7DEOH GHV PDWLqUHV
&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$1'(6 '( )285 /(6 ',))(5(17(6 326,7,216 '(
&8,6621 /D FXLVVRQ WUDGLWLRQQHOOH /D FXLVVRQ DX JULO /D FXLVVRQ DX WRXUQHEURFKH /D FXLVVRQ GHV YLDQGHV /D FXLVVRQ DX WXUER JULO /D FXLVVRQ YHQWLOpH
VXU XQ RX GHX[ QLYHDX[ 5(03/$&(0(17 '( /·$0328/(
'·(&/$,5$*( 6SpFLILFDWLRQV WHFKQLTXHV 0LVH HQ SODFH GH O·DSSDUHLO 5DFFRUGHPHQW pOHFWULTXH &216(,/6 '·87,/,6$7,21 *8,'(6 '(6 &8,66216 (175(7,(1 (7 1(772<$*( 3URJUDPPDWLRQ VHPLDXWRPDWLTXH
GX QHWWR\DJH S\URO\VH 3URJUDPPDWLRQ DXWRPDWLTXH
GX QHWWR\DJH S\URO\VH ,167$//$7,21 (1 &$6 '·$120$/,( '(
)21&7,211(0(17 &21',7,216 '( *$5$17,( &RPPHQW XWLOLVHU YRWUH QRWLFH "
/HV V\PEROHV VXLYDQWV YRXV JXLGHURQW WRXW DX ORQJ GH
O·XWLOLVDWLRQ GH YRWUH QRWLFH ,QVWUXFWLRQV GH VpFXULWp
'HVFULSWLRQ G·RSpUDWLRQV pWDSH SDU pWDSH
&RQVHLOV HW UHFRPPDQGDWLRQV
,QIRUPDWLRQV VXU O·HQYLURQQHPHQW
&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
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 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 7XUELQH GH YHQWLODWLRQ
➂ *ULO
➃ (OpPHQW FKDXIIDQW VXSpULHXU
➄ (FODLUDJH GX IRXU
➅ (OpPHQW FKDXIIDQW LQIpULHXU VLWXp VRXV OD VROH
➆ (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
JULOOHV 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
EURFKH
IRXUFKHWWHV
VXSSRUW GH EURFKH
6XSSRUW 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 DWWHLQGUH OH PRGH GH FXLVVRQ GpVLUp WRXUQH] OD
FRPPDQGH GX VpOHFWHXU GH IRQFWLRQV GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH SRXU
/·pFODLUDJH GX IRXU
/D FXLVVRQ YHQWLOpH
VXU XQ RX GHX[ QLYHDX[
/D FXLVVRQ DX WXUER JULO
/D FXLVVRQ GHV YLDQGHV
/D FXLVVRQ DX WRXUQHEURFKH
/H QHWWR\DJH S\URO\VH
/( 6(/(&7(85 '( )21&7,216
GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH
SRXU
/D FXLVVRQ WUDGLWLRQQHOOH
/D FXLVVRQ DX JULO
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
OH VpOHFWHXU GH IRQFWLRQV VXU /( 7+(50267$7
SXLV
/·pFODLUDJH IRQFWLRQQH GqV TXH OD FRPPDQGH GX
VpOHFWHXU GH IRQFWLRQV HVW WRXUQpH /H IRXU UHVWH
pFODLUp SHQGDQW TXH OD FXLVVRQ V·HIIHFWXH
/H WKHUPRVWDW
/H UpJODJH GH OD WHPSpUDWXUH V·HIIHFWXH j O·DLGH GX
WKHUPRVWDW HQ WRXUQDQW OD FRPPDQGH GDQV OH VHQV GHV
DLJXLOOHV G·XQH PRQWUH /D WHPSpUDWXUH SHXW YDULHU GH
& j &
/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
SXLV
OD SRVLWLRQ $UUrW WKHUPRVWDW VXU
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 YHQWLOpH
(OOH SHUPHW GH FXLUH VLPXOWDQpPHQW VXU SOXVLHXUV
QLYHDX[ GHV SUpSDUDWLRQV LGHQWLTXHV RX GH QDWXUH
GLIIpUHQWHV (OOH FRQYLHQW j WRXV OHV W\SHV GH
SUpSDUDWLRQV FXOLQDLUHV PrPH GpOLFDWHV
/D FXLVVRQ DX WXUER JULO
(OOH SHUPHW GH JULOOHU OHV SLqFHV GH YLDQGHV pSDLVVHV
RX FHUWDLQV SRLVVRQV FKDUQXV HW GH UpFKDXIIHU HW
JUDWLQHU OHV JUDWLQV IURLGV SUpSDUpV j O·DYDQFH
/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 DWWHLQGUH &
PLQXWHV HQYLURQ SRXU DWWHLQGUH &
(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
SRVLWLRQQH] 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 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 %URFKH
*OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
)HUPH] OD SRUWH GX IRXU
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
)RXUFKHWWHV
6XSSRUW GH EURFKH
/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 WXUER JULO
/D FXLVVRQ DX WXUER JULO VH IDLW SRUWH
IHUPpH HW VRXV YRWUH VXUYHLOODQFH
/HV pOpPHQWV FKDXIIDQWV VXSpULHXUV HW OD WXUELQH
IRQFWLRQQHQW DOWHUQDWLYHPHQW HW LO HVW QRUPDO TXH
OD WXUELQH QH VH PHWWH SDV HQ PDUFKH
LPPpGLDWHPHQW
9RXV XWLOLVHUH] FHWWH SRVLWLRQ SRXU OHV JULOODGHV GH
SLqFHV GH YLDQGHV pSDLVVHV F{WHV GH ERHXI
PRUFHDX[ GH SRXOHWV RX FHUWDLQV SRLVVRQV FKDUQXV
DLQVL TXH SRXU OHV JUDWLQV IURLGV SUpSDUpV j O·DYDQFH
TXH YRXV VRXKDLWH] j OD IRLV UpFKDXIIHU HW JUDWLQHU /D
FKDOHXU GRUH OHV DOLPHQWV OHV FXLW RX OHV UpFKDXIIH j
FRHXU UDSLGHPHQW
&H PRGH GH FXLVVRQ QH QpFHVVLWH
SUpFKDXIIDJH
SDV
GH
&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 SDU
O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ SDU 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 YHQWLOpH
VXU XQ RX GHX[ QLYHDX[
/D FXLVVRQ HQ FKDOHXU YHQWLOpH SHUPHW GH FXLUH VXU XQ
RX GHX[ QLYHDX[ /D FLUFXODWLRQ G·DLU FKDXG UHQG OD
WHPSpUDWXUH HW OD FXLVVRQ SOXV KRPRJqQHV /D FXLVVRQ
HQ FKDOHXU YHQWLOpH FRQYLHQW j WRXV OHV W\SHV GH
SUpSDUDWLRQV FXOLQDLUHV PrPH GpOLFDWHV
/HV DYDQWDJHV GH OD FXLVVRQ YHQWLOpH
/·XWLOLVDWLRQ GH OD FXLVVRQ YHQWLOpH VXSSULPH OH
SUpFKDXIIDJH GDQV OD SOXSDUW GHV FDV
/H PRXYHPHQW G·DLU FKDXG HQYHORSSH OHV
DOLPHQWV OD FXLVVRQ j FRHXU VH IDLW SOXV
UDSLGHPHQW
3UpIpUH] OD SRVLWLRQ FXLVVRQ YHQWLOpH FKDTXH IRLV
TXH YRXV DXUH] j FXLUH GHV SODWV WHOV TXH TXLFKH
JUDWLQ GDXSKLQRLV IODPPLFKH HWF SRXU XQH
FXLVVRQ j FRHXU UpXVVLH
&XLVVRQ G·XQ SODW FRQJHOp
(Q FXLVVRQ YHQWLOpH YRXV SRXUUH] HQIRXUQHU
GLUHFWHPHQW YRV SUpSDUDWLRQV FRQJHOpHV SODWV
FXLVLQpV YLDQGHV YRODLOOHV VDQV GpFRQJpODWLRQ
SUpDODEOH /H SUpFKDXIIDJH HVW LQXWLOH GDQV FH
FDV ,O VXIILW GH GLPLQXHU OpJqUHPHQW OD WHPSpUDWXUH
HQ GpEXW GH FXLVVRQ
3RXU OHV SODWV VXUJHOpV GX FRPPHUFH UHSRUWH]YRXV
DX[ LQGLFDWLRQV GH FXLVVRQ HQ IRXU WUDGLWLRQQHO ILJXUDQW
VXU O·HPEDOODJH
&RPPHQW SURFpGHU "
3UpFKDXIIH] OH IRXU SRXU OHV SUpSDUDWLRQV TXL OH
QpFHVVLWHQW HQ SODoDQW OH VpOHFWHXU GH IRQFWLRQV
VXU SXLV OH WKHUPRVWDW VXU OD WHPSpUDWXUH GH
FXLVVRQ FKRLVLH
3RXU OHV SUpSDUDWLRQV QH GHPDQGDQW SDV GH
SUpFKDXIIDJH HQIRXUQH] j IURLG HW SRVLWLRQQH] OH
VpOHFWHXU GH IRQFWLRQV VXU SXLV OH WKHUPRVWDW VXU
OD WHPSpUDWXUH GH FXLVVRQ FKRLVLH
&RQVXOWH] OH JXLGH GHV FXLVVRQV
3RXU EpQpILFLHU HQFRUH SOXV GHV DYDQWDJHV GH OD
FXLVVRQ YHQWLOpH pFRQRPLH G·pQHUJLH JDLQ GH WHPSV
FRQIRUW
G·XWLOLVDWLRQ YRXV
SRXUUH]
FXLUH
VLPXOWDQpPHQW GHV SUpSDUDWLRQV LGHQWLTXHV RX GH
QDWXUHV DXVVL GLIIpUHQWHV TXH GX SRLVVRQ HW GH OD
SkWLVVHULH VDQV TX·LO \ DLW FRPPXQLFDWLRQ G·RGHXUV
HQWUH OHV PHWV
&XLVVRQV JURXSpHV GH SUpSDUDWLRQV GH
PrPH QDWXUH
4XHOV DFFHVVRLUHV GH IRXU FKRLVLU "
(Q IRQFWLRQ GHV DOLPHQWV j FXLUH FKRLVLVVH] OHV JULOOHV
RX OH SODWHDX PXOWLXVDJHV HQ XWLOLVDQW GDQV OD SOXSDUW
GHV FDV OHV JUDGLQV ➀ HW ➂
&RQVXOWH] OH JXLGH GHV FXLVVRQV
&XLVVRQV JURXSpHV GH SUpSDUDWLRQV
GLIIpUHQWHV
9RXV SRXUUH] FXLUH WRXW XQ UHSDV HQ XQH VHXOH IRXUQpH
,O VXIILW GH VXLYUH FHV TXHOTXHV FRQVHLOV
&KRLVLVVH] GHV SUpSDUDWLRQV GRQW OD WHPSpUDWXUH
GH FXLVVRQ HVW YRLVLQH
/H WHPSV JOREDO GH FXLVVRQ GpSHQG GH OD FXLVVRQ
OD SOXV ORQJXH
/·HQIRXUQHPHQW HW OD VRUWLH GHV GLIIpUHQWV SODWV QH
V·HIIHFWXHQW SDV IRUFpPHQW DX PrPH PRPHQW LOV
VRQW GpWHUPLQpV SDU OH WHPSV GH FXLVVRQ SURSUH j
FKDTXH SODW RX SDU O·RUGUH GH VHUYLFH
9HLOOH] j QH SDV RXYULU OH IRXU DORUV TX·XQH DXWUH
SUpSDUDWLRQ SRXUUDLW HQ rWUH JrQpH GpEXW GH
FXLVVRQ G·XQ JkWHDX RX G·XQ VRXIIOp SDU H[HPSOH
3HQVH] TXH FHUWDLQHV SUpSDUDWLRQV OqYHQW HQ
FXLVDQW DVVXUH]YRXV TXH O·LQWHUYDOOH HQWUH OHV
QLYHDX[ VRLW VXIILVDQW
/HV YLDQGHV HW OHV YRODLOOHV VHURQW SODFpHV GH
SUpIpUHQFH DX JUDGLQ ➀ GH PDQLqUH j pYLWHU OHV
SURMHFWLRQV VXU OHV DXWUHV SODWV
&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 HW OHV FXLVVRQV VXU
GHX[ QLYHDX[ 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]
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
3RXU UpDOLVHU GHV pFRQRPLHV G·pQHUJLH
)DLWHV VH VXFFpGHU SOXVLHXUV FXLVVRQV YRXV
pFRQRPLVHUH]
O·pQHUJLH
QpFHVVDLUH
DX
SUpFKDXIIDJH GX IRXU HW TXDQG FHOD HVW SRVVLEOH
Q·KpVLWH] SDV j IDLUH FXLUH HQ PrPH WHPSV JkWHDX[ FDNHV RX WDUWHV SDU H[HPSOH
*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
GXUpH PLQXWHV HQYLURQ SRXU DWWHLQGUH &
PRGH GH SUpFKDXIIDJH
GXUpH PLQXWHV HQYLURQ SRXU DWWHLQGUH &
3RXU OHV FXLVVRQV SRVLWLRQ
PRGH GH SUpFKDXIIDJH
GXUpH PLQXWHV HQYLURQ SRXU DWWHLQGUH &
3RXU OHV FXLVVRQV SRVLWLRQ
PRGH GH SUpFKDXIIDJH
GXUpH PLQXWHV HQYLURQ SRXU DWWHLQGUH &
GXUpH PLQXWHV HQYLURQ SRXU DWWHLQGUH &
3RVLWLRQV GH OD JULOOH VXSSRUW 3UpSDUDWLRQV
0DLQWLHQ DX FKDXG
&KDXIIDJH DVVLHWWHV
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
3Up
FKDXI
&XLV
VRQ
GpKDQFKHPHQW YHUV OH KDXW
GpKDQFKHPHQW YHUV OH EDV
1RPEUH 1LYHDX[ GH *ULOOH
GH
FXLVVRQ
7KHUPRVWDW
QLYHDX[ JUDGLQV VXSSRUW
p&
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
p&
p&
p&
p&
p&
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
p&
p&
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
p&
p&
p&
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
p&
p&
6RXIIOp DX IURPDJH
p&
3DWp HQ WHUULQH
p&
HW HW p&
p&
p&
p&
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
*ULOOH VXSSRUW PRXOH j VRXIIOp
7HUULQH DX EDLQ PDULH GDQV SODWHDX
PXOWL XVDJHV
*ULOOH VXSSRUW WRXUWLqUH
*ULOOHV VXSSRUW WRXUWLqUHV
*ULOOH VXSSRUW WRXUWLqUH
*ULOOHV VXSSRUW WRXUWLqUHV
&URWHV IHXLOOHWpHV
3L]]D
4XLFKH ORUUDLQH
3UpSDUDWLRQV
3$7,66(5,(6
%LVFXLW GH 6DYRLH
3Up
FKDXI
&XLV
VRQ
1RPEUH 1LYHDX[ GH *ULOOH
GH
FXLVVRQ
7KHUPRVWDW
QLYHDX[ JUDGLQV VXSSRUW
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
p&
*ULOOH VXSSRUW PRXOH j PDQTXp
p&
3ODWHDX PXOWL XVDJHV
p&
*ULOOH VXSSRUW HW PRXOH j EULRFKH
p&
3ODWHDX PXOWL XVDJHV
p&
*ULOOH VXSSRUW
HW p&
*ULOOHV VXSSRUW
*pQRLVH
p&
*ULOOH VXSSRUW
.RXJORI
p&
p&
*ULOOH VXSSRUW PRXOH HQ WHUUH FXLWH
3ODWHDX PXOWL XVDJHV
p&
3ODWHDX PXOWL XVDJHV
3kWH j FKRX[
p&
p&
3ODWHDX PXOWL XVDJHV
3ODWHDX PXOWL XVDJHV
4XDWUH TXDUWV
p&
p&
p&
7DUWH DX[ IUXLWV
SkWH EULVpH
p&
*ULOOH VXSSRUW PRXOH j PDQTXp
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
*ULOOH VXSSRUW WRXUWLqUH
HW p&
*ULOOHV VXSSRUW WRXUWLqUHV
7DUWH DX[ IUXLWV
SkWH OHYpH
p&
*ULOOH VXSSRUW WRXUWLqUH
HW p&
*ULOOHV VXSSRUW WRXUWLqUHV
%ULRFKH
&DNH DX[ UDLVLQV
0HULQJXHV
6DEOpV
*XLGH GHV FXLVVRQV DX WRXUQHEURFKH DX JULO HW DX WXUER JULO
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH
*5,//$'(6
PLQXWHV GH SUpFKDXIIDJH
3RXOHW DX SDSULND
WRXUQHEURFKH
&{WHV GH SRUF
6DXFLVVHV PHUJXH]
3RLVVRQV
3RXOHW HQ
PRUFHDX[
785%2 *5,/
*UDWLQ GH SRPPHV
GH WHUUH
*QRFFKL j OD
URPDLQH
p&
6XSSRUW EURFKH HW SODWHDX
PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
p&
SDU
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
IDFH
SDU IDFH *ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
p&
p&
p&
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
p&
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
p&
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
/·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 1RXV YRXV
UHFRPPDQGRQV GH OH QHWWR\HU XQH IRLV SDU PRLV &HFL
Q·HVW TX·XQH LQGLFDWLRQ OD IUpTXHQFH SHXW YDULHU HQ
IRQFWLRQ GX GHJUp GH VDOLVVXUHV
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 JULOOHV
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 DX JUDGLQ 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 VHPL DXWRPDWLTXH
GX QHWWR\DJH S\URO\VH
'pSDUW LPPpGLDW DUUrW DXWRPDWLTXH
$YDQW FKDTXH XWLOLVDWLRQ GX SURJUDPPDWHXU
Q·RXEOLH] SDV GH UpJOHU OH VpOHFWHXU GH IRQFWLRQV HW
OH WKHUPRVWDW GX IRXU VXU OHV SRVLWLRQV UHTXLVHV
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
GDQV OD IHQrWUH $
SRXU IDLUH DSSDUDvWUH
,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
GDQV OD IHQrWUH $
SRXU IDLUH DSSDUDvWUH
,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
(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 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
$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
(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
&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
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 /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
)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 &
'DQV OH FDV G·XQH LQVWDOODWLRQ GX IRXU GDQV XQ PHXEOH
FRORQQH OH ERQ IRQFWLRQQHPHQW GH FH IRXU HVW DVVXUp
GDQV XQ PHXEOH IHUPp j O·DUULqUH SRXU XQH PHLOOHXUH
YHQWLODWLRQ FRPPH LQGLTXp HQ ILJ $
'DQV OH FDV G·XQH LQVWDOODWLRQ GX IRXU GDQV XQ PHXEOH
VRXVSODQ GH WUDYDLO ILJ % O·DUULqUH GX PHXEOH SHXW
rWUH IHUPp SRXU XQH PHLOOHXUH YHQWLODWLRQ WRXWHIRLV XQH
YHQWLODWLRQ HVW REOLJDWRLUH DXGHVVXV GX IRXU ODPH
G·DLU GH PP DX GHVVXV GX FDGUH j O·DUULpUH GX
EDQGHDX HW DX GHVVXV GX IRXU VXU WRXWH OD ODUJHXU ,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
">
Публичная ссылка обновлена
Публичная ссылка на ваш чат обновлена.