7DEOH GHV PDWLqUHV
$ /·$77(17,21 '( /·87,/,6$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 &+$1*(0(17 '( *$= &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 &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,( /HV FRPPDQGHV GH IRXU /H VpOHFWHXU GH IRQFWLRQV /H WKHUPRVWDW /·XWLOLVDWLRQ GX JULOORLU /D FXLVVRQ DX WRXUQHEURFKH /HV DFFHVVRLUHV GX IRXU &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
3RXU OH ERQ FRXOLVVHPHQW GX WLURLU DVVXUH]YRXV
8WLOLVDWLRQ
TX·DXFXQ REMHW QH VH WURXYH VRXV OH WLURLU
&HW DSSDUHLO D pWp FRQoX SRXU rWUH XWLOLVp SDU GHV
1H IDLWHV MDPDLV IRQFWLRQQHU YRWUH WDEOH GH FXLVVRQ
DGXOWHV 9HXLOOH] j FH TXH OHV HQIDQWV Q·\ WRXFKHQW
j YLGH VDQV UpFLSLHQW GHVVXV SDV HW QH O·XWLOLVHQW SDV FRPPH XQ MRXHW
1·HPSOR\H] MDPDLV OH SODWHDX PXOWLXVDJHV
$ OD UpFHSWLRQ GH O·DSSDUHLO GpEDOOH]OH RX
FRPPH SODW j U{WLU
IDLWHVOH GpEDOOHU LPPpGLDWHPHQW 9pULILH] VRQ
DVSHFW JpQpUDO )DLWHV OHV pYHQWXHOOHV UpVHUYHV
SDU pFULW VXU OH ERQ GH OLYUDLVRQ GRQW YRXV JDUGHUH]
XQ H[HPSODLUH
9RWUH DSSDUHLO HVW GHVWLQp j XQ XVDJH GRPHVWLTXH
QRUPDO 1H O·XWLOLVH] SDV j GHV ILQV FRPPHUFLDOHV
RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH FHOXL
SRXU OHTXHO LO D pWp FRQoX
/RUVTXH OH IRXU HVW HQ IRQFWLRQQHPHQW OH
FRXYHUFOH GRLW rWUH UHOHYp
(WHLJQH] WRXV OHV EUOHXUV HW DWWHQGH] TXH OH
GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL DYDQW GH
UHIHUPHU OH FRXYHUFOH
$YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH DSSDUHLO
IDLWHV OH FKDXIIHU XQH IRLV j YLGH $VVXUH]YRXV
DORUV TXH OD SLqFH VRLW VXIILVDPPHQW DpUpH 90&
YHQWLODWLRQ
PpFDQLTXH
FRQWU{OpH
HQ
IRQFWLRQQHPHQW RX IHQrWUH RXYHUWH
1H PRGLILH] SDV RX Q·HVVD\H] SDV GH PRGLILHU OHV
FDUDFWpULVWLTXHV
GH
FHW
DSSDUHLO
&HOD
UHSUpVHQWHUDLW XQ GDQJHU SRXU YRXV
/D IDoDGH GH YRWUH DSSDUHLO HVW FKDXGH SHQGDQW
O·XWLOLVDWLRQ HW OH QHWWR\DJH pORLJQH] OHV MHXQHV
HQIDQWV
/RUV GH VRQ XWLOLVDWLRQ O·DSSDUHLO GHYLHQW FKDXG 1H
SDV WRXFKHU OHV pOpPHQWV FKDXIIDQWV VLWXpV j
O·LQWpULHXU GX IRXU
3RXU FHW DSSDUHLO QRXV YRXV SURSRVRQV XQ pFUDQ
GH SURWHFWLRQ DPRYLEOH GH SRUWH GLVSRQLEOH HQ
RSWLRQ DXSUqV GH YRWUH UHYHQGHXU YRLU &KDSLWUH
´&DUDFWpULVWLTXHV WHFKQLTXHVµ
(Q HQIRXUQDQW RX HQ VRUWDQW YRV SODWV GX IRXU
SUHQH] OD SUpFDXWLRQ GH QH SDV YRXV DSSURFKHU
GHV pOpPHQWV FKDXIIDQWV VXSpULHXUV HW XWLOLVH] GHV
JDQWV WKHUPLTXHV GH FXLVLQH
$VVXUH]YRXV TXH OHV HQIDQWV QH PDQLSXOHQW SDV
OHV FRPPDQGHV GH O·DSSDUHLO
(ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO SHQGDQW
VRQ IRQFWLRQQHPHQW 9RXV pYLWHUH] DLQVL TX·LOV VH
EUOHQW HQ WRXFKDQW OD VXUIDFH GH OD WDEOH RX HQ
UHQYHUVDQW XQ UpFLSLHQW GH FXLVVRQ
1H SODFH] MDPDLV GH SDSLHU G·DOXPLQLXP
GLUHFWHPHQW HQ FRQWDFW DYHF OD VROH OD FKDOHXU
DFFXPXOpH SRXUUDLW HQWUDvQHU XQH GpWpULRUDWLRQ GH
O·pPDLO
6XU OD SRUWH RXYHUWH GX IRXU QH SRVH] SDV GH FKDUJH ORXUGH
DVVXUH]YRXV TX·XQ HQIDQW QH SXLVVH QL
PRQWHU QL V·DVVHRLU
1H WLUH] MDPDLV YRWUH DSSDUHLO SDU OD SRLJQpH GH OD
SRUWH
&KDQJH] OH WX\DX G·DUULYpH GX JD] XQ SHX DYDQW
O·H[SLUDWLRQ GH OD GDWH GH YLHLOOLVVHPHQW LPSULPpH
VXU FHOXLFL
3RXU pYLWHU G·HQGRPPDJHU OHV FRPPDQGHV GH
YRWUH DSSDUHLO QH ODLVVH] SDV OD SRUWH RXYHUWH
ORUVTX·LO HVW HQ IRQFWLRQQHPHQW RX HQFRUH FKDXG
1·XWLOLVH] MDPDLV GH ERXWHLOOH GH SURSDQH GDQV
YRWUH FXLVLQH RX DXWUH ORFDO IHUPp
(QOHYH] WRXV OHV SURGXLWV GV j XQ GpERUGHPHQW
GH OD VXUIDFH GX FRXYHUFOH DYDQW GH O·RXYULU
9HLOOH] j QH ULHQ ODLVVHU VXU OD WDEOH SHQGDQW
O·XWLOLVDWLRQ GHV IR\HUV
WRUFKRQV IHXLOOH
G·DOXPLQLXP 6L YRXV XWLOLVH] XQ DSSDUHLO pOHFWULTXH j ILO j
SUR[LPLWp GH YRWUH FXLVLQLqUH SDU H[HPSOH XQ
EDWWHXU pOHFWULTXH DVVXUH]YRXV TXH OH ILO GH
FHOXLFL QH ULVTXH SDV GH WRXFKHU XQH VXUIDFH WUqV
FKDXGH TXL VHUDLW VXVFHSWLEOH GH OH IDLUH IRQGUH RX
ELHQ TXH VRQ ILO QH ULVTXH SDV G·rWUH FRLQFp GDQV
OD SRUWH GX IRXU
1H VWRFNH] SDV GH SURGXLWV G·HQWUHWLHQ RX GH
SURGXLWV LQIODPPDEOHV GDQV OH WLURLU
/·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
,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
1·XWLOLVH] MDPDLV G·DSSDUHLOV j YDSHXU RX j KDXWH
SUHVVLRQ SRXU QHWWR\HU OH IRXU H[LJHQFHV UHODWLYHV
j OD VpFXULWp pOHFWULTXH 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 IRXU HW GX JULOORLU
➁ &RPPDQGH GX WKHUPRVWDW HW GX JULOORLU
➂ 9R\DQW GH IRQFWLRQQHPHQW GX JULOORLU HW GX WRXUQHEURFKH
➃ &RPPDQGH GX EUOHXU JD] DYDQW JDXFKH j DOOXPDJH LQWpJUp
➄ &RPPDQGH GX EUOHXU JD] DUULqUH JDXFKH j DOOXPDJH LQWpJUp
➅ &RPPDQGH GX EUOHXU JD] DUULqUH GURLW j DOOXPDJH LQWpJUp
➆ &RPPDQGH GX EUOHXU JD] DYDQW GURLW j DOOXPDJH LQWpJUp
/D WDEOH GH FXLVVRQ
%UOHXU VHPLUDSLGH
N:
%UOHXU VHPLUDSLGH
N:
%UOHXU UDSLGH
N:
HQ EXWDQHSURSDQH N:
%UOHXU DX[LOLDLUH
N:
/·,17(5,(85 '8 )285
➀ *UDGLQV
➁ 7XUELQH GH FXLVVRQ
➂ *ULOORLU
➃ (FODLUDJH GH IRXU
➄ (QWUDvQHPHQW GH OD EURFKH
➅ %UOHXU GH IRXU
➊ j➎
1LYHDX[ GH JUDGLQV
&216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21
/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
$VVXUH]YRXV DORUV TXH OD SLqFH VRLW
VXIILVDPPHQW DpUpH 90& YHQWLODWLRQ
PpFDQLTXH FRQWU{OpH HQ IRQFWLRQQHPHQW
RX IHQrWUH RXYHUWH
&RPPHQW SURFpGHU "
/HYH] OH FRXYHUFOH
(QOHYH] WRXV OHV DFFHVVRLUHV GX IRXU
5HWLUH] OHV pWLTXHWWHV SXEOLFLWDLUHV HW OHV
DXWRFROODQWV VDXI OD SODTXH VLJQDOpWLTXH TXL
SRXUUDLHQW VH WURXYHU VXU OD IDoDGH GH YRWUH
DSSDUHLO
)DLWHV FKDXIIHU OH IRXU HQ SRVLWLRQQDQW OD
FRPPDQGH GH WKHUPRVWDW VXU OD SRVLWLRQ SHQGDQW
PLQXWHV DILQ G·pOLPLQHU O·RGHXU SURYHQDQW GX
FDORULIXJH
(QVXLWH IDLWHV FKDXIIHU SHQGDQW PLQXWHV
HQ VpOHFWLRQQDQW OD
HQYLURQ HQ SRVLWLRQ
FRPPDQGH GH IRXU HW OH WKHUPRVWDW
/H PRGH OD GXUpH HW OD WHPSpUDWXUH GH FXLVVRQ
LQGLTXpV GDQV OHV JXLGHV GHV FXLVVRQV VRQW DGDSWpV j
YRWUH QRXYHOOH FXLVLQLqUH 3RXU REWHQLU GH ERQV
UpVXOWDWV FXOLQDLUHV VXLYH] FHV LQGLFDWLRQV
&200(17 87,/,6(5 /$ 7$%/( '( &8,6621
/HV EUOHXUV GH WDEOH VRQW pTXLSpV G·XQ DOOXPDJH
LQWpJUp j OD PDQHWWH ,O SHUPHW G·HIIHFWXHU O·DOOXPDJH
HQ DFWLRQQDQW VHXOHPHQW OHV PDQHWWHV GH FRPPDQGH
GHV EUOHXUV
3RXU DOOXPHU OHV EUOHXUV
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
RX
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 ´●´
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 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
$YDQW GH IHUPHU OH FRXYHUFOH DWWHQGH] TXH OH
GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL DILQ GH QH
SDV HQGRPPDJHU OH FRXYHUFOH
&200(17 87,/,6(5 /( )285
/RUVTXH OH IRXU HVW HQ IRQFWLRQQHPHQW OH FRXYHUFOH GRLW rWUH UHOHYp
/H IRXU HVW pTXLSp G·XQ EUOHXU JD] j OD VROH G·XQH
WXUELQH GH FXLVVRQ j O·DUULqUH HW G·XQ JULOORLU pOHFWULTXH
j OD YRWH
/H IRXU SHXW rWUH XWLOLVp HQ FXLVVRQ WUDGLWLRQQHOOH HQ
FXLVVRQ PXOWLIRQFWLRQ HQ JULOORLU RX HQ FXLVVRQ DYHF OH
WRXUQHEURFKH &HV TXDWUH PRGHV QH SHXYHQW rWUH
XWLOLVpV VLPXOWDQpPHQW
/H EUOHXU GH IRXU HVW pTXLSp G·XQ DOOXPDJH LQWpJUp j
OD PDQHWWH ,O SHUPHW G·HIIHFWXHU O·DOOXPDJH HQ
DFWLRQQDQW VHXOHPHQW OD PDQHWWH GH FRPPDQGH GH
IRXU
/H EUOHXU GH IRXU HVW pTXLSp GH VpFXULWp j
WKHUPRFRXSOH 'DQV OH FDV G·XQH H[WLQFWLRQ
DFFLGHQWHOOH GH OD IODPPH FRXUDQW G·DLU YLROHQW
GpERUGHPHQW LPSRUWDQW G·XQ OLTXLGH XQH VpFXULWp
SDU WKHUPRFRXSOH FRXSHUD O·DOLPHQWDWLRQ HQ JD] GX
IRXU
/HV
DYDQWDJHV
PXOWLIRQFWLRQ JD]
GH
OD
FXLVVRQ
/·DOOLDQFH GH OD FXLVVRQ JD] HW GH OD FKDOHXU WRXUQDQWH
YRXV SHUPHWWUD GH UpDOLVHU UDSLGHPHQW GHV FXLVVRQV
SOXV PRHOOHXVHV PDLV DXVVL SDUIDLWHPHQW KRPRJqQHV
JUkFH j XQH WHPSpUDWXUH XQLIRUPH DX VHLQ GX IRXU
'HV UHFHWWHV RQW pWp VpOHFWLRQQpHV SRXU YRXV
SHUPHWWUH XQH XWLOLVDWLRQ RSWLPDOH GH FHWWH IRQFWLRQ GH
FXLVVRQ 1RXV YRXV LQYLWRQV j OHV GpFRXYULU GDQV OH
OLYUH TXH QRXV YRXV RIIURQV
'H SOXV YRXV SRXUUH] FXLUH GHV PHQXV FRPSOHWV VXU
GHX[ QLYHDX[ VDQV PpODQJH G·RGHXUV QL SHUWH GH
VDYHXUV
/H VpOHFWHXU GH IRQFWLRQV
3RXU VpOHFWLRQQHU OH PRGH GH FXLVVRQ GpVLUp OD
FRPPDQGH GX VpOHFWHXU GH IRQFWLRQV SHXW rWUH
WRXUQpH YHUV OD GURLWH RX YHUV OD JDXFKH
/D FXLVVRQ WUDGLWLRQQHOOH DYHF
pFODLUDJH GX IRXU
/D FXLVVRQ PXOWLIRQFWLRQ
/D FXLVVRQ DX JULOORLU
/D FXLVVRQ DX WRXUQHEURFKH
3RXU PHWWUH OH IRXU HQ IRQFWLRQQHPHQW FKRLVLU OD
SRVLWLRQ GX VpOHFWHXU GH IRQFWLRQV SXLV OD WHPSpUDWXUH
DSSURSULpH j O·DLGH GX WKHUPRVWDW
3RXU OH PRGH GH FXLVVRQ WUDGLWLRQQHOOH VDQV pFODLUDJH
VHXOH OD PDQHWWH GX WKHUPRVWDW GRLW rWUH XWLOLVpH HQ
VpOHFWLRQQDQW OD WHPSpUDWXUH GpVLUpH
3RXU DUUrWHU OH IRXU UDPHQH] OH WKHUPRVWDW VXU ● SXLV
OH VpOHFWHXU GH IRQFWLRQV VXU VL QpFHVVDLUH
/·pFODLUDJH IRQFWLRQQH GqV TXH OD FRPPDQGH GX
VpOHFWHXU GH IRQFWLRQV HVW WRXUQpH /H IRXU UHVWH
pFODLUp SHQGDQW TXH OD FXLVVRQ V·HIIHFWXH
/( 6(/(&7(85 '( )21&7,216
3RXU DOOXPHU OH EUOHXU GH IRXU
3RXVVH] HW WRXUQH] j O·LQYHUVH GHV DLJXLOOHV G·XQH
PRQWUH OD FRPPDQGH GH IRXU
PDLQWHQH] OD FRPPDQGH HQ SRVLWLRQ SRXVVpH
MXVTX·j O·DOOXPDJH GX EUOHXU XQH pWLQFHOOH VH
SURGXLW HQYLURQ WRXWHV OHV VHFRQGHV RX
SUpVHQWH] XQH IODPPH DX EUOHXU DSUqV DYRLU
WRXUQp OD FRPPDQGH HQ FDV GH PDQTXH G·pQHUJLH
pOHFWULTXH
DSUqV DSSDULWLRQ GH OD IODPPH PDLQWHQH] OD
FRPPDQGH HQIRQFpH SHQGDQW VHFRQGHV
HQYLURQ SRXU DFWLYHU OD VpFXULWp GH IRXU
WKHUPRFRXSOH
UHOkFKH] OD FRPPDQGH OH EUOHXU UHVWH DOOXPp
6L OH EUOHXU V·pWHLQW UHQRXYHOH] O·RSpUDWLRQ HQ
PDLQWHQDQW OD FRPPDQGH HQIRQFpH VHFRQGHV
3RXU pWHLQGUH OH EUOHXU GH IRXU
7RXUQH] OHV FRPPDQGHV VXU OD SRVLWLRQ ´$UUrWµ
WKHUPRVWDW VXU ● HW VpOHFWHXU GH IRQFWLRQV VXU
/H WKHUPRVWDW
/( 7+(50267$7
'pILQLWLRQ GHV V\PEROHV ●
SRVLWLRQ ´$UUrWµ
SODJH GH WHPSpUDWXUHV GX IRXU
SRVLWLRQ JULOORLU
/H UpJODJH GH OD WHPSpUDWXUH V·HIIHFWXH j O·DLGH GX
WKHUPRVWDW
/·XWLOLVDWLRQ GX JULOORLU
/HV SDUWLHV DFFHVVLEOHV GH OD FXLVLQLqUH
SHXYHQW rWUH FKDXGHV ORUV GH O·XWLOLVDWLRQ
GX JULOORLU (ORLJQH] OHV MHXQHV HQIDQWV
/·XWLOLVDWLRQ GX JULOORLU VH IDLW SRUWH IHUPpH
/H JULOORLU VHUW j JULOOHU OHV SLqFHV GH YLDQGH F{WH GH
ERHXI F{WHV GH SRUF TXL UHVWHQW PRHOOHXVHV j
GRUHU OHV WRDVWV RX j JUDWLQHU GHV SODWV GpMj FXLWV HW
FKDXGV GH SUpIpUHQFH JUDWLQ GH SkWHV HWF 3RXU FHWWH IRQFWLRQ LO IDXW VpOHFWLRQQHU OD SRVLWLRQ
GX VpOHFWHXU GH IRQFWLRQV HW GX WKHUPRVWDW
3RXU OD SRVLWLRQ JULOORLU
GX WKHUPRVWDW SRXVVH] HW
WRXUQH] OD FRPPDQGH YHUV OD GURLWH MXVTX·DX UHSqUH
6L YRXV FXLVH] GLUHFWHPHQW VXU OD JULOOH JULOODGHV SHQVH] j JOLVVHU OH SODWHDX PXOWLXVDJHV GDQV XQ
JUDGLQ LQIpULHXU SRXU UpFXSpUHU OH MXV HW OHV
JUDLVVHV
/D FXLVVRQ DX WRXUQHEURFKH
/D EURFKH HW VRQ VXSSRUW VRQW WUqV FKDXGV
DSUqV OD FXLVVRQ 8WLOLVH] GHV JDQWV
WKHUPLTXHV GH FXLVLQH
&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 ③
3RXVVH] OD EURFKH SRXU HQJDJHU VRQ H[WUpPLWp
GDQV OH FDUUp G·HQWUDvQHPHQW GH OD EURFKH RULILFH
VLWXp DX IRQG GX IRXU j JDXFKH *OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ①
)HUPH] OD SRUWH GX IRXU
0HWWH] OD FRPPDQGH GH IRXU VXU OD SRVLWLRQ
7RXUQH] OD FRPPDQGH GH WKHUPRVWDW VXU OD
SRVLWLRQ
9pULILH] TXH OD EURFKH WRXUQH
$YDQW GH VRUWLU OD SLqFH U{WLH UHPHWWH] OD
FRPPDQGH GH IRXU VXU OD SRVLWLRQ HW OD
FRPPDQGH GH WKHUPRVWDW VXU OD SRVLWLRQ ●
7LUH] GRXFHPHQW HW VRUWH] VLPXOWDQpPHQW GX IRXU OH SODWHDX PXOWLXVDJHV O·HQVHPEOH VXSSRUW GH
EURFKH HW OD EURFKH
/H YR\DQW ´JULOORLUµ
/H YR\DQW V·DOOXPH ORUVTXH OD IRQFWLRQ JULOORLU RX
WRXUQHEURFKH HVW HQ IRQFWLRQQHPHQW
/D FROOHUHWWH GH OD FRPPDQGH GH
WKHUPRVWDW JULOORLU
/D FRPPDQGH GH WKHUPRVWDW JULOORLU HVW FRQVWLWXpH
G·XQH PDQHWWH HW G·XQH FROOHUHWWH VpULJUDSKLpH ● &HV LQGLFDWLRQV YRXV SHUPHWWHQW GH UHPRQWHU
FRUUHFWHPHQW OD FROOHUHWWH DSUqV GpPRQWDJH DSUqV OH
QHWWR\DJH SDU H[HPSOH $SUqV
XWLOLVDWLRQ
GH
YRWUH
IRXU
DVVXUH]YRXV TXH OHV FRPPDQGHV VH
WURXYHQW VXU OD SRVLWLRQ $UUrW WKHUPRVWDW
VXU ● HW VpOHFWHXU GH IRQFWLRQV VXU /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
JULOOHV VXSSRUW
SODWHDX PXOWLXVDJHV
SODTXH j SDWLVVHULH
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 3UHQH] OD SUpFDXWLRQ GH FHQWUHU OH SODWHDX
PXOWLXVDJHV GDQV OH IRXU SRXU SHUPHWWUH XQH
ERQQH FLUFXODWLRQ G·DLU HW REWHQLU XQH FXLVVRQ
KRPRJqQH
3HWLWV WURXV
FLUFXODLUHV
YHUV O·DUULqUH
/D SODTXH j SDWLVVHULH
/D SODTXH j SDWLVVHULH
7RXW FRPPH OH SODWHDX PXOWLXVDJHV HOOH V·XWLOLVH SRXU
OD FXLVVRQ RX OH UpFKDXIIDJH GH SL]]DV GH SHWLWV
JkWHDX[ LQGLYLGXHOV SRVpV GLUHFWHPHQW GHVVXV (OOH
GRLW rWUH SRVpH VXU OD JULOOH VXSSRUW GH SODW
/H WRXUQHEURFKH
)RXUFKHWWHV
/H WRXUQHEURFKH
,O HVW FRPSRVp GH
EURFKH
IRXUFKHWWHV
VXSSRUW GH EURFKH
%URFKH
6XSSRUW GH EURFKH
&216(,/6 '·87,/,6$7,21 /$ 7$%/( '( &8,6621
$YDQW GH IHUPHU OH FRXYHUFOH DWWHQGH] TXH
OH GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL
DILQ GH QH SDV HQGRPPDJHU OH FRXYHUFOH
&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 HW DUULqUH GURLW
j FP GH GLDPqWUH SRXU OH EUOHXU DX[LOLDLUH
DYDQW GURLW
6L YRXV XWLOLVH] XQ UpFLSLHQW j ODUJH IRQG VWpULOLVDWHXU
EDVVLQH j FRQILWXUH FRXVFRXVVLHU SODFH]OH
OpJqUHPHQW GpFDOp YHUV O·DUULqUH GH OD WDEOH GH FXLVVRQ
GH WHOOH VRUWH TXH OD EDVH GX UpFLSLHQW QH GpSDVVH SDV
OH ERUG DYDQW GH OD WDEOH pPDLOOpH &HFL pYLWH OH
GpERUGHPHQW GHV IODPPHV HW XQH VXUFKDXIIH DX
QLYHDX GX EDQGHDX GH FRPPDQGHV
&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
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
&216(,/6 '·87,/,6$7,21 /( )285
/H SUpFKDXIIDJH VH IDLW VXU OD SRVLWLRQ FKRLVLH SRXU OD
FXLVVRQ
PLQXWHV HQYLURQ SRXU OHV SRVLWLRQV j
PLQXWHV HQYLURQ SRXU OHV SRVLWLRQV j /H UpFKDXIIDJH HW OD GpFRQJpODWLRQ GH SODWV SUpSDUpV
j O·DYDQFH V·HIIHFWXHQW HQ SRVLWLRQ FXLVVRQ
WUDGLWLRQQHOOH
&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 FKDXI
IDQWV 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
3UHQH] O·KDELWXGH G·pWHLQGUH YRWUH IRXU TXHOTXHV
PLQXWHV DYDQW OD ILQ GH OD FXLVVRQ 3HQGDQW FH ODSV
GH WHPSV Q·RXYUH] SDV OD SRUWH OD FXLVVRQ VH
WHUPLQHUD JUkFH j OD FKDOHXU DFFXPXOpH GDQV OH
IRXU
)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[ RX FDNHV RX WDUWHV SDU H[HPSOH
&KRL[ GHV UpFLSLHQWV
/·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
7DEOHDX GH FRUUHVSRQGDQFHV DSSUR[LPDWLYHV UHSqUHV GX WKHUPRVWDW WHPSpUDWXUHV
p&
p&
p&
p&
p&
p&
p&
0$;,
/H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH LO GRLW VH IDLUH VXU OD SRVLWLRQ FKRLVLH SRXU OD FXLVVRQ
7KHUPRVWDW
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
3ODW HQ WHUUH j IHX VXU JULOOH VXSSRUW
3ODW HQ WHUUH j IHX VXU JULOOH VXSSRUW
3ODW HQ WHUUH j IHX VXU JULOOH VXSSRUW
3ODW HQ WHUUH j IHX VXU JULOOH VXSSRUW
3ODW HQ WHUUH j IHX VXU JULOOH VXSSRUW
3ODW HQ WHUUH j IHX VXU JULOOH VXSSRUW
3ODW HQ WHUUH j IHX VXU JULOOH VXSSRUW
3ODW HQ YHUUH j IHX VXU JULOOH VXSSRUW
3ODW HQ YHUUH j IHX VXU JULOOH VXSSRUW
3ODW HQ YHUUH j IHX VXU JULOOH VXSSRUW
&URWHV IHXLOOHWpHV
6RXIIOp DX IURPDJH
3ODTXH j SDWLVVHULH DYHF SDSLHU VXOIXULVp VXU JULOOH
VXSSRUW
0RXOH j VRXIIOp VXU JULOOH VXSSRUW
3DWp HQ WHUULQH
7HUULQH DX EDLQ PDULH GDQV SODWHDX PXOWL XVDJHV
3L]]D
4XLFKH ORUUDLQH
7RXUWLqUH VXU JULOOH VXSSRUW
7RXUWLqUH VXU JULOOH VXSSRUW
0RXOH j PDQTXp VXU JULOOH VXSSRUW
0RXOH VXU JULOOH VXSSRUW
0RXOH j FDNH VXU JULOOH VXSSRUW
0RXOH j JpQRLVH VXU JULOOH VXSSRUW
0RXOH HQ WHUUH FXLWH VXU JULOOH VXSSRUW
3ODTXH j SDWLVVHULH VXU JULOOH VXSSRUW
0RXOH j PDQTXp VXU JULOOH VXSSRUW
3ODTXH j SDWLVVHULH VXU JULOOH VXSSRUW
7RXUWLqUH VXU JULOOH VXSSRUW
7RXUWLqUH VXU JULOOH VXSSRUW
3UpSDUDWLRQV
1LYHDX GH
FXLVVRQ
JUDGLQ
*ULOOH
VXSSRUW
9,$1'(6
5{WL GH ERHXI NJ
*LJRW G·DJQHDX
5{WL GH SRUF NJ
5{WL GH YHDX NJ
9RODLOOH NJ
32,66216
3RLVVRQV HQWLHUV
3RLVVRQV ILOHWV
/(*80(6
*UDWLQ GDXSKLQRLV
7RPDWHV IDUFLHV
/DVDJQHV
(175((6
3$7,66(5,(6
%LVFXLW GH 6DYRLH
%ULRFKH
&DNH DX[ UDLVLQV
*pQRLVH
.RXJORI
3kWH j FKRX[
4XDWUH TXDUWV
6DEOpV
7DUWH DX[ IUXLWV
SkWH EULVpH
7DUWH DX[ IUXLWV
SkWH OHYpH
*XLGH GHV FXLVVRQV DX WRXUQHEURFKH HW DX JULOORLU
7RXWHV OHV FXLVVRQV DX JULOORLU GRLYHQW rWUH IDLWHV SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH
1LYHDX GH
*ULOOH
FXLVVRQ
VXSSRUW
JUDGLQ
PLQXWHV GH SUpFKDXIIDJH
3UpSDUDWLRQV
*5,//$'(6
7KHUPRVWDW
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
7RXUQHEURFKH SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
SDU
IDFH
SDU
IDFH
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
3RXOHW DX WRXUQHEURFKH
&{WHV GH SRUF
6DXFLVVHV PHUJXH]
3RLVVRQV
3RXOHW HQ PRUFHDX[
FXLVVHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
&{WH GH ERHXI
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
/·LPSRUWDQFH GX YROXPH GHV SUpSDUDWLRQV j FXLUH HW OD JUDQGH YDULpWp GHV PDWpULDX[ FRQVWLWXDQW OHV
UpFLSLHQWV GH FXLVVRQ HW OHV PRXOHV j SkWLVVHULH SHXYHQW YRXV DPHQHU j PRGLILHU OHV LQGLFDWLRQV GRQQpHV
GDQV OHV JXLGHV GHV FXLVVRQV 6HXOH YRWUH H[SpULHQFH YRXV SHUPHWWUD GH WURXYHU OH UpJODJH FRQYHQDQW OH
PLHX[ j YRV KDELWXGHV FXOLQDLUHV
(175(7,(1 (7 1(772<$*(
1HWWR\DJH GH OD WDEOH
$YDQW GH SURFpGHU DX QHWWR\DJH DVVXUH]YRXV TXH
FKDTXH PDQHWWH VRLW VXU OD SRVLWLRQ $UUrW HW DWWHQGH]
TXH O·DSSDUHLO VRLW UHIURLGL
$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 OD VXUIDFH pPDLOOpH
1HWWR\DJH GX FRXYHUFOH
1HWWR\H]OH DYHF XQH pSRQJH KXPLGH DGGLWLRQQpH
G·XQ GpWHUJHQW GRX[ ULQFH] HW VpFKH]
*ULOOHV pPDLOOpHV
/DYH]OHV j O·HDX FKDXGH DGGLWLRQQpH G·XQ GpWHUJHQW
GRX[ ULQFH] HW VpFKH]
%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
%DQGHDX GH FRPPDQGH HW PDQHWWHV
8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·HDX
VDYRQQHXVH 5LQFH] HW VpFKH] VRLJQHXVHPHQW
3RUWH WLURLU HW F{WpV
8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·XQ
GpWHUJHQW GRX[ 5LQFH] HW VpFKH] VRLJQHXVHPHQW
1·XWLOLVH] HQ DXFXQ FDV GH SURGXLWV DEUDVLIV
1HWWR\DJH GX IRXU
/D SRUWH GX IRXU HVW FKDXGH SHQGDQW OH
F\FOH GH QHWWR\DJH pORLJQH] OHV MHXQHV
HQIDQWV
1HWWR\DJH GHV DFFHVVRLUHV
/DYH]OHV j O·HDX VDYRQQHXVH HQ SUHQDQW ELHQ VRLQ GH
OHV ULQFHU HW GH OHV HVVX\HU
1·XWLOLVH] SDV OHV EUOHXUV GH WDEOH
SHQGDQW OH QHWWR\DJH
1RXV YRXV UHFRPPDQGRQV G·XWLOLVHU
O·pFUDQ GH SURWHFWLRQ DPRYLEOH GH SRUWH HQ
FDV GH SUpVHQFH pYHQWXHOOH GH MHXQHV
HQIDQWV UpIpUHQFH GH O·pFUDQ DX FKDSLWUH
´&DUDFWpULVWLTXHV WHFKQLTXHVµ 3ULQFLSH
/HV SDURLV GH YRWUH IRXU VDXI OD VROH VRQW UHFRXYHUWHV
G·XQ pPDLO VSpFLDO SRUHX[ 9RXV OH UHFRQQDvWUH] SDU
VRQ DVSHFW PDW HW UXJXHX[ DX WRXFKHU ,O DEVRUEH HW
GpWUXLW OHV SURMHFWLRQV JUDVVHV VRXV O·DFWLRQ GH OD
FKDOHXU
1HWWR\DJH FDWDO\WLTXH
/RUV GHV FXLVVRQV SURYRTXDQW EHDXFRXS GH
SURMHFWLRQV JUDVVHV YRODLOOHV JULOODGHV OD GXUpH
RX OD WHPSpUDWXUH QH VRQW SDV WRXMRXUV VXIILVDQWHV
SRXU pOLPLQHU WRXWHV OHV JUDLVVHV
'DQV FH FDV j OD VXLWH GH OD FXLVVRQ SURFpGH] GH OD
PDQLqUH VXLYDQWH UHWLUH] WRXV OHV DFFHVVRLUHV GX IRXU JULOOHV SODWHDX
PXOWLXVDJHV
SODTXH
j
SDWLVVHULH
HW
WRXUQHEURFKH SODFH] OH WKHUPRVWDW VXU OH UHSqUH PD[L SXLV
ODLVVH] FKDXIIHU j YLGH PLQXWHV
HQVXLWH SODFH] OD FRPPDQGH GH IRXU HW OH
SXLV ODLVVH] FKDXIIHU
WKHUPRVWDW VXU OD SRVLWLRQ
SHQGDQW PLQXWHV
6L YRXV UpDOLVH] FHWWH RSpUDWLRQ j SDUWLU G·XQ IRXU IURLG
FRPSWH] PLQXWHV GH QHWWR\DJH
1H SURMHWH] SDV GH SURGXLWV QHWWR\DQWV VXU OHV
VXUIDFHV UHFRXYHUWHV G·pPDLO FDWDO\WLTXH
1·XWLOLVH] MDPDLV G·pSRQJH PpWDOOLTXH GH
SURGXLWV DEUDVLIV GH GpWHUJHQWV G·REMHWV
WUDQFKDQWV WHOV TXH FRXWHDX[ JUDWWRLUV TXL
UHQGUDLHQW O·pPDLO GpILQLWLYHPHQW LQHIILFDFH
/D VROH HVW HQ pPDLO YLWULILp EULOODQW HW OLVVH DX WRXFKHU
OH QHWWR\DJH HVW ´PDQXHOµ
(Q FDV GH GpERUGHPHQW VXU OD VROH QHWWR\H]OD j
O·DLGH G·XQH pSRQJH HW G·XQ GpWHUJHQW GRX[
9RXV SRXYH] pYHQWXHOOHPHQW XWLOLVHU XQ SURGXLW VSpFLDO
GX FRPPHUFH HQ YRXV DVVXUDQW GH OH YDSRULVHU
XQLTXHPHQW VXU OD VROH
(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 GH WDEOH RX OH EUOHXU GH IRXU QH
V·DOOXPH SDV
/HV UpVXOWDWV GH FXLVVRQ QH VRQW SDV VDWLVIDLVDQWV
/H IRXU IXPH
/H JULOORLU QH IRQFWLRQQH 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 GH WDEOH HVW ELHQ UHPRQWp
OH EUOHXU Q·HVW SDV PRXLOOp
OD ERXJLH G·DOOXPDJH HVW SURSUH HW VqFKH
9pULILH] TXH
OD GXUpH GH SUpFKDXIIDJH HVW VXIILVDQWH YRLU
FKDSLWUH ´*XLGHV GHV FXLVVRQVµ
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 VpOHFWLRQQpH HVW DGDSWpH SOXV
SDUWLFXOLqUHPHQW SRXU OD FXLVVRQ GHV YLDQGHV YRLU
FKDSLWUH ´*XLGHV GHV FXLVVRQVµ 9pULILH] TXH
OHV IXVLEOHV VRQW HQ ERQ pWDW
O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp
TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW
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 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]
9pULILH] TXH
UqJOHPHQW VDQLWDLUH GpSDUWHPHQWDO
OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH
OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW
QRUPH 1) & LQVWDOODWLRQV pOHFWULTXHV j
EDVVH WHQVLRQ
OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV
G·LQVWDOODWLRQ
5DFFRUGHPHQW pOHFWULTXH
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
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&
&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 ,,(
N:
JK
9 +]
&RXYHUFOH GH WDEOH
*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
$OOXPDJH pOHFWURQLTXH LQWpJUp
3XLVVDQFH GX IRXU
*ULO
3XLVVDQFH GX JULO
(FODLUDJH GH IRXU
1HWWR\DJH
$FFHVVRLUHV
JULOOHV VXSSRUW
SODWHDX PXOWLXVDJHV
SODTXH j SDWLVVHULH
HQVHPEOH WRXUQHEURFKH
7LURLU GH UDQJHPHQW GHV
DFFHVVRLUHV
&RUGRQ GH UDFFRUGHPHQW pOHFWULTXH
HW SULVH
'LPHQVLRQV
+DXWHXU FRXYHUFOH IHUPp
+DXWHXU DX SODQ GH FXLVVRQ
/DUJHXU
3URIRQGHXU
3RLGV
2SWLRQV GLVSRQLEOHV DXSUqV GH (FUDQ GH SURWHFWLRQ DPRYLEOH GH
YRWUH UHYHQGHXU
SRUWH
W{OH
JULOOHV VXSSRUW GH FDVVHUROHV HQ
DFLHU pPDLOOp
EUOHXU DX[LOLDLUH N:
EUOHXU VHPLUDSLGH N:
EUOHXU UDSLGH N:
EUOHXU VHPLUDSLGH N:
JD] j VpFXULWp SDU WKHUPRFRXSOH
N:
pOHFWULTXH
N:
DPSRXOH : W\SH (
FDWDO\VH
FP
FP
FP
FP
NJ
%581 UpIpUHQFH .3)$5*0
1 %/$1& UpIpUHQFH .3)$5*:
1 %XWDQHSURSDQH N:
/H PDUTXDJH
FRUUHVSRQG j O·DSSOLFDWLRQ GHV GLUHFWLYHV FRPSDWLELOLWp pOHFWURPDJQpWLTXH PDUTXDJH
HW EDVVH WHQVLRQ ,167$//$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
$SUqV LQVWDOODWLRQ OD SULVH GH FRXUDQW GRLW rWUH
DFFHVVLEOH
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
&ODVVH $SSDUHLO LVROp
)LJ
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
,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 7DEOHDX
Q 6L O·DSSDUHLO HVW DOLPHQWp HQ JD] %XWDQH RX 3URSDQH
YpULILH] TXH OH UpJXODWHXU GH SUHVVLRQ GpELWH OH JD] j
XQH SUHVVLRQ GH PEDU SRXU OH %XWDQH HW PEDU
SRXU OH 3URSDQH
&KRL[ GX WX\DX RX WXEH SRXU XQ DSSDUHLO
LVROp FODVVH -RLQW
3RXU OHV JD] GLVWULEXpV SDU UpVHDX $ERXW JD]
UpVHDX
7XEH VRXSOH
8WLOLVH] XQ WXEH VRXSOH HQ FDRXWFKRXF G·XQH
ORQJXHXU PD[L GH P HW GH PP GH GLDPqWUH
LQWpULHXU PRQWp DYHF VRQ DERXW JD] )LJ
9HLOOH] j O·HQIRQFHU MXVTX·HQ EXWpH HW j OH IL[HU
DYHF XQ FROOLHU
7X\DX IOH[LEOH
8Q WX\DX IOH[LEOH j HPERXWV PpFDQLTXHV
ORQJXHXU PD[L P )LJ
1RXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX IOH[LEOH
QRUPDOLVp G·XQH ORQJXHXU PLQL GH P GRQW OD
ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ GX
URELQHW GH EDUUDJH
5DFFRUGH] XQH H[WUpPLWp GX WX\DX IOH[LEOH DX
URELQHW GH EDUUDJH SXLV DYDQW GH SRVLWLRQQHU
O·DSSDUHLO HQWUH OHV PHXEOHV UDFFRUGH] O·DXWUH
H[WUpPLWp VXU OH SURORQJDWHXU GH UDPSH HQ
LQWHUFDODQW XQ MRLQW
3RVLWLRQQH] O·DSSDUHLO HQ YpULILDQW TXH OD ERXFOH
IRUPpH SDU OH WX\DX IOH[LEOH VH GpYHORSSH GDQV OH
YLGH VDQLWDLUH GX PHXEOH DGMDFHQW
)LJ
7XEH
VRXSOH
&ROOLHU
)LJ
7X\DX IOH[LEOH
7X\DX IOH[LEOH
7X\DX ULJLGH
8Q WX\DX ULJLGH DYHF pFURX
3RXU OHV JD] EXWDQHSURSDQH HQ ERXWHLOOH RX
HQ FXYH
1RXV YRXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX
IOH[LEOH QRUPDOLVp G·XQH ORQJXHXU PLQLPXP GH P FHWWH ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ
GX UDFFRUGHPHQW j O·DOLPHQWDWLRQ JD]
3RXU OHV LQVWDOODWLRQV DQFLHQQHV HW HQ EXWDQH YRXV
SRXYH] XWLOLVHU XQ WXEH VRXSOH HQ FDRXWFKRXF
G·XQH ORQJXHXU PD[L GH P HW GH PP GH
GLDPqWUH LQWpULHXU PRQWp DYHF O·DERXW VSpFLDO
EXWDQH )LJ 9HLOOH] j O·HQIRQFHU VXIILVDPPHQW HW j OH IL[HU DYHF
XQ FROOLHU j FKDTXH H[WUpPLWp
3RXU O·DFKDW GHV WX\DX[
7XEH VRXSOH HQ FDRXWFKRXF LO GRLW rWUH PDUTXp 1)
*$=
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
-RLQW
)LJ
$ERXW JD] EXWDQH SURSDQH
7XEH
VRXSOH
&ROOLHU
5DFFRUGHPHQW pOHFWULTXH
,PSRUWDQW
1·RPHWWH] SDV GH UHOLHU O·DSSDUHLO j OD WHUUH DX PR\HQ
G·XQ VRFOH j 37 $ HQ YRXV FRQIRUPDQW DX[
SUHVFULSWLRQV GH OD QRUPH 1)& HW DX[
UqJOHPHQWV HQ YLJXHXU 1RWUH UHVSRQVDELOLWp QH VDXUDLW
rWUH HQJDJpH HQ FDV G·DFFLGHQW FRQVpFXWLI j XQH PLVH
j OD WHUUH LQH[LVWDQWH RX LQFRUUHFWH
/D FXLVLQLqUH HVW pTXLSpH G·XQ FkEOH G·DOLPHQWDWLRQ
VRXSOH DYHF ILFKH SRXU rWUH FRQQHFWpH j XQH SULVH
VHFWHXU HW HVW DSWH DX IRQFWLRQQHPHQW HQ 9 +]
&DSDFLWp GX IXVLEOH DPSqUHV
5HPDUTXH
&RQWU{OH] VXU OD SODTXH VLJQDOpWLTXH OD YDOHXU GH OD
SXLVVDQFH WRWDOH GH UDFFRUGHPHQW SRXU pWDEOLU OD
SXLVVDQFH GX IXVLEOH
'DQV OH FDV G·XQH LQVWDOODWLRQ IL[H OH UDFFRUGHPHQW DX
UpVHDX GRLW rWUH HIIHFWXp SDU O·LQWHUPpGLDLUH G·XQ
LQWHUUXSWHXU j FRXSXUH RPQLSRODLUH D\DQW XQH
GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV PP
/H FRQGXFWHXU GH PLVH j OD WHUUH MDXQHYHUW QH GRLW SDV
rWUH FRXSp SDU O·LQWHUUXSWHXU
/H FkEOH G·DOLPHQWDWLRQ VHUD SRVLWLRQQp GH IDoRQ j FH
TX·HQ DXFXQ SRLQW VD WHPSpUDWXUH Q·H[FqGH & j OD
WHPSpUDWXUH DPELDQWH
$YDQW GH SURFpGHU DX EUDQFKHPHQW YpULILH] TXH
OHV IXVLEOHV DLQVL TXH O·LQVWDOODWLRQ pOHFWULTXH
GRPHVWLTXH VRQW HQ PHVXUH GH VXSSRUWHU OD
FKDUJH GH O·DSSDUHLO YRLU OD SODTXH VLJQDOpWLTXH
OD SULVH RX OH GLVMRQFWHXU RPQLSRODLUH XWLOLVp SRXU OH
EUDQFKHPHQW HVW IDFLOHPHQW DFFHVVLEOH ORUVTXH
O·DSSDUHLO HVW LQVWDOOp
(Q FDV GH UHPSODFHPHQW GX FkEOH G·DOLPHQWDWLRQ LO QH
GRLW rWUH UHPSODFp TXH SDU XQ DWHOLHU GH UpSDUDWLRQ
UHFRQQX SDU OH IDEULFDQW XWLOLVH] XQ FkEOH GH W\SH
+99) G·XQH VHFWLRQ DGDSWpH j OD FKDUJH GH
O·DSSDUHLO
4XHOTXH VRLW OH PRGH GH UDFFRUGHPHQW
O·DSSDUHLO GRLW rWUH UHOLp j OD WHUUH
FRQIRUPpPHQW DX[ UqJOHPHQWV HQ YLJXHXU
&+$1*(0(17 '( *$=
$ 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 FKDQJHU OH W\SH GH JD] LO HVW QpFHVVDLUH GH
FKDQJHU OHV LQMHFWHXUV WDEOH HW IRXU
PRGLILHU OHV UpJODJHV GH GpELW UpGXLW WDEOH HW IRXU
YpULILHU OH PRGH GH UDFFRUGHPHQW JD]
&KDQJHPHQW GHV LQMHFWHXUV GHV EUOHXUV
GH WDEOH
/HYH] OH FRXYHUFOH
(QOHYH] OHV JULOOHV GH WDEOH OHV FKDSHDX[ HW OHV
FRXURQQHV 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 %UOHXUV
3XLVVDQFH
QRUPDOH
3XLVVDQFH
UpGXLWH
%XWDQH 3URSDQH
*D] QDWXUHO
GPK &
N:
N:
,QMHFWHXUV
JK
,QMHFWHXUV
*
PEDU
*
PEDU
$X[LOLDLUH ® PP
6HPLUDSLGH ® PP
5DSLGH ® PP
)RXU
35(66,21 '·$/,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 &KDQJHPHQW GH O·LQMHFWHXU GX EUOHXU GH
IRXU
2XYUH] OD SRUWH GX IRXU HW HQOHYH] OHV DFFHVVRLUHV
'pYLVVH] OHV YLV GH IL[DWLRQ GX GpIOHFWHXU DUULqUH
GH VROH GH IRXU
'pYLVVH] OD YLV GH IL[DWLRQ GX EUOHXU
*OLVVH] OH EUOHXU YHUV O·DYDQW GH IDoRQ j SHUPHWWUH
O·DFFHVVLELOLWp j O·LQMHFWHXU
$YHF XQH FOp j SLSH GH GpYLVVH] O·LQMHFWHXU VLWXp
DX IRQG GX IRXU HW UHPSODFH]OH SDU FHOXL TXL
FRQYLHQW DX W\SH GH JD] XWLOLVp YRLU 7DEOHDX Q 5HPRQWH] OH EUOHXU HQ HIIHFWXDQW OHV RSpUDWLRQV
GDQV O·RUGUH LQYHUVH HW UHPHWWH] OH GpIOHFWHXU
DUULqUH GH VROH HQ SODFH HQ YHLOODQW j ELHQ
UHSRVLWLRQQHU OD W{OH VXSSRUW GX GpIOHFWHXU
/H UpJODJH G·DLU GX EUOHXU GH IRXU HVW REWHQX
DXWRPDWLTXHPHQW SDU O·LQMHFWHXU HW Q·HVW SDV DMXVWDEOH
SDU G·DXWUHV PR\HQV
5pJODJH GHV GpELWV UpGXLWV GHV EUOHXUV
GH WDEOH HW GH IRXU
$VVXUH]YRXV TXH O·DSSDUHLO Q·HVW SOXV UDFFRUGp
DX UpVHDX pOHFWULTXH
/HYH] OH FRXYHUFOH
(QOHYH] OHV JULOOHV GH WDEOH OHV FKDSHDX[ HW OHV
FRXURQQHV GH EUOHXUV
'pYLVVH] OHV YLV GH FKDUQLqUHV GH FRXYHUFOH
VLWXpHV VXU OD WDEOH
5HIHUPH] OH FRXYHUFOH SRXU GpJDJHU OD WDEOH VRXOHYH] OpJqUHPHQW O·DUULqUH GH O·HQVHPEOH
WDEOHFRXYHUFOH HW IDLWHVOH JOLVVHU YHUV O·DYDQW
3RXU DMXVWHU OH UpJODJH GHV GpELWV UpGXLWV GHV
EUOHXUV GH WDEOH 5HSRVLWLRQQH] OHV EUOHXUV HW DOOXPH]OHV HQ
SRVLWLRQ PD[L
)LJ
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 pOHFWLTXH DX PD[LPXP
YHUV O·DYDQW RX HQ SDVVDQW j WUDYHUV OH WURX VLWXp
VXU OH FRQWDFWHXU
3URFpGH] HQ VXLYDQW OHV LQGLFDWLRQV GX 7DEOHDX
Q
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
)LJ
VIS DE REGLAGE
9pULILFDWLRQ
5HPRQWH] OHV HQWUHWRLVHV HW OHV ERXWRQV GH
FRPPDQGH $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
3RXU UpJOHU OH GpELW UpGXLW GX EUOHXU GH IRXU (IIHFWXH] OH UpJODJH GH OD YLV )LJ HQ VXLYDQW OHV
LQGLFDWLRQV GX 7DEOHDX Q &HWWH YLV j WrWH
KH[DJRQDOH HVW VLWXpH VXU OD SDUWLH VXSpULHXUH GX
FRUSV GX URELQHW )LJ (OOH HVW DFFHVVLEOH SDU OH
GHVVXV VDQV DYRLU j HQOHYHU OH ERXWRQ GH
FRPPDQGH DYHF XQH FOp SODWH GH )LJ
7DEOHDX Q %XWDQH 3URSDQH
*D] QDWXUHO
9LVVH] WRWDOHPHQW OD YLV VDQV
HIIRUW
9LVVH] WRWDOHPHQW OD YLV SXLV
GpYLVVH] GH j GH WRXU
VDQV HIIRUW
9pULILFDWLRQ 3RXU FRQWU{OHU OD ERQQH WHQXH GHV IODPPHV $OOXPH] OH EUOHXU GH IRXU VXU OD SRVLWLRQ PD[L HW
ODLVVH] FKDXIIHU SRUWH IHUPpH HQYLURQ PLQXWHV
0DQRHXYUH] OD FRPPDQGH GX IRXU GX SRLQW PD[L
DX SRLQW PLQL
2XYUH] OD SRUWH QRUPDOHPHQW HW YpULILH] OD
SUpVHQFH GHV IODPPHV
0DQRHXYUH] SOXVLHXUV IRLV GX SRLQW PD[L DX SRLQW
PLQL
2XYUH] HW IHUPH] OD SRUWH ORUVTXH OD FRPPDQGH GX
IRXU HVW DX SRLQW PLQL
6L OH EUOHXU V·pWHLQW GpYLVVH] WUqV OpJqUHPHQW OD
YLV GH UpJODJH
5HPRQWH] O·HQVHPEOH
EUOHXUV HW OHV JULOOHV
WDEOHFRXYHUFOH
OHV
5(03/$&(0(17 '( /·$0328/( '·(&/$,5$*(
$YDQW GH SURFpGHU DX FKDQJHPHQW GH
O·DPSRXOH GX IRXU YHLOOH] j FH TXH OHV
FRPPDQGHV VRLHQW VXU OD SRVLWLRQ $UUrW
FRPPDQGH GH IRXU VXU HW WKHUPRVWDW 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
">
Публичная ссылка обновлена
Публичная ссылка на ваш чат обновлена.