▼
Scroll to page 2
of
18
+PEWOIVEQMOOSGLJIPH 4PER HI GYMWWSR ZMXVSGÃVEQMUYI 4MERM HM GSXXYVE MR ZIXVSGIVEQMGE +)&6%9',7%2;)-792+ 13() ( )1403-7869>-32- 4)6 0 973 +/ ', &KqUH FOLHQWH FKHU FOLHQW 1RXV YRXV UHPHUFLRQV G·DYRLU FKRLVL XQH WDEOH GH FXLV VRQ YLWURFpUDPLTXH (/(&752/8; $YHF FH SURGXLW YRXV DYH] RSWp SRXU O·LQQRYDWLRQ OD TXDOLWp HW OD GXUDEL OLWp &H PDQXHO G·XWLOLVDWLRQ YRXV SHUPHW GH IDLUH SURJUHVVL YHPHQW FRQQDLVVDQFH DYHF YRWUH WDEOH GH FXLVVRQ YL WURFpUDPLTXH HW G·HQ H[SORLWHU WRXWHV OHV SRVVLELOLWpV GH PDQLqUH RSWLPDOH $YDQW GH SURFpGHU j OD SUHPLqUH PLVH HQ VHUYLFH QRXV YRXV SULRQV GH OLUH DWWHQWLYHPHQW OH FKDSLWUH ©5qJOHV GH VpFXULWp LPSRUWDQWHVª 1RXV YRXV UHFRPPDQGRQV GH FRQVHUYHU OH PDQXHO G·XWLOLVDWLRQ j SUR[LPLWp GH OD WDEOH GH FXLVVRQ DILQ TXH YRXV O·D\H] LPPpGLDWHPHQW VRXV OD PDLQ HQ FDV G·LQ FHUWLWXGH $SUHV YRXV DYH] SULV FRQQDLVVDQFH GX PRGH G·HPSORL QRXV YRXV SULRQV GH UHQYR\HU OD FDUWH GH JDUDQWLH UHPSOLH OH VHUYLFH DSUqVYHQWH j 0lJHQZLO &HW DSSDUHLO HVW FRQIRUPH DX[ GLUHFWLYHV &(( &(( &(( &(( ) 7DEOHV GHV PDWLqUHV 5qJOHV GH VpFXULWp LPSRUWDQWHV /D WDEOH GH FXLVVRQ YLWURFpUDPLTXH j HQFDVWUHU $YDQW OD SUHPLqUH XWLOLVDWLRQ /·XWLOLVDWLRQ GX SODQ GH FXLVVRQ /D EDWWHULH GH FXLVLQH DSSURSULpH 1HWWR\DJH HW VRLQV 4XH IDLUH HQ FDV GH GpIHFWXRVLWp" &DUDFWpULVWLTXHV WHFKQLTXHV ,QVWUXFWLRQV G·LQVWDOODWLRQ 6HUYLFH DSUqVYHQWH 6XUIDFH GH FXLVVRQ YLWURFpUDPLTXH (QFOHQFKHPHQWGpFOHQFKHPHQW HW UpJXODWLRQ ,QGLFDWHXU GH FKDOHXU UpVLGXHOOH &RQVRPPDWLRQ G·pQHUJLH MXGLFLHXVH &DVVHUROHV HW SRrOHV 1HWWR\HU DSUqV FKDTXH XWLOLVDWLRQ (OLPLQHU OHV WDFKHV *. (QFDVWUHPHQW GDQV XQ SODQ GH WUDYDLO GH FXLVLQH &RWHV GH PRQWDJH 0RQWDJH 'HPRQWDJH GX WDEOH GH FXLVVRQ YLWURFpUDPLTXH 5DFFRUGHPHQW pOHFWULTXH 3RLQWV GH VHUYLFH 9HQWR GHV SLqFHV GH UHFKDQJH 3RLQW GH YHQWH GH UHFKDQJH *DUDQWLH 5qJOHV GH VpFXULWp LPSRUWDQWHV 9HXLOOH] YRXV IDPLOLDULVHU DYHF OH PDQXHO G·XWLOLVD WLRQ DYDQW G·XWLOLVHU OD WDEOH GH FXLVVRQ SRXU OD SUHPLqUH IRLV 9HXLOOH] HQ SDUWLFXOLHU REVHUYHU OHV FRQVHLOV GH VpFXULWp PDUTXpV G·XQ 8WLOLVDWLRQ HW PDQLSXODWLRQ 9RXV pYLWHUH] DLQVL TX·LO \ DLW GHV GRPPDJHV DXVVL ELHQ VXU OHV SHUVRQQHV TXH VXU OD WDEOH GH FXLVVRQ &RQVHUYH] VRLJQHXVHPHQW FH PDQXHO G·XWLOLVD WLRQ HW WUDQVPHWWH]OH OH FDV pFKpDQW DX SURFKDLQ XWL OLVDWHXU (PSrFKH] TXH OHV SHWLWV HQIDQWV SXLVVHQW WRXFKHU OHV ]RQHV GH FXLVVRQ YLWURFpUDPLTXHV ORUVTXH FHOOHVFL IRQFWLRQQHQW '·XQH PDQLqUH JpQpUDOH LOV GHYUDLHQW rWUH WHQXV j O·pFDUW GHV IR\HUV DLQVL TXH GHV FDVVHUROHV HW GHV SRrOHV /HV HQIDQWV SHXYHQW pJDOHPHQW VH EU OHU HQ IDLVDQW WRPEHU XQH FDVVHUROH RX XQH SRrOH 9RWUH DSSDUDLO D pWp FRQoX SRXU XQ XVDJH FXOLQDLUH XQL TXHPHQW j O·H[FOXVLRQ G·DXWUHV ILQV ,O HVW FRQIRUPH DX[ SUHFULSWLRQV GH VpFXULWp HW DX[ QRUPHV GH TXDOLWp LQWHUQDWLRQDOHV /HV PHVXUHV GH VpFXULWp H[LVWDQWHV Q·H[FOXHQW SDU OHV ULVTXHV G·DFFLGHQW /D VpFXULWp DX QLYHDX pOHFWULTXH /·DSSDUHLO GRLW rWUH UDFFRUGp SDU XQ LQVWDOODWHXU pOHFWULFLHQ TXDOLILp 3RXU DVVXUHU OD VpFXULWp DX QL YHDX pOHFWULTXH OHV DSSDUHLOV j HQFDVWUHU GRLYHQW rWUH PRQWpV GDQV GHV DUPRLUHV SRXU pOpPHQWV j HQFDVWUHUSODQV GH WUDYDLO DSSURSULpV HW FRQIRU PHV DX[ QRUPHV 1·XWLOLVH] OD WDEOH GH FXLVVRQ TXH VHXOHPHQW ORUVTXH FHOOHFL DXUD pWp LQVWDOOpH 9RXV VHUH] DLQVL DVVXUp GH QH SDV WRXFKHU DFFLGHQWHOOHPHQW GHV FRPSRVDQWV pOHFWULTXHV /D WDEOH GH FXLVVRQ YLWURFpUDPLTXH j HQFDVWUHU QH SHXW rWUH FRPELQpH TX·DYHF GHV IRXUV HQFDVWUDEOHV GHV Up FKDXGV HQFDVWUDEOHV GHV ERvWHV GH FRPPDQGH HQ FDVWUDEOHV RX DYHF XQH FRPPDQGH pOHFWURQLTXH DX PR\HQ GX V\VWqPH GH FRQQH[LRQ VSpFLDO FkEOH DGDS WDWHXU YRLU LQVWUXFWLRQV G·LQVWDOODWLRQ 2EVHUYH] pJD OHPHQW OHV LQGLFDWLRQV GDQV OH PDQXHO G·LQVWDOODWLRQ HW G·XWLOLVDWLRQ ,O Q·HVW SDV SHUPLV GH UDFFRUGHU GHV WDEOHV GH FXLVVRQ HQGRPPDJpHV TXL SUpVHQWHQW GHV ILVVXUHV RX GHV FDVVXUHV VXU OD VXUIDFH YLWURFpUDPLTXH 3RXU GHV UDLVRQV GH VpFXULWp OHV UpSDUDWLRQV VXU O·DS SDUHLO HQ SDUWLFXOLHU VXU OHV pOpPHQWV FRQGXFWHXUV GH FRXUDQW QH SHXYHQW rWUH HIIHFWXpHV TXH SDU GHV VSp FLDOLVWHV pOHFWULFLHQV RX GHV WHFKQLFLHQV IRUPpV GX VHU YLFH DSUqVYHQWH VLQRQ LO SRXUUDLW HQ UpVXOWHU GHV ULV TXHV LPSRUWDQWV SRXU O·XWLOLVDWHXU (Q FDV GH GpUDQJHPHQW DGUHVVH]YRXV GLUHFWHPHQW j QRWUH VHUYLFH DSUqVYHQWH /HV FKDPSV GH FXLVVRQ GHYLHQQHQW UDSLGHPHQW FKDXGV GqV TX·LOV VRQW DOOXPpV &·HVW SRXUTXRL YRXV QH GHYH] OHV HQFOHQFKHU TX·DSUqV DYRLU PLV GHVVXV XQ Up FLSLHQW GH FXLVVRQ $LQVL YRXV pYLWH] pJDOHPHQW GH JDVSLOOHU GH O·pQHUJLH (Q FDV GH PDQRHXYUHV LQDWWHQWLYHV LO \ D ULVTXH GH EUOXUH VXU OHV ]RQHV GH FXLVVRQ (Q FDV GH FRXSXUH GH FRXUDQW WRXV OHV UpJODJHV HW DIIL FKHXUV VRQW HIIDFpV 'qV TXH OH FRXUDQW HVW UHYHQX OD SUXGHQFH V·LPSRVH FDU OHV SODTXHV FKDXIIpHV DYDQW OD SDQQH GH FRXUDQW QH VRQW SOXV VDLVLHV SDU O·DIILFKHXU 6L YRXV XWLOLVH] XQH SULVH GH FRXUDQW j SUR[LPLWp GX FKDPS GH FXLVVRQ YHLOOH] j FH TXH OH FkEOH GH O·DSSD UHLO pOHFWULTXH QH YLHQQH SDV WRXFKHU OH IR\HU 1·HQFOHQFKH] OHV ]RQHV GH FXLVVRQ TXH ORUVTX·XQH FDVVHUROH RX XQH SRrOH VH WURXYH GHVVXV /HV UpFL SLHQWV GH FXLVVRQ HW OHV IRQGV GH UpFLSLHQW GH FXLVVRQ GRLYHQW rWUH VHFV HW SURSUHV /HV ]RQHV GH FXLVVRQ VH GpWpULRUHQW VL HOOHV VRQW XWLOL VpHV VDQV UpFLSLHQW GH FXLVVRQ RX DYHF UpFLSLHQW YLGH RX VL RQ XWLOLVH GHV UpFLSLHQWV LQDSSURSULpV SDU H[ DYHF XQ IRQG GpIRUPp RX D\DQW XQ WURS SHWLW GLDPqWUH 1H SDV FRQVHUYHU GH SURGXLWV VHQVLEOHV j OD WHPSpUD WXUH RX LQIODPPDEOHV SDU H[ SURGXLWV GH QHWWR\DJH ERPEHV GH VSUD\ GDQV OH WLURLU RX OHV FDVLHUV VLWXpV VRXV O·DSSDUHLO j HQFDVWUHU /H SODQ GH FXLVVRQ QH GRLW SDV rWUH XWLOLVp FRPPH VXU IDFH GH GpS{W RX GH WUDYDLO /RUVTXH YRXV WUDYDLOOH] DYHF GHV KXLOHV RX GHV JUDLV VHV LO QH IDXGUDLW SDV ODLVVHU OH FKDPS GH FXLVVRQ VDQV VXUYHLOODQFH HQ UDLVRQ GX ULVTXH G·LQFHQGLH 1·XWLOLVH] SDV GH UpFLSLHQWV HQ PDWLqUH V\QWKpWLTXH RX HQ IHXLOOH G·DOXPLQLXP &HX[FL IRQGHUDLHQW DX[ WHP SpUDWXUHV pOHYpHV HW SRXUUDLHQW HQGRPPDJHU OD SOD TXH YLWURFpUDPLTXH /H VXFUH VRXV IRUPH VROLGH RX OLTXLGH DLQVL TXH OHV PDWLqUHV V\QWKpWLTXHV QH GRLYHQW SDV SDUYHQLU VXU OH FKDPS GH FXLVVRQ FKDXG /RUV GX UHIURLGLVVHPHQW GHV ILVVXUHV RX GHV FDVVXUHV SRXUUDLHQW VH IRUPHU VXU OD SODTXH YLWURFpUDPLTXH 6L GX VXFUH RX GHV PDWLqUHV V\QWKpWLTXHV GHYDLHQW SDU LQDGYHUWDQFH SDUYHQLU VXU OH FKDPS GH FXLVVRQ FKDXG Q·DUUrWH] FHOXLFL HQ DXFXQ FDV HW pOLPLQH] SOXW{W OHV UpVLGXV GH VXFUH RX GH PD WLqUH V\QWKpWLTXH DX PR\HQ G·XQ UDFORLU VSpFLDO 3URWp JH] YRWUH PDLQ GHV EUOXUHV 1·XWLOLVH] VXU OHV FKDPSV GH FXLVVRQ YLWURFpUDPLTXHV TXH GHV UpFLSLHQWV GH FXLVVRQ j IRQG SODW Q·D\DQW QL ERUG QL DUrWHV 'DQV OH FDV FRQWUDLUH LO SRXUUDLW \ DYRLU GHV UDLQXUHV LUUpPpGLDEOHV /D VXUIDFH GH FXLVVRQ YLWURFpUDPLTXH UpVLVWH DX[ FKRFV WKHUPLTXHV (OOHV HVW LQVHQVLEOH DXVVL ELHQ DX IURLG TX·DX FKDXG (YLWH] WRXWHIRLV GH ODLVVHU WRPEHU GHV REMHWV VXU OH FKDPS GH FXLVVRQ 8Q FKRF G j XQH IRUPH SRLQWXH FRPPH SDU H[HPSOH OD FKXWH G·XQ IOD FRQ GH FRQGLPHQWV SHXW GDQV GHV FDV GpIDYRUDEOHV SURYRTXHU GHV ILVVXUHV RX GHV pFODWV GDQV OD SODTXH YLWURFpUDPLTXH 1HWWR\DJH 'XUDQW OH QHWWR\DJH DXFXQ pOpPHQW GH FKDXIIH QH GRLW rWUH PLV VRXV WHQVLRQ 9HLOOH] j FH TXH OHV ]RQHV GH FXLVVRQ VH VRLHQW VXIILVDPPHQW UHIURLGLHV TX·DSUqV O·H[WLQFWLRQ GX WpPRLQ GH FKDOHXU UpVLGXHOOH SRXU TXH YRXV SXLVVLH] OHV WRXFKHU VDQV ULVTXH 7HQH] OD VXUIDFH YLWURFpUDPLTXH WRXMRXUV SURSUH 3RXU GHV UDLVRQV GH VpFXULWp DX QLYHDX pOHFWULTXH LO Q·HVW SDV SHUPLV G·XWLOLVHU SRXU OH QHWWR\DJH GHV DSSD UHLOV GH QHWWR\DJH j YDSHXU RX j KDXWH SUHVVLRQ (OLPLQDWLRQ 9HXLOOH] pOLPLQHU FRUUHFWHPHQW OHV DQFLHQV DS SDUHLOV 2EVHUYH] VYS OHV UpJOHPHQWDWLRQV QDWLRQDOHV HW UpJLRQDOHV HW UHVSHFWH] OH PDU TXDJH GHV PDWpULDX[ VpSDUDWLRQ GHV PDWp ULDX[ FROOHFWH GHV GpFKHWV GpS{WV SRXU PDWp ULDX[ GH YDOHXU /HV DOLPHQWV GpERUGDQWV ORUV GH OD FXLVVRQ SHXYHQW SDUYHQLU j WUDYHUV OHV HQGURLWV GpIHFWXHX[ MXVTX·DX[ SDUWLHV FRQGXFWULFHV GH FRXUDQW GX FKDPS GH FXLVVRQ /RUVTXH GHV IrOXUHV pFODWV RX ILVVXUHV DSSDUDLVVHQW VXU YRWUH WDEOH YLWURFpUDPLTXH DUUrWH] LPPpGLDWH PHQW OH FKDPS GH FXLVVRQ HW FRXSH] O·DSSDUHLO GX Up VHDX 3RXU FHOD GpFOHQFKH] OH FRXSHFLUFXLW RX UHWLUH] OD SULVH GH FRXUDQW HW DYLVH] HQVXLWH OH VHUYLFH DSUqV YHQWH 6XLYH] OHV LQVWUXFWLRQV UHODWLYHV DX[ VRLQV HW DX QHW WR\DJH GH OD SODTXH YLWURFpUDPLTXH 1RXV GpFOLQRQV WRXWH UHVSRQVDELOLWp HQ FDV GH WUDLWHPHQW LQDSSURSULp $SUqV O·XWLOLVDWLRQ FRQWU{OH] VL O·DSSDUHLO D pWp PLV KRUV WHQVLRQ 7RXV OHV ERXWRQV WRXUQDQWV GRLYHQW VH WURXYHU VXU OD SRVLWLRQ $55(7 6723 6WRS &H V\PEROH UHQG DWWHQWLI VXU GH JUDYHV GDQJHUHV GH EOHVVXUH ,O IDXW LPSpUDWLYHPHQW HQ WHQLU FRPSWH $WWHQWLRQ &H V\PEROH LQGLTXH XQ LQIRUPDWLRQ GRQW O·LQREVHUYDWLRQ SHXW FRQGXLUH j OD PLVH HQ SpULO GH SHUVRQQHV HWRX FDXVHU GHV GRPPDJHV PDWpULHOV LPSRUWDQWV &HV FRQVLJQHV GH VpFXULWp GRLW rWUH DEVROXPHQW UHVSHFWpHV ,QGLFDWLRQ &H V\PEROH UHQYRLH j XQH LQIRUPDWLRQ FRPSUHQDQW GHV UHQVHLJQHPHQWV LPSRUWDQW UHODWLIV j O·XWLOLVDWLRQ GH O·DSSDUHLO /D QRQREVHUYDWLRQ GH FHOXLFL SHXW SURYRTXHU GHV GpUDQJHPHQWV /D WDEOH GH FXLVVRQ YLWURFpUDPLTXH j HQFDVWUHU 9XH GH GHVVXV GH O·DSSDUHLO =RQH GH FXLVVRQ PP : =RQH GH FXLVVRQ PP : =RQH GH FXLVVRQ PP : =RQH GH FXLVVRQ PP : =RQHV GH FXLVVRQ 3ODTXH YLWURFpUDPLTXH FDGUH 7pPRLQV GH FKDOHXU UpVLGXHOOH $YDQW OD SUHPLqUH XWLOLVDWLRQ 1HWWR\DJH LQLWLDO 3RXU pOLPLQHU G·pYHQWXHOOHV WUDFHV GH IDEULFDWLRQ OD WDEOH GH FXLVVRQ GRLW rWUH QHWWR\pH DYDQW O·XWLOLVDWLRQ /DYHU OD VXUIDFH YLWURFpUDPLTXH HW OH FDGUH j O·HDX FKDXGH DYHF GX SURGXLW GH ODYDJH HW XQ FKLIIRQ QH UD\ DQW SDV SXLV HVVX\HU MXVTX·j FH TX·LOV VRLHQW VHFV &KDXIIDJH LQLWLDO &RQWU{OHU FKDTXH ]RQH GH FXLVVRQ HQ OHV HQFOHQFKDQW EULqYHPHQW O·XQH DSUqV O·DXWUH /RUV GH OD SUHPLqUH XWLOLVDWLRQ LO SHXW \ DYRLU XQ OpJHU GpJDJHPHQW G·RGHXU /·XWLOLVDWLRQ GX SODQ GH FXLVVRQ 6XUIDFH GH FXLVVRQ YLWURFpUDPLTXH /D VXUIDFH GH FXLVVRQ VH FRPSRVH G·XQH YLWURFpUDPL TXH pSURXYpH /D VXUIDFH HVW H[HPSWH GH SRURVLWpV HW GH VXUFURLW LQVHQVLEOH DX[ YDULDWLRQV UDSLGHV GH WHP SpUDWXUH 3DU FRQVpTXHQW OHV FDVVHUROHV SHXYHQW rWUH GpSODFpHV G·XQH ]RQH FKDXGH j XQH ]RQH IURLGH 8Q URQURQQHPHQW DXGLEOH EUHI SHXW VXUYHQLU GDQV OH FRUSV GH FKDXIIH j O·HQFOHQFKHPHQW GHV ]RQHV GH FXLVVRQ &H EUXLW HVW G j GHV UDLVRQV SK\VLTXHV ,O Q·D DXFXQH UpSHUFXVVLRQ QpJDWLYH VXU OH IRQFWLRQQHPHQW GH O·DSSDUHLO HW GLVSDUDLW GqV TXH OD ]RQH GH FXLVVRQ HVW VXIILVDPPHQW FKDXGH 7HQH] j O·pFDUW GH OD VXUIDFH GH FXLVVRQ WRXV OHV REMHWV HW PDWpULDX[ SRXYDQW IRQGUH SDU H[ OHV PDWLqUHV V\QWKpWLTXHV OHV IHXLOOHV G·DOX RX IHXLOOHV GH VROH /D SUXGHQFH V·LPSRVH SRXU OHV SUpSDUDWLRQV DX VXFUH RX SRXU OHV DOLPHQWV HW OLTXLGHV FRQWHQDQW GX VXFUH 6L TXHOTXH FKRVH D pWp UpSDQGX SDU LQDGYHUWDQFH VXU OD VXUIDFH YLWURFpUDPLTXH FHOD GHYUD rWUH LPPpGLDWH PHQW QHWWR\p SHQGDQW TXH F·HVW HQFRUH FKDXG DX PR\HQ G·XQ UDFORLU GH QHWWR\DJH SXLV HVVX\p SUR SUHPHQW SRXU pYLWHU G·HQGRPPDJHU OD VXUIDFH (QFOHQFKHPHQWGpFOHQ FKHPHQW HW UpJXODWLRQ /HV ]RQHV GH FXLVVRQ VRQW HQFOHQFKpHV GpFOHQFKpHV RX UpJXOpHV DX PR\HQ GHV UpJXODWHXUV G·pQHUJLH PRQWpV VXU XQ IRXU HQFDVWUDEOH XQ UpFKDXG HQFDVWUD EOH RX XQH ERvWH GH FRPPDQGH HQFDVWUDEOH RX DX PR\HQ G·XQH FRPPDQGH pOHFWURQLTXH ,QGLFDWHXU GH FKDOHXU UpVLGXHOOH /·LQGLFDWHXU GH FKDOHXU UpVLGXHOOH HVW FRPSRVp GH YR\DQWV VH WURXYDQW HQWUH OHV ]RQHV GH FXLVVRQ DYDQW &HX[FL V·DOOXPHQW TXDQG OD WHPSpUDWXUH GHV ]RQHV GH FXLVVRQ HQFOHQFKpHV DXJPHQWH HW VLJQDOHQW OH ULVTXH G·XQ FRQWDFW LUUpIOpFKL 0rPH ORUVTXH OD ]RQH GH FXLVVRQ D pWp PLVH KRUV WHQVLRQ OH YR\DQW FRUUHV SRQGDQW QH V·pWHLQW TXH ORUVTX·LO Q·\ D SOXV GH ULVTXH GH EUOXUH j HQYLURQ R& R& ,QGLFDWHXU GH FKDOHXU UpVLGXHOOH /D EDWWHULH GH FXLVLQH DSSURSULpH &RQVRPPDWLRQ G·pQHUJLH MXGLFLHXVH 3RXU pFRQRPLVHU GH O·pQHUJLH YRXV GHYULH] Q·XWLOLVHU TXH GHV UpFLSLHQWV GH FXLVVRQ HW GH IULWXUH DX IRQG OLVVH HW SODW WRXMRXUV GpSRVHU OHV FDVVHUROHV HW SRrOHV VXU OD ]RQH GH FXLVVRQ DYDQW GH O·HQFOHQFKHU GDQV OD PHVXUH GX SRVVLEOH WRXMRXUV IHUPHU OHV FDVVHUROHV RX OHV SRrOHV DX PR\HQ GX FRXYHUFOH GpFOHQFKHU OD ]RQH GH FXLVVRQ TXHOTXHV PLQXWHV DYDQW OD ILQ GH OD FXLVVRQ DILQ G·XWLOLVHU OD FKDOHXU UpVLGXHOOH XWLOLVHU OD FKDOHXU UpVLGXHOOH GHV ]RQHV GH FXLVVRQ SRXU WHQLU DX FKDXG OHV DOLPHQWV RX IDLUH IRQGUH 3RVHU OHV FDVVHUROHV RX OHV SRrOHV DX FHQWUH &DVVHUROHV HW SRrOHV /HV FDVVHUROHV HW OHV SRrOHV QH GRLYHQW SDV rWUH SOXV SHWLWHV TXH OD ]RQH GH FXLVVRQ HW GDQV OD PHVXUH GX SRVVLEOH QH SDV GpSDVVHU GH SOXV GH PP OH GLD PqWUH GH OD ]RQH GH FXLVVRQ 1·XWLOLVHU TXH GHV EDWWHULHV GH FXLVLQH FRPSUHQDQW GHV UpFLSLHQWV DX IRQG OLVVH HW SODW /H IRQG GRLW WRXMRXUV rWUH SURSUH HW VHF 7RXMRXUV PLMR WHU DYHF OH FRXYHUFOH IHUPp 9HLOOHU j FH TXH OHV IRQGV VRLHQW OLVVHV HW LQWDFWV FDU OHV IRQGV GH FDVVHUROH DYHF GHV DUrWHV RX GHV ERUGV DX[ DUrWHV YLYHV JpQpUHQW GHV UD\XUHV VXU OD VXUIDFH YLWURFpUDPLTXH /HV UD\XUHV SHXYHQW rWUH pJDOHPHQW GXHV j GHV JUDLQV GH VDEOH SURYHQDQW SDU H[ G·XQ QHWWR\DJH SUpDODEOH GH OpJXPHV TXL VRQW WLUpV SDU OD FDVVHUROH VXU OD VXU IDFH GH FXLVVRQ RX HQFRUH j GHV DUrWHV RX j GHV ERUGV GH IRQG GH FDVVHUROH RX GH SRrOH /HV UpFLSLHQWV DX IRQG HQ DOXPLQLXP RX HQ FXLYUH SHX YHQW ODLVVHU GHV WUDFHV GH GpFRORUDWLRQ PpWDOOLTXH VXU OD VXUIDFH YLWURFpUDPLTXH OHVTXHOOHV QH SHXYHQW DORUV rWUH pOLPLQpHV TXH GLIILFLOHPHQW RX SDV GX WRXW 3RXU pYLWHU G·DYRLU GHV UD\XUHV GLVJUDFLHXVHV VXU OD VXUIDFH GH FXLVVRQ YLWURFpUDPLTXH LO IDXGUDLW QH SDV SRXVVHU OHV FDVVHUROHV RX OHV SRrOHV SRXU OHV GpSODFHU PDLV SOXW{W OHV VRXOHYHU $ O·pWDW IURLG OHV IRQGV GH FDVVHUROHV VRQW HQ JpQpUDO OpJqUHPHQW ERPEpV YHUV O·LQWpULHXU FRQFDYHV G·HQYL URQ PP ,OV QH GRLYHQW HQ DXFXQ FDV rWUH ERP EpV YHUV O·H[WpULHXU FRQYH[HV 9pULILH] DSUqV XWLOLVDWLRQ VL OD WDEOH GH FXLVVRQ D pWp PLVH KRUV WHQVLRQ 7RXV OHV ERXWRQV WRXU QDQWV HW WRXFKHV GRLYHQW VH WURXYHU VXU OD SRVL WLRQ $55(7 FRQYH[ FRQNDY 1HWWR\DJH HW VRLQV 3RXU QHWWR\HU OD YLWURFpUDPLTXH LO IDXW DSSOLTXHU OHV PrPHV FULWqUHV TXH SRXU OHV VXUIDFHV HQ YHUUH 1H MDPDLV XWLOLVHU GH SURGXLWV GH QHWWR\DJH Up FXUDQWV RX DJUHVVLIV GH OD SRXGUH j UpFXUHU RX GHV pSRQJHV HWF j VXUIDFH UXJXHXVH ,O \ D GHV SURGXLWV GH QHWWR\DJH VSpFLDX[ HW GHV JUDW WRLUV j ODPH GDQV OHV JUDQGHV VXUIDFHV OHV FRPPHU FHV VSpFLDOLVpV HQ PDWpULHO pOHFWULTXH OHV FRPPHUFHV GH GURJXHULH DLQVL TXH OHV FRPPHUFHV G·DOLPHQWDWLRQ 1HWWR\HU DSUqV FKDTXH XWLOLVDWLRQ /HV VDOLVVXUHV OpJqUHV HW QRQ LQFUXVWpHV V·HQ OqYHQW ORUVTX·HOOHV VRQW IURLGHV DX PR\HQ G·XQ FKLIIRQ KXPLGH RX G·XQ FKLIIRQ DEVRUEDQW VDQV HPSOR\HU GH SURGXLWV GH QHWWR\DJH 6L YRXV XWLOLVH] GHV SURGXLWV GH ODYDJH GHV GpFR ORUDWLRQV EOHXkWUHV SHXYHQW DSSDUDvWUH &HV WD FKHV UpVLVWDQWHV QH SHXYHQW SDV WRXMRXUV rWUH pOL PLQpHV ORUV GX SUHPLHU QHWWR\DJH HWRX VHXOHPHQW DYHF GX SURGXLW GH QHWWR\DJH SRXU YL WURFpUDPLTXH /HV VDOLVVXUHV j IRUWH DGKpUHQFH SHXYHQW rWUH HQOHYpHV j IURLG DX PR\HQ G·XQ SURGXLW GH QHW WR\DJH SRXU YLWURFpUDPLTXH HW G·XQ UDFORLU j ODPH (QVXLWH HVVX\HU OD VXUIDFH GH FXLVVRQ j O·DLGH G·XQ FKLIIRQ KXPLGH QHWWR\DJH XOWpULHXU (OLPLQHU OHV WDFKHV /HV WDFKHV FODLUHV GH FRXOHXU QDFUH UpVLGXV G·DOXPLQLXP SHXYHQW rWUH pOLPLQpHV GH VXU OD WD EOH GH FXLVVRQ UHIURLGLH DX PR\HQ G·XQ SURGXLW GH QHWWR\DJH SRXU YLWURFpUDPLTXH /HV WUDFHV GH FDO FDLUH GXHV SDU H[ j XQ GpERUGHPHQW G·HDX VXU FKDXIIpH SHXYHQW rWUH pOLPLQpHV DYHF GX YLQDLJUH GH QHWWR\DJH RX DYHF XQ SURGXLW GH QHWWR\DJH SRXU YLWURFpUDPLTXH 3RXU pOLPLQHU GX VXFUH GHV DOLPHQWV FRQWH QDQW GX VXFUH GH OD PDWLqUH V\QWKpWLTXH RX GH OD IHXLOOH G·DOXPLQLXP OD ]RQH GH FXLVVRQ FRQFHUQpH QH GRLW SDV rWUH PLVH KRUV WHQVLRQ (OLPLQH] LPPpGLDWHPHQW HW j IRQG OHV UHVWHV j O·p WDW FKDXG GH VXU OD ]RQH GH FXLVVRQ FKDXGH DX PR\HQ G·XQ UDFORLU j ODPH 3URWpJH] YRV PDLQV GHV EUOXUHV 8QH IRLV OD VDOLVVXUH pOLPLQpH OD ]RQH GH FXLVVRQ SHXW rWUH pWHLQWH SXLV QHWWR\pH GH QRXYHDX DX PR\HQ G·XQ SURGXLW GH QHWWR\DJH SRXU YLWURFpUDPLTXH ORUVTXH TX·HOOH VHUD UHGHYH QXH IURLGH 1·DSSOLTXH] SDV OHV SURGXLWV GH QHWWR\DJH SRXU YL WURFpUDPLTXH VXU XQH ]RQH GH FXLVVRQ FKDXGH /H PLHX[ HVW GH ODLVVHU VpFKHU OH SURGXLW GH QHW WR\DJH SXLV GH O·HVVX\HU HQ KXPLGLILDQW 6·LO GHYDLW UHVWHU GHV UpVLGXV GH SURGXLWV GH QHWWR\DJH pOLPL QH] FHX[FL HQ OHV HVVX\DQW j O·DLGH G·XQ FKLIIRQ KXPLGH QHWWR\DJH XOWpULHXU DYDQW GH FKDXIIHU GH QRXYHDX 6LQRQ FHX[FL SRXUUDLHQW GHYHQLU FRUUR VLIV 3UREOqPHV SDUWLFXOLHUV 3UREOqPHV SDUWLFXOLHUV VL XQ SURGXLW GH QHWWR\DJH FKLPLTXH QH VXIILW SDV 9R\H] VL YRXV Q·DUULYH] SDV SOXV YLWH j YRV ILQV DYHF OH JUDWWRLU GH QHWWR\DJH VL GHV WDFKHV VRPEUHV VRQW DSSDUXHV 6L OH QHWWR\DJH DX PR\HQ GX UDFORLU GH QHWWR\DJH HW G·XQ SURGXLW GH QHWWR\DJH SRXU DFLHU LQR[ Q·DSSRUWH SDV G·DPpOLRUDWLRQ LO V·DJLW YUDLVHPEODEOHPHQW G·XQ GpFRU TXL D pWp DEUDVp j FDXVH G·XQ SURGXLW GH QHWWR\DJH LQDSSURSULp RX GH IRQGV GH FDVVHUROH WUHPEORWDQWV /D FDSDFLWp GH IRQFWLRQQHPHQW GH OD WDEOH GH FXLVVRQ QH V·HQ WURXYH SDV DOWpUpH VL GHV GpFRORUDWLRQV PpWDOOLTXHV DSSDUDLVVHQW VXU OHV ]RQHV GH FXLVVRQ 'HV FDVVHUROHV RX GHV SRrOHV DX IRQG LQDGDSWp RX VXUWRXW GHV SURGXLWV GH QHWWR\DJH LQDSSURSULpV RQW pWp XWLOLVpV $ SUpVHQW FHV GpFRORUDWLRQV QH SHXYHQW rWUH pOLPLQpHV TX·DYHF SHLQH j O·DLGH G·XQ SURGXLW GH QHWWR\DJH SRXU YLWURFpUDPLTXH RX DFLHU LQR[ VL OD VXUIDFH SUpVHQWH GHV UD\XUHV RX GHV FDYLWpV &HV GpIDXWV G·DVSHFW GXV j GHV REMHWV DEUDVLIV RX D\DQW IRQGX QH SHXYHQW SOXV rWUH pOLPLQpV /D FDSDFLWp GH IRQFWLRQQHPHQW GH OD WDEOH GH FXLVVRQ QH V·HQ WURXYH SDV DOWpUpH 1RXV GpFOLQRQV WRXWH UHVSRQVDELOLWp HQ FDV GH WUDLWHPHQW LQDSSURSULp GH OD VXUIDFH GH FXLVVRQ YLWURFpUDPLTXH 4XH IDLUH HQ FDV GH GpIHFWXRVLWp" 0HWWUH OHV LQWHUUXSWHXUV GH IR\HU RX OHV WRXFKHV VXU OD SRVLWLRQ $55(7 0HWWH] OHV FRXSHFLUFXLW DXWRPDWLTXHV KRUV WHQVLRQ UHVS UHWLUHU OHV IXVLEOHV $QQRQFH] YRWUH UpFODPDWLRQ j YRWUH pOHFWULFLHQ RX DX VHUYLFH DSUqVYHQWH FRPSpWHQW 6L OD WDEOH GH FXLVVRQ GHYDLW SUpVHQWHU XQH FDVVXUH GDQV OH YHUUH YHXLOOH] DORUV LQGLTXHU DX SRLQW GH VHUYLFH DSUqVYHQWH OH QXPpUR j WURLV FKLIIUHV VH WURXYDQW VXU OD SODTXH HQ YHUUH ,PSRUWDQW 9HXLOOH] WRXMRXUV LQGLTXHU OH QXPpUR GH SURGXLW OH QXPpUR GH VpULH HW OD GpVLJQDWLRQ GH PRGqOH GH OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH SRXU IDLUH DSSHO DX VHUYLFH DSUqVYHQWH FRPPDQGHU GHV SLqFHV GH UHFKDQJH RX GHV DFFHVVRLUHV GHPDQGHU GHV SUpFLVLRQV WHFKQLTXHV /H QXPpUR GH VpULH GRLW rWUH UHSRUWp GDQV OD SOD TXH VLJQDOpWLTXH GH FH PDQXHO G·XWLOLVDWLRQ DYDQW GH SURFpGHU j O·LQVWDOODWLRQ GH OD WDEOH GH FXLVVRQ /D SODTXH VLJQDOpWLTXH G·RULJLQH VH WURXYH VXU O·KDELO ODJH LQIpULHXU GH OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH HW GH FH IDLW Q·HVW SOXV DFFHVVLEOH DSUqV OH PRQWDJH 1XPpUR GH SURGXLW 1XPpUR GH VpULH 'pVLJQDWLRQ GX PRGqOH 7.10 kW 400 V Prod-nr: 941 591 425 ~ 50 Hz Serie + S 7.10 kW Typ 205.6BANJNJNNNC 400 V Prod-nr: 941 591 426 ~ 50 Hz Serie + S GK 56-4.1 CN Typ 205.6BANJNJNNNC GK 56-4.1 SW &DUDFWpULVWLTXHV WHFKQLTXHV *. 'LPHQVLRQV H[WpULHXUHV ORQJXHXU PP ODUJHXU PP KDXWHXU PP 'LPHQVLRQV O·RXYHUWXUH ORQJXHXU PP ODUJHXU PP UD\RQ 5 3XLVVDQFH LQVWDOOpH 7HQVLRQ 9 a +] &RUSV GH FKDXIIH N: ,QVWUXFWLRQV G·LQVWDOODWLRQ /·DSSDUHLO QH GRLW rWUH UDFFRUGp TXH SDU XQ pOHFWULFLHQ TXDOLILp /RUV GX PRQWDJH HW HQ FDV GH UpYLVLRQ OH IRXU HQFDVWUDEOH OH UpFKDXG HQFDVWUDEOH OD ERvWH GH FRPPDQGH HQFDVWUDEOH RX OD FRPPDQGH pOHFWURQLTXH GRLW rWUH FRXSp GX UpVHDX HQ PHWWDQW OHV FRXSHFLUFXLWV KRUV WHQVLRQ RX HQ UHWLUDQW OHV IXVLEOHV /HV GLUHFWLYHV JpQpUDOHV VXU O·H[SORLWDWLRQ GHV DSSDUHLOV pOHFWULTXHV OHV SUHVFULSWLRQV GX IRXUQLVVHXU G·pOHFWULFLWp FRPSpWHQW DLQVL TXH OHV LQGLFDWLRQV FRQWHQXHV GDQV OH PDQXHO G·LQ VWDOODWLRQ GRLYHQW rWUH VFUXSXOHXVHPHQW RE VHUYpHV 6723 ,O Q·HVW SDV SHUPLV GH UDFFRUGHU GHV WDEOHV GH FXLVVRQ YLWURFpUDPLTXHV HQGRPPDJpHV HW FRPSRUWDQW GHV ILVVXUHV RX GHV FDVVXUHV VXU OD VXUIDFH YLWURFpUDPLTXH 'pEDOODJH 9HXLOOH] YpULILHU VL OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH D pWp OLYUpH GDQV XQ pWDW LQWDFW ,O Q·HVW SDV SHUPLV GH UDFFRUGHU GH UDFFRUGHU XQH WDEOH GH FXLVVRQ YLWURFpUD PLTXH SUpVHQWDQW GHV GRPPDJHV pYLGHQWV (PEDOODJH 7RXV OHV pOpPHQWV G·HPEDOODJH VRQW UHF\FOD EOHV HW OHV IHXLOOHV DLQVL TXH OHV pOpPHQWV HQ FDRXWFKRXF GXU RQW pWp PDUTXpV GH PDQLqUH DSSURSULpH 9HXLOOH] pOLPLQHU FRUUHFWHPHQW OH PDWpULHO G·HPEDOODJH 5HVSHFWHU V Y S OHV UpJOHPHQWDWLRQV QDWLRQDOHV HW Up JLRQDOHV HW WHQLU FRPSWH GX PDUTXDJH GHV PDWpULDX[ VpSDUDWLRQ GHV PDWpULDX[ FROOHFWH GH GpFKHWV Gp S{WV SRXU PDWpULDX[ YDODEOHV (QFDVWUHPHQW GDQV XQ SODQ GH WUDYDLO GH FXLVLQH /D VpFXULWp DX QLYHDX pOHFWULTXH GRLW rWUH DVVX UpH SDU XQ PRQWDJH DSSURSULp /D SURWHFWLRQ FRQWUH OHV FRQWDFWV DFFLGHQWHOV HW OD VpFXULWp pOHFWULTXH FRQIRUPHV DX[ GLV SRVLWLRQV $6(9'( GRLYHQW rWUH DVVXUpHV SDU XQ PRQWDJH FRUUHFW GH OD WDEOH GH FXLVVRQ YL WURFpUDPLTXH GDQV GHV SODQV GH WUDYDLO GH FXL VLQH DGDSWpV &HOD V·DSSOLTXH pJDOHPHQW j O·DUPRLUH LQIpULHXUH /D WDEOH GH FXLVVRQ YLWUR FpUDPLTXH QH GRLW SDV rWUH DFFHVVLEOH j SDUWLU GX GHVVRXV /HV DUPRLUHV j HQFDVWUHU GRLYHQW rWUH PRQWpHV HW IL[pHV GH IDoRQ j SUpYHQLU XQ UHQYHUVHPHQW 1RWH] OH QXPpUR GH VpULH GH OD SODTXH VLJQDOpWLTXH GH OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH VXU OD SDJH GX PDQXHO G·LQVWDOODWLRQ HW G·XWLOLVDWLRQ &H QXPpUR HVW LQ GLVSHQVDEOH SRXU IDLUH DSSHO DX VHUYLFH DSUqVYHQWH /D WDEOH GH FXLVVRQ YLWURFpUDPLTXH j HQFDVWUHU QH SHXW rWUH FRPELQpH TX·DYHF XQ IRXU HQFDVWUDEOH XQ UpFKDXG HQFDVWUDEOH XQH ERvWH GH FRPPDQGH HQFDVWUDEOH RX j XQH FRPPDQGH pOHFWURQLTXH GX V\VWqPH GH FRQQH[LRQ DSSURSULp FkEOH DGDSWD WHXU 6L YRXV XWLOLVH] G·DXWUHV IRXUV HQFDVWUDEOHV UpFKDXGV HQFDVWUDEOHV ERvWHV GH FRPPDQGH HQFDVWUDEOHV RX G·DXWUHV FRPPDQGHV pOHFWURQLTXHV O·KRPRORJDWLRQ TXL D pWp DFFRUGpH GHYLHQGUD FDGXTXH HW OH IDEULFDQW GpFOLQHUD WRXWH UHVSRQVDELOLWp 1RUPDOHPHQW OHV WDEOHV GH FXLVVRQ YLWURFpUDPLTXHV j HQFDVWUHU VRQW PRQWpHV DXGHVVXV G·XQ IRXU HQFDV WUDEOH G·XQ UpFKDXG HQFDVWUDEOH G·XQH ERvWH GH FRP PDQGH RX G·XQH FRPPDQGH pOHFWURQLTXH (Q FDV G·LQ VWDOODWLRQ DYHF XQ UpFKDXG XQH ERvWH GH FRPPDQGH RX XQH FRPPDQGH pOHFWURQLTXH LO IDXW LPSpUDWLYHPHQW PRQWHU XQ IRQG LQWHUPpGLDLUH VHUYDQW GH SURWHFWLRQ FRQWUH OHV FRQWDFWV DFFLGHQWHOV &RWHV GH PRQWDJH /·RXYHUWXUH GDQV OH SODQ GH WUDYDLO GH FXLVLQH HW O·DU PRLUH LQIpULHXUH GRLW FRUUHVSRQGUH DX[ FRWHV XVXHOOHV 9RXV WURXYHUH] OHV LQIRUPDWLRQV QpFHVVDLUHV GDQV OH VFKpPD GLPHQVLRQQHO ,O GRLW \ DYRLU XQ HVSDFH OLEUH G·DX PRLQV PP VRXV OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH ILJ /HV WLURLUV QH SHXYHQW rWUH PRQWpV VRXV OD WDEOH GH FXLVVRQ TX·DYHF XQH W{OH GH SURWHFWLRQ ILJ 1R $%*. DFFHVVRLUH GH PRQ WDJH YLWURFpUDPLTXH /·HVSDFHPHQW ODWpUDO GH OD WDEOH GH FXLVVRQ SDU UDSSRUW j XQH DUPRLUH KDXWH HW j OD SDURL DUULqUH GRLW rWUH G·DX PRLQV PP ILJ (Q FH TXL FRQFHUQH OD SURWHFWLRQ FRQWUH OHV ULV TXHV G·LQFHQGLH O·DSSDUHLO HVW FRQIRUPH DX W\SH < &(, 6HXOV GHV DSSDUHLOV GH FH W\SH GRLYHQW rWUH LQVWDOOpV j F{Wp G·pOpPHQWV GH FXLVLQH KDXWV RX PXUDX[ )LJ PLQ PP PLQ PP PLQ PP PP )LJ PP 'HWDLO $ R4 1 55 60 = 51 1 0 27 2 0 31 22 8 = R3 22 = 8 = 27 10 2 50 0– 3 = 0– 1 54 1 = )LJ 3 39 mm 'pFRXSHU O·RXYHUWXUH GDQV OH SODQ GH WUDYDLO HQ IRQFWLRQ GHV FRWHV G·RXYHUWXUH SUHVFULWHV )LJ /HV WROpUDQFHV QH GRLYHQW SDV rWUH GpSDVVpHV 6FLHU H[DFWHPHQW VHORQ OD OLJQH WUDFpH 5HFRP PDQGDWLRQ WUDFHU O·RXYHUWXUH DX PR\HQ G·XQH SRLQWH j WUDFHU $SSOLTXHU GH OD FROOH VXU OD OLJQH SRXU pYLWHU TXH OH UHYrWHPHQW QH V·pFDLOOH ORUV GH OD FRXSH 6FHOOHU OD VXUIDFH GH O·RXYHUWXUH GDQV OH SODQ GH WUDYDLO FRQWUH O·XPLGLWp DYHF GX YHUQLV DSSURSULp %LHQ QHWWR\HU OH SODQ GH WUDYDLO DX QLYHDX GH O·RX YHUWXUH 6XU OHV VXUIDFHV GH WUDYDLO FDUUHOpHV OHV MRLQWXUHV DX QLYHDX GX VXSSRUW GX SODQ GH FXLVVRQ GRLYHQW rWUH LQWpJUDOHPHQW UHPSOLHV GH PDWpULDX GH MRLQ WRLHPHQW (QVXLWH IL[HU OHV UHVVRUWV j GpFOLF GpWDLO $ DX PR\HQ GHV YLV ILJ GDQV O·RXYHUWXUH HW DX[ SRVL WLRQV PDUTXpHV /D FRXUEXUH GHV UHVVRUWV VHUW GH EXWpH VXU OH SODQ GH WUDYDLO 6·LO V·DJLW GH SODQV GH WUDYDLO HQ SLHUUH QDWXUHOOH DUWLILFLHOOH RX HQ FpUDPL TXH OHV UHVVRUWV SHXYHQW rWUH FROOpV DYHF GH OD FROOH j SLHUUH 6. 1R DUW DFFHV VRLUH GH PRQWDJH SRXU FKDPSV GH FXLVVRQ YLWURFp UDPLTXHV 'pSRVHU OH SODQ GH FXLVVRQ GDQV O·RXYHUWXUH HQ O·LQWURGXLVDQW SDU OH KDXW FHQWUHU SXLV SUHVVHU pQHUJLTXHPHQW MXVTX·j FH TXH OHV UHVVRUWV V·HQJD JHQW &RQWU{OHU VL OH MRLQW GDQV OH FDGUH G·DSSXL UHSRVH FRUUHFWHPHQW HW V·LO QH SUpVHQWH SDV GH EUqFKHV 9HXLOOH] QH SDV DSSOLTXHU GH PDWpULDX G·pWDQFKpLWp HQ VLOLFRQH HQ SOXV FDU HQ FDV GH GpPRQWDJH GX SODQ GH FXLVVRQ YLWURFpUDPLTXH OH MRLQW SRXUUDLW G·XQ F{Wp V·HQGRPPDJHU HW G·XQ DXWUH F{Wp OD VXU IDFH GH UHFRXYUHPHQW pJDOHPHQW )LJ min. 25 mm 0RQWDJH 532 x 492 /H IDEULFDQW Q·HVW SDV UHVSRQVDEOH GX GRPPDJH UHVXOWDQW G·XQ PDXYDLV PRQWDJH 'HPRQWDJH GX WDEOH GH FXLVVRQ YLWURFpUDPLTXH 0HWWUH KRUV WHQVLRQ OD WDEOH GH FXLVVRQ YLWURFpUD PLTXH OH IRXU HQFDVWUDEOH OH UpFKDXG HQFDVWUD EOH OD ERvWH GH FRPPDQGH RX OD FRPPDQGH pOHF WURQLTXH 3ODFHU XQH VSDWXOH SURSUH FRPPH SURWHFWLRQ VXU OD W{OH GH SURWHFWLRQ ODWpUDOHPHQW DX QLYHDX GHV UHV VRUWV GH IL[DWLRQ SXLV SDVVHU DORUV DYHF OH VDFKHW VRXV OH FDGUH HW VRXOHYHU &RQWUDLUHPHQW DX[ SUHVFULSWLRQV G·LQVWDOODWLRQ GRPHV WLTXHV GH O·$6( FKLIIUH OD WDEOH GH FXLVVRQ YL WURFpUDPLTXH j HQFDVWUHU SHXW rWUH LQWpJUpH GDQV XQ PDWpULDX FRPEXVWLEOH /HV pOpPHQWV SDURLV ODWpUDOHV OLVWHDX[ GH UHQIRUFHPHQW HWF GpSDVVDQW GDQV O·HV SDFH VLWXp DXGHVVRXV GH OD ]RQH GH FXLVVRQ GRLYHQW rWUH IDEULTXpV GDQV XQH PDWLqUH LQFRPEXVWLEOH 'pOLPDWLRQ GH FHW HVSDFH ODUJHXU PP KDXWHXU PP GqV OH SODQ GH FXLVVRQ SURIRQGHXU PP GHSXLV O·DUULqUH DYHF XQH SURIRQGHXU GH WDEOH GH PP/HV SDURLV HW SODIRQGV FRPEXVWLEOHV GRLYHQW DXGHVVXV GH SODQV GH FXLVVRQ rWUH UHYrWXV GH PDWpULDX FRXSH IHX G·DSUqV OHV GLUHFWLYHV GH O·RUJDQH FDQWRQDO GH OXWWH FRQWUH OHV LQFHQGLHV UHVSRVDEOH GH OD UpJLRQ FRQFHU QpH 5DFFRUGHPHQW pOHFWULTXH $YDQW GH SURFpGHU DX UDFFRUGHPHQW LO IDXW FRQWU{OHU VL OD WHQVLRQ LQGLTXpH VXU OD SODTXH VLJQDOpWLTXH F jG OD WHQVLRQ QRPLQDOH GH O·DSSDUHLO FRQFRUGH DYHF OD WHQVLRQ GX UpVHDX H[LVWDQW HW OD WHQVLRQ QRPLQDOH GH O·DSSDUHLO FRPELQp /D SODTXH VLJQDOpWLTXH VH WURXYH VXU O·KDELOODJH LQIpULHXU GH OD WDEOH GH FXLVVRQ YLWURFpUD PLTXH /D WHQVLRQ GHV FRUSV GH FKDXIIH HVW GH 9$& /·DS SDUHLO IRQFWLRQQH pJDOHPHQW VDQV SUREOqPH DYHF OHV DQFLHQV UpVHDX[ j 9$& /H UDFFRUGHPHQW DX UpVHDX GX IRXU HQFDVWUDEOH GX UpFKDXG HQFDVWUDEOH GH OD ERvWH GH FRPPDQGH HQFDV WUDEOH RX GH OD FRPPDQGH pOHFWURQLTXH GRLW rWUH Up DOLVp GH IDoRQ j FH TX·LO \ DLW XQH SRVVLELOLWp GH FRXSXUH VXU WRXV OHV S{OHV DYHF ODUJHXU G·RXYHUWXUH GH FRQWDFW G·DX PRLQV PP SDU H[ GLVMRQFWHXU DXWRPDWLTXH GLVMRQFWHXU GLIIpUHQWLHO RX FRXSHFLUFXLW 5HOLHU OH IDLVFHDX GH FkEOHV DX[ GHX[ FRQQHFWHXUV FRPSDFWV j S{OHV FkEOH DGDSWDWHXU DYHF VRQ SHQ GDQW GX IRXU HQFDVWUDEOH UpFKDXG HQFDVWUDEOH GH OD ERvWH GH FRPPDQGH HQFDVWUDEOH RX GH OD FRPPDQGH pOHFWURQLTXH 9HLOOHU j FH TXH OHV FRQQHFWHXUV VRLHQW ELHQ HQJDJpV /H V\VWqPH GH FRQVWUXFWLRQ GHV FRQQHFWHXUV j S{OHV HPSrFKH WRXWH FRQIXVLRQ 3UHVVHU OH FkEOH GH OLDLVRQ ODWpUDOHPHQW FRQWUH OH FRX YHUFOH GX IRXU 5HWLUHU OHV IHXLOOHV GH SURWHFWLRQ pYHQWXHOOHPHQW H[LV WDQWHV GH VXU OD VXUIDFH GH FXLVVRQ YLWURFpUDPLTXH $SUqV DYRLU SURFpGp DX UDFFRUGHPHQW j O·DOL PHQWDWLRQ pOHFWULTXH LO IDXW HQFOHQFKHU O·XQH DSUqV O·DXWUH WRXWHV OHV ]RQHV GH FXLVVRQ VXU OD SRVLWLRQ PD[LPDOH SRXU XQ EUHI PRPHQW HQY VHFRQGHV DILQ G·HQ WHVWHU OH ERQ IRQFWLRQQHPHQW .XQGHQGLHQVW 6HUYLFH DSUqVYHQWH 6HUYL]LR GRSR YHQGLWD 6HUYLFHVWHOOHQ 3RLQWV GH VHUYLFH 6FKlQLV %LOWQHUVWUDVVH 5pFK\ 5RXWH GH *U{QH =ULFK0lJHQZLO 0lJHQZLO ,QGXVWULHVWU 3UpYHUHQJHV /H 7UpVL 6HUYL]LR GRSR YHQGLWD *UDQFLD =RQD ,QGXVWULDOH ( *RVVDX 3RVWVWUDVVH 3UDWWHOQ 5KHLQSDUN&HQWHU 1HW]LERGHQVWUE :LQWHUWKXU %UJOLVWUDVVH 6HUYLFH+HOSOLQH (PPHQ %XKRO]VWUDVVH &KXU &RPHUFLDOVWUDVVH ,WWLJHQ%HUQ (\ (UVDW]WHLOYHUNDXI 3RLQW GH YHQWH GH UHFKDQJH 9HQGLWD SH]]L GL ULFDPELR 7HO 7pO 7HO )DFKEHUDWXQJ 9HUNDXI 'HPRQVWUDWLRQ 9HQWH &RQVXOHQWH FXFLQD 9HQGLWD 7HO 7pO 7HO *DUDQWLH *DUDQWLH *DUDQ]LD 0lJHQZLO ,QGXVWLHVWUDVVH =ULFK %DGHQHUVWUDVVH :LU JHZlKUHQ DXI DOOHQ 3URGXNWHQ LH LQ GHU 6FKZHL] JHNDXIW XQG LQ %HWULHE VLQG HLQH HLQMlKULJH 9ROO *DUDQWLH JHUHFKQHW DE /LHIHUGDWXP DQ GHQ (QGYHUEUDXFKHU 0DVV JHEHQG IU GHQ *DUDQWLHDQVSUXFK LVW GLH )DNWXUD RGHU HLQ HQW VSUHFKHQGHU 9HUNDXIVEHOHJ 0lJHQZLO ,QGXVWULHVWUDVVH =ULFK %DGHQHUVWUDVVH /·XWLOLVDWHXU ILQDO GH WRXW SURGXLW DFKHWp HW XWLOLVp HQ 6XLVVH EpQpILFLH G·XQH JDUDQWLH FRPSOqWH G·XQH DQQpH j SDUWLU GH OD GDWH GH OLYUDLVRQ /D IDFWXUH RX OH MXVWLILFDWLI G·DFKDW FRUUHVSRQGDQW IDLW IRL HQ OD PDWLqUH 0lJHQZLO ,QGXVWULHVWUDVVH =ULFK %DGHQHUVWUDVVH 3HU TXHVWR SURGRWWR FRQFHGLDPR XQD JDUDQ]LD GL PHVL D SDUWLUH GHOOD GDWD GL YHQGLWD /D JDUDQ]LD q YDOLGD GLHWUR SUHVHQWD]LRQH GHOOD IDWWXUD R GHOOR VFRQWULQR G·DFTXLVWR (/(&752/8; $* %DGHQHUVWUDVVH &+ =h5,&+ . E\ (OHFWUROX[ 7HO )D[ 7HOH[