WDEOH YLWURFpUDPLTXH
79 1
1RXV YRXV UHPHUFLRQV GH OD FRQILDQFH TXH YRXV QRXV DYH]
WpPRLJQpH HQ FKRLVLVVDQW
1RXV VDYRQV TXH YRXV DWWHQGH] GH FHW DSSDUHLO TX·LO YRXV DSSRUWH
SOHLQHPHQW VDWLVIDFWLRQ HQ WHUPHV G·HIILFDFLWp ILDELOLWp IDFLOLWp
G·XWLOLVDWLRQ
&·HVW HQ IRQFWLRQ GHV FHV H[LJHQFHV TX·LO D pWp FRQoX DYHF OH SOXV
JUDQG VRLQ OD SOXV JUDQGH DWWHQWLRQ
6RQ XWLOLVDWLRQ HVW WUqV VLPSOH &HSHQGDQW QRXV YRXV UHFRPPDQ
GRQV GH OLUH DWWHQWLYHPHQW FHWWH QRWLFH %LHQ FRQQDvWUH YRWUH QRXYHO
DSSDUHLO F·HVW QRQ VHXOHPHQW pYLWHU DX GpSDUW XQH HUUHXU GH
PDQLSXODWLRQ VXVFHSWLOH GH O·HQGRPPDJHU PDLV F·HVW DXVVL YRXV ID
PLOLDULVHU DYHF WRXWHV OHV SRVVLELOLWpV TX·LO YRXV RIIUH
1RXV VRXKDLWRQV TXH OD VDWLVIDFWLRQ TXH YRXV DXUH] GDQV VRQ
XWLOLVDWLRQ YRXV DPqQH j QRXV FKRLVLU SRXU G·DXWUHV DSSDUHLOV GH
QRWUH PDUTXH
$ ELHQW{W HW HQFRUH PHUFL
6200$,5(
$ O·DWWHQWLRQ GH O·XWLOLVDWHXU
$ O·DWWHQWLRQ GH O·LQVWDOODWHXU
$YHUWLVVHPHQWV LPSRUWDQWV &DUDFWpULVWLTXHV WHFKQLTXHV 'HVFULSWLRQ GH O·DSSDUHLO ,QVWUXFWLRQV G·LQVWDOODWLRQ 9RWUH WDEOH YLUWRFpUDPLTXH 8WLOLVDWLRQ GH YRWUH WDEOH GH FXLVVRQ &RQVHLOV G·XWLOLVDWLRQ (QWUHWLHQ HW QHWWR\DJH (Q FDV G·DQRPDOLH GH
IRQFWLRQQHPHQW &RQGLWLRQV GH JDUDQWLH 6HUYLFH DSUqVYHQWH (QFDVWUHPHQW 5DFFRUGHPHQW pOHFWULTXH &RPPHQW OLUH YRWUH QRWLFH G·XWLOLVDWLRQ "
/HV V\PEROHV VXLYDQWV YRXV JXLGHURQW WRXW DX ORQJ
GH OD OHFWXUH GH YRWUH QRWLFH G·XWLOLVDWLRQ
,QVWUXFWLRQV GH VpFXULWp
'HVFULSWLRQ G·RSpUDWLRQV pWDSH SDU pWDSH
L
&RQVHLOV HW UHFRPPDQGDWLRQV
,QIRUPDWLRQV OLpHV j OD SURWHFWLRQ GH
O·HQYLURQQHPHQW
$9(57,66(0(176 ,03257$176
&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
8WLOLVDWLRQ
&HW DSSDUHLO D pWp FRQoX SRXU rWUH XWLOLVp SDU GHV
DGXOWHV 9HLOOH] j FH TXH OHV HQIDQWV Q·\ WRXFKHQW
SDV HW QH O·XWLOLVHQW SDV FRPPH XQ MRXHW
$ OD UpFHSWLRQ GH O·DSSDUHLO GpEDOOH]OH RX IDL
WHVOH GpEDOOHU LPPpGLDWHPHQW 9pULILH] VRQ DV
SHFW JpQpUDO )DLWHV OHV pYHQWXHOOHV UpVHUYHV SDU
pFULW VXU OH ERQ GH OLYUDLVRQ RX VXU OH ERQ G·HQ
OqYHPHQW 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
1H PRGLILH] SDV RX Q·HVVD\H] SDV GH PRGLILHU OHV
FDUDFWpULVWLTXHV GH FHW DSSDUHLO &HOD UHSUpVHQWH
UDLW XQ GDQJHU SRXU YRXV
1·XWLOLVH] OD WDEOH GH FXLVVRQ TX·DSUqV VRQ LQVWDOOD
WLRQ SRXU pYLWHU WRXW FRQWDFW DYHF OHV SDUWLHV pOHFWUL
TXHV
/HV UpSDUDWLRQV QH GRLYHQW rWUH HIIHFWXpHV TXH SDU
XQ VHUYLFH DSUqV YHQWH TXDOLILp 8QH UpSDUDWLRQ
QRQ FRQIRUPH SHXW rWUH OD FDXVH GH JUDYHV GRP
PDJHV
1·XWLOLVH] SDV YRWUH WDEOH GH FXLVVRQ FRPPH SODQ
GH WUDYDLO
1H FRQVHUYH] SDV j SUR[LPLWp GH O·DSSDUHLO GHV
SURGXLWV LQIODPPDEOHV RX VHQVLEOHV DX[ WHPSpUD
WXUHV H[ SURGXLWV GH QHWWR\DJH ERPEHV DpUR
VROV
$VVXUH]YRXV TXH OHV HQIDQWV QH PDQLSXOHQW SDV
OHV FRPPDQGHV
(ORLJQH] OHV MHXQHV HQIDQWV GH OD WDEOH GH FXLVVRQ
SHQGDQW VRQ IRQFWLRQQHPHQW YRXV pYLWHUH] DLQVL
TX·LOV VH EUOHQW HQ WRXFKDQW OD VXUIDFH RX HQ UHQ
YHUVDQW XQH UpFLSLHQW GH FXLVVRQ
/HV WpPRLQV GH FKDOHXU UpVLGXHOOH V·DOOXPHQW SRXU
VLJQDOHU TXH OHV IR\HUV IRQFWLRQQHQW RX TX·LOV VRQW
HQFRUH FKDXGV 7HQH] pORLJQpV OHV HQIDQWV GH O·DS
SDUHLO MXVTX·j O·H[WLQFWLRQ GH FHV WpPRLQV
3UpFDXWLRQ 6L OH UpFLSLHQW UHVWH SRVp VXU OH IR\HU
DSUqV XQH FXLVVRQ OH GDQJHU GH EUOXUH UHVWH SOXV
ORQJXH TXH OH WpPRLQ GH FKDOHXU UpVLGXHOOH O·LQGL
TXH
1H ODLVVH] ULHQ VXU OD WDEOH GH FXLVVRQ 8QH PLVH
HQ IRQFWLRQQHPHQW DFFLGHQWHOOH SRXUUDLW SURYR
TXHU O·LQFHQGLH
(YLWH] GH ODLVVHU WRPEHU TXRL TXH FH VRLW VXU OD VXU
IDFH YLWURFpUDPLTXH 8Q FKRF SRQFWXHO FRPPH
SDU H[HPSOH OD FKXWH G·XQH VDOLqUH SHXW SURYRTXHU
XQH ILVVXUH RX XQH FDVVXUH GX YHUUH
1H UHJDUGH] SDV IL[HPHQW OHV ODPSHV j KRORJqQH
GHV IR\HUV GH FXLVVRQ VL YRWUH DSSDUHLO HQ HVW
pTXLSp
1H IDLWHV MDPDLV IRQFWLRQQHU YRWUH WDEOH GH FXLVVRQ
j YLGH VDQV UpFLSLHQW GHVVXV
6L YRXV XWLOLVH] XQ DSSDUHLO pOHFWULTXH j SUR[LPLWp
GH YRWUH WDEOH GH FXLVVRQ YHLOOH] j FH TXH OH FkEOH
G·DOLPHQWDWLRQ GH FHW DSSDUHLO pOHFWULTXH QH VRLW
SDV HQ FRQWDFW DYHF OD VXUIDFH FKDXGH GH OD WDEOH
(Q FDV GH VXUFKDXIIH O·KXLOH HW OD JUDLVVH SHXYHQW
V·HQIODPPHU 6XUYHLOOH] DWWHQWLYHPHQW OD FXLVVRQ
ORUV GHV IULWXUHV DYHF FHV GHX[ SURGXLWV
7HQH] pORLJQp GH YRWUH SODQ GH FXLVVRQ WRXW FH TXL
HVW VXVFHSWLEOH GH IRQGUH HW G·HQGRPPDJHU LUUp
PpGLDEOHPHQW OH YHUUH PDWLqUHV SODVWLTXHV
IHXLOOHV G·DOXPLQLXP VXFUH HW SURGXLWV VXFUpV 6L
FHOD VH SURGXLVDLW LQWHUYHQH] LPPpGLDWHPHQW
SHQGDQW TXH OD VXUIDFH YLWURFpUDPLTXH HVW HQFRUH
FKDXGH 8WLOLVH] OH UDFORLU VSpFLDO HQ SURWpJHDQW
YRV PDLQV
/·XWLOLVDWLRQ GH SURGXLWV G·HQWUHWLHQ QRQ DGDSWpV
SURYRTXH GHV pUDIOXUHV DWWDTXH OD VXUIDFH RX D
SRXU FRQVpTXHQFH XQH GpFRORUDWLRQ GX GpFRU
&·HVW SRXUTXRL LO HVW LPSpUDWLI G·XWLOLVHU H[FOXVLYH
PHQW XQ SURGXLWV G·HQWUHWLHQ 63(&,$/ 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 VH WURXYDQW GDQV OH FRPPHUFH RX OLYUp
DYHF O·DSSDUHLO VHORQ PRGqOH
6L YRWUH WDEOH GH FXLVVRQ HVW HQGRPPDJpH pFODW
FDVVXUH IrOXUH GpEUDQFKH] LPPpGLDWHPHQW O·DS
SDUHLO HW IDLWHV DSSHO DX VHUYLFH DSUqV YHQWH GH YR
WUH YHQGHXU
,QVWDOODWLRQ
/·DSSDUHLO GRLW rWUH LQVWDOOp SDU XQ pOHFWULFLHQ TXDOL
ILp
/·DSSDUHLO GRLW rWUH GpEUDQFKp SHQGDQW O·LQVWDOOD
WLRQ RX GDQV O·pYHQWXDOLWp G·XQH LQWHUYHQWLRQ
/·DSSDUHLO Q·HVW FRPSOqWHPHQW GpFRQQHFWp TXH
ORUVTXH O·DOLPHQWDWLRQ D pWp LQWHUURPSXH DX FRPS
WHXU GH YRWUH KDELWDWLRQ
9pULILH] TXH OD WHQVLRQ GX UpVHDX FRUUHVSRQG j OD
WHQVLRQ PHQWLRQQpH VXU OD SODTXH VLJQDOpWLTXH VL
WXpH VXU YRWUH DSSDUHLO
6L O·LQVWDOODWLRQ pOHFWULTXH GH YRWUH KDELWDWLRQ Qp
FHVVLWH XQH PRGLILFDWLRQ SRXU OH EUDQFKHPHQW GH
YRWUH DSSDUHLO IDLWHV DSSHO j XQ pOHFWULFLHQ TXDOLILp
(Q FDV G·XWLOLVDWLRQ GH YRWUH WDEOH YLWURFpUDPLTXH
DXSUqV G·XQH VWDWLRQ 79 UDGLR HWF OD IRQFWLRQQH
PHQW GRLW rWUH FRQWU{OpH
9HXLOOH] OLUH DWWHQWLYHPHQW FHV UHPDUTXHV DYDQW
G·XWLOLVHU HW G·LQVWDOOHU FHW DSSDUHLO 1RXV YRXV UH
PHUFLRQV GH YRWUH DWWHQWLRQ
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 HW GH
QHWWR\DJH
3URWHFWLRQ GH O·HQYLURQQHPHQW
7RXV OHV PDWpULDX[ PDUTXpV SDU OH V\PEROH
VRQW
UHF\FODEOHV 'pSRVH]OHV GDQV XQH GpFKHWWHULH SUp
YXH j FHW HIIHW UHQVHLJQH]YRXV DXSUqV GHV VHUYLFHV
GH YRWUH FRPPXQH SRXU TX·LOV SXLVVHQW rWUH UpFXSpUpV
HW UHF\FOpV
(Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV
j OD UXEULTXH ´(1 &$6 '·$120$/,( '( )21&7,21
1(0(17´ 6L PDOJUp WRXWHV OHV YpULILFDWLRQV XQH LQ
WHUYHQWLRQ V·DYqUH QpFHVVDLUH OH YHQGHXU GH YRWUH DS
SDUHLO HVW OH SUHPLHU KDELOLWp j LQWHUYHQLU $ GpIDXW
GpPpQDJHPHQW GH YRWUH SDUW IHUPHWXUH GX PDJDVLQ
R YRXV DYH] HIIHFWXp O·DFKDW YHXLOOH] FRQVXOWHU
O·$VVLVWDQFH 7HFKQLTXH &RQVRPPDWHXUV TXL YRXV
FRPPXQLTXHUD DORUV O·DGUHVVH G·XQ 6HUYLFH $SUqV
9HQWH
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX
VHUYLFH DSUqV YHQWH OHV SLqFHV GH UHFKDQJH FHUWL
ILpHV &RQVWUXFWHXU
'(6&5,37,21 '( /·$33$5(,/
9XH GH O·DSSDUHLO
=RQH GH FXLVVRQ 3ODTXH YLWURFpUDPLTXH
=RQH GH FXLVVRQ
KDOROLJKW
PP
:
=RQH GH FXLVVRQ
KLOLJKW
PP
:
=RQH GH FXLVVRQ GRXEOH ]RQH
KLOLJKW
PP :
=RQH GH FXLVVRQ
KLOLJKW
PP
:
%DQGHDX GH FRPPDQGH
%DQGHDX GH FRPPDQGH
3
2
13
11
6
10
5
4
8 11 9 12
7
1
7RXFKH 0$5&+( $55(7
(FUDQ G·DIILFKDJH GX PLQXWHXU
7RXFKHV ©=RQHV GH FXLVVRQª
7RXFKH GH YHUURXLOODJH
(FUDQV G·DIILFKDJH
9R\DQW GH IRQFWLRQQHPHQW GH OD GRXEOH ]RQH
5pJOHXU GH SXLVVDQFH
5pJOHXU GH SXLVVDQFH
9R\DQWV GH IRQFWLRQQHPHQW GX PLQXWHXU FRUUHVSRQGDQW
DX[ ]RQHV GH FXLVVRQ
7RXFKH ©GRXEOH ]RQHª
0LQXWHXU
9R\DQW GH IRQFWLRQQHPHQW GH OD WRXFKH GH YHUURXLOODJH
3RLQW GpFLPDO GDQV OHV pFUDQV G·DIILFKDJ
DOOXPp ]RQH GH FXLVVRQ DFWLYpH
pWHLQW ]RQH GH FXLVVRQ YHUURXLOOpH
9RWUH WDEOH YLUWRFpUDPLTXH
0LVH HQ VHUYLFH
$ OD SUHPLqUH PLVH HQ VHUYLFH HW DYDQW FKDTXH XWLOLVD
WLRQ QHWWR\H] OH SODQ GH FXLVVRQ SRXU pYLWHU OD FDUERQL
VDWLRQ GHV SRXVVLqUHV
/DYH] OD VXUIDFH YLWURFpUDPLTXH j O·HDX FKDXGH HW XQ
SURGXLW VSpFLILTXH j O·HQWUHWLHQ GH VXUIDFHV YLWURFpUD
PLTXHV j O·DLGH G·XQ FKLIIRQ GRX[
5LQFH] HW VpFKH] VRLJQHXVHPHQW
&KDXIIDJH LQLWLDO
&RQWU{OH] FKDTXH ]RQH GH FXLVVRQ HQ OHV HQFOHQFKDQW
EULqYHPHQW O·XQH DSUqV O·DXWUH
/D WDEOH GH FXLVVRQ
/D WDEOH YLWURFpUDPLTXH
/D YLWURFpUDPLTXH VXSSRUWH G·LPSRUWDQWHV YDULDWLRQV
GH WHPSpUDWXUHV
,O HVW QRUPDO ORUV GH OD PLVH HQ IRQFWLRQQHPHQW GHV
IR\HUV TXH YRXV HQWHQGLH] XQ OpJHU EUXLW
&H EUXLW Q·D DXFXQH LQFLGHQFH VXU OH ERQ IRQFWLRQQH
PHQW GH O·DSSDUHLO HW GLVSDUDvW SDU OD VXLWH
7HQH] pORLJQp GH YRWUH WDEOH GH FXLVVRQ WRXW FH
TXL HVW VXVFHSWLEOH GH IRQGUH WHOV TXH OHV RE
MHWV HQ PDWLqUH SODVWLTXH OHV IHXLOOHV G·DOXPL
QLXP OH VXFUH HW OHV SURGXLWV j IRUWH WHQHXU HQ
VXFUH 6L O·XQ GH FHV SURGXLWV HVW HQ FRQWDFW
DYHF OD WDEOH YLWURFpUDPLTXH LO HVW LPSpUDWLI GH
O·HQOHYHU LPPpGLDWHPHQW SHQGDQW TXH OD VXU
IDFH HVW HQFRUH FKDXGH DYHF OH UDFORLU FHFL
DILQ G·pYLWHU OHV GpJUDGDWLRQV LUUpYHUVLEOHV GH
OD VXUIDFH YLWURFpUDPLTXH &RPSOpWH] pYHQ
WXHOOHPHQW OH QHWWR\DJH DYHF OH SURGXLW VSpFLIL
TXH SRXU WDEOH YLWURFpUDPLTXH
7RXFKHV VHQVLWLYHV
/D PLVH HQ PDUFKH GH FKDTXH IR\HU V·HIIHFWXH j O·DLGH
GHV TXDWUH WRXFKHV VLWXpHV VXU OD SDUWLH DYDQW GH O·DS
SDUHLO $ FKDTXH WRXFKH GH ]RQH GH FXLVVRQ FRUUHV
SRQG XQ pFUDQ G·DIILFKDJH
/·LQGLFDWHXU GH FKDOHXU UpVLGXHOOH
/·LQGLFDWHXU GH FKDOHXU UpVLGXHOOH ©+ª V·DOOXPH GDQV
O·pFUDQ G·DIILFKDJH ORUVTXH OD VXUIDFH GH OD ]RQH UHV
SHFWLYH HVW DVVH] FKDXGH SRXU FRQVWLWXHU XQ GDQJHU GH
EUOXUH $SUqV H[WLQFWLRQ GH OD ]RQH GH FXLVVRQ O·LQGL
FDWHXU V·pWHLQW VHXOHPHQW ORUVTXH FH GDQJHU Q·H[LVWH
SOXV
([HSWLRQ 6L OH UpFLSLHQW UHVWH SRVp VXU OH IR\HU
DSUqV XQH FXLVVRQ OH GDQJHU GH EUOXUH UHVWH
SOXV ORQJXH TXH OH WpPRLQ GH FKDOHXU UpVLGXHOOH
O·LQGLTXH
/HV ]RQHV GH FXLVVRQ
/HV IR\HUV KLOLJK
&HV IR\HUV VH FDUDFWpULVHQW SDU XQH UDSLGLWp G·LQFDQ
GHVFHQFH XQH KRPRJpQpLWp RSWLPDOH GX FRUSV GH
FKDXIIH PHLOOHXUH UpSDUWLWLRQ GH OD FKDOHXU HW pYLWH XQH
VXUFKDXIIH ORFDOH XQH pFRQRPLH G·pQHUJLH
/H IR\HU KDOROLJKW
&H IR\HU FRPELQH O·DFWLRQ GH O·KRORJqQH HW GX KLOLJKW
,O URXJLW LPPpGLDWHPHQW DSUqV OD PLVH VRXV WHQVLRQ
/·KRPRJpQpLVDWLRQ GH OD FXLVVRQ DLQVL TXH OD PRQWpH
UDSLGH HQ WHPSpUDWXUH FDUDFWpULVH OH IR\HU KDOROLJKW
&H IR\HU VHUD XWLOLVp SRXU OHV FXLVVRQV j GpPDUUDJH UD
SLGH
8WLOLVDWLRQ GH YRWUH WDEOH GH FXLVVRQ
(Q SUHVVDQW OHV WRXFKHV SHQGDQW HQYLURQ VH
FRQGH OHV V\VWqPHV GH FRPPDQGH V·DFWLYHQW
&KDTXH PLVH HQ IRQFWLRQQHPHQW GHV WRXFKHV HVW
LQGLTXpH SDU XQ VLJQDO VRQRUH
0LVH HQ IRQFWLRQQHPHQW GH OD WDEOH GH
FXLVVRQ
$SSX\H] VXU OD WRXFKH ©0$5&+( $55(7ª SHQ
GDQW VHFRQGH /H V\VWqPH GH FRPPDQGH HVW DFWLYp 8QH EDUUH KRUL
]RQWDOH HVW DOOXPpH VXU WRXV OHV pFUDQV G·DIILFKDJH HW XQ SRLQW GpFLPDO FOLJQRWH 7RXWHV OHV ]RQHV VRQW
PDLQWHQDQW SUrWHV j rWUH XWLOLVpHV
/H SURFKDLQ RUGUH GRLW rWUH GRQQp GDQV XQ Gp
ODL GH VHFRQGHV 'DQV OH FDV FRQWUDLUH O·DS
SDUHLO V·pWHLQW DXWRPDWLTXHPHQW
0LVH HQ IRQFWLRQQHPHQW GHV ]RQHV GH
FXLVVRQ
$SUqV OD PLVH HQ IRQFWLRQQHPHQW GH OD WDEOH j O·DLGH GH
OD WRXFKH ©0$5&+($55(7ª YRXV SRXYH] PDLQWH
QDQW PHWWUH HQ IRQFWLRQQHPHQW OHV ]RQHV GH FXLVVRQ
GDQV XQH GpODL GH VHFRQGHV &H GpODL SDVVp OD WD
EOH GH FXLVVRQ V·DUUrWH DXWRPDWLTXHPHQW
$SSX\H] VXU OD WRXFKH FRUUHVSRQGDQW j OD ]RQH
GH FXLVVRQ TXH YRXV GpVLUH] XWLOLVHU
©ª DSSDUDvW GDQV O·pFUDQ G·DIILFKDJH FRUUHVSRQ
GDQW HW XQ SRLQW GpFLPDO V·DIILFKH SRXU LQGLTXHU TXH
OD ]RQH GH FXLVVRQ HVW DFWLYpH
&KRLVLVVH] OD SXLVVDQFH GpVLUpH GH j HQ XWLOL
VDQW OD WRXFKH RX
L
L
/HV WRXFKHV RX
RQW XQH IRQFWLRQ Up
SpWLWLYH 6L HOOHV VRQW PDLQWHQXHV SUHVVpHV OD
SXLVVDQFH VRXKDLWpH HVW DXJPHQWpH RX GLPL
QXpH FRQWLQXHOOHPHQW
9RXV QH SRXYH] SDV XWLOLVHU SOXVLHXUV WRXFKHV
FRUUHVSRQGDQW DX[ ]RQHV GH FXLVVRQ HQ
PrPH WHPSV &·HVW OD UDLVRQ SRXU ODTXHOOH XQ
VHXO SRLQW GpFLPDO SHXW DSSDUDvWUH
5pJODJH GH OD SXLVVDQFH GH FXLVVRQ
/H WDEOHDX VXLYDQW HVW GRQQp j WLWUH LQGLFDWLI
/HV SXLVVDQFHV UHFRPPDQGpHV GDQV FH WDEOHDX SRXU
OD FXLVVRQ GpSHQGHQW GH OD QDWXUH GX UpFLSLHQW HW GX
W\SH HW GX YROXPH GHV DOLPHQWV j FXLUH
7RXUQH] OD YLDQGH j PLFXLVVRQ
,O HVW SUpIpUDEOH GH FXLUH DX IRXU XQH YLDQGH RX GX SRLV
VRQ GH SOXV GH NJ
3XLVVDQFH
'HJUp GH FXLVVRQ
([HPSOH
0DLQWLHQ DX FKDXG
0DLQWLHQ DX FKDXG GH SHWLWHV TXDQWLWpV G·DOLPHQWV
$OLPHQWV j IRQGUH
*pODWLQH FKRFRODW EHXUUH
5pFKDXIIDJH
$OLPHQWV SUp FXLWV
7UHPSDJH
5L] ODLW HQ SRXGUH
&XLVVRQ GpOLFDWH
5DJRW &XLVVRQ
&XLVVRQ HQ FRFRWWH PLMRWDJH
%UDLVDJH
/pJXPHV SRPPHV GH WHUUH
5{WLVVDJH DOLPHQWV j VDLVLU
)RLH VDXFLVVH WRDVW ILOHW GH ERHXI
5{WLVVDJH DOLPHQWV j VDLVLU
5{WLVVDJH DOLPHQWV j VDLVLU
%HLJQHWV GH SRPPH GH WHUUH VWHDFNV
5pFKDXIIDJH GH PHWV U{WLV IULV
*RXODVK YLDQGH U{WLH IULWHV FXLVVRQ GH SkWHV IUDvFKHV
5pFKDXIIDJH
$OLPHQWV OLTXLGHV j SRUWHU j pEXOOLWLRQ VRXSH OpJXPHV
2(XIV VXU OH SODW F{WHOHWWHV OpJXPHV SRPPHV GH WHUUH
SkWHV
0LVH j O·DUUrW G·XQH ]RQH GH FXLVVRQ
/D ]RQH GH FXLVVRQ HVW DOOXPpH HW OH SRLQW GpFLPDO FRU
UHVSRQGDQW j OD ]RQH GH FXLVVRQ HVW DIILFKp
SRXU EDLVVHU OD SXLVVDQFH
8WLOLVH] OD WRXFKH
MXVTX·j ©ª /D ]RQH GH FXLVVRQ V·pWHLQGUD DXWRPDWL
TXHPHQW DSUqV VHFRQGHV
3RXU pWHLQGUH UDSLGHPHQW
$SSX\H] VLPXOWDQpPHQW OHV WRXFKHV
©ª V·DIILFKH DXWRPDWLTXHPHQW
HW
8QH EDUUH KRUL]RQWDOH V·DIILFKH GDQV O·pFUDQ G·DIIL
FKDJH FRQFHUQp ORUVTXH OD WHPSpUDWXUH GH OD ]RQH GH
FXLVVRQ Q·H[FqGH SDV &
©+ª DSSDUDvW GDQV O·pFUDQ G·DIILFKDJH VL OD WHPSpUD
WXUH UpVLGXHOOH HVW GH RX DXWRXU & YRLU SDUDJUD
SKH ©,QGLFDWHXU GH FKDOHXU UpVLGXHOOHª RX
1RXV YRXV FRQVHLOORQV G·pWHLQGUH OD ]RQH GH FXLVVRQ
XQ SHX DYDQW OD ILQ GH OD FXLVVRQ GH O·DOLPHQW DILQ GH
SURILWHU GH OD FKDOHXU UpVLGXHOOH HW DLQVL GH IDLUH GHV
pFRQRPLHV G·pQHUJLH
0LVH j O·DUUrW GH O·DSSDUHLO
/·DSSDUHLO SHXW V·pWHLQGUH j WRXW PRPHQW JUkFH j OD WRX
FKH ©0$5&+( $55(7ª &RXSXUH GH VpFXULWp
6L XQ UpFLSLHQW XQ WRUFKRQ PRXLOOp XQ GpERUGHPHQW
UHFRXYUH XQH RX SOXVLHXUV WRXFKHV VHQVLWLYHV HW TXH
FHOOHVFL VRQW DFWLYpHV SHQGDQW HQYLURQ VHFRQGHV
OH V\VWqPH GH VpFXULWp DUUrWH O·DSSDUHLO DXWRPDWLTXH
PHQW
$UUrW GH VpFXULWp GHV ]RQHV GH FXLVVRQ
6L YRXV RXEOLH] G·pWHLQGUH XQH ]RQH GH FXLVVRQ FHO
OHFL V·pWHLQGUD DXWRPDWLTXHPHQW DSUqV XQ FHUWDLQ
WHPSV YRLU WDEOHDX VXLYDQW 3XLVVDQFH
/LPLWDWLRQ GH OD GXUpH GH
IRQFWLRQQHPHQW
HQ KHXUHV
/RUVTXH OD FRXSXUH GH VpFXULWp D pWp DFWLYpH XQH
EDUUH KRUL]RQWDOH V·DOOXPH GDQV O·pFUDQ G·DIILFKDJH VL
OD WHPSpUDWXUH GH OD ]RQH GH FXLVVRQ Q·H[FqGH SDV
&
©+ª DSSDUDvW GDQV O·pFUDQ G·DIILFKDJH VL OD WHPSpUD
WXUH UpVLGXHOOH HVW GH RX DXWRXU GH & YRLU SDUD
JUDSKH ©,QGLFDWHXU GH FKDOHXU UpVLGXHOOHª $ILQ GH OLEpUHU ©O·DUUrW GH VpFXULWpª pWHLJQH] O·DSSDUHLO
HQ DSSX\DQW VXU OD WRXFKH ©0$5&+( $55(7ª 0HWWH] j QRXYHDX HQ IRQFWLRQQHPHQW OD WDEOH GH FXLV
VRQ
/H IR\HU GH FXLVVRQ j GRXEOH ]RQH
/H IR\HU GH FXLVVRQ DUULqUH GURLW HVW pTXLSp G·XQH GRX
EOH ]RQH SHUPHWWDQW G·DGDSWHU YRWUH SODQ GH FXLVVRQ
DX GLDPqWUH GX UpFLSLHQW XWLOLVp
)LJ
)LJ
8WLOLVDWLRQ GH OD VXUIDFH WRWDOH
$FWLYH] OH IR\HU DUULqUH GURLW HQ DSSX\DQW VXU OD WRX
FKH FRUUHVSRQGDQWH
/H SRLQW GpFLPDO V·DIILFKH
6pOHFWLRQQH] OD SXLVVDQFH GpVLUpH j $SSX\H] VXU OD WRXFKH ©GRXEOH ]RQH GH FXLVVRQª
/H YR\DQW GH IRQFWLRQQHPHQW V·DOOXPH HW OH
IR\HU GH FXLVVRQ j GRXEOH ]RQH VH PHW HQ PDUFKH
$UUrW GH IRQFWLRQQHPHQW GH OD
GRXEOH ]RQH
/H IR\HU FRUUHVSRQGDQW HVW HQ IRQFWLRQQHPHQW HW OH
SRLQW GpFLPDO HVW DIILFKp
$SSX\H] VXU OD WRXFKH ©GRXEOH ]RQH GH FXLVVRQª /H YR\DQW GH IRQFWLRQQHPHQW HW OH IR\HU H[WpULHXU
V·pWHLQW
9HUURXLOODJH GH O·DSSDUHLO RX GHV ]RQHV GH FXLVVRQ
9HUURXLOODJH GH O·DSSDUHLO
/D WRXFKH GH YHUURXLOODJH YRXV SHUPHW GH YHUURXLO
OHU WRWDOHPHQW O·DSSDUHLO DILQ GH SUpYHQLU XQH PDQLSXOD
WLRQ QRQ SUpYXH
$SSX\H] VXU OD WRXFKH 0$5&+( $55(7
$SSX\H] VXU OD WRXFKH ©YHUURXLOODJHª /H
YR\DQW FRUUHVSRQGDQW V·DOOXPH
L
5HWLUH] OD VpFXULWp HQIDQW DYDQW GH PHWWUH KRUV
WHQVLRQ O·DSSDUHLO 'DQV OH FDV FRQWUDLUH VL
YRXV UHPHWWH] O·DSSDUHLO VRXV WHQVLRQ OH V\V
WqPH GH YHUURXLOODJH VHUD WRXMRXUV DFWLI
$XFXQH DXWUH WRXFKH QH SHXW rWUH DFWLYpH WDQW
TXH OD VpFXULWp HQIDQWV Q·HVW SDV UHWLUpH
9HUURXLOODJH GHV ]RQHV GH FXLVVRQ
6L XQH RX SOXVLHXUV ]RQHV GH FXLVVRQ VRQW VRXV WHQ
VLRQ YRXV SRXYH] OHV YHUURXLOOHU DILQ G·pYLWHU TXH OHV
UpJODJHV HIIHFWXpV QH VRLHQW PRGLILpV LQYRORQWDLUH
PHQW
/D ]RQH GH FXLVVRQ DFWLYpH OH SRLQW GpFLPDO DIILFKp HW
OD SXLVVDQFH VpOHFWLRQQpH DSSX\H] VXU OD WRXFKH FRUUHVSRQGDQW j OD ]RQH GH FXLVVRQ
/H V\VWqPH GH YHUURXLOODJH HVW DFWLI
/H SRLQW GpFLPDO VLWXp GDQV OH FDGUDQ G·DIILFKDJH
FRUUHVSRQGDQW GLVSDUDvW HW ©$ª V·DIILFKH
6L YRXV DSSX\H] j QRXYHDX VXU OD WRXFKH OH
SRLQW GpFLPDO UpDSSDUDvW HW OD VpFXULWp HVW DORUV Gp
YHUURXLOOpH YRXV SRXYH] j QRXYHDX PRGLILHU OHV
GRQQpHV GH FHWWH ]RQH GH FXLVVRQ
/RUVTXH OD VpFXULWp G·XQH ]RQH GH FXLVVRQ HVW DFWLYpH
OHV WRXFKHV HW VRQW pJDOHPHQW YHUURXLO
OpHV FRQWUH XQH PDQLSXODWLRQ LQYRORQWDLUH
/H PLQXWHXU SHXW FHSHQGDQW rWUH XWLOLVp LQ
GpSHQGDPPHQW GX YHUURXLOODJH GHV ]RQHV GH
FXLVVRQV YRLU SDUDJUDSKH ©/H PLQXWHXUIRQF
WLRQ VDEOLHUª 0RQWpH HQ WHPSpUDWXUH
/H FRQWU{OH DXWRPDWLTXH UHQG OD FXLVVRQ DLVpH 9RXV
Q·DYH] SDV EHVRLQ GH UHVWHU HQ SHUPDQHQFH SUqV GX
IR\HU SHQGDQW OD FXLVVRQ /D ]RQH GH FXLVVRQ IRQF
WLRQQH HQ SRVLWLRQ PD[LPXP ©ª SHQGDQW XQ WHPSV
GpWHUPLQp SRXU OD PRQWpH HQ WHPSpUDWXUH DYDQW GH VH
SRVLWLRQQHU VXU OD SXLVVDQFH TXH YRXV DYH] VpOHFWLRQ
QpH YRLU WDEOHDX $SSX\H] VXU OD WRXFKH FRUUHVSRQGDQW j OD ]RQH
GH FXLVVRQ GpVLUpH
SRXU VpOHFWLRQQHU XQH SXLV
8WLOLVH] OD WRXFKH
VDQFH FRPSULVH HQWUH HW 9RXV DYH] VHFRQGHV SRXU VpOHFWLRQQHU FHWWH
SXLVVDQFH $SUqV VHFRQGHV ©$ª DSSDUDvW GDQV
O·pFUDQ G·DIILFKDJH FRUUHVSRQGDQW /D PRQWpH HQ
WHPSpUDWXUH HVW DORUV DFWLYH
/D ]RQH GH FXLVVRQ PRQWHUD HQ WHPSpUDWXUH j OD SXLV
VDQFH SXLV j OD SXLVVDQFH LQIpULHXUH TXH YRXV DYH]
VpOHFWLRQQpH
3XLVVDQFH
0RQWpH HQ WHPSpUDWXUH
'XUpH HQ PLQXWHV
([HPSOH
L
9RXV DYH] VpOHFWLRQQp OD SXLVVDQFH
SRXU OD FXLVVRQ $SUqV VHFRQGHV OD
PRQWpH HQ WHPSpUDWXUH V·DFWLYH /D ]RQH
GH FXLVVRQ PRQWHUD j OD SXLVVDQFH SHQGDQW PLQXWHV SXLV j OD
SXLVVDQFH /D PRQWpH HQ WHPSpUDWXUH DXWRPDWLTXH QH
SHXW rWUH DFWLYpH VL ! YRXV VpOHFWLRQQH] XQH SXLVVDQFH DYHF OD
WRXFKH
! YRXV VpOHFWLRQQH] OD SXLVVDQFH ,QGLFDWLRQ GH OD SXLVVDQFH VpOHFWLRQQpH
6L YRXV VRXKDLWH] HQ FRXUV GH FXLVVRQ TXH OD SXLV
VDQFH VpOHFWLRQQpH DSSDUDLVVH VXU O·pFUDQ G·DIILFKDJH
UHVSHFWLI DSSX\H] VXU OD WRXFKH FRUUHVSRQGDQW j
OD ]RQH GH FXLVVRQ VpOHFWLRQQpH
0RGLILFDWLRQ GH OD SXLVVDQFH ORUVTXH
YRXV DYH] VpOHFWLRQQp OD PRQWpH HQ
WHPSpUDWXUH DXWRPDWLTXH
/D ]RQH GH FXLVVRQ DFWLYpH OH SRLQW GpFLPDO DIILFKp
GDQV O·pFUDQ G·DIILFKDJH UHVSHFWLI VpOHFWLRQQH] XQH
DXWUH SXLVVDQFH HQ XWLOLVDQW OD WRXFKH
6L OD SXLVVDQFH HVW DXJPHQWpH j O·DLGH GH OD WRXFKH
OD GXUpH GH OD PRQWpH HQ WHPSpUDWXUH DXWRPDWLTXH
HVW FDOFXOpH DXWRPDWLTXHPHQW HQ SUHQDQW HQ FRQVLGp
UDWLRQ OD QRXYHOOH SXLVVDQFH HW OD QRXYHOOH GXUpH GH
PRQWpH HQ WHPSpUDWXUH
([HPSOH
9RXV DYH] VpOHFWLRQQp OD SXLVVDQFH GRQF OD PRQWpH HQ WHPSpUDWXUH HVW GH
PLQXWH $X ERXW GH VHFRQGHV YRXV
VRXKDLWH] VpOHFWLRQQHU OD SXLVVDQFH PRQWpH HQ WHPSpUDWXUH GH PLQXWHV /D PRQWpH HQ WHPSpUDWXUH YD
GRQF VH SRXUVXLYUH SHQGDQW PLQXWHV
SRXU PRGLILHU OD
6L YRXV DSSX\H] VXU OD WRXFKH
SXLVVDQFH OD PRQWpH HQ WHPSpUDWXUH QH VHUD SOXV DF
WLYH
9RXV SRXYH] pJDOHPHQW DQQXOHU OD PRQWpH HQ WHPSp
UDWXUH HQ DSSX\DQW VXU OD WRXFKH
3URILWH] GH OD FKDOHXU UpVLGXHOOH SRXU
pFRQRPLVHU GH O·pQHUJLH
9RXV SRXYH] pFRQRPLVHU GH O·pQHUJLH ORUV GH OD FXLV
VRQ HQ XWLOLVDQW OHV ]RQHV GH FXLVVRQ TXL VRQW HQFRUH
FKDXGHV YRLU LQGLFDWHXUV GH FKDOHXU UpVLGXHOOH /H WHPSV QpFHVVDLUH SRXU OD PRQWpH HQ WpPSpUDWXUH
DXWRPDWLTXH VHUD GRQF SOXV FRXUW HW FHOD HQ IRQFWLRQ
GH OD FKDOHXU UpVLGXHOOH GH OD WDTXH GH FXLVVRQ
/H PLQXWHXU
/H FRQWU{OH DXWRPDWLTXH UHQG OD FXLVVRQ DLVpH 9RXV
Q·DYH] SDV EHVRLQ GH UHVWHU HQ SHUPDQHQFH SUqV GX
IR\HU SHQGDQW OD FXLVVRQ OD ]RQH GH FXLVVRQ V·pWHLQGUD
DXWRPDWLTXHPHQW j O·KHXUH GpVLUpH
6L DXFXQH ]RQH Q·HVW SURJUDPPpH j O·DLGH GX PLQX
WHXU YRXV SRXYH] XWLOLVHU OH PLQXWHXU FRPPH ©VDEOLHUª
YRLU SDUDJUDSKH ©/H PLQXWHXU IRQFWLRQ VDEOLHUª 3URJUDPPDWLRQ GX PLQXWHXU
/D ]RQH GH FXLVVRQ VpOHFWLRQQpH OH SRLQW GpFLPDO
DIILFKp VpOHFWLRQQH] XQH SXLVVDQFH HQWUH HW $SSX\H] VXU OD WRXFKH GX PLQXWHXU ©ª DS
SDUDvW GDQV O·pFUDQ G·DIILFKDJH FRUUHVSRQGDQW
DX PLQXWHXU
SRXU VpOHFWLRQQHU
8WLOLVH] OHV WRXFKHV HW
OD GXUpH GH FXLVVRQ GpVLUpH GH j PLQXWHV /H PLQXWHXU VH GpFOHQFKH DXWRPDWLTXHPHQW DSUqV
TXHOTXHV VHFRQGHV
/H YR\DQW GH IRQFWLRQQHPHQW GX PLQXWHXU V·DO
OXPH GqV TX·XQH ]RQH GH FXLVVRQ D pWp SURJUDPPpH
DYHF OH PLQXWHXU
L
/D GXUpH GH FXLVVRQ SHXW rWUH PRGLILpH XOWpULHXUHPHQW
VL QpFHVVDLUH /D ]RQH GH FXLVVRQ VpOHFWLRQQpH OH SRLQW GpFLPDO
DIILFKp DSSX\H] VXU OD WRXFKH GX PLQXWHXU $SSX\H] VXU OD WRXFKH RX SRXU VpOHFWLRQ
QHU XQH QRXYHOOH GXUpH GH FXLVVRQ
L
$SSX\H] FRQWLQXHOOHPHQW VXU OD WRXFKH RX
SRXU VpOHFWLRQQHU OD GXUpH SOXV UDSLGH
PHQW
5DSSHO GH OD GXUpH GH FXLVVRQ
$SSX\H] FRQWLQXHOOHPHQW VXU OD WRXFKH RX
SRXU VpOHFWLRQQHU OD GXUpH SOXV UDSLGH
PHQW
0RGLILFDWLRQ GH OD GXUpH GH FXLVVRQ SUR
JUDPPpH
3RXU UDSSHOHU VXU O·pFUDQ G·DIILFKDJH OD GXUpH GH
FXLVVRQ SURJUDPPpH DSSX\H] VXU OD WRXFKH FRUUHVSRQGDQW j OD ]RQH GH FXLVVRQ VpOHFWLRQQpH
$UUrW GX PLQXWHXU
/RUVTXH OD GXUpH GH FXLVVRQ HVW WHUPLQpH XQ VLJQDO
VRQRUH UHWHQWLW SHQGDQW HQYLURQ PLQXWHV
©ª DSSDUDvW GDQV O·pFUDQ G·DIILFKDJH HW OH YR\DQW
FRUUHVSRQGDQW FOLJQRWH SHQGDQW HQYLURQ PLQXWHV 3RXU pWHLQGUH OH VLJQDO VRQRUH DYDQW OHV PLQXWHV DS
SX\H] VXU XQH WRXFKH
/D ]RQH GH FXLVVRQ HVW DORUV GpVDFWLYpH
6L YRXV VRXKDLWH] DUUrWHU OH PLQXWHXU DYDQW OD ILQ GH OD
GXUpH GH FXLVVRQ SURJUDPPpH $SSX\H] VXU OD WRXFKH GX PLQXWHXU SRXU DIILFKHU ©ª GDQV OH
8WLOLVH] OD WRXFKH
FDGUDQ G·DIILFKDJH
/H PLQXWHXU HVW DORUV GpVDFWLYp /D ]RQH GH FXLVVRQ
UHVWH DOOXPpH MXVTX·j FH TXH YRXV O·pWHLJQH] PDQXHOOH
PHQW
3RXU GpVDFWLYHU UDSLGHPHQW OD ]RQH GH FXLVVRQ DS
OD
SX\H] VLPXOWDQpPHQW VXU OHV WRXFKHV HW
]RQH GH FXLVVRQ HVW GpVDFWLYpH
/H PLQXWHXU Q·HVW SDV GpVDFWLYp PDLV Q·D SOXV G·LQ
IOXHQFH VXU OD ]RQH GH FXLVVRQ
/H PLQXWHXU IRQFWLRQ VDEOLHU
/H PLQXWHXU SHXW rWUH XWLOLVp FRPPH © VDEOLHU ª ORUVTXH
FHOXLFL Q·HVW SDV SURJUDPPp DYHF XQH ]RQH GH FXLV
VRQ
0LVH HQ IRQFWLRQQHPHQW GX ©VD
EOLHUª
6L O·DSSDUHLO HVW pWHLQW
$SSX\H] VXU OD WRXFKH 0$5&+( $55(7 $SSX\H] VXU OD WRXFKH GX PLQXWHXU $SSX\H] VXU OD WRXFKH
XQH GXUpH
RX
SRXU LQGLTXHU
6L O·DSSDUHLO HVW HQ IRQFWLRQQHPHQW ]RQHV
GH FXLVVRQ DFWLYpHV
9HUURXLOOH] OHV ]RQHV GH FXLVVRQ HQ DSSX\DQW VXU
OD WRXFKH /HV SRLQWV GpFLPDX[ FRUUHVSRQGDQWV GLVSD
UDvVVHQW $SSX\H] VXU OD WRXFKH GX PLQXWHXU $SSX\H] VXU OD WRXFKH
XQH GXUpH
RX
SRXU LQGLTXHU
$UUrW GX ©VDEOLHUª
$ OD ILQ GH OD GXUpH SURJUDPPpH ©ª V·DIILFKH SHQ
GDQW VHFRQGHV GDQV O·pFUDQ G·DIILFKDJH FRUUHVSRQ
GDQW DX PLQXWHXU 8Q VLJQDO VRQRUH UHWHQWLW SHQGDQW PLQXWHV
3RXU pWHLQGUH OH VLJQDO VRQRUH DYDQW OHV PLQXWHV DS
SX\H] VXU XQH WRXFKH
6L YRXV VRXKDLWH] DUUrWHU OH PLQXWHXU DYDQW OD ILQ
GH OD GXUpH SURJUDPPpH
$SSX\H] VXU OD WRXFKH GX PLQXWHXU SRXU DIILFKHU ©ª GDQV OH
8WLOLVH] OD WRXFKH
FDGUDQ G·DIILFKDJH FRUUHVSRQGDQW DX PLQXWHXU
/H PLQXWHXU HVW DORUV GpVDFWLYp 3RXU GpVDFWLYHU UDSL
GHPHQW OH PLQXWHXU DSSX\H] VLPXOWDQpPHQW VXU OHV
WRXFKHV HW &216(,/6 '·87,/,6$7,21
/HV UpFLSLHQWV
/H UHQGHPHQW VHUD PD[LPXP VL YRXV XWLOLVH] GHV UpFL
SLHQWV DGDSWpV j OD FXLVVRQ VXU WDEOH YLWURFpUDPLTXH
&HV UpFLSLHQWV VRQW GLVSRQLEOHV GDQV OH FRPPHUFH HW
SRUWHQW XQ VLJOH VSpFLILTXH 7RXWHIRLV YRXV SRXYH]
WRXW j IDLW FRQWLQXHU j YRXV VHUYLU GH YRWUH FDVVHUROHULH
KDELWXHOOH PDLV HQ UHVSHFWDQW OHV LQGLFDWLRQV VXLYDQ
WHV
)RQG
3URVFULYH] OHV IRQGV UXJXHX[ DILQ G·pYLWHU GH UD\HU OD
VXUIDFH /H IRQG GRLW rWUH OLVVH SURSUH HW VHF DYDQW XWL
OLVDWLRQ (YLWH] OHV IRQGV FRQYH[HV WUqV FRQFDYHV RX
GpIRUPpV &HSHQGDQW XQ IRQG WUqV OpJqUHPHQW
FRQFDYH DVVXUH XQH SDUIDLWH WUDQVPLVVLRQ GH O·pQHUJLH
FDU HQ VH GLODWDQW VRXV O·HIIHW GH OD FKDOHXU LO V·DSSOLTXH
SDUIDLWHPHQW VXU OH IR\HU 3UpIpUH] OHV IRQGV VRPEUHV
HW PDWV DX[ IRQGV UpIOpFKLVVDQWV
%21
0DWLqUH
/HV UpFLSLHQWV DYHF IRQG HQ DOXPLQLXP RX HQ FXLYUH QH
VRQW SDV FRQVHLOOpV FDU LOV SHXYHQW SURYRTXHU XQ FKDQ
JHPHQW GH FRXOHXU VXU OD VXUIDFH TX·LO HVW GLIILFLOH RX
TXHOTXHIRLV LPSRVVLEOH GH IDLUH GLVSDUDvWUH
0$89$,6
'LDPqWUH
/H GLDPqWUH GX UpFLSLHQW GRLW FRUUHVSRQGUH j FHOXL GX
FRUSV GH FKDXIIH /·pSDLVVHXU PD[LPXP GHV IRQGV HVW
GH PP SRXU OHV UpFLSLHQWV HQ DFLHU pPDLOOp HW GH
PP SRXU OHV UpFLSLHQWV HQ DFLHU LQR[\GDEOH
3UHQH] OD SUpFDXWLRQ GH VRXOHYHU OHV UpFLSLHQWV
ORUVTXH YRXV OHV PDQLSXOH] DILQ GH QH SDV ODLVVHU
GH WUDFHV YRLUH GHV UD\XUHV
'HV UD\XUHV SHXYHQW rWUH SURYRTXpHV pJDOHPHQW
SDU H[HPSOH SDU GHV JUDLQV GH VDEOH SURYHQDQW GH
OpJXPHV pSOXFKpV DXSDUDYDQW HW WUDQVSRUWpV SDU
OD FDVVHUROH VXU OH SODQ GH FXLVVRQ &·HVW SRXUTXRL
LO HVW SUpIpUDEOH G·HVVX\HU OHV UpFLSLHQWV DYDQW GH
OHV SRVHU VXU OHV ]RQHV GH FXLVVRQ
1H FXLVH] MDPDLV GLUHFWHPHQW OHV DOLPHQWV VXU OHV
]RQHV GH FXLVVRQ 2HXIV DX[ SODWV JULOODGHV HW
Q·XWLOLVH] SDV YRWUH WDEOH YLWURFpUDPLTXH FRPPH
SODQ GH WUDYDLO 'H PrPH QH IDLWHV MDPDLV FKDXIIHU
XQ UpFLSLHQW j YLGH VXU OHV ]RQHV GH FXLVVRQ
9pULILH] DSUqV FKDTXH FXLVVRQ TXH OD WDEOH GH
FXLVVRQ HVW j O·DUUrW
(175(7,(1 (7 1(772<$*(
$YDQW GH SURFpGHU j O·HQWUHWLHQ HW DX QHWWR\DJH
GH YRWUH DSSDUHLO YHUURXLOOH] O·DSSDUHLO j O·DLGH
GH OD WRXFKH GH YHUURXLOODJH HW YHLOOH] j FH
TXH OHV ]RQHV GH FXLVVRQ VRLHQW VXIILVDPPHQW
UHIURLGLHV
$ OD SUHPLqUH PLVH HQ VHUYLFH HW DYDQW FKDTXH XWLOL
VDWLRQ QHWWR\H] OH SODQ GH FXLVVRQ SRXU pYLWHU OD
FDUERQLVDWLRQ GHV SRXVVLqUHV
1H UHFXLVH] MDPDLV OHV VDOLVVXUHV TXHOOH TXH VRLW
OHXU QDWXUH
1RXV YRXV UHFRPPDQGRQV G·XWLOLVHU H[
FOXVLYHPHQW SRXU OH QHWWR\DJH
'X SDSLHU DEVRUEDQW RX XQ FKLIIRQ KXPLGH
8Q UDFORLU VSpFLDO WDEOHV YLWURFpUDPLTXHV OLYUp
DYHF O·DSSDUHLO VHORQ PRGqOH
8Q SURGXLW VSpFLILTXH j O·HQWUHWLHQ GH VXUIDFHV YL
WURFpUDPLTXHV &H SURGXLW HVW GLVSRQLEOH HQ GUR
JXHULH RX HQ JUDQGH VXUIDFH
L
/D IUpTXHQFH GH UHPSODFHPHQW GH OD ODPH GX
UDFORLU HVW IRQFWLRQ GH O·LQWHQVLWp GH VRQ XWLOLVD
WLRQ 9pULILH] UpJXOLqUHPHQW TXH OD ODPH Q·HVW
SDV pEUpFKpH RX FDVVpH SRXU pYLWHU WRXW ULV
TXH G·HQGRPPDJHPHQW GH OD VXUIDFH YLWURFp
UDPLTXH
/H FKRL[ SDUPL OHV PR\HQV pQXPpUpV
FLGHVVXV GpSHQG GX GHJUp GH VDOLVVXUH
HW GH O·RULJLQH GHV WDFKHV
/HV VDOLVVXUHV OpJqUHV HW QRQ LQFUXVWpHV V·HQOq
YHQW j O·DLGH G·XQ FKLIIRQ RX G·XQ SDSLHU DEVRUEDQW
KXPLGH VDQV DGMRQFWLRQ GH SURGXLW
/HV VDOLVVXUHV LPSRUWDQWHV HW UpVLVWDQWHV VRQW pOL
PLQpHV DLVpPHQW DYHF OH UDFORLU WDQW TXH OD VXUIDFH
HVW HQFRUH FKDXGH
/HV FHUQHV GH FDOFDLUH OHV WDFKHV GH JUDLVVH HW OHV
WUDFHV PpWDOOLTXHV DOXPLQLXP SHXYHQW rWUH pOLPL
QpHV DYHF XQ SURGXLW VSpFLILTXH
$77(17,21
1·XWLOLVH] HQ DXFXQ FDV G·REMHWV WUDQFKDQWV FRX
WHDX[ JUDWWRLUV WRXUQHYLV HWF RX GH GpWHUJHQWV
DEUDVLIV RX FRUURVLIV WHOV TXH ERPEHV DpURVROV
SRXU IRXU GpWDFKHXUV GpURXLOOHXUV SRXGUHV j Up
FXUHU HW OHV pSRQJHV j IDFH DEUDVLYH
1RXV SURVFULYRQV pJDOHPHQW O·HPSORL GH GpWHU
JHQWV GRX[ SURGXLW SRXU OD YDLVVHOOH SDU H[HPSOH
TXL V·LOV QH VRQW SDV pOLPLQpV FRPSOqWHPHQW DX ULQ
oDJH SHXYHQW DYRLU XQ HIIHW FRUURVLI ORUV G·XQH IX
WXUH FXLVVRQ HW SURYRTXHU XQH GpFRORUDWLRQ GH OD
VXUIDFH
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 VX
FUH HW OHV SURGXLWV j IRUWH WHQHXU HQ VXFUH
6L XQ GH FHV SURGXLWV D IRQGX LO HVW LPSpUDWLI GH
O·HQOHYHU LPPpGLDWHPHQW SHQGDQW TXH OD VXUIDFH
HVW HQFRUH FKDXGH DYHF OH UDFORLU FHFL DILQ G·pYL
WHU GHV GpJUDGDWLRQV LUUpYHUVLEOHV GH OD VXUIDFH YL
WURFpUDPLTXH &RPSOpWH] pYHQWXHOOHPHQW OH QHW
WR\DJH DYHF OH SURGXLW VSpFLILTXH
5pJXOLqUHPHQW HW FRUUHFWHPHQW HQWUHWHQXH YRWUH
WDEOH GH FXLVVRQ FRQVHUYHUD WUqV ORQJWHPSV VRQ
DVSHFW G·RULJLQH
1RWUH UHVSRQVDELOLWp QH VDXUDLW rWUH HQJDJpH HQ
FDV GH GRPPDJHV GV j XQ PDXYDLV HQWUHWLHQ GH
YRWUH WDEOH YLWURFpUDPLTXH
(1 &$6 '·$120$/,( '( )21&7,211(0(17
/D IDEULFDWLRQ GH YRWUH DSSDUHLO D IDLW O·REMHW GH QRPEUHXVHV YpULILFDWLRQV &HSHQGDQW VL YRXV FRQVWDWH] XQH DQRPD
OLH GH IRQFWLRQQHPHQW FRQVXOWH] OHV SDUDJUDSKHV FLGHVVRXV DYDQW G·DSSHOHU OH VHUYLFH DSUqV YHQWH
6L O·DQRPDOLH Q·D SDV SX rWUH pOLPLQpH FRQVXOWH] OH VHUYLFH DSUqV YHQWH GH YRWUH PDJDVLQ YHQGHXU
6\PSW{PHV
6ROXWLRQV
%UXLW ORUV GH OD PLVH HQ
IRQFWLRQQHPHQW G·XQH ]RQH GH
%UXLW QRUPDO &HOXL FL GLVSDUDvW SDU OD VXLWH
FXLVVRQ
'HV FKDQJHPHQWV GH FRXOHXU
,O QH V·DJLW SDV G·XQH PRGLILFDWLRQ GX PDWpULDX PDLV GH UpVLGXV EUOpV TXL Q·RQW SDV pWp
GH OD WDEOH GH FXLVVRQ
UHWLUpV UpJXOLqUHPHQW ,OV Q·RQW DXFXQH LQIOXHQFH VXU OH IRQFWLRQQHPHQW HW OD GXUDELOLWp GH
DSSDUDLVVHQW
OD VXUIDFH YLWURFpUDPLTXH
/HV ]RQHV GH FXLVVRQ QH
9pULILH] TXH
IRQFWLRQQHQW SDV
/HV IXVLEOHV VRQW HQ ERQ pWDW
/D WDEOH GH FXLVVRQ HVW PLVH VRXV WHQVLRQ
/D ]RQH GH FXLVVRQ HVW DFWLYH
8QH SXLVVDQFH GH FXLVVRQ D pWp VpOHFWLRQQpH
/HV ]RQHV GH FXLVVRQ QH VRQW SDV YHUURXLOOpHV
/HV ]RQHV GH FXLVVRQ QH
9pULILH] TXH SHXYHQW rWUH DFWLYpHV
/H YHUURXLOODJH GH OD WDEOH GH FXLVVRQ Q·HVW SDV DFWLYpH
OH GpODL GH VHFRQGHV HQWUH OH PRPHQW R YRXV GHYH] DSSX\HU VXU OD WRXFKH 0$5
&+( $55(7 HW OH PRPHQW R YRXV GHYH] VpOHFWLRQQHU XQH ]RQH GH FXLVVRQ Q·HVW
SDV H[SLUp
/HV pFUDQV G·DIILFKDJH
9RXV DSSX\H] FRUUHFWHPHQW VXU OD WRXFKH GpVLUpH VXU WRXW OH GLDPqWUH GH OD WRXFKH
&HUWDLQHV WRXFKHV QH VRQW SDV UHFRXYHUWHV SDU LQDGYHUWDQFH OLQJH
/D WDEOH GH FXLVVRQ QH V·HVW SDV pWHLQWH SUpPDWXUpPHQW G j XQH FRXSXUH GH FRXUDQW
9pULILH] TXH Q·LQGLTXHQW TXH OD WHPSpUDWXUH
/D WRXFKH 0$5&+( $55(7 Q·D SDV pWp DFWLYpH
UpVLGXHOOH ©+ª
&HUWDLQHV WRXFKHV QH VRQW SDV UHFRXYHUWHV SDU LQDGYHUWDQFH OLQJH /HV pFUDQV G·DIILFKDJH
V·pWHLJQHQW
9pULILH] TXH
$SUqV DYRLU PLV OD WDEOH GH
FXLVVRQ j O·DUUrW OH WpPRLQ GH
9pULILH] TXH
FKDOHXU UpVLGXHOOH © + ª
Q·DSSDUDvW SDV VXU O·pFUDQ
G·DIILFKDJH
8QH GHV ]RQHV GH FXLVVRQ QH
SHXW SDV rWUH GpVDFWLYpH
,O Q·\ SDV GH FRXSXUH GH FRXUDQW
/D ]RQH GH FXLVVRQ D IRQFWLRQQp VXIILVDPPHQW SRXU TX·HOOH DWWHLJQH HW SRXU TXH
OH WpPRLQ GH FKDOHXU UpVLGXHOOH V·DOOXPH
6L OD SODTXH HVW VXIILVDPPHQW FKDXGH GH HW TXH © + ª Q·DSSDUDvW SDV IDLWHV
DSSHO DX VHUYLFH DSUqV YHQWH GH YRWUH PDJDVLQ YHQGHXU
9pULILH] TXH
&HUWDLQHV WRXFKHV QH VRQW SDV UHFRXYHUWHV SDU LQDGYHUWDQFH OLQJH
/D ]RQH FRQFHUQpH HVW HIIHFWLYHPHQW DFWLYpH SRLQW GpFLPDO DIILFKp 6L YRWUH WDEOH GH FXLVVRQ HVW HQGRPPDJpH pFODW GX YHUUH IrOXUH FDVVXUH RX VL O·DQRPDOLH FRQVWDWpH QH FRUUHVSRQG
SDV DX[ LQGLFDWLRQV GRQQpHV FLGHVVXV GpEUDQFKH] LPPpGLDWHPHQW O·DSSDUHLO HW IDLWHV DSSHO DX VHUYLFH DSUqV
YHQWH GH YRWUH PDJDVLQ YHQGHXU TXL HVW OH SUHPLHU KDELOLWp j LQWHUYHQLU
&21',7,216 '( *$5$17,(
*DUDQWLH FRQWUDFWXHOOH
GLTXpHV GDQV FHWWH 1RWLFH G·8WLOLVDWLRQ IDXVVH
PDQRHXYUH QpJOLJHQFH LQVWDOODWLRQ GpIHFWXHXVH
RX QRQ FRQIRUPH DX[ UqJOHV HW SUHVFULSWLRQV LPSR
VpHV SDU OHV RUJDQLVPHV GH GLVWULEXWLRQ GH O·(OHF
WULFLWp GH (DX GX *D] HWF
3HQGDQW DQ j FRPSWHU GH OD PLVH HQ VHUYLFH OH FRQV
WUXFWHXU UHPSODFHUD OHV SLqFHV GpIHFWXHXVHV VDXI
GDQV OHV FDV SUpYXV DX FKDSLWUH ©5pVHUYHVª
&RQGLWLRQV G·DSSOLFDWLRQ
3RXU O·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 GRHXYUH 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 JDUDQ
WLH QH SRXUUD rWUH DSSOLTXpH
VL OHV GpWpULRUDWLRQV SURYLHQQHQW G·XQH FDXVH
pWUDQJqUH j O·DSSDUHLO FKRFV YDULDWLRQV DQRUPD
OHV GH OD WHQVLRQ pOHFWULTXH HWF RX GX QRQUHV
SHFW GHV FRQGLWLRQV G·LQVWDOODWLRQ RX G·XWLOLVDWLRQ LQ
VL O·XWLOLVDWHXU D DSSRUWp XQH PRGLILFDWLRQ VXU OH PD
WpULHO RX HQOHYp OHV PDUTXHV RX QXPpURV GH VpULH
VL XQH UpSDUDWLRQ D pWp HIIHFWXpH SDU XQH SHUVRQQH
QRQ DJUppH SDU OH FRQVWUXFWHXU RX OH YHQGHXU
VL 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
VL O·DSSDUHLO D pWp DFKHWp RX UpSDUp KRUV GX WHUUL
WRLUH 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
*$5$17,( (8523e(11( $57+85 0$57,1 (/(&752/8;
6L YRXV GHYLH] GpPpQDJHU YHUV XQ DXWUH SD\V G·(X
URSH OD JDUDQWLH DFFRPSDJQH YRWUH DSSDUHLO MXVTX·j
YRWUH QRXYHOOH UpVLGHQFH DX[ FRQGLWLRQV VXLYDQWHV
3RXU WRXWH TXHVWLRQ FRQFHUQDQW OD JDUDQWLH HXUR
SpHQQH YRXV SRXYH] SUHQGUH FRQWDFW DYHF O·XQ GH QRV
6HUYLFHV &RQVRPPDWHXUV
/D GDWH GH GpSDUW GH OD JDUDQWLH HVW OD GDWH G·DFKDW
GX SURGXLW
)UDQFH
/D GXUpH GH OD JDUDQWLH DLQVL TXH VRQ pWHQGXH SLq
FHV HW RX PDLQ GRHXYUH VRQW FHOOHV HQ YLJXHXU
GDQV OH QRXYHDX SD\V R O·DSSDUHLO HVW XWLOLVp
/H EpQpILFLDLUH GH OD JDUDQWLH HVW OH SURSULpWDLUH GH
O·DSSDUHLO /D JDUDQWLH QH SHXW rWUH FpGpH RX WUDQV
IpUpH j XQH DXWUH SHUVRQQH
9RWUH QRXYHOOH UpVLGHQFH HVW GDQV O·8QLRQ (XUR
SpHQQH RX GDQV XQ SD\V GH O·$VVRFLDWLRQ (XUR
SpHQQH GH /LEUH (FKDQJH
/·DSSDUHLO HVW LQVWDOOp HW XWLOLVp FRQIRUPpPHQW DX[
LQVWUXFWLRQV GH OD QRWLFH G·XWLOLVDWLRQ HW XWLOLVp j GHV
ILQV GRPHVWLTXHV QRUPDOHV FHFL H[FOXDQW QRWDP
PHQW WRXW XVDJH LQWHQVLI SURIHVVLRQQHO RX VHPL
SURIHVVLRQQHO ✆
✉
%3 6HQOLV FpGH[
$OOHPDJQH
✆
,WDOLH
✆
5R\DXPH8QL
✆
6XqGH
✆
/·DSSDUHLO HVW LQVWDOOp FRQIRUPpPHQW DX[ QRUPHV
GH VpFXULWp HW j OD OpJLVODWLRQ HQ YLJXHXU GDQV YRWUH
QRXYHDX SD\V GH UpVLGHQFH
6(59,&( $35Ë69(17(
(Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV
j OD UXEULTXH ´(1 &$6 '·$120$/,( '( )21&7,21
1(0(17´ 6L PDOJUp WRXWHV OHV YpULILFDWLRQV XQH LQ
WHUYHQWLRQ V·DYqUH QpFHVVDLUH OH YHQGHXU GH YRWUH DS
SDUHLO HVW OH SUHPLHU KDELOLWp j LQWHUYHQLU $ GpIDXW
GpPpQDJHPHQW GH YRWUH SDUW IHUPHWXUH GX PDJDVLQ
R YRXV DYH] HIIHFWXp O·DFKDW YHXLOOH] FRQVXOWHU
O·$VVLVWDQFH 7HFKQLTXH &RQVRPPDWHXUV TXL YRXV
FRPPXQLTXHUD DORUV O·DGUHVVH G·XQ 6HUYLFH $SUqV
9HQWH
L
3ODTXH VLJQDOHWLTXH
(Q DSSHODQW XQ 6HUYLFH $SUqV 9HQWH LQGL
TXH]OXL OH PRGqOH OH QXPpUR GH SURGXLW HW OH
QXPpUR GH VpULH GH O·DSSDUHLO &HV LQGLFDWLRQV
ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH VLWXpH VXU
YRWUH DSSDUHLO
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX
6HUYLFH $SUqV 9HQWH OHV 3LqFHV GH 5HFKDQJH FHUWL
ILpHV &RQVWUXFWHXU
&$5$&7e5,67,48(6 7(&+1,48(6
79 'LPHQVLRQV GH O·DSSDUHLO
ORQJXHXU
ODUJHXU
KDXWHXU
PP
PP
PP
'LPHQVLRQV GH OD GpFRXSH
ORQJXHXU
ODUJHXU
7HQVLRQ
Prod-nr:
6.5 kW
400V 2N, 230V, 230V 2-3 ~ 50 Hz
Typ 210.1eMNVNAPANA
941 566 554
Serie
TV 9500 N
PP
PP
9 a +]
3XLVVDQFH WRWDOH
N:
&HW DSSDUHLO HVW FRQIRUPH DX[ 'LUHFWLYHV &RPPXQDXWDLUHV VXLYDQWHV
&(( %DVVH 7HQVLRQ HW PRGLILFDWLRQV VXFFHVVLYHV &((
&(( &RPSDWLELOLWp (OHFWURPDJQpWLTXH HW PRGLILFDWLRQV VXFFHVVLYHV
&((
,16758&7,216 '·,167$//$7,21
/D VpFXULWp pOHFWULTXH GRLW rWUH DVVXUpH SDU XQ PRQ
WDJH DSSURSULp /D SURWHFWLRQ FRQWUH OHV FRQWDFWV DFFL
GHQWHOV HW OD VpFXULWp pOHFWULTXH FRQIRUPHV DX[ GLVSR
VLWLRQV $6(9'( GRLYHQW rWUH DVVXUpHV SDU XQ
PRQWDJH FRUUHFW GH OD WDEOH GH FXLVVRQ YLWURFpUDPL
TXH GDQV XQ SODQ GH WUDYDLO GH FXLVLQH HW GDQV XQ PHX
EOH LQIpULHXU DGDSWpV /D WDEOH GH FXLVVRQ QH GRLW SDV
rWUH DFFHVVLEOH j SDUWLU GX GHVVRXV /HV PHXEOHV j HQ
FDVWUHU GRLYHQW rWUH PRQWpV HW IL[pV GH IDoRQ j SUpYHQLU
XQ pYHQWXHO GpERUGHPHQW
,O HVW WUqV LPSRUWDQW TXH OD VXUIDFH GX SODQ GH WUDYDLO
VRLW SDUIDLWHPHQW SODQH ORUV GH O·HQFDVWUHPHQW DILQ
G·pYLWHU XQH FDVVXUH GX YHUUH &HOOHFL SRXUUDLW rWUH
SURYRTXpH SDU XQH WRUVLRQ VXLWH j OD IL[DWLRQ GH OD WDEOH
YLWURFpUDPLTXH
'pFRXSH] OH SODQ GH WUDYDLO VHORQ OHV GLPHQVLRQV
GH FRXSH LQGLTXpHV VXU OD ILJXUH )LJ FLFRQWUH
VFLH] H[DFWHPHQW OH ORQJ GH OD OLJQH WUDFpH )LJ
45
(QFDVWUHPHQW
590
(60
520
0)
(26
A
7)
22
3
A
3
490
0.5
5
12
A
(26
7)
5
12
1
0.5
A
A
22
55
R3
A
560
1
55
)LJ
1
)L[DWLRQ )LJ
&KRLVLVVH] OD SRVLWLRQ $ SRXU YLVVHU OHV UHVVRUWV j
GpFOLF
$WWHQWLRQ YLVVH] OHV YLV GDQV OH SODQ GH WUDYDLO FRPPH
GpFULW VXU OD ILJXUH
(YLWH] GH WURS VHUUHU 1·XWLOLVH] SDV GH WRXUQHYLV pOHF
WULTXHV RX SQHXPDWLTXHV VDQV DFFRXSOHPHQW j IULFWLRQ
UpJODEOH UpJOH] VXU 1P /·HQFDVWUHPHQW GRLW JDUDQWLU OD SURWHFWLRQ FRQWUH OHV
FRQWDFWV DFFLGHQWHOV
3ODFH] OD WDEOH YLWURFpUDPLTXH GDQV OD GpFRXSH
3ODTXH YLWURFpUDPLTXH
%DQGH pWDQFKH
&RQWU{OH] OH ERQ DMXVWHPHQW HW FRQWDFW GX MRLQW
/·LQWHUYDOOH HQWUH OH UHERUG LQIpULHXU GX SODQ GH
FXLVVRQ HW OHV pOpPHQWV VLWXpV DXGHVVRXV QH GRLW
SDV rWUH LQIpULHXU j PP
/·HVSDFHPHQW ODWpUDO GH OD WDEOH GH FXLVVRQ SDU
UDSSRUW j XQH DUPRLUH KDXWH HW j OD SDURL DUULqUH
GRLW rWUH G·DX PRLQV PP
PLQ PP
3ODQ GH WUDYDLO
5HVVRUW j GpFOLF
9LV
PLQ PP PLQ PP
PP
PP
/·HQFDVWUHPHQW GH OD WDEOH GH FXLVVRQ GDQV XQ
ODYH YDLVVHOOH HVW GpFRQVHLOOp ORUVTXH OH FRQVWUXF
WHXU GX ODYH YDLVVHOOH QH O·D SDV IRUPHOOHPHQW
SUpYX
5DFFRUGHPHQW pOHFWULTXH
6L OH FkEOH G·DOLPHQWDWLRQ GRLW rWUH UHPSODFp FRPPDQ
GH]OH DXSUqV GH YRWUH PDJDVLQ YHQGHXU
/H UDFFRUGHPHQW pOHFWULTXH GH YRWUH WDEOH YLWURFp
UDPLTXH GRLW rWUH HIIHFWXp SDU XQ SHUVRQQHO TXDOL
ILp /D SURWHFWLRQ FRQWUH OHV FRQWDFWV DFFLGHQWHOV
GRLW rWUH DVVXUpH SDU XQ PRQWDJH GH O·DSSDUHLO VH
ORQ OHV UqJOHV
5pIpUHQFH )LJ
/·DSSDUHLO GRLW rWUH PLV KRUV WHQVLRQ ORUV GH O·LQVWDOOD
WLRQ GH FHOXLFL
9pULILH] TXH OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH
HW TXH OHV OLJQHV VRQW HQ ERQ pWDW HW SHXYHQW VXSSRUWHU
O·LQWHQVLWp DEVRUEpH SDU OD WDEOH GH FXLVVRQ FRPSWH
WHQX GHV DXWUHV DSSDUHLOV pOHFWULTXHV EUDQFKpV
5HOLH] O·DSSDUHLO j OD WHUUH FRQIRUPpPHQW DX[ SUHV
FULSWLRQV GH OD QRUPH 1)& HW DX[ UqJOHPHQWV
HQ YLJXHXU
/H FkEOH G·DOLPHQWDWLRQ QH GRLW HQ DXFXQ FDV rWUH UDO
ORQJp /·DOLPHQWDWLRQ pOHFWULTXH ERvWLHU PXUDO GRLW VH
VLWXHU j SUR[LPLWp GH OD WDEOH j HQFDVWUHU
1RWUH UHVSRQVDELOLWp QH VDXUDLW rWUH HQJDJpH HQ FDV
G·DFFLGHQWV RX G·LQFLGHQWV SURYRTXpV SDU XQH PLVH j
OD WHUUH LQH[LVWDQWH RX GpIHFWXHXVH
/·LQVWDOODWLRQ GRLW FRPSRUWHU XQ GLVSRVLWLI j FRXSXUH
RPQLSRODLUH D\DQW XQH GLVWDQFH G·RXYHUWXUH GHV
FRQWDFWV G·DX PRLQV PP
/·DSSDUHLO GRLW rWUH PLV KRUV WHQVLRQ ORUVTXH XQ
WHFKQLFLHQ TXDOLILp GRLW LQWHUYHQLU SRXU XQH Up
SDUDWLRQ
'qV TX·XQH ILVVXUH IrOXUH RX FDVVXUH HVW YLVL
EOH VXU OD VXUIDFH GpFRQQHFWH] O·DSSDUHLO DX
VHFWHXU
5HPDUTXH (Q FH TXL FRQFHUQH OD SURWHFWLRQ
FRQWUH OHV ULVTXHV G·LQFHQGLH O·DSSDUHLO HVW
FRQIRUPH DX W\SH < &(, 6HXOV GHV DS
SDUHLOV GH FH W\SH GRLYHQW rWUH LQVWDOOpV j F{Wp
G·pOpPHQWV GH FXLVLQH KDXWV RX PXUDX[
1RPEUH VHFWLRQ GHV
FRQGXFWHXUV
7\SH GH
EUDQFKHPHQW
0RQRSKDVp
7ULSKDVp a
7ULSKDVp 9
SK QHXWUH
7HQVLRQ UpVHDX
9
9 9 9 1
7HQVLRQ
GHV pOpPHQWV
FKDXIIDQWV
9
9
9
IR\HU
VpOHFWULTXHV
[ PP
[ PP
[ PP
8WLOLVH] XQH ILFKH GH SULVH GH FRXUDQW DGPLV SDU OD QRUPH 1)
/H FkEOH G·DOLPHQWDWLRQ HVW OLYUp DYHF O·DSSDUHLO
(Q FDV GH G\VIRQFWLRQQHPHQW 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
/·$VVLVWDQFH 7HFKQLTXH &RQVRPPDWHXUV
SRXU WRXWHV TXHVWLRQV WHFKQLTXHV
RX
/H 6HUYLFH &RQVHLO &RQVRPPDWHXUV SRXU
WRXWHV TXHVWLRQV RX LQIRUPDWLRQV FRQFHUQDQW
O·XWLOLVDWLRQ GH YRWUH DSSDUHLO RX SRXU WRXWHV
DXWUHV TXHVWLRQV FRPPHUFLDOHV
9RXV WURXYHUH] FLGHVVRXV OHV FRRUGRQQpHV GH FHV GHX[ VHUYLFHV
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX 6HUYLFH $SUqV
9HQWH OHV 3LqFHV GH 5HFKDQJH FHUWLILpHV &RQVWUXFWHXU
(Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL WRXWHV OHV
UpIpUHQFHV HW QXPpURV 31& 1 GH VpULH &HV LQGLFDWLRQV ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH
4XHVWLRQV 7HFKQLTXHV
$VVLVWDQFH 7HFKQLTXH &RQVRPPDWHXUV
$UWKXU 0DUWLQ (OHFWUROX[
%3 6(1/,6 &HGH[
7pO HPDLO DUWKXUIUV#QRWHVHOHFWUROX[IU
SHUPDQHQFH WpO GX OXQGL DX YHQGUHGL GH K j K HW GH K j K &KRLVLU XQ QRXYHO DSSDUHLO HWRX FRQVHLOV G·XWLOLVDWLRQ
6HUYLFH &RQVHLO &RQVRPPDWHXUV
$UWKXU 0DUWLQ (OHFWUROX[
%3 6(1/,6 &('(;
7pO )D[ HPDLO DPHVFFIDX#QRWHVHOHFWUROX[IU
SHUPDQHQFH WpOpSKRQLTXH GX OXQGL DX YHQGUHGL GH K j K (OHFWUROX[ +RPH 3URGXFWV )UDQFH 6$
DYHQXH )pOL[ /RXDW %3 6(1/,6
7pO 5&6 6(1/,6
'DQV OH VRXFL G·XQH DPpOLRUDWLRQ FRQVWDQWH GH QRV
SURGXLWV QRXV QRXV UpVHUYRQV OH GURLW G·DSSRUWHU j OHXUV
FDUDFWpULVWLTXHV WRXWHV PRGLILFDWLRQV OLpHV j O·pYROXWLRQ
WHFKQLTXH GpFUHW GX ">
Public link updated
The public link to your chat has been updated.
