FOUR
CFC 514
7DEOH GHV PDWLqUHV
$ /·$77(17,21 '( /·87,/,6$7(85
$ /·$77(17,21 '( /·,167$//$7(85
&RQVLJQHV GH 6pFXULWp 9275( )285 $ (1&$675(5 /·,17(5,(85 '8 )285 /HV DFFHVVRLUHV GX IRXU /HV JUDGLQV /( 352*5$00$7(85 $ $,*8,//(6 &216(,/6 $9$17 /$ 35(0,(5(
87,/,6$7,21 /(6 &200$1'(6 '( )285 /(6 ',))(5(17(6 326,7,216 '(
&8,6621 &216(,/6 '·87,/,6$7,21 *8,'(6 '(6 &8,66216 (175(7,(1 (7 1(772<$*( /D FXLVVRQ WUDGLWLRQQHOOH /D FXLVVRQ DX JULO /D FXLVVRQ GHV YLDQGHV /D FXLVVRQ DX WRXUQHEURFKH 3URJUDPPDWLRQ VHPLDXWRPDWLTXH
GX QHWWR\DJH S\URO\VH 3URJUDPPDWLRQ DXWRPDWLTXH
GX QHWWR\DJH S\URO\VH ,167$//$7,21 5(03/$&(0(17 '( /·$0328/(
'·(&/$,5$*( 6SpFLILFDWLRQV WHFKQLTXHV 0LVH HQ SODFH GH O·DSSDUHLO 5DFFRUGHPHQW pOHFWULTXH (1 &$6 '·$120$/,( '(
)21&7,211(0(17 &21',7,216 '( *$5$17,( 6(59,&( $35(69(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
&RQVLJQHV GH 6pFXULWp
/LVH] DWWHQWLYHPHQW YRWUH QRWLFH G·XWLOLVDWLRQ HW FRQVHUYH]OD HOOH D pWp UpGLJpH SRXU YRXV SHUPHWWUH G·XWLOLVHU
YRWUH IRXU GDQV OHV PHLOOHXUHV FRQGLWLRQV 6XLYH] QRWDPPHQW OHV FRQVHLOV GH VpFXULWp TXL VRQW V\PEROLVpV SDU 9RWUH DSSDUHLO D pWp FRQoX SRXU XQ XVDJH FXOLQDLUH XQLTXHPHQW j O·H[FOXVLRQ G·DXWUHV ILQV ,O HVW FRQIRUPH DX[
SUHVFULSWLRQV GH VpFXULWp HW DX[ QRUPHV GH TXDOLWp LQWHUQDWLRQDOHV /HV PHVXUHV GH VpFXULWp H[LVWDQWHV Q·H[FOXHQW
SDV OHV ULVTXHV G·DFFLGHQW
/HV SDURLV DGMDFHQWHV DX IRXU GRLYHQW rWUH VRLW HQ XQH
6pFXULWp pOHFWULTXH
PDWLqUH UpVLVWDQW j OD FKDOHXU VRLW UHYrWXHV G·XQH WHOOH
/H UDFFRUGHPHQW DX UpVHDX pOHFWULTXH GRLW rWUH
PDWLqUH
H[FOXVLYHPHQW UpDOLVp SDU GHV VSpFLDOLVWHV
3RXU pYLWHU G·HQGRPPDJHU OHV FRPPDQGHV GH YRWUH
6L YRWUH IRXU SUpVHQWH XQ TXHOFRQTXH GpIDXW QRXV
DSSDUHLO QH ODLVVH] SDV OD SRUWH RXYHUWH ORUVTX·LO HVW HQ
YRXV UHFRPPDQGRQV GH QH SDV O·XWLOLVHU 'pEUDQFKH]
IRQFWLRQQHPHQW RX HQFRUH FKDXG
O·DSSDUHLO RX HQOHYH] OH IXVLEOH FRUUHVSRQGDQW j OD OLJQH
6L YRXV XWLOLVH] XQ DSSDUHLO pOHFWULTXH j ILO j SUR[LPLWp
GH EUDQFKHPHQW GX IRXU
GH YRWUH IRXU SDU H[HPSOH XQ EDWWHXU pOHFWULTXH
(Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV
DVVXUH]YRXV TXH OH ILO GH FHOXLFL QH ULVTXH SDV GH
G·DERUG DX FKDSLWUH ´(1 &$6 '·$120$/,( '(
WRXFKHU XQH VXUIDFH WUqV FKDXGH TXL VHUDLW VXVFHSWLEOH
)21&7,211(0(17µ 6L PDOJUp WRXWHV OHV
GH OH IDLUH IRQGUH RX ELHQ TXH VRQ ILO QH ULVTXH SDV
YpULILFDWLRQV XQH LQWHUYHQWLRQ V·DYqUH QpFHVVDLUH OH
G·rWUH FRLQFp GDQV OD SRUWH GX IRXU
YHQGHXU GH YRWUH DSSDUHLO HVW OH SUHPLHU KDELOLWp j
(Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH IRXU QRXV
LQWHUYHQLU $ GpIDXW GpPpQDJHPHQW GH YRWUH SDUW
YRXV FRQVHLOORQV GH Q·XWLOLVHU TXH GHV SODWV GHV
IHUPHWXUH GX PDJDVLQ R YRXV DYH] HIIHFWXp
PRXOHV j JkWHDX[ UpVLVWDQWV j GH KDXWHV
O·DFKDW YHXLOOH] FRQVXOWHU O·$VVLVWDQFH 7HFKQLTXH
WHPSpUDWXUHV VXLYH] OHV LQVWUXFWLRQV GHV IDEULFDQWV &RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV
$SUqV XWLOLVDWLRQ GH YRWUH IRXU DVVXUH]YRXV TXH
O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH ,QGLTXH] OD
WRXWHV OHV FRPPDQGHV VH WURXYHQW VXU OD SRVLWLRQ
UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH
$UUrW
DSSDUHLO TXL ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH
1HWWR\DJH
1·HVVD\H] SDV GH UpSDUHU YRWUH DSSDUHLO YRXVPrPH
FHFL SRXUUDLW rWUH OD FDXVH G·LQFLGHQWV
$YDQW GH SURFpGHU DX QHWWR\DJH PDQXHO GH YRWUH IRXU
YpULILH] TX·DXFXQ pOpPHQW QH VRLW VRXV WHQVLRQ HW TXH
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX
OHV SDURLV LQWpULHXUHV VRLHQW VXIILVDPPHQW UHIURLGLHV
6HUYLFH $SUqV9HQWH OHV SLqFHV GH UHFKDQJH
9HLOOH] j FH TXH OH MRLQW G·pWDQFKpLWp HW OH FDGUH LQWHUQH
FHUWLILpHV &RQVWUXFWHXU
GH SRUWH GX IRXU VRLHQW WRXMRXUV SURSUHV
/HV DSSDUHLOV j YDSHXU HW j KDXWH SUHVVLRQ VRQW j
SURVFULUH SRXU OH QHWWR\DJH GH YRWUH IRXU H[LJHQFHV
UHODWLYHV j OD VpFXULWp pOHFWULTXH 6pFXULWp HQIDQW
/D IDoDGH GH YRWUH IRXU HVW FKDXGH SHQGDQW
O·XWLOLVDWLRQ HW OH QHWWR\DJH pORLJQH] OHV MHXQHV
HQIDQWV
$VVXUH]YRXV TXH OHV HQIDQWV QH PDQLSXOHQW SDV OHV
FRPPDQGHV GX IRXU
6XU OD SRUWH RXYHUWH GH YRWUH IRXU QH SRVH] SDV GH FKDUJH ORXUGH
DVVXUH]YRXV TX·XQ HQIDQW QH SXLVVH QL PRQWHU
QL V·DVVHRLU
8WLOLVDWLRQ
(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
1H SODFH] MDPDLV GH SDSLHU G·DOXPLQLXP GLUHFWHPHQW
HQ FRQWDFW DYHF OD VROH OD FKDOHXU DFFXPXOpH SRXUUDLW
HQWUDvQHU XQH GpWpULRUDWLRQ GH O·pPDLO
1H SRUWH] MDPDLV YRWUH IRXU SDU OD SRLJQpH GH SRUWH
XWLOLVH] OHV SRLJQpHV ODWpUDOHV
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 DX UHEXW 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
9275( )285 $ (1&$675(5
9XH JpQpUDOH
%DQGHDX GH FRPPDQGHV DYHF SURJUDPPDWHXU
VpOHFWHXU GH IRQFWLRQV HW WKHUPRVWDW
3RLJQpH GH SRUWH HUJRQRPLTXH
3RUWH SOHLQ YHUUH DYHF JUDQGH YLVLELOLWp
%DQGHDX GH FRPPDQGHV
➀ 3URJUDPPDWHXU j DLJXLOOHV
➁ 9R\DQW GH QHWWR\DJH S\URO\VH
➂ 6pOHFWHXU GH IRQFWLRQV
➃ 9R\DQW GH PDUFKH
➄ 9R\DQW GH UpJXODWLRQ GH IRXU
➅ 7KHUPRVWDW GH IRXU
/·,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
/HV DFFHVVRLUHV GX IRXU
(Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH
IRXU QRXV YRXV FRQVHLOORQV GH Q·XWLOLVHU
TXH GHV SODWV GHV PRXOHV j JkWHDX[
UpVLVWDQW j GH KDXWHV WHPSpUDWXUHV VXLYH]
OHV LQVWUXFWLRQV GHV IDEULFDQWV /D JULOOH VXSSRUW GH SODW
9RWUH IRXU HVW pTXLSp GH
JULOOH VXSSRUW GH SODW
SODWHDX PXOWLXVDJHV
WRXUQHEURFKH
/D JULOOH VXSSRUW GH SODW
'pKDQFKHPHQW YHUV OH KDXW
(OOH SHUPHW GH SRVHU OHV SODWV U{WLV JUDWLQV OHV
PRXOHV j SkWLVVHULH HWF
9RXV SRXYH] O·XWLOLVHU GDQV OHV GHX[ VHQV GH
GpKDQFKHPHQW SRXU DMXVWHU OD SRVLWLRQ GH YRV SODWV SDU
UDSSRUW j OD VRXUFH GH FKDOHXU
'pKDQFKHPHQW YHUV OH EDV
3RXU OHV SUpSDUDWLRQV WUqV ORXUGHV SOXV GH NJ SRVLWLRQQH] OD JULOOH VXSSRUW GH SODW GpKDQFKHPHQW
YHUV OH KDXW
/H SODWHDX PXOWLXVDJHV
,O V·XWLOLVH SRXU OD FXLVVRQ RX OH UpFKDXIIDJH GH SL]]DV
GH SHWLWV JkWHDX[ LQGLYLGXHOV SRVpV GLUHFWHPHQW
GHVVXV
/H SODWHDX PXOWLXVDJHV
3ODQ LQFOLQp
YHUV O·DYDQW
,O V·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 YRV SODWV VXU OD JULOOH
HW GH FHQWUHU OH SODWHDX PXOWLXVDJHV GDQV OH IRXU SRXU
SHUPHWWUH XQH ERQQH FLUFXODWLRQ G·DLU HW REWHQLU GH
ERQV UpVXOWDWV FXOLQDLUHV
3HWLWV WURXV
FLUFXODLUHV
YHUV O·DUULqUH
/H WRXUQHEURFKH
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 ´(QWUHWLHQ HW
QHWWR\DJHµ )RXUFKHWWHV
%URFKH
/H WRXUQHEURFKH
,O HVW FRPSRVp GH
6XSSRUW GH EURFKH
EURFKH
IRXUFKHWWHV
VXSSRUW GH EURFKH
/HV JUDGLQV
9RWUH IRXU HVW pTXLSp GH QLYHDX[ GH JUDGLQV 'DQV OHV
JXLGHV GHV FXLVVRQV LOV VRQW QXPpURWpV GH j HQ
SDUWDQW GX EDV YHUV OH KDXW $VVXUH]YRXV TXH OHV DFFHVVRLUHV VRLHQW SRVLWLRQQpV
KRUL]RQWDOHPHQW GDQV OH IRXU
/( 352*5$00$7(85 $ $,*8,//(6
/H SURJUDPPDWHXU j DLJXLOOHV LQGLTXH O·KHXUH SHXW
VHUYLU
GH
PLQXWHXU
HW
SHXW
FRPPDQGHU
DXWRPDWLTXHPHQW OH IRXU
'HVFULSWLRQ GX SURJUDPPDWHXU
)(1(75( $ OHV IRQFWLRQV GX SURJUDPPDWHXU
8WLOLVDWLRQ GX IRXU VDQV SURJUDPPDWLRQ
IRQFWLRQ PDQXHOOH
$IILFKDJH GX WHPSV GH FXLVVRQ GXUpH PD[LPXP
PLQXWHV
$UUrW GH IRQFWLRQQHPHQW GX IRXU
,1'(; %
,QGH[ GH SURJUDPPDWLRQ DIILFKH O·KHXUH GH GpEXW
GH FXLVVRQ
%28721
%RXWRQ GH UpJODJH GH O·LQGH[ GH SURJUDPPDWLRQ %
%28721
0LVH j O·KHXUH GH O·KRUORJH
%RXWRQ GH UpJODJH GHV IRQFWLRQV
SURJUDPPDWHXU GDQV OD IHQrWUH $
GX
0LVH j O·KHXUH GH O·KRUORJH
3RXVVH] HW WRXUQH] OH ERXWRQ ➁ GDQV OH VHQV
LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH SRXU UpJOHU
O·KRUORJH
8WLOLVDWLRQ GX IRXU VDQV SURJUDPPDWLRQ
IRQFWLRQ PDQXHOOH
3RXU
XWLOLVHU
YRWUH
IRXU
VDQV
SURJUDPPDWLRQ
LO
HVW
LPSpUDWLI
G·DIILFKHU
GDQV OD IHQrWUH $
7RXUQH] OH ERXWRQ ➁ GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G·XQH PRQWUH SRXU DIILFKHU OH V\PEROH
GDQV OD IHQrWUH $
9pULILH] TXH O·LQGH[ % FRwQFLGH DYHF O·DLJXLOOH GHV
KHXUHV VLQRQ SRXVVH] OH ERXWRQ ➀ HW WRXUQH]
/RUVTXH YRXV HQWHQGH] XQ GpFOLF O·LQGH[ HW
O·DLJXLOOH FRwQFLGHQW
$UUrW GX VLJQDO VRQRUH
7RXUQH] OH ERXWRQ ➁ GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G·XQH PRQWUH SRXU IDLUH DSSDUDvWUH
GDQV OD IHQrWUH $
'DQV OH FDV G·XQH SURJUDPPDWLRQ UDPHQH] OHV
FRPPDQGHV GX IRXU VXU OD SRVLWLRQ $UUrW
WKHUPRVWDW VXU SXLV VpOHFWHXU GH IRQFWLRQV VXU
8WLOLVDWLRQ GH OD IRQFWLRQ PLQXWHXU
7RXUQH] OH ERXWRQ ➁ GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G·XQH PRQWUH MXVTX·j FH TXH OD GXUpH
VRXKDLWpH VRLW DIILFKpH GDQV OD IHQrWUH $ PLQXWHV PD[LPXP /RUVTXH OH WHPSV DIILFKp V·HVW pFRXOp XQ VLJQDO
VRQRUH UHWHQWLW SHQGDQW HQYLURQ PLQXWHV VL OH
PLQXWHXU Q·HVW SDV DUUrWp
3URJUDPPDWLRQ VHPL DXWRPDWLTXH G·XQ
WHPSV GH FXLVVRQ
'pSDUW LPPpGLDW DUUrW DXWRPDWLTXH
&HWWH SURJUDPPDWLRQ HVW XWLOH VL YRXV YRXOH] TXH
OD FXLVVRQ GpPDUUH LPPpGLDWHPHQW HW V·DUUrWH
DXWRPDWLTXHPHQW
5pJOH] OHV FRPPDQGHV GX IRXU VXU OHV SRVLWLRQV
FKRLVLHV
$VVXUH]YRXV TXH O·LQGH[ GH SURJUDPPDWLRQ %
FRwQFLGH DYHF O·DLJXLOOH GHV KHXUHV VLQRQ SRXVVH]
OH ERXWRQ ➀ HW WRXUQH] /RUVTXH YRXV HQWHQGH] XQ
GpFOLF O·LQGH[ HW O·DLJXLOOH FRwQFLGHQW
7RXUQH] OH ERXWRQ ➁ GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G·XQH PRQWUH MXVTX·j FH TXH OD GXUpH GH
FXLVVRQ VRLW DIILFKpH GDQV OD IHQrWUH $ PLQXWHV PD[LPXP /H IRXU IRQFWLRQQH
/RUVTXH OH WHPSV SURJUDPPp HVW pFRXOp XQ VLJQDO
VRQRUH UHWHQWLW SHQGDQW HQYLURQ PLQXWHV /D
FXLVVRQ V·DUUrWH 9RWUH SODW YD FRQWLQXHU GH FXLUH
JUkFH j OD FKDOHXU UpVLGXHOOH GX IRXU
5DPHQH] OHV FRPPDQGHV GX IRXU VXU OD SRVLWLRQ
$UUrW WKHUPRVWDW VXU SXLV VpOHFWHXU VXU 3RXU DUUrWHU OH VLJQDO VRQRUH WRXUQH] OH ERXWRQ ➁
GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH
SRXU IDLUH DSSDUDvWUH
GDQV OD IHQrWUH $
3URJUDPPDWLRQ DXWRPDWLTXH G·XQ WHPSV
GH FXLVVRQ 'pSDUW GLIIpUp $UUrW DXWRPDWLTXH
$VVXUH]YRXV TXH O·KRUORJH VRLW j O·KHXUH
5pJOH] OHV FRPPDQGHV GX IRXU VXU OHV SRVLWLRQV
FKRLVLHV
3RXVVH] HW WRXUQH] OH ERXWRQ ➀ MXVTX·j FH TXH
O·LQGH[ GH SURJUDPPDWLRQ % FRwQFLGH DYHF O·KHXUH
GH GpEXW GH FXLVVRQ
7RXUQH] OH ERXWRQ ➁ GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G·XQH PRQWUH MXVTX·j FH TXH OD GXUpH GH
FXLVVRQ VRLW DIILFKpH GDQV OD IHQrWUH $ PLQXWHV PD[LPXP /H IRXU IRQFWLRQQHUD j O·KHXUH
SURJUDPPpH
/RUVTXH OH WHPSV SURJUDPPp HVW pFRXOp XQ VLJQDO
VRQRUH UHWHQWLW SHQGDQW HQYLURQ PLQXWHV /D
FXLVVRQ V·DUUrWH 9RWUH SODW YD FRQWLQXHU GH FXLUH
JUkFH j OD FKDOHXU UpVLGXHOOH GX IRXU
5DPHQH] OHV FRPPDQGHV GX IRXU VXU OD SRVLWLRQ
$UUrW WKHUPRVWDW VXU SXLV VpOHFWHXU VXU 3RXU DUUrWHU OH VLJQDO VRQRUH WRXUQH] OH ERXWRQ ➁
GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH
GDQV OD IHQrWUH $
SRXU IDLUH DSSDUDvWUH
$YDQW FKDTXH XWLOLVDWLRQ GX SURJUDPPDWHXU
Q·RXEOLH] SDV GH UpJOHU OH VpOHFWHXU GH IRQFWLRQV HW
OH WKHUPRVWDW GX IRXU VXU OHV SRVLWLRQV UHTXLVHV
$QQXODWLRQ G·XQH SURJUDPPDWLRQ
7RXUQH] OH ERXWRQ ➁ GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G·XQH PRQWUH SRXU IDLUH DSSDUDvWUH
GDQV OD IHQrWUH $
'DQV
OH
FDV
G·DQQXODWLRQ
G·XQH
SURJUDPPDWLRQ DXWRPDWLTXH Q·RXEOLH] SDV GH
UHPHWWUH O·LQGH[ GH SURJUDPPDWLRQ % j O·KHXUH
5DPHQH] OHV FRPPDQGHV GX IRXU VXU OD SRVLWLRQ
$UUrW WKHUPRVWDW VXU SXLV VpOHFWHXU VXU &216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21
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 XWLOLVDWLRQ
$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
/( 6(/(&7(85 '( )21&7,216
5HWLUH] OHV pWLTXHWWHV SXEOLFLWDLUHV HW OHV
DXWRFROODQWV TXL SRXUUDLHQW VH WURXYHU VXU OD IDoDGH
GH YRWUH DSSDUHLO
0HWWH] OH SURJUDPPDWHXU
DVVXUH]YRXV TXH OH V\PEROH
j O·KHXUH HW
VRLW DIILFKp GDQV
OD IHQrWUH $ YRLU &KDSLWUH 3URJUDPPDWHXU 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
HW OH WKHUPRVWDW VXU )DLWHV FKDXIIHU SHQGDQW XQH KHXUH DILQ G·pOLPLQHU
O·RGHXU SURYHQDQW GX FDORULIXJH
&HV RSpUDWLRQV SHXYHQW V·HIIHFWXHU VRXV OH FRQWU{OH GX
SURJUDPPDWHXU
/( 7+(50267$7
/H PRGH OH WHPSV HW OD WHPSpUDWXUH GH FXLVVRQ
LQGLTXpV GDQV OHV JXLGHV GH FXLVVRQV VRQW DGDSWpV j
YRWUH QRXYHDX IRXU 3RXU REWHQLU GH ERQV UpVXOWDWV
FXOLQDLUHV VXLYH] FHV LQGLFDWLRQV
/H YHQWLODWHXU GH UHIURLGLVVHPHQW
8Q YHQWLODWHXU GH UHIURLGLVVHPHQW SHUPHW GH PDLQWHQLU
O·HQYLURQQHPHQW GX IRXU EDQGHDX GH FRPPDQGHV
j IDLEOH WHPSpUDWXUH ,O GpPDUUH HW V·DUUrWH
DXWRPDWLTXHPHQW LO HVW QRUPDO TX·LO VH PHWWH HQ URXWH
DYDQW OH GpEXW G·XQH FXLVVRQ HW TXH YRXV O·HQWHQGLH]
HQFRUH TXHOTXHV LQVWDQWV DSUqV O·DUUrW WRWDO GH YRWUH
IRXU
&RQVHLOV G·XWLOLVDWLRQ
$ OD ILQ G·XQH FXLVVRQ VL YRXV ODLVVH] YRWUH SODW j
O·LQWpULHXU GX IRXU QRXV YRXV UHFRPPDQGRQV GH SODFHU
OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ (FODLUDJH
HW OH WKHUPRVWDW VXU $UUrW $LQVL OH YHQWLODWHXU GH UHIURLGLVVHPHQW FRQWLQXHUD GH
IRQFWLRQQHU HW SHUPHWWUD G·pYDFXHU OD YDSHXU
DFFXPXOpH GDQV O·HQFHLQWH HW G·pYLWHU WRXWH
FRQGHQVDWLRQ VXU OH EDQGHDX GH FRPPDQGHV DLQVL TXH
VXU YRWUH PHXEOH
/(6 &200$1'(6 '( )285
/H VpOHFWHXU GH IRQFWLRQV
3RXU VpOHFWLRQQHU OH PRGH GH FXLVVRQ GpVLUp WRXUQH]
OD FRPPDQGH GX VpOHFWHXU GH IRQFWLRQV GDQV OH VHQV
GHV DLJXLOOHV G·XQH PRQWUH
/·pFODLUDJH GX IRXU
/D FXLVVRQ WUDGLWLRQQHOOH
/D FXLVVRQ DX JULO
/D FXLVVRQ GHV YLDQGHV
/D FXLVVRQ DX WRXUQHEURFKH
/H QHWWR\DJH S\URO\VH
/( 6(/(&7(85 '( )21&7,216
3RXU PHWWUH OH IRXU HQ IRQFWLRQQHPHQW FKRLVLU OD
SRVLWLRQ GX VpOHFWHXU GH IRQFWLRQV SXLV OD WHPSpUDWXUH
DSSURSULpH j O·DLGH GX WKHUPRVWDW
3RXU DUUrWHU OH IRXU UDPHQHU OH WKHUPRVWDW VXU SXLV
OH VpOHFWHXU GH IRQFWLRQV VXU /·pFODLUDJH IRQFWLRQQH GqV TXH OD FRPPDQGH GX
VpOHFWHXU GH IRQFWLRQV HVW WRXUQpH /H IRXU UHVWH
pFODLUp SHQGDQW TXH OD FXLVVRQ V·HIIHFWXH
/H WKHUPRVWDW
/( 7+(50267$7
/H UpJODJH GH OD WHPSpUDWXUH V·HIIHFWXH j O·DLGH GX
WKHUPRVWDW HQ WRXUQDQW OD FRPPDQGH GDQV OH VHQV GHV
DLJXLOOHV G·XQH PRQWUH ,O HVW JUDGXp GH j HW UpJXOH
OD WHPSpUDWXUH GX IRXU
/HV YR\DQWV
3\URO\VH
/H YR\DQW V·DOOXPH GqV TXH OH VpOHFWHXU GH IRQFWLRQV
HVW VXU OD SRVLWLRQ
0DUFKH
/H YR\DQW V·DOOXPH GqV OD PLVH VRXV WHQVLRQ GH
O·DSSDUHLO ,O V·pWHLQW ORUVTXH OD FRPPDQGH GX VpOHFWHXU
GH IRQFWLRQV HVW VXU OD SRVLWLRQ $UUrW 7KHUPRVWDW
/H YR\DQW V·DOOXPH SHQGDQW OH SUpFKDXIIDJH GX IRXU HW
V·pWHLQW ORUVTXH OD WHPSpUDWXUH VpOHFWLRQQpH HVW
DWWHLQWH ,O VH UDOOXPH ORUV GH OD FXLVVRQ SRXU LQGLTXHU
TXH OD WHPSpUDWXUH GH FXLVVRQ VpOHFWLRQQpH HVW
PDLQWHQXH
$SUqV
XWLOLVDWLRQ
GH
YRWUH
IRXU
DVVXUH]YRXV TXH OHV FRPPDQGHV VH
WURXYHQW VXU OD SRVLWLRQ $UUrW WKHUPRVWDW
VXU HW VpOHFWHXU GH IRQFWLRQV VXU /(6 ',))(5(17(6 326,7,216 '( &8,6621
/D FXLVVRQ WUDGLWLRQQHOOH
(OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW
GH SkWLVVHULHV GH SRLVVRQV GH WHUULQHV HW GH
SUpSDUDWLRQV j EDVH GH OpJXPHV (OOH SHXW FRQYHQLU
pJDOHPHQW j OD GpFRQJpODWLRQ GH FHUWDLQV SODWV
FXLVLQpV HW DX UpFKDXIIDJH GH YRV SODWV SUpSDUpV j
O·DYDQFH
/D FXLVVRQ DX JULO
(OOH SHUPHW GH JULOOHU OHV SLqFHV GH YLDQGHV GH GRUHU
OHV WRDVWV RX GH JUDWLQHU GHV SODWV GpMj FXLWV HW FKDXGV
/D FXLVVRQ GHV YLDQGHV
(OOH HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ GH U{WLV HW
GH YRODLOOHV GDQV XQ SODW
/D FXLVVRQ DX WRXUQHEURFKH
(OOH SHUPHW GH FXLUH OHV SRXOHWV OHV U{WLV j OD EURFKH
/D FXLVVRQ WUDGLWLRQQHOOH
(OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW
GH SkWLVVHULHV GH SRLVVRQV GH WHUULQHV HW GH
SUpSDUDWLRQV j EDVH GH OpJXPHV
/H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH
&RPPHQW SURFpGHU "
3RXU OHV SkWLVVHULHV OHV JUDWLQV OHV WHUULQHV 3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ GH FXLVVRQ
HW OH
WKHUPRVWDW VXU OD WHPSpUDWXUH GH FXLVVRQ FKRLVLH
&RQVXOWH] OH JXLGH GHV FXLVVRQV
'XUpH GH SUpFKDXIIDJH
PLQXWHV HQYLURQ SRXU OH UHSqUH
PLQXWHV HQYLURQ SRXU OH UHSqUH (QIRXUQH] YRWUH SODW GqV TXH OH YR\DQW GH
WKHUPRVWDW HVW pWHLQW
/D GpFRQJpODWLRQ HWRX OH UpFKDXIIDJH
/D SRVLWLRQ FXLVVRQ WUDGLWLRQQHOOH SHXW FRQYHQLU
pJDOHPHQW j OD GpFRQJpODWLRQ GH FHUWDLQV SODWV HWRX
DX UpFKDXIIDJH GH YRV SODWV SUpSDUpV j O·DYDQFH
7KHUPRVWDW VXU OD JUDGXDWLRQ PLQLPXP
'DQV FH FDV HQIRXUQH] OD SUpSDUDWLRQ GLUHFWHPHQW
VDQV SUpFKDXIIDJH
/D FXLVVRQ DX JULO
/·XWLOLVDWLRQ GX JULO VH IDLW SRUWH IHUPpH
SRXU pFRQRPLVHU GH O·pQHUJLH pYLWHU WRXW
GpJDJHPHQW G·RGHXUV HW GH IXPpHV HW SRXU
QH SDV HQGRPPDJHU OHV FRPPDQGHV GH
O·DSSDUHLO
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV
VRXV YRWUH VXUYHLOODQFH
&H PRGH GH FXLVVRQ SHUPHW GH JULOOHU GHV SLqFHV GH
YLDQGH F{WHV GH SRUF VDXFLVVHV TXL UHVWHQW
PRHOOHXVHV GH GRUHU OHV WRDVWV RX GH JUDWLQHU GHV
SODWV GpMj FXLWV HW FKDXGV GH SUpIpUHQFH JUDWLQV GH
SkWHV &RPPHQW SURFpGHU "
/HV JULOODGHV
3UpSDUH] OD SLqFH j JULOOHU
3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW
3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU
SXLV OH
WKHUPRVWDW VXU OD WHPSpUDWXUH GH FXLVVRQ FKRLVLH
FRQVXOWH] OH JXLGH GHV FXLVVRQV /RUVTXH OH JULO HVW URXJH 3ODFH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
*OLVVH] OD JULOOH DX JUDGLQ ➂ RX ➃ VXLYDQW
O·pSDLVVHXU GH OD SLqFH j JULOOHU
/RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD
SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH
VRQ MXV 3RXU OHV VDXFLVVHV HW OHV YRODLOOHV LO HVW
FRQVHLOOp GH SLTXHU OD SHDX DYDQW FXLVVRQ
)DLWHV JULOOHU OD GHX[LqPH IDFH
6DOH] HQ ILQ GH FXLVVRQ
/H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp HQ IRQFWLRQ GH
O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ GH VRQ SRLGV
/HV JUDWLQV
3RVLWLRQQH] OH VpOHFWHXU GH IRQFWLRQV VXU
SXLV
OH WKHUPRVWDW VXU OD WHPSpUDWXUH GH FXLVVRQ
FKRLVLH
3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH]
O·HQVHPEOH DX JUDGLQ ➂ RX ➃
/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 GHV YLDQGHV
&HWWH SRVLWLRQ HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ
GHV YLDQGHV
/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
&RPPHQW SURFpGHU "
3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ
SXLV OH WKHUPRVWDW VXU
OD WHPSpUDWXUH GH FXLVVRQ FKRLVLH
(QIRXUQH] OD SLqFH j U{WLU SXLV VDQV PRGLILHU OD
SRVLWLRQ GX WKHUPRVWDW SODFH] OH VpOHFWHXU GH
UpVHUYpH j OD FXLVVRQ
IRQFWLRQV VXU OD SRVLWLRQ
GHV YLDQGHV U{WLHV
/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 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
0HWWH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
SXLV OH WKHUPRVWDW VXU 9pULILH] TXH OD EURFKH WRXUQH
3RXU VRUWLU OD SLqFH U{WLH UHPHWWH] OH WKHUPRVWDW
SXLV 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
&216(,/6 '·87,/,6$7,21
&KRL[ GHV UpFLSLHQWV
&RQVHLOV SUDWLTXHV
/·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
1H SODFH] MDPDLV OH SDSLHU G·DOXPLQLXP
GLUHFWHPHQW HQ FRQWDFW DYHF OH EDV GH YRWUH
IRXU FHFL HQWUDvQHUDLW XQH GpWpULRUDWLRQ GH
O·pPDLO
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 RX 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
3RXU OHV FXLVVRQV GH YLDQGHV TXL QpFHVVLWHQW XQ
SUpFKDXIIDJH Q·XWLOLVH] SDV YRWUH SURJUDPPDWHXU
HQ GpSDUW GLIIpUp
3RXU TXH YRV YLDQGHV VRLHQW PRHOOHXVHV
UHWRXUQH]OHV j PLFXLVVRQ HW DMRXWH] XQ SHX
G·HDX FKDXGH GDQV OH SODW YRXV REWLHQGUH] DLQVL
XQH VDXFH VDYRXUHXVH HW YRXV UpGXLUH] OHV
SURMHFWLRQV VXU OHV SDURLV GH YRWUH IRXU
1H GpSDVVH] SDV OHV UHSqUHV GH WKHUPRVWDW
SUpFRQLVpV GDQV OH JXLGH GH FXLVVRQV GHV YLDQGHV
,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]
'HVVRXV WURS SkOH
3RXU UpDOLVHU GHV pFRQRPLHV G·pQHUJLH
4XH IDLUH "
3UHQH] XQ PRXOH GX W\SH
%
SDV DVVH] FXLW
RX
RX GHVVXV WURS IRQFp
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
$
)DLWHV VH VXFFpGHU SOXVLHXUV FXLVVRQV YRXV
pFRQRPLVHUH]
O·pQHUJLH
QpFHVVDLUH
DX
SUpFKDXIIDJH GX IRXU
*8,'(6 '(6 &8,66216
7DEOHDX GH FRUUHVSRQGDQFHV DSSUR[LPDWLYHV 5HSqUHV GX WKHUPRVWDW 7HPSpUDWXUHV
p&
p&
p&
p&
p&
p&
p&
p&
p&
p&
/H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH SRXU O·XWLOLVDWLRQ GHV SRVLWLRQV VXLYDQWHV 3RXU OHV FXLVVRQV SRVLWLRQ
PRGH GH SUpFKDXIIDJH
GXUpH PLQXWHV HQYLURQ SRXU OH UHSqUH GXUpH PLQXWHV HQYLURQ SRXU OH UHSqUH 3RXU OHV FXLVVRQV SRVLWLRQ
PRGH GH SUpFKDXIIDJH
GXUpH PLQXWHV HQYLURQ SRXU OH UHSqUH 3RVLWLRQV GH OD JULOOH VXSSRUW GpKDQFKHPHQW YHUV OH KDXW
GpKDQFKHPHQW YHUV OH EDV
3UpSDUDWLRQV
0DLQWLHQ DX FKDXG
3Up
FKDXI
&XLV
VRQ
1LYHDX GH
FXLVVRQ
JUDGLQ
*ULOOH
VXSSRUW
7HPSV GH
7KHUPRVWDW
FXLVVRQ
$FFHVVRLUHV
PLQXWHV
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 WHUUH j IHX
3RLVVRQV ILOHWV
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*UDWLQ GDXSKLQRLV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
7RPDWHV IDUFLHV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
/DVDJQHV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
3ODWHDX PXOWLXVDJHV DYHF SDSLHU VXOIXULVp
&KDXIIDJH DVVLHWWHV
9,$1'(6
32,66216
/(*80(6
(175((6
&URWHV IHXLOOHWpHV
6RXIIOp DX IURPDJH
3kWp HQ WHUULQH
3L]]D
4XLFKH ORUUDLQH
*ULOOH VXSSRUW PRXOH j VRXIIOp
7HUULQH DX EDLQPDULH GDQV SODWHDX
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
PXOWLXVDJHV
3Up
FKDXI
3UpSDUDWLRQV
&XLV
VRQ
1LYHDX GH
FXLVVRQ
JUDGLQ
*ULOOH
VXSSRUW
7HPSV GH
7KHUPRVWDW
FXLVVRQ
$FFHVVRLUHV
PLQXWHV
3$7,66(5,(6
%LVFXLW GH 6DYRLH
*ULOOH VXSSRUW PRXOH j PDQTXp
3ODWHDX PXOWLXVDJHV
*ULOOH VXSSRUW HW PRXOH j EULRFKH
&DNH DX[ UDLVLQV
*ULOOH VXSSRUW
*pQRLVH
*ULOOH VXSSRUW
.RXJORI
*ULOOH VXSSRUW PRXOH HQ WHUUH FXLWH
0HULQJXHV
3ODWHDX PXOWLXVDJHV
3kWH j FKRX[
3ODWHDX PXOWLXVDJHV
4XDWUHTXDUWV
*ULOOH VXSSRUW HW PRXOH j PDQTXp
6DEOpV
3ODWHDX PXOWLXVDJHV DYHF SDSLHU VXOIXULVp
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
%ULRFKH
7DUWH DX[ IUXLWV
SkWH EULVpH
7DUWH DX[ IUXLWV
SkWH OHYpH
*XLGH GHV FXLVVRQV DX WRXUQHEURFKH HW DX JULO
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH
3Up
FKDXI
3UpSDUDWLRQV
*5,//$'(6
&XLV
VRQ
1LYHDX GH
FXLVVRQ
JUDGLQ
*ULOOH
VXSSRUW
7HPSV GH
7KHUPRVWDW
FXLVVRQ
$FFHVVRLUHV
PLQXWHV
PLQXWHV GH SUpFKDXIIDJH
3RXOHW DX SDSULND
WRXUQHEURFKH
6XSSRUW EURFKH HW SODWHDX PXOWLXVDJHV
*ULOOH VXSSRUW SODWHDX PXOWLXVDJHV
&{WHV GH SRUF
6DXFLVVHV PHUJXH]
3RXOHW HQ PRUFHDX[
*ULOOH VXSSRUW SODWHDX PXOWLXVDJHV
&{WH GH ERHXI
*ULOOH VXSSRUW SODWHDX PXOWLXVDJHV
SDU
IDFH
*ULOOH VXSSRUW SODWHDX PXOWLXVDJHV
/·LPSRUWDQFH GX YROXPH GHV SUpSDUDWLRQV j FXLUH HW OD JUDQGH YDULpWp GHV PDWpULDX[ FRQVWLWXDQW OHV
UpFLSLHQWV GH FXLVVRQ HW OHV PRXOHV j SkWLVVHULH SHXYHQW YRXV DPHQHU j PRGLILHU OHV LQGLFDWLRQV GRQQpHV
GDQV OHV JXLGHV GHV FXLVVRQV 6HXOH YRWUH H[SpULHQFH YRXV SHUPHWWUD GH WURXYHU OH UpJODJH FRQYHQDQW OH
PLHX[ j YRV KDELWXGHV FXOLQDLUHV
(175(7,(1 (7 1(772<$*(
/D SRUWH GX IRXU HVW FKDXGH SHQGDQW OH
F\FOH GH QHWWR\DJH S\URO\VH pORLJQH] OHV
MHXQHV HQIDQWV
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
IXPpHV 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 TXH OD SRUWH SXLVVH VH GpYHUURXLOOHU
3HQGDQW OH F\FOH GH QHWWR\DJH XQ YHQWLODWHXU GH
UHIURLGLVVHPHQW IRQFWLRQQH /D YHQWLODWLRQ FRQWLQXH
DSUqV O·RSpUDWLRQ GH QHWWR\DJH WDQW TXH OH IRXU Q·HVW
SDV VXIILVDPPHQW UHIURLGL
/H F\FOH GH QHWWR\DJH V·HIIHFWXH XQLTXHPHQW VRXV
OH FRQWU{OH GX SURJUDPPDWHXU
(QWUHWLHQ UpJXOLHU
$SUqV FKDTXH FXLVVRQ VDOLVVDQWH SHQVH] j UHWLUHU OHV
SURMHFWLRQV DYHF XQH pSRQJH
3RXU XQH PHLOOHXUH YLVLELOLWp SHQGDQW OH QHWWR\DJH GH
YRWUH IRXU SRVLWLRQQH] OH VpOHFWHXU GH IRQFWLRQV VXU OD
SRVLWLRQ
(Q FDV GH GpERUGHPHQW VXU OD VROH PRXLOOH] HW ODLVVH]
GpWUHPSHU PDLV QH JUDWWH] SDV HW pYLWH] OHV SURGXLWV
DEUDVLIV TXL ULVTXHUDLHQW GH UD\HU HW HQGRPPDJHU OHV
UHYrWHPHQWV pPDLO YHUQLV ODTXH (QWUHWLHQ SpULRGLTXH
$SUqV XQ F\FOH GH QHWWR\DJH S\URO\WLTXH SDVVH] XQH
pSRQJH KXPLGH GDQV OH IRXU IURLG SRXU HQOHYHU OHV
UpVLGXV EODQFKkWUHV 1·KpVLWH] SDV j QHWWR\HU YRWUH
IRXU DXVVL VRXYHQW TXH FHOD HVW QpFHVVDLUH
9RXV SRXYH] HIIHFWXHU OH QHWWR\DJH SDU S\URO\VH j OD
VXLWH G·XQH FXLVVRQ DILQ GH EpQpILFLHU GH OD FKDOHXU
GpMj DFFXPXOpH GDQV OH IRXU /H F\FOH GH QHWWR\DJH
LPPRELOLVH YRWUH DSSDUHLO SHQGDQW K HQYLURQ
&RPPHQW SURFpGHU "
5HWLUH] OHV DFFHVVRLUHV VXLYDQWV GX IRXU JULOOH
WRXUQHEURFKH TXL 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
6L QpFHVVDLUH HQOHYH] O·H[FpGHQW GH VDOLVVXUHV
GpERUGHPHQWV JUDLVVH TXL HQWUDvQHUDLW XQ
GpJDJHPHQW GH IXPpH WURS LPSRUWDQW SRXU rWUH
DEVRUEp SDU OH FDWDO\VHXU
)HUPH] OD SRUWH
3RVLWLRQQH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH
WKHUPRVWDW VXU OD SRVLWLRQ
5pJOH] OH WHPSV GH QHWWR\DJH VXU PLQXWHV 6L
YRWUH IRXU HVW WUqV VDOH YRXV SRXYH] DXJPHQWHU OD
GXUpH PD[LPXP PLQXWHV 3RXU SURJUDPPHU
UHSRUWH]YRXV j OD SDJH VXLYDQWH
/RUVTXH OH F\FOH GH S\URO\VH HVW WHUPLQp 5DPHQH] OHV FRPPDQGHV VXU $UUrW WKHUPRVWDW
VXU SXLV VpOHFWHXU GH IRQFWLRQV VXU HW DIILFKH]
GDQV OD IHQrWUH $
/HV YR\DQWV 0DUFKH HW 3\URO\VH V·pWHLJQHQW
/D SRUWH VH GpYHUURXLOOH ORUVTXH OH IRXU HVW
VXIILVDPPHQW UHIURLGL
1HWWR\DJH GHV DFFHVVRLUHV
*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
1HWWR\DJH GHV FRPPDQGHV HW GH OD SRUWH
GH IRXU
$SUqV FKDTXH XWLOLVDWLRQ SDVVH] XQH pSRQJH KXPLGH
ELHQ HVVRUpH HQ pYLWDQW WRXW pFRXOHPHQW GDQV OHV
RULILFHV 5LQFH] HW VpFKH]
3URJUDPPDWLRQ VHPLDXWRPDWLTXH
GX QHWWR\DJH S\URO\VH
'pSDUW LPPpGLDW DUUrW DXWRPDWLTXH
3RVLWLRQQH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH
WKHUPRVWDW VXU OD SRVLWLRQ
$VVXUH]YRXV TXH O·LQGH[ GH SURJUDPPDWLRQ %
FRwQFLGH DYHF O·DLJXLOOH GHV KHXUHV VLQRQ SRXVVH]
OH ERXWRQ ➀ HW WRXUQH] /RUVTXH YRXV HQWHQGH] XQ
GpFOLF O·LQGH[ HW O·DLJXLOOH FRwQFLGHQW
7RXUQH] OH ERXWRQ ➁ GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G·XQH PRQWUH MXVTX·j FH TXH OD GXUpH GH
QHWWR\DJH VRLW DIILFKpH GDQV OD IHQrWUH $ PLQXWHV PD[LPXP /H QHWWR\DJH GpPDUUH
/RUVTXH OH WHPSV SURJUDPPp HVW pFRXOp XQ VLJQDO
VRQRUH UHWHQWLW SHQGDQW HQYLURQ PLQXWHV /H
QHWWR\DJH V·DUUrWH
5DPHQH] OHV FRPPDQGHV GX IRXU VXU OD SRVLWLRQ
$UUrW WKHUPRVWDW VXU SXLV VpOHFWHXU VXU 3RXU DUUrWHU OH VLJQDO VRQRUH WRXUQH] OH ERXWRQ ➁
GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH
SRXU IDLUH DSSDUDvWUH
GDQV OD IHQrWUH $
,O HVW QRUPDO TXH OD SRUWH GX IRXU UHVWH YHUURXLOOpH
DSUqV OD ILQ GX F\FOH GH QHWWR\DJH S\URO\VH WDQW TXH
OH IRXU Q·HVW SDV VXIILVDPPHQW UHIURLGL
3URJUDPPDWLRQ DXWRPDWLTXH
GX QHWWR\DJH S\URO\VH
'pSDUW GLIIpUp $UUrW DXWRPDWLTXH
$VVXUH]YRXV TXH O·KRUORJH VRLW j O·KHXUH
3RVLWLRQQH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH
WKHUPRVWDW VXU OD SRVLWLRQ
3RXVVH] HW WRXUQH] OH ERXWRQ ➀ MXVTX·j FH TXH
O·LQGH[ GH SURJUDPPDWLRQ % FRwQFLGH DYHF O·KHXUH
GH GpEXW GH QHWWR\DJH
7RXUQH] OH ERXWRQ ➁ GDQV OH VHQV LQYHUVH GHV
DLJXLOOHV G·XQH PRQWUH MXVTX·j FH TXH OD GXUpH GH
QHWWR\DJH VRLW DIILFKpH GDQV OD IHQrWUH $ PLQXWHV PD[LPXP /H QHWWR\DJH GpPDUUHUD j
O·KHXUH SURJUDPPpH
/RUVTXH OH WHPSV SURJUDPPp HVW pFRXOp XQ VLJQDO
VRQRUH UHWHQWLW SHQGDQW HQYLURQ PLQXWHV /H
QHWWR\DJH V·DUUrWH
5DPHQH] OHV FRPPDQGHV GX IRXU VXU OD SRVLWLRQ
$UUrW WKHUPRVWDW VXU SXLV VpOHFWHXU VXU 3RXU DUUrWHU OH VLJQDO VRQRUH WRXUQH] OH ERXWRQ ➁
GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH
SRXU IDLUH DSSDUDvWUH
GDQV OD IHQrWUH $
,O HVW QRUPDO TXH OD SRUWH GX IRXU UHVWH YHURXLOOpH DSUqV
OD ILQ GX F\FOH GH QHWWR\DJH S\URO\VH WDQW TXH OH IRXU
Q·HVW SDV VXIILVDPPHQW UHIURLGL
$YDQW FKDTXH XWLOLVDWLRQ GX SURJUDPPDWHXU
Q·RXEOLH] SDV GH UpJOHU OH VpOHFWHXU GH IRQFWLRQV HW
OH WKHUPRVWDW GX IRXU VXU OHV SRVLWLRQV UHTXLVHV
(1 &$6 '·$120$/,( '( )21&7,211(0(17
1RXV YRXV UHFRPPDQGRQV YLYHPHQW GH IDLUH OHV YpULILFDWLRQV VXLYDQWHV VXU YRWUH IRXU DYDQW G·DSSHOHU XQ WHFKQLFLHQ
GX 6HUYLFH $SUqV9HQWH ,O VH SHXW TXH OH SUREOqPH VRLW VLPSOH HW TXH YRXV SXLVVLH] OH UpVRXGUH YRXVPrPH
6L YRWUH IRXU SUpVHQWH XQH TXHOFRQTXH DQRPDOLH QRXV YRXV UHFRPPDQGRQV GH QH SDV O·XWLOLVHU
'pEUDQFKH] O·DSSDUHLO RX HQOHYH] OH IXVLEOH FRUUHVSRQGDQW j OD OLJQH GH EUDQFKHPHQW GX IRXU
&$86(6 3266,%/(6
$120$/,(6
/H IRXU QH IRQFWLRQQH SDV
48( )$,5( "
/·DSSDUHLO HVW GpEUDQFKp
5HEUDQFKH] O·DSSDUHLO
,O \ D XQH FRXSXUH G·pOHFWULFLWp
9pULILH] O·pWDW GH O·DOLPHQWDWLRQ GX
IRXU HW GH OD SULVH GH FRXUDQW
/H SURJUDPPDWHXU HVW HQ
SRVLWLRQ GH SURJUDPPDWLRQ
5HPHWWH] OH SURJUDPPDWHXU VXU
OD SRVLWLRQ PDQXHOOH
/HV UpVXOWDWV GH FXLVVRQ QH VRQW
SDV VDWLVIDLVDQWV
/H WHPSV GH SUpFKDXIIDJH HVW
LQVXIILVDQW
&RQVXOWH]
FXLVVRQV
/H IRXU IXPH
/·KRUORJH
UHWDUGH
GX
OHV
JXLGHV
GHV
/D WHPSpUDWXUH GH SUpFKDXIIDJH
HVW WURS EDVVH RX WURS pOHYpH
/H QLYHDX GH OD JULOOH Q·HVW SDV
DGDSWp
/H UpFLSLHQW HVW PDO DGDSWp
/H
WKHUPRVWDW
SRVLWLRQQp
/H WHPSV GH FXLVVRQ Q·HVW SDV
DGDSWp
/D SRVLWLRQ GX VpOHFWHXU GH
IRQFWLRQV HVW LQFRUUHFWH
/H SODWHDX PXOWLXVDJHV RX
YRWUH SODW QH VRQW SDV FHQWUpV
GDQV OH IRXU
&HQWUH] OH SODWHDX PXOWLXVDJHV
RX YRWUH SODW GDQV OH IRXU
/H IRXU HVW VDOH
3URFpGH] DX QHWWR\DJH GH YRWUH
IRXU HQ ILQ GH FXLVVRQ YRLU
FKDSLWUH QHWWR\DJH
/D SUpSDUDWLRQ GpERUGH
8WLOLVH] XQ UpFLSLHQW SOXV JUDQG
/D SUpSDUDWLRQ YLDQGH SURMHWWH
pQRUPpPHQW
5pGXLVH] OD WHPSpUDWXUH GX
WKHUPRVWDW
/D SRVLWLRQ GX VpOHFWHXU GH
IRQFWLRQV HVW LQFRUUHFWH
&RQVXOWH] OH JXLGH GHV FXLVVRQV
,O \ D HX
G·pOHFWULFLWp
3URFpGH] j OD UHPLVH j O·KHXUH
SURJUDPPDWHXU
HVW
XQH
PDO
FRXSXUH
6L DSUqV DYRLU YpULILp FHV GLIIpUHQWV SRLQWV O·DQRPDOLH SHUVLVWH FRQWDFWH] DORUV OH 6HUYLFH $SUqV9HQWH
&21',7,216 '( *$5$17,(
*DUDQWLH FRQWUDFWXHOOH
3HQGDQW DQ j FRPSWHU GH OD PLVH HQ VHUYLFH OH FRQVWUXFWHXU UHPSODFHUD OHV SLqFHV GpIHFWXHXVHV VDXI GDQV OHV
FDV SUpYXV DX FKDSLWUH µ5pVHUYHVµ
&RQGLWLRQV G·DSSOLFDWLRQ
3RXU XQH DSSOLFDWLRQ GH FHWWH JDUDQWLH YRXV GHYH] YRXV DGUHVVHU DX GLVWULEXWHXU TXL YRXV D YHQGX O·DSSDUHLO HW OXL
SUpVHQWHU OH &HUWLILFDW GH *DUDQWLH (Q FRPSOpPHQW OH 'LVWULEXWHXU 9HQGHXU SRXUUD RX QRQ SUHQGUH j VD FKDUJH OHV
IUDLV GH PDLQ G·±XYUH DLQVL TXH OHV IUDLV GH GpSODFHPHQW HW GH WUDQVSRUW VHORQ OHV FRQGLWLRQV GH YHQWH TX·LO SUDWLTXH
5pVHUYHV
1RXV DWWLURQV YRWUH DWWHQWLRQ VXU OH IDLW TXH FHWWH JDUDQWLH QH SRXUUD rWUH DSSOLTXpH
6L OHV GpWpULRUDWLRQV SURYLHQQHQW G·XQH FDXVH pWUDQJqUH j O·DSSDUHLO FKRFV YDULDWLRQV DQRUPDOHV GH OD WHQVLRQ
pOHFWULTXH HWF RX GX QRQUHVSHFW GHV FRQGLWLRQV G·LQVWDOODWLRQ RX G·XWLOLVDWLRQ LQGLTXpHV GDQV OD QRWLFH
G·XWLOLVDWLRQ IDXVVH PDQRHXYUH QpJOLJHQFH LQVWDOODWLRQ GpIHFWXHXVH RX QRQ FRQIRUPH DX[ UqJOHV HW
SUHVFULSWLRQV LPSRVpHV SDU OHV RUJDQLVPHV GH GLVWULEXWLRQ GH O·(OHFWULFLWp GH O·(DX GX *D] HWF
6L O·XWLOLVDWHXU D DSSRUWp XQH PRGLILFDWLRQ VXU OH PDWpULHO RX HQOHYp OHV PDUTXHV RX QXPpURV GH VpULH
6L XQH UpSDUDWLRQ D pWp HIIHFWXpH SDU XQH SHUVRQQH QRQ DJUppH SDU OH FRQVWUXFWHXU RX OH YHQGHXU
6L O·DSSDUHLO D pWp XWLOLVp j GHV ILQV FRPPHUFLDOHV RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH GHV EXWV PpQDJHUV
SRXU OHVTXHOV LO D pWp FRQoX
6L O·DSSDUHLO D pWp DFKHWp RX UpSDUp KRUV GX WHUULWRLUH IUDQoDLV
*DUDQWLH OpJDOH
/HV GLVSRVLWLRQV GH OD JDUDQWLH FRQWUDFWXHOOH QH VRQW SDV H[FOXVLYHV GX EpQpILFH DX SURILW GH O·DFKHWHXU GH OD JDUDQWLH
OpJDOH SRXU GpIDXWV HW YLFHV FDFKpV OD GLWH JDUDQWLH V·DSSOLTXDQW HQ WRXW pWDW GH FDXVH GDQV OHV FRQGLWLRQV GHV DUWLFOHV
HW VXLYDQWV GX &RGH &LYLO
6(59,&( $35(69(17(
(Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV j OD UXEULTXH ´(1 &$6 '·$120$/,( '( )21&7,211(0(17µ
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 7HFKQLTXH &RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX 6HUYLFH $SUqV9HQWH OHV 3LqFHV GH 5HFKDQJH FHUWLILpHV &RQVWUXFWHXU
(Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL OD UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH DSSDUHLO
&HV LQGLFDWLRQV ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH GH YRWUH DSSDUHLO
/D SODTXH VLJQDOpWLTXH
$9$17 /·,167$//$7,21 UHSRUWH] OHV LQIRUPDWLRQV
GH OD SODTXH VLJQDOpWLTXH VXU OH VFKpPD FLGHVVRXV
/D SODTXH HVW YLVLEOH VXU OH F{Wp GURLW GX IRXU
&HV LQIRUPDWLRQV YRXV VHURQW QpFHVVDLUHV HQ FDV
GH SDQQH HW SRXU OD FRPPDQGH GH SLqFHV DX
6HUYLFH $SUqV9HQWH UpIpUHQFH FRPPHUFLDOH
QXPpUR GH SURGXLW HW QXPpUR GH VpULH 3ODTXH
VLJQDOpWLTXH
,167$//$7,21
6SpFLILFDWLRQV WHFKQLTXHV
7\SH GX IRXU 9RLU SODTXH VLJQDOpWLTXH
5DFFRUGHPHQW pOHFWULTXH 9 +]
)XVLEOH GH SURWHFWLRQ SRXU OH IRXU $PSqUHV
/H IRXU
)RXU (OHFWULTXH
3XLVVDQFH pOHFWULTXH PD[LPXP :
3XLVVDQFH GX IRXU :
*ULO (OHFWULTXH
3XLVVDQFH HQ SRVLWLRQ PD[L JULO :
(FODLUDJH GH IRXU :
1HWWR\DJH GX IRXU 3\URO\WLTXH
'LPHQVLRQV G·HQFDVWUHPHQW GX IRXU
+DXWHXU PP
/DUJHXU PP
3URIRQGHXU PP
3RLGV QHW NJ
9ROXPH XWLOH O
/H PDUTXDJH
FRUUHVSRQG j O·DSSOLFDWLRQ GHV GLUHFWLYHV FRPSDWLELOLWp pOHFWURPDJQpWLTXH PDUTXDJH
HW EDVVH WHQVLRQ 0LVH HQ SODFH GH O·DSSDUHLO
/HV VFKpPDV FLFRQWUH GpWHUPLQHQW OHV FRWHV G·XQ
PHXEOH TXL SHUPHWWUD GH UHFHYRLU YRWUH IRXU
3UpFDXWLRQV G·HQFDVWUHPHQW (Q FH TXL FRQFHUQH OD SURWHFWLRQ FRQWUH OD VXUFKDXIIH
GHV ]RQHV HQYLURQQDQWHV FHW DSSDUHLO HVW GH W\SH <
/H PHXEOH G·HQFDVWUHPHQW SHXW rWUH LQVWDOOp GH OD
PDQLqUH VXLYDQWH
OD SDURL DUULqUH HW XQ F{Wp DGMDFHQW SHXYHQW rWUH
SOXV KDXWV TXH OH PHXEOH G·HQFDVWUHPHQW
GH O·DXWUH F{Wp OH PHXEOH pYHQWXHO QH GRLW SDV
DYRLU XQH KDXWHXU VXSpULHXUH DX PHXEOH
G·HQFDVWUHPHQW GX IRXU
/D VpFXULWp pOHFWULTXH GRLW rWUH DVVXUpH SDU XQ
HQFDVWUHPHQW FRUUHFW /RUV GH O·HQFDVWUHPHQW HW GHV
RSpUDWLRQV G·HQWUHWLHQ O·DSSDUHLO GRLW rWUH GpEUDQFKp
GX UpVHDX pOHFWULTXH OHV IXVLEOHV GRLYHQW rWUH FRXSpV
RX UHWLUpV
3DURL DUULqUH
0HXEOH 0HXEOH
pYHQWXHO G·HQFDVWUH
PHQW GH
O·DSSDUHLO
7\SH <
3DURL
DGMDFHQWH
9XH GH
GHVVXV
)LJ $
/H
IRXU GRLW rWUH LQVWDOOp GDQV XQ PHXEOH
G·HQFDVWUHPHQW ILJ $ RX % TXL GRLW rWUH PRQWp HW IL[p
GH PDQLqUH VWDEOH /D IL[DWLRQ GX IRXU VXU OH PHXEOH VH
IDLW DX PR\HQ GHV GHX[ YLV GH IL[DWLRQ VLWXpHV
ODWpUDOHPHQW &HV YLV VH WURXYHQW GDQV XQH SRFKHWWH
VLWXpH GDQV OH IRXU
$ILQ G·pYLWHU OHV pFKDXIIHPHQWV DQRUPDX[ XQ HVSDFH
GH PP PLQLPXP GRLW VpSDUHU OH FDGUH GX IRXU HW OHV
SDQQHDX[ DGMDFHQWV SRUWHV GH PHXEOHV HWF /HV
SDURLV DGMDFHQWHV RX OH UHYrWHPHQW GH FHOOHVFL DLQVL
TXH OD FROOH GRLYHQW UpVLVWHU j XQH WHPSpUDWXUH DX
PRLQV pJDOH j &
,PSRUWDQW SRXU OH ERQ IRQFWLRQQHPHQW GH FH IRXU
LO HVW QpFHVVDLUH GH WRXMRXUV O·XWLOLVHU GDQV XQ
PHXEOH IHUPp j O·DUULqUH
,167$//$7,21 (1 &2/211(
)LJ %
,167$//$7,21 6286 3/$1 '( 75$9$,/
5DFFRUGHPHQW pOHFWULTXH
/H UDFFRUGHPHQW DX UpVHDX pOHFWULTXH GRLW
rWUH H[FOXVLYHPHQW UpDOLVp SDU GHV
VSpFLDOLVWHV 5HOLH] YRWUH IRXU j OD WHUUH
FRQIRUPpPHQW DX[ SUHVFULSWLRQV GH OD QRUPH
1)& HW DX[ UqJOHPHQWV HQ YLJXHXU
7HUUH ILO MDXQH HW YHUW 1HXWUH ILO EOHX
3KDVH ILO PDUURQ 9RWUH IRXU HVW pTXLSp G·XQ FkEOH GH UDFFRUGHPHQW
VRXSOH UpVLVWDQW j OD FKDOHXU
&DSDFLWp GX IXVLEOH DPSqUHV
'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
$YDQW GH SURFpGHU DX EUDQFKHPHQW YpULILH] TXH
OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW
OHV IXVLEOHV DLQVL TXH O·LQVWDOODWLRQ pOHFWULTXH
GRPHVWLTXH VRQW HQ PHVXUH GH VXSSRUWHU OD
FKDUJH GH O·DSSDUHLO YRLU OD SODTXH VLJQDOpWLTXH
OD SULVH RX OH GLVMRQFWHXU RPQLSRODLUH XWLOLVp SRXU OH
EUDQFKHPHQW HVW DFFHVVLEOH TXDQG O·DSSDUHLO HVW
LQVWDOOp
&kEOH GH UDFFRUGHPHQW
(Q FDV GH UHPSODFHPHQW GX FkEOH LO QH GRLW rWUH
HIIHFWXp TXH SDU XQ SURIHVVLRQQHO TXDOLILp 8WLOLVH] XQ
FkEOH GH W\SH +99) G·XQH VHFWLRQ PLQLPXP GH [ PP
/H FkEOH GRLW rWUH UDFFRUGp FRQIRUPpPHQW DX[
SUHVFULSWLRQV HW OHV YLV GH VHUUDJH GRLYHQW rWUH
VROLGHPHQW IL[pHV /H FRQGXFWHXU GH SURWHFWLRQ ILO GH
7HUUH GRLW rWUH SOXV ORQJ TXH OHV ILOV G·DPHQpH GX
FRXUDQW (QILQ OH FkEOH GH UDFFRUGHPHQW DX UpVHDX
GRLW rWUH PDLQWHQX VROLGHPHQW SDU O·DUUrW GH WUDFWLRQ GX
IRXU
4XHO TXH VRLW OH PRGH GH UDFFRUGHPHQW O·DSSDUHLO GRLW
rWUH UHOLp j OD WHUUH FRQIRUPpPHQW DX[ UqJOHPHQWV HQ
YLJXHXU
5(03/$&(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
SXLV VpOHFWHXU GH
WKHUPRVWDW VXU
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
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
En cas de dysfonctionnement, le vendeur de votre appareil est
le premier habilité à intervenir.
A défaut (déménagement de votre part, fermeture du magasin
où vous avez effectué l’achat...), veuillez consulter :
- L’Assistance Technique Consommateurs
pour toute questions techniques.
ou
- Le Service Conseil Consommateurs
pour toutes questions ou informations concernant
l’utilisation de votre appareil ou pour toutes autres
questions commerciales.
Vous trouverez ci-dessous les coordonnées de ces deux services.
En cas d’intervention sur votre appareil, exigez du Service
Après Vente les Pièces de Rechange certifiées Constructeur.
En appelant un Service Après Vente, indiquez-lui toutes les
références et numéros (PNC, N° de série, ...).
Ces indications figurent sur la plaque signalétique.
Questions techniques
Assistance Technique Consommateurs
Faure
BP 20139 – 60307 SENLIS Cedex
Tél. : 03 44 62 27 75
e-mail : [email protected]
permanence tél. du lundi au vendredi de 8h30 à 12h30 et de 13h30 à 18h00.
Choisir un nouvel appareil et/ou conseils
d’utilisation
Service Conseil Consommateurs
Faure
BP 50142 – 60307 SENLIS Cedex
Tél. : 03 44 62 28 28 Fax : 03 44 62 21 54
e-mail : [email protected]
Permanence téléphonique du lundi au vendredi de 8 h 30 à 18 h 00.
">
Public link updated
The public link to your chat has been updated.