7DEOH GHV PDWLqUHV
$ /·$77(17,21 '( /·87,/,6$7(85
$ /·$77(17,21 '( /·,167$//$7(85
$YHUWLVVHPHQWV LPSRUWDQWV &$5$&7(5,67,48(6 7(&+1,48(6 '(6&5,37,21 '( 9275( &8,6,1,(5(
,167$//$7,21 /·,17(5,(85 '8 )285 /( 352*5$00$7(85 (/(&7521,48(
5(03/$&(0(17 '( /·$0328/(
'·(&/$,5$*( &216(,/6 $9$17 /$ 35(0,(5(
87,/,6$7,21 &200(17 87,/,6(5 /$ 7$%/(
'( &8,6621 &200(17 87,/,6(5 /( )285 /HV DFFHVVRLUHV GX IRXU /D FXLVVRQ WUDGLWLRQQHOOH /D FXLVVRQ DX JULO /D FXLVVRQ DX PD[L JULO /D FXLVVRQ DX WRXUQHEURFKH /D FXLVVRQ GHV YLDQGHV /D FXLVVRQ SDU O·pOpPHQW FKDXIIDQW LQIpULHXU
/H PDLQWLHQ DX FKDXG /D FXLVVRQ WUDGLWLRQQHOOH DYHF SUpFKDXIIDJH
LQWpJUp &216(,/6 '·87,/,6$7,21 /$ 7$%/(
'( &8,6621 &216(,/6 '·87,/,6$7,21 /( )285 *8,'(6 '(6 &8,66216 (175(7,(1 (7 1(772<$*( (1 &$6 '·$120$/,( '(
)21&7,211(0(17 &21',7,216 '( *$5$17,( &RPPHQW XWLOLVHU YRWUH QRWLFH "
/HV V\PEROHV VXLYDQWV YRXV JXLGHURQW WRXW DX ORQJ GH
O·XWLOLVDWLRQ GH YRWUH QRWLFH ,QVWUXFWLRQV GH VpFXULWp
'HVFULSWLRQ G·RSpUDWLRQV pWDSH SDU pWDSH
&RQVHLOV HW UHFRPPDQGDWLRQV
,QIRUPDWLRQV VXU O·HQYLURQQHPHQW
$YHUWLVVHPHQWV LPSRUWDQWV
&RQVHUYH] FHWWH QRWLFH G·XWLOLVDWLRQ DYHF YRWUH DSSDUHLO 6L O·DSSDUHLO GHYDLW rWUH YHQGX RX FpGp j XQH DXWUH SHUVRQQH
DVVXUH]YRXV TXH OD QRWLFH G·XWLOLVDWLRQ O·DFFRPSDJQH /H QRXYHO XWLOLVDWHXU SRXUUD DORUV rWUH LQIRUPp GX
IRQFWLRQQHPHQW GH FHOXLFL HW GHV DYHUWLVVHPHQWV V·\ UDSSRUWDQW &HV DYHUWLVVHPHQWV RQW pWp UpGLJpV SRXU YRWUH
VpFXULWp HW FHOOH G·DXWUXL
9HLOOH] j QH ULHQ ODLVVHU VXU OD WDEOH SHQGDQW
8WLOLVDWLRQ
O·XWLOLVDWLRQ GHV IR\HUV
WRUFKRQV IHXLOOH
&HW DSSDUHLO D pWp FRQoX SRXU rWUH XWLOLVp SDU GHV
G·DOXPLQLXP DGXOWHV 9HXLOOH] j FH TXH OHV HQIDQWV Q·\ WRXFKHQW
1H VWRFNH] SDV GH SURGXLWV G·HQWUHWLHQ RX GH
SDV HW QH O·XWLOLVHQW SDV FRPPH XQ MRXHW
SURGXLWV LQIODPPDEOHV GDQV OH WLURLU
$ OD UpFHSWLRQ GH O·DSSDUHLO GpEDOOH]OH RX
3RXU OH ERQ FRXOLVVHPHQW GX WLURLU DVVXUH]YRXV
IDLWHVOH GpEDOOHU LPPpGLDWHPHQW 9pULILH] VRQ
TX·DXFXQ REMHW QH VH WURXYH VRXV OH WLURLU
DVSHFW JpQpUDO )DLWHV OHV pYHQWXHOOHV UpVHUYHV
SDU pFULW VXU OH ERQ GH OLYUDLVRQ GRQW YRXV JDUGHUH]
1H IDLWHV MDPDLV IRQFWLRQQHU YRWUH WDEOH GH FXLVVRQ
XQ H[HPSODLUH
j YLGH VDQV UpFLSLHQW GHVVXV
9RWUH DSSDUHLO HVW GHVWLQp j XQ XVDJH GRPHVWLTXH
QRUPDO 1H O·XWLOLVH] SDV j GHV ILQV FRPPHUFLDOHV
RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH FHOXL
SRXU OHTXHO LO D pWp FRQoX
1·HPSOR\H] MDPDLV OH SODWHDX PXOWLXVDJHV
FRPPH SODW j U{WLU
$YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH DSSDUHLO
IDLWHV OH FKDXIIHU XQH IRLV j YLGH $VVXUH]YRXV
DORUV TXH OD SLqFH VRLW VXIILVDPPHQW DpUpH 90&
YHQWLODWLRQ
PpFDQLTXH
FRQWU{OpH
HQ
IRQFWLRQQHPHQW RX IHQrWUH RXYHUWH
1H PRGLILH] SDV RX Q·HVVD\H] SDV GH PRGLILHU OHV
FDUDFWpULVWLTXHV
GH
FHW
DSSDUHLO
&HOD
UHSUpVHQWHUDLW XQ GDQJHU SRXU YRXV
9RWUH DSSDUHLO HVW pTXLSp G·XQH SRUWH IURLGH
DVVXUDQW XQ FRQIRUW RSWLPDO JUkFH j XQ V\VWqPH
DXWRPDWLTXH GH YHQWLODWLRQ
/RUV GH VRQ XWLOLVDWLRQ O·DSSDUHLO GHYLHQW FKDXG 1H
SDV WRXFKHU OHV pOpPHQWV FKDXIIDQWV VLWXpV j
O·LQWpULHXU GX IRXU
$VVXUH]YRXV TXH OHV HQIDQWV QH PDQLSXOHQW SDV
OHV FRPPDQGHV GH O·DSSDUHLO
(ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO SHQGDQW
VRQ IRQFWLRQQHPHQW 9RXV pYLWHUH] DLQVL TX·LOV VH
EUOHQW HQ WRXFKDQW OD VXUIDFH GH OD WDEOH RX HQ
UHQYHUVDQW XQ UpFLSLHQW GH FXLVVRQ
(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
6XU OD SRUWH RXYHUWH GX IRXU
/HV WpPRLQV GH FKDOHXU UpVLGXHOOH V·DOOXPHQW SRXU
VLJQDOHU TXH OHV IR\HUV IRQFWLRQQHQW RX TX·LOV VRQW
HQFRUH FKDXGV 7HQH] pORLJQpV OHV MHXQHV HQIDQWV
GH O·DSSDUHLO MXVTX·j O·H[WLQFWLRQ GH FHV WpPRLQV
1H ODLVVH] ULHQ VXU OD WDEOH GH FXLVVRQ 8QH PLVH
HQ
IRQFWLRQQHPHQW
DFFLGHQWHOOH
SRXUUDLW
SURYRTXHU XQ LQFHQGLH
(YLWH] GH ODLVVHU WRPEHU TXRL TXH FH VRLW VXU OD
VXUIDFH YLWURFpUDPLTXH 8Q FKRF SRQFWXHO FRPPH
SDU H[HPSOH OD FKXWH G·XQH VDOLqUH SHXW SURYRTXHU
XQH ILVVXUH RX XQH FDVVXUH GX YHUUH
1H UHJDUGH] SDV IL[HPHQW OHV ODPSHV j KDORJqQH
GHV IR\HUV GH FXLVVRQ VL YRWUH DSSDUHLO HQ HVW
pTXLSp
1H WLUH] MDPDLV YRWUH DSSDUHLO SDU OD SRLJQpH GH OD
SRUWH
QH SRVH] SDV GH FKDUJH ORXUGH
DVVXUH]YRXV TX·XQ HQIDQW QH SXLVVH QL
PRQWHU QL V·DVVHRLU
3RXU pYLWHU G·HQGRPPDJHU OHV FRPPDQGHV GH
YRWUH DSSDUHLO QH ODLVVH] SDV OD SRUWH RXYHUWH
ORUVTX·LO HVW HQ IRQFWLRQQHPHQW RX HQFRUH FKDXG
6L YRXV XWLOLVH] XQ DSSDUHLO pOHFWULTXH j ILO j
SUR[LPLWp GH YRWUH FXLVLQLqUH SDU H[HPSOH XQ
EDWWHXU pOHFWULTXH DVVXUH]YRXV TXH OH ILO GH
FHOXLFL QH ULVTXH SDV GH WRXFKHU XQH VXUIDFH WUqV
FKDXGH TXL VHUDLW VXVFHSWLEOH GH OH IDLUH IRQGUH RX
ELHQ TXH VRQ ILO QH ULVTXH SDV G·rWUH FRLQFp GDQV
OD SRUWH GX IRXU
(Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH
FXLVLQLqUH Q·XWLOLVH] TXH GHV SODWV GHV PRXOHV j
JkWHDX[ UpVLVWDQWV j GH KDXWHV WHPSpUDWXUHV
VXLYH] OHV LQVWUXFWLRQV GHV IDEULFDQWV $SUqV XWLOLVDWLRQ GH YRWUH FXLVLQLqUH DVVXUH]YRXV
TXH WRXWHV OHV FRPPDQGHV VH WURXYHQW VXU OD
SRVLWLRQ $UUrW
9pULILH] TX·DXFXQ pOpPHQW QH VRLW VRXV WHQVLRQ HW
TXH OHV SDURLV VRLHQW VXIILVDPPHQW UHIURLGLHV
DYDQW GH SURFpGHU DX QHWWR\DJH GH YRWUH
FXLVLQLqUH
3RXU REWHQLU GH ERQV UpVXOWDWV FXOLQDLUHV HW
G·XWLOLVDWLRQ YHLOOH] j FH TXH YRWUH DSSDUHLO VRLW
WRXMRXUV SURSUH ORUV GH OD FXLVVRQ GH FHUWDLQHV
SUpSDUDWLRQV OHV SURMHFWLRQV JUDLVVHXVHV SHXYHQW
GpJDJHU GHV RGHXUV GpVDJUpDEOHV
1·XWLOLVH] MDPDLV G·DSSDUHLOV j YDSHXU RX j KDXWH
SUHVVLRQ SRXU QHWWR\HU OH IRXU H[LJHQFHV UHODWLYHV
j OD VpFXULWp pOHFWULTXH
/·XWLOLVDWLRQ GH SURGXLWV G·HQWUHWLHQ QRQ DGDSWpV
SURYRTXH GHV pUDIOXUHV DWWDTXH OD VXUIDFH RX D
SRXU FRQVpTXHQFH XQH GpFRORUDWLRQ GX GpFRU
&·HVW SRXUTXRL LO HVW LPSpUDWLI G·XWLOLVHU
H[FOXVLYHPHQW XQ SURGXLW G·HQWUHWLHQ 63(&,$/
7$%/(6
9,752&(5$0,48(6
1·XWLOLVH]
pJDOHPHQW HQ DXFXQ FDV GHV REMHWV WUDQFKDQWV
SRXU UHWLUHU OHV GpERUGHPHQWV 8WLOLVH]
XQLTXHPHQW XQ JUDWWRLU VSpFLDO TXH YRXV SRXYH]
YRXV SURFXUHU GDQV OH FRPPHUFH
1RWUH UHVSRQVDELOLWp QH VDXUDLW rWUH HQJDJpH HQ
FDV GH PDXYDLVH XWLOLVDWLRQ HW GH QRQUHVSHFW GHV
UqJOHV GH VpFXULWp 9HLOOH] pJDOHPHQW j UHVSHFWHU
VFUXSXOHXVHPHQW OHV LQVWUXFWLRQV G·HQWUHWLHQ
,QVWDOODWLRQ
6L O·LQVWDOODWLRQ pOHFWULTXH GH YRWUH KDELWDWLRQ
QpFHVVLWH XQH PRGLILFDWLRQ SRXU OH EUDQFKHPHQW
GH YRWUH DSSDUHLO IDLWHV DSSHO j XQ pOHFWULFLHQ
TXDOLILp
'HEUDQFKH] O·DSSDUHLO RX HQOHYH] OH IXVLEOH
FRUUHVSRQGDQW j OD OLJQH GH EUDQFKHPHQW GH OD
FXLVLQLqUH VL OD FXLVLQLqUH SUpVHQWH XQH TXHOFRQTXH
DQRPDOLH
(Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV
G·DERUG DX FKDSLWUH ´(1 &$6 '·$120$/,( '(
)21&7,211(0(17´ 6L PDOJUp WRXWHV OHV
YpULILFDWLRQV XQH LQWHUYHQWLRQ V·DYqUH QpFHVVDLUH OH
YHQGHXU GH YRWUH DSSDUHLO HVW OH SUHPLHU KDELOLWp j
LQWHUYHQLU $ GpIDXW GpPpQDJHPHQW GH YRWUH SDUW
IHUPHWXUH GX PDJDVLQ R YRXV DYH] HIIHFWXp
O·DFKDW YHXLOOH]
FRQVXOWHU
O·$VVLVWDQFH
&RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV
O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH ,QGLTXH] OD
UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH
DSSDUHLO TXL ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH
1·HVVD\H] SDV GH UpSDUHU YRWUH DSSDUHLO YRXVPrPH
FHFL SRXUUDLW rWUH OD FDXVH G·LQFLGHQWV
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX
6HUYLFH $SUqV9HQWH OHV SLqFHV GH UHFKDQJH
FHUWLILpHV &RQVWUXFWHXU
3URWHFWLRQ GH O·HQYLURQQHPHQW
7RXV OHV PDWpULDX[ PDUTXpV SDU OH V\PEROH
VRQW
UHF\FODEOHV 'pSRVH]OHV GDQV XQH GpFKHWWHULH
SUpYXH j FHW HIIHW UHQVHLJQH]YRXV DXSUqV GHV
VHUYLFHV GH YRWUH FRPPXQH SRXU TX·LOV SXLVVHQW rWUH
UpFXSpUpV HW UHF\FOpV
6L YRXV SURFpGH] j OD PLVH j OD FDVVH GH YRWUH
DSSDUHLO PHWWH] KRUV G·XVDJH FH TXL SRXUUDLW
UHSUpVHQWHU XQ GDQJHU SDU H[HPSOH FRXSH] OH FkEOH
G·DOLPHQWDWLRQ DX UDV GH O·DSSDUHLO
$YDQW G·XWLOLVHU YRWUH DSSDUHLO YHXLOOH]
OLUH WRXWHV OHV LQVWUXFWLRQV HW
FRQVHUYH]OHV SRXU UpIpUHQFHV
XOWpULHXUHV
'(6&5,37,21 '( 9275( &8,6,1,(5(
/H EDQGHDX GH FRPPDQGHV
➀ &RPPDQGH GX VpOHFWHXU GH IRQFWLRQV GX IRXU HW GH OD WHPSpUDWXUH SUpUpJOpH
➁ 3URJUDPPDWHXU pOHFWURQLTXH
➂ 9R\DQW ´PDUFKHµ WDEOH
➃ j ➆ &RPPDQGHV GHV IR\HUV GH WDEOH
/D WDEOH GH FXLVVRQ
)R\HU KLOLJKW UDGLDQW
N:
)R\HU KLOLJKW UDGLDQW
N:
9R\DQWV GH FKDOHXU UpVLGXHOOH
)R\HU KDOROLJKW KDORJqQH
N:
)R\HU KLOLJKW UDGLDQW
N:
/·,17(5,(85 '8 )285
➀ *UDGLQV
➁ *ULO
➂ (OpPHQW FKDXIIDQW VXSpULHXU
➃ (FODLUDJH GX IRXU
➄ (OpPHQW FKDXIIDQW LQIpULHXU VLWXp VRXV OD VROH
➅ (QWUDvQHPHQW GH OD EURFKH
➊ j➎
1LYHDX[ GH JUDGLQV
/( 352*5$00$7(85 (/(&7521,48(
➀ 0DQHWWH GH VpOHFWHXU GH IRQFWLRQV GX IRXU
HW GH OD WHPSpUDWXUH SUpUpJOpH
➁ %RXWRQ GH YLVXDOLVDWLRQ GHV LQIRUPDWLRQV WHPSV
WHPSpUDWXUHV
➅ %RXWRQ GH UpJODJH GH OD GXUpH GH FXLVVRQ
➆ %RXWRQ GH UpJODJH GH OD ILQ GH FXLVVRQ
➇ 9R\DQW GH UpJXODWLRQ
➂ %RXWRQ G·DMXVWHPHQW ´0RLQVµ
➈ 9R\DQW PDUFKH DUUrW
➃ %RXWRQ G·DMXVWHPHQW ´3OXVµ
➉ 9R\DQWV GH SURJUDPPDWHXU
➄ %RXWRQ GH UpJODJH GX PLQXWHXU
/HV YR\DQWV GH SURJUDPPDWHXU SODFpV DXGHVVXV
GHV ERXWRQV GH UpJODJH FOLJQRWHQW GqV TXH YRXV
DFWLRQQH]
OHV
ERXWRQV
GH
UpJODJH
FRUUHVSRQGDQWV 7DQW TXH OH YR\DQW FOLJQRWH YRXV
SRXYH] PRGLILHU OH UpJODJH FRUUHVSRQGDQW
/D ODPSH GH IRXU V·DOOXPH DX GpEXW GH WRXWH
FXLVVRQ SURJUDPPpH RX QRQ HW UHVWH DOOXPpH
SHQGDQW WRXWH OD FXLVVRQ
0LVH j O·KHXUH GH O·KRUORJH
'qV TXH OD FXLVLQLqUH HVW UDFFRUGpH
pOHFWULTXHPHQW V·DIILFKH 3RXU OD PLVH j
O·KHXUH SUHVVH] VLPXOWDQpPHQW OHV ERXWRQV
µGXUpHµ HW µILQ GH FXLVVRQµ SHQGDQW HQYLURQ VHFRQGHV FOLJQRWH
5HOkFKH] OHV ERXWRQV µGXUpHµ HW µILQ GH FXLVVRQµ
HW
DFWLRQQH] OH ERXWRQ
GH O·KHXUH H[DFWH
RX
MXVTX·j O·DIILFKDJH
0RGLILFDWLRQ GH OD WHPSpUDWXUH
'qV OD VpOHFWLRQ GH OD SRVLWLRQ GH FXLVVRQ OD
WHPSpUDWXUH SUpUpJOpH V·DIILFKH YRXV SRXYH]
OD PRGLILHU HQ DSSX\DQW VXU OHV ERXWRQV
RX
/D WHPSpUDWXUH FKRLVLH UHVWH DIILFKpH SHQGDQW
HQYLURQ PLQXWH (QVXLWH O·KHXUH V·DIILFKH GH
QRXYHDX
(Q FRXUV GH FXLVVRQ DSSX\H] VXU OH ERXWRQ
µWHPSpUDWXUHµ MXVTX·j FH TXH OD WHPSpUDWXUH
RX
SRXU OD PRGLILHU
V·DIILFKH $SSX\H] VXU
8WLOLVDWLRQ GX PLQXWHXU IRQFWLRQ ´VDEOLHUµ
$SSX\H] VXU OH ERXWRQ µPLQXWHXUµ /H YR\DQW
µPLQXWHXUµ FOLJQRWH
$SSX\H] VXU
MXVTX·j O·DIILFKDJH GX WHPSV
VRXKDLWp
/RUVTXH OH ELS VRQRUH UHWHQWLW DSSX\H] VXU
Q·LPSRUWH TXHO ERXWRQ SRXU O·DUUrWHU
&XLVVRQ SURJUDPPpH
'pSDUW LPPpGLDW
7RXUQH] OD PDQHWWH GX VpOHFWHXU GH IRQFWLRQV VXU
OD SRVLWLRQ FKRLVLH HW PRGLILH] OH FDV pFKpDQW OD
WHPSpUDWXUH /H YR\DQW µPDUFKHµ V·DOOXPH HW OH
YR\DQW µUpJXODWLRQµ FOLJQRWH
$SSX\H] VXU OH ERXWRQ µGXUpH GH FXLVVRQµ OH
YR\DQW µGXUpH GH FXLVVRQµ FOLJQRWH
$SSX\H] VXU OH ERXWRQ
FXLVVRQ
SRXU UpJOHU OH WHPSV GH
9RXV DYH] pJDOHPHQW OD SRVVLELOLWp GH GLIIpUHU OH
GpSDUW $SSX\H] VXU OH ERXWRQ ´ILQ GH FXLVVRQµ /H
YR\DQW µILQ GH FXLVVRQµ FOLJQRWH
$SSX\H] LPPpGLDWHPHQW VXU OH ERXWRQ
SRXU
UpJOHU O·KHXUH GH ILQ GH FXLVVRQ
/H YR\DQW µUpJXODWLRQµ V·pWHLQW
8Q VLJQDO VRQRUH YRXV DYHUWLW GH OD ILQ GH OD
FXLVVRQ $SSX\H] VXU Q·LPSRUWH TXHO ERXWRQ SRXU
OH VWRSSHU 9RWUH IRXU V·DUUrWH GH FKDXIIHU
5DPHQH] OD PDQHWWH GH VpOHFWHXU VXU OD SRVLWLRQ
DUUrW
6L YRXV YRXOH] DQQXOHU OH WHPSV GH FXLVVRQ PHWWH] OD
PDQHWWH GH VpOHFWHXU VXU OD SRVLWLRQ DUUrW
/H SURJUDPPDWHXU FDOFXOHUD DXWRPDWLTXHPHQW O·KHXUH
GH GpEXW GH FXLVVRQ
$X ERXW GH TXHOTXHV VHFRQGHV OH WHPSV GH FXLVVRQ
SURJUDPPp V·DIILFKH j QRXYHDX
$X PRPHQW R OH IRXU VH PHW HQ URXWH OD ODPSH GH IRXU
V·DOOXPH HW UHVWH DOOXPpH SHQGDQW WRXWH OD FXLVVRQ /H
YR\DQW µUpJXODWLRQµ FOLJQRWH WDQW TXH OD WHPSpUDWXUH
SURJUDPPpH Q·HVW SDV DWWHLQWH
9RXV SRXYH] j WRXW PRPHQW PRGLILHU OD GXUpH RX
O·KHXUH GH ILQ GH FXLVVRQ HQ DSSX\DQW UHVSHFWLYHPHQW
VXU OHV ERXWRQV µGXUpH GH FXLVVRQµ RX µILQ GH
RX
FXLVVRQµ SXLV VXU OH ERXWRQ
3RXU DIILFKHU O·KHXUH GX MRXU DSSX\H] VXU OH ERXWRQ
µWHPSpUDWXUHµ
3RXU DQQXOHU YRWUH SURJUDPPDWLRQ PHWWH] OH
VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ DUUrW
9LVXDOLVDWLRQ GHV LQIRUPDWLRQV
$SSX\H] VXU OH ERXWRQ ´WHPSpUDWXUHµ SRXU
YLVXDOLVHU OD WHPSpUDWXUH GH FXLVVRQ VpOHFWLRQQpH OH ´Fµ HVW SRVLWLRQQp HQ KDXW
H[HPSOH
j GURLWH GH OD WHPSpUDWXUH OD WHPSpUDWXUH UpHOOH j O·LQWpULHXU GX IRXU OH ´Fµ HVW SRVLWLRQQp HQ EDV j
H[HPSOH
GURLWH GH OD WHPSpUDWXUH O·KHXUH GX MRXU
$SSX\H] VXU OH ERXWRQ µILQ GH FXLVVRQµ SRXU
YLVXDOLVHU
O·KHXUH GH ILQ GH FXLVVRQ RX GH QHWWR\DJH
S\URO\WLTXH SURJUDPPpH
$SSX\H] VXU OHV ERXWRQV ´PLQXWHXUµ RX ´GXUpH GH
FXLVVRQµ SRXU YLVXDOLVHU OHV WHPSV SURJUDPPpV
6pFXULWp HQIDQW
3RXU pYLWHU WRXW ULVTXH GH PLVH HQ URXWH LQWHPSHVWLYH
GX IRXU SDU XQ HQIDQW YRWUH IRXU FRPSRUWH XQ V\VWqPH
GH YHUURXLOODJH
/H IRXU pWHLQW DSSX\H] VLPXOWDQpPHQW VXU OHV SDV SOXV
SUHPLqUHV WRXFKHV µWHPSpUDWXUHµ HW
GH VHFRQGHV XQ ELS VRQRUH UHWHQWLW XQ SRLQW
URXJH FOLJQRWH HQ EDV j GURLWH GH O·KHXUH
/RUVTXH OD VpFXULWp HQIDQW HVW HQFOHQFKpH OHV
pOpPHQWV FKDXIIDQWV GX IRXU QH IRQFWLRQQHQW SDV
3RXU GpYHUURXLOOHU DSSX\H] GH QRXYHDX VXU OHV
XQ ELS VRQRUH
WRXFKHV ´WHPSpUDWXUHµ HW
UHWHQWLW OH SRLQW URXJH V·pWHLQW YRWUH IRXU HVW GH
QRXYHDX SUrW j IRQFWLRQQHU
&216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21
/D WDEOH GH FXLVVRQ
$YDQW OD SUHPLqUH XWLOLVDWLRQ GHV IR\HUV QHWWR\H] OH
SODQ GH FXLVVRQ DYHF XQH pSRQJH KXPLGH HW VpFKH]
DYHF XQ FKLIIRQ SURSUH HW VHF
/H IRXU
3UHPLHU QHWWR\DJH
(QOHYH] OHV DFFHVVRLUHV HW ODYH]OHV j O·HDX
VDYRQQHXVH HQ SUHQDQW VRLQ GH ELHQ OHV ULQFHU HW OHV
HVVX\HU
3UHPLqUH RSpUDWLRQ
$YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH IRXU
IDLWHVOH FKDXIIHU XQH IRLV j YLGH
$VVXUH]YRXV DORUV TXH OD SLqFH VRLW
VXIILVDPPHQW DpUpH 90& YHQWLODWLRQ
PpFDQLTXH FRQWU{OpH HQ IRQFWLRQQHPHQW
RX IHQrWUH RXYHUWH
&RPPHQW SURFpGHU "
(QOHYH] WRXV OHV DFFHVVRLUHV GX IRXU
5HWLUH] OHV pWLTXHWWHV SXEOLFLWDLUHV HW OHV
DXWRFROODQWV VDXI OD SODTXH VLJQDOpWLTXH TXL
SRXUUDLHQW VH WURXYHU VXU OD IDoDGH GH YRWUH
DSSDUHLO
0HWWH] OH SURJUDPPDWHXU j O·KHXUH YRLU FKDSLWUH
´/H SURJUDPPDWHXU pOHFWURQLTXHµ 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
HW DXJPHQWH] OD WHPSpUDWXUH MXVTX·j &
)DLWHV FKDXIIHU SHQGDQW XQH KHXUH DILQ G·pOLPLQHU
O·RGHXU SURYHQDQW GX FDORULIXJH
/H PRGH OD GXUpH HW OD WHPSpUDWXUH GH FXLVVRQ
LQGLTXpV GDQV OHV JXLGHV GH FXLVVRQV VRQW DGDSWpV j
YRWUH QRXYHOOH FXLVLQLqUH 3RXU REWHQLU GH ERQV
UpVXOWDWV FXOLQDLUHV VXLYH] FHV LQGLFDWLRQV
&200(17 87,/,6(5 /$ 7$%/( '( &8,6621
/HV IR\HUV KLOLJKW UDGLDQW
/HV ]RQHV GH FXLVVRQ URXJHRLHQW HQYLURQ VHFRQGHV
DSUqV OHXU PLVH HQ IRQFWLRQQHPHQW (OOHV V·pFODLUHQW HW
V·DVVRPEULVVHQW DX FRXUV GH OHXU XWLOLVDWLRQ
UHSRUWH]YRXV DX FKDSLWUH ´*XLGHV GHV FXLVVRQVµ &KDTXH IR\HU GH FXLVVRQ HVW SURWpJp SDU XQ OLPLWHXU GH
WHPSpUDWXUH TXL DUUrWH OH IRQFWLRQQHPHQW GX IR\HU HQ
FDV GH VXUFKDXIIH IRQFWLRQQHPHQW j YLGH SDU
H[HPSOH 3RXU DOOXPHU XQ IR\HU
7RXUQH] OD FRPPDQGH YHUV OD GURLWH RX YHUV OD
JDXFKH
$PHQH] OD PDQHWWH VXU OH UHSqUH PD[LPXP
SHQGDQW TXHOTXHV VHFRQGHV SXLV UDPHQH]OD VXU
OH UHSqUH FKRLVL OH YR\DQW ´PDUFKHµ V·DOOXPH
6pFXULWp
&KDTXH IR\HU SRVVqGH XQ YR\DQW GH FKDOHXU
UpVLGXHOOH WpPRLQ GH VpFXULWp &H YR\DQW V·DOOXPH
GqV TXH OH IR\HU HVW FKDXG /RUVTXH YRXV DUUrWH]
XQ IR\HU OH YR\DQW UHVWH DOOXPp WDQW TXH OD FKDOHXU
GpJDJpH SDU OH IR\HU SUpVHQWH XQ ULVTXH GH EUOXUH
PrPH VL OH IR\HU QH URXJHRLH SOXV
1RXV YRXV FRQVHLOORQV GH WHQLU pORLJQpV OHV MHXQHV
HQIDQWV GH O·DSSDUHLO MXVTX·j O·H[WLQFWLRQ GH FHV
WpPRLQV OXPLQHX[
9HLOOH] j QH SRVHU VXU OD WDEOH GH FXLVVRQ DXFXQ
REMHW RX DOLPHQW VXVFHSWLEOH GH IRQGUH XVWHQVLOHV
DYHF PDQFKH HQ SODVWLTXH IHXLOOH G·DOXPLQLXP
DOLPHQW FRQWHQDQW GX VXFUH HWF HQ FDV
G·LQFLGHQW QHWWR\H] LPPpGLDWHPHQW
$ OD VXLWH G·XQ FKRF VL YRWUH WDEOH HVW
HQGRPPDJpH pFODW IpOXUH GpEUDQFKH] YRWUH
DSSDUHLO HW DSSHOH] OH 6HUYLFH $SUqV9HQWH
1H IDLWHV MDPDLV IRQFWLRQQHU YRWUH WDEOH GH FXLVVRQ
j YLGH VDQV UpFLSLHQW GHVVXV 3RXU pWHLQGUH XQ IR\HU
5DPHQH] OD FRPPDQGH VXU OD SRVLWLRQ ´µ
/H YR\DQW ´PDUFKHµ V·pWHLQW VDXI VL XQ DXWUH IR\HU
IRQFWLRQQH
/H IR\HU KDOROLJKW KDORJqQH
&H IR\HU URXJLW GqV VD PLVH HQ PDUFKH 6D SXLVVDQFH
HVW PRGXOpH SDU XQ UpJXODWHXU TXL V·DOOXPH HW V·pWHLQW
j LQWHUYDOOHV UpJXOLHUV &H IR\HU FRQYLHQW WRXW
SDUWLFXOLqUHPHQW DX[ FXLVVRQV j GpPDUUDJH UDSLGH
UHSRUWH]YRXV DX FKDSLWUH ´*XLGHV GHV FXLVVRQVµ 3RXU DOOXPHU XQ IR\HU
7RXUQH] OD FRPPDQGH YHUV OD GURLWH RX YHUV OD
JDXFKH MXVTX·DX UHSqUH FKRLVL OH YR\DQW ´PDUFKHµ
V·DOOXPH
3RXU pWHLQGUH XQ IR\HU
5DPHQH] OD FRPPDQGH VXU OD SRVLWLRQ ´µ
/H YR\DQW ´PDUFKHµ V·pWHLQW VDXI VL XQ DXWUH IR\HU
IRQFWLRQQH
/H YR\DQW ´PDUFKHµ
,O V·DOOXPH GqV TXH YRXV WRXUQH] XQH PDQHWWH GHV
IR\HUV GH WDEOH ,O V·pWHLQW ORUVTXH YRXV OD UDPHQH] VXU
OD SRVLWLRQ ´µ
&200(17 87,/,6(5 /( )285
/HV FRPPDQGHV GH IRXU
/H FKRL[ GX PRGH GH FXLVVRQ V·HIIHFWXH j O·DLGH GX
VpOHFWHXU GH IRQFWLRQV GX IRXU
/RUVTXH YRXV VpOHFWLRQQH] XQ PRGH GH FXLVVRQ OD
WHPSpUDWXUH HVW SUpUpJOpH LO HVW SRVVLEOH GH OD
PRGLILHU
PD[
3RXU O·DXJPHQWHU DSSX\H] VXU OD WRXFKH
&
PLQ
3RXU OD GLPLQXHU DSSX\H] VXU OD WRXFKH
& 5HSRUWH]YRXV DX SDUDJUDSKH ´OH SURJUDPPDWHXU
pOHFWURQLTXHµ
/·pFODLUDJH IRQFWLRQQH GqV TXH OD FRPPDQGH GX
VpOHFWHXU GH IRQFWLRQV HVW WRXUQpH /H IRXU UHVWH
pFODLUp SHQGDQW OD GXUpH GH IRQFWLRQQHPHQW VDXI
SHQGDQW OH QHWWR\DJH S\URO\WLTXH
LO
V·pWHLQW
DXWRPDWLTXHPHQW
ORUVTXH
SURJUDPPDWHXU HVW HQ DWWHQWH GH FXLVVRQ
OH
LO V·DOOXPH GqV TXH OD FXLVVRQ SURJUDPPpH
FRPPHQFH
LO V·pWHLQW HQ ILQ GH SURJUDPPDWLRQ GX WHPSV GH
FXLVVRQ
/HV GLIIpUHQWV V\PEROHV GX VpOHFWHXU
3RVLWLRQV GH FXLVVRQ
7HPSpUDWXUHV
SUpUpJOpHV
3RVLWLRQ DUUrW
&XLVVRQ WUDGLWLRQQHOOH
&
*ULO
&
&XLVVRQ DX PD[L JULO HW
DX WRXUQHEURFKH
&
&XLVVRQ GHV YLDQGHV
&
&XLVVRQ SDU O·pOpPHQW FKDXIIDQW
&
LQIpULHXU
0DLQWLHQ DX FKDXG
&
&XLVVRQ WUDGLWLRQQHOOH
DYHF SUpFKDXIIDJH LQWpJUp
&
1HWWR\DJH S\URO\WLTXH
/H YR\DQW ´PDUFKHµ
,O V·DOOXPH GqV TXH OH IRXU HVW VRXV WHQVLRQ
/H YR\DQW ´UpJXODWLRQµ
,O FOLJQRWH GqV TXH YRXV PHWWH] OH IRXU HQ
IRQFWLRQQHPHQW ,O UHVWH DOOXPp ORUVTXH OH IRXU D DWWHLQW
OD WHPSpUDWXUH GpVLUpH
/H GLVSRVLWLI G·DUUrW GH VpFXULWp
/H IRXU HVW pTXLSp G·XQ GLVSRVLWLI G·DUUrW DXWRPDWLTXH
6L YRXV DYH] RXEOLp GH IL[HU XQH OLPLWH GH WHPSV GH
FXLVVRQ SDU H[HPSOH OH IRQFWLRQQHPHQW V·DUUrWHUD
DXWRPDWLTXHPHQW DSUqV KHXUH HW PLQXWHV RX KHXUHV VHORQ OD WHPSpUDWXUH GH FXLVVRQ
SUpVpOHFWLRQQpH
/H YHQWLODWHXU GH UHIURLGLVVHPHQW
/H YHQWLODWHXU GH UHIURLGLVVHPHQW SHUPHW GH PDLQWHQLU
O·HQYLURQQHPHQW GH OD FXLVLQLqUH EDQGHDX GH
FRPPDQGHV j IDLEOH WHPSpUDWXUH ,O GpPDUUH HW
V·DUUrWH DXWRPDWLTXHPHQW HW LO HVW QRUPDO TXH YRXV
O·HQWHQGLH] HQFRUH TXHOTXHV LQVWDQWV DSUqV O·DUUrW WRWDO
GH YRWUH IRXU
$SUqV
XWLOLVDWLRQ
GH
YRWUH
IRXU
DVVXUH]YRXV TXH OD FRPPDQGH GH
VpOHFWHXU GH IRQFWLRQV VH WURXYH VXU OD
SRVLWLRQ $UUrW /HV DFFHVVRLUHV GX IRXU
(Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH
FXLVLQLqUH QRXV YRXV FRQVHLOORQV GH
Q·XWLOLVHU TXH GHV SODWV HW GHV PRXOHV j
JkWHDX[
UpVLVWDQW
j
GH
KDXWHV
WHPSpUDWXUHV VXLYH] OHV LQVWUXFWLRQV GHV
IDEULFDQWV /D JULOOH VXSSRUW GH SODW
9RWUH FXLVLQLqUH HVW pTXLSpH GH
JULOOH VXSSRUW
SODWHDX PXOWLXVDJHV
WRXUQHEURFKH
'pKDQFKHPHQW YHUV OH KDXW
/D JULOOH VXSSRUW GH SODW
(OOH SHUPHW GH SRVHU OHV SODWV U{WLV JUDWLQV OHV
PRXOHV j SkWLVVHULH HWF 9RWUH SODW GRLW rWUH FHQWUp VXU
OD JULOOH
9RXV SRXYH] O·XWLOLVHU GDQV OHV VHQV GH
GpKDQFKHPHQW SRXU DMXVWHU OD SRVLWLRQ GH YRV SODWV SDU
UDSSRUW j OD VRXUFH GH FKDOHXU
3RXU OHV SUpSDUDWLRQV WUqV ORXUGHV SOXV GH NJ SRVLWLRQQH] OD JULOOH VXSSRUW GH SODW GpKDQFKHPHQW
YHUV OH KDXW
/H SODWHDX PXOWLXVDJHV
'pKDQFKHPHQW YHUV OH EDV
/H SODWHDX PXOWLXVDJHV
3ODQ LQFOLQp
YHUV O·DYDQW
,O HVW HPSOR\p SRXU OD FXLVVRQ RX OH UpFKDXIIDJH GH
SL]]DV GH SHWLWV JkWHDX[ LQGLYLGXHOV SRVpV
GLUHFWHPHQW GHVVXV
2Q O·XWLOLVH DXVVL SRXU UHFXHLOOLU OH MXV GHV JULOODGHV RX
GHV FXLVVRQV DX WRXUQHEURFKH
1RXV YRXV UHFRPPDQGRQV GH JOLVVHU OH SODWHDX GDQV
OHV JUDGLQV OHV SHWLWV WURXV FLUFXODLUHV YHUV O·DUULqUH
IRQG GX IRXU HW OH SODQ LQFOLQp YHUV O·DYDQW F{Wp SRUWH
GH IRXU 3HWLWV WURXV
FLUFXODLUHV
YHUV O·DUULqUH
3UHQH] OD SUpFDXWLRQ GH FHQWUHU OH SODWHDX
PXOWLXVDJHV GDQV OH IRXU SRXU SHUPHWWUH XQH
ERQQH FLUFXODWLRQ G·DLU HW REWHQLU XQH FXLVVRQ
KRPRJqQH
3RXU YRXV VLPSOLILHU OH QHWWR\DJH FH SODWHDX
PXOWLXVDJHV HVW S\URO\VDEOH 9RXV SRXYH] OH ODLVVHU
GDQV YRWUH IRXU ORUV GX QHWWR\DJH S\URO\WLTXH HQ
VXLYDQW TXHOTXHV FRQVHLOV YRLU FKDSLWUH ´(175(7,(1
(7 1(772<$*(µ /H WRXUQHEURFKH
)RXUFKHWWHV
/H WRXUQHEURFKH
,O HVW FRPSRVp GH
EURFKH
IRXUFKHWWHV
VXSSRUW GH EURFKH
%URFKH
6XSSRUW GH EURFKH
/D FXLVVRQ WUDGLWLRQQHOOH
7HPSpUDWXUH SUp UpJOpH &
(OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW
GH SkWLVVHULH GH SRLVVRQV GH WHUULQHV HW GH
SUpSDUDWLRQV j EDVH GH OpJXPHV
/H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH
&RPPHQW SURFpGHU "
3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ GH FXLVVRQ
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH UHSRUWH]YRXV DX SDUDJUDSKH ´OH
SURJUDPPDWHXU pOHFWURQLTXHµ (QIRXUQH] YRWUH SODW ORUVTXH OH ELS VRQRUH YRXV
LQGLTXH TXH OD WHPSpUDWXUH SUpUpJOpH HVW DWWHLQWH
/H YR\DQW GH UpJXODWLRQ GHYLHQW IL[H
/D FXLVVRQ DX JULO
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH
IDLWHV VRXV YRWUH VXUYHLOODQFH
/·XWLOLVDWLRQ GX JULO VH IDLW SRUWH IHUPpH
7HPSpUDWXUH SUp UpJOpH &
6XU FHWWH SRVLWLRQ VHXO O·pOpPHQW LQWpULHXU GX JULO
IRQFWLRQQH
&H PRGH GH FXLVVRQ VHUW j JULOOHU OHV SLqFHV GH YLDQGH
SHX pSDLVVHV F{WHV GH SRUF VDXFLVVHV HW HQ SHWLWH
TXDQWLWp
9RXV SRXYH] pJDOHPHQW JULOOHU GHV WRDVWV RX GHV SHWLWV
SRLVVRQV VDUGLQHV &RPPHQW SURFpGHU "
/HV JULOODGHV
/HV JUDWLQV
3UpFKDXIIH] YRWUH IRXU VXU OD SRVLWLRQ JULO
0RGLILH] pYHQWXHOOHPHQW
OD WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ 3UpFKDXIIH] YRWUH IRXU VXU OD SRVLWLRQ JULO
3UpSDUH] OD SLqFH j JULOOHU
3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH]
O·HQVHPEOH DX JUDGLQ ➂ RX ➃
3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW
*OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
*OLVVH] OD JULOOH VXSSRUW DX JUDGLQ ➂ RX ➃ VXLYDQW
O·pSDLVVHXU GH OD SLqFH j JULOOHU
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ /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
3UpIpUH] OH JUDGLQ ➄ SRXU OHV SLqFHV j JULOOHU
PLQFHV WRDVWV F{WHV GH SRUF VDXFLVVHV SHWLWV
SRLVVRQV /RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD
SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH
VRQ MXV
)DLWHV JULOOHU OD GHX[LqPH IDFH
6DOH] HQ ILQ GH FXLVVRQ
/H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp HQ IRQWLRQ GH
O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ SDU VRQ SRLGV
/D FXLVVRQ DX PD[L JULO
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH
IDLWHV VRXV YRWUH VXUYHLOODQFH
/·XWLOLVDWLRQ GX JULO VH IDLW SRUWH IHUPpH
7HPSpUDWXUH SUp UpJOpH &
6XU FHWWH SRVLWLRQ O·pOpPHQW LQWpULHXU HW H[WpULHXU GX
JULO IRQFWLRQQHQW
&H PRGH GH FXLVVRQ VHUW j JULOOHU OHV SLqFHV GH YLDQGH
HQ JUDQGH TXDQWLWp RX pSDLVVHV F{WH GH ERHXI DLQVL TXH GHV SRLVVRQV
9RXV SRXYH] DXVVL JUDWLQHU YRV SUpSDUDWLRQV GpMj
FXLWHV HW FKDXGHV
&RPPHQW SURFpGHU "
/HV JULOODGHV
/HV JUDWLQV
3UpFKDXIIH] YRWUH IRXU VXU OD SRVLWLRQ PD[L JULO
0RGLILH] pYHQWXHOOHPHQW
OD WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJUDSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ 3UpFKDXIIH] YRWUH IRXU VXU OD SRVLWLRQ PD[L JULO
3UpSDUH] OD SLqFH j JULOOHU
3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH]
O·HQVHPEOH DX JUDGLQ ➂ RX ➃
3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW
*OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
*OLVVH] OD JULOOH VXSSRUW DX JUDGLQ ➂ RX ➃ VXLYDQW
O·pSDLVVHXU GH OD SLqFH j JULOOHU
3UpIpUH] OH JUDGLQ ➄ SRXU OHV SLqFHV j JULOOHU
PLQFHV WRDVWV F{WHV GH SRUF VDXFLVVHV SHWLWV
SRLVVRQV RX
3UpIpUH] OH JUDGLQ ➃ SRXU OHV SLqFHV j JULOOHU
pSDLVVHV
F{WH GH ERHXI JURV SRLVVRQV
PRUFHDX[ GH SRXOHW /RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD
SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH
VRQ MXV
)DLWHV JULOOHU OD GHX[LqPH IDFH
6DOH] HQ ILQ GH FXLVVRQ
/H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp HQ IRQWLRQ GH
O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ SDU VRQ SRLGV
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJUDSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ /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
7HPSpUDWXUH SUp UpJOpH &
&RPPHQW SURFpGHU "
(QILOH] XQH IRXUFKHWWH VXU OD EURFKH SXLV OD SLqFH
j U{WLU HQ YHLOODQW j FH TX·HOOH VRLW ELHQ FHQWUpH
(QILOH] HQVXLWH OD GHX[LqPH IRXUFKHWWH
%ORTXH] OHV IRXUFKHWWHV j O·DLGH GHV YLV
3RVH] OD EURFKH VXU OH VXSSRUW HW JOLVVH]
O·HQVHPEOH DX JUDGLQ ➂
/H WRXUQHEURFKH
3RXVVH] OD EURFKH SRXU HQJDJHU VRQ H[WUpPLWp
GDQV OH FDUUp G·HQWUDvQHPHQW GH OD EURFKH RULILFH
VLWXp DX IRQG GX IRXU j JDXFKH )RXUFKHWWHV
%URFKH
*OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀
)HUPH] OD SRUWH GX IRXU
6XSSRUW GH EURFKH
3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
HW PRGLILH] pYHQWXHOOHPHQW OD WHPSpUDWXUH
SUpUpJOpH VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV
GDQV OH JXLGH GHV FXLVVRQV UHSRUWH]YRXV DX
SDUDJUDSKH ´OH SURJUDPPDWHXU pOHFWURQLTXHµ 9pULILH] TXH OD EURFKH WRXUQH
3RXU VRUWLU OD SLqFH U{WLH UHPHWWH] 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
/D FXLVVRQ GHV YLDQGHV
7HPSpUDWXUH SUp UpJOpH &
/D FXLVVRQ VH IDLW SDU FRQYHFWLRQ QDWXUHOOH
&HWWH SRVLWLRQ HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ
GHV YLDQGHV
/D FKDOHXU SURYHQDQW GH OD VROH HVW OLPLWpH DILQ TXH OHV
SURMHFWLRQV QH EUOHQW SDV VXU OD VROH
/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
&HWWH SRVLWLRQ GH FXLVVRQ HVW GRWpH G·XQ SUpFKDXIIDJH
DXWRPDWLTXH 1RXV YRXV FRQVHLOORQV GH QH SDV
HQIRXUQHU OHV YLDQGHV j IURLG PDLV G·DWWHQGUH OD ILQ GX
SUpFKDXIIDJH OH ELS VRQRUH UHWHQWLW HW OH YR\DQW GH
UpJXODWLRQ GHYLHQW IL[H $LQVL OHV YLDQGHV VHURQW
PLHX[ VDLVLHV HW OD FXLVVRQ VHUD SOXV PRHOOHXVH
&RPPHQW SURFpGHU "
3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH UHSRUWH]YRXV DX SDUDJUDSKH ´ OH
SURJUDPPDWHXU pOHFWURQLTXHµ 'qV TXH OH ELS VRQRUH YRXV LQGLTXH TXH OD
WHPSpUDWXUH SUpUpJOpH HVW DWWHLQWH OH YR\DQW GH
UpJXODWLRQ GHYLHQW IL[H HQIRXUQH] OD SLqFH j U{WLU
/D FXLVVRQ SDU O·pOpPHQW FKDXIIDQW
LQIpULHXU
7HPSpUDWXUH SUp UpJOpH &
&HWWH SRVLWLRQ HVW SDUWLFXOLqUHPHQW DGDSWpH SRXU OD
FXLVVRQ GHV SL]]D GHV WDUWHV j EDVH GH IUXLWV IUDLV HW
GHV IODQV
&RPPHQW SURFpGHU "
3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH UHSRUWH]YRXV DX SDUDJUDSKH ´OH
SURJUDPPDWHXU pOHFWURQLTXHµ (QIRXUQH] YRWUH SODW TXDQG OH YR\DQW UpJXODWLRQ
DUUrWH GH FOLJQRWHU HW TX·LO UHVWH IL[H
/H PDLQWLHQ DX FKDXG
7HPSpUDWXUH SUp UpJOpH &
9RXV XWLOLVHUH] FHWWH SRVLWLRQ SRXU OHV SODWV GpMj FXLWV
TXH YRXV VRXKDLWH] PDLQWHQLU DX FKDXG VDQV WRXWHIRLV
HQ FRQWLQXHU OD FXLVVRQ
&RPPHQW SURFpGHU "
(QYLURQ PLQXWHV DYDQW OD ILQ GH OD FXLVVRQ SODFH]
OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
/D WHPSpUDWXUH HVW DXWRPDWLTXHPHQW SUpUpJOpH j
&
/D WHPSpUDWXUH GpFURLW SXLV VH PDLQWLHQW j &
&HWWH SRVLWLRQ FRQYLHQW SOXV SDUWLFXOLqUHPHQW DX
PDLQWLHQ DX FKDXG GHV SODWV j EDVH GH OpJXPHV
JUDWLQV HWF DX[ YLDQGHV EODQFKHV PDLV QH
FRQYLHQW SDV DX[ YLDQGHV URXJHV TXH YRXV VRXKDLWH]
FRQVRPPHU VDLJQDQWHV QL DX[ SkWLVVHULHV
/D FXLVVRQ WUDGLWLRQQHOOH DYHF SUpFKDXIIDJH LQWpJUp
7HPSpUDWXUH SUp UpJOpH &
&HWWH SRVLWLRQ FRQYLHQW SRXU OHV FXLVVRQV GH JUDWLQV
GHV SUpSDUDWLRQV j EDVH GH OpJXPHV HW GHV SODWV WRXW
SUrWV IUDLV RX VXUJHOpV j UHFKDXIIHU VDQV
GpFRQJpODWLRQ SUpDODEOH
6XU FHWWH SRVLWLRQ OD PRQWpH HQ WHPSpUDWXUH GX IRXU
HVW WUqV UDSLGH UHQGDQW LQXWLOH OH SUpFKDXIIDJH
'H FH IDLW FHWWH SRVLWLRQ QH FRQYLHQW SDV j OD FXLVVRQ
GHV SkWLVVHULHV GpOLFDWHV SRXU OHVTXHOOHV YRXV
SUpIpUHUH] OD SRVLWLRQ
&RPPHQW SURFpGHU "
3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ
0RGLILH]
pYHQWXHOOHPHQW
OD
WHPSpUDWXUH
SUpUpJOpH UHSRUWH]YRXV DX SDUDJUDSKH ´OH
SURJUDPPDWHXU pOHFWURQLTXHµ (QIRXUQH] YRWUH SODW LPPpGLDWHPHQW
5pJOH] OD WHPSpUDWXUH HQWUH & HW & VHORQ OD
QDWXUH GX SODW
$ WLWUH G·H[HPSOH YRXV WURXYHUH] FLGHVVRXV
TXHOTXHV SUpSDUDWLRQV SRXU OHVTXHOOHV FHWWH SRVLWLRQ
FRQYLHQW WRXW SDUWLFXOLqUHPHQW
3RXU OHV SODWV VXUJHOpV GX FRPPHUFH UHSRUWH]YRXV
DX[ LQGLFDWLRQV GH FXLVVRQ HQ IRXU WUDGLWLRQQHO ILJXUDQW
VXU O·HPEDOODJH
*UDGLQ
7HPSpUDWXUH
7HPSV GH FXLVVRQ
$FFHVVRLUHV
0RXVVDND IUDLFKH j UpFKDXIIHU
&
PLQ
SODW HQ YHUUH j IHX
/DVDJQHV IUDLFKHV j UpFKDXIIHU
&
PLQ
SODW HQ YHUUH j IHX
3L]]D FUXH
&
j PLQ
SODWHDX PXOWLXVDJHV RX
WRXUWLqUH
3L]]D SUpFXLWH
&
j PLQ
SODWHDX PXOWLXVDJHV RX
WRXUWLqUH
+DFKLV SDUPHQWLHU VXUJHOp
&
j PLQ
EDUTXHWWH HQ DOXPLQLXP
SRVpH VXU OD JULOOH
7\SH GH PHWV
&216(,/6 '·87,/,6$7,21 /$ 7$%/( '( &8,6621
6pFXULWp
&KRL[ GHV UpFLSLHQWV
/H YHUUH GH YRWUH WDEOH YLWURFpUDPLTXH HVW
LQVHQVLEOH DX[ YDULDWLRQV WKHUPLTXHV LO UpVLVWH DX[
FKRFV OpJHUV &HSHQGDQW LO Q·HVW SDV LQFDVVDEOH
1·XWLOLVH] SDV OD WDEOH GH FXLVVRQ FRPPH SODQ GH
WUDYDLO HW pYLWH] OD FKXWH GH SHWLWV REMHWV IODFRQV
G·pSLFHV XVWHQVLOHV SRLQWXV HWF $ OD VXLWH G·XQ FKRF VL YRWUH WDEOH HVW
HQGRPPDJpH pFODW IpOXUH GpEUDQFKH] YRWUH
DSSDUHLO HW DSSHOH] OH 6HUYLFH $SUqV9HQWH
1H IDLWHV MDPDLV FKDXIIHU XQ UpFLSLHQW YLGH VXU OD
WDEOH GH FXLVVRQ YLWURFpUDPLTXH
1H FXLVH] MDPDLV G·DOLPHQWV GLUHFWHPHQW VXU OHV
]RQHV GH FXLVVRQ RX GDQV GX SDSLHU G·DOXPLQLXP
FHFL SRXUUDLW HQGRPPDJHU YRWUH WDEOH GH FXLVVRQ
GH PDQLqUH GpILQLWLYH
1H SRVH] SDV GH UpFLSLHQW HQ PDWLqUH SODVWLTXH VXU
OHV VXUIDFHV FKDXGHV
&KDTXH IRLV TXH OD UHFHWWH OH SHUPHW FRXYUH]
YRWUH UpFLSLHQW YRXV UpDOLVHUH] GHV pFRQRPLHV
G·pQHUJLH
3HQVH] j UDPHQHU OD PDQHWWH VXU OD SRVLWLRQ ´µ
DYDQW OD ILQ GH OD FXLVVRQ FHOOHFL WHUPLQHUD JUkFH
j OD FKDOHXU DFFXPXOpH FXLVVRQ GHV SkWHV GX UL]
PLMRWDJH 9RXV SRXYH] SURILWHU GH OD FKDOHXU UpVLGXHOOH GH OD
]RQH GH FXLVVRQ SRXU PDLQWHQLU GHV DOLPHQWV DX
FKDXG WDQW TXH OH WpPRLQ HVW DOOXPp
3RXU SUpYHQLU OHV GpERUGHPHQWV ODLW KXLOH
VDXFH SRVLWLRQQH] OD PDQHWWH VXU XQ UHSqUH
SOXV IDLEOH TXHOTXHV PLQXWHV DYDQW O·pEXOOLWLRQ
1·HPSOLVVH] SDV WURS YRV UpFLSLHQWV
1HWWR\H] LPPpGLDWHPHQW OHV GpERUGHPHQWV
LPSRUWDQWV ODLW HDX GH FXLVVRQ GX UL] RX GHV
SkWHV SXLV DFKHYH] OH QHWWR\DJH XQH IRLV OD WDEOH
WLqGH RX IURLGH
%RQQH XWLOLVDWLRQ
j FP GH GLDPqWUH SRXU OH IR\HU DYDQW
GURLW HW DUULqUH JDXFKH
j FP GH GLDPqWUH SRXU OH IR\HU DYDQW
JDXFKH HW DUULqUH GURLW
7RXV OHV UpFLSLHQWV XWLOLVpV VXU OHV SODTXHV
pOHFWULTXHV WUDGLWLRQQHOOHV SHXYHQW rWUH XWLOLVpV VXU
OD WDEOH YLWURFpUDPLTXH j FRQGLWLRQ TXH OHXU IRQG
VRLW SDUIDLWHPHQW SODW (YLWH] OHV FDVVHUROHV HW
IDLWRXWV j IRQG PLQFH HQ DOXPLQLXP RX HQ PpWDO
pPDLOOp OH IRQG ULVTXH GH VH GpIRUPHU QXLVDQW
DLQVL j O·HIILFDFLWp GH OD FXLVVRQ
/HV UpFLSLHQWV HQ IRQWH FRFRWWHV SDU H[HPSOH
FRQYLHQQHQW WRXW j IDLW j O·XWLOLVDWLRQ VXU OD WDEOH GH
FXLVVRQ YLWURFpUDPLTXH PDLV OH IRQG GH FHV
UpFLSLHQWV HVW VRXYHQW UXJXHX[
1H WUDLQH] SDV OHV UpFLSLHQWV VXU OD VXUIDFH GH
FXLVVRQ VRXOHYH]OHV SRXU OHV PDQLSXOHU
0DLQWHQH] SURSUHV HW VHFV OHV IRQGV GHV
UpFLSLHQWV OHV VDOLVVXUHV LQFUXVWpHV VXU OH IRQG
SHXYHQW UD\HU OH YHUUH GH OD WDEOH
/H PDWpULDX GHV UpFLSLHQWV XWLOLVpV SHXW
VHQVLEOHPHQW LQIOXHU VXU OD UDSLGLWp GH FXLVVRQ GHV
DOLPHQWV 1·KpVLWH] SDV j QRWHU YRV UpJODJHV
&RQVHLOV SUDWLTXHV
&KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX
GLDPqWUH GX IR\HU XWLOLVp 0DXYDLVHV XWLOLVDWLRQV
&216(,/6 '·87,/,6$7,21 /( )285
/H SUpFKDXIIDJH VH IDLW VXU OD SRVLWLRQ FKRLVLH SRXU OD
FXLVVRQ XQ ELS VRQRUH YRXV SUpYLHQW ORUVTXH OD
WHPSpUDWXUH SURJUDPPpH HVW DWWHLQWH
&KRL[ GHV UpFLSLHQWV
&RQVHLOV SUDWLTXHV
1H SODFH] MDPDLV OH SDSLHU G·DOXPLQLXP
GLUHFWHPHQW HQ FRQWDFW DYHF OH EDV GH YRWUH
IRXU FHFL HQWUDvQHUDLW XQH GpWpULRUDWLRQ GH
O·pPDLO
/RUV GH VRQ XWLOLVDWLRQ O·DSSDUHLO GHYLHQW
FKDXG 1H SDV WRXFKHU OHV pOpPHQWV
FKDXIIDQWV VLWXpV j O·LQWpULHXU GX IRXU
3RXU SUpVHUYHU OD SURSUHWp GH YRWUH IRXU XQH IHXLOOH
G·DOXPLQLXP LQWHUFDOpH HQWUH OH SODW HW OD JULOOH
VXSSRUW SURWpJHUD OD VROH HQ FDV GH GpERUGHPHQW
$ILQ GH SHUPHWWUH XQH ERQQH FLUFXODWLRQ G·DLU
FHWWH IHXLOOH QH GRLW SDV FRXYULU OD WRWDOLWp GH OD
VXUIDFH GH OD JULOOH
3LTXH] OD SHDX GHV YRODLOOHV HW VDXFLVVHV j O·DLGH
G·XQH IRXUFKHWWH DYDQW FXLVVRQ 9RXV pYLWHUH] TXH
OD SHDX QH JRQIOH HW Q·pFODWH VRXV O·HIIHW GH OD
FKDOHXU
/DLVVH] OH PRLQV GH EDUGH SRVVLEOH DXWRXU GH YRV
U{WLV SRXU UpGXLUH OHV SURMHFWLRQV HW REWHQLU XQ PHWV
PRLQV ULFKH HQ JUDLVVH
1H GpSDVVH] SDV OHV UHSqUHV GH WKHUPRVWDW
SUpFRQLVpV GDQV OH JXLGH GH FXLVVRQV GHV YLDQGHV
3RXU UpDOLVHU GHV pFRQRPLHV G·pQHUJLH
XWLOLVH] OD FKDOHXU UpVLGXHOOH
9RXV rWHV FHUWDLQHPHQW KDELWXpH SRXU
pFRQRPLVHU O·pQHUJLH j DUUrWHU XQH FXLVVRQ
TXHOTXHV PLQXWHV DYDQW OD ILQ GH FHOOHFL ODLVVDQW
OH PHWV GDQV OH IRXU SRXU WHUPLQHU VD FXLVVRQ DYHF
OD FKDOHXU UHVWDQW GDQV OH IRXU
1RXV DYRQV DXWRPDWLVp FHW DYDQWDJH VXU YRWUH
IRXU ORUVTXH YRXV SURJUDPPH] XQ WHPSV GH
FXLVVRQ VXSpULHXU j PLQ OH IRXU FRXSH
DXWRPDWLTXHPHQW OHV pOpPHQWV FKDXIIDQWV
TXHOTXHV PLQXWHV DYDQW O·KHXUH SURJUDPPpH SRXU
OD ILQ GH FXLVVRQ HQYLURQ GX WHPSV GH
FXLVVRQ SURJUDPPp &HWWH UpGXFWLRQ Q·DSSDUDvW SDV VXU O·DIILFKDJH GX
WHPSV LQGLTXp VXU YRWUH SURJUDPPDWHXU ORUVTXH
OH ELS VRQRUH UHWHQWLW j OD ILQ GH OD FXLVVRQ
O·XWLOLVDWLRQ GH OD FKDOHXU UpVLGXHOOH D GpMj pWp SULVH
HQ FRPSWH
)DLWHV VH VXFFpGHU SOXVLHXUV FXLVVRQV YRXV
pFRQRPLVHUH] O·pQHUJLH QpFHVVDLUH DX
SUpFKDXIIDJH GX IRXU (W TXDQG FHOD HVW SRVVLEOH
Q·KpVLWH] SDV j IDLUH FXLUH HQ PrPH WHPSV JkWHDX[ GH 6DYRLH RX FDNHV RX WDUWHV SDU
H[HPSOH
/·pSDLVVHXU OD FRQGXFWLELOLWp HW OD FRXOHXU GHV
UpFLSLHQWV LQIOXHQFHQW OHV UpVXOWDWV FXOLQDLUHV
3HQGDQW OD FXLVVRQ FHUWDLQHV SUpSDUDWLRQV
DXJPHQWHQW GH YROXPH SDU FRQVpTXHQW
FKRLVLVVH] YRV UpFLSLHQWV GH PDQLqUH j FH TXH OD
SUpSDUDWLRQ FUXH ODLVVH OH WLHUV VXSpULHXU GX PRXOH
OLEUH
3RXU SUpYHQLU OHV pFODERXVVXUHV WURS DERQGDQWHV
XWLOLVH] SRXU OD FXLVVRQ GHV U{WLV HW GHV YRODLOOHV
GHV SODWV j ERUGV KDXWV RX GHV FRFRWWHV HQ YHUUH
j IHX PXQLHV GH OHXU FRXYHUFOH GRQW OHV
GLPHQVLRQV VRQW SURSRUWLRQQpHV j OD SLqFH j U{WLU
5pVHUYH] OHV SODWV HQ YHUUH j IHX SRXU YRV JUDWLQV
HW YRV VRXIIOpV
,QIOXHQFH GHV UpFLSLHQWV VXU OHV UpVXOWDWV
GH FXLVVRQ
6DFKH] TXH $ /·DOXPLQLXP OHV SODWV HQ WHUUH FXLWH OD WHUUH j
IHX GLPLQXHQW OD FRORUDWLRQ GHVVRXV HW
SUpVHUYHQW O·KXPLGLWp GHV DOLPHQWV 1RXV YRXV
OHV FRQVHLOORQV SRXU OHV SkWLVVHULHV
PRHOOHXVHV OD FXLVVRQ GHV JUDWLQV GHV U{WLV
% /D IRQWH pPDLOOpH OH IHU pWDPp OH YHUUH HW OD
SRUFHODLQH j IHX OHV UpFLSLHQWV DYHF LQWpULHXU
DQWLDGKpVLI HW H[WpULHXU FRORUp DXJPHQWHQW
OD FRORUDWLRQ GHVVRXV HW IDYRULVHQW OH
GHVVqFKHPHQW GHV DOLPHQWV 1RXV YRXV OHV
FRQVHLOORQV SRXU OHV WDUWHV OHV TXLFKHV HW
WRXWHV FXLVVRQV FURXVWLOODQWHV TXL GRLYHQW rWUH
DXVVL GRUpHV GHVVRXV TXH GHVVXV
9RXV FRQVWDWH]
4XH IDLUH "
'HVVRXV WURS SkOH
SDV DVVH] FXLW
RX GHVVXV WURS IRQFp
3UHQH] XQ PRXOH GX W\SH %
RX
GHVFHQGH] OH PRXOH G·XQ
QLYHDX
'HVVRXV WURS IRQFp
WURS FXLW
RX GHVVXV WURS FODLU
3UHQH] XQ PRXOH GX W\SH $
RX
UHPRQWH] OH PRXOH G·XQ
QLYHDX
*8,'(6 '(6 &8,66216
*XLGH GHV FXLVVRQV VXU OHV IR\HUV KLOLJKW HW KDOROLJKW
3UpSDUDWLRQV
5pJODJH FRQVHLOOp
0DLQWLHQ DX FKDXG PLMRWDJH EHXUUH HW FKRFRODW IRQGXV
6DXFHV GpOLFDWHV
&XLVVRQV GHV SkWHV GX UL] HW GHV SRPPHV GH WHUUH
&XLVVRQV j OD SRrOH YLDQGHV SRPPHV GH WHUUH
)ULWXUHV
*XLGH GHV FXLVVRQV DX JULO PD[L JULO HW WRXUQHEURFKH
7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH
&
1LYHDX GH
FXLVVRQ
JUDGLQ
*ULOOH
VXSSRUW
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
7RXUQHEURFKH SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
F{WHV GH SRUF
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
VDXFLVVHV PHUJXH]
VDXFLVVHV PHUJXH]
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
3RLVVRQV
PRUFHDX[ GH
SRXOHW FXLVVHV
PRUFHDX[ GH
SRXOHW FXLVVHV
SDU
IDFH
SDU
IDFH
SDU
IDFH
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
3UpSDUDWLRQV
*5,//$'(6
3RXOHW DX
WRXUQHEURFKH
F{WHV GH SRUF
3UpFKDXIIDJH
&XLVVRQ
7HPSpUDWXUH
PLQXWHV GH SUpFKDXIIDJH
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW SODWHDX PXOWL XVDJHV
*XLGH GHV FXLVVRQV SDU O·pOpPHQW FKDXIIDQW LQIpULHXU
7HPSpUDWXUH
&
1LYHDX GH
FXLVVRQ
JUDGLQ
4XLFKH ORUUDLQH
*ULOOH VXSSRUW WRXUWLqUH
3L]]D
*ULOOH VXSSRUW WRXUWLqUH
)ODQ SkWH EULVpH
*ULOOH VXSSRUW WRXUWLqUH
)ODQ DX[ IUXLWV IUDLV
SkWH EULVpH
*ULOOH VXSSRUW WRXUWLqUH
)ODQ SkWH IHXLOOHWpH
*ULOOH VXSSRUW WRXUWLqUH
)ODQ DX[ IUXLWV IUDLV
SkWH IHXLOOHWpH
*ULOOH VXSSRUW WRXUWLqUH
3UpSDUDWLRQV
3UpFKDXIIDJH
&XLVVRQ
*ULOOH
VXSSRUW
*XLGH GHV FXLVVRQV DX IRXU
7HPSpUDWXUH
&
1LYHDX GH
FXLVVRQ
JUDGLQ
7HPSV GH
FXLVVRQ
PLQXWHV
$FFHVVRLUHV
5{WL GH ERHXI NJ
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
*LJRW G·DJQHDX
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
5{WL GH SRUF NJ
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
5{WL GH YHDX NJ
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
9RODLOOH NJ
*ULOOH VXSSRUW SODW HQ WHUUH j IHX
3RLVVRQV HQWLHUV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
3RLVVRQV ILOHWV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
*UDWLQ GDXSKLQRLV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
7RPDWHV IDUFLHV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
/DVDJQHV
*ULOOH VXSSRUW SODW HQ YHUUH j IHX
&URWHV IHXLOOHWpHV
6RXIIOp DX IURPDJH
3kWp HQ WHUULQH
3L]]D
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
*ULOOH VXSSRUW PRXOH j VRXIIOp
7HUULQH DX EDLQ PDULH GDQV SODWHDX
PXOWL XVDJHV
*ULOOH VXSSRUW WRXUWLqUH
4XLFKH ORUUDLQH
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW PRXOH j PDQTXp
3ODWHDX PXOWL XVDJHV
*ULOOH VXSSRUW PRXOH j EULRFKH
&DNH DX[ UDLVLQV
*ULOOH VXSSRUW PRXOH j FDNH
*pQRLVH
*ULOOH VXSSRUW
.RXJORI
*ULOOH VXSSRUW PRXOH HQ WHUUH FXLWH
0HULQJXHV
3ODWHDX PXOWL XVDJHV
3kWH j FKRX[
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
4XDWUH TXDUWV
*ULOOH VXSSRUW PRXOH j PDQTXp
6DEOpV
7DUWH DX[ IUXLWV
SkWH EULVpH
7DUWH DX[ IUXLWV
SkWH OHYpH
3ODWHDX PXOWL XVDJHV DYHF SDSLHU
VXOIXULVp
*ULOOH VXSSRUW WRXUWLqUH
*ULOOH VXSSRUW WRXUWLqUH
3UpSDUDWLRQV
3UpFKDXIIDJH
&XLVVRQ
9,$1'(6
*ULOOH
VXSSRUW
32,66216
/(*80(6
(175((6
3$7,66(5,(6
%LVFXLW GH 6DYRLH
%ULRFKH
/·LPSRUWDQFH GX YROXPH GHV SUpSDUDWLRQV j FXLUH HW OD JUDQGH YDULpWp GHV PDWpULDX[ FRQVWLWXDQW OHV
UpFLSLHQWV GH FXLVVRQ HW OHV PRXOHV j SkWLVVHULH SHXYHQW YRXV DPHQHU j PRGLILHU OHV LQGLFDWLRQV GRQQpHV
GDQV OHV JXLGHV GHV FXLVVRQV 6HXOH YRWUH H[SpULHQFH YRXV SHUPHWWUD GH WURXYHU OH UpJODJH FRQYHQDQW OH
PLHX[ j YRV KDELWXGHV FXOLQDLUHV
(175(7,(1 (7 1(772<$*(
1HWWR\DJH GH OD WDEOH
)HQrWUH GX SURJUDPPDWHXU pOHFWURQLTXH
$YDQW GH SURFpGHU DX QHWWR\DJH DVVXUH]YRXV TXH
FKDTXH PDQHWWH VRLW VXU OD SRVLWLRQ $UUrW HW DWWHQGH]
TXH O·DSSDUHLO VRLW UHIURLGL
8WLOLVH] XQ FKLIIRQ GRX[ LPELEp GH SURGXLW j YLWUH RX
G·DOFRRO j EUOHU
1·XWLOLVH] HQ DXFXQ FDV GH FUqPHV j UpFXUHU QL
G·pSRQJH ´JUDWWRLUµ
$YDQW FKDTXH XWLOLVDWLRQ QHWWR\H] OH SODQ GH FXLVVRQ
SRXU pYLWHU OD FDUERQLVDWLRQ GHV SRXVVLqUHV
(QWUHWLHQ UpJXOLHU
$SUqV FKDTXH XWLOLVDWLRQ SDVVH] XQ SDSLHU DEVRUEDQW
RX XQ FKLIIRQ KXPLGH HQ XWLOLVDQW XQ SURGXLW VSpFLILTXH
j O·HQWUHWLHQ GH VXUIDFH YLWURFpUDPLTXH 5LQFH]
VRLJQHXVHPHQW PrPH VL OHV LQVWUXFWLRQV VXU OH
GpWHUJHQW SUpFRQLVHQW OH FRQWUDLUH HW VpFKH]
1RXV SURVFULYRQV O·HPSORL GH GpWHUJHQWV GRX[ SURGXLW
SRXU OD YDLVVHOOH SDU H[HPSOH TXL V·LOV QH VRQW SDV
pOLPLQpV FRPSOqWHPHQW DX ULQoDJH SHXYHQW DYRLU XQ
HIIHW FRUURVLI ORUV G·XQH IXWXUH FXLVVRQ HW SURYRTXHU
XQH GpFRORUDWLRQ GH OD VXUIDFH
(Q FDV GH GpERUGHPHQW PRXLOOH] HW ODLVVH] GpWUHPSHU
PDLV QH JUDWWH] SDV HW pYLWH] OHV SURGXLWV DEUDVLIV
TXL ULVTXHUDLHQW GH UD\HU HW G·HQGRPPDJHU OH YHUUH
(QOHYH] OHV VDOLVVXUHV TXL VH VRQW VROLGLILpHV VXFUH
DOLPHQWV FDUERQLVpV HWF DYHF XQ UDFORLU VSpFLDO
SRXU WDEOH YLWURFpUDPLTXH 1·XWLOLVH] HQ DXFXQ FDV
G·REMHWV WUDQFKDQWV FRXWHDX[ JUDWWRLUV WRXUQHYLV
HWF RX GH GpWHUJHQWV DEUDVLIV RX FRUURVLIV WHOV TXH
ERPEHV DpURVROV SRXU IRXU GpWDFKHXUV GpURXLOOHXUV
SRXGUHV j UpFXUHU HW OHV pSRQJHV j IDFH DEUDVLYH
1H UHFXLVH] MDPDLV GH VDOLVVXUHV TXHOOH TXH VRLW OHXU
QDWXUH
7HQH] pORLJQp GH YRWUH SODQ GH FXLVVRQ WRXW FH TXL HVW
VXVFHSWLEOH GH IRQGUH WHOV TXH OHV REMHWV HQ PDWLqUH
SODVWLTXH OHV IHXLOOHV G·DOXPLQLXP OH VXFUH HW OHV
SURGXLWV j IRUWH WHQHXU HQ VXFUH
(QWUHWLHQ SpULRGLTXH
9RXV SRXYH] XWLOLVHU GX YLQDLJUH SRXU HQOHYHU OHV
WUDFHV GH FDOFDLUH ODLVVpHV VXU OD WDEOH GH FXLVVRQ SDU
OHV GpERUGHPHQWV G·HDX PDLV pYLWH] G·HQ IDLUH FRXOHU
VXU OH SRXUWRXU GH OD WDEOH OH EDQGHDX GH OD FXLVLQLqUH
SRXUUDLW rWUH HQGRPPDJp
%DQGHDX GH FRPPDQGH HW PDQHWWHV
8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·HDX
VDYRQQHXVH 5LQFH] HW VpFKH] VRLJQHXVHPHQW
3RUWH WLURLU HW F{WpV
8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·XQ
GpWHUJHQW GRX[ 5LQFH] HW VpFKH] VRLJQHXVHPHQW
1·XWLOLVH] HQ DXFXQ FDV GH SURGXLWV DEUDVLIV
1HWWR\DJH GHV DFFHVVRLUHV GH IRXU
*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 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
RGHXUV 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 GpYHUURXLOOHU OD SRUWH
3HQGDQW OH F\FOH GH QHWWR\DJH XQ YHQWLODWHXU GH
UHIURLGLVVHPHQW IRQFWLRQQH /D YHQWLODWLRQ HVW
PDLQWHQXH DSUqV O·RSpUDWLRQ GH QHWWR\DJH WDQW TXH OH
IRXU Q·HVW SDV VXIILVDPPHQW UHIURLGL
'H SOXV YRWUH DSSDUHLO HVW pTXLSp G·XQH SRUWH IURLGH
DVVXUDQW XQ FRQIRUW RSWLPDO JUkFH j XQ V\VWqPH
DXWRPDWLTXH GH YHQWLODWLRQ
/RUV GX F\FOH GH QHWWR\DJH SDU S\URO\VH Q·XWLOLVH]
SDV OHV IR\HUV GH WDEOH
/H F\FOH V·HIIHFWXH XQLTXHPHQW VRXV OH FRQWU{OH
GX SURJUDPPDWHXU pOHFWURQLTXH
(QWUHWLHQ UpJXOLHU
$SUqV FKDTXH FXLVVRQ VDOLVVDQWH SHQVH] j UHWLUHU OHV
SURMHFWLRQV DYHF XQH pSRQJH
(QWUHWLHQ SpULRGLTXH
6L YRWUH IRXU HVW SHX VDOL SDU H[HPSOH DSUqV XQH RX
GHX[ FXLVVRQV VHXOHPHQW XWLOLVH] OD SRVLWLRQ
$SUqV XQ F\FOH GH QHWWR\DJH SDU S\URO\VH SDVVH] XQH
pSRQJH KXPLGH GDQV OH IRXU IURLG SRXU HQOHYHU OHV UpVL
GXV EODQFKkWUHV
1·KpVLWH] SDV j QHWWR\HU YRWUH IRXU DXVVL VRXYHQW TXH
FHOD HVW QpFHVVDLUH
3RXU XQ QHWWR\DJH SDU S\URO\VH UHQIRUFpH XWLOLVH] OD
SRVLWLRQ
9RXV SRXYH] HIIHFWXHU OH QHWWR\DJH SDU S\URO\VH j OD
VXLWH G·XQH FXLVVRQ SRXU EpQpILFLHU GH OD FKDOHXU GpMj
DFFXPXOpH GDQV OH IRXU
/H QHWWR\DJH SDU S\URO\VH LPPRELOLVH O·XWLOLVDWLRQ GH
YRWUH DSSDUHLO SHQGDQW K j K HQYLURQ
&RPPHQW SURFpGHU "
5HWLUH] OD JULOOH HW OH WRXUQHEURFKH GX IRXU LOV
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 HQWUDLQHUDLHQW XQ
GpJDJHPHQW GH IXPpH WURS LPSRUWDQW SRXU rWUH
DEVRUEp SDU OH FDWDO\VHXU
)HUPH] OD SRUWH
'pSDUW LPPpGLDW
7RXUQH] OD PDQHWWH GX VpOHFWHXU GH IRQFWLRQV VXU
V·DIILFKH OH YR\DQW µGXUpH
OD SRVLWLRQ
GH FXLVVRQµ
FOLJQRWH OH YR\DQW µPDUFKHµ
V·DOOXPH
VL YRWUH IRXU HVW SHX VDOH 6L
9RXV XWLOLVHUH]
YRWUH IRXU HVW WUqV VDOH DSSX\H] VXU OD WRXFKH
SRXU VpOHFWLRQQHU OH F\FOH
$SSX\H] VXU OH ERXWRQ µGXUpH GH FXLVVRQµ SRXU
FRQILUPHU YRWUH FKRL[ HW GpPDUUHU LPPpGLDWHPHQW
OH F\FOH GH QHWWR\DJH
/H YR\DQW µGXUpH GH FXLVVRQµ GHYLHQW IL[H HW OH
YR\DQW µUpJXODWLRQµ FOLJQRWH
/RUVTXH OH WHPSV GX F\FOH GH QHWWR\DJH HVW
pFRXOp OH IRXU V·DUUrWH DXWRPDWLTXHPHQW
5DPHQH] OD PDQHWWH GX VpOHFWHXU GH IRQFWLRQV VXU
DUUrW
3RXU DQQXOHU UDPHQH] OD PDQHWWH GH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ DUUrW
/D SRUWH VH GpYHUURXLOOH ORUVTXH OH IRXU HVW
VXIILVDPPHQW UHIURLGL
3URJUDPPDWLRQ GX QHWWR\DJH
S\URO\WLTXH GpSDUW GLIIpUp DUUrW
DXWRPDWLTXH
7RXUQH] OD PDQHWWH GX VpOHFWHXU GH IRQFWLRQV VXU
OD SRVLWLRQ
&KRLVLVVH] HQWUH OHV SURJUDPPHV
HW
/H YR\DQW µGXUpH GH FXLVRQµ FOLJQRWH
$SSX\H] VXU OH ERXWRQ µILQ GH FXLVVRQµ KHXUHV
VRQW DXWRPDWLTXHPHQW DMRXWpHV j O·KHXUH GX MRXU
K SRXU
&KRLVLVVH] O·KHXUH GH ILQ GH S\URO\VH HQ DSSX\DQW
VXU OH ERXWRQ
/RUVTXH
RX
UpDSSDUDLW VXU O·pFUDQ
DSSX\H] VXU OH ERXWRQ µGXUpH GH FXLVVRQµ SRXU
FRQILUPHU OH F\FOH GH QHWWR\DJH
3RXU DQQXOHU UDPHQH] OD PDQHWWH GH VpOHFWHXU GH
IRQFWLRQV VXU OD SRVLWLRQ DUUrW
/D SRUWH VH GpYHUURXLOOH ORUVTXH OH IRXU HVW
VXIILVDPPHQW UHIURLGL
(1 &$6 '·$120$/,( '( )21&7,211(0(17
1RXV YRXV UHFRPPDQGRQV YLYHPHQW GH IDLUH OHV YpULILFDWLRQV VXLYDQWHV VXU YRWUH FXLVLQLqUH DYDQW G·DSSHOHU XQ
WHFKQLFLHQ GX 6HUYLFH $SUqV9HQWH ,O VH SHXW TXH OH SUREOqPH VRLW VLPSOH HW TXH YRXV SXLVVLH] OH UpVRXGUH
YRXVPrPH
6ROXWLRQV
6\PSW{PHV
/HV IR\HUV GH WDEOH HW OH IRXU QH IRQFWLRQQHQW SDV
9pULILH] TXH
OHV IXVLEOHV VRQW HQ ERQ pWDW
O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp
TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW
/H IRXU QH FKDXIIH SDV OH SURJUDPPDWHXU
IRQFWLRQQH QRUPDOHPHQW
9pULILH] TXH /HV UpVXOWDWV GH FXLVVRQ QH VRQW SDV VDWLVIDLVDQWV
9pULILH] TXH /H IRXU IXPH
OD VpFXULWp HQIDQW Q·HVW SDV HQFOHQFKpH
OD SRVLWLRQ GH SUpFKDXIIDJH HVW FRUUHFWH YRLU
FKDSLWUH ´*XLGHV GHV FXLVVRQV
OD GXUpH HW OD WHPSpUDWXUH GH SUpFKDXIIDJH VRQW
FRUUHFWHV
OD SRVLWLRQ GH FXLVVRQ HVW DGDSWpH
OD WHPSpUDWXUH VpOHFWLRQQpH HVW FRUUHFWH
OD GXUpH GH FXLVVRQ HVW DGDSWpH
OD JULOOH RX OH SODWHDX PXOWLXVDJHV HVW ELHQ
SRVLWLRQQp GDQV OH IRXU
OH UpFLSLHQW GH FXLVVRQ HVW ELHQ DGDSWp
9pULILH] TXH
OH IRXU QH QpFHVVLWH SDV GH QHWWR\DJH
OD SUpSDUDWLRQ QH GpERUGH SDV
LO Q·\ D SDV GH SURMHFWLRQV H[FHVVLYHV GH
JUDLVVHMXV VXU OHV SDURLV GX IRXU
OD WHPSpUDWXUH HW OD SRVLWLRQ GH FXLVVRQ
VpOHFWLRQQpHV
VRQW
DGDSWpHV
SOXV
SDUWLFXOLqUHPHQW SRXU OD SRVLWLRQ ´&XLVVRQ GHV
YLDQGHVµ YRLU FKDSLWUH ´*XLGHV GHV FXLVVRQVµ 6L DSUqV DYRLU YpULILp FHV GLIIpUHQWV SRLQWV O·DQRPDOLH SHUVLVWH FRQWDFWH] DORUV OH 6HUYLFH $SUqV9HQWH
&21',7,216 '( *$5$17,(
*DUDQWLH
&RQIRUPpPHQW j OD /pJLVODWLRQ HQ YLJXHXU YRWUH YHQGHXU HVW WHQX ORUV GH O·DFWH G·DFKDW GH YRWUH DSSDUHLO GH YRXV
FRPPXQLTXHU SDU pFULW OHV FRQGLWLRQV GH JDUDQWLH HW VD PLVH HQ RHXYUH DSSOLTXpHV VXU FHOXLFL
6RXV VRQ HQWLqUH LQLWLDWLYH HW UHVSRQVDELOLWp YRWUH YHQGHXU UpSRQGUD j WRXWHV YRV TXHVWLRQV FRQFHUQDQW O·DFKDW GH
YRWUH DSSDUHLO HW OHV JDUDQWLHV TXL \ VRQW DWWDFKpHV 1·KpVLWH] SDV j OH FRQWDFWHU
/D SODTXH VLJQDOpWLTXH
(Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL OD
UpIpUHQFH FRPPHUFLDOH OH QXPpUR GH SURGXLW HW OH
QXPpUR GH VpULH GH O·DSSDUHLO &HV LQGLFDWLRQV ILJXUHQW
VXU OD SODTXH VLJQDOpWLTXH VLWXpH VXU YRWUH DSSDUHLO
/D SODTXH HVW YLVLEOH VXU OH VRFOH GH O·DSSDUHLO HQ
IDoDGH ORUVTXH OH WLURLU HVW HQOHYp UHSRUWH]YRXV DX
FKDSLWUH ´,167$//$7,21µ /HV LQIRUPDWLRQV LQVFULWHV VXU FHWWH SODTXH YRXV
VHURQW QpFHVVDLUHV HQ FDV GH SDQQH HW SRXU OD
FRPPDQGH GH SLqFHV DX 6HUYLFH $SUqV9HQWH
$ /·$77(17,21 '( /·,167$//$7(85
&RQVLJQHV GH VpFXULWp
/HV PHXEOHV MX[WDSRVpV j O·DSSDUHLO QH GRLYHQW
SDV GpSDVVHU OD KDXWHXU GH OD FXLVLQLqUH &HWWH
GLVSRVLWLRQ DVVXUH OD SURWHFWLRQ GX PRELOLHU
/HV SDURLV DGMDFHQWHV j OD FXLVLQLqUH GRLYHQW rWUH
VRLW HQ PDWpULDX UpVLVWDQW j OD FKDOHXU VRLW
UHYrWXHV G·XQ WHO PDWpULDX
5DFFRUGHPHQW pOHFWULTXH
/HV FXLVLQLqUHV VRQW OLYUpHV H[FOXVLYHPHQW SRXU
FRXUDQW DOWHUQDWLI +] UHSRUWH]YRXV DX WDEOHDX
Q DX FKDSLWUH ´,QVWDOODWLRQµ ´UDFFRUGHPHQW FkEOH
HW FDOLEUH GHV IXVLEOHVµ 9pULILH] TXH
OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH
OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW
OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV
G·LQVWDOODWLRQ
O·LQVWDOODWLRQ IL[H FRPSRUWH XQ GLVSRVLWLI SRVVpGDQW
GHV FRQWDFWV j FRXSXUH RPQLSRODLUH D\DQW XQH
GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV PP
/·LQVWDOODWLRQ HW O·HQWUHWLHQ GRLYHQW rWUH HIIHFWXpV SDU XQ
SURIHVVLRQQHO TXDOLILp FRQIRUPpPHQW DX[ WH[WHV
UpJOHPHQWDLUHV HW UqJOHV GH O·DUW HQ YLJXHXU
QRUPH 1)& LQVWDOODWLRQV pOHFWULTXHV j
EDVVH WHQVLRQ
1RWUH UHVSRQVDELOLWp QH VDXUDLW rWUH HQJDJpH HQ
FDV G·DFFLGHQWV RX G·LQFLGHQWV SURYRTXpV SDU XQH
PLVH j OD WHUUH LQH[LVWDQWH RX GpIHFWXHXVH
&$5$&7(5,67,48(6 7(&+1,48(6
5pIpUHQFH FRPPHUFLDOH
7\SH GH OD FXLVLQLqUH
5DFFRUGHPHQW pOHFWULTXH
9&3
9 +]
/D WDEOH GH FXLVVRQ
)R\HU DYDQW GURLW
)R\HU DUULqUH GURLW
)R\HU DYDQW JDXFKH
)R\HU DUULqUH JDXFKH
IR\HU KLOLJKW UDGLDQW
N: ® PP
IR\HU KLOLJKW UDGLDQW
N: ® PP
IR\HU KDOROLJKW KDORJqQH N: ® PP
IR\HU KLOLJKW UDGLDQW
N: ® PP
/H IRXU
)RXU
3XLVVDQFH GX IRXU
*ULO
3XLVVDQFH GX JULO
(FODLUDJH GH IRXU
1HWWR\DJH
pOHFWULTXH
N:
pOHFWULTXH
N:
DPSRXOH : W\SH (
S\URO\VH
0LQXWHULH SURJUDPPDWLRQ GX
WHPSV HW GH OD WHPSpUDWXUH
3URJUDPPDWHXU pOHFWURQLTXH
$FFHVVRLUHV
JULOOH VXSSRUW
SODWHDX PXOWLXVDJHV
HQVHPEOH WRXUQHEURFKH
7LURLU GH UDQJHPHQW GHV
DFFHVVRLUHV
&RUGRQ GH UDFFRUGHPHQW
pOHFWULTXH
'LPHQVLRQV
+DXWHXU DX SODQ GH FXLVVRQ
/DUJHXU
3URIRQGHXU
3RLGV
/H PDUTXDJH
FP
FP
FP
NJ
FRUUHVSRQG j O·DSSOLFDWLRQ GHV GLUHFWLYHV FRPSDWLELOLWp pOHFWURPDJQpWLTXH PDUTXDJH
HW EDVVH WHQVLRQ ,167$//$7,21
0LVH HQ SODFH GH O·DSSDUHLO
(PSODFHPHQW
9RWUH DSSDUHLO GRLW rWUH LQVWDOOp FRPPH VXU OHV ILJXUHV
FLFRQWUH HW OHV GLVWDQFHV PLQLPDOHV HQWUH O·DSSDUHLO HW
OHV SDURLV DGMDFHQWHV GH WRXV OHV PHXEOHV GRLYHQW rWUH
UHVSHFWpHV FRPPH O·LQGLTXHQW OHV GHVVLQV )LJ /·DSSDUHLO QH GRLW SDV rWUH SODFp VXU XQ VRFOH
0LVH j QLYHDX
9RWUH FXLVLQLqUH HVW pTXLSpH GH SLHGV UpJODEOHV j
O·DUULqUH SHUPHWWDQW XQH SDUIDLWH PLVH j QLYHDX
3RXU YLVVHU RX GpYLVVHU OHV SLHGV DUULqUHV XWLOLVH] XQH
FOp SODWH Q 'pJDJHPHQW HW UHPRQWDJH GX WLURLU
3RXU FRQVXOWHU OD SODTXH VLJQDOpWLTXH R ILJXUHQW OD
UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH
FXLVLQLqUH LO YRXV VXIILW GH GpJDJHU OH WLURLU FRPPH
VXLW FRXOLVVH] OH WLURLU YHUV O·DYDQW MXVTX·j O·DJUDIH
´EXWpHµ
j O·DLGH G·XQ WRXUQHYLV ILQ HQOHYH] O·DJUDIH ´EXWpHµ
HQ VRXOHYDQW
HQILQ GpJDJH] OH WLURLU FRPSOqWHPHQW
3RXU UHPRQWHU OH WLURLU SURFpGH] j O·LQYHUVH HQ V·DVVXUDQW TXH OH WLURLU HVW
VXIILVDPPHQW HQJDJp GDQV VHV JOLVVLqUHV SRXU
UHSRVLWLRQQHU O·DJUDIH ´EXWpHµ
5DFFRUGHPHQW pOHFWULTXH
9pULILH] TXH
OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH
OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW
OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV
G·LQVWDOODWLRQ HQ YLJXHXU
O·LQVWDOODWLRQ IL[H GH O·XWLOLVDWHXU FRPSRUWH XQ
GLVSRVLWLI j FRXSXUH RPQLSRODLUH D\DQW XQH
GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV
PP
FDOLEUH GH IXVLEOH FRQVXOWH] OH WDEOHDX Q /·DSSDUHLO GRLW rWUH PLV KRUV WHQVLRQ ORUV GH
O·LQVWDOODWLRQ GH FHOXLFL
6L OH FRUGRQ GH UDFFRUGHPHQW GRLW rWUH UHPSODFp
FRPPDQGH]OH DXSUqV GH YRWUH PDJDVLQ YHQGHXU HW
IDLWHVOH UHPSODFHU SDU XQ pOHFWULFLHQ TXDOLILp
)LJ
9RWUH DSSDUHLO SHXW rWUH EUDQFKp VRLW HQ PRQRSKDVp
VRLW HQ ELSKDVp
3RXU OHV GLIIpUHQWV FDV GH EUDQFKHPHQW UHSRUWH]
YRXV FLGHVVRXV 9HLOOH] j ELHQ HQJDJHU OHV ILOV HW OHV SRQWHWV HW
j ELHQ VHUUHU OHV YLV
$YDQW GH IDLUH OH EUDQFKHPHQW LO HVW YLYHPHQW
UHFRPPDQGp GH UHSpUHU SKDVH V QHXWUH HW WHUUH VXU
OH UpVHDX
5$&&25'(0(17 &25'21 (7 &$/,%5( '(6 )86,%/(6 WDEOHDX Q 9 1 DF
9 1 DF
7HQVLRQ DX UpVHDX
9
9 9
7HQVLRQ GHV pOpPHQWV FKDXIIDQWV
9
7\SH GH EUDQFKHPHQW HW WHQVLRQ GH O·DSSDUHLO
&RUGRQ GH UDFFRUGHPHQW
7\SH GH FRUGRQ
&DOLEUH GX IXVLEOH GH SURWHFWLRQ
9
[ PP
+ 55 RX + 51
$
$
5(03/$&(0(17 '( /·$0328/( '·(&/$,5$*(
$YDQW GH SURFpGHU DX FKDQJHPHQW GH
O·DPSRXOH GX IRXU YHLOOH] j FH TXH OD
FRPPDQGH GH IRXU VRLW VXU OD SRVLWLRQ
$UUrW VpOHFWHXU GH 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 GX IRXU
3RXU DYRLU DFFqV 'pYLVVH] OH FDSXFKRQ HQ YHUUH SURWpJHDQW
O·DPSRXOH GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH
PRQWUH
'pYLVVH] O·DPSRXOH
5HPSODFH] O·DPSRXOH
5HVVHUUH] ELHQ OH FDSXFKRQ HQ YHUUH
">
Публичная ссылка обновлена
Публичная ссылка на ваш чат обновлена.