*XLGH G XWLOLVDWLRQ - Mitel Edocs
*XLGH G XWLOLVDWLRQ - Mitel Edocs
*XLGH G XWLOLVDWLRQ - Mitel Edocs
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>*XLGH</strong> G <strong>XWLOLVDWLRQ</strong><br />
6XSHUVHW ! 6\VWóPHV 6; (/ 0/
ÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃ ÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
<br />
Ã<br />
ÃÃÃ<br />
MC ÃÃ MC ÃÃÃÃÃÃÃÃ<br />
MC ÃÃ MC ÃÃÃ ® ÃÃÃÃÃÃÃÃ<br />
à ÃÃÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃ<br />
ÃÃ
7DEOH GHV PDWLóUHV<br />
TXL V·DGUHVVH FH JXLGH" YLL<br />
5HQVHLJQHPHQWV VXSSOpPHQWDLUHV YLL<br />
'HVWLQpV DX[ VWDQGDUGLVWHV YLL<br />
'HVWLQpV DX[ WHFKQLFLHQV YLL<br />
&RQYHQWLRQV DGRSWpHV GDQV FH JXLGH YLLL<br />
3X]^KVVK^SYX NO VuKZZVSMK^SYX =?:/ !<br />
&RQWHQX GX FRIIUHW GH O·DSSOLFDWLRQ 683(56(7<br />
0DWpULHO LQIRUPDWLTXH LQGLVSHQVDEOH j O·DSSOLFDWLRQ 683(56(7<br />
3URJUDPPDWLRQ GX 3%;<br />
,QVWDOODWLRQ GH OD FDUWH 7$/. 72 %;<br />
,QVWDOODWLRQ GX ORJLFLHO GH O·DSSOLFDWLRQ 683(56(7<br />
¡ Z\YZY] NO VK MYX]YVO !<br />
,QWURGXFWLRQ<br />
2UJDQHV GH OD FRQVROH<br />
0RQLWHXU<br />
&ODYLHU<br />
&RPELQp<br />
/DQFHPHQW HW VRUWLH GH O·DSSOLFDWLRQ 683(56(7<br />
5pJODJH GH OD FRQVROH<br />
5HWRXU j O·DIILFKDJH SULQFLSDO<br />
5pJODJH GX YROXPH HW GX WLPEUH GH OD VRQQHULH<br />
5pJODJH GX YROXPH GH UpFHSWLRQ GX FRPELQp<br />
0LVH HQ VHUYLFH HW KRUV VHUYLFH GH OD VRQQHULH GH OD FRQVROH<br />
0LVH HQ VHUYLFH GH QXLW RX GH MRXU<br />
6pOHFWLRQ GH OD ODQJXH G·H[SORLWDWLRQ GH OD FRQVROH<br />
0LVH HQ RFFXSDWLRQ WHPSRUDLUH GH OD FRQVROH<br />
(PSORL GH OD IRQFWLRQ G·DXWRUpSRQVH<br />
5HFRQILJXUDWLRQ GH OD FRQVROH<br />
LLL
7DEOH GHV PDWLqUHV<br />
.O]]O\^O NO] KZZOV] !<br />
7RXFKHV GH GHVVHUWH G·DSSHOV<br />
5pSRQVH DX[ DSSHOV<br />
,QGLFDWLRQ GH QRXYHO DSSHO HQ DWWHQWH<br />
/RUVTXH SOXVLHXUV DSSHOV VRQW HQ DWWHQWH<br />
7UDQVIHUW GHV DSSHOV<br />
1XPpURV PDO FRPSRVpV<br />
$SSHO GH SRVWH RFFXSp RX HQ PRGH QH SDV GpUDQJHU<br />
$SSHO GH SRVWH ILJXUDQW XQ PHVVDJH SHUVRQQDOLVp<br />
eWDEOLVVHPHQW G·XQH FRPPXQLFDWLRQ<br />
0LVH HQ JDUGH G·XQ DSSHO<br />
5HWRXU G·DSSHO HQ JDUGH<br />
3ULVH G·DSSHO PLV HQ JDUGH j OD FRQVROH<br />
0LVHV HQ JDUGH VXSHUSRVpHV<br />
eWDEOLVVHPHQW G·XQH FRQIpUHQFH HW FRQVXOWDWLRQ VpSDUpH GHV FRUUHVSRQGDQWV<br />
5HWRXU G·DSSHOV<br />
,QWHUFHSWLRQ G·DSSHOV j OD FRQVROH<br />
5HFKHUFKH GH SHUVRQQH<br />
5HFKHUFKH j O·DLGH G·XQ V\VWqPH GH GLIIXVLRQ JpQpUDOH<br />
5HFKHUFKH LQGLYLGXHOOH j O·DLGH G·XQ KDXW SDUOHXU GH SRVWH<br />
$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ QH SDV GpUDQJHU VXU XQ SRVWH<br />
$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQH LQGLFDWLRQ GH PHVVDJH HQ DWWHQWH<br />
VXU XQ SRVWH<br />
,QWHUYHQWLRQ VXU XQ SRVWH RFFXSp RX HQ PRGH QH SDV GpUDQJHU<br />
$QQXDLUH<br />
5HFRPSRVLWLRQ GX GHUQLHU QXPpUR<br />
eWDEOLVVHPHQW GH SOXVLHXUV DSSHOV HQ VpULH<br />
6LJQDOLVDWLRQ PXOWLIUpTXHQFH 0)<br />
$SSHO SDU VLJQDO && VXU OHV OLJQHV H[WpULHXUHV<br />
5pSRQVH GH QXLW<br />
3ULVH G·DSSHO VpOHFWLYH<br />
([SORLWDWLRQ PXOWLFRQVROH<br />
$SSHOV HW WUDQVIHUW G·DSSHOV HQWUH FRQVROHV<br />
6HUYLFH GH GHVVHUWH FHQWUDOLVpH 6'&<br />
0HVVDJHULH YRFDOH<br />
LY
WZVYS NO] PYXM^SYX] N_ ]c]^ÉWO<br />
$IILFKDJH GHV LQIRUPDWLRQV G·DODUPH GX V\VWqPH<br />
$IILFKDJH GHV DODUPHV G·DSSHO<br />
5pJODJH GH OD GDWH HW GH O·KHXUH GX V\VWqPH<br />
'pVDFWLYDWLRQ JOREDOH GHV UHQYRLV G·DSSHOV<br />
'pVDFWLYDWLRQ JOREDOH GHV UDSSHOV DXWRPDWLTXHV<br />
0RGLILFDWLRQ GHV FRGHV $'$6<br />
3URJUDPPDWLRQ GHV QXPpURV DEUpJpV GX V\VWqPH<br />
3URJUDPPDWLRQ GHV SRLQWV GH UpSRQVH GH QXLW<br />
$IILFKDJH GH O·LGHQWLILFDWLRQ GX V\VWqPH<br />
$IILFKDJH GH O·LGHQWLWp GH OD FRQVROH<br />
$FFqV DX[ DSSOLFDWLRQV GLVSRQLEOHV<br />
/WZVYS NO] PYXM^SYX] NO ZY]^O<br />
$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ UHQYRL G·DSSHOV<br />
$FWLYDWLRQ HW GpVDFWLYDWLRQ GX PRGH QH SDV GpUDQJHU<br />
$FWLYDWLRQ HW GpVDFWLYDWLRQ GH PHVVDJH HQ DWWHQWH<br />
$FWLYDWLRQ HW GpVDFWLYDWLRQ GHV PHVVDJHV SHUVRQQDOLVpV<br />
0LVH HQ RFFXSDWLRQ GH SRVWH<br />
/WZVYS NO] PYXM^SYX] NO VSQXO] Ob^Ê\SO_\O]<br />
$IILFKDJH GH O·pWDW GHV OLJQHV H[WpULHXUHV<br />
$IILFKDJH GH O·pWDW GHV IDLVFHDX[ GH OLJQHV H[WpULHXUHV<br />
$FFqV j XQH OLJQH H[WpULHXUH SDUWLFXOLqUH<br />
0LVH HQ RFFXSDWLRQ GHV FLUFXLWV GH OLJQH H[WpULHXUH<br />
7DEOH GHV PDWLqUHV<br />
Y
7DEOH GHV PDWLqUHV<br />
/WZVYS NO] PYXM^SYX] RÕ^OVSÉ\O] #<br />
$IILFKDJH HW PRGLILFDWLRQ GHV LQIRUPDWLRQV VXU OHV FKDPEUHV<br />
$IILFKDJH GHV FKDPEUHV HQ IRQFWLRQ GH OHXU pWDW G·RFFXSDWLRQ HW<br />
GH OHXU FRQGLWLRQ<br />
0RGLILFDWLRQ GH O·pWDW G·RFFXSDWLRQ HW GH OD FRQGLWLRQ G·XQH FKDPEUH<br />
$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ DSSHO GH UpYHLO<br />
5HVWULFWLRQV G·DSSHOV DX QLYHDX G·XQH FKDPEUH<br />
%ORFDJH GHV DSSHOV HQWUH OHV FKDPEUHV<br />
$IILFKDJH HW UHPLVH j ]pUR G·XQ FRPSWHXU G·DSSHOV<br />
,PSUHVVLRQ GHV UHOHYpV<br />
+XXObO +$ ªNS^O_\ NO VuKXX_KS\O "<br />
SURSRV GH O·pGLWHXU GH O·DQQXDLUH<br />
2XYHUWXUH HW IHUPHWXUH GH O·pGLWHXU GH O·DQQXDLUH<br />
$MRXWHU XQH QRXYHOOH HQWUpH j O·DQQXDLUH<br />
6XSSUHVVLRQ G·XQH HQWUpH GH O·DQQXDLUH<br />
/RFDOLVDWLRQ G·XQH HQWUpH GDQV O·DQQXDLUH<br />
0RGLILFDWLRQ G·XQH HQWUpH GH O·DQQXDLUH<br />
$IILFKDJH GH WRXWHV OHV HQWUpHV GH O·DQQXDLUH<br />
,PSUHVVLRQ GH O·DQQXDLUH<br />
+XXObO ,$
TXL V DGUHVVH FH JXLGH"<br />
TXL V·DGUHVVH FH JXLGH"<br />
&H JXLGH HVW GHVWLQp DX[ VWDQGDUGLVWHV DSSHOp H V j VH VHUYLU GH OD FRQVROH<br />
683(56(7<br />
HW DX[ WHFKQLFLHQV FKDUJpV GH VRQ LQVWDOODWLRQ<br />
&RQQDLVVDQFHV GH EDVH QòFHVVDLUHV<br />
8Q VWDQGDUGLVWH GRLW SRVVpGHU OHV FRQQDLVVDQFHV QpFHVVDLUHV HQ YXH G·XWLOLVHU<br />
GHV DSSOLFDWLRQV G·RUGLQDWHXU SHUVRQQHO H[pFXWDEOHV VRXV :LQGRZV /HV<br />
WHFKQLFLHQV TXDQW j HX[ GRLYHQW VDYRLU LQVWDOOHU GHV SURJUDPPHV GH ORJLFLHO VXU<br />
XQ PLFUR RUGLQDWHXU<br />
5HQVHLJQHPHQWV VXSSOòPHQWDLUHV<br />
'HVWLQòV DX[ VWDQGDUGLVWHV<br />
/H 0LQLJXLGH GH VWDQGDUGLVWH GH FRQVROH 683(56(7 13<br />
&$ GpFULW OHV SURFpGXUHV GH GHVVHUWH G·DSSHOV VXU 683(56(7 OH SOXV<br />
VRXYHQW XWLOLVpHV<br />
/H 0LQLJXLGH GH UpIpUHQFH GH VWDQGDUGLVWH GH FRQVROH 683(56(7<br />
13 &$ UHJURXSH WRXWHV OHV VpTXHQFHV GH WRXFKHV TXL SHUPHWWHQW<br />
O·H[pFXWLRQ GHV IRQFWLRQV GLVSRQLEOHV VXU OD FRQVROH 683(56(7<br />
/H 7XWRULHO GH VWDQGDUGLVWH GH FRQVROH 683(56(7 13 &$<br />
HVW XQH LQWURGXFWLRQ GHVWLQpH DX[ XWLOLVDWHXUV TXL GRLYHQW VH VHUYLU GH OD FRQVROH<br />
683(56(7 SRXU OD SUHPLqUH IRLV<br />
'HVWLQòV DX[ WHFKQLFLHQV<br />
/H <strong>*XLGH</strong> G·LQVWDOODWLRQ GH OD FRQVROH 683(56(7 13 &$<br />
GpFULW OHV PRGDOLWpV G·LQVWDOODWLRQ GH OD FDUWH G·23 7$/. 72 HW GH VRQ ORJLFLHO<br />
/HV )DVFLFXOHV WHFKQLTXHV GX V\VWqPH 6; 13 &$ RIIUHQW<br />
GHV UHQVHLJQHPHQWV VXU O·LQVWDOODWLRQ HW OD SURJUDPPDWLRQ GX V\VWqPH 6;<br />
`SS
&RQYHQWLRQV DGRSWòHV GDQV FH JXLGH<br />
`SSS<br />
/HV FRQYHQWLRQV VXLYDQWHV RQW pWp DGRSWpHV HQ YXH GH GLVWLQJXHU OHV GHX[ W\SHV<br />
GH WRXFKHV GLVSRQLEOHV VXU OD FRQVROH<br />
/HV WRXFKHV GH IRQFWLRQ IL[H DSSDUDLVVHQW HQ FDUDFWqUHV JUDV ³SDU H[HPSOH<br />
5pSRQVH RX *DUGH<br />
/HV WRXFKHV GH IRQFWLRQ YDULDEOH WRXFKHV G·DIILFKHXU DSSDUDLVVHQW HQ<br />
FDUDFWqUHV JUDV HQWUH FURFKHWV³SDU H[HPSOH >6@ RX >&@
,QVWDOODWLRQ GH<br />
O DSSOLFDWLRQ<br />
683(56(7 !
&RQWHQX GX FRIIUHW GH O·DSSOLFDWLRQ 683(56(7<br />
&RQWHQX GX FRIIUHW GH O DSSOLFDWLRQ 683(56(7 !<br />
/H FRIIUHW GH O·DSSOLFDWLRQ 683(56(7 FRPSUHQG<br />
8QH FDUWH 7$/. 72 %; DYHF LQVWUXFWLRQV G·LQVWDOODWLRQ<br />
8QH GLVTXHWWH GH SR ô HW XQH GLVTXHWWH GH SR õ TXL FRQWLHQQHQW OHV<br />
SURJUDPPHV GH ORJLFLHO GH O·DSSOLFDWLRQ<br />
8QH GLVTXHWWH GH SR TXL FRQWLHQW XQ WXWRULHO GH SUpVHQWDWLRQ HW G LQLWLDWLRQ<br />
j O <strong>XWLOLVDWLRQ</strong> GH OD FRQVROH GH VWDQGDUGLVWH 683(56(7<br />
8QH JULOOH GH IRQFWLRQV GH FODYLHU HW XQ MHX G·pWLTXHWWHV DGKpVLYHV &H FDFKH<br />
TXL VH SRVH j PrPH OH FODYLHU LGHQWLILH OHV WRXFKHV TXL VHUYHQW j OD GHVVHUWH<br />
GHV DSSHOV /HV pWLTXHWWHV RQW OD PrPH IRQFWLRQ PDLV VH FROOHQW GLUHFWHPHQW<br />
VXU OHV WRXFKHV<br />
8Q FRPELQp WpOpSKRQLTXH 0LWHO GH OD VpULH DYHF FRUGRQ<br />
8Q H[HPSODLUH GX <strong>*XLGH</strong> G·<strong>XWLOLVDWLRQ</strong> GH OD FRQVROH GH VWDQGDUGLVWH<br />
683(56(7<br />
8Q H[HPSODLUH GX 0LQLJXLGH G·<strong>XWLOLVDWLRQ</strong> GH OD FRQVROH GH VWDQGDUGLVWH<br />
683(56(7<br />
8Q H[HPSODLUH GX 0LQLJXLGH GH UpIpUHQFH GH OD FRQVROH GH VWDQGDUGLVWH<br />
683(56(7<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃ
,QVWDOODWLRQ GH O·DSSOLFDWLRQ 683(56(7<br />
0DWòULHO LQIRUPDWLTXH LQGLVSHQVDEOH ì<br />
O DSSOLFDWLRQ 683(56(7 !<br />
/·DSSOLFDWLRQ 683(56(7 IRQFWLRQQHUD VXU XQ PLFUR RUGLQDWHXU GRWp GX<br />
PDWpULHO VXLYDQW<br />
8Q SURFHVVHXU 0+] GRWp GH 0R GH 5$0 HW GH :LQGRZV RX<br />
GH SUpIpUHQFH XQ SURFHVVHXU 3HQWLXP GRWp GH 0R GH 5$0 HW GH<br />
:LQGRZV<br />
0RQLWHXU 9*$<br />
8Q OHFWHXU GH GLVTXHWWH GH SR õ<br />
8Q FODYLHU DPpOLRUp $7<br />
8QH IHQWH ,6$ SRXU OD FDUWH 7$/. 72<br />
8QH FDUWH GH VRQ HVW GLVSRQLEOH HQ RSWLRQ HOOH YRXV SHUPHWWUD GH UpJOHU OH<br />
YROXPH HW OH WLPEUH GH OD VRQQHULH<br />
Ã683(56(7ÃÃÃÃÃÃÃ <br />
3URJUDPPDWLRQ GX 3%;<br />
/·DSSOLFDWLRQ 683(56(7 Q·H[LJH DXFXQH SURJUDPPDWLRQ VSpFLDOH DX<br />
QLYHDX GX 3%; ,O YRXV VXIILW GH SURJUDPPHU OH 3%; FRPPH V·LO V·DJLVVDLW G·XQH<br />
683(5&2162/( <br />
,QVWDOODWLRQ GH OD FDUWH 7$/. 72 %;<br />
/D FDUWH 7$/. 72 %; GRLW rWUH LQVWDOOpH DYDQW OH ORJLFLHO GH O·DSSOLFDWLRQ<br />
683(56(7 3RXU SOXV GH UHQVHLJQHPHQWV VXU OD SURFpGXUH G·LQVWDOODWLRQ<br />
DSSURSULpH YRLU OD GRFXPHQWDWLRQ IRXUQLH DYHF OD FDUWH
,QVWDOODWLRQ GX ORJLFLHO GH O·DSSOLFDWLRQ 683(56(7<br />
,QVWDOODWLRQ GX ORJLFLHO GH O DSSOLFDWLRQ<br />
683(56(7 !<br />
3URFpGH] FRPPH VXLW VL YRXV rWHV XQ WHFKQLFLHQ DSSURXYp<br />
3RXU LQVWDOOHU OH ORJLFLHO GH O·DSSOLFDWLRQ 683(56(7<br />
9pULILH] TXH :LQGRZV RX TX·XQH YHUVLRQ :LQGRZV SOXV UpFHQWH VRLW<br />
LQWDOOpH VXU OH PLFUR RUGLQDWHXU 6L FH GHUQLHU QH ILJXUH DXFXQH GH FHV<br />
YHUVLRQV LO IDXGUD SURFpGHU j FHWWH LQVWDOODWLRQ DYDQW GH SURFpGHU<br />
,QVpUH] OD GLVTXHWWH 683(56(7 GDQV OH OHFWHXU GH GLVTXHWWH<br />
6L YRXV GLVSRVH] GH OD YHUVLRQ :LQGRZV FOLTXH] VXU 6WDUW 'pPDUUHU<br />
SXLV VpOHFWLRQQH] 5XQ ([pFXWHU VL YRXV GLVSRVH] GH OD YHUVLRQ<br />
:LQGRZV VpOHFWLRQQH] )LOH )LFKLHU RX OH JHVWLRQQDLUH GH<br />
SURJUDPPHV 3URJUDP 0DQDJHU SXLV 5XQ ([pFXWHU<br />
'DQV OD ERvWH GH GLDORJXH 5XQ ([pFXWHU HQWUH] OD OHWWUH GX OHFWHXU GH<br />
GLVTXHWWH VXLYL GH ?LQVWDOO<br />
3DU H[HPSOH VL OH OHWWUH GX OHFWHXU HVW $ HQWUH] $ ?LQVWDOO<br />
&OLTXH] VXU 2.<br />
6XLYH] OHV LQVWUXFWLRQV DIILFKpHV j O·pFUDQ SRXU OD VXLWH GHV RSpUDWLRQV<br />
9pULILH] TXH OH ILFKLHU /LVH] PRL 5HDGPH VRLW LQVWDOOp DYHF O·DSSOLFDWLRQ ,O<br />
FRQWLHQW OHV LQIRUPDWLRQV TXL Q·pWDLHQW SDV GLVSRQLEOHV DX PRPHQW GH<br />
O·LPSUHVVLRQ GX JXLGH G·<strong>XWLOLVDWLRQ</strong><br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃ
SURSRV GH<br />
OD FRQVROH
,QWURGXFWLRQ<br />
,QWURGXFWLRQ<br />
683(56(7 HVW XQH DSSOLFDWLRQ GH FRQVROH GH VWDQGDUGLVWH SRXU PLFUR<br />
RUGLQDWHXUV GRWpV GH :LQGRZV FHWWH DSSOLFDWLRQ RIIUH XQ DQQXDLUH WpOpSKRQLTXH<br />
LQWpJUp ILJXUDQW WRXV OHV XVDJHUV GX V\VWqPH HW XQH LQWHUIDFH XWLOLVDWHXU LQWXLWLYH<br />
TXL DVVXUH XQH GHVVHUWH G·DSSHOV FRQWLQXH HW HIILFDFH<br />
'LVSRQLELOLWò GHV IRQFWLRQV<br />
6DFKH] TXH YRWUH FRPSDJQLH D FKRLVL OHV IRQFWLRQV GLVSRQLEOHV VXU YRWUH V\VWqPH<br />
WpOpSKRQLTXH ,O HVW SRVVLEOH TXH YRXV QH GLVSRVLH] SDV GH WRXWHV OHV IRQFWLRQV<br />
GpFULWHV GDQV FH JXLGH<br />
2UJDQHV GH OD FRQVROH<br />
7YXS^O_\<br />
9RWUH FRQVROH GH VWDQGDUGLVWH 683(56(7 HVW XQ PLFUR RUGLQDWHXU TXL<br />
ILJXUH XQ PRQLWHXU HW XQ FODYLHU DYHF pWLTXHWWHV SRXU VHV WRXFKHV DLQVL TX·XQ<br />
FRPELQp WpOpSKRQLTXH DYHF FRUGRQ<br />
/H PRQLWHXU DIILFKH GHV GLUHFWLYHV GH GHVVHUWH G·DSSHOV HW GHV LQIRUPDWLRQV VXU<br />
O·pWDW GHV DSSHOV /H FODYLHU V·XWLOLVH SRXU WRXWHV OHV DFWLYLWpV GH GHVVHUWH G·DSSHOV<br />
HW SRXU FRPSRVHU GHV QXPpURV HW OH FRPELQp SRXU FRQYHUVHU DYHF OHV<br />
FRUUHVSRQGDQWV<br />
/H PRQLWHXU HVW GLYLVp HQ TXDWUH ]RQHV<br />
/D =RQH G·pWDW GDQV OD SDUWLH VXSpULHXUH GH O·pFUDQ LQGLTXH OD GDWH HW O·KHXUH<br />
OH QRPEUH GHV DSSHOV HQ DWWHQWH DLQVL TXH OH PRGH GH VHUYLFH GH OD FRQVROH HW<br />
GH VD VRQQHULH (OOH DIILFKH pJDOHPHQW OHV GLUHFWLYHV YLVXHOOHV JpQpUpHV SDU OHV<br />
DODUPHV TXL VLJQDOHQW XQ SUREOqPH DX QLYHDX GH OD FRQVROH RX GX V\VWqPH<br />
/D =RQH G·DSSOLFDWLRQV HVW GLYLVpH HQ TXDWUH UXEULTXHV GDQV VD SDUWLH<br />
VXSpULHXUH HOOH SUpVHQWH XQH UXEULTXH ´*$5'(µ HW XQH UXEULTXH ´$118$,5(µ<br />
TXL GRQQHQW GHV LQIRUPDWLRQV VXU OHV DSSHOV PLV HQ JDUGH HW G·DQQXDLUH 'DQV<br />
VD SDUWLH LQIpULHXUH HOOH SUpVHQWH XQH UXEULTXH ´6285&(µ HW XQH UXEULTXH<br />
´'(67,1$7,21µ TXL LQGLTXHQW OD VRXUFH OH GHPDQGHXU HW OD GHVWLQDWLRQ OH<br />
GHPDQGp GHV DSSHOV SUpVHQWpV j OD FRQVROH<br />
#
SURSRV GH OD FRQVROH<br />
=RQH G·pWDW<br />
=RQH<br />
G·DSSOLFDWLRQV<br />
=RQH<br />
GH GLDORJXH<br />
-VK`SO\<br />
/D =RQH GH GLDORJXH GH FRPPDQGH HW UpSRQVH DIILFKH OHV GLUHFWLYHV HW OHV<br />
PHVVDJHV HQ SURYHQDQFH GX V\VWqPH<br />
/D =RQH GH WRXFKHV G·DIILFKHXU TXL HVW VLWXpH DX EDV GH O·DIILFKHXU DIILFKH OHV<br />
GLIIpUHQWV OLEHOOpV GHV WRXFKHV G·DIILFKHXU >) @ j >) @ TXL ILJXUHQW GDQV OD<br />
SDUWLH VXSpULHXUH GX FODYLHU<br />
=RQH GH WRXFKHV G·DIILFKHXU<br />
/H FODYLHU HVW GLYLVp GH IDoRQ ORJLTXH HQ SOXVLHXUV SDYpV GH WRXFKHV TXL<br />
SHUPHWWHQW G·DFFpGHU UDSLGHPHQW DX[ IRQFWLRQV GH VWDQGDUGLVWH HW GX PLFUR<br />
RUGLQDWHXU<br />
7RXFKHV GH QXPpURWDWLRQ FODYLHU WpOpSKRQLTXH VHUYHQW j FRPSRVHU GHV<br />
QXPpURV WpOpSKRQLTXHV 3RXU TXH FH FODYLHU VRLW IRQFWLRQQHO LO IDXW DFWLYHU OD<br />
WRXFKH GH YHUURXLOODJH QXPpULTXH 1XP /RFN<br />
7RXFKHV GH FODYLHU VWDQGDUG VHUYHQW HVVHQWLHOOHPHQW j O·HQWUpH GH QRPV<br />
GDQV O·DQQXDLUH<br />
7RXFKHV GH FRPPDQGH GX FXUVHXU SHUPHWWHQW GH GpSODFHU OH FXUVHXU RX<br />
OD EDUUH GH PLVH HQ pYLGHQFH YHUV OH KDXW OH EDV j JDXFKH RX j GURLWH SRXU<br />
FKRLVLU GX WH[WH RX LQGLTXHU R OH WH[WH DSSDUDvWUD
-YWLSXÊ<br />
2UJDQHV GH OD FRQVROH<br />
7RXFKHV GH GHVVHUWH G·DSSHOV VHUYHQW j DFWLYHU GHV IRQFWLRQV GH GHVVHUWH<br />
G·DSSHOV VRLW 5HFK SHUV %ORFDJH *DUGH $QQXODWLRQ )RQFWLRQ 5HSULVH<br />
/LEpUDWLRQ HW 5pSRQVH<br />
7RXFKHV G·DIILFKHXU VHUYHQW j O·HQWUpH GH FRPPDQGHV &HOOHV FL FKDQJHQW<br />
HQ IRQFWLRQ GHV GLIIpUHQWHV SKDVHV G·XQ DSSHO $LQVL VL YRXV DSSX\H] VXU OD<br />
WRXFKH G·DIILFKHXU ) TXL ILJXUH OH OLEHOOp (QWUHH WLHUV YRXV SRXUUH]<br />
LQWHUYHQLU GDQV XQH FRQYHUVDWLRQ HQ FRXUV XQ DXWUH PRPHQW OD PrPH<br />
WRXFKH SHXW LQGLTXHU 1XLW (OOH YRXV SHUPHWWUD DORUV GH PHWWUH YRWUH<br />
FRQVROH HQ VHUYLFH GH QXLW<br />
7RXFKHV GH UpJODJH GX YROXPH SHUPHWWHQW G·DXJPHQWHU RX GH UpGXLUH OH<br />
YROXPH RX OH WLPEUH GH OD VRQQHULH GH OD FRQVROH HW OH YROXPH GH UpFHSWLRQ<br />
GX FRPELQp<br />
7RXFKH VHUW j FRPSRVHU OH GLqVH WpOpSKRQLTXH > @<br />
7RXFKH (6& VHUW j DEDQGRQQHU RX j DQQXOHU XQH RSpUDWLRQ HQ FRXUV<br />
/D FRQVROH GH VWDQGDUGLVWH 683(56(7 HVW pTXLSpH G·XQ FRPELQp TXL OXL<br />
HVW UDWWDFKp DX PR\HQ G·XQ FRUGRQ 8Q FDVTXH DSSURXYp SDU 0LWHO HVW DXVVL<br />
GLVSRQLEOH SRXU V·XWLOLVHU DYHF OD FRQVROH
SURSRV GH OD FRQVROH<br />
/DQFHPHQW HW VRUWLH GH O DSSOLFDWLRQ<br />
683(56(7 !<br />
ÃÃÃÃÃÃÃÃÃ<br />
3RXU ODQFHU O·DSSOLFDWLRQ 683(56(7<br />
'pPDUUH] :LQGRZV<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
6L OH PLFUR RUGLQDWHXU HVW GRWp GH :LQGRZV RXYUH] OH JHVWLRQQDLUH GH<br />
SURJUDPPHV 3URJUDP 0DQDJHU VpOHFWLRQQH] O·LF{QH GX JURXSH 683(56(7<br />
SXLV FOLTXH] GHX[ IRLV VXU O·LF{QH 683(56(7<br />
6L OH PLFUR RUGLQDWHXU HVW GRWp GH :LQGRZV FOLTXH] VXU OH ERXWRQ 6WDUW<br />
'pPDUUHU VpOHFWLRQQH] 3URJUDPV 3URJUDPPHV 683(56(7<br />
SXLV FOLTXH] VXU 683(56(7<br />
3RXU VRUWLU GH O·DSSOLFDWLRQ 683(56(7<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
6pOHFWLRQQH] )LOH )LFKLHU SXLV FOLTXH] VXU ([LW 4XLWWHU<br />
&OLTXH] GHX[ IRLV GDQV OD FDVH 6\VWqPH VLWXpH GDQV OH FRLQ VXSpULHXU JDXFKH<br />
GH OD IHQrWUH GH O·DSSOLFDWLRQ 683(56(7
5òJODJH GH OD FRQVROH<br />
3@ SRXU<br />
SDVVHU HQ UHYXH OHV DIILFKDJHV SUpFpGHQWV HW UHWRXUQHU j O·DIILFKDJH SULQFLSDO<br />
$SSX\H] VXU OD WRXFKH G·DIILFKHXU >6@ SRXU UHWRXUQHU j O·DIILFKDJH<br />
SULQFLSDO GH IDoRQ j DQQXOHU XQH RSpUDWLRQ SXLV OD UpSpWHU<br />
SURSRV GH OD FRQVROH<br />
@ SRXU EDLVVHU<br />
OH YROXPH GH UpFHSWLRQ GX FRPELQp RX VXU > @ SRXU O·DXJPHQWHU<br />
7S]O OX ]O\`SMO O^ RY\] ]O\`SMO NO VK ]YXXO\SO NO VK MYX]YVO<br />
/RUVTXH OD VRQQHULH Q·HVW SDV HQ VHUYLFH VHXOH O·LQGLFDWLRQ $ $ GDQV OD ]RQH<br />
G·pWDW YRXV VLJQDOHUD OD SUpVHQFH G·DSSHOV HQ DWWHQWH GH UpSRQVH<br />
3RXU PHWWUH OD VRQQHULH HQ VHUYLFH RX KRUV VHUYLFH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU OD WRXFKH G·DIILFKHXU >& 6@ RX >6@<br />
7S]O OX ]O\`SMO NO X_S^ Y_ NO TY_\<br />
/HV DSSHOV HQWUDQWV TXL VRQQHQW JpQpUDOHPHQW OD FRQVROH GH MRXU SHXYHQW VRQQHU<br />
XQ DXWUH GLVSRVLWLI GH GHVVHUWH G·DSSHO OD QXLW 9RWUH V\VWqPH WpOpSKRQLTXH SHXW<br />
SUpVHQWHU XQ RX GHX[ PRGHV GH VHUYLFH GH QXLW GLWV 1XLW HW 1XLW 9RXV GHYUH]<br />
RSWHU SRXU OH PRGH GH VHUYLFH SURJUDPPp SRXU YRWUH V\VWqPH<br />
/H V\VWqPH SRXUUD rWUH PLV HQ VHUYLFH GH QXLW RX HQ VHUYLFH GH MRXU SDU XQ<br />
VWDQGDUGLVWH TXHOFRQTXH /RUVTX·LO HVW HQ VHUYLFH GH QXLW O·pWDW GH VHUYLFH GH QXLW<br />
1XLW RX 1XLW VHUD VLJQDOp VXU WRXWHV OHV FRQVROHV<br />
3RXU DFWLYHU OH VHUYLFH GH QXLW RX GH MRXU<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU OD WRXFKH G·DIILFKHXU >) @<br />
$SSX\H] VXU OD WRXFKH G·DIILFKHXU >& @<br />
$SSX\H] VXU >1 @ >1 @ RX >6 @ VHORQ OH FDV<br />
$SSX\H] VXU >6@
5pJODJH GH OD FRQVROH<br />
9RXV SRXYH] PRGLILHU OHV SRLQWV GH UpSRQVH GH 1XLW HW 1XLW GHV OLJQHV<br />
H[WpULHXUHV GHSXLV OD FRQVROH 3RXU GH SOXV DPSOHV UHQVHLJQHPHQWV YRLU<br />
3URJUDPPDWLRQ GHV SRLQWV GH UpSRQVH GH QXLW RQ SDJH<br />
=ÊVOM^SYX NO VK VKXQ_O NuObZVYS^K^SYX NO VK MYX]YVO<br />
/D FRQVROH HVW HQ PHVXUH G·DIILFKHU OHV LQIRUPDWLRQV GH GHVVHUWH G·DSSHOV HW OHV<br />
IRQFWLRQV RIIHUWHV VRXV OHV WRXFKHV G·DIILFKHXU HQ DQJODLV HQ IUDQoDLV RX HQ<br />
HVSDJQRO<br />
3RXU FKDQJHU OD ODQJXH G·H[SORLWDWLRQ GH OD FRQVROH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >/@<br />
$SSX\H] VXU OD WRXFKH TXL FRUUHVSRQG j OD ODQJXH GpVLUpH<br />
7S]O OX YMM_ZK^SYX ^OWZY\KS\O NO VK MYX]YVO<br />
9RXV SRXYH] XWLOLVHU XQ FRGH FDUDFWpULVWLTXH SRXU UHVWUHLQGUH OHV SRVVLELOLWpV<br />
IRQFWLRQQHOOHV GH OD FRQVROH HQ YXH G·pYLWHU WRXW XVDJH DEXVLI GX V\VWqPH j O·DLGH<br />
GH FHWWH GHUQLqUH ORUVTXH YRXV GHYH] OD ODLVVHU VDQV VXUYHLOODQFH³SDU H[HPSOH<br />
ORUV G·XQH SDXVH /RUVTX·HOOH VH WURXYH HQ pWDW G·RFFXSDWLRQ HOOH QH SHXW VHUYLU<br />
j HIIHFWXHU G·DSSHOV H[WpULHXUV HW VHV IRQFWLRQV VRQW LQDFFHVVLEOHV j O·H[FHSWLRQ<br />
WRXWHIRLV GHV DODUPHV G·DSSHO 1pDQPRLQV HOOH SHUPHWWUD G·HIIHFWXHU GHV<br />
DSSHOV LQWHUQHV HW GH UpSRQGUH DX[ DSSHOV HQ SURYHQDQFH GH O·H[WpULHXU<br />
3RXU PHWWUH OD FRQVROH HQ pWDW G·RFFXSDWLRQ WHPSRUDLUH GDQV O·LPSRVVL<br />
ELOLWp GH PHWWUH GHV FRUUHVSRQGDQWV HQ FRPPXQLFDWLRQ<br />
&RPSRVH] OH FRGH GH PLVH HQ RFFXSDWLRQ GH OD FRQVROH FH FRGH V·REWLHQW GX<br />
VHUYLFH UHVSRQVDEOH GHV FRPPXQLFDWLRQV GH YRWUH HQWUHSULVH<br />
/·DIILFKHXU LQGLTXH ´&RQVROH HQ VHUYLFH UpGXLWµ<br />
3RXU UHPHWWUH OD FRQVROH HQ VHUYLFH<br />
5HFRPSRVH] OH FRGH GH PLVH HQ RFFXSDWLRQ GH OD FRQVROH
SURSRV GH OD FRQVROH<br />
/WZVYS NO VK PYXM^SYX NuK_^Y\ÊZYX]O<br />
/RUVTXH OD IRQFWLRQ G·DXWRUpSRQVH HVW DFWLYpH HOOH YRXV SHUPHW GH UpSRQGUH DX[<br />
DSSHOV GH IDoRQ DXWRPDWLTXH HQ OLEpUDQW VLPSOHPHQW OD FRPPXQLFDWLRQ HQ<br />
FRXUV /D ]RQH G·pWDW GH OD FRQVROH LQGLTXH VL O·DXWRUpSRQVH HVW DFWLYH RX QRQ<br />
3RXU DFWLYHU RX GpVDFWLYHU O·DXWRUpSRQVH<br />
6pOHFWLRQQH] 2SWLRQV GDQV OH PHQX &RQILJXUHU SXLV FOLTXH] VXU $XWR<br />
UpSRQVH<br />
3RXU XWLOLVHU O·DXWRUpSRQVH<br />
$SSX\H] VXU /LEpUDWLRQ SRXU UpSRQGUH DXWRPDWLTXHPHQW DX SURFKDLQ DSSHO<br />
HQWUDQW<br />
3RXU pYLWHU O·HPSORL GH OD IRQFWLRQ G·DXWRUpSRQVH<br />
$SSX\H] VXU $QQXODWLRQ SRXU pYLWHU G·DYRLU j UpSRQGUH DXWRPDWLTXHPHQW<br />
DX SURFKDLQ DSSHO HQWUDQW<br />
ÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃ<br />
'HVVHUWH GHV<br />
DSSHOV
7RXFKHV GH GHVVHUWH G DSSHOV<br />
7RXFKHV GH GHVVHUWH G·DSSHOV<br />
/HV WRXFKHV GH GHVVHUWH G·DSSHOV VRQW DX QRPEUH GH KXLW VDQV FRPSWHU OHV<br />
WRXFKHV GX FODYLHU WpOpSKRQLTXH 9RXV WURXYHUH] GDQV OH FRIIUHW GH O·DSSOLFDWLRQ<br />
683(56(7 XQH JULOOH GH IRQFWLRQV TXL LQGLTXH OD SRVLWLRQ GHV WRXFKHV GH<br />
GHVVHUWH G·DSSHOV 9RXV SRXYH] pJDOHPHQW XWLOLVHU OHV GpFDOFRPDQLHV GH IDoRQ<br />
j DSSRVHU OH QRP GHV IRQFWLRQV VXU FKDFXQH GHV WRXFKHV<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÆÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
<br />
#
'HVVHUWH GHV DSSHOV<br />
5òSRQVH DX[ DSSHOV<br />
/·DUULYpH G·XQ DSSHO HVW VLJQDOpH SDU OD VRQQHULH GH OD FRQVROH HW O·DSSDULWLRQ GHV<br />
OHWWUHV $ $ GDQV OH FRLQ VXSpULHXU GURLW GH OD ]RQH G·pWDW GH O·DIILFKHXU /H<br />
QXPpUR TXL DFFRPSDJQH O·LQGLFDWLRQ $ $ VXU O·DIILFKHXU LQGLTXH OH QRPEUH GHV<br />
DSSHOV HQ DWWHQWH GH UpSRQVH<br />
/HV LQIRUPDWLRQV DIILFKpHV DX[ SRVLWLRQV ) j ) UHSUpVHQWHQW OHV DFWLRQV TXL<br />
V·RIIUHQW j YRXV j O·DLGH GHV WRXFKHV G·DIILFKHXU FRUUHVSRQGDQWHV<br />
6HORQ O·H[HPSOH YRXV SRXYH] UpSRQGUH j XQ DSSHO HQ SURYHQDQFH GH O·H[WpULHXU<br />
HQ DSSX\DQW VXU >1 @ 1XPpUR G·DQQXDLUH RX j XQ DSSHO LQWHUQH HQ<br />
SURYHQDQFH G·XQ SRVWH HQ DSSX\DQW VXU >$ @<br />
/HV RSWLRQV VXLYDQWHV SHXYHQW rWUH RIIHUWHV VRXV OHV WRXFKHV G·DIILFKHXU j<br />
O·DUULYpH G·XQ DSSHO<br />
>5 @<br />
>,@<br />
>$ @<br />
>3 @<br />
>6 @<br />
>1 @ >1 @ >1 @<br />
RX WRXWH LQIRUPDWLRQ SUp SURJUDPPpH TXL HVW SURSUH j YRWUH V\VWqPH YRWUH<br />
FRPSDJQLH SUpIpUDQW SHXW rWUH XWLOLVHU >/ @ DX OLHX GH >1 @<br />
/D WRXFKH G·DIILFKHXU >,@ VLJQDOH OHV DSSHOV GHVWLQpV j XQ VWDQGDUGLVWH<br />
SDUWLFXOLHU j O·DLGH GX QXPpUR G·DQQXDLUH LQWHUQH GH OD FRQVROH HW QRQ j O·DLGH<br />
GX ´ µ &H JXLGH IRXUQLW XQH H[SOLFDWLRQ GHV DXWUHV RSWLRQV GLVSRQLEOHV<br />
3RXU UpSRQGUH DX[ DSSHOV<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU 5pS SRXU UpSRQGUH DX GHPDQGHXU TXL DXUD SDWLHQWp OH SOXV<br />
ORQJWHPSV<br />
$SSX\H] VXU XQH WRXFKH G·DIILFKHXU GH ) j ) SRXU UpSRQGUH j XQ W\SH<br />
G·DSSHO SDUWLFXOLHU<br />
/H GHPDQGHXU HVW LGHQWLILp GDQV OD ]RQH G·DIILFKDJH © 6RXUFH ª GH YRWUH pFUDQ
5pSRQVH DX[ DSSHOV<br />
6·LO V·DJLW G·XQ DSSHO LQWHUQH OD ]RQH 6285&( GH OD FRQVROH LQGLTXH OH QRP HW<br />
OH QXPpUR GX SRVWH GX GHPDQGHXU 6·LO V·DJLW G·XQ DSSHO H[WHUQH OD ]RQH<br />
6285&( GH OD FRQVROH LQGLTXH OD GpVLJQDWLRQ GH OD OLJQH UpVHDX ODEHO GH OLJQH<br />
H[WpULHXUH<br />
/D ]RQH '(67,1$7,21 GHPHXUH H[HPSWH G·LQIRUPDWLRQV WDQW TXH YRXV QH<br />
FRPSRVH] SDV GH QXPpUR G·DSSHO
'HVVHUWH GHV DSSHOV<br />
3XNSMK^SYX NO XY_`OV KZZOV OX K^^OX^O<br />
/RUVTXH YRXV GHVVHUYH] XQ DSSHO OH SUHPLHU DSSHO HQ DWWHQWH YRXV VHUD VLJQDOp<br />
SDU XQ EUHI FRXS GH VRQQHULH /HV DSSHOV VXLYDQWV YRXV VHURQW XQLTXHPHQW<br />
VLJQDOpV VRXV OD UXEULTXH G·DSSHOV HQ DWWHQWH $ $ VLWXpH j OD OLJQH VXSpULHXUH GH<br />
O·DIILFKHXU GH OD FRQVROH<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
<br />
6Y\][_O ZV_]SO_\] KZZOV] ]YX^ OX K^^OX^O<br />
9RXV QH SRXUUH] SDV UpSRQGUH j XQ QRXYHO DSSHO HQ DWWHQWH WDQW TXH YRXV<br />
Q·DXUH] SDV WUDQVIpUp OLEpUp RX PLV HQ JDUGH OD FRPPXQLFDWLRQ HQ FRXUV
7UDQVIHUW GHV DSSHOV<br />
7UDQVIHUW GHV DSSHOV<br />
/RUVTX·XQ GHPDQGHXU GpVLUH SDUOHU j XQ WLHUV GHPDQGH] OXL GH SDWLHQWHU HW<br />
WUDQVIpUH] O·DSSHO DX QXPpUR GHPDQGp<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÆÃÃÃÃÃÃÃÃÃÃÃ<br />
3RXU WUDQVIpUHU XQ DSSHO<br />
&RPSRVH] OH QXPpUR GHPDQGp VXU OH FODYLHU GH QXPpURWDWLRQ<br />
/H FRUUHVSRQGDQW GHPDQGHXU HVW PLV HQ DWWHQWH SHQGDQW TXH YRXV SURFpGH]<br />
DX WUDQVIHUW<br />
'qV TXH YRXV HQWHQGH] OD OLJQH VRQQHU DSSX\H] VXU /LEpUDWLRQ SRXU PHWWUH<br />
OHV GHX[ FRUUHVSRQGDQWV HQ FRPPXQLFDWLRQ HW OLEpUHU OD FRQVROH<br />
8_WÊ\Y] WKV MYWZY]Ê]<br />
6L YRXV GpVLUH] DQQXOHU OH QXPpUR FRPSRVp RX VL YRXV DYH] FRPSRVp XQ<br />
PDXYDLV QXPpUR<br />
RX<br />
$SSX\H] VXU ← SRXU HIIDFHU OH PDXYDLV QXPpUR SXLV FRPSRVH] OH ERQ<br />
QXPpUR<br />
$SSX\H] VXU $QQXODWLRQ SRXU UHWRXUQHU DX FRUUHVSRQGDQW GHPDQGHXU SXLV<br />
UHIDLWHV OH QXPpUR
'HVVHUWH GHV DSSHOV<br />
+ZZOV NO ZY]^O YMM_ZÊ Y_ OX WYNO XO ZK] NÊ\KXQO\<br />
6L OH SRVWH DSSHOp HVW RFFXSp RX HQ PRGH QH SDV GpUDQJHU ´2&&83(µ RX ´13'µ<br />
DSSDUDLVVHQW GDQV OD ]RQH '(67,1$7,21<br />
'DQV OHV GHX[ FDV OHV FKRL[ G·DFWLRQ TXL V·RIIUHQW j YRXV SRXU GHVVHUYLU O·DSSHO<br />
VRQW LGHQWLTXHV H[FHSWp O·RSWLRQ GH UDSSHO DXWRPDWLTXH TXL HVW XQLTXHPHQW<br />
DSSOLFDEOH ORUVTXH OH QXPpUR GHPDQGp HVW RFFXSp<br />
3RXU GRQQHU VXLWH j XQ DSSHO GH SRVWH RFFXSp RX HQ PRGH QH SDV<br />
GpUDQJHU<br />
$SSX\H] VXU >6@ SRXU UHWRXUQHU DX FRUUHVSRQGDQW GHPDQGHXU TXL<br />
GHPDQGH G·rWUH WUDQVIpUp<br />
$SSX\H] VXU $QQXODWLRQ SRXU DQQXOHU OD WHQWDWLYH GH WUDQVIHUW HW FRPSRVHU<br />
XQ DXWUH QXPpUR<br />
$SSX\H] VXU /LEpUDWLRQ SRXU PHWWUH OH GHPDQGHXU HQ DWWHQWH VXU OD OLJQH GX<br />
GHPDQGp RX SRXU OLEpUHU OD OLJQH GH OD FRQVROH /D PLVH HQ DWWHQWH HVW<br />
H[SOLTXpH j OD SDJH 6L OH WUDQVIHUW Q·HVW SDV SHUPLV YRXV SHUFHYUH] XQ<br />
ELS HW ´,03266,%/(µ VHUD DIILFKp VXU O·pFUDQ GH OD FRQVROH<br />
$SSX\H] VXU >( @ SRXU HQWUHU HQ WLHUV GDQV OD FRPPXQLFDWLRQ HQ<br />
FRXUV 3RXU SOXV GH UHQVHLJQHPHQWV YRLU SDJH<br />
$SSX\H] VXU >( @ SRXU DFWLYHU XQH LQGLFDWLRQ GH PHVVDJH HQ<br />
DWWHQWH DX SRVWH GHPDQGp 3RXU SOXV GH UHQVHLJQHPHQWV YRLU SDJH<br />
$SSX\H] VXU >5@ SRXU YRXV IDLUH UDSSHOHU GqV TXH OD OLJQH GHPDQGpH<br />
VHUD OLEpUpH<br />
6L YRXV WURXYH] XQ SRVWH RFFXSp RX WRXWHV OHV OLJQHV H[WpULHXUHV RFFXSpHV<br />
ORUVTXH YRXV HIIHFWXH] XQ DSSHO H[WpULHXU YRXV SRXYH] DFWLYHU XQ UDSSHO<br />
DXWRPDWLTXH /H V\VWqPH VXUYHLOOHUD OD OLJQH HW UDSSHOOHUD OD FRQVROH GqV TXH OD<br />
OLJQH VHUD OLEpUpH /RUVTXH YRXV UpSRQGUH] DX UDSSHO ´5$33(/ $872µ<br />
DSSDUDvWUD GDQV OD ]RQH 6285&( GH O·DIILFKHXU /H UDSSHO DXWRPDWLTXH G·XQ<br />
QXPpUR H[WpULHXU D OLHX ORUVTXH WRXWHV OHV OLJQHV H[WpULHXUHV GX V\VWqPH VRQW<br />
RFFXSpHV HW QRQ ORUVTXH OH QXPpUR GHPDQGp HVW RFFXSp
+ZZOV NO ZY]^O PSQ_\KX^ _X WO]]KQO ZO\]YXXKVS]Ê<br />
eWDEOLVVHPHQW G·XQH FRPPXQLFDWLRQ<br />
/HV XWLOLVDWHXUV GH WpOpSKRQH 683(56(7 j DIILFKHXU SHXYHQW DFWLYHU XQ FRXUW<br />
´PHVVDJH SHUVRQQDOLVpµ VXU OHXU DSSDUHLO GH VRUWH TX·LO DSSDUDLVVH VXU G·DXWUHV<br />
DSSDUHLOV RX FRQVROHV j DIILFKHXU TXL OHV DSSHOOHQW<br />
/RUVTXH YRXV DSSHOH] XQ SRVWH TXL ILJXUH XQ PHVVDJH SHUVRQQDOLVp FH GHUQLHU<br />
DSSDUDvWUD GDQV OD ]RQH G·DIILFKDJH '(67,1$7,21 FRPPH VXLW<br />
6 '838,6 (1 5(81,21 6211(<br />
'DQV O·H[HPSOH SUpFpGHQW O·XWLOLVDWHXU D DFWLYp OH PHVVDJH ´(Q UpXQLRQµ VXU VRQ<br />
WpOpSKRQH /D OLVWH GHV PHVVDJHV SHUVRQQDOLVpV HVW RIIHUWH j OD SDJH 9RLU<br />
pJDOHPHQW $FWLYDWLRQ HW GpVDFWLYDWLRQ GHV PHVVDJHV SHUVRQQDOLVpV j OD SDJH<br />
çWDEOLVVHPHQW G XQH FRPPXQLFDWLRQ<br />
3RXU pWDEOLU XQH FRPPXQLFDWLRQ<br />
&RPSRVH] OH QXPpUR GHPDQGp VXU OH FODYLHU GH QXPpURWDWLRQ<br />
/H QXPpUR FRPSRVp DSSDUDvW GDQV OD ]RQH '(67,1$7,21 GH O·DIILFKHXU<br />
8QH IRLV OD FRPPXQLFDWLRQ pWDEOLH DSSX\H] VXU /LEpUDWLRQ SRXU OLEpUHU OD<br />
FRQVROH<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÆÃÃÃÃÃÃÃÃÃÃÃ
'HVVHUWH GHV DSSHOV<br />
0LVH HQ JDUGH G XQ DSSHO<br />
,O HVW SRVVLEOH GH PHWWUH VL[ DSSHOV HQ JDUGH j OD FRQVROH DX PR\HQ GH OD WRXFKH<br />
*DUGH /D ]RQH *$5'( DIILFKH XQ FRGH SRXU OD SRVLWLRQ GH JDUGH j OH QRP<br />
GX GHPDQGHXU DSSHOV LQWHUQHV VHXOHPHQW HW OH QXPpUR GX SRVWH RX GH OD OLJQH<br />
H[WpULHXUH<br />
3RXU PHWWUH XQ DSSHO HQ JDUGH<br />
$YLVH] OH GHPDQGHXU TXH YRXV GHYH] PHWWUH VRQ DSSHO HQ JDUGH<br />
$SSX\H] VXU *DUGH<br />
3RXU UHSUHQGUH XQ DSSHO HQ JDUGH<br />
$SSX\H] VXU 5HSULVH<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
&RPSRVH] OH FRGH GH j GH OD SRVLWLRQ R O·DSSHO GpVLUp HVW HQ JDUGH<br />
$SSX\H] GH QRXYHDX VXU 5HSULVH SRXU UHSUHQGUH O·DSSHO GHPHXUp OH SOXV<br />
ORQJWHPSV HQ JDUGH
'HVVHUWH GHV DSSHOV<br />
7S]O] OX QK\NO ]_ZO\ZY]ÊO]<br />
"<br />
6L OD FRQVROH UHoRLW XQ DSSHO G·XQ SRVWH TXL D XQ DSSHO HQ JDUGH RX TXL SDUWLFLSH<br />
j XQH FRQIpUHQFH OD ]RQH G·DIILFKHXU 6285&( VLJQDOHUD OD SUpVHQFH G·XQ DSSHO<br />
HQ JDUGH RX HQ FRQIpUHQFH 8Q DSSHO HQ JDUGH VHUDLW LQGLTXp FRPPH VXLW<br />
,O YRXV VXIILW DORUV G·DSSX\HU VXU >&@ SRXU YRXV MRLQGUH j OD<br />
FRQIpUHQFH pWDEOLH HQWUH OHV SRVWHV HW
eWDEOLVVHPHQW G·XQH FRQIpUHQFH HW FRQVXOWDWLRQ VpSDUpH GHV FRUUHVSRQGDQWV<br />
çWDEOLVVHPHQW G XQH FRQIòUHQFH HW FRQVXOWDWLRQ<br />
VòSDUòH GHV FRUUHVSRQGDQWV<br />
/RUVTXH YRXV PHWWH] GHX[ FRUUHVSRQGDQWV HQ FRPPXQLFDWLRQ LO YRXV HVW<br />
SRVVLEOH G·pWDEOLU XQH FRQIpUHQFH SDUOHU DX[ GHX[ FRUUHVSRQGDQWV<br />
VLPXOWDQpPHQW &HFL IDLW YRXV SRXYH] FRQVXOWHU FKDFXQ G·HX[ HQ SULYp HQ OHV<br />
VpSDUDQW<br />
3RXU pWDEOLU XQH FRQIpUHQFH<br />
&RPPHQFH] SDU LQFOXUH XQ FRUUHVSRQGDQW SDUWLFXOLHU j OD FRQIpUHQFH<br />
$SSHOH] XQ GHX[LqPH FRUUHVSRQGDQW<br />
$SSX\H] VXU >&@<br />
3RXU VpSDUHU OHV FRUUHVSRQGDQWV<br />
$SSX\H] VXU >6@ SRXU SDUOHU HQ SULYp DYHF OH SUHPLHU FRUUHVSRQGDQW RX<br />
VXU >'@ SRXU SDUOHU HQ SULYp DYHF OH GHX[LqPH FRUUHVSRQGDQW<br />
3RXU OLEpUHU OD FRQVROH GH OD FRQIpUHQFH<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU /LEpUDWLRQ SRXU OLEpUHU OD FRQVROH DSUqV DYRLU PLV YRV GHX[<br />
FRUUHVSRQGDQWV HQ FRPPXQLFDWLRQ<br />
$SSX\H] VXU $QQXODWLRQ SRXU OLEpUHU OD FRQVROH VDQV PHWWUH YRV GHX[<br />
FRUUHVSRQGDQWV HQ FRPPXQLFDWLRQ<br />
#
'HVVHUWH GHV DSSHOV<br />
5HWRXU G DSSHOV<br />
/RUVTX·XQ DSSHO HVW WUDQVIpUp j SRVWH RFFXSp RX TXL UHVWH VDQV UpSRQVH VRLW LO<br />
UDSSHOOH OD FRQVROH GDQV OHV GpODLV IL[pV VRLW LO HVW DLJXLOOp j OD ERvWH YRFDOH GX<br />
SRVWH VL FH GHUQLHU GLVSRVH G·XQH ERvWH YRFDOH<br />
3RXU UpSRQGUH j XQ DSSHO GH SRVWH UHVWp ´VDQV UpSRQVHµ<br />
$SSX\H] VXU 5pSRQVH RX VXU >5 @<br />
$YLVH] OH GHPDQGHXU TXH OH QXPpUR GHPDQGp QH UpSRQG SDV<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >5@ SRXU UDSSHOHU OH GHPDQGp<br />
&RPSRVH] XQ QRXYHDX QXPpUR HW DSSX\H] VXU /LEpUDWLRQ<br />
$SSX\H] VXU $QQXODWLRQ SRXU OLEpUHU O·DSSHO<br />
3RXU UpSRQGUH j XQ DSSHO GH SRVWH ´RFFXSpµ<br />
$SSX\H] VXU 5pSRQVH RX >5 @<br />
$YLVH] OH GHPDQGHXU TXH OH QXPpUR GHPDQGp HVW RFFXSp<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU $QQXODWLRQ SRXU OLEpUHU O·DSSHO<br />
$SSX\H] VXU /LEpUDWLRQ SRXU WHQWHU GH UHWUDQVIpUHU O·DSSHO DX PrPH<br />
QXPpUR<br />
$SSX\H] VXU >'@ SRXU UDSSHOHU OH QXPpUR RFFXSp<br />
6L YRXV DSSX\H] VXU >'@ HIIHFWXH] O·XQH GHV RSpUDWLRQV<br />
VXLYDQWHV<br />
$SSX\H] VXU >( @ SRXU LQWHUYHQLU GDQV OD FRPPXQLFDWLRQ HQ<br />
FRXUV<br />
$SSX\H] VXU >( @ SRXU DFWLYHU XQH LQGLFDWLRQ GH PHVVDJH HQ<br />
DWWHQWH DX SRVWH RFFXSp<br />
$SSX\H] VXU >6@ SRXU UHWRXUQHU DX FRUUHVSRQGDQW GHPDQGHXU<br />
$SSX\H] VXU >5 @ SRXU TXH OD FRQVROH VRLW UDSSHOpH ORUVTXH OD<br />
OLJQH HVW OLEpUpH
,QWHUFHSWLRQ G·DSSHOV j OD FRQVROH<br />
$SSX\H] VXU /LEpUDWLRQ SRXU UHPHWWUH OH GHPDQGHXU HQ DWWHQWH DX SRVWH<br />
GHPDQGp 9RLU SDJH SRXU GHV GpWDLOV VXU OD PLVH HQ DWWHQWH<br />
$SSX\H] VXU $QQXODWLRQ SRXU DQQXOHU OH QXPpUR GHPDQGp HW FRPSRVHU<br />
XQ QRXYHDX QXPpUR GH SRVWH<br />
,QWHUFHSWLRQ G DSSHOV ì OD FRQVROH<br />
6L OD SURJUDPPDWLRQ GH YRWUH V\VWqPH YRXV OH SHUPHW OHV DSSHOV GH PDXYDLV<br />
QXPpUR HQ SURYHQDQFH GH SRVWHV RX OHV DSSHOV j GHVWLQDWLRQ GH SRVWHV HQ PRGH<br />
QH SDV GpUDQJHU SHXYHQW rWUH LQWHUFHSWpV HW VRQQHU OD FRQVROH<br />
/RUVTXH YRXV UpSRQGH] j O·DSSHO O·DIILFKHXU LQGLTXH OD UDLVRQ GH O·LQWHUFHSWLRQ<br />
13' ,17 ORUVTX·LO V·DJLW G·DSSHOV GH SRVWHV HQ PRGH QH SDV GpUDQJHU<br />
121 $87 ,17 ORUVTX·LO V·DJLW G·DSSHOV GH QXPpUR QRQ DXWRULVp<br />
121 $77 ,17 ORUVTX·LO V·DJLW G·DSSHOV GH QXPpUR QRQ DWWULEXp<br />
5HFKHUFKH GH SHUVRQQH<br />
'HX[ W\SHV GH UHFKHUFKH GH SHUVRQQH VRQW GLVSRQLEOHV VXU OD FRQVROH OD<br />
UHFKHUFKH j O·DLGH G·XQ V\VWqPH GH GLIIXVLRQ JpQpUDOH HW OD UHFKHUFKH LQGLYLGXHOOH<br />
j O·DLGH G·XQ KDXW SDUOHXU GH SRVWH<br />
'HVVHUWH GHV DSSHOV<br />
3RXU LQYLWHU XQ FRUUHVSRQGDQW j UpSRQGUH j XQ DSSHO TXL HVW HQ DWWHQWH<br />
VRXV XQH SRVLWLRQ GH JDUGH GH OD FRQVROH<br />
0HWWH] OH GHPDQGHXU HQ JDUGH YRLU SDJH<br />
$SSX\H] VXU OD WRXFKH 5HFK SHUV HW PDLQWHQH] OD HQ SRVLWLRQ HQIRQFpH<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
6L YRXV QH GLVSRVH] TXH G·XQH VHXOH ]RQH GH UHFKHUFKH DQQRQFH] OH FRGH<br />
GH SULVH G·DSSHO HQ JDUGH VXLYL GX QXPpUR GH OD SRVLWLRQ GH JDUGH VLJQDOp<br />
6L YRXV GLVSRVH] GH SOXVLHXUV ]RQHV GH UHFKHUFKH FRPSRVH] OH FRGH GH<br />
UHFKHUFKH j GHX[ FKLIIUHV SRXU WRXWHV OHV ]RQHV SXLV DQQRQFH] OH FRGH<br />
GH SULVH G·DSSHO HQ JDUGH VXLYL GX QXPpUR GH OD SRVLWLRQ GH JDUGH<br />
6L O·pTXLSHPHQW HVW GpMj RFFXSp YRXV SRXYH] DSSX\H] VXU >( @<br />
SRXU VXVSHQGUH O·RSpUDWLRQ<br />
5HOkFKH] OD WRXFKH 5HFK SHUV<br />
5 @ HW DSSX\H] VXU OH QXPpUR j GHX[<br />
FKLIIUHV GX JURXSH GpVLUp<br />
3RXU GLULJHU XQH DQQRQFH j WRXV OHV SRVWHV DSSX\H] VXU >5 @<br />
)DLWHV YRWUH DQQRQFH
$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ QH SDV GpUDQJHU VXU XQ SRVWH<br />
$FWLYDWLRQ HW GòVDFWLYDWLRQ G XQ QH SDV GòUDQJHU<br />
VXU XQ SRVWH<br />
&HWWH IRQFWLRQ HPSrFKH OHV DSSHOV G·DUULYpH GH VRQQHU XQ SRVWH WpOpSKRQLTXH<br />
9RXV SRXYH] DFWLYHU RX GpVDFWLYHU OH PRGH QH SDV GpUDQJHU 13' VXU XQ SRVWH<br />
DYHF OHTXHO YRXV rWHV HQ FRPPXQLFDWLRQ<br />
3RXU DFWLYHU RX GpVDFWLYHU XQ 13' VXU XQ SRVWH<br />
/RUVTXH YRXV rWHV HQ FRPPXQLFDWLRQ DYHF OH SRVWH DSSX\H] VXU<br />
>1 @<br />
´13'µ DSSDUDvW VXU O·pFUDQ j F{Wp GHV LQIRUPDWLRQV VXU OH SRVWH SRXU VLJQDOHU<br />
O·DFWLYDWLRQ GX PRGH QH SDV GpUDQJHU<br />
$SSX\H] VXU /LEpUDWLRQ<br />
9RXV SRXYH] pJDOHPHQW DFWLYHU HW GpVDFWLYHU XQ 13' VDQV DSSHOHU OH SRVWH 3RXU<br />
SOXV GH UHQVHLJQHPHQWV YRLU SDJH
'HVVHUWH GHV DSSHOV<br />
$FWLYDWLRQ HW GòVDFWLYDWLRQ G XQH LQGLFDWLRQ GH<br />
PHVVDJH HQ DWWHQWH VXU XQ SRVWH<br />
6L XQ SRVWH HVW RFFXSp RX UHVWH VDQV UpSRQVH YRXV SRXYH] DYHUWLU VRQ XVDJHU<br />
TX·XQ PHVVDJH j VRQ LQWHQWLRQ D pWp GpSRVp j OD FRQVROH ,O YRXV HVW pJDOHPHQW<br />
SRVVLEOH GH GpVDFWLYHU OHV LQGLFDWLRQV GH PHVVDJH HQ DWWHQWH TXH YRXV DYH]<br />
DFWLYpHV VXU XQ SRVWH<br />
3RXU DFWLYHU RX GpVDFWLYHU XQH LQGLFDWLRQ GH PHVVDJH HQ DWWHQWH VXU XQ<br />
SRVWH RFFXSp RX TXL UHVWH VDQV UpSRQVH<br />
$SSX\H] VXU >( @ SRXU DFWLYHU XQH LQGLFDWLRQ GH PHVVDJH HQ<br />
DWWHQWH RX VXU >$ @ SRXU OD GpVDFWLYHU<br />
´0 $µ DSSDUDvW VXU O·pFUDQ j F{Wp GHV LQIRUPDWLRQV VXU OH SRVWH SRXU VLJQDOHU<br />
O·DFWLYDWLRQ G·XQH LQGLFDWLRQ GH PHVVDJH HQ DWWHQWH<br />
$SSX\H] VXU /LEpUDWLRQ<br />
6L OH SRVWH FRQFHUQp HVW XQ WpOpSKRQH 683(56(7 j DIILFKHXU XQH LQGLFDWLRQ<br />
DSSDUDvWUD VXU VRQ DIILFKHXU SRXU DYHUWLU O·XVDJHU GH OD SUpVHQFH G·XQ PHVVDJH<br />
HQ DWWHQWH j OD FRQVROH 3RXU WRXW DXWUH W\SH GH WpOpSKRQH OD SUpVHQFH G·XQ<br />
PHVVDJH HQ DWWHQWH VHUD VRLW VLJQDOpH SDU XQ WpPRLQ OXPLQHX[ FOLJQRWDQW VRLW<br />
SDU XQH VRQQHULH GLVWLQFWLYH UpSpWpH WRXWHV OHV PLQXWHV
,QWHUYHQWLRQ VXU XQ SRVWH RFFXSp RX HQ PRGH QH SDV GpUDQJHU<br />
,QWHUYHQWLRQ VXU XQ SRVWH RFFXSò RX HQ PRGH QH<br />
SDV GòUDQJHU<br />
&HWWH IRQFWLRQ YRXV SHUPHW G·HQWUHU HQ WLHUV GDQV XQH FRPPXQLFDWLRQ HQ FRXUV<br />
j XQ SRVWH RX GH VRQQHU XQ SRVWH TXL VH WURXYH HQ PRGH QH SDV GpUDQJHU<br />
3RXU LQWHUYHQLU VXU XQ SRVWH RFFXSp RX HQ PRGH 13'<br />
$SSX\H] VXU >( @ HW PDLQWHQH] OD WRXFKH HQIRQFpH<br />
6L YRXV IDLWHV XQH LQWHUYHQWLRQ VXU XQ SRVWH RFFXSp YRWUH HQWUpH HQ WLHUV VHUD<br />
SUpFpGpH G·XQ ORQJ ELS VRQRUH GHVWLQp DX[ GHX[ FRUUHVSRQGDQWV HQ<br />
FRQYHUVDWLRQ 9RXV UHVWHUH] HQ FRPPXQLFDWLRQ WDQW TXH YRXV QH UHOkFKHUH]<br />
SDV OD WRXFKH G·DIILFKHXU >( @<br />
6L YRXV IDLWHV XQH LQWHUYHQWLRQ VXU XQ SRVWH HQ PRGH QH SDV GpUDQJHU YRXV<br />
O·HQWHQGUH] VRQQHU<br />
$SSX\H] VXU $QQXODWLRQ RX VXU /LEpUDWLRQ SRXU OLEpUHU OD FRQVROH HW<br />
PHWWUH ILQ j OD FRPPXQLFDWLRQ DYHF OH SRVWH RFFXSp<br />
6L OH SRVWH RFFXSp UDFFURFKH DX PRPHQW R YRXV DSSX\H] VXU >(<br />
@ YRXV SHUFHYUH] XQH WRQDOLWp UDSLGH G·RFFXSDWLRQ HW O·DIILFKHXU GH OD<br />
FRQVROH LQGLTXHUD ´$ 5$&&5µ DX OLHX G·´2&&83((µ
'HVVHUWH GHV DSSHOV<br />
$QQXDLUH<br />
/·$QQXDLUH HVW XQH DSSOLFDWLRQ GLVSRQLEOH HQ RSWLRQ TXL YRXV SHUPHWWUD GH<br />
ORFDOLVHU SXLV G·DSSHOHU XQ XVDJHU GH SRVWH SDU VRQ QRP<br />
3RXU FRQVXOWHU O·DQQXDLUH HQ YXH GH ORFDOLVHU XQ XVDJHU GH SRVWH<br />
$SSX\H] VXU OD WRXFKH SURJUDPPDEOH $QQXDLUH<br />
&RPPHQFH] j FRPSRVHU OH QRP GX SHUVRQQH LQFOXH] OH SUHPLHU OHWWUH GX<br />
QRP<br />
6·LO H[LVWH SOXVLHXUV HQWUpHV GX QRP GHPDQGp XWLOLVH] OHV WRXFKHV ↑ RX ↓<br />
SRXU IDLUH GpILOHU OD OLVWH GHV QRPV MXVTX·j FH TXH OH SRLQWHXU ! VRLW YLV j<br />
YLV GX QRP GpVLUp<br />
$SSX\H] VXU >&@<br />
/H V QRP V V·DIILFKH QW GDQV OD ]RQH $QQXDLUH<br />
3RXU DIILFKHU OD ]RQH $QQXDLUH VXU WRXWH OD ODUJHXU GH O·pFUDQ SRXU DIILFKHU<br />
SOXV G·LQIRUPDWLRQ DSSX\H] VXU >& @<br />
3RXU DSSHOHU OH SRVWH VpOHFWLRQQp DSSX\H] VXU >$@<br />
$SSX\H] VXU >6@
5HFRPSRVLWLRQ GX GHUQLHU QXPòUR<br />
5HFRPSRVLWLRQ GX GHUQLHU QXPpUR<br />
9RXV SRXYH] UHFRPSRVHU G·XQH VLPSOH SUHVVLRQ GH WRXFKH OH GHUQLHU QXPpUR<br />
LQWHUQH RX H[WHUQH TXH YRXV DYLH] FRPSRVp PDQXHOOHPHQW j OD FRQVROH<br />
3RXU UHFRPSRVHU OH GHUQLHU QXPpUR<br />
$SSX\H] VXU >5@<br />
çWDEOLVVHPHQW GH SOXVLHXUV DSSHOV HQ VòULH<br />
&HWWH IRQFWLRQ SHUPHW DX[ FRUUHVSRQGDQWV H[WpULHXUV GH SDUOHU VXFFHVVLYHPHQW j<br />
SOXVLHXUV XVDJHUV GH SRVWH VDQV DYRLU j UHFRPSRVHU FKDTXH IRLV OH QXPpUR<br />
G·DSSHO GH O·HQWUHSULVH<br />
3RXU pWDEOLU SOXVLHXUV DSSHOV HQ VpULH VXU GHPDQGH G·XQ FRUUHVSRQGDQW<br />
H[WpULHXU<br />
$YLVH] OH GHPDQGHXU GH UHVWHU HQ OLJQH j O·LVVXH GH FKDTXH FRPPXQLFDWLRQ<br />
$SSX\H] VXU >$ @<br />
$SSHOV HQ VpULH 6(5 DSSDUDvW GDQV OD ]RQH © 6RXUFH ª SRXU LQGLTXHU<br />
O·pWDEOLVVHPHQW GH SOXVLHXUV DSSHOV HQ VpULH<br />
&RPSRVH] XQ QXPpUR GH SRVWH<br />
$SSX\H] VXU /LEpUDWLRQ<br />
/RUVTXH OH GHPDQGHXU UDFFURFKH LO VHUD UpDLJXLOOp DXWRPDWLTXHPHQW j OD<br />
FRQVROH<br />
/RUVTXH O·DSSHO YRXV HVW UHWRXUQp DSSX\H] VXU >5 @<br />
&RPSRVH] OH QXPpUR GH SRVWH VXLYDQW SXLV DSSX\H] VXU /LEpUDWLRQ<br />
8QH IRLV OHV DSSHOV WHUPLQpV DSSX\H] VXU >$ @ SXLV VXU<br />
/LEpUDWLRQ<br />
!
'HVVHUWH GHV DSSHOV<br />
6LJQDOLVDWLRQ PXOWLIUòTXHQFH 0)<br />
"<br />
3HXW rWUH DYH] YRXV UHPDUTXp TXH YRXV QH SHUFHYH] SDV OHV WRQDOLWpV RX<br />
LPSXOVLRQV GpFLPDOHV QRUPDOHPHQW DWWHQGXHV ORUVTXH YRXV FRPSRVH] XQ DSSHO<br />
j OD FRQVROH /D UDLVRQ GH FHW pWDW GH IDLW HVW TXH OD FRQVROH ´FRPPXQLTXHµ DYHF<br />
OH UHVWH GX V\VWqPH WpOpSKRQLTXH j O·DLGH GH VLJQDX[ GH W\SH GLIIpUHQW<br />
7RXWHIRLV LO SHXW DUULYHU TXH O·LQVWDOODWLRQ WpOpSKRQLTXH LQWpULHXUH RX H[WpULHXUH<br />
H[LJH GHV WRQDOLWpV PXOWLIUpTXHQFH 0) SRXU pWDEOLU XQH FRPPXQLFDWLRQ<br />
*pQpUDOHPHQW FHUWDLQV VHUYLFHV VSpFLDX[ WHOV OHV V\VWqPHV GH PHVVDJHULH YRFDOH<br />
YRLU GHVFULSWLRQ SDJH H[LJHQW GHV LQIRUPDWLRQV VRXV IRUPH GH WRQDOLWpV<br />
SRXU rWUH UHMRLQWV<br />
3RXU TXH YRWUH FRQVROH pPHWWH OHV WRQDOLWpV PXOWLIUpTXHQFH 0)<br />
DWWHQGXHV SDU OH VHUYLFH DYHF OHTXHO YRXV rWHV HQ FRPPXQLFDWLRQ<br />
$SSX\H] VXU >7@<br />
&RPSRVH] OH FRGH QpFHVVDLUH<br />
3RXU DQQXOHU O·pPLVVLRQ GH WRQDOLWpV PXOWLIUpTXHQFH j O·LVVXH G·XQ DSSHO<br />
DSSX\H] VXU >$ @<br />
9RXV SRXYH] pJDOHPHQW DQQXOHU O pPLVVLRQ GH WRQDOLWpV PXOWLIUpTXHQFH HQ<br />
DSSX\DQW VXU /LEpUDWLRQ RX VXU $QQXODWLRQ
$SSHO SDU VLJQDO && VXU OHV OLJQHV H[WpULHXUHV<br />
$SSHO SDU VLJQDO && VXU OHV OLJQHV H[WòULHXUHV<br />
8Q DSSHO SDU VLJQDO && FURFKHW FRPPXWDWHXU VXU XQH OLJQH H[WpULHXUH HVW XQ<br />
VLJQDO pPLV j XQ DXWUH V\VWqPH WpOpSKRQLTXH HQ YXH G·H[pFXWHU XQH DXWUH<br />
IRQFWLRQ WHOOH TXH PHWWUH XQ DSSHO HQ JDUGH 9RXV SRXYH] YRXV VHUYLU GH FHWWH<br />
IRQFWLRQ ORUVTXH YRXV UHFHYH] XQ DSSHO HQ SURYHQDQFH G·XQ DXWUH V\VWqPH<br />
WpOpSKRQLTXH SULYp 3%; UHOHYDQW GX UpVHDX WpOpSKRQLTXH GH YRWUH FRPSDJQLH<br />
HW TXH YRXV GpVLUH] OH WUDQVIpUHU DX 3%; G·RULJLQH RX j XQ WURLVLqPH 3%;<br />
9RXV QH SRXYH] pPHWWUH GH VLJQDO && TXH VL YRXV rWHV HQ FRPPXQLFDWLRQ DYHF<br />
GHX[ FRUUHVSRQGDQWV H[WpULHXUV<br />
3RXU HIIHFWXHU XQ DSSHO SDU VLJQDO && VXU XQH OLJQH H[WpULHXUH HQ YXH GH<br />
FRPSRVHU XQ DXWUH QXPpUR<br />
$SSX\H] VXU OD WRXFKH G·DIILFKHXU >&@<br />
&RPSRVH] OH QXPpUR QpFHVVDLUH<br />
$SSX\H] VXU /LEpUDWLRQ<br />
#
'HVVHUWH GHV DSSHOV<br />
5òSRQVH GH QXLW<br />
/RUVTXH OD FRQVROH VH WURXYH HQ VHUYLFH GH QXLW OHV DSSHOV HQWUDQWV VRQQHQW<br />
FHUWDLQV GLVSRVLWLIV GH VRQQHULH GH QXLW RX SRLQWV GH UpSRQVH GH QXLW &HV DSSHOV<br />
SHXYHQW rWUH WRXWHIRLV GHVVHUYLV GHSXLV OD FRQVROH ELHQ TX·HOOH QH VRQQH SDV /H<br />
SRLQW GH UpSRQVH GH QXLW VH SURJUDPPH DX QLYHDX GX V\VWqPH<br />
$X EHVRLQ YRXV SRXYH] OH FKDQJHU GHSXLV OD FRQVROH SRXU FHUWDLQHV OLJQHV<br />
H[WpULHXUHV 3RXU SOXV GH UHQVHLJQHPHQWV YRLU SDJH<br />
3RXU UpSRQGUH j XQ DSSHO ORUVTXH OD FRQVROH VH WURXYH HQ VHUYLFH GH QXLW<br />
$SSX\H] VXU >6 @<br />
3ULVH G DSSHO VòOHFWLYH<br />
&HWWH IRQFWLRQ YRXV SHUPHW GH UpSRQGUH j XQ DSSHO TXL VRQQH XQ SRVWH<br />
SDUWLFXOLHU RX GH UHSUHQGUH XQ DSSHO TXH YRXV DYLH] WUDQVIpUp DX PDXYDLV SRVWH<br />
3RXU SUHQGUH XQ DSSHO TXL VRQQH XQ SRVWH SDUWLFXOLHU<br />
&RPSRVH] OH FRGH GH SULVH G·DSSHO VpOHFWLYH GLVSRQLEOH DXSUqV GX VHUYLFH GH<br />
YRWUH HQWUHSULVH UHVSRQVDEOH GHV FRPPXQLFDWLRQV<br />
&RPSRVH] OH QXPpUR GX SRVWH TXL VRQQH<br />
3DUOH] DX GHPDQGHXU
([SORLWDWLRQ PXOWLFRQVROH<br />
([SORLWDWLRQ PXOWLFRQVROH<br />
/RUVTXH SOXVLHXUV FRQVROHV VRQW XWLOLVpHV VLPXOWDQpPHQW HOOHV IRQFWLRQQHQW GH<br />
GHX[ IDoRQV<br />
([SORLWDWLRQ LQGpSHQGDQWH<br />
([SORLWpHV GH FHWWH IDoRQ OHV FRQVROHV IRQFWLRQQHQW LQGpSHQGDPPHQW<br />
&KDTXH FRQVROH GLVSRVH GH SOXVLHXUV SRVLWLRQV GH JDUGH XQLTXHV HW OHV DSSHOV<br />
HQWUDQWV VRQQHQW XQH FRQVROH SDUWLFXOLqUH /HV DSSHOV UDSSHOOHQW OD FRQVROH<br />
TXL OHV DYDLW GHVVHUYLV DX GpSDUW<br />
([SORLWDWLRQ WUDQVSDUHQWH<br />
([SORLWpHV GH FHWWH IDoRQ OHV FRQVROHV IRQFWLRQQHQW WRXWHV GH IDoRQ<br />
VHPEODEOH /HV DSSHOV UDSSHOOHQW WRXWHV OH FRQVROHV HW QRQ XQLTXHPHQW OD<br />
FRQVROH TXL OHV DYDLW GHVVHUYLV DX GpSDUW<br />
/HV FRQVROHV RQW pJDOHPHQW O·DYDQWDJH GH SHUPHWWUH DX[ VWDQGDUGLVWHV GH<br />
FRQVXOWHU HW G·DQQXOHU OHV PHVVDJHV DGUHVVpV j XQ SRVWH SDU G·DXWUHV XVDJHUV<br />
GH SRVWH RX SDU OH VWDQGDUGLVWH 3RXU SOXV GH UHQVHLJQHPHQWV VXU OD<br />
FRQVXOWDWLRQ HW O·DQQXODWLRQ GHV PHVVDJHV YRLU SDJH<br />
+ZZOV] O^ ^\KX]PO\^ NuKZZOV] OX^\O MYX]YVO]<br />
8Q VWDQGDUGLVWH SHXW DSSHOHU XQ DXWUH VWDQGDUGLVWH HW OXL WUDQVIpUHU GHV DSSHOV<br />
HQ XWLOLVDQW OH QXPpUR G·DSSHO GH VD FRQVROH QRQ OH ]pUR 4XH YRXV<br />
WUDQVIpULH] GHV DSSHOV j XQ SRVWH RX j XQ DXWUH VWDQGDUGLVWH OD SURFpGXUH HVW OD<br />
PrPH³YRLU SDJH SRXU REWHQLU OHV LQVWUXFWLRQV SHUWLQHQWHV<br />
ÃÃÃÃÃÃÃÃÃÃÃ<br />
=O\`SMO NO NO]]O\^O MOX^\KVS]ÊO =.-<br />
/H 6'& SHUPHW j XQ VWDQGDUGLVWH GH UpSRQGUH DX[ DSSHOV GHVWLQpV j XQ DXWUH<br />
3%; DXTXHO VRQ 3%; HVW LQWHUFRQQHFWp +RUPLV OHV UHWRXUV G·DSSHOV OH 6'& Q·D<br />
DXFXQ HIIHW VXU OD IDoRQ GRQW YRXV GHYH] GHVVHUYLU OHV DSSHOV GHSXLV YRWUH<br />
FRQVROH FHX[ FL DSSDUDLVVDQW FRPPH GHV DSSHOV LQWHUQHV HIIHFWXpV j O·DLGH GX<br />
´ µ 8Q IDLW j UHWHQLU ORUVTXH YRXV GHYH] UpSRQGUH j XQ DSSHO TXL YRXV HVW<br />
UHWRXUQp pWDQW GRQQp TX·LO SHXW LQIOXHU VXU OD IDoRQ GRQW YRXV GHYUH] IRUPXOHU<br />
YRWUH UpSRQVH DX GHPDQGHXU
'HVVHUWH GHV DSSHOV<br />
0HVVDJHULH YRFDOH<br />
/H UDWWDFKHPHQW G·XQ V\VWqPH GH PHVVDJHULH YRFDOH j YRWUH V\VWqPH<br />
WpOpSKRQLTXH Q·D DXFXQH LQIOXHQFH VXU OH IRQFWLRQQHPHQW GH OD FRQVROH 6L XQ<br />
DSSHO HVW GHVVHUYL SDU XQ WHO V\VWqPH LO HVW SRVVLEOH TX·LO YRXV VRLW GHPDQGp<br />
G·HQWUHU XQ FRGH G·DFFqV RX XQ QXPpUR G·LGHQWLILFDWLRQ $FWLYH] WRXW G·DERUG OD<br />
VLJQDOLVDWLRQ PXOWLIUpTXHQFH 0) VXU OD FRQVROH j O·DLGH GH OD WRXFKH<br />
G·DIILFKHXU >7@ 3RXU SOXV GH UHQVHLJQHPHQWV YRLU 6LJQDOLVDWLRQ<br />
PXOWLIUpTXHQFH 0) j OD SDJH
(PSORL GHV<br />
IRQFWLRQV GX<br />
V\VWóPH
$IILFKDJH GHV LQIRUPDWLRQV G·DODUPH GX V\VWqPH<br />
$IILFKDJH GHV LQIRUPDWLRQV G DODUPH GX V\VWóPH<br />
/·DSSDULWLRQ G·XQH LQGLFDWLRQ G·DODUPH VXU O·DIILFKHXU GH OD FRQVROH VLJQDOH XQH<br />
GpIDLOODQFH GX V\VWqPH WpOpSKRQLTXH 9RXV SRXYH] DORUV REWHQLU GHV GpWDLOV VXU<br />
OD QDWXUH HW OD ORFDOLVDWLRQ GH OD GpIDLOODQFH<br />
3RXU OLUH XQ PHVVDJH G·DODUPH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >$@ /·DIILFKHXU LQGLTXHUD SDU H[HPSOH<br />
1RWH] OH PHVVDJH G·DODUPH DX FRPSOHW<br />
$SSX\H] VXU >6 @ SRXU DIILFKHU GHV LQIRUPDWLRQV VXSSOpPHQWDLUHV RX<br />
SRXU OLUH G·DXWUHV PHVVDJHV G·DODUPH /·LQGLFDWLRQ G·DODUPH FOLJQRWHUD<br />
MXVTX·j FH TXH WRXV OHV PHVVDJHV VRLHQW OXV<br />
&RQWDFWH] OH VHUYLFH UHVSRQVDEOH GHV FRPPXQLFDWLRQV<br />
$SSX\H] VXU >6@
(PSORL GHV IRQFWLRQV GX V\VWqPH<br />
/H V\VWqPH SHXW rWUH SURJUDPPp SRXU SURGXLUH XQH DODUPH ORUVTX·XQ SRVWH UHVWH<br />
GpFURFKp WURS ORQJWHPSV VDQV rWUH HQ FRPPXQLFDWLRQ 6L HOOH D pWp DLQVL<br />
SURJUDPPpH OD FRQVROH VRQQHUD VDQV TX·DXFXQ DSSHO QH VRLW HQ DWWHQWH 3RXU<br />
GpVDFWLYHU O·DODUPH HW OD VRQQHULH DSSX\H] VXU )RQFWLRQ VXU >) @ SXLV<br />
VXU >'@<br />
$IILFKDJH GHV DODUPHV G DSSHO #<br />
&HWWH IRQFWLRQ SURGXLW XQH DODUPH j OD FRQVROH ORUVTX·XQ FRUUHVSRQGDQW HIIHFWXH<br />
XQ DSSHO HW LGHQWLILH OH SRVWH j O·RULJLQH GH O·DSSHO &HWWH LQIRUPDWLRQ YRXV<br />
SHUPHW GH GLULJHU OHV VHUYLFHV GH VHFRXUV SDU H[HPSOH OD SROLFH RX OH SHUVRQQHO<br />
G·DPEXODQFH DX OLHX G·R O·DSSHO DYDLW pWp HIIHFWXp /RUVTX·XQH DODUPH G·DSSHO<br />
HVW SURGXLWH OD FRQVROH VRQQH HW O·DIILFKHXU LQGLTXH ´$SSHO (QIRQFH]<br />
OD WRXFKH )RQFWLRQ SRXU GHV GpWDLOV!$/$50(µ<br />
ÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃ<br />
3RXU OLUH XQ PHVVDJH G·DODUPH G·DSSHO<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >$@ SXLV VXU >$ @<br />
1RWH] OH QXPpUR GX SRVWH j O·RULJLQH GH O·DSSHO<br />
6L G·DXWUHV DSSHOV DYDLHQW pWp HIIHFWXpV DSSX\H] VXU >6 @ SRXU OHV<br />
DIILFKHU 3RXU GpVDFWLYHU XQH DODUPH DSSX\H] VXU >'@<br />
&RQWDFWH] OHV VHUYLFHV GH VHFRXUV DSSURSULpV<br />
$SSX\H] VXU >6@<br />
6L OD FRQVROH GH VWDQGDUGLVWH DYDLW pWp PLVH HQ RFFXSDWLRQ YRXV SRXYH] WRXW GH<br />
PrPH DFFpGHU DX[ LQIRUPDWLRQV G·DODUPH PDLV YRXV QH VHUH] SDV HQ PHVXUH<br />
G·DQQXOHU OHV DODUPHV
5pJODJH GH OD GDWH HW GH O·KHXUH GX V\VWqPH<br />
5òJODJH GH OD GDWH HW GH O KHXUH GX V\VWóPH<br />
9RXV SRXYH] PRGLILHU OD GDWH HW O·KHXUH TXL DSSDUDLVVHQW VXU O·DIILFKHXU GH OD<br />
FRQVROH /·KHXUH SHXW rWUH DIILFKpH VHORQ OD QXPpUDWLRQ GH RX GH KHXUHV<br />
SURJUDPPpH SRXU OH V\VWqPH<br />
3RXU UpJOHU O·KHXUH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >5 @<br />
(QWUH] O·KHXUH GpVLUpH HQ XWLOLVDQW TXDWUH FKLIIUHV KK PP<br />
3DU H[HPSOH SRXU HQWUH]<br />
$SSX\H] VXU >3 0 @ VL QpFHVVDLUH<br />
>3 0 @ Q·DSSDUDvWUD TXH VL XQH QXPpUDWLRQ KRUDLUH GH KHXUHV D pWp<br />
SURJUDPPpH HW VL O·KHXUH HQWUpH VH VLWXH HQWUH HW<br />
$SSX\H] VXU >6@<br />
>6@ Q·DSSDUDvWUD TXH VL O·KHXUH HQWUpH HVW FRUUHFWH 9RXV SRXUUH] YRXV<br />
VHUYLU GH OD WRXFKH ← SRXU UHWRXUQHU HQ DUULqUH HW FRUULJHU XQH HUUHXU<br />
TXHOFRQTXH<br />
3RXU UpJOHU OD GDWH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >5 @<br />
(QWUH] OD GDWH GpVLUpH VHORQ OH IRUPDW MRXU PRLV DQQpH<br />
3DU H[HPSOH SRXU OH GpFHPEUH HQWUH]<br />
$SSX\H] VXU >6@<br />
!
(PSORL GHV IRQFWLRQV GX V\VWqPH<br />
'òVDFWLYDWLRQ JOREDOH GHV UHQYRLV G DSSHOV<br />
"<br />
9RXV SRXYH] GpVDFWLYHU OHV UHQYRLV G·DSSHOV JOREDOHPHQW VXU O·HQVHPEOH GHV<br />
SRVWHV GX V\VWqPH<br />
3RXU GpVDFWLYHU OHV UHQYRLV G·DSSHOV JOREDOHPHQW VXU O·HQVHPEOH GHV<br />
SRVWHV<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >6«@<br />
$SSX\H] VXU >' @<br />
,O YRXV HVW pJDOHPHQW SRVVLEOH G·DFWLYHU XQ UHQYRL G·DSSHOV VXU XQ SRVWH<br />
SDUWLFXOLHU GHSXLV OD FRQVROH 3RXU SOXV GH UHQVHLJQHPHQWV YRLU SDJH<br />
'òVDFWLYDWLRQ JOREDOH GHV UDSSHOV DXWRPDWLTXHV<br />
9RXV SRXYH] GpVDFWLYHU OHV UDSSHOV DXWRPDWLTXHV JOREDOHPHQW VXU O·HQVHPEOH<br />
GHV SRVWHV GX V\VWqPH<br />
3RXU GpVDFWLYHU OHV UDSSHOV DXWRPDWLTXHV JOREDOHPHQW VXU O·HQVHPEOH GHV<br />
SRVWHV<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >6 @<br />
$SSX\H] VXU >' @
0RGLILFDWLRQ GHV FRGHV $'$6<br />
0RGLILFDWLRQ GHV FRGHV $'$6<br />
9RXV SRXYH] PRGLILHU OH FRGH $'$6 DFFqV GLUHFW DX V\VWqPH TXH OHV<br />
GHPDQGHXUV H[WpULHXUV GRLYHQW FRPSRVHU SRXU DFFpGHU DX[ IRQFWLRQV GX<br />
V\VWqPH<br />
3RXU PRGLILHU OH FRGH $'$6<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >6«@<br />
$SSX\H] VXU >& @<br />
(QWUH] OH QRXYHDX FRGH G·DFFqV<br />
9RXV SRXYH] HIIHFWXHU O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >6@ SRXU FRQILUPHU OH QRXYHDX FRGH G·DFFqV<br />
$SSX\H] VXU >6@ SRXU VRUWLU VDQV DSSRUWHU GH PRGLILFDWLRQ DX FRGH<br />
#
(PSORL GHV IRQFWLRQV GX V\VWqPH<br />
3URJUDPPDWLRQ GHV QXPòURV DEUòJòV GX V\VWóPH<br />
/D FRPSRVLWLRQ DEUpJpH SHUPHW DX[ XVDJHUV GH SRVWH G·HIIHFWXHU XQ DSSHO<br />
WpOpSKRQLTXH RX G·HQWUHU XQ QXPpUR G·LQGH[ j WURLV FKLIIUHV TXL GRQQH DFFqV DX<br />
V\VWqPH 9RXV SRXYH] SURJUDPPHU HW DIILFKHU OHV QXPpURV GH FRPSRVLWLRQ<br />
DEUpJpH GX V\VWqPH GHSXLV OD FRQVROH<br />
3RXU SURJUDPPHU RX DIILFKHU OHV QXPpURV GH FRPSRVLWLRQ DEUpJpH GX<br />
V\VWqPH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >& @<br />
(QWUH] XQ QXPpUR G·LQGH[ j WURLV FKLIIUHV GH j<br />
$SSX\H] VXU ← SRXU HIIDFHU XQ PDXYDLV QXPpUR SXLV UHFRPSRVH] OH ERQ<br />
QXPpUR<br />
$SSX\H] VXU >&@ SRXU TXH OH QXPpUR FRPSRVp GHPHXUH<br />
FRQILGHQWLHO<br />
$SSX\H] VXU >(@<br />
$SSX\H] VXU >(@ SRXU PRGLILHU OH QXPpUR DFWXHO<br />
(QWUH] OH QRXYHDX QXPpUR ,QVpUH] OH FRGH TXL GRQQH DFFqV DX UpVHDX ´ µ<br />
HW V·LO \ D OLHX O·LQGLFDWLI UpJLRQDO<br />
9RXV SRXYH] LQVpUHU GHV SDXVHV GDQV OHV QXPpURV (QWUH] SRXU FKDTXH<br />
SDXVH GH VHFRQGH HQWUH] SRXU FKDTXH SDXVH GH VHFRQGHV<br />
$SSX\H] VXU ← SRXU HIIDFHU OH PDXYDLV QXPpUR SXLV UHFRPSRVH] OH ERQ<br />
QXPpUR<br />
$SSX\H] VXU >6@<br />
5pSpWH] OHV pWDSHV j SRXU SURJUDPPHU G·DXWUHV QXPpURV RX DSSX\H]<br />
VXU >6@ SRXU PHWWUH ILQ j OD VHVVLRQ GH SURJUDPPDWLRQ
3URJUDPPDWLRQ GHV SRLQWV GH UpSRQVH GH QXLW<br />
3URJUDPPDWLRQ GHV SRLQWV GH UòSRQVH GH QXLW<br />
8Q SRLQW GH UpSRQVH GH QXLW HVW XQ QXPpUR GH SRVWH RX XQH GHVWLQDWLRQ<br />
DX[LOLDLUH j GHVWLQDWLRQ GHVTXHOV OHV DSSHOV HQWUDQWV VHURQW DLJXLOOpV ORUVTXH OH<br />
V\VWqPH VH WURXYH HQ VHUYLFH GH QXLW YRLU SDJH<br />
3RXU pWDEOLU GHV SRLQWV GH UpSRQVH GH QXLW<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >6«@<br />
$SSX\H] VXU >6 @<br />
(QWUH] OH QXPpUR GH OD OLJQH H[WpULHXUH<br />
$SSX\H] VXU >1 @ RX VXU >1 @ SRXU FKRLVLU OH PRGH GH VHUYLFH GH<br />
QXLW<br />
&RPSRVH] OH QXPpUR GX SRLQW GH UpSRQVH GH QXLW<br />
,O SHXW V·DJLU G·XQ SRVWH G·XQ QXPpUR GH FRQVROH GH VWDQGDUGLVWH XQ<br />
QXPpUR G·DQQXDLUH ILJXUDQW VXU O·DIILFKHXU GH OD FRQVROH XQ JURXSH GH<br />
UHFKHUFKH RX XQ QXPpUR G·DQQXDLUH GH GLVSRVLWLI GH VRQQHULH GH QXLW<br />
9RXV SRXYH] HIIHFWXHU O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >6@ SRXU FRQILUPHU OH QRXYHDX QXPpUR<br />
$SSX\H] VXU >6@ SRXU VRUWLU VDQV DSSRUWHU GH PRGLILFDWLRQV
(PSORL GHV IRQFWLRQV GX V\VWqPH<br />
$IILFKDJH GH O LGHQWLILFDWLRQ GX V\VWóPH<br />
8Q QXPpUR G·LGHQWLILFDWLRQ SHXW rWUH DWWULEXp j YRWUH V\VWqPH WpOpSKRQLTXH &H<br />
QXPpUR DSSDUDvW VXU O·HQUHJLVWUHPHQW GHV GRQQpHV GH FRPPXQLFDWLRQV ('& HW<br />
VXU OHV UHOHYpV GH PHVXUH GX WUDILF SRXU LGHQWLILHU YRWUH V\VWqPH ORUVTX·XQ<br />
PDWpULHO G·LQWHUURJDWLRQ FHQWUDOH GHV GRQQpHV HVW XWLOLVp ,O Q·HVW JpQpUDOHPHQW<br />
SDV QpFHVVDLUH GH PRGLILHU FH QXPpUR XQH IRLV TX·LO D pWp HQWUp<br />
3RXU DIILFKHU RX PRGLILHU O·LGHQWLILFDWLRQ GX V\VWqPH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >, @<br />
(QWUH] XQ QRXYHDX QXPpUR j WURLV FKLIIUHV V·LO \ D OLHX<br />
$SSX\H] VXU >6@ SRXU FRQILUPHU OH QRXYHDX QXPpUR<br />
$IILFKDJH GH O LGHQWLWò GH OD FRQVROH<br />
/D FRQVROH HVW GRWpH G·XQ QXPpUR GX SRVWH TXH OHV XVDJHUV GH SRVWH SHXYHQW<br />
FRPSRVHU SRXU YRXV DSSHOHU DX OLHX GX ]pUR 9RXV SRXYH] DIILFKHU FH<br />
QXPpUR GX SRVWH DLQVL TXH OD YHUVLRQ GH ORJLFLHO GX V\VWqPH<br />
3RXU DIILFKHU OH QXPpUR GH OD FRQVROH HW OD YHUVLRQ GH ORJLFLHO GX V\VWqPH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >,@
$FFóV DX[ DSSOLFDWLRQV GLVSRQLEOHV<br />
$FFqV DX[ DSSOLFDWLRQV GLVSRQLEOHV<br />
/D WRXFKH $SSOLFDWLRQ HVW QRUPDOHPHQW UpVHUYpH DX SHUVRQQHO FKDUJp GH OD<br />
PDLQWHQDQFH RX GH OD FRQILJXUDWLRQ GHV GRQQpHV GH O·LQVWDOODWLRQ &', ,O HVW<br />
QpFHVVDLUH G·HQWUHU XQ PRW GH SDVVH SRXU DFFpGHU DX[ IRQFWLRQV GLVSRQLEOHV<br />
3RXU DFFpGHU j XQH DSSOLFDWLRQ<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >0@ RX >&'(@<br />
6L YRXV GHYH] HIIHFWXHU XQH FRQILJXUDWLRQ GHV GRQQpHV GH O·LQVWDOODWLRQ YRXV<br />
SRXYH] REWHQLU GH SOXV DPSOHV UHQVHLJQHPHQWV GX VHUYLFH UHVSRQVDEOH GHV<br />
FRPPXQLFDWLRQV DX VHLQ GH YRWUH HQWUHSULVH
(PSORL GHV<br />
IRQFWLRQV GH<br />
SRVWH
$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ UHQYRL G·DSSHOV<br />
$FWLYDWLRQ HW GòVDFWLYDWLRQ G XQ UHQYRL G DSSHOV<br />
9RXV SRXYH] DFWLYHU HW GpVDFWLYHU XQ UHQYRL G·DSSHOV VXU XQ SRVWH GHSXLV YRWUH<br />
FRQVROH<br />
/HV LQVWUXFWLRQV VXLYDQWHV V·DSSOLTXHQW DX[ V\VWqPHV WpOpSKRQLTXHV<br />
SURJUDPPpV SRXU RIIULU OD IRQFWLRQ GH UHQYRL DXWRPDWLTXH SDU FDWpJRULH<br />
G·DSSHOV TXL YRXV SHUPHW G·DLJXLOOHU OHV DSSHOV LQWHUQHV HW OHV DSSHOV H[WHUQHV j<br />
GLIIpUHQWHV GHVWLQDWLRQV 6L YRWUH V\VWqPH HVW SURJUDPPp SRXU SHUPHWWUH XQ<br />
DXWUH W\SH GH UHQYRL G·DSSHOV OHV DSSHOV LQWHUQHV HW H[WHUQHV VHURQW DLJXLOOpV j<br />
OD PrPH GHVWLQDWLRQ 1RWH] TXH OHV DSSHOV HQ SURYHQDQFH GH OD FRQVROH VRQW<br />
FRQVLGpUpV FRPPH GHV DSSHOV H[WHUQHV<br />
3RXU DFWLYHU RX GpVDFWLYHU XQ UHQYRL G·DSSHOV VXU XQ SRVWH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >3@<br />
&RPSRVH] OH QXPpUR GX SRVWH R YRXV GpVLUH] DFWLYHU RX GpVDFWLYHU XQ<br />
UHQYRL G·DSSHOV<br />
$SSX\H] VXU >5 @<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >,@ SRXU DFWLYHU RX GpVDFWLYHU OH UHQYRL GHV DSSHOV<br />
LQWHUQHV<br />
$SSX\H] VXU >(@ SRXU DFWLYHU RX GpVDFWLYHU OH UHQYRL GHV DSSHOV<br />
H[WHUQHV<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >$@ SRXU GpVDFWLYHU OH UHQYRL G·DSSHOV HQ YLJXHXU<br />
&RPSRVH] XQ QXPpUR GHVWLQDWDLUH SXLV VpOHFWLRQQH] OH W\SH GH UHQYRL<br />
G·DSSHOV GpVLUp³V\VWpPDWLTXH VXU QRQ UpSRQVH HWF<br />
$SSX\H] VXU >6@ SRXU UHWRXUQHU j O·DIILFKDJH SULQFLSDO VDQV DSSRUWHU GH<br />
PRGLILFDWLRQV<br />
!
(PSORL GHV IRQFWLRQV GH SRVWH<br />
$FWLYDWLRQ HW GòVDFWLYDWLRQ GX PRGH QH SDV<br />
GòUDQJHU<br />
"<br />
&HWWH IRQFWLRQ HPSrFKH OHV DSSHOV G·DUULYpH GH VRQQHU XQ DSSDUHLO WpOpSKRQLTXH<br />
9RXV SRXYH] DFWLYHU HW GpVDFWLYHU OH PRGH QH SDV GpUDQJHU 13' VXU O·HQVHPEOH<br />
GHV SRVWHV GX V\VWqPH<br />
3RXU DFWLYHU RX GpVDFWLYHU XQ 13' VXU XQ SRVWH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >3@<br />
&RPSRVH] OH QXPpUR GX SRVWH<br />
$SSX\H] VXU >1 @<br />
/·LQGLFDWLRQ © 13' ª V·DIILFKH ORUVTXH OD IRQFWLRQ QH SDV GpUDQJHU HVW DFWLYpH<br />
9RXV SRXYH] pJDOHPHQW DFWLYHU HW GpVDFWLYHU OH PRGH 13' ORUVTX·HQ<br />
FRPPXQLFDWLRQ DYHF XQ DXWUH SRVWH 3RXU GH SOXV DPSOHV UHQVHLJQHPHQWV YRLU<br />
SDJH
$FWLYDWLRQ HW GpVDFWLYDWLRQ GH PHVVDJH HQ DWWHQWH<br />
$FWLYDWLRQ HW GòVDFWLYDWLRQ GH PHVVDJH HQ DWWHQWH<br />
9RXV SRXYH] DYHUWLU OHV XVDJHUV GH SRVWH TX·XQ PHVVDJH D pWp GpSRVp j OD<br />
FRQVROH j OHXU LQWHQWLRQ /RUVTX·XQ XVDJHU UHWRXUQH j VRQ SRVWH HW DSSHOOH OD<br />
FRQVROH O·DSSDULWLRQ GH 0 $ j OD SUHPLqUH OLJQH GH OD FRQVROH YRXV VLJQDOH OD<br />
SUpVHQFH G·XQ PHVVDJH HQ DWWHQWH SRXU FH SRVWH<br />
8WLOLVH] FHWWH IRQFWLRQ VL YRXV VDYH] TXH OH FRUUHVSRQGDQW GHPDQGp HVW DEVHQW<br />
GX EXUHDX SDU FRQWUH VL YRXV VDYH] TX·LO V·HVW WRXW VLPSOHPHQW pORLJQp GH VRQ<br />
EXUHDX XWLOLVH] OD IRQFWLRQ GH UDSSHO DXWRPDWLTXH 3RXU GH SOXV DPSOHV<br />
UHQVHLJQHPHQWV YRLU SDJH<br />
3RXU DFWLYHU RX GpVDFWLYHU XQ PHVVDJH HQ DWWHQWH VXU XQ SRVWH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >3@<br />
&RPSRVH] OH QXPpUR GX SRVWH<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >( @ SRXU DFWLYHU XQH LQGLFDWLRQ GH PHVVDJH HQ<br />
DWWHQWH<br />
$SSX\H] VXU >$ @ SRXU VXSSULPHU XQH LQLGFDWLRQ GH PHVVDJH<br />
HQ DWWHQWH<br />
$SSX\H] VXU >6@<br />
#
(PSORL GHV IRQFWLRQV GH SRVWH<br />
6OM^_\O O^ KXX_VK^SYX NO] WO]]KQO]<br />
6L OD SURJUDPPDWLRQ GH YRWUH V\VWqPH YRXV OH SHUPHW LO HVW SRVVLEOH TXH YRXV<br />
SXLVVLH] OLUH HW DQQXOHU OHV PHVVDJHV GpSRVpV j O·LQWHQWLRQ G·XQ SRVWH SDU XQ<br />
DXWUH XWLOLVDWHXU RX VWDQGDUGLVWH GpIDXW GH TXRL YRXV QH SRXUUH] TXH OLUH HW<br />
DQQXOHU OHV PHVVDJHV TXH YRXV DYH] YRXV PrPH DFWLYpV<br />
3RXU OLUH HW DQQXOHU OHV PHVVDJHV GHVWLQpV j XQ SRVWH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >3@<br />
&RPSRVH] OH QXPpUR GX SRVWH<br />
$SSX\H] VXU > @<br />
/·DEVHQFH GH OD WRXFKH G·DIILFKHXU > @ LQGLTXH TXH YRXV Q·rWHV<br />
SDV DXWRULVp H j OLUH RX DQQXOHU OHV PHVVDJHV TXH YRXV Q·DYH] SDV YRXV<br />
PrPH DFWLYpV<br />
/·pFUDQ LQGLTXH OH QRP HW OH QXPpUR GX SRVWH GHVWLQDWDLUH DLQVL TXH OD GDWH<br />
HW O·KHXUH GH O·HQYRL GX PHVVDJH<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >0 @ SRXU DIILFKHU OH PHVVDJH VXLYDQW GHVWLQp DX<br />
SRVWH<br />
$SSX\H] VXU >$ @ SRXU HIIDFHU OH PHVVDJH<br />
$SSX\H] VXU >6@ SRXU UHWRXUQHU j O·DIILFKDJH SULQFLSDO
$FWLYDWLRQ HW GpVDFWLYDWLRQ GHV PHVVDJHV SHUVRQQDOLVpV<br />
$FWLYDWLRQ HW GòVDFWLYDWLRQ GHV PHVVDJHV<br />
SHUVRQQDOLVòV<br />
9RXV SRXYH] OLUH OHV PHVVDJHV SHUVRQQDOLVpV DFWLYpV VXU XQ WpOpSKRQH<br />
683(56(7 j DIILFKHXU HW GpVDFWLYHU RX PRGLILHU XQ PHVVDJH H[LVWDQW<br />
3RXU OLUH DFWLYHU RX GpVDFWLYHU XQ PHVVDJH SHUVRQQDOLVp<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
&RPSRVH] OH QXPpUR GX SRVWH<br />
$SSX\H] VXU >$ @<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >$@ SRXU DFWLYHU OH PHVVDJH DIILFKp<br />
$SSX\H] VXU >6@ MXVTX·j FH TXH YRXV REWHQLH] OH PHVVDJH YRXOX<br />
SXLV DSSX\H] VXU >$@ SRXU DFWLYHU OH PHVVDJH GpVLUp<br />
6L OH SRVWH D GpMj XQ PHVVDJH SHUVRQQDOLVp HQ YLJXHXU FH GHUQLHU DSSDUDvWUD VXU<br />
O·pFUDQ GH OD FRQVROH 9RXV SRXYH] DORUV VRLW DSSX\HU VXU >$ @ SRXU<br />
DQQXOHU OH PHVVDJH RX DSSX\HU VXU >6@ MXVTX·j FH TXH OH PHVVDJH GpVLUp<br />
DSSDUDLVVH SXLV DSSX\HU VXU >$@ SRXU DFWLYHU OH PHVVDJH
(PSORL GHV IRQFWLRQV GH SRVWH<br />
0LVH HQ RFFXSDWLRQ GH SRVWH<br />
9RXV SRXYH] PHWWUH XQ SRVWH HQ FRQGLWLRQ G·RFFXSDWLRQ KRUV VHUYLFH ORUVTX·LO<br />
RX OH V\VWqPH HVW OD FDXVH GH GpUDQJHPHQWV 8Q SRVWH TXL IDLW O·REMHW G·XQ<br />
UHWUDLW GH VHUYLFH QH SHUPHW SOXV QL G·HIIHFWXHU QL GH UHFHYRLU G·DSSHOV<br />
3RXU PHWWUH XQ SRVWH HQ FRQGLWLRQ G·RFFXSDWLRQ<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >3@<br />
&RPSRVH] OH QXPpUR GX SRVWH<br />
$SSX\H] VXU >0 @<br />
6L O·DIILFKHXU LQGLTXH 2&&83( DX OLHX GH /,%5( OH SRVWH HVW HQ FRXUV<br />
G·<strong>XWLOLVDWLRQ</strong> HW QH SRXUUD IDLUH O·REMHW G·XQ UHWUDLW GH VHUYLFH WDQW TX·LO QH VHUD<br />
OLEUH<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >$@ SRXU PHWWUH OH SRVWH HQ FRQGLWLRQ G·RFFXSDWLRQ<br />
$SSX\H] VXU >'@ SRXU FKDQJHU FHWWH FRQGLWLRQ HW UHPHWWUH OH<br />
SRVWH HQ VHUYLFH
(PSORL GHV<br />
IRQFWLRQV GH<br />
OLJQHV<br />
H[WòULHXUHV
$IILFKDJH GH O·pWDW GHV OLJQHV H[WpULHXUHV<br />
$IILFKDJH GH O òWDW GHV OLJQHV H[WòULHXUHV<br />
9RXV SRXYH] DIILFKHU OHV LQIRUPDWLRQV G·pWDW VXU OHV OLJQHV H[WpULHXUHV HQ YXH GH<br />
GpWHUPLQHU O·DIIHFWDWLRQ H[LVWDQWH GHV VHUYLFHV HW GHV IRQFWLRQV DX QLYHDX G·XQH<br />
OLJQH H[WpULHXUH SDUWLFXOLqUH<br />
3RXU DIILFKHU O·pWDW G·XQH OLJQH H[WpULHXUH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >/ @<br />
(QWUH] OH QXPpUR GH OD OLJQH H[WpULHXUH<br />
$SSX\H] VXU >(@ SRXU DIILFKHU OHV LQIRUPDWLRQV TXL FRQFHUQHQW OD OLJQH<br />
H[WpULHXUH WHOOHV VD FODVVH GH VHUYLFH &'6 HW VD FODVVH GH UHVWULFWLRQ &'5<br />
$SSX\H] VXU >6@
(PSORL GHV IRQFWLRQV GH OLJQHV H[WpULHXUHV<br />
$IILFKDJH GH O òWDW GHV IDLVFHDX[ GH OLJQHV<br />
H[WòULHXUHV<br />
9RXV SRXYH] DIILFKHU O·pWDW GHV IDLVFHDX[ GH OLJQHV H[WpULHXUHV HQ YXH GH YpULILHU<br />
OHXU RFFXSDWLRQ 8Q PD[LPXP GH IDLVFHDX[ SHXYHQW V·DIILFKHU j OD IRLV VXU<br />
OD FRQVROH TXH FHOOH FL VRLW OLEUH RX HQJDJpH j GHVVHUYLU XQ DSSHO<br />
3RXU DIILFKHU O·pWDW GHV IDLVFHDX[<br />
$SSX\H] VXU ) SRXU DIILFKHU OHV SUHPLHUV IDLVFHDX[<br />
/·DIILFKHXU LQGLTXHUD SDU H[HPSOH<br />
/·DIILFKHXU YRXV LQGLTXH TXH OHV IDLVFHDX[ HW VRQW RFFXSpV<br />
$SSX\H] VXU >0«@ SRXU DIILFKHU O·pWDW GHV IDLVFHDX[ VXLYDQWV<br />
5pSpWH] DX EHVRLQ SRXU DIILFKHU OHV IDLVFHDX[ VXLYDQWV<br />
$SSX\H] VXU >6@
$FFqV j XQH OLJQH H[WpULHXUH SDUWLFXOLqUH<br />
$FFóV ì XQH OLJQH H[WòULHXUH SDUWLFXOLóUH<br />
9RXV SRXYH] DFFqGHU j XQH OLJQH H[WpULHXUH SDUWLFXOLqUH HQ YXH G·HIIHFWXHU XQ<br />
DSSHO H[WpULHXU<br />
3RXU DFFpGHU j XQH OLJQH H[WpULHXUH SDUWLFXOLqUH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >/ @<br />
(QWUH] OH QXPpUR GH OD OLJQH H[WpULHXUH<br />
$SSX\H] VXU >(@<br />
$SSX\H] VXU >$ @<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
6L OD OLJQH H[WpULHXUH HVW OLEUH WHO TX·LQGLTXp SDU OD WRQDOLWp GH<br />
QXPpURWDWLRQ FRPSRVH] OH QXPpUR H[WpULHXU<br />
,6L OD OLJQH H[WpULHXUH HVW RFFXSpH DSSX\H] VXU >/ @ SRXU OD OLEpUHU<br />
RX DSSX\H] VXU >( @ SXLV PDLQWHQH] OD WRXFKH HQ SRVLWLRQ<br />
HQIRQFpH HQ YXH G·LQWHUYHQLU GDQV OD FRPPXQLFDWLRQ 8QH WRQDOLWp<br />
G·DYHUWLVVHPHQW G·LQWUXVLRQ HVW pPLVH DX[ GHX[ FRUUHVSRQGDQWV DYDQW<br />
YRWUH LQWHUYHQWLRQ<br />
/HV OLJQHV H[WpULHXUHV TXL VRQW VLJQDOpHV HQ WDQW TXH OLJQHV GH WpOpGLFWpH ILOV 0<br />
00 VRQW LQDFFHVVLEOHV<br />
!
(PSORL GHV IRQFWLRQV GH OLJQHV H[WpULHXUHV<br />
0LVH HQ RFFXSDWLRQ GHV FLUFXLWV GH OLJQH H[WòULHXUH<br />
"<br />
,O SHXW V·DYpUHU QpFHVVDLUH GH PHWWUH XQH OLJQH H[WpULHXUH HQ GpUDQJHPHQW HQ<br />
RFFXSDWLRQ VL FHOOH FL RX OH V\VWqPH VRQW OD FDXVH GH SUREOqPHV 9RXV SRXYH]<br />
PHWWUH XQH OLJQH H[WpULHXUH HQ RFFXSDWLRQ TX·HOOH VRLW OLEUH RX XWLOLVpH SXLV OD<br />
UHPHWWUH HQ VHUYLFH<br />
3RXU PHWWUH XQH OLJQH H[WpULHXUH HQ RFFXSDWLRQ RX OD UHPHWWUH HQ VHUYLFH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >) @<br />
$SSX\H] VXU >/ @<br />
(QWUH] OH QXPpUR GH OD OLJQH H[WpULHXUH<br />
$SSX\H] VXU >0 @<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >$@ SRXU PHWWUH OD OLJQH H[WpULHXUH HQ RFFXSDWLRQ<br />
$SSX\H] VXU >'@ SRXU UHPHWWUH OD OLJQH H[WpULHXUH HQ VHUYLFH
(PSORL GHV<br />
IRQFWLRQV<br />
KýWHOLóUHV
$IILFKDJH HW PRGLILFDWLRQ GHV LQIRUPDWLRQV VXU OHV FKDPEUHV<br />
$IILFKDJH HW PRGLILFDWLRQ GHV LQIRUPDWLRQV<br />
VXU OHV FKDPEUHV<br />
6·HQWHQGHQW SDU LQIRUPDWLRQV VXU OHV FKDPEUHV O·pWDW G·RFFXSDWLRQ HW OD<br />
FRQGLWLRQ GHV FKDPEUHV /LEUH 1HWWR\pH 5HVWULFWLRQV G·DSSHOV VRUWDQWV HWF<br />
DLQVL TXH OD SUpVHQFH GH PHVVDJHV HQ DWWHQWH UpYHLO DXWRPDWLTXH HW DXWUHV<br />
VHUYLFHV 9RXV SRXYH] PRGLILHU FHV LQIRUPDWLRQV ORUVTX·XQH FKDPEUH HVW OLEUH RX<br />
ORUVTXH YRXV rWHV HQ FRPPXQLFDWLRQ DYHF VRQ RFFXSDQW H<br />
3RXU DIILFKHU RX PRGLILHU OHV LQIRUPDWLRQV G·XQH FKDPEUH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >&@<br />
&RPSRVH] OH QXPpUR GH OD FKDPEUH GpVLUpH LQXWLOH VL YRXV rWHV GpMj HQ<br />
FRPPXQLFDWLRQ DYHF O·RFFXSDQW H GH OD FKDPEUH<br />
/·DIILFKHXU LQGLTXHUD SDU H[HPSOH<br />
&HW H[HPSOH LQGLTXH TXH OD FKDPEUH HVW RFFXSpH HW QHWWR\pH HW TXH<br />
VHXOV OHV DSSHOV LQWHUQHV VRQW SHUPLV<br />
!
(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />
!<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >5 @ SRXU UHPHWWUH OH FRPSWHXU G·DSSHOV GH OD<br />
FKDPEUH j ]pUR 9RLU SDJH<br />
$SSX\H] VXU >1 @ SRXU DFWLYHU OH PRGH QH SDV GpUDQJHU HW EORTXHU<br />
OHV DSSHOV HQWUDQWV<br />
$SSX\H] VXU >( @ SRXU DFWLYHU RX >$ @ SRXU<br />
DQQXOHU XQH LQGLFDWLRQ GH PHVVDJH HQ DWWHQWH DX WpOpSKRQH GH OD FKDPEUH<br />
$SSX\H] VXU >$ @ SRXU DFWLYHU XQH KHXUH GH UpYHLO DXWRPDWLTXH<br />
RX VXU >' @ SRXU GpVDFWLYHU XQH KHXUH GH UpYHLO DXWRPDWLTXH<br />
9RLU SDJH<br />
$SSX\H] VXU >(@ SRXU FKDQJHU O·pWDW G·RFFXSDWLRQ RX OD FRQGLWLRQ<br />
G·HQWUHWLHQ GH OD FKDPEUH 9RLU 0RGLILFDWLRQ GH O·pWDW G·RFFXSDWLRQ HW GH OD<br />
FRQGLWLRQ G·XQH FKDPEUH RQ SDJH<br />
$SSX\H] VXU >1 @ SRXU DIILFKHU O·pWDW G·XQH DXWUH FKDPEUH<br />
&HWWH RSWLRQ Q·HVW SDV GLVSRQLEOH ORUVTXH OH FRQVROH HVW HQ FRPPXQLFDWLRQ<br />
DYHF OD FKDPEUH
$IILFKDJH GHV FKDPEUHV HQ IRQFWLRQ GH OHXU pWDW G·RFFXSDWLRQ HW GH OHXU FRQGLWLRQ<br />
$IILFKDJH GHV FKDPEUHV HQ IRQFWLRQ GH OHXU òWDW<br />
G RFFXSDWLRQ HW GH OHXU FRQGLWLRQ<br />
9RXV SRXYH] DIILFKHU OD OLVWH GHV FKDPEUHV HQ IRQFWLRQ GH OHXU pWDW G·RFFXSDWLRQ<br />
HW GH OHXU FRQGLWLRQ³SDU H[HPSOH /LEUH HW QHWWR\HU RX 2FFXSpH HW )HPPH GH<br />
FKDPEUH /H V\VWqPH LQGLTXH pJDOHPHQW OH QRPEUH GHV FKDPEUHV TXL VH WURXYHQW<br />
GDQV O·pWDW TXH YRXV DYH] SUpFLVp 9RXV SRXYH] SDVVHU WRXWHV OHV FKDPEUHV HQ<br />
UHYXH RX FRPPHQFHU SDU XQ QXPpUR GH FKDPEUH SDUWLFXOLHU³OD SUHPLqUH<br />
FKDPEUH DX WURLVLqPH pWDJH SDU H[HPSOH<br />
3RXU DIILFKHU WRXWHV OHV FKDPEUHV HQ IRQFWLRQ GH OHXU pWDW G·RFFXSDWLRQ<br />
HW GH OHXU FRQGLWLRQ<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >&@<br />
$SSX\H] VXU OD WRXFKH G·DIILFKHXU TXL FRUUHVSRQG DX[ FKDPEUHV TXH YRXV<br />
GpVLUH] DIILFKHU³SDU H[HPSOH DSSX\H] VXU >& @ SRXU DIILFKHU<br />
WRXWHV OHV FKDPEUHV OLEUHV HW QHWWR\pHV<br />
$SSX\H] VXU >6«@ SRXU DIILFKHU OHV GL[ SUHPLqUHV FKDPEUHV VXLYDQWHV<br />
TXL VH WURXYHQW GDQV O·pWDW SUpFLVp<br />
!
(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />
!<br />
6L XQH LPSULPDQWH HVW UDFFRUGpH j OD FRQVROH YRXV SRXYH] LPSULPHU OD OLVWH GH<br />
WRXWHV OHV FKDPEUHV OLEUHV RX RFFXSpHV 3RXU GH SOXV DPSOHV UHQVHLJQHPHQWV<br />
YRLU ,PSUHVVLRQ GHV UHOHYpV RQ SDJH<br />
3RXU DIILFKHU XQ JURXSH GH FKDPEUHV FRPPHQoDQW SDU XQ QXPpUR GH<br />
FKDPEUH SDUWLFXOLHU<br />
6XLYH] OHV pWDSHV j SUpFpGHQWHV<br />
$SSX\H] VXU >1 @<br />
&RPSRVH] OH QXPpUR GH OD SUHPLqUH FKDPEUH TXH YRXV GpVLUH] DIILFKHU<br />
0RGLILFDWLRQ GH O òWDW G RFFXSDWLRQ HW GH OD<br />
FRQGLWLRQ G XQH FKDPEUH<br />
9RXV SRXYH] PRGLILHU O·pWDW G·RFFXSDWLRQ HW OD FRQGLWLRQ G·XQH FKDPEUH ORUVTXH<br />
OD FRQVROH HVW OLEUH RX ORUVTXH YRXV rWHV HQ FRPPXQLFDWLRQ DYHF O·RFFXSDQW H<br />
GH OD FKDPEUH<br />
eWDWV G·RFFXSDWLRQ HW FRQGLWLRQV GLVSRQLEOHV<br />
eWDW G·RFFXSDWLRQ &RQGLWLRQ<br />
/LEUH<br />
2FFXSpH<br />
5pVHUYpH<br />
*DUDQWLH<br />
3RXU PRGLILHU O·pWDW G·RFFXSDWLRQ HW OD FRQGLWLRQ G·XQH FKDPEUH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >&@<br />
1HWWR\pH<br />
QHWWR\HU<br />
)HPPH GH FKDPEUH<br />
LQVSHFWHU<br />
+RUV VHUYLFH<br />
&RPSRVH] OH QXPpUR GH OD FKDPEUH LQXWLOH VL YRXV rWHV GpMj HQ<br />
FRPPXQLFDWLRQ DYHF O·RFFXSDQW H GH OD FKDPEUH
0RGLILFDWLRQ GH O·pWDW G·RFFXSDWLRQ HW GH OD FRQGLWLRQ G·XQH FKDPEUH<br />
$SSX\H] VXU >(@<br />
$SSX\H] VXU OD WRXFKH G·DIILFKHXU TXL LQGLTXH O·pWDW G·RFFXSDWLRQ TXH YRXV<br />
GpVLUH] PRGLILHU³SDU H[HPSOH DSSX\H] VXU >2@ SRXU PRGLILHU<br />
O·pWDW G·XQH FKDPEUH GH OLEUH j RFFXSpH<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÅÃÃÅÃÃÃÃ<br />
ÃÃÃÅÃÃÃÅÃÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
!
(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />
$FWLYDWLRQ HW GòVDFWLYDWLRQ G XQ DSSHO GH UòYHLO<br />
!<br />
9RXV RX O·RFFXSDQW H G·XQH FKDPEUH SRXYH] DFWLYHU PRGLILHU HW GpVDFWLYHU XQ<br />
DSSHO GH UpYHLO /H V\VWqPH QH IDLW DXFXQH GLVWLQFWLRQ HQWUH XQ DSSHO GH UpYHLO<br />
DFWLYp PRGLILp RX GpVDFWLYp j SDUWLU GH OD FRQVROH RX j SDUWLU G·XQH FKDPEUH<br />
$LQVL XQ H RFFXSDQW H SRXUUD SDU H[HPSOH GpVDFWLYHU XQ DSSHO GH UpYHLO TXH OH<br />
VWDQGDUGLVWH DYDLW DFWLYp HW YLFH YHUVD<br />
9RXV SRXUUH] DFWLYHU RX GpVDFWLYHU XQ DSSHO GH UpYHLO ORUVTXH OD FRQVROH HVW OLEUH<br />
RX ORUVTXH YRXV rWHV HQ FRPPXQLFDWLRQ DYHF O·RFFXSDQW H G·XQH FKDPEUH<br />
/RUVTX·XQH LPSULPDQWH HVW UDFFRUGpH j OD FRQVROH HOOH SURGXLUD XQ UHOHYp<br />
LPSULPp DXWRPDWLTXH GqV TX·XQ DSSHO GH UpYHLO VHUD DFWLYp PRGLILp RX<br />
GpVDFWLYp<br />
3RXU DFWLYHU RX DQQXOHUXQ DSSHO GH UpYHLO ORUVTXH YRXV rWHV HQ<br />
FRPPXQLFDWLRQ DYHF O·RFFXSDQW H G·XQH FKDPEUH<br />
$SSX\H] VXU >$ @<br />
(QWUH] O·KHXUH HQ XWLOLVDQW TXDWUH FKLIIUHV KK PP<br />
3DU H[HPSOH SRXU K HQWUH]<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >6@ ORUVTX·LO V·DJLW GH O·DYDQW PLGL<br />
$SSX\H] VXU >3 0 @ ORUVTX·LO V·DJLW GH O·DSUqV PLGL >3 0 @ Q·HVW<br />
GLVSRQLEOH TXH SRXU XQH QXPpUDWLRQ GH KHXUHV HW O·KHXUH IL[pH HQWUH<br />
HW<br />
$SSX\H] VXU >6@<br />
$SSX\H] VXU /LEpUDWLRQ<br />
3RXU DFWLYHU RX PRGLILHU XQ DSSHO GH UpYHLO ORUVTXH YRXV Q·rWHV 3$6 HQ<br />
FRPPXQLFDWLRQ DYHF O·RFFXSDQW H G·XQH FKDPEUH<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >&@<br />
&RPSRVH] OH QXPpUR GH OD FKDPEUH<br />
6XLYH] OHV pWDSHV GH OD SURFpGXUH SUpFpGHQWH
3RXU GpVDFWLYHU XQ DSSHO GH UpYHLO<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >&@<br />
&RPSRVH] OH QXPpUR GH OD FKDPEUH<br />
$SSX\H] VXU >' @<br />
$SSX\H] VXU >6@<br />
5HVWULFWLRQV G·DSSHOV DX QLYHDX G·XQH FKDPEUH<br />
ÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
5HVWULFWLRQV G DSSHOV DX QLYHDX G XQH FKDPEUH<br />
9RXV SRXYH] LQWHUGLUH DX[ RFFXSDQW H V GH FHUWDLQHV FKDPEUHV G·HIIHFWXHU GHV<br />
DSSHOV VRUWDQWV ORFDX[ RX LQWHUXUEDLQV /D SURFpGXUH XWLOLVpH SRXU FH IDLUH YDULH<br />
VL O·pWDEOLVVHPHQW K{WHOLHU XWLOLVH XQ 6\VWqPH GH JHVWLRQ G·pWDEOLVVHPHQW 6*(<br />
6L O òWDEOLVVHPHQW KýWHOLHU Q XWLOLVH 3$6 GH 6\VWóPH GH JHVWLRQ<br />
G òWDEOLVVHPHQW<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >&@<br />
&RPSRVH] OH QXPpUR GH OD FKDPEUH<br />
$SSX\H] VXU >(@<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$SSX\H] VXU >,@ SRXU SHUPHWWUH XQLTXHPHQW OHV DSSHOV LQWpULHXUV<br />
$SSX\H] VXU >/@ SRXU SHUPHWWUH OHV DSSHOV LQWpULHXUV HW ORFDX[<br />
$SSX\H] VXU >,@ SRXU SHUPHWWUH OHV DSSHOV LQWpULHXUV ORFDX[ HW<br />
LQWHUXUEDLQV<br />
!!
(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />
!"<br />
6L O òWDEOLVVHPHQW KýWHOLHU XWLOLVH XQ 6\VWóPH GH JHVWLRQ<br />
G òWDEOLVVHPHQW 6*(<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >&@<br />
&RPSRVH] OH QXPpUR GH OD FKDPEUH<br />
$SSX\H] VXU >5 @<br />
/H WpOpSKRQH QH SHUPHW SOXV G·HIIHFWXHU G·DSSHOV VRUWDQWV LQWHUXUEDLQV<br />
GHSXLV OD FKDPEUH<br />
%ORFDJH GHV DSSHOV HQWUH OHV FKDPEUHV<br />
9RXV SRXYH] XWLOLVHU OD WRXFKH %ORFDJH SRXU LQWHUGLUH OHV DSSHOV HQWUH OHV<br />
FKDPEUHV 6HXOV OHV WpOpSKRQHV SURJUDPPpV DYHF XQ EORFDJH G·DSSHOV VHURQW<br />
FRQFHUQpV FRQVXOWH] OH VHUYLFH UHVSRQVDEOH GHV FRPPXQLFDWLRQV SRXU GH SOXV<br />
DPSOHV UHQVHLJQHPHQWV<br />
3RXU EORTXHU OHV DSSHOV HQWUH OHV FKDPEUHV<br />
$SSX\H] VXU %ORFDJH
$IILFKDJH HW UHPLVH j ]pUR G·XQ FRPSWHXU G·DSSHOV<br />
$IILFKDJH HW UHPLVH ì ]òUR G XQ FRPSWHXU G DSSHOV<br />
6·HQWHQG SDU ´&RPSWH GHV DSSHOVµ O·HQUHJLVWUHPHQW GH WRXV OHV DSSHOV H[WpULHXUV<br />
pWDEOLV GHSXLV OH WpOpSKRQH G·XQH FKDPEUH GH FOLHQW 9RXV SRXYH] DIILFKHU HW<br />
UHPHWWUH OH FRQWHQX GX FRPSWHXU G·DSSHOV G·XQH FKDPEUH j ]pUR ORUVTXH OD<br />
FRQVROH HVW OLEUH RX HQ FRPPXQLFDWLRQ DYHF O·RFFXSDQW H GH OD FKDPEUH<br />
3RXU DIILFKHU RX UHPHWWUH OH FRPSWHXU G·DSSHOV j ]pUR<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >&@<br />
&RPSRVH] OH QXPpUR GH OD FKDPEUH LQXWLOH VL YRXV rWHV GpMj HQ FRPPXQLFDWLRQ<br />
DYHF O·RFFXSDQW H GH OD FKDPEUH<br />
$SSX\H] VXU >5 $ =@<br />
6L XQH LPSULPDQWH HVW UDFFRUGpH j OD FRQVROH OH UHOHYp GHV GRQQpHV GX FRPSWHXU<br />
G·DSSHOV HVW LPSULPp DYDQW VD UHPLVH j ]pUR<br />
!#
(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />
,PSUHVVLRQ GHV UHOHYòV<br />
"<br />
6L XQH LPSULPDQWH HVW UDFFRUGpH j YRWUH FRQVROH YRXV SRXYH] VROOLFLWHU<br />
O·LPSUHVVLRQ GHV UHOHYpV GH FRPSWH G·DSSHOV G·pWDW GHV FKDPEUHV RX GH UpYHLOV<br />
DXWRPDWLTXHV<br />
&HV UHOHYpV GLVSRVHQW GH OHXU SURSUH IRUPDW HW FHUWDLQV G·HQWUH HX[ VRQW LPSULPpV<br />
GH IDoRQ DXWRPDWLTXH /·LPSULPDQWH SRXUUD SDU H[HPSOH SURGXLUH XQ UHOHYp<br />
DXWRPDWLTXH WRXWHV OHV IRLV TX·XQ UpYHLO DXWRPDWLTXH VHUD DFWLYp PRGLILp RX<br />
GpVDFWLYp<br />
3RXU LPSULPHU XQ UHOHYp<br />
$SSX\H] VXU )RQFWLRQ<br />
$SSX\H] VXU >&@<br />
$SSX\H] VXU >5@<br />
6pOHFWLRQQH] O·RSWLRQ G·LPSUHVVLRQ GpVLUpH<br />
$SSX\H] VXU >6@
$QQH[H $<br />
çGLWHXU GH<br />
O DQQXDLUH
SURSRV GH O òGLWHXU GH O DQQXDLUH<br />
SURSRV GH O·pGLWHXU GH O·DQQXDLUH<br />
9RXV SRXYH] XWLOLVHU O·pGLWHXU GH O·DQQXDLUH SRXU DSSRUWHU GHV PRGLILFDWLRQV j<br />
O·DQQXDLUH WpOpSKRQLTXH HQ OLJQH<br />
2XYHUWXUH HW IHUPHWXUH GH O òGLWHXU GH O DQQXDLUH<br />
$YDQW G·DFFpGHU j O·pGLWHXU GH O·DQQXDLUH TXLWWH] O·DSSOLFDWLRQ 683(56(7<br />
3RXU DFFpGHU j O·pGLWHXU GH O·DQQXDLUH<br />
6RXV :LQGRZV<br />
&OLTXH] GHX[ IRLV VXU O·LF{QH $QQXDLUH GDQV OH *URXSH GH SURJUDPPHV<br />
683(56(7<br />
6RXV :LQGRZV<br />
&OLTXH] VXU OH ERXWRQ 'pPDUUHU VLWXp VXU OD EDUUH GH WkFKHV VpOHFWLRQQH]<br />
3URJUDPPHV 683(56(7 SXLV FOLTXH] VXU $QQXDLUH /D IHQrWUH GH<br />
O·pGLWHXU GH O·DQQXDLUH V·RXYUH<br />
3RXU VRUWLU GH O·pGLWHXU GH O·DQQXDLUH<br />
6pOHFWLRQQH] )LFKLHU SXLV 6RUWLU RX DSSX\H] VXU (6&<br />
&OLTXH] VXU 2.<br />
"
$QQH[H $ eGLWHXU GH O·DQQXDLUH<br />
$MRXWHU XQH QRXYHOOH HQWUòH ì O DQQXDLUH<br />
"<br />
3RXU DMRXWHU XQH QRXYHOOH HQWUpH j O·DQQXDLUH<br />
6pOHFWLRQQH] 1RXYHDX VRXV (GLWLRQ RX DSSX\H] VXU OD WRXFKH )<br />
(QWUH] OH QXPpUR GX SRVWH SXLV DSSX\H] VXU OD WRXFKH (QWUHU<br />
9RLU OD QRWH FL GHVVRXV SRXU SOXV G·LQIRUPDWLRQV<br />
(QWUH] OH QRP SXLV OH SUpQRP GH OD SHUVRQQH $SSX\H] VXU (QWUHU<br />
$GRSWH] XQ IRUPDW QRUPDO SRXU HQWUHU OHV QRPV HW OHV SUpQRPV GH VRUWH TXH<br />
OHV UHFKHUFKHV SXLVVHQW V·HIIHFWXHU VHORQ XQH PpWKRGH FRQVWDQWH<br />
(QWUH] GHV UHQVHLJQHPHQWV DGGLWLRQQHOV WHOV TXH OH QRP GH O·HQWUHSULVH<br />
G·XQ VHUYLFH OLHX HWF<br />
6L YRXV GpVLUH] QH ULHQ HQWUHU GDQV FHWWH ]RQH DSSX\H] VLPSOHPHQW VXU<br />
(QWUHU<br />
$SSX\H] VXU (QWUHU<br />
(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />
$MRXWH] XQH DXWUH HQWUpH<br />
0HWWH] ILQ j O·RSpUDWLRQ HQ XWLOLVDQW OH ERXWRQ $QQXOHU<br />
ÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÆÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃ
6XSSUHVVLRQ G·XQH HQWUpH GH O·DQQXDLUH<br />
6XSSUHVVLRQ G XQH HQWUòH GH O DQQXDLUH<br />
3RXU VXSSULPHU XQH HQWUpH GH O·DQQXDLUH<br />
6HOHFWLRQQH] XQH HQWUpH TXH YRXV GpVLUH] VXSSULPHU<br />
8WLOLVH] OD EDUUH GH GpILOHPHQW GH GURLWH RX OHV WRXFKHV ↑↓ SRXU IDLUH GpILOHU<br />
OD OLVWH YHUV OH EDV RX YHUV OH KDXW<br />
9RXV SRXYH] pJDOHPHQW XWLOLVH] OD FRPPDQGH 5HFKHUFKH SRXU ORFDOLVHU XQH<br />
HQWUpH SDUWLFXOLqUH 9RLU /RFDOLVDWLRQ G·XQH HQWUpH GDQV O·DQQXDLUH FL<br />
GHVVRXV<br />
6pOHFWLRQQH] 6XSSULPHU VRXV (GLWLRQ RX DSSX\H] VXU OH ERXWRQ '(/<br />
&OLTXH] VXU 2. SRXU VXSSULPHU O·HQWUpH<br />
/RFDOLVDWLRQ G XQH HQWUòH GDQV O DQQXDLUH<br />
3RXU ORFDOLVHU XQH HQWUpH GDQV O·DQQXDLUH<br />
6pOHFWLRQQH] 5HFKHUFKHU VRXV 5HFKHUFKHU RX DSSX\H] VXU )<br />
(QWUH] OH QRP RX XQH SDUWLH GX QRP SXLV DSSX\H] VXU (QWUHU<br />
(Q FDV G·HUUHXU DSSX\H] VXU OD WRXFKH G·pFKDSSHPHQW (6& SRXU DQQXOHU OH<br />
QRP HQWUp SXLV O·HQWUHU GH QRXYHDX<br />
$SSX\H] VXU (QWUHU SRXU ODQFHU OD UHFKHUFKH<br />
"
$QQH[H $ eGLWHXU GH O·DQQXDLUH<br />
0RGLILFDWLRQ G XQH HQWUòH GH O DQQXDLUH<br />
"<br />
6pOHFWLRQQH] O·HQWUpH TXH YRXV GpVLUH] PRGLILHU<br />
8WLOLVH] OHV WRXFKHV ↑↓ RX OD EDUUH GH GpILOHPHQW j F{Wp GH OD OLVWH GHV QRPV<br />
SRXU IDLUH GpILOHU OD OLVWH YHUV OH KDXW RX YHUV OH EDV<br />
9RXV SRXYH] pJDOHPHQW XWLOLVHU OD FRPPDQGH 5HFKHUFKHU SRXU ORFDOLVHU XQH<br />
HQWUpH SDUWLFXOLqUH 9RLU /RFDOLVDWLRQ G·XQH HQWUpH GDQV O·DQQXDLUH FL GHVVXV<br />
6pOHFWLRQQH] 0RGLILHU VRXV (GLWLRQ RX DSSX\H] VXU )<br />
$SSRUWH] OHV PRGLILFDWLRQV QpFHVVDLUHV HW DSSX\H] VXU (QWUHU<br />
6L YRXV GpVLUH] QH ULHQ PRGLILHU GDQV FHWWH ]RQH DSSX\H] VLPSOHPHQW VXU<br />
(QWUHU<br />
ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />
ÃÃÃ<br />
$IILFKDJH GH WRXWHV OHV HQWUòHV GH O DQQXDLUH<br />
9RXV SRXYH] XWLOLVHU FHWWH SURFpGXUH j O·LVVXH G·XQH UHFKHUFKH HQ YXH G·DIILFKHU<br />
WRXWHV OHV HQWUpHV GH O·DQQXDLUH<br />
3RXU DIILFKHU WRXWHV OHV HQWUpHV GH O·DQQXDLUH<br />
6pOHFWLRQQH] $IILFKHU WRXW VRXV 5HFKHUFKHU RX DSSX\H] VXU )<br />
8WLOLVH] OHV WRXFKHV ↑↓ RX OD EDUUH GH GpILOHPHQW j F{Wp GH OD OLVWH GHV QRPV<br />
SRXU IDLUH GpILOHU OD OLVWH YHUV OH KDXW RX YHUV OH EDV<br />
,PSUHVVLRQ GH O DQQXDLUH<br />
3RXU LPSULPHU O·DQQXDLUH<br />
6pOHFWLRQQH] ,PSULPHU VRXV )LFKLHU RX DSSX\H] VXU )<br />
6pOHFWLRQQH] OHV RSWLRQV GpVLUpHV SXLV FOLTXH] VXU 2.
$QQH[H %<br />
5òIòUHQFHV
5òSHUWRLUH WòOòSKRQLTXH<br />
1RP 1XPpUR<br />
32/,&(<br />
3203,(56<br />
+Ñ3,7$/<br />
352%/Ë0(6 '( 3267( 28 '(<br />
&2162/(<br />
5pSHUWRLUH WpOpSKRQLTXH<br />
"#
$QQH[H % 5pIpUHQFHV<br />
/LVWH GHV QXPòURV DEUòJòV GX V\VWóPH<br />
#<br />
1XPpUR G·LQGH[ ,GHQWLWp
&ODVVH GH VHUYLFH &ODVVH GH UHVWULFWLRQ<br />
&ODVVH GH VHUYLFH &ODVVH GH UHVWULFWLRQ<br />
&KDTXH SRVWH HW FKDTXH OLJQH H[WpULHXUH GLVSRVHQW G·XQH FODVVH GH VHUYLFH &'6 HW<br />
G·XQH FODVVH GH UHVWULFWLRQ &'5 TXL VHUYHQW j GpWHUPLQHU OHV IRQFWLRQV<br />
WpOpSKRQLTXHV DX[TXHOOHV O·XVDJHU GX SRVWH RX GH OD OLJQH H[WpULHXUH SRXUUD RX QRQ<br />
DYRLU UHFRXUV %LHQ TXH FODVVHV VRLHQW SHUPLVHV GDQV FKDTXH FDWpJRULH OD<br />
SOXSDUW GHV HQWUHSULVHV Q·HQ XWLOLVHQW JpQpUDOHPHQW TXH TXHOTXHV XQHV<br />
3RXU YRXV DLGHU j UpSRQGUH DX[ TXHVWLRQV GHV XVDJHUV TXL UHQFRQWUHQW FHUWDLQV<br />
SUREOqPHV QRXV YRXV UHFRPPDQGRQV G·LQVFULUH XQH EUqYH GHVFULSWLRQ GHV &'6<br />
HW &'5 OHV SOXV FRPPXQpPHQW XWLOLVpHV DX VHLQ GH YRWUH HQWUHSULVH 8QH &'6<br />
SRXUUD SDU H[HPSOH VLJQLILHU DSSHOV ORFDX[ VHXOHPHQW HW XQH &'5 DXFXQ<br />
DSSHO LQWHUXUEDLQ DSUqV KHXUHV /H VHUYLFH UHVSRQVDEOH GHV FRPPXQLFDWLRQV<br />
SHXW YRXV GRQQHU OHV GpWDLOV QpFHVVDLUHV<br />
&'6 120 3(50(7<br />
&'5 120 ,17(5',7<br />
#
$QQH[H % 5pIpUHQFHV<br />
/LVWH GHV DEUòYLDWLRQV<br />
#<br />
$EUpY 'pILQLWLRQ $EUpY 'pILQLWLRQ<br />
$ $ $SSHO V HQ DWWHQWH / (;7 /LJQH H[WpULHXUH<br />
$ 5$&&5 $ UDFFURFKp /,% /LEUH<br />
$&7,9 $FWLYHU /2& /RFDO DSSHO ORFDO<br />
$'$6 $FFqV GLUHFW DX V\VWqPH 0 $ 0HVVDJH HQ DWWHQWH<br />
$ 0 $YDQW PLGL 06*( 0HVVDJH<br />
$33 $SSHO V 1( 3$6<br />
'(5<br />
1H SDV GpUDQJHU<br />
$77 $WWHQWH PHVVDJH HQ DWWHQWH 1(77 1HWWR\pH FKDPEUH<br />
$8& $XFXQ H 1R 1XPpUR<br />
$872 $XWRPDWLTXH UDSSHO 1R $11 1XPpUR G·DQQXDLUH<br />
&'( &RQILJXUDWLRQ GHV GRQQpHV<br />
GH O·LQVWDOODWLRQ &',<br />
121 5(3 1RQ UpSRQVH<br />
&'5 &ODVVH GH UHVWULFWLRQ 13' 1H SDV GpUDQJHU<br />
&'6 &ODVVH GH VHUYLFH 2&& 2FFXSp RX 2FFXSDWLRQ<br />
&+ &+%5( &KDPEUH 3 0 $SUqV PLGL<br />
&+ 1(77 &KDPEUH QHWWR\pH 3 1(7 3DV QHWWR\pH<br />
&037 &RPSWH GHV DSSHOV 5 $ 5HWRXU G·DSSHO<br />
&203 &RPSRVLWLRQ DEUpJpH GX<br />
V\VWqPH<br />
&21) &RQIpUHQFH 5(&+<br />
3(56<br />
5$33 5DSSHO DXWRPDWLTXH<br />
5HFKHUFKH GH SHUVRQQH<br />
'(67 'HVWLQDWLRQ GHPDQGp 5(&203 5HFRPSRVLWLRQ GX GHUQLHU<br />
QXPpUR<br />
'6$&7<br />
'6&7<br />
'pVDFWLYDWLRQ GH IRQFWLRQ 5(19<br />
5(19 '(<br />
5HQYRL G·DSSHO GH<br />
(1 2&&83 0LVH HQ RFFXSDWLRQ 5(6 &KDPEUH UpVHUYpH<br />
(;7 ([WHUQH ([WpULHXU<br />
5HVWULFWLRQ G·DSSHO<br />
H[WpULHXU RX OLJQH<br />
H[WpULHXUH<br />
5(675,&7 5HVWULFWLRQ G·DSSHO<br />
) &+ )(0 )HPPH GH FKDPEUH 6(/(&7 6pOHFWLRQQHU
$EUpY 'pILQLWLRQ $EUpY 'pILQLWLRQ<br />
)21&7 )RQFWLRQ 6(5 $SSHOV HQ VpULH<br />
/LVWH GHV DEUpYLDWLRQV<br />
,'(17 ,GHQWLILFDWLRQ 65&( 6RXUFH GHPDQGHXU<br />
,163 &KDPEUH j LQVSHFWHU 67$1<br />
67$1'<br />
,17 ,QWHUQH LQWHUFHSWLRQ DSSHO<br />
LQWHUQH<br />
76 7RXV<br />
6WDQGDUGLVWH<br />
,8 ,QWHUXUEDLQ 87,/ 8WLOLVp H<br />
-- 00 $$ -RXU PRLV DQQpH<br />
#
$QQH[H % 5pIpUHQFHV<br />
0HVVDJHV SHUVRQQDOLVòV GHV WòOòSKRQHV 683(56(7 ì<br />
DIILFKHXU<br />
#<br />
/H V\VWqPH SHUPHW O·DFWLYDWLRQ GHV PHVVDJHV VXLYDQWV VXU OHV SRVWHV 683(56(7<br />
j DIILFKHXU<br />
1XPpUR GX<br />
PHVVDJH<br />
0HVVDJH<br />
(1 5(81,21<br />
'(3/$&(0(17<br />
(1 9$&$1&(6<br />
$%6(17 (<br />
3$86( 0,',<br />
3$57,<br />
$ /$ 0$,621<br />
,&, '(0$,1<br />
/HV XVDJHUV GH 683(56(7 DXWRULVpV SHXYHQW FKDQJHU FHV PHVVDJHV HW<br />
SURJUDPPHU VHSW PHVVDJHV VXSSOpPHQWDLUHV XWLOLVDEOHV VXU O·HQVHPEOH GX<br />
V\VWqPH 1RWH] WRXWHV OHV PRGLILFDWLRQV HW DGGLWLRQV HIIHFWXpHV<br />
3RXU SOXV GH UHQVHLJQHPHQWV VXU OD SURJUDPPDWLRQ GH FHV PHVVDJHV GHSXLV OD<br />
FRQVROH YRLU $FWLYDWLRQ HW GpVDFWLYDWLRQ GHV PHVVDJHV SHUVRQQDOLVpV j OD SDJH
*ORVVDLUH<br />
+.+= +MMÉ] NS\OM^ K_ ]c]^ÉWO<br />
)RQFWLRQ SHUPHWWDQW DX[ GHPDQGHXUV G·DFFpGHU GLUHFWHPHQW DX V\VWqPH<br />
WpOpSKRQLTXH HW G·XWLOLVHU VHV IRQFWLRQV HW VHV UHVVRXUFHV<br />
-OX^\KV Z_LVSM -:<br />
*ORVVDLUH<br />
,QVWDOODWLRQ GH FRPPXWDWLRQ WpOpSKRQLTXH SXEOLTXH GHVVHUYDQW OHV DERQQpV<br />
G·XQH PrPH UpJLRQ<br />
-VK]]O NO \O]^\SM^SYX -.<<br />
&RQWU{OH O·DFFqV G·XQ SRVWH RX G·XQH OLJQH H[WpULHXUH DX[ FLUFXLWV GH OLJQHV<br />
H[WpULHXUHV /HV SRVWHV G·XQ V\VWqPH WpOpSKRQLTXH VH YRLHQW DWWULEXHU OHXUV<br />
GLIIpUHQWHV FODVVHV GH UHVWULFWLRQV DX PRPHQW GH OD FRQILJXUDWLRQ GX V\VWqPH<br />
-VK]]O NO ]O\`SMO -.=<br />
'pWHUPLQH TXHOOHV IRQFWLRQV VRQW DFFHVVLEOHV j XQ XVDJHU GH SRVWH /HV SRVWHV<br />
G·XQ V\VWqPH WpOpSKRQLTXH VH YRLHQW DWWULEXHU OHXUV GLIIpUHQWHV FODVVHV GH<br />
VHUYLFH DX PRPHQW GH OD FRQILJXUDWLRQ GX V\VWqPH<br />
1\Y_ZO NO \OMRO\MRO<br />
3RVWHV UHJURXSpV VRXV XQH VHXOH SRVLWLRQ GH UpSRQVH HW GLVSRVDQW G·XQ QXPpUR<br />
GH WrWH FRPPXQ DX[TXHOV RQ SHXW WRXWHIRLV DFFpGHU GLUHFWHPHQW HQ FRPSRVDQW<br />
OHXUV QXPpURV GH SRVWH UHVSHFWLIV 8Q DSSHO GHVWLQp j XQ JURXSH GH UHFKHUFKH<br />
pPHWWUD XQ VLJQDO VRQRUH j OD SUHPLqUH OLJQH GLVSRQLEOH<br />
6SQXO Ob^Ê\SO_\O<br />
/LJQH UHOLDQW GHX[ V\VWqPHV GH FRPPXWDWLRQ WpOpSKRQLTXH 8QH OLJQH H[WpULHXUH<br />
SRXUUD UHOLHU HQWUH HX[ GHX[ RX SOXVLHXUV DXWRFRPPXWDWHXUV SULYpV OLJQH GH<br />
MRQFWLRQ RX HQFRUH XQ RX SOXVLHXUV DXWRFRPPXWDWHXU V SULYp V HW<br />
O·pTXLSHPHQW GX FHQWUDO SXEOLF OLJQH UpVHDX<br />
#
$QQH[H % 5pIpUHQFHV<br />
#<br />
6YQSMSOV<br />
3URJUDPPHV VRXV SURJUDPPHV HW LQVWUXFWLRQV QpFHVVDLUHV j O·H[SORLWDWLRQ GX<br />
V\VWqPH WpOpSKRQLTXH<br />
7K^Ê\SOV<br />
eOpPHQWV SK\VLTXHV GX V\VWqPH WpOpSKRQLTXH<br />
7S]O OX K^^OX^O<br />
)RQFWLRQ SHUPHWWDQW DX V\VWqPH GH PHWWUH HQ DWWHQWH XQ DSSHO GHVWLQp j XQ<br />
SRVWH GH PDQLqUH j OH UDFFRUGHU DXWRPDWLTXHPHQW GH IDoRQ HIIHFWLYH DX SRVWH<br />
GHPDQGp GqV VRQ UDFFURFKDJH /·XVDJHU RFFXSp VHUD DYHUWL GH OD SUpVHQFH GH<br />
O·DSSHO HQ DWWHQWH SDU XQH EUqYH WRQDOLWp GLWH WRQDOLWp G·DSSHO HQ DWWHQWH<br />
7S]O OX YMM_ZK^SYX<br />
)RQFWLRQ VHUYDQW j PHWWUH WHPSRUDLUHPHQW HQ RFFXSDWLRQ XQH UHVVRXUFH<br />
TXHOFRQTXH GX V\VWqPH SRVWH OLJQH H[WpULHXUH HWF MXVTX·j FH TX·HOOH VRLW<br />
UpSDUpH RX YpULILpH 7RXWH SHUVRQQH TXL WHQWHUD GH UHMRLQGUH XQ SRVWH RX GH VDLVLU<br />
XQH OLJQH GDQV XQH WHOOH FRQGLWLRQ UHFHYUD OD WRQDOLWp G·RFFXSDWLRQ<br />
:,B +_^YMYWW_^K^O_\ Z\S`Ê<br />
6\VWqPH GH FRPPXWDWLRQ WpOpSKRQLTXH DXWRPDWLTXH XWLOLVp GDQV OH FDGUH G·XQH<br />
HQWUHSULVH SULYpH<br />
Y_MRO] 89 +88 8_WÊ\Y NuKXX_KS\O<br />
7RXFKHV GH GHVVHUWH G·DSSHO TXL YRXV SHUPHWWHQW GH VpOHFWLRQQHU O·RUGUH GDQV<br />
OHTXHO YRXV UpSRQGUH] DX[ DSSHOV TXL SURYLHQQHQW GH O·H[WpULHXU
,GHQWLILFDWLRQ GHV OLJQHV H[WòULHXUHV<br />
1XPpUR GH OLJQH<br />
H[WpULHXUH<br />
,GHQWLILFDWLRQ GHV OLJQHV H[WpULHXUHV<br />
,GHQWLWp<br />
#!
,QGH[H
,QGH[H<br />
$<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃÃ<br />
<br />
ÃÃÃ<br />
Ã<br />
ÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃ<br />
Ã<br />
ÃÃ<br />
ÃÃÃÃ<br />
ÃÃ<br />
ÃÃ<br />
ÃÃÃÃÃÃÃÃ<br />
ÃÃ<br />
ÃÃÃ<br />
Ã<br />
ÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃ<br />
ÃÃ<br />
ÃÃ<br />
%<br />
ÃÃÃÃÃÃ<br />
ÃÃÃ<br />
&<br />
ÃÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
Ã<br />
ÃÃÃ<br />
<br />
ÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃ<br />
ÃÃÃÃÃÃÃ<br />
Ã<br />
ÃÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃÃÃÃÃ<br />
ÃÃÃ<br />
ÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃÃÃÃÃ<br />
ÃÃ<br />
Ã<br />
ÃÃÃÃÃ<br />
Ã<br />
ÃÃÃÃÃ<br />
<br />
ÃÃÃ<br />
ÃÃ<br />
Ã<br />
Ã<br />
Ã<br />
ÃÃÃÃÃÃÃÃÃ<br />
'<br />
ÃÃ<br />
<br />
ÃÃÃÃÃ<br />
ÃÃÃ<br />
ÃÃÃÃ<br />
Ã<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃ<br />
ÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
(<br />
ÃÃ<br />
Ã<br />
ÃÃÃ<br />
ÃÃÃ<br />
ÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃ<br />
)<br />
ÃÃÃ
,QGH[H<br />
*<br />
<br />
ÃÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃÃ<br />
+<br />
ÃÃ<br />
,<br />
ÃÃÃ<br />
ÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃÃ<br />
ÃÃ<br />
/<br />
Ã<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃ<br />
Ã<br />
ÃÃÃÃÃÃ<br />
Ã<br />
ÃÃÃ<br />
ÃÃ<br />
ÃÃ<br />
0<br />
ÃÃÃÃÃ<br />
ÃÃ<br />
ÃÃ<br />
ÃÃ<br />
ÃÃÃÃÃÃÃ<br />
ÃÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃÃ<br />
Ã<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃ<br />
Ã<br />
ÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃ<br />
Ã<br />
ÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃÃÃÃ<br />
1<br />
ÃÃÃÃ<br />
<br />
ÃÃÃÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃ<br />
Ã<br />
ÃÃÃÃ<br />
2<br />
ÃÃÃÃÃ<br />
3<br />
ÃÃÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃÃ<br />
ÃÃÃ<br />
ÃÃÃÃÃÃÃ<br />
5<br />
<br />
ÃÃÃ<br />
ÃÃÃÃ<br />
Ã<br />
ÃÃÃÃ<br />
ÃÃÃ<br />
ÃÃÃ<br />
ÃÃ<br />
ÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃ<br />
Ã<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃ<br />
ÃÃÃÃ
6<br />
<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃÃÃ<br />
Ã<br />
ÃÃÃÃÃÃÃÃ<br />
ÃÃÃÃ<br />
ÃÃÃÃÃÃ<br />
ÃÃ<br />
ÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃ<br />
ÃÃÃ<br />
ÃÃ<br />
ÃÃÃ<br />
<br />
ÃÃ<br />
ÃÃÃÃ<br />
7<br />
,QGH[H<br />
Ã<br />
ÃÃÃÃÃ<br />
Ã<br />
ÃÃÃÃÃÃÃ<br />
Ã<br />
ÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
ÃÃÃÃÃ<br />
Ã<br />
ÃÃÃ