7DEOH GHV PDWLqUHV
$ /·$77(17,21 '( /·,167$//$7(85
$ /·$77(17,21 '( /·,167$//$7(85
$YHUWLVVHPHQWV LPSRUWDQWV &$5$&7(5,67,48(6 7(&+1,48(6 '(6&5,37,21 '( 9275( &8,6,1,(5(
,167$//$7,21 /·,17(5,(85 '8 )285 &+$1*(0(17 '( *$= /( 352*5$00$7(85 (/(&7521,48(
&216(,/6 $9$17 /$ 35(0,(5(
87,/,6$7,21 5(03/$&(0(17 '( /·$0328/(
'·(&/$,5$*( &200(17 87,/,6(5 /$ 7$%/(
'( &8,6621 &200(17 87,/,6(5 /( )285 /HV DFFHVVRLUHV GX IRXU /D FXLVVRQ WUDGLWLRQQHOOH /D FXLVVRQ DX JULO /D FXLVVRQ DX PD[L JULO /D FXLVVRQ DX WRXUQHEURFKH /D FXLVVRQ GHV YLDQGHV /D FXLVVRQ SDU O·pOpPHQW FKDXIIDQW LQIpULHXU
/H PDLQWLHQ DX FKDXG /D FXLVVRQ WUDGLWLRQQHOOH DYHF SUpFKDXIIDJH
LQWpJUp &216(,/6 '·87,/,6$7,21 /$ 7$%/(
'( &8,6621 &216(,/6 '·87,/,6$7,21 /( )285
*8,'(6 '(6 &8,66216 (175(7,(1 (7 1(772<$*( (1 &$6 '·$120$/,( '(
)21&7,211(0(17 &21',7,216 '( *$5$17,( &RPPHQW XWLOLVHU YRWUH QRWLFH "
/HV V\PEROHV VXLYDQWV YRXV JXLGHURQW WRXW DX ORQJ GH
O·XWLOLVDWLRQ GH YRWUH QRWLFH ,QVWUXFWLRQV GH VpFXULWp
'HVFULSWLRQ G·RSpUDWLRQV pWDSH SDU pWDSH
&RQVHLOV HW UHFRPPDQGDWLRQV
,QIRUPDWLRQV VXU O·HQYLURQQHPHQW
$YHUWLVVHPHQWV LPSRUWDQWV
&RQVHUYH] FHWWH QRWLFH G·XWLOLVDWLRQ DYHF YRWUH DSSDUHLO 6L O·DSSDUHLO GHYDLW rWUH YHQGX RX FpGp j XQH DXWUH SHUVRQQH
DVVXUH]YRXV TXH OD QRWLFH G·XWLOLVDWLRQ O·DFFRPSDJQH /H QRXYHO XWLOLVDWHXU SRXUUD DORUV rWUH LQIRUPp GX
IRQFWLRQQHPHQW GH FHOXLFL HW GHV DYHUWLVVHPHQWV V·\ UDSSRUWDQW &HV DYHUWLVVHPHQWV RQW pWp UpGLJpV SRXU YRWUH
VpFXULWp HW FHOOH G·DXWUXL
1·XWLOLVH] TXH OHV DFFHVVRLUHV OLYUpV DYHF YRWUH
8WLOLVDWLRQ
DSSDUHLO 8Q GLIIXVHXU GH FKDOHXU SDU H[HPSOH
&HW DSSDUHLO D pWp FRQoX SRXU rWUH XWLOLVp SDU GHV
HQGRPPDJHUDLW OD WDEOH GH FXLVVRQ
DGXOWHV 9HXLOOH] j FH TXH OHV HQIDQWV Q·\ WRXFKHQW
1·HPSOR\H] MDPDLV OH SODWHDX PXOWLXVDJHV
SDV HW QH O·XWLOLVHQW SDV FRPPH XQ MRXHW
FRPPH SODW j U{WLU
$ OD UpFHSWLRQ GH O·DSSDUHLO GpEDOOH]OH RX
$YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH DSSDUHLO
IDLWHVOH GpEDOOHU LPPpGLDWHPHQW 9pULILH] VRQ
IDLWHV OH FKDXIIHU XQH IRLV j YLGH $VVXUH]YRXV
DVSHFW JpQpUDO )DLWHV OHV pYHQWXHOOHV UpVHUYHV
DORUV TXH OD SLqFH VRLW VXIILVDPPHQW DpUpH 90&
SDU pFULW VXU OH ERQ GH OLYUDLVRQ GRQW YRXV JDUGHUH]
YHQWLODWLRQ
PpFDQLTXH
FRQWU{OpH
HQ
XQ H[HPSODLUH
IRQFWLRQQHPHQW RX IHQrWUH RXYHUWH
9RWUH DSSDUHLO HVW GHVWLQp j XQ XVDJH GRPHVWLTXH
/RUV GH VRQ XWLOLVDWLRQ O·DSSDUHLO GHYLHQW FKDXG 1H
QRUPDO 1H O·XWLOLVH] SDV j GHV ILQV FRPPHUFLDOHV
SDV WRXFKHU OHV pOpPHQWV FKDXIIDQWV VLWXpV j
RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH FHOXL
O·LQWpULHXU GX IRXU
SRXU OHTXHO LO D pWp FRQoX
(Q HQIRXUQDQW RX HQ VRUWDQW YRV SODWV GX IRXU
1H PRGLILH] SDV RX Q·HVVD\H] SDV GH PRGLILHU OHV
SUHQH] OD SUpFDXWLRQ GH QH SDV YRXV DSSURFKHU
FDUDFWpULVWLTXHV
GH
FHW
DSSDUHLO
&HOD
GHV pOpPHQWV FKDXIIDQWV VXSpULHXUV HW XWLOLVH] GHV
UHSUpVHQWHUDLW XQ GDQJHU SRXU YRXV
JDQWV WKHUPLTXHV GH FXLVLQH
9RWUH DSSDUHLO HVW pTXLSp G·XQH SRUWH IURLGH
1H SODFH] MDPDLV GH SDSLHU G·DOXPLQLXP
DVVXUDQW XQ FRQIRUW RSWLPDO JUkFH j XQ V\VWqPH
GLUHFWHPHQW HQ FRQWDFW DYHF OD VROH OD FKDOHXU
DXWRPDWLTXH GH YHQWLODWLRQ
DFFXPXOpH SRXUUDLW HQWUDvQHU XQH GpWpULRUDWLRQ GH
$VVXUH]YRXV TXH OHV HQIDQWV QH PDQLSXOHQW SDV
O·pPDLO
OHV FRPPDQGHV GH O·DSSDUHLO
6XU OD SRUWH RXYHUWH GX IRXU (ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO SHQGDQW
QH SRVH] SDV GH FKDUJH ORXUGH
VRQ IRQFWLRQQHPHQW 9RXV pYLWHUH] DLQVL TX·LOV VH
DVVXUH]YRXV TX·XQ HQIDQW QH SXLVVH QL
EUOHQW HQ WRXFKDQW OD VXUIDFH GH OD WDEOH RX HQ
PRQWHU QL V·DVVHRLU
UHQYHUVDQW XQ UpFLSLHQW GH FXLVVRQ
3RXU pYLWHU G·HQGRPPDJHU OHV FRPPDQGHV GH
1H WLUH] MDPDLV YRWUH DSSDUHLO SDU OD SRLJQpH GH OD
YRWUH DSSDUHLO QH ODLVVH] SDV OD SRUWH RXYHUWH
SRUWH
ORUVTX·LO HVW HQ IRQFWLRQQHPHQW RX HQFRUH FKDXG
&KDQJH] OH WX\DX G·DUULYpH GX JD] XQ SHX DYDQW
6L YRXV XWLOLVH] XQ DSSDUHLO pOHFWULTXH j ILO j
O·H[SLUDWLRQ GH OD GDWH GH YLHLOOLVVHPHQW LPSULPpH
SUR[LPLWp GH YRWUH FXLVLQLqUH SDU H[HPSOH XQ
VXU FHOXLFL
EDWWHXU pOHFWULTXH DVVXUH]YRXV TXH OH ILO GH
1·XWLOLVH] MDPDLV GH ERXWHLOOH GH SURSDQH GDQV
FHOXLFL QH ULVTXH SDV GH WRXFKHU XQH VXUIDFH WUqV
YRWUH FXLVLQH RX DXWUH ORFDO IHUPp
FKDXGH TXL VHUDLW VXVFHSWLEOH GH OH IDLUH IRQGUH RX
ELHQ TXH VRQ ILO QH ULVTXH SDV G·rWUH FRLQFp GDQV
9HLOOH] j QH ULHQ ODLVVHU VXU OD WDEOH SHQGDQW
OD SRUWH GX IRXU
O·XWLOLVDWLRQ GHV IR\HUV
WRUFKRQV IHXLOOH
G·DOXPLQLXP
1H VWRFNH] SDV GH SURGXLWV G·HQWUHWLHQ RX GH
SURGXLWV LQIODPPDEOHV GDQV OH WLURLU
3RXU OH ERQ FRXOLVVHPHQW GX WLURLU DVVXUH]YRXV
TX·DXFXQ REMHW QH VH WURXYH VRXV OH WLURLU
1H IDLWHV MDPDLV IRQFWLRQQHU YRWUH WDEOH GH FXLVVRQ
j YLGH VDQV UpFLSLHQW GHVVXV
/·XWLOLVDWLRQ G·XQ DSSDUHLO GH FXLVVRQ DX JD]
FRQGXLW j OD SURGXFWLRQ GH FKDOHXU HW G·KXPLGLWp
GDQV OD SLqFH R LO HVW LQVWDOOp 9HLOOH] j DVVXUHU XQH
ERQQH DpUDWLRQ GH OD FXLVLQH PDLQWHQH] RXYHUWV
OHV RULILFHV G·DpUDWLRQ QDWXUHOOH RX LQVWDOOH] XQ
GLVSRVLWLI G·DpUDWLRQ PpFDQLTXH
8QH XWLOLVDWLRQ LQWHQVLYH HW SURORQJpH GH O·DSSDUHLO
SHXW QpFHVVLWHU XQH DpUDWLRQ VXSSOpPHQWDLUH HQ
RXYUDQW OD IHQrWUH RX XQH DpUDWLRQ SOXV HIILFDFH
SDU H[HPSOH HQ DXJPHQWDQW OD SXLVVDQFH GH OD
YHQWLODWLRQ PpFDQLTXH VL HOOH H[LVWH
(Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH
FXLVLQLqUH Q·XWLOLVH] TXH GHV SODWV GHV PRXOHV j
JkWHDX[ UpVLVWDQWV j GH KDXWHV WHPSpUDWXUHV
VXLYH] OHV LQVWUXFWLRQV GHV IDEULFDQWV
$SUqV XWLOLVDWLRQ GH YRWUH FXLVLQLqUH DVVXUH]YRXV
TXH WRXWHV OHV FRPPDQGHV VH WURXYHQW VXU OD
SRVLWLRQ $UUrW
9pULILH] TX·DXFXQ pOpPHQW QH VRLW VRXV WHQVLRQ HW
TXH OHV SDURLV VRLHQW VXIILVDPPHQW UHIURLGLHV
DYDQW GH SURFpGHU DX QHWWR\DJH GH YRWUH
FXLVLQLqUH
3RXU REWHQLU GH ERQV UpVXOWDWV FXOLQDLUHV HW
G·XWLOLVDWLRQ YHLOOH] j FH TXH YRWUH DSSDUHLO VRLW
WRXMRXUV SURSUH ORUV GH OD FXLVVRQ GH FHUWDLQHV
SUpSDUDWLRQV OHV SURMHFWLRQV JUDLVVHXVHV SHXYHQW
GpJDJHU GHV RGHXUV GpVDJUpDEOHV
1·XWLOLVH] MDPDLV G·DSSDUHLOV j YDSHXU RX j KDXWH
SUHVVLRQ SRXU QHWWR\HU OH IRXU H[LJHQFHV UHODWLYHV
j OD VpFXULWp pOHFWULTXH ,QVWDOODWLRQ
6L O·LQVWDOODWLRQ pOHFWULTXH GH YRWUH KDELWDWLRQ
QpFHVVLWH XQH PRGLILFDWLRQ SRXU OH EUDQFKHPHQW
GH YRWUH DSSDUHLO IDLWHV DSSHO j XQ pOHFWULFLHQ
TXDOLILp
'HEUDQFKH] O·DSSDUHLO RX HQOHYH] OH IXVLEOH
FRUUHVSRQGDQW j OD OLJQH GH EUDQFKHPHQW GH OD
FXLVLQLqUH VL OD FXLVLQLqUH SUpVHQWH XQH TXHOFRQTXH
DQRPDOLH
(Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV
G·DERUG DX FKDSLWUH ´(1 &$6 '·$120$/,( '(
)21&7,211(0(17´ 6L PDOJUp WRXWHV OHV
YpULILFDWLRQV XQH LQWHUYHQWLRQ V·DYqUH QpFHVVDLUH OH
YHQGHXU GH YRWUH DSSDUHLO HVW OH SUHPLHU KDELOLWp j
LQWHUYHQLU $ GpIDXW GpPpQDJHPHQW GH YRWUH SDUW
IHUPHWXUH GX PDJDVLQ R YRXV DYH] HIIHFWXp
O·DFKDW YHXLOOH]
FRQVXOWHU
O·$VVLVWDQFH
&RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV
O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH ,QGLTXH] OD
UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH
DSSDUHLO TXL ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH
1·HVVD\H] SDV GH UpSDUHU YRWUH DSSDUHLO YRXVPrPH
FHFL SRXUUDLW rWUH OD FDXVH G·LQFLGHQWV
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX
6HUYLFH $SUqV9HQWH OHV SLqFHV GH UHFKDQJH
FHUWLILpHV &RQVWUXFWHXU
3URWHFWLRQ GH O·HQYLURQQHPHQW
7RXV OHV PDWpULDX[ PDUTXpV SDU OH V\PEROH
VRQW
UHF\FODEOHV 'pSRVH]OHV GDQV XQH GpFKHWWHULH
SUpYXH j FHW HIIHW UHQVHLJQH]YRXV DXSUqV GHV
VHUYLFHV GH YRWUH FRPPXQH SRXU TX·LOV SXLVVHQW rWUH
UpFXSpUpV HW UHF\FOpV
6L YRXV SURFpGH] j OD PLVH j OD FDVVH GH YRWUH
DSSDUHLO PHWWH] KRUV G·XVDJH FH TXL SRXUUDLW
UHSUpVHQWHU XQ GDQJHU SDU H[HPSOH FRXSH] OH FkEOH
G·DOLPHQWDWLRQ DX UDV GH O·DSSDUHLO
$YDQW G·XWLOLVHU YRWUH DSSDUHLO YHXLOOH]
OLUH WRXWHV OHV LQVWUXFWLRQV HW
FRQVHUYH]OHV SRXU UpIpUHQFHV
XOWpULHXUHV
'(6&5,37,21 '( 9275( &8,6,1,(5(
/H EDQGHDX GH FRPPDQGHV
➀ &RPPDQGH GX VpOHFWHXU GH IRQFWLRQV GX IRXU HW GH OD WHPSpUDWXUH SUpUpJOpH
➁ 3URJUDPPDWHXU pOHFWURQLTXH
➂ 9R\DQW ´PDUFKHµ WDEOH
➃ &RPPDQGH GH OD SODTXH pOHFWULTXH
➄ j ➆ &RPPDQGHV GHV IR\HUV GH WDEOH
/D WDEOH GH FXLVVRQ
%UOHXU VHPLUDSLGH
N:
%UOHXU UDSLGH
N:
HQ EXWDQHSURSDQH N:
3ODTXH j OLPLWHXU
N:
%UOHXU DX[LOLDLUH
N:
/·,17(5,(85 '8 )285
➀ *UDGLQV
➁ *ULO
➂ (OpPHQW FKDXIIDQW VXSpULHXU
➃ (FODLUDJH GX IRXU
➄ (OpPHQW FKDXIIDQW LQIpULHXU VLWXp VRXV OD VROH
➅ (QWUDvQHPHQW GH OD EURFKH
➊ j➎
1LYHDX[ GH JUDGLQV
/( 352*5$00$7(85 (/(&7521,48(
➀ 0DQHWWH GH VpOHFWHXU GH IRQFWLRQV GX IRXU
HW GH OD WHPSpUDWXUH SUpUpJOpH
➁ %RXWRQ GH YLVXDOLVDWLRQ GHV LQIRUPDWLRQV WHPSV
WHPSpUDWXUHV
➅ %RXWRQ GH UpJODJH GH OD GXUpH GH FXLVVRQ
➆ %RXWRQ GH UpJODJH GH OD ILQ GH FXLVVRQ
➇ 9R\DQW GH UpJXODWLRQ
➂ %RXWRQ G·DMXVWHPHQW ´0RLQVµ
➈ 9R\DQW PDUFKH DUUrW
➃ %RXWRQ G·DMXVWHPHQW ´3OXVµ
➉ 9R\DQWV GH SURJUDPPDWHXU
➄ %RXWRQ GH UpJODJH GX PLQXWHXU
/HV YR\DQWV GH SURJUDPPDWHXU SODFpV DXGHVVXV
GHV ERXWRQV GH UpJODJH FOLJQRWHQW GqV TXH YRXV
DFWLRQQH]
OHV
ERXWRQV
GH
UpJODJH
FRUUHVSRQGDQWV 7DQW TXH OH YR\DQW FOLJQRWH YRXV
SRXYH] PRGLILHU OH UpJODJH FRUUHVSRQGDQW
/D ODPSH GH IRXU V·DOOXPH DX GpEXW GH WRXWH
FXLVVRQ SURJUDPPpH RX QRQ HW UHVWH DOOXPpH
SHQGDQW WRXWH OD FXLVVRQ
0LVH j O·KHXUH GH O·KRUORJH
'qV TXH OD FXLVLQLqUH HVW UDFFRUGpH
pOHFWULTXHPHQW V·DIILFKH 3RXU OD PLVH j
O·KHXUH SUHVVH] VLPXOWDQpPHQW OHV ERXWRQV
µGXUpHµ HW µILQ GH FXLVVRQµ SHQGDQW HQYLURQ VHFRQGHV FOLJQRWH
5HOkFKH] OHV ERXWRQV µGXUpHµ HW µILQ GH FXLVVRQµ
HW
DFWLRQQH] OH ERXWRQ
GH O·KHXUH H[DFWH
RX
MXVTX·j O·DIILFKDJH
0RGLILFDWLRQ GH OD WHPSpUDWXUH
'qV OD VpOHFWLRQ GH OD SRVLWLRQ GH FXLVVRQ OD
WHPSpUDWXUH SUpUpJOpH V·DIILFKH YRXV SRXYH]
OD PRGLILHU HQ DSSX\DQW VXU OHV ERXWRQV
RX
/D WHPSpUDWXUH FKRLVLH UHVWH DIILFKpH SHQGDQW
HQYLURQ PLQXWH (QVXLWH O·KHXUH V·DIILFKH GH
QRXYHDX
(Q FRXUV GH FXLVVRQ DSSX\H] VXU OH ERXWRQ
µWHPSpUDWXUHµ MXVTX·j FH TXH OD WHPSpUDWXUH
RX
SRXU OD PRGLILHU
V·DIILFKH $SSX\H] VXU
8WLOLVDWLRQ GX PLQXWHXU IRQFWLRQ ´VDEOLHUµ
$SSX\H] VXU OH ERXWRQ µPLQXWHXUµ /H YR\DQW
µPLQXWHXUµ FOLJQRWH
$SSX\H] VXU
MXVTX·j O·DIILFKDJH GX WHPSV
VRXKDLWp
/RUVTXH OH ELS VRQRUH UHWHQWLW DSSX\H] VXU
Q·LPSRUWH TXHO ERXWRQ SRXU O·DUUrWHU
&XLVVRQ SURJUDPPpH
'pSDUW LPPpGLDW
7RXUQH] OD PDQHWWH GX VpOHFWHXU GH IRQFWLRQV VXU
OD SRVLWLRQ FKRLVLH HW PRGLILH] OH FDV pFKpDQW OD
WHPSpUDWXUH /H YR\DQW µPDUFKHµ V·DOOXPH HW OH
YR\DQW µUpJXODWLRQµ FOLJQRWH
$SSX\H] VXU OH ERXWRQ µGXUpH GH FXLVVRQµ OH
YR\DQW µGXUpH GH FXLVVRQµ FOLJQRWH
$SSX\H] VXU OH ERXWRQ
FXLVVRQ
SRXU UpJOHU OH WHPSV GH
9RXV DYH] pJDOHPHQW OD SRVVLELOLWp GH GLIIpUHU OH
GpSDUW $SSX\H] VXU OH ERXWRQ ´ILQ GH FXLVVRQµ /H
YR\DQW µILQ GH FXLVVRQµ FOLJQRWH
$SSX\H] LPPpGLDWHPHQW VXU OH ERXWRQ
SRXU
UpJOHU O·KHXUH GH ILQ GH FXLVVRQ
/H YR\DQW µUpJXODWLRQµ V·pWHLQW
8Q VLJQDO VRQRUH YRXV DYHUWLW GH OD ILQ GH OD
FXLVVRQ $SSX\H] VXU Q·LPSRUWH TXHO ERXWRQ SRXU
OH VWRSSHU 9RWUH IRXU V·DUUrWH GH FKDXIIHU
5DPHQH] OD PDQHWWH GH VpOHFWHXU VXU OD SRVLWLRQ
DUUrW
6L YRXV YRXOH] DQQXOHU OH WHPSV GH FXLVVRQ PHWWH] OD
PDQHWWH GH VpOHFWHXU VXU OD SRVLWLRQ DUUrW
/H SURJUDPPDWHXU FDOFXOHUD DXWRPDWLTXHPHQW O·KHXUH
GH GpEXW GH FXLVVRQ
$X ERXW GH TXHOTXHV VHFRQGHV OH WHPSV GH FXLVVRQ
SURJUDPPp V·DIILFKH j QRXYHDX
$X PRPHQW R OH IRXU VH PHW HQ URXWH OD ODPSH GH IRXU
V·DOOXPH HW UHVWH DOOXPpH SHQGDQW WRXWH OD FXLVVRQ /H
YR\DQW µUpJXODWLRQµ FOLJQRWH WDQW TXH OD WHPSpUDWXUH
SURJUDPPpH Q·HVW SDV DWWHLQWH
9RXV SRXYH] j WRXW PRPHQW PRGLILHU OD GXUpH RX
O·KHXUH GH ILQ GH FXLVVRQ HQ DSSX\DQW UHVSHFWLYHPHQW
VXU OHV ERXWRQV µGXUpH GH FXLVVRQµ RX µILQ GH
RX
FXLVVRQµ SXLV VXU OH ERXWRQ
3RXU DIILFKHU O·KHXUH GX MRXU DSSX\H] VXU OH ERXWRQ
µWHPSpUDWXUHµ
3RXU DQQXOHU YRWUH SURJUDPPDWLRQ PHWWH] OH
VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ DUUrW
9LVXDOLVDWLRQ GHV LQIRUPDWLRQV
$SSX\H] VXU OH ERXWRQ ´WHPSpUDWXUHµ SRXU
YLVXDOLVHU OD WHPSpUDWXUH GH FXLVVRQ VpOHFWLRQQpH OH ´Fµ HVW SRVLWLRQQp HQ KDXW
H[HPSOH
j GURLWH GH OD WHPSpUDWXUH OD WHPSpUDWXUH UpHOOH j O·LQWpULHXU GX IRXU OH ´Fµ HVW SRVLWLRQQp HQ EDV j
H[HPSOH
GURLWH GH OD WHPSpUDWXUH O·KHXUH GX MRXU
$SSX\H] VXU OH ERXWRQ µILQ GH FXLVVRQµ SRXU
YLVXDOLVHU
O·KHXUH GH ILQ GH FXLVVRQ RX GH QHWWR\DJH
S\URO\WLTXH SURJUDPPpH
$SSX\H] VXU OHV ERXWRQV ´PLQXWHXUµ RX ´GXUpH GH
FXLVVRQµ SRXU YLVXDOLVHU OHV WHPSV SURJUDPPpV
6pFXULWp HQIDQW
3RXU pYLWHU WRXW ULVTXH GH PLVH HQ URXWH LQWHPSHVWLYH
GX IRXU SDU XQ HQIDQW YRWUH IRXU FRPSRUWH XQ V\VWqPH
GH YHUURXLOODJH
/H IRXU pWHLQW DSSX\H] VLPXOWDQpPHQW VXU OHV SDV SOXV
SUHPLqUHV WRXFKHV µWHPSpUDWXUHµ HW
GH VHFRQGHV XQ ELS VRQRUH UHWHQWLW XQ SRLQW
URXJH FOLJQRWH HQ EDV j GURLWH GH O·KHXUH
/RUVTXH OD VpFXULWp HQIDQW HVW HQFOHQFKpH OHV
pOpPHQWV FKDXIIDQWV GX IRXU QH IRQFWLRQQHQW SDV
3RXU GpYHUURXLOOHU DSSX\H] GH QRXYHDX VXU OHV
XQ ELS VRQRUH
WRXFKHV ´WHPSpUDWXUHµ HW
UHWHQWLW OH SRLQW URXJH V·pWHLQW YRWUH IRXU HVW GH
QRXYHDX SUrW j IRQFWLRQQHU
&216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21
/D WDEOH GH FXLVVRQ
$YDQW OD SUHPLqUH XWLOLVDWLRQ GH OD SODTXH pOHFWULTXH
IDLWHVOD FKDXIIHU PLQXWHV HQ SRVLWLRQ PD[L DILQ
G·pOLPLQHU OHV JUDLVVHV GH SURWHFWLRQ
/H IRXU
3UHPLHU QHWWR\DJH
(QOHYH] OHV DFFHVVRLUHV HW ODYH]OHV j O·HDX
VDYRQQHXVH HQ SUHQDQW VRLQ GH ELHQ OHV ULQFHU HW OHV
HVVX\HU
3UHPLqUH RSpUDWLRQ
$YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH IRXU
IDLWHVOH FKDXIIHU XQH IRLV j YLGH
$VVXUH]YRXV DORUV TXH OD SLqFH VRLW
VXIILVDPPHQW DpUpH 90& YHQWLODWLRQ
PpFDQLTXH FRQWU{OpH HQ IRQFWLRQQHPHQW
RX IHQrWUH RXYHUWH
&RPPHQW SURFpGHU "
(QOHYH] WRXV OHV DFFHVVRLUHV GX IRXU
5HWLUH] OHV pWLTXHWWHV SXEOLFLWDLUHV HW OHV
DXWRFROODQWV VDXI OD SODTXH VLJQDOpWLTXH TXL
SRXUUDLHQW VH WURXYHU VXU OD IDoDGH GH YRWUH
DSSDUHLO
0HWWH] OH SURJUDPPDWHXU j O·KHXUH YRLU FKDSLWUH
´/H SURJUDPPDWHXU pOHFWURQLTXHµ 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
HW DXJPHQWH] OD WHPSpUDWXUH MXVTX·j &
)DLWHV FKDXIIHU SHQGDQW XQH KHXUH DILQ G·pOLPLQHU
O·RGHXU SURYHQDQW GX FDORULIXJH
/H PRGH OD GXUpH HW OD WHPSpUDWXUH GH FXLVVRQ
LQGLTXpV GDQV OHV JXLGHV GH FXLVVRQV VRQW DGDSWpV j
YRWUH QRXYHOOH FXLVLQLqUH 3RXU REWHQLU GH ERQV
UpVXOWDWV FXOLQDLUHV VXLYH] FHV LQGLFDWLRQV
&200(17 87,/,6(5 /$ 7$%/( '( &8,6621
/HV EUOHXUV JD]
3RXU DOOXPHU OHV EUOHXUV
RX
3RXVVH] HW WRXUQH] j O·LQYHUVH GHV DLJXLOOHV G·XQH
PRQWUH OD FRPPDQGH GX EUOHXU FKRLVL
PDLQWHQH] OD FRPPDQGH HQ SRVLWLRQ SRXVVpH
MXVTX·j O·DOOXPDJH GX EUOHXU XQH pWLQFHOOH VH
SURGXLW HQYLURQ WRXWHV OHV VHFRQGHV
SUpVHQWH] XQH IODPPH DX EUOHXU DSUqV DYRLU
WRXUQp OD FRPPDQGH HQ FDV GH PDQTXH G·pQHUJLH
pOHFWULTXH UHOkFKH] OD FRPPDQGH OH EUOHXU UHVWH DOOXPp
3RXU pWHLQGUH OHV EUOHXUV 7RXUQH] OD FRPPDQGH GDQV OH VHQV GHV DLJXLOOHV
G·XQH PRQWUH MXVTX·j OD EXWpH VXU OD SRVLWLRQ DUUrW
3ULQFLSDOHV SRVLWLRQV G·XWLOLVDWLRQ ●
SRVLWLRQ ´DUUrWµ
GpELW PD[LPXP
GpELW PLQLPXP
/HV FROOHUHWWHV GH FRPPDQGHV GHV
EUOHXUV GH WDEOH
/HV FRPPDQGHV GHV EUOHXUV GH WDEOH VRQW
FRQVWLWXpHV G·XQH PDQHWWH HW G·XQH FROOHUHWWH
VpULJUDSKLpH ●
&HV LQGLFDWLRQV YRXV SHUPHWWHQW GH UHPRQWHU
FRUUHFWHPHQW OHV FROOHUHWWHV DSUqV GpPRQWDJH DSUqV
OH QHWWR\DJH SDU H[HPSOH /H IR\HU pOHFWULTXH SODTXH UDSLGH j
OLPLWHXU SRLQW URXJH
(OOH RIIUH SRVLWLRQV GH FXLVVRQ
&HWWH SODTXH FKDXIIH YLWH HW FRQYLHQW SDUWLFXOLqUHPHQW
DX[ FXLVVRQV TXL GHPDQGHQW XQ GpPDUUDJH j IHX YLI
UHSRUWH]YRXV DX FKDSLWUH ´*XLGHV GHV FXLVVRQVµ /H UHSqUH ´µ FRUUHVSRQG j OD SRVLWLRQ DUUrW
/H UHSqUH ´µ FRUUHVSRQG j OD SRVLWLRQ PD[L
3RXU DOOXPHU OD SODTXH
7RXUQH] OD FRPPDQGH YHUV OD GURLWH RX YHUV OD
JDXFKH
$PHQH] OD PDQHWWH VXU OH UHSqUH FKRLVL OH YR\DQW
´PDUFKHµ V·DOOXPH
3RXU pWHLQGUH OD SODTXH
5DPHQH] OD FRPPDQGH VXU OD SRVLWLRQ ´µ
/H YR\DQW ´PDUFKHµ V·pWHLQW VDXI VL OH IRXU IRQFWLRQQH
/H YR\DQW ´PDUFKHµ
,O V·DOOXPH GqV TXH YRXV WRXUQH] OD PDQHWWH
FRUUHVSRQGDQW j OD SODTXH pOHFWULTXH ,O V·pWHLQW ORUVTXH
YRXV OD UDPHQH] VXU OD SRVLWLRQ ´µ
6pFXULWp
(ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO WDQW TX·LO
HVW FKDXG
9HLOOH] j QH SRVHU VXU OD WDEOH GH FXLVVRQ DXFXQ
REMHW RX DOLPHQW VXVFHSWLEOH GH IRQGUH XVWHQVLOHV
DYHF PDQFKH HQ SODVWLTXH IHXLOOH G·DOXPLQLXP
DOLPHQW FRQWHQDQW GX VXFUH HWF HQ FDV
G·LQFLGHQW QHWWR\H] LPPpGLDWHPHQW
&200(17 87,/,6(5 /( )285
/HV FRPPDQGHV GH IRXU
/H FKRL[ GX PRGH GH FXLVVRQ V·HIIHFWXH j O·DLGH GX
VpOHFWHXU GH IRQFWLRQV GX IRXU
/RUVTXH YRXV VpOHFWLRQQH] XQ PRGH GH FXLVVRQ OD
WHPSpUDWXUH HVW SUpUpJOpH LO HVW SRVVLEOH GH OD
PRGLILHU
PD[
3RXU O·DXJPHQWHU DSSX\H] VXU OD WRXFKH
&
PLQ
3RXU OD GLPLQXHU DSSX\H] VXU OD WRXFKH
& 5HSRUWH]YRXV DX SDUDJUDSKH ´OH SURJUDPPDWHXU
pOHFWURQLTXHµ
/·pFODLUDJH IRQFWLRQQH GqV TXH OD FRPPDQGH GX
VpOHFWHXU GH IRQFWLRQV HVW WRXUQpH /H IRXU UHVWH
pFODLUp SHQGDQW OD GXUpH GH IRQFWLRQQHPHQW VDXI
SHQGDQW OH QHWWR\DJH S\URO\WLTXH
LO
V·pWHLQW
DXWRPDWLTXHPHQW
ORUVTXH
SURJUDPPDWHXU HVW HQ DWWHQWH GH FXLVVRQ
OH
LO V·DOOXPH GqV TXH OD FXLVVRQ SURJUDPPpH
FRPPHQFH
LO V·pWHLQW HQ ILQ GH SURJUDPPDWLRQ GX WHPSV GH
FXLVVRQ
/HV GLIIpUHQWV V\PEROHV GX VpOHFWHXU
3RVLWLRQV GH FXLVVRQ
7HPSpUDWXUHV
SUpUpJOpHV
3RVLWLRQ DUUrW
&XLVVRQ WUDGLWLRQQHOOH
&
*ULO
&
&XLVVRQ DX PD[L JULO HW
DX WRXUQHEURFKH
&
&XLVVRQ GHV YLDQGHV
&
&XLVVRQ SDU O·pOpPHQW FKDXIIDQW
&
LQIpULHXU
0DLQWLHQ DX FKDXG
&
&XLVVRQ WUDGLWLRQQHOOH
DYHF SUpFKDXIIDJH LQWpJUp
&
1HWWR\DJH S\URO\WLTXH
/H YR\DQW ´PDUFKHµ
,O V·DOOXPH GqV TXH OH IRXU HVW VRXV WHQVLRQ
/H YR\DQW ´UpJXODWLRQµ
,O FOLJQRWH GqV TXH YRXV PHWWH] OH IRXU HQ
IRQFWLRQQHPHQW ,O UHVWH DOOXPp ORUVTXH OH IRXU D DWWHLQW
OD WHPSpUDWXUH GpVLUpH
/H GLVSRVLWLI G·DUUrW GH VpFXULWp
/H IRXU HVW pTXLSp G·XQ GLVSRVLWLI G·DUUrW DXWRPDWLTXH
6L YRXV DYH] RXEOLp GH IL[HU XQH OLPLWH GH WHPSV GH
FXLVVRQ SDU H[HPSOH OH IRQFWLRQQHPHQW V·DUUrWHUD
DXWRPDWLTXHPHQW DSUqV KHXUH HW PLQXWHV RX KHXUHV VHORQ OD WHPSpUDWXUH GH FXLVVRQ
SUpVpOHFWLRQQpH
/H YHQWLODWHXU GH UHIURLGLVVHPHQW
/H YHQWLODWHXU GH UHIURLGLVVHPHQW SHUPHW GH PDLQWHQLU
O·HQYLURQQHPHQW GH OD FXLVLQLqUH EDQGHDX GH
FRPPDQGHV j IDLEOH WHPSpUDWXUH ,O GpPDUUH HW
V·DUUrWH DXWRPDWLTXHPHQW HW LO HVW QRUPDO TXH YRXV
O·HQWHQGLH] HQFRUH TXHOTXHV LQVWDQWV DSUqV O·DUUrW WRWDO
GH YRWUH IRXU
$SUqV
XWLOLVDWLRQ
GH
YRWUH
IRXU
DVVXUH]YRXV TXH OD FRPPDQGH GH
VpOHFWHXU GH IRQFWLRQV VH WURXYH VXU OD
SRVLWLRQ $UUrW /HV DFFHVVRLUHV GX IRXU
(Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH
FXLVLQLqUH QRXV YRXV FRQVHLOORQV GH
Q·XWLOLVHU TXH GHV SODWV HW GHV PRXOHV j
JkWHDX[
UpVLVWDQW
j
GH
KDXWHV
WHPSpUDWXUHV VXLYH] OHV LQVWUXFWLRQV GHV
IDEULFDQWV /D JULOOH VXSSRUW GH SODW
9RWUH FXLVLQLqUH HVW pTXLSpH GH
JULOOH VXSSRUW
SODWHDX PXOWLXVDJHV
WRXUQHEURFKH
'pKDQFKHPHQW YHUV OH KDXW
/D JULOOH VXSSRUW GH SODW
(OOH SHUPHW GH SRVHU OHV SODWV U{WLV JUDWLQV OHV
PRXOHV j SkWLVVHULH HWF 9RWUH SODW GRLW rWUH FHQWUp VXU
OD JULOOH
9RXV SRXYH] O·XWLOLVHU GDQV OHV VHQV GH
GpKDQFKHPHQW SRXU DMXVWHU OD SRVLWLRQ GH YRV SODWV SDU
UDSSRUW j OD VRXUFH GH FKDOHXU
3RXU OHV SUpSDUDWLRQV WUqV ORXUGHV SOXV GH NJ SRVLWLRQQH] OD JULOOH VXSSRUW GH SODW GpKDQFKHPHQW
YHUV OH KDXW
/H SODWHDX PXOWLXVDJHV
'pKDQFKHPHQW YHUV OH EDV
/H SODWHDX PXOWLXVDJHV
3ODQ LQFOLQp
YHUV O·DYDQW
,O HVW HPSOR\p SRXU OD FXLVVRQ RX OH UpFKDXIIDJH GH
SL]]DV GH SHWLWV JkWHDX[ LQGLYLGXHOV SRVpV
GLUHFWHPHQW GHVVXV
2Q O·XWLOLVH DXVVL SRXU UHFXHLOOLU OH MXV GHV JULOODGHV RX
GHV FXLVVRQV DX WRXUQHEURFKH
1RXV YRXV UHFRPPDQGRQV GH JOLVVHU OH SODWHDX GDQV
OHV JUDGLQV OHV SHWLWV WURXV FLUFXODLUHV YHUV O·DUULqUH
IRQG GX IRXU HW OH SODQ LQFOLQp YHUV O·DYDQW F{Wp SRUWH
GH IRXU 3HWLWV WURXV
FLUFXODLUHV
YHUV O·DUULqUH
3UHQH] OD SUpFDXWLRQ GH FHQWUHU OH SODWHDX
PXOWLXVDJHV GDQV OH IRXU SRXU SHUPHWWUH XQH
ERQQH FLUFXODWLRQ G·DLU HW REWHQLU XQH FXLVVRQ
KRPRJqQH
3RXU YRXV VLPSOLILHU OH QHWWR\DJH FH SODWHDX
PXOWLXVDJHV HVW S\URO\VDEOH 9RXV SRXYH] OH ODLVVHU
GDQV YRWUH IRXU ORUV GX QHWWR\DJH S\URO\WLTXH HQ
VXLYDQW TXHOTXHV FRQVHLOV YRLU FKDSLWUH ´(175(7,(1
(7 1(772<$*(µ /H WRXUQHEURFKH
)RXUFKHWWHV
/H WRXUQHEURFKH
,O HVW FRPSRVp GH
EURFKH
IRXUFKHWWHV
VXSSRUW GH EURFKH
%URFKH
6XSSRUW GH EURFKH
/D FXLVVRQ WUDGLWLRQQHOOH
7HPSpUDWXUH SUp UpJOpH &
(OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW
GH SkWLVVHULH GH SRLVVRQV GH WHUULQHV HW GH
SUpSDUDWLRQV j EDVH GH OpJXPHV
/H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH
&RPPHQW SURFpGHU "
3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ GH FXLVVRQ
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH UHSRUWH]YRXV DX SDUDJUDSKH ´OH
SURJUDPPDWHXU pOHFWURQLTXHµ (QIRXUQH] YRWUH SODW ORUVTXH OH ELS VRQRUH YRXV
LQGLTXH TXH OD WHPSpUDWXUH SUpUpJOpH HVW DWWHLQWH
/H YR\DQW GH UpJXODWLRQ GHYLHQW IL[H
/D FXLVVRQ DX JULO
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH
IDLWHV VRXV YRWUH VXUYHLOODQFH
/·XWLOLVDWLRQ GX JULO VH IDLW SRUWH IHUPpH
7HPSpUDWXUH SUp UpJOpH &
6XU FHWWH SRVLWLRQ VHXO O·pOpPHQW LQWpULHXU GX JULO
IRQFWLRQQH
&H PRGH GH FXLVVRQ VHUW j JULOOHU OHV SLqFHV GH YLDQGH
SHX pSDLVVHV F{WHV GH SRUF VDXFLVVHV HW HQ SHWLWH
TXDQWLWp
9RXV SRXYH] pJDOHPHQW JULOOHU GHV WRDVWV RX GHV SHWLWV
SRLVVRQV VDUGLQHV &RPPHQW SURFpGHU "
/HV JULOODGHV
/HV JUDWLQV
3UpFKDXIIH] YRWUH IRXU VXU OD SRVLWLRQ JULO
0RGLILH] pYHQWXHOOHPHQW
OD WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ 3UpFKDXIIH] YRWUH IRXU VXU OD SRVLWLRQ JULO
3UpSDUH] OD SLqFH j JULOOHU
3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH]
O·HQVHPEOH DX JUDGLQ ➂ RX ➃
3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW
*OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
*OLVVH] OD JULOOH VXSSRUW DX JUDGLQ ➂ RX ➃ VXLYDQW
O·pSDLVVHXU GH OD SLqFH j JULOOHU
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ /DLVVH] OH PHWV H[SRVp TXHOTXHV PLQXWHV DX
UD\RQQHPHQW GX JULO
3OXV OD SUpSDUDWLRQ VHUD SURFKH GH O·pOpPHQW
UD\RQQDQW SOXV OH ´JUDWLQDJHµ VHUD UDSLGH
3UpIpUH] OH JUDGLQ ➄ SRXU OHV SLqFHV j JULOOHU
PLQFHV WRDVWV F{WHV GH SRUF VDXFLVVHV SHWLWV
SRLVVRQV /RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD
SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH
VRQ MXV
)DLWHV JULOOHU OD GHX[LqPH IDFH
6DOH] HQ ILQ GH FXLVVRQ
/H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp HQ IRQWLRQ GH
O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ SDU VRQ SRLGV
/D FXLVVRQ DX PD[L JULO
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH
IDLWHV VRXV YRWUH VXUYHLOODQFH
/·XWLOLVDWLRQ GX JULO VH IDLW SRUWH IHUPpH
7HPSpUDWXUH SUp UpJOpH &
6XU FHWWH SRVLWLRQ O·pOpPHQW LQWpULHXU HW H[WpULHXU GX
JULO IRQFWLRQQHQW
&H PRGH GH FXLVVRQ VHUW j JULOOHU OHV SLqFHV GH YLDQGH
HQ JUDQGH TXDQWLWp RX pSDLVVHV F{WH GH ERHXI DLQVL TXH GHV SRLVVRQV
9RXV SRXYH] DXVVL JUDWLQHU YRV SUpSDUDWLRQV GpMj
FXLWHV HW FKDXGHV
&RPPHQW SURFpGHU "
/HV JULOODGHV
/HV JUDWLQV
3UpFKDXIIH] YRWUH IRXU VXU OD SRVLWLRQ PD[L JULO
0RGLILH] pYHQWXHOOHPHQW
OD WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJUDSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ 3UpFKDXIIH] YRWUH IRXU VXU OD SRVLWLRQ PD[L JULO
3UpSDUH] OD SLqFH j JULOOHU
3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH]
O·HQVHPEOH DX JUDGLQ ➂ RX ➃
3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW
*OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
*OLVVH] OD JULOOH VXSSRUW DX JUDGLQ ➂ RX ➃ VXLYDQW
O·pSDLVVHXU GH OD SLqFH j JULOOHU
3UpIpUH] OH JUDGLQ ➄ SRXU OHV SLqFHV j JULOOHU
PLQFHV WRDVWV F{WHV GH SRUF VDXFLVVHV SHWLWV
SRLVVRQV RX
3UpIpUH] OH JUDGLQ ➃ SRXU OHV SLqFHV j JULOOHU
pSDLVVHV
F{WH GH ERHXI JURV SRLVVRQV
PRUFHDX[ GH SRXOHW /RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD
SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH
VRQ MXV
)DLWHV JULOOHU OD GHX[LqPH IDFH
6DOH] HQ ILQ GH FXLVVRQ
/H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp HQ IRQWLRQ GH
O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ SDU VRQ SRLGV
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJUDSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ /DLVVH] OH PHWV H[SRVp TXHOTXHV PLQXWHV DX
UD\RQQHPHQW GX JULO
3OXV OD SUpSDUDWLRQ VHUD SURFKH GH O·pOpPHQW
UD\RQQDQW SOXV OH ´JUDWLQDJHµ VHUD UDSLGH
/D FXLVVRQ DX WRXUQHEURFKH
/D EURFKH HW VRQ VXSSRUW VRQW WUqV FKDXGV
DSUqV OD FXLVVRQ 8WLOLVH] GHV JDQWV
WKHUPLTXHV GH FXLVLQH
7HPSpUDWXUH SUp UpJOpH &
&RPPHQW SURFpGHU "
(QILOH] XQH IRXUFKHWWH VXU OD EURFKH SXLV OD SLqFH
j U{WLU HQ YHLOODQW j FH TX·HOOH VRLW ELHQ FHQWUpH
(QILOH] HQVXLWH OD GHX[LqPH IRXUFKHWWH
%ORTXH] OHV IRXUFKHWWHV j O·DLGH GHV YLV
3RVH] OD EURFKH VXU OH VXSSRUW HW JOLVVH]
O·HQVHPEOH DX JUDGLQ ➂
/H WRXUQHEURFKH
3RXVVH] OD EURFKH SRXU HQJDJHU VRQ H[WUpPLWp
GDQV OH FDUUp G·HQWUDvQHPHQW GH OD EURFKH RULILFH
VLWXp DX IRQG GX IRXU j JDXFKH )RXUFKHWWHV
%URFKH
*OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
)HUPH] OD SRUWH GX IRXU
6XSSRUW GH EURFKH
3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
HW PRGLILH] pYHQWXHOOHPHQW OD WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJUDSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ 9pULILH] TXH OD EURFKH WRXUQH
3RXU VRUWLU OD SLqFH U{WLH UHPHWWH] OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ $UUrW
7LUH] GRXFHPHQW HW VRUWH] VLPXOWDQpPHQW GX IRXU OH SODWHDX PXOWLXVDJHV O·HQVHPEOH VXSSRUW GH
EURFKH HW OD EURFKH
/D FXLVVRQ GHV YLDQGHV
7HPSpUDWXUH SUp UpJOpH &
/D FXLVVRQ VH IDLW SDU FRQYHFWLRQ QDWXUHOOH
&HWWH SRVLWLRQ HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ
GHV YLDQGHV
/D FKDOHXU SURYHQDQW GH OD VROH HVW OLPLWpH DILQ TXH OHV
SURMHFWLRQV QH EUOHQW SDV VXU OD VROH
/HV SURMHFWLRQV GH JUDLVVH OH GpJDJHPHQW GH IXPpHV
HW
OHV
RGHXUV
GpVDJUpDEOHV
GLPLQXHQW
FRQVLGpUDEOHPHQW
9RWUH YLDQGH VHUD GRUpH HW PRHOOHXVH YRWUH IRXU
UHVWHUD SURSUH SOXV ORQJWHPSV
&HWWH SRVLWLRQ GH FXLVVRQ HVW GRWpH G·XQ SUpFKDXIIDJH
DXWRPDWLTXH 1RXV YRXV FRQVHLOORQV GH QH SDV
HQIRXUQHU OHV YLDQGHV j IURLG PDLV G·DWWHQGUH OD ILQ GX
SUpFKDXIIDJH OH ELS VRQRUH UHWHQWLW HW OH YR\DQW GH
UpJXODWLRQ GHYLHQW IL[H $LQVL OHV YLDQGHV VHURQW
PLHX[ VDLVLHV HW OD FXLVVRQ VHUD SOXV PRHOOHXVH
&RPPHQW SURFpGHU "
3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH UHSRUWH]YRXV DX SDUDJUDSKH ´ OH
SURJUDPPDWHXU pOHFWURQLTXHµ 'qV TXH OH ELS VRQRUH YRXV LQGLTXH TXH OD
WHPSpUDWXUH SUpUpJOpH HVW DWWHLQWH OH YR\DQW GH
UpJXODWLRQ GHYLHQW IL[H HQIRXUQH] OD SLqFH j U{WLU
/D FXLVVRQ SDU O·pOpPHQW FKDXIIDQW
LQIpULHXU
7HPSpUDWXUH SUp UpJOpH &
&HWWH SRVLWLRQ HVW SDUWLFXOLqUHPHQW DGDSWpH SRXU OD
FXLVVRQ GHV SL]]D GHV WDUWHV j EDVH GH IUXLWV IUDLV HW
GHV IODQV
&RPPHQW SURFpGHU "
3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH UHSRUWH]YRXV DX SDUDJUDSKH ´OH
SURJUDPPDWHXU pOHFWURQLTXHµ (QIRXUQH] YRWUH SODW TXDQG OH YR\DQW UpJXODWLRQ
DUUrWH GH FOLJQRWHU HW TX·LO UHVWH IL[H
/H PDLQWLHQ DX FKDXG
7HPSpUDWXUH SUp UpJOpH &
9RXV XWLOLVHUH] FHWWH SRVLWLRQ SRXU OHV SODWV GpMj FXLWV
TXH YRXV VRXKDLWH] PDLQWHQLU DX FKDXG VDQV WRXWHIRLV
HQ FRQWLQXHU OD FXLVVRQ
&RPPHQW SURFpGHU "
(QYLURQ PLQXWHV DYDQW OD ILQ GH OD FXLVVRQ SODFH]
OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
/D WHPSpUDWXUH HVW DXWRPDWLTXHPHQW SUpUpJOpH j
&
/D WHPSpUDWXUH GpFURLW SXLV VH PDLQWLHQW j &
&HWWH SRVLWLRQ FRQYLHQW SOXV SDUWLFXOLqUHPHQW DX
PDLQWLHQ DX FKDXG GHV SODWV j EDVH GH OpJXPHV
JUDWLQV HWF DX[ YLDQGHV EODQFKHV PDLV QH
FRQYLHQW SDV DX[ YLDQGHV URXJHV TXH YRXV VRXKDLWH]
FRQVRPPHU VDLJQDQWHV QL DX[ SkWLVVHULHV
/D FXLVVRQ WUDGLWLRQQHOOH DYHF SUpFKDXIIDJH LQWpJUp
7HPSpUDWXUH SUp UpJOpH &
&HWWH SRVLWLRQ FRQYLHQW SRXU OHV FXLVVRQV GH JUDWLQV
GHV SUpSDUDWLRQV j EDVH GH OpJXPHV HW GHV SODWV WRXW
SUrWV IUDLV RX VXUJHOpV j UHFKDXIIHU VDQV
GpFRQJpODWLRQ SUpDODEOH
6XU FHWWH SRVLWLRQ OD PRQWpH HQ WHPSpUDWXUH GX IRXU
HVW WUqV UDSLGH UHQGDQW LQXWLOH OH SUpFKDXIIDJH
'H FH IDLW FHWWH SRVLWLRQ QH FRQYLHQW SDV j OD FXLVVRQ
GHV SkWLVVHULHV GpOLFDWHV SRXU OHVTXHOOHV YRXV
SUpIpUHUH] OD SRVLWLRQ
&RPPHQW SURFpGHU "
3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH UHSRUWH]YRXV DX SDUDJUDSKH ´OH
SURJUDPPDWHXU pOHFWURQLTXHµ (QIRXUQH] YRWUH SODW LPPpGLDWHPHQW
5pJOH] OD WHPSpUDWXUH HQWUH & HW & VHORQ OD
QDWXUH GX SODW
$ WLWUH G·H[HPSOH YRXV WURXYHUH] FLGHVVRXV
TXHOTXHV SUpSDUDWLRQV SRXU OHVTXHOOHV FHWWH SRVLWLRQ
FRQYLHQW WRXW SDUWLFXOLqUHPHQW
3RXU OHV SODWV VXUJHOpV GX FRPPHUFH UHSRUWH]YRXV
DX[ LQGLFDWLRQV GH FXLVVRQ HQ IRXU WUDGLWLRQQHO ILJXUDQW
VXU O·HPEDOODJH
*UDGLQ
7HPSpUDWXUH
7HPSV GH FXLVVRQ
$FFHVVRLUHV
0RXVVDND IUDLFKH j UpFKDXIIHU
&
PLQ
SODW HQ YHUUH j IHX
/DVDJQHV IUDLFKHV j UpFKDXIIHU
&
PLQ
SODW HQ YHUUH j IHX
3L]]D FUXH
&
j PLQ
SODWHDX PXOWLXVDJHV RX
WRXUWLqUH
3L]]D SUpFXLWH
&
j PLQ
SODWHDX PXOWLXVDJHV RX
WRXUWLqUH
+DFKLV SDUPHQWLHU VXUJHOp
&
j PLQ
EDUTXHWWH HQ DOXPLQLXP
SRVpH VXU OD JULOOH
7\SH GH PHWV
&216(,/6 '·87,/,6$7,21 /$ 7$%/( '( &8,6621
/HV EUOHXUV JD]
&KRL[ GHV UpFLSLHQWV
&KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX
GLDPqWUH GX EUOHXU XWLOLVp
j FP GH GLDPqWUH SRXU OH EUOHXU UDSLGH
DYDQW JDXFKH
j FP GH GLDPqWUH SRXU OH EUOHXU
VHPLUDSLGH DUULqUH JDXFKH
j FP GH GLDPqWUH SRXU OH EUOHXU DX[LOLDLUH
DYDQW GURLW
&RQVHLOV SUDWLTXHV
3RXU OD UpXVVLWH GH FHUWDLQHV SUpSDUDWLRQV GpOLFDWHV
SDU H[HPSOH FUqPH DQJODLVH VDXFH EpFKDPHO UL] DX
ODLW QRXV YRXV VXJJpURQV FHV TXHOTXHV FRQVHLOV
XWLOLVH] GH SUpIpUHQFH XQ UpFLSLHQW GH FP GH
GLDPqWUH PD[LPXP
XWLOLVH] GH SUpIpUHQFH OH EUOHXU DYDQW GURLW
/D WDEOH GH FXLVVRQ HVW FRQoXH SRXU
O·XWLOLVDWLRQ H[FOXVLYH GH UpFLSLHQWV j IRQG
SODW
$ OD VXLWH G·XQ FKRF VL YRWUH WDEOH HVW
HQGRPPDJpH pFODW IpOXUH GpEUDQFKH]
YRWUH DSSDUHLO HW DSSHOH] OH 6HUYLFH
$SUqV9HQWH
3RXU XQ ERQ DOOXPDJH GH YRV EUOHXUV
9HLOOH] j JDUGHU OHV FRXURQQHV GHV EUOHXUV HQ
SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW
SRXUUDLW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH JD]
6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV
QHWWR\HU DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV
FRXURQQHV HW OHV FKDSHDX[ GHV EUOHXUV VRLHQW FRUUHFWHPHQW UHPLV HQ SODFH
HW SDUIDLWHPHQW VHFV
%RQQH XWLOLVDWLRQ
0DXYDLVH XWLOLVDWLRQ
JDVSLOODJH G·pQHUJLH
/D SODTXH pOHFWULTXH
1H IDLWHV SDV FKDXIIHU OD SODTXH j YLGH HW
Q·LQWHUFDOH] DXFXQ SURGXLW RX PDWpULDX HQWUH OD
SODTXH HW OH UpFLSLHQW
&KDTXH IRLV TXH OD UHFHWWH OH SHUPHW FRXYUH]
YRWUH UpFLSLHQW YRXV UpDOLVHUH] GHV pFRQRPLHV
G·pQHUJLH
3HQVH] j UDPHQHU OD PDQHWWH VXU OD SRVLWLRQ $UUrW
DYDQW OD ILQ GH OD FXLVVRQ FHOOHFL WHUPLQHUD JUkFH
j OD FKDOHXU DFFXPXOpH FXLVVRQ GHV SkWHV GX UL]
PLMRWDJH
3RXU SUpYHQLU OHV GpERUGHPHQWV ODLW KXLOH VDXFH
SRVLWLRQQH] OD PDQHWWH VXU XQ UHSqUH PRLQV
pOHYp TXHOTXHV PLQXWHV DYDQW O·pEXOOLWLRQ
1·HPSOLVVH] SDV WURS YRV UpFLSLHQWV
/RUVTXH YRXV UpGXLVH] OD SXLVVDQFH GH FXLVVRQ RX
TXH YRXV DUUrWH] OD SODTXH VD WHPSpUDWXUH EDLVVH
OHQWHPHQW
&KRL[ GHV UpFLSLHQWV
&KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX
GLDPqWUH GH OD SODTXH
j FP GH GLDPqWUH
&KRLVLVVH] GHV UpFLSLHQWV j IRQG pSDLV HW ELHQ SODW
IRQG GUHVVp %RQQH XWLOLVDWLRQ
0DXYDLVHV XWLOLVDWLRQV
&216(,/6 '·87,/,6$7,21 /( )285
/H SUpFKDXIIDJH VH IDLW VXU OD SRVLWLRQ FKRLVLH SRXU OD
FXLVVRQ XQ ELS VRQRUH YRXV SUpYLHQW ORUVTXH OD
WHPSpUDWXUH SURJUDPPpH HVW DWWHLQWH
&KRL[ GHV UpFLSLHQWV
&RQVHLOV SUDWLTXHV
1H SODFH] MDPDLV OH SDSLHU G·DOXPLQLXP
GLUHFWHPHQW HQ FRQWDFW DYHF OH EDV GH YRWUH
IRXU FHFL HQWUDvQHUDLW XQH GpWpULRUDWLRQ GH
O·pPDLO
/RUV GH VRQ XWLOLVDWLRQ O·DSSDUHLO GHYLHQW
FKDXG 1H SDV WRXFKHU OHV pOpPHQWV
FKDXIIDQWV VLWXpV j O·LQWpULHXU GX IRXU
3RXU SUpVHUYHU OD SURSUHWp GH YRWUH IRXU XQH IHXLOOH
G·DOXPLQLXP LQWHUFDOpH HQWUH OH SODW HW OD JULOOH
VXSSRUW SURWpJHUD OD VROH HQ FDV GH GpERUGHPHQW
$ILQ GH SHUPHWWUH XQH ERQQH FLUFXODWLRQ G·DLU
FHWWH IHXLOOH QH GRLW SDV FRXYULU OD WRWDOLWp GH OD
VXUIDFH GH OD JULOOH
3LTXH] OD SHDX GHV YRODLOOHV HW VDXFLVVHV j O·DLGH
G·XQH IRXUFKHWWH DYDQW FXLVVRQ 9RXV pYLWHUH] TXH
OD SHDX QH JRQIOH HW Q·pFODWH VRXV O·HIIHW GH OD
FKDOHXU
/DLVVH] OH PRLQV GH EDUGH SRVVLEOH DXWRXU GH YRV
U{WLV SRXU UpGXLUH OHV SURMHFWLRQV HW REWHQLU XQ PHWV
PRLQV ULFKH HQ JUDLVVH
1H GpSDVVH] SDV OHV UHSqUHV GH WKHUPRVWDW
SUpFRQLVpV GDQV OH JXLGH GH FXLVVRQV GHV YLDQGHV
3RXU UpDOLVHU GHV pFRQRPLHV G·pQHUJLH
XWLOLVH] OD FKDOHXU UpVLGXHOOH
9RXV rWHV FHUWDLQHPHQW KDELWXpH SRXU
pFRQRPLVHU O·pQHUJLH j DUUrWHU XQH FXLVVRQ
TXHOTXHV PLQXWHV DYDQW OD ILQ GH FHOOHFL ODLVVDQW
OH PHWV GDQV OH IRXU SRXU WHUPLQHU VD FXLVVRQ DYHF
OD FKDOHXU UHVWDQW GDQV OH IRXU
1RXV DYRQV DXWRPDWLVp FHW DYDQWDJH VXU YRWUH
IRXU ORUVTXH YRXV SURJUDPPH] XQ WHPSV GH
FXLVVRQ VXSpULHXU j PLQ OH IRXU FRXSH
DXWRPDWLTXHPHQW OHV pOpPHQWV FKDXIIDQWV
TXHOTXHV PLQXWHV DYDQW O·KHXUH SURJUDPPpH SRXU
OD ILQ GH FXLVVRQ HQYLURQ GX WHPSV GH
FXLVVRQ SURJUDPPp &HWWH UpGXFWLRQ Q·DSSDUDvW SDV VXU O·DIILFKDJH GX
WHPSV LQGLTXp VXU YRWUH SURJUDPPDWHXU ORUVTXH
OH ELS VRQRUH UHWHQWLW j OD ILQ GH OD FXLVVRQ
O·XWLOLVDWLRQ GH OD FKDOHXU UpVLGXHOOH D GpMj pWp SULVH
HQ FRPSWH
)DLWHV VH VXFFpGHU SOXVLHXUV FXLVVRQV YRXV
pFRQRPLVHUH] O·pQHUJLH QpFHVVDLUH DX
SUpFKDXIIDJH GX IRXU (W TXDQG FHOD HVW SRVVLEOH
Q·KpVLWH] SDV j IDLUH FXLUH HQ PrPH WHPSV JkWHDX[ GH 6DYRLH RX FDNHV RX WDUWHV SDU
H[HPSOH
/·pSDLVVHXU OD FRQGXFWLELOLWp HW OD FRXOHXU GHV
UpFLSLHQWV LQIOXHQFHQW OHV UpVXOWDWV FXOLQDLUHV
3HQGDQW OD FXLVVRQ FHUWDLQHV SUpSDUDWLRQV
DXJPHQWHQW GH YROXPH SDU FRQVpTXHQW
FKRLVLVVH] YRV UpFLSLHQWV GH PDQLqUH j FH TXH OD
SUpSDUDWLRQ FUXH ODLVVH OH WLHUV VXSpULHXU GX PRXOH
OLEUH
3RXU SUpYHQLU OHV pFODERXVVXUHV WURS DERQGDQWHV
XWLOLVH] SRXU OD FXLVVRQ GHV U{WLV HW GHV YRODLOOHV
GHV SODWV j ERUGV KDXWV RX GHV FRFRWWHV HQ YHUUH
j IHX PXQLHV GH OHXU FRXYHUFOH GRQW OHV
GLPHQVLRQV VRQW SURSRUWLRQQpHV j OD SLqFH j U{WLU
5pVHUYH] OHV SODWV HQ YHUUH j IHX SRXU YRV JUDWLQV
HW YRV VRXIIOpV
,QIOXHQFH GHV UpFLSLHQWV VXU OHV UpVXOWDWV
GH FXLVVRQ
6DFKH] TXH $ /·DOXPLQLXP OHV SODWV HQ WHUUH FXLWH OD WHUUH j
IHX GLPLQXHQW OD FRORUDWLRQ GHVVRXV HW
SUpVHUYHQW O·KXPLGLWp GHV DOLPHQWV 1RXV YRXV
OHV FRQVHLOORQV SRXU OHV SkWLVVHULHV
PRHOOHXVHV OD FXLVVRQ GHV JUDWLQV GHV U{WLV
% /D IRQWH pPDLOOpH OH IHU pWDPp OH YHUUH HW OD
SRUFHODLQH j IHX OHV UpFLSLHQWV DYHF LQWpULHXU
DQWLDGKpVLI HW H[WpULHXU FRORUp DXJPHQWHQW
OD FRORUDWLRQ GHVVRXV HW IDYRULVHQW OH
GHVVqFKHPHQW GHV DOLPHQWV 1RXV YRXV OHV
FRQVHLOORQV SRXU OHV WDUWHV OHV TXLFKHV HW
WRXWHV FXLVVRQV FURXVWLOODQWHV TXL GRLYHQW rWUH
DXVVL GRUpHV GHVVRXV TXH GHVVXV
9RXV FRQVWDWH]
4XH IDLUH "
'HVVRXV WURS SkOH
SDV DVVH] FXLW
RX GHVVXV WURS IRQFp
3UHQH] XQ PRXOH GX W\SH %
RX
GHVFHQGH] OH PRXOH G·XQ
QLYHDX
'HVVRXV WURS IRQFp
WURS FXLW
RX GHVVXV WURS FODLU
3UHQH] XQ PRXOH GX W\SH $
RX
UHPRQWH] OH PRXOH G·XQ
QLYHDX
*8,'(6 '(6 &8,66216
*XLGH GHV FXLVVRQV VXU OD SODTXH pOHFWULTXH
3UpSDUDWLRQV
3ODTXH pOHFWULTXH
0DLQWLHQ DX FKDXG EHXUUH HW FKRFRODW IRQGXV
0LMRWDJH VDXFHV GpOLFDWHV UL] OpJXPHV VHFV
0DLQWLHQ j pEXOOLWLRQ SkWHV SRPPHV GH WHUUH OpJXPHV IUDLV SRWDJHV
&XLVVRQ j OD SRrOH YHDX SRUF RPHOHWWH
&XLVVRQ j OD SRrOH ERHXI FUrSHV
)ULWXUHV
*XLGH GHV FXLVVRQV DX JULO PD[L JULO HW WRXUQHEURFKH
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH
3UpSDUDWLRQV
*5,//$'(6
3RXOHW DX
WRXUQHEURFKH
F{WHV GH SRUF
3UpFKDXIIDJH
&XLVVRQ
&
1LYHDX GH
FXLVVRQ
JUDGLQ
*ULOOH
VXSSRUW
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
7RXUQHEURFKH SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
SDU
IDFH
SDU
IDFH
SDU
IDFH
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
7HPSpUDWXUH
PLQXWHV GH SUpFKDXIIDJH
F{WHV GH SRUF
VDXFLVVHV PHUJXH]
VDXFLVVHV PHUJXH]
3RLVVRQV
PRUFHDX[ GH
SRXOHW FXLVVHV
PRUFHDX[ GH
SRXOHW FXLVVHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*XLGH GHV FXLVVRQV SDU O·pOpPHQW FKDXIIDQW LQIpULHXU
7HPSpUDWXUH
&
1LYHDX GH
FXLVVRQ
JUDGLQ
4XLFKH ORUUDLQH
*ULOOH VXSSRUW WRXUWLqUH
3L]]D
*ULOOH VXSSRUW WRXUWLqUH
)ODQ SkWH EULVpH
)ODQ DX[ IUXLWV IUDLV
SkWH EULVpH
)ODQ SkWH IHXLOOHWpH
)ODQ DX[ IUXLWV IUDLV
SkWH IHXLOOHWpH
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
3UpSDUDWLRQV
3UpFKDXIIDJH
&XLVVRQ
*ULOOH
VXSSRUW
*XLGH GHV FXLVVRQV DX IRXU
7HPSpUDWXUH
&
1LYHDX GH
FXLVVRQ
JUDGLQ
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
5{WL GH ERHXI NJ
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*LJRW G·DJQHDX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
5{WL GH SRUF NJ
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
5{WL GH YHDX NJ
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
9RODLOOH NJ
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
3RLVVRQV HQWLHUV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
3RLVVRQV ILOHWV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
&URWHV IHXLOOHWpHV
6RXIIOp DX IURPDJH
3kWp HQ WHUULQH
3L]]D
4XLFKH ORUUDLQH
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
*ULOOH VXSSRUW PRXOH j VRXIIOp
7HUULQH DX EDLQ PDULH GDQV SODWHDX
PXOWL XVDJHV
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW PRXOH j PDQTXp
3ODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW PRXOH j EULRFKH
&DNH DX[ UDLVLQV
*ULOOH VXSSRUW PRXOH j FDNH
*pQRLVH
*ULOOH VXSSRUW
.RXJORI
*ULOOH VXSSRUW PRXOH HQ WHUUH FXLWH
0HULQJXHV
3kWH j FKRX[
4XDWUH TXDUWV
6DEOpV
7DUWH DX[ IUXLWV
SkWH EULVpH
7DUWH DX[ IUXLWV
SkWH OHYpH
3ODWHDX PXOWL XVDJHV
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
*ULOOH VXSSRUW PRXOH j PDQTXp
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
3UpSDUDWLRQV
9,$1'(6
3UpFKDXIIDJH
&XLVVRQ
*ULOOH
VXSSRUW
32,66216
/(*80(6
*UDWLQ GDXSKLQRLV
7RPDWHV IDUFLHV
/DVDJQHV
(175((6
3$7,66(5,(6
%LVFXLW GH 6DYRLH
%ULRFKH
/·LPSRUWDQFH GX YROXPH GHV SUpSDUDWLRQV j FXLUH HW OD JUDQGH YDULpWp GHV PDWpULDX[ FRQVWLWXDQW OHV
UpFLSLHQWV GH FXLVVRQ HW OHV PRXOHV j SkWLVVHULH SHXYHQW YRXV DPHQHU j PRGLILHU OHV LQGLFDWLRQV GRQQpHV
GDQV OHV JXLGHV GHV FXLVVRQV 6HXOH YRWUH H[SpULHQFH YRXV SHUPHWWUD GH WURXYHU OH UpJODJH FRQYHQDQW OH
PLHX[ j YRV KDELWXGHV FXOLQDLUHV
(175(7,(1 (7 1(772<$*(
1HWWR\DJH GH OD WDEOH
3RUWH WLURLU HW F{WpV
$YDQW GH SURFpGHU DX QHWWR\DJH DVVXUH]YRXV TXH
FKDTXH PDQHWWH VRLW VXU OD SRVLWLRQ $UUrW HW DWWHQGH]
TXH O·DSSDUHLO VRLW UHIURLGL
8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·XQ
GpWHUJHQW GRX[ 5LQFH] HW VpFKH] VRLJQHXVHPHQW
1·XWLOLVH] HQ DXFXQ FDV GH SURGXLWV DEUDVLIV
$SUqV FKDTXH XWLOLVDWLRQ SDVVH] XQH pSRQJH LPELEpH
G·HDX WLqGH HW GH GpWHUJHQW GRX[ HQ pYLWDQW WRXW
pFRXOHPHQW GDQV OHV RULILFHV GH OD WDEOH 5LQFH] HW
VpFKH] DYHF XQ FKLIIRQ GRX[
(Q FDV GH GpERUGHPHQW PRXLOOH] HW ODLVVH]
GpWUHPSHU PDLV QH JUDWWH] SDV HW Q·XWLOLVH] MDPDLV GH
SURGXLWV DEUDVLIV FH TXL ULVTXHUDLW GH UD\HU HW
G·HQGRPPDJHU OH YHUUH
*ULOOHV pPDLOOpHV
/DYH]OHV j O·HDX FKDXGH DGGLWLRQQpH G·XQ GpWHUJHQW
GRX[ ULQFH] HW VpFKH]
1HWWR\DJH GHV DFFHVVRLUHV GH IRXU
*ULOOH VXSSRUW GH SODW HW WRXUQHEURFKH /DYH]OHV j O·HDX VDYRQQHXVH HQ SUHQDQW VRLQ GH ELHQ
OHV ULQFHU HW GH OHV HVVX\HU
3ODWHDX PXOWLXVDJHV &HW DFFHVVRLUH HVW S\URO\VDEOH YRXV SRXYH] OH ODLVVHU
GDQV YRWUH IRXU ORUV G·XQ F\FOH GH QHWWR\DJH
S\URO\WLTXH HQ OH JOLVVDQW DX JUDGLQ SRXU REWHQLU GH
ERQV UpVXOWDWV GH QHWWR\DJH
%UOHXUV JD] FKDSHDX[ HW FRXURQQHV
/DYH] OHV FKDSHDX[ DYHF GH O·HDX FKDXGH HW XQ
GpWHUJHQW GRX[ 9HLOOH] j JDUGHU OHV FRXURQQHV GHV
EUOHXUV HQ SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW
SRXYDQW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH
6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV QHWWR\HU
DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV FRXURQQHV HW
OHV FKDSHDX[ VRLHQW ELHQ HQ SODFH HW SDUIDLWHPHQW
VHFV
3ODTXH pOHFWULTXH
9pULILH] TX·DXFXQ pOpPHQW Q·HVW VRXV WHQVLRQ 7RXWHV
OHV FRPPDQGHV GRLYHQW VH WURXYHU VXU OD SRVLWLRQ $UUrW
OHV YR\DQWV HW OD ODPSH GH IRXU pWHLQWV 8WLOLVH] XQH pSRQJH KXPLGH HW XQ GpWHUJHQW ULQFH] HW
VpFKH]
6L QpFHVVDLUH IDLWHV FKDXIIHU OD SODTXH SUpDODEOHPHQW
SRXU FDUERQLVHU OHV VDOLVVXUHV
/D SODTXH GRLW rWUH PDLQWHQXH ELHQ VqFKH
3pULRGLTXHPHQW YRXV SRXYH] O·HVVX\HU DYHF XQ
SDSLHU DEVRUEDQW OpJqUHPHQW KXLOp
%DQGHDX GH FRPPDQGH HW PDQHWWHV
8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·HDX
VDYRQQHXVH 5LQFH] HW VpFKH] VRLJQHXVHPHQW
)HQrWUH GX SURJUDPPDWHXU pOHFWURQLTXH
8WLOLVH] XQ FKLIIRQ GRX[ LPELEp GH SURGXLW j YLWUH RX
G·DOFRRO j EUOHU
1·XWLOLVH] HQ DXFXQ FDV GH FUqPHV j UpFXUHU QL
G·pSRQJH ´JUDWWRLUµ
1HWWR\DJH GX IRXU j pPDLO S\URO\WLTXH
3ULQFLSH
/HV SDURLV VRQW HQ pPDLO VSpFLDO UpVLVWDQW DX[ KDXWHV
WHPSpUDWXUHV G·DVSHFW EULOODQW HW OLVVH DX WRXFKHU
/D WHPSpUDWXUH GX IRXU SRUWpH j & HQYLURQ
HQWUDvQH OD FDUERQLVDWLRQ GH WRXWHV OHV VDOLVVXUHV
SURMHFWLRQV JUDVVHV VXFUHV RHXIV SkWHV /HV
RGHXUV VRQW ILOWUpHV SDU XQ FDWDO\VHXU
/D VpFXULWp
3RXU YRWUH VpFXULWp HQ F\FOH S\URO\VH XQ V\VWqPH GH
YHUURXLOODJH FRQGDPQH DXWRPDWLTXHPHQW OD SRUWH GqV
TXH OD WHPSpUDWXUH GX IRXU DYRLVLQH &
$ SDUWLU GH & OD SRUWH UHVWH YHUURXLOOpH PrPH VL OH
F\FOH GH S\URO\VH HVW VWRSSp SDQQH GH VHFWHXU RX
DUUrW YRORQWDLUH ,O IDXW DWWHQGUH TXH OH IRXU UHIURLGLVVH
SRXU GpYHUURXLOOHU OD SRUWH
3HQGDQW OH F\FOH GH QHWWR\DJH XQ YHQWLODWHXU GH
UHIURLGLVVHPHQW IRQFWLRQQH /D YHQWLODWLRQ HVW
PDLQWHQXH DSUqV O·RSpUDWLRQ GH QHWWR\DJH WDQW TXH OH
IRXU Q·HVW SDV VXIILVDPPHQW UHIURLGL
'H SOXV YRWUH DSSDUHLO HVW pTXLSp G·XQH SRUWH IURLGH
DVVXUDQW XQ FRQIRUW RSWLPDO JUkFH j XQ V\VWqPH
DXWRPDWLTXH GH YHQWLODWLRQ
/RUV GX F\FOH GH QHWWR\DJH SDU S\URO\VH Q·XWLOLVH]
SDV OHV IR\HUV GH WDEOH
/H F\FOH V·HIIHFWXH XQLTXHPHQW VRXV OH FRQWU{OH
GX SURJUDPPDWHXU pOHFWURQLTXH
(QWUHWLHQ UpJXOLHU
$SUqV FKDTXH FXLVVRQ VDOLVVDQWH SHQVH] j UHWLUHU OHV
SURMHFWLRQV DYHF XQH pSRQJH
(QWUHWLHQ SpULRGLTXH
6L YRWUH IRXU HVW SHX VDOL SDU H[HPSOH DSUqV XQH RX
GHX[ FXLVVRQV VHXOHPHQW XWLOLVH] OD SRVLWLRQ
$SUqV XQ F\FOH GH QHWWR\DJH SDU S\URO\VH SDVVH] XQH
pSRQJH KXPLGH GDQV OH IRXU IURLG SRXU HQOHYHU OHV UpVL
GXV EODQFKkWUHV
1·KpVLWH] SDV j QHWWR\HU YRWUH IRXU DXVVL VRXYHQW TXH
FHOD HVW QpFHVVDLUH
3RXU XQ QHWWR\DJH SDU S\URO\VH UHQIRUFpH XWLOLVH] OD
SRVLWLRQ
9RXV SRXYH] HIIHFWXHU OH QHWWR\DJH SDU S\URO\VH j OD
VXLWH G·XQH FXLVVRQ SRXU EpQpILFLHU GH OD FKDOHXU GpMj
DFFXPXOpH GDQV OH IRXU
/H QHWWR\DJH SDU S\URO\VH LPPRELOLVH O·XWLOLVDWLRQ GH
YRWUH DSSDUHLO SHQGDQW K j K HQYLURQ
&RPPHQW SURFpGHU "
5HWLUH] OD JULOOH HW OH WRXUQHEURFKH GX IRXU LOV
VXSSRUWHUDLHQW PDO OD WHPSpUDWXUH pOHYpH SHQGDQW
OH F\FOH GH QHWWR\DJH S\URO\VH HW ULVTXHUDLHQW
G·HQGRPPDJHU
YRWUH
IRXU
/H
SODWHDX
PXOWLXVDJHV TXL HVW S\URO\VDEOH SHXW UHVWHU
GDQV OH IRXU DX JUDGLQ 6L QpFHVVDLUH HQOHYH] O·H[FpGHQW GH VDOLVVXUHV
GpERUGHPHQWV JUDLVVH TXL HQWUDLQHUDLHQW XQ
GpJDJHPHQW GH IXPpH WURS LPSRUWDQW SRXU rWUH
DEVRUEp SDU OH FDWDO\VHXU
)HUPH] OD SRUWH
'pSDUW LPPpGLDW
7RXUQH] OD PDQHWWH GX VpOHFWHXU GH IRQFWLRQV VXU
V·DIILFKH OH YR\DQW µGXUpH
OD SRVLWLRQ
GH FXLVVRQµ
FOLJQRWH OH YR\DQW µPDUFKHµ
V·DOOXPH
VL YRWUH IRXU HVW SHX VDOH 6L
9RXV XWLOLVHUH]
YRWUH IRXU HVW WUqV VDOH DSSX\H] VXU OD WRXFKH
SRXU VpOHFWLRQQHU OH F\FOH
$SSX\H] VXU OH ERXWRQ µGXUpH GH FXLVVRQµ SRXU
FRQILUPHU YRWUH FKRL[ HW GpPDUUHU LPPpGLDWHPHQW
OH F\FOH GH QHWWR\DJH
/H YR\DQW µGXUpH GH FXLVVRQµ GHYLHQW IL[H HW OH
YR\DQW µUpJXODWLRQµ FOLJQRWH
/RUVTXH OH WHPSV GX F\FOH GH QHWWR\DJH HVW
pFRXOp OH IRXU V·DUUrWH DXWRPDWLTXHPHQW
5DPHQH] OD PDQHWWH GX VpOHFWHXU GH IRQFWLRQV VXU
DUUrW
3RXU DQQXOHU UDPHQH] OD PDQHWWH GH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ DUUrW
/D SRUWH VH GpYHUURXLOOH ORUVTXH OH IRXU HVW
VXIILVDPPHQW UHIURLGL
3URJUDPPDWLRQ GX QHWWR\DJH
S\URO\WLTXH GpSDUW GLIIpUp DUUrW
DXWRPDWLTXH
7RXUQH] OD PDQHWWH GX VpOHFWHXU GH IRQFWLRQV VXU
OD SRVLWLRQ
&KRLVLVVH] HQWUH OHV SURJUDPPHV
HW
/H YR\DQW µGXUpH GH FXLVRQµ FOLJQRWH
$SSX\H] VXU OH ERXWRQ µILQ GH FXLVVRQµ KHXUHV
VRQW DXWRPDWLTXHPHQW DMRXWpHV j O·KHXUH GX MRXU
K SRXU
&KRLVLVVH] O·KHXUH GH ILQ GH S\URO\VH HQ DSSX\DQW
VXU OH ERXWRQ
/RUVTXH
RX
UpDSSDUDLW VXU O·pFUDQ
DSSX\H] VXU OH ERXWRQ µGXUpH GH FXLVVRQµ SRXU
FRQILUPHU OH F\FOH GH QHWWR\DJH
3RXU DQQXOHU UDPHQH] OD PDQHWWH GH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ DUUrW
/D SRUWH VH GpYHUURXLOOH ORUVTXH OH IRXU HVW
VXIILVDPPHQW UHIURLGL
(1 &$6 '·$120$/,( '( )21&7,211(0(17
1RXV YRXV UHFRPPDQGRQV YLYHPHQW GH IDLUH OHV YpULILFDWLRQV VXLYDQWHV VXU YRWUH FXLVLQLqUH DYDQW G·DSSHOHU XQ
WHFKQLFLHQ GX 6HUYLFH $SUqV9HQWH ,O VH SHXW TXH OH SUREOqPH VRLW VLPSOH HW TXH YRXV SXLVVLH] OH UpVRXGUH
YRXVPrPH
6ROXWLRQV
6\PSW{PHV
$XFXQ EUOHXU QH V·DOOXPH
8Q EUOHXU QH V·DOOXPH SDV
/D SODTXH pOHFWULTXH HW OH IRXU QH IRQFWLRQQHQW SDV
9pULILH] TXH
O·DUULYpH GX JD] HVW RXYHUWH
OD SRVLWLRQ GX WX\DX JD] HVW FRUUHFWH
OD ERXWHLOOH RX OD FXYH Q·HVW SDV YLGH
OHV IXVLEOHV VRQW HQ ERQ pWDW
O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp
TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW
9pULILH] TXH
O·HQVHPEOH GX EUOHXU HVW ELHQ UHPRQWp
OH EUOHXU Q·HVW SDV PRXLOOp
OD ERXJLH G·DOOXPDJH HVW SURSUH HW VqFKH
9pULILH] TXH
OHV IXVLEOHV VRQW HQ ERQ pWDW
O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp
TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW
/H IRXU QH FKDXIIH SDV OH SURJUDPPDWHXU
IRQFWLRQQH QRUPDOHPHQW
9pULILH] TXH /HV UpVXOWDWV GH FXLVVRQ QH VRQW SDV VDWLVIDLVDQWV
9pULILH] TXH /H IRXU IXPH
OD VpFXULWp HQIDQW Q·HVW SDV DFWLRQQpH
OD SRVLWLRQ GH SUpFKDXIIDJH HVW FRUUHFWH YRLU
FKDSLWUH ´*XLGHV GHV FXLVVRQVµ
OD GXUpH HW OD WHPSpUDWXUH GH SUpFKDXIIDJH VRQW
FRUUHFWHV
OD SRVLWLRQ GH FXLVVRQ HVW DGDSWpH
OD WHPSpUDWXUH VpOHFWLRQQpH HVW FRUUHFWH
OD GXUpH GH FXLVVRQ HVW DGDSWpH
OD JULOOH RX OH SODWHDX PXOWLXVDJHV HVW ELHQ
SRVLWLRQQp GDQV OH IRXU
OH UpFLSLHQW GH FXLVVRQ HVW ELHQ DGDSWp
9pULILH] TXH
OH IRXU QH QpFHVVLWH SDV GH QHWWR\DJH
OD SUpSDUDWLRQ QH GpERUGH SDV
LO Q·\ D SDV GH SURMHFWLRQV H[FHVVLYHV GH
JUDLVVHMXV VXU OHV SDURLV GX IRXU
OD WHPSpUDWXUH HW OD SRVLWLRQ GH FXLVVRQ
VpOHFWLRQQpHV
VRQW
DGDSWpHV
SOXV
SDUWLFXOLqUHPHQW SRXU OD SRVLWLRQ ´&XLVVRQ GHV
YLDQGHVµ YRLU FKDSLWUH ´*XLGHV GHV FXLVVRQVµ 6L DSUqV DYRLU YpULILp FHV GLIIpUHQWV SRLQWV O·DQRPDOLH SHUVLVWH FRQWDFWH] OH 6HUYLFH $SUqV9HQWH GH YRWUH UHYHQGHXU
&21',7,216 '( *$5$17,(
*DUDQWLH
&RQIRUPpPHQW j OD /pJLVODWLRQ HQ YLJXHXU YRWUH YHQGHXU HVW WHQX ORUV GH O·DFWH G·DFKDW GH YRWUH DSSDUHLO GH YRXV
FRPPXQLTXHU SDU pFULW OHV FRQGLWLRQV GH JDUDQWLH HW VD PLVH HQ RHXYUH DSSOLTXpHV VXU FHOXLFL
6RXV VRQ HQWLqUH LQLWLDWLYH HW UHVSRQVDELOLWp YRWUH YHQGHXU UpSRQGUD j WRXWHV YRV TXHVWLRQV FRQFHUQDQW O·DFKDW GH
YRWUH DSSDUHLO HW OHV JDUDQWLHV TXL \ VRQW DWWDFKpHV 1·KpVLWH] SDV j OH FRQWDFWHU
/D SODTXH VLJQDOpWLTXH
(Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL OD
UpIpUHQFH FRPPHUFLDOH OH QXPpUR GH SURGXLW HW OH
QXPpUR GH VpULH GH O·DSSDUHLO &HV LQGLFDWLRQV ILJXUHQW
VXU OD SODTXH VLJQDOpWLTXH VLWXpH VXU YRWUH DSSDUHLO
/D SODTXH HVW YLVLEOH VXU OH VRFOH GH O·DSSDUHLO HQ
IDoDGH ORUVTXH OH WLURLU HVW HQOHYp UHSRUWH]YRXV DX
FKDSLWUH ´,167$//$7,21µ /HV LQIRUPDWLRQV LQVFULWHV VXU FHWWH SODTXH YRXV
VHURQW QpFHVVDLUHV HQ FDV GH SDQQH HW SRXU OD
FRPPDQGH GH SLqFHV DX 6HUYLFH $SUqV9HQWH
$ /·$77(17,21 '( /·,167$//$7(85
&RQVLJQHV GH VpFXULWp
$YDQW O·LQVWDOODWLRQ DVVXUH]YRXV TXH OHV
FRQGLWLRQV GH GLVWULEXWLRQ ORFDOH QDWXUH HW
SUHVVLRQ GX JD] HW OH UpJODJH GH O·DSSDUHLO VRQW
FRPSDWLEOHV
/·DSSDUHLO GRLW rWUH LQVWDOOp GDQV XQ ORFDO
VXIILVDPPHQW DpUp
/HV FRQGLWLRQV GH UpJODJH GH O·DSSDUHLO VRQW
LQVFULWHV VXU OD SODTXH VLJQDOpWLTXH
&HW DSSDUHLO Q·HVW SDV UDFFRUGp j XQ GLVSRVLWLI
G·pYDFXDWLRQ GHV SURGXLWV GH FRPEXVWLRQ ,O GRLW
rWUH LQVWDOOp HW UDFFRUGp FRQIRUPpPHQW DX[ UqJOHV
G·LQVWDOODWLRQ HQ YLJXHXU 8QH DWWHQWLRQ SDUWLFXOLqUH
VHUD DFFRUGpH DX[ GLVSRVLWLRQV DSSOLFDEOHV HQ
PDWLqUH GH YHQWLODWLRQ
/H GpELW G·DLU QHXI UHTXLV HVW GH PK
/HV PHXEOHV MX[WDSRVpV j O·DSSDUHLO QH GRLYHQW
SDV GpSDVVHU OD KDXWHXU GH OD FXLVLQLqUH &HWWH
GLVSRVLWLRQ DVVXUH OD SURWHFWLRQ GX PRELOLHU
/HV SDURLV DGMDFHQWHV j OD FXLVLQLqUH GRLYHQW rWUH
VRLW HQ PDWpULDX UpVLVWDQW j OD FKDOHXU VRLW
UHYrWXHV G·XQ WHO PDWpULDX
5DFFRUGHPHQW pOHFWULTXH
/HV FXLVLQLqUHV VRQW OLYUpHV H[FOXVLYHPHQW SRXU
FRXUDQW DOWHUQDWLI +] UHSRUWH]YRXV DX 7DEOHDX
Q DX FKDSLWUH ´,QVWDOODWLRQµ 9pULILH] TXH
OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH
OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW
OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV
G·LQVWDOODWLRQ
O·LQVWDOODWLRQ IL[H FRPSRUWH XQ GLVSRVLWLI SRVVpGDQW
GHV FRQWDFWV j FRXSXUH RPQLSRODLUH D\DQW XQH
GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV PP
5DFFRUGHPHQW j XQ UpVHDX JD]
9pULILH] TXH
OH GpELW GX FRPSWHXU HW OH GLDPqWUH GHV
FDQDOLVDWLRQV VRQW VXIILVDQWV SRXU DOLPHQWHU WRXV
OHV DSSDUHLOV GH O·LQVWDOODWLRQ FRQVXOWH] YRWUH
FRPSDJQLH GH GLVWULEXWLRQ GX JD]
WRXV OHV UDFFRUGV VRQW pWDQFKHV
,QVWDOOH] XQ URELQHW GH EDUUDJH YLVLEOH HW
DFFHVVLEOH
6L YRXV XWLOLVH] XQ WXEH VRXSOH LO GRLW rWUH YLVLEOH
HW DFFHVVLEOH VXU WRXWH VD ORQJXHXU HW QH GRLW SDV
SDVVHU GHUULqUH O·DSSDUHLO
&KDQJHU OH WXEH VRXSOH XQ SHX DYDQW OD GDWH
G·H[SLUDWLRQ LPSULPpH VXU FHOXLFL
/·LQVWDOODWLRQ HW O·HQWUHWLHQ GRLYHQW rWUH HIIHFWXpV SDU XQ
SURIHVVLRQQHO TXDOLILp FRQIRUPpPHQW DX[ WH[WHV
UpJOHPHQWDLUHV HW UqJOHV GH O·DUW HQ YLJXHXU
QRWDPPHQW
DUUrWp GX DRW UqJOHV WHFKQLTXHV HW GH
VpFXULWp DSSOLFDEOHV DX[ LQVWDOODWLRQV GH JD]
FRPEXVWLEOHV HW G·K\GURFDUEXUHV OLTXpILpV j
O·LQWpULHXU GHV EkWLPHQWV G·KDELWDWLRQ HW GH OHXUV
GpSHQGDQFHV
QRUPHV '78 3 LQVWDOODWLRQV GH JD]
UqJOHPHQW VDQLWDLUH GpSDUWHPHQWDO
QRUPH 1) & LQVWDOODWLRQV pOHFWULTXHV j
EDVVH WHQVLRQ
1RWUH UHVSRQVDELOLWp QH VDXUDLW rWUH HQYLVDJpH HQ
FDV G·DFFLGHQWV RX G·LQFLGHQWV SURYRTXpV SDU XQH
PLVH j OD WHUUH LQH[LVWDQWH RX GpIHFWXHXVH
&$5$&7(5,67,48(6 7(&+1,48(6
0&3
&ODVVH 5pIpUHQFH FRPPHUFLDOH
7\SH GH OD FXLVLQLqUH
$SSDUHLO LVROp
$SSDUHLO UpJOp HQ JD] QDWXUHO
&RQYHUVLRQ SRVVLEOH HQ JD] EXWDQH SURSDQH
3D\V GH GHVWLQDWLRQ &DWpJRULH
'pELW FDORULILTXH WRWDO
'pELW PDVVLTXH WRWDO
5DFFRUGHPHQW pOHFWULTXH
/D WDEOH GH FXLVVRQ
)5 ,,,F(
N:
JK
9 +]
*ULOOHV GH WDEOH
)R\HU DYDQW GURLW
)R\HU DUULqUH GURLW
)R\HU DYDQW JDXFKH
)R\HU DUULqUH JDXFKH
$OOXPDJH pOHFWURQLTXH LQWpJUp
/H IRXU
)RXU
3XLVVDQFH GX IRXU
*ULO
3XLVVDQFH GX JULO
(FODLUDJH GH IRXU
1HWWR\DJH
0LQXWHULH SURJUDPPDWLRQ GX
WHPSV HW GH OD WHPSpUDWXUH
3URJUDPPDWHXU pOHFWURQLTXH
$FFHVVRLUHV
JULOOH VXSSRUW
SODWHDX PXOWLXVDJHV
HQVHPEOH WRXUQHEURFKH
7LURLU GH UDQJHPHQW GHV
DFFHVVRLUHV
&RUGRQ GH UDFFRUGHPHQW pOHFWULTXH
'LPHQVLRQV
+DXWHXU FRXYHUFOH IHUPp
+DXWHXU DX SODQ GH FXLVVRQ
/DUJHXU
3URIRQGHXU
3RLGV
JULOOHV VXSSRUW GH FDVVHUROHV HQ
DFLHU pPDLOOp
EUOHXU DX[LOLDLUH N:
SODTXH j OLPLWHXU N: ® PP
EUOHXU UDSLGH N:
EUOHXU VHPLUDSLGH N:
pOHFWULTXH
N:
pOHFWULTXH
N:
DPSRXOH : W\SH (
S\URO\VH
FP
FP
FP
FP
NJ
%XWDQHSURSDQH N:
/H PDUTXDJH
FRUUHVSRQG j O·DSSOLFDWLRQ GHV GLUHFWLYHV FRPSDWLELOLWp pOHFWURPDJQpWLTXH PDUTXDJH
HW EDVVH WHQVLRQ ,167$//$7,21
0LVH HQ SODFH GH O·DSSDUHLO
(PSODFHPHQW
9RWUH DSSDUHLO GRLW rWUH LQVWDOOp FRPPH VXU OHV ILJXUHV
FLFRQWUH HW OHV GLVWDQFHV PLQLPDOHV HQWUH O·DSSDUHLO HW
OHV SDURLV DGMDFHQWHV GH WRXV OHV PHXEOHV GRLYHQW rWUH
UHVSHFWpHV FRPPH O·LQGLTXHQW OHV GHVVLQV )LJ /·DSSDUHLO QH GRLW SDV rWUH SODFp VXU XQ VRFOH
&ODVVH )LJ
$SSDUHLO LVROp
0LVH j QLYHDX
9RWUH FXLVLQLqUH HVW pTXLSpH GH SLHGV UpJODEOHV j
O·DUULqUH SHUPHWWDQW XQH SDUIDLWH PLVH j QLYHDX
3RXU YLVVHU RX GpYLVVHU OHV SLHGV XWLOLVH] XQH FOp SODWH
Q 'pJDJHPHQW HW UHPRQWDJH GX WLURLU
3RXU FRQVXOWHU OD SODTXH VLJQDOpWLTXH R ILJXUHQW OD
UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH
FXLVLQLqUH LO YRXV VXIILW GH GpJDJHU OH WLURLU FRPPH
VXLW FRXOLVVH] OH WLURLU YHUV O·DYDQW MXVTX·j O·DJUDIH
´EXWpHµ
j O·DLGH G·XQ WRXUQHYLV ILQ HQOHYH] O·DJUDIH ´EXWpHµ
HQ VRXOHYDQW
HQILQ GpJDJH] OH WLURLU FRPSOqWHPHQW
3RXU UHPRQWHU OH WLURLU SURFpGH] j O·LQYHUVH HQ V·DVVXUDQW TXH OH WLURLU HVW
VXIILVDPPHQW HQJDJp GDQV VHV JOLVVLqUHV SRXU
UHSRVLWLRQQHU O·DJUDIH ´EXWpHµ
5DFFRUGHPHQW JD]
9RWUH FXLVLQLqUH HVW OLYUpH SRXU IRQFWLRQQHU DX W\SH GH
JD] LQGLTXp VXU OD SODTXH VLJQDOpWLTXH
,O SHXW V·DYpUHU QpFHVVDLUH GH SDVVHU GH O·XWLOLVDWLRQ
G·XQ JD] j XQ DXWUH 'DQV FH FDV LO IDXW HIIHFWXHU OHV
RSpUDWLRQV GpFULWHV FLDSUqV
3RXU OHV LQVWDOODWLRQV DQFLHQQHV HW HQ EXWDQH YRXV
SRXYH] XWLOLVHU XQ WXEH VRXSOH HQ FDRXWFKRXF
G·XQH ORQJXHXU PD[L GH P HW GH PP GH
GLDPqWUH LQWpULHXU PRQWp DYHF O·DERXW VSpFLDO
EXWDQH )LJ
9HLOOH] j O·HQIRQFHU VXIILVDPPHQW HW j OH IL[HU DYHF
XQ FROOLHU j FKDTXH H[WUpPLWp
,PSRUWDQW 3RXU XQ IRQFWLRQQHPHQW FRUUHFW XQH FRQVRPPDWLRQ
UpGXLWH HW XQH SOXV JUDQGH GXUpH GH YLH GH O·DSSDUHLO
DVVXUH]YRXV TXH OD SUHVVLRQ G·DOLPHQWDWLRQ
FRUUHVSRQG DX[ YDOHXUV LQGLTXpHV GDQV OH WDEOHDX Q
6L O·DSSDUHLO HVW DOLPHQWp HQ JD] %XWDQH RX 3URSDQH
FRQWU{OH] TXH OH UpJXODWHXU GH SUHVVLRQ GpELWH OH JD]
j XQH SUHVVLRQ GH PEDU SRXU OH %XWDQH HW PEDU SRXU OH 3URSDQH
3RXU O·DFKDW GHV WX\DX[
&KRL[ GX WX\DX RX WXEH SRXU XQ DSSDUHLO
LVROp FODVVH -RLQW
7XEH VRXSOH HQ FDRXWFKRXF LO GRLW rWUH PDUTXp 1)
*$=
7X\DX IOH[LEOH LO GRLW rWUH FRQIRUPH j OD QRUPH
1)' RX 1)' RX 1)' SRXU
OHV JD] QDWXUHOV RX ;3' RX 1)' SRXU OHV JD] EXWDQH HW SURSDQH
)LJ
3RXU OHV JD] GLVWULEXpV SDU UpVHDX 7XEH VRXSOH
8WLOLVH] XQ WXEH VRXSOH HQ FDRXWFKRXF G·XQH
ORQJXHXU PD[L GH P HW GH PP GH GLDPqWUH
LQWpULHXU PRQWp DYHF VRQ DERXW JD] )LJ
9HLOOH] j O·HQIRQFHU MXVTX·HQ EXWpH HW j OH IL[HU
DYHF XQ FROOLHU
7X\DX IOH[LEOH
8Q WX\DX IOH[LEOH j HPERXWV PpFDQLTXHV
ORQJXHXU PD[L P )LJ
1RXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX IOH[LEOH
QRUPDOLVp G·XQH ORQJXHXU PLQL GH P GRQW OD
ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ GX
URELQHW GH EDUUDJH
5DFFRUGH] XQH H[WUrPLWp GX WX\DX IOH[LEOH DX
URELQHW GH EDUUDJH SXLV DYDQW GH SRVLWLRQQHU
O·DSSDUHLO HQWUH OHV PHXEOHV UDFFRUGH] O·DXWUH
H[WUpPLWp VXU OH SURORQJDWHXU GH UDPSH HQ
LQWHUFDODQW XQ MRLQW
3RVLWLRQQH] O·DSSDUHLO HQ YpULILDQW TXH OD ERXFOH
IRUPpH SDU OH WX\DX IOH[LEOH VH GpYHORSSH GDQV OH
YLGH VDQLWDLUH GX PHXEOH DGMDFHQW
7X\DX ULJLGH
8Q WX\DX ULJLGH DYHF pFURX
3RXU OHV JD] EXWDQHSURSDQH HQ ERXWHLOOH
RX HQ FXYH
1RXV YRXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX
IOH[LEOH QRUPDOLVp G·XQH ORQJXHXU PLQLPXP GH P FHWWH ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD
SRVLWLRQ GX UDFFRUGHPHQW j O·DOLPHQWDWLRQ JD]
$ERXW
JD]
UpVHDX
7XEH
VRXSOH
&ROOLHU
)LJ
7X\DX IOH[LEOH
-RLQW
$ERXW JD] EXWDQH SURSDQH
7XEH
VRXSOH
&ROOLHU
7X\DX IOH[LEOH
)LJ
5DFFRUGHPHQW pOHFWULTXH
7DEOHDX Q 9pULILH] TXH 7\SH GH EUDQFKHPHQW
0RQRSKDVp
OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH
7HQVLRQ GX UpVHDX
9
OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW
7\SH GH FkEOH GH UDFFRUGHPHQW
OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV
G·LQVWDOODWLRQ HQ YLJXHXU
+ 99)
PP
&DOLEUH GX IXVLEOH RX GX GLVMRQFWHXU
$
O·LQVWDOODWLRQ IL[H GH O·XWLOLVDWHXU FRPSRUWH XQ
GLVSRVLWLI j FRXSXUH RPQLSRODLUH D\DQW XQH
GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV
PP
FDOLEUH GH IXVLEOH FRQVXOWH] OH 7DEOHDX Q &RPPHQW SURFpGHU "
'pYLVVH] OHV YLV GH OD WUDSSH GH UDFFRUGHPHQW
VLWXpH j O·DUULqUH GH O·DSSDUHLO
UHWLUH] OD WUDSSH GH UDFFRUGHPHQW
GHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ VLWXp VRXV
OH FDUWHU
LQWURGXLVH] O·H[WUpPLWp GX FkEOH GDQV OH WURX DX
GHVVXV GH O·DUUrW GH WUDFWLRQ
HQVXLWH FRQQHFWH] OH FkEOH j OD EDUUHWWH GH
UDFFRUGHPHQW FRQIRUPpPHQW DX 7DEOHDX Q HW
j OD )LJ UHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ
UHPHWWH] OD WUDSSH GH UDFFRUGHPHQW HQJDJH] OHV HUJRWV LQIpULHXUV GH OD WUDSSH j
O·LQWpULHXU GH OD GpFRXSH GX FDUWHU
UHIHUPH] OD WUDSSH SDU OH ERUG VXSpULHXU
HW HQILQ UHPHWWH] OHV YLV
)LJ
&+$1*(0(17 '( *$=
$ O·DFKDW YRWUH DSSDUHLO HVW SUpYX SRXU IRQFWLRQQHU HQ
JD] QDWXUHO 3RXU O·XWLOLVDWLRQ HQ JD] EXWDQH RX
SURSDQH XQH SRFKHWWH LQMHFWHXUVDERXW HVW IRXUQLH
DYHF O·DSSDUHLO 3RXU O·XWLOLVDWLRQ HQ DLU SURSDQpDLU
EXWDQp FRQVXOWH] YRWUH 6HUYLFH $SUqV9HQWH
3RXU FKDQJHU OH W\SH GH JD] GH OD WDEOH GH FXLVVRQ LO
HVW QpFHVVDLUH GH
FKDQJHU OHV LQMHFWHXUV
PRGLILHU OHV UpJODJHV GH GpELW UpGXLW
YpULILHU OH PRGH GH UDFFRUGHPHQW JD]
&KDQJHPHQW GHV LQMHFWHXUV GHV EUOHXUV
GH WDEOH
(QOHYH] OHV JULOOHV HW OHV HQVHPEOHV GH EUOHXUV
'pYLVVH] OHV LQMHFWHXUV DYHF XQH FOp GRXLOOH GH HW PRQWH] j OD SODFH OHV LQMHFWHXUV FRUUHVSRQGDQW
DX QRXYHDX JD] YRLU 7DEOHDX Q 7DEOHDX Q 3XLVVDQFH
QRUPDOH
%UOHXUV
3XLVVDQFH
UpGXLWH
%XWDQH 3URSDQH
*D] QDWXUHO
GPK &
N:
N:
,QMHFWHXUV
JK
,QMHFWHXUV
*
PEDU
*
PEDU
6HPLUDSLGH ®PP
5DSLGH ®PP
35(66,21 '·$/,0(17$7,21
PEDU
QRPPEDU
PLQPEDU
PD[PEDU
%XWDQH
3URSDQH
*
*
PP GH FRORQQH G·HDX
EXWDQHSURSDQH
,PSRUWDQW 'DQV OH FDV G·XQ FKDQJHPHQW GH JD] YRXV GHYH]
FRFKHU OH QRXYHDX UpJODJH HW UD\HU O·DQFLHQ VXU OD
SODTXH VLJQDOpWLTXH
/H UpJODJH G·DLU GHV EUOHXUV GH WDEOH HVW REWHQX
DXWRPDWLTXHPHQW SDU O·LQMHFWHXU HW Q·HVW SDV DMXVWDEOH
SDU G·DXWUHV PR\HQV
/H
FKDQJHPHQW
GHV
LQMHFWHXUV
GRLW
LPSpUDWLYHPHQW rWUH VXLYL GX UpJODJH GX GpELW
UpGXLW YRLU FLDSUqV 5pJODJH GHV GpELWV UpGXLWV GHV EUOHXUV
GH WDEOH
3RXU DMXVWHU OH UpJODJH GHV GpELWV UpGXLWV )LJ
$VVXUH]YRXV TXH O·DSSDUHLO Q·HVW SOXV UDFFRUGp
DX UpVHDX pOHFWULTXH
(QOHYH] OHV JULOOHV HW OHV HQVHPEOHV GH EUOHXUV
3RXU GpJDJHU OD WDEOH GpYLVVHU OHV YLV VXU OH UHWRXU DUULqUH GH OD
WDEOH
GpYLVVHU OHV YLV TXL VH WURXYHQW VRXV FKDTXH
EUOHXU
OHYHU OpJqUHPHQW O·DUULqUH GH OD WDEOH
JOLVVHU OD WDEOH YHUV O·DYDQW SRXU OD OLEpUHU
5HSRVLWLRQQH] OHV EUOHXUV HW DOOXPH]OHV HQ
SRVLWLRQ PD[L
3ODFH] OHV ERXWRQV GH FRPPDQGH HQ SRVLWLRQ PLQL
5HWLUH] WRXV OHV ERXWRQV GH FRPPDQGH DLQVL TXH
OHV HQWUHWRLVHV )LJ /D YLV GH UpJODJH GX GpELW UpGXLW GH FKDTXH EUOHXU
HVW VLWXpH VXU OH FRUSV GX URELQHW )LJ (OOH HVW
DFFHVVLEOH DYHF XQ WRXUQHYLV ILQ HQ WLUDQW OH
FRQWDFWHXU G·DOOXPDJH pOHFWULTXH DX PD[LPXP
YHUV O·DYDQW RX HQ SDVVDQW j WUDYHUV OH WURX VLWXp
VXU OH FRQWDFWHXU
)LJ
3URFpGH] HQ VXLYDQW OHV LQGLFDWLRQV GX 7DEOHDX
Q
9pULILFDWLRQ
5HPRQWH] OHV HQWUHWRLVHV HW OHV ERXWRQV GH
FRPPDQGHV $OOXPH] OHV EUOHXUV
7RXUQH] OHV FRPPDQGHV SOXVLHXUV IRLV GH OD
SRVLWLRQ PD[L YHUV OD SRVLWLRQ PLQL SRXU YpULILHU OD
VWDELOLWp GHV IODPPHV 6L XQ EUOHXU V·pWHLQW
GpYLVVH] OpJqUHPHQW VD YLV GH UpJODJH
5HPRQWH] OD WDEOH OHV EUOHXUV HW OHV JULOOHV
VIS DE REGLAGE
7DEOHDX Q %XWDQH 3URSDQH
*D] QDWXUHO
9LVVH] WRWDOHPHQW OD YLV
GDQV OH VHQV GHV DLJXLOOHV
G·XQH PRQWUH
9LVVH] RX GpYLVVH] OD YLV
MXVTX·j O·REWHQWLRQ
G·XQH IODPPH WUqV FRXUWH
5(03/$&(0(17 '( /·$0328/( '·(&/$,5$*(
$YDQW GH SURFpGHU DX FKDQJHPHQW GH
O·DPSRXOH GX IRXU YHLOOH] j FH TXH OD
FRPPDQGH GH IRXU VRLW VXU OD SRVLWLRQ
$UUrW VpOHFWHXU GH IRQFWLRQV VXU 'pEUDQFKH]
O·DOLPHQWDWLRQ
pOHFWULTXH
GH
O·DSSDUHLO $VVXUH]YRXV DXVVL TXH O·LQWpULHXU GX
IRXU VRLW IURLG
&HWWH DPSRXOH GH : GX W\SH FXORW j YLV (
9 HVW XQH DPSRXOH VSpFLDOH ´FKDOHXUµ
UpVLVWDQW j XQH WHPSpUDWXUH GH & (OOH HVW
GLVSRQLEOH DXSUqV GX 6HUYLFH $SUqV9HQWH GH YRWUH
UHYHQGHXU
/·DPSRXOH HVW VLWXpH DX IRQG GX IRXU HW DFFHVVLEOH SDU
O·LQWpULHXU GX IRXU
3RXU DYRLU DFFqV 'pYLVVH] OH FDSXFKRQ HQ YHUUH SURWpJHDQW
O·DPSRXOH GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH
PRQWUH
'pYLVVH] O·DPSRXOH
5HPSODFH] O·DPSRXOH
5HVVHUUH] ELHQ OH FDSXFKRQ HQ YHUUH
">
Public link updated
The public link to your chat has been updated.