOHX 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 KRUV LPDJH
,1'(;
&+ 6($5&+
5HFKHUFKH GHV FKDñQHV
$SSX\H] VXU OH ERXWRQ &+2,6,5 SRXU DIILFKHU GHV
LPDJHV GHV FKDñQHV HQ FRXUV GH GLIIXVLRQ VXU
WRXWHV OHV FKDñQHV HQUHJLVWU HV &HV LPDJHV VRQW
DIILFK HV HQ V ULH HQ SDUWDQW GH O DQJOH VXS ULHXU
JDXFKH
&HWWH IRQFWLRQ FRQWLQXH IDLUH OH WRXU GHV FKDñQHV
HQUHJLVWU HV MXVTX FH TXH YRXV DSSX\LH] VXU OD
WRXFKH %/248(5 SRXU LQWHUURPSUH OD UHFKHUFKH
RX VXU OH ERXWRQ &+2,6,5 SRXU TXLWWHU FHWWH
IRQFWLRQ
$SSX\H] VXU OH ERXWRQ YHUW SRXU V OHFWLRQQHU
O LPDJH GH FKDTXH FKDñQH O XQH DSUýV O DXWUH
$SSX\H] VXU OH ERXWRQ YHUW SRXU UHJDUGHU OD FKDñQH
FKRLVLH HW TXLWWHU OD IRQFWLRQ
$SSX\H] VXU OH ERXWRQ EOHX SRXU UHJDUGHU OD
FKDñQH DFWXHOOH HW TXLWWHU OD IRQFWLRQ
797(;7
67,//
+2/'
,1'(;
67,//
&+ 6($5&+
797(;7
08/7,
:,1'2:
0RGH 7þ/þ7(;7(
%ORTXHU
$SSX\H] VXU FH ERXWRQ SRXU EORTXHU O LPDJH
DSSX\H] GH QRXYHDX SRXU UHYHQLU DX SURJUDPPH
HQ FRXUV
&+ 6($5&+
5HFKHUFKH GHV FKDñQHV
,PDJH HW WH[WH
$SSX\H] VXU OH ERXWRQ 797(;7 SXLV VXU OH ERXWRQ
)(1ú75(6 08/7,3/(6 SRXU SDVVHU GH O DIILFKDJH
GX W O WH[WH DX PRGH LPDJH HW WH[WH /H PRGH
LPDJH HW WH[WH YRXV SHUPHW GH UHJDUGHU OD FKDñQH
DFWXHOOH 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 OD FKDñQH DIILFK H DSSX\H] VXU OH
ERXWRQ 7þ/þ7(;7( SRXU UHYHQLU O DIILFKDJH GH OD
FKDñQH VHXOH DYDQW G DSSRUWHU OHV PRGLILFDWLRQV
VRXKDLW HV
+2/'
,1'(;
+2/'
67,//
0RGH LPDJH HW WH[WH
4/,1.
4/LQN SHUPHW DX W O YLVHXU GH FRPPXQLTXHU DYHF XQ PDJQ WRVFRSH RX XQ HQUHJLVWUHXU
GH '9' FRPSDWLEOH
3RXU TXH OD OLDLVRQ 4/LQN SXLVVH IRQFWLRQQHU OH W O YLVHXU GRLW ûWUH UHOL
XQ DSSDUHLO G HQUHJLVWUHPHQW SRUWDQW OH ORJR l 4/LQN l l
1(;79,(:/,1. l l '$7$ /2*,& l l (DV\ /LQN l l 0HJDORJLF l RX l 60$57/,1. l HW XWLOLVDQW XQ F EOH 6FDUW l )XOO\ ZLUHG l HQWUH OD ILFKH
$9 GX W O YLVHXU HW OD ILFKH DSSURSUL H GH YRWUH PDJQ WRVFRSH RX ELHQ OD ILFKH $9 GX W O YLVHXU HW OD ILFKH DSSURSUL H GH YRWUH
HQUHJLVWUHXU GH '9'
3RXU OD FRQQH[LRQ OD ILFKH 6FDUW DSSURSUL H GH O DSSDUHLO G HQUHJLVWUHPHQW FRQVXOWH] OH PDQXHO GH O DSSDUHLO FRQFHUQ /RUVTXH YRXV XWLOLVH] XQ DSSDUHLO SRUWDQW OH ORJR l 1(;79,(:/,1. l OHV SULQFLSDOHV IRQFWLRQV
GLVSRQLEOHV VRQW 7 O FKDUJHPHQW SU FRQILJXU
3HUPHW GH W O FKDUJHU O RUGUH GHV FKDñQHV W O YLV HV O DSSDUHLO G HQUHJLVWUHPHQW SRXU TXH YRV HQUHJLVWUHPHQWV VRLHQW FRUUHFWV ,O \ D
SOXVLHXUV PDQLýUHV GH U DOLVHU FHWWH RS UDWLRQ 3HQGDQW O LQVWDOODWLRQ FRPPH H[SOLTX GDQV OH JXLGH UDSLGH SDUWLU GH OD SDJH /RUVTXH O $73 HVW ODQF GHSXLV OH PHQX 5 JODJH YRLU SDJH /RUVTXH OH W O FKDUJHPHQW SU FRQILJXU HVW ODQF GHSXLV O DSSDUHLO G HQUHJLVWUHPHQW &RQVXOWH] OH PDQXHO GH O DSSDUHLO FRQFHUQ
,PSRUWDQW &HUWDLQV DSSDUHLOV G HQUHJLVWUHPHQW QH VXSSRUWHQW SDV FH W\SH GH V\VWýPH GH FRPPXQLFDWLRQ GH GRQQ HV &HUWDLQV VXSSRUWHQW
FHUWDLQHV IRQFWLRQV PDLV SDV WRXWHV &RQVXOWH] OH PDQXHO GH O DSSDUHLO FRQFHUQ 6L 4/LQN QH IRQFWLRQQH SDV FRQILUPH] WRXW G DERUG TXH YRWUH F EOH 6FDUW HVW GX W\SH l )XOO\ ZLUHG l &RQVXOWH] YRWUH IRXUQLVVHXU SRXU
DYRLU SOXV GH G WDLOV
7HO FUDQ WHO HQUHJLVWUHPHQW (15(*,675(0(17 ',5(&7
&HWWH IRQFWLRQ YRXV SHUPHW G HQUHJLVWUHU LPP GLDWHPHQW O PLVVLRQ TXH YRXV UHJDUGH] O FUDQ
VXU O DSSDUHLO G HQUHJLVWUHPHQW EUDQFK VXU OD ILFKH 6FDUW TXH YRXV SRXYH] FKRLVLU DYHF 4/LQN
YRLU SDJH $SSX\H] VXU OH ERXWRQ ',5(&7 79 5(& GH OD W O FRPPDQGH
6L XQ DSSDUHLO 4/LQN HVW FRQQHFW XQ PHVVDJH DSSDUDñW VXU O FUDQ GX W O YLVHXU SRXU LQGLTXHU OH SURJUDPPH HQUHJLVWU RX ELHQ OH
IDLW TXH O HQUHJLVWUHPHQW Q HVW SDV SRVVLEOH &HUWDLQV DSSDUHLOV FRPSDWLEOHV DYHF 4/LQN DIILFKHQW XQLTXHPHQW OH PHVVDJH ORUVTXH
OD FKDñQH V OHFWLRQQ H HVW RX ORUVTX LOV VRQW HQ PRGH $9 &RQVXOWH] OH PDQXHO GH O DSSDUHLO
(QUHJLVWUHPHQW HQ FRXUV
$XFXQ HQUHJ &DVVHWWH RX GLVTXH
/ DSSDUHLO HQUHJLVWUH OH VLJQDO GHSXLV VRQ SURSUH WXQHU
6L YRXV OH VRXKDLWH] YRXV SRXYH] DUUûWHU OH W O YLVHXU HW
ODLVVHU O DSSDUHLO HQUHJLVWUHU QRUPDOHPHQW
/D FDVVHWWH RX OH GLVTXH HVW SHXWûWUH SURW J Q D SDV W
LQV U RX HVW HQGRPPDJ RX ELHQ O DSSDUHLO HVW G M HQ
WUDLQ G HQUHJLVWUHU &RQVXOWH] OH PDQXHO GH O DSSDUHLO
(Q RXWUH ORUVTXH YRXV XWLOLVH] XQ DSSDUHLO 4/LQN OHV IRQFWLRQV SULQFLSDOHV VXLYDQWHV VRQW
GLVSRQLEOHV /HV IRQFWLRQV FLGHVVRXV VRQW GLVSRQLEOHV XQLTXHPHQW SDUWLU GH O DSSDUHLO EUDQFK VXU OD ILFKH 6FDUW V OHFWLRQQ H DYHF 4/LQN YRLU
SDJH 0LVH HQ URXWH DXWR GX W O YLVHXUDSSDUHLO G HQUHJLVWUHPHQW
6L YRXV PHWWH] XQ VXSSRUW SU HQUHJLVWU GDQV O DSSDUHLO HW VL YRXV DSSX\H] VXU OH ERXWRQ /HFWXUH DORUV TXH OH W O YLVHXU HVW HQ PRGH
9HLOOH OH W O YLVHXU VH PHWWUD DXWRPDWLTXHPHQW HQ URXWH HW V OHFWLRQQHUD O HQWU H $9 FRUUHFWH SRXU YRXV SHUPHWWUH GH YLVLRQQHU
O HQUHJLVWUHPHQW
9HLOOH DXWRPDWLTXH GH O DSSDUHLO G HQUHJLVWUHPHQW
/RUVTXH OH W O YLVHXU HVW HQ PRGH YHLOOH O DSSDUHLO G HQUHJLVWUHPHQW VH PHWWUD JDOHPHQW HQ PRGH YHLOOH VL XQ GLVTXH RX XQH FDVVHWWH
Q D SDV W LQV U RX ELHQ VL XQH FDVVHWWH RX XQ GLVTXH D W LQV U HW TXH O DSSDUHLO HVW HQ PRGH 5HPERELQDJH RX 6WRS 6L XQ
PDJQ WRVFRSH HVW HQ WUDLQ GH UHPERELQHU XQH FDVVHWWH LO SDVVHUD HQ PRGH YHLOOH XQLTXHPHQW ORUVTXH OD FDVVHWWH VHUD FRPSOýWHPHQW
UHPERELQ H
$IILFKDJH GH O LPDJH GH O DSSDUHLO G HQUHJLVWUHPHQW
6L OH W O YLVHXU HVW HQ PRGH 9HLOOH HW VL O DSSDUHLO G HQUHJLVWUHPHQW HQYRLH XQ PHQX DIILFKHU VXU O FUDQ GX W O YLVHXU 0HQX SULQFLSDO
SDU H[HPSOH OH W O YLVHXU VH PHWWUD DXWRPDWLTXHPHQW HQ PDUFKH HW OH PHQX VHUD DIILFK ' DXWUHV DSSDUHLOV SHXYHQW VXSSRUWHU FHWWH IRQFWLRQ &RQVXOWH] OH PDQXHO
&H W O YLVHXU FRPPXQLTXH DYHF G DXWUHV DSSDUHLOV G HQUHJLVWUHPHQW SRUWDQW OHV ORJRV VXLYDQWV k'$7$ /2*,&l PDUTXH FRPPHUFLDOH GH 0HW] &RUSRUDWLRQ -k(DV\ /LQNl PDUTXH FRPPHUFLDOH GH 3KLOLSV &RUSRUDWLRQ k0HJDORJLFl PDUTXH FRPPHUFLDOH GH *UXQGLJ &RUSRUDWLRQ -k60$57/,1.l PDUTXH FRPPHUFLDOH GH 6RQ\ &RUSRUDWLRQ ,PSRUWDQW
&HV DSSDUHLOV G HQUHJLVWUHPHQW SHXYHQW VXSSRUWHU WRXWHV OHV IRQFWLRQV FLGHVVXV RX FHUWDLQHV G HQWUH HOOHV VHXOHPHQW &RQVXOWH]
OHXU PDQXHO &HUWDLQV DSSDUHLOV G HQUHJLVWUHPHQW QH VXSSRUWHQW SDV FH W\SH GH V\VWýPH GH FRPPXQLFDWLRQ GH GRQQ HV &HUWDLQV
VXSSRUWHQW TXHOTXHV IRQFWLRQV PDLV SDV WRXWHV &RQVXOWH] OH PDQXHO GH O DSSDUHLO FRQFHUQ &HUWDLQHV IRQFWLRQV VRQW GLVSRQLEOHV
XQLTXHPHQW SRXU O DSSDUHLO FRQQHFW
OD SULVH 6FDUW V OHFWLRQQ H DYHF 4/LQN YRLU SDJH 6L 4/LQN QH IRQFWLRQQH SDV Y ULILH] G DERUG TXH YRWUH F EOH 6FDUW HVW GX W\SH l )XOO\ ZLUHG l &RQVXOWH] YRWUH IRXUQLVVHXU
)RQFWLRQ PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV '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 WRVFRSH RX HQUHJLVWUHXU GH '9' 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' $SSX\H] XQH IRLV VXU FHWWH WRXFKH
SRXU VDXWHU OD SODJH VXLYDQWH
6DXW GH SODJH5HPERELQDJH UDSLGH9LVXDOLVDWLRQ
0$*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
$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
)RQFWLRQ 7 O WH[WH
- /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 /,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 )/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
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
OD IRLV
SDJH G XQH XQLW
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
)RQFWLRQ 7 O WH[WH
,O Q HVW SDV SRVVLEOH GH FKDQJHU OD SRVLWLRQ GX SURJUDPPH HQ PRGH )ODVK G LQIRUPDWLRQV 0LVH
675 3DJH SU I U H )3
)3
MRXU RX $FFýV DX[ VRXVSDJHV
&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
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
,1'(;
/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
6L YRXV VDYH] TXHOOH VRXVSDJH YRXV YRXOH] DIILFKHU DSSX\H] VXU OH ERXWRQ 6(783 SRXU DIILFKHU OHV
IRQFWLRQV VS FLDOHV SXLV VXU OH ERXWRQ %OHX 7
VHUD DIILFK
O HQGURLW RÖ OH QXP UR GH OD SDJH VH
WURXYH KDELWXHOOHPHQW
(QWUH] OH QXP UR GH OD VRXVSDJH DYDQW TXH OH 7
QH GLVSDUDLVVH
3DU H[HPSOH SRXU V OHFWLRQQHU OD SDJH HQWUH] HW $SSX\H] VXU OH ERXWRQ MDXQH SRXU DIILFKHU O LPDJH GX W O YLVHXU SHQGDQW TXH YRXV DWWHQGH] TXH OHV
VRXVSDJHV VXSSO PHQWDLUHV VRLHQW ORFDOLV HV /HV VRXVSDJHV ORFDOLV HV VHURQW DIILFK HV HQ KDXW GH
O FUDQ
/RUVTXH OD SDJH HVW GLVSRQLEOH DSSX\H] VXU OH ERXWRQ MDXQH SRXU O DIILFKHU 4XHO TXH VRLW OH QRPEUH GH
SDJHV WURXY HV ORUVTXH YRXV DSSX\H] VXU OH ERXWRQ MDXQH FH VHUD OD VRXVSDJH GHPDQG H TXL
V DIILFKHUD
3RXU UHYHQLU DX PRGH GH IRQFWLRQQHPHQW 79 QRUPDO DSSX\H] VXU 797(;7
,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
&RQQH[LRQV $XGLR 9LG R
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
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
- 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
79$9
- (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
6RUWLH SULVH FDVTXH
69
)LFKH MDFN VW U R PP
&$648( 67þ5þ2 DYHF
ILFKH MDFN PP
(QWU H YLG R
SULVH 69LG R
(QWU H YLG R
SULVH 9
(QWU H DXGLR SULVHV
/5 JDXFKHGURLWH
& EOH
YLG R
5&$
F EOHV
DXGLR
5&$
&$0(6&23(
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 &RQQH[LRQV $XGLR 9LG R
3ULVHV DUULýUH
,O HVW SRVVLEOH GH EUDQFKHU GHV DSSDUHLOV VXSSO PHQWDLUHV
$9$9 6 $9 6
O DUULýUH GH YRWUH W O YLVHXU YLD WURLV SULVHV S ULWHO EURFKHV
(QWU H $9&
&RPSRQHQW
[ 5&$ 9LGHR &DEOH
6RUWLH GHV SULVHV
6257,( $8',2 * '
&KDñQH KLIL
/(&7(85 '9'
$ QRWHU &H WHUPLQDO
DFFHSWH OH IRUPDW LQ
WHUODF QRUPDO DLQVL
TXH OH IRUPDW SURJUHV
VLI
& EOH 3(5,7(/
(QWU HVRUWLH GH OD
SULVH 3(5,7(/ $9
& EOH 3(5,7(/
(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
& EOH 3(5,7(/
(QWU HVRUWLH GH OD SULVH
3(5,7(/ $9 GH OD OLDLVRQ
4/LQN
0$*1þ726&23(
0$*1þ726&23(
0$*1þ726&23(
0$*1þ726&23( 69,'þ2
0$*1þ726&23( &203$7,%/(
/,$,621 4/,1.
/(&7(85 '9'
'þ&2'(85
/(&7(85 '9'
'þ&2'(85
&$0(6&23( 69,'(2
/(&7(85 '9'
(15(*,675(85 '9'
&$0(6&23( 69,'(2
0$*1(726&23(
0$*1(726&23( 69,'þ2
&$0(6&23( 69,'(2
(15(*,675(85 '9'
&203$7,%/( 4/,1.
/(&7(85 '9'
&$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 - $96 Q HVW SDV GLVSRQLEOH ORUVTXH YRXV DYH] FRQQHFW XQ FRPSRVDQW/RUVTXH YRXV UDFFRUGH] O HQWU H FRPSRVDQWV VXU $9
V OHFWLRQQH] $9& SRXU DIILFKHU O LPDJH FRUUHFWHPHQW &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
- (Q PRGH $9& HQWU H SURJUHVVLYH HW GHV FRPSRVDQWV OD VRUWLH PRQLWHXU $9 Q HVW SDV GLVSRQLEOH
- &RQILUPHU ORUV GH O XWLOLVDWLRQ GH OD FRQQHFWLRQ $9& TXH O DSSDUHLO H[WHUQH FRQQHFW SDU H[ OH OHFWHXU GH '9' Q HVW SDV U JO VXU
59%
'LDJQRVWLF GHV SDQQHV
6L YRXV DYH] GHV SUREOýPHV DYHF YRWUH W O YLVHXU YHXLOOH] FRQVXOWHU OH WDEOHDX FLGHVVRXV $SUýV DYRLU LGHQWLIL OHV V\PSWÎPHV
U DOLVH] OD Y ULILFDWLRQ VXJJ U H 6L FHOD QH VXIILW SDV SRXU U VRXGUH OH SUREOýPH FRQWDFWH] YRWUH IRXUQLVVHXU 3DQDVRQLF HQ FLWDQW OD
U I UHQFH GX PRGýOH HW OH QXP UR GH V ULH TXH YRXV WURXYHUH] O DUULýUH GX W O YLVHXU 6\PSWÎPHV
,PDJH
6RQ
9 ULILHU
/D SRVLWLRQ O RULHQWDWLRQ RX OH
UDFFRUGHPHQW GH O DQWHQQH
,PDJH QHLJHXVH
6RQ GLVFRUGDQW
/D SRVLWLRQ O RULHQWDWLRQ RX OH
UDFFRUGHPHQW GH O DQWHQQH
,PDJH G PXOWLSOL H
6RQ QRUPDO
/D SUR[LPLW G DSSDUHLOV OHFWURP QDJHUV
GH YRLWXUHVPRWRF\FOHWWHV
G FODLUDJHV IOXRUHVFHQWV
3DUDVLWHV
6RQ GLVFRUGDQW
6 OHFWLRQQH] OD IRQFWLRQ 315 GDQV OH PHQX ,PDJH
SRXU U GXLUH OD GLVWRUVLRQ GH O LPDJH
/H U JODJH GH YROXPH
6L OD FRXSXUH GH VRQ HVW DFWLY H
,PDJH QRUPDOH
3DV G LPDJH
3DV GH VRQ
3DV GH VRQ
6L OH W O YLVHXU HVW HQ PRGH $9
6L OD SULVH VHFWHXU HVW ELHQ EUDQFK H
6L OH W O YLVHXU HVW DOOXP
6L OHV QLYHDX[ GH VRQ HW G LPDJH VRQW U JO V DX
PLQLPXP
6L OH W O YLVHXU HVW O WDW GH YHLOOH
6L OH U JODJH GHV FRXOHXUV HVW DX
PLQLPXP
3DV GH FRXOHXU
6RQ QRUPDO
5 DFFRUGHU OH V FDQDO FDQDX[ 0DXYDLVH LPDJH RX GLVWRUVLRQ
7DFKHV GH FRXOHXU
6RQ IDLEOH RX SDV GH VRQ
6RQ QRUPDO
6 LO \ D XQH LQWHUI UHQFH PDJQ WLTXH G XQ TXLSHPHQW
QRQ EOLQG
6L OH W O YLVHXU D W G SODF DORUV TX LO WDLW DOOXP 'DQV FH FDV O WHLQGUH SHQGDQW DX PRLQV PLQXWHV
6L O LPDJH HVW O JýUHPHQW LQFOLQ H XWLOLVH] OD IRQFWLRQ
GH FRUUHFWLRQ J RPDJQ WLTXH YRLU *XLGH GH PLVH HQ
URXWH UDSLGH SDJH /D U FHSWLRQ GX VRQ SHXW V ûWUH G JUDG H
0HWWUH OH U JODJH 03; PHQX 6RQ VXU
0RQR MXVTX FH TXH OD U FHSWLRQ
V DP OLRUH
,PDJH QRUPDOH
6RQ IDLEOH RX GLVFRUGDQW
,QIRUPDWLRQV VXU OHV SULVHV 3HULW O HW 6YLGHR
3ULVHV 3(5,7(/ EURFKHV $9 HW $9
6 9LG R 4 /LQN $9 XQLTXHPHQW
3ULVHV 3(5,7(/ EURFKHV $9 HW $9
6 9LG R 4 /LQN $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 '
&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
/LDLVRQ 4/LQN $9
(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 $9
(WDW YLG R &9%6
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
0DVVH FKURPLQDQFH
(QWU H OXPLQDQFH
0DVVH OXPLQDQFH
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
&DUDFW ULVWLTXHV
7; 3;)
$OLPHQWDWLRQ OHFWULTXH
9 $& +]
&RQVRPPDWLRQ
:
&RQVRPPDWLRQ HQ YHLOOH
:
7XEH LPDJH
'LDJRQDOH YLVLEOH
FP
6RUWLH DXGLR
3XLVVDQFH PXVLFDOH
*DXFKH : [ 032
'LPHQVLRQ
3RLGV NJ
6\VWýPHV GH U FHSWLRQ
QRP GH EDQGH
+
/
3
PP
PP
PP
3$/ % * + , 6(&$0 % * 6(&$0 //
9+) ( (
9+) + + ,7$/,(
9+) $ + ,7$/,(
8+) ( (
&$79 6 6
&$79 6 6 0 0
&$79 6 6 8 8
&$79 6 6 K\SHUEDQGH
3$/ '
' .
. 6(&$0 '
' .
9+) 5 5
9+) 5 5
9+) 5 5
8+) ( (
3$/ /HFWXUH GH FDVVHWWHV 176& SDUWLU GH PDJQ WRVFRSHV 3$/
0176& /HFWXUH GH PDJQ WRVFRSHV 176& 0+]
176& HQWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRVFRSHV 176&
$QWHQQH DUULýUH
8+) 9+)
&DVTXH DYDQW
PP LPS GDQFH :
$9 DUULýUH
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 59%
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R OLDLVRQ 4/LQN
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R HQWU H 59% OLDLVRQ
4/LQN $9 & &RPSRQHQW HQWU H < 3E 3U
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R
[ VRUWLH DXGLR 5&$
$9 DYDQW
$9 HQWU H 69LG R [ HQWU H YLG R 5&$ [ HQWU HV DXGLR 5&$
&HV FDUDFW ULVWLTXHV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV VRQW DSSUR[LPDWLIV
'ROE\ 9LUWXDO HW OH
VRQW GHV PDUTXHV GH IDEULTXH GH 'ROE\ /DERUDWRLUHV
)DEULTX VRXV OLFHQFH GH 'ROE\ /DERUDWRLUHV /LFHQVLQJ &RUSRUDWLRQ
&6
">
Link pubblico aggiornato
Il link pubblico alla tua chat è stato aggiornato.