▼
Scroll to page 2
of
44
Cuisinière Z 6638 CP 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 &+$1*(0(17 '( *$= /( 352*5$00$7(85 (/(&7521,48( &216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21 5(03/$&(0(17 '( /·$0328/( '·(&/$,5$*( &200(17 87,/,6(5 /$ 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,( 6(59,&( $35(69(17( &RPPHQW XWLOLVHU YRWUH QRWLFH " /HV V\PEROHV VXLYDQWV YRXV JXLGHURQW WRXW DX ORQJ GH O·XWLOLVDWLRQ GH YRWUH QRWLFH ,QVWUXFWLRQV GH VpFXULWp 'HVFULSWLRQ G·RSpUDWLRQV pWDSH SDU pWDSH &RQVHLOV HW UHFRPPDQGDWLRQV ,QIRUPDWLRQV VXU O·HQYLURQQHPHQW $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 1·HPSOR\H] MDPDLV OH SODWHDX PXOWLXVDJHV 8WLOLVDWLRQ FRPPH SODW j U{WLU &HW DSSDUHLO D pWp FRQoX SRXU rWUH XWLOLVp SDU GHV /RUVTXH OH IRXU HVW HQ IRQFWLRQQHPHQW OH DGXOWHV 9HXLOOH] j FH TXH OHV HQIDQWV Q·\ WRXFKHQW FRXYHUFOH GRLW rWUH UHOHYp SDV HW QH O·XWLOLVHQW SDV FRPPH XQ MRXHW (WHLJQH] WRXV OHV EUOHXUV HW DWWHQGH] TXH OH $ OD UpFHSWLRQ GH O·DSSDUHLO GpEDOOH]OH RX GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL DYDQW GH IDLWHVOH GpEDOOHU LPPpGLDWHPHQW 9pULILH] VRQ UHIHUPHU OH FRXYHUFOH DVSHFW JpQpUDO )DLWHV OHV pYHQWXHOOHV UpVHUYHV SDU pFULW VXU OH ERQ GH OLYUDLVRQ GRQW YRXV JDUGHUH] XQ H[HPSODLUH 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 $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 (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 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 $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 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 /·XWLOLVDWLRQ G·XQ DSSDUHLO GH FXLVVRQ DX JD] FRQGXLW j OD SURGXFWLRQ GH FKDOHXU HW G·KXPLGLWp GDQV OD SLqFH R LO HVW LQVWDOOp 9HLOOH] j DVVXUHU XQH ERQQH DpUDWLRQ GH OD FXLVLQH PDLQWHQH] RXYHUWV OHV RULILFHV G·DpUDWLRQ QDWXUHOOH RX LQVWDOOH] XQ GLVSRVLWLI G·DpUDWLRQ PpFDQLTXH 8QH XWLOLVDWLRQ LQWHQVLYH HW SURORQJpH GH O·DSSDUHLO SHXW QpFHVVLWHU XQH DpUDWLRQ VXSSOpPHQWDLUH HQ RXYUDQW OD IHQrWUH RX XQH DpUDWLRQ SOXV HIILFDFH SDU H[HPSOH HQ DXJPHQWDQW OD SXLVVDQFH GH OD YHQWLODWLRQ PpFDQLTXH VL HOOH H[LVWH 1H WLUH] MDPDLV YRWUH DSSDUHLO SDU OD SRLJQpH GH OD SRUWH &KDQJH] OH WX\DX G·DUULYpH GX JD] XQ SHX DYDQW O·H[SLUDWLRQ GH OD GDWH GH YLHLOOLVVHPHQW LPSULPpH VXU FHOXLFL 1·XWLOLVH] MDPDLV GH ERXWHLOOH GH SURSDQH GDQV YRWUH FXLVLQH RX DXWUH ORFDO IHUPp (QOHYH] WRXV OHV SURGXLWV GV j XQ GpERUGHPHQW GH OD VXUIDFH GX FRXYHUFOH DYDQW GH O·RXYULU 9HLOOH] j QH ULHQ ODLVVHU VXU OD WDEOH SHQGDQW O·XWLOLVDWLRQ GHV IR\HUV WRUFKRQV IHXLOOH G·DOXPLQLXP 1H VWRFNH] SDV GH SURGXLWV G·HQWUHWLHQ RX GH SURGXLWV LQIODPPDEOHV GDQV OH WLURLU 3RXU OH ERQ FRXOLVVHPHQW GX WLURLU DVVXUH]YRXV TX·DXFXQ REMHW QH VH WURXYH VRXV OH WLURLU 1H IDLWHV MDPDLV IRQFWLRQQHU YRWUH WDEOH GH FXLVVRQ j YLGH VDQV UpFLSLHQW GHVVXV QH SRVH] SDV GH FKDUJH ORXUGH DVVXUH]YRXV TX·XQ HQIDQW QH SXLVVH QL PRQWHU QL V·DVVHRLU (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 ,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 ➁➂ ➃ ➄ ➅ ➀ &RPPDQGH GX VpOHFWHXU GH IRQFWLRQV GX IRXU HW GH OD WHPSpUDWXUH SUpUpJOpH ➁ 9R\DQW ´UpJXODWLRQµ IRXU ➂ 9R\DQW ´PDUFKHµ IRXU ➃ 3URJUDPPDWHXU pOHFWURQLTXH ➄ j ➇ &RPPDQGHV GHV IR\HUV GH WDEOH /D WDEOH GH FXLVVRQ %UOHXU VHPLUDSLGH N: %UOHXU UDSLGH N: HQ EXWDQHSURSDQH N: %UOHXU VHPLUDSLGH N: %UOHXU DX[LOLDLUH N: ➆ ➇ /·,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] RX OD PRGLILHU HQ DSSX\DQW VXU OHV ERXWRQV /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 /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 $VVXUH]YRXV DORUV TXH OD SLqFH VRLW VXIILVDPPHQW DpUpH 90& YHQWLODWLRQ PpFDQLTXH FRQWU{OpH HQ IRQFWLRQQHPHQW RX IHQrWUH RXYHUWH &RPPHQW SURFpGHU " /HYH] OH FRXYHUFOH (QOHYH] WRXV OHV DFFHVVRLUHV GX IRXU 5HWLUH] OHV pWLTXHWWHV SXEOLFLWDLUHV HW OHV DXWRFROODQWV VDXI OD SODTXH VLJQDOpWLTXH TXL SRXUUDLHQW VH WURXYHU VXU OD IDoDGH GH YRWUH DSSDUHLO 0HWWH] OH SURJUDPPDWHXU j O·KHXUH YRLU FKDSLWUH ´/H SURJUDPPDWHXU pOHFWURQLTXHµ 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ HW DXJPHQWH] OD WHPSpUDWXUH MXVTX·j & )DLWHV FKDXIIHU SHQGDQW XQH KHXUH DILQ G·pOLPLQHU O·RGHXU SURYHQDQW GX FDORULIXJH /H PRGH OD GXUpH HW OD WHPSpUDWXUH GH FXLVVRQ LQGLTXpV GDQV OHV JXLGHV GH FXLVVRQV VRQW DGDSWpV j YRWUH QRXYHOOH FXLVLQLqUH 3RXU REWHQLU GH ERQV UpVXOWDWV FXOLQDLUHV VXLYH] FHV LQGLFDWLRQV &200(17 87,/,6(5 /$ 7$%/( '( &8,6621 /HV EUOHXUV GH WDEOH VRQW pTXLSpV G·XQ DOOXPDJH LQWpJUp j OD PDQHWWH ,O SHUPHW G·HIIHFWXHU O·DOOXPDJH HQ DFWLRQQDQW VHXOHPHQW OHV PDQHWWHV GH FRPPDQGH GHV EUOHXUV 3RXU DOOXPHU OHV EUOHXUV 3RXVVH] HW WRXUQH] j O·LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH OD FRPPDQGH GX EUOHXU FKRLVL PDLQWHQH] OD FRPPDQGH HQ SRVLWLRQ SRXVVpH MXVTX·j O·DOOXPDJH GX EUOHXU XQH pWLQFHOOH VH SURGXLW HQYLURQ WRXWHV OHV VHFRQGHV RX SUpVHQWH] XQH IODPPH DX EUOHXU DSUqV DYRLU WRXUQp OD FRPPDQGH HQ FDV GH PDQTXH G·pQHUJLH pOHFWULTXH UHOkFKH] OD FRPPDQGH OH EUOHXU UHVWH DOOXPp 3RXU pWHLQGUH OHV EUOHXUV 7RXUQH] OD FRPPDQGH GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH MXVTX·j OD EXWpH VXU OD SRVLWLRQ ´●´ 3ULQFLSDOHV SRVLWLRQV G·XWLOLVDWLRQ ● SRVLWLRQ ´DUUrWµ GpELW PD[LPXP GpELW PLQLPXP /HV FROOHUHWWHV GH FRPPDQGHV GHV EUOHXUV GH WDEOH /HV FRPPDQGHV GHV EUOHXUV GH WDEOH VRQW FRQVWLWXpHV G·XQH PDQHWWH HW G·XQH FROOHUHWWH VpULJUDSKLpH ● &HV LQGLFDWLRQV YRXV SHUPHWWHQW GH UHPRQWHU FRUUHFWHPHQW OHV FROOHUHWWHV DSUqV GpPRQWDJH DSUqV OH QHWWR\DJH SDU H[HPSOH 6pFXULWp (ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO WDQW TX·LO HVW FKDXG 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 $YDQW GH IHUPHU OH FRXYHUFOH DWWHQGH] TXH OH GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL DILQ GH QH SDV HQGRPPDJHU OH FRXYHUFOH &200(17 87,/,6(5 /( )285 /RUVTXH OH IRXU HVW HQ IRQFWLRQQHPHQW OH FRXYHUFOH GRLW rWUH UHOHYp /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 SUpUpJOpH & (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 SUpUpJOpH & 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 SUpUpJOpH & 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 SUpUpJOpH & &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 SUpUpJOpH & /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 SUpUpJOpH & &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 SUpUpJOpH & 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 SUpUpJOpH & &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 $YDQW GH IHUPHU OH FRXYHUFOH DWWHQGH] TXH OH GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL DILQ GH QH SDV HQGRPPDJHU OH FRXYHUFOH &KRL[ GHV UpFLSLHQWV &KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX GLDPqWUH GX EUOHXU XWLOLVp j FP GH GLDPqWUH SRXU OH EUOHXU UDSLGH DYDQW JDXFKH j FP GH GLDPqWUH SRXU OH EUOHXU VHPLUDSLGH DUULqUH JDXFKH HW DUULqUH GURLW j FP GH GLDPqWUH SRXU OH EUOHXU DX[LOLDLUH DYDQW GURLW 6L YRXV XWLOLVH] XQ UpFLSLHQW j ODUJH IRQG VWpULOLVDWHXU EDVVLQH j FRQILWXUH FRXVFRXVVLHU SODFH]OH OpJqUHPHQW GpFDOp YHUV O·DUULqUH GH OD WDEOH GH FXLVVRQ GH WHOOH VRUWH TXH OD EDVH GX UpFLSLHQW QH GpSDVVH SDV OH ERUG DYDQW GH OD WDEOH pPDLOOpH &HFL pYLWH OH GpERUGHPHQW GHV IODPPHV HW XQH VXUFKDXIIH DX QLYHDX GX EDQGHDX GH FRPPDQGHV &RQVHLOV SUDWLTXHV 3RXU OD UpXVVLWH GH FHUWDLQHV SUpSDUDWLRQV GpOLFDWHV SDU H[HPSOH FUqPH DQJODLVH VDXFH EpFKDPHO UL] DX ODLW QRXV YRXV VXJJpURQV FHV TXHOTXHV FRQVHLOV XWLOLVH] GH SUpIpUHQFH XQ UpFLSLHQW GH FP GH GLDPqWUH PD[LPXP XWLOLVH] GH SUpIpUHQFH OH EUOHXU DYDQW GURLW /D WDEOH GH FXLVVRQ HVW FRQoXH SRXU O·XWLOLVDWLRQ H[FOXVLYH GH UpFLSLHQWV j IRQG SODW 3RXU XQ ERQ DOOXPDJH GH YRV EUOHXUV 9HLOOH] j JDUGHU OHV FRXURQQHV GHV EUOHXUV HQ SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW SRXUUDLW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH JD] 6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV QHWWR\HU DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV FRXURQQHV HW OHV FKDSHDX[ GHV EUOHXUV VRLHQW FRUUHFWHPHQW UHPLV HQ SODFH HW SDUIDLWHPHQW VHFV %RQQH XWLOLVDWLRQ 0DXYDLVH XWLOLVDWLRQ JDVSLOODJH G·pQHUJLH &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 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] 'HVVRXV WURS SkOH 4XH IDLUH " 3UHQH] XQ PRXOH GX W\SH % SDV DVVH] FXLW RX RX GHVVXV WURS IRQFp GHVFHQGH] OH PRXOH G·XQ QLYHDX 'HVVRXV WURS IRQFp WURS FXLW RX GHVVXV WURS FODLU 3UHQH] XQ PRXOH GX W\SH $ RX UHPRQWH] OH PRXOH G·XQ QLYHDX *8,'(6 '(6 &8,66216 *XLGH GHV FXLVVRQV DX JULO PD[L JULO HW WRXUQHEURFKH 7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH 3UpSDUDWLRQV *5,//$'(6 3RXOHW DX 3UpFKDXIIDJH &XLVVRQ 7HPSpUDWXUH & 1LYHDX GH FXLVVRQ JUDGLQ VXSSRUW 7HPSV GH FXLVVRQ $FFHVVRLUHV PLQXWHV PLQXWHV GH SUpFKDXIIDJH F{WHV GH SRUF F{WHV GH SRUF WRXUQHEURFKH *ULOOH VDXFLVVHVPHUJXH] VDXFLVVHVPHUJXH] 3RLVVRQV PRUFHDX[ GH SRXOHW FXLVVHV PRUFHDX[ GH SRXOHW FXLVVHV 7RXUQHEURFKH SODWHDX PXOWLXVDJHV *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV SDU IDFH SDU IDFH SDU IDFH *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV *XLGH GHV FXLVVRQV SDU O·pOpPHQW FKDXIIDQW LQIpULHXU 3UpSDUDWLRQV 3UpFKDXIIDJH &XLVVRQ 7HPSpUDWXUH & 1LYHDX GH FXLVVRQ JUDGLQ *ULOOH VXSSRUW 7HPSV GH FXLVVRQ $FFHVVRLUHV PLQXWHV 4XLFKH ORUUDLQH *ULOOH VXSSRUW WRXUWLqUH 3L]]D *ULOOH VXSSRUW WRXUWLqUH )ODQ SkWH EULVpH *ULOOH VXSSRUW WRXUWLqUH *ULOOH VXSSRUW WRXUWLqUH *ULOOH VXSSRUW WRXUWLqUH *ULOOH VXSSRUW WRXUWLqUH )ODQ DX[ IUXLWV IUDLV SkWH EULVpH )ODQ SkWH IHXLOOHWpH )ODQ DX[ IUXLWV IUDLV SkWH IHXLOOHWpH *XLGH GHV FXLVVRQV DX IRXU 3UpSDUDWLRQV 3UpFKDXIIDJH &XLVVRQ 7HPSpUDWXUH & 1LYHDX GH FXLVVRQ JUDGLQ *ULOOH VXSSRUW 7HPSV GH FXLVVRQ $FFHVVRLUHV PLQXWHV 9,$1'(6 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 32,66216 /(*80(6 (175((6 3ODWHDX PXOWLXVDJHV DYHF SDSLHU VXOIXULVp *ULOOH VXSSRUW PRXOH j VRXIIOp 7HUULQH DX EDLQPDULH GDQV SODWHDX 3kWp HQ WHUULQH 3L]]D *ULOOH VXSSRUW WRXUWLqUH 4XLFKH ORUUDLQH *ULOOH VXSSRUW WRXUWLqUH *ULOOH VXSSRUW PRXOH j PDQTXp 3ODWHDX PXOWLXVDJHV *ULOOH VXSSRUW PRXOH j EULRFKH &DNH DX[ UDLVLQV *ULOOH VXSSRUW PRXOH j FDNH *pQRLVH *ULOOH VXSSRUW .RXJORI *ULOOH VXSSRUW PRXOH HQ WHUUH FXLWH 3ODWHDX PXOWLXVDJHV 3kWH j FKRX[ 4XDWUHTXDUWV 6DEOpV *ULOOH VXSSRUW WRXUWLqUH *ULOOH VXSSRUW WRXUWLqUH PXOWLXVDJHV 3$7,66(5,(6 %LVFXLW GH 6DYRLH %ULRFKH 0HULQJXHV 7DUWH DX[ IUXLWV SkWH EULVpH 7DUWH DX[ IUXLWV SkWH OHYpH 3ODWHDX PXOWLXVDJHV DYHF SDSLHU VXOIXULVp *ULOOH VXSSRUW PRXOH j PDQTXp 3ODWHDX PXOWLXVDJHV DYHF SDSLHU VXOIXULVp /·LPSRUWDQFH GX YROXPH GHV SUpSDUDWLRQV j FXLUH HW OD JUDQGH YDULpWp GHV PDWpULDX[ FRQVWLWXDQW OHV UpFLSLHQWV GH FXLVVRQ HW OHV PRXOHV j SkWLVVHULH SHXYHQW YRXV DPHQHU j PRGLILHU OHV LQGLFDWLRQV GRQQpHV GDQV OHV JXLGHV GHV FXLVVRQV 6HXOH YRWUH H[SpULHQFH YRXV SHUPHWWUD GH WURXYHU OH UpJODJH FRQYHQDQW OH PLHX[ j YRV KDELWXGHV FXOLQDLUHV (175(7,(1 (7 1(772<$*( 1HWWR\DJH GH OD WDEOH 1HWWR\DJH GHV DFFHVVRLUHV GH IRXU $YDQW GH SURFpGHU DX QHWWR\DJH DVVXUH]YRXV TXH FKDTXH PDQHWWH VRLW VXU OD SRVLWLRQ $UUrW HW DWWHQGH] TXH O·DSSDUHLO VRLW UHIURLGL *ULOOH VXSSRUW GH SODW HW WRXUQHEURFKH /DYH]OHV j O·HDX VDYRQQHXVH HQ SUHQDQW VRLQ GH ELHQ OHV ULQFHU HW GH OHV HVVX\HU $SUqV FKDTXH XWLOLVDWLRQ SDVVH] XQH pSRQJH LPELEpH G·HDX WLqGH HW GH GpWHUJHQW GRX[ HQ pYLWDQW WRXW pFRXOHPHQW GDQV OHV RULILFHV GH OD WDEOH 5LQFH] HW VpFKH] DYHF XQ FKLIIRQ GRX[ (Q FDV GH GpERUGHPHQW PRXLOOH] HW ODLVVH] GpWUHPSHU PDLV QH JUDWWH] SDV HW Q·XWLOLVH] MDPDLV GH SURGXLWV DEUDVLIV FH TXL ULVTXHUDLW GH UD\HU HW G·HQGRPPDJHU OD VXUIDFH pPDLOOpH 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 FRXYHUFOH 1HWWR\H]OH DYHF XQH pSRQJH KXPLGH DGGLWLRQQpH G·XQ GpWHUJHQW GRX[ ULQFH] HW VpFKH] *ULOOHV pPDLOOpHV /DYH]OHV j O·HDX FKDXGH DGGLWLRQQpH G·XQ GpWHUJHQW GRX[ ULQFH] HW VpFKH] %UOHXUV JD] FKDSHDX[ HW FRXURQQHV /DYH] OHV FKDSHDX[ DYHF GH O·HDX FKDXGH HW XQ GpWHUJHQW GRX[ 9HLOOH] j JDUGHU OHV FRXURQQHV GHV EUOHXUV HQ SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW SRXYDQW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH 6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV QHWWR\HU DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV FRXURQQHV HW OHV FKDSHDX[ VRLHQW ELHQ HQ SODFH HW SDUIDLWHPHQW VHFV %DQGHDX GH FRPPDQGH HW PDQHWWHV 8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·HDX VDYRQQHXVH 5LQFH] HW VpFKH] VRLJQHXVHPHQW )HQrWUH GX SURJUDPPDWHXU pOHFWURQLTXH 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 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 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 " /HYH] OH FRXYHUFOH GH YRWUH FXLVLQLqUH 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 $XFXQ EUOHXU QH V·DOOXPH 8Q EUOHXU QH V·DOOXPH SDV /H IRXU QH IRQFWLRQQH SDV 9pULILH] TXH O·DUULYpH GX JD] HVW RXYHUWH OD SRVLWLRQ GX WX\DX JD] HVW FRUUHFWH OD ERXWHLOOH RX OD FXYH Q·HVW SDV YLGH OHV IXVLEOHV VRQW HQ ERQ pWDW O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW 9pULILH] TXH O·HQVHPEOH GX EUOHXU HVW ELHQ UHPRQWp OH EUOHXU Q·HVW SDV PRXLOOp OD ERXJLH G·DOOXPDJH HVW SURSUH HW VqFKH 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 DFWLRQQpH OD SRVLWLRQ GH SUpFKDXIIDJH HVW FRUUHFWH YRLU FKDSLWUH ´*XLGHV GHV FXLVVRQVµ 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] OH 6HUYLFH $SUqV9HQWH GH YRWUH UHYHQGHXU &21',7,216 '( *$5$17,( *DUDQWLH FRQWUDFWXHOOH 3HQGDQW DQ j FRPSWHU GH OD PLVH HQ VHUYLFH OH FRQVWUXFWHXU UHPSODFHUD OHV SLqFHV GpIHFWXHXVHV VDXI GDQV OHV FDV SUpYXV DX FKDSLWUH µ5pVHUYHVµ &RQGLWLRQV G·DSSOLFDWLRQ 3RXU XQH DSSOLFDWLRQ GH FHWWH JDUDQWLH YRXV GHYH] YRXV DGUHVVHU DX GLVWULEXWHXU TXL YRXV D YHQGX O·DSSDUHLO HW OXL SUpVHQWHU OH &HUWLILFDW GH *DUDQWLH (Q FRPSOpPHQW OH 'LVWULEXWHXU 9HQGHXU SRXUUD RX QRQ SUHQGUH j VD FKDUJH OHV IUDLV GH PDLQ G·±XYUH DLQVL TXH OHV IUDLV GH GpSODFHPHQW HW GH WUDQVSRUW VHORQ OHV FRQGLWLRQV GH YHQWH TX·LO SUDWLTXH 5pVHUYHV 1RXV DWWLURQV YRWUH DWWHQWLRQ VXU OH IDLW TXH FHWWH JDUDQWLH QH SRXUUD rWUH DSSOLTXpH 6L OHV GpWpULRUDWLRQV SURYLHQQHQW G·XQH FDXVH pWUDQJqUH j O·DSSDUHLO FKRFV YDULDWLRQV DQRUPDOHV GH OD WHQVLRQ pOHFWULTXH HWF RX GX QRQUHVSHFW GHV FRQGLWLRQV G·LQVWDOODWLRQ RX G·XWLOLVDWLRQ LQGLTXpHV GDQV OD QRWLFH G·XWLOLVDWLRQ IDXVVH PDQRHXYUH QpJOLJHQFH LQVWDOODWLRQ GpIHFWXHXVH RX QRQ FRQIRUPH DX[ UqJOHV HW SUHVFULSWLRQV LPSRVpHV SDU OHV RUJDQLVPHV GH GLVWULEXWLRQ GH O·(OHFWULFLWp GH O·(DX GX *D] HWF 6L O·XWLOLVDWHXU D DSSRUWp XQH PRGLILFDWLRQ VXU OH PDWpULHO RX HQOHYp OHV PDUTXHV RX QXPpURV GH VpULH 6L XQH UpSDUDWLRQ D pWp HIIHFWXpH SDU XQH SHUVRQQH QRQ DJUppH SDU OH FRQVWUXFWHXU RX OH YHQGHXU 6L O·DSSDUHLO D pWp XWLOLVp j GHV ILQV FRPPHUFLDOHV RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH GHV EXWV PpQDJHUV SRXU OHVTXHOV LO D pWp FRQoX 6L O·DSSDUHLO D pWp DFKHWp RX UpSDUp KRUV GX WHUULWRLUH IUDQoDLV *DUDQWLH OpJDOH /HV GLVSRVLWLRQV GH OD JDUDQWLH FRQWUDFWXHOOH QH VRQW SDV H[FOXVLYHV GX EpQpILFH DX SURILW GH O·DFKHWHXU GH OD JDUDQWLH OpJDOH SRXU GpIDXWV HW YLFHV FDFKpV OD GLWH JDUDQWLH V·DSSOLTXDQW HQ WRXW pWDW GH FDXVH GDQV OHV FRQGLWLRQV GHV DUWLFOHV HW VXLYDQWV GX &RGH &LYLO 6(59,&( $35(69(17( (Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV j OD UXEULTXH ´(1 &$6 '·$120$/,( '( )21&7,211(0(17µ 6L PDOJUp WRXWHV OHV YpULILFDWLRQV XQH LQWHUYHQWLRQ V·DYqUH QpFHVVDLUH OH YHQGHXU GH YRWUH DSSDUHLO HVW OH SUHPLHU KDELOLWp j LQWHUYHQLU $ GpIDXW GpPpQDJHPHQW GH YRWUH SDUW IHUPHWXUH GX PDJDVLQ R YRXV DYH] HIIHFWXp O·DFKDW YHXLOOH] FRQVXOWHU O·$VVLVWDQFH &RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH (Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX 6HUYLFH $SUqV9HQWH OHV 3LqFHV GH 5HFKDQJH FHUWLILpHV &RQVWUXFWHXU (Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL OD UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH DSSDUHLO &HV LQGLFDWLRQV ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH GH YRWUH DSSDUHLO /D SODTXH VLJQDOpWLTXH (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 $YDQW O·LQVWDOODWLRQ DVVXUH]YRXV TXH OHV FRQGLWLRQV GH GLVWULEXWLRQ ORFDOH QDWXUH HW SUHVVLRQ GX JD] HW OH UpJODJH GH O·DSSDUHLO VRQW FRPSDWLEOHV /·DSSDUHLO GRLW rWUH LQVWDOOp GDQV XQ ORFDO VXIILVDPPHQW DpUp /HV FRQGLWLRQV GH UpJODJH GH O·DSSDUHLO VRQW LQVFULWHV VXU OD SODTXH VLJQDOpWLTXH &HW DSSDUHLO Q·HVW SDV UDFFRUGp j XQ GLVSRVLWLI G·pYDFXDWLRQ GHV SURGXLWV GH FRPEXVWLRQ ,O GRLW rWUH LQVWDOOp HW UDFFRUGp FRQIRUPpPHQW DX[ UqJOHV G·LQVWDOODWLRQ HQ YLJXHXU 8QH DWWHQWLRQ SDUWLFXOLqUH VHUD DFFRUGpH DX[ GLVSRVLWLRQV DSSOLFDEOHV HQ PDWLqUH GH YHQWLODWLRQ 5DFFRUGHPHQW j XQ UpVHDX JD] 9pULILH] TXH OH GpELW GX FRPSWHXU HW OH GLDPqWUH GHV FDQDOLVDWLRQV VRQW VXIILVDQWV SRXU DOLPHQWHU WRXV OHV DSSDUHLOV GH O·LQVWDOODWLRQ FRQVXOWH] YRWUH FRPSDJQLH GH GLVWULEXWLRQ GX JD] WRXV OHV UDFFRUGV VRQW pWDQFKHV ,QVWDOOH] XQ URELQHW GH EDUUDJH YLVLEOH HW DFFHVVLEOH 6L YRXV XWLOLVH] XQ WXEH VRXSOH LO GRLW rWUH YLVLEOH HW DFFHVVLEOH VXU WRXWH VD ORQJXHXU HW QH GRLW SDV SDVVHU GHUULqUH O·DSSDUHLO &KDQJHU OH WXEH VRXSOH XQ SHX DYDQW OD GDWH G·H[SLUDWLRQ LPSULPpH VXU FHOXLFL /H GpELW G·DLU QHXI UHTXLV HVW GH PK &HWWH FXLVLQLqUH HVW XQ DSSDUHLO GX W\SH ; F·HVW j GLUH TXH OHV PHXEOHV MX[WDSRVpV j O·DSSDUHLO QH GRLYHQW SDV GpSDVVHU OD KDXWHXU GH FHOOHFL &HWWH GLVSRVLWLRQ DVVXUH OD SURWHFWLRQ GX PRELOLHU /·LQVWDOODWLRQ HW O·HQWUHWLHQ GRLYHQW rWUH HIIHFWXpV SDU XQ SURIHVVLRQQHO TXDOLILp FRQIRUPpPHQW DX[ WH[WHV UpJOHPHQWDLUHV HW UqJOHV GH O·DUW HQ YLJXHXU QRWDPPHQW /HV SDURLV DGMDFHQWHV j OD FXLVLQLqUH GRLYHQW rWUH VRLW HQ PDWpULDX UpVLVWDQW j OD FKDOHXU VRLW UHYrWXHV G·XQ WHO PDWpULDX DUUrWp GX DRW UqJOHV WHFKQLTXHV HW GH VpFXULWp DSSOLFDEOHV DX[ LQVWDOODWLRQV GH JD] FRPEXVWLEOHV HW G·K\GURFDUEXUHV OLTXpILpV j O·LQWpULHXU GHV EkWLPHQWV G·KDELWDWLRQ HW GH OHXUV GpSHQGDQFHV QRUPHV '78 3 LQVWDOODWLRQV GH JD] UqJOHPHQW VDQLWDLUH GpSDUWHPHQWDO QRUPH 1) & LQVWDOODWLRQV pOHFWULTXHV j EDVVH WHQVLRQ 5DFFRUGHPHQW pOHFWULTXH /HV FXLVLQLqUHV VRQW OLYUpHV H[FOXVLYHPHQW SRXU FRXUDQW DOWHUQDWLI +] UHSRUWH]YRXV DX 7DEOHDX Q DX FKDSLWUH ´,QVWDOODWLRQµ 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 1RWUH UHVSRQVDELOLWp QH VDXUDLW rWUH HQYLVDJpH 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 =&3 &ODVVH 5pIpUHQFH FRPPHUFLDOH 7\SH GH OD FXLVLQLqUH $SSDUHLO LVROp $SSDUHLO UpJOp HQ JD] QDWXUHO &RQYHUVLRQ SRVVLEOH HQ JD] EXWDQH SURSDQH 3D\V GH GHVWLQDWLRQ &DWpJRULH 'pELW FDORULILTXH WRWDO 'pELW PDVVLTXH WRWDO 5DFFRUGHPHQW pOHFWULTXH )5 ,,,F( N: JK 9 +] &RXYHUFOH GH WDEOH *ULOOHV GH WDEOH /D WDEOH GH FXLVVRQ )R\HU DYDQW GURLW )R\HU DUULqUH GURLW )R\HU DYDQW JDXFKH )R\HU DUULqUH JDXFKH $OOXPDJH pOHFWURQLTXH LQWpJUp W{OH JULOOHV VXSSRUW GH FDVVHUROHV HQ DFLHU pPDLOOp EUOHXU DX[LOLDLUH N: EUOHXU VHPLUDSLGH N: EUOHXU UDSLGH N: EUOHXU VHPLUDSLGH N: /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 $FFHVVRLUHV JULOOH VXSSRUW SODWHDX PXOWLXVDJHV HQVHPEOH WRXUQHEURFKH 7LURLU GH UDQJHPHQW GHV DFFHVVRLUHV &RUGRQ GH UDFFRUGHPHQW pOHFWULTXH P 'LPHQVLRQV +DXWHXU FRXYHUFOH IHUPp +DXWHXU DX SODQ GH FXLVVRQ /DUJHXU 3URIRQGHXU 3RLGV FP FP FP FP NJ %XWDQHSURSDQH N: /H PDUTXDJH FRUUHVSRQG j O·DSSOLFDWLRQ GHV GLUHFWLYHV FRPSDWLELOLWp pOHFWURPDJQpWLTXH PDUTXDJH HW EDVVH WHQVLRQ ,167$//$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 &ODVVH )LJ $SSDUHLO LVROp 0LVH j QLYHDX 9RWUH FXLVLQLqUH HVW pTXLSpH GH SLHGV UpJODEOHV j O·DUULqUH SHUPHWWDQW XQH SDUIDLWH PLVH j QLYHDX 3RXU YLVVHU RX GpYLVVHU OHV SLHGV XWLOLVH] XQH FOp SODWH Q 'pJDJHPHQW HW UHPRQWDJH GX WLURLU 3RXU FRQVXOWHU OD SODTXH VLJQDOpWLTXH R ILJXUHQW OD UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH FXLVLQLqUH LO YRXV VXIILW GH GpJDJHU OH WLURLU FRPPH VXLW FRXOLVVH] OH WLURLU YHUV O·DYDQW MXVTX·j O·DJUDIH ´EXWpHµ j O·DLGH G·XQ WRXUQHYLV ILQ HQOHYH] O·DJUDIH ´EXWpHµ HQ VRXOHYDQW HQILQ GpJDJH] OH WLURLU FRPSOqWHPHQW 3RXU UHPRQWHU OH WLURLU SURFpGH] j O·LQYHUVH HQ V·DVVXUDQW TXH OH WLURLU HVW VXIILVDPPHQW HQJDJp GDQV VHV JOLVVLqUHV SRXU UHSRVLWLRQQHU O·DJUDIH ´EXWpHµ 5DFFRUGHPHQW JD] 9RWUH FXLVLQLqUH HVW OLYUpH SRXU IRQFWLRQQHU DX W\SH GH JD] LQGLTXp VXU OD SODTXH VLJQDOpWLTXH ,O SHXW V·DYpUHU QpFHVVDLUH GH SDVVHU GH O·XWLOLVDWLRQ G·XQ JD] j XQ DXWUH 'DQV FH FDV LO IDXW HIIHFWXHU OHV RSpUDWLRQV GpFULWHV FLDSUqV 3RXU OHV LQVWDOODWLRQV DQFLHQQHV HW HQ EXWDQH YRXV SRXYH] XWLOLVHU XQ WXEH VRXSOH HQ FDRXWFKRXF G·XQH ORQJXHXU PD[L GH P HW GH PP GH GLDPqWUH LQWpULHXU PRQWp DYHF O·DERXW VSpFLDO EXWDQH )LJ 9HLOOH] j O·HQIRQFHU VXIILVDPPHQW HW j OH IL[HU DYHF XQ FROOLHU j FKDTXH H[WUpPLWp ,PSRUWDQW 3RXU XQ IRQFWLRQQHPHQW FRUUHFW XQH FRQVRPPDWLRQ UpGXLWH HW XQH SOXV JUDQGH GXUpH GH YLH GH O·DSSDUHLO DVVXUH]YRXV TXH OD SUHVVLRQ G·DOLPHQWDWLRQ FRUUHVSRQG DX[ YDOHXUV LQGLTXpHV GDQV OH WDEOHDX Q 6L O·DSSDUHLO HVW DOLPHQWp HQ JD] %XWDQH RX 3URSDQH FRQWU{OH] TXH OH UpJXODWHXU GH SUHVVLRQ GpELWH OH JD] j XQH SUHVVLRQ GH PEDU SRXU OH %XWDQH HW PEDU SRXU OH 3URSDQH &KRL[ GX WX\DX RX WXEH SRXU XQ DSSDUHLO LVROp FODVVH 3RXU O·DFKDW GHV WX\DX[ 7XEH VRXSOH HQ FDRXWFKRXF LO GRLW rWUH PDUTXp 1) *$= 7X\DX IOH[LEOH LO GRLW rWUH FRQIRUPH j OD QRUPH 1)' RX 1)' RX 1)' SRXU OHV JD] QDWXUHOV RX ;3' RX 1)' SRXU OHV JD] EXWDQH HW SURSDQH -RLQW )LJ 3RXU OHV JD] GLVWULEXpV SDU UpVHDX 7XEH VRXSOH 8WLOLVH] XQ WXEH VRXSOH HQ FDRXWFKRXF G·XQH ORQJXHXU PD[L GH P HW GH PP GH GLDPqWUH LQWpULHXU PRQWp DYHF VRQ DERXW JD] )LJ 9HLOOH] j O·HQIRQFHU MXVTX·HQ EXWpH HW j OH IL[HU DYHF XQ FROOLHU 7X\DX IOH[LEOH 8Q WX\DX IOH[LEOH j HPERXWV PpFDQLTXHV ORQJXHXU PD[L P )LJ 1RXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX IOH[LEOH QRUPDOLVp G·XQH ORQJXHXU PLQL GH P GRQW OD ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ GX URELQHW GH EDUUDJH 5DFFRUGH] XQH H[WUrPLWp GX WX\DX IOH[LEOH DX URELQHW GH EDUUDJH SXLV DYDQW GH SRVLWLRQQHU O·DSSDUHLO HQWUH OHV PHXEOHV UDFFRUGH] O·DXWUH H[WUpPLWp VXU OH SURORQJDWHXU GH UDPSH HQ LQWHUFDODQW XQ MRLQW 3RVLWLRQQH] O·DSSDUHLO HQ YpULILDQW TXH OD ERXFOH IRUPpH SDU OH WX\DX IOH[LEOH VH GpYHORSSH GDQV OH YLGH VDQLWDLUH GX PHXEOH DGMDFHQW 7X\DX ULJLGH 8Q WX\DX ULJLGH DYHF pFURX 3RXU OHV JD] EXWDQHSURSDQH HQ ERXWHLOOH RX HQ FXYH 1RXV YRXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX IOH[LEOH QRUPDOLVp G·XQH ORQJXHXU PLQLPXP GH P FHWWH ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ GX UDFFRUGHPHQW j O·DOLPHQWDWLRQ JD] $ERXW JD] UpVHDX 7XEH VRXSOH &ROOLHU )LJ 7X\DX IOH[LEOH -RLQW $ERXW JD] EXWDQH SURSDQH 7XEH VRXSOH &ROOLHU 7X\DX IOH[LEOH )LJ 5DFFRUGHPHQW pOHFWULTXH 7DEOHDX Q 9pULILH] TXH 7\SH GH EUDQFKHPHQW 0RQRSKDVp OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH 7HQVLRQ GX UpVHDX 9 OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW 7\SH GH FkEOH GH UDFFRUGHPHQW OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV G·LQVWDOODWLRQ HQ YLJXHXU + 99) PP &DOLEUH GX IXVLEOH RX GX GLVMRQFWHXU $ 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 7DEOHDX Q &RPPHQW SURFpGHU " 'pYLVVH] OHV YLV GH OD WUDSSH GH UDFFRUGHPHQW VLWXpH j O·DUULqUH GH O·DSSDUHLO UHWLUH] OD WUDSSH GH UDFFRUGHPHQW GHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ VLWXp VRXV OH FDUWHU LQWURGXLVH] O·H[WUpPLWp GX FkEOH GDQV OH WURX DX GHVVXV GH O·DUUrW GH WUDFWLRQ HQVXLWH FRQQHFWH] OH FkEOH j OD EDUUHWWH GH UDFFRUGHPHQW FRQIRUPpPHQW DX 7DEOHDX Q HW j OD )LJ UHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ UHPHWWH] OD WUDSSH GH UDFFRUGHPHQW HQJDJH] OHV HUJRWV LQIpULHXUV GH OD WUDSSH j O·LQWpULHXU GH OD GpFRXSH GX FDUWHU UHIHUPH] OD WUDSSH SDU OH ERUG VXSpULHXU HW HQILQ UHPHWWH] OHV YLV )LJ &+$1*(0(17 '( *$= $ O·DFKDW YRWUH DSSDUHLO HVW SUpYX SRXU IRQFWLRQQHU HQ JD] QDWXUHO 3RXU O·XWLOLVDWLRQ HQ JD] EXWDQH RX SURSDQH XQH SRFKHWWH LQMHFWHXUVDERXW HVW IRXUQLH DYHF O·DSSDUHLO 3RXU O·XWLOLVDWLRQ HQ DLU SURSDQpDLU EXWDQp FRQVXOWH] YRWUH 6HUYLFH $SUqV9HQWH 3RXU FKDQJHU OH W\SH GH JD] GH OD WDEOH GH FXLVVRQ LO HVW QpFHVVDLUH GH FKDQJHU OHV LQMHFWHXUV PRGLILHU OHV UpJODJHV GH GpELW UpGXLW YpULILHU OH PRGH GH UDFFRUGHPHQW JD] &KDQJHPHQW GHV LQMHFWHXUV GHV EUOHXUV GH WDEOH /HYH] OH FRXYHUFOH (QOHYH] OHV JULOOHV GH WDEOH OHV FKDSHDX[ HW OHV FRXURQQHV GH EUOHXUV 'pYLVVH] OHV LQMHFWHXUV DYHF XQH FOp GRXLOOH GH HW PRQWH] j OD SODFH OHV LQMHFWHXUV FRUUHVSRQGDQW DX QRXYHDX JD] YRLU 7DEOHDX Q 7DEOHDX Q 3XLVVDQFH QRUPDOH %UOHXUV 3XLVVDQFH UpGXLWH %XWDQH 3URSDQH *D] QDWXUHO GPK & N: N: ,QMHFWHXUV JK ,QMHFWHXUV * PEDU * PEDU $X[LOLDLUH ®PP 6HPLUDSLGH ®PP 5DSLGH ®PP 35(66,21 '·$/,0(17$7,21 PEDU QRPPEDU PLQPEDU PD[PEDU %XWDQH 3URSDQH * * PP GH FRORQQH G·HDX EXWDQHSURSDQH ,PSRUWDQW 'DQV OH FDV G·XQ FKDQJHPHQW GH JD] YRXV GHYH] FRFKHU OH QRXYHDX UpJODJH HW UD\HU O·DQFLHQ VXU OD SODTXH VLJQDOpWLTXH /H UpJODJH G·DLU GHV EUOHXUV GH WDEOH HVW REWHQX DXWRPDWLTXHPHQW SDU O·LQMHFWHXU HW Q·HVW SDV DMXVWDEOH SDU G·DXWUHV PR\HQV /H FKDQJHPHQW GHV LQMHFWHXUV GRLW LPSpUDWLYHPHQW rWUH VXLYL GX UpJODJH GX GpELW UpGXLW YRLU FLDSUqV 5pJODJH GHV GpELWV UpGXLWV GHV EUOHXUV GH WDEOH 3RXU DMXVWHU OH UpJODJH GHV GpELWV UpGXLWV )LJ $VVXUH]YRXV TXH O·DSSDUHLO Q·HVW SOXV UDFFRUGp DX UpVHDX pOHFWULTXH /HYH] OH FRXYHUFOH (QOHYH] OHV JULOOHV OHV FKDSHDX[ HW OHV FRXURQQHV GH EUOHXUV 'pYLVVH] OHV YLV GH FKDUQLqUHV GH FRXYHUFOH VLWXpHV VXU OD WDEOH 5HIHUPH] OH FRXYHUFOH SRXU GpJDJHU OD WDEOH VRXOHYH] OpJqUHPHQW O·DUULqUH GH O·HQVHPEOH WDEOHFRXYHUFOH HW IDLWHVOH JOLVVHU YHUV O·DYDQW 5HSRVLWLRQQH] OHV EUOHXUV HW DOOXPH]OHV HQ SRVLWLRQ PD[L 3ODFH] OHV ERXWRQV GH FRPPDQGH HQ SRVLWLRQ PLQL 5HWLUH] WRXV OHV ERXWRQV GH FRPPDQGH DLQVL TXH OHV HQWUHWRLVHV )LJ /D YLV GH UpJODJH GX GpELW UpGXLW GH FKDTXH EUOHXU HVW VLWXpH VXU OH FRUSV GX URELQHW )LJ (OOH HVW DFFHVVLEOH DYHF XQ WRXUQHYLV ILQ HQ WLUDQW OH FRQWDFWHXU G·DOOXPDJH pOHFWULTXH DX PD[LPXP YHUV O·DYDQW RX HQ SDVVDQW j WUDYHUV OH WURX VLWXp VXU OH FRQWDFWHXU )LJ 3URFpGH] HQ VXLYDQW OHV LQGLFDWLRQV GX 7DEOHDX Q 9pULILFDWLRQ 5HPRQWH] OHV HQWUHWRLVHV HW OHV ERXWRQV GH FRPPDQGHV $OOXPH] OHV EUOHXUV 7RXUQH] OHV FRPPDQGHV SOXVLHXUV IRLV GH OD SRVLWLRQ PD[L YHUV OD SRVLWLRQ PLQL SRXU YpULILHU OD VWDELOLWp GHV IODPPHV 6L XQ EUOHXU V·pWHLQW GpYLVVH] OpJqUHPHQW VD YLV GH UpJODJH 5HPRQWH] OD WDEOH OHV EUOHXUV HW OHV JULOOHV VIS DE REGLAGE 7DEOHDX Q %XWDQH 3URSDQH *D] QDWXUHO 9LVVH] WRWDOHPHQW OD YLV GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH 9LVVH] RX GpYLVVH] OD YLV MXVTX·j O·REWHQWLRQ G·XQH IODPPH WUqV FRXUWH 5(03/$&(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