delta
(,1%$8%$&.2)(1
)285 (1&$675e
)2512 '$ ,1&$6752
%2 ' 3$
&KqUH FOLHQWH FKHU FOLHQW
1RXV YRXV UHPHUFLRQV G·DYRLU FKRLVL XQ IRXU 7KHUPD
$YHF FH FKRL[ YRXV DYH] PLVp VXU OD TXDOLWp HW OD GXUD
ELOLWp
&HW DSSDUHLO HVW pTXLSp G·XQH IRQFWLRQ GH KDXW FRQIRUW
F·HVW j GLUH G·XQ V\VWqPH j DLU G·pYDFXDWLRQ
/·DpUDWLRQ GX IRXU HVW FRPELQpH DYHF OH UHIURLGLVVH
PHQW GH O·DSSDUHLO HW GH OD QLFKH /HV EXpHV GH FXLVVRQ
HW GH U{WLVVDJH VRQW DVSLUpHV HW pYDFXpHV j O·H[WpULHXU
'H FHWWH PDQLqUH OHV PHXEOHV SODFpHV DXWRXU GX IRXU
UHVWHQW IURLG
/H V\VWqPH j DLU G·pYDFXDWLRQ HVW DXWRPDWLTXH HW QH
QpFHVVLWH DXFXQ HQWUHWLHQ
&H PRGH G·HPSORL YRXV SHUPHW GH IDLUH FRQQDLVVDQFH
SDV j SDV DYHF YRWUH IRXU HW G·HQ XWLOLVHU WRXWHV OHV SRV
VLELOLWpV GH PDQLqUH RSWLPDOH $YDQW OD SUHPLqUH PLVH
HQ VHUYLFH QRXV YRXV SULRQV GH OLUH DWWHQWLYHPHQW OH
FKDSLWUH ©&RQVLJQHV GH VpFXULWpª 1RXV YRXV UHFRP
PDQGRQV GH FRQVHUYHU OH PRGH G·HPSORL j SUR[LPLWp
GH O·DSSDUHLO GH VRUWH TXH YRXV O·D\H] LPPpGLDWHPHQW
VRXV OD PDLQ HQ FDV G·LQFHUWLWXGH
$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
j OD GLUHFWLYH
&(( &(( &(( 7DEOH GHV PDWLqUHV
5HPDUTXHV LPSRUWDQWHV FRQFHUQDQW OD VpFXULWp /H IRXU HQFDVWUp $YDQW OD SUHPLqUH PLVH HQ VHUYLFH /D FRPPDQGH GHV IRQFWLRQV pOHFWURQLTXHV /H IRXU $SSOLFDWLRQV GHV IRQFWLRQV GX IRXU ,QIRUPDWLRQV JpQpUDOHV VXU OH U{WLVVDJH HW OD FXLVVRQ 1HWWR\DJH HW HQWUHWLHQ /·pFODLUDJH GX IRXU pFKDQJH GHV DPSRXOHV &RQVHLO SUDWLTXHV XWLOHV 6L TXHOTXH FKRVH QH IRQFWLRQQH SDV 6pFXULWp pOHFWULTXH 8WLOLVDWLRQ HW IRQFWLRQQHPHQW 1HWWR\DJH eYDFXDWLRQ GH O·HPEDOODJH 9XH GH O·DSSDUHLO 7DEOHDX V\QRSWLTXH 5pJODJH GH O·KHXUH 1HWWR\DJH LQLWLDO 3UHPLHU FKDXIIDJH 5HPDUTXHV JpQpUDOHV VXU OHV pOpPHQWV GH FRPPDQGH HW G·DIILFKDJH /HV IRQFWLRQV GX IRXU 7HPSpUDWXUH GX IRXU &RPPDQGH pOHFWURQLTXH GH VpFXULWp HQIDQW 6\PEROH GH VHUYLFH 0LQXWHULHUpYHLO 3URJUDPPHV DXWRPDWLTXHV 'pFOHQFKHPHQW DXWRPDWLTXH 3URJUDPPH LQVWDQWDQp (QFOHQFKHPHQW HW GpFOHQFKHPHQW DXWRPDWLTXHV 6RQGH j YLDQGH $FFHVVRLUHV GX IRXU )LOWUH j JUDLVVH GH YLDQGH *XLGHV GH SODTXHV &KDXIIDJH VXSpULHXU HW LQIpULHXU &KDOHXU WRXUQDQWH *DPPH SRXU SL]]D *ULOODGHV *ULO j LQIUDURXJH *ULO j JUDQGH VXUIDFH 7XUERJULO *ULOOHU DYHF OD EURFKH WRXUQDQWH 5{WLVVDJH j EDVVH WHPSpUDWXUH 6pFKDJH 6WpULOLVDWLRQ ,QVWUXFWLRQ GH PRQWDJH 'RQQpHV WHFKQLTXH %2 ' 3$ 7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX IRXU 6HUYLFH DSUqVYHQWH 7KHUPD3KRQ &RQQH[LRQ pOHFWULTXHFKHPLQHPHQW GHV FkEOHV 0RQWDJH 0RGH SL]]D 5{WLV j EDVVH WHPSpUDWXUH 7XUERJULO 7DEOH GH JULOODJH 7DEOH GH VWpULOLVDWLRQ 7DEOH GH VpFKDJH 3RLQW GH YHQWH GH UHFKDQJH *DUDQWLH 5HPDUTXHV LPSRUWDQWHV FRQFHUQDQW OD VpFXULWp
/LVH] VRLJQHXVHPHQW FH PRGH G·HPSORL DYDQW G·XWLOL
VHU YRWUH DSSDUHLO )DLWHV VSpFLDOHPHQW DWWHQWLRQ DX[
SUHVFULSWLRQV GH VpFXULWp PDUTXpHV SDU XQ WULDQJOH
G·DYHUWLVVHPHQW
9RXV pYLWHUH] DLQVL GH FDXVHU GHV GRPPDJHV FRUSR
UHOV RX PDWpULHOV &RQVHUYH] SUpFLHXVHPHQW FH PRGH
G·HPSORL HW WUDQVPHWWH]OH j WRXW XWLOLVDWHXU QRXYHDX
&HW DSSDUHLO QH GRLW rWUH XWLOLVp TXH SRXU OHV EHVRLQV
PpQDJHUV HW GDQV GHV EXWV ELHQ SUpFLV ,O HVW FRQIRUPH
DX[ SUHVFULSWLRQV LQWHUQDWLRQDOHV GH VpFXULWp HW DX[
QRUPHV H[LJpHV GH TXDOLWp 7RXWHIRLV OHV PHVXUHV GH
VpFXULWp SUpYXHV QH VDXUDLHQW pOLPLQHU WRXW ULVTXH
G·DFFLGHQW HQ FDV G·XWLOLVDWLRQ DEXVLYH RX GDQJHUHXVH
6L HOOH HVW RXYHUWH OD SRUWH GX IRXU QH GRLW SDV rWUH
VXUFKDUJpH ,O HVW LQWHUGLW GH V·DVVHRLU RX GH JULP
SHU VXU FHOOHFL
6L G·DXWUHV DSSDUHLOV GRLYHQW rWUH UDFFRUGpV DX YRL
VLQDJH LPPpGLDW GX IRXU LO IDXW YHLOOHU j FH TXH OHV
FkEOHV GH UDFFRUGHPHQW QH SXLVVHQW SDV HQWUHU HQ
FRQWDFW DYHF OH IRXU RX UHVWHU FRLQFpV GDQV OD SRUWH
FKDXGH GX IRXU
$ SDUW OHV DFFHVVRLUHV OLYUpV Q·XWLOLVH] TXH GHV
SODWV HW GHV PRXOHV GH FXLVVRQ UpVLVWDQW j OD WHP
SpUDWXUH pOHYpH 3UHQH] JDUGH DX[ UHFRPPDQGD
WLRQV GX IRXUQLVVHXU
$SUqV FKDTXH XWLOLVDWLRQ FRQWU{OH] TXH O·DSSDUHLO
HVW ELHQ pWHLQW 7RXV OHV FRPPXWDWHXUV URWDWLIV GRL
YHQW rWUH HQ SRVLWLRQ GpFOHQFKpH
6pFXULWp pOHFWULTXH
/·DSSDUHLO GRLW rWUH UDFFRUGp SDU XQ LQVWDOODWHXU
pOHFWULFLHQ FRQFHVVLRQQDLUH /D VpFXULWp pOHFWUL
TXH GHV DSSDUHLOV HQFDVWUpV H[LJH XQ PRQWDJH
SUpFLV FRQIRUPH DX[ QRUPHV HQ YLJXHXU
7RXW DSSDUHLO HQGRPPDJp QH GRLW SDV rWUH XWLOLVp
(Q FDV GH GpUDQJHPHQW RX GH GpIDXW GpYLVVH]
SXLV UHWLUH] OHV IXVLEOHV
3DU VpFXULWp WRXWH UpSDUDWLRQ VXU SODFH GH O·DSSD
UHLO HW VSpFLDOHPHQW GH VHV RUJDQHV G·DOLPHQWDWLRQ
QH SHXW rWUH HIIHFWXpH TXH SDU XQ pOHFWULFLHQ TXDOL
ILp RX SDU XQ WHFKQLFLHQ GX VHUYLFH GH PDLQWHQDQFH
SRXU SDOOLHU DX[ GDQJHUV G·pOHFWURFXWLRQ (Q FDV GH
SDQQH DGUHVVH]YRXV GLUHFWHPHQW j QRWUH VHU
YLFH WHFKQLTXH GH YHQWH
1HWWR\DJH
/RUV GX QHWWR\DJH PDQXHO GH JXLGHV GH SODTXHV
pFODLUDJH GX IRXU HW GH OD SRUWH GX IRXU DXFXQ
FRUSV GH FKDXIIH QH GRLW rWUH HQFOHQFKp $WWHQGH]
TXH OH IRXU VRLW VXIILVDPPHQW UHIURLGL SRXU SRXYRLU
HQWUHU HQ FRQWDFW VDQV GDQJHU DYHF OHV RUJDQHV LQ
WHUQHV
0DLQWHQH] WRXMRXUV YRWUH IRXU SDUIDLWHPHQW SURSUH
/HV pFODERXVVXUHV GH JUDLVVH HW OHV WDFKHV GpJD
JHQW XQH PDXYDLVH RGHXU ORUVTX·HOOHV FKDXIIHQW
9HLOOH] j OD SURSUHWp GHV VXUIDFHV DVVXUDQW O·pWDQ
FKpLWp GH OD SRUWH DLQVL TXH OH FDGUH GH OD SRUWH
/HV FKDUQLqUHV GH OD SRUWH GX IRXU FRQVWLWXHQW XQ
GDQJHU HW HOOHV QH SHXYHQW rWUH GpPRQWpHV HW UH
PRQWpHV TXH SDU XQ WHFKQLFLHQ H[SpULPHQWp IDL
VDQW SDUWLH GH QRWUH pTXLSH DSUqVYHQWH
/·DSSDUHLO QH GRLW SDV rWUH QHWWR\p DYHF XQ V\V
WqPH GH QHWWR\DJH j YDSHXU RX j KDXWH SUHVVLRQ
SRXU GHV UDLVRQV GH VpFXULWp pOHFWULTXH
8WLOLVDWLRQ HW IRQFWLRQQHPHQW
eORLJQH] OHV SHWLWV HQIDQWV 1H ODLVVH] SDV OHV HQ
IDQWV MRXHU DYHF OD FXLVLQLqUH
$YDQW OD SUHPLqUH XWLOLVDWLRQ OH IRXU GRLW rWUH
FKDXIIp j YLGH $VVXUH]YRXV TXH O·DpUDWLRQ GH OD
SLqFH HVW VXIILVDQWH HW HQFOHQFKH] OD KRWWH G·DpUD
WLRQ VL HOOH H[LVWH /·DSSDULWLRQ G·RGHXUV ORUV GX SUH
PLHU pFKDXIIHPHQW HVW XQ SKpQRPqQH QRUPDO
/HV FRUSV GH FKDXIIH VLWXpV DX KDXW GX IRXU DVVX
UDQW OH FKDXIIDJH GHSXLV OH GHVVXV HW OH JULO DLQVL
TXH OH FRUSV GH FKDXIIH LQIpULHXU GH PrPH TXH OHV
SDURLV GX IRXU VL HOOHV VRQW FKDXGHV SHXYHQW SUp
VHQWHU XQ GDQJHU GH EUOXUH VL O·RQ Q·\ SUHQG SDV
JDUGH
8WLOLVH] GHV JDQWV WKHUPLTXHV RX XQ WRUFKRQ SRXU
UHWLUHU VDQV VH EUOHU OHV PHWV FXLWV
eYDFXDWLRQ GH O·HPEDOODJH
/HV PDWpULDX[ G·HPEDOODJH DLQVL TXH OHV DSSDUHLOV
SpULPpV GRLYHQW rWUH GpEDUUDVVpV VHORQ OHV SUHV
FULSWLRQV 5HVSHFWH] OHV QRUPHV QDWLRQDOHV HW Up
JLRQDOHV DLQVL TXH OHV LQGLFDWLRQV FRQFHUQDQW OHV
PDWLqUHV VpSDUDWLRQ GHV PDWpULDX[ UpFROWH GHV
GpFKHWV OLHX[ GH UDPDVVDJH /H IRXU HQFDVWUp
9XH GH O·DSSDUHLO
delta
7DEOHDX V\QRSWLTXH DYHF PRQWUH pOHFWURQLTXH
3RLJQpH GH OD SRUWH GX IRXU
3RUWH GX IRXU
DYHF YLWUH IURQWDOH HQWLqUHPHQW HQ YHUUH HW
IHQrWUH GH FRQWU{OH
7DEOHDX V\QRSWLTXH
delta
1 2
3 4
5
6
7
8
9
10
11
7RXFKH G·HQFOHQFKHPHQW
7RXFKH GH GpFOHQFKHPHQW
7RXFKH GH FRPPDQGH GX GLVSRVLWLI GH VpFXULWp SRXU OHV HQIDQWV
7RXFKH GH FRPPDQGH SRXU OD VRQGH SRXU OD YLDQGH
7RXFKH GH FRPPDQGH GHV IRQFWLRQV GX IRXU
7RXFKH GH UpJXODWHXU GH WHPSpUDWXUH HW GH GXUpH
7RXFKH GH FRPPDQGH ´GXUpH GH FXLVVRQµ
7RXFKH GH FRPPDQGH ´ILQ GH FXLVVRQµ
7RXFKH GH FRPPDQGH GH O·pFODLUDJH GX IRXU
7RXFKH GH FRPPDQGH GX SURJUDPPH DXWRPDWLTXH
7RXFKH GH FRPPDQGH GH O·KHXUH
$YDQW OD SUHPLqUH PLVH HQ VHUYLFH
5pJODJH GH O·KHXUH
$SUqV OH UDFFRUGHPHQW GH O·DOLPHQWDWLRQ pOHFWULTXH
O·DIILFKDJH LQGLTXH ©ª HQ FOLJQRWDQW
3UHVVH] EULqYHPHQW OD WRXFKH /HV FKLIIUHV
V·DOOXPHQW IL[HPHQW OH V\PEROH ©ª FOLJQR
WDQW HQWUH FHX[FL
/H UpJODJH GH O·KHXUH GRLW rWUH HIIHFWXp GDQV XQ Gp
ODL GH VHFRQGHV 6LQRQ SUHVVH] j QRXYHDX EULq
YHPHQW VXU OD WRXFKH 5pJOH] O·KHXUH DFWXHOOH HQ SUHVVDQW OD WRXFKH RX VHFRQGHV DSUqV OH UpJODJH GH O·KHXUH j OD PLQXWH
SUqV OH V\PEROH FOLJQRWDQW V·pWHLQW /·KHXUH HVW DORUV
IL[pH
3RXU HQWUHSUHQGUH XQH FRUUHFWLRQ GH O·KHXUH SDU
H[HPSOH ORUV GX SDVVDJH GH O·KHXUH G·pWpKLYHU SUHVVH] j QRXYHDX VXU OD WRXFKH HW PRGLILH]
OH UpJODJH HQ SUHVVDQW OD WRXFKH RX /H VL
JQDO DFRXVWLTXH Q·D DXFXQH VLJQLILFDWLRQ GDQV FH
FDV
1HWWR\DJH LQLWLDO
/H IRXU GRLW rWUH QHWWR\p DYDQW OD SUHPLqUH XWLOLVDWLRQ
DILQ G·pOLPLQHU WRXWH WUDFH SRVVLEOH ODLVVpH SDU OD IDEUL
FDWLRQ
(QOHYH] VRLJQHXVHPHQW OHV pWLTXHWWHV TXL V·\ WURXYHQW
HQFRUH DLQVL TXH OHV IHXLOOHV GH SURWHFWLRQ $WWHQWLRQ
GH QH SDV HQOHYHU OD SODTXH VLJQDOpWLTXH GH O·DSSDUHLO /H WDEOHDX V\QRSWLTXH HW OD SRUWH GX IRXU GRLYHQW rWUH
ODYpV j O·HDX FKDXGH FRQWHQDQW XQ GpWHUJHQW SXLV Vp
FKpV
(QOHYHU GX IRXU WRXV OHV REMHWV TX·LO FRQWLHQW j
O·H[FHSWLRQ GH OD IHXLOOH GH UpIOH[LRQ VLWXpH VRXV
OH FRUSV GH FKDXIIH LQIpULHXU
9RXV SRXYH] \ YRLU SOXV FODLU HQ DOOXPDQW O·pFODLUDJH LQ
WHUQH HQ SRVLWLRQQDQW OH VpOHFWHXU GH IRQFWLRQ VXU Q·LP
SRUWH TXHOOH SRVLWLRQ HW HQ ODLVVDQW OH VpOHFWHXU GH WHP
SpUDWXUH GpFOHQFKp
3UHPLHU FKDXIIDJH
$YDQW OD SUHPLqUH PLVH HQ VHUYLFH OH IRXU GRLW
rWUH FKDXIIp j YLGH GXUDQW TXHOTXHV LQVWDQWV
3UHVVH] OD WRXFKH , SRXU HQFOHQFKHU OH IRXU
$X PR\HQ GH OD WRXFKH VpOHFWLRQH] OD IRQFWLRQ
FKDXIIDJH VXSpULHXULQIpULHXU
$X PR\HQ GH OD WRXFKH /DLVVH] IRQFWLRQQHU j FHWWH WHPSpUDWXUH OH IRXU
IHUPp SHQGDQW PLQXWHV HQYLURQ
PRGLILH] & /D FRPPDQGH GHV IRQFWLRQV pOHFWURQLTXHV
5HPDUTXHV JpQpUDOHV VXU OHV pOpPHQWV
GH FRPPDQGH HW G·DIILFKDJH
'pODL GH UpJODJH GH VHFRQGHV
8Q GpODL GH VHFRQGHV V·DSSOLTXH j WRXV OHV UpJODJHV
HQ G·DXWUHV WHUPHV DSUqV O·HQFOHQFKHPHQW GH O·DSSD
UHLO O·pWDSH GH UpJODJH VXLYDQWH GRLW LQWHUYHQLU GXUDQW
FH GpODL
/H VLJQDO VRQRUH FRQILUPH TXH OHV VHFRQGHV VRQW
pFRXOpHV
9RXV SRXYH] UpDFWLYHU LPPpGLDWHPHQW OD FRPPDQGH
HQ SUHVVDQW OD WRXFKH FRUUHVSRQGDQW
'pFOHQFKHPHQW GH VpFXULWp
/D FRPPDQGH pOHFWURQLTXH GX IRXU HVW GRWpH G·XQ V\V
WqPH GH GpFOHQFKHPHQW DXWRPDWLTXH DX FDV R OHV
IRQFWLRQV HW WHPSpUDWXUHV pWDLHQW DFWLYpHV VDQV OLPLWD
WLRQ GH WHPSV 6HORQ OH QLYHDX GH WHPSpUDWXUH OH IRXU
HVW DXWRPDWLTXHPHQW GpFOHQFKp
3RXU UpJODJHV MXVTX·j & DSUqV KHXUHV
3RXU UpJODJHV MXVTX·j & DSUqV KHXUHV
3RXU UpJODJHV MXVTX·j & DSUqV KHXUHV
7HPSRULVDWLRQ DXWRPDWLTXH HQ ILQ GH FXLVVRQ
6L DSUqV GpFOHQFKHPHQW GH O·DSSDUHLO OD WHPSpUDWXUH
LQWHUQH GX IRXU HVW VXSpULHXUH j & OH YHQWLODWHXU
GH QLFKH FRQWLQXH j IRQFWLRQQHU MXVTX·j FH TXH OD WHP
SpUDWXUH VRLW GHVFHQGXH DXGHVVRXV GH & (Q
GHVVRXV GH & OH YHQWLODWHXU GH QLFKH IRQFWLRQQH
HQFRUH SHQGDQW PLQXWHV /D FKDOHXU UHVWDQWH HVW
DORUV DIILFKpH MXVTX·j FH TX·HOOH DWWHLJQH &
(FODLUDJH GX IRXU
/RUVTXH OH IRXU HVW HQFOHQFKp RQ SHXW DOOXPHU HW pWHLQ
GUH O·pFODLUDJH LQWpULHXU HQ SUHVVDQW VXU OD WRXFKH /RUVTXH OH IRXU HVW pWHLQW RQ SHXW DIILFKHU O·KHXUH UpHOOH
HQ SUHVVDQW VXU OD WRXFKH /HV IRQFWLRQV GX IRXU
(Q SUHVVDQW SOXVLHXUV IRLV VXU OD WRXFKH RQ SHXW Vp
OHFWLRQQHU OD IRQFWLRQ GpVLUpH SDUPL FHOOHV TXL ILJXUHQW
FLGHVVRXV SUpVHQWpHV GDQV O·RUGUH GH OHXU DSSDUD
WLRQ
(FODLUDJH
GDQV FHWWH SRVLWLRQ O·pFODLUDJH HVW HQFOHQFKp
DYHF Q·LPSRUWH TXHOOH DXWUH IRQFWLRQ
$LU FKDXG &KDXIIDJH SDU OH FRUSV GH
FKDXIIH GH OD SDURL DUULqUH DYHF YHQWLODWHXU
HQFOHQFKp &KDXIIDJH SUpUpJOp j &
SRXU U{WLU VXU QLYHDX[ GLIIpUHQWV
1LYHDX SRXU SL]]DV $LU FKDXG WRXUQDQW DYHF
YHQWLODWHXU HW FRUSV GH FKDXIIH LQIpULHXU
&KDXIIDJH SUpUpJOp j &
*ULO 7XUER *ULO j LQIUDURXJH HQFOHQFKp DYHF
YHQWLODWHXU
&KDXIIDJH SUpUpJOp j &
*ULO LQIUDURXJH *ULO j LQIUDURXJH HQFOHQFKp
DYHF PRWHXU WRXUQDQW
&KDXIIDJH SUpUpJOp j &
*ULO SRXU JUDQGHV VXUIDFHV &KDXIIDJH SDU
OH FRUSV GH FKDXIIH VXSpULHXU HW SDU OH JULO DYHF
PRWHXU WRXUQDQW
&KDXIIDJH SUpUpJOp j &
&KDXIIDJH VXSpULHXU
&KDXIIDJH SUpUpJOp j &
&KDXIIDJH LQIpULHXU
&KDXIIDJH SUpUpJOp j &
&KDXIIDJH VXSpULHXULQIpULHXU
&KDXIIDJH SUpUpJOp &
6pFKDJH DX IRXU &KDXIIDJH LQIpULHXU DYHF
YHQWLODWHXU HQFOHQFKp
&KDXIIDJH SUpUpJOp j &
5{WLVVDJH j EDVVH WHPSpUDWXUH DYHF
FRUSV GH FKDXIIH GH OD SDURL DUULqUH HQFOHQ
FKp GH PrPH TXH OH YHQWLODWHXU
&KDXIIDJH SUpUpJOp j &
0LVH HQ DFWLRQ GHV IRQFWLRQV GX IRXU
$YDQW GH UpJOHU XQH IRQFWLRQ XQH WHPSpUDWXUH RX
XQ WHPSV LO IDXW HQ JpQpUDO SUHVVHU OD WRXFKH , ([FHSWLRQ OD PLQXWHULH
/HV HUUHXUV GH PDQLSXODWLRQ VRQW VLJQDOpHV SDU XQ
EUHI VLJQDO DFRXVWLTXH WULSOH 'DQV FH FDV SUHVVH]
OD WRXFKH 2 HW UHSUHQGUH] GqV OH GpEXW DYHF OD
WRXFKH , $X PR\HQ GH OD WRXFKH VpOHFWLRQH] OD IRQFWLRQ
GpVLUpH /H UHSUpVHQWDQW OD IRQFWLRQ UpJOpH V·DO
OXPH VXU O·DIILFKDJH
/HV IRQFWLRQV DLU FKDXG QLYHDX SL]]D QLYHDX JULO
FKDXIIDJH VXSpULHXULQIpULHXU rWUH VpOHFWLRQQpHV j
FKRL[ SRXU GLIIpUHQWHV SUpSDUDWLRQV
/HV IRQFWLRQV HW WHPSpUDWXUHV GX IRXU VRQW HQFOHQ
FKpHV DX PR\HQ GH OD FRPPDQGH pOHFWURQLTXH HW DU
UrWpHV PDQXHOOHPHQW DX PRPHQW GpVLUp WRXFKH 2 RX
DXWRPDWLTXHPHQW ORUVTXH OH SURJUDPPH HVW pFRXOp
$ FKDTXH IRQFWLRQ HVW VXERUGRQQpH XQ QLYHDX GH WHP
SpUDWXUH GpWHUPLQp VHORQ OD SUDWLTXH 6L YRXV QH GpV
LUH] SDV PRGLILHU FHWWH WHPSpUDWXUH OHV FRUSV GH
FKDXIIH V·HQFOHQFKHQW DSUqV XQ GpODL GH VHFRQGHV
7HPSpUDWXUH GX IRXU
/RUVTX·XQH IRQFWLRQ HVW VpOHFWLRQQpH XQH WHPSpUD
WXUH SUpUpJOpH DSSDUDvW VXU O·DIILFKDJH &HWWH WHPSpUD
WXUH FRUUHVSRQG HQ SUDWLTXH j EHDXFRXS GH SUpSDUD
WLRQV
6L YRXV GpVLUH] UpJOHU XQH WHPSpUDWXUH GLIIpUHQWH
YRXV SRXYH] VpOHFWLRQQHU XQH YDOHXU FRPSULVH HQ
WUH HW & HQ SUHVVDQW OD WRXFKH RX $SUqV VHFRQGHV OH IRXU HVW DXWRPDWLTXHPHQW HQ
FOHQFKp DYHF OD WHPSpUDWXUH HW OD IRQFWLRQ GpVLUpHV
/D WHPSpUDWXUH VpOHFWLRQQpH UHVWH DIILFKpH $YHF OD
IRQFWLRQ DLU FKDXG QLYHDX SL]]D FKDXIIDJH VXSp
ULHXU FKDXIIDJH LQIpULHXU HW FKDXIIDJH VXSpULHXU LQIp
ULHXU LO DSSDUDvW HQ RXWUH OH V\PEROH ©SUpFKDXIIDJHª
/RUVTXH OD WHPSpUDWXUH UpJOpH HVW DWWHLQWH XQ VLJQDO
DFRXVWLTXH UHWHQWLW HW OH V\PEROH ©SUpFKDXIIDJHª V·pWHLQW
/D WHPSpUDWXUH GX IRXU UHVWH PDLQWHQDQW FRQVWDQWH
GXUDQW OD SpULRGH GpVLUpH FDU OHV FRUSV GH FKDXIIH
V·HQFOHQFKHQW HW VH GpFOHQFKHQW DXWRPDWLTXHPHQW SDU
FRQWU{OH WKHUPRVWDWLTXH
3RXU DUUrWHU OH IRXU SUHVVH] OD WRXFKH &RPPDQGH pOHFWURQLTXH GH VpFXULWp HQ
IDQW
PLVH HQKRUV VHUYLFH
/D FRPPDQGH GX IRXU SHXW rWUH SURWpJpH FRQWUH XQ HQ
FOHQFKHPHQW RX XQ GpUpJODJH LQWHPSHVWLI SDU XQ EOR
FDJH GH VpFXULWp 'DQV FH PRGH G·HPSORL FH V\VWqPH
HVW DSSHOp ©VpFXULWp HQIDQWª /RUVTXH FH V\VWqPH HVW
DFWLYp OHV HQIDQWV QH SHXYHQW HIIHFWXHU DXFXQ UpJODJH
VXU O·DSSDUHLO VXVFHSWLEOH GH SURYRTXHU XQH VXUFKDXIIH
RX FUpHU G·DXWUHV GDQJHUV 7LUH] pJDOHPHQW SURILW GH
FHWWH VpFXULWp HQ FDV G·DEVHQFH SURORQJpH
/D VpFXULWp HQIDQW SHXW XQLTXHPHQW rWUH DFWL
YpH ORUVTXH OH IRXU HVW DUUrWp
$FWLYDWLRQ GH OD VpFXULWp HQIDQW
3UHVVH] G·DERUG OD WRXFKH HW PDLQWHQH]OD HQ
IRQFpH 3UHVVH] HQVXLWH OD WRXFKH , HW PDLQWH
QH] OHV GHX[ WRXFKHV HQIRQFpHV GXUDQW VHFRQ
GHV HQYLURQ MXVTX·j FH TXH OH V\PEROH DSSDUDLVVH VXU O·DIILFKDJH
/H V\PEROH DSSDUDvW VXU O·DIILFKDJH LQGLTXDQW
TXH OD VpFXULWp HQIDQW HVW HQ DFWLRQ 3UHVVH] HQILQ
OD WRXFKH 2 FH TXL GpFOHQFKH O·DSSDUHLO
/RUVTXH OD VpFXULWp HQIDQW HVW DFWLYpH LO IDXW SUHV
VHU VLPXOWDQpPHQW VXU OD WRXFKH 6( ORUV GH WRXW
SURFpGp GH UpJODJH HW GH WRXWH FRUUHFWLRQ &·HVW Oj
TXH UpVLGH OD IRQFWLRQ GH VpFXULWp
/D SUHVVLRQ GH OD WRXFKH SHUPHW WRXMRXUV GH
GpFOHQFKHU LPPpGLDWHPHQW WRXWHV OHV IRQFWLRQV HW
OHV WHPSV VDQV GHYRLU SUHVVHU OD WRXFKH 6( 'pVDFWLYDWLRQ GH OD VpFXULWp HQIDQW
3UHVVH] G·DERUG OD WRXFKH SXLV OD WRXFKH MXVTX·j FH TXH OH V\PEROH GLVSDUDLVVH GH O·DIIL
FKDJH
6\PEROH GH VHUYLFH
/HV GpUDQJHPHQWV GH OD FRPPDQGH pOHFWURQLTXH VRQW
VLJQDOpV SDU OH V\PEROH GH VHUYLFH V·pFODLUDQW VXU
O·DIILFKDJH 9RXV DSHUFHYH] DORUV VXU O·DIILFKDJH OH
V\PEROH GH VHUYLFH HQ KDXW j JDXFKH HW OH FRGH
G·HUUHXU VSpFLILTXH HQ OLHX HW SODFH GH O·LQGLFDWLRQ GH
WHPSpUDWXUH
'pFOHQFKH] DORUV OH IXVLEOH OH FDV pFKpDQW GpYLV
VH]OH HW HVVD\H] GH UpHQFOHQFKHU O·DSSDUHLO DSUqV
TXHOTXHV PLQXWHV 6L OH V\PEROH GH VHUYLFH UpDS
SDUDvW YHXLOOH] SUHQGUH FRQWDFW DYHF QRWUH VHUYLFH
DSUqVYHQWH HW LQGLTXH] OH FRGH G·HUUHXU 3RXU GHV
UDLVRQV GH VpFXULWp OH YHQWLODWHXU GX IRXU IRQF
WLRQQH FRQWLQXHOOHPHQW OH FDV pFKpDQW PHWWH]
O·DSSDUHLO KRUV IRQFWLRQ DX PR\HQ GX IXVLEOH
0LQXWHULHUpYHLO
/D PLQXWHULH Q·D DXFXQH IRQFWLRQ G·HQFOHQFKHPHQW QL
GH GpFOHQFKHPHQW (OOH HVW XWLOLVDEOH SRXU VXUYHLOOHU HW
FRQWU{OHU OHV WHPSV GH FXLVVRQ HW DXWUHV RSpUDWLRQV GH
FXLVLQH PrPH LQGpSHQGDPPHQW GX IRXU
3UHVVH] OD WRXFKH /H V\PEROH PLQXWHULH HW FOLJQRWHQW VXU O·DIILFKDJH
SHUPHW GH Up
/D SUHVVLRQ GH OD WRXFKH RX
JOHU OH WHPSV GH PLQXWH j KHXUHV PLQXWHV
/HV FKLIIUHV DIILFKpV UHSUpVHQWHQW GHV PLQXWHV HQWLq
UHV (QYLURQ VHFRQGHV DSUqV OH UpJODJH OH WHPSV
FRPPHQFH j V·pFRXOHU OH V\PEROH GH WHPSV V·DO
OXPH HW O·KHXUH DFWXHOOH V·DIILFKH
8Q VLJQDO DFRXVWLTXH WULSOH UHWHQWLW ORUVTXH OH
WHPSV UpJOp HVW pFRXOp /H V\PEROH PLQXWHULH FOLJQRWH HW OH VLJQDO DFRXVWLTXH HVW UpSpWp WRXWHV
OHV VHFRQGHV 3RXU O·DQQXOHU SUHVVH] OD WRXFKH
GH PLQXWHULH &HWWH IRQFWLRQ HVW DQQXOpH PL
QXWHV DSUqV TXH OH WHPSV GH FXLVVRQ HVW pFRXOp
/D PLQXWHULH SHXW rWUH UpJOpH VLPXOWDQpPHQW DYHF
G·DXWUHV WHPSV 'DQV FH FDV O·DIILFKDJH LQGLTXH OH Up
JODJH GH OD PLQXWHULH WDQGLV TXH OHV UpJODJHV DXWRPD
WLTXHV FRQWLQXHQW GH IRQFWLRQQHU
3URJUDPPHV DXWRPDWLTXHV
$YDQW GH UpJOHU XQ SURJUDPPH DXWRPDWLTXH DYHF OD
FRPPDQGH pOHFWURQLTXH GX IRXU OD IRQFWLRQ HW OD WHP
SpUDWXUH GRLYHQW rWUH VpOHFWLRQQpHV 6DQV FHV VpOHF
WLRQV DXFXQ UpJODJH GH WHPSV SRXU SURFpGXUH DXWR
PDWLTXH QH SHXW rWUH HQWUHSULV
/HV HUUHXUV GH PDQLSXODWLRQ VRQW VLJQDOpHV SDU XQ
WULSOH VLJQDO DFRXVWLTXH
'pFOHQFKHPHQW DXWRPDWLTXH
3URJUDPPH LQVWDQWDQp
3DU GpFOHQFKHPHQW DXWRPDWLTXH RQ GpVLJQH GHV SUR
JUDPPDWLRQV GX IRXU TXL GpPDUUHQW LPPpGLDWHPHQW
DSUqV OH UpJODJH j O·KHXUH DFWXHOOH HW TXL VRQW DUUr
WpHV DSUqV OH WHPSV GH FXLVVRQ UpJOp /·DSSDUHLO RIIUH
GHX[ SRVVLELOLWpV
'pFOHQFKHPHQW DXWRPDWLTXH , 5pJODJH GH OD GX
UpH GH FXLVVRQ DX IRXU
3UHVVH] OD WRXFKH O·DIILFKDJH LQGLTXH ©ª HW
OH V\PEROH FOLJQRWH
$YHF OD WRXFKH VRQ GpVLUp
RX
UpJOH] OH WHPSV GH FXLV
3RXU OHV SURJUDPPHV GH WHPSV GH FXLVVRQ YRXV SRX
YH] UpJOHU GHV WHPSV GH PLQXWH j KHXUHV PLQX
WHV SDU LQWHUYDOOHV G·XQH PLQXWH /H IRXU HVW HQFOHQFKp
SHQGDQW OD SpULRGH DOODQW GX UpJODJH MXVTX·j OD ILQ GX
WHPSV GH FXLVVRQ
([HPSOH KHXUH DFWXHOOH K WHPSV GH FXLV
PLQXWHV VRQ UpJOp WRXFKH HW RX
O·DSSDUHLO VH GpFOHQFKH DXWRPDWLTXHPHQW j
K
/·DIILFKDJH LQGLTXH OH WHPSV GH FXLVVRQ pFRXOp
&RUUHFWLRQV
3UHVVDQW j QRXYHDX OD WRXFKH HW HQ PRGLILDQW
OH WHPSV DIILFKp DX PR\HQ GH OD WRXFKH RX /D ILQ GX WHPSV GH FXLVVRQ HVW VLJQDOpH SDU XQ WULSOH
VLJQDO DFRXVWLTXH /·DIILFKDJH LQGLTXH DORUV O·KHXUH
WDQGLV TXH OH V\PEROH GH OD IRQFWLRQ VpOHFWLRQQpH FOL
JQRWH
-XVTX·DX GpFOHQFKHPHQW GX IRXU XQ VLJQDO DFRXVWLTXH
UHWHQWLW j LQWHUYDOOHV GH VHFRQGHV GXUDQW PLQXWHV
HQYLURQ
3RXU DUUrWHU OH IRXU DYDQW SUHVVH] OD WRXFKH 2 'pFOHQFKHPHQW DXWRPDWLTXH ,, 5pJODJH GH
O·KHXUH GH GpFOHQFKHPHQW
3UHVVH] OD WRXFKH /·DIILFKDJH LQGLTXH ©ª
HW OH V\PEROH FOLJQRWH
5pJOH] O·KHXUH GH GpFOHQFKHPHQW GpVLUpH DX
PR\HQ GH OD WRXFKH RX 'XUDQW WRXW OH SUR
FHVVXV O·DIILFKDJH LQGLTXH PDLQWHQDQW O·KHXUH GH
GpFOHQFKHPHQW HW OH V\PEROH FOLJQRWH
/H UpJODJH GH O·KHXUH QH SHXW SDV rWUH HIIHFWXp DX
GHOj G·XQH SpULRGH GH KHXUHV
([HPSOH KHXUH DFWXHOOH KHXUH G·DUUrW Up
K /·DSSDUHLO
JOpH WRXFKH HW RX
HVW HQFOHQFKp GXUDQW PLQXWHV
'XUDQW WRXW OH SURFHVVXV O·DIILFKDJH LQGLTXH PDLQ
WHQDQW O·KHXUH GH GpFOHQFKHPHQW HW OH V\PEROH
FOLJQRWH
&RUUHFWLRQV (Q SUHVVDQW j QRXYHDX VXU OD WRXFKH HW HQ PR
GLILDQW OH UpJODJH DX PR\HQ GH OD WRXFKH RX 8Q WULSOH VLJQDO DFRXVWLTXH UHWHQWLW SRXU YRXV UHQGUH DW
WHQWLI GH OD ILQ GH OD FXLVVRQ /·DIILFKDJH LQGLTXH DORUV
j QRXYHDX O·KHXUH DFWXHOOH HW OH V\PEROH GH OD IRQFWLRQ
VpOHFWLRQQpH FOLJQRWH
-XVTX·DX GpFOHQFKHPHQW DXWRPDWLTXH GX IRXU DSUqV PLQXWHV XQ VLJQDO DFRXVWLTXH UHWHQWLW WRXWHV OHV VH
FRQGHV
3RXU DUUrWHU OH IRXU DYDQW SUHVVH] OD WRXFKH 2 (QFOHQFKHPHQW HW GpFOHQFKHPHQW DXWR
PDWLTXHV
3DU HQFOHQFKHPHQWGpFOHQFKHPHQW DXWRPDWLTXH RQ
GpVLJQH GHV SURJUDPPDWLRQV GX IRXU TXL GpPDUUHQW
DXWRPDWLTXHPHQW j XQH KHXUH XOWpULHXUH HW TXL V·DUUr
WHQW DXWRPDWLTXHPHQW DSUqV XQ WHPSV GH FXLVVRQ SUp
GpWHUPLQp
3UHVVH] OD WRXFKH /·DIILFKDJH LQGLTXH ©ª
HW OH V\PEROH FOLJQRWH
$YHF OD WRXFKH VRQ GpVLUp
$SUqV SUHVVH] OD WRXFKH HW UpJOH] DYHF OD WRX
OH WHPSV G·LQWHUUXSWLRQ GpVLUH
FKH RX
([HPSOH KHXUH DFWXHOOH
K /H PHW SODFp
GDQV OH IRXU QpFHVVLWH XQ WHPSV GH FXLVVRQ GH PLQXWHV HW GRLW rWUH SUrW j K /H WHPSV GH
FXLVVRQ PLQXWHV HVW UpJOp DX PR\HQ GH OD WRX
FKH HW RX HW O·KHXUH G·DUUrW KHXUHV
DX PR\HQ GH OD WRXFKH HW RX /D FRP
PDQGH HQFOHQFKH OH IRXU DXWRPDWLTXHPHQW j
K TXL V·DUUrWH DXWRPDWLTXHPHQW j K
DSUqV OH WHPSV GH FXLVVRQ UpJOp GH PLQXWHV
RX
UpJOH] OH WHPSV GH FXLV
/·DIILFKDJH LQGLTXH OH PRPHQW GH GpFOHQFKHPHQW GX
WHPSV GH FXLVVRQ GpMj UpJOp KHXUH DFWXHOOH WHPSV
GH FXLVVRQ H[ K K PLQ K ©ª HW
OH V\PEROH FOLJQRWH
$SUqV VHFRQGHV OHV IRQFWLRQV GX IRXU HW O·pFODLUDJH
VRQW GpFOHQFKpV /·DIILFKDJH LQGLTXH OH V\PEROH HW OD
IRQFWLRQ FKRLVLH VDQV FDGUH O·KHXUH DFWXHOOH HW OHV
V\PEROHV HW &RQWUROH RX FRUUHFWLRQ
9RXV SRXYH] FRQWU{OHU OH WHPSV GH FXLVVRQ VXU O·DI
ILFKDJH HQ SUHVVDQW OD WRXFKH HW O·KHXUH GH Gp
FOHQFKHPHQW DYHF OD WRXFKH /HV FRUUHFWLRQV VRQW SRVVLEOHV HQ SUHVVDQW j QRX
YHDX OD WRXFKH RX HW HQ PRGLILDQW OH WHPSV
GH FXLVVRQ RX O·KHXUH GH GpFOHQFKHPHQW HQ HQ
SUHVVDQW OD WRXFKH RX 3RXU FDOFXOHU OH GpEXW GH OD FXLVVRQ VRXVWUDLUH OH
WHPSV GH FXLVVRQ GH O·KHXUH GH GpFOHQFKHPHQW $
FHWWH KHXUH Oj OD IRQFWLRQ VpOHFWLRQQpH HVW DUUrWpH OH
V\PEROH GLVSDUDvW GH O·DIILFKDJH TXL UHSUHQG OH
WHPSV GH FXLVVRQ pFRXOp
8Q WULSOH VLJQDO DFRXVWLTXH UHWHQWLW SRXU YRXV UHQGUH DW
WHQWLI GH OD ILQ GH OD FXLVVRQ /·DIILFKDJH LQGLTXH DORUV
j QRXYHDX O·KHXUH DFWXHOOH HW OH V\PEROH GH OD IRQFWLRQ
VpOHFWLRQQpH FOLJQRWH
-XVTX·DX GpFOHQFKHPHQW DXWRPDWLTXH GX IRXU DSUqV PLQXWHV XQ VLJQDO DFRXVWLTXH UHWHQWLW WRXWHV OHV VH
FRQGHV
3RXU DUUrWHU OH IRXU DYDQW SUHVVH] OD WRXFKH 2 6RQGH j YLDQGH
&XLVVRQ DXWRPDWLTXH HQ IRQFWLRQ GH OD WHPSpUDWXUH j
FRHXU
/D VRQGH j YLDQGH PHVXUH OD WHPSpUDWXUH DX FRHXU GX
PHWV HW DUUrWH DXWRPDWLTXHPHQW OH IRXU ORUVTXH OD YD
OHXU GpVLUpH HVW DWWHLQWH GXUDQW OD FXLVVRQ &H FKDSLWUH
GpFULW FHWWH IRQFWLRQ DLQVL TXH OH UpJODJH GH OD SURFp
GXUH GH FXLVVRQ DYHF OD VRQGH j YLDQGH
/D SULVH GH OD VRQGH j YLDQGH HVW SODFpH FRQWUH OD SDURL
GX IRXU
3ODQWH] OD VRQGH j YLDQGH GDQV OH PHWV HW LQWURGXL
VH] OD FRFRWWH RX OD JULOOH GDQV OH IRXU
,QVpUH] OD ILFKH GH OD VRQGH j YLDQGH MXVTX·DX QL
YHDX GH OD SRLJQpH GDQV OD SULVH VLWXpH VXU OD SDURL
GURLWH GX IRXU /H V\PEROH DSSDUDvW VXU O·DIIL
FKDJH
$SUqV DYRLU VpOHFWLRQQp OD IRQFWLRQ HW OD WHPSpUD
WXUH GX IRXU SUHVVH] OD WRXFKH /·KHXUH VXU O·DI
ILFKDJH HVW UHPSODFpH SDU O·LQGLFDWLRQ HQ GHJUpV
&HOFLXV SUpUpJOpH j & $X PR\HQ GH OD WRXFKH
RX UpJOH] OD WHPSpUDWXUH j FRHXU GpVLUpH
SRXU YRWUH PHWV HQWUH HW &
/HV WHPSpUDWXUHV VXLYDQWHV VRQW UHFRPPDQGpHV
SRXU OH FRHXU GX U{WL
5{WL GH ERHXI
&
5RVELI RX ILOHW GH ERHXI
WUqV VDLJQDQW
VDLJQDQW
PR\HQ
5{WL GH SRUF
&
&
&
&
5{WL G·DJQHDXJLJRW
&
5{WL GH YHDX
&
6XU O·DIILFKDJH DSSDUDLVVHQW OH V\PEROH GH OD IRQF
WLRQ OD WHPSpUDWXUH GX IRXU UpJOpH URXJH OH V\P
EROH VRQGH j YLDQGH HW OD WHPSpUDWXUH j FRHXU
/·pOpYDWLRQ GH OD WHPSpUDWXUH j FRHXU HVW LQGLTXpH
VXU O·DIILFKDJH 9RXV SRXYH] FRQWU{OHU OD WHPSpUD
WXUH j FRHXU UpJOpH HQ SUHVVDQW OD WRXFKH HW VL
QpFHVVDLUH OD FRUULJHU HQ SUHVVDQW OD WRXFKH RX /H IRXU HVW DXWRPDWLTXHPHQW GpFOHQFKp ORUVTXH OD
WHPSpUDWXUH j FRHXU TXH YRXV DYH] UpJOpH SRXU YRWUH
PHWV HVW DWWHLQWH
8Q WULSOH VLJQDO DFRXVWLTXH UHWHQWLW ORUVTXH OD FXLVVRQ
HVW WHUPLQpH
7RXWHV OHV VHFRQGHV XQ VLJQDO UHWHQWLW GXUDQW PL
QXWHV DYDQW OH GpFOHQFKHPHQW DXWRPDWLTXH GH WRXWHV
OHV IRQFWLRQV GH OD FRPPDQGH pOHFWURQLTXH
9RXV SRXYH] DUUrWHU OH IRXU DYDQW O·pFKpDQFH HQ
SUHVVDQW OD WRXFKH 2 /H IRXU
$
%
5DLQXUHV GH JXLGDJH GH SODTXH j SkWLVVHULH
&RUSV GH FKDXIIH LQIpULHXU
&
&RUSV GH FKDXIIH GX JULO
'
&RUSV GH FKDXIIH VXSpULHXU
'
*
& ' *ULO j JUDQGH VXUIDFH
)LOWUH j JUDLVVH GH YLDQGH
*
9HQWLODWLRQ GX IRXU
-
5pFLSLHQW UpIOpFKLVVDQW
*XLGHV GH SODTXHV UDLQXUHV
(
)
+
( + eFODLUDJH GX IRXU
)
&
$
$
%
-
$FFHVVRLUHV GX IRXU
$ SDUW OHV DFFHVVRLUHV OLYUpV Q·XWLOLVH] TXH GHV
SODWV HW GHV PRXOHV GH FXLVVRQ UpVLVWDQW j OD
WHPSpUDWXUH pOHYpH 3UHQH] JDUGH DX[ UHFRP
PDQGDWLRQV GX IRXUQLVVHXU
/H IRXU HVW pTXLSp GHV DFFHVVRLUHV VXLYDQWV
3ODTXHV j FXLUH
5{WLVVRLUH SRXU FXLUHU{WLUJULOOHU
)LOWUH j JUDLVVH GH YLDQGH
5pFLSLHQW UpIOpFKLVVDQW
%URFKH GH JULO DYHF SRLJQpH
6RQGH j YLDQGH
)LOWUH j JUDLVVH GH YLDQGH
&H ILOWUH SURWqJH O·LQWpULHXU GX IRXU FRQWUH O·HQFUDVVH
PHQW WURS UDSLGH
/·LQWURGXLUH SRXU WRXWH RSpUDWLRQ j DLU FKDXGDLU
WRXUQDQW DLQVL TXH SRXU OH WXUERJULO
(QOHYHU FH ILOWUH SRXU FXLUH VLQRQ OH WHPSV GH FXLVVRQ
HVW j DOORQJHU
*XLGHV GH SODTXHV
/H IRXU HVW PXQL GH JUDGLQV FRQWHQDQW UDLQXUHV GH
KDXWHXU GLIIpUHQWH &HV KDXWHXUV VRQW QXPpURWpHV
GDQV XQH WDEOH DOODQW GH j VHORQ O·pFKHOOH VXLYDQWH
OH SOXV EDV OH SOXV KDXW
(QILOH] OD SODTXH RX OH U{WL HQWUH OHV GHX[ WLJHV
GH JXLGDJH FH TXL IDFLOLWH O·HQWUpH HW OD VRUWLH
HW DVVXUH OH PDLQWLHQ SHQGDQW OD FXLVVRQ
3RVLWLRQ GH VWRS
(WULHU GH VXVSHQVLRQ
$SSOLFDWLRQV GHV IRQFWLRQV GX IRXU
&KDXIIDJH VXSpULHXU HW LQIpULHXU
/H FKDXIIDJH VLPXOWDQp HQ KDXW HW HQ EDV FRQVWLWXH OH
IRQFWLRQQHPHQW QRUPDO GX IRXU /HV FRUSV GH FKDXIIH
VLWXpV DX SODQFKHU HW DX SODIRQG GH O·HQFHLQWH FKDXI
IDQWH WUDQVPHWWHQW OHXU FKDOHXU DX[ GHQUpHV j FXLUH /D
WHPSpUDWXUH SHXW rWUH UpJOpH HQWUH HW &
/H U{WLVVDJH HW OD FXLVVRQ SDU FKDXIIDJH HQ KDXW HW HQ
EDV QH VRQW SRVVLEOHV TXH VXU XQ VHXO QLYHDX
PHWWUH OHV JkWHDX[ SODWV HW OD SkWLVVHULH VXU OD SOD
TXH DX[ QLYHDX[ RX
PHWWUH OHV FDNHV OHV NRXJORIV RX OHV ELVFXLWV HQ
IRUPH GH EORF DX QLYHDX &KDOHXU WRXUQDQWH
/H IRXU HQWLHU HVW FKDXIIp SDU O·DLU FKDXG TXL FLUFXOH LQ
WHQVLYHPHQW JUkFH j XQ YHQWLODWHXU VLWXp GDQV OD SDURL
DUULqUH /D WHPSpUDWXUH SHXW rWUH UpJOpH HQWUH HW
&
/D IRQFWLRQ G·DLU FKDXG SHUPHW GH WUDQVPHWWUH SOXV UD
SLGHPHQW TXH GDQV OD PpWKRGH FRQYHQWLRQQHOOH OD FKD
OHXU j O·DOLPHQW j U{WLU /D WHPSpUDWXUH SHXW rWUH DLQVL
UpGXLWH G·HQYLURQ & SDU UDSSRUW j OD UHFHWWH SRXU OH
FKDXIIDJH QRUPDO HQ KDXW HW HQ EDV
6HORQ O·DOLPHQW j FXLUH RX j U{WLU RQ SHXW XWLOLVHU MXVTX·j
WURLV QLYHDX[ GLIIpUHQWV
1RXV YRXV FRQVHLOORQV OHV FRPELQDLVRQV VXLYDQWHV
SODTXH pFKHORQ RX
SODTXHV pFKHORQV HW
SODTXHV pFKHORQV HW
j PRXOHV KDXWV O·XQ j F{Wp GH O·DXWUH
pFKHORQ
PRXOH EDV pFKHORQ RX
PRXOHV EDV pFKHORQV HW *DPPH SRXU SL]]D
/D IRQFWLRQ SL]]D HVW XWLOLVpH GH SUpIpUHQFH SRXU FXLUH
OHV JkWHDX[ QH FRQWHQDQW TXH SHX RX SDV GH VXFUH WHOV
TXH OHV SL]]DV OHV JkWHDX[ DX[ IUXLWV RX DX FpUp OHV
TXLFKHV RX OHV UDPHTXLQV
&HWWH JDPPH DOOLH OD IRQFWLRQ G·DLU WRXUQDQW j FHOOH GX
FKDXIIDJH LQIpULHXU VHXOHPHQW
/D FKDOHXU UD\RQQpH SDU OH FRUSV GH FKDXIIH LQIpULHXU
SURYRTXH OD IRUPDWLRQ G·XQH FURWH VXIILVDPPHQW Up
VLVWDQWH DX QLYHDX FH TXL pYLWH OH UDPROOLVVHPHQW GH
OD SkWH 2Q SHXW pJDOHPHQW XWLOLVHU OHV GHX[ pFKHORQV
VXSpULHXUV SRXU FXLUH RX SRXU U{WLU VDQV TXH OD FKDOHXU
FLUFXODQWH V·HQ WURXYH PRGLILpH
*ULOODGHV
/D JULOODGH V·RSqUH JpQpUDOHPHQW HQ IHUPDQW OD
SRUWH GX IRXU 1H ODLVVH] FHSHQGDQW SDV YRWUH
JULO VDQV VXUYHLOODQFH
/D FKDOHXU SURGXLWH SDU OHV FRUSV GH FKDXIIH UD\RQQH
FRQWUH OH SODIRQG GX IRXU HW DWWHLQW OD SLqFH j U{WLU TXL
HVW SODFpH HQ GHVVRXV /HV LQGLFDWLRQV FRQFHUQDQW OD
KDXWHXU RSWLPDOH GH FHOOHFL VH WURXYHQW GDQV OD WDEOH
GH JULOODGH /H SUpFKDXIIDJH HVW LQXWLOH
3RXU JULOOHU LO VXIILW GH SRVLWLRQQHU OHV VpOHFWHXUV GH
IRQFWLRQ HW GH WHPSpUDWXUH FRUUHVSRQGDQWV
/H FKRL[ GH OD IRQFWLRQ GpSHQG GH OD TXDOLWp GH OD
TXDQWLWp HW GH OD KDXWHXU GH OD YLDQGH j JULOOHU
/D WHPSpUDWXUH GRLW rWUH DGDSWpH DX W\SH GH YLDQGH
FDU OH WKHUPRVWDW GX IRXU DVVXUH VRQ VHUYLFH HW PDLQ
WLHQW OD WHPSpUDWXUH j O·LQWpULHXU GX GRPDLQH DVVLJQp
FRQIRUPpPHQW DX[ YDOHXUV GH OD WDEOH
*ULO j LQIUDURXJH
3RXU GH SHWLWHV TXDQWLWpV GH JULOODGHV GH WUDQFKHV SOD
WHV DLQVL TXH SRXU OHV GHPLSRXOHWV OH JULO j LQIUDURXJH
HVW SDUWLFXOLqUHPHQW ELHQ LQGLTXp /H GRPDLQH GH WHP
SpUDWXUH VH VLWXH HQWUH HW &
*ULO j JUDQGH VXUIDFH
&HWWH IRQFWLRQ SHUPHW GH JULOOHU GHV WUDQFKHV SODWHV RX
GHV GHPLSRXOHWV VXU WRXWH OD VXUIDFH GH OD SODTXH /D
FRQMRQFWLRQ GX JULO j LQIUDURXJH HW GX FKDXIIDJH VXSp
ULHXU SHUPHW GH PDLQWHQLU XQH WHPSpUDWXUH UpJODEOH
HQWUH HW &
/HV GHX[ IRQFWLRQV GH JULO j JUDQGH HW j SHWLWH VXU
IDFH VRQW LGpDOHV SRXU OHV WUDQFKHV SODWHV WHOOHV TXH
OHV VWHDNV OHV F{WHOHWWHV OHV SHWLWHV VDXFLVVHV OH
SRLVVRQ RX DXWUHV 2Q SHXW pJDOHPHQW IDLUH GHV WRDVWV
EUXQLU GX PDVVHSDLQ RX GH OD JODFH UpDOLVHU XQH FUqPH
EUOpH JUDWLQHU XQ VRXIIOp RX EUXQLU XQ JUDWLQ /D FKD
OHXU UD\RQQpH SDU OH JULO Q·pWDQW GHVWLQpH TX·j EUXQLU OD
VXUIDFH HW OD UHQGUH FURXVWLOODQWH LO QH IDXW O·XWLOLVHU
TX·HQ ILQ GH FXLVVRQ
*OLVVH] OHV DOLPHQWV j JULOOHU j O·pFKHORQ RX VHORQ
O·pSDLVVHXU /D GLVWDQFH HQWUH OHV DOLPHQWV HW OH FRUSV
GH FKDXIIH SHXW YDULHU YHUV OH KDXW RX YHUV OH EDV VHORQ
OD FRXUEXUH GH OD YRWH GX JULO
6L OHV DOLPHQWV j JULOOHU VRQW JUDV LO YDXW PLHX[ OHV pORL
JQHU GX FRUSV GH FKDXIIH
,O IDXW JOLVVHU OD SODTXH j JkWHDX[ GDQV OHV JXLGHV DX
QLYHDX RX SRXU UpFXSpUHU OH MXV HW pYLWHU O·HQFUDVVH
PHQW GX IRXU
6L YRXV GHYH] HIIHFWXHU SOXVLHXUV JULOODGHV FRQVpFXWL
YHV LO IDXW QHWWR\HU OD SODTXH DSUqV FKDFXQH G·HOOHV
7XUERJULO
/D IRQFWLRQ WXUERJULO HVW LQWpUHVVDQWH SRXU U{WLU OHV JURV
PRUFHDX[ GH YLDQGH OHV JLJRWV OD YRODLOOH HWF 6pOHF
WLRQQH] OD IRQFWLRQ WXUERJULO HW XQH WHPSpUDWXUH GH j &
/H JULO j LQIUDURXJH WUDYDLOOH DYHF OH YHQWLODWHXU SRXU Up
SDUWLU XQLIRUPpPHQW OD FKDOHXU 1RQ VHXOHPHQW OD VXU
IDFH VXSpULHXUH PDLV DXVVL WRXV OHV F{WpV VRQW GRUpV
XQLIRUPpPHQW
/HV SLqFHV GH YLDQGH GH JUDQGH KDXWHXU OHV U{WLV URX
OpV OHV FDUUpV GH SRUF OHV MDUUHWV RX OD YRODLOOH DFTXLq
UHQW XQH VXUIDFH ELHQ GRUpH HW FURXVWLOODQWH DORUV TXH
O·LQWpULHXU UHVWH WHQGUH HW MXWHX[
&HWWH PpWKRGH GH FXLVVRQ SHXW pJDOHPHQW V·DSSOLTXHU
DX[ JUDWLQV HW DX[ VRXIIOpV
*OLVVH] OD SODTXH j JkWHDX[ GDQV OHV JOLVVLqUHV j
O·pFKHORQ RX HQ SRVDQW OD JULOOH VXSSRUWDQW O·DOLPHQW
j U{WLU LPPpGLDWHPHQW GHVVXV DLQVL TXH OH PRQWUH OD
ILJXUH FLFRQWUH
*ULOOHU DYHF OD EURFKH WRXU
QDQWH
&H PRGH GH U{WLVVDJH DOOLH OHV IRQFWLRQV GH JULO j LQIUD
URXJH HW GH JULO j JUDQGH VXUIDFH DYHF XQ PRWHXU pOHF
WULTXH IDLVDQW WRXUQHU OD EURFKH
/H VXSSRUW SLYRWDQW GH OD EURFKH V·LQVWDOOH GDQV OHV
UDLOV GH OD SDUWLH GURLWH DX QLYHDX HW VHUW GH SDOLHU
DYDQW SRXU OD URWDWLRQ GH OD WLJH
/H JLJRW OD YRODLOOH RX WRXW DXWUH DOLPHQW HVW HQILOp VXU
OD WLJH GH OD EURFKH HW UHWHQX SDU GHX[ DJUDIHV
/D WLJH GH OD EURFKH HVW HQILOpH GDQV OH FDUUp G·HQWUDv
QHPHQW VLWXp j JDXFKH GDQV OD SDURL DUULqUH SXLV SRVp
VXU OH VXSSRUW DYDQW
/D SLqFH j U{WLU YD DORUV WRXUQHU OHQWHPHQW DXGHVVRXV
GHV FRUSV GH FKDXIIH
*OLVVH] OD SODTXH j JkWHDX[ GDQV OHV JOLVVLqUHV j
O·pFKHORQ RX SRXU UpFXSpUHU OH MXV
$FFURFKHU OH VXSSRUW SRXU
EURFKH WRXUQDQWH DX QLYHDX )LFKHU OD WLJH GH OD EURFKH WRXU
QDQWH GDQV OH FDUUp G"HQWUDvQH
PHQW GDQV OD SDURL DUULqUH HW SRVHU OH JDOHW VXU OH VXSSRUW DYDQW
5{WLVVDJH j EDVVH WHPSpUDWXUH
&HWWH IRQFWLRQ SHUPHW G·REWHQLU GHV U{WLV SDUWLFXOLqUH
PHQW FURXVWLOODQWV TXL UHVWHQW FHSHQGDQW DJUpDEOH
PHQW MXWHX[
/H U{WL HVW FXLW WUqV FKDXG GDQV OD U{WLVVRLUH
/H U{WL SHXW pJDOHPHQW rWUH SRVp VXU OD JULOOH SOD
FpH DX QLYHDX GX PLOLHX
/D SODTXH j JkWHDX[ VHUD JOLVVpH j O·pFKHORQ SRXU FROOHFWHU OH MXV
/H FKRL[ GH OD IRQFWLRQ GH U{WLVVDJH j EDVVH WHPSpUD
WXUH VRXV OH V\PEROH G·DLU FKDXG HW µ/Rµ $X ERXW GH VHFRQGHV OD WHPSpUDWXUH GH & SRXU OH FKDXIIDJH
HW GH PLQXWHV SRXU OD VpOHFWLRQ GX WHPSV DSSDUDvW
DXWRPDWLTXHPHQW SRXU LQGLTXHU OHV FRQGLWLRQV GH SUp
FKDXIIDJH
$SUqV PLQXWHV O·LQGLFDWLRQ GH OD WHPSpUDWXUH GH OD
GXUpH HW OH V\PEROH GH SUpFKDXIIDJH V·pWHLJQHQW
/HV IRQFWLRQV µ/Rµ & HW OH V\PEROH UHVWHQW HQVXLWH
HQFOHQFKpHV GH PrPH TXH OD GXUpH UpHOOH GH IRQF
WLRQQHPHQW MXVTX·j FH TXH OH IRXU VRLW pWHLQW
6pFKDJH
&HWWH IRQFWLRQ FRPELQH OH FKDXIIDJH LQIpULHXU DYHF OD
FLUFXODWLRQ G·DLU FKDXG GDQV OH IRXU
/H VpFKDJH SHXW V·HIIHFWXHU VXU RX QLYHDX[ YRLU OD
WDEHOOH GH VpFKDJH HQ SUHQDQW VRLQ G·LQWHUYHUWLU GH
WHPSV HQ WHPSV OHV SODWHDX[
*DUQLVVH] OD SODTXH GH JkWHDX DYHF GX SDSLHU GH SUR
WHFWLRQ HW GLVSRVH] OHV SURGXLWV j VpFKHU DXVVL VHUUpV
TXH SRVVLEOH PDLV VXU XQH VHXOH FRXFKH
3ODTXH j VpFKDJH FRPPH DFFHVVRLUH VSpFLDO YRLU OD
EXOOHWLQ GH FRPPDQGH
/DLVVHU RXYHUWH G·HQYLURQ FP OD SRUWH GX IRXU
HQ SODoDQW XQ FRLQ HQ ERLV
9pULILHU OH GHJUp GH VpFKDJH GH YRV DOLPHQWV DYDQW OD
ILQ GH OD GXUpH GH VpFKDJH SUpYXH
,O VXIILW GH SUHQGUH HQ PDLQ RX PRUFHDX[ GH O·DOL
PHQW j VpFKHU HW GH OH SUHVVHU HQWUH OH SRXFH HW O·LQGH[
,O QH GRLW SOXV V·pFRXOHU DXFXQ MXV PDLV OH SURGXLW Vp
FKp QH GRLW SDV rWUH FDVVDQW
6WpULOLVDWLRQ
DYHF FKDOHXU LQIpULHXUH RX DLU FKDXG
%ODQFKLVVH] WRXW G·DERUG YRV OpJXPHV UHIURLGLVVH]
OHV VRXV O·HDX IURLGH HW PHWWH]OHV GDQV OHV ERFDX[
/HV IUXLWV SUpSDUpV VHURQW LQWURGXLWV GLUHFWHPHQW GDQV
OHV ERFDX[
7RXV OHV YHUUHV XWLOLVpV GHYURQW rWUH GH PrPH
JUDQGHXU HW HQ SDUIDLW pWDW 9pULILH] O·pWDQ
FKpLWp GHV FDRXWFKRXFV GH IHUPHWXUH
&XLVH] VpSDUpPHQW GH O·HDX VXFUpH RX VDOpH SXLV WHU
PLQH] OH UHPSOLVVDJH GHV ERFDX[ MXVTX·DX GH OHXU
KDXWHXU
(QILOH] OD SODTXH j JkWHDX[ GDQV O·pFKHORQ LQIpULHXU
SXLV GLVSRVH] OHV ERFDX[ ELHQ DOLJQpV VXU FHWWH SOD
TXH FRPPH OH PRQWUH OD ILJXUH FLFRQWUH
/HV ERFDX[ QH GRLYHQW SDV VH WRXFKHU HW QH
GRLYHQW SDV HQWUHU HQ FRQWDFW DYHF OH IRXU
/H WHPSV GH VWpULOLVDWLRQ HW OD WHPSpUDWXUH VH WURXYHQW
GDQV OD WDEOH GH VWpULOLVDWLRQ
1·RXYUH] MDPDLV OD SRUWH GX IRXU SHQGDQW WRXWH
OD GXUpH GH VWpULOLVDWLRQ
/RUVTXH OD VWpULOLVDWLRQ HVW WHUPLQpH UHWLUH] OHV ERFDX[
GX IRXU HW ODLVVH]OHV UHIURLGLU VXU XQH SODQFKH HQ ERLV
RX VXU XQH FRXYHUWXUH j O·DEUL GH WRXW FRXUDQW G·DLU
3RXU FHUWDLQV OpJXPHV KDULFRWV HW FKRX[ LO IDXW UpSp
WHU OD VWpULOLVDWLRQ j KHXUHV SOXV WDUG
$SUqV UHIURLGLVVHPHQW YpULILH] O·pWDQFKpLWp GH OD IHU
PHWXUH 6L OH FRXYHUFOH V·HQOqYH IDFLOHPHQW LO IDXW Up
SpWHU OD VWpULOLVDWLRQ GX ERFDO FRUUHVSRQGDQW RX XWLOLVHU
LPPpGLDWHPHQW VRQ FRQWHQX
,QIRUPDWLRQV JpQpUDOHV VXU OH U{WLVVDJH HW OD FXLVVRQ
5{WLVVDJH DYHF O·DLU FKDXG HW FKDXIIDJH HQ KDXW HW
HQ EDV
&KRL[ GH OD WHPSpUDWXUH
/H WHPSV GH U{WLVVDJH GpSHQG GX JHQUH GX U{WL FKRLVL
GH VRQ SRLGV HW GH VD KDXWHXU
/·XVDJH HVW GH FDOFXOHU OH WHPSV QpFHVVDLUH SDU FHQWL
PqWUH GH KDXWHXU
/H IRQFWLRQQHPHQW j DLU FKDXG DFFpOqUH OD WUDQVPLV
VLRQ GH OD FKDOHXU j OD SLqFH j FXLUH SDU UDSSRUW j OD Pp
WKRGH FRQYHQWLRQQHOOH /D WHPSpUDWXUH LQGLTXpH GDQV
OD UHFHWWH SRXU OH FKDXIIDJH XQLTXHPHQW HQ KDXW HW HQ
EDV SHXW rWUH GLPLQXpH GH &
%RHXI FKDVVH
PLQXWHV
)LOWUH j JUDLVVH GH YLDQGH
3RUF YHDX
PLQXWHV
)LOHW URDVWEHHI
PLQXWHV
,QVWDOOH] OH ILOWUH j JUDLVVH GH YLDQGH DYDQW GH ODQFHU OH
U{WLVVDJH j O·DLU FKDXG RX DYHF OH WXUERJULO &H ILOWUH SUR
WqJH O·LQWpULHXU GX IRXU G·XQH VDOLVVXUH H[DJpUpH
3OXV OH PRUFHDX GH YLDQGH HVW KDXW SOXV OD WHPSpUD
WXUH GX IRXU SHXW rWUH PRLQV pOHYpH
/·pWDW GH FXLVVRQ GH OD YLDQGH SHXW rWUH WHVWp HQ SUHV
VDQW GHVVXV DYHF XQH FXLOOqUH 6L OH U{WL QH V·HQIRQFH
SDV LO HVW FXLW
&RQVHLO 'DQV OH FRPPHUFH GHV DSSDUHLOV PpQDJHUV
RQ WURXYH GHV WKHUPRPqWUHV LQGLTXDQW O·pWDW GH FXLV
VRQ
/DLVVH] OH U{WL GDQV OH IRXU XQH GL]DLQH GH PLQXWHV
DSUqV O·DYRLU pWHLQW SRXU SHUPHWWUH DX MXV GH V·pFRXOHU
FH TXL VLPSOLILH OH GpFRXSDJH
5{WLU VXU OH JULO
/D SLqFH j U{WLU GRLW rWUH GpSRVpH VXU OH JULO DYHF OH F{Wp
j GUHVVHU WRXUQp YHUV OH KDXW (QILOH] OD SODTXH GX JULO
GDQV OHV JOLVVLqUHV RX SXLV LQWURGXLVH] OH JULO MXVWH
DXGHVVXV VXU OH UDLO GH OD JOLVVLqUH
5{WLU GDQV XQH U{WLVVRLUH RX VXU OD SODTXH
0HWWH] OH PRUFHDX GH YLDQGH PDLJUH GH FKDVVH RX GH
KDFKLV GLUHFWHPHQW GDQV OD U{WLVVRLUH UpFLSLHQW j U{WLU
HQ S\UH[ RX HQ WHUUH FXLWH YHUQLH RX VXU OD SODTXH
6L OH WHPSV GH FXLVVRQ GRLW GpSDVVHU XQH KHXUH DMRX
WH] OHV LQJUpGLHQWV SRXU OD VDXFH GDQV OD U{WLVVRLUH XQH
GHPLKHXUH DYDQW OD ILQ GH OD FXLVVRQ SXLV ODLVVH] GR
UHU HW FRPSOpWH] DYHF XQ SHX G·HDX FKDXGH
8WHQVLOHV SRXU U{WLU HW FXLUH
3RXU U{WLU HW FXLUH DYHF O·DLU FKDXG YRXV XWLOLVHUH] GH
SUpIpUHQFHV OHV XVWHQVLOHV OLYUpV DYHF O·DSSDUHLO j VD
YRLU OHV IRUPHV FODLUHV HW IRQFpHV SRXU OD FXLVVRQ OD
FpUDPLTXH HW OHV IRUPHV UpVLVWDQW j OD WHPSpUDWXUH
1RWH] TXH OHV SODTXHV HW OHV IRUPHV PpWDOOLTXHV FODL
UHV QpFHVVLWHQW XQ WHPSV GH FXLVVRQ SOXV ORQJ 9HXLO
OH] FRQVXOWHU OHV LQVWUXFWLRQV UHPLVHV j FHW HIIHW SDU OH
IDEULFDQW
/HV PRXOHV j FXLUH RX OHV DXWUHV XVWHQVLOHV GRLYHQW
rWUH SRVpV VXU OD SODTXH j JkWHDX[
,O IDXW SDU FRQWUH HQOHYHU FH ILOWUH ORUV GH OD FXLVVRQ QRU
PDOH /D PHLOOHXUH UpSDUWLWLRQ GH OD FKDOHXU SHUPHW GH
GLPLQXHU OH WHPSV GH SUpSDUDWLRQ
3UpFKDXIIDJH
/H SUpFKDXIIDJH Q·HVW SOXV QpFHVVDLUH GDQV OD SOXSDUW
GHV SUpSDUDWLRQV FDU OD WHPSpUDWXUH SUpUpJOpH HVW DW
WHLQWH WUqV UDSLGHPHQW 9HXLOOH] FRQVXOWHU OD WDEOH GHV
WHPSV GH U{WLVVDJH HW GH FXLVVRQ 1RXV UHFRPPDQGRQV WRXWHIRLV GH SUpFKDXIIHU OH IRXU
GDQV OHV FDV VXLYDQWV
6WHDNV HW WUDQFKHV GH YLDQGH WHOOHV TXH ILOHW
URDVWEHHI HVFDORSH RX F{WHOHWWH /HV SRUHV GH OD
YLDQGH VH UHIHUPHQW SOXV UDSLGHPHQW HW O·LQWpULHXU
UHVWH SOXV MXWHX[
3kWLVVHULH SRXYDQW FRXOHU IDFLOHPHQW SHWLWV SDLQV
JkWHDX[ URXODGHV HWF
,O VXIILW DORUV GH SUpUpJOHU OD WHPSpUDWXUH YRXOXH HW G·DW
WHQGUH TXH FHOOHFL VRLW DWWHLQWH DYHQW G·LQWURGXLUH OHV
PHWV
5HPDUTXHV VXU O·XWLOLVDWLRQ GH OD WDEOH GHV WHPSV
GH FXLVVRQ
/D WDEOH GHV WHPSV GH FXLVVRQ FRQWLHQW GDQV FHUWDLQV
FDV O·LQGLFDWLRQ G·XQH SODJH GH WHPSpUDWXUH SDU H[HP
SOH & &KRLVLVVH] GH SUpIpUHQFH OD WHPSpUD
WXUH OD SOXV EDVVH LQGLTXpH (Q FDV FRQWUDLUH YRWUH Jk
WHDX VHUD WURS FXLW GHVVXV LO QH VHUD SDV DVVH] OHYp RX
LO V·HIIRQGUHUD SDUFH TXH O·KXPLGLWp TX·LO FRQWLHQW Q·D
SDV pWp VXIILVDPPHQW pOLPLQpH
6L OH WHPSV GH FXLVVRQ HVW WURS ORQJ RX VL OH GHVVXV GH
O·DOLPHQW j FXLUH QH EUXQLW SDV FRPPH LO VHUDLW VRXKDLWD
EOH LO IDXW DORUV FKRLVLU OD WHPSpUDWXUH OD SOXV pOHYpH IL
JXUDQW GDQV OD WDEOH
/H EUXQLVVHPHQW UpJXOLHU GHV JkWHDX[ SHXW rWUH DPp
OLRUp HQ GLPLQXDQW G·HQYLURQ & OD WHPSpUDWXUH GH
FXLVVRQ LQGLTXpH HW HQ UDOORQJHDQW OH WHPSV GH FXLVVRQ
PHQWLRQQp
/HV GRQQpHV GH OD GXUpH GH FXLVVRQ SHXYHQW YDULHU HQ
IRQFWLRQ GH OD JUDQGHXU GHV RHXIV XWLOLVpV GHV SRVVLEL
OLWpV GH OLDLVRQ GH OD IDULQH HW GH OD PDWLqUH GX PRXOH
FKRLVL
1HWWR\DJH HW HQWUHWLHQ
/RUV GX QHWWR\DJH GH JXLGHV GH SODTXHV pFODLUDJH GX
IRXU HW GH OD SRUWH GX IRXU DXFXQ FRUSV GH FKDXIIH QH
GRLW rWUH HQFOHQFKp $WWHQGH] TXH OH IRXU VRLW VXIILVDP
PHQW UHIURLGL SRXU TXH YRXV SXLVVLH] WRXFKHU VDQV GDQ
JHU OHV RUJDQHV LQWHUQHV 6HXO O·pFODLUDJH GX IRXU SHXW
UHVWHU HQ IRQFWLRQ
/·DSSDUHLO QH GRLW SDV rWUH QHWWR\p DYHF XQ V\V
WqPH GH QHWWR\DJH j YDSHXU RX j KDXWH SUHV
VLRQ SRXU GHV UDLVRQV GH VpFXULWp pOHFWULTXH
1HWWR\H] UpJXOLqUHPHQW HW j IRQG YRWUH IRXU ORUVTX·LO HVW
WLqGH RX IURLG eYLWH] OD FRPEXVWLRQ GHV pFODERXVVXUHV
JUDLVVHXVHV
1HWWR\DJH GX IRXU FDWDO\WLTXH
VXUIDFH UXJXHXVH SRUHXVH
9RWUH IRXU HVW pTXLSp G·XQ V\VWqPH GH QHWWR\DJH FDWD
O\WLTXH FKDUJp GH EUOHU OHV SHWLWV UpVLGXV j XQH WHPSp
UDWXUH VXSpULHXUH j & /HV SHWLWHV WDFKHV JUDLVVHX
VHV VXU OHV SDURLV GX IRXU VRQW WRXW j IDLW QRUPDOHV
6R\HV DWWHQWLI DX[ LQGLFDWLRQV VXLYDQWHV SRXU XQ IRQF
WLRQQHPHQW RSWLPDO GX V\VWqPH GH QHWWR\DJH
$SUqV DYRLU U{WL RX JULOOp XQ PHWV SURGXLVDQW GH IRUWHV
pFODERXVVXUHV YLDQGH JUDVVH SRXOHW HWF RQ SHXW
ODLVVHU OH IRXU YLGH HQFOHQFKp j WHPSpUDWXUH PD[LPDOH
SHQGDQW PLQXWHV SXLV OH ODLVVHU UHIURLGLU DYDQW GH OH
QHWWR\HU
1·XWLOLVH] SDV GH SURGXLW SRXYDQW SURYRTXHU
GHV JULIIXUHV GH GpWHUJHQW PRXVVDQW GH VSUD\
SRXU IRXU RX GH SDLOOH GH IHU FDU FHV SURGXLWV
GpWUXLVHQW OHV SURSULpWpV G·DXWRQHWWR\DJH GX
IRXU
1·RXYULU TXH UDSLGHPHQW OH IRXU DILQ GH UHQIRU
FHU O·HIIHW DXWRQHWWR\DQW
1·XWLOLVH] SDV GH FKLIIRQV WH[WLOHV FDU OHV ILOR
FKHV UHVWHQW SULVHV GDQV OD UXJRVLWp GHV VXUID
FHV DXWRQHWWR\DQWHV
1HWWR\DJH GX JULO GHV SODTXHV GHV PRXOHV HW GHV
JOLVVLqUHV
&HV REMHWV GRLYHQW rWUH QHWWR\pV j O·DLGH G·HDX FKDXGH
VDYRQQHXVH &HV SLqFHV QH VXSSRUWHQW SDV OH SDV
VDJH GDQV OD PDFKLQH j ODYHU OD YDLVVHOOH
)LOWUH j JUDLVVH GH YLDQGH
$SUqV FKDTXH XWLOLVDWLRQ QHWWR\H] FH ILOWUH DYHF XQH
EURVVH GRXFH HW GH O·HDX FKDXGH VDYRQQHXVH RX PHW
WH]OH GDQV OH ODYHYDLVVHOOH 6L O·HQFUDVVHPHQW HVW
LPSRUWDQW LO IDXW OH ODLVVHU WUHPSHU
0RQWDJH HW GpPRQWDJH GHV JXLGHV GH SODTXHV
3RXU IDFLOLWHU OH QHWWR\DJH GHV JXLGHV GH SODTXHV RQ
SHXW OHV VRUWLU GX IRXU
$ OD KDXWHXU GH OD SRVLWLRQ OHV VXSSRUWV SHXYHQW rWUH
UHWLUpV GH OD SDURL SDU O·DYDQW SXLV RQ GpJDJH O·DUULqUH
HW RQ SHXW VRUWLU OH VXSSRUW SDU O·DYDQW GX IRXU
3RXU UHPRQWHU OH VXSSRUW LO VXIILW GH OH VXVSHQGUH SDU
O·DUULqUH SXLV G·LQWURGXLUH OHV FURFKHWV GH OD SDUWLH
DYDQW GDQV OHV WURXV GH OD SDURL HW G·HQIRQFHU OH VXS
SRUW GDQV VD SRVLWLRQ QRUPDOH
5pFLSLHQW UpIOpFKLVVDQW
1·XWLOLVH] SDV GH GpWHUJHQW SRXYDQW SURYRTXHU
GHV UD\XUHV QL GH ODLQH G·DFLHU
1H SDV OH QHWWR\HU GDQV OH ODYHYDLVVHOOH
,O VXIILW GH ODYHU OH UpFLSLHQW DSUqV FKDTXH XWLOLVDWLRQ j
O·DLGH G·XQH EURVVH GRXFH HW GH O·HDX FKDXGH VDYRQ
QHXVH 6L O·HQFUDVVHPHQW HVW LPSRUWDQW LO IDXW OH ODLV
VHU WUHPSHU
8WLOLVH] XQH EDVH OLVVH ORUV GX QHWWR\DJH SRXU
HPSrFKHU GHV GHIRUPDWLRQV
3DQQHDX V\QRSWLTXH HW SRUWH GX IRXU
9HLOOH] j OD SURSUHWp GHV VXUIDFHV DVVXUDQW
O·pWDQFKpLWp HQWUH OD SRUWH HW VRQ FDGUH
/H SDQQHDX GH FRPPDQGH DLQVL TXH OD SRUWH GX IRXU
GRLYHQW rWUH QHWWR\pV j O·HDX FKDXGH RX DYHF XQ SUR
GXLW GH QHWWR\DJH SRXU OHV YLWUHV SXLV VpFKpV VRLJQHX
VHPHQW 1·XWLOLVHU TXH GH O·HDX FKDXGH SRXU O·LQWpULHXU
GH OD SRUWH GX IRXU
/D YLWUH LQWpULHXUH HVW UHFRXYHUWH G·XQH FRXFKH VSpFLD
OHPHQW UpVLVWDQWH DX UD\RQQHPHQW GH OD FKDOHXU ,O IDXW
GRQF pYLWHU G·XWLOLVHU XQ GpWHUJHQW DJUHVVLI SRXYDQW
SURYRTXHU GHV JULIIXUHV GH OD VXUIDFH DLQVL TXH WRXW
SURGXLW PRXVVDQW
/RUV GX QHWWR\DJH GH OD SRUWH LO IDXW IDLUH ELHQ DWWHQWLRQ
j FH TXH FHOOHFL UHVWH VXVSHQGXH HW TXH O·pWULHU SURWp
JHDQW OD FKDUQLqUH UHSRVH ELHQ VXU FHWWH GHUQLqUH YRLU
ILJXUH FLFRQWUH $SSDUHLOV DYHF VXUIDFH HQ DFLHU LQR[\GDEOH
/RUV GX QHWWR\DJH YHLOOH] j FH TXH OD ILQLWLRQ
GH OD VXUIDFH HQ DFLHU LQR[\GDEOH QH FH IDVVH
SDV FRQWUH OD VWUXFWXUH OHV ILQHV OLJQHV KRUL
]RQWDOHV 3DV GH PRXYHPHQWV FLUFXODLUHV
3RXU HQOHYHU OHV WDFKHV QRUPDOHV SDVVH] VLPSOHPHQW
XQ FKLIIRQ GRX[ SURSUH HW KXPLGH
3RXU HQOHYHU OHV WDFKHV WHQDFHV VHUYH] YRXV G·XQ
SURGXLW DSSURSULp j O·DFLHU LQR[ TXH O·RQ WURXYH KDELWXHO
OHPHQW GDQV OH FRPPHUFH
9HXLOOH] REVHUYHU OHV LQVWUXFWLRQV UHODWLYHV j O·HPSORL
GH SURGXLWV GH QHWWR\DJH HW G·HQWUHWLHQ /HV SURGXLWV
pJUDWLJQDQWV HW DEUDVLIV QH VRQW SDV DSSURSULpV
$SSOLTXHU OH SURGXLW GH QHWWR\DJH VXU XQ FKLIIRQ KX
PLGH DYDQW G·HVVX\HU HQVXLWH ODYHU OD VXUIDFH HQ
PRXLOODQW HW OD IDLUH VpFKHU HQ OD IURWWDQW DYHF XQ FKLI
IRQ VHF
/·pFODLUDJH GX IRXU pFKDQJH GHV DPSRXOHV
6723
$YDQW GH IDLUH O·pFKDQJH LO IDXW REOLJDWRLUH
PHQW GpFRQQHFWHU O·DOLPHQWDWLRQ pOHFWULTXH GH
WRXW O·DSSDUHLO HQ HQOHYDQW OHV IXVLEOHV
,O HVW SRVVLEOH GH UHPSODFHU VRLPrPH OHV DPSRXOHV
GpIHFWXHXVHV
/D QRXYHOOH DPSRXOH GH ZDWWV j YROWV
DYHF XQ FXORW ( GRLW SRXYRLU UpVLVWHU j XQH WHPSp
UDWXUH GH & 9RXV SRXYH] O·REWHQLU DXSUqV GH QR
WUH PDJDVLQ FHQWUDO GH SLqFHV GH UHFKDQJH RX FKH] XQ
pOHFWULFLHQ VSpFLDOLVp
/D ODPSH HQ KDXW j GURLWH GDQV OD IDFH DUULqUH GX IRXU
HVW SURWpJpH SDU XQ XQ YHUUH URQG GH SURWHFWLRQ TXH
O·RQ SHXW IDFLOHPHQW GpYLVVHU
/·DPSRXOH VLWXpH GDQV OD SDURL JDXFKH HVW UHFRXYHUWH
SDU XQH SURWHFWLRQ FDUUpH HQ YHUUH VSpFLDO TX·LO IDXW UH
WLUHU GpOLFDWHPHQW j O·DLGH G·XQ WRXUQHYLV j SRLQWH ODUJH
DLQVL TXH OH PRQWUH OD ILJXUH FLFRQWUH $X SUpDODEOH LO
HVW QpFHVVDLUH G·HQOHYHU OH UDLO GH JXLGDJH JDXFKH GH
OD SODTXH
&RQVHLO SUDWLTXHV XWLOHV
3UREOqPH
&DXVH SUREDEOH
6ROXWLRQV
/H U{WL RX OH VRXIIOp QH
PRQWH SDV VXIILVDPPHQW
(UUHXU GH WHPSpUDWXUH FKRLVLH
&RQVXOWHU OD WDEOH GHV WHPSpUDWXUHV
/H U{WL QH EUXQLW SDV
7HPSpUDWXUH WURS pOHYpH
eOHYHU OD WHPSpUDWXUH YpULILHU O·HWDW
GH FXLVVRQ V·LO OH IDXW UDFFRXUFLU OH
WHPSV
3RXU FKDOHXU KDXW HW EDV XWLOLVHU XQ
PRXOH IRQFp
0DXYDLV PRXOH XWLOLVp
/H U{WL EUXQLW WURS
7HPSpUDWXUH WURS pOHYpH
&RQVXOWHU OD WDEOH GHV WHPSpUDWXUHV
GLPLQXHU OD WHPSpUDWXUH HW UDFFRXU
FLU OH WHPSV GH FXLVVRQ
/H U{WL HVW WURS VHF
/D GXUpH GH FXLVVRQ HVW WURS ORQJXH
DYHF XQH WHPSpUDWXUH WURS EDVVH
&RQVXOWHU OD WDEHO GHV WHPSpUDWXUHV
DXJPHQWHU OD WHPSpUDWXUH HW UDF
FRXUFLU OH WHPSV GH FXLVVRQ
/H U{WL HVW WURS KXPLGH
/·KXPLGLWp Q·D SDV SX V·pFKDSSHU j
FDXVH GH OD WHPSpUDWXUH WURS pOHYpH
7URS G·KXPLGLWp GDQV OD SkWH
&KRLVLU OD WHPSpUDWXUH OD SOXV EDVVH
LQGLTXpH GDQV OD WDEOH
3UpSDUHU XQH SkWH PRLQV KXPLGH
6L TXHOTXH FKRVH QH IRQFWLRQQH SDV
3UREOqPH
&DXVH SUREDEOH
6ROXWLRQV
/H IRXU QH IRQQFWLRQ SDV
3DQQH G·DOLPHQWDWLRQ pOHFWULTXH
9pULILHU OHV IXVLEOHV
/H IRXU QH FKDXIIH SDV
PDOJUp OD VpOHFWLRQ GH IRQF
WLRQ HW GH WHPSpUDWXUH
/H SURJUDPPH DXWRPDWLTXH D pWp pWDEOL
SRXU V·HQFOHQFKHU SOXV WDUG
6XSSULPHU O·HQFOHQFKHPHQW DXWRPD
WLTXH H[LVWDQW HW OH SURJUDPPHU j
QRXYHDX
/·pFODLUDJH GX IRXU QH IRQF
WLRQQH SDV
/·DPSRXOH HVW GpIHFWXHXVH
5HPSODFHU O·DPSRXOH
UHJDUGH] SDJH /·KRUORJH pOHFWURQLTXH DI
ILFKH HQ FOLJQRWDQW
8QH SDQQH G·DOLPHQWDWLRQ pOHFWULTXH
V·HVW SURGXLWH LO \ D XQ PRPHQW
5HPHWWUH j MRXU OD GDWH HW O·KHXUH
UHJDUGH] SDJH 6723
/HV DSSDUHLOV GpIHFWXHX[ QH GRLYHQW SOXV rWUH XWLOLVpV (Q FDV G·LQFLGHQW GpYLVVHU HW UHWLUHU OHV IXVLEOHV
1H PRGLILH] SDV O·DSSDUHLO 7RXWH LQWHUYHQWLRQ QRQ TXDOLILpH SHXW FDXVHU GHV GRPPDJHV PDWpULHOV RX FRUSR
UHOV
6L OHV FRQVHLOV FLGHVVXV VRQW LQVXIILVDQWV YHXLOOH] FRQWDFWHU QRWUH VHUYLFH WHFKQLTXH
,QVWUXFWLRQ GH PRQWDJH IRXU j HQFDVWUHU (XUR ODUJHXU FP DYHF DLU pYDFXp 9
0RQWDJH
*OLVVHU OH IRXU GDQV OD QLFKH GH IDoRQ j REWHQLU
XQ PRQWDJH DIIOHXUp
)L[HU OH IRXU GX IURQW DYHF YLV GpWDLO $ /H FODSHW GH UHWHQXH DYHF OH WX\DX IL[DWLRQ j
EDwRQQHWWH 7HPSpUDWXUH PD[LPDOH GH O·DLU pYD
FXp &
8Q pOpPHQW FRXUW GRLW rWUH PRQWp DXGHVVXV GX
IRXU SDU FRQVpTXHQW OD SDURL DUULqUH GRLW rWUH
GpPRQWDEOH
&RQQH[LRQ pOHFWULTXHFKHPLQHPHQW GHV FkEOHV
PD[ )
$
%
$
$
3ODTXHWWH
VLJQDOpWLTXH
$
$
$
/H FkEOH G·DOLPHQWDWLRQ GRLW rWUH DX PRLQV GH W\SH
+99) RX VXSpULHXU
$ $SSDUHLO
1 1LFKH
/·LQVWDOODWLRQ GH O·DSSDUHLO GRLW V·HIIHFWXHU VRLW SDU O·HQ
WUHPLVH G·XQ FkEOH DYHF ILFKH DPRYLEOH VRLW SDU XQ
FkEOH SRVp j GHPHXUH DYHF XQ FRXSHFLUFXLW VpSDUDQW
WRXWHV OHV SKDVHV GX VHFWHXU HW SRVVpGDQW XQ HVSDFH
G·DX PRLQV PP HQWH OHV FRQWDFWV
&RQWUDLUHPHQW DX[ SUHVFULSWLRQV G·LQVWDOODWLRQ
LQWpULHXUH GH O·$6( DUWLFOH O·DSSDUHLO j HQ
FDVWUHU SHXW rWUH PRQWp GDQV GHV PDWpULDX[ FRPEXVWL
EOHV
&RXSODJH
/
/
9a+]
$
/D FRQQH[LRQ DX VHFWHXU GRLW rWUH H[pFXWpH SDU XQ
pOHFWULFLHQ DJUpH
/D FRQQH[LRQ pOHFWULTXH SDU O·LQWHUPpGLDLUH G·XQH SULVH
GRLW rWUH SUpYXH GX F{Wp EkWLPHQW GH PDQLqUH TXH OD
SULVH VRLW SODFpH KRUV GH O·HVSDFH FRRUGRQQp (Q FDV
GH FRQQH[LRQ GLUHFWH SUpYRLU XQH ORQJXHXU GH FkEOH
G·HQYLURQ FP
'LVSRVHU OH FkEOH pOHFWULTXH j SODW VXU OH IRQG GH
OD QLFKH
6RXOHYHU OH IRXU DX[ SRLJQpHV ODWpUDOHV HW O·LQWUR
GXLUH DX[ ö GDQV OD QLFKH
'pPRQWHU OD ERvWH GH ERUQHV GH FRQQH[LRQ G·HQ
EDV HW RXYULU OD ERvWH GH ERUQHV GH FRQQH[LRQ
GpWDLO '
5DFFRUGHU OHV ERUQHV HQ VH UpIpUDQW DX FRX
SODJH
$VVXUHU O·DUUrW GH WUDFWLRQ HQ SUHVVDQW IL[H OD IHU
PHWXUH j GpFOLF GpWDLO ( 5HIHUPHU OD ERvWH GH ERUQHV GH FRQQH[LRQ HW
LQIpULHU OD ERvWH GH ERUQHV GH FRQQH[LRQ G·HQ
EDV
(Q FDV GH VHUYLFH LO IDXW GpEUDQFKHU O·DSSD
UHLO GX UpVHDX
1
GpWDLO $
LQ
$
'
P
1
1 $ GpWDLO %
GpWDLO '
15
20
N
A
GpWDLO (
'LDJUDPPH GH SXLVVDQFH
3D
'pVLJQDWLRQ GHV SKDVHV
/ / FRUUHVSRQGDQW j 5 6
FDPS G·DFWLYLWp
UHFRPPDQGp
([HPSOHV GH SODQLILFDWLRQ HW PRQWDJH
&RPPH OHV H[HPSOHV G·DLU G·pFKDSSH
PK
5pVHDQ
FDPS G·DFWLYLWp
UHFRPPDQGp
PHQW SRXU OH IRXU HW KRWWH G·DVSLUDWLRQ
QU G·,QVWU 'RQQpHV WHFKQLTXH %2 ' 3$
'LPHQVLRQV H[WpULHXUHV
+DXWHXU
FP
/DUJHXU
FP
3URIRQGHXU
FP
3URIRQGHXU PD[ DYHF SRUWH RXYHUWH
FP
'LPHQVLRQV LQWpULHXUHV GX IRXU
+DXWHXU
FP
/DUJHXU
FP
3URIRQGHXU
FP
9ROXPH
O
3RLGV WRWDO QHWWR
NJ
&RQVRPPDWLRQ pOHFWULTXH
&KDXIIDJH VXSpULHXU
:
&KDXIIDJH LQIpULHXU
:
&RUSV GH FKDXIIH GH OD SDURL DUULqUH
:
*ULO j LQIUDURXJH
:
*ULO j JUDQGH VXUIDFH
:
7XUERJULO
:
*DPPH GH SL]]D
:
9HXLOOH] LQVFULUH GDQV FH FDGUH OHV GRQQpHV GH OD SODTXH VLJQDOpWLTXH GH YRWUH DSSDUHLO 9RXV WURXYHUH] OD SOD
TXH VLJQDOpWLTXH j GURLWH VXU OH FDGUH GX IRXU DSUqV RXYULU OD SRUWH
9HXLOOH] WRXMRXUV LQGLTXHU FHV GRQ
QpHV VL
YRXV GHPDQGH] O·LQWHUYHQWLRQ GX
VHUYLFH DSUqVYHQWH
YRXV FRPPDQGH] GHV SLqFHV GH
UHFKDQJH RX GHV DFFHVVRLUHV
YRXV DYH] GHV TXHVWLRQV
7KHUPD
N:
+
S (= 3URGQU
9
a+]
7\S
6HULH
%2 ' 3$
WHFKQLTXH
/HV WHPSV GH FXLVVRQ LQGLTXpV VRQW GHV YDOHXUV DSSUR[LPDWLYHV
/HV PpWKRGHV UHFRPPDQGpHV GH FXLVVRQ OHV WHPSpUDWXUHV OHV WHPSV GH FXLVVRQ HW GH U{WLVVDJH
DLQVL TXH OHV QLYHDX[ G·HQILODJH VRQW LPSULPpV HQ FDUDFWqUHV JUDV
/HV LQGLFDWLRQV GH WHPSpUDWXUH TXL VRQW PXQLHV G·XQ DVWpULVTXH QpFHVVLWHQW XQ SUpFKDXIIDJH j OD WHPSpUDWXUH LQGLTXpH
7DEOH GH FXLVVRQ HW GH
U{WLVVDJH
{WL
&XLVVRQ DX IRXU
&KDXIIDJH GH VXSpULHXU HW
$LU FKDXG $&
$&
$&
LQIpULHXU
7HPS
7HPSV
&
PLQ
5DLQXUH
7HPS
7HPSV
&
PLQ
7DUWHV SkWH EULVpH HW IHXLOOHWpH
5DLQXUH
QLYHDX[
QLYHDX[
VDQV ILOWUH j JUDLVVH GH YLDQGH
DYHF IUXLWV IUDLV DYHF OLDLVRQ VXFUpH
DYHF IUXLWV VXUJHOpV DYHF OLDLVRQ VXFUpH
7DUWH IUDQoDLVH
7DUWH DX IURPDJH
7DUWH DX[ FKDPSLJQRQV
7DUWH DX EURFROL SRLUHDX
7DUWH VXUSULVH
VDQV OLDLVRQ VXFUpH
*kWHDX[ WRXUWHV SkWH j FDNH SkWH OHYpH SkWH DX VHUp
VDQV ILOWUH j JUDLVVH GH YLDQGH
%LVFXLW
5RXODGH
*RXJHOKRSI
$SSOH SLH SkWH OHYpH
&DNH PDUEUp
&DNH W\UROLHQ
&DNH j OD QRL[ GH FRFR
7DUWH DX[ FRXUJHWWHV GRXFHV
&DNH DX[ QRL[
7RXUWH DX FpUp DX IURPPDJH
7UDQFKHV DX UKXP DX[ RUDQJHV RX DX[
FDURWWHV
/DLVVHU UHSRVHU PLQXWHV GDQV OH IRXU pWHLQW
3HWLWV ELVFXLWV SkWH j ELVFXLW SkWH VDEOpH PDVVH j PHULQJXH
VDQV ILOWUH j JUDLVVH GH YLDQGH
3kWLVVHULH VRXIIOpH FKRX[ j OD FUqPH
)RQGV GH SkWH VDEOpH SRXU WRXUWHV
)RQGV GH WDUWHOHWWHV
0LURLUV
0HULQJXHV
K K
K K
3kWH IHXLOOHWpH
VDQV ILOWUH j JUDLVVH GH YLDQGH
3HWLWV VDOpV SRXU O·DSpUR
&URLVVDQWV DX MDPERQ
)HXLOOHWpV
)LOHW GH SRUF HQ FURWH
3HWLWHV VDXFLVVHV HQ FURWH
&URLVVDQWV DX[ DPDQGHV
7DEOH GH FXLVVRQ HW GH
U{WLVVDJH
{WL
&XLVVRQ DX IRXU
$LU FKDXG $&
&KDXIIDJH GH VXSpULHXU HW
$&
$&
LQIpULHXU
7HPS
7HPSV
&
PLQ
5DLQXUH
7HPS
7HPSV
&
PLQ
3kWH OHYpH JkWHDX[ WUHVVHV SDLQ HW SL]]DV
5DLQXUH
QLYHDX[
QLYHDX[
VDQV ILOWUH j JUDLVVH GH YLDQGH
&RXURQQH EULRFKpH
1LG G·DEHLOOH SODTXH VSpFLDOH SURIRQGH
*RXJHOKRSI
7UHVVH
&ULRVVDQW
3DLQ VHORQ WDLOOH
3HWLWV SDLQV
-DPERQ FXLW GDQV OH SDLQ
SUpFKDXIIHU
FXLUH
3HWLW SDLQ IUDvFKHPHQW FXLW
3HWLW FURLVVDQW IUDvFKHPHQW FXLW
3L]]D SODTXH RULJLQDOH GH FXLVVRQ
3L]]D SODTXH HQ WHUUH FXLWH SUpFKDXIIHU PLQ
'pOLFDWHVVHV GX PRQGH HQWLHU
&DNH DPpULFDLQ DX[ EDQDQHV
7RXUWH GH /LQ] $XWULFKH
7RXUWH 6DFKHU $XWULFKH
6DYDULQ )UDQFH
*kWHDX DX FRFR G·,WDSDULFD
86$
VDQV ILOWUH j JUDLVVH GH YLDQGH
%UpVLO
6SpFLDOLWpV VXLVVHV
VDQV ILOWUH j JUDLVVH GH YLDQGH
3LWWH DX 3UlWWLJDX *ULVRQV
3DLQ GH SRLUH
7RXUWH DX[ FDURWWHV $UJRYLH
9RO DX YHQW JODURQDLV *ODULV
3DLQ G·pSLFH
7RXUWH GX SUHVE\WqUH =XULFK
6XLVVH RULHQWDOH
%LVFXLWV GH QRsO
0LODQV HW WRXV OHV ELVFXLWV
VDQV ILOWUH j JUDLVVH GH YLDQGH
%LVFXLWV j VpFKHU
3DLQ G·pSLFH
j SkWH DX EHXUUH
3DLQ G·DQLV
/DLVVHU VpFKHU OHV ELVFXLWV SHQGDQW OD QXLW VXU
XQH W{OH SRXU OD FXLVVRQ DX IRXU
7DEOH GH FXLVVRQ HW GH
U{WLVVDJH
{WL
&XLVVRQ DX IRXU
&KDXIIDJH GH VXSpULHXU HW
$LU FKDXG $&
$&
$&
LQIpULHXU
7HPS
7HPSV
&
PLQ
5DLQXUH
7HPS
7HPSV
&
PLQ
5DLQXUH
7RDVW HW *UDWLQV
QLYHDX[
QLYHDX[
VDQV ILOWUH j JUDLVVH GH YLDQGH
7RDVW +DZDLL
7RDVW &KDPSLJQRQV
*UDWLQ GH QRXLOOHV
*UDWLQ GH SRPPH GH WHUUH
7RPDWHV JDUQLW DYHF GX IURPDJH
*ODFH JUDWLQpH DYHF PDVVH j PpULQJXH
6RXIIOp DX[ FHULVHV
PRXOH GH OLWUHV
/pJXPHV UL] PDLV HWF FRPPH DFFRPSDJQHPHQW
VDQV ILOWUH j JUDLVVH GH YLDQGH
0DLV FRXYHUW
5L] FRXYHUW
)ULWHV DX IRXU EODQFKLHV
)ULWHV DX IRXU
3RPPHV GXFKHVVH
0RGH SL]]D
&RPPXWDWHXU
GH IRQFWLRQ
EUXWHV
3RPPHV GH WHUUH DX IRXU SRPPHV GH
WHUUH VDXWpHV
7HPSpUDWXUH
&
7HPSV GH
FXLVVRQ HQ
PLQXWHV
5DLQXUH
*kWHDX DX[ FKDPSLJQRQV
7DUWH DX IURPDJH
*kWHDX DX[ pSLQDUGV
7DUWH DYHF IUXLWV IUDLV DYHF OLDLVRQ VXFUpH
QLYHDX
7DUWH DYHF IUXLWV IUDLV DYHF OLDLVRQ VXFUpH
SODTXH VXU SODTXH VXU QLYHDX[
7DUWH DYHF IUXLWV VXUJHOpV DYHF OLDLVRQ
SODTXH VXU 3L]]D URQGH VXU SODTXH j JkWHDX RULJLQDOH
SODTXH VXU 3L]]D VXU SLHUUH j SL]]D
VXFUpH
*kWHDX[ DX[ IUXLWV DYHF OLDLVRQ GDQV XQ
PRXOH HQ S\UH[
7DEOH GH FXLVVRQ HW GH
U{WLVVDJH
{WL
&XLVVRQ DX IRXU
&KDXIIDJH GH VXSpULHXU HW
$LU FKDXG $&
$&
$&
LQIpULHXU
7HPS
7HPSV
&
PLQ
5DLQXUH
7HPS
7HPSV
&
PLQ
&XULRVLWpV GX PRQGH HQWLHU
5DLQXUH
QLYHDX[
QLYHDX[
VDQV ILOWUH j JUDLVVH GH YLDQGH
0RXVVDND *UqFH
/DVDJQH ,WDOLH
3RLYURQ JDUQL +RQJULH
9LDQGH YRODLOOH JLELHU HW SRLVVRQ VDQV JULO
DYHF ILOWUH jJUDLVVH GH YLDQGH
5{WL GH SRUF NJ
5{WL GH YHDX NJ
5{WL GH E±XI NJ
5{WL KkFKp NJ
5{WL WHVVLQRLV DX ODUG
5RDVWEHHI NJ
3RXOHW NJ
&DQDUG NJ
2LH NJ
$&
$&
&KLFNHQ 1XJJHWV
PHWWUH XQH IHXLOOH G·DOXPLQLXP VXU OD SODTXH
'LQGH NJ
VXU SODTXH j JkWHDX SURIRQGH
5{WL GH FHUI
7UXLWHV GDQV OD IHXLOOH G·DOXPLQLXP J
XWLOLVHU XQH IHXLOOH pSDLVVH
)LOHWV GH WUXLWH GH JUDPPHV
5{WLV j EDVVH WHPSpUDWXUH
j SUpFXLUH GDQV OD SRrOH DYDQW OH U{WLVVDJH
&XLVVRQ DX IRXU
$& RGHU 8/
&KDXIIDJH GH VXSpULHXU HW
LQIpULHXU
7HPS
7HPSV
&
PLQ
5DLQXUH
7HPS
7HPSV
&
PLQ
5DLQXUH
QLYHDX[
QLYHDX[
DYHF ILOWUH j JUDLVVH GH YLDQGH
5RDVWEHHI NJ
5{WL GH YHDX NJ
SUpFKDXIIHU
FXLUH
SUpFKDXIIHU
FXLUH
&DUUp GH SRUF NJ
SUpFKDXIIHU
FXLUH
7XUER JULO
7HPSpUDWXUH
&
7HPSV GH
FXLVVRQ HQ
PLQXWHV
5DLQXUH
*UDWLQ GH QRXLOOHV
*UDWLQ GH SRPPH GH WHUUH
3RXOHW J
5RXODGH GH SRUF JDUQLH J
7HPSpUDWXUH
&
7HPSV GH
FXLVVRQ HQ
PLQXWHV
3RXU WRXWHV YLDQGHV DYHF ILOWUH j JUDLVVH GH YLDQGH
3RXU WRXWHV YLDQGHV VXU OH JULOSODTXH VXUOD UDLQXUH &RPPXWDWHXU
GH IRQFWLRQ
5HWRXUQHU OD YLDQGH j OD PRLWLp GX WHPSV GH U{WLVVDJH
*QRFFKL j OD 5RPDLQH
VHPRXOH
*QRFFKL j OD 3DULVLHQQH
SkWH j FKRX[
*QRFFKL j OD 3LpPRQWDLVH
SRPPH GH WHUUH
7DEOH GH JULOODJH
3ODTXH j JkWHDX XWLOLVpH FRPPH
UpFLSLHQW VXU OD UDLQXUH 3UpFKDXIIDJH GX IRXU SHQGDQW
&RPPXWDWHXU
GH IRQFWLRQ
PLQXWHV
SDJH
SDJH
5DLQXUH
&{WHOHWWHV GH SRUF
&{WHOHWWHV GH SRUF
&{WHOHWWHV GH SRUF PDULQpHV
6WHDN DX ILOHW
6WHDN DX ILOHW
3RXOHWV FRXSpV
3RXOHWV FRXSpV
FXLVVHV GH SRXOHW
FXLVVHV GH SRXOHW
6DXFLVVHV JULOOpHV MXVTX·D SLqFHV
6DXFLVVHV JULOOpHV SOXV GH SLqFHV
(VFDUJRWV MXVTX·j 6WFN
(VFDUJRWV MXVTX·j 6WFN
3RLVVRQ HQWLHU
3DLQ WRDVWp VDQV JDUQLWXUH
3UpFKDXIIHU OH JULO SHQGDQW PLQXWHV
5{WLVVRLUH DYHF YRWH FRQWUH OH EDV
5{WLVVRLUH DYHF YRWH FRQWUH OH KDXW
7DEOH GH VWpULOLVDWLRQ
6HXOHPHQW DYHF FKDXIIDJH LQIpULHXU RX DLU FKDXG VXU OD UDLQXUH LQIpULHXUH
/HV ERFDX[ QH GRLYHQW SDV VH WRXFKHU
RX
6WpULOLVHU MXVTX·j
7HPSpUDWXUH
FH TXH OH OLTXLGH
&
SHUOH
7HPSV PLQ
&RQWLQXHU GH
/DLVVHU UHSRVHU
GDQV OH IRXU
VWpULOLVHU
pWHLQW
7HPSV PLQ
7HPSV PLQ
%DLHV
)UDLVHV
0\UWLOOHV
&DURWWHV
&KDPSLJQRQV
0L[HG 3LFNOHV
)UDPERLVHV
*URVHLOOHV PUHV
*URVHLOOHV DFLGHV
)UXLWV j SpSLQV
)UXLWV j FKqUH GXUH
3RLUHV
&RLQJV
3UXQHV
/pJXPHV
&KRX[ UDYHV
+DULFRWV
3HWLWV SRLV
$VSHUJHV
7DEOH GH VpFKDJH
3RXU VpFKHU j O·DLU FKDXG XWLOLVH] XQH SODTXH j VpFKHU 9RXV REWLHQGUH] GH PHLOOHXUV
UpVXOWDWV VL YRXV pWHLJQH] OH IRXU j OD PRLWLp GX WHPSV GH VpFKDJH 2XYUH] HQVXLWH HW
ODLVVH] ELHQ UHIURLGLU GH SUpIpUHQFH WRXWH OD QXLW )LQLVVH] HQVXLWH OH VpFKDJH
7HPSpUDWXUH &
7HPSV K
+DULFRWV
3RLYURQV HQ ODPHOOHV
/pJXPHV SRXU SRWDJHV
&KDPSLJQRQV
3UXQHDX[
$EULFRWV
4XDUWLHUV GH SRPPH
3RLUHV
/pJXPHV
+HUEHV
)UXLWV
.XQGHQGLHQVW 6HUYLFH DSUqVYHQWH 6HUYL]LR GRSR YHQGLWD
=ULFK 0lJHQZLO
3UpYHUHQJHV
,QGXVWULHVWUDVVH /H 7UpVL *UDQFLD
=RQD ,QGXVWULDOH (
7HO
7pO 7HO
)D[ )D[ )D[ :LQWHUWKXU
5pFK\
%UJOLVWUDVVH 5RXWH GH *U{QH
7HO
7pO )D[ )D[ 6FKlQLV
%LOWHQHUVWDVVH
7HO
)D[ &KXU
(LQH 1XPPHU IU GLH JDQ]H 6FKZHL]
&RPHUFLDOVWUDVVH 3RXU WRXWH OD 6XLVVH XQ VHXO QXPpUR WpOpSKRQH
)D[ 8Q XQLFR QXPHUR WHOHIRQLFR SHU WXWWD OD 6YL]]HUD
7HO
*RVVDX
3RVWVWUDVVH 7HO
)D[ 6HUYLFH3KRQ
3UDWWHOQ
5KHLQSDUN &HQWHU
1HW]LERGHQVWUDVVH E
7HO
)D[ (PPHQ
,WWLJHQ%HUQ
%XKRO]VWUDVVH (\ 7HO
7HO
)D[ )D[ .XQGHQGLHQVW $GPLQLVWUDWLRQ
$GPLQLVWUDWLRQ GX VHUYLFH
0lJHQZLO
0lJHQZLO
0lJHQZLO
7HO
7HO 7HO )D[ )D[ )D[ $GPLQLVWUD]LRQH VHUYL]LR
(UVDW]WHLOYHUNDXI
9HQWR GHV SLqFHV GH UHFKDQJH
9HQGLWD GL SH]]L GL ULFDPELR
7HO RGHU
RX
RSSXUH
)D[ *DUDQWLH
*DUDQWLH
*DUDQ]LD
:LU JHZlKUHQ DXI DOOHQ 3URGXNWHQ
/·XWLOLVDWHXU ILQDO GH WRXW SURGXLW
3HU TXHVWR SURGRWWR FRQFHGLDPR
GLH LQ GHU 6FKZHL] JHNDXIW XQG LQ
DFKHWp HW XWLOLVp HQ 6XLVVH EpQpILFLH
XQD JDUDQ]LD GL PHVL D SDUWLUH
%HWULHE VLQG HLQH HLQMlKULJH 9ROO
G·XQH JDUDQWLH FRPSOqWH G·XQH
GHOOD GDWD GL YHQGLWD /D JDUDQ]LD
*DUDQWLH JHUHFKQHW DE /LHIHU
DQQpH j SDUWLU GH OD GDWH GH OLYUDLVRQ
q YDOLGD GLHWUR SUHVHQWD]LRQH
GDWXP DQ GHQ (QGYHUEUDXFKHU
/D IDFWXUH RX OH MXVWLILFDWLI G·DFKDW
GHOOD IDWWXUD R GHOOR VFRQWULQR
0DVVJHEHQG IU GHQ *DUDQWLH
FRUUHVSRQGDQW IDLW IRL HQ OD PDWLqUH
G· DFTXLVWR
DQVSUXFK LVW GLH )DNWXUD RGHU HLQ
HQWVSUHFKHQGHU 9HUNDXIVEHOHJ
7KHUPD3KRQ
'HU WHOHIRQLVFKH
%HUDWXQJVGLHQVW
GHU 7KHUPD
/H VHUYLFH G·LQIRU
PDWLRQ WpOpSKRQL
TXH GH 7KHUPD
,O VHUYL]LR GL FRQ
VXOHQ]D WHOHIRQLFD
GHOOD 7KHUPD
0RQWDJ ELV )UHLWDJ
8KU
/XQGL j YHQGUHGL GH
8KU
/XQHGLYHQHUGL GDVVH RUH
8KU
)U $XVNQIWH 5DWVFKOlJH XQG
7LSV UXQG XP GLH $QZHQGXQJ YRQ
+DXVKDOWDSSDUDWHQ
3RXU UHQVHLJQHPHQWV FRQVHLOV
HW ©DVWXFHVª FRQFHUQDQW O·XWLOLVD
WLRQ GH YRV DSSDUHLOV PpQDJHUV
3HU LQIRUPD]LRQL VXJJHULPHQWL H
FRQVLJOL VX WXWWR TXDQWR FRQFHUQH
O·XVR GHJOL HOHWWURGRPHVWLFL
(LQH 'LHQVWOHLVWXQJ GLH IU ,KUH
$QOLHJHQ UXQG XP GLH +DXVKDOW
DSSDUDWH WlJOLFK IU 6LH EHUHLW
VWHKW
8QH SUHVWDWLRQ GH VHUYLFH j YRWUH
GLVSRVLWLRQ FKDTXH MRXU SRXU WRX
WHV TXHVWLRQV WRXFKDQW DX[ DS
SDUHLOV PpQDJHUV
8Q VHUYL]LR JLRUQDOPHQWH D YR
VWUD GLVSRVL]LRQH SHU VRGGLVIDUH
OH YRVWUH ULFKLHVWH ULJXDUGDQWL JOL
HOHWWURGRPHVWLFL
1XW]HQ 6LH GDV 7KHUPD3KRQ
]XP %HLVSLHO IU
$SSHOH] 7KHUPD3KRQ SDU H[
HPSOH SRXU
8WLOL]]DWH LO VHUYL]LR 7KHUPD
3KRQ DG HVHPSLR SHU
:
:
:
:
:
:
SURPSWH $XVNXQIW
EHL )UDJHQ ]XU %HGLHQXQJ
GHU $SSDUDWH
KLOIUHLFKH 5DWVFKOlJH
EH]JOLFK 8QWHUKDOW
XQG 3IOHJH GHU +DXVKDOW
JHUlWH
QW]OLFKH 7LSV
EHLP .RFKHQ %DFNHQ
/IWHQ .KOHQ XQG 6SOHQ
NRPSHWHQWH %HUDWXQJ
EHL GHU :DKO HLQHV *HUlWHV
GDV ,KUHQ :QVFKHQ HQW
VSUHFKHQ VROO
:
:
:
UHQVHLJQHPHQWV UDSLGHV
FRQFHUQDQW O·XWLOLVDWLRQ GHV
DSSDUHLOV
FRQVHLOV MXGLFLHX[
SRXU O·HQWUHWLHQ HW OHV VRLQV j
DSSRUWHU DX[ DSSDUHLOV
PpQDJHUV
©DVWXFHVª XWLOHV
SRXU OD FXLVVRQ HQ JpQpUDO
OD FXLVVRQ DX IRXU O·DpUDWLRQ
OD UpIULJpUDWLRQ HW OH ULQoDJH
FRQVHLOV FRPSpWHQWV
SRXU OH FKRL[ G·XQ DSSDUHLO
FRUUHVSRQGDQW j YRV GpVLUV
:
:
:
LQIRUPD]LRQL LPPHGLD
PHQWH
VXOO·LPSLHJR GHJOL DSSDUHFFKL
FRQVLJOL SUH]LRVL
LQ PHULWR DOOD PDQXWHQ]LRQH
H DOOD FXUD GHJOL HOHWWURGR
PHVWLFL
VXJJHULPHQWL XWLOL
SHU FXFLQDUH DUURVWLUH YHQWL
ODUH UDIIUHGGDUH H ODYDUH OH
VWRYLJOLH
FRQVXOHQ]D FRPSHWHQWH
SHU OD VFHOWD GL XQ DSSDUHF
FKLR FKH VRGGLVIL
OH YRVWUH HVLJHQ]H H L YRVWUL
GHVLGHUL
$7 +DXVJHUlWH $*
%DGHQHUVWUDVVH =ULFK
7HOHIRQ 7HOHID[
$7 $SSDUHLOV 0pQDJHUV 6$
/H 7UpVL 3UpYHUHQJHV
7pOpSKRQH 7pOpID[
$7 $SSDUHFFKL &DVDOLQJKL 6$
&HQWUR 0RQWDQD
/RVRQH
7HOHIRQR 7HOHID[
$7 $SSDUHFFKL &DVDOLQJKL 6$
9LD DOOD )RFH 0X]]DQR3LRGHOOD
7HOHIRQR 7HOHID[
">
Public link updated
The public link to your chat has been updated.
