*HEUDXFKV XQG ,QVWDOODWLRQVDQZHLVXQJ
(LQEDXEDFNRIHQ
,QVWUXFWLRQV SRXU O·HPSORL HW O·LQVWDOODWLRQ
)RXU HQFDVWUp
,VWUX]LRQL G·XVR H GL LQVWDOOD]LRQH
)RUQR GD LQFDVWUR
%. &KqUH FOLHQWH FKHU FOLHQW
1RXV YRXV UHPHUFLRQV G·DYRLU FKRLVL XQH IRXU %DX
NQHFKW $YHF FH FKRL[ YRXV DYH] PLVp VXU OD TXDOLWp HW
OD GXUDELOLWp
&H PRGH G·HPSORL YRXV SHUPHW GH IDLUH FRQQDLVVDQFH
SDV j SDV DYHF YRWUH IRXU HW G·HQ XWLOLVHU WRXWHV OHV SRV
VLELOLWpV GH PDQLqUH RSWLPDOH $YDQW OD SUHPLqUH PLVH
HQ VHUYLFH QRXV YRXV SULRQV GH OLUH DWWHQWLYHPHQW OH
FKDSLWUH ©&RQVLJQHV GH VpFXULWpª 1RXV YRXV UHFRP
PDQGRQV GH FRQVHUYHU OH PRGH G·HPSORL j SUR[LPLWp
GH O·DSSDUHLO GH VRUWH TXH YRXV O·D\H] LPPpGLDWHPHQW
VRXV OD PDLQ HQ FDV G·LQFHUWLWXGH
&HW DSSDUHLO HVW FRQIRUPH
j OD GLUHFWLYH
&(( &(( &(( 7DEOH GHV PDWLqUHV
5HPDUTXHV LPSRUWDQWHV FRQFHUQDQW OD VpFXULWp /H IRXU HQFDVWUp $YDQW OD SUHPLqUH PLVH HQ VHUYLFH /HV FRPPXWDWHXUV SRXU OH IRXU /H IRXU $SSOLFDWLRQV GHV IRQFWLRQV GX IRXU ,QIRUPDWLRQV JpQpUDOHV VXU OH U{WLVVDJH HW OD FXLVVRQ 1HWWR\DJH HW HQWUHWLHQ /·pFODLUDJH GX IRXU pFKDQJH GHV DPSRXOHV &RQVHLO SUDWLTXHV XWLOHV 6L TXHOTXH FKRVH QH IRQFWLRQQH SDV ,QVWUXFWLRQ GH PRQWDJH 'RQQpHV WHFKQLTXH %. 7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX IRXU 6HUYLFH DSUqVYHQWH 6pFXULWp pOHFWULTXH 8WLOLVDWLRQ HW IRQFWLRQQHPHQW 1HWWR\DJH eYDFXDWLRQ GH O·HPEDOODJH 9XH GH O·DSSDUHLO 7DEOHDX V\QRSWLTXH 7LURLU j DSSDUHLO 1HWWR\DJH LQLWLDO &KDXIIDJH LQLWLDO &RPPXWDWHXUV GH IRQFWLRQ GX IRXU &RPPXWDWHXU GH WHPSpUDWXUH GX IRXU /HV ODPSHV GH FRQWU{OH $FFHVVRLUHV GX IRXU *XLGHV GH SODTXHV &KDXIIDJH VXSpULHXU HW LQIpULHXU *ULOODGHV *ULO j LQIUDURXJH *ULO j JUDQGH VXUIDFH 0RQWDJH &RQQH[LRQ pOHFWULTXHFKHPLQHPHQW GHV FkEOHV 5{WL j EDVVH WHPSpUDWXUH 7DEOH GH JULOODJH 7DEOH GH VWpULOLVDWLRQ 3LqFHV GH UHFKDQJHV &RQWUDFW GH VHUYLFH DSUqVYHQWH *DUDQWLH 5HPDUTXHV LPSRUWDQWHV FRQFHUQDQW OD VpFXULWp
/LVH] VRLJQHXVHPHQW FH PRGH G·HPSORL DYDQW G·XWLOL
VHU YRWUH DSSDUHLO )DLWHV VSpFLDOHPHQW DWWHQWLRQ DX[
SUHVFULSWLRQV GH VpFXULWp PDUTXpHV SDU XQ WULDQJOH
G·DYHUWLVVHPHQW
9RXV pYLWHUH] DLQVL GH FDXVHU GHV GRPPDJHV FRUSR
UHOV RX PDWpULHOV &RQVHUYH] SUpFLHXVHPHQW FH PRGH
G·HPSORL HW 7UDQVPHWWH]OH j WRXW XWLOLVDWHXU QRXYHDX
&HW DSSDUHLO QH GRLW rWUH XWLOLVp TXH SRXU OHV EHVRLQV
PpQDJHUV HW GDQV GHV EXWV ELHQ SUpFLV ,O HVW FRQIRUPH
DX[ SUHVFULSWLRQV LQWHUQDWLRQDOHV GH VpFXULWp HW DX[
QRUPHV H[LJpHV GH TXDOLWp 7RXWHIRLV OHV PHVXUHV GH
VpFXULWp SUpYXHV QH VDXUDLHQW pOLPLQHU WRXW ULVTXH
G·DFFLGHQW HQ FDV G·XWLOLVDWLRQ DEXVLYH RX GDQJHUHXVH
6L HOOH HVW RXYHUWH OD SRUWH GX IRXU QH GRLW SDV rWUH
VXUFKDUJpH ,O HVW LQWHUGLW GH V·DVVHRLU RX GH JULP
SHU VXU FHOOHFL
6L G·DXWUHV DSSDUHLOV GRLYHQW rWUH UDFFRUGpV DX YRL
VLQDJH LPPpGLDW GX IRXU LO IDXW YHLOOHU j FH TXH OHV
FkEOHV GH UDFFRUGHPHQW QH SXLVVHQW SDV HQWUHU HQ
FRQWDFW DYHF OH IRXU RX UHVWHU FRLQFpV GDQV OD SRUWH
FKDXG GX IRXU
$ SDUW OHV DFFHVVRLUHV OLYUpV Q·XWLOLVH] TXH GHV
SODWV HW GHV PRXOHV GH FXLVVRQ UpVLVWDQW j OD WHP
SpUDWXUH pOHYpH 3UHQH] JDUGH DX[ UHFRPPDQGD
WLRQV GX IRXUQLVVHXU
&HUWDLQV FRPPXWDWHXUV URWDWLIV GH YRWUH DSSDUHLO
SRVVqGHQW XQH EXWpH 1·HVVD\H] SDV GH WRXUQHU
FH FRPPXWDWHXU SOXV ORLQ TXH FHWWH EXWpH PDLV DX
FRQWUDLUH GDQV OH VHQVH RSSRVp 6LQRQ LO V·HQVXL
YUD XQH GpWpULRUDWLRQ GX FRPPXWDWHXU
$SUqV FKDTXH XWLOLVDWLRQ FRQWU{OH] TXH O·DSSDUHLO
HVW ELHQ pWHLQW 7RXV OHV FRPPXWDWHXUV URWDWLIV GRL
YHQW rWUH HQ SRVLWLRQ GpFOHQFKpH
6pFXULWp pOHFWULTXH
/·DSSDUHLO GRLW rWUH UDFFRUGp SDU XQ LQVWDOODWHXU
pOHFWULFLHQ FRQFHVVLRQQDLUH /D VpFXULWp pOHFWUL
TXH GHV DSSDUHLOV HQFDVWUpV H[LJH XQ PRQWDJH
SUpFLV FRQIRUPH DX[ QRUPHV HQ YLJXHXU
7RXW DSSDUHLO HQGRPPDJp QH GRLW SDV rWUH XWLOLVp
(Q FDV GH GpUDQJHPHQW RX GH GpIDXW GpYLVVH]
SXLV UHWLUH] OHV IXVLEOHV
3DU VpFXULWp WRXWH UpSDUDWLRQ VXU SODFH GH O·DSSD
UHLO HW VSpFLDOHPHQW GH VHV RUJDQHV G·DOLPHQWDWLRQ
QH SHXW rWUH HIIHFWXpH TXH SDU XQ pOHFWULFLHQ TXDOL
ILp RX SDU XQ WHFKQLFLHQ GX VHUYLFH GH PDLQWHQDQFH
SRXU SDOOLHU DX[ GDQJHUV G·pOHFWURFXWLRQ (Q FDV GH
SDQQH DGUHVVH]YRXV GLUHFWHPHQW j QRWUH VHU
YLFH WHFKQLTXH GH YHQWH
8WLOLVDWLRQ HW IRQFWLRQQHPHQW
eORLJQH] OHV SHWLWV HQIDQWV 1H ODLVVH] SDV OHV HQ
IDQWV MRXHU DYHF OD FXLVLQLqUH
$YDQW OD SUHPLqUH XWLOLVDWLRQ OH IRXU GRLW rWUH
FKDXIIp j YLGH $VVXUH]YRXV TXH O·DpUDWLRQ GH OD
SLqFH HVW VXIILVDQWH HW HQFOHQFKH] OD KRWWH G·DpUD
WLRQ VL HOOH H[LVWH /·DSSDULWLRQ G·RGHXUV ORUV GX SUH
PLHU pFKDXIIHPHQW HVW XQ SKpQRPqQH QRUPDO
/HV FRUSV GH FKDXIIH VLWXpV DX KDXW GX IRXU DXVVX
UDQW OH FKDXIIDJH GHSXLV OH GHVVXV HW OH JULO DLQVL
TXH OH FRUSV GH FKDXIIH LQIpULHXU OH PrPH TXH OHV
SDURLV GH IRXU VL HOOHV VRQW FKDXGHV SHXYHQW SUp
VHQWHU XQ GDQJHU GH EOXUH VL O·RQ Q·\ SUHQG SDV
JDUGH
8WLOLVH] GHV JDQWV WKHUPLTXH RX XQ WRUFKRQ SRXU
UHWLUHU VDQV VH EUOHU OHV PHWV FXLWV
1HWWR\DJH
/RUV GX QHWWR\DJH PDQXHO DXFXQ FRUSV GH FKDXIIH
QH GRLW rWUH HQFOHQFKp $WWHQGH] TXH OH IRXU VRLW
VXIILVDPPHQW UHIURLGL SRXU SRXYRLU HQWUHU HQ
FRQWDFW VDQV GDQJHU DYHF OHV RUJDQHV LQWHUQHV
0DLQWHQH] WRXMRXUV YRWUH IRXU SDUIDLWHPHQW SURSUH
/HV pFODERXVVXUHV GH JUDLVVH HW OHV WDFKHV GpJD
JHQW XQH PDXYDLVH RGHXU ORUVTX·HOOHV FKDXIIHQW
9HLOOH] j OD SURSUHWp GHV VXUIDFHV DVVXUDQW O·pWDQ
FKpLWp GH OD SRUWH DLQVL TXH OH FDGUH GH OD SRUWH
/HV FKDUQLqUHV GH OD SRUWH GX IRXU FRQVWLWXHQW XQ
GDQJHU HW HOOHV QH SHXYHQW rWUH GpPRQWpHV HW UH
PRQWpHV TXH SDU XQ WHFKQLFLHQ H[SpULPHQWp IDL
VDQW SDUWLH GH QRWUH pTXLSH DSUqVYHQWH
/·DSSDUHLO QH GRLW SDV rWUH QHWWR\p DYHF XQ V\V
WqPH GH QHWWR\DJH j YDSHXU RX j KDXWH SUHVVLRQ
SRXU GHV UDLVRQV GH VpFXULWp pOHFWULTXH
eYDFXDWLRQ GH O·HPEDOODJH
/HV PDWpULDX[ G·HPEDOODJH DLQVL TXH OHV DSSDUHLOV
SpULPpV GRLYHQW rWUH GpEDUUDVVpV VHORQ OHV SUHV
FULSWLRQV 5HVSHFWH] OHV QRUPHV QDWLRQDOHV HW Up
JLRQDOHV DLQVL TXH OHV LQGLFDWLRQV FRQFHUQDQW OHV
PDWLqUHV VpSDUDWLRQ GHV PDWpULDX[ UpFROWH GHV
GpFKHWV OLHX[ GH UDPDVVDJH /H IRXU HQFDVWUp
9XH GH O·DSSDUHLO
F
˚C
100
150
50
7DEOHDX V\QRSWLTXH DYHF
FRPPDQGH
0
25
0
pOpPHQW
GH
200
3RLJQpH GH OD SRUWH GX IRXU
3RUWH GX IRXU
DYHF YLWUH IURQWDOH HQWLqUHPHQW HQ YHUUH HW
IHQrWUH GH FRQWU{OH
7LURLU j DSSDUHLO
7DEOHDX V\QRSWLTXH
F
˚C
0
200
3
0
1 2
25
150
100
50
4
/DPSH GH FRQWU{OH IRQFWLRQQHPHQW GX IRXU URXJH
/DPSH GH FRQWU{OH GH OD WHPSpUDWXUH GX IRXU MDXQH
6pOHFWHXU GH IRQFWLRQ GX IRXU
6pOHFWHXU GH WHPSpUDWXUH GX IRXU
7LURLU j DSSDUHLO
3RXU RXYULU HW IHUPHU OH WLURLU j DSSDUHLO LO IDXW SRXVVHU
O·pFUDQ GX PLOLHX YHUV O·LQWpULHXU MXVTXH·LO VH GpFURFKH
GX YHUURXLOODJH
$YDQW OD SUHPLqUH PLVH HQ VHUYLFH
1HWWR\DJH LQLWLDO
/H IRXU GRLW rWUH QHWWR\p DYDQW OD SUHPLqUH XWLOLVDWLRQ
DILQ G·pOLPLQHU WRXWH WUDFH SRVVLEOH ODLVVpH SDU OD IDEUL
FDWLRQ
(QOHYH] VRLJQHXVHPHQW OHV pWLTXHWWHV TXL V·\ WURXYHQW
HQFRUH DLQVL TXH OHV IHXLOOHV GH SURWHFWLRQ $WWHQWLRQ
GH QH SDV HQOHYHU OD SODTXH VLJQDOpWLTXH GH O·DSSDUHLO /H WDEOHDX V\QRSWLTXH HW OD SRUWH GX IRXU GRLYHQW rWUH
ODYpV j O·HDX FKDXGH FRQWHQDQW XQ GpWHUJHQW SXLV
VpFKpV
(QOHYHU GX IRXU WRXV OHV REMHWV TX·LO FRQWLHQW j
O·H[FHSWLRQ GH OD IHXLOOH GH UpIOH[LRQ VLWXpH VRXV
OH FRUSV GH FKDXIIH LQIpULHXU
9RXV SRXYH] \ YRLU SOXV FODLU HQ DOOXPDQW O·pFODLUDJH LQ
WHUQH HQ SRVLWLRQQDQW OH VpOHFWHXU GH IRQFWLRQ VXU Q·LP
SRUWH TXHOOH SRVLWLRQ HW HQ ODLVVDQW OH VpOHFWHXU GH
WHPSpUDWXUH GpFOHQFKp
&KDXIIDJH LQLWLDO
/DLVVHU OH IRXU IHUPp FKDXIIHU SHQGDQW PLQX
WHV j FHWWH WHPSpUDWXUH
50
150
0HWWUH OH FRPPXWDWHXU GH IRQFWLRQ HQ SRVLWLRQ
GH FKDXIIDJH KDXW HW EDV HW OH VpOHFWHXU GH
WHPSpUDWXUH VXU &
250 2
00
0
˚C
F
0
10
/H IRXU GRLW rWUH FKDXIIp XQH SUHPLqUH IRLV j
YLGH $VVXUH]YRXV TXH O·DpUDWLRQ HVW VXIIL
VDQWH /H GpJDJHPHQW G·RGHXU HVW QRUPDO
/HV FRPPXWDWHXUV SRXU OH IRXU
&RPPXWDWHXUV GH IRQFWLRQ GX IRXU
/H FRPPXWDWHXU GH IRQFWLRQ SHXW rWUH SRVLWLRQQp HQ OH
WRXUQDQW VRLW YHUV OD GURLWH VRLW YHUV OD JDXFKH
F
eFODLUDJH
HQFOHQFKp SRXU FKDTXH IRQFWLRQ
0
*ULO j JUDQGH VXUIDFH FKDXIIDJH HQ KDXW HW
FRUSV GH FKDXIIH GX JULO HQFOHQFKpV
*ULO j LQIUDURXJH FRUSV GH FKDXIIH GX JULO
&KDXIIDJH HQ EDV VHXOHPHQW
&KDXIIDJH HQ KDXW VHXOHPHQW
&KDXIIDJH HQ KDXW HW HQ EDV
&RPPXWDWHXU GH WHPSpUDWXUH GX IRXU
3RVLWLRQQHU OD WHPSpUDWXUH YRXOXH HQ WRXUQDQW YHUV OD
GURLWH OH FRPPXWDWHXU UpJODQW OD WHPSpUDWXUH GX IRXU
HQWUH HW &
100
150
200
/H IRXU QH IRQFWLRQQH TXH VL OHV FRPPXWDWHXUV GH IRQF
WLRQ HW GH WHPSpUDWXUH VRQW HQFOHQFKpV
0
3RXU DUUrWHU UHYHQLU j OD SRVLWLRQ ]pUR
50
25
1H SDV WRXUQHU SOXV ORLQ TXH OD EXWpH
˚C
/HV ODPSHV GH FRQWU{OH
/D ODPSH GH FRQWU{OH GH IRQFWLRQ URXJH
FHOOHFL V·DOOXPH ORUVTXH OH IRXU HVW HQFOHQFKp RX XQH
SODTXH FKDXIIDQWH HVW HQ DFWLYLWp (OOH V·pWHLQW ORUVTXH
WRXV OHV FRPPXWDWHXUV VRQW HQ SRVLWLRQ +256
/D ODPSH GH FRQWU{OH GH WHPSpUDWXUH MDXQH
FHOOHFL V·DOOXPH ORUVTXH OH FKDXIIDJH GX IRXU HVW HQF
OHQFKp HW HOOH V·pWHLQW ORUVTXH OD WHPSpUDWXUH FKRLVLH
HVW DWWHLQWH HW HOOH VH UDOOXPH FKDTXH IRLV TXH OH WKHU
PRVWDW UpHQFOHQFKH OH FKDXIIDJH SRXU PDLQWHQLU OD
WHPSpUDWXUH
/H IRXU
$
%
5DLQXUHV GH JXLGDJH GH SODTXH j SkWLVVHULH
&RUSV GH FKDXIIH LQIpULHXU
&
&RUSV GH FKDXIIH GX JULO
'
&RUSV GH FKDXIIH VXSpULHXU
'
(
eFODLUDJH GX IRXU
)
9HQWLODWLRQ GX IRXU
*
5pFLSLHQW UpIOpFKLVVDQW
*XLGHV GH SODTXHV UDLQXUHV
$
*
$ SDUW OHV DFFHVVRLUHV OLYUpV Q·XWLOLVH] TXH GHV
SODWV HW GHV PRXOHV GH FXLVVRQ UpVLVWDQW j OD
WHPSpUDWXUH pOHYpH 3UHQH] JDUGH DX[ UHFRP
PDQGDWLRQV GX IRXUQLVVHXU
/H IRXU HVW pTXLSp GHV DFFHVVRLUHV VXLYDQWV
3ODTXH j FXLUH
5{WLVVRLUH SRXU FXLUHU{WLUJULOOHU
5pFLSLHQW UpIOpFKLVVDQW
*XLGHV GH SODTXHV
/H IRXU HVW PXQL GH JUDGLQV FRQWHQDQW UDLQXUHV GH
KDXWHXU GLIIpUHQWH &HV KDXWHXUV VRQW QXPpURWpHV
GDQV XQH WDEOH DOODQW GH j VHORQ O·pFKHOOH VXLYDQWH
OH SOXV EDV OH SOXV KDXW
(QILOH] OD SODTXH RX OH U{WL HQWUH OHV GHX[ WLJHV
GH JXLGDJH FH TXL IDFLOLWH O·HQWUpH HW OD VRUWLH
HW DVVXUH OH PDLQWLHQ SHQGDQW OD FXLVVRQ
$
$FFHVVRLUHV GX IRXU
)
& ' *ULO j JUDQGH VXUIDFH
(
&
%
$SSOLFDWLRQV GHV IRQFWLRQV GX IRXU
&KDXIIDJH VXSpULHXU HW LQIpULHXU
/H FKDXIIDJH VLPXOWDQp HQ KDXW HW HQ EDV FRQVWLWXH OH
IRQFWLRQQHPHQW QRUPDO GX IRXU /HV FRUSV GH FKDXIIH
VLWXpV DX SODQFKHU HW DX SODIRQG GH O·HQFHLQWH FKDXI
IDQWH WUDQVPHWWHQW OHXU FKDOHXU DX[ GHQUpHV j FXLUH /D
WHPSpUDWXUH SHXW rWUH UpJOpH HQWUH HW &
/H U{WLVVDJH HW OD FXLVVRQ SDU FKDXIIDJH HQ KDXW HW HQ
EDV QH VRQW SRVVLEOHV TXH VXU XQ VHXO QLYHDX
PHWWUH OHV JkWHDX[ SODWV HW OD SkWLVVHULH VXU OD
SODTXH DX[ QLYHDX[ RX PHWWUH OHV FDNHV OHV NRXJORIV RX OHV ELVFXLWV HQ
IRUPH GH EORF DX QLYHDX *ULOODGHV
/D JULOODGH V·RSqUH JpQpUDOHPHQW HQ IHUPDQW OD
SRUWH GX IRXU 1H ODLVVH] FHSHQGDQW SDV YRWUH
JULO VDQV VXUYHLOODQFH
/D FKDOHXU SURGXLWH SDU OHV FRUSV GH FKDXIIH UD\RQQH
FRQWUH OH SODIRQG GX IRXU HW DWWHLQW OD SLqFH j U{WLU TXL
HVW SODFpH HQ GHVVRXV /HV LQGLFDWLRQV FRQFHUQDQW OD
KDXWHXU RSWLPDOH GH FHOOHFL VH WURXYHQW GDQV OD WDEOH
GH JULOODGH /H SUpFKDXIIDJH HVW LQXWLOH
3RXU JULOOHU LO VXIILW GH SRVLWLRQQHU OHV VpOHFWHXUV GH
IRQFWLRQ HW GH WHPSpUDWXUH FRUUHVSRQGDQWV
/H FKRL[ GH OD IRQFWLRQ GpSHQG GH OD TXDOLWp GH OD
TXDQWLWp HW GH OD KDXWHXU GH OD YLDQGH j JULOOHU
/D WHPSpUDWXUH GRLW rWUH DGDSWpH DX W\SH GH YLDQGH
FDU OH WKHUPRVWDW GX IRXU DVVXUH VRQ VHUYLFH HW PDLQ
WLHQW OD WHPSpUDWXUH j O·LQWpULHXU GX GRPDLQH DVVLJQp
FRQIRUPpPHQW DX[ YDOHXUV GH OD WDEOH
6L YRXV GHYH] HIIHFWXHU SOXVLHXUV JULOODGHV FRQVpFXWL
YHV LO IDXW QHWWR\HU OD SODTXH DSUqV FKDFXQH G·HOOHV
*ULO j LQIUDURXJH
3RXU GH SHWLWHV TXDQWLWpV GH JULOODGHV GH WUDQFKHV SOD
WHV DLQVL TXH SRXU OHV GHPLSRXOHWV OH JULO j LQIUDURXJH
HVW SDUWLFXOLqUHPHQW ELHQ LQGLTXp /H GRPDLQH GH WHP
SpUDWXUH VH VLWXH HQWUH HW &
*ULO j JUDQGH VXUIDFH
&HWWH IRQFWLRQ SHUPHW GH JULOOHU GHV WUDQFKHV SODWHV RX
GHV GHPLSRXOHWV VXU WRXWH OD VXUIDFH GH OD SODTXH /D
FRQMRQFWLRQ GX JULO j LQIUDURXJH HW GX FKDXIIDJH VXSp
ULHXU SHUPHW GH PDLQWHQLU XQH WHPSpUDWXUH UpJODEOH
HQWUH HW &
/HV GHX[ IRQFWLRQV GH JULO j JUDQGH HW j SHWLWH VXU
IDFH VRQW LGpDOHV SRXU OHV WUDQFKHV SODWHV WHOOHV TXH
OHV VWHDNV OHV F{WHOHWWHV OHV SHWLWHV VDXFLVVHV OH
SRLVVRQ RX DXWUHV 2Q SHXW pJDOHPHQW IDLUH GHV WRDVWV
EUXQLU GX PDVVHSDLQ RX GH OD JODFH UpDOLVHU XQH FUqPH
EUOpH JUDWLQHU XQ VRXIIOp RX EUXQLU XQ JUDWLQ /D FKD
OHXU UD\RQQpH SDU OH JULO Q·pWDQW GHVWLQpH TX·j EUXQLU OD
VXUIDFH HW OD UHQGUH FURXVWLOODQWH LO QH IDXW O·XWLOLVHU
TX·HQ ILQ GH FXLVVRQ
*OLVVH] OHV DOLPHQWV j JULOOHU j O·pFKHORQ RX VHORQ
O·pSDLVVHXU /D GLVWDQFH HQWUH OHV DOLPHQWV HW OH FRUSV
GH FKDXIIH SHXW YDULHU YHUV OH KDXW RX YHUV OH EDV VHORQ
OD FRXUEXUH GH OD YRWH GX JULO 6L OHV DOLPHQWV j JULOOHU
VRQW JUDV LO YDXW PLHX[ OHV pORLJQHU GX FRUSV GH
FKDXIIH
,O IDXW JOLVVHU OD SODTXH j JkWHDX[ GDQV OHV JXLGHV DX
QLYHDX RX SRXU UpFXSpUHU OH MXV HW pYLWHU O·HQFUDVVH
PHQW GX IRXU
6L YRXV GHYH] HIIHFWXHU SOXVLHXUV JULOODGHV FRQVpFXWL
YHV LO IDXW QHWWR\HU OD SODTXH DSUqV FKDFXQH G·HOOHV
,QIRUPDWLRQV JpQpUDOHV VXU OH U{WLVVDJH HW OD FXLVVRQ
5{WLVVDJH DYHF FKDXIIDJH HQ KDXW HW HQ EDV
3UpFKDXIIDJH
/H WHPSV GH U{WLVVDJH GpSHQG GX JHQUH GX U{WL FKRLVL
GH VRQ SRLGV HW GH VD KDXWHXU
/·XVDJH HVW GH FDOFXOHU OH WHPSV QpFHVVDLUH SDU FHQWL
PqWUH GH KDXWHXU
/H SUpFKDXIIDJH Q·HVW SOXV QpFHVVDLUH GDQV OD SOXSDUW
GHV SUpSDUDWLRQV FDU OD WHPSpUDWXUH SUpUpJOpH HVW DW
WHLQWH WUqV UDSLGHPHQW 9HXLOOH] FRQVXOWHU OD WDEOH GHV
WHPSV GH U{WLVVDJH HW GH FXLVVRQ
%RHXI FKDVVH
PLQXWHV
3RUF YHDX
PLQXWHV
1RXV UHFRPPDQGRQV WRXWHIRLV GH SUpFKDXIIHU OH IRXU
GDQV OHV FDV VXLYDQWV
)LOHW URDVWEHHI
PLQXWHV
6WHDNV HW WUDQFKHV GH YLDQGH WHOOHV TXH ILOHW
URDVWEHHI HVFDORSH RX F{WHOHWWH /HV SRUHV GH OD
YLDQGH VH UHIHUPHQW SOXV UDSLGHPHQW HW O·LQWpULHXU
UHVWH SOXV MXWHX[
3kWLVVHULH SRXYDQW FRXOHU IDFLOHPHQW SHWLWV SDLQV
JkWHDX[ URXODGHV HWF
3OXV OH PRUFHDX GH YLDQGH HVW KDXW SOXV OD WHPSpUD
WXUH GX IRXU SHXW rWUH PRLQV pOHYpH
/·pWDW GH FXLVVRQ GH OD YLDQGH SHXW rWUH WHVWp HQ SUHV
VDQW GHVVXV DYHF XQH FXLOOqUH 6L OH U{WL QH V·HQIRQFH
SDV LO HVW FXLW
&RQVHLO 'DQV OH FRPPHUFH GHV DSSDUHLOV PpQDJHUV
RQ WURXYH GHV WKHUPRPqWUHV LQGLTXDQW O·pWDW GH FXLV
VRQ
/DLVVH] OH U{WL GDQV OH IRXU XQH GL]DLQH GH PLQXWHV
DSUqV O·DYRLU pWHLQW SRXU SHUPHWWUH DX MXV GH V·pFRXOHU
FH TXL VLPSOLILH OH GpFRXSDJH
5{WLU VXU OH JULO
/D SLqFH j U{WLU GRLW rWUH GpSRVpH VXU OH JULO DYHF OH F{Wp
j GUHVVHU WRXUQp YHUV OH KDXW (QILOH] OD SODTXH GX JULO
GDQV OHV JOLVVLqUHV RX SXLV LQWURGXLVH] OH JULO MXVWH
DXGHVVXV VXU OH UDLO GH OD JOLVVLqUH
5{WLU GDQV XQH U{WLVVRLUH RX VXU OD SODTXH
0HWWH] OH PRUFHDX GH YLDQGH PDLJUH GH FKDVVH RX GH
KDFKLV GLUHFWHPHQW GDQV OD U{WLVVRLUH UpFLSLHQW j U{WLU
HQ S\UH[ RX HQ WHUUH FXLWH YHUQLH RX VXU OD SODTXH
6L OH WHPSV GH FXLVVRQ GRLW GpSDVVHU XQH KHXUH DMRX
WH] OHV LQJUpGLHQWV SRXU OD VDXFH GDQV OD U{WLVVRLUH XQH
GHPLKHXUH DYDQW OD ILQ GH OD FXLVVRQ SXLV ODLVVH] GR
UHU HW FRPSOpWH] DYHF XQ SHX G·HDX FKDXGH
8VWHQVLOHV SRXU U{WLU HW FXLUH
3RXU U{WLU HW FXLUH YRXV XWLOLVHUH] GH SUpIpUHQFHV OHV
XVWHQVLOHV OLYUpV DYHF O·DSSDUHLO j VDYRLU OHV IRUPHV
FODLUHV HW IRQFpHV SRXU OD FXLVVRQ OD FpUDPLTXH HW OHV
IRUPHV UpVLVWDQW j OD WHPSpUDWXUH 1RWH] TXH OHV SOD
TXHV HW OHV IRUPHV PpWDOOLTXHV FODLUHV QpFHVVLWHQW XQ
WHPSV GH FXLVVRQ SOXV ORQJ 9HXLOOH] FRQVXOWHU OHV LQV
WUXFWLRQV UHPLVHV j FHW HIIHW SDU OH IDEULFDQW
,O VXIILW DORUV GH SUpUpJOHU OD WHPSpUDWXUH YRXOXH HW G·DW
WHQGUH TXH FHOOHFL VRLW DWWHLQWH DYHQW G·LQWURGXLUH OHV
PHWV
5HPDUTXHV VXU O·XWLOLVDWLRQ GH OD WDEOH GHV WHPSV
GH FXLVVRQ
/D WDEOH GHV WHPSV GH FXLVVRQ FRQWLHQW GDQV FHUWDLQV
FDV O·LQGLFDWLRQ G·XQH SODJH GH WHPSpUDWXUH SDU H[HP
SOH & &KRLVLVVH] GH SUpIpUHQFH OD WHPSpUD
WXUH OD SOXV EDVVH LQGLTXpH (Q FDV FRQWUDLUH YRWUH Jk
WHDX VHUD WURS FXLW GHVVXV LO QH VHUD SDV DVVH] OHYp RX
LO V·HIIRQGUHUD SDUFH TXH O·KXPLGLWp TX·LO FRQWLHQW Q·D
SDV pWp VXIILVDPPHQW pOLPLQpH
6L OH WHPSV GH FXLVVRQ HVW WURS ORQJ RX VL OH GHVVXV GH
O·DOLPHQW j FXLUH QH EUXQLW SDV FRPPH LO VHUDLW VRXKDLWD
EOH LO IDXW DORUV FKRLVLU OD WHPSpUDWXUH OD SOXV pOHYpH IL
JXUDQW GDQV OD WDEOH
/H EUXQLVVHPHQW UpJXOLHU GHV JkWHDX[ SHXW rWUH DPp
OLRUp HQ GLPLQXDQW G·HQYLURQ & OD WHPSpUDWXUH GH
FXLVVRQ LQGLTXpH HW HQ UDOORQJHDQW OH WHPSV GH FXLVVRQ
PHQWLRQQp
/HV GRQQpHV GH OD GXUpH GH FXLVVRQ SHXYHQW YDULHU HQ
IRQFWLRQ GH OD JUDQGHXU GHV RHXIV XWLOLVpV GHV SRVVLEL
OLWpV GH OLDLVRQ GH OD IDULQH HW GH OD PDWLqUH GX PRXOH
FKRLVL
/HV PRXOHV j FXLUH RX OHV DXWUHV XVWHQVLOHV GRLYHQW
rWUH SRVpV VXU OD SODTXH j JkWHDX[
1HWWR\DJH HW HQWUHWLHQ
/RUV GX QHWWR\DJH DXFXQ FRUSV GH FKDXIIH QH GRLW rWUH
HQFOHQFKp $WWHQGH] TXH OH IRXU VRLW VXIILVDPPHQW UH
IURLGL SRXU TXH YRXV SXLVVLH] WRXFKHU VDQV GDQJHU OHV
RUJDQHV LQWHUQHV 6HXO O·pFODLUDJH GX IRXU SHXW UHVWHU
HQ IRQFWLRQ
/·DSSDUHLO QH GRLW SDV rWUH QHWWR\p DYHF XQ V\V
WqPH GH QHWWR\DJH j YDSHXU RX j KDXWH SUHV
VLRQ SRXU GHV UDLVRQV GH VpFXULWp pOHFWULTXH
1HWWR\H] UpJXOLqUHPHQW HW j IRQG YRWUH IRXU ORUVTX·LO HVW
WLqGH RX IURLG eYLWH] OD FRPEXVWLRQ GHV pFODERXVVXUHV
JUDLVVHXVHV
1HWWR\DJH GX IRXU pPDLOOp
1HWWR\H] UpJXOLqUHPHQW HW j IRQG YRWUH IRXU ORUVTX·LO HVW
WLqGH RX IURLG eYLWH] OD FRPEXVWLRQ GHV pFODERXVVXUHV
JUDLVVHXVHV
/·LQWpULHXU GX IRXU GRLW rWUH ODYp DYHF XQH pSRQJH HW GH
O·HDX FKDXGH 6L QpFHVVDLUH LO IDXW WRXW G·DERUG PRXLO
OHU OHV VDOHWpV LQFUXVWpHV SXLV ULQFHU j O·HDX FODLUH HW
ELHQ HVVX\HU SRXU VpFKHU
1·XWLOLVH] SDV GH GpWHUJHQW RX GH SURGXLW j Up
FXUHU SRXYDQW SURYRTXHU GHV UDLHV SDV GH
SURGXLW GH QHWWR\DJH QL GH SDLOOH GH IHU
1HWWR\DJH GX JULO GHV SODTXHV GHV PRXOHV HW GHV
JOLVVLqUHV
&HV REMHWV GRLYHQW rWUH QHWWR\pV j O·DLGH G·HDX FKDXGH
VDYRQQHXVH &HV SLqFHV QH VXSSRUWHQW SDV OH SDV
VDJH GDQV OD PDFKLQH j ODYHU OD YDLVVHOOH
1·XWLOLVH] SDV GH GpWHUJHQW RX GH SURGXLW j Up
FXUHU SRXYDQW SURYRTXHU GHV UDLHV SDV GH
SURGXLW GH QHWWR\DJH QL GH SDLOOH GH IHU
0RQWDJH HW GpPRQWDJH GHV JXLGHV GH SODTXHV
3RXU IDFLOLWHU OH QHWWR\DJH GHV JXLGHV GH SODTXHV RQ
SHXW OHV VRUWLU GX IRXU
$ OD KDXWHXU GH OD SRVLWLRQ OHV VXSSRUWV SHXYHQW rWUH
UHWLUpV GH OD SDURL SDU O·DYDQW SXLV RQ GpJDJH O·DUULqUH
HW RQ SHXW VRUWLU OH VXSSRUW SDU O·DYDQW GX IRXU
3RXU UHPRQWHU OH VXSSRUW LO VXIILW GH OH VXVSHQGUH SDU
O·DUULqUH SXLV G·LQWURGXLUH OHV FURFKHWV GH OD SDUWLH
DYDQW GDQV OHV WURXV GH OD SDURL HW G·HQIRQFHU OH VXS
SRUW GDQV VD SRVLWLRQ QRUPDOH
5pFLSLHQW UpIOpFKLVVDQW
1·XWLOLVH] SDV GH GpWHUJHQW SRXYDQW SURYRTXHU
GHV UD\XUHV QL GH ODLQH G·DFLHU
1H SDV OH QHWWR\HU GDQV OH ODYHYDLVVHOOH
,O VXIILW GH ODYHU OH UpFLSLHQW DSUqV FKDTXH XWLOLVDWLRQ j
O·DLGH G·XQH EURVVH GRXFH HW GH O·HDX FKDXGH VDYRQ
QHXVH 6L O·HQFUDVVHPHQW HVW LPSRUWDQW LO IDXW OH ODLV
VHU WUHPSHU
8WLOLVH] XQH EDVH OLVVH ORUV GX QHWWR\DJH SRXU
HPSrFKHU GHV GHIRUPDWLRQV
3DQQHDX V\QRSWLTXH HW SRUWH GX IRXU
9HLOOH] j OD SURSUHWp GHV VXUIDFHV DVVXUDQW
O·pWDQFKpLWp HQWUH OD SRUWH HW VRQ FDGUH
/H SDQQHDX GH FRPPDQGH DLQVL TXH OD SRUWH GX IRXU
GRLYHQW rWUH QHWWR\pV j O·HDX FKDXGH RX DYHF XQ SUR
GXLW GH QHWWR\DJH SRXU OHV YLWUHV SXLV VpFKpV VRLJQHX
VHPHQW 1·XWLOLVHU TXH GH O·HDX FKDXGH SRXU O·LQWpULHXU
GH OD SRUWH GX IRXU
/D YLWUH LQWpULHXUH HVW UHFRXYHUWH G·XQH FRXFKH VSpFLD
OHPHQW UpVLVWDQWH DX UD\RQQHPHQW GH OD FKDOHXU ,O IDXW
GRQF pYLWHU G·XWLOLVHU XQ GpWHUJHQW DJUHVVLI SRXYDQW
SURYRTXHU GHV JULIIXUHV GH OD VXUIDFH DLQVL TXH WRXW
SURGXLW PRXVVDQW
/RUV GX QHWWR\DJH GH OD SRUWH LO IDXW IDLUH ELHQ DWWHQWLRQ
j FH TXH FHOOHFL UHVWH VXVSHQGXH HW TXH O·pWULHU
SURWpJHDQW OD FKDUQLqUH UHSRVH ELHQ VXU FHWWH GHUQLqUH
YRLU ILJXUH FLFRQWUH /·pFODLUDJH GX IRXU pFKDQJH GHV DPSRXOHV
6723
$YDQW GH IDLUH O·pFKDQJH LO IDXW REOLJDWRLUH
PHQW GpFRQQHFWHU O·DOLPHQWDWLRQ pOHFWULTXH GH
WRXW O·DSSDUHLO HQ HQOHYDQW OHV IXVLEOHV
,O HVW SRVVLEOH GH UHPSODFHU VRLPrPH OHV DPSRXOHV
GpIHFWXHXVHV
/D QRXYHOOH DPSRXOH GH ZDWWV j YROWV
DYHF XQ FXORW ( GRLW SRXYRLU UpVLVWHU j XQH WHPSp
UDWXUH GH & 9RXV SRXYH] O·REWHQLU DXSUqV GH QR
WUH PDJDVLQ FHQWUDO GH SLqFHV GH UHFKDQJH RX FKH] XQ
pOHFWULFLHQ VSpFLDOLVp
/D ODPSH HQ KDXW j GURLWH GDQV OD IDFH DUULqUH GX IRXU
HVW SURWpJpH SDU XQ XQ YHUUH URQG GH SURWHFWLRQ TXH
O·RQ SHXW IDFLOHPHQW GpYLVVHU
&RQVHLO SUDWLTXHV XWLOHV
3UREOqPH
&DXVH SUREDEOH
6ROXWLRQV
/H U{WL RX OH VRXIIOp QH
PRQWH SDV VXIILVDPPHQW
(UUHXU GH WHPSpUDWXUH FKRLVLH
&RQVXOWHU OD WDEOH GHV WHPSpUDWXUHV
/H U{WL QH EUXQLW SDV
7HPSpUDWXUH WURS pOHYpH
eOHYHU OD WHPSpUDWXUH YpULILHU O·HWDW
GH FXLVVRQ V·LO OH IDXW UDFFRXUFLU OH
WHPSV
3RXU FKDOHXU KDXW HW EDV XWLOLVHU XQ
PRXOH IRQFp
0DXYDLV PRXOH XWLOLVp
/H U{WL EUXQLW WURS
7HPSpUDWXUH WURS pOHYpH
&RQVXOWHU OD WDEOH GHV WHPSpUDWXUHV
GLPLQXHU OD WHPSpUDWXUH HW UDFFRXU
FLU OH WHPSV GH FXLVVRQ
/H U{WL HVW WURS VHF
/D GXUpH GH FXLVVRQ HVW WURS ORQJXH
DYHF XQH WHPSpUDWXUH WURS EDVVH
&RQVXOWHU OD WDEOH GHV WHPSpUDWXUHV
DXJPHQWHU OD WHPSpUDWXUH HW UDF
FRXUFLU OH WHPSV GH FXLVVRQ
/H U{WL HVW WURS KXPLGH
/·KXPLGLWp Q·D SDV SX V·pFKDSSHU j
FDXVH GH OD WHPSpUDWXUH WURS pOHYpH
7URS G·KXPLGLWp GDQV OD SkWH
&KRLVLU OD WHPSpUDWXUH OD SOXV EDVVH
LQGLTXpH GDQV OD WDEOH
3UpSDUHU XQH SkWH PRLQV KXPLGH
6L TXHOTXH FKRVH QH IRQFWLRQQH SDV
3UREOqPH
&DXVH SUREDEOH
6ROXWLRQV
/H IRXU QH IRQQFWLRQ SDV
3DQQH G·DOLPHQWDWLRQ pOHFWULTXH
9pULILHU OHV IXVLEOHV
/·pFODLUDJH GX IRXU QH IRQF
WLRQQH SDV
/·DPSRXOH HVW GpIHFWXHXVH
5HPSODFHU O·DPSRXOH
UHJDUGH] SDJH 6723
/HV DSSDUHLOV GpIHFWXHX[ QH GRLYHQW SOXV rWUH XWLOLVpV (Q FDV G·LQFLGHQW GpYLVVHU HW UHWLUHU OHV IXVLEOHV
1H PRGLILH] SDV O·DSSDUHLO 7RXWH LQWHUYHQWLRQ QRQ TXDOLILpH SHXW FDXVHU GHV GRPPDJHV PDWpULHOV RX FRUSR
UHOV
6L OHV FRQVHLOV FLGHVVXV VRQW LQVXIILVDQWV YHXLOOH] FRQWDFWHU QRWUH VHUYLFH WHFKQLTXH
,QVWUXFWLRQ GH PRQWDJH IRXU j HQFDVWUHU ODUJHXU PP 9 9
0RQWDJH
6RUWLU OH WLURLU G·XVWHQVLOHV SRXU FH IDLUH SRXVVHU
OH SDQQHDX GH WLURLU GHSXLV OH PLOLHX YHUV O·LQWp
ULHXU MXVTX·j FH TXH OH WLURLU VH GpEORTXH GX OR
TXHW 7LUHU OH WLURLU MXVTX·j OD EXWpH ILQDOH HW OH
VRXOHYHU
*OLVVHU OH IRXU GDQV OD QLFKH GH IDoRQ j REWHQLU
XQ PRQWDJH DIIOHXUp
)L[HU OH IRXU ODWpUDOHPHQW GHV GHX[ F{WpV j
O·DLGH GHV YLV GpWDLO $ $
$
$
3ODTXHWWH
VLJQDOpWLTXH
$
$ $
&RQQH[LRQ pOHFWULTXHFKHPLQHPHQW GHV FkEOHV
/D FRQQH[LRQ DX VHFWHXU GRLW rWUH H[pFXWpH SDU XQ
pOHFWULFLHQ DJUpH
/H FkEOH G·DOLPHQWDWLRQ GRLW rWUH DX PRLQV GH W\SH
+99) RX VXSpULHXU
/·LQVWDOODWLRQ GH O·DSSDUHLO GRLW V·HIIHFWXHU VRLW SDU O·HQ
WUHPLVH G·XQ FkEOH DYHF ILFKH DPRYLEOH VRLW SDU XQ Fk
EOH SRVp j GHPHXUH DYHF XQ FRXSHFLUFXLW VpSDUDQW
WRXWHV OHV SKDVHV GX VHFWHXU HW SRVVpGDQW XQ HVSDFH
G·DX PRLQV PP HQWH OHV FRQWDFWV
$
1
/D FRQQH[LRQ pOHFWULTXH SDU O·LQWHUPpGLDLUH G·XQH SULVH
GRLW rWUH SUpYXH GX F{Wp EkWLPHQW GH PDQLqUH TXH OD
SULVH VRLW SODFpH KRUV GH O·pVSDFH FRRUGRQQp (Q FDV
GH FRQQH[LRQ GLUHFWH SUpYRLU XQH ORQJXHXU GH FkEOH
G·HQYLURQ FP
'
2XYULU OD ERvWH GH ERUQHV GH FRQQH[LRQ GpWDLO
'
GpWDLO $
$
1
$ $SSDUHLO
1 1LFKH
$ 1 GpWDLO '
5DFFRUGHU OHV ERUQHV HQ VH UpIpUDQW DX FRX
SODJH
$VVXUHU O·DUUrW GH WUDFWLRQ HQ SUHVVDQW IL[H OD IHU
PHWXUH j GpFOLF GpWDLO ( 5HIHUPHU OD ERvWH GH ERUQHV GH FRQQH[LRQ
GpWDLO (
3RVHU OH FkEOH GH UDFFRUGHPHQW pOHFWULTXH HQ
GHVVRXV GX FDQDO GH IDoRQ TX·LO QH WRXFKH SDV OH
WLURLU
(Q FDV GH VHUYLFH LO IDXW GpEUDQFKHU O·DSSD
UHLO GX UpVHDX
&RQWUDLUHPHQW DX[ SUHVFULSWLRQV G·LQVWDOODWLRQ LQWp
ULHXUH GH O·$6( DUWLFOH O·DSSDUHLO j HQFDV
WUHU SHXW rWUH PRQWp GDQV GHV PDWpULDX[ FRPEXVWLEOHV
&RXSODJH
/
9a+]
/
/
1
9a+]
'pVLJQDWLRQ GHV SKDVHV
/ / FRUUHVSHQGDQW j 5 6
'RQQpHV WHFKQLTXH %. 'LPHQVLRQV H[WpULHXUHV
+DXWHXU
FP
/DUJHXU
FP
3URIRQGHXU
FP
3URIRQGHXU PD[ DYHF SRUWH RXYHUWH
FP
'LPHQVLRQV LQWpULHXUHV GX IRXU
+DXWHXU
FP
/DUJHXU
FP
3URIRQGHXU
FP
9ROXPH
O
3RLGV WRWDO QHWWR
NJ
&RQVRPPDWLRQ pOHFWULTXH
&KDXIIDJH VXSpULHXU
:
&KDXIIDJH LQIpULHXU
:
*ULO j LQIUDURXJH
:
*ULO j JUDQGH VXUIDFH
:
9HXLOOH] LQVFULUH GDQV FH FDGUH OHV GRQQpHV GH OD SODTXH VLJQDOpWLTXH GH YRWUH DSSDUHLO 9RXV WURXYHUH] OD SODTXH VL
JQDOpWLTXH j GURLWH VXU OH FDGUH GX IRXU DSUqV RXYULU OD SRUWH
9HXLOOH] WRXMRXUV LQGLTXHU FHV
GRQQpHV VL
YRXV GHPDQGH] O·LQWHUYHQWLRQ GX
VHUYLFH DSUqVYHQWH
UHFKDQJH RX GHV DFFHVVRLUHV
%DXNQHFKW
N:
YRXV FRPPDQGH] GHV SLqFHV GH
YRXV DYH] GHV TXHVWLRQV
WHFKQLTXH
+
S (= 3URGQU
9
a+]
7\S
6HULH
%. /HV WHPSV GH FXLVVRQ LQGLTXpV VRQW GHV YDOHXUV DSSUR[LPDWLYHV
/HV LQGLFDWLRQV GH WHPSpUDWXUH TXL VRQW PXQLHV G·XQ DVWpULVTXH QpFHVVLWHQW XQ SUpFKDXIIDJH j OD WHPSpUDWXUH LQGLTXpH
&KDXIIDJH GH VXSpULHXU HW LQIpULHXU
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX
IRXU
7HPS &
7HPSV PLQ
5DLQXUH
DYHF IUXLWV IUDLV DYHF OLDLVRQ VXFUpH
DYHF IUXLWV VXUJHOpV DYHF OLDLVRQ VXFUpH
7DUWH IUDQoDLVH
7DUWH DX IURPDJH
7DUWH DX[ FKDPSLJQRQV
7DUWH DX EURFROL SRLUHDX
7DUWH VXUSULVH
7DUWHV SkWH EULVpH HW IHXLOOHWpH
VDQV OLDLVRQ VXFUpH
*kWHDX[ WRXUWHV SkWH j FDNH SkWH OHYpH SkWH DX VHUp
%LVFXLW
5RXODGH
*RXJHOKRSI
$SSOH SLH SkWH OHYpH
&DNH PDUEUp
&DNH W\UROLHQ
&DNH j OD QRL[ GH FRFR
7DUWH DX[ FRXUJHWWHV GRXFHV
&DNH DX[ QRL[
7RXUWH DX FpUp DX IURPPDJH
7UDQFKHV DX UKXP DX[ RUDQJHV RX DX[
FDURWWHV
3HWLWV ELVFXLWV SkWH j ELVFXLW SkWH VDEOpH PDVVH j PHULQJXH
3kWLVVHULH VRXIIOpH FKRX[ j OD FUqPH
)RQGV GH SkWH VDEOpH SRXU WRXUWHV
)RQGV GH WDUWHOHWWHV
0LURLUV
&URLVVDQWV DX[ DPDQGHV
0HULQJXHV
K K
3HWLWV VDOpV SRXU O·DSpUR
&URLVVDQWV DX MDPERQ
)HXLOOHWpV
)LOHW GH SRUF HQ FURWH
3HWLWHV VDXFLVVHV HQ FURWH
3kWH IHXLOOHWpH
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX
IRXU
&KDXIIDJH GH VXSpULHXU HW LQIpULHXU
7HPS &
7HPSV PLQ
5DLQXUH
&RXURQQH EULRFKpH
1LG G·DEHLOOH
*RXJHOKRSI
7UHVVH
&ULRVVDQW
3DLQ VHORQ WDLOOH
3HWLWV SDLQV
3HWLW SDLQ IUDvFKHPHQW FXLW
3HWLW FURLVVDQW IUDvFKHPHQW FXLW
3L]]D SODTXH RULJLQDOH GH FXLVVRQ
3L]]D SODTXH HQ WHUUH FXLWH SUpFKDXIIHU PLQ
7RXUWH GH /LQ] $XWULFKH
7RXUWH 6DFKHU $XWULFKH
6DYDULQ )UDQFH
3LWWH DX 3UlWWLJDX *ULVRQV
3DLQ GH SRLUH
7RXUWH DX[ FDURWWHV $UJRYLH
9RO DX YHQW JODURQDLV *ODULV
3DLQ G·pSLFH
7RXUWH GX SUHVE\WqUH =XULFK
%LVFXLWV j VpFKHU
3DLQ G·pSLFH
3kWH OHYpH JkWHDX[ WUHVVHV SDLQ HW SL]]DV
-DPERQ FXLW GDQV OH SDLQ
SUpFKDXIIHU
FXLUH
'pOLFDWHVVHV GX PRQGH HQWLHU
&DNH DPpULFDLQ DX[ EDQDQHV
*kWHDX DX FRFR G·,WDSDULFD
86$
%UpVLO
6SpFLDOLWpV VXLVVHV
6XLVVH RULHQWDOH
%LVFXLWV GH QRsO
0LODQV HW WRXV OHV ELVFXLWV
j SkWH DX EHXUUH
3DLQ G·DQLV
/DLVVHU VpFKHU OHV ELVFXLWV SHQGDQW OD QXLW VXU XQH W{OH
SRXU OD FXLVVRQ DX IRXU
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX
IRXU
&KDXIIDJH GH VXSpULHXU HW LQIpULHXU
7HPS &
7HPSV PLQ
5DLQXUH
7RDVW +DZDLL
7RDVW &KDPSLJQRQV
*UDWLQ GH QRXLOOHV
*UDWLQ GH SRPPH GH WHUUH
7RPDWHV JDUQLW DYHF GX IURPDJH
*ODFH JUDWLQpH DYHF PDVVH j PpULQJXH
7RDVW HW *UDWLQV
6RXIIOp DX[ FHULVHV
PRXOH GH OLWUHV
/pJXPHV UL] PDLV HWF FRPPH DFFRPSDJQHPHQW
0DLV FRXYHUW
5L] FRXYHUW
)ULWHV DX IRXU EODQFKLHV
)ULWHV DX IRXU
EUXWHV
3RPPHV GH WHUUH DX IRXU SRPPHV GH WHUUH
VDXWpHV
3RPPHV GXFKHVVH
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX
IRXU
&KDXIIDJH GH VXSpULHXU HW LQIpULHXU
7HPS &
7HPSV PLQ
5DLQXUH
5{WL j EDVVH WHPSpUDWXUH
DYHF ILOWUH j JUDLVVH GH YLDQGH
j SUpFXLUH GDQV OD SRrOH DYDQW OH U{WLVVDJH
5RDVWEHHI NJ
5{WL GH YHDX NJ
SUpFKDXIIHU
FXLUH
SUpFKDXIIHU
FXLUH
&DUUp GH SRUF NJ
SUpFKDXIIHU
FXLUH
0RXVVDND *UqFH
/DVDJQH ,WDOLH
3RLYURQ JDUQL +RQJULH
&XULRVLWpV GX PRQGH HQWLHU
9LDQGH YRODLOOH JLELHU HW SRLVVRQ VDQV JULO
DYHF ILOWUH jJUDLVVH GH YLDQGH
5{WL GH SRUF NJ
5{WL GH YHDX NJ
5{WL GH E±XI NJ
5{WL KkFKp NJ
5{WL WHVVLQRLV DX ODUG
5RDVWEHHI NJ
3RXOHW NJ
&DQDUG NJ
2LH NJ
&KLFNHQ 1XJJHWV
PHWWUH XQH IHXLOOH G·DOXPLQLXP VXU OD SODTXH
'LQGH NJ
VXU SODTXH j JkWHDX SURIRQGH
5{WL GH FHUI
7UXLWHV GDQV OD IHXLOOH G·DOXPLQLXP J
XWLOLVHU XQH IHXLOOH pSDLVVH
)LOHWV GH WUXLWH GH JUDPPHV
7DEOH GH JULOODJH
DYHF ILOWUH j JUDLVVH GH YLDQGH
3ODTXH j JkWHDX XWLOLVpH FRPPH UpFLSLHQW VXU OD UDLQXUH &RPPXWDWHXU
GH IRQFWLRQ
7HPSpUDWXUH
&
3UpFKDXIIDJH GX IRXU SHQGDQW PLQXWHV
7HPSV GH
FXLVVRQ HQ
PLQXWHV
SDJH
SDJH
5DLQXUH
&{WHOHWWHV GH SRUF
&{WHOHWWHV GH SRUF
&{WHOHWWHV GH SRUF PDULQpHV
6WHDN DX ILOHW
6WHDN DX ILOHW
3RXOHWV FRXSpV
3RXOHWV FRXSpV
FXLVVHV GH SRXOHW
FXLVVHV GH SRXOHW
6DXFLVVHV JULOOpHV MXVTX·D SLqFHV
6DXFLVVHV JULOOpHV SOXV GH SLqFHV
(VFDUJRWV MXVTX·j 6WFN
(VFDUJRWV MXVTX·j 6WFN
3RLVVRQ HQWLHU
3DLQ WRDVWp VDQV JDUQLWXUH
3UpFKDXIIHU OH JULO SHQGDQW PLQXWHV
5{WLVVRLUH DYHF YRWH FRQWUH OH EDV
5{WLVVRLUH DYHF YRWH FRQWUH OH
KDXW
7DEOH GH VWpULOLVDWLRQ
6HXOHPHQW DYHF FKDXIIDJH LQIpULHXU VXU OD UDLQXUH LQIpULHXUH
/HV ERFDX[ QH GRLYHQW SDV VH WRXFKHU
6WpULOLVHU MXVTX·j
7HPSpUDWXUH
&
FH TXH OH OLTXLGH
SHUOH
7HPSV PLQ
&RQWLQXHU GH
VWpULOLVHU
7HPSV PLQ
/DLVVHU UHSRVHU
GDQV OH IRXU
pWHLQW
7HPSV PLQ
%DLHV
)UDLVHV
0\UWLOOHV
&DURWWHV
&KDPSLJQRQV
0L[HG 3LFNOHV
)UDPERLVHV
*URVHLOOHV PUHV
*URVHLOOHV DFLGHV
)UXLWV j SpSLQV
)UXLWV j FKqUH GXUH
3RLUHV
&RLQJV
3UXQHV
/pJXPHV
&KRX[ UDYHV
+DULFRWV
3HWLWV SRLV
$VSHUJHV
.XQGHQGLHQVW
6HUYLFH DSUqVYHQWH
6HUYL]LR DVVLVWHQ]D
=HQWUDOH &HQWUDOH
0LWWHOODQG ,QQHUVFKZHL] %DVHO =ULFK
,QGXVWULHVWU /HQ]EXUJ
=HQWUDOH 5HSDUDWXUVHUYLFH (UVDW]WHLOYHUNDXI )D[ 6HUYLFH 6HUYLFH DSUqVYHQWH
2VWVFKZHL] *ODUXV *UDXEQGHQ
5RUVFKDFKHUVWU 6W *DOOHQ
5HSDUDWXUVHUYLFH (UVDW]WHLOYHUNDXI )D[ 6HUYLFH %HUQ 6RORWKXUQ
0RRVVWU 6FK|QEKO
5HSDUDWXUVHUYLFH (UVDW]WHLOYHUNDXI )D[ 6HUYLFH /D 6XLVVH 5RPDQGH 9DODLV )ULERXUJ -XUD
5RXWH GH 3ULOO\ &ULVVLHU
6HUYLFH DSUqVYHQWH 3LqFHV GH UHFKDQJHV )D[ 6HUYLFH 7LFLQR
YLD 5RYHUH
%UHJDQ]RQD
&HQWUDOH 6HUYL]LR DVVLVWHQ]D 9HQGLWj SH]]L GL ULFDPELR )D[ 3LqFHV GH UHFKDQJHV
&KqUH FOLHQWH FKHU FOLHQW
&RQQDLVVH]YRXV QRWUH FRQWUDW GH VHUYLFH DSUqV
YHQWH"
9RXV SRXYH] YRXV DVVXUHU GXUDQW GH QRPEUHXVHV
DQQpHV FRQWUH WRXV OHV IUDLV GH UpSDUDWLRQ pYHQWXHOV
FRQWUH XQH PRGHVWH FRWLVDWLRQ DQQXHOOH /H FRQWUDW
FRXYUH LQWpJUDOHPHQW OHV IUDLV GH GpSODFHPHQW GH WUD
YDLO HW GH SLqFHV GpWDFKpHV
1RXV YRXV GRQQHURQV YRORQWLHUV GH SOXV DPSOHV UHQ
VHLJQHPHQWV DX QXPpUR GH WpOpSKRQH VXLYDQW
7HO *DUDQWLH
1RXV DVVXURQV SRXU FH SURGXLW XQH JDUDQWLH GH PRLV jFRPSWHU GH OD GDWH G·DFKDW &HWWH SUHVWDWLRQV
FRXYUH H[FOXVLYHPHQW OHV YLFHV GH PDWpULDX[ HW GH ID
EULFDWLRQ 1RXV GpFOLQRQV H[SUHVVpPHQW WRXWH UHVSRQ
VDELOLWp SRXU GHV GRPPDJHV RX FRQVpTXHQFHV GH
GRPPDJHV SURYRTXpV SDU OH QRQ UHVSHFW GHV SUHVFULS
WLRQV G·LQVWDOODWLRQ RX GX PRGH G·HPSORL 6RQW H[FOXV
GH OD FRXYHUWXUH GH FHWWH JDUDQWLH OHV DSSDUHLOV D\DQW
pWp UpSDUpV SDU GHV WLHUV DLQVL TXH OHV GRPPDJHV SUR
YRTXpV SDU OD IDXWH GH O·XWLOLVDWHXU /HV IUDLV GH GpSOD
FHPHQW GH PDLQ G·RHXYUH HW GH PDWpULHO GXUDQW
O·DQQpH GH JDUDQWLH VRQW HQWLqUHPHQW SULV jQRWUH
FKDUJH 1RXV QH SRXYRQV SDV SUHQGUH HQ FRQVLGpUD
WLRQ GHV GHPDQGHV SRXU GRPPDJHV VRUWDQW GX FDGUH
H[SOLFLWH GH FHWWH JDUDQWLH /D SpULRGH GH JDUDQWLH Q·HVW
SDV UHQRXYHOpH QL SURORQJpH ORUV G·XQH UHPLVH HQ pWDW
G·XQ UHPSODFHPHQW 3DU DLOOHXUV OHV GLUHFWLYHV GH OD
)($ VRQW DSSOLFDEOHV
">
Link pubblico aggiornato
Il link pubblico alla tua chat è stato aggiornato.
