1651SM NP 3al - 16631 - Agaa - Ed07
Uploaded by
sguerit1651SM NP 3al - 16631 - Agaa - Ed07
Uploaded by
sguerit0DQXHO WHFKQLTXH
$OFDWHO 60
9HUVLRQ
$OFDWHO 60&
9HUVLRQ
0XOWLSOH[HXU V\QFKURQH 670670
j GpULYDWLRQLQVHUWLRQ
6LWH
O
H
V W
L V
W D
K Q F
W O
I H $
W
R
J
Q
R P
F R
5pGDFWHXUV 60 9(56,21
LQ U
\
S
V I
W
L Q
66&$1$%,66,
60& 9(56,21
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K 0$18(/ 7(&+1,48(
Q X
J X D
LQ PQ
V H
V PW W
D R LU
3
F
G W
Z 'RPDLQH
G
H
Y
Q X
D R 'LYLVLRQ
H K
U
H
V
V L
X Z
W
5XEULTXH 0DQXHO 7HFKQLTXH
H
U
G
W
Q W H 7\SH 605 60&5 0$1 7(&+
V H LW
W
K
J
PP &RGHV GLIIXVLRQ ,QWHUQH ([WHUQH
L X U
U F H
OOR S
$ G W
R
Q
35(',))86,21
6,7(! 1RP!
5(680(
$SSUREDWLRQV
1RP *&$35,2/, ,7$9(
9LVD
1RP (&255$',1,
9LVD
5(98(
+,6725,48(
GX
&UpDWLRQ
(
&
,
/
$
$
('
. $/ $* $$ <
$
$
'2&80(176 ,17(51(6 '( 5()(5(1&(
>@ 7LWUH!
O
H
,GHQWLILFDWLRQ!
V W
L W V D
K Q F
W O
I W $
R Q
H >@ 7LWUH!
J
LQ
R
F R
P
U
,GHQWLILFDWLRQ!
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W
R Q X
K
,1)250$7,216 $ 86$*( ,17(51(
J X D
LQ P Q
V
V PW
D R LU
H
W 6DQV 2EMHW
F
3 Z
G W
G Q X
H D R
),1 '( '2&80(17
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
(
&
,
/
$
$
('
. $/ $* $$ <
$
$
605 60&5 0$1 7(&+
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J
LQ
R P
F R
U
7$%/( '(6 0$7,(5(6
\V I
W
L Q
S
RI R
R W L
F
GQ D
/,67( '(6 ),*85(6 (7 '(6 7$%/($8;
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
$3(5&8
V H
V PW W
D R LU
3
F
G W
Z 6758&785( '8 0$18(/ (7 9(5,),&$7,21 '( /$ &21),*85$7,21
G Q X
H
Y
D R 3URGXLWV YHUVLRQSURGXLW YHUVLRQV HW GRFXPHQW FOLHQW
U H K W
H
V
V L
X Z 0DQXHOV IRXUQLV DX[ FOLHQWV
H G
U
V
W
W
Q W
H LW
H %XWV GH OD GRFXPHQWDWLRQ FOLHQW
K
J
L
U
PP
X U 0DQXHOV G·XQH YHUVLRQ SURGXLW
F H
OOR S
$ G W
6WUXFWXUH GX PDQXHO
R
Q 0LVH j MRXU GX PDQXHO
0RGLILFDWLRQV UpDOLVDEOHV GDQV OH PrPH GRFXPHQW PrPH UpIpUHQFH
0RGLILFDWLRQV GXHV j XQH QRXYHOOH YHUVLRQ GX SURGXLW
9pULILFDWLRQ GH O·RUJDQLVDWLRQ GX PDQXHO
/LVWH GHV pGLWLRQV HW GHV SDUWLHV PRGLILpHV
1RWHV VXU OH GUDIW (G
1RWHV VXU OH GUDIW (G
,1752'8&7,21
3UHPLHUV VHFRXUV HQ FDV GH FKRF pOHFWULTXH
&RQIRUPLWp DX[ QRUPHV HXURSpHQQHV
&RPSDWLELOLWp pOHFWURPDJQpWLTXH (0&
6pFXULWp
5qJOHV GH VpFXULWp
5qJOHV JpQpUDOHV
(WLTXHWWHV LQGLTXDQW XQ GDQJHU XQH LQWHUGLFWLRQ RX XQH LQVWUXFWLRQ
7HQVLRQV pOHFWULTXHV GDQJHUHXVHV
6LJQDX[ RSWLTXHV GDQJHUHX[
5LVTXHV G·H[SORVLRQ
(OpPHQWV PpFDQLTXHV HQ PRXYHPHQW
&RPSRVDQWV PpFDQLTXHV pPHWWDQW GH OD FKDOHXU
&RPSDWLELOLWp pOHFWURPDJQpWLTXH
1RUPHV JpQpUDOHV LQVWDOODWLRQ
1RUPHV JpQpUDOHV 0LVH HQ VHUYLFH WHVWV HW IRQFWLRQQHPHQW
1RUPHV JpQpUDOHV 0DLQWHQDQFH
7UDGXLW HQ IUDQoDLV *&$35,2/, ,7$9
& )$9(52 ,7$9(
(&255$',1,
*&$35,2/, ,7$9 ) 0$=$5(//$ ,7$9(
QRQ GLIIXVp HQ IUDQo (&255$',1,
QRQ GLIIXVp HQ IUDQo *&$35,2/, ,7$9 66&$1$%,66, ,7
(&255$',1,
(' '$7( 127( '( &+$1*(0(17 $3352%$7,21 5('$&7(85
(
&
,/ 60 9HUVLRQ
$ 60& 9HUVLRQ
$
0$18(/ 7(&+1,48(
('
. $/ $* $$
$$
3URWHFWLRQV pOHFWURVWDWLTXHV (6'
$YLV HW SUpFDXWLRQV SDUWLFXOLqUHV
(WLTXHWWHV SODFpHV VXU O·pTXLSHPHQW
O
H
V
L
K
V
W D
W
/,67( '(6 $%5(9,$7,216
W Q F O
I H $
W
R Q
J R P
F R
'(6&5,37,216
LQ U
\V I
W
L Q
S
I R
R
FR W L
*(1(5$/,7(6
GQ D
Q
D
LR U
W
]
L
3UpVHQWDWLRQ JpQpUDOH GH O·pTXLSHPHQW
D R
Q
R LF W
Q X
K
,QWpJUDWLRQ GH O·pTXLSHPHQW GDQV OH UpVHDX
J X D
LQ PQ
H
&RQILJXUDWLRQ
V W
V
D
PW
R LU
F
$SSOLFDWLRQ
3 Z
G W
G Q X
H
Y
U
D R
H K W
&21),*85$7,21
H V L
V
H
X Z
G
9XH IURQWDOH GH O·pTXLSHPHQW
U W
V
W
Q W
H LW
H
/LVWH GH &RPSRVDQWV GH O·pTXLSHPHQW
K
J
L
U
PP
X U
F H
9XH IURQWDO GHV FDUWHV
OOR S
$ G W
R
9XH IURQWDOH GX PRGXOH GH FRPPXWDWLRQ
Q
'(6&5,37,21 )21&7,211(//(
3UpVHQWDWLRQ JpQpUDOH
6RXVV\VWqPH G·DJUpJDWV 670
6RXVV\VWqPH G·DJUpJDWV 670
6RXVV\VWqPH GH EUDVVDJH
6RXVV\VWqPH G·DIIOXHQWV
6RXVV\VWqPH GH VpFXULVDWLRQ DXWRPDWLTXH
6RXVV\VWqPH GH V\QFKURQLVDWLRQ
6RXVV\VWqPH DX[LOLDLUH HW G·HQWrWH
6RXVV\VWqPH GH FRPPDQGH
6RXVV\VWqPH G·DOLPHQWDWLRQ
'(6&5,37,21 '(6 &$57(6
&DUWH G·DIIOXHQWV 0ELWV
&DUWH G·DIIOXHQWV [ 0ELWV
&DUWH G·DIIOXHQWV [ 0ELWV
&DUWH G·DIIOXHQWV [ 0ELWV HW 7UDQ0X[
&DUWH G·DIIOXHQWV [ 0ELWV
&DUWH G·DIIOXHQW '9%
&DUWH G·DIIOXHQW GH FRPPXWDWLRQ 670
&DUWHV G·DIIOXHQWV RSWLTXHV 670
&DUWH GH UDFFRUGHPHQW
&DUWH GH PDWULFH FDUWH GH PDWULFH WRWDOH HW FDUWHV GH PDWULFH [
&DUWH G·DJUpJDW 670
&DUWH G·DJUpJDW 670
&DUWH $8;9'6
&DUWH GH UpIpUHQFH G·KRUORJH &58
&DUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
&DUWH G·DOLPHQWDWLRQ
0RGXOH GH WHUPLQDLVRQ )XWXUHEXV '6
0RGXOH GH FRPPXWDWLRQ G·LQWHUIDFH G·DODUPH
0RGXOH GH FRPPXWDWLRQ 4% 6\QFKURQLVP
0RGXOH GH FRPPXWDWLRQ 4[ %7 6\QFKURQLVP
(
& 0RGXOH G·DOLPHQWDWLRQ HW GH VHUYLFH
,/
$ 0RGXOH G·DOLPHQWDWLRQ HW GH VHUYLFH
$ 0RGXOH GH FRPPXWDWLRQ DX[LOLDLUH
('
. $/ $* $$
$$
0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW
63(&,),&$7,216 7(&+1,48(6
O
&DUDFWpULVWLTXHV JpQpUDOHV
H
V
L
K
V
W D
W
&DUDFWpULVWLTXHV GHV FDUWHV
W Q F O
I
R
H $
W
Q
&DUWHV G·DJUpJDW 670
J
LQ
R P
F R
U
&DUWHV G·DJUpJDW 670
\V I
S
R
W
L Q
I R
L
([HPSOH GH FDUDFWpULVWLTXH G·XQH LQWHUIDFH XWLOLVDQW 60& DYHF O·DJUpJDW / -(
FR W
GQ D
]
L
XQ DPSOLILFDWHXU G%P HW XQH FDUWH GH SUpDPSOLILFDWHXU
QLR U
D
Q
W
D R
K
&DUWHV G·DIIOXHQWV RSWLTXHV
LF W
R
J
Q X
X D &RPPXWDWLRQ G·DIIOXHQWV HQWUH 0ELWV HW 670
LQ PQ
V
V PW
H
W $IIOXHQWV j [ 0ELWV
R LU
$IIOXHQWV j [ 0ELWV
D
F
3 Z
G W
G
H
Y
Q X
D R $IIOXHQWV '9%
U H K
H
V
V L
X Z
W
$IIOXHQWV j [ 0ELWV
H G
U
V
W
Q W H $IIOXHQWV j [ 0ELWV
W H LW
K
J
L
PP
X U
&DUWHV GH UpIpUHQFH G·KRUORJH
U
&DUWHV $8;9'6
F H
OOR S
$ G W
R
Q &DUDFWpULVWLTXHV GH O·DOLPHQWDWLRQ pOHFWULTXH
&DUDFWpULVWLTXHV GHV DODUPHV
&DUDFWpULVWLTXHV PpFDQLTXHV
&DUDFWpULVWLTXHV HQYLURQQHPHQWDOHV
&RQGLWLRQV FOLPDWLTXHV HQ IRQFWLRQQHPHQW
6WRFNDJH
7UDQVSRUW
,167$//$7,21
,167$//$7,21
'pEDOODJH HW HQWUHSRVDJH
*pQpUDOLWpV
'pEDOODJH
(QWUHSRVDJH
,QVWDOODWLRQ PpFDQLTXH
,QWURGXFWLRQ GX FKkVVLV GDQV OH EkWL
)L[DWLRQ GX FRQGXLW GH FkEOHV HQ ILEUH
6WUXFWXUH PpFDQLTXH
,QVWDOODWLRQ RSWRpOHFWULTXH
0LVH j OD WHUUH GH SURWHFWLRQ
5DFFRUGHPHQWV G·DIIOXHQWV pOHFWULTXHV
0RGXOH GH FRPPXWDWLRQ G·LQWHUIDFH 4[ 6\QFK
5DFFRUGHPHQW GH PRGXOH GH FRPPXWDWLRQ ,QWHUIDFH G·DODUPH
5DFFRUGHPHQW GH FDQDX[ GH GRQQpHV DX[LOLDLUHV
5DFFRUGHPHQW G·DIIOXHQWV '9%
5DFFRUGHPHQWV RSWLTXHV 670 670
5DFFRUGHPHQWV RSWLTXHV GH O·DJUpJDW 670 HW UDFFRUGHPHQWV WUDQVSDUHQWV
5DFFRUGHPHQW ,(&% YHUVGHSXLV '523 6+(/)
5DFFRUGHPHQWV GH O·LQWHUIDFH ) SRXU 3& ORFDO
5DFFRUGHPHQWV GX PRGXOH GH FRPPXWDWLRQ G·DOLPHQWDWLRQ HW GH VHUYLFH
0,6( (1 6(59,&( 7(676 (7 )21&7,211(0(17
(
& 0,6( (1 6(59,&( 7(676 (7 )21&7,211(0(17
,/
$ 2SWLRQV GH UpJODJH
$ ,QVWUXPHQWV HW DFFHVVRLUHV
('
. $/ $* $$
$$
9pULILFDWLRQV ORFDOHV
9pULILFDWLRQ GHV UDFFRUGHPHQWV GH PLVH j OD WHUUH HW GHV UDFFRUGHPHQWV RSWLTXHV
7HVWV G·DOLPHQWDWLRQ
O
H
7HVW GHV YR\DQWV
W
V
L
K
W
V
W D
Q F O
9pULILFDWLRQ GH OD SXLVVDQFH RSWLTXH (P GHV FDUWHV G·DJUpJDW
H $
I
R
W
Q 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX UHQYRL GX VLJQDO 6,$ YHUV OHV DIIOXHQWV
J R P
LQ
\
F R
V I
U pOHFWULTXHV
W
L Q
S
R
F
I R
R W L 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX UHQYRL GX VLJQDO 6,$ YHUV OHV DIIOXHQWV
G
Q
Q D
LR U
]
L '9%
D W
Q
D R
LF W
K 9pULILFDWLRQ GH OD VHQVLELOLWp GX UpFHSWHXU
R Q X
J X D 9pULILFDWLRQ GH O·HIILFDFLWp GH OD VpFXULVDWLRQ RSWLTXH $/6
LQ PQ
V
V PW
R LU
H
W 7HVW GH OD SXLVVDQFH RSWLTXH (P WUDQVPLVH SDU O·DIIOXHQW RSWLTXH 0ELWV
D
3
F
G W
Z 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX VLJQDO 6,$ VXU OHV DIIOXHQWV RSWLTXHV j
G Q X
H
Y
U
D R
H K
0ELWV
W
V L
H
V
H
X Z
G
9pULILFDWLRQ GHV FDQDX[ DX[LOLDLUHV j NELWV
U W
V
W
Q W
H LW
H 9pULILFDWLRQ GHV FDQDX[ DX[LOLDLUHV 9
K
J
L
U
PP
X U 9pULILFDWLRQ GH OD VpFXULVDWLRQ DXWRPDWLTXH $36 GH O·DJUpJDW 670
F H
OOR S
$ G W 9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH O·DIIOXHQW (36
R
Q
9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH OD PDWULFH WRWDOH
9pULILFDWLRQ GX PRGH ´RVFLOODWLRQV OLEUHVµ GH OD FDUWH G·KRUORJH
9pULILFDWLRQ GHV DODUPHV GLVWDQWHV
9pULILFDWLRQ GH OD OLDLVRQ
9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH VXU OD OLDLVRQ
9pULILFDWLRQ GHV ´WUDQVLWVµ HQ WUDQVSDUHQFH VXU OD OLDLVRQ
9pULILFDWLRQ GH OD VpFXULVDWLRQ G·XQ FLUFXLW GH 78 GDQV XQ UpVHDX HQ DQQHDX
9pULILFDWLRQ GX FDQDO 9'6
)RQFWLRQQHPHQW
9RLH GH VHUYLFH
7pOpFKDUJHPHQW GH OD PLVH j MRXU GX ORJLFLHO GH O·pTXLSHPHQW
(TXLSHPHQW JpUp SDU XQ SRVWH G·H[SORLWDWLRQ &UDIW WHUPLQDO
0$,17(1$1&(
0$,17(1$1&(
$VSHFWV GH OD PDLQWHQDQFH
,QVWUXPHQWV HW DFFHVVRLUHV
0DLQWHQDQFH SUpYHQWLYH
0DLQWHQDQFH FRUUHFWLYH GpSDQQDJH
.LW GH SLqFHV GH UHFKDQJH
3LqFHV GH UHFKDQJH UHFRPPDQGpHV
5qJOHV JpQpUDOHV VXU OD JHVWLRQ GHV SLqFHV GH UHFKDQJH
5qJOHV SDUWLFXOLqUHV SRXU OD JHVWLRQ GHV SLqFHV GH UHFKDQJH
)RUPXODLUH GH UpSDUDWLRQ
$11(;(6
$11(;( $
5(*/$*(6 0$7(5,(/6
'2&80(17$7,21 '(6 &$57(6
(
&
,/
$
$
('
. $/ $* $$
$$
/,67( '(6 ),*85(6 (7 '(6 7$%/($8;
7DEOHDX 0DQXHOV FRQFHUQDQW OH PDWpULHO
O
H
7DEOHDX 0DQXHO FRQFHUQDQW OH ORJLFLHO GH JHVWLRQ HW OD YpULILFDWLRQ GX SURGXLW
W
V
L W
K Q F
W
V D
O
7DEOHDX 9pULILFDWLRQ GH O·RUJDQLVDWLRQ GX PDQXHO
H
I W $
R Q 7DEOHDX 1RUPH &(, 7DEOHDX OLPLWHV GH VXUWHPSpUDWXUHV SDUWLH
J R P
LQ
\ W
F R
V I
U 7DEOHDX 5pIpUHQFHV GHV pWLTXHWWHV
S L Q
R I R
F R W
L )LJXUH (WLTXHWWHV SRXU FDUWHV DYHF EDUUH GH UHQIRUFHPHQW
G Q ]
Q LR U
D
L )LJXUH (WLTXHWWHV SRXU FDUWHV VDQV EDUUH GH UHQIRUFHPHQW
D W R
D
Q LF W K )LJXUH (WLTXHWWHV SRXU FDUWHV DYHF GLVVLSDWHXU WKHUPLTXH
R Q X
J X D )LJXUH (WLTXHWWHV SRXU FDUWHV DYHF LQWHUIDFHV RSWLTXHV
LQ P Q
V
V PW
H
W )LJXUH (WLTXHWWHV SRXU FDUWHV VDQV HPSODFHPHQW HQ IDFH DYDQW
D R LU
3
F
G W
Z )LJXUH (WLTXHWWHV SRXU FKkVVLV
G Q X
H D R
Y
U H K
)LJXUH (WLTXHWWHV SRXU PRGXOHV
W
H V L
V X Z
H
)LJXUH (WLTXHWWH FRPSRUWDQW OHV LGHQWLILFDWLRQV GX FDWDORJXH
U W G
Q H
V H W
W LW
)LJXUH (WLTXHWWH SUpFLVDQW OH QXPpUR GH VpULH
K P
J
L X U
U F H
P 7DEOHDX /LVWH GHV DEUpYLDWLRQV
OO R
$ G W
S
)LJXUH &RQILJXUDWLRQ (76, GHV DERXWHPHQWV
R
Q
)LJXUH 6WUXFWXUH GH UpVHDX 6'+
)LJXUH 6\VWqPH V\QFKURQH G·$/&$7(/
)LJXUH 0XOWLSOH[HXU WHUPLQDO
)LJXUH 0XOWLSOH[HXU GRXEOH
)LJXUH /LDLVRQV SRLQWjSRLQW
)LJXUH 'pULYDWLRQ,QVHUWLRQ OLQpDLUH
)LJXUH +8% 670
)LJXUH $SSOLFDWLRQV :'0
)LJXUH 6WUXFWXUH HQ DQQHDX
)LJXUH 'LIIXVLRQ XQLGLUHFWLRQQHOOH
)LJXUH 9XH GH IDFH GX 60 60&
)LJXUH 9XH IURQWDOH GX PXOWLSOH[HXU 60 60&
7DEOHDX /LVWH GH FRPSRVDQWV
7DEOHDX /LVWH GH FRPSRVDQWV PRGXOH GH FRQQH[LRQ
7DEOHDX /LVWH GH FRPSRVDQWV DFFHVVRLUHV GH OD FDUWH 60
7DEOHDX 1RWHV H[SOLFDWLYHV
)LJXUH 3RLQWV G·DFFqV DIIOXHQWV 0ELWV HW 7UDQ 6PX[
)LJXUH $IIOXHQW FRPPXWDEOH HW '9% HW 0ELWV
)LJXUH 3RLQWV G·DFFqV DIIOXHQWV RSWLTXHV
)LJXUH 3RLQWV G·DFFqV 0DWULFHV
)LJXUH 3RLQWV G·DFFqV DJUpJDWV 670
)LJXUH 3RLQWV G·DFFqV DJUpJDWV 670 +0
)LJXUH 3RLQWV G·DFFqV FDUWHV &58 $8;(2: WHUPLQDLVRQ '6 )XWXUHEXV
)LJXUH 3RLQWV G·DFFqV DOLPHQWDWLRQ HW FDUWH FRQWU{OHXU 60(&
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOHV GH FRPPXWDWLRQ $X[LOLDLUH %DWWHULH HW
$ODUPH
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ ,QWHUIDFH 4[ HW 6\QF
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ ,QWHUIDFH 4[ %7 HW
6\QF
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW [ 0ELWV
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW 7UDQV
(
&
,/
0X[ [ 0ELWV
$ )LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW
$
[ 0ELWV
('
. $/ $* $$
$$
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW
0ELWV
)LJXUH 6FKpPD JpQpUDO
O
H
)LJXUH 6FKpPD GHV FDUWHV G·DIIOXHQWV HW G·DJUpJDWV
W
V
L
K
W
V
W D
Q F O
7DEOHDX 2SWLRQV GH EUDVVDJH
H $
I
R
W
Q )LJXUH %UDVVDJH DYHF O·DJUpJDW 670 60
J R P
LQ
\
F R
V I
U )LJXUH %UDVVDJH DYHF OD FDUWH GH UDFFRUGHPHQW
W
L Q
S
R
F
I R
R W L )LJXUH %UDVVDJH DYHF OD 0DWULFH WRWDOH
G
Q
Q D
LR U
]
L )LJXUH %UDVVDJH DYHF O·DJUpJDW 670 60&
D W
Q
D R
LF W
K 7DEOHDX &RQILJXUDWLRQ
R Q X
J X D 7DEOHDX &RQILJXUDWLRQ
LQ PQ
V
V PW
R LU
H
W )LJXUH 5DFFRUGHPHQW (36 SRXU DIIOXHQWV HW j 0ELWV RX 670 pOHFWULTXHV
D
3
F
G W
Z )LJXUH 5DFFRUGHPHQW (36 SRXU OHV DIIOXHQWV HW j [ 0ELWV
G Q X
H
Y
U
D R
H K
)LJXUH 5DFFRUGHPHQWV (36 1 GHV DIIOXHQWV j 0ELWV
W
V L
H
V
H
X Z
G
)LJXUH 5DFFRUGHPHQWV (36 1 GHV DIIOXHQWV 670 pOHFWULTXH RX 0ELWV
U W
V
W
Q W
H LW
H )LJXUH 5DFFRUGHPHQW (36 1 GHV DIIOXHQWV j 0ELWV
K
J
L
U
PP
X U )LJXUH 5DFFRUGHPHQWV (36 1 GHV DIIOXHQWV 7UDQV0X[ [ 0ELWV
F H
OOR S
$ G W )LJXUH 0RGH GH IRQFWLRQQHPHQW GH OD FRPPXWDWLRQ (36 G·DIIOXHQWV
R
Q
)LJXUH 0DWULFH WRWDOH (36
)LJXUH 6pFXULVDWLRQ 06 7ULDO j H[WUpPLWp XQLTXH 6/$36
)LJXUH 5pVHDX HQ DQQHDX W\SLTXH DYHF VpFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 336
)LJXUH ´'URS DQG &RQWLQXHµ '& 2 ,16 2
)LJXUH ´'URS DQG &RQWLQXHµ
)LJXUH ´'URS DQG &RQWLQXHµ qUH GpIDLOODQFH
)LJXUH ´'URS DQG &RQWLQXHµ qPH GpIDLOODQFH
)LJXUH 5DFFRUGHPHQW 06635,1* j GHX[ ILEUHV ) 06635,1*
)LJXUH (IIHW G·XQH RSpUDWLRQ GH µFRQQH[LRQ SHUPDQHQWHµ VXU OH F{Wp (67 %5,'*( ($67
)LJXUH (IIHW G·XQH RSpUDWLRQ GH µFRPPXWDWLRQµ VXU OH F{Wp 28(67 6:,7&+ :(67
)LJXUH 2SpUDWLRQV GH UpFXSpUDWLRQ VXU UXSWXUH GH FRQGXLW
)LJXUH ([HPSOH GH IRQFWLRQQHPHQW GH 06635,1* j GHX[ ILEUHV
)LJXUH $FFRUG VLOHQFLHX[ VXU UDFFRUGHPHQW GH QRHXG LVROp
)LJXUH 06635,1* ´'URS DQG &RQWLQXHµ ´,QVHUW &RQWLQXRXVµ SURWpJp
)LJXUH 5DFFRUGHPHQW '& ,& XWLOLVp SRXU O·LQWHUIRQFWLRQQHPHQW 61&306 635,1*
)LJXUH 6RXVV\VWqPH GH V\QFKURQLVDWLRQ
)LJXUH 6FKpPD $X[LOLDLUHV (QWrWHV
)LJXUH 6RXVV\VWqPH GH FRPPDQGH
)LJXUH $UFKLWHFWXUH JpQpUDOH GH JHVWLRQ GHV pTXLSHPHQWV 60 60&
)LJXUH 0RGH GH UDFFRUGHPHQW GX 701
)LJXUH 6WUXFWXUH GH &9
)LJXUH 6WUXFWXUH GH 78
)LJXUH 6FKpPD V\QRSWLTXH GH OD FDUWH G·DIIOXHQWV [ 0ELWV
)LJXUH 6FKpPD V\QRSWLTXH GH OD FDUWH G·DIIOXHQWV [ 0ELWV
)LJXUH 6WUXFWXUH GH &9
)LJXUH 6WUXFWXUH GH 78
)LJXUH 6FKpPD V\QRSWLTXH GH OD FDUWH G·DIIOXHQWV [ 0ELWV
)LJXUH &DUWH G·DIIOXHQWV [ 0ELWV HW 7UDQ0X[
)LJXUH 6FKpPD IRQFWLRQQHO GH O·DIIOXHQW [ 0ELWV
)LJXUH 6FKpPD IRQFWLRQQHO GH O·DIIOXHQW '9%
)LJXUH 6WUXFWXUH GX &9 HW FRQWHQX HQ RFWHWV GH O·HQWrWH GH FRQGXLW 32+
)LJXUH 6WUXFWXUH GX 670 HW FRQWHQX HQ RFWHWV GH O·HQWrWH GH VHFWLRQ 62+
(
&
,/
)LJXUH 6FKpPD V\QRSWLTXH DIIOXHQW GH FRPPXWDWLRQ 670
$ )LJXUH 6FKpPD V\QRSWLTXH $IIOXHQW RSWLTXH
$
)LJXUH 6FKpPD V\QRSWLTXH $IIOXHQW RSWLTXH )&6& 6/
('
. $/ $* $$
$$
)LJXUH 6WUXFWXUH $8
)LJXUH 6FKpPD V\QRSWLTXH 0DWULFH WRWDOH
)LJXUH 6WUXFWXUH GH O·HQWrWH GH VHFWLRQ 62+ GH O·DJUpJDW 670
O
H
)LJXUH 6WUXFWXUH 670
W
V
L
K
W
V
W D
Q F O
)LJXUH 6FKpPD V\QRSWLTXH $JUpJDW 670
H $
I
R
W
Q )LJXUH 6WUXFWXUH G·HQWrWH GH VHFWLRQ GH O·DJUpJDW 670
J R P
LQ
\
F R
V I
U )LJXUH 6WUXFWXUH GH O·DJUpJDW 670
W
L Q
S
R
F
I R
R W L )LJXUH 6FKpPD V\QRSWLTXH GH O·DJUpJDW 670
G
Q
Q D
LR U
]
L )LJXUH 6FKpPD V\QRSWLTXH 6/60 $8;9'6
D W
Q
D R
LF W
K )LJXUH 6FKpPD V\QRSWLTXH 5pIpUHQFH G·KRUORJH
R Q X
J X D )LJXUH 6FKpPD V\QRSWLTXH FDUWH FRQWU{OHXU G·pTXLSHPHQW 60(& $5 )
LQ PQ
V
V PW
R LU
H
W )LJXUH 6FKpPD GH OD FDUWH G·DOLPHQWDWLRQ
D
3
F
G W
Z )LJXUH 6FKpPD V\QRSWLTXH WHUPLQDLVRQ )XWXUHEXV
G Q X
H
Y
U
D R
H K
)LJXUH 6FKpPD V\QRSWLTXH 0RGXOH GH FRPPXWDWLRQ G·LQWHUIDFH G·DODUPH
W
V L
H
V
H
X Z
G
)LJXUH 6FKpPD V\QRSWLTXH 0RGXOH GH FRPPXWDWLRQ 4[ 6\QFK
U W
V
W
Q W
H LW
H )LJXUH 6FKpPD V\QRSWLTXH 0RGXOH GH FRPPXWDWLRQ 4[ %7 6\QFK
K
J
L
U
PP
X U )LJXUH 0RGXOH G·DOLPHQWDWLRQ
F H
OOR S
$ G W )LJXUH 0RGXOH G·DOLPHQWDWLRQ
R
Q
)LJXUH 6FKpPD GX PRGXOH [ 0ELWV XQH GHV IRQFWLRQV GH FRPPXWDWLRQ DFWLYpH
)LJXUH 6FKpPD GX PRGXOH GH FRPPXWDWLRQ 7508; [ 0ELWV
)LJXUH 0RGXOH GH FRPPXWDWLRQ 0ELWV 6FKpPD GH FRPPXWDWLRQ XQH GHV WURLV IRQFWLRQV GH
FRPPXWDWLRQ DFWLYpH
)LJXUH 6FKpPD GH FRPPXWDWLRQ GX PRGXOH GH FRPPXWDWLRQ 0ELWV
7DEOHDX 3DUDPqWUHV GHV LQWHUIDFHV RSWLTXHV GH O·pTXLSHPHQW 670
7DEOHDX 3DUDPqWUHV GHV LQWHUIDFHV RSWLTXHV 670 FDQDO XQLTXH
7DEOHDX 3DUDPqWUHV GHV LQWHUIDFHV RSWLTXHV 670 PXOWLFDQDX[
7DEOHDX 3DUDPqWUHV GHV LQWHUIDFHV RSWLTXHV 670
)LJXUH &OLPDWRJUDPPH SRXU OD FODVVH 6LWHV j WHPSpUDWXUH SDUWLHOOHPHQW FRQWU{OpH
)LJXUH &OLPDWRJUDPPH SRXU OD FODVVH 6LWHV j WHPSpUDWXUH FRQWU{OpH
)LJXUH &OLPDWRJUDPPH SRXU OD FODVV 6LWHV GH VWRFNDJH j WHPSpUDWXUH QRQ FRQWU{OpH
7DEOHDX 'RQQpHV FOLPDWLTXHV GXUDQW OH WUDQVSRUW
)LJXUH ,QWURGXFWLRQ GX FKkVVLV GDQV OH EkWL
)LJXUH )L[DWLRQ GX UDFFRUG GX FRQGXLW GH FnEOHV
)LJXUH 6WUXFWXUH PpFDQLTXH GX FKkVVLV
)LJXUH 3RLQWV GH UDFFRUGHPHQW GH O·pTXLSHPHQW
7DEOHDX 5HSqUHV IRQFWLRQV HW SDUDJUDSKHV HQ UDSSRUW DYHF OHV SRLQWV GH UDFFRUGHPHQW
7DEOHDX 3LqFHV FRPSRVDQW OH NLW G·LQVWDOODWLRQ
7DEOHDX &kEODJHV UHFRPPDQGpV
)LJXUH 5DFFRUGHPHQW GH PLVH j OD WHUUH SRXU OHV EnWLV 1/&
)LJXUH 5HODWLRQ HQWUH OHV FDUWHV G·DIIOXHQWV HW OHV PRGXOHV GH FRPPXQLFDWLRQ
)LJXUH 5$&&25'(0(17 '·$))/8(176 0ELWV RKPV
)LJXUH 5DFFRUGHPHQW G·DIIOXHQWV j 0ELWV 2KP
)LJXUH 5DFFRUGHPHQW G·DIIOXHQWV 7UDQV 0X[ [ 0ELWV 2KP
)LJXUH 5DFFRUGHPHQW G·DIIOXHQWV RX 0ELWV
)LJXUH 5DFFRUGHPHQW G·DIIOXHQWV 0ELWV
)LJXUH *HVWLRQ GHV FRQQHFWHXUV GHV PRGXOHV 4[ 6\QF
)LJXUH *HVWLRQ GHV FRQQHFWHXUV GHV PRGXOHV 4[ %7 6\QFK
)LJXUH 5DFFRUGHPHQWV GH O·LQWHUIDFH 4
)LJXUH 5DFFRUGHPHQWV V\QFKURQLVDWLRQ
)LJXUH *HVWLRQ GX PRGXOH GH FRPPXWDWLRQ ,QWHUIDFH G·DODUPH
)LJXUH 5DFFRUGHPHQWV G·DODUPHV GLVWDQWHV
(
&
,/
)LJXUH 5DFFRUGHPHQWV G·LQWHUIDFH 5$%
$ )LJXUH *HVWLRQ GX PRGXOH GH FRPPXWDWLRQ GH FDQDO GH GRQQpHV DX[LOLDLUH
$
)LJXUH 5DFFRUGHPHQWV G·H[WHQVLRQ 9'6
('
. $/ $* $$
$$
)LJXUH 5DFFRUGHPHQWV FDQDX[ DX[LOLDLUHV 9
)LJXUH 5DFFRUGHPHQWV FDQDX[ DX[LOLDLUHV .%LWV
)LJXUH 5DFFRUGHPHQWV GHV DIIOXHQWV '9%
O
H
)LJXUH 5DFFRUGHPHQWV RSWLTXHV 670
W
V
L
K
W
V
W D
Q F O
)LJXUH 'LPHQVLRQV GX FRQQHFWHXU RSWLTXH (76,
H $
I
R
W
Q 7DEOHDX 5DFFRUGHPHQW GX NLW GH MDUUHWLpUDJH GH O·DJUpJDW 670 WUDQVSDUHQW
J R P
LQ
\
F R
V I
U 7DEOHDX 5DFFRUGHPHQW GX NLW GH MDUUHWLpUDJH GH O·DJUpJDW 670 +0 WUDQVSDUHQW
W
L Q
S
R
F
I R
R W L )LJXUH 5DFFRUGHPHQWV RSWLTXHV 670 HW WUDQVSDUHQFH
G
Q
Q D
LR U
]
L )LJXUH 7UDQVSDUHQFH 670 +0
D W
Q
D R
LF W
K )LJXUH 5DFFRUGHPHQWV EXV ,(&%
R Q X
J X D )LJXUH *HVWLRQ GX PRGXOH GH FRPPXWDWLRQ EDWWHULH HW VHUYLFH
LQ PQ
V
V PW
R LU
H
W )LJXUH 5DFFRUGHPHQWV GH VHUYLFH
D
3
F
G W
Z )LJXUH 5DFFRUGHPHQWV $OLPHQWDWLRQ
G Q X
H
Y
U
D R
H K
7DEOHDX ,QVWUXPHQWV HW DFFHVVRLUHV
W
V L
H
V
H
X Z
G
)LJXUH 9pULILFDWLRQ GH OD SXLVVDQFH RSWLTXH (P
U W
V
W
Q W
H LW
H )LJXUH 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX VLJQDO 6,$ VXU OHV DIIOXHQWV pOHFWULTXHV
K
J
L
U
PP
X U
F H
OOR S
$ G W )LJXUH 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX VLJQDO 6,$ VXU OHV DIIOXHQWV '9%
R
Q
)LJXUH 9pULILFDWLRQ GH OD VHQVLELOLWp GX UpFHSWHXU
)LJXUH 7HVW GH OD SXLVVDQFH RSWLTXH (P WUDQVPLVH SDU O·DIIOXHQW RSWLTXH
)LJXUH 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX VLJQDO 6,$ VXU OHV DIIOXHQWV RSWLTXHV j
0ELWV
)LJXUH 9pULILFDWLRQ GHV FDQDX[ DX[LOLDLUHV j NELWV
)LJXUH 9pULILFDWLRQ GHV FDQDX[ DX[LOLDLUHV 9
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ DXWRPDWLTXH $36 GH O·DJUpJDW 670
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ G·DIIOXHQW ; 0ELWV (36 1
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ G·DIIOXHQW 0ELWV RX 0ELWV670 (36 1
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ G·DIIOXHQW 0ELWV RX 0ELWV670 (36
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH OD PDWULFH WRWDOH
)LJXUH 9pULILFDWLRQ GX PRGH ´RVFLOODWLRQV OLEUHVµ GH OD FDUWH G·KRUORJH
7DEOHDX $FWLYDWLRQ GHV DODUPHV GLVWDQWHV
)LJXUH 9pULILFDWLRQ GHV DODUPHV GLVWDQWHV
)LJXUH 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH VXU OD OLDLVRQ
)LJXUH 9pULILFDWLRQ GHV ´WUDQVLWVµ HQ WUDQVSDUHQFH VXU OD OLDLVRQ
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ G·XQ FLUFXLW GH 78 GDQV XQ UpVHDX HQ DQQHDX
)LJXUH )RUPXODLUH GH UpSDUDWLRQ
7DEOHDX ([HPSOH GH FRUUHVSRQGDQFH HQWUH &6 HW ·VXIIL[H ,&6·
)LJXUH ([HPSOHV GH SRVLWLRQ ·21· &/26(' GHV PLFURUXSWHXUV SRXU OHV RSWLRQV GH UpJODJH
PDWpULHO
7DEOHDX 5pJODJHV PDWpULHOV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$3(5&8
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
6758&785( '8 0$18(/ (7 9(5,),&$7,21 '( /$ &21),*85$7,21
O 3URGXLWV YHUVLRQSURGXLW YHUVLRQV HW GRFXPHQW FOLHQW
H
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
8Q SURGXLW HVW GpILQL SDU OH QLYHDX KLpUpDFKLTXH GX UpVHDX VXU OHTXHO LO V·DGDSWH HW SDU O·HQVHPEOH GHV
J
LQ
R P
F R
U
SHUIRUPDQFHV HW GHV VHUYLFHV TX·LO HVW VHQVp IRXUQLU
V I
8Q SURGXLW pYROXH VHORQ GHV µYHUVLRQVSURGXLWµ VXFFHVVLYHV TXL UHSUpVHQWHQW OHV SURGXLWV HIIHFWLYHPHQW
\W
SL Q
RI R
R W L
FRPPHUFLDOLVpHV HQ YXH GH OHXU OLYUDLVRQ VRXV IRUPH GH µYHUVLRQSURGXLWµ j XQH GDWH GH PLVH j GLVSRVLWLRQ
F
GQ D
]
L
QLR U
D W
D R
Q K
LF W
R Q X $LQVL XQH µYHUVLRQSURGXLWµ GpVLJQH XQ HQVHPEOH G·pOpPHQWV PDWpULHOV HW GH SURJLFLHOV GHVWLQpV j
J X D
LQ
V
PQ
H
W
LGHQWLILHU GDQV OHXU HQVHPEOH OHV DSSOLFDWLRQV pYHQWXHOOHV GX UpVHDX HW OHV IRQFWLRQQDOLWpV SRXU OHVTXHOOHV
V PW
D
3
R LU
F
Z
OD µYHUVLRQSURGXLWµ SDUWLFXOLqUH D pWp FRQoXH IDEULTXpH HW FRPPHUFLDOLVpH
G W
G Q X
H D R
Y
U H K
V L
W 'DQV FHUWDLQV FDV OD µYHUVLRQSURGXLWµ SDVVH SDU GHV SKDVHV GH PLVH DX SRLQW HW GHYLHQW XQH µYHUVLRQµ
H
V
H
U
X Z
G
W
&HV YHUVLRQV FRPSRUWHQW GHV DPpOLRUDWLRQV HW GHV DMRXWV SULQFLSDOHPHQW GDQV OH ORJLFLHO SDU UDSSRUW j
Q W H
V
W
K
H LW OD YHUVLRQ SUpFpGHQWH RX VRQW GpERJXpV
PP
J
L X U
U F H
OOR S
$ G W
R
8QH µYHUVLRQSURGXLWµ FRPSRUWH VD SURSUH GRFXPHQWDWLRQ FOLHQW GpFULWH GDQV XQ RX SOXVLHXUV PDQXHOV
Q
81H QRXYHOOH µYHUVLRQ GµXQH µYHUVLRQSURGXLWµ SHXW RX QRQ GRQQHU OLHX j GHV PRGLILFDWLRQV GDQV O·pWDW GH
OD GRFXPHQWDWLRQ FOLHQW FRPPH OH GpFULW OH SDUDJUDSKH SDJH
0DQXHOV IRXUQLV DX[ FOLHQWV
/HV PDQXHOV VRQW DXWRPDWLTXHPHQW OLYUpV DYHF OHV pTXLSHPHQW DX[TXHOV LOV IRQW UpIpUHQFH
/H QRPEUH GH PDQXHOV j OLYUHU SDU W\SH GpSHQG GX FRWQUDW
%XWV GH OD GRFXPHQWDWLRQ FOLHQW
/D GRFXPHQWDWLRQ FOLHQW GRQW LO HVW IDLW PHQWLRQ XOWpULHXUHPHQW HVW WRXMRXUV LQGpSHQGDQWH GX VLWH
/D GRFXPHQWDWLRQ VLWH VL HOOH HVW SUpYXH DX FRQWUDW IDLW O·REMHW GH QpJRFLDWLRQV FRPPHUFLDOHV TXDQW DX
FRQWHQX DX IRUPDW HW DX[ FRQGLWLRQV GH OLYUDLVRQ OD GRFXPHQWDLRQ VLWH Q·HVW SDV GpFULWH FLDSUqV
/D GRFXPHQWDWLRQ ORJLFLHOOH HW PDWpULHOOH VWDQGDUG HW FRQoXH SRXU IRXUQLU DX SHUVRQQHO GX FOLHQW WRXWHV OHV
LQIRUPDWLRQV QpFHVVDLUHV HQ YXH GH O·LQVWDOODWLRQ GH OD PLVH HQ VHUYLFH GH O·H[SORLWDWLRQ HW GH OD
PDLQWHQDQFH GH O·pTXLSHPHQW HQ IRQFWLRQ GHV FKRL[ GH FRQFHSWLRQ GX ODERUDWRLUH G·$OFDWHO7HOHFRP
/H FRQWHQX GHV PDQXHOV DVVRFLpV DX[ DSSOLFDWLRQV ORJLFLHOOHV SULYLOpJLH OHV H[SORFDWLRQV VXU O·LQWHUIDFH
KRPPHPDFKLQH HW OHV SURFpGXUHV G·H[SORLWDWLRQ DXWRULVpHV OD PDLQWHQDQFH HVW GpFULWH MXVTX·j
O·HPSODFHPHQW GX FRPSRVDQW GpIHFWXHX[ HW VRQ UHPSODFHPHQW
,O Q·HVW SDU FRQVpTXHQW SDU SUpYX GH IRXUQLU DX[ FOLHQWV GH GRFXPHQWDWLRQ GH FRQFHSWLRQ WHOOH TXH OD OLDVVH
GH IDEULFDWLRQ OHV GRVVLHUV GHV FDUWHV OHV SURJUDPPHV VRXUFHV GHV ORJLFLHOV OHV RXWLOV GH SURJUDPPDWLRQ
HWF
/HV PDQXHOV WUDLWDQW GX PDWpULHO 0DQXHO 7HFKQLTXH HW GHV ORJLFLHOV 0DQXHO 2SpUDWHXU VRQW VpSDUpV
FDU OHV PRGLILFDWLRQV DSSRUWpHV DX SURGXLW QH FRQFHUQHQW SDV QpFHVVDLUHPHQW OHXU FRQWHQX
$ WLWUH G·H[HPSOH VHXO OH 0DQXHO 7HFKQLTXH SHXW rWUH UpYLVp SDU VXLWH GH PRGLILFDWLRQV DSSRUWpHV j
OD FRQILJXUDWLRQ GX PDWpULHO UHPSODFHPHQW G·XQH FDUWH SDU XQH DXWUH D\DQW XQH DXWUH UpIpUHQFH PDLV
OD PrPH IRQFWLRQ
'·DXWUH SDUW OH 0DQXHO 2SpUDWHXU SHXW rWUH PLV j MRXU j FDXVH G·XQH QRXYHOOH YHUVLRQ GX ORJLFLHO PDLV
FHOD Q·LPSOLTXH SDV OH 0DQXHO WHFKQLTXH WDQW TX·DXFXQH PRGLILFDWLRQ PDWpULHOOH Q·HVW LPSOLTXpH
(
&
,/ &HSHQGDQW OHV GHX[ W\SHV GH PDQXHOV SHXYHQW VXELU XQH PLVH j MRXU SRXU DPpOLRUHU OHXUV FRQWHQXV
$ RX FRUULJHU GHV IDXWHV HWF
$
('
. $/ $* $$
$$
0DQXHOV G·XQH YHUVLRQ SURGXLW
/D GRFXPHQWDWLRQ FOLHQW HQ IUDQoDLV SRXU O·pTXLSHPHQW 60 9HUVLRQ VH FRPSRVH GHV PDQXHOV
O
H
VXLYDQWV
V W
L W V D
K Q F
W O
I W $H
R Q
J R P
F R
LQ U
V I
\ W
S L Q 7DEOHDX 0DQXHOV FRQFHUQDQW OH PDWpULHO
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D
0$18(/ 5() $19 1 XVLQH &H PDQXHO
LQ P Q
V H
V PW W
D R LU 60 9HUVLRQ 60&
3
F
Z $/ %)$$ 6
G W
G Q X
9HUVLRQ 0DQXHO 7HFKQLTXH
H D R
Y
U H K W
H V L
V X Z 60' 9HUVLRQ 0DQXHO
H $/ $$$$ )
U W G
Q H
V H W
7HFKQLTXH
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
7DEOHDX 0DQXHO FRQFHUQDQW OH ORJLFLHO GH JHVWLRQ HW OD YpULILFDWLRQ GX SURGXLW
0$18(/ 5() $19 1 XVLQH &H PDQXHO
60 9HUVLRQ 60& $/ $)$$ /
9HUVLRQ 60 9HUVLRQ
60& 9HUVLRQ 0DQXHO GH
O·RSpUDWHXU
(
&
,/
$
$
('
. $/ $* $$
$$
6WUXFWXUH GX PDQXHO
&H PDQXHO HVW pGLWp FRQIRUPpPHQW DX[ VXJJHVWLRQV GX ´&RGH RI 3UDFWLFHµ )LFKH WHFKQLTXH GHV PDQXHOV
O
H
G·LQVWUXFWLRQV pPLV SDU O·8QLRQ HXURSpHQQH GH UDGLRGLIIXVLRQ (%8 5$&& 5
V W
L W V D
K Q F
W O
I W $
R Q
H /H SUpVHQW PDQXHO HVW GLYLVp HQ IRQFWLRQ GHV SULQFLSDOHV UXEULTXHV 6(&7,216 GpFULWHV GDQV OD WDEOH GHV
J
LQ
R
F R
P
U
PDWLqUHV
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D $3(5&8 &RQWLHQW GHV LQIRUPDWLRQV JpQpUDOHV VXU OHV UqJOHV GH VpFXULWp
LQ P Q
V
V PW
H
W OD FRPSDWLELOLWp (0& HW VXU OH W\SH G·pWLTXHWWHV SRXYDQW rWUH
D R LU
3
F
Z
DSSRVpHV
G W
G Q X
H D R
Y
U H K
H V L
W '(6&5,37,21 &HWWH VHFWLRQ FRQWLHQW OHV JpQpUDOLWpV VXU O·pTXLSHPHQW OHV
V X Z
H
U W G
IRQFWLRQQDOLWpV GpWDLOOOpHV DLQVL TXH O·XWLOLVDWLRQ GH O·pTXLSHPHQW
Q H
V H W
W LW
DX VHLQ GX UpVHDX 7(/(&20 (OOH IRXUQLW pJDOHPHQW OD
K P
J
L X U
U F H
P GHVFULSWLRQ HW OHV VSpFLILFDWLRQV GH O·pTXLSHPHQW FRQFHUQDQW OH
OO R
$ G W
S V\VWqPH OHV FRPSRVDQWV PpFDQLTXHV pOHFWULTXHV HW RSWLTXHV
R
Q
,167$//$7,21 &HWWH VHFWLRQ SUpVHQWH OHV LQIRUPDWLRQV PpFDQLTXHV
pOHFWULTXHV HWRX RSWLTXHV QpFHVVDLUHV j O·LQVWDOODWLRQ GH
O·pTXLSHPHQW
0,6( (1 6(59,&( &HWWH VHFWLRQ FRQWLHQW OHV LQIRUPDWLRQV FRQFHUQDQW OHV SURFpGXUHV
(7 (;3/2,7$7,21 GH SUpUpJODJHV HW GH PLVH HQ VHUYLFH DLQVL TXH OHV PHVXUHV
UHODWLYHV DX[ YpULILFDWLRQV SRXU JDUDQWLU XQ IRQFWLRQQHPHQW
FRUUHFW HW DX[ PRGLILFDWLRQV IRQFWLRQQHOOHV
0$,17(1$1&( &HWWH VHFWLRQ GpWDLOOH OHV YpULILFDWLRQV SpULRGLTXHV OHV
SURFpGXUHV GH ORFDOLVDWLRQ GH GpIDLOODQFHV HW GH UpSDUDWLRQ DLQVL
TXH OH UpWDEOLVVHPHQW G·XQ IRQFWLRQQHPHQW QRUPDO SDU OH
UHPSODFHPHQW GHV FDUWHV GpIHFWXHXVHV SDU GHV FDUWHV GH
VHFRXUV
$11(;( 6HFWLRQ SUpVHQWH PDLV SDV QpFHVVDLUHPHQW XWLOLVpH HOOH GpFULW
OHV FDUWHV DOWHUQDWLYHV pYHQWXHOOHV
5(*/$*(6 0$7(5,(/6 &HWWH VHFWLRQ FRPSUHQG OHV GRFXPHQWV UHODWLIV DX[ RSpUDWLRQV
GH UpJODJH PDWpULHO GHV FDUWHV
6L O·pTXLSHPHQW HVW LQWpJUp GDQV OH ORJLFLHO HW FRPSUHQG XQH LQWHUIDFH KRPPHPDFKLQH YLD XQ
3&' 3& XQH VWDWLRQ GH WUDYDLO RX XQ DXWUH V\VWqPH G·DIILFKDJHGH WUDLWHPHQW H[WHUQH OHV
RSpUDWLRQV GH PLVH HQ VHUYLFH GH IRQFWLRQQHPHQW HW GH PDLQWHQDQFH VRQW GpFULWHV GDQV OH PDQXHO
GH O·RSpUDWHXU 9RLU SDUDJUDSKH SDJH
(
&
,/
$
$
('
. $/ $* $$
$$
0LVH j MRXU GX PDQXHO
/HV PDQXHOV DVVRFLpV j XQH YHUVLRQSURGXLW ILJXUHQW DX SDUDJUDSKH SDJH
O
H
V
L W V D
W
&KDTXH PDQXHO HVW LGHQWLILp SDU
K Q F
W O
I W $H
R Q
J R
F R
P OH QRP GH OD µYHUVLRQSURGXLWµ HW SDU µYHUVLRQµ ORUVTXH OH PDQXHO V·DSSOLTXH DX[ YHUVLRQV
LQ U
V I
\ W
S L Q VXSpULHXUHV HW QRQ DX[ YHUVLRQ DQWpULHXUHV
R I R L
F R W
G Q ]
D OH QRP GX PDQXHO
Q LR U L
D W R
D
OD UpIpUHQFH GX PDQXHO
Q LF W K
R Q X OH QXPpUR G·pGLWLRQ GX PDQXHO OD SUHPLqUH pGLWLRQ GpEXWH JpQpUDOHPHQW SDU OH 1R
J X D
LQ P Q
V H
W
OD GDWH GH GLIIXVLRQ GX PDQXHO /D GDWH TXL ILJXUH VXU OH PDQXHO Q·HVW SDV VD GDWH G·LPSUHVVLRQ PDLV
V PW
D R LU
3
F
Z
OD GDWH G·DFKqYHPHQW HW GH ODQFHPHQW HQ SURGXFWLRQ GHV ILFKLHUV VRXUFHV
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
0RGLILFDWLRQV UpDOLVDEOHV GDQV OH PrPH GRFXPHQW PrPH UpIpUHQFH
U W G
Q H
V H W
W LW
K P
J
L X U
P /D GDWH GH SXEOLFDWLRQ HW OD GDWH G·pGLWLRQ SHXYHQW FKDQJHU GDQV OHV IXWXUHV YHUVLRQV GX PDQXHO SRXU OHV
U F H
OO R
$ G W
S UDLVRQV VXLYDQWHV
R
Q
VHXOH OD GDWH FKDQJH YRLU OD 7DEOH GHV 0DWLqUHV ORUVTXH OHV PRGLILFDWLRQV VRQW DSSRUWpHV DX
V\VWqPH pGLWRULDO VDQV FKDQJHU OH FRQWHQX WHFKQLTXH GX PDQXHO
O·pGLWLRQ HW GRQF OD GDWH HVW FKDQJpH ORUVTXH OHV PRGLILFDWLRQV DSSRUWpHV FRQFHUQHQW OH
FRQWHQX WHFKQLTXH GX PDQXHO 'DQV FH FDV
OD OLVWH GHV FKDSLWUHV PRGLILpV SDU UDSSRUW j O·pGLWLRQ SUpFpGHQWH VH WURXYH DX 7DEOHDX
SDJH
GDQV OHV FKDSLWUHV FRQFHUQpV GHV EDUUHV GH UpYLVLRQV j OD JDXFKH GH OD SDJH LQGLTXHQW
OHV PRGLILFDWLRQV GDQV OH WH[WH HW OHV GHVVLQV
/HV PRGLILFDWLRQV FRFHUQDQW OH FRQWHQX WHFKQLTXH GX PDQXHO HQWUDvQHQW XQH pYROXWLRQ GX QXPpUR G·pGLWLRQ
TXL SDVVH SDU H[HPSOH GH (G j (G 6XLWH j GHV PRGLILFDWLRQV PLQHXUHV FRPPH SDU H[HPSOH OHV
FRUUHFWLRQV OD PrPH pGLWLRQ HVW FRQVHUYpH PDLV DYHF XQH pYROXWLRQ G·LQGLFH GH OD YHUVLRQ H[HPSOH GH
(G j (G $
127(6 3285 /(6 0$18(/6 &21&(51$17 /(6 $33/,&$7,216 /2*,&,(//(6
/HV PDQXHOV FRQFHUQDQW OHV DSSOLFDWLRQV ORJLFLHOOHV SDUWLFXOLqUHPHQW OHV 0DQXHOV 2SpUDWHXUV
QH VRQW PRGLILpV TXH VL OD QRXYHOOH µYHUVLRQµ GX ORJLFLHO GLIIXVpH DX[ FOLHQWV LPSOLTXH GHV
PRGLILFDWLRQV GH O·LQWHUIDFH KRPPHPDFKLQH RX GDQV OH FDV GH PRGLILFDWLRQV PLQHXUHV
Q·DIIHFWDQW SDV OD FRPSUpKHQVLRQ GHV SURFpGXUHV H[SOLTXpHV
(Q RXWUH VL OHV LPSUHVVLRQV G·pFUDQ LQFRUSRUpHV DX PDQXHO FRQWLHQQHQW GHV UHSqUHV VH
UDSSRUWDQW j OD YHUVLRQ GX SURGXLW HW VL OH FRQWHQX GH O·pFUDQ UHVWH LQFKDQJp OHV LPSUHVVLRQV
QH VRQW SDU UHPSODFpHV GDQV OHV PDQXHOV OLpV DX[ YHUVLRQV XOWpULHXUHV
/LYUDLVRQ DX[ FOLHQWV GH PDQXHOV PLV j MRXU
/D OLYUDLVRQ GHV PLVHV j MRXU GH PDQXHOV DX[ FOLHQWV D\DQW GpMj UHoX GHV pGLWLRQV SUpDODEOHV GRLW IDLUH
O·REMHW GH WUDFWDWLRQV FRPPHUFLDOHV
2Q HQWHQG SDU OLYUDLVRQ GH PDQXHOV PLV j MRXU OD OLYUDLVRQ G·XQ H[HPSODLUH FRPSOHW G·XQH QRXYHOOH pGLWLRQ
GX PDQXHO LO Q·HVW SDV SUpYX GH IRXUQLU G·HUUDWD
(
&
,/
$
$
('
. $/ $* $$
$$
0RGLILFDWLRQV GXHV j XQH QRXYHOOH YHUVLRQ GX SURGXLW
8QH QRXYHOOH YHUVLRQ GX SURGXLW PRGLILH OD UpIpUHQFH GX PDQXHO HW O·pGLWLRQ UHFRPPHQFH j
O
V
L V
W D
H
W 'DQV FH FDV OHV SDUWLHV PRGLILpHV GX PDQXHO QH VRQW SDV OLVWpHV
K Q F
W O
I H $
W
R Q
J R P
9pULILFDWLRQ GH O·RUJDQLVDWLRQ GX PDQXHO
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K /LVWH GHV pGLWLRQV HW GHV SDUWLHV PRGLILpHV
R Q X
J X D
LQ
V
PQ
PW
H
W
/pJHQGH
V
D R LU
F
3 Z
G
G W
Q X Q QRXYHOOH SDUWLH
H D R
Y
U H K W
H V L
V
H
U
X Z
G
W
P SDUWLH PRGLILpH
Q W H
V H LW
W
K
J
L
U
PP
X U 7DEOHDX 9pULILFDWLRQ GH O·RUJDQLVDWLRQ GX PDQXHO
F H
OOR S
$ G W
R
Q
(',7,21
'(6&5,37,216 Q
*(1(5$/ Q P
&21),*85$7,21 Q P
'(6&5,37,21 )21&7,211(//( Q P
63(&,),&$7,216 7(&+1,48(6 Q P
,167$//$7,21 Q
,167$//$7,21 Q P
0,6( (1 6(59,&( 7(676 (7 )21&7,211(0(17 Q
0,6( (1 6(59,&( 7(676 (7 )21&7,211(0(17 Q P
0$,17(1$1&( Q
0$,17(1$1&( Q
$11(;(6 Q
$11(;(6 Q
5(*/$*(6 0$7(5,(/6 Q
/LVWH GH GRFXPHQWDWLRQ GHV FDUWHV Q P
1%
$XFXQH GRFXPHQWDWLRQ HQYLVDJpH
1RWH /·pGLWLRQ GHV GRFXPHQWV FLMRLQWV FKDSLWUHV 5(*/$*(6 0$7(5,(/6 HW $11(;(6 QH IRQW
SDV O·REMHW GH YpULILFDWLRQ GH O·RUJDQLVDWLRQ GX PDQXHO
1RWHV VXU OH GUDIW (G
/H GRFXPHQW (G FUpp OH MXLOOHW FRQVWLWXH OD SUHPLqUH SXEOLFDWLRQ RIILFLHOOH HW YDOLGpH
(
&
,/
$
$
('
. $/ $* $$
$$
1RWHV VXU OH GUDIW (G
/H GRFXPHQW (G FUpp PH DRW FRQVWLWXH OD VHFRQGH SXEOLFDWLRQ RIILFLHOOH HW YDOLGpH ,O D pWp
GLIIXVp DILQ G·DMRXWHU GH QRXYHDX[ FRPSRVDQWV GH QRXYHOOHV FDUWHV HW DFFHVVRLUHV
O
H
/H FKDSLWUH /LVWH GH GRFXPHQDWLRQ GHV FDUWHV D pWp PRGLILp SRXU UHVSHFWHU OHV GHUQLqUHV QRUPHV HQ
W
V
L
K
W
V
W D
Q F O
YLJXHXU
H $
I
R
W
Q /HV EDUUHV GH UpYLVLRQ LQGLTXHQW OH SDVVDJH GH OD YHUVLRQ (G j OD YHUVLRQ (G
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
,1752'8&7,21
O 3UHPLHUV VHFRXUV HQ FDV GH FKRF pOHFWULTXH
H
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
1H SDV WRXFKHU j PDLQV QXHV OD YLFWLPH WDQW TXH OH FLUFXLW Q·HVW SDV RXYHUW
J R P
F R
LQ U
\
S
V I
W
L Q 3RXU RXYULU OH FLUFXLW EDVFXOHU OHV FRPPXWDWHXUV G·DOLPHQWDWLRQ 6L FHOD HVW LPSRVVLEOH VH SURWpJHU DYHF
RI R
F
G
R W
Q D
L
XQ WLVVX VHF HW GpJDJHU OD YLFWLPH GX FRQGXFWHXU
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
5($1,0$7,21
J X D
LQ PQ
V
V
D
PW
R LU
H
W ,O HVW LPSRUWDQW GH FRPPHQFHU DXVVLW{W OH ERXFKHjERXFKH HW GH IDLUH LPPpGLDWHPHQW DSSHO j XQ
F
3
G W
Z
PpGHFLQ
G Q X
H D R
Y
U H K W
H
V
V L
X Z 75$,7(0(17 '(6 %58/85(6
H G
U W
Q W H
V H LW
W
K
J
PP &H WUDLWHPHQW GRLW rWUH XWLOLVp XQH IRLV TXH OD YLFWLPH D UHSULV FRQQDLVVDQFH ,O SHXW DXVVL rWUH HPSOR\p
L X U
U
OO
F H
R S WDQGLV TXH OD YLFWLPH UHoRLW OH ERXFKHjERXFKH GDQV FH FDV GHX[ SHUVRQQHV PLQLPXP GRLYHQW rWUH
$ G W
R
Q SUpVHQWHV
$77(17,21
1H SDV WHQWHU GH UHWLUHU OHV YrWHPHQWV GHV PHPEUHV EUOpV
$SSOLTXHU GH OD JD]H VqFKH VXU OHV EUOXUHV
1H SDV DSSOLTXHU GH FUqPHV RX WRXWH VXEVWDQFH KXLOHXVH
(
&
,/
$
$
('
. $/ $* $$
$$
7HFKQLTXH GX ERXFKHjERXFKH
O
H
$OORQJHU OD YLFWLPH VXU OH GRV OHV EUDV OH ORQJ GX FRUSV 6L OD YLFWLPH HVW
W
V
L
K
W
V
W D
Q F O
DOORQJpH VXU XQ SODQ LQFOLQp V·DVVXUHU TXH VRQ DEGRPHQ HVW OpJqUHPHQW SOXV
I
R
H $
W
Q
EDV TXH VRQ WRUVH 2XYULU OD ERXFKH GH OD YLFWLPH HW YpULILHU TX·LO Q·\ UpVLGH
J
LQ
R P
F R
U
DXFXQ FRUSV pWUDQJHU GHQWLHU FKHZLQJJXP HWF
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
]
6·DJHQRXLOOHU SUqV GH OD WrWH GH OD YLFWLPH
L
Q
D
LR U
W
D R
3ODFHU XQH PDLQ VRXV OD WrWH O·DXWUH VRXV OH
Q
R LF W
Q X
K
FRX YRLU )LJ 6RXOHYHU OD WrWH GH OD YLFWLPH
J
LQ
X D
PQ
HW OD IDLUH EDVFXOHU YHUV O·DUULqUH DXWDQW TXH
V
V
D
PW
R LU
H
W SRVVLEOH
F
3 Z
G W
G Q X
H
Y
U
D R
H K W
'pSODFHU OD PDLQ GX FRX GH OD YLFWLPH YHUV VRQ
V L
H
V X Z PHQWRQ 3ODFHU OH SRXFH HQWUH VRQ PHQWRQ HW
H G
U
V
W
Q W H
VD ERXFKH O·LQGH[ OH ORQJ GH VD PkFKRLUH HW
W H LW
K
J
L
PP JDUGHU OHV DXWUHV GRLJWV IHUPpV YRLU )LJ
X U
U
OO
F H
R S
/RUV GH FHV RSpUDWLRQV SUHQGUH GH ODUJHV
$ G W
R TXDQWLWpV G·R[\JqQH HQ LQVSLUDQW ORQJXHPHQW
Q
ERXFKH RXYHUWH
0DLQWHQLU OD ERXFKH GH OD YLFWLPH IHUPpH j
O·DLGH GX SRXFH HW VRXIIOHU GDQV OHV FDYLWpV
QDVDOHV YRLU )LJ
'XUDQW FHV RSpUDWLRQV V·DVVXUHU TXH OD
SRLWULQH GH OD YLFWLPH VH VRXOqYH YRLU )LJ
6L WHO Q·HVW SDV OH FDV OH QH] HVW SHXW rWUH
REVWUXp 2XYULU DORUV OD ERXFKH GH OD YLFWLPH
DXWDQW TXH SRVVLEOH HQ DSSX\DQW VXU VRQ
PHQWRQ 3ODFHU OHV OqYUHV DXWRXU GH VD ERXFKH
HW VRXIIOHU GDQV VD FDYLWp EXFFDOH 9pULILHU TXH
VD SRLWULQH VH VRXOqYH &HWWH VHFRQGH
WHFKQLTXH SHXWrWUH XWLOLVpH PrPH ORUVTXH OH
QH] GH OD YLFWLPH HVW PDLQWHQX IHUPp HQ
SUHVVDQW VXU VHV QDULQHV j O·DLGH GH OD PDLQ TXL
VRXWHQDLW VD WrWH /D WrWH GH OD YLFWLPH GRLW
rWUH PDLQWHQXH EDVFXOpH HQ DUULqUH DXWDQW
TXH SRVVLEOH
&RPPHQFHU SDU GL[ H[SLUDWLRQV UDSLGHV SXLV FRQWLQXHU j XQ U\WKPH GH GRX]H j
TXLQ]H H[SLUDWLRQV SDU PLQXWH 3RXUVXLYUH j FH U\WKPH WDQW TXH OD YLFWLPH Q·D
SDV UHSULV FRQQDLVVDQFH RX TX·XQ PpGHFLQ Q·D SDV FRQVWDWp OH GpFqV
(
&
,/
$
$
('
. $/ $* $$
$$
&RQIRUPLWp DX[ QRUPHV HXURSpHQQHV
O
&RPSDWLELOLWp pOHFWURPDJQpWLTXH (0&
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/H VLJOH &( LPSULPp VXU OH SURGXLW LQGLTXH OD FRQIRUPLWp DYHF OHV GLUHFWLYHV VXLYDQWHV
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
&(( GX PDL GLUHFWLYHV (0& DPHQGpH SDU OHV GLUHFWLYHV
RI R
R W L
F
Q D
G
QLR U
W
]
L &(( GX DYULO
D
D R
Q K
R LF W
J
Q X
X D &(( GX MXLOOHW
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U
H
H K
V L
W /D FRQIRUPLWp DX[ QRUPHV (0& HVW SURQRQFpH VL O·pTXLSHPHQW VDWLVIDLW DX[ FRQGLWLRQV GHV QRUPHV
V X Z
H
U
G
W VXLYDQWHV
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H
&RQGLWLRQV GH GpOLYUDQFH (1 ´/LPLWHV HW PpWKRGHV GH PHVXUH GHV FDUDFWpULVWLTXHV GHV
R S
$ G W
R
DSSDUHLOV GH WUDLWHPHQW GH O·LQIRUPDWLRQ UHODWLYHV DX[ SHUWXUEDWLRQV UDGLRpOHFWULTXHVµ pGLWLRQ
Q
DRW
&ODVVH GH FRQIRUPLWp $
&RQGLWLRQV G·LPPXQLWp (1 ´&RPSDWLELOLWp pOHFWURPDJQpWLTXH 1RUPH JpQpULTXH
LPPXQLWp 3DUWLH 5pVLGHQWLHO FRPPHUFLDO HW LQGXVWULH OpJqUHµ pGLWLRQ MDQYLHU
&HW pTXLSHPHQW IRQFWLRQQH GDQV O·HQYLURQQHPHQW VXLYDQW
&HQWUH GH WpOpFRPPXQLFDWLRQV
$77(17,21
&H SURGXLW HVW GH FODVVH $ ,O SHXW SURYRTXHU GHV LQWHUIpUHQFHV UDGLR HQ HQYLURQQHPHQW UpVLGHQWLHO
FRPPHUFLDO HW LQGXVWULHO OpJHU DXTXHO FDV O·RSpUDWHXU GHYUD SUHQGUH OHV PHVXUHV DGpTXDWHV
6pFXULWp
&H SURGXLW HVW FRQIRUPH DX[ GLUHFWLYHV VXLYDQWHV
&(( GX MXLQ
/D FRQIRUPLWp DX[ QRUPHV GH VpFXULWp HVW SURQRQFpH VL O·pTXLSHPHQW VDWLVIDLW DX[ FRQGLWLRQV GHV QRUPHV
VXLYDQWHV
(1 $ $ $
(1
(
&
,/
$
$
('
. $/ $* $$
$$
5qJOHV GH VpFXULWp
O
5qJOHV JpQpUDOHV
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
$YDQW GH SURFpGHU j WRXWH LQVWDOODWLRQ PLVH HQ VHUYLFH WHVW RX RSpUDWLRQ GH PDLQWHQDQFH OLUH
I R
R
FR W L
VRLJQHXVHPHQW OH 0DQXHO WHFKQLTXH HW WRXW SDUWLFXOLqUHPHQW OHV FKDSLWUHV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K ,QVWDOODWLRQ
Q X
J X D
LQ PQ
V
V PW
H
W 0LVH HQ VHUYLFH WHVWV HW IRQFWLRQQHPHQW
D R LU
F
3 Z
G W
G
H
Q X
D R
0DLQWHQDQFH
Y
U H K W
H V L
V X Z
H
U
G
W 5HVSHFWHU OHV UqJOHV GH VpFXULWp VXLYDQWHV
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H
ORUVTXH O·pTXLSHPHQW HVW HQ VHUYLFH O·DFFqV DX[ FRPSRVDQWV GH O·pTXLSHPHQW SURWpJpV
R S
$ G W
R
SDU GHV SDQQHDX[ EOLQGpV GpPRQWDEOHV HVW LQWHUGLW
Q
HQ FDV GH QpFHVVLWp DEVROXH O·DFFqV DX[ FRPSRVDQWV GH O·pTXLSHPHQW ORUVTXH FHOXLFL HVW
HQ VHUYLFH HVW XQLTXHPHQW DXWRULVp DX SHUVRQQHO GH VHUYLFH ,O HVW HQWHQGX SDU SHUVRQQHO
GH VHUYLFH RX G·DVVLVWDQFH WHFKQLTXH
´WRXWH SHUVRQQH GLVSRVDQW GHV FRQQDLVVDQFHV WHFKQLTXHV HW GH O·H[SpULHQFH QpFHVVDLUHV
j OD PDvWULVH GX GDQJHU SRXYDQW rWUH UHQFRQWUp ORUV GH O·H[pFXWLRQ GH O·RSpUDWLRQ DLQVL TX·j
O·DSSOLFDWLRQ GHV PHVXUHV QpFHVVDLUHV SRXU PLQLPLVHU FH GDQJHU SRXU OXLPrPH HW OHV
DXWUHVµ
/H SHUVRQQHO GH VHUYLFH HVW DXWRULVp j UHPSODFHU XQLTXHPHQW OHV FDUWHV GpIHFWXHXVHV SDU
GHV FRPSRVDQWV GH UHFKDQJH
/H SHUVRQQHO GH VHUYLFH Q·HVW SDV DXWRULVp j HIIHFWXHU GH UpSDUDWLRQV SDU FRQVpTXHQW
O·DFFqV DX[ FRPSRVDQWV QRQ UpSHUWRULp Q·HVW SDV DXWRULVp
/HV FOpV HW RXWLOV XWLOLVpV SRXU RXYULU OHV SRUWHV RX FDSRWV DUWLFXOpV DILQ GH UHWLUHU OHV
pOpPHQWV GRQQDQW DFFqV DX[ FRPSDUWLPHQWV GDQV OHVTXHOV H[LVWH XQ GDQJHU GH KDXWH
WHQVLRQ GRLYHQW rWUH H[FOXVLYHPHQW GpWHQXV SDU OH SHUVRQQHO GH VHUYLFH
GDQV O·pYHQWXDOLWp GX QHWWR\DJH GHV FRPSRVDQWV H[WHUQHV GH O·pTXLSHPHQW QH SDV XWLOLVHU
GH SURGXLWV LQIODPPDEOHV RX GH SURGXLWV SRXYDQW GH TXHOTXH PDQLqUH DOWpUHU OHV
LQVFULSWLRQV pWLTXHWWHV HWF
LO HVW UHFRPPDQGp G·XWLOLVHU XQ FKLIIRQ OpJqUHPHQW KXPLGH
OHV UqJOHV GH VpFXULWp LQGLTXpHV GDQV FH PDQXHO GpFULYHQW OHV RSpUDWLRQV HWRX OHV SUpFDXWLRQV
j SUHQGUH SRXU SURWpJHU OH SHUVRQQHO GH VHUYLFH SHQGDQW OHV SpULRGHV GH WUDYDLO HW SRXU JDUDQWLU
OD VpFXULWp GH O·pTXLSHPHQW F·HVWjGLUH QH SDV H[SRVHU GHV SHUVRQQHV DQLPDX[ RX REMHWV DX
ULVTXH GH EOHVVXUH RX GH GpWpULRUDWLRQ
GDQV O·pYHQWXDOLWp R OHV IRQFWLRQV GH SURWHFWLRQ HW GH VpFXULWp VHUDLHQW GpIHFWXHXVHV &283(5
/·$/,0(17$7,21
3RXU FH IDLUH PHWWUH KRUV WHQVLRQ OHV FDUWHV G·DOLPHQWDWLRQ DLQVL TXH OD VWDWLRQ G·DOLPHQWDWLRQ
DPRQW UpSDUWLWHXU GX EkWL RX GH OD VWDWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
OHV UqJOHV GH VpFXULWp GpFULWHV DX GpEXW GH FH PDQXHO VRQW LQGLTXpHV SDU OH V\PEROH HW
O·DQQRWDWLRQ VXLYDQWV
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
V I
\
S
W
L Q
I R
5(*/(6 '( 6(&85,7(
R L
FR W
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G
H
Q X
D R
OHV UqJOHV GH VpFXULWp VRQW LQGLTXpHV DX[ FKDSLWUHV VXLYDQWV
Y
U H K W
H V L
V
H
U
X Z
G
W
FKDSLWUH SDJH
Q W H
V H LW
W
K PP
J
L
U
X U
F H
FKDSLWUH SDUDJUDSKH SDJH
OOR S
$ G W
R
Q FKDSLWUH SDUDJUDSKH SDJH
FKDSLWUH SDUDJUDSKH SDJH
FKDSLWUH SDJH
FKDSLWUH SDUDJUDSKH SDJH
FKDSLWUH SDJH
FKDSLWUH SDUDJUDSKH SDJH
(
&
,/
$
$
('
. $/ $* $$
$$
(WLTXHWWHV LQGLTXDQW XQ GDQJHU XQH LQWHUGLFWLRQ RX XQH LQVWUXFWLRQ
,O HVW GH OD SOXV JUDQGH LPSRUWDQFH GH VXLYUH OHV LQVWUXFWLRQV LPSULPpHV VXU OHV pWLTXHWWHV SUpVHQWHV VXU
O
OHV FDUWHV HW OHV FRPSRVDQWV
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/HV pWLTXHWWHV VRQW FRQIRUPHV DX[ QRUPHV LQWHUQDWLRQDOHV ,62 /HV V\PEROHV HW LQVWUXFWLRQV
R Q
J R P
F R
VRQW SUpVHQWpV GDQV GHV IRUPHV JpRPpWULTXHV ,62
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ
V
PQ
H
W
&217,(17 81 6<0%2/( 28 81( ,16758&7,21
V PW
D R LU
3
F
G W
Z ,1',48( 81( ,17(5',&7,21 )21' %/$1&
G
H
Q X
D R %25'85( 528*( (7 6<0%2/( 28 ,16758&7,21
Y
U
H
H K
V L
W
(1 12,5
V X Z
H G
U W
V
W
Q W
H LW
H
,1',48( 81( ,16758&7,21 )21' %/(8
K
J
L
U
PP
X U 6<0%2/( 28 ,16758&7,21 (1 %/$1&
F H
OOR S
$ G W
R
Q &217,(17 81 6<0%2/(
,1',48( 81 $9(57,66(0(17 28 81 '$1*(5 )21'
-$81( %25'85( (7 6<0%2/( (1 12,5
&217,(17 81( ,1)250$7,21 28 81( ,16758&7,21
)21' -$81( %25'85( (7 ,16758&7,21 (1 12,5
/HV pWLTXHWWHV VRQW SODFpHV SRXU LQGLTXHU XQH FRQGLWLRQ GDQJHUHXVH (OOHV SHXYHQW FRQWHQLU WRXW V\PEROH
FRXUDQW RX WRXWH LQGLFDWLRQ QpFHVVDLUH j OD SURWHFWLRQ GHV XWLOLVDWHXUV HW GX SHUVRQQHO GH VHUYLFH FRQWUH
OHV FRQGLWLRQV OHV SOXV FRXUDQWHV SOXV SDUWLFXOLqUHPHQW
WHQVLRQV pOHFWULTXHV GDQJHUHXVHV
VLJQDX[ RSWLTXHV GDQJHUHX[
ULVTXHV G·H[SORVLRQ
pOpPHQWV PpFDQLTXHV HQ PRXYHPHQW
/LUH DWWHQWLYHPHQW OHV LQIRUPDWLRQV VXLYDQWHV HW SURFpGHU FRPPH LQGLTXp
(
&
,/
$
$
('
. $/ $* $$
$$
/HV V\PEROHV UHSUpVHQWpV DX[ SDUDJUDSKHV j VRQW WRXV OHV V\PEROHV SRXYDQW
ILJXUHU VXU OH PDWpULHO $OFDWHO ,OV QH VRQW SDV QpFHVVDLUHPHQW SUpVHQWV VXU O·pTXLSHPHQW DXTXHO
VH UpIqUH FH PDQXHO
O
H
V W
L V
W D
K Q F
W O
I H $
W
R
7HQVLRQV pOHFWULTXHV GDQJHUHXVHV
Q
J R P
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L /·pWLTXHWWH G·DYHUWLVVHPHQW FLGHVVRXV LQGLTXH OD SUpVHQFH GH WHQVLRQV pOHFWULTXHV GDQJHUHXVHV
GQ D
Q
D
LR U
W
]
L ! 9S ! 9FF
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
6L FHW pTXLSHPHQW HVW GH FODVVH HW TX·LO HVW UDFFRUGp VXU VHFWHXU O·pWLTXHWWH LOOXVWUpH FLGHVVRXV HW TXL
OXL HVW DVVRFLpH LQGLTXH TXH O·pTXLSHPHQW GRLW rWUH UDFFRUGp j OD WHUUH DYDQW G·rWUH FRQQHFWp j XQH VRXUFH
G·DOLPHQWDWLRQ ([HPSOH
:$51,1*
*URXQG SURWHFW WKH HTXLSPHQW EHIRUH
FRQQHFWLQJ LW WR PDLQV
0DNH VXUH WKDW SRZHU KDV EHHQ FXW RII
EHIRUH GLVFRQQHFWLQJ JURXQG
SURWHFWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
6LJQDX[ RSWLTXHV GDQJHUHX[
6L O·pTXLSHPHQW RX OD FDUWH VRQW GRWpV G·XQ IDLVFHDX ODVHU OHV pWLTXHWWHV GRLYHQW VH FRQIRUPHU DX[ QRUPHV
O
LQWHUQDWLRQDOHV &(,
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
V
W
Q W
H LW
H
&H V\PEROH LQGLTXH OD SUpVHQFH G·XQ IDLVFHDX ODVHU /H QLYHDX GH GDQJHU HVW LQGLTXp GDQV XQH pWLTXHWWH
K PP
J
L
U
X U
F H
UHFWDQJXODLUH
OOR S
$ G W
R
Q
6L OH ODVHU HVW XQ SURGXLW GH FODVVH O·pWLTXHWWH SUpVHQWDQW OH V\PEROH WULDQJXODLUH Q·HVW SDV REOLJDWRLUH
/·pWLTXHWWH UHFWDQJXODLUH FRPSRUWH WRXWHV OHV LQIRUPDWLRQV QpFHVVDLUHV VRLW
OD FODVVH GX ODVHU
OD SXLVVDQFH G·pPLVVLRQ
OD ORQJXHXU G·RQGH
OD UpIpUHQFH QRUPDWLYH
OHV SUpFDXWLRQV j SUHQGUH VHORQ OD FODVVH GX ODVHU
OHV LQGLFDWLRQV FRQFHUQDQW OHV RULILFHV SDQQHDX[ HW OHV YHUURXV GH VpFXULWp
/$6(5 5$',$7,21
$77(17,21
'2 127 67$5( ,172 %($0 25 9,(:
',5(&7/< :,7+ 237,&$/ ,167580(176
'2 127 67$5( ,172 %($0 25 9,(: &/$66 $ /$6(5 352'8&7
',5(&7/< :,7+ 237,&$/ ,167580(176 30$; P PP ,(&
H[HPSOH RI SRZHU DQG OHQJKW YDOXHV
(
&
,/
$
$
('
. $/ $* $$
$$
5LVTXHV G·H[SORVLRQ
&H ULVTXH SUpVHQW TXDQG GHV EDWWHULHV VRQW XWLOLVpHV HVW VLJQDOp SDU O·pWLTXHWWH VXLYDQWH
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G
G W
Q X 'DQV FH FDV GHV RULILFHV RX RXYHUWXUHV SHUPHWWHQW OD OLEUH FLUFXODWLRQ GH O·DLU HW O·pYDFXDWLRQ GHV JD]
H D R
Y
U
H
H K
V L
W GDQJHUHX[ K\GURJqQH pPLV SDU OHV EDWWHULHV 8QH pWLTXHWWH FRQIRUPH j OD QRUPH $ &(, HVW
SUpVHQWH j SUR[LPLWp GH FHV RULILFHV HW LQGLTXH GH QH SDV OHV REVWUXHU
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(OpPHQWV PpFDQLTXHV HQ PRXYHPHQW
/·pWLTXHWWH LOOXVWUpH FLGHVVRXV HVW SUpVHQWH j SUR[LPLWp GHV YHQWLODWHXUV RX GH WRXW DXWUH FRPSRVDQW
PpFDQLTXH HQ PRXYHPHQW
$YDQW GH SURFpGHU j WRXWH RSpUDWLRQ GH PDLQWHQDQFH YpULILHU TX·DXFXQ GHV FRPSRVDQWV PpFDQLTXHV Q·HVW
HQ PRXYHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
&RPSRVDQWV PpFDQLTXHV pPHWWDQW GH OD FKDOHXU
/D SUpVHQFH GH FRPSRVDQWV PpFDQLTXHV VRXUFHV GH FKDOHXU HVW LQGLTXpH SDU O·pWLTXHWWH G·DYHUWLVVHPHQW
O
LOOXVWUpH FLGHVVRXV FRQIRUPH j OD QRUPH &(, )LJXUH
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U
H
H K
V L
W &RPPH GpFULW GDQV OD QRUPH &(, SDUDJUDSKH OHV FRPSRVDQWV PpFDQLTXHV VHQVLEOHV VRQW FHX[
GRQW OD WHPSpUDWXUH 7 GpSDVVH OHV OLPLWHV GpILQLHV SDU OD IRUPXOH VXLYDQWH
V X Z
H G
U W
Q W H
V H LW
W
K
77DPE { '7PD[ 7PUD
PP
J
L X U
U F H
OOR S
$ G W
R
Q
R
7 7HPSpUDWXUH GX FRPSRVDQW PpFDQLTXH PHVXUpH j WHPSpUDWXUH DPELDQWH 7DPE
7DPE 7HPSpUDWXUH DPELDQWH SHQGDQW OH WHVW
'7PD[ 9DOHXU GpILQLH SDU OD QRUPH &(, 7DEOHDX SDUWLH D SDUDJUDSKH HW LQGLTXpH
GDQV OH WDEOHDX FLGHVVRXV
7PUD 7HPSpUDWXUH DPELDQWH PD[LPDOH DXWRULVpH SDU OD VSpFLILFDWLRQ GH O·pTXLSHPHQW RX
& OD SOXV JUDQGH YDOHXU SUpYDODQW
7DEOHDX 1RUPH &(, 7DEOHDX OLPLWHV GH VXUWHPSpUDWXUHV SDUWLH
6XUWHPSpUDWXUH PD[LPDOH
&RPSRVDQWV DFFHVVLEOHV j
O·RSpUDWHXU 9HUUH 3ODVWLTXH
0pWDO
SRUFHODLQH FDRXWFKRXF
3RLJQpH HWF XWLOLVpH RX WRXFKpH
SHQGDQW XQ FRXUW PRPHQW
3RLJQpHV ERXWRQV HWF XWLOLVpV
UpJXOLqUHPHQW
6XUIDFH H[WHUQH GH O·pTXLSHPHQW
SRXYDQW rWUH WRXFKpH
6XUIDFH LQWHUQH GH O·pTXLSHPHQW
SRXYDQW rWUH WRXFKpH
(
&
,/
$
$
('
. $/ $* $$
$$
&RPSDWLELOLWp pOHFWURPDJQpWLTXH
/HV QRUPHV (0& DSSOLFDEOHV j O·pTXLSHPHQW GpSHQGHQW GX W\SH G·LQVWDOODWLRQ HIIHFWXpH WHUPLQDLVRQ GHV
O
H
FkEOHV UDFFRUGHPHQW j OD WHUUH HWF HW GHV FRQGLWLRQV GH IRQFWLRQQHPHQW pTXLSHPHQW UpJODJHV GHV
W
V
L W
K Q F
W
V D
O
RSWLRQV GHV FDUWHV pOHFWULTXHVpOHFWURQLTXHV SUpVHQFH GH FDFKHV HWF
I W $H
R Q
J
LQ
R
F R
P
U
DYDQW GH SURFpGHU j WRXWH LQVWDOODWLRQ PLVH HQ VHUYLFH WHVW RX RSpUDWLRQ GH PDLQWHQDQFH VH
\ W V I
S L Q
R I R L
UHSRUWHU DX 0DQXHO WHFKQLTXH SOXV SDUWLFXOLqUHPHQW DX[ FKDSLWUHV
F R W
D
G Q ]
Q LR U L
D W R
D
,QVWDOODWLRQ
Q LF W K
R Q X
J X D
LQ P Q 0LVH HQ VHUYLFH WHVWV HW IRQFWLRQQHPHQW
V H
V PW W
D R LU
F
3
G W
Z
0DLQWHQDQFH
G Q X
H D R
Y
U H K W
H V L
V X Z OHV QRUPHV GpILQLHV SRXU JDUDQWLU OD FRPSWDELOLWp pOHFWURPDJQpWLTXH (0& VH GLVWLQJXHQW GDQV
H
U W G
Q H
V H W
FH PDQXHO SDU OH V\PEROH HW OH WHUPH
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
$77(17,21 1250(6 (0&
1RUPHV JpQpUDOHV LQVWDOODWLRQ
3RXU WRXV OHV UDFFRUGHPHQWV YHUV OHV VRXUFHV H[WHUQHV GH O·pTXLSHPHQW HIIHFWXpV j O·DLGH GH
FkEOHV EOLQGpV XWLOLVHU XQLTXHPHQW OHV FkEOHV HW FRQQHFWHXUV LQGLTXpV GDQV OH 0DQXHO
WHFKQLTXH RX OD 'RFXPHQWDWLRQ XVLQH DGpTXDWH RX FHX[ LQGLTXpV GDQV OD SDUWLH ´1RUPHV
G·LQVWDOODWLRQµ GH OD GRFXPHQWDWLRQ FOLHQW RX WRXW GRFXPHQW VLPLODLUH
8WLOLVHU GHV FkEOHV EOLQGpV pTXLSpV GHV FRQQHFWHXUV DGpTXDWV
,QVWDOOHU OHV ILOWUHV j O·H[WpULHXU GH O·pTXLSHPHQW FRQIRUPpPHQW DX[ LQVWUXFWLRQV
5DFFRUGHU O·pTXLSHPHQW j OD WHUUH j O·DLGH G·XQ FRQGXFWHXU GH GLDPqWUH HW G·LPSpGDQFH FRUUHFWV
0RQWHU OHV EOLQGDJHV V·LOV VRQW XWLOLVpV SUpFpGHPPHQW LQVWDOOpV SHQGDQW O·LQVWDOODWLRQ PDLV
DSUqV OHV DYRLU QHWWR\pV HW GpJUDLVVpV
1HWWR\HU HW GpJUDLVVHU WRXWHV OHV VXUIDFHV SpULSKpULTXHV UHVVRUWV GH FRQWDFW HW SRLQWV GH
FRQQH[LRQ HWF DYDQW G·LQVpUHU OD FDUWH EOLQGpH
9LVVHU OHV FDUWHV VXU OH FKkVVLV
5HVSHFWHU OHV LQVWUXFWLRQV GRQQpHV SRXU LQVWDOOHU FRUUHFWHPHQW OHV pTXLSHPHQWV FRPSDWLEOHV
(0&
(
&
,/
$
$
('
. $/ $* $$
$$
1RUPHV JpQpUDOHV 0LVH HQ VHUYLFH WHVWV HW IRQFWLRQQHPHQW
5pJOHU OHV FDUWHV pOHFWULTXHV FRPPH SUHVFULW SRXU JDUDQWLU OD FRPSDWLELOLWp pOHFWURPDJQpWLTXH
O
V
L V
W D
H
W 9pULILHU TXH O·pTXLSHPHQW IRQFWLRQQH DYHF WRXV OHV EOLQGDJHV HQ SRVLWLRQ FRUUHFWH FDFKHV
K
W
I
Q F
H $
W
O
SURWHFWLRQ GHV FRQQHFWHXUV (6' HWF
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
5HVSHFWHU OHV LQVWUXFWLRQV IRXUQLHV DILQ G·XWLOLVHU FRUUHFWHPHQW O·pTXLSHPHQW FRPSDWLEOH (0&
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G
G W
Q X
D R
1RUPHV JpQpUDOHV 0DLQWHQDQFH
H
Y
U H K W
H V L
V
H
U
X Z
G
W
$YDQW G·LQVpUHU OD FDUWH EOLQGpH HQ UHPSODFHPHQW G·XQH FDUWH GpIHFWXHXVH RX PRGLILpH
V
W
K
Q W
H LW
H
QHWWR\HU HW GpJUDLVVHU WRXWHV OHV VXUIDFHV SpULSKpULTXHV UHVVRUWV GH FRQWDFW HW SRLQWV GH
PP
J
L
U
OO
X U
F H FRQQH[LRQ HWF
R S
$ G W
R
Q
1HWWR\HU pJDOHPHQW OHV FDFKHV GHV FDUWHV GH UHPSODFHPHQW
9LVVHU OHV FDUWHV VXU OH FKkVVLV
(
&
,/
$
$
('
. $/ $* $$
$$
3URWHFWLRQV pOHFWURVWDWLTXHV (6'
$YDQW GH UHWLUHU OHV SURWHFWLRQ pOHFWURVWDWLTXHV (6' GHV PRQLWHXUV FRQQHFWHXUV HWF SUHQGUH OHV
O
H
SUpFDXWLRQV VXLYDQWHV 9pULILHU TXH OHV SURWHFWLRQV pOHFWURVWDWLTXHV RQW pWp UHPSODFpHV HW TXH OHV
W
V
L W
K Q F
W
V D
O
RSpUDWLRQV GH PDLQWHQDQFH HW GH VXLYL VRQW WHUPLQpHV
I W $H
R Q
J
LQ
R
F R
P
U
/D SOXSDUW GHV DSSDUHLOV pOHFWURQLTXHV VRQW VHQVLEOHV DX[ GpFKDUJHV pOHFWURVWDWLTXHV UHQGDQW REOLJDWRLUH
\ W V I
S L Q
R I R L
OD SUpVHQFH GH O·pWLTXHWWH G·DYHUWLVVHPHQW VXLYDQWH
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
3UHQGUH OHV SUpFDXWLRQV VXLYDQWHV DYDQW GH WRXFKHU GHV FRPSRVDQWV pOHFWURQLTXHV ORUV G·RSpUDWLRQV
G·LQVWDOODWLRQ RX GH PDLQWHQDQFH
/H SHUVRQQHO GH VHUYLFH GRLW rWUH PXQL GX PDWpULHO GH SURWHFWLRQ DQWLVWDWLTXH VXLYDQW
%5$&(/(7 (/$67,48(
&25'21 63,5$/(
XQ EUDFHOHW DQWLVWDWLTXH pODVWLTXH SRUWp DX SRLJQHW
XQ FRUGRQ VSLUDOp UDFFRUGp DX EUDFHOHW pODVWLTXH HW j OD ERUQH DQWLVWDWLTXH GX FKkVVLV
(
&
,/
$
$
('
. $/ $* $$
$$
$YLV HW SUpFDXWLRQV SDUWLFXOLqUHV
/HV V\PEROHV FLDSUqV LQGLTXHQW GHV DYLV HW OHV SUpFDXWLRQV SDUWLFXOLqUHV
O
H
V
L W V D
W
6XJJHVWLRQ RX QRWH
K Q F
W O
I W $H
R Q
J R
F R
P 7,75(
LQ U
\ W V I
S L Q
R I R
F R W
L
D
3UpFDXWLRQV j SUHQGUH SRXU pYLWHU WRXWH GpWHULRUDWLRQ GHV pTXLSHPHQWV
G Q ]
Q LR U L
D W R
D
Q LF W
R Q X
K LQVWUXFWLRQV
J X D
LQ P Q
V H
V PW W
D R LU
3
F
G W
Z (WLTXHWWHV SODFpHV VXU O·pTXLSHPHQW
G Q X
H D R
Y
U H K
H V L
W
&H FKDSLWUH LQGLTXH OD SRVLWLRQ GHV pWLTXHWWHV G·LGHQWLILFDWLRQ HW GH VpULH SUpVHQWHV VXU O·pTXLSHPHQW DLQVL
V X Z
H
U W G
Q H
TXH OHV LQIRUPDWLRQV TX·HOOHV FRQWLHQQHQW
V H W
W LW
K P
J P
L X U
U F H
OO R
S
'H OD )LJXUH j OD )LJXUH VRQW LOOXVWUpHV OHV SRVLWLRQV OHV SOXV FRXUDQWHV GHV pWLTXHWWHV VXU OHV FDUWHV
$ G W
R PRGXOHV HW FKkVVLV
Q
/D )LJXUH HW OD )LJXUH LOOXVWUHQW OHV LQIRUPDWLRQV SDU H[HPSOH O·LGHQWLILFDWLRQ HW OH QXPpUR GH VpULH
LPSULPpHV VXU OHV pWLTXHWWHV
/H WDEOHDX FLGHVVRXV IDLW FRUUHVSRQGUH OHV QXPpURV GH UpIpUHQFH GHV ILJXUHV DYHF OHV pWLTXHWWHV
XWLOLVpHV
/·pWLTXHWWH FLDSUqV ILJXUH j WLWUH LQGLFDWLI HW SHXW rWUH PRGLILpH VDQV SUpDYLV
7DEOHDX 5pIpUHQFHV GHV pWLTXHWWHV
1 GH UpIpUHQFH 1RP GH O·pWLTXHWWH
(WLTXHWWH LQGLTXDQW XQ FRPSRVDQW GX FDWDORJXH 1 GH UpI
1XPpUR GH VpULH G·XQ FRPSRVDQW GX FDWDORJXH
(WLTXHWWH LQGLTXDQW XQ FRPSRVDQW QH ILJXUDQW SDV DX
FDWDORJXH 1 GH UpIpUHQFH
&HUWLILFDW GH 7HVW )LQDO
6LJOH (6' GH FDUWH
6LJOH &(
6LJOH (6' SRXU VpULH GH PRGXOHV
6LJOH (6' GH FKkVVLV
1XPpUR GH VpULH XWLOLVDWLRQ HQ XVLQH
'HV pWLTXHWWHV SHUVRQQDOLVpHV SHXYHQW pJDOHPHQW rWUH SUpVHQWHV VXU O·pTXLSHPHQW
'HV pWLTXHWWHV VWDQGDUG SHXYHQW rWUH SUpVHQWHV j GLIIpUHQWV HQGURLWV GH O·pTXLSHPHQW j OD GHPDQGH GX
( FOLHQW
&
,/
&HSHQGDQW OHV UqJOHV GpILQLHV SDU FKDTXH FOLHQW VRQW DSSOLTXpHV SRXU FKDFXQH GH FHV pWLTXHWWHV
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
127( OHV QXPpURV GH UpIpUHQFH GH OD ILJXUH FLGHVVXV VRQW UpSHUWRULpV GDQV OH 7DEOHDX SDJH
)LJXUH (WLTXHWWHV SRXU FDUWHV DYHF EDUUH GH UHQIRUFHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
127( OHV QXPpURV GH UpIpUHQFH GH OD ILJXUH FLGHVVXV VRQW UpSHUWRULpV GDQV OH 7DEOHDX SDJH
)LJXUH (WLTXHWWHV SRXU FDUWHV VDQV EDUUH GH UHQIRUFHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
1% 3RVHU OHV pWLTXHWWHV VXU OH F{Wp GHV FRPSRVDQWV GX 3& DX[ HPSODFHPHQWV OLEUHV
127( OHV QXPpURV GH UpIpUHQFH GH OD ILJXUH FLGHVVXV VRQW UpSHUWRULpV GDQV OH 7DEOHDX SDJH
)LJXUH (WLTXHWWHV SRXU FDUWHV DYHF GLVVLSDWHXU WKHUPLTXH
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
127( OHV QXPpURV GH UpIpUHQFH GH OD ILJXUH FLGHVVXV VRQW UpSHUWRULpV GDQV OH 7DEOHDX SDJH
)LJXUH (WLTXHWWHV SRXU FDUWHV DYHF LQWHUIDFHV RSWLTXHV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ
V
PQ
H
W
V PW
D R LU
F
3
Z
G W
G Q X
H D R
Y
U H K W
V L
H
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
1% 3RVHU OHV pWLTXHWWHV VXU OH F{Wp GHV FRPSRVDQWV GX 3& DX[ HPSODFHPHQWV OLEUHV
127( OHV QXPpURV GH UpIpUHQFH GH OD ILJXUH FLGHVVXV VRQW UpSHUWRULpV GDQV OH 7DEOHDX SDJH
/HV FRPSRVDQWV VXU OD IDFH DYDQW VRQW XQLTXHPHQW LQGLFDWLIV SRXU PRQWUHU TX·LO Q·\ D DXFXQ HPSODFHPHQW
(
&
,/ GH OLEUH SRXU OHV pWLTXHWWHV
$
$
)LJXUH (WLTXHWWHV SRXU FDUWHV VDQV HPSODFHPHQW HQ IDFH DYDQW
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
127( OHV QXPpURV GH UpIpUHQFH GH OD ILJXUH FLGHVVXV VRQW UpSHUWRULpV GDQV OH 7DEOHDX SDJH
)LJXUH (WLTXHWWHV SRXU FKkVVLV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
127( OHV QXPpURV GH UpIpUHQFH GH OD ILJXUH FLGHVVXV VRQW UpSHUWRULpV GDQV OH 7DEOHDX SDJH
)LJXUH (WLTXHWWHV SRXU PRGXOHV
(
&
,/
$
$
('
. $/ $* $$
$$
180(52 '( 5()(5(1&( 86,1( &6
O
H
V W
L V
W D
K Q F
W O
I H $
R
W
Q
R P
$19 180(52 '( 5()(5(1&( ,&6
J
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G
G W
Q X
&RGH EDUUH $19 1XPpURV GH UpIpUHQFH ,&6
H
Y
U
D R
H K
IRUPDW $/)$ 0RGXOH PP 5DSSRUW
W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q )LJXUH (WLTXHWWH FRPSRUWDQW OHV LGHQWLILFDWLRQV GX FDWDORJXH
1XPpUR GH VpULH
&RGH EDUUH GX QXPpUR GH VpULH
IRUPDW $/)$ 0RGXOH PP 5DSSRUW
)LJXUH (WLTXHWWH SUpFLVDQW OH QXPpUR GH VpULH
(
&
,/
$
$
('
. $/ $* $$
$$
/,67( '(6 $%5(9,$7,216
7DEOHDX /LVWH GHV DEUpYLDWLRQV
O
H
V W
L W V D
K Q F
W O
I W $H
R Q
R P
$%5(9,$7,21 6,*1,),&$7,21 6,*1,),&$7,21 )5$1&$,6(
J
F R
LQ U
\ W V I
S L Q
R I R L
$%1 $EQRUPDO $QRUPDOH FRQGLWLRQ
F R W
D
G Q ]
Q LR U L
D W R
D
K
$&2 $ODUP FXWRII DODUP VWRULQJ ,QWHUUXSWLRQ G·DODUPH
Q LF W
R Q X
J X D
FRQVHUYDWLRQ G·DODUPH
LQ P Q
V H
W
V PW
D R LU
F
$' $VVHPEO\ GUDZLQJ 6FKpPD G·DVVHPEODJH
3 Z
G W
G Q X
H D R
Y
U H K W
$'0 $GG'URS 0XOWLSOH[HU 0XOWLSOH[HXU 'pULYDWLRQ,QVHUWLRQ
H V L
V X Z
H
U W G
Q H
V H W
$,6 $ODUP LQGLFDWLRQ 6LJQDO 6LJQDO G·LQGLFDWLRQ G·DODUPH 6,$
W LW
K P
J P
L X U
U F H
OO R
S
$/6 $XWRPDWLF /DVHU 6KXWGRZQ &RXSXUH DXWRPDWLTXH GH
$ G W
R
Q
O·pPLVVLRQ ODVHU
$0, $OWHUQDWH 0DUN ,QYHUVLRQ 6LJQDX[ ELSRODLUHV DOWHUQpV
$3' $YDODQFKH 3KRWRGLRGH 3KRWRGLRGH j DYDODQFKH
$6,& $SSOLFDWLRQ 6SHFLILF
,QWHJUDWHG &LUFXLW
$77' $WWHQGHG DODUP VWRULQJ
$8 (8$ DQG 83 VXP DODUP &DUWH DGPLQLVWUDWLYH
$8* $GPLQLVWUDWLYH 8QLW *URXS *URXSH GH FDUWHV DGPLQLVWUDWLYH
$8, $WWDFKPHQW 8QLW ,QWHUIDFH ,QWHUIDFH FDUWH G·DWWDFKHPHQW
$82+ $8 3RLQWHU 3RLQWHXU $8
$8 $GPLQLVWUDWLYH XQLW OHYHO &DUWH DGPLQLVWUDWLYH GH QLYHDX
%$77 %DWWHU\ %DWWHULH
%(5 %LW (UURU 5DWH 7DX[ G·HUUHXU VXU OHV ELWV 7(%
%,3 %LW ,QWHUOHDYHG 3DULW\ 3DULWp SDU HQWUHODFHPHQW GH ELWV
& 6WRULQF FRPPDQG &RQWHQHXU FRPPDQGH
&$1' $OO SRZHU VXSSO\ XQLWV XQLWV 7RXWHV OHV FDUWHV G·DOLPHQWDWLRQ
DUH IDXOW\ VRQW GpIHFWXHXVHV
&$5(0 8QLW H[WUDFWLRQ DODUP $ODUPH G·H[WUDFWLRQ GH FDUWH
&.$% &ORFN IURP &58 $% +RUORJH GH FDUWH UpIpUHQFH
G·KRUORJH $%
&./ &ORFN IRU /,(&% +RUORJH SRXU /,(&%
(
&
,/ &.0672)) &ORFN IDLOXUH 'pIDXW GH O·KRUORJH
$
$
('
. $/ $* $$
$$
$%5(9,$7,21 6,*1,),&$7,21 6,*1,),&$7,21 )5$1&$,6(
&.1 1HWZRUN FORFN IRU 1,(&% +RUORJH UpVHDX S{XU 1,(&%
O
H
W
V
L W
K Q F
W
V D
O
&.$// 0+] FORFN IDLOXUH 'pIDXW GH O·KRUORJH 0K]
I W $H
R Q
J
LQ
R
F R
P
U
&.$// 0+] FORFN IDLOXUH 'pIDXW GH O·KRUORJH 0K]
\ W V I
S L Q
R I R
F R W
G Q ]
L
D &0, &RGH 0DUN ,QYHUVLRQ
Q LR U L
D W R
D
Q LF W
R Q X
K
&2$; &RD[LDO &RD[LDO
J X D
LQ P Q
V
V PW
H
W &3, ,QFRPLQJ SDUDOOHO FRQWDFWV &RQWDFWV SDUDOOqOH HQ HQWUpH
D R LU
F
3 Z
G W
G Q X
H D R &32 2XWJSLQJ SDUDOOHO FRQWDFWV &RQWDFWV SDUDOOqOH HQ VRUWLH
Y
U H K W
H V L
V X Z
H
U W G &HQWUDO 3URFHVVLQJ 8QLW 3URFHVVHXU
Q H
V H W
W LW UHIHUHHG WR &RQWUROOHU
K P &38
J
L X U
U F H
P
HTXLSPHQW XQLW RU
OO R
$ G W
S
0LFURSURFHVVRU
R
Q
&58 &ORFN 5HIHUHQFH 8QLW &DUWH UpIpUHQFH G·KRUORJH
&7<3( 8QLW ,GHQWLILFDWLRQ VLJQDOV 6LJQDX[ G·LGHQWLILFDWLRQ GH FDUWH
&&& VW UG DQG WK OHYHO &RQWHQHXU GH HU HPH HW HPH
FRQWDLQHU QLYHDX
' 'DWD 'RQQpHV
'$& 'LJLWDO$QDORJ &RQYHUWHU &RQYHUWLVVHXU
QXPpULTXHDQDORJXH
'& 'LUHFW &XUUHQW &RXUDQW FRQWLQX &&
'&& 'DWD &RPPXQLFDWLRQ &KDQQHO &DQDO GH FRPPXQLFDWLRQ GH
GRQQpHV
'&( 'DWD &LUFXLW 7HUPLQDWLQJ (TXLSHPHQW GH WHUPLQDLVRQ GH
(TXLSPHQW FLUFXLW GH GRQQpHV
'( 5HFHLYHG GDWH 'RQQpHV UHoXHV
'(1 ,QFRPLQJ QHJDWLYH GDWD 'RQQpHV UHoXHV QpJDWLYHV
'(3 ,QFRPLQJ SRVLWLYH GDWD 'RQQpHV UHoXHV SRVLWLYHV
'3// 'LJLWDO 3KDVH /RFNHG /RRS %RXFOH YHUURXLOOpH GH SKDVH
QXPpULTXH
'7 7UDQVPLWWHG GDWD 'RQQpHV WUDQVPLVHV
'7( 'DWD 7HUPLQDWLQJ (TXLSPHQW (TXLSHPHQW GH WHUPLQDLVRQ GH
GRQQpHV
'70) 'XDO WRQH PXOWLIUHTXHQF\ 0XOWLIUpTXHQFH
'81 2XWJRLQJ QHJDWLYH GDWD 'RQQpHV HQYR\pHV QpJDWLYHV
(
&
,/
$ '83 2XWJRLQJ SRVLWLYH GDWD 'RQQpHV HQYR\pHV SRVLWLYHV
$
('
. $/ $* $$
$$
$%5(9,$7,21 6,*1,),&$7,21 6,*1,),&$7,21 )5$1&$,6(
'9% 'LJLWDO 9LGHR %URDGFDVWLQJ (PLVVLRQ 9LGpR 1XPpULTXH
O
H
W
V
L W
K Q F
W
V D
O
( (DVW (VW
I W $H
R Q
J
LQ
R
F R
P
U
($&7 (TXLSPHQW $VVLVWHG 2XWLO GH FRQILJXUDWLRQ DVVLVWpH GH
V I
\ W
S L Q &RQILJXUDWLRQ 7RRO O·pTXLSHPHQW
R I R L
F R W
D
G Q ]
Q LR U
D W R
D
L
(&& (PEHGGHG &RQWURO &KDQQHO &DQDO GH VXSHUYLVRQ LQWpJUp
Q LF W K
R Q X
J X D
LQ P Q
(&7 (TXLSPHQW &UDIW 7HUPLQDO 3RVWH G·H[SORLWDWLRQ pTXLSHPHQW
V H
V PW
D R LU
W
3((
F
3 Z
G W
G Q X
H D R
Y
((3520(3520 (OHFWULFDOO\ HUDVDEOH 0pPRLUH PRUWH SURJUDPPDEOH
U H K
H V L
V X Z
W
SURJUDPPDEOH UHDG RQO\ HIIDFDEOH pOHFWULTXHPHQW
H
U W G
Q H
PHPRU\
V H W
W LW
K P
J P
L X U
U F H
OO R
(0 3DUW /LVW /LVWH GH FRPSRVDQWV
S
$ G W
R
Q
(0& (OHFWURPDJQHWLF FRPSDWLELOLW\ &RPSDWLELOLWp pOHFWURPDJQpWLTXH
(0, (OHFWURPDJQHWLF LQWHUIDFH ,QWHUIDFH pOHFWURPDJQpWLTXH
(2: (QJLQHHULQJ 2UGHU :LUH 9RLH GH VHUYLFH 9'6
(36 (TXLSPHQW 3URWHFWLRQ &RPPXWDWLRQ GH SURWHFWLRQ GH
6ZLWFKLQJ O·pTXLSHPHQW
(6&7 (QKDQFHG 6KHOI &RQWUROOHU &RQWU{OHXU pWHQGX 7HOHWWUD SRXU
7HOHWWUD FKkVVLV
(6' (OHFWURVWDWLF GLVFKDUJHV 'pFKDUJHV pOHFWURVWDWLTXHV
(76, (XURSHDQ 7HOHFRPXQLFDWLRQ ,QVWLWXW (XURSpHQ GH 1RUPHV GHV
6WDQGDUGV ,VWLWXWH 7pOpFRPPXQLFDWLRQV (76,
(8$ (TXLSPHQW &RQWUROOHU $ODUPH G·H[WUDFWLRQ GH OD FDUWH
H[WUDFWLRQ XQLW DODUP FRQWU{OHXU G·pTXLSHPHQW
(;%(5 ([FHVVLYH %LW (UURU 5DWH 7DX[ G·HUUHXU VXU OHV ELWV H[FHVVLI
(;7 (;WHUQDO DODUPV $ODUPHV H[WHUQHV
) ,QWHUIDFH ) IRU &UDIW ,QWHUIDFH ) SRXU OH SRVWH
7HUPLQDO RU )XVH G·H[SORLWDWLRQ RX IXVLEOH
)(%( )DU (QG %ORFN (UURU (UUHXU GH EORF GLVWDQW
)(3520 )ODVK (SURP 0pPRLUH IODVK (3520
)(5) )DU (QG 5HFHLYH )DLOXUH 'pIDXW UHoX GH O·H[WUpPLWp GLVWDQWH
*$ *DWH $UUD\ &LUFXLW SUpGLIIXVp
+'% +LJK 'HQVLW\ %LSRODU &RGH +DXWH GHQVLWp ELSRODLUH GH QLYHDX
(
&
,/ +,*+5()/ +LJK 2SWLFDO UHIOHFWLRQV 5pIOH[LRQV
$
$
('
. $/ $* $$
$$
$%5(9,$7,21 6,*1,),&$7,21 6,*1,),&$7,21 )5$1&$,6(
+3 +LJK 3RZHU *UDQGH SXLVVDQFH
O
H
W
V
L W
K Q F
W
V D
O
+3$ +LJKHU 2UGHU 3DWK $GDSWDWLRQ $GDSWDWLRQ GH FRQGXLW G·RUGUH
H
I W $
R Q
P
VXSpULHXU
J R
F R
LQ U
\ W V I
S L Q
R I R
+320 +LJKHU RUGHU 3DWK 2YHUKHDG 6XLYL G·HQWrWH GH FRQGXLW G·RUGUH
L
F R W
G Q ]
D 0RQLWRULQJ VXSpULHXU
Q LR U L
D W R
D
K
Q LF W
R Q X +8* +LJKHU RUGHU 8QHTXLSSHG *pQpUDWHXU G·RUGUH VXSpULHXU
J X D
LQ P Q *HQHUDWRU
V H
V PW W
D R LU
3
F
G W
Z +: +DUGZDUH 0DWpULHO
G Q X
H D R
Y
U H K
H V L
V X Z
W
,' ,GHQWLILFDWLRQ VLJQDOV 6LJQDX[ G·LGHQWLILFDWLRQ
H
U W G
Q H
V H W
W
K P
LW ,(& ,QWHUQDWLRQDO (OHFWURWHFKQLFDO &RPLWp pOHFWURWHFKQLTXH
P
&RPPLWWHH
J
LQWHUQDWLRQDO
L X U
U F H
OO R
S
$ G W
R
Q
,((( ,QVWLWXWH RI (OHFWULFDO DQG ,QVWLWXW G·LQJpQLHULH pOHFWULTXH HW
(OHFWURQLF (QJLQHHULQJ pOHFWURQLTXH
,1 ,QSXW (QWUpH
,1' ,QGLFDWLYH DODUP ,QGLFDWHXU G·DODUPH
,17 ,QWHUQDO /RFDO $ODUPV $ODUPHV ORFDOHV LQWHUQHV
,6:26: 6ZLWFKLQJ FRPPDQGV &RPPDQGHV GH FRPPXWDWLRQ
,QWHUQDWLRQDO 8QLRQ LQWHUQDWLRQDOH GHV
7HOHFRPPXQLFDWLRQ WpOpFRPPXQLFDWLRQV 6HFWHXU
,787
8QLRQ7HOHFRPPXQLFDWLRQ WpOpFRPPXQLFDWLRQV
6HFWRU
-( -RLQW (QJLQHHULQJ
/$1 /RFDO $UHD 1HWZRUN 5pVHDX ORFDO
/' '(* /DVHU 'HJUDGH
/' )$,/ /DVHU 7UDQVPLWWHU ORFDO IDLOXUH 'pIDXW ORFDO GH WUDQVPLVVLRQ ODVHU
/'66+87 &RPPDQG IRU $/6 &RPPDQGH $/6
/,(&% /RFDO ,QWUD (TXLSPHQW &RQWURO %XV ORFDO GH FRQWU{OH LQWHUFDUWHV
%XV
/2) /RVV RI DOLJQPHQW 3HUWH G·DOLJQHPHQW
/26 /RVV RI VLJQDO 3HUWH GH VLJQDO
/3$ /RZHU RUGHU SDWK DGDSWLRQ $GDSWDWLRQ GH FRQGXLW G·RUGUH
LQIpULHXU
/3& /RZHU RUGHU SDWK FRQQHFWLRQ &RQQH[LRQ G·RUGUH LQIpULHXU
( /30 /RRSEDFN OLQH VLGH UHPRWH
&
,/
$
$
('
. $/ $* $$
$$
$%5(9,$7,21 6,*1,),&$7,21 6,*1,),&$7,21 )5$1&$,6(
/320 /RZHU RUGHU 3DWK 2YHUKHDG 6XLYL G·HQWrWH GH FRQGXLW G·RUGUH
O
H
W
0RQLWRULQJ VXSpULHXU
V
L W V D
K Q F
W O
H
I W $
R Q /RZHU RUGHU SDWK WHUPLQDWLRQ 7HUPLQDLVRQ GH FRQGXLW G·RUGUH
R P
J
LQ
F R
V I
U /37 RU /RRSEDFN HTXLSPHQW VLGH LQIpULHXU RX
ORFDO
\ W
S L Q
R I R L
F R W
D
G Q ]
Q LR U
D W R
D
L
0 7DJEORFN RU $ODUP VWRULQJ
Q LF W K
R Q X
J X D
LQ P Q
01( 0DVWHU 1HWZRUN (OHPHQW (OpPHQW UpVHDX SULQFLSDO
V H
V PW W
D R LU
3
F
G W
Z 0)6$// /RVV RI PXOWLIUDPH 3HUWH GH V\QFKURQLVDWLRQ
G Q X
H D R
Y
V\QFKURQLVP PXOWLWUDPH
U H K W
H V L
V X Z
H
U W G
Q H
0*07 0DQDJHPHQW *HVWLRQ
V H W
W LW
K P
J P
L X U
U F H
OO R
0,7/ /RVV RI 7[ SXOVHV IURP /DVHU 3HUWH G·LPSXOVLRQV (P GX
S
$ G W
R IDLVFHDX ODVHU
Q
0/0 0XOWL /RQJLWXGLQDO PRGH 0RGH PXOWLORQJLWXGLQDO
06$,6 $,6 RI WKH 0XOWLSOH[HU VHFWLRQ 6LJQDO $,6 GH VHFWLRQ GH
PXOWLSOH[DJH
06)(5) )(5) RI PXOWLSOH[HU VHFWLRQ 6LJQDO )5() GH VHFWLRQ GH
PXOWLSOH[DJH
063 0XOWLSOH[HU VHFWLRQ SURWHFWLRQ 3URWHFWLRQ GH VHFWLRQ GH
PXOWLSOH[DJH
06$ 0XOWLSOH[HU VHFWLRQ DGDSWDWLRQ $GDSWDWLRQ GH VHFWLRQ GH
PXOWLSOH[DJH
067 0XOWLSOH[HU VHFWLRQ 7HUPLQDLVRQ GH VHFWLRQ GH
WHUPLQDWLRQ PXOWLSOH[DJH
06 635,1* 0XOWLSOH[HU VHFWLRQ 6KDUHG $QQHDX GH VpFXULVDWLRQ SDUWDJpH
3URWHFWLRQ 5LQJ GH VHFWLRQ GH PXOWLSOH[DJH
06: 6ZLWFKLQJ FRPPDQG &RPPDQGH GH FRPPXWDWLRQ
1,(&% 1HWZRUN ,QWUD (TXLSPHQW %XV UpVHDX GH FRQWU{OH
&RQWURO %XV LQWHUFDUWHV
15= 1R UHWXUQ WR ]HUR 3DV GH UHPLVH j ]pUR
185* 1RW XUJHQW DODUP $ODUPH QRQ XUJHQWH
2+%86 'HGLFDWHG KRXVHNHHSLQJ %XV 2+
VWUHDP
2..2 6ZLWFKLQJ UHTXHVW VLJQDOV 6LJQDX[ GH UHTXrWH GH
FRPPXWDWLRQ
25$/,0 25·LQJ RI VWDWLRQ SRZHU
(
& VXSSO\ DODUP
,/
$
$ 26 2SHUDWLYH V\VWHP 6\VWqPH G·H[SORLWDWLRQ 6(
('
. $/ $* $$
$$
$%5(9,$7,21 6,*1,),&$7,21 6,*1,),&$7,21 )5$1&$,6(
287 2XWSXW 6RUWLH
O
H
W
V
L W
K Q F
W
V D
O
36 3DUDOOHO6HULDO FRQYHUWHU &RQYHUWLVVHXU SDUDOOqOHVpULH
I W $H
R Q
J
LQ
R
F R
P
U
3& 3HUVRQDO &RPSXWHU 2UGLQDWHXU SHUVRQQHO 3&
\ W V I
S L Q
R I R
F R W
G Q ]
L
D 3)$,/ 3RZHU VXSSO\ IDLOXUH 'pIDXW G·DOLPHQWDWLRQ
Q LR U L
D W R
D
Q LF W
R Q X
K
3* 6$ 3RLQWHU *HQHUDWRU RI 6HFWLRQ *pQpUDWHXU GX SRLQWHXU
J X D
LQ P Q
$GDSWDWLRQ G·DGDSWDWLRQ GH VHFWLRQ
V H
V PW W
D R LU
3
F
G W
Z 3, 3K\VLFDO LQWHUIDFH ,QWHUIDFH SK\VLTXH
G Q X
H D R
Y
U H K
H V L
V X Z
W
3, 6$ 3RLQWHU LQWHUSUHWHU RI VHFWLRQ ,QWHUSUHWHXU GX SRLQWHXU
H
U W G
Q H
DGDSWDWLRQ G·DGDSWDWLRQ GH VHFWLRQ
V H W
W LW
K P
J P
L X U
U F H
OO R
32+ 3DWK 2YHUKHDG (QWrWH GH FRQGXLW
S
$ G W
R
Q
336 3DWK 3URWHFWLRQ 6ZLWFKLQJ &RPPXWDWLRQ GH VpFXULVDWLRQ GH
FRQGXLW
3:$/0 3RZHU VXSSO\ DODUP $ODUPH G·DOLPHQWDWLRQ
3:$1'25 $1'25 IDLOXUH 'pIDXW $1'25
701 ,QWHUIDFH ZLWK % ,QWHUIDFH 5*7 DYHF SURWRFROH %
44% SURWRFRO ,QWHUIDFH WRZDUGV ,QWHUIDFH YHUV XQ pTXLSHPHQW
SOHVLRFKURQRXV HTXLSPHQW SOpVLRFKURQH
44% 701 ,QWHUIDFH ZLWK % ,QWHUIDFH 5*7 DYHF SURWRFROH %
SURWRFRO ,QWHUIDFH WRZDUGV ,QWHUIDFH YHUV 5*7
701
585* 8UJHQW $ODUP FRPPDQG &RPPDQGH G·DODUPH XUJHQWH
/LJKWV XS WKH UHODWLYH UDFN UHG $OOXPH OHV YR\DQWV URXJHV /('
/(' FRUUHVSRQGDQWV GX FKkVVLV
5$0 5DQGRP $FFHVV 0HPRU\ 0pPRLUH YLYH
5&. 5HFHLYHG FORFN
5() 5HIHUHQFH 5pIpUHQFH
5(/ 5HOHDVH 9HUVLRQ
506 5RRW 0HDQ 6TXDUH 9DOHXU TXDGUDWLTXH PR\HQQH
1RW XUJHQW $ODUP FRPPDQG &RPPDQGH G·DODUPH QRQ
/LJKWV XS WKH UHODWLYH UDFN UHG XUJHQWH $OOXPH OHV YR\DQWV
5185* /(' URXJHV /(' FRUUHVSRQGDQWV GX
FKkVVLV
5HJHQHUDWLRQ 6HFWLRQ 7HUPLQDLVRQ GH VHFWLRQ GH
567 7HUPLQDWLRQ
UpJpQpUDWLRQ
(
&
,/ 66( (OHFWULFDO VFKHPDWLF 6FKpPD pOHFWULTXH
$
$ 63 6HULDO3DUDOOHO &RQYHUWHU &RQYHUWLVVHXU VpULHSDUDOOqOH
('
. $/ $* $$
$$
$%5(9,$7,21 6,*1,),&$7,21 6,*1,),&$7,21 )5$1&$,6(
6$ 6HFWLRQ $GDSWDWLRQ $GDSWDWLRQ GH VHFWLRQ
O
H
W
V
L W
K Q F
W
V D
O
6'+ 6\QFKURQRXV 'LJLWDO +LpUDUFKLH QXPpULTXH V\QFKURQH
I W $
R Q
H
+LHUDUFK\
J R P
F R
LQ U
V I
\ W
S L Q 6(7* 6\QFKURQRXV (TXLSPHQW
R I R
F R W
L
D
7LPLQJ *HQHUDWLRQ IXQFWLRQ
G Q ]
Q LR U L
D W R
D
Q LF W
R Q X
K 6/0 6LQJOH /RQJLWXGLQDO 0RGH 0RGH ORQJLWXGLQDO VLPSOH
J X D
LQ P Q
V
V PW
H
W 60 6LQJOH 0RGH6\QFKURQRXV 0RGH VLPSOHPXOWLSOH[HXU
D R LU
3
F
Z 0X[ V\QFKURQH
G W
G Q X
H D R
Y
U H K
H V L
W 60(& 6\QFKURQRXV PXOWLSOH[HU &RQWU{OHXU G·pTXLSHPHQW j
V X Z
H
U W G (TXLSPHQW &RQWUROOHU PXOWLSOH[HXU V\QFKURQH
Q H
V H W
W LW
K P
61&3 6XEQHWZRUN &RQQHFWLRQ 6pFXULVDWLRQ GHV FRQQH[LRQV GH
J P
L X U
U F H
OO R
$ G W
S
R
3URWHFWLRQ 6XEVWLWXWHV 336 VRXVUpVHDX
Q
62+ 6HFWLRQ 2YHUKHDG (QWrWH GH VHFWLRQ
660% 6\QFKURQRXV 6WDWXV 0HVVDJH
%\WH
670670670 6\QFKURQRXV 7UDQVSRUW 0RGXOH GH WUDQVSRUW V\QFKURQH
0RGXOH OHYHOV QLYHDX[
6: 6RIWZDUH /RJLFLHO
6<1& $% 6\QFKURQLVP IURP &58 $% 6\QFKURQLVDWLRQ GH OD FDUWH GH
UpIpUHQFH G·KRUORJH $%
7$1& 5HPRWH DODUP GXH WR IDLOXUH $ODUPH GLVWDQWH VXLWH j XQH
RI DOO SRZHU VXSSO\ XQLWV GpIDLOODQFH GH WRXWHV OHV FDUWHV
G·DOLPHQWDWLRQ
7' /D\RXW GUDZLQJ 6FKpPD G·LPSOpPHQWDWLRQ
701 7HOHFRPXQLFDWLRQ 5pVHDX GH *HVWLRQ GHV
0DQDJHPHQW 1HWZRHN 7pOpFRPPXQLFDWLRQV 5*7
725& 5HPRWH DODUP GXH WR D $ODUPH GLVWDQWH VXLWH j XQH FDUWH
IDXOW\PLVVLQJ SRZHU VXSSO\ G·DOLPHQWDWLRQ PDQTXDQWH RX
XQLW GpIHFWXHXVH
75,% 7ULEXWDU\ $IIOXHQW
78* 7ULEXWDU\ XQLW JURXS OHYHO *URXSH GH FDUWHV G·DIIOXHQWV
QLYHDX
782+ 78 SRLQWHU 3RLQWHXU GH FDUWH G·DIIOXHQW
78383 (TXLSPHQW &RQWUROOHU UHPRWH $ODUPH GLVWDQWH GX FRQWU{OHXU
DODUP G·pTXLSHPHQW
( 7878 7ULEXWDU\ XQLW &DUWH G·DIIOXHQW
&
,/
$
$ 85* 8UJHQW 8UJHQW DODUPH
('
. $/ $* $$
$$
$%5(9,$7,21 6,*1,),&$7,21 6,*1,),&$7,21 )5$1&$,6(
9&;2 9ROWDJH FRQWUROOHG RVFLOODWRU 2VFLOODWHXU j WHQVLRQ FRQWU{OpH
O
H
W
V
L W
K Q F
W
V D
O
9&9&YF 9LUWXDO &RQWDLQHU OHYHOV &RQWHQHXU YLUWXHO QLYHDX
I W $H
R Q
J
LQ
R
F R
P
U
96(59 $X[LOLDU\ YROWDJH 7HQVLRQ DX[LOOLDLUH
\ W V I
S L Q
R I R
F R W
G Q ]
L
D : :HVW 2XHVW 2
Q LR U L
D W R
D
Q LF W
R Q X
K
:.&+ :RUNLQJ FKDQQHO &DQDO HQ VHUYLFH
J X D
LQ P Q
V
V PW
D R LU
H
W 127(
3
F
G W
Z (Q FH TXL FRQFHUQH OD PRGLILFDWLRQ GHV QRPV WRXV OHV GRFXPHQWV pPLV SDU OHV GHX[
G Q X
H D R FRPLWpV GH O·8,7 &&,5 HW &&,77 HQ HW GDQV FHUWDLQV FDV
FDV OHV GRFXPHQWV
Y
U H K
H V L
W DQWpULHXUV VRQW FODVVpV UHVSHFWLYHPHQW FRPPH GRFXPHQWV 8,75 HW 8,77
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
'(6&5,37,216
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
*(1(5$/,7(6
O 3UpVHQWDWLRQ JpQpUDOH GH O·pTXLSHPHQW
H
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
'HX[ pTXLSHPHQWV GLVWLQFWV VRQW GpFULWV GDQV FH PDQXHO
J R P
F R
LQ U
\
S
V I
W
L Q 60 PXOWLSOH[HXU V\QFKURQH GH GpULYDWLRQLQVHUWLRQ GpILQL FRPPH XQ PRGXOH GH WUDQVSRUW
RI R
F
G
R W
Q D
L
V\QFKURQH 6\QFKURQRXV 7UDQVSRUW 0RGXOH GH QLYHDX 670
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
60& PXOWLSOH[HXU V\QFKURQH GH GpULYDWLRQLQVHUWLRQ GpILQL FRPPH XQ PRGXOH GH
X D
J
LQ PQ WUDQVSRUW V\QFKURQH 6\QFKURQRXV 7UDQVSRUW 0RGXOH GH QLYHDX 670 ,O V·DJLW G·XQ
V H
W
V
D
PW
R LU
F
pTXLSHPHQW ´FRPSDFWµ GDQV XQH PpFDQLTXH LGHQWLTXH j FHOOH G·XQ pTXLSHPHQW 670
3 Z
G
G W
Q X
DFFHSWDQW XQ pTXLSHPHQW 670 j 0ELWV DYHF GpULYDWLRQLQVHUWLRQ
H D R
Y
U H K
V L
W /·pTXLSHPHQW 60& SHXW rWUH FRQVLGpUp FRPPH XQH PLVH j QLYHDX GX 60 FDU VD
H
V
H
U
X Z
G
W
FRQFHSWLRQ HVW EDVpH VXU OH VLPSOH UHPSODFHPHQW GHV GHX[ FDUWHV G·DJUpJDW 670 IRXUQLHV
Q W H
V
W
K
H LW GDQV OH 60 SDU GHX[ FDUWHV G·DJUpJDW 670
PP
J
L X U
U F H
OOR S
$ G W
R
&HW pTXLSHPHQW SHUPHW O·pWDEOLVVHPHQW G·XQ V\VWqPH GH WUDQVPLVVLRQ j 0ELWV GRQW OD IOH[LELOLWp
Q
pWHQGXH DXWRULVH GHV FRQILJXUDWLRQV YDULpHV SULQFLSDOHPHQW FRPPH PXOWLSOH[HXU GH GpULYDWLRQLQVHUWLRQ
GH WHUPLQDLVRQV GH OLJQH GRWpHV GH GLYHUVHV SURWHFWLRQV \ FRPSULV GHV RSpUDWLRQV VXU GHV UpVHDX[ HQ
DQQHDX
&HW pTXLSHPHQW SHXW pJDOHPHQW IRQFWLRQQHU FRPPH XQ UpJpQpUDWHXU
/HV DIIOXHQWV VRQW PXOWLSOH[pV HW DERXWpV VHORQ OHV UHFRPPDQGDWLRQV (76, 9RLU )LJXUH SDJH
/HV DIIOXHQWV SHXYHQW rWUH SOpVLRFKURQHV j HW 0ELWV RX V\QFKURQHV j 0ELWV 670
HW GDQV FH GHUQLHU FDV pOHFWULTXHV RX RSWLTXHV
/HV DIIOXHQWV SHXYHQW rWUH SOpVLRFKURQHV j HW 0ELWV RX V\QFKURQHV j 0ELWV 670
HW GDQV FH GHUQLHU FDV pOHFWULTXHV RX RSWLTXHV
(Q RXWUH LO GLVSRVH G·XQ DIIOXHQW '9% &HWWH FDUWH UHoRLW RX WUDQVPHW OHV FDQDX[ GH WpOpYLVLRQ FRGpV
G·pPLVVLRQ YLGpR QXPpULTXH '9% j 0ELWV HW FRQILJXUH OHV VLJQDX[ VXU GHV WUDPHV
XQLGLUHFWLRQQHOOHV GH 0ELWV HQ YXH GH OHXU WUDQVIHUW VXU XQ UpVHDX 6'+ GH QLYHDX &9
/HV FDUWHV FRPSRUWHQW WURLV FDQDX[ LQGpSHQGDQWV j 0ELWV
8QH MDUUHWLqUH VXU OD FDUWH SHUPHW GH VpOHFWLRQQHU O·pPLVVLRQ HW OD UpFHSWLRQ
&HW pTXLSHPHQW SHXW DFFRPPRGHU GLIIpUHQWV W\SHV G·DIIOXHQWV FRQILJXUpV FRPELQpV
&HWWH YHUVLRQ GH O·pTXLSHPHQW SHXW JpUHU XQ FKkVVLV G·H[WHQVLRQ DSSHOp 60' ´&KkVVLV GH
GpULYDWLRQµ FRPSRUWDQW MXVTX·j DIIOXHQWV j [ 0ELWV SURWpJp 'X IDLW GH FHV SHUIRUPDQFHV
O·XWLOLVDWLRQ GH OD FDUWH (6&7 FRPPH FRQWU{OHXU GH O·pTXLSHPHQW HVW LPSpUDWLYH
&H ´FKkVVLV GH GpULYDWLRQµ '523 6+(/) Q·HVW HQ DXFXQ FDV XQ QRXYHO pOpPHQW GH UpVHDX PDLV HVW
FRPSOqWHPHQW VXSHUYLVp HW FRQILJXUp SDU O·pTXLSHPHQW SULQFLSDO 60 60&
,O SHUPHW G·pWHQGUH OHV FDSDFLWpV GH O·pOpPHQW GH UpVHDX MXVTX·j FRQGXLWV j 0ELWV
3OXVLHXUV W\SHV G·LQWHUIDFHV RSWLTXHV G·DJUpJDWV VRQW GLVSRQLEOHV YRLU FKDSLWUH SDJH SRXU
V·DGDSWHU DX[ GLIIpUHQWHV DSSOLFDWLRQV FRPPH
GHV OLDLVRQV GDQV GHV ILEUHV *
GHV OLDLVRQV GDQV GHV ILEUHV * GLVSHUVLRQVKLIWHG
(
&
,/ GHV OLDLVRQV DYHF GHV DPSOLILFDWHXUV RSWLTXHV ERRVWHUV
$ GHV OLDLVRQV DYHF GHV SUpDPSOLILFDWHXUV RSWLTXHV
$
('
. $/ $* $$
$$
GHV OLDLVRQV DYHF GHV pTXLSHPHQWV :'0 GDQV FH FDV LQWHUIDFHV RSWLTXHV µFRORUpVµ VXU
GLIIpUHQWHV ORQJXHXUV G·RQGHV GDQV OD SODJH :'0 VRQW GLVSRQLEOHV
O
/D FDUWH G·DJUpJDWV LQWHUIDFH OH VLJQDO 670670 HW FRQILJXUpH SRXU OD GpULYDWLRQ HW O·LQVHUWLRQ HOOH
H
V
L
K
V
W D
W
SHXW LQWHUIDFHU OHV JURXSHV (67 HW 28(67
W Q F O
I H $
W
R Q
J R P
F R
&HW pTXLSHPHQW IRXUQLW pJDOHPHQW GHV IRQFWLRQV GH VpFXULVDWLRQ
LQ U
V I
\
S
W
L Q
I R
&HWWH YHUVLRQ RIIUH OHV IRQFWLRQV VXLYDQWHV
R L
FR W
GQ D
Q
D
LR U
W
]
L
&RPPXWDWLRQ GH SURWHFWLRQ GH FKHPLQ 3DWK 3URWHFWLRQ 6ZLWFKLQJ 61&3
D R
Q
R LF W
Q X
K
) 06 635,1*
J X D
LQ PQ
H
(36 SRXU OHV DIIOXHQWV pOHFWULTXHV 1 HQ FRQIRUPLWp DYHF O·DIIOXHQW XWLOLVp
V W
V
D
PW
R LU
F
(36 SRXU OD FDUWH GH UpIpUHQFH G·KRUORJH IRQFWLRQV GH V\QFKURQLVDWLRQ HW OD FDUWH GH PDWULFH
3 Z
G
G W
Q X WRWDOH IRQFWLRQV GH URXWDJH
H D R
Y
U
H
H K
V L
W &RPPXWDWLRQ ORFDOH SRXU SURWHFWLRQ GH OD ILOH OLQpDLUH /LQHDU 7UDLO 3URWHFWLRQ VLQJOHHQG
V
H
U
X Z
G
W
VZLWFKLQJ 06 SRXU OHV FDUWHV G·DJUpJDW 670 HW OHV FDUWHV G·DIIOXHQWV pOHFWULTXHV HW
Q W H
V
W
K
H LW RSWLTXHV 670 1H IRQFWLRQQH SDV VXU OHV FDUWHV G·DJUpJDW 670
PP
J
L
U
OO
X U
F H 3URWHFWLRQ GH O·DOLPHQWDWLRQ OLJQH G·H[WHQVLRQ ´µ HW ´µ SRXU OH FKkVVLV GH GpULYDWLRQ
R S
$ G W
R
Q
/HV IRQFWLRQV UpSHUWRULpHV FLGHVVXV VRQW GpWDLOOpHV GDQV FH PDQXHO
/HV IXWXUHV YHUVLRQV GH FHW pTXLSHPHQW SRVVqGHURQW pJDOHPHQW GHV IRQFWLRQV GH &3$ OLQpDLUHV 1
ELGLUHFWLRQQHOOHV RX SURWHFWLRQ GH OD ILOH OLQpDLUH 06 HW G·(36 GHV DIIOXHQWV
/·DOORFDWLRQ GH WUDPHV GHV VLJQDX[ SHXW rWUH PRGLILpH /D IRQFWLRQ &211(&7,21 SRXU OHV VLJQDX[ GH
FLUFXLW YLUWXHO GH KDXW HW EDV QLYHDX[ HVW G·XQH LPSRUWDQFH FDSLWDOH SRXU OD JHVWLRQ GX UpVHDX
&HW pTXLSHPHQW DXWRULVH O·DFFqV j XQH ODUJH JDPPH GH VHUYLFHV YLD GHV RFWHWV GpGLpV GH OD VWUXFWXUH 6'+
FHFL IDFLOLWDQW OD PDLQWHQDQFH HW O·H[SORLWDWLRQ GHV OLDLVRQV
&HW pTXLSHPHQW IRXUQLW XQH LQWHUIDFH DYHF
OHV RUGLQDWHXUV SHUVRQQHOV SRVWHV G·H[SORLWDWLRQ ORFDOH ,QWHUIDFH )
OH V\VWqPH GH JHVWLRQ GX UpVHDX ,QWHUIDFH 4
&HFL SHUPHW O·DQDO\VH GHV FRQGLWLRQV GHV DODUPHV OD FRQILJXUDWLRQ GHV ORJLFLHOV GHV pTXLSHPHQWV HW
O·H[pFXWLRQ G·RSpUDWLRQV GH JHVWLRQ
/·pWDW GH O·DODUPH pTXLSHPHQW HVW LQGLTXp SDU OHV YR\DQWV OXPLQHX[ VLWXpV VXU VD IDFH DYDQW
/H WpOpFKDUJHPHQW GH ORJLFLHOV VH IDLW DX U\WKPH GH O·pYROXWLRQ GX SURGXLW
/·DOLPHQWDWLRQ pOHFWULTXH HVW IRXUQLH SDU GHX[ FRQYHUWLVVHXUV &&&& HW XQH DOLPHQWDWLRQ GH VHFRXUV
/D VWUXFWXUH PpFDQLTXH GX FKkVVLV HVW FRQIRUPH DX[ QRUPHV (76,
/D VWUXFWXUH HW OHV FDUWHV TXL O·pTXLSHQW VRQW GpFULWHV DX FKDSLWUH ´&21),*85$7,21µ
SDJH
(
&
,/
$
$
('
. $/ $* $$
$$
O
[
V
L V
W D
H
W
78* 78 &9 &
K
W
I
Q F
H $
O NELWV
W
R Q
J R P
F R
LQ
\V I
W
L Q
U
[
S
RI R
R W L
F
Q D
G
Q
D
LR U
W
]
L
78* 78 &9 &
Q
D R
LF W
K
R
J
Q X
X D
NELWV
LQ PQ
V
V
D
PW
R LU
H
W [
F
3 Z
G W
G
H
Q X
D R [
Y
U
H
H K
V L
W
670 $8* $8 9& &
V
H
U
X Z
G
W
NELWV
Q W H
V H LW
W
K
J
L
PP
X U 670 [
U F H
OOR S
$ G W
R
Q
)LJXUH &RQILJXUDWLRQ (76, GHV DERXWHPHQWV
(
&
,/
$
$
('
. $/ $* $$
$$
,QWpJUDWLRQ GH O·pTXLSHPHQW GDQV OH UpVHDX
/·pTXLSHPHQW 60 60& DSSDUWLHQW j OD JDPPH GH SURGXLWV $/&$7(/ HW HVW FRQIRUPH j OD
O
H
KLpUDUFKLH QXPpULTXH V\QFKURQH 6'+ 6\QFKURQRXV 'LJLWDO +LHUDUFK\ GpILQLH SDU OHV UHFRPPDQGDWLRQV
W
V
L W
K Q F
W
V D
O
8,77 * * * * * * * * HW *
H
I W $
R Q 8QH VWUXFWXUH GH UpVHDX 6'+ W\SLTXH HVW LOOXVWUpH HQ )LJXUH SDJH
J R P
LQ
\ W
F R
V I
U /D JDPPH GHV V\VWqPHV V\QFKURQHV G·$OFDWHO HVW GpFULWH HQ )LJXUH SDJH
S L Q
R I R
F R W
L &HUWDLQHV FDUWHV 60 60& VRQW pJDOHPHQW XWLOLVpHV VXU GHV pTXLSHPHQWV 60
G Q ]
Q LR U
D
L PXOWLSOH[HXU GH GpULYDWLRQLQVHUWLRQ j 0ELWV SRXU VLPSOLILHU OD VpFXULVDWLRQ HW DXJPHQWHU OD FDSDFLWp
D W R
D
Q LF W K GX UpVHDX
R Q X
J X D &HW pTXLSHPHQW SHXW rWUH XWLOLVp VXU GHV UpVHDX[ LQWHUXUEDLQV UpJLRQDX[ RX PpWURSROLWDLQV FRQILJXUpV
LQ P Q
V
V PW
H
W SRXU GHV V\VWqPHV SOpVLRFKURQHV RX V\QFKURQHV VWDQGDUG
D R LU
3
F
G W
Z &H SURGXLW HVW DGDSWp DX[ UpVHDX[ OLQpDLUHV HQ DQQHDX[ HW QRGDX[ HW VXU GHV OLDLVRQV VpFXULVpHV RX QRQ
G Q X
H D R
Y
U H K
H V L
V X Z
W
/HV PRGHV G·XWLOLVDWLRQ GH FHW pTXLSHPHQW GpSHQGHQW GHV GLIIpUHQWV W\SHV GH UpVHDX[ GLVSRQLEOHV
H
U W G
Q H
V H W
W LW
K P
J
L X U
U F H
P
$77(17,21 O·pTXLSHPHQW LOOXVWUp GH OD )LJXUH SDJH j OD )LJXUH SDJH HVW GpILQL
OO R
S
$ G W
R
FRPPH XQ ´$'0µ $GG 'URS 0XOWLSOH[HU RX PXOWLSOH[HXU GH GpULYDWLRQLQVHUWLRQ
Q
,O Q·HVW SDV SHUPLV GH UHFRXULU DX FRQGXLW GH VHFRXUV VLWXp GDQV OH WHUPLQDO FRQILJXUp
60&
11, 11, 11, 11,
$))/ 60 60 $))/
6<67(0( 6<67(0(
60 '&6($ 60
/,*1(5$',2 /,*1(5$',2
$))/ $))/
$))/
$))/ 60 60 $))/
'&6 %5$66(85 180(5,48(
($ (48,3(0(17 '·$&&(6 (;7(51(
60 08/7,3/(;(85 6<1&+521(
75 $))/8(176
11, ,17(5)$&( '8 5(6($8 12'$/
)LJXUH 6WUXFWXUH GH UpVHDX 6'+
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
Q
D
LR U
W
L
$/&$7(/
D R $/&$7(/ $/&$7(/
6/
Q K
R LF W 60& 60
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F $/&$7(/
3 Z $/&$7(/
6/
G W 60
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U
G
W
Q W H $/&$7(/ $/&$7(/
V H LW
W 60 60&
K PP
J
L X U
U F H $/&$7(/
OOR S $1 $/&$7(/ $/&$7(/
6; 6;
$ G W
R
Q
'(5,9$7,21,16(57,21
75$160,66,21
%5$66$*(
)LJXUH 6\VWqPH V\QFKURQH G·$/&$7(/
(
&
,/
$
$
('
. $/ $* $$
$$
&RQILJXUDWLRQ
0XOWLSOH[HXU WHUPLQDO 9RLU )LJXUH
O
&H PXOWLSOH[HXU HVW IRXUQL DYHF XQH LQWHUIDFH GH VWDWLRQ 670670 pYHQWXHOOHPHQW HQ
H
V
L
K
V
W D
W
VHFRXUV DILQ G·rWUH UDFFRUGp j XQ EUDVVHXU QXPpULTXH RX j XQ V\VWqPH GH OLJQHV KDXWHPHQW
W Q F O
I
R
H $
W
Q
KLpUDUFKLVp
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V
V
D
PW
R LU
H
W &21'8,7
F
(5
3 Z
G W
G
H
Y
Q X
D R $))/8(176
U H K W
H V L
V X Z
H G
U W
Q W H
V
W
K
J
L
H LW
PP
X U
6(&2856
U F H
OOR S
$ G W
R
Q
)LJXUH 0XOWLSOH[HXU WHUPLQDO
0XOWLSOH[HXU GRXEOH 9RLU )LJXUH
8Q FKkVVLV SHXW FRQWHQLU MXVTX·j GHX[ WHUPLQDX[ GH PXOWLSOH[DJH WRWDOHPHQW RX SDUWLHOOHPHQW
pTXLSpV
&21'8,7
$))/8(176
6(&2856
(5
&21'8,7
$))/8(176
)LJXUH 0XOWLSOH[HXU GRXEOH
(
&
,/
$
$
('
. $/ $* $$
$$
$SSOLFDWLRQ
/HV GLYHUVHV DSSOLFDWLRQV SRVVLEOHV GH FHW pTXLSHPHQW VRQW GpFULWHV FLDSUqV
O
V
L V
W D
H
W /LDLVRQ SRLQWjSRLQW 9RLU )LJXUH
K
W
I
Q F
H $
W
O
'DQV FH FDV OH PXOWLSOH[HXU SHXW rWUH UDFFRUGp j XQ DXWUH PXOWLSOH[HXU YLD OD OLJQH
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
Q D
G
Q
D
LR U
W
]
L &21'8,7
D R
Q K
R LF W
J
LQ
Q X
X D
PQ
$))/8(176 (5 (5 $))/8(176
V H
V PW W
R LU
D
3
F
Z 6(&2856
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U
V
W
Q W H )LJXUH /LDLVRQV SRLQWjSRLQW
W H LW
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
'pULYDWLRQ,QVHUWLRQ OLQpDLUH 9RLU )LJXUH
/H PXOWLSOH[HXU SHXW rWUH SURJUDPPp SRXU GpULYHU LQVpUHU GHV DIIOXHQWV j SDUWLU GX GDQV OH
FRQGXLW 670
&HWWH FRQILJXUDWLRQ VDQV DIIOXHQWV QL PDWULFHV FRUUHVSRQG j XQ pTXLSHPHQW GH W\SH
UpJpQpUDWHXU 8QH VHXOH FDUWH GH UDFFRUGHPHQW HVW LQVpUpH
&21'8,7 &21'8,7 &21'8,7
(5 $'0 $'0 (5 $))/8(176
6(&2856 6(&2856 6(&2856
$))/8(176 $))/8(176
)LJXUH 'pULYDWLRQ,QVHUWLRQ OLQpDLUH
670 QRGDO 9RLU )LJXUH
/H PXOWLSOH[HXU DXWRULVH OD GpULYDWLRQLQVHUWLRQ G·DIIOXHQWV 670 j 0ELWV GDQV XQ FRQGXLW
GH OLJQHV HW OHV UpSDUWLW GDQV GHV VWUXFWXUHV HQ +8%
&21'8,7 &21'8,7
$'0
6(&2856 6(&2856
670 $))/8(176
(
&
,/
$ )LJXUH +8% 670
$
('
. $/ $* $$
$$
$SSOLFDWLRQV :'0 YRLU )LJXUH
'DQV FH FDV OH 60& VHUW G·µDIIOXHQW 670 FRORUpµ SRXU OH :0 PXOWLSOH[HXU
:'0 2Q SHXW XWLOLVHU MXVTX·j ORQJXHXUV G·RQGH l G·DJUpJDWV GLIIpUHQWHV
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U
H
H K
V L
W 670 670
V
H
X Z
G
&2/25( &2/25(
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$))/6 60 & 60 &
$))/6
M M
$))/6
60 &
60 &
$))/6
M M
[ 670
:0 :0
60 &
$))/6
60 &
$))/6
M
M
)LJXUH $SSOLFDWLRQV :'0
(
&
,/
$
$
('
. $/ $* $$
$$
6WUXFWXUH HQ DQQHDX 9RLU )LJXUH
/D IRQFWLRQ 'pULYDWLRQ,QVHUWLRQ SHUPHW GH PHWWUH HQ SODFH GHV VWUXFWXUHV HQ DQQHDX
/H FLUFXLW YLUWXHO SHXW rWUH DXWRPDWLTXHPHQW UHURXWp VL OD OLDLVRQ RSWLTXH HVW LQWHUURPSXH RX HQ
O
H
FDV GH GpIDLOODQFH GH O·XQ GHV QRHXGV
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
$))/8(176
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
Q
D
LR U
W
D R
L
$'0
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
V L
$11($8
H
V X Z
H
U
G
W
Q W H
$))/8(176 $'0 $'0 $))/8(176
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$'0
$))/8(176
)LJXUH 6WUXFWXUH HQ DQQHDX
'LIIXVLRQ XQLGLUHFWLRQQHOOH 9RLU )LJXUH
&HWWH IRQFWLRQ SHUPHW G·H[WUDLUH GHV GRQQpHV G·XQ PrPH &9 VXU GLIIpUHQWV DIIOXHQWV SK\VLTXHV
'H WHOOHV GRQQpHV SHXYHQW pJDOHPHQW WUDQVLWHU HQ PRGH WUDQVSDUHQW YHUV GHV VWDWLRQV HQ DYDO
[&9Q [&9Q
,17(5)$&( $))/8(17
)LJXUH 'LIIXVLRQ XQLGLUHFWLRQQHOOH
(
&
,/
$
$
('
. $/ $* $$
$$
)RQFWLRQ GH EUDVVDJH
/HV GLYHUVHV SRVVLELOLWpV GH EUDVVDJH &5266&211(&7,21 RIIHUWHV SDU FHW pTXLSHPHQW
O
OXL SHUPHWWHQW G·rWUH XWLOLVp FRPPH XQ QRHXG GH SHWLWH WDLOOH GRWp G·XQH FDSDFLWp PD[LPDOH GH
H
V
L
K
V
W D
W
VHL]H SRUWV 670
W Q F O
I H $
W
R Q
J R P
F R
/HV DXWUHV IRQFWLRQV SURSRVpHV SDU FHWWH YHUVLRQ VRQW
LQ U
\V I
W
L Q
S
I R
R
FR W L
5pJpQpUDWLRQ
GQ D
Q
D
LR U
W
]
L
&HW pTXLSHPHQW SHXW IRQFWLRQQHU HQ PRGH UpJpQpUDWHXU 607 ORUVTXH OHV FDUWHV G·DIIOXHQWV
D R
Q
R LF W
Q X
K
QH VRQW SDV pTXLSpHV 7RXWHIRLV XQH FDUWH GH UDFFRUGHPHQW GRLW rWUH LQVpUpH
J X D
LQ PQ
H
&HUWDLQHV SHUIRUPDQFHV $'0 QH QRXV SHUPHWWHQW FHSHQGDQW SDV GH OH FRQVLGpUHU FRPPH XQ
V W
V
D
PW
R LU
F
YUDL UpJpQpUDWHXU /·RFWHW % HVW UpVHUYp pYDOXp SXLV UpLQVpUp GDQV OH UpJpQpUDWHXU % HVW
3 Z
G
G W
Q X WUDQVSDUHQW 8Q DOJRULWKPH VSpFLILTXH SHUPHW pJDOHPHQW j O·$'0 GH VH V\QFKURQLVHU VXU XQH
H D R
Y
U
H
H K
V L
W KRUORJH XQLTXH DORUV TXH GDQV XQ UpJpQpUDWHXU FKDTXH VHFWLRQ VH V\QFKURQLVH
V
H
U
X Z
G
W
LQGLYLGXHOOHPHQW VXU XQH KRUORJH H[WUDLWH GH VRQ F{Wp 5pFHSWLRQ
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
$PSOLILFDWLRQ RSWLTXH
OOR S
$ G W
R
/·pTXLSHPHQW 60 60& SHXW rWUH FRQQHFWp j XQ DPSOLILFDWHXU RSWLTXH H[WHUQH
Q
2$ HW 2$ DILQ G·rWUH RSpUDWLRQQHO VXU GHV WURQoRQV SOXV ORQJV /HV FULWqUHV G·DODUPH
2$ VRQW JpUpV SDU O·pTXLSHPHQW j O·DLGH GH VHV FULWqUHV GH PDLQWHQDQFH ORFDOH
7UDQVPLVVLRQ ELGLUHFWLRQQHOOH
/D IRQFWLRQ GH WUDQVPLVVLRQ ELGLUHFWLRQQHOOH VXU ILEUH XQLTXH LPSOpPHQWpH j O·DLGH G·XQ FRXSOHXU
RSWLTXH SDVVLI H[WHUQH Q·HVW GLVSRQLEOH TXH VXU O·pTXLSHPHQW 60&
&KkVVLV GH GpULYDWLRQ
$ SDUWLU GH OD YHUVLRQ DFWXHOOH O·pTXLSHPHQW 60 60& GRWp G·XQH QRXYHOOH FDUWH
(6&7 HW GH OD QRXYHOOH WHUPLQDLVRQ '6 )XWXUH%XV HVW FDSDEOH GH JpUHU WRWDOHPHQW XQ
pTXLSHPHQW H[WHUQH DSSHOp FKkVVLV GH GpULYDWLRQ 60'
&HW pTXLSHPHQW G·H[WHQVLRQ IRXUQLW O·DFFqV j SUqV GH DIIOXHQWV j 0ELWV GH VRUWH TX·XQ
pTXLSHPHQW 60 FRPELQp j XQ FKkVVLV GH GpULYDWLRQ GLVSRVH G·XQH FDSDFLWp GH
DIIOXHQWV j 0ELWV FH TXL FRUUHVSRQG DX[ FDSDFLWpV G·XQ pTXLSHPHQW 670 FRPSOHW
&RQWU{OH j GLVWDQFH GH O·pTXLSHPHQW
&H V\VWqPH GH FRQWU{OH DXWRULVH GHV IRQFWLRQV GH JHVWLRQ FHQWUDOLVpH VXU GHV UpVHDX[ 6'+ SHX
pWHQGXV LGHQWLTXHV j FHOOHV RIIHUWHV SDU XQ 6(
,O HVW DORUV SRVVLEOH G·H[pFXWHU j SDUWLU G·XQ GHV pOpPHQWV GX UpVHDX (5 OHV IRQFWLRQV GH
JHVWLRQ YHUV OHV DXWUHV pOpPHQWV GX UpVHDX MXVTX·j (5 WHOOHV TXH GHV PRGLILFDWLRQV GH
FRQILJXUDWLRQ HW GX FRQWU{OH j GLVWDQFH
6( UHGRQGDQW
&HWWH IRQFWLRQ GH VpFXULVDWLRQ HVW SUpYXH SRXU SURWpJHU O·pTXLSHPHQW SULQFLSDO /D FRPPXWDWLRQ
HVW DORUV DXWRPDWLTXH RX PDQXHOOH DX[ FKRL[ GH O·RSpUDWHXU
(
&
,/
$
$
('
. $/ $* $$
$$
&21),*85$7,21
&H FKDSLWUH GpFULW OD VWUXFWXUH SK\VLTXH O·LPSODQWDWLRQ HW OD FRPSRVLWLRQ GH O·pTXLSHPHQW
O
H
V
L W V D
W
/H SDUDJUDSKH SDJH PRQWUH O·HQVHPEOH GHV FDUWHV HW GHV FRPSRVDQWV FRQVWLWXWLIV GH O·pTXLSHPHQW
K Q F
W O
I W $H
R Q
J R
F R
P /HV SDUWLHV SULQFLSDOHV OHV DFFHVVRLUHV HW OHV QRWHV H[SOLFDWLYHV ILJXUHQW DX SDUDJUDSKH SDJH
LQ U
\ W V I
S L Q
R I R
F R W
L
D
/H SDUDJUDSKH SDJH LQGLTXH OHV SRLQWV G·DFFqV LQWHUUXSWHXUV GH YR\DQWV VLWXpV VXU FKDTXH FDUWH DYHF
G Q ]
Q LR U
D W R
L
OHV OpJHQGHV HW OHXU VLJQLILFDWLRQ
D
Q LF W K
R Q X
J X D
LQ P Q
6H UHSRUWHU DX FKDSLWUH SDJH SRXU GH SOXV DPSOHV LQIRUPDWLRQV
V H
V PW W
D R LU
3
F
G W
Z /H 3& SRVWH G·H[SORLWDWLRQ XWLOLVp SRXU OHV RSpUDWLRQV GH PLVH VRXV WHQVLRQ HW GH PDLQWHQDQFH QH ILJXUH
G Q X
H D R
Y
SDV GDQV OD OLVWH GHV pTXLSHPHQWV PDLV SHXW rWUH IRXUQL SDU 7HOHWWUD 9RLU OH 0DQXHO 2SpUDWHXU SRXU OD
U H K W
H V L
V X Z FRQILJXUDWLRQ PDWpULHOOH GX 3&
H
U W G
Q H
V H W
W LW
K P
J P
1% 6·LO V·DJLW G·XQH YHUVLRQ DQWpULHXUH GH O·pTXLSHPHQW FRQIRUPH j OD YHUVLRQ FRXUDQWH GX ORJLFLHO
L X U
F·HVWjGLUH GX WpOpFKDUJHPHQW GX QRXYHDX ORJLFLHO VXU O·pTXLSHPHQW SULqUH GH VH UHSRUWHU
U F H
OO R
S
$ G W
R
Q DX 0DQXHO 7HFKQLTXH DSSURSULp HQ FH TXL FRQFHUQH OD FRQILJXUDWLRQ 'DQV FH FDV WRXWHV OHV
FDUWHV GH O·pTXLSHPHQW VRQW JpUpHV SDU OH ORJLFLHO
(
&
,/
$
$
('
. $/ $* $$
$$
9XH IURQWDOH GH O·pTXLSHPHQW
/D YXH IURQWDOH GH O·pTXLSHPHQW HVW LOOXVWUpH VXU OD )LJXUH FLDSUqV
O
H
V W
L W V D
K Q F
W O
H
I W $
R Q ) * * * + + + + + + + + , / 0
( ( ( ( (/ (/ (/ (/ (/ (/ (/ (/ (/ (/ (/
J R P
/ / / / 2
LQ
F R
U 2 2 2 2 2 2 2 2 2 2 2 2 ( 2 2
V I ( ( ( ( (9 (9 (9 (9 (9 (9 (9 (9 (9 (
/9$
\ W
S L Q 9
/ 9
/$ 9
/$ 9
/$ / / / / / / / / / 9/
R I R
F R W
L $ $ $ $ $ $ $ $ $ $ $
D
G Q ]
Q LR U L
(
D W R
D ,5
Q LF W
R Q X
K
,$
/, VLW VLW VLW
J X D ; E E E VLW VLW VLW VLW VLW VLW VLW VLW
LQ P Q 8 0 0 0 E E E E E E E E
$ 0 0 0 0 0 0 0 0 (
,&
H
V
V PW W (
,
D R LU 2 9
F 9 5
3 Z
1 1 1 1 (6
,2 ,2 ,2
G W
G Q X 2
,7 7$ 7$ 7$ 7
(
H D R
Y $ 7 7 7 +
U H K 7 8 8 8 &
,0
W
H V L 8 1 (
0 0 0 <6 /$
V X Z
0 0 0 0 0
H
U W G 0 2 2 2 0 0 0 0 0 0 0 0 5
Q H
V H W 2 & & & 0 0 0 0 0 0 0 0 ; $/ 0
W LW & ( ( ( 2 2 2 2 2 2 2 2 4 $ 0
K P
( ' ' ' & & & & & & & & ( 2
J
L X U
P
' ( ( ( ( & &
U F H
( / / / /( (/ (/ (/ (/ (/ (/ (/ & $) (/
/ )$
OO R
S
8 8 8 8 8 8 8 8 8 8 8 8 8
$ G W
' ' ' ' ' ' ' ' ' ' ' ' 5 5
(7 '
R
2 2 2 2 2 2 2 2 2 2 2 2 (7 2
Q
0 0 0 0 0 0 0 0 0 0 0 0 1 1
, 0
,
$ $ $
( / (6 (6 / ( /
,6 9 ,/ ,/ 9 ,6/ 9
,/7 ( ,7 ,7 ( ,7 (
8 2 8 8 2 8 2
1 / 1 1 / 1 /
2 ( 2 2 ( 2 (
1 1 1 1
(
(/
$3 6
, 5
& 8 &
1 2 &
6 , & 6
5 5 (6 5 &
8 3 &
(/ (/ 8 5
2 2 8
& $7 $7 & (6
( 2 (6
6 2
7 7 ,67
7 7 7 7 7 7 7 7 7 7
1
( 1
( 1
( 1
( 1 ( ( 1 1 1 1 1 5
( ,& ,& ( ( ( ( ( (
8
/) 8
/) 8
/) 8
/) 8 5 5 8
/) 8
/) 8
/) 8
/) 8 9
/) 7$ 7$ /) 1
)$ )$ )$ )$ ) )$ )$ )$ )$ ) 2
$ 0 0 $ &
$ $ $ $
/ / / /
9 9 9 9
( ( ( (
/( 2 2 2 2
2
(
/ / / /
9 ( ( ( (
/
$ % & '
6 7
8 1
% (
( 0
5 (3 & &
8
7 , & &
8 8 & &
) 4 & &
6 (/ ·( 5 5
' 6 ' 8 8
1 5 $3 XR 5 (6 (6
2
6 RX 8 ,
& (
8
(/ ,67 ,67
,$ : ( ( 2 1 :
2 : & , : 2 5 5
,1 ( (6 5 5 (9 (9
0 ; 0 0 0
76 3 0
76 0 0 7
5 8 76 76 8 8 76 76 1 1 1
( $ 5 5 2 2 2
7 & & & & &
)LJXUH 9XH GH IDFH GX 60 60&
(
&
,/
$
$
('
. $/ $* $$
$$
/LVWH GH &RPSRVDQWV GH O·pTXLSHPHQW
/HV WDEOHDX[ TXL VXLYHQW OLVWHQW LGHQWLILHQW HW FRGHQW OHV GLIIpUHQWV FRPSRVDQWV HW FDUWHV GH O·pTXLSHPHQW
O
H
3DU DLOOHXUV O·HPSODFHPHQW GHV DOYpROHV HW OD TXDQWLWp PD[LPDOH DOORXpH j O·LQWpULHXU GH FKDTXH
W
V
L W
K Q F
W
V D
O
pTXLSHPHQW HVW pJDOHPHQW LQGLTXpH
I W $H
R Q
J
LQ
R
F R
P
U
&HV WDEOHDX[ FRQWLHQQHQW OHV LQIRUPDWLRQV VXLYDQWHV
\ W V I
S L Q
R I R L
F R W
G Q ]
D 1RP
Q LR U L
D W R
D
Q LF W
R Q X
K
5pIpUHQFH 5pIpUHQFHV XVLQH $OFDWHO SDU H[ [[[[[[ [ HW OH QXPpUR GH YHUVLRQ
J X D
LQ P Q FRUUHVSRQGDQW SDU H[ $/ [[[[[ [[[[
V H
V PW W
D R LU
F
3
G W
Z
4XDQWLWp PD[LPDOH
G Q X
H D R
Y
U H K W
H V L
V X Z (PSODFHPHQW /·LQGLFDWLRQ ´DOYpROHQXPpURµ SDU H[ DOYpROH HWF HVW LGHQWLTXH SRXU
H
U W G
Q H
V H W
O·DSSOLFDWLRQ GpGLpH j O·pWDW GHV DODUPHV HW DX FRQWU{OH j GLVWDQFH GH OD JHVWLRQ GX SRVWH
W LW
K P
J
L X U
P G·H[SORLWDWLRQ
U F H
OO R
S
$ G W
R
Q /HV FDUWHV QRQ QXPpURWpHV GDQV FHWWH DSSOLFDWLRQ VRQW LQGLTXpHV SDU OD PHQWLRQ
´DOYpROHOHWWUHµ SDU H[ DOYpROH $ % HWF
1RPEUH GH QRWHV H[SOLFDWLYHV
/HV QRWHV H[SOLFDWLYHV ILJXUHQW DX 7DEOHDX SDJH
)LJXUH 9XH IURQWDOH GX PXOWLSOH[HXU 60 60&
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX /LVWH GH FRPSRVDQWV
O 4Wp
V V
H
W 120 5pIpUHQFH $/9(2/( 127(6
L
K
W
W D
Q F O PD[
I H $
W
R Q
R P
J
LQ
F R
V I
U 6758&785(6 0(&$1,48(6
\W
SL Q
RI R
L
FR W
9
GQ D
] 60 60& 6KHOI13
Q
D
LR U
W
D R
L
$/ $$
Q K
R LF W
Q X
J X D
9
LQ PQ µµ '6 $GDSWHU
V
V
D
PW
R LU
H
W $/ $$
F
3 Z
G W
G
H
Q X
D R &$57(6 '·$*5(*$76 670
Y
U H K W
H V L
V X Z
H G +
U W
Q W H 6 670 $**5(*$7( 3257
V
W
K
H LW $/ $$
PP
J
L X U
U F H
OOR S
*
$ G W
/ 670 $**5(*$7( 3257
R
Q $/ $$
9
/ 670 $**5(*$7( 3257
$/ $$
1
/ -( $**5(*$7( 3257
$/ $$
3
6 $**5(*$7( 3257 ',1
$/ $$
4
/ $**5(*$7( 3257 ',1
$/ $$
0
/ $**5(*$7( 3257 ',1
$/ $$
-
/ -( $**5(*$7( 3257 ',1
$/ $$
-
6 $**5(*$7( 3257 6&
$/ $$
.
/ $**5(*$7( 3257 6&
$/ $$
)
/ $**5(*$7( 3257 6&
$/ $%
;
/ -( $**5(*$7( 3257 6&
$/ $&
VXLWH GX WDEOHDX
(
&
,/
$
$
('
. $/ $* $$
$$
4Wp
120 5pIpUHQFH $/9(2/( 127(6
PD[
O
V V
H
W
$*5(*$7 670 0,6( $ -285 60&
L W D
K Q F
W O
I H $
W
R Q 8
J R P
/ +0 $**5(*$7(
LQ
\
F R
V I
W
U $/ $$
SL Q
RI R
L
FR W
4
GQ D
] / +0 $**5(*$7(
Q
D
LR U
W
D R
L
$/ $$
Q K
R LF W
Q X
X D .
J
LQ 6 +0 $**5(*$7(
V
V
PQ
PW
H
W $/ $$
D R LU
F
/
3 Z
G W
G Q X / -( +0 $**5(*$7(
H
Y
U
D R
H K W
$/ $$
H V L
V X Z
H G
W 0
U
Q W H / -( +0 $**5(*$7(
V
W
K
H LW
PP
$/ $$
J
L X U
U F H
OOR S .
$ G W / -( +0 $**5(*$7(
R
Q $/ $%
-
6 +0 $**5(*$7( 6&
$/ $%
.
/ +0 $**5(*$7( 6&
$/ $%
4
/ +0 $**5(*$7( 6&
$/ $%
'
/ -( +0 $**5(*$7( 6&
$/ $%
(
/ -( +0 $**5(*$7( 6&
$/ $%
&
/ -( +0 $**5(*$7( 6&
$/ $$
&
6 ,' )& $**5(*$7(
$/ $$
0
/ ,' )& $**5(*$7(
$/ $$
1
/ ,' )& $**5(*$7(
$/ $$
$
/ -( ,' )& $**5(*$7(
$/ $$
;
6 -( ,' )& $**5(*$7(
$/ $$
<
/ -( ,' $**5(*$7(
$/ $$
=
6 ,' $**5(*$7( 6&
$/ $%
( VXLWH GX WDEOHDX
&
,/
$
$
('
. $/ $* $$
$$
4Wp
120 5pIpUHQFH $/9(2/( 127(6
PD[
O 6
/ ,' $**5(*$7( 6&
V
L V
W D
H
W
$/ $%
K Q F
W O
I H $
W
R Q 7
J R P / ,' $**5(*$7( 6&
LQ
\
F R
V I
W
U $/ $%
SL Q
RI R
L
FR W
8
GQ D
] / -( ,' $**5(*$7( 6&
Q
D
LR U
W
L
$/ $%
D R
Q K
R LF W
Q X
X D 9
J
LQ / -( ,' $**5(*$7( 6&
V
V
PQ
PW
H
W
$/ $%
D R LU
F
3
G W
Z
(
G Q X / -( ,' $**5(*$7( 6&
H
Y
U
D R
H K W
$/ $%
H V L
V X Z
H G -
6 $** (1+$1&('
U W
Q W H
V
W
K
H LW
PP
$/ %$
J
L X U
U F H
OOR S 3
$ G W / $** (1+$1&('
R
Q $/ %$
&
/ $** (1+$1&('
$/ %$
'
/ -( $** (1+$1&('
$/ %$
(
/ -( $** (1+$1&('
$/ %$
)
/ -( $** (1+$1&('
$/ %$
*
6 $** (1+$1&(' 6&
$/ %%
+
/ $** (1+$1&(' 6&
$/ %%
$
/ $** (1+$1&(' 6&
$/ %%
.
/ -( $** (1+$1&(' 6&
$/ %%
/
/ -( $** (1+$1&(' 6&
$/ %%
$
/ -( $** (1+$1&('
$/ %%
-
/ $** 6&
$/ $$
)
/ $** 6&
$/ $%
*
/ $** 6&
$/ $&
( VXLWH GX WDEOHDX
&
,/
$
$
('
. $/ $* $$
$$
4Wp
120 5pIpUHQFH $/9(2/( 127(6
PD[
O +
/ $** 6&
V
L V
W D
H
W
$/ $'
K Q F
W O
I H $
W
R Q $
J R P / $** 6&
LQ
\
F R
V I
W
U $/ $(
SL Q
RI R
L
FR W
%
GQ D
] / $** 6&
Q
D
LR U
W
L
$/ $)
D R
Q K
R LF W
Q X
X D &
J
LQ / $** 6&
V
V
PQ
PW
H
W
$/ $*
D R LU
F
3
G W
Z
'
G Q X / $** 6&
H
Y
U
D R
H K W
$/ $+
H V L
V X Z
H G 1
/ $** 6&
U W
Q W H
V
W
K
H LW
PP
$/ $/
J
L X U
U F H
OOR S 3
$ G W / $** 6&
R
Q $/ $0
/
/ $** 6&
$/ $1
+
/ $** 6&
$/ $3
$
/ $** 6&
$/ $4
%
/ $** 6&
$/ $5
&
/ $** 6&
$/ $6
'
/ $** 6&
$/ $7
;
670 $** (1+ 6&
$/ %$
<
670 $** (1+ 6&
$/ %%
=
670 $** (1+ 6&
$/ %&
6
670 $** (1+ 6&
$/ %'
7
670 $** (1+ 6&
$/ %(
8
670 $** (1+ 6&
$/ %)
9
670 $** (1+ 6&
$/ %*
(
670 $** (1+ 6&
$/ %+
(
&
,/
$
$ VXLWH GX WDEOHDX
('
. $/ $* $$
$$
4Wp
120 5pIpUHQFH $/9(2/( 127(6
PD[
O )
670 $** (1+ 6&
V
L V
W D
H
W
$/ %/
K Q F
W O
I H $
W
R Q &
J R P 670 $** (1+ 6&
LQ
\
F R
V I
W
U $/ %0
SL Q
RI R
L
FR W
=
GQ D
] 670 $** (1+ 6&
Q
D
LR U
W
L
$/ %1
D R
Q K
R LF W
Q X
X D 6
J
LQ 670 $** (1+ 6&
V
V
PQ
PW
H
W
$/ %3
D R LU
F
3
G W
Z
7
G Q X 670 $** (1+ 6&
H
Y
U
D R
H K W
$/ %4
H V L
V X Z
H G 8
670 $** (1+ 6&
U W
Q W H
V
W
K
H LW
PP
$/ %5
J
L X U
U F H
OOR S 9
$ G W 670 $** (1+ 6&
R
Q $/ %6
:
670 $** (1+ 6&
$/ %7
$
&2$;,$/ -803(5 .,7
$/ $$
VXLWH GX WDEOHDX
(
&
,/
$
$
('
. $/ $* $$
$$
4Wp
120 5pIpUHQFH $/9(2/( 127(6
PD[
O
V
H
W
$))/8(176
L V
W D
K Q F
W O
I H $
W *
R Q 670 6:,7&+ 75,%87$5<
J
LQ
R P
F R
U
$/ $$
\V I
W
L Q
S
RI R
%
FR W L
[ 0ELWV 75,%87$5<
G
Q
Q D
LR U
]
L $/ $$
D W
D R
K
Q
R LF W +
Q X
X D [ 0ELWV 75,%87$5<
J
LQ PQ $/ $$
V H
V PW W
R LU
D
F %
3
G W
Z
75$1608; [ 0ELWV 75,%87$5<
G
H
Q X
D R
$/ $$
Y
U H K W
V L
H
V X Z [ 0ELWV RKP 75,%87$5< 0
H
U
G
W
Q W H $/ $&
V H LW
W
K
J
L
U
PP
X U
[ 0ELWV RKP 75,%87$5< $
F H
OOR S
$ G W
$/ $%
R
Q
5
[ 0%V 2+0 5(7,0,1* 75,%
$/ $&
4
[ 0%V 2+0 5(7,0,1* 75,%
$/ $%
*
[ 0%V 75,%87$5<
$/ $$
$
6 75,%87$5<
$/ $$
'
/ 75,%87$5<
$/ $
&
/ 75,%87$5<
$/ $
=
6 75,%87$5<
$/ $$
1
/ 75,%87$5<
$/ $$
9
/ 75,%87$5<
$/ $$
/
6 75,%87$5< 6&
$/ $$
0
/ 75,%87$5< 6&
$/ $$
0
/ 75,%87$5< 6&
$/ $$
.
6 75,%87$5< 6&
$/ $$
%
6 75,%87$5< ',1
$/ $$
(
&
,/
$
$ VXLWH GX WDEOHDX
('
. $/ $* $$
$$
4Wp
120 5pIpUHQFH $/9(2/( 127(6
PD[
O &
H
W / 75,%87$5< ',1
V
L
K
W
V
W D
Q F O
$/ $$
I H $
W
0
R Q
R P
J
F R
LQ
\V I
W
L Q
U
/ 75,%87$5< 6& $/ $&
S
RI R
R W L
F
GQ D
]
L
QLR U
W
D
D R 5
Q LF W
K
'9% 75,%87$5<
R
J
Q X
X D $/ $$
LQ PQ
V H
V
D
PW
R LU
F
W
&$57(6 '( 0$75,&(
3 Z
G W
G Q X
.
H
Y
D R
&211(&7,21 &$5'
U
H
H K
V L
X Z
W
$/ $$
V
H G
U W
V
Q W H
'
W H LW
)8// 0$75,;
K
J
L
U
PP
X U $/ $$
F H
OOR S
$ G W
5
R
Q [ 0$75,; 8QLW
$/ $$
&21752/(85
0
60(& $ 5 ) %
$/ $$
(
'6 )8785(%86 7(50,1$7,21
$/ $$
$/,0(17$7,21 (/(&75,48(
/
32:(5 6833/< 81,7 &'(
$/ $$
6<1&+521,6$7,21
-
(1+$1&(' &58 SSP
$/ $$
-
(1+$1&(' &58
$/ $$
$8;,/,$5(6
8
$8;(2:
$/ $(
9
$8;(2: (;7(16,21
$/ $)
$
7(/(3+21( +$1'6(7
$) $$
62)7:$5(
ILQ GX WDEOHDX
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX /LVWH GH FRPSRVDQWV PRGXOH GH FRQQH[LRQ
O 4Wp
V V
H
W 120 5pIpUHQFH $/9(2/( 127(6
L
K
W
W D
Q F O PD[
I H $
W
R Q
R P
J
LQ
F R
V I
U 0RGXOH GH FRQQH[LRQ
\W
SL Q
I R
R
FR W L
5
Q D [0%V 3527 $&& 02'8/( .
G
Q
D
LR U
W
]
L $/ $%
D R
Q K
LF W
R Q X .
J X D [0%V 3527 $&& 02'8/(
LQ
V
PQ
H
W
$/ $$
V PW
D R LU
3
F
Z /
G W
[0%V 3527 $&& 02'8/( 7
G
H
Y
Q X
D R $/ $%
U H K W
H V L
V X Z
:
H
U
G
W [0%V 8135 $&& 02'8/( 7
V
W
Q W
H LW
H
$/ $'
K
J
L
PP
X U
*
U F H -
[0%V 813527 $&& 02'8/(
OOR S
$ G W
R
Q
$/ $&
0
[0%V 813527 $&& 02'8/(
$/ $&
$
7508;;0%V 3527 $&& 02'
$/ $%
7508;;0%V 3527 $&& 02' &
2+0 $/ $$
8
;0%V 3527 $&& 02'8/(
$/ $%
*
;0%V 3527 $&& 02'8/(
$/ $$
+
;0%V 3527 $&& 02'8/( 7
$/ $&
+
9
670 3527 $&& 02'8/(
$/ $$
:
670 3527 $&& 02'8/(
$/ $%
;
670 3527 $&& 02'8/( 7
$/ $&
=
$8; &211(&7,21 $&& 02' )
$/ $$
7
$/$50 ,17(5)$&( $&& 02' /
$/ $$
6
32:(5 $&&(66 02'8/( 0
$/ $$
7
32:(5 $&&(66 02'8/( 0
$/ $$
VXLWH GX WDEOHDX
(
&
,/
$
$
('
. $/ $* $$
$$
4Wp
120 5pIpUHQFH $/9(2/( 127(6
PD[
O (
H
W 4; 6<1&+ $&&(66 02'8/(
V
L
K
W
V
W D
Q F O
$/ $$
I H $
W
R Q
7
J R P
F R 4; 6<1&+ $&& 02' ,
LQ
\V I
W
L Q
U
$/ $%
S
RI R
R W L
F
Q D 8
G
LR U
]
L 4; 6<1&+ 7 $&& 02'
Q
D W
D R
$/ $&
Q K
R LF W
Q X
J X D &
LQ PQ 4; %7 6<1&+ $&&(66 02'8/(
V
V PW
H
W $/ $$
D R LU
F
3 Z
G W =
G Q X
4; %7 6<1&+ $&& 02' ,
H
Y
U
D R
H K W
$/ $$
H V L
V X Z
H
U
G
W 6
Q W H 4; %7 6<1&+ 7 $&& 02'
$/ $%
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX /LVWH GH FRPSRVDQWV DFFHVVRLUHV GH OD FDUWH 60
O 4Wp
V V
H
W 120 5pIpUHQFH $/9(2/( 127(6
L
K
W
W D
Q F O PD[
I H $
W
R Q
J
LQ
R P
F R
U
&$&+(6
\V I
W
L Q
S
RI R
L $
FR W
8 7( '800< 3/$7( 1
G
Q
Q D
LR U
]
L $1 $$
D W
D R
Q K
R LF W
6
J
Q X
X D 8 7( $&&(66 '800< 3/$7(
LQ
V
PQ
H
$1 $$
V PW W
D R LU
3
F
7
G W
Z
8 7( $&&(66 '800< 3/$7(
G
H
Q X
D R $1 $$
Y
U H K W
H V L
V X Z <
H
U
G
W 8 7( '800< 3/$7( 1
V
W
Q W
H LW
H $1 $$
K PP
J
L
=
X U
U F H
OOR S 8 7( '800< 3/$7( 1
$ G W
R $1 $$
Q
.,7 '·,167$//$7,21 '8 &+$66,6
=
(76, ,167$// 6(7
$1 $$
8
6 ,167$// 6(7
$1 $$
9
237,1(; ,167$// .,7
$/ $$
$&&(662,5(6
-
&867 12(76, 237,& &29(5 )25 670
$1 $$
9
&867 12(76, 237,& &29(5 )25 670
$1 $$
-
$ &,5&8,7 %5($.(5
$%
/
&,5&8,7 %5($.(5 $ 9GF
$%
(/(0(176 '( &$%/$*( (/(&75,48(
=
.,7 RKPV &211(&725 3,16
$/ $$
:
.,7 RKPV &211(&725 3,16
$/ $$
1
PP 0$/( &2$; &211(&725
$%
3
PP 0$/( &2$; &211(&725
$%
3
PP 0$/( &2$; &211(&725
$%
(
&
,/
$
$
VXLWH GX WDEOHDX
('
. $/ $* $$
$$
4Wp
120 5pIpUHQFH $/9(2/( 127(6
PD[
O 0
H
W PP 0$/( &2$; &211(&725
V
L
K
W
V
W D
Q F O
$%
I H $
W
8
R Q
R P
J
F R 0$/( &2$; &211(&725 %1&
LQ
\V I
W
L Q
U
$%
S
RI R
R W L
F
GQ D
]
L
(/(0(176 '( &$%/$*( 237,48(
QLR U
D W
D R
Q LF W
K
6
R Q X 60 )&3& 6,1*/( ),%(5 63/,&( 0
J
LQ
X D
PQ
$%
V H
V PW W
D R LU
<
3
F
Z 60 -803(5 )&3& 0
G
G W
Q X
D R
$%
H
Y
U H K W
H V L
5
V
H
X Z
G 60 63/,&( :,7+ )&3& &211 0
U
V
W
Q W H $%
W H LW
K PP
J
L
U
OO
X U
F H 287,/6 63(&,),48(6
R S
$ G W
R
5
Q
+22.81+22. 722/
$'
3
PP 0$/( &2$; &211(&725
$%
0
PP 0$/( &2$; &211(&725
$%
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX 1RWHV H[SOLFDWLYHV
O
H
W
1 '(6&5,37,21
V
L V
W D
K Q F
W O
I
R
H $
W
Q
3RXU WRXWH LQIRUPDWLRQ VXU OD VWUXFWXUH YRLU ´,167$//$7,21µ DX FKDSLWUH SDJH
J R P
F R
LQ U
V I
\
S
W
L Q
I R
$GDSWDWHXU PpFDQLTXH XWLOLVp SRXU LQVpUHU OH FKkVVLV GDQV OHV EkWLV µ (76, 6 1
R L
FR W
GQ D
]
Q
D
LR U
W
L
&DUWH DOWHUQDWLYH /HV FRQILJXUDWLRQV PL[WHV VRQW SRVVLEOHV $OYpROH :(67 ($67
D R
Q
R LF W
Q X
K
($67 :(67 /H QXPpUR GH OD FDUWH GpSHQG GH OD FRQILJXUDWLRQ GH O·pTXLSHPHQW
J X D
LQ PQ
V
V
D
PW
R LU
H
W 7HUPLQDO GH OLJQH QRQ SURWpJp FDUWH
F
3 Z
G W
G
H
Y
Q X
D R 7HUPLQDO GH OLJQH SURWpJp FDUWHV
U H K W
H V L
V X Z
H
U
G
W
Q W H
'pULYDWLRQLQVHUWLRQ
V
W
K
H LW
PP
QRQ SURWpJpH FDUWHV
J
L X U
U F H
OOR S
$ G W
R
'pULYDWLRQLQVHUWLRQ
SURWpJpH FDUWHV
Q
6DXI LQGLFDWLRQ FRQWUDLUH OHV FRQQHFWHXUV VRQW GH W\SH )&3&
&DUWH DOWHUQDWLYH /HV FRQILJXUDWLRQV PL[WHV VRQW SRVVLEOHV
/HV RSWLRQV VRQW LOOXVWUpHV DX FKDSLWUH ´'(6&5,37,21 )21&7,211(//(µ SDJH
&DUWH DOWHUQDWLYH SRXU PLVH j QLYHDX YHUV 670 /HV FRQILJXUDWLRQV PL[WHV VRQW SRVVLEOHV
&KDTXH FDUWH G·DJUpJDW 670 UHPSODFH GHX[ FDUWHV G·DJUpJDW 670 LQGLTXpHV HQ WLUHWV VXU
OD )LJXUH SDJH
$JU (VW DOYpROHV HW
$JU 2XHVW DOYpROHV HW
/H QXPpUR GH OD FDUWH GpSHQG GH OD FRQILJXUDWLRQ GH O·pTXLSHPHQW
7HUPLQDO GH OLJQH QRQ SURWpJp FDUWH
7HUPLQDO GH OLJQH HW
GpULYDWLRQLQVHUWLRQ QRQ SURWpJpV FDUWHV
6DXI LQGLFDWLRQ FRQWUDLUH OHV FRQQHFWHXUV VRQW GH W\SH )&3&
&kEOHV FRD[LDX[ SRXU OD WUDQVPLVVLRQ ´DJUpJDW j DJUpJDWµ HQ PRGH WUDQVSDUHQW 2EOLJDWRLUHV
XQLTXHPHQW SRXU OHV DJUpJDWV 670
$XWUH FDUWH /HV RSWLRQV VRQW LOOXVWUpHV DX FKDSLWUH µ'(6&5,37,21 )21&7,211(//(µ SDJH
/HV DOYpROHV HW VRQW XQLTXHPHQW RFFXSpHV SDU GHV FDUWHV GH VHFRXUV
/·DOYpROH HVW XQLTXHPHQW RFFXSpH SDU XQH FDUWH GH VHFRXUV
&DUWH GH FRQILJXUDWLRQ GH WURLV VLJQDX[ XQLGLUHFWLRQQHOV (0,66,21 9,'(2 180(5,48( 3HXW
V·XWLOLVHU HQ WDQW TXH FDUWH pPHWWULYH RX UpFHSWULFH
(
&
,/
&DUWH GH PDWULFH DOWHUQDWLYH
$
$
('
. $/ $* $$
$$
1 '(6&5,37,21
/·DOYpROH HVW RFFXSpH SDU XQH FDUWH GH PDWULFH WRWDOH GH VHFRXUV /RUVTXH OD FDUWH GH
O
V V D
H
W
UDFFRUGHPHQW HVW XWLOLVpH FHV GHX[ FDUWHV GRLYHQW rWUH LQVpUpHV
L W
K Q F
W O
H
I W $
R Q
P
/·DOYpROH HVW RFFXSpH SDU XQH FDUWH GH PDWULFH WRWDOH GH VHFRXUV
J R
F R
LQ U
\ W V I
S L Q
R I R L
&DUWH DOWHUQDWLYH SDU UDSSRUW j OD SUpFpGHQWH /D FDUWH HVW SUpYXH SRXU GH QRXYHOOHV
F R W
G Q ]
D
L
IRQFWLRQQDOLWpV 'DQV FHWWH YHUVLRQ HOOH RIIUH OHV PrPHV SHUIRUPDQFHV TX·XQH FDUWH GH PDWULFH
Q LR U
D W R
D
Q LF W K
WRWDOH /·DOYpROH HVW RFFXSpH SDU XQH FDUWH GH PDWULYH GH VHFRXUV [
R Q X
J X D
LQ P Q
V H
&DUWH REOLJDWRLUH 1pFHVVDLUH SRXU JpUHU OH FKkVVLV GH GpULYDWLRQ 60' 6L FH FKkVVLV GH
V PW W
D R LU
3
F
Z
GpULYDWLRQ Q·HVW SDV UHTXLV LO HVW SRVVLEOH G·XWLOLVHU OD FDUWH FRQWU{OHXU (6&7 HW
G W
G Q X
H D R
O·H[WHQVLRQ GH PpPRLUH j OD SODFH GH 60(& $ 5)
Y
U H K W
H V L
V X Z
&DUWH REOLJDWRLUH 8WLOLVpH SRXU IRXUQLU XQH UpIpUHQFH ORJLTXH GH WHQVLRQ j WRXW %86 GH &RPPDQGH
H
U W G
W
K P
Q H
V H W
LW HW %86 DX[LOLDLUH
J P
L X U
U F H
OO R
$ G W
S /·XQH GH FHV FDUWHV HVW IRXUQLH HQ RSWLRQ FRPPH VHFRXUV
R
Q
&DUWH DOWHUQDWLYH /·DOYpROH FRQWLHQW XQH FDUWH GH VHFRXUV
&DUWH DX[LOLDLUH DOWHUQDWLYH LQWHUIDFHV GX FDQDO DX[LOLDLUH HW LQWHUIDFHV GH ILOV GH FRPPDQGHV
*DUDQWLVVHQW O·LQWHURSpUDELOLWp DYHF OD OLDLVRQ pTXLSHPHQW
&RPELQp WpOpSKRQLTXH HQ RSWLRQ DVVRFLp j OD FDUWH $8;(2: GH O·DOYpROH
'HV GpWDLOV VXU OD JHVWLRQ GX ORJLFLHO VRQW GRQQpV GDQV OH 0DQXHO GH O·RSpUDWHXU
0RGXOHV DOWHUQDWLIV XWLOLVpV SRXU XQ UDFFRUGHPHQW G·DIIOXHQW
0RGXOHV GH FRPPXWDWLRQ ELGLUHFWLRQQHOV [ 0ELWV ,OV SHUPHWWHQW O·DFFqV SK\VLTXH GH VLJQDX[
GH 0ELWV FRQFHUQpV DLQVL TX·j OHXU VpFXULVDWLRQ DX QLYHDX 1 HW
3RXU OHV GpWDLOV YRLU OH FKDSLWUH µ'(6&5,37,21 )21&7,211(//(µ SDJH HW OH FKDSLWUH
µ,167$//$7,21µ SDJH
0RGXOHV GH FRPPXWDWLRQ pOHFWULTXH 670 [ 0ELWV [ 0ELWV [ 0ELWV 0ELWV ,OV
SHUPHWWHQW O·DFFqV SK\VLTXH DX[ VLJQDX[ FRQFHUQpV DLQVL TX·j OHXU QLYHDX GH VpFXULVDWLRQ 1
HW 3RXU OHV GpWDLOV YRLU OH FKDSLWUH µ µ'(6&5,37,21 )21&7,211(//(µ SDJH HW OH
FKDSLWUH µ,167$//$7,21µ SDJH
$FFqV SK\VLTXH DX FDQDO GH GRQQpHV * NELWV 9 HW DX[ ILOV H[WHUQHV (2:
&LUFXLWV SURWpJpV $1'25 WHUPLQDLVRQ )XWXUHEXV GRQQpHV G·LQYHQWDLUH GLVWDQW EXV ,(&% HQ
FDV GH JHVWLRQ GH FKkVVLV GH GpULYDWLRQ $FFqV GLVSRQLEOH DODUPHV GLVWDQWHV HW UDFFRUGHPHQW
G·LQWHUIDFHV 50 YR\DQWV GH EkWL
$FFqV DX[ EDWWHULHV GH OD VWDWLRQ HW DX[ VLJQDX[ G·(6 GH VHUYLFH
&DUWH DOWHUQDWLYH &H VRXVHQVHPEOH FRQYHUWLW O·LQWHUIDFH JpQpULTXH $8, HQ LQWHUIDFH (WKHUQHW j
SDLUHV WRUVDGpHV RSWLRQ EDVH 7 GHV QRUPHV ,(((
8WLOLVpH ORUVTX·DXFXQH FDUWH Q·HVW SUpVHQWH QpFHVVDLUH SRXU OHV SHUIRUPDQFHV (0&
3URWHFWLRQ RSWLTXH VXUGLPHQVLRQQpH SRXU FRXYULU OHV FRQQHFWHXUV RSWLTXHV GRQW OHV GLPHQVLRQV
(
&
,/ H[FqGHQW FHOOHV SUpFRQLVpHV (76,
$
$ 'pWDLOV DX FKDSLWUH ´,167$//$7,21µ SDJH
('
. $/ $* $$
$$
1 '(6&5,37,21
$OWHUQDWLYH SRXU OH UDFFRUGHPHQW GX VLJQDO G·KRUORJH H[WHUQH DV\PpWULTXH GH 0+] VXU XQH
O
V
H
W
LQWHUIDFH j RKPV
L W V D
K Q F
W O
H
I W $
R Q $OWHUQDWLYH SRXU OH UDFFRUGHPHQW pTXLOLEUp GH VLJQDX[ G·KRUORJH H[WHUQH GH 0+] VXU XQH
J R P
LQ
\ W
F R
V I
U LQWHUIDFH j RKPV SRXU GHV DIIOXHQWV j 0ELWV
S L Q
R I R L
F R W
G Q ]
D $ XWLOLVHU DYHF XQ FkEODJH G·LQWHUIDFH QRQ pTXLOLEUp j RKPV SRXU GHV DIIOXHQWV j 0ELWV
Q LR U L
D W R
D UDFFRUGHPHQW pOHFWULTXH VXU XQ FkEOH G·XQ GLDPqWUH GH PP (JDOHPHQW XWLOLVpH SRXU GHV
Q LF W K
R Q X
J X D
DIIOXHQWV j 0ELWV HW 0ELWV670 pOHFWULTXHV
LQ P Q
V H
V PW W
D R LU
3
F
$ XWLOLVHU DYHF XQ FkEODJH G·LQWHUIDFH QRQ pTXLOLEUp j RKPV SRXU GHV DIIOXHQWV j 0ELWV
Z
G W
G Q X UDFFRUGHPHQW pOHFWULTXH VXU XQ FkEOH G·XQ GLDPqWUH GH PP (JDOHPHQW XWLOLVpH SRXU GHV
H D R
Y
U H K
H V L
W DIIOXHQWV j 0ELWV HW 0ELWV670 pOHFWULTXHV
V X Z
H
U W G
Q H
V H W
W LW
$ XWLOLVHU DYHF XQ FkEODJH G·LQWHUIDFH 0ELWV UDFFRUGHPHQW pOHFWULTXH 670 VXU XQ FkEOH
K P
J
L X U
U F H
P
G·XQ GLDPqWUH GH PP
OO R
S
$ G W
R
Q $ XWLOLVHU DYHF XQ FkEODJH G·LQWHUIDFH 0ELWV UDFFRUGHPHQW pOHFWULTXH 670 VXU XQ FkEOH
G·XQ GLDPqWUH GH PP
$OWHUQDWLYH SRXU OHV UDFFRUGHPHQWV RSWLTXHV
2XWLO j XWLOLVHU SRXU DFFURFKHUGpFURFKHU OHV FkEOHV FRD[LDX[ DVVXUDQW OD WUDQVPLVVLRQ µDJUpJDW
j DJUpJDWµ VXU OHV DJUpJDWV 670
(
&
,/
$
$
('
. $/ $* $$
$$
9XH IURQWDO GHV FDUWHV
&H SDUDJUDSKH LOOXVWUH OHV SRLQWV G·DFFqV LQWHUUXSWHXUV GH YR\DQWV SUpVHQWV VXU FKDTXH FDUWH DYHF OD
O
H
OpJHQGH
V W
L W V D
K Q F
W O
I W $H
R Q
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
G Q ]
D $/9(2/(
Q LR U L
D W R
D
Q LF W K
R Q X
J X D $))/ 75$1 08;
LQ P Q
V
V PW
H
W $))/ ; 0ELWV (7 [ 0ELWV
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L &0,
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
RX
$ G W
R
Q
/(*(1'(
9R\DQW 528*( DODUPH ORFDOH VXU XQH FDUWH
)LJXUH 3RLQWV G·DFFqV DIIOXHQWV 0ELWV HW 7UDQ 6PX[
(
&
,/
$
$
('
. $/ $* $$
$$
O $/9(2/( $/9(2/(
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L $))/ '( &200 $))/ [ 0ELWV
Q D
G
Q
D
LR U
W
]
L
670 $))/ [ 0ELWV $))/8(17 '9%
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU &0,
F
3 Z
G W '9%
G Q X
H
Y
D R
U H K W RX
H V L 670 RX
V
H
U
X Z
G
W
Q W H
V H LW
W
K
J
PP
L X U
U F H
OOR S
$ G W
R
Q
/(*(1'( /(*(1'(
9R\DQW 528*( DODUPH
9R\DQW 528*( DODUPH ORFDOH VXU XQH FDUWH
ORFDOH VXU XQH FDUWH
9R\DQW 9(57 FDUWH HQ VHUYLFH
&RQQHFWHXU pOHFWULTXH 5HF
6RUWLH DIIOXHQW
&RQQHFWHXU pOHFWULTXH (P
(QWUpH DIIOXHQW
)LJXUH $IIOXHQW FRPPXWDEOH HW '9% HW 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
$/9(2/(
O
H
V W
L V
W D
K
W Q F O 6 $))/ )&6&
I
R
H $
W
Q
6 $))/ )& / $))/ )&6&
J R P
F R
/ $))/ )&
LQ U
\V I
W
L Q
S
RI R
R W L 670
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H / RX 6
PW W
V
D R LU 6 RX /
F
3 Z
G W
G Q X
H D R
Y
U
H
H K
V L
W
V X Z
H G
U W
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
OOR S
$ G W
R ODVHU
Q ODVHU
5
21
/(*(1'(
9R\DQW 528*( DODUPH ORFDOH VXU XQH FDUWH
9R\DQW 9(57 FDUWH HQ VHUYLFH
%RXWRQ GH UpLQLWLDOLVDWLRQ PDQXHOOH GX /$6(5
&RQQHFWHXU RSWLTXH 5HF
&RQQHFWHXU RSWLTXH (P
( )LJXUH 3RLQWV G·DFFqV DIIOXHQWV RSWLTXHV
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K
W
I
Q F
H $
W
O $/9(2/(
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
G
Q
Q D
LR U
]
L &$57( '( 0$75,&( 0$75,&(
D W
Q
D R
LF W
K &211(;,21 727$/( [
R Q X
J X D
LQ PQ
V H
V PW W
D R LU )8// )8//
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
/(*(1'(
9R\DQW 528*( DODUPH ORFDOH VXU XQH FDUWH
&RQQHFWHXU UpVHUYp j O·XVDJH LQWHUQH
)LJXUH 3RLQWV G·DFFqV 0DWULFHV
(
&
,/
$
$
('
. $/ $* $$
$$
$/9(2/(
O
H
V W
L V
W D
K Q F
W O
H $
I W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R 6
Q K
R LF W
Q X
J X D RX /
LQ PQ
V
V PW
H
W /
R LU
D
3
F
Z / -(
G W
G
H
Q X
D R / -(
Y
U H K
H V L
W 21
V X Z
H G
U W
V
Q W H (P
W H LW
K
PP
J
L X U
U F H ODVHU
OOR S
$ G W
R 5HF
Q
/(*(1'(
9R\DQW 528*( DODUPH ORFDOH VXU XQH FDUWH
9R\DQW 9(57 FDUWH HQ VHUYLFH
&RQQHFWHXU RSWLTXH 5HF
&RQQHFWHXU RSWLTXH (P
%RXWRQ GH UpLQLWLDOLVDWLRQ PDQXHOOH GX /$6(5
(
&
,/ )LJXUH 3RLQWV G·DFFqV DJUpJDWV 670
$
$
('
. $/ $* $$
$$
$/9(2/(
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
X D
J
LQ PQ / RX 6
V
V PW
H
W
5HF /
R LU
D
3
F
Z
/ -(
G
G W
Q X
5HF / -(
H D R
Y
U H K W
5HF
H V L
V
H
X Z
G
5HF
U
V
W
Q W
H LW
H (P
W
K PP
J
L
U
X U
F H
(P
OOR S
$ G W (P
R
Q
(P
21
5HF (P
/$6(5
/(*(1'(
9R\DQW 528*( DODUPH ORFDOH VXU XQH FDUWH
9R\DQW 9(57 FDUWH HQ VHUYLFH
&RQQHFWHXU RSWLTXH 5HF
&RQQHFWHXU RSWLTXH (P
%RXWRQ GH UpLQLWLDOLVDWLRQ PDQXHOOH GX /$6(5
&RQQHFWHXUV WUDQVSDUHQWV 5HF(P GHSXLVYHUV O·DXWUH F{Wp GH O·DJUpJDW 670
(
&
)LJXUH 3RLQWV G·DFFqV DJUpJDWV 670 +0
,/
$
$
('
. $/ $* $$
$$
$/9(2/( $/9(2/( $ $/9(2/(
O
H
V W
V
L
K
W
W D
Q F O
&$57( '( 5()(5(1&( 7(50,1$,621 &$57(6
I
R
H $
W '·+25/2*( '6 )8785(%86 $8; (2:
Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L ,2
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
V H
V PW W
R LU
D
3
F
Z
/
,
G W
G Q X 1
(
D R
H
Y
U H K W
&./
H V L
V X Z
-
H G
U W '/
V
W
Q W
H LW
H
K PP
J
L X U
U
OO
F H
R S
&.1 5
$ G W
R
Q
'1
/(*(1'( /(*(1'( /(*(1'(
9R\DQW 528*( 'RQQpHV ,(&% 9R\DQW 528*(
DODUPH ORFDOH GX UpVHDX DODUPH ORFDOH VXU XQH FDUWH
VXU XQH FDUWH +RUORJH ,(&% 3RLQW G·LQVHUWLRQ GX
GX UpVHDX FRPELQp WpOpSKRQLTXH
&Op GH UpLQLWLDOLVDWLRQ
'RQQpHV ,(&% GH OD OLJQH GH FRPPDQGH
ORFDOHV
&Op GH SULVH GH OLJQH
+RUORJH ,(&%
9R\DQW -$81(
ORFDOH FRQIpUHQFH WpOpSKRQLTXH
9R\DQW -$81(
DOOXPp OLJQH RFFXSpH
FOLJQRWDQW UpFHSWLRQ G·XQ DSSHO
VpOHFWLI
9R\DQW 9(57 OLJQH OLEUH
( )LJXUH 3RLQWV G·DFFqV FDUWHV &58 $8;(2: WHUPLQDLVRQ '6 )XWXUHEXV
&
,/
$
$
('
. $/ $* $$
$$
$/9(2/( & ' ( $/9(2/( %
O
H
W
V
L W
K Q F
V D &$57( &21752/(85 '·(48,3(0(17
W O
I W $
R Q
H $/,0(17$7,21 (67&
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
G Q ]
D
L
&38
Q LR U
D W R
D
Q LF W K
R Q X
J X D
LQ P Q
V
V PW
H
W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
3267(
'·(;3/2,7
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
85*
185*
$77'
$%1
,1'
/(*(1'( /(*(1'(
92<$17 9(57 9R\DQW 528*( DODUPH ORFDOH VXU XQH FDUWH
$//80( IRQFWLRQQHPHQW FRUUHFW
,QWHUUXSWHXU $//80( , RX (7(,17 2 9R\DQW 9(57 FDUWH HQ VHUYLFH
9R\DQW -$81( DODUPH LQGLFDWLYH
9R\DQW -$81( FRQGLWLRQ DQRUPDOH
9R\DQW -$81( VWRFNDJH GHV DODUPHV
9R\DQW 528*( DODUPH QRQ XUJHQWH
9R\DQW 528*( DODUPH XUJHQWH
&RQQHFWHXU SRXU XWLOLVDWLRQ HQ XVLQH
&RQQHFWHXU 3& ,QWHUIDFH )
%RXWRQSRXVVRLU GH VWRFNDJH GHV DODUPHV
%RXWRQSRXVVRLU GH WHVW GHV YR\DQWV
%RXWRQSRXVVRLU GH UpLQLWLDOLVDWLRQ GH FDUWH
( )LJXUH 3RLQWV G·DFFqV DOLPHQWDWLRQ HW FDUWH FRQWU{OHXU 60(&
&
,/
$
$
('
. $/ $* $$
$$
9XH IURQWDOH GX PRGXOH GH FRPPXWDWLRQ
O
H
W
V
L
K
W
V
W D
Q F O
$/9(2/( ) $/9(2/( / $/9(2/( 0
I H $
W
R Q
J R P
F R
LQ U
\V I
W
S
R
L Q
I R
R W L
$8;,/,$,5( ,17(5)$&( '·$/$50( %$77(5,( (7 6(59,&(
F
GQ D
]
L
QLR U
D W
Q
D R
LF W
K +.
R Q X 5$
J X D
LQ PQ
V
V
D
PW
R LU
H
W
F
3 Z
G W
G Q X
H
Y
D R 9
U H K W
H V L
V X Z
H G
%$77
U
V
W
Q W H 50
W H LW
K PP
J
L
U
OO
X U
F H
R S
$ G W
R .
Q
%$77
/(*(1'(
&RQQHFWHXU SRXU FDQDX[ DX[LOLDLUHV
&RQQHFWHXU SRXU LQWHUIDFH 50 YR\DQWV GX FKDVVLV
&RQQHFWHXU SRXU DODUPHV GLVWDQWHV
&RQQHFWHXU SRXU DOLPHQWDWLRQ
&RQQHFWHXU SRXU LQGLFDWLRQV GH VHUYLFH
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOHV GH FRPPXWDWLRQ $X[LOLDLUH %DWWHULH HW
$ODUPH
(
&
,/
$
$
('
. $/ $* $$
$$
$/9(2/( ,
O
H
V
L
K
V
W D
W
4[ HW 6<1&
W Q F O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
4 ,17 4 ,17
QLR U L
D W
D R
Q K
LF W
R
J
Q X
X D
LQ PQ
V H
V PW W
D R LU
F
3
G W
Z 6<1&
G
H
Q X
D R , 6<1&
Y
U H K W
H V L
V
H
X Z
G
W
,
U
V
W
Q W
H LW
H
K
J
PP 287
L X U
U F H
OOR S
$ G W
R
Q
% %
/(*(1'(
&RQQHFWHXUV SRXU UDFFRUGHPHQW (WKHUQHW 4%
&RQQHFWHXU SRXU VLJQDX[ V\QFK FRQQHFWHXU 2KP
&RQQHFWHXU SRXU VLJQDX[ V\QFK FRQQHFWHXU FRD[LDO
&RQQHFWHXU SRXU UDFFRUGHPHQW GH O·LQWHUIDFH 4/76
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ ,QWHUIDFH 4[ HW 6\QF
(
&
,/
$
$
('
. $/ $* $$
$$
O
V
L V
H
W $/9(2/( ,
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
V I
\
S
R
W
L Q
I R
&211 2+0 &211 &2$;,$/
R W L
F
GQ D
]
L
4; %7 (7 6<1&+ 4; %7 (7 6<1&+
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V
PW
H
W 4,17
V
D R LU
F
4,17
3 Z
G W
G Q X
H
Y
U
D R
H K W
H V L
V X Z
H G
U W
Q W H
V
W
K
H LW
PP
6<1&
J
L X U ,
U
OO
F H
R S
6<1&
$ G W
R ,
Q
287
%7 %7
/(*(1'(
&RQQHFWHXU SRXU UDFFRUGHPHQW GH UpVHDX ORFDO j SDLUH WRUVDGpH
&RQQHFWHXU SRXU VLJQDX[ V\QFK FRQQHFWHXU 2KP
&RQQHFWHXU SRXU VLJQDX[ V\QFK FRQQHFWHXU FRD[LDO
&RQQHFWHXU SRXU OH UDFFRUGHPHQW GH O·LQWHUIDFH 4/76
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ ,QWHUIDFH 4[ %7 HW
6\QF
(
&
,/
$
$
('
. $/ $* $$
$$
O
V
L V
W D
H
W
$/9(2/( *
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
V I
\
S
R
W
L Q
I R [ 0ELWV 2KP ELGLUHFWLRQQHO [ 0ELWV 2KP ELGLUHFWLRQQHO
R W L
F
GQ D
]
L
QLR U
D W
D R
K
Q
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U
H
H K
V L
W
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW [ 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
$/9(2/( *
O 7UDQV 0X[ [ 0ELWV RKP 7UDQV 0X[ [ 0ELWV 2KP
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
3
F
G W
Z
G Q X
H D R
Y
U H K W
V L
7[
H
V
H
U
X Z
G
W
5[
Q W H
V
W
K
H LW
PP
J
L X U
U F H
OOR S
$ G W
R
Q
/(*(1'( /(*(1'(
&RQQHFWHXU 5HF 2KP &RQQHFWHXU 5HF 2KP
SRXU FDQDX[ 0ELWV SRXU FDQDX[ 0ELWV
&RQQHFWHXU (P 2KP &RQQHFWHXU (P 2KP
SRXU FDQDX[ 0ELWV SRXU FDQDX[ 0ELWV
&RQQHFWHXU 5HF SRXU &RQQHFWHXU 5HF SRXU
FDQDO 0ELWV FDQDO 0ELWV
&RQQHFWHXU (P SRXU &RQQHFWHXU (P SRXU
FDQDO 0ELWV FDQDO 0ELWV
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW 7UDQV
0X[ [ 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
Q D
G
Q
D
LR U
W
]
L $/9(2/( +
D R
Q K
R LF W
Q X
J X D
LQ
V
PQ
PW
H
W
02'8/( '( &20087$7,21 '·$))/8(17 ; 0ELWV
V
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
/(*(1'(
&RQQHFWHXUV (P SRXU UDFFRUGHPHQW G·DIIOXHQW 0ELWV
&RQQHFWHXUV 5HF SRXU UDFFRUGHPHQW G·DIIOXHQW 0ELWV
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW
( [ 0ELWV
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L $/9(2/( +
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW 0ELWV
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
/(*(1'(
&RQQHFWHXUV SRXU OH UDFFRUGHPHQW
G·DIIOXHQWV 0ELWV
)LJXUH 3ODTXH DYDQW GX PRGXOH GH FRPPXWDWLRQ 0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW
( 0ELWV
&
,/
$
$
('
. $/ $* $$
$$
'(6&5,37,21 )21&7,211(//(
O 3UpVHQWDWLRQ JpQpUDOH
H
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
/D )LJXUH SDJH LOOXVWUH VRXV IRUPH GH VFKpPD OHV FDUWHV XWLOLVpHV HW OHV IRQFWLRQV JpQpUDOHV
J R P
F R
LQ U
\
S
V I
W
L Q /HV IRQFWLRQV GH O·pTXLSHPHQW SHXYHQW rWUH GLYLVpHV HQ GLIIpUHQWV VRXVV\VWqPHV
RI R
R W L
F
GQ D
Q
D
LR U
W
]
L
6RXVV\VWqPH G·DJUpJDWV 670 SRXU OH 60
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
6RXVV\VWqPH G·DJUpJDWV 670 SRXU OH 60&
V H
V PW W
D R LU
3
F
G W
Z 6RXVV\VWqPH GH EUDVVDJH
G
H
Y
Q X
D R &HOXLFL HVW LQGLTXp SDU OHV FDUWHV GH 0DWULFH HW OHV FLUFXLWV GH UDFFRUGHPHQW GHV FDUWHV
U H K W
H
V
V L
X Z G·DIIOXHQWV HW G·DJUpJDWV
H G
U W
Q W H
V H LW
W
K
J
PP 6RXVV\VWqPH G·DIIOXHQWV
L X U
U
OO
F H
R S 'DQV FHWWH YHUVLRQ OH VRXVV\VWqPH G·DIIOXHQWV GH O·pTXLSHPHQW 60 RX 60& HVW
$ G W
R
Q IRXUQL DYHF XQH H[WHQVLRQ UpVHUYpH H[FOXVLYHPHQW j OD JHVWLRQ GHV FRQGXLWV j 0ELWV FH TXL
DXJPHQWH OD FDSDFLWp GH JHVWLRQ GH FHV FRQGXLWV j &HWWH H[WHQVLRQ HVW DVVXUpH SDU
O·pTXLSHPHQW 60' FKkVVLV GH GpULYDWLRQ
/H WUDLWHPHQW GHV FRQGXLWV HVW UpSDUWL HQ FDUWHV GH FRQGXLWV j 0ELWV ORJpHV GDQV OH
FKkVVLV HQ OLJQH /LQH 6KHOI HQ FH TXL FRQFHUQH OHV FRQGXLWV j 0ELWV HW HQ FDUWHV GH
FRQGXLWV j 0ELWV GDQV O·pTXLSHPHQW 60' FKkVVLV GH GpULYDWLRQ HQ FH TXL FRQFHUQH
OHV FRQGXLWV j 0ELWV
&HV GHUQLHUV VRQW PXOWLSOH[pV SDU FDUWHV 670 pOHFWULTXHV DWWULEXpHV DX[ DOYpROHV
HW FRPPH O·LOOXVWUH OD )LJXUH SDJH
/H FKkVVLV GH GpULYDWLRQ HVW WRWDOHPHQW JpUp SDU OH FKkVVLV HQ OLJQH /LQH 6KHOI 3RXU FH TXL
HVW GH OD JHVWLRQ GX UpVHDX LO QH V·DJLW GRQF SDV G·XQ pOpPHQW GH UpVHDX 1( PDLV G·XQH SDUWLH
GX FKkVVLV HQ OLJQH
6RXVV\VWqPH GH VpFXULVDWLRQ DXWRPDWLTXH
,O VH FRPSRVH GHV FDUWHV GH VHFRXUV HW GHV FLUFXLWV GH FDUWHV IRQFWLRQQHOOHV
6RXVV\VWqPH GH V\QFKURQLVDWLRQ FDUWH GH UpIpUHQFH G·KRUORJH
6RXVV\VWqPH DX[LOLDLUH HW G·HQWrWH
,O V·REWLHQW SDU OD FDUWH $8; HW OHV UDFFRUGHPHQWV EXV 2+ REWHQXV DYHF OHV FDUWHV
IRQFWLRQQHOOHV
6RXVV\VWqPH GH FRPPDQGH HW GH JHVWLRQ
/D FDUWH FRQWU{OHXU G·pTXLSHPHQW SHUPHW O·LQWHUIDoDJH GHV PRGXOHV GH FRQWU{OH HQWUH WRXWHV OHV
FDUWHV j O·H[FHSWLRQ GH OD FDUWH G·DOLPHQWDWLRQ GX SRVWH G·H[SORLWDWLRQ ,QWHUIDFH ) HW GX FHQWUH
GH JHVWLRQ ,QWHUIDFH 4%
/D SUpVHQWH YHUVLRQ FRPSRUWH XQH IRQFWLRQQDOLWp 5(&7 3RVWH G·H[SORLWDWLRQ GH O·pTXLSHPHQW
GLVWDQW (OOH SHUPHW j O·RSpUDWHXU YLD OH SURWRFROH 4(&& G·HIIHFWXHU GHV RSpUDWLRQV GH JHVWLRQ
HW G·DIILFKHU OHV LQIRUPDWLRQV GH V\QWKqVH GHV DODUPHV GH WRXV OHV pOpPHQWV GH VRXVUpVHDX
6RXVV\VWqPH G·DOLPHQWDWLRQ
/HV VRXVV\VWqPHV VRQW GpFULWV HQ GpWDLO GDQV OHV VHFWLRQV VXLYDQWHV
/HV VRXVV\VWqPHV G·DJUpJDWV HW G·DIIOXHQWV UHQYRLHQW j OD )LJXUH SDJH
( /HV IRQFWLRQV TXL QH V·DSSOLTXHQW SDV j FHWWH YHUVLRQ VRQW QpDQPRLQV PHQWLRQQpHV DILQ GH PLHX[ GpILQLU
&
,/
$ OHV DVSHFWV GX V\VWqPH &HSHQGDQW OH FDV pFKpDQW OH OHFWHXU HVW LQIRUPp GH OHXU QRQXWLOLVDWLRQ
$
('
. $/ $* $$
$$
8WLOLVDWLRQ $*5(*$7 $*5(*$7
GX 60& 670 670
670 670
O
H
W
2 (
V
L W V D
K Q F
W O
I W $H
R Q
J R P
F R
LQ U
\ W V I
S L Q
670 $*5(*$7 $*5(*$7 670
R I R
F R W
L 8WLOLVDWLRQ 670 670
D
G Q ]
GX 60 $*5(*$7 $*5(*$7 670
Q LR U
D W R
L
2 (
D
Q LF W K
670 670
R Q X 2 (
J X D
LQ P Q
V H
GH 6HFRXUV GH 6HFRXUV
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
%86 2+
U W G
Q H
V H W
W
K P
LW &$57( '(
J
L X U
U F H
P
0$75,&( &$57( '(
OO R
S 0$75,&( '( 9'6
$ G W
R
Q
6(&2856 $8;9'6 [.ELWV
[9
$))/8(176
DOYpROHV
%86 '&& &21752/(
0ELWV 6(&2856 1
&$57( )
&21752/(85
'·(48,3(0(17 4 %
75$1 08; 6(&2856
[ 0ELWV 1
[ 0ELWV
'(38,6 /( &+$66,6 '(
'(5,9$7,21
670 237 670 237
0ELWV 6(&2856 0ELWV 6(&2856 ',675,%87,21 '·+25/2*(
670 (/ 1 670 (/ 1
5()
5()
'·+25/2*(
'·+25/2*(
'( 6(&2856
$/,0
0+]
(;7
)LJXUH 6FKpPD JpQpUDO
(
&
,/
$
$
('
. $/ $* $$
$$
2
7
7 VW
LE VLW
2
0 6 0
7 6 E
O 7 ( 6 ( 0 3 3& 7 76 , 0 (
H 6 61 $6 6 3 8
V
L V
W
06 0 5 ,4
K
W D
Q F
[ 7
W
H $
O 3
I W
,3 ,3 2
R Q
R P
J 6 0 6
LQ
F R
V I
U 0
7 7
\W
L Q 6 6
S
RI R 7$ 7$
FR W L
* * VW (
GQ D ( ; ( ; LE 8
QLR U
]
L 5 8 5 8 & $3 73 $ 7 76 , 0 ,4
W * 0 * 0 3/ 6 6 3 7
D
D R $ $ + + 0 5 3
Q
R LF W
K
2
Q X
J X D
LQ PQ
V H
W
76 76
PW
V
D R LU 5 5
F
3 Z
G W
G Q X
0
WVL
H D R
Y 7 7 * $6 73 $3 0 (
U H K W 6 6 3 2 E 8
H
V
V L
X Z 0 0 36 3& + /
, & 0 4
,
H G
01 3 ( 5
7
U W
H 6 7 76 ' &
V
Q W
$ 6 /( (
W H LW
6 0 5 8 /
K PP $ $ ' (
J
L X U 6 6
U F H 2
OOR S 0
$ G W
$))/8(17 '( &20087$7,21 670
R
Q &
3 &
3
+ + $3 7 $3 ,
+ 3/ / 3
0 VW
0 LE
3$ 7 $3 ,3 2 0
+ /3 / &
& (
3/ '
HJ 3 ( (/
(
& 6 ,& $3 73 $3 ; VLW
1 UDp 1 5 + / / 8 8
'
(
5 WLH $ 7$ 0 , 2 E
$3 UU 5
7 ; 3 0 0
D- 0 $3 73 $3 8
6 0
(
1
$ + / / '
5
7 75$1 08; HW [ 0ELWV
&
3 &
3 3$ 73 $3
/
,3
0
+ + + / 0
2 VW
$3 73 $3 ,3 & WVL LE
& ( E0
$
6 $
6 /3 + / / ' 0
X
(/
$3 73 $3 8 R
,3 '
+ / / 2
76 76 0
0 0 $))/8(17 ; 0ELWV RX [ 0ELWV
/
$3 73 $3 ,3 (
7 7 0 1
6 6 + / / 0 1&
5 5 2 ,2 (
& 75
&
&
3/
$3 73 $3 ,3 (
' (8 2
+ / / (/ ,5 0
; ; ,' (
8 8 8 1%
0 0 0
76 0 3$ 73 $3 ,3 ' 89
76 + / / 2 7'
7$ 7$ 0 52
* VW 3
*
( ( LE $))/8(17 '9%
5 ,3 5 ,3 0
* *
$ 6 $ 6
[ 0
0
3$ 73 $3
/
,3 2 VLW
76 76 & + / & E
3/ ( 0
0 ( 0 ( '
76 8 76 8 $3 73 $3 ,3 (/
2 2 + / / 8
'
2
$))/8(17 0ELW6 RX 0ELWV 0
)LJXUH 6FKpPD GHV FDUWHV G·DIIOXHQWV HW G·DJUpJDWV
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH G·DJUpJDWV 670
&H VRXVV\VWqPH HVW SUpVHQW ORUVTXH O·pTXLSHPHQW 60 HVW XWLOLVp /·pTXLSHPHQW SHUPHW O·XWLOLVDWLRQ
O
GH FDUWHV G·DJUpJDWV 670 PD[LPXP
H
V
L
K
V
W D
W
/·DJUpJDW DJLW FRPPH XQH LQWHUIDFH ELGLUHFWLRQQHOOH (P HW 5HF HQWUH OD ILEUH RSWLTXH HW OHV VLJQDX[
W Q F O
I
R
H $
W
Q
G·DIIOXHQWV UDFFRUGpV YLD OD FDUWH GH 0DWULFH HW O·DJUpJDW RSSRVp
J
LQ
R P
F R
U
/H VLJQDO 670 0ELWV HVW UDFFRUGp DX[ F{WpV
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
28(67 QRUPDO FDUWH
]
L
LR U
Q
D W
D R
28(67 GH VHFRXUV FDUWH
Q K
LF W
R
J
Q X
X D
(67 QRUPDO FDUWH
LQ
V
PQ
H
W
(67 GH VHFRXUV FDUWH
V PW
D
3
R LU
F
Z
/HV FRQILJXUDWLRQV VXLYDQWHV VRQW DXWRULVpHV
G W
G Q X
H D R
Y
U
H
H K
V L
W 7HUPLQDO QRQ SURWpJp FDUWH
V
H
U
X Z
G
W
)RQFWLRQ 'pULYDWLRQ,QVHUWLRQ QRQ SURWpJpH FDUWHV
Q W H
V
W
K
H LW 7HUPLQDO VpFXULVp $36 FDUWHV
PP
J
L
U
OO
X U
F H )RQFWLRQ 'pULYDWLRQ,QVHUWLRQ VpFXULVpH $36 FDUWHV
R S
$ G W
R
Q
/D GHVFULSWLRQ V·DSSOLTXH j WRXWHV OHV FDUWHV G·DJUpJDWV 670 GH OD YHUVLRQ ILJXUDQW DX FKDSLWUH
µ&21),*85$7,21µ SDJH
/HV FDUWHV VH GLVWLQJXHQW SDU OHV OHWWUHV / HW 6 TXL GpILQLVVHQW OHXU UHODWLRQ SDU UDSSRUW DX[ FRPSRVDQWV
RSWLTXHV XWLOLVpV SRXU OHV ORQJXHV SRUWpHV RX OHV FRXUWHV SRUWpHV
/·DFFqV DX[ FRQQHFWHXUV RSWLTXHV GH OD FDUWH (P5HF QH SHXW VH IDLUH TX·j SDUWLU GH OD IDFH DYDQW GH OD
FDUWH /HV FDUWHV H[SORLWpHV GDQV OD VHFRQGH IHQrWUH VRQW GpVLJQpHV FHOOHV H[SORLWpHV GDQV OD
WURLVLqPH IHQrWUH
/HV FDUWHV VRQW LGHQWLILpHV SDU OH W\SH GH FRQQHFWHXU XWLOLVp )&3& RX 6&3& RX ',1
/HV FDUWHV GpVLJQpHV SDU -( -RLQW (QJLQHHULQJ SRVVqGHQW GH PHLOOHXUHV FDUDFWpULVWLTXHV RSWLTXHV SDUWL
FXOLqUHPHQW SRXU OHV YDOHXUV GH GLVSHUVLRQ YRLU FKDSLWUH µ63(&,),&$7,216 7(&+1,48(6µ SDJH
/HV FLUFXLWV IRQFWLRQQHOV ELGLUHFWLRQQHOV VRQW OHV VXLYDQWV
63, ,QWHUIDFH SK\VLTXH V\QFKURQH
3HUPHW O·LQWHUIDoDJH GX VLJQDO 670 HW GH OD ILEUH RSWLTXH SDU H[WUDFWLRQ GH U\WKPH HQ
UpFHSWLRQ
08; )RQFWLRQ GH PXOWLGpPXOWLSOH[DJH
3HUPHW OD FRQYHUVLRQ VpULHSDUDOOqOH GH 670 YHUV 670 HW LQYHUVHPHQW
567 7HUPLQDLVRQ GH OD VHFWLRQ GH UpJpQpUDWLRQ
3HUPHW OD JHVWLRQ GHV RFWHWV G·HQWrWH SRXU OD VHFWLRQ GH 5pJpQpUDWLRQ 562+
067 7HUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH
3HUPHW OD JHVWLRQ GHV RFWHWV G·HQWrWH SRXU OD VHFWLRQ GH PXOWLSOH[DJH 062+
(
&
,/
$
$
('
. $/ $* $$
$$
6$ $GDSWDWLRQ GH VHFWLRQ
3HUPHW OH WUDLWHPHQW GX SRLQWHXU DILQ GH V\QFKURQLVHU OH VRXVV\VWqPH HW OD IUpTXHQFH
GH OLJQH
O
H
W
V
L
K
W
V
W D
Q F O
+3& 5DFFRUGHPHQW GH FRQGXLW G·RUGUH VXSpULHXU
I
R
H $
W
Q
(OOH SHUPHW OD VpOHFWLRQ HW OD FRQFHQWUDWLRQ GHV FRQGXLWV $8 j XWLOLVHU GDQV OD WUDPH
J
LQ
R P
F R
U
670
V I
\
S
W
L Q
I R
/HV WUDLQV GH GRQQpHV $8 DSSDUWLHQQHQW VRLW j O·DJUpJDW 670 GX F{Wp RSSRVp
R
F
G
R W
Q D
L
WUDQVSDUHQW VRLW DX[ DIIOXHQWV GpULYDWLRQLQVHUWLRQ UDFFRUGpV SDU OHV 0DWULFHV
Q
D
LR U
W
]
L
&KDTXH VLJQDO HVW UpSDUWL VXU XQ EXV ILOV j 0ELWV
D R
Q
R LF W
Q X
K
&HWWH IRQFWLRQ +3& QH V·DSSOLTXH SDV ORUVTXH OD 0DWULFH WRWDOH HVW XWLOLVpH VL HOOH HVW
J
LQ
X D
PQ
HIIHFWXpH GDQV OD PrPH 0DWULFH WRWDOH
V H
V PW W
D R LU
F
3 Z
G W
G
H
Q X
D R /HV FDUWHV G·DJUpJDW 670 SHXYHQW pYHQWXHOOHPHQW rWUH UDFFRUGpHV j XQ DPSOLILFDWHXU RSWLTXH H[WHUQH
Y
H K
U
H
V
V L
X Z
W
DILQ G·LPSOpPHQWHU OHV WURQoRQV GH OLDLVRQ
H
U
V
G
W
Q W H /H MRXUQDO G·DODUPHV GH O·DPSOLILFDWHXU RSWLTXH HVW HIIHFWXp YLD GHV µFRQWDFWV GLVFUHWHVµ EURFKHV G·HQWUpH
W H LW
K
J
L
PP
X U
HQYLURQQHPHQW
U
OO
F H
R S 8QH WUDQVPLVVLRQ ELGLUHFWLRQQHOOH VXU ILEUH XQLTXH HVW DXWRULVpH YLD O·XWLOLVDWLRQ G·XQH FRXSOHXU SDVVLI RSWL
$ G W
R
Q TXH H[WHUQH
/H VHQV GH WUDQVPLVVLRQ HVW GpILQL HQ XWLOLVDQW OHV ELWV QRQ DWWULEXpV GH O·RFWHW 6
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH G·DJUpJDWV 670
&H VRXVV\VWqPH HVW SUpVHQW ORUVTXH O·pTXLSHPHQW 60& HVW XWLOLVp /·pTXLSHPHQW SHUPHW
O
O·XWLOLVDWLRQ GH FDUWHV G·DJUpJDWV 670 PD[LPXP
H
V
L
K
V
W D
W
/·DJUpJDW DJLW FRPPH XQH LQWHUIDFH ELGLUHFWLRQQHOOH (P HW 5HF HQWUH OD ILEUH RSWLTXH HW OHV VLJQDX[
W Q F O
I
R
H $
W
Q
G·DIIOXHQWV UDFFRUGpV YLD OD FDUWH GH 0DWULFH HW O·DJUpJDW RSSRVp
J
LQ
R P
F R
U
/H VLJQDO 670 0ELWV HVW UDFFRUGp DX[ F{WpV
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
28(67 FDUWH
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
(67 FDUWH
J X D
LQ PQ
H
/HV FRQILJXUDWLRQV VXLYDQWHV VRQW DXWRULVpHV
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R 7HUPLQDO QRQ VpFXULVp FDUWH
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
)RQFWLRQ 'pULYDWLRQ,QVHUWLRQ QRQ VpFXULVpH FDUWHV
W H LW
K PP
J
/D GHVFULSWLRQ V·DSSOLTXH j WRXWHV OHV FDUWHV G·DJUpJDWV 670 GH OD YHUVLRQ ILJXUDQW DX FKDSLWUH
L X U
U F H
OOR S
$ G W
R
Q
µ&21),*85$7,21µ SDJH
/HV FDUWHV VH GLVWLQJXHQW SDU OHV OHWWUHV / HW 6 TXL GpILQLVVHQW OHXU UHODWLRQ SDU UDSSRUW DX[ FRPSRVDQWV
RSWLTXHV XWLOLVpV SRXU OHV ORQJXHV SRUWpHV RX OHV FRXUWHV SRUWpHV
/·DFFqV DX[ FRQQHFWHXUV RSWLTXHV GH OD FDUWH (P5HF QH SHXW VH IDLUH TX·j SDUWLU GH OD IDFH DYDQW GH OD
FDUWH /HV FDUWHV H[SORLWpHV GDQV OD VHFRQGH IHQrWUH VRQW GpVLJQpHV FHOOHV H[SORLWpHV GDQV OD WURL
VLqPH IHQrWUH
/HV FDUWHV VRQW LGHQWLILpHV SDU OH W\SH GH FRQQHFWHXU XWLOLVp FRQQHFWHXUV )&3& 633& RX ',1
&HUWDLQHV FDUWHV VRQW PDUTXpHV GH O·DEUpYLDWLRQ µ,'µ RX ´(1+µ RX VRQW DSSHOpHV µ(WHQGXHVµ (OOHV VRQW
FRQILJXUpHV j O·DYDQFH SRXU IRXUQLU GHV IRQFWLRQV GH JHVWLRQ 8,77 VXSSOpPHQWDLUHV DX[ YHUVLRQV IXWXUHV
GH O·pTXLSHPHQW 60& 'DQV OD YHUVLRQ DFWXHOOH FHV QRXYHOOHV IRQFWLRQV QH IRQFWLRQQHQW SDV HW WRXV
OHV DJUpJDWV RQW OHV PrPHV SHUIRUPDQFHV
/HV PrPHV XQLWpV QH SHXYHQW SDV IRQFWLRQQHU DYHF XQ DQFLHQ W\SH G·DJUpJDWV SODFp GH O·DXWUH F{Wp GH
OD SRUWpH RSWLTXH
/HV DQFLHQV W\SHV G·DJUpJDWV DYHF XQH LQWHUIDFH RSWLTXH GLIIpUHQWH QH VRQW SOXV IRXUQLV GDQV FHWWH
YHUVLRQ PDLV SHXYHQW DYRLU pWp PLV j QLYHDX j SDUWLU G·XQH YHUVLRQ SUpFpGHQWH
/HV UDFFRUGHPHQWV (VW2XHVW $8 WUDQVSDUHQW V·HIIHFWXHQW HQ IDFH DYDQW j O·DLGH GHV FkEOHV GX ´.LW GHV
MDUUHWLqUHV FRD[LDOHVµ YRLU FKDSLWUH SDJH
(Q PRGH WUDQVSDUHQW VWUXFWXUp &9 &9 OD FDUWH GH 0DWULFH WRWDOH HVW XWLOLVpH
(
&
,/
$
$
('
. $/ $* $$
$$
/HV FLUFXLWV IRQFWLRQQHOV ELGLUHFWLRQQHOV VRQW OHV VXLYDQWV
63, ,QWHUIDFH SK\VLTXH V\QFKURQH
O
3HUPHW O·LQWHUIDoDJH GX VLJQDO 670 HW GH OD ILEUH RSWLTXH SDU H[WUDFWLRQ GH U\WKPH
V
L W V D
H
W HQ UpFHSWLRQ
K Q F
W O
I W $
R Q
H 08; )RQFWLRQ GH PXOWLGpPXOWLSOH[DJH
J R
F R
P
3HUPHW OD FRQYHUVLRQ VpULHSDUDOOqOH GH 670 YHUV 670 HW LQYHUVHPHQW
LQ U
V I
567 7HUPLQDLVRQ GH OD VHFWLRQ GH UpJpQpUDWLRQ
\ W
S L Q
R I R L
F R W
G Q ]
D 3HUPHW OD JHVWLRQ GHV RFWHWV G·HQWrWH SRXU OD VHFWLRQ GH 5pJpQpUDWLRQ 562+
Q LR U L
D W R
D
Q LF W K
067 7HUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH
R Q X
J X D
3HUPHW OD JHVWLRQ GHV RFWHWV G·HQWrWH SRXU OD VHFWLRQ GH PXOWLSOH[DJH 062+
LQ P Q
V
V PW
H
W 6$ $GDSWDWLRQ GH VHFWLRQ
D R LU
3
F
Z
3HUPHW OH WUDLWHPHQW GX SRLQWHXU DILQ GH V\QFKURQLVHU OH VRXVV\VWqPH HW OD IUpTXHQFH
G W
G Q X GH OLJQH
H D R
Y
U H K
H V L
W
+3& 5DFFRUGHPHQW GH FRQGXLW G·RUGUH VXSpULHXU
V X Z
H
U W G (OOH SHUPHW OD VpOHFWLRQ HW OD FRQFHQWUDWLRQ GHV FRQGXLWV $8 j XWLOLVHU GDQV OD WUDPH
Q H
V H W
W
K P
LW 670
J
L X U
U F H
OO R
P
/HV WUDLQV GH GRQQpHV $8 DSSDUWLHQQHQW VRLW j O·DJUpJDW 670 GX F{Wp RSSRVp
$ G W
S
WUDQVSDUHQW VRLW DX[ DIIOXHQWV GpULYDWLRQLQVHUWLRQ UDFFRUGpV SDU OHV 0DWULFHV
R
Q /H PRGH WUDQVSDUHQW $8 DYHF O·DJUpJDW RSSRVp HVW REWHQX YLD VLJQDX[ j 0ELWV
'DQV OH UDFFRUGHPHQW DYHF OHV 0DWULFHV FKDTXH VLJQDO HVW UpSDUWL VXU XQ EXV ILOV j
0ELWV
&HV UDFFRUGHPHQWV VRQW XWLOLVpV SRXU OHV IRQFWLRQV GH GpULYDWLRQLQVHUWLRQ G·DJUpJDWV OH
PRGH WUDQVSDUHQW GH OD FDUWH G·DIIOXHQW 78 HW OHV UDFFRUGHPHQWV HQWUH DJUpJDWV
/HV FDUWHV G·DJUpJDWV 670 SHXYHQW pYHQWXHOOHPHQW rWUH UDFFRUGpHV j XQ DPSOLILFDWHXU RSWLTXH
H[WHUQH DILQ G·LPSOpPHQWHU OHV WURQoRQV GH OLDLVRQ
/H MRXUQDO G·DODUPHV GH O·DPSOLILFDWHXU RSWLTXH HVW HIIHFWXp YLD GHV ´FRQWDFWV GLVFUHWVµ EURFKHV G·HQWUpH
HQYLURQQHPHQW
8QH WUDQVPLVVLRQ ELGLUHFWLRQQHOOH VXU ILEUH XQLTXH HVW DXWRULVpH YLD O·XWLOLVDWLRQ G·XQ FRXSOHXU SDVVLI
RSWLTXH H[WHUQH
/H VHQV GH WUDQVPLVVLRQ HVW GpILQL SDU O·XWLOLVDWLRQ GH ELWV QRQ DVVLJQpV SURYHQDQW GH O·RFWHW 6
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH GH EUDVVDJH
&H VRXVV\VWqPH DXWRULVH WRXW W\SH GH UDFFRUGHPHQW G·DIIOXHQWV HW G·DJUpJDWV
O
/RUVTXH OHV DJUpJDWV 670 VRQW XWLOLVpV OHV VRXVV\VWqPHV G·DIIOXHQWV HW G·DJUpJDWV IRXUQLVVHQW GHV
H
V
L
K
V
W D
W
FKDUJHV XWLOHV SRXU OHV 670 TXL SHXYHQW rWUH JpUpHV SDU OH VRXVV\VWqPH GH EUDVVDJH F·HVWjGLUH
W Q F O
I
R
H $
W
Q
SRXU O·DJUpJDW (VW SRXU O·DJUpJDW 2XHVW HW SRXU OHV DIIOXHQWV 9RLU )LJXUH SDJH
J R P
F R
LQ U
V I
\
S
W
L Q
I R
/RUVTXH OHV DJUpJDWV 670 VRQW XWLOLVpV FKDTXH DJUpJDW SHXW FRPSRUWHU &9 GLVWULEXpV
R L
F
G
R W
Q D
LQGLIIpUHPPHQW HW QRQ SRXU O·DJUpJDW (VW HW SRXU O·DJUpJDW 2XHVW 9RLU )LJXUH SDJH
]
L
LR U
Q
D W
D R
/HV GLIIpUHQFHV HQWUH DJUpJDWV 670 VRQW LQGLTXpHV DX SDUDJUDSKH SDJH
Q K
R LF W
Q X
J X D
LQ PQ
H
'DQV FH EXW GHV FDUWHV GH 0DWULFH RQW pWp DWWULEXpHV HQ SOXV GHV FLUFXLWV GH FDUWHV G·DIIOXHQWV HW G·DJUpJDWV
V W
V
D
PW
R LU
F
XWLOLVpHV
3 Z
G W
G Q X
H
Y
U
D R
H K W
'HX[ 0DWULFHV GLIIpUHQWHV SHXYHQW rWUH FKRLVLHV VHORQ OHV DERXWHPHQWV VRXKDLWpV
H V L
V X Z
H G
U
V
W
W
Q W
H LW
H &$57( '( 5$&&25'(0(17
K
J
L
U
PP
X U
0$75,&( 727$/( HW 0$75,&( [ 1%
F H
OOR S
$ G W
R
Q /H WDEOHDX VXLYDQW LOOXVWUH OHV UDFFRUGHPHQWV GH FKDTXH FDUWH
7DEOHDX 2SWLRQV GH EUDVVDJH
&$57( 237,21 '( 5$&&25'(0(17
&9 &9&9 685 670
$*5$)) $*5$*5 $))$)) $*5$)) $*5$*5 $))$))
&$57( '( 28, 28, 121 121 121 121
5$&&25'(0(17
0$75,&( 727$/( 28, 28, 28, 28, 28, 28,
$*5 $JUpJDW
J J
$)) $IIOXHQW
1%
&RPPH LQGLTXp DX FKDSLWUH µ&21),*85$7,21µ SDJH OD YHUVLRQ FRXUDQWH G·XQH QRXYHOOH FDUWH
0DWULFH D pWp LQWURGXLWH LO V·DJLW GH OD FDUWH GH 0DWULFH WRWDOH [ HOOH HVW SUpUpJOpH SRXU DFFXHLOOLU
GDQV VD YHUVLRQ IXWXUH OHV QRXYHOOHV IRQFWLRQV VWDQGDUGV GH JHVWLRQ ,787 -- 7,0 320 61&31
&HV QRXYHOOHV IRQFWLRQQDOLWpV QH VRQW SDV DVVXUpHV GDQV OD YHUVLRQ FRXUDQWH SDU FRQVpTXHQW OD FDUWH
GH 0DWULFH WRWDOH [ HW OD FDUWH GH 0DWULFH WRWDOH DVVXUHQW OHV PrPHV IRQFWLRQV
(
&
,/
$
$
('
. $/ $* $$
$$
$*5 $*5
GH GH
6HFRXUV [ $8 6HFRXUV
O $*5 $*5
H GH VHFRXUV
V
L V
W D
W
670 670
K Q F
W
I H $
W
O
28(67 (67
R Q
J R P
F R
LQ U
V I
\
S
W
L Q [ $8 [ $8
I R
R
FR W L
GH VHFRXUV GH VHFRXUV
GQ D
]
L
QLR U
W
D
Q
D R
K 0$75,&(6
R LF W
Q X
J X D
LQ
V
PQ
PW
H
W
[ $8
V
D R LU
3
F
Z GH VHFRXUV
G W
G Q X
H D R
Y
U
H
H K
V L
W $))/8(176
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H
)LJXUH %UDVVDJH DYHF O·DJUpJDW 670 60
R S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH GH UDFFRUGHPHQW 9RLU )LJXUH
&UpH XQH H[WHQVLRQ VLPSOH HQWUH OHV DIIOXHQWV HW OHV DJUpJDWV
/HV IRQFWLRQV GH EUDVVDJH VRQW HIIHFWXpHV XQLTXHPHQW VXU OHV &9 SDU OHV FLUFXLWV GpGLpV DX[
O
H
DJUpJDWV
W
V
L
K
W
V
W D
Q F O
/HV FDUWHV G·DIIOXHQWV VXLYDQWHV SHXYHQW rWUH XWLOLVpHV
I H $
W
R Q
J
LQ
R P
F R
U
$))/8(17 '( &20087$7,21 670
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
670 RSWLTXH &HWWH FDUWH SHXW pJDOHPHQW FRQWHQLU GHV VWUXFWXUHV GH &9 RX &9 TXL
]
L
LR U
Q
D W
D R
QH VHURQW SDV JpUpHV PDLV XQLTXHPHQW WUDQVIpUpHV
Q K
R LF W
Q X
J X D
LQ PQ
H
/D FDUWH GH UDFFRUGHPHQW Q·DVVXUH SDV GH EUDVVDJH
V W
V PW
D R LU
F
3
G
G W
Q X
Z
'HX[ FDUWHV GH UDFFRUGHPHQW GRLYHQW rWUH XWLOLVpHV
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K
J
L
PP
X U
$*5 $*5
U
OO
F H
R S
28(67 GH (67 GH
$ G W
R
VHFRXUV 75$163$5(17 VHFRXUV
Q
$8
$*5 $*5
28(67 (67
&$57( '( 5$&&25'(0(17
&$57( '( 5$&&25'(0(17
$8 '(5,9$7,21,16(57
$)) $)) $))
0ELWV
670 JpUp SDU &9
121 $8725,6(( $9(& 670
/(6 '(8; &$57(6 '( 5$&&25'(0(17 '2,9(17 (75( ,16(5((6 /$ &$57(
'( 5$&&25'(0(17 1·(67 3$6 81( &$57( '( 6(&2856 3285 /$ &$57(
)LJXUH %UDVVDJH DYHF OD FDUWH GH UDFFRUGHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
0DWULFH WRWDOH HW 0DWULFH [ 9RLU )LJXUH
7RXWHV OHV RSWLRQV GH UDFFRUGHPHQWV G·DJUpJDWV HW G·DIIOXHQWV VRQW SRVVLEOHV
O
V
L V
W D
H
W /HV UDFFRUGHPHQWV HQWUH DJUpJDWV GH &9 G·XQ PrPH F{Wp VRQW pJDOHPHQW SRVVLEOHV
K Q F
W O
I H $
W
R
J
Q
R P /D VpOHFWLRQ GHV VLJQDX[ GH FRQILJXUDWLRQ G·DERXWHPHQWV GHV FLUFXLWV GDQV OHV VWUXFWXUHV GH
F R
LQ
\
S
V I
W
L Q
U
KLpUDUFKLH QXPpULTXH V\QFKURQH 6'+ GpSHQG GX W\SH GH UDFFRUGHPHQW
RI R
R W L
F
Q D
G
QLR U
W
]
L /HV VWUXFWXUHV &9 HW &9 GDQV OHV VLJQDX[ 670 VRQW WUDLWpHV
D
D R
Q K
R LF W
J
Q X
X D 8QH FDUWH GH 0DWULFH VXSSOpPHQWDLUH SHXW rWUH XWLOLVpH FRPPH FDUWH GH VHFRXUV
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
$*5 28(67 $*5 (67
V H LW
W
K
J
L
PP
X U
'( 6(&2856 '( 6(&2856
U F H
OOR S $*5 $*5
$ G W
R
Q
28(67 (67
75$163 $8 685 670
0$75,&( 727$/( '( 6(&2856
670
*(67,21 $8&9
%5$66$*(6 %5$66$*(6
$*5 28(67 $*5 (67
75$163$5(17
$*5 28(67 $*5 (67
%5$66$*(6
$)) $))
'(5,9$7,16(57,21
$))$*5
0$75,&( 727$/(
$)) $))
0ELWV
0ELWV
0ELWV
670 237,48((/(&75,48(
121 $8725,6(( $9(& 670
3285 /(6 $*5(*$76 670 /( 02'( 75$163$5(17 $8 (67 ())(&78(
(175( /(6 &$57(6 '·$*5(*$7 3$5 &$%/$*( ',5(&7
)LJXUH %UDVVDJH DYHF OD 0DWULFH WRWDOH
(
&
,/
$
$
('
. $/ $* $$
$$
3DUWLFXODULWpV GH O·DJUpJDW 670 60&
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /RUVTXH OHV DJUpJDWV 670 VRQW XWLOLVpV DORUV TXH VHXO OH UDFFRUGHPHQW &9 HVW UHTXLV OHV DJUpJDWV
K
W
I
Q F
H $
W
O
UHOLDQW OH VRXVV\VWqPH UDFFRUGpV j XQ &9 VRQW GLVWULEXpV LQGLIIpUHPPHQW GDQV WRXWHV OHV GLUHFWLRQV
R Q
J R P
F R
DX OLHX G·rWUH VHXOHPHQW UpSDUWLV &9 (67 HW &9 28(67 FRPPH F·HVW OH FDV SRXU OH 670
LQ U
V I
\
S
W
L Q
I R
*UkFH j OD VpFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 61&3 MXVTX·j &9 UDFFRUGpV j O·XQ GHV F{WpV
R L
F
G
R W
Q D
VRQW SURWpJpV SDU O·DXWUH F{Wp
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
,O H[LVWH GHX[ PpWKRGHV G·DERXWHPHQW ORUVTX·XQ EUDVVDJH G·RUGUH LQIpULHXU DYHF XQ DJUpJDW 670 HVW
J X D
LQ PQ
H
UHTXLV /HV GHX[ PpWKRGHV XWLOLVHQW OD FDUWH GH 0DWULFH WRWDOH
V W
V PW
D R LU
F
3
G
G W
Q X
Z
/LDLVRQV OLQpDLUHV
H
Y
U
D R
H K W
'DQV FH FDV OD FRQFHQWUDWLRQ G·XQ FRQWHQHXU YLUWXHO G·RUGUH LQIpULHXU SHXW rWUH LPSOpPHQWpH
H V L
V
H
X Z
G
HQWUH &9 GLVWULEXpV LQGLIIpUHPPHQW HW SDV VHXOHPHQW &9 (67 HW &9 28(67
U W
Q W H
V H LW
W
K
J
L
U
PP
X U
$QQHDX GH VpFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX
F H
OOR S
$ G W
'DQV FH FDV OD FRQFHQWUDWLRQ G·XQ FRQWHQHXU YLUWXHO G·RUGUH LQIpULHXU SHXW rWUH LPSOpPHQWpH
R
Q HQWUH &9 (67 HW &9 28(67 GDQV OHV GHX[ VHQV
&RQQHFWLYLWp pWHQGXH GDQV O·DQQHDX GH VpFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX
$ SDUWLU GH OD SUpVHQWH YHUVLRQ LO HVW SRVVLEOH G·DFWLYHU OD IRQFWLRQ GH FRQQHFWLYLWp pWHQGXH
(QKDQFHG &RQQHFWLYLW\ )XQFWLRQ TXL SHUPHW GH VpFXULVHU MXVTX·j &9 DYHF XQ EUDVVDJH
G·RUGUH LQIpULHXU j FRQGLWLRQ TXH WRXV OHV FRQWHQHXUV YLUWXHOV &9 G·RUGUH LQIpULHXU DLHQW pWp
UDFFRUGpV GDQV OH PrPH PRGH GH FRQILJXUDWLRQ GHV DERXWHPHQWV 6L HQ UHYDQFKH LO HVW
QpFHVVDLUH GH JpUHU FKDTXH FDUWH G·DIIOXHQW 78 GH PDQLqUH GLIIpUHQWH OH UDFFRUGHPHQW
V·HIIHFWXH DX[ FRQGLWLRQV SUpFpGHQWHV
(
&
,/
$
$
('
. $/ $* $$
$$
$*5 $8 PD[ $*5
670 670
O
H 28(67 75$163$5(17 (67
V W
L V
W D
K Q F
W O
I H $
W
R
J
Q
R P 2 $'''523 (
LQ
F R
V I
U
', $8 PD[ GH VHFRXUV ',
\W
SL Q
RI R
R W L
F
GQ D
]
Q
D
LR U
W
L
0$75,&(6
D R
Q K
R LF W
Q X
J X D
LQ
V
PQ
H
W
[ $8
V
D
PW
R LU GH VHFRXUV
F
3 Z
G W
G Q X
H D R
Y
H K
U
H V L
W
$))
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
', 'pULYDWLRQ,QVHUWLRQ GpVLJQH JpQpUDOHPHQW OHV UDFFRUGHPHQWV HQWUH DJUpJDWV JpUpV SDU OD
0$75,&( GpULYDWLRQLQVHUWLRQ FDUWH G·DIIOXHQW WUDQVSDUHQWH DJUpJDW GH EUDVVDJH
120%5( '·$8 87,/,6(6
7<3( '(
5$&&25'(0(17
2 ', ( ', 2( ', 37 WUDQVS
/,1($,5( $ $ $
PD[
2
$11($8 61&3 &9 $ 2 ( 2
',
2
$11($8 61&3 &9&9 $ 2 ( 2
',
$11($8 61&3 (7(1'8 2
$ 2 ( 2
&9&9 ',
)LJXUH %UDVVDJH DYHF O·DJUpJDW 670 60&
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH G·DIIOXHQWV
/H VRXVV\VWqPH G·DIIOXHQWV HVW FRPSRVp GH FDUWHV HW GH IRQFWLRQV FRQWHQXHV HW JpUpHV SDU OH FKkVVLV
O
HQ OLJQH 60 60& 6RXVV\VWqPH G·DIIOXHQWV GX FKkVVLV HQ OLJQH DLQVL TXH G·XQH H[WHQVLRQ
H
V
L
K
V
W D
W
RSWLRQQHOOH LQWLWXOpH ´6RXVV\VWqPH G·DIIOXHQWV GX FKkVVLV GH GpULYDWLRQµ FRQWHQXH GDQV O·pTXLSHPHQW
W Q F O
I
R
H $
W
Q
60' &H FKkVVLV GH GpULYDWLRQ HVW WRWDOHPHQW JpUp SDU OH FKkVVLV HQ OLJQH /LQH 6KHOI HQ FH TXL
J
LQ
R P
F R
U
FRQFHUQH OHV DODUPHV OHV FRQILJXUDWLRQV HW OHV FRPPDQGHV (Q WHUPHV GH JHVWLRQ GX UpVHDX LO IDLW SDUWLH
\V I
S
R
W
L Q
I R
L
GH O·pOpPHQW GH UpVHDX 60 60& DX PrPH WLWUH TXH OHV FDUWHV HW IRQFWLRQV GX FKkVVLV
FR W
GQ D
]
L
SULQFLSDO
QLR U
D
Q
W
D R
K
/H SUHPLHU QLYHDX GH FRPPDQGH GHV FDUWHV HVW DVVXUp SDU OH PRGXOH GH FRQWU{OH LQWpJUp TXL JqUH OD FDUWH
LF W
R
J
Q X
X D HW DVVXUH O·LQWHUIDoDJH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW SRXU FH TXL HVW GHV DODUPHV GH OD
LQ PQ
V
V PW
H
W FRQILJXUDWLRQ GHV SHUIRUPDQFHV GX FRQWU{OH HWF
D R LU
F
3 Z
G W
G Q X
H D R
Y
U
H
H K
V L
W 6RXVV\VWqPH G·DIIOXHQWV GX FKkVVLV HQ OLJQH /LQH 6KHOI
V X Z
H G
U W
Q W H
V
W
K
H LW /H FKkVVLV HQ OLJQH SHXW FRQWHQLU OHV W\SHV G·DIIOXHQWV VXLYDQWV
PP
J
L X U
U F H
OOR S
$ G W
R
0ELWV
Q
0ELWV
0ELWV 3OpVLRFKURQHV
0ELWV
0ELWV
0ELWV 670 pOHFWULTXH
6\QFKURQHV
0ELWV 670 RSWLTXH
'LIIXVLRQ 9LGpR 1XPpULTXH ,QWHUIDFH6pULH
$V\QFKURQH
/HV FDUWHV G·DIIOXHQWV [ 0ELWV HW 7UDQV0X[ SHXYHQW rWUH LQVpUpHV XQLTXHPHQW GDQV OHV
SUHPLqUHV DOYpROHV GX HU JURXSH j F{Wp GH OD FDUWH GH VHFRXUV GH OD qPH DOYpROH
2XWUH OD FDUWH GH O·DIIOXHQW GH EDVH [ 0ELWV LO HVW SHUPLV G·XWLOLVHU XQH FDUWH VSpFLDOLVpH FRPSRUWDQW
GHV IRQFWLRQQDOLWpV VXSSOpPHQWDLUHV DSSHOpHV 5HV\QFKURQLVDWLRQ YRLU SDUDJUDSKH SDJH
&KDTXH FDUWH 0ELWV RX 0ELWV JqUH WURLV VLJQDX[ WDQGLV TXH SRXU OD FDUWH 0ELWV OHV VLJQDX[
VRQW JpUpV VXU OD PrPH FDUWH
&KDTXH FDUWH JqUH WURLV VLJQDX[ XQLGLUHFWLRQQHO '9% /D FDUWH SHXW IRQFWLRQQHU HQ PRGH WUDQVPLVVLRQ RX
UpFHSWLRQ JUkFH j XQH SUpVpOHFWLRQ GX PDWpULHO /D FDUWH WUDQVPHW RX UHoRLW WURLV FDQDX[ GH WpOpYLVLRQ
FRGpV GH 0ELWV DYHF XQ GpELW HIIHFWLI GH j 0ELWV $ O·LQWpULHXU GH OD FDUWH OH VLJQDO HVW FRQYHUWL
HQ WUDPHV XQLGLUHFWLRQQHOOHV GH 0ELWV SRXU rWUH HQYR\p VXU XQ UpVHDX 6'+ GH QLYHDX 9&
/D FDUWH G·DIIOXHQW '9% pTXLYDXW j XQ DIIOXHQW VWDQGDUG GX SRLQW GH YXH GX SRVWH G·H[SORLWDWLRQ DLQVL
TX·j O·pJDUG GHV SHUVSHFWLYHV GH JHVWLRQ GH UpVHDX
/D FDUWH G·DIIOXHQW GH FRPPXWDWLRQ 670 IRQFWLRQQH FRPPH DIIOXHQW G·XQ VLJQDO j 0ELWV RX G·XQ
VLJQDO pOHFWULTXH j 0ELWV VpOHFWLRQQDEOH SDU ORJLFLHO
/D FDUWH G·DIIOXHQW GH FRPPXWDWLRQ 670 HW OD FDUWH RSWLTXH 670 $IIOXHQWV 6 / HW /
JqUHQW XQLTXHPHQW XQ VLJQDO
/D FDUWH G·DIIOXHQW [ 0ELWV SHXW rWUH VpFXULVpH (36 1
/HV FDUWHV G·DIIOXHQW [ [ 0ELWV SHXYHQW rWUH VpFXULVpHV (36 1 HW 1
(
&
,/
/D FDUWH G·DIIOXHQW '9% QH SHXW rWUH VpFXULVpH QL (36 QL 1 RX 1
$
$ /D FDUWH pOHFWULTXH G·DIIOXHQW FRPPXWDEOH j 0ELWV SHXW rWUH VpFXULVpH (36 HW 1
('
. $/ $* $$
$$
/D FDUWH pOHFWULTXH j 0ELWV HW OD FDUWH RSWLTXH 670 VRQW VpFXULVpHV $36 j H[WUpPLWp XQLTXH
/·pTXLSHPHQW HVW IRXUQL DYHF DOYpROHV G·DIIOXHQWV UpSDUWLHV HQ GHX[ JURXSHV GH FDUWHV /D qPH
O
DOYpROH GH FKDTXH JURXSH HVW DWWULEXpH XQLTXHPHQW j OD FDUWH GH VHFRXUV VpFXULVDWLRQ 1
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/HV DXWUHV FDUWHV SHXYHQW rWUH LQVpUpHV GDQV XQH DOYpROH TXHOFRQTXH PDLV GRLYHQW rWUH FRQILJXUpHV GH
R Q
J R P
F R
OD PDQLqUH VXLYDQWH VDXI OHV FDUWHV GH VHFRXUV
LQ U
\V I
W
L Q
S
I R
R
FR W L
SDU DIIOXHQW 670 RSWLTXH RX 670 pOHFWULTXH WUDLQV GH GRQQpHV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K SDU DIIOXHQW [ 0ELWV FRQGXLWV
Q X
J X D
LQ PQ
V
V PW
H
W SDU DIIOXHQW [ 0ELWV FRQGXLWV
D R LU
F
3 Z
G W
G
H
Q X
D R SDU DIIOXHQW '9% FRQGXLWV XQLGLUHFWLRQQHOV
Y
U H K W
H V L
V X Z
H
U
G
W 8QH FRQILJXUDWLRQ KpWpURJqQH G·DIIOXHQWV HVW DXWRULVpH
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H /HV DFFqV SK\VLTXHV j O·DIIOXHQW pOHFWULTXH VRQW OHV VRXVHQVHPEOHV GH PRGXOHV GH FRPPXWDWLRQ TXL
R S
$ G W
R
DVVXUHQW O·LQWHUIDFH GHV VLJQDX[ G·DIIOXHQW DYHF OD VRXUFH H[WHUQH
Q
&HV PRGXOHV SRVVqGHQW XQH WHUPLQDLVRQ RX RKPV HW XQ W\SH GH FRQQHFWHXU GLIIpUHQW 6LHPHQV
RX W\SH RX 6XE'
/HV DFFqV SK\VLTXHV '9% VH IRQW VXU OD IDFH DYDQW j O·DLGH GH SDLUHV GH FRQQHFWHXUV %1&
6L OH FKkVVLV GH GpULYDWLRQ HVW SUpVHQW OHV SUHPLqUHV DOYpROHV GX VHFRQG JURXSH VRQW GHVWLQpHV j FRQWH
QLU DXWDQW GH FDUWHV 670 pOHFWULTXHV &HV FDUWHV DFKHPLQHQW OHV WUDLQV [ j 0ELWV SURYHQDQW GX
FKkVVLV GH GpULYDWLRQ YLD WURLV SDLUHV GH FkEOHV FRD[LDX[ TXL GRLYHQW rWUH UDFFRUGpV DX[ PRGXOHV GH FRP
PXWDWLRQ FRUUHVSRQGDQW DX[ FDUWHV LQVpUpHV GDQV OHV DOYpROHV Q GX FKkVVLV HQ OLJQH /LQH 6KHOI
6H UHSRUWHU DX 7DEOHDX SDJH
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH G·DIIOXHQWV GX FKkVVLV HQ OLJQH
O
V
L V
W D
H
W 7DEOHDX &RQILJXUDWLRQ
K Q F
W O
I H $
W
R Q
J R P
LQ
\
F R
V I
U 60 60&
W
L Q
S
RI R
R W L 6(&2856 6(&2856
F
Q D 670 (/ 670 (/
G
QLR U
W
]
L 1 1
D
D R
Q
R LF W
Q X
K
670 237 670 237
J X D
LQ PQ 6(&2856 6(&2856
V
V PW
H
W 0ELWV 0ELWV
D
3
R LU
F 1 1
Z
G W
G Q X
6(&2856 6(&2856
H D R
[ 0ELWV [ 0ELWV
Y
U
H
H K
V L
W 1 1
V X Z
H G
U W
6(&2856 6(&2856
V
Q W
H LW
H
[ 0ELWV [ 0ELWV
W
K
J
PP 1 1
L X U
U F H
OOR S
$ G W
'9% '9%
R
Q
6(&2856
[ 0ELWV
1
6(&2856
[ 0ELWV
1
6(&2856
HW [0ELWV
1
670 (/(&7
&DUWH VXSSRUWDQW
[ FRQGXLWV j 0ELWV GX
FKkVVLV GH GpULYDWLRQ
$)) $))
$)) $)) $)) $)) '( $)) $)) $)) $)) '(
6(&2856 6(&2856
*5283( 1 *5283( 1
&H WDEOHDX UHSUHQG OHV RSWLRQV GH FRQILJXUDWLRQ XWLOLVpHV HW LQGLTXH OHV FDUWHV DWWULEXpHV j FKDFXQH GHV
DOYpROHV G·DIIOXHQWV
/HV PRGXOHV GH FRPPXWDWLRQ LQWHUIDFHQW OHV VLJQDX[ G·DIIOXHQWV HW OD VRXUFH H[WHUQH
&HV PRGXOHV GLIIqUHQW GH SDU OHXU GpELW OHXU WHUPLQDLVRQ RX RKPV HW OHXU VpFXULVDWLRQ VWDQGDUG
. OH FDV pFKpDQW
/H PRGXOH GH FRPPXWDWLRQ FRUUHVSRQGDQW DX PDUFKp ORFDO SHXW rWUH IRXUQL
(Q UpIpUHQFH j OD )LJXUH SDJH OH EORF IRQFWLRQQHO SULQFLSDO GH FKDTXH FDUWH XWLOLVpH HVW GpILQL
FLDSUqV
127( &HUWDLQHV IRQFWLRQV SHXYHQW rWUH SUpVHQWHV GDQV OHV GHX[ FDUWHV FRQQHFWpHV F·HVWjGLUH OHV
FDUWHV G·DIIOXHQWV HW OD FDUWH GH 0DWULFH WRWDOH (Q HIIHW OHV FDUWHV SHXYHQW IRQFWLRQQHU DYHF
GLIIpUHQWV pTXLSHPHQWV HW FRQILJXUDWLRQV 'DQV FH FDV O·XQLTXH U{OH GH OD IRQFWLRQ GH
UDFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& SDU H[HPSOH ORUVTXH O·DIIOXHQW HVW XWLOLVp DYHF
OD 0DWULFH WRWDOH HVW GH GpILQLU OD SRVLWLRQ GX WUDLQ G·DIIOXHQWV GDQV OD SUHPLqUH GHV WURLV DOYpROHV
GX JURXSH GH FDUWHV G·DIIOXHQWV 78*
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH G·DIIOXHQWV GX FKkVVLV GH GpULYDWLRQ
/H VRXVV\VWqPH G·DIIOXHQWV GX FKkVVLV GH GpULYDWLRQ IRXUQLW MXVTX·j FRQGXLWV j 0ELWV YLD
O
DIIOXHQWV [ 0ELWV
H
V
L
K
V
W D
W
/H 60' IRXUQLW XQH VpFXULVDWLRQ G·pTXLSHPHQW ´ µ SRXU FHV DIIOXHQWV
W Q F O
I H $
W
R Q
J R P
F R
7DEOHDX &RQILJXUDWLRQ
LQ U
\V I
W
L Q
S
RI R
R W L
F
G
Q
Q D
LR U
]
L 60'
D W
D R
Q LF W
K
6(&2856
R Q X [ 0ELWV [ 0ELWV
J
LQ
X D
PQ
1
V H
W
V
D
PW
R LU $))
3
F $)) $)) $)) $)) $)) $)) $)) $)) $))
G W
Z
'(
G Q X
H
Y
U
D R
H K
6(&2856
W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
&DUWH G·DIIOXHQWV [ 0ELWV
/HV SULQFLSDX[ FLUFXLWV IRQFWLRQQHOV ELGLUHFWLRQQHOV VRQW OHV VXLYDQWV
,QWHUIDFH SK\VLTXH 3, LQWHUIDFH OH VLJQDO 0ELWV DYHF OD VRXUFH H[WHUQH SDU H[WUDFWLRQ GH U\WKPH
F{Wp (PLVVLRQ
$GDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$ H[WUDLWLQVqUH OH VLJQDO SOpVLRFKURQH 0ELWV
GHSXLVYHUV OH FRQWHQHXU V\QFKURQH &
7HUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU /37 JqUH O·HQWrWH GH FRQGXLW 32+ VWUXFWXUDQW DLQVL
OH FRQWHQHXU YLUWXHO &9
$GDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU +3$ WUDLWH OH SRLQWHXU GH OD FDUWH G·DIIOXHQW 78
5DFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& DERXWH WRXWH SRVLWLRQ GX PRGXOH GH WUDQVIHUW
V\QFKURQH 670 LQWHUIDoDQW OHV DJUpJDWV YLD OHV 0DWULFHV
&DUWH G·DIIOXHQWV [ 0ELWV
/HV SULQFLSDX[ FLUFXLWV IRQFWLRQQHOV ELGLUHFWLRQQHOV VRQW OHV VXLYDQWV
,QWHUIDFH SK\VLTXH 3, LQWHUIDFH OH VLJQDO 0ELWV HW OD VRXUFH H[WHUQH SDU H[WUDFWLRQ GH
U\WKPH F{Wp (PLVVLRQ
$GDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$ H[WUDLWLQVqUH OH VLJQDO SOpVLRFKURQH 0ELWV
GHSXLVYHUV OH FRQWHQHXU V\QFKURQH &
7HUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU /37 JqUH O·RFWHW G·HQWrWH 32+ VWUXFWXUDQW DLQVL
OH FRQWHQHXU YLUWXHO &9
$GDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU +3$ WUDLWH OH SRLQWHXU GH OD FDUWH G·DIIOXHQW 78
5DFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& DERXWH WRXWH SRVLWLRQ GX 670 LQWHUIDoDQW
OHV DJUpJDWV YLD OHV 0DWULFHV
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQWV [ 0ELWV
/HV SULQFLSDX[ FLUFXLWV IRQFWLRQQHOV ELGLUHFWLRQQHOV VRQW OHV VXLYDQWV
O
V
L V
W D
H
W ,QWHUIDFH SK\VLTXH 3, LQWHUIDFH OH VLJQDO 0ELWV HW OD VRXUFH H[WHUQH SDU H[WUDFWLRQ GH
K
W
I
Q F
H $
W
O
U\WKPH F{Wp (PLVVLRQ
R Q
J R P
F R
$GDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$ H[WUDLWLQVqUH OH VLJQDO SOpVLRFKURQH 0ELWV
LQ U
V I
\
S
W
L Q
I R
GHSXLVYHUV OH FRQWHQHXU V\QFKURQH &
R L
F
G
R W
Q D
7HUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU /37 JqUH O·RFWHW G·HQWrWH 32+ VWUXFWXUDQW DLQVL
]
L
LR U
Q
D W
D R
OH FRQWHQHXU YLUWXHO &9
Q K
LF W
R
J
Q X
X D
$GDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU +3$ WUDLWH OH SRLQWHXU GH OD FDUWH G·DIIOXHQW 78
LQ
V
PQ
H
W
5DFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& DERXWH WRXWH SRVLWLRQ GX 670 LQWHUIDoDQW
V PW
D
3
R LU
F
Z
OHV DJUpJDWV YLD OHV 0DWULFHV
G W
G Q X
H D R
Y
U
H
H K
V L
W &DUWH G·DIIOXHQW '9%
V X Z
H G
U W
V
W
Q W
H LW
H
&HWWH FDUWH V·XWLOLVH SRXU OH VLJQDO YLGpR SURYHQDQW GH OD FDUWH YLD O·LQWHUIDFH $6, /D FDUWH JqUH XQH JDPPH
K
J
L
U
PP
X U
F H
GH IUpTXHQFHV GH j 0ELWV &KDTXH FRQGXLW YLGpR '9% HVW DERXWp j XQ FRQGXLW SOpVLRFKURQH 9&
OOR S
$ G W
R
0ELWV
Q
8QH SDUWLH GH O·LQWHUIDFH SK\VLTXH $6, FRQIRUPH DX[ UHFRPPDQGDWLRQV &(1(/(& (1 DLQVL TXH
OHV SULQFLSDX[ FLUFXLWV IRQFWLRQQHOV GX SRLQW GH YXH GH O·,787 VRQW LGHQWLTXHV j OD FDUWH G·DIIOXHQW
[ 0ELW6
$GDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$ H[WUDLWLQVqUH OH VLJQDO SOpVLRFKURQH 0ELWV
GHSXLVYHUV OH FRQWHQHXU V\QFKURQH &
7HUPLQDLVRQ GH FRQGXWL G·RUGUH LQIpULHXU /37 JqUH O·RFWHW G·HQWrWH 32+ VWUXFWXUDQW DLQVL
OH FRQWHQHXU YLUWXHO &9
$GDSWDW\LRQ GH FRQGXLW G·RUGUH VXSpULHXU +3$ WUDLWH OH SRLQWHXU GH OD FDUWH G·DIIOXHQW 78
5DFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& DERXWH WRXWH SRVLWLRQ GX 670 LQWHUIDoDQW
OHV DJUpJDWV YLD OHV 0DWULFHV
$IIOXHQWV 7UDQV 0X[ HW [ 0ELWV
/D FDUWH LQWHUIDFH XQ VLJQDO SOpVLRFKURQH 0ELWV DYHF YHUURXLOODJH WUDPH HW FLQT VLJQDX[ SOpVLRFKURQHV
0ELWV
/H FRQGXLW 0ELWV VH GpPXOWLSOH[H HQ VLJQDX[ 0ELWV
/HV SULQFLSDX[ FLUFXLWV IRQFWLRQQHOV ELGLUHFWLRQQHOV VRQW OHV VXLYDQWV
,QWHUIDFH SK\VLTXH 3, LQWHUIDFH OH VLJQDO 0ELWV 0ELWV HW OD VRXUFH H[WHUQH SDU
H[WUDFWLRQ GH U\WKPH F{Wp (PLVVLRQ
08;'(08; SRXU OH VLJQDO 0ELWV XQLTXHPHQW GpPXOWLSOH[H HQ (PLVVLRQ OH VLJQDO
0ELWV HQ VLJQDX[ 0ELWV 0XOWLSOH[H HQ UpFHSWLRQ OHV WUDLQV GH GRQQpHV 0ELWV
HQ XQ VLJQDO 0ELWV
$GDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$ GpULYHLQVqUH OH VLJQDO SOpVLRFKURQH 0ELWV
GHSXLVYHUV OH FRQWHQHXU V\QFKURQH &
7HUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU /37 JqUH O·RFWHW G·HQWrWH 32+ VWUXFWXUDQW DLQVL
OH FRQWHQHXU YLUWXHO &9
$GDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU +3$ WUDLWH OH SRLQWHXU GH OD FDUWH G·DIIOXHQW 78
5DFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& DERXWH WRXWH SRVLWLRQ GX 670 LQWHUIDoDQW
OHV DJUpJDWV
(
&
,/
$
$
('
. $/ $* $$
$$
$IIOXHQW GH FRPPXWDWLRQ 670
/D FDUWH SHXW rWUH XWLOLVpH SRXU XQ DIIOXHQW SOpVLRFKURQH 0ELWV RX XQ DIIOXHQW V\QFKURQH pOHFWULTXH
O
0ELWV VpOHFWLRQQDEOHV SDU ORJLFLHO
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/HV SULQFLSDX[ FLUFXLWV IRQFWLRQQHOV ELGLUHFWLRQQHOV VRQW OHV VXLYDQWV
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
,QWHUIDFH SK\VLTXH 3,
I R
R
FR W L
,QWHUIDFH OH VLJQDO GH O·DIIOXHQW HW OD VRXUFH H[WHUQH SDU H[WUDFWLRQ GH U\WKPH F{Wp (PLVVLRQ
GQ D
Q
D
LR U
W
]
L
/H FLUFXLW HVW XWLOLVp SDU OHV GHX[ W\SHV G·DIIOXHQWV
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
/HV FLUFXLWV VXLYDQWV RQW pWp GpILQLV
V H
V PW W
D R LU
3
F
G W
Z 0ELWV
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
$GDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$
H
U
V
G
W
Q W H
,QVqUH OH VLJQDO SOpVLRFKURQH 0ELWV GDQV OH FRQWHQHXU V\QFKURQH &
W H LW
K PP
J
+37 7HUPLQDLVRQ GH FRQGXLW G·RUGUH VXSpULHXU
L X U
U F H
OOR S
$ G W
R
Q
*qUH O·RFWHW G·HQWrWH 32+ VWUXFWXUDQW DLQVL OH FRQWHQHXU YLUWXHO &9
3* 6$ *pQpUDWHXUSRLQWHXU GH O·DGDSWDWLRQ GH VHFWLRQ
,QVqUH XQH YDOHXU GH SRLQWHXU IL[pH GDQV O·HQWrWH GH O·XQLWp DGPLQLVWUDWLYH $82+
0ELWV
567 7HUPLQDLVRQ GH VHFWLRQ GH UpJpQpUDWLRQ
*qUH OHV SUHPLHUV FRQGXLWV GH O·HQWrWH GH VHFWLRQ 62+
067 7HUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH
*qUH OHV GHUQLHUV FRQGXLWV GH O·HQWrWH GH VHFWLRQ 62+
6$ $GDSWDWLRQ GH VHFWLRQ
7UDLWH OH SRLQWHXU GH O·XQLWp DGPLQLVWUDWLYH $8
063 6pFXULVDWLRQ GH OD VHFWLRQ GH PXOWLSOH[DJH HW 61&3 6pFXULVDWLRQ GH OD FRQQH[LRQ GX
VRXVUpVHDX
&H FLUFXLW V·DSSOLTXH DX[ GHX[ W\SHV G·DIIOXHQWV 6D IRQFWLRQ HVW GH FKRLVLU HQWUH OHV FRQGXLWV
SULQFLSDX[GH VHFRXUV 063 HW OH F{Wp (VW2XHVW 61&3 GHV VLJQDX[ UHoXV GHV DJUpJDWV YLD
OD 0DWULFH
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQW RSWLTXH 0ELWV DIIOXHQW 6 )& DIIOXHQW / )& DIIOXHQW / )&
/HV OHWWUHV 6 HW / LQGLTXHQW V·LO V·DJLW G·XQH FDUWH FRXUWH SRUWpH 6 RX ORQJXH SRUWpH /
O
)& LQGLTXH OH FRQQHFWHXU XWLOLVp
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/HV SULQFLSDX[ FLUFXLWV IRQFWLRQQHOV ELGLUHFWLRQQHOV VRQW OHV VXLYDQWV
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
63, ,QWHUIDFH SK\VLTXH V\QFKURQH
I R
R
FR W L
,QWHUIDFH (2 OD VRXUFH H[WHUQH SDU H[WUDFWLRQ GH U\WKPH HQ UpFHSWLRQ
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K 567 7HUPLQDLVRQ GH VHFWLRQ GH UpJpQpUDWLRQ
Q X
J
LQ
X D
PQ
*qUH OHV SUHPLHUV FRQGXLWV GH O·HQWrWH GH VHFWLRQ 62+
V H
V PW W
D R LU
3
F
G W
Z 067 7HUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH
G Q X
H
Y
D R *qUH OHV GHUQLHUV FRQGXLWV GH O·HQWrWH GH VHFWLRQ 62+
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
6$ $GDSWDWLRQ GH VHFWLRQ
W H LW
K
J
PP 7UDLWH OH SRLQWHXU GH O·XQLWp DGPLQLVWUDWLYH $8 SRXU V\QFKURQLVHU OH U\WKPH
L X U
U F H
OOR S
$ G W
R
Q
+37 7HUPLQDLVRQ GH FRQGXLW G·RUGUH VXSpULHXU
*qUH O·RFWHW G·HQWrWH 32+ VWUXFWXUDQW DLQVL OH FRQWHQHXU YLUWXHO &9
$GDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU +3$
6\QFKURQLVH GDQV OH VHQV GH UpFHSWLRQ XQLTXHPHQW OH SRLQWHXU GH O·XQLWp DGPLQLVWUDWLYH $8
HW OHV SRLQWHXUV GH OD FDUWH G·DIIOXHQW 78 TXL SHXYHQW VH WURXYHU j O·LQWpULHXU GX &9
5DFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3&
$ERXWH WRXWH SRVLWLRQ GX 670 LQWHUIDoDQW OHV DJUpJDWV YLD OHV 0DWULFHV
&DUWH G·DIIOXHQW RSWLTXH 0ELWV DIIOXHQW 6 DIIOXHQW / DIIOXHQW /
/HV OHWWUHV 6 HW / LQGLTXHQW V·LO V·DJLW G·XQH FDUWH FRXUWH SRUWpH 6 RX ORQJXH SRUWpH /
)& LQGLTXH OH FRQQHFWHXU XWLOLVp
/HV SULQFLSDX[ FLUFXLWV IRQFWLRQQHOV ELGLUHFWLRQQHOV VRQW OHV VXLYDQWV
63, ,QWHUIDFH SK\VLTXH V\QFKURQH
,QWHUIDFH (2 OD VRXUFH H[WHUQH SDU H[WUDFWLRQ GH U\WKPH HQ UpFHSWLRQ
567 7HUPLQDLVRQ GH VHFWLRQ GH UpJpQpUDWLRQ
*qUH OHV SUHPLHUV FRQGXLWV GH O·HQWrWH GH VHFWLRQ 62+
067 7HUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH
*qUH OHV GHUQLHUV FRQGXLWV GH O·HQWrWH GH VHFWLRQ 62+
6$ $GDSWDWLRQ GH VHFWLRQ
7UDLWH OH SRLQWHXU GH O·XQLWp DGPLQLVWUDWLYH $8 SRXU V\QFKURQLVHU OH U\WKPH
063 6pFXULVDWLRQ GH OD VHFWLRQ GH PXOWLSOH[DJH
6D IRQFWLRQ HVW GH FKRLVLU HQWUH OHV FRQGXLWV SULQFLSDX[GH VHFRXUV 063 HW OH F{Wp (VW2XHVW
61&3 GHV VLJQDX[ UHoXV GHV DJUpJDWV YLD OD 0DWULFH
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH GH VpFXULVDWLRQ DXWRPDWLTXH
/·pTXLSHPHQW HVW IRXUQL DYHF GHV VpFXULVDWLRQV DXWRPDWLTXHV JpUpHV SDU OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
O
(TXLSPHQW &RQWUROOHU XQLW
H
V
L
K
V
W D
W
/HV FLUFXLWV GH VpFXULVDWLRQ VRQW DFWLYpV SDU OD GpWHFWLRQ G·DODUPHV FH TXL JDUDQWLW OD GLVSRQLELOLWp GX
W Q F O
I
R
H $
W
Q
V\VWqPH 3RXU FRPPXWHU O·pTXLSHPHQW HVW IRXUQL DYHF XQH FDUWH GH UHFKDQJH HW GHV FLUFXLWV HW GLVSRVLWLIV
J
LQ
R P
F R
U
DGDSWDEOHV
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
/HV VpFXULVDWLRQV GLVSRQLEOHV VXU FHWWH YHUVLRQ VRQW OHV VXLYDQWHV
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
6pFXULVDWLRQ GH O·pTXLSHPHQW
J X D
LQ PQ
H
(36 (TXLSPHQW 3URWHFWLRQ 6ZLWFKLQJ HW 1 SRXU OHV DIIOXHQWV pOHFWULTXHV
V W
V PW
D R LU
F
3
G
G W
Q X
Z
(36 (TXLSPHQW 3URWHFWLRQ 6ZLWFKLQJ SRXU OD FDUWH GH UpIpUHQFH G·KRUORJH RX GH 0DWULFH
H
Y
U
D R
H K W
WRWDOH
H V L
V
H
X Z
G
6pFXULVDWLRQ G·DOLPHQWDWLRQ 6L FDUWHV G·DOLPHQWDWLRQ VRQW XWLOLVpHV O·XQH G·HQWUH HOOHV VHUD
U W
V
W
Q W
H LW
H
FRQVLGpUpH FRPPH FDUWH GH VHFRXUV
K PP
J
L X U
U F H
OOR S
$ G W
6pFXULVDWLRQ GX UpVHDX
R
Q
6pFXULVDWLRQ OLQpDLUH GH OD VHFWLRQ GH PXOWLSOH[DJH j H[WUpPLWp XQLTXH 06 6LQJOH HQGHG
$36 SRXU OHV FDUWHV G·DJUpJDW 670 HW G·DIIOXHQW V\QFKURQH
6pFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 61&3 DX QLYHDX GHV 78 78 HW &9 XWLOLVpH
SRXU GHV UpVHDX[ HQ DQQHDX
´'URS DQG &RQWLQXHµ LPSOpPHQWp YLD XQ UDFFRUGHPHQW GH 61&3 j H[WUpPLWp XQLTXH HQWUH OHV
pOpPHQWV GH UpVHDX XWLOLVpH GDQV O·DUFKLWHFWXUH QRGDOH GRXEOH
06635,1* j GHX[ ILEUHV 0XOWLSOH[ 6HFWLRQ 6KDUHG 3URWHFWLRQ 5LQJV SRXU DJUpJDW 670
XQLTXHPHQW
/HV LQIRUPDWLRQV GH FRPPXWDWLRQ DSSDUDLVVHQW pJDOHPHQW VXU O·pFUDQ GX SRVWH G·H[SORLWDWLRQ
/HV VpFXULVDWLRQV VRQW GpFULWHV GDQV OHV VHFWLRQV VXLYDQWHV
'HVFULSWLRQ JpQpUDOH GHV WHUPHV HW GpILQLWLRQV XWLOLVpV GDQV FH SDUDJUDSKH
/HV W\SHV GH VpFXULVDWLRQ VRQW OHV VXLYDQWV
6pFXULVDWLRQ GH O·pTXLSHPHQW
(36
6pFXULVDWLRQ GX UpVHDX
6pFXULVDWLRQ GH OD ILOH OLQpDLUH GH OD VHFWLRQ GH PXOWLSOH[DJH $36
6pFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 61&3
´'URS DQG &RQWLQXHµ
06635,1* j GHX[ ILEUHV
(
&
,/
$
$
('
. $/ $* $$
$$
(36 (TXLSPHQW SURWHFWLRQ VZLWFKLQJ
/·(36 SHUPHW GH UHPSODFHU WRWDOHPHQW XQH FDUWH GH VHFRXUV SDU XQH FDUWH GpIHFWXHXVH
O
/·(36 HVW XQH VpFXULVDWLRQ LPSOpPHQWpH j OD VXLWH G·XQH GpWHFWLRQ G·DQRPDOLH PDWpULHOOH SHUPDQHQWH LQWHUQH
H
V
L
K
V
W D
W
GDQV XQH FDUWH /·(36 V·DSSOLTXH XQLTXHPHQW DX[ FDUWHV LQWHUIDFpHV pOHFWULTXHPHQW 3RXU OD JHVWLRQ (36 OHV
W Q F O
I
R
H $
W
Q
FDUWHV XWLOLVpHV FRPPH FDUWHV GH VHFRXUV GRLYHQW FRQWHQLU XQH FRSLH GH OD FRQILJXUDWLRQ GHV FDUWHV SURWpJpHV
J R P
F R
LQ U
V I
\
S
W
L Q
I R
6pFXULVDWLRQ GH OD ILOH OLQpDLUH GH OD VHFWLRQ GH PXOWLSOH[DJH $36 VLPSOLILp
R L
FR W
GQ D
Q
D
LR U
W
]
L
/·REMHFWLI GH FHWWH VpFXULVDWLRQ HVW G·XWLOLVHU XQ UDFFRUGHPHQW GH VHFRXUV GDQV OH FDV R OH UDFFRUGHPHQW
D R
Q
R LF W
Q X
K
HQ IRQFWLRQQHPHQW Q·HVW SOXV GLVSRQLEOH
J X D
LQ PQ
H
/D FRPPXWDWLRQ SHXW rWUH GXH j XQH GpIDLOODQFH GH FRQGXLW RX j XQ GpIDXW G·pTXLSHPHQW GLVWDQW FULWqUH
V W
V
D
PW
R LU
F
GH FRPPXWDWLRQ 6) RX j O·DODUPH GH VLJQDO GpJUDGp % FULWqUH GH FRPPXWDWLRQ 6' 4XDQW j FH GHUQLHU
3 Z
G
G W
Q X OD IRXUQLWHXUH GH O·pTXLSHPHQW VXSSRUWH OD GpILQLWLRQ GH OD YDOHXU GX VHXLO 6' HW OH FKRL[ G·LQFOXUH RX QRQ
H D R
Y
U
H
H K
V L
W OH VHXLO 6' GDQV OD FDUWH $36 j H[WUpPLWp XQLTXH
V
H
U
X Z
G
W
/D VpFXULVDWLRQ GH ILOH OLQpDLUH 06 HVW pJDOHPHQW XWLOLVpH SRXU OD SURWHFWLRQ FRQWUH OHV GpIDLOODQFHV
Q W H
V
W
K
H LW PDWpULHOOHV GH O·LQWHUIDFH GH OLJQH GH KLpUDUFKLH QXPpULTXH V\QFKURQH 6'+ DJUpJDWV RX DIIOXHQWV
PP
J
L
U
OO
X U
F H V\QFKURQHV 'DQV FH FDV LO HVW VXSSRVp TXH O·LQWHUIDFH GH OLJQH IDLW SDUWLH GX FRQGXLW
R S
$ G W
R /D VpFXULVDWLRQ GH ILOH OLQpDLUH 06 V·DSSOLTXH XQLTXHPHQW j O·LQWHUIDFH V\QFKURQH (OOH SHUPHW GHX[ PRGHV
Q
GH IRQFWLRQQHPHQW
ELGLUHFWLRQQHO QH IRQFWLRQQH SDV DYHF FHWWH YHUVLRQ
XQLGLUHFWLRQQHO
(Q PRGH GH IRQFWLRQQHPHQW ELGLUHFWLRQQHO XQH GpIDLOODQFH GH FRQGXLW GDQV XQH GLUHFWLRQ HQWUDvQH
O·XWLOLVDWLRQ GX UDFFRUGHPHQW GH VHFRXUV SRXU OHV GHX[ GLUHFWLRQV
(Q PRGH GH IRQFWLRQQHPHQW XQLGLUHFWLRQQHO OH UDFFRUGHPHQW GH VHFRXUV HVW XWLOLVp XQLTXHPHQW GDQV OD
GLUHFWLRQ R OHV GpIDLOODQFHV VRQW ORFDOLVpHV
/D VpFXULVDWLRQ Q·HVW SDV UpYHUVLEOH HW OHV PRGHV GH FRPPXWDWLRQ HW GH YHUURXLOODJH PDQXHOV VRQW GLVSRQL
EOHV
6pFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 61&3
/D VpFXULVDWLRQ 61&3 HVW XWLOLVpH VXU OHV UpVHDX[ HQ DQQHDX HW OH W\SH GH FRPPXWDWLRQ IRXUQL HVW
XQLTXHPHQW GpGLp
&HWWH VpFXULVDWLRQ SHXW rWUH IRUFpH VXU XQ FRQWHQHXU YLUWXHO VLPSOH G·RUGUH VXSpULHXU +2 RX G·RUGUH LQIp
ULHXU /2 YLD O·RSWLRQ GH FRPPDQGH j GLVWDQFH GH OD IRQFWLRQ G·pWDW HW GH VXUYHLOODQFH G·DODUPH
/D FRPPXWDWLRQ D OLHX VXU OH FRQGXLW HQ VpOHFWLRQQDQW F{Wp UpFHSWLRQ OH VLJQDO WUDQVPLV DX[ F{WpV
G·pPLVVLRQ (VW HW 2XHVW
/D VpFXULVDWLRQ 61&3 HVW DFWLYH VXU OHV FRQGXLWV &9 78 RX 7 HW VH EDVH VXU GHV LQGLFDWLRQV GH
GpIDLOODQFH WHOOHV TXH 7DX[ G·HUUHXU H[FHVVLI ([%HU % VLJQDO G·LQGLFDWLRQ G·DODUPH $8 SHUWH GH
SRLQWHXU /23 $8 6,$ 78 /23 78 UHVSHFWLYHPHQW
/·XWLOLVDWLRQ GH OD FDUWH GH UDFFRUGHPHQW Q·DXWRULVH SDV OD IRQFWLRQ 61&3 VXU O·DIIOXHQW 670 RSWLTXH
QRPPp DIIOXHQW 6 )& DIIOXHQW / )& HW DIIOXHQW / )& PDLV FHWWH VpFXULVDWLRQ HVW IRXUQLH SDU
O·DIIOXHQW RSWLTXH GH W\SH
'URS DQG &RQWLQXH
´'URS DQG &RQWLQXHµ HVW XQH DUFKLWHFWXUH GHVWLQpH j UDFFRUGHU GHV VRXVUpVHDX[ DILQ G·DPpOLRUHU OD
GLVSRQLELOLWp GX WUDILF
/H WUDILF SHXW rWUH GpULYp HQ GHX[ QRHXGV GH O·DQQHDX /H VLJQDO GH FRQWLQXLWp HVW WUDQVPLV FRPPH XQ
VLJQDO WUDQVSDUHQW
(
&
,/
$
$
('
. $/ $* $$
$$
) 06635,1* 670 XQLTXHPHQW
/H ´0XOWLSOH 6HFWLRQ6KDUHG 3URWHFWLRQ 5LQJµ $QQHDX GH VpFXULVDWLRQ PXOWLSOH j SDUWDJH GH VHFWLRQ j
O
GHX[ ILEUHV VXSSRUWH XQLTXHPHQW XQH WRSRORJLH HQ UpVHDX
H
V
L
K
V
W D
W
,O UHTXLHUW VHXOHPHQW GHX[ ILEUHV SRXU FKDTXH WURQoRQ GH O·DQQHDX /D FRPPXWDWLRQ D OLHX VXU O·$8 SDU
W Q F O
I
R
H $
W
Q
UHERXFODJH GH O·$8 HQ IRQFWLRQQHPHQW VXU O·$8 GH VHFRXUV SRUWpH SDU OD PrPH ILEUH
J
LQ
R P
F R
U
/·RSpUDWLRQ GH FRPPXWDWLRQ FRPSRUWH GHX[ H[WUpPLWpV HW XWLOLVH OHV RFWHWV . HW . GH O·HQWrWH GH VHFWLRQ
\V I
S
R
W
L Q
I R
L
62+ DLQVL TX·XQ DOJRULWKPH DSSURSULp
FR W
GQ D
]
L
&KDTXH WURQoRQ GH O·DQQHDX UHTXLHUW VHXOHPHQW GHX[ ILEUHV &KDFXQH GH FHV ILEUHV FRPSRUWH GHV YRLHV
QLR U
D
Q
W
D R
K
HQ IRQFWLRQQHPHQW HW XQH YRLH GH VHFRXUV /HV $8 Q j GHV FRQGXLWV 670 DJLVVHQW FRPPH
LF W
R
J
Q X
X D FRQGXLWV GH VHFRXUV SRXU OHV $8 SULQFLSDOHV GpVLJQpHV Q j
LQ PQ
V H
V PW W
D
3
R LU
F
Z
/HV W\SHV G·DUFKLWHFWXUH HW PRGHV GH VpFXULVDWLRQ VRQW OHV VXLYDQWV
G W
G Q X
H D R
Y
U H K W
V L
H
V X Z FRQGXLWFDUWH GH VHFRXUV SRXU FRQGXLWFDUWH HQ IRQFWLRQQHPHQW
H G
U
V
W
Q W H 8WLOLVp HQ PRGH $36 FRPPH HQ PRGH (36 /H FRQGXLWOD FDUWH GH VHFRXUV SRUWH
W H LW
K
J
PP OD PrPH TXDQWLWp GH WUDILF TXH OH FRQGXLWOD FDUWH HQ IRQFWLRQQHPHQW
L X U
U F H
OOR S
$ G W
R FRQGXLWFDUWH GH VHFRXUV HVW QRUPDOHPHQW XWLOLVp SRXU OH WUDILF GH SULRULWp
Q
LQIpULHXUH HW SHXW UHPSODFHU FRQGXLWFDUWH HQ IRQFWLRQQHPHQW j SULRULWp pOHYpH
TXH FH VRLW HQ PRGH $36 RX HQ PRGH (36
1RQ GLVSRQLEOH GDQV FHWWH YHUVLRQ
1 FRQGXLWFDUWH GH VHFRXUV HVW QRUPDOHPHQW XWLOLVp SRXU OH WUDILF GH SULRULWp
LQIpULHXUH HW SHXW UHPSODFHU 1 FRQGXLWVFDUWHV j SULRULWp pOHYpH
1RQ GLVSRQLEOH GDQV FHWWH YHUVLRQ
1 FRQGXLWFDUWH GH VHFRXUV SHXW UHPSODFHU 1 FRQGXLWFDUWH HQ IRQFWLRQQHPHQW j
SULRULWp pOHYpH
/D ILOH OLQpDLUH 06 1 Q·HVW SDV GLVSRQLEOH GDQV FHWWH YHUVLRQ
/RUVTXH 1 HVW VXSpULHXU j FKDTXH FRQGXLW HQ IRQFWLRQQHPHQW SHXW VH YRLU DWWULEXHU XQH SULRULWp FHFL
DILQ GH GpWHUPLQHU OH FRQGXLW HQ IRQFWLRQQHPHQW j SURWpJHU HQ FDV GH GRXEOH GpIDLOODQFH
'HX[ PRGHV GH IRQFWLRQQHPHQW SHXYHQW rWUH VpOHFWLRQQpV SRXU O·DUFKLWHFWXUH GH VpFXULVDWLRQ
UpYHUVLEOH
QRQ UpYHUVLEOH
(Q PRGH UpYHUVLEOH OD FRQILJXUDWLRQ G·RULJLQH HVW DXWRPDWLTXHPHQW UpWDEOLH ORUVTXH OD GpIDLOODQFH HVW
VXSSULPpH
/D VpFXULVDWLRQ (36 WROqUH OHV SHUIRUPDQFHV VXLYDQWHV
&DUWH GH UpIpUHQFH G·KRUORJH (36 QRQ UpYHUVLEOH
$))/8(176 HW 0$75,&( (36 QRQ UpYHUVLEOH SURSRVp
6pFXULVDWLRQ GH OD ILOH OLQpDLUH 06 QRQ UpYHUVLEOH
$))/8(17 (36 1 UpYHUVLEOH FRPPH pWDW GH GpILQLWLRQ DSSURSULp
'DQV FH FDV XQH WHPSRULVDWLRQ µZDLW WLPH WR UHVWRUHµ DSSURSULpH GRLW rWUH VSpFLILpH HW rWUH
LGHQWLTXH SRXU WRXV OHV DIIOXHQWV
(
&
,/
$
$
('
. $/ $* $$
$$
(36 SRXU DIIOXHQWV pOHFWULTXHV
7\SHV GH VpFXULVDWLRQ
O
V
L V
W D
H
W 1
K Q F
W O
I H $
W
R
J
Q
R P
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 6H UHSRUWHU DX 7DEOHDX SDJH
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ
V
PQ
H
W
1 O·DIIOXHQW GH VHFRXUV SURWqJH OHV DIIOXHQWV j
PW
V
D R LU
F
&H JURXSH GH DIIOXHQWV HVW GpILQL FRPPH 6(7
3 Z
G W
G Q X
H
Y
U
D R
H K W
O·DIIOXHQW GH VHFRXUV SURWqJH OHV DIIOXHQWV j
H
V
V L
X Z &H JURXSH GH DIIOXHQWV HVW GpILQL FRPPH 6(7
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U
OO
F H
R S
&HWWH VpFXULVDWLRQ V·DSSOLTXH j WRXV OHV DIIOXHQWV pOHFWULTXHV 0ELWV 0ELWV 0ELWV 7UDQV
$ G W
R
Q
0X[ 0ELWV 670 pOHFWULTXH
/RUVTX·XQ JURXSH GH VpFXULVDWLRQ (36 Q VH FRPSRVH GH FDUWHV GH 0ELWV DYHF HW VDQV IRQFWLRQ
GH UHV\QFKURQLVDWLRQ OD FDUWH GH VHFRXUV GRLW DYRLU XQH FDSDFLWp GH UHV\QFKURQLVDWLRQ DILQ TXH OHV
IRQFWLRQV SULQFLSDOHV GH OD FDUWH GH WUDILF SULQFLSDOH VRLHQW JDUDQWLHV
8QH VpFXULVDWLRQ 1 j 0ELWV HVW SRVVLEOH XQLTXHPHQW GDQV OH 6(7 HW O·DIIOXHQW QH SHXW rWUH XWLOLVp
1 PD[ /·(36 1 IRQFWLRQQH XQLTXHPHQW HQ PRGH ´UpYHUVLEOHµ
OHV DIIOXHQWV VRQW FRXSOpV
$IIOXHQW $IIOXHQW $IIOXHQW $IIOXHQW $IIOXHQW $IIOXHQW
$IIOXHQW $IIOXHQW
GDQV FKDTXH FRXSOH O·DIIOXHQW OH SOXV pOHYp HVW O·DIIOXHQW GH VHFRXUV
/HV DIIOXHQWV GH VHFRXUV HW QH VRQW SDV XWLOLVpV
/D VpFXULVDWLRQ j 0ELWV HVW XQH SURWHFWLRQ 1 R 1
/HV UDFFRUGHPHQWV pOHFWULTXHV G·DIIOXHQWV VRQW HIIHFWXpV VXU OHV PRGXOHV GH FRPPXWDWLRQ 6ZLWFK
0RGXOHV PRQWpV GDQV OD SDUWLH VXSpULHXUH GX FKkVVLV
/H PRGXOH GH FRPPXWDWLRQ SHXW YDULHU HQ GpELW HW HQ W\SH GH UDFFRUGHPHQW /HV FDUWHV GH FRPPXWDWLRQ
VRQW pJDOHPHQW XWLOLVpHV GDQV OD FRQILJXUDWLRQ GH VpFXULVDWLRQ 1 SRXU OHV DIIOXHQWV j 0ELWV 0ELWV
0ELWV HW 0ELWV
/·DIIOXHQW '9% Q·HVW SDV VpFXULVp (36
1% 3RXU FRQILJXUHU FRUUHFWHPHQW O·(36 SRXU OHV DIIOXHQWV j [ 0ELWV [ 0ELWV HW
0ELWV YRLU OH SDUDJUDSKH SDJH OH SDUDJUDSKH SDJH OH SDUDJUDSKH SDJH
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV
/D )LJXUH LOOXVWUH OHV UDFFRUGHPHQWV SRXU OHV DIIOXHQWV j 0ELWV RX 670 pOHFWULTXHV /H
O
VLJQDO HVW LQGLTXp XQLTXHPHQW SRXU OHV DIIOXHQWV HW
H
V
L
K
V
W D
W
/H VLJQDO G·DIIOXHQW HVW FRQQHFWp DX PRGXOH GH FRPPXWDWLRQ GH OD FDUWH G·DIIOXHQWV HQ FRXUV /H PrPH
W Q F O
I
R
H $
W
Q
VLJQDO HVW UDFFRUGp DX PRGXOH GH FRPPXWDWLRQ GH OD FDUWH G·DIIOXHQWV GH VHFRXUV YLD OH IRQG GH SDQLHU
J
LQ
R P
F R
U
/D FRPPDQGH 06: SURYHQDQW GH OD FDUWH GH FRQWU{OHXU G·pTXLSHPHQW DFWLYH OH *HVWLRQQDLUH GH
\V I
S
R
W
L Q
I R
L
FRPPXWDWLRQ GHV PRGXOHV GH FRPPXWDWLRQ HQ VpOHFWLRQQDQW OH UDFFRUGHPHQW DYHF OHV DIIOXHQWV RX SDU
FR W
GQ D
]
L
O·LQWHUPpGLDLUH GH GHX[ UHODLV XQ UHODLV F{Wp WUDQVPLVVLRQ HW XQ UHODLV F{Wp UpFHSWLRQ TXL GLULJHQW OHV
QLR U
D
Q
W
D R
K
VLJQDX[ FOLHQWV (6 YHUV O·DIIOXHQW HQ IRQFWLRQQHPHQW RX YHUV O·DIIOXHQW GH VHFRXUV
LF W
R
J
Q X
X D /D PrPH FRQILJXUDWLRQ V·DSSOLTXH DX[ FRXSOHV G·DIIOXHQWV HW HW HW
LQ PQ
V H
V PW W
D R LU
F
3
G W
Z
06:
G Q X
H D R
Y
U H K W
H V L
V
H
X Z
G $))/8(17 (/(&75,48( $))
U W
V
W
Q W
H LW
H
670
K
J
L
U
PP
X U 28
OO
F H
R S 0ELWV
$ G W
R
Q
$))
GH
VHFRXUV
02'8/(6 '( &20087$7,21 06:
)LJXUH 5DFFRUGHPHQW (36 SRXU DIIOXHQWV HW j 0ELWV RX 670 pOHFWULTXHV
/D )LJXUH LOOXVWUH OHV UDFFRUGHPHQWV SRXU OHV DIIOXHQWV [ 0ELWV RX [ 0ELWV /HV VLJQDX[
QH VRQW LQGLTXpV TXH SRXU OHV DIIOXHQWV HW /H PRGH GH IRQFWLRQQHPHQW HVW LGHQWLTXH j FHOXL GHV
DIIOXHQWV j 0ELWV
02'8/(6 '( &20087$7,21
$))
0ELWV $))
0ELWV
06:
06:
02'8/(6 '( &20087$7,21
$))
GH
VHFRXUV
(
)LJXUH 5DFFRUGHPHQW (36 SRXU OHV DIIOXHQWV HW j [ 0ELWV
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV 1 j 0ELWV
/D )LJXUH LOOXVWUH FHV UDFFRUGHPHQWV
O
V
L V
W D
H
W &KDFXQ GHV VLJQDX[ j 0ELWV HVW WUDQVPLV DX[ FDUWHV G·DIIOXHQWV FRQFHUQpHV j YLD O·XQ GHV
K
W
I
Q F
H $
W
O
PRGXOHV GH FRPPXWDWLRQ 6ZLWFK 0RGXOH
R Q
J R P
F R
/HV PrPHV PRGXOHV GH FRPPXWDWLRQ SHUPHWWHQW GH FRPPXWHU OHV VLJQDX[ YHUV O·DIIOXHQW GH VHFRXUV
LQ U
V I
\
S
W
L Q
I R
/RUVTXH OD FRPPXWDWLRQ HVW DFWLYpH FRPPDQGH 06: OHV VLJQDX[ GHV DIIOXHQWV GpIDLOODQWV VRQW JpUpV
R L
F
G
R W
Q D
SDU O·DIIOXHQW GH VHFRXUV
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G
H
Q X
D R
02'8/(6 '( &20087$7,21
Y
U H K W
H V L
V X Z
H
U
G
W
V
W
Q W
H LW
H
$))
K
J
L
PP
X U 0ELWV
U F H
OOR S
$ G W
R
Q
06:
$))
0ELWV
06:
$))
0ELWV
$)) GH
VHFRXUV
06:
)LJXUH 5DFFRUGHPHQWV (36 1 GHV DIIOXHQWV j 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV 1 GHV DIIOXHQWV 670 pOHFWULTXHV HW 0ELWV
/D )LJXUH LOOXVWUH FHV UDFFRUGHPHQWV
O
V
L V
W D
H
W /HV VLJQDX[ 670 pOHFWULTXH RX j 0ELWV VRQW UDFFRUGpV j O·DIIOXHQW FRQFHUQp YLD OHV PRGXOHV GH
K
W
I
Q F
H $
W
O
FRPPXWDWLRQ
R Q
J R P
F R
/HV PRGXOHV SHUPHWWHQW OD FRPPXWDWLRQ FRPPDQGHV 06: j HW j GHV VLJQDX[ j YHUV O·DIIOXHQW
LQ U
V I
\
S
W
L Q
I R
GH VHFRXUV HW GHV VLJQDX[ j YHUV O·DIIOXHQW GH VHFRXUV
R L
F
G
R W
Q D
,O HVW SRVVLEOH GH SURWpJHU XQH FRPELQDLVRQ G·DIIOXHQWV 670 pOHFWULTXH HW G·DIIOXHQWV j 0ELWV HQ
]
L
LR U
Q
D W
D R
VpOHFWLRQQDQW O·RSWLRQ FRUUHVSRQGDQW j XQH FRQILJXUDWLRQ G·DIIOXHQW GH VHFRXUV RX VH UHSRUWHU DX
Q K
LF W
R
J
Q X
X D
PDQXHO GH O·RSpUDWHXU &RQILJXUDWLRQ GX FKkVVLV
LQ PQ
V H
V PW W
D R LU
F
02'8/( '( &20087$7,21
3 Z
G W
G Q X
H
Y
D R 06:
U H K W
V L
H
$))
V
H
U
X Z
G
W
670
V
W
Q W
H LW
H (/(&75,48(
K PP RX 0ELWV
J
L X U
U F H
OOR S
$ G W
06:
R
Q
$))
670
(/(&75,48(
RX 0ELWV
06:
$))
670
(/(&75,48(
RX 0ELW6
06:
$))
670
(/(&75,48(
RX 0ELWV
$)) GH
VHFRXUV
02'8/( '( &20087$7,21
06:
$))
670
(/(&75,48(
RX 0ELWV
06:
$))
670
(/(&75,48(
RX 0ELWV
06:
$))
670
(/(&75,48(
RX 0ELWV
06:
$))
670
(/(&75,48(
RX 0ELWV
$)) GH
VHFRXUV
)LJXUH 5DFFRUGHPHQWV (36 1 GHV DIIOXHQWV 670 pOHFWULTXH RX 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV 1 GHV DIIOXHQWV j 0ELWV HW 0ELWV
/D $8&81 /,(1 SDJH $8&81 /,(1 LOOXVWUH FHV UDFFRUGHPHQWV
O
/HV PRGXOHV GH FRPPXWDWLRQ UDFFRUGHQW OHV VLJQDX[ [ 0ELWV RX [ 0ELWV j FKDTXH DIIOXHQW
H
V
L
K
V
W D
W
/HV PRGXOHV SHXYHQW HIIHFWXHU OD FRPPXWDWLRQ FRPPDQGHV 06: GHV VLJQDX[ YHUV OHV FDUWHV GH
W Q F O
I
R
H $
W
Q
FRPPXWDWLRQ GH OD PDQLqUH VXLYDQWH
J R P
F R
LQ U
V I
\
S
W
L Q
I R
$IIOXHQWV j OHV GHX[ SUHPLHUV VLJQDX[ j 0ELWV 0ELWV YHUV O·DIIOXHQW GH
R L
F
G
R W
Q D
VHFRXUV
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
$IIOXHQWV j OHV GHX[ SUHPLHUV VLJQDX[ j 0ELWV 0ELWV YHUV O·DIIOXHQW GH
J X D
LQ PQ
H
VHFRXUV
V W
V PW
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
06:
0EV
O
RX 0ELWV
H
V W
V D
L W
K Q F
W O
06:
I W $H
R Q
J R P 0EV $))
LQ
\ W
F R
V I
U RX 0ELWV
S L Q
R I R
F R W
L
D
06:
G Q ]
Q LR U L
D W R
D
K
0EV
Q LF W
R Q X RX 0ELWV
J X D $))
LQ P Q
V H
V PW W
D R LU
3
F
G W
Z $))
G Q X 06:
H D R
Y
U H K W
H V L
V X Z 0EV $))
H
U W G RX 0ELWV
Q H
V H W
W LW
K P
J
L X U
U F H
P 06:
OO R
S $)) GH
$ G W
R 0EV VHFRXUV
Q RX 0ELWV
06:
0EV
RX 0ELWV
06:
0EV
RX 0ELWV
06:
0EV $))
RX 0ELWV
06:
0EV
RX 0ELWV
$))
$))
06:
0EV $))
RX 0ELWV
06:
$)) GH
0EV VHFRXUV
RX 0ELWV
06:
0EV
RX 0ELWV
)LJXUH 5DFFRUGHPHQW (36 1 GHV DIIOXHQWV j 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV 1 GHV DIIOXHQWV 7UDQV 0X[ [ 0ELWV
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /HV VLJQDX[ j 0ELWV HW 0ELWV VRQW FRQQHFWpV j O·DIIOXHQW FRQFHUQp YLD OHV PRGXOHV GH FRPPXWDWLRQ
K
W
I
Q F
H $
W
O
[ 0ELWV SDU O·LQWHUPpGLDLUH GH FRQQHFWHXUV FRD[LDX[ 2KP j j
R Q
J R P
F R
3RXU OH VLJQDO j 0ELWV OH WURLVLqPH FRQQHFWHXU 7[ HW 5[ HVW XWLOLVp 3RXU OHV FLQT j 0ELWV OHV FLQT
LQ U
V I
\
S
W
L Q
I R
SUHPLHUV FRQQHFWHXUV 7[ HW 5[ VRQW XWLOLVpV
R L
FR W
GQ D
Q
D
LR U
W
]
L
3RXU SOXV GH GpWDLOV VH UHSRUWHU j OD VHFWLRQ ´,QVWDOODWLRQµ
D R
Q K
R LF W
Q X
X D
J
LQ PQ
V
V PW
H
W 0
D R LU
F
3 Z
G W 0
G
H
Q X
D R $))
Y
U
H
H K
V L
W 0
V X Z
H
U
G
W [0
Q W H
V H LW
W
K
J
L
PP
0
U
X U
F H 0EV
OOR S
$ G W
R
Q
06:
0
0
$))
0
[0
0
0EV
06:
0
0
$))
0
[0
0
0EV
06:
0
6HFRXUV
0
0
(
&
,/ )LJXUH 5DFFRUGHPHQWV (36 1 GHV DIIOXHQWV 7UDQV0X[ [ 0ELWV
$
$
('
. $/ $* $$
$$
0RGH GH IRQFWLRQQHPHQW GH OD FRPPXWDWLRQ (36 G·DIIOXHQW
&H PRGH HVW GpFULW j OD )LJXUH SDJH HW FRQFHUQH OHV VpFXULVDWLRQV HW 1
O
V
L V
W D
H
W /·DIIOXHQW GH VHFRXUV FRQWLHQW OH FLUFXLW GH GpFLVLRQ (36 (36 'HFLVRU GRQW OH U{OH HVW GH WUDLWHU O·DODUPH
K
W
I
Q F
H $
W
O
HQ IRQFWLRQ GH O·pWDW UHoX GHV DIIOXHQWV HQ IRQFWLRQQHPHQW 2. .2 j 1 DYHF O·pWDW DSSURSULp
R Q
J R P
F R
/H FLUFXLW GH GpFLVLRQ WLHQW FRPSWH GDQV OH FDV G·XQH VpFXULVDWLRQ 1 GH OD SULRULWp GHV VLJQDX[
LQ U
V I
\
S
W
L Q
I R
3DU ´VLJQDO 2..2µ LO HVW HQWHQGX
R L
FR W
GQ D
]
L
QLR U
D W
Q
D R
LF W
K 2. 87,/,6(5 /$ &$57( '( 6(&2856 /D FDUWH GH VHFRXUV HVW GLVSRQLEOH HW UHPSODFH
R
J
Q X
X D XQH FDUWH GpIHFWXHXVH HQ IRQFWLRQQHPHQW ´pWDW GH 3527(&7,21µ
LQ PQ
V H
V PW W
D
3
R LU
F
Z
.2 1( 3$6 87,/,6(5 /$ &$57( '( 6(&2856 /D FDUWH GH VHFRXUV HVW GpIDLOOODQWH RX
G
G W
Q X DXFXQH FDUWH HQ IRQFWLRQQHPHQW Q·HVW GpIHFWXHXVH ´pWDW GH 5(326µ
H D R
Y
U H K W
H V L
V X Z
H G
U W
V
W
Q W
H LW
H /HV DXWUHV FDUWHV FRQFHUQpHV SDU OD FRPPXWDWLRQ UHoRLYHQW OH VLJQDO 2..2 GH OD FDUWH G·DIIOXHQWV GH
K
J
L
U
PP
X U VHFRXUV
F H
OOR S
$ G W /HV VLJQDX[ 2..2 VRQW pJDOHPHQW UHoXV GHV FDUWHV HQ IRQFWLRQQHPHQW XWLOLVpHV GDQV XQ FLUGXLW GH
R
Q
GpFLVLRQ GHFLVRU GH SULRULWp DILQ GH GpWHFWHU O·DIIOXHQW j UHPSODFHU SDU XQ DIIOXHQW GH VHFRXUV VpFXULVDWLRQ
1
/HV FLUFXLWV +:3 GH OD FDUWH FRQQHFWpH EDVFXOHQW YHUV OD FDUWH G·DIIOXHQWV GH VHFRXUV
/HV VLJQDX[ 2..2 VRQW pJDOHPHQW HQYR\pV YHUV OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
'H FHWWH PDQLqUH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW HQYRLH OHV FRPPDQGHV 06:06: YHUV OHV
PRGXOHV GH FRPPXWDWLRQ 6ZLWFK 0RGXOHV FRPPH GpFULW FLGHVVXV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
L
FR W
Q D
+:3
G ]
Q
D
LR U
W
L
$)) 7
D R
Q LF W
K 7
R Q X
J X D
LQ PQ 2..
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U
G
W $)) 71
V
W
Q W
H LW
H
1 71
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
2..1 &,5& '(&,6,21
GH 35,25,7(
0$75,&( 35,1&,3$/(
$*5(*$7 35,1&,3$/ $9(&
&$57( '( 5$&&25'(0(17
&,5& '(& 2. .2
(36
'()$87 ,17(51(
763
$)) '( 6(&2856
$)) '( 6(&2856
0$75,&( '( 6(&2856
$*5(*$7 '( 6(&2856 $9(&
&$57( '( 5$&&25'(0(17
2.. 2..1
06:
&$57(
&21752/(85
'·(48,3(0(17
06:% (6&7
)LJXUH 0RGH GH IRQFWLRQQHPHQW GH OD FRPPXWDWLRQ (36 G·DIIOXHQWV
(
&
,/
$
$
('
. $/ $* $$
$$
(36 SRXU 0DWULFH WRWDOH RX 0DWULFH [ HW FDUWH GH UpIpUHQFH G·KRUORJH &58
&HWWH VpFXULVDWLRQ HVW HIIHFWXpH DX QLYHDX GHV FDUWHV HW SHUPHW OD FRPPXWDWLRQ YHUV XQH FDUWH GH VHFRXUV
O
VHORQ OHV GLVSRVLWLRQV VXLYDQWHV
H
V W
L V
W D
K
W
I
Q F
H $
W
O
FDUWH GH 0DWULFH WRWDOH FRPPXWDWLRQ UpYHUVLEOH RX QRQ UpYHUVLEOH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
FDUWH GH UpIpUHQFH G·KRUORJH FRPPXWDWLRQ QRQ UpYHUVLEOH
RI R
R W L
F
Q D
G
QLR U
W
]
L /D FRPPXWDWLRQ D OLHX VHORQ GHV FULWqUHV G·pFKHF DVVRFLpV j XQH FDUWH GpIHFWXHXVH RX j XQH GpIDLOODQFH
D
D R
Q
R LF W
K LQWHUQH FDUWH DEVHQWH LQFRPSDWLELOLWp GHV FDUWHV RX ORJLFLHOV FDUWH QH UpSRQGDQW SDV
Q X
J
LQ
X D
PQ
(Q FH TXL FRQFHUQH OD 0DWULFH WRWDOH OD FRPPXWDWLRQ LPSOLTXH WRXWHV OHV FDUWHV WUDLWDQW OHV VLJQDX[
H
pFKDQJpV DYHF OD 0DWULFH WRWDOH DJUpJDWV DIIOXHQWV $8;9'6 VDQV O·LQWHUYHQWLRQ GH OD FDUWH FRQWU{OHXU
V W
V PW
D R LU
F
3
G
G W
Q X
Z
G·pTXLSHPHQW
H
Y
U
D R
H K W
/D 0DWULFH WRWDOH GH VHFRXUV WUDLWH YLD XQ FLUFXLW GH GpFLVLRQ (36 (36 'HFLVRU OHV pWDWV G·DODUPH UHoXV
H V L
V
H
X Z
G
GH OD 0DWULFH WRWDOH SULQFLSDOH VLJQDO 2..2 0$,1 DYHF O·pWDW DSSURSULp
U W
V
W
Q W
H LW
H
/RUVTXH OD FDUWH SULQFLSDOH HVW HQ VHUYLFH HW 2. O·pWDW GpILQL HVW ´5(326µ ,'/(
K
J
L
U
PP
X U
F H
/RUVTXH OD FDUWH SULQFLSDOH HVW .2 HW OD FDUWH GH VHFRXUV ´VSDUHµ 2. O·pWDW GpILQL HVW ´3527(&7,21µ
OOR S
$ G W
R
HW OD 0DWULFH WRWDOH GH VHFRXUV HQWUH HQ VHUYLFH
Q
7RXWHV OHV FDUWHV FRQQHFWpHV UHoRLYHQW OD FRPPDQGH 2..2 GH OD 0DWULFH WRWDOH GH VHFRXUV DILQ GH
VpOHFWLRQQHU +:3 OH VLJQDO pFKDQJp FRQQH[LRQ SHUPDQHQWH(P HW FRPPXWDWLRQ5HF DYHF FHV
FDUWHV
.2 QH SDV XWLOLVHU OD FDUWH GH VHFRXUV 2. XWLOLVHU OD FDUWH GH VHFRXUV (Q PRGH ´UpYHUVLEOHµ ORUVTXH
OD FDUWH SULQFLSDOH UHYLHQW HQ pWDW 2. HOOH HVW UHPLVH HQ VHUYLFH /D )LJXUH SDJH LOOXVWUH OD
FRPPXWDWLRQ GH OD 0DWULFH WRWDOH
/D FRPPXWDWLRQ QRQ UpYHUVLEOH GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58 LPSOLTXH WRXWHV OHV FDUWHV
WUDLWDQW OHV V\QFKURQLVDWLRQV UHoXHV GH OD PrPH &58 $ HW % DIIOXHQWV DJUpJDWV $8;9'6 VDQV
O·LQWHUYHQWLRQ GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
7RXWHV OHV FDUWHV HIIHFWXHQW OD FRPPXWDWLRQ ORUVTX·HOOHV UHoRLYHQW GH OD PrPH &58 $% OHV FULWqUHV
G·DODUPH LQGLTXDQW XQH GpIDLOODQFH GH OD FDUWH /HV VLJQDX[ &.$% KRUORJHV HW &58 $% $/$50 VRQW
LOOXVWUpV j OD )LJXUH SDJH
(
&
,/
$
$
('
. $/ $* $$
$$
O
H 5 5
V W
L V
W D * *
K Q F
W O $ $
I H $
W
R Q
J R P
F R
LQ U
\V I + :3 + :3
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU $ % $ %
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OO $ %
R S /
$ G W $
R 3
Q ,
&
1 V
, 2 U
5 . X
3
H R 2 %
( . G F .
2 H 3
/ 2 V
$ ( . . :
7
/ 2 +
. & $
2 $
7 3 2 (
, ' 6
( & 3
& 1 & (
, ,
5 V 5 6
5 ( U ,
7 ( X '
3 & / &
$ , R 9
$ F
0 5
7 H ;
7
2 V 8
$
7 H $
0 G
$ %
F
P H
( 5
$ %
$ % $ %
3
(
: X Q
*
+ P R
' L
, W
P D
5 R W + :3
% &
) )
) )
$ $
)LJXUH 0DWULFH WRWDOH (36
(
&
,/
$
$
('
. $/ $* $$
$$
6pFXULVDWLRQ 06 7ULDO j H[WUpPLWp XQLTXH $36 OLQpDLUH VLPSOLILpH
&HWWH IRQFWLRQ UHSUpVHQWH XQH VpFXULVDWLRQ GH FRQGXLW XQLGLUHFWLRQQHOOH SRXU OHV DJUpJDWV 670 OHV
O
DIIOXHQWV 670 RSWLTXHV HW OHV DIIOXHQWV 670 pOHFWULTXHV
H
V
L
K
V
W D
W
/D VpFXULVDWLRQ HVW HIIHFWXpH DX QLYHDX GHV FRQGXLWV HW DX QLYHDX GHV FDUWHV YLD XQ ORJLFLHO TXL GpWHFWH
W Q F O
I
R
H $
W
Q
OHV GpIDLOODQFHV GHV FRQGXLWV HW OHV GpIDLOODQFHV LQWHUQHV GH O·pTXLSHPHQW
J
LQ
R P
F R
U
/HV FULWqUHV GH FRPPXWDWLRQ ILQH VRQW PDQTXH VLJQDO SHUWH GH YHUURXLOODJH WUDPH 066,$ VLJQDO
\V I
S
R
W
L Q
I R
L
GpJUDGp
FR W
GQ D
]
L
(OOH HVW QRQ UpYHUVLEOH
QLR U
D W
D R
Q K
LF W
R
J
Q X
X D
/D GHVFULSWLRQ VXLYDQWH FRQFHUQH O·DJUpJDW
LQ PQ
V H
W
V
D
PW
R LU
F
&RPPH LOOXVWUp j OD )LJXUH SDJH WRXWHV OHV FDUWHV FRQQHFWpHV j O·DJUpJDW SULQFLSDO $ HW j O·DJUpJDW
3 Z
G
G W
Q X GH VHFRXUV % G·XQ F{Wp DIIOXHQW 0DWULFH WRWDOH HW DJUpJDWV GX F{Wp RSSRVp YLD OD IRQFWLRQ +:3 GRLYHQW
H D R
Y
U
H
H K
V L
W UDFFRUGHU GH PDQLqUH SHUPDQHQWH ´EULGJHµ OH PrPH VLJQDO VXU OHV DJUpJDWV ´$µ HW ´%µ (PLVVLRQ DORUV
V
H
U
X Z
G
W
TXH OD VpOHFWLRQ GX VLJQDO SURYHQDQW GH ´$µ HW GH ´%µ GpSHQG GH O·pWDW GX VLJQDO 2..2 GHV DJUpJDWV
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
/·DJUpJDW GH VHFRXUV % WUDLWH YLD OH FLUFXLW GH GpFLVLRQ 06 7ULDO 3URWHFWLRQ 06 7ULDO 3URWHFWLRQ 'HFLVRU
OOR S
$ G W
R
O·pWDW G·DODUPH UHoX GH O·DJUpJDW SULQFLSDO $ VLJQDO $ 2..2 DYHF O·pWDW G·DODUPH DSSURSULp
Q
/RUVTXH O·DJUpJDW SULQFLSDO HVW HQ VHUYLFH HW 2. O·pWDW GpILQL HVW ´5(326µ /RUVTXH O·DJUpJDW SULQFLSDO HVW
.2 HW O·DJUpJDW GH VHFRXUV HVW 2. O·pWDW HVW ´3527(&7,21µ HW O·DJUpJDW GH VHFRXUV HVW PLV HQ VHUYLFH
7RXWHV OHV FDUWHV FRQQHFWpHV UHoRLYHQW OD FRPPDQGH 2..2 % GH O·DJUpJDW GH VHFRXUV DILQ GH
VpOHFWLRQQHU FRPPXWDWLRQ GH +:3 OH VLJQDO UHoX GH FHWWH FDUWH 2. 63$5( VpOHFWLRQQp .2 0$,1
VpOHFWLRQQp
/HV VLJQDX[ IRQFWLRQQHOV 2..2 ORUVTX·LOV VRQW WUDQVPLV DX[ GLIIpUHQWHV FDUWHV VRQW DSSHOpV ´26:µ FH
TXL VLJQLILH 6257,( 287387 HW ´,6:µ FH TXL VLJQLILH (175(( ,1387
3RXU OD VpFXULVDWLRQ 7UDLO 06 GHV DIIOXHQWV pOHFWULTXHV j 0ELWV HW RSWLTXHV OD PrPH RSpUDWLRQ HVW
HIIHFWXpH FRQIRUPpPHQW DX[ LQGLFDWLRQV VXLYDQWHV
OHV DIIOXHQWV VRQW DVVRFLpV HQ TXDWUH SDLUHV DIIOXHQW DIIOXHQW DIIOXHQW DIIOXHQW DIIOXHQW
DIIOXHQW DIIOXHQW DIIOXHQW
GDQV FKDTXH FRXSOH O·DIIOXHQW OH SOXV pOHYp HVW O·DIIOXHQW GH VHFRXUV
OHV DIIOXHQWV GH VHFRXUV HW QH VRQW SDV XWLOLVpV
/D FRPELQDLVRQ GHV DIIOXHQWV 670 RSWLTXHV HW pOHFWULTXHV GH OD VpFXULVDWLRQ 6/ $36 HVW GLVSRQLEOH
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
R P
&$57(
J
F R
LQ U
V I
\
S
W
L Q
I R
%5,'*( $
R
FR W L $
GQ D
]
$*5(*$7
QLR U L
D W
D R % 35,1&,3$/
Q K
LF W
R Q X +:3 $
J X D
LQ PQ $
V
V PW
H
W $
R LU
D
3
F
Z %
G W
G
H
Q X
D R &RPPX
Y
U H K W WDWLRQ
H
V
V L
X Z 2..2 $
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q &,5& '(&
6(&85,6$7,21
2..2 % 06 75$,/
%
'()$87 ,17(51(
'( &21'8,7
% $*5(*$7 '(
6(&2856
%
$
(P
%
&$57( Q
$
5HF
%
2..2 %
)LJXUH 6pFXULVDWLRQ 06 7ULDO j H[WUpPLWp XQLTXH 6/$36
(
&
,/
$
$
('
. $/ $* $$
$$
6pFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 61&3
/D VpFXULVDWLRQ 61&3 HVW XWLOLVpH VXU OHV UpVHDX[ HQ DQQHDX VXU OHVTXHOV SOXVLHXUV pTXLSHPHQWV RQW pWp
O
LQVWDOOpV 'HX[ PRGHV GH IRQFWLRQQHPHQW SHXYHQW rWUH VpOHFWLRQQpV SRXU OD VpFXULVDWLRQ 61&3 G·XQ VHXO
H
V
L
K
V
W D
W
FRQWHQHXU YLUWXHO &9
W Q F O
I H $
W
R Q
J R P
F R
UpYHUVLEOH
LQ U
V I
\
S
W
L Q
I R
QRQ UpYHUVLEOH
R L
FR W
GQ D
Q
D
LR U
W
]
L
(Q PRGH UpYHUVLEOH OD WHPSRULVDWLRQ ´ZDLW WLPH WR UHVWRUHµ HVW IL[pH j PLQXWHV
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
&RPPH LQGLTXp GDQV O·H[HPSOH GH OD )LJXUH SDJH SOXVLHXUV pTXLSHPHQWV QXPpURWpV GH j
H
VRQW FRQQHFWpV HQ DQQHDX VXU XQ FRQGXLW FRPSRUWDQW GHV ERXFOHV
V W
V PW
D R LU
F
3
G
G W
Q X
Z
&KDFXQ GH FHV pTXLSHPHQWV VLWXpV VXU OH QRHXG HVW UDFFRUGp GH PDQLqUH ELGLUHFWLRQQHOOH F{WpV (VW HW
H
Y
U
D R
H K W
2XHVW 8QH GHV GHX[ GLUHFWLRQV UHSUpVHQWH OH FKHPLQ SULQFLSDO VHQV KRUDLUH
H V L
V
H
X Z
G
/D GLUHFWLRQ RSSRVpH XWLOLVH XQ GHX[LqPH FRQGXLW GH ILEUHV SRXU OH WUDILF GH VHFRXUV VHQV DQWLKRUDLUH
U W
Q W H
V H LW
W
K
J
L
U
PP
X U
/D VpFXULVDWLRQ DXWRPDWLTXH HVW GpFOHQFKpH HQ FDV GH GpWHFWLRQ G·XQH GpIDLOODQFH GX FRQGXLW
F H
OOR S
$ G W
&KDTXH QRHXG G·DIIOXHQW WUDQVPHWWHXU HVW FRQQHFWp GH PDQLqUH SHUPDQHQWH ´EULGJHµ GDQV OH VHQV GX
R
Q WUDILF SULQFLSDO VHQV KRUDLUH HW GDQV OH VHQV GX WUDILF SURWpJp VHQV DQWLKRUDLUH
/H VLJQDO G·pPLVVLRQ DUULYH j GHVWLQDWLRQ YLD GHX[ FRQGXLWV GLIIpUHQWV FH TXL SHUPHW DX QRHXG UpFHSWHXU
GH VpOHFWLRQQHU OH PHLOOHXU FKHPLQ FRPPXWDWLRQ
/D )LJXUH SDJH LOOXVWUH OH UDFFRUGHPHQW HQWUH GHX[ DIIOXHQWV 7 HW 7 HW OHV QRHXGV G·HQWUpHGH
VRUWLH FRQFHUQpV DYHF OHV WUDQVSDUHQFHV FRUUHVSRQGDQWHV
3DU H[HPSOH 7 HVW WUDQVPLV YLD O·pTXLSHPHQW GDQV OHV GHX[ GLUHFWLRQV PDLV LO VHUD H[WUDLW GH
O·pTXLSHPHQW SDU OH UDFFRUGHPHQW SULQFLSDO VHQV KRUDLUH
8QH GpIDLOODQFH RX XQH GpJUDGDWLRQ GX FRQGXLW SULQFLSDO HQWUDvQH XQ EDVFXOHPHQW YHUV OH FRQGXLW GH
VHFRXUV HW LO V·HQVXLW XQ FRQWU{OH VLPXOWDQp GHV GHX[ FRQGXLWV
3DU FRQVpTXHQW OHV FRQGXLWV GH WUDQVPLVVLRQ XQLGLUHFWLRQQHOOH SHUPHWWHQW QRQ VHXOHPHQW OD SURSDJDWLRQ HQ
DQQHDX PDLV pJDOHPHQW OD FRPPXWDWLRQ /RUVTXH O·H[WUpPLWp UpFHSWULFH HIIHFWXH XQH FRPPXWDWLRQ DXFXQH
LQIRUPDWLRQ Q·HVW HQYR\pH DX F{Wp pPLVVLRQ FRUUHVSRQGDQW SRXU DFWLYHU O·RSpUDWLRQ GH FRPPXWDWLRQ j
O·H[WUpPLWp GLVWDQWH
3RXU JpUHU OD FRPPXWDWLRQ O·DUFKLWHFWXUH 61&3 XWLOLVH OHV GRQQpHV LQKpUHQWHV j OD YRLH HW QRQ DX FRQGXLW
/D FRPPXWDWLRQ HVW HQ IDLW DFWLYpH SDU OHV RSpUDWLRQV GpIHFWXHXVHV TXL VXUYLHQQHQW DX QLYHDX GX &9 RX
GHV 78
/RUVTXH OD YRLH Q·HVW SOXV GLVSRQLEOH XQ VLJQDO G·LQGLFDWLRQ G·DODUPH 6,$ HVW WUDQVPLV VXU OD PrPH YRLH
SRXU DFWLYHU OD VpFXULVDWLRQ 'H FHWWH PDQLqUH OD VpFXULVDWLRQ 61&3 SHXW SURWpJHU OHV YRLHV VXLWH j XQH
UXSWXUH RX j XQH GpIDLOODQFH GHV FkEOHV OH ORQJ GH OD ILEUH HW GHV QRHXGV
8QH UXSWXUH GH FkEOH LPSOLTXH WRXWHV OHV ILEUHV TX·LO FRQWLHQW HW HQWUDvQH GRQF XQ DUUrW GX WUDILF GDQV OHV
GHX[ GLUHFWLRQV DORUV TX·XQH GpIDLOODQFH FRQFHUQH XQLTXHPHQW XQH ILEUH
/HV FDUWHV G·DIIOXHQWV HW GH 0DWULFH WRWDOH VRQW IRXUQLHV DYHF XQ FLUFXLW GH FRPPXWDWLRQ GH YRLH
FRQQH[LRQ SHUPDQHQWH FRPPXWDWLRQ 6RQ DFWLYDWLRQ GpSHQG GH OD FRQILJXUDWLRQ GH O·pTXLSHPHQW
&RPPDQGH GH FRPPXWDWLRQ IRUFpH
&HWWH FRPPDQGH IDLW SDUWLH GH O·RSWLRQ &RPPDQGH j GLVWDQFH GH O·DSSOLFDWLRQ ´$ODUPHV pWDWV HW
WpOpFRPPDQGHVµ (OOH SHUPHW G·DFWLYHU OHV FRPPXWDWLRQV HQWUH OD YRLH SURWpJpH HW OD YRLH SURWHFWULFH HQ
UpIpUHQFH DX[ FRQWHQHXUV YLUWXHOV G·RUGUH LQIpULHXU HW G·RUGUH VXSpULHXU /RZ RUGHU DQG +LJK RUGHU 9&V
&HWWH FRPPDQGH HVW GH JUDQGH LPSRUWDQFH HQ FH TXL FRQFHUQH OHV DODUPHV TXL HQWUDvQHQW O·DFWLYDWLRQ GH
( OD VpFXULVDWLRQ 61&3 (OOH HVW GRQF H[pFXWpH LQGpSHQGDPPHQW GHV FRPPDQGHV GpFULWHV FLDSUqV 3RXU
&
,/ UpWDEOLU O·DOJRULWKPH GH VpFXULVDWLRQ SUpFpGHQW EDVp VXU OHV DODUPHV O·RSpUDWHXU GRLW HQYR\HU OD FRPPDQGH
$
$ ´(IIDFHUµ j SDUWLU GX WHUPLQDO G·H[SORLWDWLRQ GX &7
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L 670Q
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X 75$163 7 7
H D R
Y
U H K W
H V L
V X Z
H
U
G
W
Q W H
V H LW
W
K
J
PP %5,'*(
L X U
U F H
OOR S
$ G W
R 7
Q 75$163 7 75$163 7
7
&20087$7,21
6(16 +25$,5( 6(16 $17,
+25$,5(
7
75$163 7 75$163 7
7
)LJXUH 5pVHDX HQ DQQHDX W\SLTXH DYHF VpFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 336
(
&
,/
$
$
('
. $/ $* $$
$$
'URS DQG &RQWLQXH
9RLU )LJXUH SDJH )LJXUH SDJH )LJXUH SDJH )LJXUH SDJH
O
V
L V
W D
H
W /·DUFKLWHFWXUH ´'URS DQG &RQWLQXHµ D pWp LPSOpPHQWpH GDQV OH UpVHDX DILQ G·DPpOLRUHU OD GLVSRQLELOLWp GX
K
W
I
Q F
H $
W
O
WUDILF
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
´'URS DQG &RQWLQXHµ HVW XQH PDQLqUH GH SURWpJHU XQ FRQGXLW TXL WUDYHUVH SOXVLHXUV VRXVUpVHDX[ SDU
I R
R
FR W L
H[HPSOH GHV DQQHDX[
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K /HV VRXVUpVHDX[ GRLYHQW rWUH FRQQHFWpV YLD DX PRLQV GHX[ QRHXGV FUpDQW DLQVL GHX[ UDFFRUGHPHQWV
Q X
J
LQ
X D
PQ
LQGpSHQGDQWV
V H
V PW W
D R LU
3
F
G W
Z /·pTXLSHPHQW HVW FRQILJXUp FRPPH ´'523µ HW ´&217,18(µ VXU FKDTXH QRHXG GH EUDVVDJH
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
/HV pTXLSHPHQWV GHV VRXVUpVHDX[ LPSOpPHQWHQW OH UDFFRUGHPHQW 61&3
H G
U W
Q W H
V
W
K
H LW
PP
/·DUFKLWHFWXUH UpVXOWDQWH JDUDQWLW XQH SURWHFWLRQ FRQWUH GH PXOWLSOHV GpIDLOODQFHV pJDOHPHQW UpSDUWLV j
J
UDLVRQ G·XQ SDU VRXVUpVHDX WROpUpV VDQV SHUWH GH WUDILF GpIDLOODQFH GH QRHXG RX ILVVXUDWLRQ GX FkEOH
L X U
U F H
OOR S
$ G W
R
Q
/HV HQWLWpV GH WUDILF EUDVVpHV SDU OD IRQFWLRQ ´GURS DQG FRQWLQXHµ SHXYHQW rWUH 78 78 HW $8
/D IRQFWLRQ ´'URS DQG &RQWLQXHµ DPpOLRUH OD GLVSRQLELOLWp GX WUDILF SDU UDSSRUW j OD VLPSOH 61&3 ´GH ERXW
HQ ERXWµ HQGWRHQG 61&3 3OXV OH QRPEUH GH VRXVUpVHDX[ FRQQHFWpV HVW JUDQG SOXV OD GLVSRQLELOLWp
DXJPHQWH
/D IRQFWLRQ ´'URS DQG &RQWLQXHµ SHUPHWWHQW G·HIIHFWXHU VLPXOWDQpPHQW OHV RSpUDWLRQV VXLYDQWHV VXU XQ
QRHXG
WUDQVSDUHQFH XQLGLUHFWLRQQHOOH
GpULYDWLRQ SURWpJpH
LQVHUWLRQ GDQV XQH GLUHFWLRQ RSSRVpH j FHOOH GX PRGH WUDQVSDUHQW
/HV FRQILJXUDWLRQV REWHQXHV SHXYHQW rWUH OHV VXLYDQWHV
'&2 ,162
'&( ,162
'&( ,16(
'&2 ,16(
'& VLJQLILH ´'URS DQG &RQWLQXHµ OD OHWWUH VXLYDQWH 2 2XHVW ( (VW LQGLTXH OH F{Wp SURWpJp SDU
GpULYDWLRQ SDU H[HPSOH 2 VLJQLILH F{Wp SULQFLSDO 2XHVW HW ( VLJQLILH F{Wp GH VHFRXUV (VW
/D OHWWUH ILQDOH ,16( RX ,162 LQGLTXH OH F{Wp G·LQVHUWLRQ
/D ´WUDQVSDUHQFH XQLGLUHFWLRQQHOOHµ V·HIIHFWXH WRXMRXUV GDQV OD GLUHFWLRQ RSSRVpH j OD GLUHFWLRQ GX F{Wp
G·LQVHUWLRQ SDU H[HPSOH ORUVTXH O·LQVHUWLRQ HVW ´,16 (µ OD WUDQVSDUHQFH V·HIIHFWXH G·(VW HQ 2XHVW
(
&
,/
$
$
('
. $/ $* $$
$$
3RXU SOXV G·LQIRUPDWLRQV VH UHSRUWHU j OD )LJXUH SDJH TXL LOOXVWUH OD FRQILJXUDWLRQ '&2 ,162
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
LQ
\
F R
V I
U 28(67 $*5(*$76 (67
S
W
L Q
I R 5HF (P
R L
FR W
Q D
G
QLR U
]
L (P 5HF
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H
Y
U
D R
H K
$))/8(176
W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L
U
X U
F H
(P 5HF
OOR S
$ G W
R
Q
)LJXUH ´'URS DQG &RQWLQXHµ '& 2 ,16 2
/D IRQFWLRQ ´'URS DQG &RQWLQXHµ LQFOXDQW GHX[ DQQHDX[ FRQQHFWpV DYHF UDFFRUGHPHQW GRXEOH HVW
LOOXVWUpH j OD )LJXUH SDJH
/HV QRHXGV HW VRQW FRQILJXUpV HQ ´'URS DQG &RQWLQXHµ
/D VpFXULVDWLRQ 61&3 HVW DFWLYpH GDQV OD WRWDOLWp GH O·pTXLSHPHQW (Q FRQGLWLRQV QRUPDOHV OH
FKHPLQHPHQW XQLGLUHFWLRQQHO GX WUDILF GH j HVW QRUPDOHPHQW
'DQV OH FDV G·XQH GpIDLOODQFH VXU OH HU DQQHDX HQWUH OHV QRHXGV HW YRLU )LJXUH SDJH OD
GLUHFWLRQ GH OD OLDLVRQ HVW
/D WUDQVSDUHQFH HVW XWLOLVpH HQWUH OHV QRHXGV HW HW XQH FRPPXWDWLRQ V·HIIHFWXH DX QRHXG
'DQV OH FDV G·XQH VHFRQGH GpIDLOODQFH VXU OH qPH DQQHDX HQWUH OHV QRHXGV HW YRLU )LJXUH SDJH
/D GLUHFWLRQ VpOHFWLRQQpH VXU OD OLDLVRQ HVW
/D FRPPXWDWLRQ RSpUDWLRQQHOOH VH VLWXH VXU OH QRHXG HW OD WUDQVSDUHQFH SUpFpGHQWH HQWUH OHV QRHXGV
HW Q·HVW SOXV XWLOLVpH
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H
Y
D R
U H K W
H V L
V X Z
H G
U
V
W
Q W H
W H LW
K PP '&2 ,162 '&( ,16(
J
L
U
X U
F H
2 ( 2 (
OOR S
$ G W
R
Q
,16
,16 (
2
$)) $))
2 ( 2 (
,16
2 ,16
(
'&2 ,162 '&( ,16(
)LJXUH ´'URS DQG &RQWLQXHµ
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W
I H $
W
O
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
L
FR W
Q D
G ]
QLR U L
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V
H
U
X Z
G
W
Q W H
V H LW
W
K
J
PP
L X U
U F H
OOR S
$ G W
R
Q
)LJXUH ´'URS DQG &RQWLQXHµ qUH GpIDLOODQFH
)LJXUH ´'URS DQG &RQWLQXHµ qPH GpIDLOODQFH
(
&
,/
$
$
('
. $/ $* $$
$$
06635,1* j GHX[ ILEUHV
9RLU $8&81 /,(1 j $8&81 /,(1 SDJH $8&81 /,(1 j$8&81 /,(1
O
&HWWH VpFXULVDWLRQ HVW SUpYXH SRXU OHV OLDLVRQV HQ DQQHDX GH O·DJUpJDW 670 DILQ GH FRQWUHU OHV VLPSOHV
H
V
L
K
V
W D
W
GpIDLOODQFHV HQ PRGH GH FRPPXWDWLRQ j GRXEOH H[WUpPLWp 3RXU DFWLYHU FHWWH IRQFWLRQ O·XWLOLVDWLRQ GH OD
W Q F O
I
R
H $
W
Q
FDUWH GH 0DWULFH WRWDOH HVW REOLJDWRLUH
J R P
F R
LQ U
V I
\
S
W
L Q
I R
8Q 06635,1* j GHX[ ILEUHV ) 06635,1* FRPSUHQG XQ JURXSH HQWUH HW G·pOpPHQWV GH
R L
F
G
R W
Q D
UpVHDX FKDFXQ pWDQW pTXLSp G·XQ SRUW G·DJUpJDW GRXEOH ELGLUHFWLRQQHO pPLVVLRQ HW UpFHSWLRQ
]
L
LR U
Q
D W
D R
/HV pOpPHQWV GH UpVHDX 1( VRQW FRQQHFWpV GDQV XQ DQQHDX DX PR\HQ GH GHX[ ILEUHV RSWLTXHV O·XQH
Q K
LF W
R
J
Q X
X D
SRXU OH VHQV KRUDLUH HW O·DXWUH SRXU OH VHQV DQWLKRUDLUH
LQ PQ
V H
W
V
D
PW
R LU
F
/D VpFXULVDWLRQ 06635,1* HVW XQH DOWHUQDWLYH SDU UDSSRUW j OD 61&3 06635,1* SHUPHW XQ
3 Z
G
G W
Q X UDFFRUGHPHQW VLPXOWDQp GDQV OHV VHQV KRUDLUH HW DQWLKRUDLUH VXU OD PrPH XQLWp DGPLQLVWUDWLYH $8 TXL
H D R
Y
U
H
H K
V L
W SHXW rWUH LQVpUpH HW H[WUDLWH GH FKDTXH WURQoRQ DORUV TXH OD FRQQH[LRQ 61&3 HQJDJH OD PrPH $8 GHV
V
H
U
X Z
G
W
GHX[ F{WpV SRXU OD WRWDOLWp GH OD OLDLVRQ
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
/D EDQGH SDVVDQWH G·XQH 06635,1* j GHX[ ILEUHV HVW GLYLVpH HQ GHX[ SDUWLHV GH FDSDFLWp pJDOH
OOR S
$ G W
R
DSSHOpHV UHVSHFWLYHPHQW FDSDFLWp ´GH IRQFWLRQQHPHQWµ $8 Q j $8 Q HW FDSDFLWp ´GH VpFXULVDWLRQµ
Q
$8 Q j $8 Q /·$8 Q HVW SURWpJpH SDU O·$8 Q MXVTX·j O·$8 Q TXL HVW SURWpJpH SDU O·$8
Q /D FDSDFLWp ´GH IRQFWLRQQHPHQWµ HVW XWLOLVpH SRXU OH ´WUDILF KDXWH SULRULWpµ DORUV TXH OD FDSDFLWp ´GH
VpFXULVDWLRQµ HVW XWLOLVpH SRXU OH ´WUDILF EDVVH SULRULWpµ TXL HVW SHUGX HQ FDV GH GpIDLOODQFH
9RLU $8&81 /,(1 SDJH$8&81 /,(1
/D EDVVH SULRULWp $8 QH GRLW SDV rWUH FRQILJXUpH HOOH GRLW UHVWHU HQ pWDW GpIHFWXHX[ GDQV WRXWHV OHV WDEOHV
GH FRQILJXUDWLRQ GHV UDFFRUGHPHQWV /H 0RGH GH WUDQVPLVVLRQ GX VLJQDO GRLW WRXMRXUV rWUH 1RQ SUR
WpJp
'DQV FHWWH YHUVLRQ OHV UDFFRUGHPHQWV ´EDVVH SULRULWpµ QH VRQW SDV JpUpV
/·DOJRULWKPH 06635,1* HVW ODQFp HQ UpDFWLRQ DX[ DODUPHV GH VHFWLRQ VXLYDQWHV
/26 /2) 06 $,6 (;%(5 % 6,*1$/ '(*5$'( %
(
&
,/
$
$
('
. $/ $* $$
$$
6,*1$/
3527(*(
$))/8(17
O
V
L V
W D
H
W H Z Z
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
Q
D
LR U
W
]
L
Z H
D R
Q K
LF W
R Q X
J X D
LQ PQ
V H
W
V
D
PW
R LU
F
3 Z
G
G W
Q X H Z
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Z H Z H
Q
92,(6 (1 )21&7,211(0(17 $8 1XPpUR j 6,*1$/
3527(*(
$))/8(17
92,(6 '( 6(&85,6$7,21 $8 1XPpUR j
)LJXUH 5DFFRUGHPHQW 06635,1* j GHX[ ILEUHV ) 06635,1*
$36 GDQV OH 06635,1* j GHX[ ILEUHV ) 06635,1*
(Q FDV GH UXSWXUH GH ILEUH O·$36 SRXU OH 06635,1* j GHX[ ILEUHV XWLOLVH XQH VpTXHQFH V\QFKURQLVpH
G·RSpUDWLRQV GH ´FRQQH[LRQ SHUPDQHQWHµ HW GH ´FRPPXWDWLRQµ TXL PRGLILHQW OHV UDFFRUGHPHQWV LQWHUQHV
GHV GHX[ pOpPHQWV GH UpVHDX DGMDFHQWV j OD GpIDLOODQFH SXLV FRPPXWH OHV $8 ´GH IRQFWLRQQHPHQWµ
KDXWH SULRULWp HQ $8 ´GH VpFXULVDWLRQµ EDVVH SULRULWp
6HXOV OHV pOpPHQWV GH UpVHDX DGMDFHQWV j OD GpIDLOODQFH VRQW FRQFHUQpV SDU OHV IRQFWLRQV ´FRPPXWDWLRQµ
HW ´FRQQH[LRQ SHUPDQHQWHµ SRXU WRXV OHV DXWUHV pOpPHQWV GH UpVHDX OD FRQILJXUDWLRQ ILQDOH HVW XQH
´WUDQVSDUHQFHµ GH WRXV OHV $8 ´GH VpFXULVDWLRQµ EDVVH SULRULWp
/D $8&81 /,(1 HW OD $8&81 /,(1 SDJH $8&81 /,(1 LOOXVWUHQW OD PRGLILFDWLRQ GHV UDFFRUGHPHQWV
VXLWH j XQH RSpUDWLRQ GH ´FRQQH[LRQ SHUPDQHQWHµ RX GH ´FRPPXWDWLRQµ
/·RSpUDWLRQ GH ´FRQQH[LRQ SHUPDQHQWHµ VXU OH F{Wp (VW SDU H[HPSOH D SRXU HIIHW GH URXWHU
pJDOHPHQW OH WUDILF 2XHVW ´KDXWH SULRULWpµ VRUWDQW YHUV OD FDSDFLWp ´GH VpFXULVDWLRQµ (VW VRUWDQWH
/D IRQFWLRQ GH ´FRQQH[LRQ SHUPDQHQWHµ DMRXWH XQ UDFFRUGHPHQW DX F{Wp RSSRVp HW j OD
VpFXULVDWLRQ $8 FRUUHVSRQGDQWH
/RUVTX·XQH RSpUDWLRQ ´GH FRPPXWDWLRQµ IRQFWLRQQH VXU OH F{Wp 2XHVW WRXV OHV UDFFRUGHPHQWV
TXL RQW SRXU VRXUFH XQH XQLWp DGPLQLVWUDWLYH $8 DSSDUWHQDQW j OD FDSDFLWp GH IRQFWLRQQHPHQW
(VW VRQW UHPSODFpV SDU GHV UDFFRUGHPHQWV TXL RQW SRXU VRXUFH OH WUDILF GH VpFXULVDWLRQ HQWUDQW
2XHVW &HFL PDLQWLHQW OD GHVWLQDWLRQ LQLWLDOH GX VLJQDO
/D IRQFWLRQ GH FRPPXWDWLRQ UHPSODFH OH IOX[ HQWUDQW SDU XQ IOX[ GH VpFXULVDWLRQ SURYHQDQW GX
F{Wp RSSRVp
(
&
,/
$
$
('
. $/ $* $$
$$
/H VFKpPD GH OD $8&81 /,(1 SDJH $8&81 /,(1 LOOXVWUH O·HIIHW ILQDO GH FHV SURFpGXUHV V\QFKURQLVpHV
&HOOHVFL VRQW HIIHFWXpHV YLD XQ SURWRFROH XWLOLVDQW OHV RFWHWV . HW . DX PR\HQ GHVTXHOV OH WURQoRQ
GpIDLOODQW HVW UHPSODFp SDU OD FDSDFLWp GX WUDILF GH VpFXULVDWLRQ GX WURQoRQ QRQ DIIHFWp SDU FHWWH GpIDLOODQFH
O
H
V
L
K
V
W D
W
/·RFWHW . WUDQVSRUWH O·LQIRUPDWLRQ FRQFHUQDQW
W Q F O
I
R
H $
W
Q
OH FRGH GH GpIDLOODQFH
J
LQ
R P
F R
U
:75
\V I
S
R
W
L Q
I R
L
OH GHVWLQDWDLUH GX PHVVDJH
FR W
GQ D
]
L
LR U
Q
D W
D R
/·RFWHW . WUDQVSRUWH O·LQIRUPDWLRQ FRQFHUQDQW
Q K
LF W
R
J
Q X
X D
OH QRHXG VRXUFH GX PHVVDJH
LQ
V
PQ
H
W
O·pWDW GX QRHXG GX GHVWLQDWDLUH
V PW
D R LU
F
3 Z
G
G W
Q X /HV RFWHWV . HW . VRQW pFKDQJpV HQWUH OH QRHXG DGMDFHQW j OD GpIDLOODQFH WDQGLV TXH OHV DXWUHV QRHXGV
H D R
Y
U
H
H K
V L
W PHWWHQW . HW . HQ PRGH WUDQVSDUHQW
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ
\V I
W
U
: ( : (
SL Q
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
: ( : (
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S VpFXULVDWLRQ
$ G W
R
Q
IRQFWLRQQHPHQW
$9$17 $35(6
)LJXUH (IIHW G·XQH RSpUDWLRQ GH µFRQQH[LRQ SHUPDQHQWHµ VXU OH F{Wp (67 %5,'*( ($67
: ( : (
: ( : (
VpFXULVDWLRQ
$9$17 IRQFWLRQQHPHQW $35(6
)LJXUH (IIHW G·XQH RSpUDWLRQ GH µFRPPXWDWLRQµ VXU OH F{Wp 28(67 6:,7&+ :(67
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
Q
D R
K &200 &211
LF W
R Q X
6,*1$/ 28(67 3(50 &200
X D
J
LQ 28(67 (67 &211
V
PQ
H 3527(*(
V
D
PW
R LU
W
$))/8(17 3(50
3
F
Z (67
G W
G Q X
H
Y
D R
( : ( :
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
: (
( :
: ( : (
92,(6 (1 )21&7,211(0(17
6,*1$/
92,(6 '( 6(&85,6$7,21 3527(*(
$))/8(17
&211(;,21 3(50$1(17( %5,'*(
&20087$7,21
7RXV OHV $8 GH VpFXULVDWLRQ VRQW SODFpV HQ PRGH WUDQVSDUHQW GDQV OHV qPH HW qPH (5
)LJXUH 2SpUDWLRQV GH UpFXSpUDWLRQ VXU UXSWXUH GH FRQGXLW
(
&
,/
$
$
('
. $/ $* $$
$$
/D )LJXUH SDJH GRQQH XQ H[HPSOH GH 06635,1* j ILEUHV ) 06635,1*
'DQV O·H[HPSOH XQ DQQHDX GH TXDWUH QRHXGV HVW SURWpJp SDU 06635,1* j GHX[ ILEUHV
O
V
L V
W D
H
W $8 WUDQVSRUWH OH WUDILF GH FKDTXH WURQoRQ &% %$ $' '&
K Q F
W O
I H $
W
R
J
Q
R P $8 WUDQVSRUWH OH WUDILF '% WUDQVSDUHQFH VXU &
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L $8 SURWqJH $8
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K $8 SURWqJH $8
R Q X
J X D
LQ
V
V
PQ
PW
H
W
$SUqV XQH GpIDLOODQFH GDQV OD VHFWLRQ &% OHV DFWLRQV VXLYDQWHV XWLOLVHQW OHV QRHXGV & HW %
D R LU
F
3 Z
G
G W
Q X
D R
QRHXG % OHV DFFqV HW GH O·DIIOXHQW SUpFpGHPPHQW LQVpUpV SDU GpULYDWLRQ VXU $8
H
Y
U
H
H K
V L
W HW $8 28(67 VRQW UHVSHFWLYHPHQW FRQQHFWpV VXU $8 HW $8 (67
V X Z
H
U
G
W 'H FHWWH IDoRQ OHV QRHXGV $ HW ' VRQW GLULJpV VXU OH QRHXG &
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H QRHXG & DFFqV GH O·DIIOXHQW SUpFpGHPPHQW LQVpUp SDU GpULYDWLRQ VXU $8 (67 HVW
R S
$ G W
R
FRQQHFWp VXU $8 28(67
Q
'H FHWWH IDoRQ OHV QRHXGV ' HW $ VRQW GLULJpV VXU OH QRHXG %
5[ $8 28(67 SUpFpGHPPHQW HQ PRGH WUDQVSDUHQW VXU 7[ $8 ($67
HVW PLV HQ ERXFOH VXU 7[ $8 28(67 'H FHWWH IDoRQ OHV QRHXGV ' HW $
VRQW GLULJpV VXU OH QRHXG % VLJQDO WUDQVPLV GH ' YHUV %
5[ $8 (67 Q·HVW SOXV UHoX
'RQF 7[ $8 28(67 HVW PLV HQ ERXFOH VXU 5[ $8 28(67
'H FHWWH IDoRQ OH VLJQDO WUDQVPLV SDU OH QRHXG % VH GpSODFH VXU OHV QRHXGV
$'& R LO HVW PLV HQ ERXFOH SRXU DWWHLQGUH GH QRXYHDX OH QRHXG '
OHV QRHXGV $ HW ' QH VRQW SDV FRQQHFWpV
&HW H[HPSOH PRQWUH TX·LO HVW SRVVLEOH GH UpXWLOLVHU OD ODUJHXU GH EDQGH SRXU FHUWDLQV PRGqOHV GH WUDILF
$8 SURWqJH TXDWUH FRQQH[LRQV VXU $8 DYHF OD PrPH VpFXULVDWLRQ SRXU SOXVLVXHUV FRQQH[LRQV
VpFXULVDWLRQ SDUWDJpH
(
&
,/
$
$
('
. $/ $* $$
$$
$
' $ $8 $ % $8
O
H
V W
L W V D
K Q F
W O $8 3URW $8
I W $H
R Q
J R
F R
P $8 3URW $8
LQ U
\ W V I
S L Q
R I R L
' %
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D
LQ P Q
V H
V PW W
D R LU
F
3
G W
Z
&
G Q X
H D R ' & $8 & % $8
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
P
J
L X U
U F H
' % $8
OO R
S
$ G W
R
Q
(
' %
:
: (
&
& %
$8 $8 $8 $8
28(67 (67 28(67 (67
)LJXUH ([HPSOH GH IRQFWLRQQHPHQW GH 06635,1* j GHX[ ILEUHV
(
&
,/
$
$
('
. $/ $* $$
$$
$&&25' 6,/(1&,(8; 648(/&+,1*
/·DFFRUG VLOHQFLHX[ HVW DFWLYp ORUVTX·XQ QRHXG TXL SRUWH XQH GpULYDWLRQLQVHUWLRQ G·DIIOXHQW UHVWH LVROp j
O
FDXVH G·XQH GRXEOH GpIDLOODQFH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
'DQV FH FDV SRXU pYLWHU GHV UDFFRUGHPHQWV GpIDLOODQWV VXU O·$8 LPSOLTXpH GDQV OD VpFXULVDWLRQ
R Q
J R P
F R
06635,1* XQ VLJQDO G·LQGLFDWLRQ G·DODUPH 6,$ HVW LQVpUp VXU OHV WUDLQV GH GRQQpHV EDVVH SULRULWp
LQ U
V I
\
S
W
L Q
I R
WUDQVPLV GHSXLV OHV QRHXGV DGMDFHQWV YHUV OH QRHXG LVROp 9RLU )LJXUH
R L
FR W
GQ D
Q
D
LR U
W
]
L
$ O·RULJLQH DYDQW TXH OD GRXEOH GpIDLOODQFH Q·LVROH OH QRHXG OHV UDFFRUGHPHQWV HQWUH O·DIIOXHQW HW
D R
Q
R LF W
Q X
K
O·DIIOXHQW DLQVL TX·HQWUH O·DIIOXHQW HW O·DIIOXHQW pWDLHQW DFWLIV VXU O·$8 Q GDQV O·H[HPSOH
J X D
LQ PQ
H
$SUqV OD GHX[LqPH GpIDLOODQFH HW VDQV O·DFFRUG VLOHQFLHX[ O·DOJRULWKPH 06635,1* DFWLYHUDLW WRXMRXUV
V W
V PW
D R LU
F
3
G
G W
Q X
Z
GDQV FHW H[HPSOH OHV IRQFWLRQV GH ´FRQQH[LRQ SHUPDQHQWHµ HW GH ´FRPPXWDWLRQµ VXU OHV QRHXGV DGMDFHQWV
H
Y
U
D R
H K W
DX QRHXG HW SURYRTXHUDLW XQ UDFFRUGHPHQW GpIDLOODQW HQWUH OHV DIIOXHQWV HW DX PR\HQ GH OD
H V L
V
H
X Z
G
VpFXULVDWLRQ $8 Q /D IRQFWLRQ G·DFFRUG VLOHQFLHX[ SHUPHW GRQF DX[ QRHXGV DGMDFHQWV DX QRHXG LVROp
U W
V
W
Q W
H LW
H
G·HQYR\HU XQ VLJQDO 6,$ YHUV O·$8 Q EDVVH SULRULWp FH TXL pYLWH XQ UDFFRUGHPHQW GpIDLOODQW HQWUH OHV
K
J
L
U
PP
X U
F H
DIIOXHQWV HW
OOR S
$ G W
R
Q $SUqV VXSSUHVVLRQ GH OD GpIDLOODQFH XQH VpTXHQFH VLPLODLUH PDLV LQYHUVpH G·RSpUDWLRQV VXU OHV pOpPHQWV
GH UpVHDX DGMDFHQWV DX WURQoRQ UpFXSpUp VHUD DFWLYpH &HWWH SURFpGXUH LQYHUVpH SHXW GpEXWHU DSUqV XQH
WHPSRULVDWLRQ ´ZDLW WLPH WR UHVWRUHµ :75 FRQILJXUDEOH VHF PLQ PLQ PLQ
$)) $)) $)) $))
$8 $8 $8 $8
( 2 ( 2
&2113(50 &200
28(67 (67
&200
28(67 &211 3(50
(67
(
6)6' 6)6'
:
6,$ 685
$8 6,$ 685
$8
6,$ 685 6,$ 685 6,$ 685
$8 $8 $8
75$163$5(17 75$163$5(17
75$163$5(17
92,(6 (1 )21&7,211(0(17
92,(6 '( 6(&85,6$7,21
)LJXUH $FFRUG VLOHQFLHX[ VXU UDFFRUGHPHQW GH QRHXG LVROp
(
&
,/
$
$
('
. $/ $* $$
$$
,QWHUDFWLRQ 06635,1*
/RUVTX·XQ 06635,1* j GHX[ ILEUHV HVW HQ LQWHUDFWLRQ DYHF XQ DXWUH DQQHDX 61&3 RX 06635,1*
O
O·LQWHUFRQQH[LRQ HQWUH OHV GHX[ pOpPHQWV HVW HIIHFWXpH HQ UDFFRUGDQW OHV GHX[ QRHXGV GH FKDTXH DQQHDX
H
V
L
K
V
W D
W
SDU GHV FRQQH[LRQV GH W\SH +9& FRPPH LQGLTXp VXU OD )LJXUH SDJH
W Q F O
I H $
W
R Q
J R P
F R
&KDTXH &9 GHYDQW WUDYHUVHU OD OLPLWH GH FHW DQQHDX VHXOHV OHV LQWHUFRQQH[LRQV G·DQQHDX[ QLYHDX +9&
LQ U
V I
\
S
W
L Q
I R
VRQW FRQFHUQpHV GRLW SURYHQLU GH GHX[ QRHXGV /·XQ G·HQWUH HX[ OH 1RHXG GH VHUYLFH SULPDLUH 361
R L
F
G
R W
Q D
GpULYH OH &9 HW FRQWLQXH YHUV OH 1RHXG GH VHUYLFH VHFRQGDLUH 661 'DQV OD GLUHFWLRQ RSSRVpH OH 661
]
L
LR U
Q
D W
D R
LQVqUH XQH FRSLH GX &9 GDQV O·DQQHDX HW OH 361 OH FKRLVLW YLD OD IRQFWLRQ GH 6pOHFWLRQ GH VHUYLFH GX
Q K
LF W
R
J
Q X
X D
QRHXG SULPDLUH HQWUH OH &9 SURYHQDQW GX 661 HW OH &9 TXL SHXW rWUH ORFDOHPHQW LQVpUp DX PR\HQ G·XQ
LQ
V
PQ
H
W
DIIOXHQW 670 /D VpOHFWLRQ HVW HIIHFWXpH VXU OD EDVH 9RLH6,$ $86,$
V PW
D R LU
F
3 Z
G
G W
Q X /H UDFFRUGHPHQW SULQFLSDO HVW HIIHFWXp YHUV O·DIIOXHQW 670
H D R
Y
U H K W
H V L
V
H
X Z
G
/H PpFDQLVPH GH VpFXULVDWLRQ IRQFWLRQQH VXU O·K\SRWKqVH TXH O·DXWUH DQQHDX VpOHFWLRQQH O·XQH GHV GHX[
U W
V
W
Q W
H LW
H
YHUVLRQV GX &9 HQWUDQW HW WUDQVPHW GHX[ FRSLHV LGHQWLTXHV GX &9 YHUV OH 361 HW OH 661 j FRQGLWLRQ
K
J
L
U
PP
X U
F H
TXH O·DXWUH DQQHDX VRLW XQ 06635,1* RX XQ DQQHDX 61&3
OOR S
$ G W
R
Q ,O HVW j QRWHU TXH OH 361 HW OH 661 QH GRLYHQW SDV QpFHVVDLUHPHQW rWUH DGMDFHQWV QL rWUH LGHQWLTXHV SRXU
WRXV OHV &9 TXL WUDYHUVHQW O·DQQHDX 3DU H[HPSOH FKDTXH &9 HQ WUDQVSDUHQFH SHXW GLVSRVHU GH GHX[
QRHXGV TXL DJLVVHQW FRPPH 361 HW 661
'DQV OHV DSSOLFDWLRQV GH FRQILJXUDWLRQ GHV UDFFRUGHPHQWV FHWWH IRQFWLRQ HVW DSSHOpH '& ,& 2 ( FH
TXL VLJQLILH ´'URS DQG &RQWLQXHµ ´,QVHUW &RQQHFWLRQµ SURWpJp /D OHWWUH TXL VXLW 2 2XHVW ( (VW
LQGLTXH OH F{Wp G·LQVHUWLRQ GX WUDLQ GH GRQQpHV $8 SURYHQDQW GH O·DIIOXHQW RX GX FRQGXLW
) 06 635,1*
'& ,& : ', %,' 813 :
: ( :
( 1RHXG
66 GH VHUYLFH
VHFRQGDLUH
1RHXG
GH VHUYLFH
SULPDLUH : ( :
(
', %,' 813 : 66
'& ,& (
) 06 635,1*
66 6pOHFWHXU GH VHUYLFH
(
&
,/
$ )LJXUH 06635,1* ´'URS DQG &RQWLQXHµ ´,QVHUW &RQWLQXRXVµ SURWpJp
$
('
. $/ $* $$
$$
7
', 35272
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
LQ
\
F R
V I
U 2 (
W
S
R
L Q
I R
L
61&3
FR W
GQ D
]
L
( 2 ( :
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V
V PW
H
W '& ( ,16 ( '& : ,16 2
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
G
2 ( 2 (
H W
U
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
', %,' 8132
OOR S
$ G W
R
Q
'& ,& 2
06 635,1*
( 2 ( 2
'& ,& ( ', %,' 813 (
2 ( 2 (
'& ( ,16 (
'& : ,16 2 61&3
( 2
', 3527 (
7
)LJXUH 5DFFRUGHPHQW '& ,& XWLOLVp SRXU O·LQWHUIRQFWLRQQHPHQW 61&306 635,1*
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH GH V\QFKURQLVDWLRQ
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /D V\QFKURQLVDWLRQ GHV pTXLSHPHQWV V·HIIHFWXH SULQFLSDOHPHQW YLD OD FDUWH GH UpIpUHQFH G·KRUORJH
K
W
I
Q F
H $
W
O
FRQIRUPpPHQW j OD 5HFRPPDQGDWLRQ * GH O·8,77 EDVpH VXU OD JHVWLRQ GX PDUTXHXU GH U\WKPH
R Q
J R P
F R
7LPLQJ 0DUNHU
LQ U
V I
\
S
W
L Q
I R
/D IRQFWLRQ GH OD FDUWH HVW GH IRXUQLU DX[ DXWUHV FDUWHV VLWXpHV j O·LQWpULHXU GH O·pTXLSHPHQW XQH KRUORJH
R L
F
G
R W
Q D
j 0+] HW XQ VLJQDO GH V\QFKURQLVDWLRQ DSSURSULp 7R DLQVLT TX·XQH KRUORJH j 0+] 7
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
'DQV FHWWH YHUVLRQ OHV FDUWHV VXLYDQWHV VRQW GLVSRQLEOHV
J X D
LQ PQ
H
FDUWH GH UpIpUHQFH G·KRUORJH &58 pYROXpH
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R FDUWH GH UpIpUHQFH G·KRUORJH &58 pYROXpH SSP
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
&HV FDUWHV SUpVHQWHQW GHV SHUIRUPDQFHV GLIIpUHQWHV
W H LW
K
J
PP /D SUHPLqUH FDUWH GLVSRVH G·XQH VWDELOLWp HQ PRGH GH PDLQWLHQ GH SSPMRXU
L X U
U
OO
F H
R S /D VHFRQGH FDUWH GLVSRVH G·XQH VWDELOLWp HQ PRGH GH PDLQWLHQ GH SSPMRXU /HV GHX[ FDUWHV VRQW
$ G W
R
Q WRWDOHPHQW FRQIRUPHV j OD 5HFRPPDQGDWLRQ *
/D FDUWH IRQFWLRQQH VHORQ PRGHV GLIIpUHQWV
YHUURXLOOp
PDLQWLHQ
RVFLOODWLRQV OLEUHV
(Q PRGH ´YHUURXLOOpµ OD FDUWH UHoRLW OHV VLJQDX[ GH U\WKPH VXLYDQWV
KRUORJHV GHV DIIOXHQWV j [ 0ELWV 7
KRUORJH j 0+] GHV DJUpJDWV 6701 RX GHV DIIOXHQWV 670 7
KRUORJH j N+] * H[WUDLWH GH OD VRXUFH H[WHUQH 7
8Q PD[LPXP GH UpIpUHQFHV HVW VpOHFWLRQQp SDU OH ORJLFLHO YLD OH SRVWH G·H[SORLWDWLRQ HW OHV FRPPDQGHV
VRQW HQYR\pHV GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW YHUV OH PRGXOH GH FRQWU{OH
/HV UpIpUHQFHV G·KRUORJH SHXYHQW rWUH VpOHFWLRQQpHV VRLW PDQXHOOHPHQW YLD &726 VRLW DXWRPDWLTXHPHQW
YLD O·DOJRULWKPH GH OD FDUWH GH UpIpUHQFH G·KRUORJH
/D VpOHFWLRQ DXWRPDWLTXH GHV UpIpUHQFHV GH U\WKPH 7 ORFDO HW 7 H[WHUQH HVW SULQFLSDOHPHQW EDVpH VXU
OD TXDOLWp GH FKDTXH UpIpUHQFH GpULYpH GH O·RFWHW G·HQWrWH GH VHFWLRQ 6 660% GHV DIIOXHQWV 670
HW GHV DJUpJDWV 6701
&726 DWWULEXH XQ QLYHDX GH TXDOLWp DILQ GH SHUPHWWUH O·XWLOLVDWLRQ GH ´O·DOJRULWKPH 660µ SRXU VpOHFWLRQQHU
OD VRXUFH GH U\WKPH ´WLPLQJ VRXUFHµ ORUV GH O·LPSOpPHQWDWLRQ GH VLJQDX[ QRQ 6701 RX GHV VLJQDX[
SURYHQDQW G·pTXLSHPHQWV QH JpUDQW SDV O·RFWHW 6
/RUVTXH OHV QLYHDX[ GH TXDOLWp VRQW LGHQWLTXHV OHV FULWqUHV GH VpOHFWLRQ VRQW EDVpV VXU OD SULRULWp
SDUDPpWUpH
/H QLYHDX GH TXDOLWp GH UpIpUHQFH XWLOLVp SRXU JpQpUHU 7 RX XQ QLYHDX GH TXDOLWp IRUFp SDU &726 HVW
LQVpUp VXU OH 660% GHV VLJQDX[ 6701 VRUWDQW GH O·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
/HV FULWqUHV 4/ VRQW HQYR\pV j O·KRUORJH ´1(Lµ TXL DYDLW IRXUQL OD UpIpUHQFH GH V\QFKURQLVDWLRQ SRXU
REWHQLU OH 7 &HWWH RSpUDWLRQ HVW HIIHFWXpH DILQ G·pYLWHU TXH OD ´UpIpUHQFH GH U\WKPHµ QH V\QFKURQLVH OD
1(L HOOHPrPH ERXFOH GH U\WKPH
O
H
V
L
K
V
W D
W
/D FRPPXWDWLRQ HQWUH OHV UpIpUHQFHV GpSHQG pJDOHPHQW GHV pWDWV G·DODUPH GpWHFWpV VXU OHV VLJQDX[
W Q F O
I H $
W
R Q
J R P
F R
'·DXWUHV PRGHV GH IRQFWLRQQHPHQW VRQW pJDOHPHQW DSSOLFDEOHV
LQ U
\V I
W
L Q
S
I R
R
FR W L
(Q FH TXL FRQFHUQH OH ´PRGH GH PDLQWLHQµ OD FDUWH FRQVHUYH OD GHUQLqUH UpIpUHQFH YDOLGH DYHF XQH
GQ D
Q
D
LR U
W
]
L
YDULDWLRQ PD[LPDOH GH SSPMRXU RX GH SSPMRXU SRXU OD FDUWH GH UpIpUHQFH G·KRUORJH DYHF
D R
Q
R LF W
Q X
K
FDUWH WKHUPRVWDWpH
J X D
LQ PQ
H
&H PRGH GH IRQFWLRQQHPHQW HVW DVVRFLp j OD SHUWH GHV UpIpUHQFHV VpOHFWLRQQpHV SDU O·RSpUDWHXU
V W
V PW
D R LU
F
3
G
G W
Q X
Z
/HV DODUPHV GpGLpHV VH GpFOHQFKHQW ORUVTXH OH QRHXG HQWUH HQ PRGH ´GH PDLQWLHQµ RX ´RVFLOODWLRQV OLEUHVµ
H
Y
U
D R
H K W
VRXV O·HIIHW GH FULWqUHV GH TXDOLWp RX G·XQH YDOLGLWp GX VLJQDO (Q FDV GH SHUWH GH VLJQDX[ GH V\QFKURQLVDWLRQ
H V L
V
H
X Z
G
VXU OHV SRUWV G·DJUpJDWV HW G·DIIOXHQWV FHX[FL VRQW FHSHQGDQW GLVSRQLEOHV SRXU GHV DODUPHV
U W
V
W
Q W
H LW
H
LQGpSHQGDQWHV PDQTXH VLJQDO 046
K PP
J
L X U
U F H
OOR S
$ G W
(Q PRGH ´RVFLOODWLRQV OLEUHVµ O·KRUORJH ORFDOH SUpVHQWH XQH SUpFLVLRQ GH SSP /D FDUWH IRQFWLRQQH
R
Q GDQV FH PRGH ORUVTX·DXFXQ VLJQDO GH V\QFKURQLVDWLRQ YDOLGH Q·HVW SUpVHQW HW TX·DXFXQH YDOHXU GH
UpIpUHQFH ´GH PDLQWLHQµ Q·HVW FRQVHUYpH
/D VpOHFWLRQ GHV FDUWHV VpFXULVpHV UHFHYDQW O·KRUORJH GH UpIpUHQFH GpSHQG GHV pWDWV G·DODUPH GH OD
FDUWH GH UpIpUHQFH G·KRUORJH
/D FDUWH IRXUQLW j O·pTXLSHPHQW H[WHUQH 7 XQH KRUORJH N+] &HWWH KRUORJH SHXW rWUH REWHQXH VRLW
GLUHFWHPHQW j SDUWLU GX VLJQDO GH VRUWLH 7 VRLW SDU OH WUDLWHPHQW GHV VLJQDX[ GH U\WKPH 7 DYHF OHV
UpIpUHQFHV GH VpOHFWLRQ OLVWH GHV VLJQDX[ GH U\WKPH SULRULWp TXDOLWp
(
&
,/
$
$
('
. $/ $* $$
$$
&$57( &. &. &$57( Q
O $/$50( &58 %
H
V
L V
W D
W
6(/(&7 6(/(&7
K
W
I
Q F
H $
W
O &58 &58
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q LF W
K &.$ &.% &.$ &.%
R Q X
J X D
LQ PQ
V
V PW
H
W 6: 6(/(&7
D R LU
F &$57( $/$50( &58 $
3
G W
Z
&21752/(
G
H
Q X
D R '·(48,3(0(17
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
02'8/( '( &21752/(
6
(
7
8 '( &.$
& 6701 +RUORJH 6\QF 7R
(
5 7 SRXU WRXWHV OHV FDUWHV
'(
6
( 0ELWV 48$/,7( 35,25,7(
*
2 +25/2*( 7
/ 7 (;7
5 '(
2 (;7
+ 0+]
0$,17,(1
26&,//$7,216
/,%5(6
&$57( 5()(5(1&( '·+25/2*( $
&. % 72
&$57( 5()(5(1&( '·+25/2*( %
&. 7
(;7
)LJXUH 6RXVV\VWqPH GH V\QFKURQLVDWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH DX[LOLDLUH HW G·HQWrWH
/D GHVFULSWLRQ FLDSUqV V·DSSOLTXH DX[ FDUWHV 6/60 $8;9'6
O
V
L V
W D
H
W /D QRUPH GH KLpUDUFKLH QXPpULTXH V\QFKURQH 6'+ RIIUH XQH TXDQWLWp FRQVLGpUDEOH GH FDQDX[ GH VHUYLFH
K
W
I
Q F
H $
W
O
GDQV OHV RFWHWV G·HQWrWH GH VHFWLRQ 62+ HW OHV RFWHWV G·HQWrWH GH FRQGXLW 32+ GH OD WUDPH
R Q
J R P
F R
SOpVLRFKURQH &HV RFWHWV VRQW XWLOLVpV SRXU OHV RSpUDWLRQV GH YHUURXLOODJH GH YpULILFDWLRQ GH SDULWp HW GH
LQ U
V I
\
S
W
L Q
I R
JHVWLRQ GH UpVHDX HWF
R L
F
G
R W
Q D
8QH SDUWLH GH FHV RFWHWV HVW pJDOHPHQW XWLOLVpH SRXU OHV GRQQpHV XWLOLVDWHXU HW OHV YRLHV GH SDUROH HW HVW
]
L
LR U
Q
D W
D R
LQWHUIDFpH YHUV OHV FDUWHV G·DIIOXHQWV GH 0DWULFH WRWDOH HW G·DJUpJDWV YLD XQH FDUWH µ$X[LOLDU\µ GLIIpUHQWH
Q K
R LF W
Q X
J X D
LQ PQ
H
/D FDUWH $8;(2: (;7(16,21 pWDEOLW XQH GpULYDWLRQ GH SDUROH DQDORJLTXH HQWUH OHV GHX[ F{WpV GH
V W
V
D
PW
R LU
F
O·DJUpJDW HOOH VH FRQQHFWH pJDOHPHQW j OD SULVH WpOpSKRQH GH OD IDFH DYDQW HW j XQ FRPELQp WpOpSKRQLTXH
3 Z
G
G W
Q X H[WHUQH YLD OH FRQQHFWHXU $X[LOLDU\ $FFHVV 0RGXOH 9RLFH &KDQQHO 9RLU OD )LJXUH SDJH OD )LJXUH
H D R
Y
U
H
H K
V L
W SDJH HW OH 7DEOHDX SDJH
V X Z
H G
U W
V
W
Q W
H LW
H
/D FDUWH $8;(2: :,'( 1(7:25. pWDEOLW XQH GpULYDWLRQ GH YRLV QXPpULTXH HQWUH OHV DJUpJDWV HW SHXW
K
J
L
U
PP
X U
F H
rWUH XWLOLVpH VXU UpVHDX pWHQGX
OOR S
$ G W
R
Q /D FDUWH $8; SHXW rWUH XWLOLVpH OH FDV pFKpDQW
SRXU DFFpGHU SDU YRLH H[WHUQH DX[ LQWHUIDFHV GH VHUYLFH
SRXU UDFFRUGHU OHV SRLQWV G·DFFqV H[WHUQHV DX[ RFWHWV G·HQWrWH GH VHFWLRQ 62+ HW GH FRQGXLW
32+ GHV FDUWHV WHUPLQDLVRQV
SRXU SHUPHWWUH DX[ RFWHWV 62+ HW 32+ GH WUDQVLWHU SDU OHV GLIIpUHQWHV FDUWHV
/HV SRLQWV G·DFFqV H[WHUQHV GH OD FDUWH VRQW
JURXSH ORFDO GH O·RSpUDWHXU SRXU OHV FRPPXQLFDWLRQV WpOpSKRQLTXHV XWLOH SRXU OHV
FRPPXQLFDWLRQV GH VHUYLFH GDQV OD OLDLVRQ /D FDUWH $8;(2: pWDEOLW XQH GpULYDWLRQ GH OD YRL[
QXPpULTXH HW SHXW rWUH XWLOLVpH VXU UpVHDX pWHQGX
FDQDX[ GH GRQQpHV * j NELWV
FDQDX[ GH GRQQpHV 9 EDXGV
/D FDUWH $8; HW OHV GLIIpUHQWHV FDUWHV VRQW FkEOpHV GH OD PDQLqUH VXLYDQWH
UDFFRUGHPHQWV 0ELWV XQH SRXU PD[LPXP DJUpJDWV SRXU JpUHU OHV RFWHWV DX[LOLDLUHV
62+
UDFFRUGHPHQWV EXV 2+ 0ELWV SRXU JpUHU OHV RFWHWV DX[LOLDLUHV 32+ HW 62+ GHV DIIOXHQWV
HW GHV 0DWULFHV
/H SRVWH G·H[SORLWDWLRQ HVW XWLOLVp SRXU VpOHFWLRQQHU YLD OH ORJLFLHO OHV WHUPLQDLVRQV HW WUDQVSDUHQFHV GHV
62+ HW 32+ &H W\SH GH SURJUDPPDWLRQ SHUPHW G·DFFpGHU j WRXV OHV RFWHWV G·HQWrWH HW GRQF GH JDUDQWLU
XQH H[WHQVLRQ GH VHUYLFH HQ FRQIRUPLWp DYHF OHV DSSOLFDWLRQV VWDQGDUG SDU H[HPSOH SRXU OHV RFWHWV QRQ
HQFRUH GpILQLV
8Q DXWUH UDFFRUGHPHQW EXV 2+ SHUPHW OH UDFFRUGHPHQW ILODLUH GHV RFWHWV 6 DODUPHV VpULH HW . .
&HX[FL UDFFRUGHQW OHV 670 670 HW 670 SRXU OHV DODUPHV LQGLFDWLYHV HW 670 SRXU OD
JHVWLRQ 06 635,1*
/D )LJXUH SDJH UpVXPH FHWWH GHVFULSWLRQ HW LOOXVWUH OHV RFWHWV 32+ XWLOLVpV SDU FKDTXH FDUWH VXU
OHV WUDLQV GX EXV 2+
/D JHVWLRQ GHV RFWHWV G·HQWrWH HVW GpFULWH DYHF SOXVLHXUV ODEHOV VXU OD )LJXUH SDJH OD
)LJXUH SDJH OD )LJXUH SDJH OD )LJXUH SDJH OD )LJXUH SDJH HW
( OD )LJXUH SDJH
&
,/
$
$ /H UDFFRUGHPHQW GHV YRLHV GH SDUROH SHUPHW GH GLVWLQJXHU OHV FDUWHV
('
. $/ $* $$
$$
$&&(6 $8;,/,$,5(6
([WHQVLRQ 9'6
O
V
H
W
.ELWV 9
L V
W D
K Q F
W O
I H $
W
R Q
R P
J
LQ
F R
U
9'6
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ
V
PQ
H
W $*5 ,17(5)$&(6 $*5
V PW
D R LU
F
3
G W
Z
2$ ($
G Q X
H D R
Y
U
H
H K
V L
W 2% (%
V
H
X Z
G 62+ 62+
U
V
W
Q W H 0ELWV 0ELWV
W H LW
K PP
J
L X U
U
OO
F H
R S
62+ 0ELWV 62+ 0ELWV
$ G W
R
Q 62+ ( ( )
HW RFWHWV 62+ OLEUHV
%86 2+ 0ELWV
)=== )=== ) = = =
32+ 32+ 32+
( ( )
HW RFWHWV 62+ OLEUHV
$)) $)) $))
[ 0 0$75,&( [ 0 0
$
%
)LJXUH 6FKpPD $X[LOLDLUHV (QWrWHV
(
&
,/
$
$
('
. $/ $* $$
$$
6RXVV\VWqPH GH FRPPDQGH
9RLU )LJXUH SDJH
O
'DQV FHWWH YHUVLRQ O·XWLOLVDWHXU SHXW DYRLU UHFRXUV j GHX[ W\SHV GH FDUWHV FRQWU{OHXU G·pTXLSHPHQW (6&7
H
V
L
K
V
W D
W
RX (6&7 FDUWHV DOWHUQDWLYHV /HV FDUDFWpULVWLTXHV SULQFLSDOHV FRPPXQHV DX[ GHX[ FDUWHV VRQW
W Q F O
I
R
H $
W
Q
GpFULWHV FLGHVVRXV
J R P
F R
LQ U
V I
\
S
W
L Q
I R
/H VRXVV\VWqPH GH FRPPDQGH UpVLGDQW VXU O·pTXLSHPHQW UHSUpVHQWH OH QLYHDX OH SOXV EDV GH JHVWLRQ
R L
F
G
R W
Q D
GH UpVHDX SDU KLpUDUFKLH QXPpULTXH V\QFKURQH 6'+
]
L
LR U
Q
D W
D R
(Q SOXV GH O·DQDO\VH GHV pWDWV GH IRQFWLRQQHPHQW GH O·pTXLSHPHQW LO SHUPHW pJDOHPHQW OH FRQWU{OH GHV
Q K
LF W
R
J
Q X
X D
VpFXULVDWLRQV HW GH OD FRPPXWDWLRQ HW HIIHFWXH OHV RSpUDWLRQV GH JHVWLRQ SDU H[HPSOH OD FRQILJXUDWLRQ
LQ PQ
V H
W
V
D
PW
R LU
F
/H VRXVV\VWqPH GH FRPPDQGH FRPSUHQG OD FDUWH FRQWU{OHXU G·pTXLSHPHQW DLQVL TXH OHV PRGXOHV GH
3 Z
G
G W
Q X FRQWU{OH TXL pTXLSHQW FKDTXH FDUWH GH O·pTXLSHPHQW VDXI OD FDUWH G·DOLPHQWDWLRQ 7RXV VRQW FRQQHFWpV YLD
H D R
Y
U
H
H K
V L
W OH EXV /,(&% HW 1,(&%
V
H
U
X Z
G
W
/H EXV /,(&% FRQWLHQW WRXWHV OHV GRQQpHV GH IRQFWLRQQHPHQW DLQVL TXH OHV GRQQpHV GH FRQILJXUDWLRQ GH
Q W H
V
W
K
H LW OD FDUWH 1,(&% pFKDQJH OHV GRQQpHV G·RFWHWV '&& SRXU OH UpVHDX GH JHVWLRQ GHV WpOpFRPPXQLFDWLRQV
PP
J
L
U
OO
X U
F H 701 4 HFF
R S
$ G W
R
Q
/HV FULWqUHV G·DODUPH DFWLYHQW OHV YR\DQWV VLWXpV VXU OHV FDUWHV GpFHQWUDOLVpHV HW VXU OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW HW DFWLYHQW pJDOHPHQW O·pPLVVLRQ GH GRQQpHV YHUV XQH VRXUFH H[WHUQH j O·pTXLSHPHQW
/D VLJQLILFDWLRQ GH FKDTXH YR\DQW LQGLTXDQW XQ pWDW G·DODUPH HVW H[SOLTXpH GDQV OHV ILJXUHV GX
FKDSLWUH SDJH
/D FDUWH G·DOLPHQWDWLRQ WUDQVPHW pJDOHPHQW VHV FULWqUHV G·DODUPH YHUV OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
/HV UDFFRUGHPHQWV DYHF OH PRGXOH (728 IRXUQLVVHQW GHV GRQQpHV G·DODUPH GH O·DOLPHQWDWLRQ GH OD
VWDWLRQ
/H VRXVV\VWqPH GH FRPPDQGH D pJDOHPHQW SRXU IRQFWLRQ G·LQWHUIDFHU OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
DYHF XQH VRXUFH H[WHUQH j O·pTXLSHPHQW
&HV UDFFRUGHPHQWV HW IRQFWLRQV VRQW
,QWHUIDFH ) SRXU OHV RSpUDWLRQV GH JHVWLRQ ORFDOH YLD OH 3RVWH G·H[SORLWDWLRQ
(OOH HIIHFWXH OHV RSpUDWLRQV QpFHVVDLUHV j O·DFWLYDWLRQ HW j OD PLVH HQ VHUYLFH GH O·pTXLSHPHQW
(Q RXWUH HOOH PHW j MRXU OH ORJLFLHO GH O·pTXLSHPHQW ORFDO SDU WpOpFKDUJHPHQW GHV ORJLFLHOV
/HV RSpUDWLRQV HIIHFWXpHV VRQW
UDSSRUWV G·DODUPHV HW G·pYpQHPHQWV
FRPPDQGHV RSpUDWRLUHV
DODUPHV HW pYpQHPHQWV GH UDSSHO SRXU OD PDLQWHQDQFH
WUDQVPLVVLRQ HW YpULILFDWLRQ GHV FRQILJXUDWLRQV SRXU O·pTXLSHPHQW OH UDFFRUGHPHQW OH
GLDORJXH 701
IRQFWLRQV DGPLQLVWUDWLYHV WHOOHV TXH O·DFWLYDWLRQ GH O·RSpUDWHXU DLQVL TXH OD GpILQLWLRQ HW OD
PRGLILFDWLRQ GX PRW GH SDVVH
PHVXUH GHV SHUIRUPDQFHV
PLVH j MRXU GX ORJLFLHO GH O·pTXLSHPHQW SDU WpOpFKDUJHPHQW GHV ORJLFLHOV
/HV DSSOLFDWLRQV GH JHVWLRQ VRQW HIIHFWXpHV DX PR\HQ GH GLVTXHWWHV IRXUQLHV DYHF O·pTXLSHPHQW 9RLU
&KDSLWUH ´&21),*85$7,21µ SDJH
3RXU WRXWH LQIRUPDWLRQ VXU O·LQVWDOODWLRQ OD GHVFULSWLRQ HWF FRQVXOWHU OH PDQXHO GH O·RSpUDWHXU
(
&
,/
$
$
('
. $/ $* $$
$$
/RUVTXH O·RSWLRQ 3RVWH G·H[SORLWDWLRQ GLVWDQW HVW XWLOLVpH YLD XQH LQWHUIDFH ) LO HVW SRVVLEOH GH JpUHU XQ
PD[LPXP GH pTXLSHPHQWV
O
,QWHUIDFH 4% SRXU UDFFRUGHU OH V\VWqPH G·H[SORLWDWLRQ GX UpVHDX GH JHVWLRQ GHV
H
V
L
K
V
W D
W
WpOpFRPPXQLFDWLRQV 701
W Q F O
I
R
H $
W
Q
&HWWH LQWHUIDFH SHUPHW OD JHVWLRQ GX UpVHDX GHSXLV XQ FHQWUH VXU SOXVLHXUV pTXLSHPHQWV
J
LQ
R P
F R
U
GLVWDQWV /HV IRQFWLRQV HIIHFWXpHV VRQW LGHQWLTXHV DX[ IRQFWLRQV GHVWLQpHV j OD JHVWLRQ ORFDOH
\V I
S
R
W
L Q
I R
L
,QWHUIDFH 4% QRQ GLVSRQLEOH GDQV FHWWH YHUVLRQ
FR W
GQ D
]
L
(OOH HVW XWLOLVpH SRXU UDFFRUGHU OHV pTXLSHPHQWV SOpVLRFKURQHV H[WHUQHV DX UpVHDX 701
QLR U
D
Q
W
D R
K
0HGLDWLRQ 'HYLFH
LF W
R
J
Q X
X D FRPPDQGHV pPLVHV YHUV OH EkWL SRXU DOOXPHU OHV YR\DQWV FRQFHUQpV
LQ PQ
V
V PW
H
W DODUPHV GLVWDQWHV GH O·pTXLSHPHQW DFFHVVLEOHV DX QLYHDX GHV EORFV GH UDFFRUGHPHQW
R LU
FRQWDFWV SDUDOOqOHV SHUVRQQDOLVpV SRXU UpFHSWLRQpPLVVLRQ GHV DODUPHV DFFHVVLEOHV DX QLYHDX
D
F
3 Z
G W
G
H
Y
Q X
D R GHV EORFV GH UDFFRUGHPHQW
U H K W
H V L
V X Z
H
U
G
W
Q W H
3DU FRQVpTXHQW OH VRXVV\VWqPH HVW G·XQH LPSRUWDQFH FDSLWDOH SRXU OHV RSpUDWLRQV GH PDLQWHQDQFH HW
V
W
K
J
H LW
PP
GH PLVH HQ VHUYLFH
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
&
1 1 ( $
%
,2 ,2 71
7$ 7$ 12 8
,7 ( ,72 (5 '
0+ 67
O
(
2
/(/ 0/
(7 3 (& 2 1 6
,3 ,6
H
V W 73 $ $< (/
V
6; 6 ;(· 8( 6
· &
L W D
K
2( < 4/ 2 (7 (/
3'2
W Q F O
I H $
W / 6' (3 9 1 /
$
7$
R Q
R P 5
J
F R 6, $3
LQ U
\V I
W ' 67
SL Q 6(
RI R &
FR W L
0 $7
Q D 5 1
/$
G ]
QLR U L 2
D W
D R $ &
Q K
R LF W
Q X
J X D
LQ ) % %
V
PQ
H
W
4 4
V PW
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K
V L
W
6 6
H
X Z ( (
V
& 1
H
U
G
W $) 5
V
Q W H
5 (7
W
K
H LW
PP
(7 ;
J
L
U
X U ,1 (
F H
OOR S
$ G W
R
Q
1
,2
76 7
1
(
( 0
* (
,3
8
4
·(
'
5
8
(/
2
( 5
7
& (7 1
$) 2
5 5 &
(7 $ (7
&
1
, 5
$
&
% %
& &
,(/ ,(
1
(
/
2 /(
5 2
7 5
7
1 1 1
2
& 2 ,2
7$ 8
( & 2
' ( 7
' 1 7(
(
/ (/ (
8 0
,/
( ' 8 $
7 2 Q '
5 0 (7 2
$ 5 0
& $
&
)LJXUH 6RXVV\VWqPH GH FRPPDQGH
(
&
,/
$
$
('
. $/ $* $$
$$
,QWHUIDFHV GH JHVWLRQ GX UpVHDX
/·pTXLSHPHQW GpILQL FRPPH pOpPHQW GH UpVHDX (5 GLVSRVH GDQV FHWWH YHUVLRQ GH GHX[ LQWHUIDFHV
O
RSpUDWRLUHV SRXU JpUHU O·pTXLSHPHQW ,QWHUIDFH ) HW OH UpVHDX ,QWHUIDFH 4%
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/·,QWHUIDFH ) pWDEOLW OH UDFFRUGHPHQW DYHF OH SRVWH G·H[SORLWDWLRQ ORFDOH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
/RUVTXH O·RSWLRQ GH SRVWH G·H[SORLWDWLRQ GLVWDQW HVW XWLOLVpH YLD XQH LQWHUIDFH ) LO HVW SRVVLEOH GH JpUHU XQ
I R
R
FR W L
PD[LPXP GH pTXLSHPHQWV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K /·,QWHUIDFH 4% SHUPHW G·pWDEOLU GHV UDFFRUGHPHQWV DYHF OH V\VWqPH G·H[SORLWDWLRQ GX V\VWqPH GH
Q X
J
LQ
X D
PQ
JHVWLRQ
H
/H V\VWqPH G·H[SORLWDWLRQ GH VHFRXUV D SRXU EXW GH SURWpJHU OH V\VWqPH SULQFLSDO OH EDVFXOHPHQW HQWUH
V W
V PW
D R LU
F
3
G
G W
Q X
Z
OHV V\VWqPHV SHXW rWUH DXWRPDWLTXH RX PDQXHO DX JUp GH O·RSpUDWHXU
H D R
Y
U H K W
H
V
V L
X Z /D )LJXUH SDJH LOOXVWUH O·DUFKLWHFWXUH JpQpUDOH GH JHVWLRQ GH O·pTXLSHPHQW
H G
U W
Q W H
V H LW
W
K
J
PP /·pTXLSHPHQW GH UpVHDX FRQQHFWp 4% HVW GpILQL FRPPH ´SDVVHUHOOHµ *$7(:$< /H UDFFRUGHPHQW HVW
L X U
U
OO
F H
R S HIIHFWXp YLD OH PRGXOH $8,% $'$37(5
$ G W
R
Q
/H UDFFRUGHPHQW GH O·DXWUH pTXLSHPHQW DX UpVHDX GH JHVWLRQ GHV WpOpFRPPXQLFDWLRQV 701 HVW JpUp YLD
OHV FDQDX[ '&& j O·LQWpULHXU GH OD WUDPH GX PRGXOH GH WUDQVIHUW V\QFKURQH 670 DYHF OH SURWRFROH
4(&&
/H PRGH GH UDFFRUGHPHQW HVW LQGLTXp FLDSUqV 9RLU OD )LJXUH SDJH /D FDUWH FRQWU{OHXU
G·pTXLSHPHQW WUDQVIqUH OHV PHVVDJHV HQWUH 4% HW '&&
3RXU WUDQVPHWWUH GHV PHVVDJHV GX 701 YHUV G·DXWUHV pOpPHQWV GH UpVHDX OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW XWLOLVH OH UDFFRUGHPHQW 1,(&% DYHF OH PRGXOH GH FRQWU{OH GHV FDUWHV G·DJUpJDWV (VW HW
2XHVW HW OHV FDUWHV G·DIIOXHQWV 670 OH FDV pFKpDQW
'H FHWWH PDQLqUH OHV PHVVDJHV VRQW WUDQVPLV VXU OHV RFWHWV '' GX 670 '&& /HV pOpPHQWV GH
UpVHDX FRQQHFWpV H[WUDLHQW OHV PHVVDJHV GH FHV RFWHWV HW OHV HQYRLHQW j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
'DQV OHV pOpPHQWV GH UpVHDX VpOHFWLRQQpV OD FDUWH FRQWU{OHXU G·pTXLSHPHQW XWLOLVH OH UDFFRUGHPHQW
/,(&% SRXU pFKDQJHU GHV GRQQpHV DYHF OH PRGXOH GH FRQWU{OH GHV GLIIpUHQWHV FDUWHV
&HV GRQQpHV VRQW HQVXLWH WUDQVIpUpHV YHUV OH V\VWqPH G·H[SORLWDWLRQ YLD OHV FDQDX[ GH FRPPXQLFDWLRQ
GH GRQQpHV '&& GHV DJUpJDWV 'DQV WRXV OHV pOpPHQWV GH UpVHDX QRQ LPSOLTXpV OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW OLEqUH OHV '&& HQWUH OHV GHX[ DJUpJDWV
/HV LQGLFDWLRQV FRQFHUQDQW OH 60 GDQV OD )LJXUH SDJH VRQW pJDOHPHQW YDODEOHV SRXU OH
60&
6RXVV\VWqPH G·DOLPHQWDWLRQ
/HV pTXLSHPHQWV VRQW DOLPHQWpV SDU GHX[ FDUWHV G·DOLPHQWDWLRQ SOXV XQH FDUWH GH VHFRXUV &HWWH GHUQLqUH
SHXW rWUH H[WUDLWH VDQV SHUWXUEDWLRQ GX VHUYLFH
/H V\VWqPH G·DOLPHQWDWLRQ HVW SURWpJp SDU GHV FRXSHFLUFXLWV $ VLWXpV HQ KDXW GX EkWL 6
(
&
,/
$
$
('
. $/ $* $$
$$
/$1
6<67(0( 3$66(5(//(
60 6<67(0(
O '·(;3/2,7$7,21 '·(;3/2,7$7,21
H
V W
L W V D
K Q F
W O
I W $H
R Q /$1
J R P &211 3(50 '&1 &211 3(50
LQ
F R
U /$1 /$1
\ W V I
S L Q 4%
R I R L
F R W
D 3$66(5(//( ) 3$66(5(//( ) )
G Q ] 3(/ 60
Q LR U L
D W R 60 60
D
Q LF W K
R Q X
J X D '&& '&&
LQ P Q
V H
W
V PW '&&
D R LU
F
3 Z (5 (5 (5 )
G W
G Q X
H D R
60 60 60
Y
U H K W
H V L
V X Z
H
U W G )
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S 3(/
$ G W
R
) '&1 5(6($8 '( &20081,&$7,21 '( '211((6
Q
)LJXUH $UFKLWHFWXUH JpQpUDOH GH JHVWLRQ GHV pTXLSHPHQWV 60 60&
6<67(0(
'·(;3/2,7$7,21
/$1
4%
$8,% $'$37$7(85
$*5 2
6701 6 '&& 02'8/(
7 '( (6&7 $*5
0 (
&21752/( 1,(&% 1,(&%
(5
$*5 ( (5 3$66(5(//( 60 /,(&%
1,(&%
(
6 /,(&%
&
7
1,(&%
$*5 2
(
&
,/
)LJXUH 0RGH GH UDFFRUGHPHQW GX 701
$
$
('
. $/ $* $$
$$
'(6&5,37,21 '(6 &$57(6
/HV SDUDJUDSKHV FLDSUqV FRQWLHQQHQW GHV LQIRUPDWLRQV GpWDLOOpHV VXU FKDTXH FDUWH HW PRGXOH GH
O
H
O·pTXLSHPHQW
W
V
L W
K Q F
W
V D
O
(Q FH TXL FRQFHUQH OH GpWDLO GHV DODUPHV VH UHSRUWHU j OD GHVFULSWLRQ GH O·DSSOLFDWLRQ ´$ODUPHV pWDWV HW
H
I W $
R Q WpOpFRPPDQGHVµ GDQV OH PDQXHO GH O·RSpUDWHXU
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
&DUWH G·DIIOXHQWV 0ELWV
Q LF W K
R Q X
J X D
LQ P Q 9RLU )LJXUH SDJH
V H
W
V PW
D R LU
F
&HWWH GHVFULSWLRQ V·DSSOLTXH j WRXWHV OHV FDUWHV G·DIIOXHQWV j 0ELWV
3 Z
G W
G Q X
H D R
Y
U H K W
[ 0ELWV 2+0
H V L
V X Z
H
[ 0ELWV 2+0
U W G
Q H
V H W
W LW
[ 0ELWV 2+0 5HV\QFKURQLVDWLRQ
K P
J
L X U
U F H
P
[ 0ELWV 2+0 5HV\QFKURQLVDWLRQ
OO R
S
$ G W
R
Q $ OD ILQ GX SDUDJUDSKH TXL VXLW YRXV WURXYHUH] XQ SDVVDJH VXU OH QRXYHO DIIOXHQW j 0ELWV GDQV
OHTXHO OD IRQFWLRQ GH 5HV\QFKURQLVDWLRQ D pWp DMRXWpH j L
&DUWH G·DIIOXHQWV [ 0ELWV
/D FDUWH G·DIIOXHQWV [ 0ELWV IRXUQLW XQH FDSDFLWp PD[LPDOH GH FRQGXLWV SOpVLRFKURQHV j 0ELWV
SRXU DFFpGHU j OD VWUXFWXUH QXPpULTXH V\QFKURQH 670 $SUqV DYRLU V\QFKURQLVp FKDTXH DIIOXHQW SDU
UDSSRUW DX[ VLJQDX[ GH U\WKPH HW GH V\QFKURQLVDWLRQ UHoXV GH OD ´FDUWH GH UpIpUHQFH G·KRUORJHµ OD FDUWH
WUDQVPHW OHV VLJQDX[ G·DIIOXHQWV DERXWpV GDQV OD VWUXFWXUH 670 j OD FDUWH GH PDWULFH &HX[FL VRQW
HQVXLWH WUDQVPLV YHUV OHV FDUWHV G·DJUpJDWV (VW2XHVW
(WDQW GRQQp TXH OD VWUXFWXUH 670 SHXW VXSSRUWHU XQ PD[LPXP GH FRQGXLWV G·DIIOXHQWV G·XQH FDSDFLWp
GH 0ELWV OHV FRQGXLWV QXPpULTXHV TXLWWDQW OD FDUWH FRQFHUQpH QH VXSSRUWHQW TX·XQ WLHUV GH OD FDSDFLWp
JpQpUDOH GH OD WUDPH 670
/HV RSpUDWLRQV LQYHUVHV VRQW HIIHFWXpHV GX F{Wp UpFHSWLRQ /HV FRQGXLWV G·DIIOXHQWV j 0ELWV VRQW H[WUDLWV
GHV WUDPHV 670 UHoXHV SXLV VRQW WUDQVPLV j O·pTXLSHPHQW H[WHUQH G·XQ RUGUH KLpUDUFKLTXH LQIpULHXU
/HV PRGXOHV GH FRPPXWDWLRQ GpFULWV GDQV OHV VHFWLRQV VXLYDQWHV DVVXUHQW O·LQWHUIDoDJH GHV VLJQDX[
0ELWV DYHF OD VRXUFH H[WHUQH
/H IRQFWLRQQHPHQW UpJXOLHU GH OD FDUWH HVW FRQWU{Op YLD OHV GpWHFWHXUV G·DODUPH TXL VLJQDOHQW WRXWH DQRPDOLH
DX PRGXOH GH FRQWU{OH &HOXLFL HQ LQIRUPH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW YLD OHV YR\DQWV HW DXWUHV
LQGLFDWLRQV
/HV SDUDJUDSKHV VXLYDQWV FRQFHUQHQW
O·pPLVVLRQ
OD UpFHSWLRQ
OH PRGXOH GH FRQWU{OH
O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
(
&
,/
$
$
('
. $/ $* $$
$$
(PLVVLRQ
/D FDUWH LQWHUIDFH OHV DIIOXHQWV SOpVLRFKURQHV HW OD VWUXFWXUH QXPpULTXH V\QFKURQH 670 &HWWH
O
GHUQLqUH HVW WUDQVPLVH HQ IRUPDW EXV ILOV j 0ELWV DX[ FDUWHV WUDLWDQW OH FRQGXLW G·DJUpJDWV
H
V W
L V
W D
K
W
I
Q F
H $
W
O
'HX[ KRUORJHV j 0+] &.$ HW &.% HW OHV VLJQDX[ GH V\QFKURQLVDWLRQ j N+] 6<1& $ HW
R Q
J R P
F R
6<1& % VRQW UHoXV GH OD ´FDUWH GH UpIpUHQFH G·KRUORJH µ &58 GH O·pTXLSHPHQW
LQ U
\V I
W
L Q
S
I R
R
FR W L
/H FKRL[ GH O·XQH GHV GHX[ VRXUFHV GH V\QFKURQLVDWLRQ XWLOLVpHV SRXU JpQpUHU OHV VLJQDX[ GH U\WKPH GH
GQ D
Q
D
LR U
W
]
L
OD FDUWH GpSHQG GH O·pWDW GH IRQFWLRQQHPHQW GHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
/HV DIIOXHQWV SOpVLRFKURQHV 0ELWV VRQW UHoXV DX IRUPDW +'%
H
/D GHVFULSWLRQ FRQFHUQH XQ VHXO GHV DIIOXHQWV FDU WRXV VXLYHQW OD PrPH SURFpGXUH
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R 8Q WUDQVIRUPDWHXU pOHFWULTXH GpFRXSOH OHV VLJQDX[ GH OLJQHV (QVXLWH OH VLJQDO DFFqGH j O·,QWHUIDFH
U H K W
H
V
V L
X Z SK\VLTXH 3, FRPSUHQDQW O·,QWHUIDFH * HW OH WUDQVFRGHXU /H FLUFXLW G·,QWHUIDFH *
H G
U W
Q W H
V H LW
W
K
J
PP UpJpQqUH OH VLJQDO GH OLJQH UpFXSpUDQW XQH DWWpQXDWLRQ 1\TXLVW FRPSULVH HQWUH HW G%
L X U
U F H
OOR S
$ G W
R
Q
H[WUDLW O·KRUORJH j 0+] GX VLJQDO GH OLJQH &H VLJQDO HVW pJDOHPHQW HQYR\p j OD FDUWH GH
UpIpUHQFH G·KRUORJH &58
/H WUDQVFRGHXU
GpFRGH OH FRGH +'% +'% ! GRQQpHV KRUORJH 15=
GpWHFWH OD SHUWH GX VLJQDO HW JpQqUH O·DODUPH 0DQTXH VLJQDO 046
UHERXFOH OH VLJQDO VHORQ OHV FRPPDQGHV GX PRGXOH GH FRQWU{OH
(Q SUHPLHU OLHX LO HVW QpFHVVDLUH TXH OH VLJQDO SOpVLRFKURQH 0ELWV VRLW DGDSWp GH PDQLqUH j SRXYRLU
WUDQVLWHU SDU XQ UpVHDX V\QFKURQH 8Q FRQWHQHXU & HVW SUpYX SRXU UHFHYRLU OH FRQGXLW 0ELWV
DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$
9LD OD IRQFWLRQ /37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU OH FLUFXLW &9 HVW SUpYX SRXU GLVWULEXHU
VHV RFWHWV GDQV XQ LQWHUYDOOH GH WHPSV GH PVHF FH TXL FRUUHVSRQG j WUDPHV 670
/H &9 FRPSUHQG XQ FRQWHQHXU & HW XQ RFWHW G·HQWrWH GH FRQGXLW 32+ DVVLJQp j OD SUHPLqUH
SRVLWLRQ GH OD VWUXFWXUH
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GX &9 HW O·HQWrWH GH FRQGXLW
/D IRQFWLRQ +3$ DGDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU SHUPHW GH VWUXFWXUHU OH 78 YLD O·LQVHUWLRQ
HW O·H[WUDFWLRQ GH O·HQWrWH GH OD FDUWH G·DIIOXHQW 782+ /H 782+ HVW OH SRLQWHXU TXL LQGLTXH OH GpEXW GX
&9 j O·LQWpULHXU GX FRQGXLW 78 /H 782+ FRPSUHQG RFWHWV 9 9 9 9 GLVWULEXpV GH PDQLqUH
pJDOH GDQV XQ LQWHUYDOOH GH WHPSV GH WUDPHV 670
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GX 78
/HV RSpUDWLRQV GpFULWHV VRQW HIIHFWXpHV VXU OHV DIIOXHQWV j 0ELWV
$ FH VWDGH YLD OD IRQFWLRQ GH UDFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& FKDTXH DIIOXHQW j SHXW
rWUH DIIHFWp j FKDFXQH GHV SRVLWLRQV GH OD WUDPH 670 VWUXFWXUDQW DLQVL OHV PDWULFHV GH UDFFRUGHPHQW
/HV GRQQpHV VWUXFWXUpHV GX EXV ILOV j 0ELWV VRQW WUDQVPLVHV YHUV OHV FDUWHV G·DJUpJDWV (VW HW
2XHVW YLD OHV FDUWHV GH PDWULFH
(
&
,/
$
$
('
. $/ $* $$
$$
5pFHSWLRQ
'X F{Wp UpFHSWLRQ OD FDUWH UHoRLW YLD OHV FDUWHV GH PDWULFH OHV FRQGXLWV j 0ELWV GH FKDFXQH GHV
O
FDUWHV G·DJUpJDWV (VW HW 2XHVW
H
V W
L V
W D
K
W
I
Q F
H $
W
O
8Q FLUFXLW GH VpFXULVDWLRQ 063 VpOHFWLRQQH O·DJUpJDW SULQFLSDO RX GH VHFRXUV j DQDO\VHU RX VXU OH
R Q
J R P
F R
VFKpPD SRXU FKDTXH F{Wp 2XHVW HW (VW YLD OHV FRPPDQGHV 3527 :(67 3527 (67 UHoXHV GX
LQ U
V I
\
S
W
L Q
I R
PRGXOH GH FRQWU{OH GH OD FDUWH
R L
FR W
GQ D
Q
D
LR U
W
]
L
/D 0DWULFH WRWDOH XWLOLVH XQLTXHPHQW OHV DJUpJDWV 2XHVW
D R
Q
R LF W
Q X
K
/D VpFXULVDWLRQ (36 GH OD PDWULFH WRWDOH VpOHFWLRQQH ´SULQFLSDOµ RX ´GH VHFRXUVµ
J X D
LQ PQ
H
8Q PD[LPXP GH 78 VRQW FKRLVLV HW H[WUDLWV SXLV VHORQ OHV LQGLFDWLRQV UHoXHV GX ´PRGXOH GH FRQWU{OHµ
V W
V PW
D R LU
F
3
G
G W
Q X
Z
OH F{Wp UpFHSWLRQ (VW RX 2XHVW HVW VpOHFWLRQQp 6pFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 61&3
H D R
Y
U H K W
H
V
V L
X Z /H SRLQWHXU 782+ HVW XWLOLVp SRXU OD GpWHFWLRQ GX FRPSWHXU 046 VXU FKDTXH FRQGXLW VpOHFWLRQQp
H G
U W
Q W H
V H LW
W
K
J
PP $ FH VWDGH FKDTXH &9 HVW WUDLWp LQGLYLGXHOOHPHQW OD GHVFULSWLRQ FRQFHUQH XQ VHXO &9 PDLV
L X U
U
OO
F H
R S V·DSSOLTXH j WRXV OHV DIIOXHQWV
$ G W
R
Q
9LD OD IRQFWLRQ /37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU O·HQWrWH GH FRQGXLW HVW H[WUDLW GX &9
REWHQDQW DLQVL OHV VWUXFWXUHV GH &
/·HQWrWH GH FRQGXLW 32+ HVW WUDLWp j O·LQWpULHXU GX FLUFXLW GH *HVWLRQ GX 32+
/HV RSpUDWLRQV VXLYDQWHV VRQW HIIHFWXpHV
HVWLPDWLRQ GH OD SDULWp SDU HQWUHODFHPHQW GH ELWV G·RUGUH %,3 OH FRPSWDJH G·HUUHXUV HVW
XWLOLVp SRXU JpQpUHU OH VLJQDO G·XQH HUUHXU EORF &5& pPLVVLRQ )(%( F{Wp pPLVVLRQ
FRQWU{OH GX /$%(/ '( 6,*1$/ YpULILFDWLRQ GH OD FRQILJXUDWLRQ UpJXOLqUH GHV ELWV GX ODEHO GH
VLJQDO
FRQWU{OH GX VLJQDO )(%( SRXU YpULILHU VL GHV HUUHXUV RQW pWp GpWHFWpHV VXU O·pTXLSHPHQW GLVWDQW
SDU FDOFXO GX %,3
YpULILFDWLRQ GHV GpIDLOODQFHV UHoXHV GH O·H[WUpPLWp GLVWDQWH )(5)
H[WUDFWLRQ GH OD WUDFH FRQGXLW
7RXWHV FHV RSpUDWLRQV VRQW WUDLWpHV YLD OH PRGXOH GH FRQWU{OH
/H VLJQDO 0ELWV HVW UHVWUXFWXUp SDU WUDLWHPHQW GX & GDQV O·DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU
/3$ FH TXL JpQqUH OH VLJQDO 0ELWV '$7$ HW O·KRUORJH DVVRFLpH
8Q FLUFXLW '3// HVW XWLOLVp DYHF OH U\WKPH IRXUQL SDU XQ RVFLOODWHXU H[WHUQH
/H VLJQDO G·DIIOXHQW HVW HQFRGp SDU +'%
(Q FDV GH GpWHFWLRQ 046 VXU OH 78 FH VLJQDO HVW UHPSODFp SDU OH VLJQDO 6,$
/·,QWHUIDFH * HW OH WUDQVIRUPDWHXU pOHFWULTXH DGDSWHQW OH VLJQDO G·DIIOXHQW 0ELWV FRQIRUPpPHQW j OD
5HFRPPDQGDWLRQ * HW O·HQYRLHQW YHUV XQH VRXUFH H[WHUQH
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRQWU{OH
/H PRGXOH GH FRQWU{OH GH OD FDUWH HIIHFWXH OHV RSpUDWLRQV SULQFLSDOHV VXLYDQWHV
O
V
L V
W D
H
W 6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
K Q F
W O
I H $
W
R
J
Q
R P &HWWH LQWHUIDFH VpOHFWLRQQH OD FDUWH GH UpIpUHQFH G·KRUORJH UpIpUHQFH HW HQ H[WUDLW OHV VLJQDX[
F R
LQ
\
S
V I
W
L Q
U
GH V\QFKURQLVDWLRQ HW GH U\WKPH j XWLOLVHU FRPPH UpIpUHQFH SRXU OD FDUWH 3RXU IRXUQLU OHV FULWqUHV GH
I R
R
FR W L
VpOHFWLRQ FHWWH LQWHUIDFH WUDLWH OHV DODUPHV UHoXHV GHV GHX[ &58 j VDYRLU
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K ,6:&$1 DODUPH LQWHUQH UHoXH GH OD &58 $
Q X
J X D
LQ PQ
V
V PW
H
W ,6:&%1 DODUPH LQWHUQH UHoXH GH OD &58 %
D R LU
F
3 Z
G W
G
H
Q X
D R /·LQWHUIDFH IRXUQLW pJDOHPHQW OHV FULWqUHV G·DODUPH &.0672)) HQ FDV GH SHUWH GX VLJQDO GH U\WKPH
Y
H K
U
H
V
V L
X Z
W
VpOHFWLRQQp
H G
U W
Q W H
V
W
K
H LW
PP
'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
J
&H W\SH GH GLDORJXH SHUPHW GH UHFHYRLUpPHWWUH YHUV OD FDUWH OHV RSWLRQV GH UpJODJH GX ORJLFLHO FRQVHUYpHV
L X U
U F H
OOR S
$ G W
R
Q
SDU OD PpPRLUH ((3520 /HV FULWqUHV G·DODUPHV HW GH SHUIRUPDQFHV VRQW UHoXV GH OD FDUWH
7RXWHV OHV DODUPHV LQWHUQHV GH OD FDUWH VRQW FROOHFWpHV SRXU DFWLYHU OH YR\DQW G·DODUPH URXJH HW OHV
FULWqUHV GH FRPPXWDWLRQ 26: j HQYR\HU DX[ DXWUHV FDUWHV
*HVWLRQ GX ERXFODJH
/HV ERXFODJHV GH OLJQH /LQH / HW OH ERXFODJH LQWHUQH VRQW SRVVLEOHV DX QLYHDX GH O·DIIOXHQW ,OV VRQW JpUpV
SDU OHV VLJQDX[ /37 HW /30 ,O HVW SRVVLEOH GH OHV DFWLYHU YLD XQ ORJLFLHO
*UkFH DX UHERXFODJH GH OLJQH OH VLJQDO UHoX GH OD OLJQH H[WHUQH GH O·DIIOXHQW HVW ERXFOp VXU OH F{Wp UpFHSWLRQ
GH O·DIIOXHQW
*UkFH DX UHERXFODJH LQWHUQH OH VLJQDO UHoX GH O·DJUpJDW HVW ERXFOp VXU OH F{Wp pPLVVLRQ GH O·DIIOXHQW
/H ERXFODJH V·XWLOLVH SRXU WHVWHU GLIIpUHQWV QLYHDX[ GH O·pTXLSHPHQW HW GH OD OLJQH
7UDLWHPHQW GX 6,$
/D GpWHFWLRQ GH O·LQGLFDWLRQ ´1HHG WR IRUZDUG $,6µ ´%HVRLQ G·pPHWWUH OH 6,$µ DFWLYH OHV UHJLVWUHV 6,$ TXL
HQYRLHQW OH VLJQDO 6,$ YHUV OHV ,QWHUIDFHV 5HF *
'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
'HV LQIRUPDWLRQV VXU OHV RSWLRQV GH UpJODJH OHV FULWqUHV OD UpLQLWLDOLVDWLRQ OHV DODUPHV HWF VRQW
pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV /,(&% HW 1,(&%
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH j O·LQWpULHXU GX FKkVVLV
6pFXULVDWLRQ 063
&HWWH IRQFWLRQ SHUPHW GH VpOHFWLRQQHU FRPPDQGHV 3527:(67 O·XQ GHV GHX[ VLJQDX[ UHoXV GHV
DJUpJDWV 2XHVW SULQFLSDO RX GH VHFRXUV /·RSpUDWLRQ LQYHUVH FRPPDQGH 3527($67 HVW HIIHFWXpH VXU
OHV DJUpJDWV (VW
(
&
,/
$
$
('
. $/ $* $$
$$
/HV RSpUDWLRQV GH VpOHFWLRQ SHQGDQW OD SKDVH GH PLVH HQ VHUYLFH HW GH FRPPXWDWLRQ SHQGDQW OD SKDVH
GH IRQFWLRQQHPHQW VRQW WUDLWpHV SDU O·DQDO\VH GHV FULWqUHV GH FRPPXWDWLRQ ,6: UHoXV GHV FDUWHV
G·DJUpJDWV &HV FULWqUHV LQGLTXHQW OD SUpVHQFH G·XQH GpIDLOODQFH VXU OD FDUWH RX OD GpWHFWLRQ G·DODUPHV OH
O
H
ORQJ GX FRQGXLW GH ILEUH
W
V
L
K
W
V
W D
Q F O
/RUVTXH GHX[ 0DWULFHV WRWDOHV VRQW XWLOLVpHV FHWWH VpFXULVDWLRQ DJLW FRPPH (36 HQWUH FHV FDUWHV /HV
H $
I
R
W
Q VLJQDX[ ,6: 0$ 0% GH OD 0DWULFH WRWDOH VRQW XWLOLVpV
J R P
F R
LQ U
\V I
S
R
W
L Q
I R
L
*HVWLRQ GH O·DIIOXHQW (36
FR W
GQ D
]
L
LR U
Q
D W
D R
&HWWH IRQFWLRQ HVW XWLOLVpH SRXU OD VpFXULVDWLRQ GH O·DIIOXHQW (36 YLD OD FRPPDQGH ,6:7 UHoXH GHV DXWUHV
Q K
LF W
R
J
Q X
X D
DIIOXHQWV
LQ
V
PQ
H
W
/H FLUFXLW IRQFWLRQQH pJDOHPHQW DYHF OD FRPPDQGH 26: /D IRQFWLRQ (36 HVW GpFULWH GDQV OH SDUDJUDSKH
V PW
D
3
R LU
F
Z
´(36 SRXU DIIOXHQWV pOHFWULTXHVµ SDJH
G W
G Q X
H D R
Y
U
H
H K
V L
W 5HFRQQDLVVDQFH GX W\SH GH FDUWH
V X Z
H G
U W
V
W
Q W
H LW
H
9LD OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
K PP
J
L X U
U F H
OOR S
$ G W
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
R
Q
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ SUpVHQWHV HQ HQWUpH GH OD FDUWH GH FRQWU{OH pWHQGX
G·DIIOXHQWV j [ 0ELWV VRQW
9 á
9 á
9 á
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQW [ 0ELWV DYHF UHV\QFKURQLVDWLRQ
&HWWH FDUWH VH JqUH GH OD PrPH IDoRQ TXH OD FDUWH G·DIIOXHQW GH EDVH GpFULWH FLGHVVXV PDLV HOOH SRVVqGH
O
GHV FLUFXLWV VXSSOpPHQWDLUHV SRXU OD IRQFWLRQ GH UHV\QFKURQLVDWLRQ GH 0ELWV
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/D IRQFWLRQ GH UHV\QFKURQLVDWLRQ V·DSSOLTXH j O·KRUORJH GH O·pTXLSHPHQW SRXU OH VLJQDO GH 0ELWV TXL HVW
R Q
J R P
F R
DORUV HQ V\QFKURQLVDWLRQ DYHF OD UpIpUHQFH GH V\QFKURQLVDWLRQ GX UpVHDX 6'+
LQ U
\V I
W
L Q
S
I R
R
FR W L
/H FLUFXLW VXSSOpPHQWDLUH TXL SHUPHW G·REWHQLU FHWWH IRQFWLRQ HVW XQ WDPSRQ TXL DEVRUEH OD JLJXH HW OH
GQ D
Q
D
LR U
W
]
L
GpUDSDJH WUDQVPLV DX VLJQDO 3'+ ORUVTXH VH SURGXLW OD MXVWLILFDWLRQ GX SRLQWHXU 6'+
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
&HWWH IRQFWLRQ SHXW VH SURJUDPPHU YLD XQ ORJLFLHO DILQ G·LQFOXUH RX G·H[FOXUH OD IRQFWLRQ GH
H
UHV\QFKURQLVDWLRQ SRXU FKDTXH SRUW /D PrPH FDUWH [ 0ELWV SHXW FRPELQHU GHV SRUWV FRPSRUWDQW OD
V W
V PW
D R LU
F
3
G
G W
Q X
Z
IRQFWLRQ GH UHV\QFKURQLVDWLRQ DYHF GHV SRUWV QH OD FRPSRUWDQW SDV
H D R
Y
U H K W
H
V
V L
X Z ,O HVW QpFHVVDLUH G·DYRLU GHX[ RSWLRQV PDWpULHOOHV GLIIpUHQWHV QXPpURV GH UpIpUHQFH GH OD FDUWH G·DIIOXHQW
H G
U
V
W
W
Q W
H LW
H SRXU IRXUQLU XQH LPSpGDQFH GH 2KP HW GH 2KP
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
ELW
* UUUUUUUU U ,17(59$//( '( %,76 3285 -867,),&$7,21
&9 ),;(
O
V
L W V D
H
W 32+ GH &9 : LLLLLLLL L %,7 '·$))/8(17 0ELWV
K Q F
W O *
I W $
R Q
H
& & %,7 '( 6,*1$/,6$7,21 '( -867,),&$7,21
J R P :
F R
LQ
\ W V I
U
R %,76 '·(17(7(
S L Q
R I R L
F R W
D XV RFWHWV 6 6 23325781,7( '( -867,),&$7,21 1(*$7,9( (7
G Q ]
Q LR U L 326,7,9( ,1',48(( $8; 6,*1$/,6$7,216 & (7 &
D W R
D
Q LF W K
R Q X 6758&785( '8 32+
J X D
:
LQ P Q * %,76 3285 (67,0(5 /( 7$8; %(5 9,$ /$ 352&('85(
V
V PW
H
W '·(1&2'$*( %,3 ())(&78(( 685 /( &217(1(85
D R LU
3
F
Z
* 9,578(/ 35(&('(17 35(0,(5 (7 '(8;,(0( %,76
G W
& &R R R U U '( %,3 &2167,78$17 /( %,7 '( 3$5,7( '(6 %,76
G Q X
H D R '·25'5( 3$,5 (7 ,03$,5
Y
U H K W
:
H V L
V X Z
H
U W G %,7 3285 ,1',48(5 $8 3267( '·(;3/2,7$7,21
Q H
V H W
W LW XV RFWHWV ',67$17 /( 5(68/7$7 '( /·(67,0$7,21 %(5 '(7(&7((
K P
J P
685 /$ ',5(&7,21 23326(( /(6 9$/(856 (7 '8
L X U
U F H %,7 )(%( ,1',48(17 5(63(&7,9(0(17 /·$%6(1&(
OO R
$ G W
S '( 9,2/$7,21 28 /$ 35(6(1&( '· 28 9,2/$7,216
R : '(6 /,0,7(6 '( 3$5,7( (7$%/,(6 3$5 %,3
Q
*
*
& &R R R U U %,7 3285 9(5,),(5 /$ 75$&( &21'8,7 9,$ 81
35272&2/( $335235,( 1( 6·$33/,48( 3$6 $
: &(77( 9(56,21
XV RFWHWV %,76 35(5(*/$%/(6 3285 /$%(/ '( 6,*1$/
%,7 3285 /·,1',&$7,21 '·$/$50( )(5)
: '()$87 '( 5(&(37,21 '( /·(;75(0,7( ',67$17(
*
*
& &U U U U V
6 L L L L L L L
:
XV
RFWHWV
) 75$&( /$%(/ '( )
: %,3 ( (
% &21'8,7 6,*1$/ 5
* ( )
)LJXUH 6WUXFWXUH GH &9
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U 78
\V I
W
L Q
S
RI R
R W L
F
GQ D 9
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ XV
V H
V PW W
D R LU RFWHWV
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
V
W
Q W
H LW
H 9
K
J
L
PP
X U
U F H
OOR S
$ G W
R
Q
XV
23325781,7( '(
-867,),&$7,21 1(*$7,9(
9
23325781,7( '(
-867,),&$7,21 326,7,9(
XV
9
XV
9
2&7(76 $33$57(1$17 $8
78 35(&('(17
XV 2&7(76 $33$57(1$17 $8
78 68,9$17
9
)LJXUH 6WUXFWXUH GH 78
(
&
,/
$
$
('
. $/ $* $$
$$
9(56 0$75,&( '( 0$75,&(
76 7 76 7
76 76 ( 6 76 7 6
( 6( ( (
( ( 8 8 ( 8 8
O 2 2 , 2 2 ,
H ,( ,
( : :
W
V
L V
W D
K Q F L L L L
W O
( ( : 5 5 5 5
I H $
:
' ' ' ' 4
(
W
R
Q
7 7 7 7 ,6 (
J R P
F R ' ' ' ' 5 36 ,6 3 76 ,5 7 5
7
LQ U
8 0 5 6 $7 1 1
\V I
W & 8 0 76 ( $7 2
SL Q
(6 & 8 1 &
RI R
L (
6 ( 2 (
9 ,6 (
FR W
6, 6 1 ' 7
Q D 76 , , 5
G ] 76 5 5 $
(6
LR U L
Q
W
( 8 8 &
D
D R 7 7 & &
7 & , & 7 8 ( (
(1 (1
K
6 $5 $ 6
Q LF W 5 2 6 6
'( '( 5 (
R Q X
8 7 8 7; 8
J X D 0
((7 & ((7&
0 7 ( ; &
( 7 8
2 ,6
LQ ( ( 5 6 /)
PQ
,& '56 ,& '56 6 8 ,6:7
( 3 (3 ()
V H
PW W 5 / 5 / &
V
D R LU 7$ 2
& 7$ 2
& ( '$
F 6
3
G W
Z 0&$ 0&$ 66 1
G Q X 5 5 (7 ,2 67
H D R
P P '1 7$ 1
P P 1(6
,6
Y
H K ( ( ( ,6::
U
V L
W ( (
7 63 ,2 83 8 5
H
7 3 76 /) $ 5 /) *
V X Z 7 7 0$75,&( '<1$0,48( 8 $
H
U
G
W
FH FH ( )$ &
(
)$ ,6:(
V
Q W H
5 5 * 6
W H LW
7
K PP ( 1 7
,2
J
L X U * 1($ ,
U
OO
F H $
7$ $ 7$ + ,7 /& ,6
2 1
R S
3 5 2 8
$ G W
8 8 68 $/ 5 4
R 0
5 7 + (
1 7 $
, $, ( %2 7( 8 7&
(/ 6
(
Q
2 ( 6 6 * & 5
) * ( 2( /,(&% 7
9$ 5 7 1,(&% 1
71 2
( (1( &
8 75 (/ 8 20 (
( 1 1 ' * & (3 7
,2 ,$6 $& 2 2
/$ (7 ,8
5
*
$ 7 7$ + ,2
7 + $
1 5
7 $
&
(3 1( , 5
7$ 3 5 2 & 2 3
$ 3 /
6, FH <7 2' 1
2 ' $& 4(·
0 9 / ( 3 $ & '
5 & 1 5
7 5
( (3 &
2
) ( ; ( & 5<
7
(
'
* ( 7 & (/
1
$
0 51 8
' 1 (8 (8
5
2 82 ,7 2 ,2 41 ,'
VLW 1 VLW 6 ) 2
3 $5 (&
6 0 ,7 ,6 1
1 E 1 2
,7 E 1 5 & 6<2 &
2
,7 + ] ,2 (3 (81 2
,2
7
0
$
3 2 $ 0 $ + 7$ 1 ,* $ 3+ 3 (5
/ 6 5 3 * 0 5
5
( / ( 3 (
1 / / 5 (7 )1 0 5
6 $ * $ 8 1
1 & ( 1 * , 2 2 1 ,6:&%1
1
, *
,6 *
( ,* ,) ( & )5 2
,7 8
6 8 6( (
$
7$
5 1
2 6 * 3 &8 5 5
&
' & (
0 /$ 0
2 5 7( /(( & ,6:&$1
6
, $/ 6
5
/$$
'$ 7(
= 5 6 ( 5
5 8 2 6$
(( / * 26:L 5&
1
, ' /& =
5
2
/ (
96 (
0 28 5( 5 7
$ & 1 8 /&
62 % ,
0 (8 2
+
6<1&$ 8
2
( % 1
$1 $ '2 7
* ' 5 ( 2% 6<1&%
2 + 7 & 8
/ % 1
56 ' (1 ( ,0 6<1& &.$ 5
2(
+(
+ P
( HF 9 9 9 $:
/ &
1
1 7 5
7 2
&.%
2 3 0 &.
' /$
VLW
E ( ( VW :
3 4
0 & & LE (
)$ )$
3,
5
,3
5 5 0 7
/ ( ( 6(
)) 7 * 7 *
/%
&$5(0 1
2
,1 ,1 ,6 &
$ ) (
8 7
)$ ) 5
$
&
9 9 9
3 3 1 3( 1 3
1 1 ( 8 8
(
(
8
8
' ' ' ' ' ' ' '
6 8
5
(9 5
& VLW
)) ( ,0
$
E
0 ' /·$
/
)LJXUH 6FKpPD V\QRSWLTXH GH OD FDUWH G·DIIOXHQWV [ 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQWV [ 0ELWV
YRLU )LJXUH SDJH
O
V
L V
W D
H
W /D FDUWH G·DIIOXHQWV [ 0ELWV IRXUQLW XQH FDSDFLWp PD[LPDOH GH FRQGXLWV SOpVLRFKURQHV j
K
W
I
Q F
H $
W
O
0ELWV j PXOWLSOH[HU GDQV 9& SRXU rWUH IDFLOHPHQW WUDQVSRUWpV GDQV OH UpVHDX 6'+
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
&HWWH FDUWH HVW XQH QRXYHOOH YHUVLRQ GH OD FDUWH [ 0ELWV (OOH HVW IRXUQLH DYHF LQWHUIDFHV H[WHUQHV
I R
R
FR W L
0ELWV QRUPH 7 HW pPXODWHXUV j O·LQWpULHXU GHV LQWHUIDFHV 0ELWV QRUPH (
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K $SUqV DYRLU V\QFKURQLVp FKDTXH DIIOXHQW SDU UDSSRUW DX[ VLJQDX[ GH U\WKPH HW GH V\QFKURQLVDWLRQ UHoXV
Q X
J
LQ
X D
PQ
GHV FDUWHV GH UpIpUHQFH G·KRUORJH OD FDUWH WUDQVPHW OHV VLJQDX[ G·DIIOXHQWV DERXWpV GDQV OD VWUXFWXUH
H
670 YHUV OHV FDUWHV G·DJUpJDW (VW HW 2XHVW
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R /HV RSpUDWLRQV LQYHUVHV VRQW HIIHFWXpHV VXU OH F{Wp UpFHSWLRQ /HV FRQGXLWV G·DIIOXHQWV 0ELWV VRQW
U H K W
H
V
V L
X Z H[WUDLWV GHV WUDPHV 670 UHoXHV SXLV VRQW WUDQVPLV j O·pTXLSHPHQW H[WHUQH G·XQ RUGUH KLpUDUFKLTXH
H G
U
V
W
W
Q W
H LW
H LQIpULHXU
K PP
J
L X U
U
OO
F H
R S /H IRQFWLRQQHPHQW UpJXOLHU GH OD FDUWH HVW FRQWU{Op YLD OHV GpWHFWHXUV G·DODUPH TXL VLJQDOHQW WRXWH DQRPDOLH
$ G W
R
Q DX PRGXOH GH FRQWU{OH &HOXLFL LQIRUPH OD FDUWH FRQWUROHXU G·pTXLSHPHQW YLD OHV YR\DQWV HW DXWUHV
LQGLFDWLRQV
/HV SDUDJUDSKHV VXLYDQWV FRQFHUQHQW
O·pPLVVLRQ
OD UpFHSWLRQ
OH PRGXOH GH FRQWU{OH
O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
(PLVVLRQ
/D FDUWH LQWHUIDFH OHV DIIOXHQWV SOpVLRFKURQHV HW OD VWUXFWXUH QXPpULTXH V\QFKURQH 670 &HWWH
GHUQLqUH HVW WUDQVPLVH HQ IRUPDW EXV ILOV 0ELWV DX[ FDUWHV WUDLWDQW OH FRQGXLW G·DJUpJDWV
'HX[ KRUORJHV j 0+] &.$ HW &.% HW OHV VLJQDX[ GH V\QFKURQLVDWLRQ j N+] 6<1&$ HW 6<1&%
VRQW UHoXV GH OD µFDUWH GH UpIpUHQFH G·KRUORJHµ &58 GH O·pTXLSHPHQW
/H FKRL[ GH O·XQH GHV GHX[ VRXUFHV GH V\QFKURQLVDWLRQ XWLOLVpHV SRXU JpQpUHU OHV VLJQDX[ GH U\WKPH GH
OD FDUWH GpSHQG GH O·pWDW GH IRQFWLRQQHPHQW GHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH
/HV DIIOXHQWV SOpVLRFKURQHV 0ELWV VRQW UHoXV DX IRUPDW %=6 DYHF XQH LPSpGDQFH GH RKPV
/D GHVFULSWLRQ FLDSUqV FRQFHUQH XQ VHXO GHV DIIOXHQWV FDU WRXV VXLYHQW OD PHPH SURFpGXUH
8Q WUDQVIRUPDWHXU pOHFWULTXH GpFRXSOH OHV VLJQDX[ GH OLJQH /H FLUFXLW 715= UpDOLVH O·DGDSWDWLRQ GX
VLJQDO GH OLJQH O·H[WUDFWLRQ GH O·KRUORJH HW OH GpFRGDJH %=6!15=&.
/·DODUPH /26 HVW GpWHFWpH
$SUqV FHOD OH VLJQDO HVW HQYR\p DX FLUFXLW G·µDERXWHPHQW 0ELWVµ &HOXLFL LQVqUH OH IOX[ 0ELWV GDQV
XQH WUDPH j IRUPDW SURSULpWDLUH
/HV VLJQDX[ 0ELWV VRQW WUDLWpV HW UHoRLYHQW OHV UHGRQGDQFHV µ),;(6µ DSSURSULpHV SRXU JpQpUHU
YLQJWHWXQ IOX[ j 0ELWV
'H FHWWH IDoRQ OHV LQIRUPDWLRQV GH IUpTXHQFH GH VLJQDO HQWUDQW 0ELWV VRQW FRQVHUYpHV GDQV OH IOX[
0ELWV FH TXL SHUPHW G·XWLOLVHU OHV VLJQDX[ 0ELWV SRXU OD VRXUFH GH V\QFKURQLVDWLRQ G·KRUORJH GH OD
&58
(
&
,/ (QVXLWH OH VLJQDO DX IRUPDW 15= O·KRUORJH VRQW HQFRGpV GDQV XQ VLJQDO 5=5= DYHF XQ FRGH +'%
$
$
('
. $/ $* $$
$$
3XLV OH VLJQDO DFFqGH j O·,QWHUIDFH * TXL GRLW UpFXSpUHU O·KRUORJH 0K] j SDUWLU GX VLJQDO GH OLJQH
&HWWH KRUORJH HVW pJDOHPHQW WUDQVPLVH j OD &58
O
/H FLUFXLW VXLYDQW UpDOLVH GH GpFRGDJH +'%! GDWH KRUORJH 15= GpWHFWH OD SHUWH GH VLJQDO HW JpQqUH
H
V
L
K
V
W D
W
O·DODUPH /26 OH FDV pFKpDQW
W Q F O
I
R
H $
W
Q
'H SOXV LO UpDOLVH OH ERXFODJH VXU OHV FRPPDQGHV GX PRGXOH GH FRQWU{OH
J R P
F R
LQ U
V I
\
S
W
L Q
I R
(Q SUHPLHU OLHX LO HVW QpFHVVDLUH TXH OH VLJQDO SOpVLRFKURQH 0ELWV VRLW DGDSWp GH PDQLqUH j SRXYRLU
R L
F
G
R W
Q D
WUDQVLWHU SDU XQ UpVHDX V\QFKURQH 8Q FRQWHQHXU & HVW SUpYX SRXU UHFHYRLU OH FRQGXLW 0ELWV
]
L
LR U
Q
D W
D R
DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$
Q K
R LF W
Q X
J X D
LQ PQ
H
9LD OD IRQFWLRQ /37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU OH &9 HVW SUpYX SRXU GLVWULEXHU VHV RFWHWV
V W
V
D
PW
R LU
F
GDQV XQ LQWHUYDOOH GH WHPSV GH PVHF FH TXL FRUUHVSRQG j WUDPHV 670
3 Z
G
G W
Q X /H &9 FRPSUHQG XQ FRQQHFWHXU & HW XQ RFWHW G·HQWHWH GH FRQGXLW 32+ DVVLJQp j OD SUHPLqUH
H D R
Y
U
H
H K
V L
W SRVLWLRQ GH OD VWUXFWXUH
V X Z
H G
U W
V
W
Q W
H LW
H
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GX &9 HW GH O·HQWHWH GH FRQGXLW
K PP
J
L X U
U F H
OOR S
$ G W
/D IRQFWLRQ +3$ DGDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU SHUPHW GH VWUXFWXUHU OH 78 YLD O·LQVHUWLRQ
R
Q HW O·H[WUDFWLRQ GH O·HQWrWH GH OD FDUWH G·DIIOXHQW 782+ /H 782+ HVW OH SRLQWHXU TXL LQGLTXH OH GpEXW GX
&9 j O·LQWpULHXU GX FRQGXLW 78 /H 782+ FRPSUHQG RFWHWV 9 9 9 9 GLVWULEXpV GH PDQLqUH
pJDOH GDQV XQ LQWHUYDOOH GH WHPSV GH WUDPHV 670 /D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GX
78
$ FH VWDGH YLD OD IRQFWLRQ GH UDFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& FKDTXH DIIOXHQW j
SHXW rWUH DIIHFWp j FKDFXQH GHV SRVLWLRQV GH OD WUDPH 670 VWUXFWXUDQW DLQVL OHV PDWULFHV GH
UDFFRUGHPHQW YHUV OHV DJUpJDWV 2XHVW HWRX (VW
/HV GRQQpHV VWUXFWXUpHV GX EXV ILOV j 0ELWV VRQW WUDQVPLVHV YHUV OHV FDUWHV G·DJUpJDWV 2XHVW
HWRX (VW VXLYDQW OHV FRQILJXUDWLRQV ORJLFLHOOHV
/HV SULQFLSDOHV DODUPHV FROOHFWpHV SDU OH PRGXOH GH FRQWU{OH LQGLTXHQW SRXU FKDTXH DIIOXHQW
/26 SHUWH GH VLJQDO
VXUFKDUJH VRXVFKDUJH GH OD PpPRLUH WDPSRQ
5pFHSWLRQ
'X F{Wp UpFHSWLRQ OD FDUWH UHoRLW OHV FRQGXLWV j 0ELWV GH FKDFXQH GHV FDUWHV G·DJUpJDWV (VW
HW 2XHVW DYHF OD VpFXULVDWLRQ
8Q FLUFXLW GH VpFXULVDWLRQ 063 VpOHFWLRQQH O·DJUpJDW j DQDO\VHU SRXU FKDTXH F{Wp 2XHVW HW (VW YLD OHV
FRPPDQGHV 3527 :(67 3527 ($67 UHoXHV GX PRGXOH GH FRQWU{OH GH OD FDUWH
/HV 78 VRQW FKRLVLV HW H[WUDLWV SDUPL OHV DIIOXHQWV VpOHFWLRQQpV YLD OD PDWULFH GH FRQH[LRQ
G\QDPLTXH IRQFWLRQV 61&3, VHORQ OHV LQGLFDWLRQV UHoXHV GX PRGXOH GH FRQWU{OH
/D FRQGLWLRQ 786,$ HW OD SHUWH GX SRLQWHXU SHXYHQW rWUH GpWHFWpV SDU O·LQWHUSUqWH GX SRLQWHXU 782+
$ FH VWDGH FKDTXH &9 HVW WUDLWp LQGLYLGXHOOHPHQW
/·HQWrWH GH FRQGXLW 32+ HVW H[WUDLW GHV &9 FH TXL GRQQH OHV VWUXFWXUHV &
/HV RSpUDWLRQV VXLYDQWHV VRQW HIIHFWXpHV GDQV OH FLUFXLW GH *HVWLRQ GX 32+
( HVWLPDWLRQ GH OD SDULWp SDU HQWUHODFHPHQW GH ELWV G·RUGUH %,3 OH FRPSWDJH G·HUUHXUV GX
&
,/
$ &9 XWLOLVp SRXU JpQpUHU OH VLJQDO G·XQH HUUHXU EORF &5& pPLVVLRQ )(%( F{Wp pPLVVLRQ
$
('
. $/ $* $$
$$
FRQWU{OH GX /$%(/ '( 6,*1$/ YpULILFDWLRQ GH OD FRQILJXUDWLRQ UpJXOLqUH GHV ELWV GX ODEHO GH
VLJQDO
FRQWU{OH GX VLJQDO )(%( SRXU YpULILHU VL GHV HUUHXUV RQW pWp GHWHFWpHV VXU O·pTXLSHPHQW GLVWDQW
O
H
SDU FDOFXO GX %,3
W
V
L W
K Q F
W
V D
O
YpULILFDWLRQ GHV GpIDLOODQFHV UHoXHV GH O·H[WUpPLWp GLVWDQWH )(5)
H
I W $
R Q H[WUDFWLRQ GH OD WUDFH FRQGXLW SRXU YpULILHU OD FRQWLQXLWp GH OD OLDLVRQ
J R P
F R
LQ U
\ W V I
S L Q
R I R L
7RXWHV FHV RSpUDWLRQV VRQW WUDLWpHV YLD OH PRGXOH GH FRQWU{OH
F R W
D
G Q ]
Q LR U L
D W R
D
/H VLJQDO 0ELWV HV UHVWUXFWXUp SDU WUDLWHPHQW GX & GDQV O·DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU
Q LF W K
R Q X
J X D
/3$ FH TXL JpQqUH OH VLJQDO 0ELWV '$7$ HW O·KRUORJH DVVRFLpH
LQ P Q
V H
W
V PW
D R LU
F
8Q FLUFXLW '3// HVW XWLOLVp DYHF OH U\WKPH IRXUQL SDU XQ RVFLOODWHXU H[WHUQH
3 Z
G W
G Q X
H D R
Y
U H K W
/H VLJQDO G·DIIOXHQW HVW HQFRGp SDU +'% (Q FDV GH GpWHFWLRQ 046 VXU OH 78 FH VLJQDO HVW UHPSODFp
H V L
V X Z
H
SDU OH VLJQDO 6,$
U W G
Q H
V H W
W LW
K P
J
L X U
U F H
P /H VLJQDO µ0ELWV HVW WUDQVPLV YHUV OH FLUFXLW GH GpFRGDJH µ+'%!15=µ YLD OH FLUFXLW G·LQWHUIDFH *
OO R
S
$ G W
R
Q /H FLUFXLW µ$OLJQHUµ UpDOLVH O·DOLJQHPHQW GX VLJQDO HW FRQILJXUH OH FRPSWHXU GH WUDPH GH PDQLqUH j UpFXSpUHU
OD FKDUJH 0ELWV
/H FRQGXLW 0ELWV HVW H[WUDLW YLD OH FLUFXLW µ3// 'HPDSSLQJµ j SDUWLU GX VLJQDO 0ELWV
2Q XWLOLVH XQ FLUFXLW QXPpULTXH 3// DYHF XQH KRUORJH 0K]
/H 6,$ HVW GHWHFWp VXU OH VLJQDO 0ELWV XQ VLJQDO FRPSOHW HVW LQVpUp GDQV OH FRQGXLW VRUWDQW 0ELWV
/·LQWHUIDFH * HW OD WUDQVIRUPDWHXU pOHFWULTXH DGDSWHQW OH VLJQDO G·DIIOXHQW 0ELWV FRQIRUPpPHQW j
OD 5HFRPPDQGDWLRQ * HW O·HQYRLHQW YHUV XQH VRXUFH H[WHUQH
6XU OH VLJQDO VRUWDQW OH FLUFXLW GH µFRQWUROH G·pJDOLVHXUµ SHUPHW G·pJDOLVHU OH VLJQDO VXLYDQW OD ORQJXHXU GH
FkEOH
&HWWH RSpUDWLRQ SHXW VH IDLUH VXU XQ VHXO QLYHDX G·DIIOXHQW RX ELHQ VXU OHV DIIOXHQWV j OD IRLV
0RGXOH GH FRQWU{OH
/H PRGXOH GH FRQWU{OH GH OD FDUWH HIIHFWXH OHV RSpUDWLRQV SULQFLSDOHV VXLYDQWHV
6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
&HWWH LQWHUIDFH VpOHFWLRQQH OD FDUWH GH UpIpUHQFH G·KRUORJH &58 HW HQ H[WUDLW OHV VLJQDX[ GH
V\QFKURQLVDWLRQ HW GH U\WKPH j XWLOLVHU FRPPH UpIpUHQFH SRXU OD FDUWH 3RXU IRXUQL OHV FULqWUHV GH VpOHFWLRQ
FHWWH LQWHUIDFH WUDLWH OHV DODUPHV UHoXHV GH GHX[ &58 j VDYRLU
,6:&$1 DODUPH LQWHUQH UHoXH GH OD &58 $
,6:&%1 DODUPH LQWHUQH UHoXH GH OD &58 %
/·LQWHUIDFH IRXUQLW pJDOHPHQW OHV FULWqUHV G·DODUPH &.0672)) HQ FDV GH SHUWH GX VLJQDO GH U\WKPH
VpOHFWLRQQp
'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
&H W\SH GH GLDORJXH SHUPHW GH UHFHYRLUpPHWWUH YHUV OD FDUWH OHV RSWLRQV GH UpJODJH GX ORJLFLHO FRQVHUYpHV
SDU OD PpPRLUH (3520 /HV FULWqUHV G·DODUPHV HW GH SHUIRUPDQFHV VRQW UHoXV GH OD FDUWH
(
&
,/ 7RXWHV OHV DODUPHV LQWHUQHV GH OD FDUWH VRQW FROOHFWpHV SRXU DFWLYHU OH YR\DQW G·DODUPH URXJH HW OHV
$
$ FULWqUHV GH FRPPXWDWLRQ 26:L j HQYR\HU DX[ DXWUHV FDUWHV
('
. $/ $* $$
$$
*HVWLRQ GX ERXFODJH
/H ERXFODJH GH OLJQH /LQH / HW OH ERXFODJH LQWHUQH VRQW SRVVLEOHV DX QLYHDX GH O·DIIOXHQW ,OV VRQW JpUpV
O
SDU OHV VLJQDX[ /37 HW /30 ,O HVW SRVVLEOH GH OHV DFWLYHU YLD XQ ORJLFLHO
H
V W
L V
W D
K
W
I
Q F
H $
W
O
*UnFH DX UHERXFODJH GH OLJQH OH VLJQDO UHoX GH O·DJUpJDW HVW ERXFOp VXU OH F{Wp UpFHSWLRQ GH O·DIIOXHQW
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
*UnFH DX UHERXFODJH LQWHUQH OH VLJQDO UHoX GH O·DJUpJDW HVW ERXFOp VXU OH F{Wp pPLVVLRQ GH O·DIIOXHQW
RI R
R W L
F
Q D
G
QLR U
W
]
L /H ERXFODJH V·XWLOLVH SRXU WHVWHU GLIIpUHQWV QLYHDX[ GH O·pTXLSHPHQW HW GH OD OLJQH
D
D R
Q K
R LF W
J
Q X
X D 7UDLWHPHQW GX 6,$
LQ PQ
V H
V PW W
R LU
D
3
F
Z
/D GpWHFWLRQ GH O·LQGLFDWLRQ µ1HHG WR IRUZDUG $,6µ µEHVRLQ G·pPHWWUH OH 6,$µ DFWLYH OHV UHJLVWUHV 6,$ TXL
G W
G
H
Q X
D R HQYRLHQW OH VLJQDO 6,$ YHUV OHV ,QWHUIDFHV 5HF *
Y
U H K W
H V L
V X Z
H
U
G
W 'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H 'HV LQIRUPDWLRQV VXU OHV RSWLRQV GH UpJODJH OHV FULWqUHV OD UpLQLWLDOLVDWLRQ OHV DODUPHV HWF VRQW
R S
$ G W
R
pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV /,(&% HW 1,(&%
Q
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDLW OD SRVLWLRQ GH OD FDUWH j O·LQWpULHXU GX FKkVVLV
6pFXULVDWLRQ 063
&HWWH IRQFWLRQ SHUPHW GH VpOHFWLRQQHU FRPPDQGHV 3527 :(67 HW 3527 ($67 O·XQ GHV GHX[ VLJQDX[
UHoXV GHV DJUpJDWV 2XHVW HW (VW
/HV RSpUDWLRQV GH VpOHFWLRQ SHQGDQW OD SKDVH GH PLVH HQ VHUYLFH HW GH FRPPXWDWLRQ SHQGDQW OD SKDVH
GH IRQFWLRQQHPHQW VRQW WUDLWpHV SDU O·DQDO\VH GHV FULWqUHV GH FRPPXWDWLRQV ,6: UHoXV GHV FDUWHV
G·DJUpJDWV
&HV FULWqUHV LQGLTXHQW OD SUpVHQFH G·XQH GpIDLOODQFH VXU OD FDUWH RX OD GpWHFWLRQ G·DODUPHV OH ORQJ GX
FRQGXLW GH ILEUH
*HVWLRQ GH O·DIIOXHQW (36
&HWWH IRQFWLRQ HVW XWLOLVpH SRXU OD VpFXULVDWLRQ GH O·DIIOXHQW (36 YLD OD FRPPDQGH ,6:7 UHoXH GHV DXWUHV
DIIOXHQWV
/H FLUFXLW IRQFWLRQQH pJDOHPHQW DYHF OD FRPPDQGH 26:
/D IRQFWLRQ (36 HVW GpFULWH GDQV OH SDUDJUDSKH µ$XWRPDWLF 3URWHFWLRQV 6XEV\VWHPµ SDJH
5HFRQQDLVVDQFH GX W\SH GH FDUWH
9LD OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
(
&
,/
$
$
('
. $/ $* $$
$$
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ SUpVHQWHV HQ HQWUpH GH OD FDUWH G·DIIOXHQWV j [ 0ELWV
O
VRQW
H
V W
L V
W D
K
W
I
Q F
H $
W
O
9
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
9
RI R
R W L
F
Q D
G
QLR U
W
]
L 9
D
D R
Q K
R LF W
J
Q X
X D /·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ
LQ PQ
V H
V PW W
R LU
D
3
F
Z
/D FDUWH HVW pTXLSSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G W
G
H
Q X
D R G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
Y
U H K W
H V L
V X Z
H
U
G
W &HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
Q W H
V
W
K
H LW
PP
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW
J
L X U
U F H
OOR S
$ G W
R
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
Q
FRQWU{OHXU G·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
7 7 7 $ 7 7$ 7 $7 7 $7 7
6$ 6$ 6$* 76 6 * 76 $*
5*( 76 5 *
( 76 5
(( ( 5 (( (* (
' (5 76 ' (5 76
(* 6 ( *6
' (5 ( ' (5 (8
(
95
( 5( 95
( 5
* ( 9 * *2 *8
8 9 ( *( * 8
O
H
$ $ $ $2 *
$ $ $2 * $2
V W
L V
W D
K
W Q F O L L( L L , ,( , ,:
( : ( :
:
I H $
W
R Q
J R P 7 7 7 7 5 5 5 5
LQ
F R
U ' ' ' ' ' ' ' ' 4
\V I
W 7 7
( (
,5
L Q ,6
(1 (1 76 7
S 6
,
6 5
'( '(
I R
R L
5 3 3
$7 1 5 7
67
5
FR W
0 0 8 6 6 ( $7 1
( ( 76 & (
8
Q D ((7&
& 0 & 0
( 8 1 9 2
G
( ,6 (
(
,& ' ,& ' 2
]
L
63 5(
(
&
8 /3
QLR U 6
9
5( 6
6, '
75 2 / 5
W
D
D R 7$ 2 ,6 ,1 ' (
&2 5 7
7
Q LF W
K
$& 6
7
8 5 5
& & 8
6
R Q X 0$ 0$ (
(
& & $
&
& & 7
J X D
5 5
8
( (
7; 7;
$ $ 6
7 ,6
LQ PQ ;7 ;
7
5 6 5 5
( 2
6 6
V H
W 7 7
;
8
7
(
8
7
;
8
7
8 6
,
V
D
PW
R LU 7 7 7 ( &
(
(
2
5
6 /)
8
3
F
Z 6
&
(
,6:7
()
G
G W
Q X
6 '$
H D R 1
6( 6 1
,3
Y (
U H K W * 2
, 2
,7 67
H
V
V L
X Z
$
7
$
7
$
+
& ' 71 $ 1
1(6 ,6::
6 5
H G
$ 3 5 2
1 0$75,&( '<1$0,48( 3 ,6 (
U W
Q W H
0
5
8
7
+ ( 8
7 6
, 6 2
,7 8 /$ 5 8
/) (*
V
1
$ FH 6( )) 8 '$
H LW
;
W 2 (
)
& )$ ,6:(
5 5
K *
*$ (
PP
7
J
L
U
X U
F H 7 6
,$
OOR S 1
$ G W ( 1 6 2
,
1 (/
R
,2 ,$6
* 2 7
, + $
Q $
7
7
7 +
&
$ 2 3
6, 7 &
$
3
$
2 5 3 /
$ 6 8 7( $/ 5 4
( 8 (
5
0 9 /
( 3 7
2 (7
5 &
1
;
* % &/ 1 6 5
(9 2 (0 /,(&% 7
2 (
(
)
1,(&% 5 1
(
*
$5 7( 9
2
( ( 1 ,38 ( &
1
V ,$6 8 75 (/ 8 24 ' (
7
V
WL
2
, LW
] ' *& ( 5
$& /$ (7 ·'
E
1 E
1 7
+ 2 2 $
1
$ 0
2 0 $ 2
, + 5 $
* 0 FH (3 1( 5
7 &
, 5
,
7
3 7 2 ( / 3
1 ' $&
/
5 /
6 3 1 $
/
5 <7 2'
2
(
( $ $ ( 1
&
( (3 &
6 *
7 * *
1
,
1
*
,
& $ (
,
6 7 ( & 5< (
6
' 5
& 7 '
1 (/
$ 6 / 1'
0 51 8 (
( 5
2 82
2 , 6 '
2
$2
,& , /: ,'
3 7$ (& 6< 7,6 2
*
= 5 6
5 2 6 ) 0
5 8 2
/ % 8 / 1 5 (5 21
( +
(
2 1 3 3 .&
1 (
,7 18
' 5
3
'
*$
+ ' 2
%
2
&
=
2 +
$ 5
(7 ,) 0 $
5
' &
.
+
1 5
1
8 1 5
,1 2 2
& ( 1
(
1 ,6:&%1
,* ( & )5
2
/ $
) ,2 8
& 7
$
1 6 86( 8 7& 5
' ( 2 ( *( 3 5( &
& & 0 2 7( &/ (
(
] )$ 5 /$ 0 ,6:&$1 '
+ , 5 ( 6
&
5
/$ $
$
)
0 * ( ' /$ 6 (
7
5
7 $
( * ,1 5
7
;7 ; 26:L 6$
5&
5
1
,
=
=
=
= 7 (
9(6
5 5
5 5
7 7
= 6<1&$ 8
%
'
5
1
2
7
= +
%
' 6<1&% 8
5
+
5
,0 &
1
= =
/$ 6<1& &.$
5 . 5 .
(
1 & 1 &
9 9 &.% '
< * V 5
VV : 9
2
5 1
, LW (
WL 3 0
$7 E 1
3
3 0 *
, E /$ &.
8 $ /
0
,%
0
6
$
:
5
= = 3 4
,3
2
(
. 5 .
7
5 / 5
VW
1
& 8 5 1
&
5
= (
/
8
] 7
LE 5 2
(
6
3
+ )) 6( 6 1
1
$ /
5 ,
0 &$5(0 5
0 7
7 /
$
0 /
$ /% ( 2
&
( '
1
* '
,6 9
,3
2
&
(
(
7
8
) 5
$
&
3 3 1 3( 1 3 9 9 9
1 1 ( 8 8
(
(
8
8
' ' ' '
' ' ' '
6 8 ) WVL
5 5
(
9 & )$ E ( ,0
0 ' /·$
/
(
&
)LJXUH 6FKpPD V\QRSWLTXH GH OD FDUWH G·DIIOXHQWV [ 0ELWV
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQWV [ 0ELWV
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /D FDUWH G·DIIOXHQWV [ 0ELWV IRXUQLW XQH FDSDFLWp PD[LPDOH GH FRQGXLWV SOpVLRFKURQHV 0ELWV SRXU
K
W
I
Q F
H $
W
O
DFFpGHU j OD VWUXFWXUH QXPpULTXH V\QFKURQH 670
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
$SUqV DYRLU V\QFKURQLVp FKDTXH DIIOXHQW SDU UDSSRUW DX[ VLJQDX[ GH U\WKPH HW GH V\QFKURQLVDWLRQ UHoXV
I R
R
FR W L
GHV FDUWHV GH UpIpUHQFH G·KRUORJH OD FDUWH WUDQVPHW YLD OHV FDUWHV GH PDWULFH OHV VLJQDX[ G·DIIOXHQWV
GQ D
Q
D
LR U
W
]
L
DERXWpV GDQV OD VWUXFWXUH 670 YHUV OHV FDUWHV G·DJUpJDWV (VW2XHVW
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
/HV RSpUDWLRQV LQYHUVHV VRQW HIIHFWXpHV VXU OH F{Wp UpFHSWLRQ /HV FRQGXLWV G·DIIOXHQWV 0ELWV VRQW H[WUDLWV
H
GHV WUDPHV 670 UHoXHV SXLV VRQW WUDQVPLV j O·pTXLSHPHQW H[WHUQH G·XQ RUGUH KLpUDUFKLTXH LQIpULHXU /HV
V W
V PW
D R LU
F
3
G
G W
Q X
Z
PRGXOHV GH FRPPXWDWLRQ DVVXUHQW O·LQWHUIDoDJH GHV VLJQDX[ 0ELWV DYHF OD VRXUFH H[WHUQH
H D R
Y
U H K W
H
V
V L
X Z /H IRQFWLRQQHPHQW UpJXOLHU GH OD FDUWH HVW FRQWU{Op YLD OHV GpWHFWHXUV G·DODUPH TXL VLJQDOHQW WRXWH DQRPDOLH
H G
U
V
W
W
Q W
H LW
H DX PRGXOH GH FRQWU{OH &HOXLFL HQ LQIRUPH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW YLD OHV YR\DQWV HW DXWUHV
K
J
L
U
PP
X U
LQGLFDWLRQV
F H
OOR S
$ G W
/HV SDUDJUDSKHV VXLYDQWV FRQFHUQHQW
R
Q
O·pPLVVLRQ
OD UpFHSWLRQ
OH PRGXOH GH FRQWU{OH
O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
(PLVVLRQ
/H F{Wp pPLVVLRQ GH OD FDUWH LQWHUIDFH OHV DIIOXHQWV SOpVLRFKURQHV 0ELWV HW OD VWUXFWXUH QXPpULTXH
V\QFKURQH 670 &HWWH GHUQLqUH HVW WUDQVPLVH HQ IRUPDW EXV ILOV 0ELWV DX[ FDUWHV WUDLWDQW OH
FRQGXLW G·DJUpJDWV
'HX[ KRUORJHV j 0+] &.$ HW &.% HW OHV VLJQDX[ GH V\QFKURQLVDWLRQ j N+] 6<1& $ HW 6<1&
% VRQW UHoXV GH OD ´FDUWH GH UpIpUHQFH G·KRUORJHµ &58 GH O·pTXLSHPHQW
/H FKRL[ GH O·XQH GHV GHX[ VRXUFHV GH V\QFKURQLVDWLRQ XWLOLVpHV SRXU JpQpUHU OHV VLJQDX[ GH U\WKPH GH
OD FDUWH GpSHQG GH O·pWDW GH IRQFWLRQQHPHQW GHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH
/HV DIIOXHQWV SOpVLRFKURQHV 0ELWV VRQW UHoXV DX IRUPDW +'% DYHF XQH LPSpGDQFH GH RKPV
/D GHVFULSWLRQ FLDSUqV FRQFHUQH XQ VHXO GHV DIIOXHQWV FDU WRXV VXLYHQW OD PrPH SURFpGXUH
/H VLJQDO DFFqGH j O·,QWHUIDFH SK\VLTXH 3, FRPSUHQDQW O·,QWHUIDFH * HW OH WUDQVFRGHXU
/H FLUFXLW G·,QWHUIDFH *
UpJpQqUH OH VLJQDO GH OLJQH UpFXSpUDQW XQH DWWpQXDWLRQ GH OD IUpTXHQFH 1\TXLVW FRPSULVH HQWUH
HW G%
H[WUDLW O·KRUORJH j 0+] GX VLJQDO GH OLJQH
/H WUDQVFRGHXU
HQFRGHGpFRGH OH FRGH +'% +'% 7 GRQQpHV KRUORJH 15=
( GpWHFWH OD SHUWH GX VLJQDO HW JpQqUH O·DODUPH 0DQTXH VLJQDO 046
&
,/
$ UHERXFOH OH VLJQDO VHORQ OHV FRPPDQGHV GX PRGXOH GH FRQWU{OH
$
('
. $/ $* $$
$$
$YDQW G·rWUH HQYR\p YHUV XQ UpVHDX V\QFKURQH OH VLJQDO SOpVLRFKURQH 0ELWV HVW DGDSWp SXLV LQVpUp
GDQV OH FLUFXLW VWUXFWXUp & DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$
O
9LD OD IRQFWLRQ /37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU OH &9 HVW GLVSRVp GH PDQLqUH j GLVWULEXHU
H
V
L
K
V
W D
W
VHV RFWHWV GDQV XQ LQWHUYDOOH GH WHPSV GH PVHF FRUUHVSRQGDQW j OD GXUpH G·XQH WUDPH 670
W Q F O
I
R
H $
W
Q
/H &9 FRPSUHQG XQ FLUFXLW & HW XQ HQWrWH GH FRQGXLW 32+ TXL OXLPrPH FRPSUHQG RFWHWV
J
LQ
R P
F R
U
GLVWULEXpV GH PDQLqUH pJDOH j O·LQWpULHXU GH OD VWUXFWXUH
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH G·XQ &9 HW OHV IRQFWLRQV GHV RFWHWV G·HQWrWH GH FRQGXLW
]
L
LR U
Q
D W
D R
32+
Q K
R LF W
Q X
J X D
LQ PQ
H
/·RSpUDWLRQ VXLYDQWH IRUPDWH OD VWUXFWXUH G·XQ &9 YLD OD JpQpUDWLRQ HW O·LQVHUWLRQ GH O·HQWrWH G·XQH FDUWH
V W
V
D
PW
R LU
F
G·DIIOXHQW 782+
3 Z
G
G W
Q X /H 782+ FRPSUHQG RFWHWV
H D R
Y
U
H
H K
V L
W /HV SUHPLHUV RFWHWV + + HW + FRQWLHQQHQW OH SRLQWHXU LQGLTXDQW OH GpEXW GX &9
V
H
U
X Z
G
W
/HV DXWUHV RFWHWV VRQW GHV RFWHWV GH ERXUUDJH
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H /D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GX 78
R S
$ G W
R
Q
/HV RSpUDWLRQV GpFULWHV FLDSUqV VRQW HIIHFWXpHV GDQV FKDFXQ GHV DIIOXHQWV j 0ELWV
$ FH VWDGH YLD OD IRQFWLRQ GH UDFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& FKDTXH DIIOXHQW HVW
DERXWp DYHF O·XQH GHV WURLV SRVLWLRQV TXL OXL VRQW DVVLJQpHV GDQV OD WUDPH 670 FH TXL FUpH XQH PDWULFH
GH UDFFRUGHPHQW YHUV OHV DJUpJDWV 2XHVW HW (VW
/HV GRQQpHV VWUXFWXUpHV GX EXV ILOV j 0ELWV VRQW WUDQVPLVHV YHUV OHV DJUpJDWV 2XHVW HW (VW YLD
OHV FDUWHV GH PDWULFH
5pFHSWLRQ
/D FDUWH UHoRLW FRQGXLWV j 0ELWV GH FKDFXQ GHV DJUpJDWV (VW HW 2XHVW YLD OHV FDUWHV GH
PDWULFH
8Q FLUFXLW GH VpFXULVDWLRQ 063 VpOHFWLRQQH O·DJUpJDW j DQDO\VHU SULQFLSDO RX GH VHFRXUV SRXU FKDTXH
F{Wp YLD OHV FRPPDQGHV 3527 :(67 3527 (67 UHoXHV GX PRGXOH GH FRQWU{OH GH OD FDUWH
7URLV 78 VRQW FKRLVLHV SDUPL OHV DIIOXHQWV VpOHFWLRQQpV HW VHORQ OHV VLJQDX[ UHoXV GX PRGXOH GH
FRQWU{OH OH F{Wp UpFHSWLRQ (VW RX 2XHVW HVW VpOHFWLRQQp 61&3
/D 0DWULFH WRWDOH XWLOLVH XQLTXHPHQW OH F{Wp 2XHVW HW
/D VpFXULVDWLRQ (36 GH OD 0DWULFH WRWDOH VpOHFWLRQQH ´SULQFLSDOµ RX ´GH VHFRXUVµ
/HV SRLQWHXUV 782+ GpWHFWHQW OD SUpVHQFH GX VLJQDO 6,$ VXU FKDTXH FRQGXLW VpOHFWLRQQp
$ FH VWDGH FKDTXH &9 HVW WUDLWp LQGLYLGXHOOHPHQW /D GHVFULSWLRQ FLDSUqV FRQFHUQH XQ VHXO &9 PDLV
V·DSSOLTXH DX[ DIIOXHQWV
/·HQWrWH GH FRQGXLW 32+ HVW H[WUDLW GHV &9 FH TXL GRQQH OHV VWUXFWXUHV &
/H FLUFXLW GH WUDLWHPHQW 5HF GH O·HQWrWH GH FRQGXLW 32+ SHUPHW
O·H[WUDFWLRQ GH - SRXU YpULILHU OD FRQWLQXLWp GX UDFFRUGHPHQW QH V·DSSOLTXH SDV j FHWWH YHUVLRQ
OD FRPSDUDLVRQ GH % j OD SDULWp %,3 HVWLPpH VXU OH &9 SUpFpGHQW HW VL GHV HUUHXUV VRQW
GpWHFWpHV HOOHV VRQW HQYR\pHV DX PRGXOH GH FRQWU{OH
O·H[WUDFWLRQ GH & SRXU YpULILHU OD FRQILJXUDWLRQ &9
(
&
,/
$
$
('
. $/ $* $$
$$
O·H[WUDFWLRQ GH O·LQGLFDWLRQ )(%( GHV SUHPLHUV ELWV GH O·RFWHW * HW O·H[WUDFWLRQ GH O·LQGLFDWLRQ
GH OD GpIDLOODQFH UHoXH GH O·H[WUpPLWp GLVWDQWH )(5) GX qPH ELW OHV GHX[ LQGLFDWLRQV VRQW
HQYR\pHV DX PRGXOH GH FRQWU{OH
O
H
V
L
K
V
W D
W
/H VLJQDO 0ELWV HVW UHVWUXFWXUp SDU OH WUDLWHPHQW GX & GDQV O·DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU
W Q F O
I
R
H $
W
Q
/3$ FH TXL GRQQH OH VLJQDO '$7$ HW O·KRUORJH 0ELWV
J R P
F R
LQ U
V I
\
S
W
L Q
I R
/H VLJQDO G·DIIOXHQW UpJpQpUp HVW HQFRGp +'% &H VLJQDO SHXW rWUH UHPSODFp SDU OH VLJQDO 6,$ HQ FDV GH
R L
F
G
R W
Q D
GpWHFWLRQ GX VLJQDO 78 YRLU OD GHVFULSWLRQ FLGHVVXV
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
(QILQ OH FLUFXLW G·,QWHUIDFH * DGDSWH OH VLJQDO NELWV DX[ FDUDFWpULVWLTXHV VSpFLILpHV SDU OD
J X D
LQ PQ
H
5HFRPPDQGDWLRQ * GH O·8,77 SXLV O·HQYRLH YHUV XQH VRXUFH H[WHUQH j OD FDUWH
V W
V PW
D R LU
F
3
G
G W
Q X
Z
0RGXOH GH FRQWU{OH
H D R
Y
U H K W
H
V
V L
X Z /H PRGXOH GH FRQWU{OH HIIHFWXH OHV RSpUDWLRQV SULQFLSDOHV VXLYDQWHV
H G
U W
Q W H
V H LW
W
K
J
PP 6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
L X U
U F H
OOR S
$ G W
R
Q
&HWWH LQWHUIDFH VpOHFWLRQQH HW H[WUDLW GH OD FDUWH GH UpIpUHQFH G·KRUORJH OHV VLJQDX[ GH V\QFKURQLVDWLRQ HW
GH U\WKPH j XWLOLVHU FRPPH UpIpUHQFH SRXU OD FDUWH 3RXU IRXUQLU OHV FULWqUHV GH VpOHFWLRQ FHWWH LQWHUIDFH
WUDLWH OHV DODUPHV UHoXHV GHV GHX[ &58 j VDYRLU
,6:&$1 DODUPH LQWHUQH UHoXH GH OD &58 $
,6:&%1 DODUPH LQWHUQH UHoXH GH OD &58 %
'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
&H W\SH GH GLDORJXH SHUPHW GH UHFHYRLUpPHWWUH YHUV OD FDUWH OHV RSWLRQV GH UpJODJH GX ORJLFLHO FRQVHUYpHV
SDU OD PpPRLUH ((3520 /HV FULWqUHV G·DODUPHV HW GH SHUIRUPDQFHV VRQW UHoXV GH OD FDUWH
7RXWHV OHV DODUPHV LQWHUQHV GH OD FDUWH VRQW FROOHFWpHV SRXU DFWLYHU OH YR\DQW G·DODUPH URXJH HW JpQpUHU
DYHF WRXWHV OHV DXWUHV DODUPHV GpWHFWpHV SDU OD FDUWH OHV FULWqUHV GH FRPPXWDWLRQ 26:L j HQYR\HU DX[
DXWUHV FDUWHV GH O·pTXLSHPHQW
'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
'HV LQIRUPDWLRQV VXU OHV RSWLRQV GH UpJODJH OHV FULWqUHV OD UpLQLWLDOLVDWLRQ OHV DODUPHV HWF VRQW
pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV /,(&% HW 1,(&%
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH j O·LQWpULHXU GX FKkVVLV
5HFRQQDLVVDQFH GX W\SH GH FDUWH
9LD OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
,QWHUIDFH GH O·RFWHW -
&HWWH LQWHUIDFH WUDQVPHW HW UHoRLW OHV GRQQpHV GH O·RFWHW - XWLOLVp FRPPH WUDFH FRQGXLW SRXU &9 1H
V·DSSOLTXH SDV j FHWWH YHUVLRQ
*HVWLRQ GX ERXFODJH
/H ERXFODJH GH OLJQH /LQH / HVW OH ERXFODJH LQWHUQH VRQW SRVVLEOHV DX QLYHDX GH O·DIIOXHQW ,OV VRQW JpUpV
(
&
,/ SDU OHV VLJQDX[ /37 HW /30 ,O HVW SRVVLEOH GH OHV DFWLYHU YLD XQ ORJLFLHO
$
$
('
. $/ $* $$
$$
*UnFH DX UHERXFODJH GH OLJQH OH VLJQDO UHoX GH OD OLJQH H[WHUQH GH O·DIIOXHQW HVW ERXFOp VXU OH F{Wp UpFHSWLRQ
GH O·DIIOXHQW
O
*UnFH DX UHERXFODJH LQWHUQH OH VLJQDO UHoX GH O·DJUpJDW HVW ERXFOp VXU OH F{Wp pPLVVLRQ GH O·DIIOXHQW
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/H ERXFODJH V·XWLOLVH SRXU WHVWHU GLIIpUHQWV QLYHDX[ GH O·pTXLSHPHQW HW GH OD OLJQH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
7UDLWHPHQW GX 6,$
RI R
R W L
F
Q D
G
QLR U
W
]
L /D GpWHFWLRQ GH O·LQGLFDWLRQ ´1HHG WR IRUZDUG $,6µ ´%HVRLQ G·pPHWWUH OH 6,$µ DFWLYH OHV UHJLVWUHV 6,$ TXL
D
D R
Q
R LF W
K HQYRLHQW OH VLJQDO 6,$ YHUV OHV ,QWHUIDFHV 5HF *
Q X
J X D
LQ PQ
V
V PW
H
W 6pFXULVDWLRQ 063
D R LU
F
3 Z
G W
G
H
Q X
D R &HWWH IRQFWLRQ SHUPHW GH VpOHFWLRQQHU FRPPDQGHV 3527:(67 O·XQ GHV GHX[ VLJQDX[ UHoXV GHV
Y
H K
U
H
V
V L
X Z
W
DJUpJDWV 2XHVW SULQFLSDO RX GH VHFRXUV /·RSpUDWLRQ LQYHUVH FRPPDQGH 3527($67 HVW HIIHFWXpH VXU
H
U
V
G
W
Q W H
OHV DJUpJDWV (VW
W H LW
K
J
PP /RUVTXH GHX[ 0DWULFHV WRWDOHV VRQW XWLOLVpHV FHWWH VpFXULVDWLRQ DJLW FRPPH (36 HQWUH FHV FDUWHV
L X U
U F H
OOR S
$ G W
R
Q
*HVWLRQ GH O·DIIOXHQW (36
&HWWH IRQFWLRQ HVW XWLOLVpH SRXU OD VpFXULVDWLRQ GH O·DIIOXHQW (36 YLD OD FRPPDQGH ,6:7 UHoXH GHV DXWUHV
DIIOXHQWV
/H FLUFXLW IRQFWLRQQH pJDOHPHQW DYHF OD FRPPDQGH 26: /D IRQFWLRQ (36 HVW GpFULWH GDQV OH SDUDJUDSKH
SDJH
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ HQ HQWUpH GH OD FDUWH VRQW
9
9
9
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDXW G·DOLPHQWDWLRQ
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW 1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
RFWHWV
-
O
%
V
L W V D
H
W &
K Q F
W O *
I W $
R Q
H
&9
R P )
J
F R &
LQ
\ W V I
U
+
S L Q
R I R
F R W
L =
D
G Q ]
Q LR U L =
D W R
D
Q LF W K =
R Q X
J X D
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X 6758&785( '( /·(17(7( '( &21'8,7 32+
H D R
Y
U H K W
H V L
V X Z
H
- WUDFH FRQGXLW XWLOLVp SRXU WUDQVPHWWUH GDQV XQ PRGH F\FOLTXH XQH FRQILJXUDWLRQ j RFWHWV
U W G
Q H
V H W
W LW
SRXU YpULILHU OD FRQWLQXLWp GX UDFFRUGHPHQW QH V·DSSOLTXH SDV j FHWWH YHUVLRQ
K P
J
L X U
U F H
P
% UpVXOWDQW GX %,3 HIIHFWXp VXU OH &9 SUpFpGHQW DYDQW OH EURXLOOHXU
OO R
S
$ G W
R
& ODEHO GH VLJQDO OHV FRQILJXUDWLRQV VRQW XWLOLVpHV SRXU LQGLTXHU VL OH &9 HVW pTXLSp RX QRQ
Q
RX OD VWUXFWXUH GH OD FKDUJH XWLOH
* pWDW FRQGXLW XWLOLVp SRXU WUDQVPHWWUH GHV LQIRUPDWLRQV VXU O·pWDW GH OD OLDLVRQ DX SRVWH
G·H[SORLWDWLRQ GLVWDQW
/H 32+ FRQWLHQW
ELWV SRXU OH VLJQDO )(%( GRQW OHV FKLIIUHV GpFLPDX[ LQGLTXHQW OH QRPEUH GH
YLRODWLRQV GX %,3 OHV YDOHXUV LOOpJDOHV j LQGLTXHQW O·DEVHQFH G·HUUHXUV
ELW SRXU XQ FKLIIUH G·LQGLFDWLRQ G·DODUPH )(5) OHV DXWUHV FKLIIUHV QH VRQW SDV XWLOLVpV
) XWLOLVp SRXU OD WUDQVPLVVLRQ G·XQ FDQDO SURYHQDQW GH OD FDUWH $8; FLUFXLW EXV 2+
== DFFHVVLEOHV YLD O·LQWHUIDFH GH OD FDUWH $8;
+ QRQ XWLOLVp
)LJXUH 6WUXFWXUH GH &9
RFWHWV
+
+
+
% &+$5*( 87,/( 78
5$1*6 2
8 &9
5
5
$
*
(
SRLQWHXU 78 + + + 782+
)LJXUH 6WUXFWXUH GH 78
(
&
,/
$
$
('
. $/ $* $$
$$
9(56 0$75,&( '( 0$75,&(
76 7 76 7
( 6 6
76 7 ( 76 76 ( (
6 8 8 8 8
O ( ( 2 2 ( ( , 2 2 , 7
H ,( ,
( : : :
W
V
V
L W D
L L L L 6,
K Q F
( 5 5 /
( 5 5
W O
H $
:
:
' ' 4
I W ' ' )) (
R Q
7 7 7 7 $ 76 (
J R P
F R ' ' ' ' ,6 6, 76 ,5 7 5
7
LQ U 5 3 5 3 ( $7 1 1
\V I
W 8 6 8 6 ( 8 $7 2
SL Q & 0 & 0 2 1
RI R
L (6 ( ,6
6, (
9 ,6 &
(
FR W
6 5 1 ' 7
Q D 76 76 8 5 , 5
G ]
& 8 $
(6
LR U L
Q
W
( 6 ( & &
D
D R & , &
$ 76 8 1 71 6 (
6
Q LF W
K
$ 76 2
R
5 5
8
5
7; ( ,2
7 (8 63
Q X
X D ( ( 7 ( & 8 ,6 6/ (
J
'' '' ; ( ( 2 5 ()
LQ PQ
(5 (5 ( 6 8 *)
7& 7& &
, 2 , 2
V H
PW W & &6 & &6 ( $
(3 (3
V
R LU
5 / 5 / 6
7$ & 7$ &
D
F
3 Z $ $ 1
G W
0 5 0 5 ,2
G Q X
1($ 7$
H D R
,2 /,
,6 36
,6:: 5
7&
Y
U H K W
P P 6
H V L
P ( P ( 6( 8
27 5 0 *
*
( (
*% ( 8
V X Z
G 7 7 & $
H
U W
Q W H 7 7 63 (
,6:(
V
W H LW 3 6
K
J
PP
(
L
U
X U
&-
OO
F H
$) 7 4
R S
- ( &
$ G W 5
(7 7& ( (
R
FH FH FH 9$ 5
, 2 ( 71 5
Q
5 5 5 1 /,(&% 7
7 7 7 82 1,(&% 1
*& 2
(7 2
/ (7 &
(
3 5 (/ ,$ 5 4
(
<7 $& 2 '$
( 1 1 5 &
* ,2 1 1 & 1( 7
$ 7$ 2
,7 2
,7 ,$ 2' 1
7$ $
3 + ,$6 &( 2
0 8
7 + 5
( 2 &
(7 8
& 6
(7 8 ( (3
5<
&
(
5 1 8 7 &
2
) (
*
7 ( (7 1
$
7 '
(/ 1(
' ' 0 1 28
5 ( 8 1 7, ,4
FH 2 6& ' 2, 6 ,'
) (1 1 2 &
( 62 <+
7 5
7 5 1 ,27$
0
( 1 7
1
7
1+ &
,$6 6 (3 5
(7 $5 05
533
*
$ ,2
7$ ( (2 $+7
5 $, 1 2
7$ 7 0+ 03 72 3 6 ,2 , 8
1
* )
9 /
0 & 3 5 7 (2 ( ;( 3 / 7$ ( ,) 5
5 ( ( ,7 3 ,7$ HF 5 8 1 (3 1
,6:&%1
1
( $ 5 8 *2
2
) * 7
5 5
7 *
,) 6 2
/$ & (0 ,2
7 8
8
5
1 (0 , 5 5 & 5 &
= 1 '8 (/ & ,6:&$1
,2 WVL
2 5
& $ 2 $/ (6 6
(
7$ E 3$ 7
WVL - % & * = - % & *
5 0 $ ] /$ 5
1 E ) ( 3 * + 26:L 6$
,2 0 $ 1 0 5&
7 3
/ ( / / (
96(
5 * $ 7
(6 / ( 1 8
$ 5 *
,6 6<1&$
2
1
, 1 & 6 7
*
,6 (( 6<1&%
7 1 + 1 8
1 2
,7 2 1 6<1& &.$ 5
( VX 2 &
8 6 '
/) = 6 ( E &.%
5 5 2 * ;7 FH
)$ 8
( 1 / 5 &.
' 8 = . 5
% ( 5 & 7 0
,/
2 ' ,6 ' 7 4
& $ 2 1
WVL 6( (' + 6 & % VW
LE
9 9 9
$
:
(
E ( ,1 1 ' 2 5
0 ( + 0 3 7
1 &$5(0 1
1 2
,3
2 ( &
' * (
( 2
/ ( 7 6( 7
& 5 1( & 1 5
$ ,2 56 $) ( /% $
) 2 76 8
78 + ,6 &
5 + % 5 2 /8
,3
( (8 (7 6 )) 8
7
1
* *) 1
* 8 $ )
, , %
+ 9
2 ( 9 9
( 6 8
8
% 8 ' '
' '
$))/ 0ELWV '(
/·$/,0(17$7,21
)LJXUH 6FKpPD V\QRSWLTXH GH OD FDUWH G·DIIOXHQWV [ 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQWV [ 0ELWV HW 7UDQ0X[
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /D FDUWH G·DIIOXHQWV [ 0ELWV HW 7UDQV0X[ SHUPHW j XQ FRQGXLW SOpVLRFKURQH 0ELWV HW j FRQGXLWV
K
W
I
Q F
H $
W
O
SOpVLRFKURQHV 0ELWV G·DFFpGHU j OD VWUXFWXUH QXPpULTXH V\QFKURQH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
/H FRQGXLW SOpVLRFKURQH VWUXFWXUp j 0ELWV HVW GpPXOWLSOH[p HQ VLJQDX[ 0ELWV
RI R
R W L
F
Q D
G
QLR U
W
]
L /HV FRQGXLWV j 0ELWV VRQW HQVXLWH WUDLWpV MXVTX·j REWHQWLRQ G·XQH VWUXFWXUH GH WUDPH GHSXLVYHUV
D
D R
Q
R LF W
K ODTXHOOH XQH 78 SHXW rWUH VRLW LQVpUpH VRLW GpULYpH
Q X
J X D
LQ PQ
V
V PW
H
W (WDQW GRQQp TXH OD VWUXFWXUH 670 SHXW VXSSRUWHU XQ PD[LPXP GH FRQGXLWV G·DIIOXHQWV 0ELWV OHV
D R LU
3
F
G W
Z FRQGXLWV QXPpULTXHV TXLWWDQW OD FDUWH FRQFHUQpH QH VXSSRUWHQW TX·XQ WLHUV GH OD FDSDFLWp JpQpUDOH GH OD
G Q X
H
Y
D R WUDPH 670
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
/HV RSpUDWLRQV LQYHUVHV VRQW HIIHFWXpHV GX F{Wp UpFHSWLRQ /HV FRQGXLWV G·DIIOXHQWV 0ELWV VRQW H[WUDLWV
W H LW
K
J
PP GHV WUDPHV 670 UHoXHV /HV FRQGXLWV 0ELWV HW XQ FRQGXLW 0ELWV VRQW REWHQXV SDU OH PXOWLSOH[DJH
L X U
U
OO
F H
R S GHV VLJQDX[ 0ELWV UHVWDQWV HW SDU OHXU WUDQVPLVVLRQ j O·pTXLSHPHQW H[WHUQH G·XQ RUGUH KLpUDUFKLTXH
$ G W
R
Q LQIpULHXU
/H IRQFWLRQQHPHQW UpJXOLHU GH OD FDUWH HVW FRQWU{Op YLD OHV GpWHFWHXUV G·DODUPH TXL VLJQDOHQW WRXWH DQRPDOLH
DX PRGXOH GH FRQWU{OH &HOXLFL HQ LQIRUPH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 HW XQ YR\DQW G·DODUPH
ORFDOH /(' HVW DOOXPp
/HV SDUDJUDSKHV VXLYDQWV FRQFHUQHQW
O·pPLVVLRQ
OD UpFHSWLRQ
OH PRGXOH GH FRQWU{OH
O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
(PLVVLRQ
/D FDUWH LQWHUIDFH O·DIIOXHQW SOpVLRFKURQH 0ELWV OHV DIIOXHQWV SOpVLRFKURQHV 0ELWV HW OD VWUXFWXUH
QXPpULTXH V\QFKURQH 670 &HWWH GHUQLqUH HVW WUDQVPLVH HQ IRUPDW EXV ILOV 0ELWV DX[ FDUWHV
WUDLWDQW OH FRQGXLW G·DJUpJDWV
'HX[ KRUORJHV j 0+] &.$ HW &.% HW OHV VLJQDX[ GH V\QFKURQLVDWLRQ UHODWLYH j N+] 6<1& $
HW 6<1& % VRQW UHoXV GH OD ´FDUWH GH UpIpUHQFH G·KRUORJH µ &58 GH O·pTXLSHPHQW
/H FKRL[ GH O·XQH GHV GHX[ VRXUFHV GH V\QFKURQLVDWLRQ XWLOLVpHV SRXU JpQpUHU OHV VLJQDX[ GH U\WKPH GH
OD FDUWH GpSHQG GH O·pWDW GH IRQFWLRQQHPHQW GHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH
/·DIIOXHQW SOpVLRFKURQH 0ELWV HVW UHoX DX IRUPDW +'% DYHF XQH LPSpGDQFH GH RKPV
DV\PpWULTXH
(QVXLWH OH VLJQDO DFFqGH j O·,QWHUIDFH SK\VLTXH 3, TXL FRPSUHQG O·,QWHUIDFH * HW OH WUDQVFRGHXU
(
&
,/
$
$
('
. $/ $* $$
$$
/H FLUFXLW G·,QWHUIDFH *
UpJpQqUH OH VLJQDO GH OLJQH
O
V
L V
W D
H
W H[WUDLW O·KRUORJH j 0+] GX VLJQDO GH OLJQH
K Q F
W O
I H $
W
R
J
Q
R P /H WUDQVFRGHXU
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L GpFRGH OH FRGH +'% +'% ! GRQQpHV KRUORJH 15=
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K GpWHFWH OD SHUWH GX VLJQDO HW JpQqUH O·DODUPH 0DQTXH VLJQDO 046
R Q X
J X D
LQ
V
V
PQ
PW
H
W
UHERXFOH OH VLJQDO VHORQ OHV FRPPDQGHV GX PRGXOH GH FRQWU{OH
D R LU
F
3 Z
G
G W
Q X
D R
/H FLUFXLW ´GH GpPXOWLSOH[DJHµ GpFRGH HW GpPXOWLSOH[H OH VLJQDO 0ELWV HQ FRQGXLWV 15=
H
Y
U
H
H K
V L
W 0ELWV
V X Z
H
U
G
W (Q SOXV GH OD WUDPH 0ELWV LO UHFRQQDvW pJDOHPHQW WUDPHV 0ELWV FRPPH UHTXLV SDU OD VWUDWpJLH GH
Q W H
V
W
K
H LW
PP
GpPXOWLSOH[DJH SOpVLRFKURQH ,O IRXUQLW O·DFFqV DX ELW GH VHUYLFH % 0ELWV HW j O·RSWLRQ ´JOLVVHPHQW
J
GH ELWVµ /HV DODUPHV SOpVLRFKURQHV VRQW GpWHFWpHV
L X U
U F H
OOR S
$ G W
R
Q
/·RVFLOODWHXU ; j 0+] JpQqUH VLJQDX[ G·KRUORJH 0+] DVVRFLpV DX[ DIIOXHQWV DERXWpV GH OD
WUDPH HQWUDQWH j 0ELWV
/HV DIIOXHQWV SOpVLRFKURQHV 0ELWV VRQW UHoXV DX IRUPDW +'% DYHF XQH LPSpGDQFH pTXLOQRQ pTXLO
GH RKPV /D WHUPLQDLVRQ HVW UpJOpH SDU OH VWUDS
/D GHVFULSWLRQ FLDSUqV FRQFHUQH XQ VHXO GHV DIIOXHQWV FDU WRXV VXLYHQW OD PrPH SURFpGXUH
8Q WUDQVIRUPDWHXU pOHFWULTXH GpFRXSOH OHV VLJQDX[ GH OLJQHV (QVXLWH OH VLJQDO DFFqGH j O·,QWHUIDFH
SK\VLTXH 3, FRPSUHQDQW O·,QWHUIDFH * HW OH WUDQVFRGHXU
/H FLUFXLW G·,QWHUIDFH *
JpQqUH OH VLJQDO GH OLJQH UpFXSpUDQW XQH DWWpQXDWLRQ 1\TXLVW FRPSULVH HQWUH HW G%
H[WUDLW O·KRUORJH j 0+] GX VLJQDO GH OLJQH &H VLJQDO HVW pJDOHPHQW HQYR\p j OD FDUWH GH
UpIpUHQFH G·KRUORJH &58
/H WUDQVFRGHXU
GpFRGH OH FRGH +'% +'% ! GRQQpHV KRUORJH 15=
GpWHFWH OD SHUWH GX VLJQDO HW JpQqUH O·DODUPH 0DQTXH VLJQDO 046
UHERXFOH OH VLJQDO VHORQ OHV FRPPDQGHV GX PRGXOH GH FRQWU{OH
/D GHVFULSWLRQ FLDSUqV FRQFHUQH OHV VLJQDX[ 0ELWV
(Q SUHPLHU OLHX LO HVW QpFHVVDLUH TXH OH VLJQDO SOpVLRFKURQH 0ELWV VRLW DGDSWp GH PDQLqUH j SRXYRLU
WUDQVLWHU SDU XQ UpVHDX V\QFKURQH 8Q FRQWHQHXU & HVW SUpYX SRXU UHFHYRLU OH FRQGXLW 0ELWV
DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$
9LD OD IRQFWLRQ /37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU OH FLUFXLW &9 HVW SUpYX SRXU GLVWULEXHU VHV
RFWHWV GDQV XQ LQWHUYDOOH GH WHPSV GH PVHF FH TXL FRUUHVSRQG j WUDPHV 670
/H &9 FRPSUHQG XQ FLUFXLW & HW XQ RFWHW G·HQWrWH GH FRQGXLW 32+ DVVLJQp j OD SUHPLqUH SRVLWLRQ
GH OD VWUXFWXUH
(
&
,/
$ /D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GX &9 HW GH O·HQWrWH GH FRQGXLW
$
('
. $/ $* $$
$$
/D IRQFWLRQ +3$ DGDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU SHUPHW GH VWUXFWXUHU OD 78 YLD OD JpQpUDWLRQ
HW O·LQVHUWLRQ GH O·HQWrWH GH OD FDUWH G·DIIOXHQW 782+ /H 782+ HVW OH SRLQWHXU TXL LQGLTXH OH GpEXW GX &9
j O·LQWpULHXU GX FRQGXLW 78 /H 782+ FRPSUHQG RFWHWV 9 9 9 9 GLVWULEXpV GH PDQLqUH pJDOH
O
H
GDQV XQ LQWHUYDOOH GH WHPSV GH WUDPHV 670 /D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GH OD 78
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
/HV RSpUDWLRQV GpFULWHV VRQW HIIHFWXpHV VXU OHV DIIOXHQWV j 0ELWV
J R P
F R
LQ U
V I
\
S
W
L Q
I R
$ FH VWDGH OD IRQFWLRQ GH UDFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& DIIHFWH FKDTXH DIIOXHQW j
R L
F
G
R W
Q D
j FKDFXQH GHV SRVLWLRQV GH OD WUDPH 670 VWUXFWXUDQW DLQVL OHV PDWULFHV GH UDFFRUGHPHQW YHUV OHV
]
L
LR U
Q
D W
D R
DJUpJDWV 2XHVW HW (VW
Q K
R LF W
Q X
J X D
LQ PQ
H
/HV GRQQpHV VWUXFWXUpHV GX EXV ILOV j 0ELWV VRQW WUDQVPLVHV YHUV OHV FDUWHV G·DJUpJDWV (VW HW 2XHVW
V W
V PW
D R LU
F
3
G
G W
Q X
Z
/HV DODUPHV SULQFLSDOHV FROOHFWpHV SDU OH PRGXOH GH FRQWU{OH LQGLTXHQW SRXU FKDTXH DIIOXHQW
H D R
Y
U H K W
H
V
V L
X Z PDQTXH VLJQDO 046
H G
U W
Q W H
V H LW
W
K
J
PP VXUFKDUJHVRXVFKDUJH GH OD PpPRLUH WDPSRQ
L X U
U F H
OOR S
$ G W
R
Q
5pFHSWLRQ
'X F{Wp UpFHSWLRQ OD FDUWH UHoRLW FRQGXLWV j 0ELWV GH FKDFXQ GHV DJUpJDWV (VW HW 2XHVW
3DUPL OHV DJUpJDWV UHoXV j O·2XHVW HW OHV GHX[ UHoXV j O·(67 OH FLUFXLW GH VpFXULVDWLRQ 063 VpOHFWLRQQH
O·DJUpJDW SULQFLSDO RX GH VHFRXUV j DQDO\VHU YLD OHV FRPPDQGHV 3527 :(67 HW 3527 ($67 UHoXHV
GX PRGXOH GH FRQWU{OH GH OD FDUWH
/HV 78 DYHF OHV IRQFWLRQV 61&3 VRQW FKRLVLHV HW H[WUDLWHV SDUPL OHV DIIOXHQWV VpOHFWLRQQpV YLD
OHV PDWULFHV GH UDFFRUGHPHQW G\QDPLTXHV VHORQ OHV VLJQDX[ UHoXV GX PRGXOH GH FRQWU{OH
/·LQWHUSUqWH GX SRLQWHXU 782+ YpULILH OD SUpVHQFH GX VLJQDO 6,$ VXU FKDTXH FRQGXLW VpOHFWLRQQp
$ FH VWDGH FKDTXH &9 HVW WUDLWp LQGLYLGXHOOHPHQW /D GHVFULSWLRQ FLDSUqV FRQFHUQH XQ VHXO &9 PDLV
V·DSSOLTXH j WRXV OHV DIIOXHQWV
3RXU REWHQLU OD VWUXFWXUH GX & O·HQWrWH GH FRQGXLW 32+ HVW H[WUDLWH GX &9 YLD OD WHUPLQDLVRQ GH
FRQGXLW G·RUGUH LQIpULHXU /37
/H FLUFXLW GH *(67,21 '8 32+ HIIHFWXH OHV RSpUDWLRQV VXLYDQWHV
HVWLPDWLRQ GH OD SDULWp SDU HQWUHODFHPHQW GH ELWV G·RUGUH %,3 OH FRPSWDJH G·HUUHXUV HVW
XWLOLVp SRXU JpQpUHU OH VLJQDO )(%( HUUHXU EORF &5& pPLVVLRQ
FRQWU{OH GX /$%(/ '( 6,*1$/ 9pULILFDWLRQ GH OD FRQILJXUDWLRQ UpJXOLqUH GHV ELWV GX ODEHO GH
VLJQDO
FRQWU{OH GX VLJQDO )(%( SRXU YpULILHU VL GHV HUUHXUV RQW pWp GpWHFWpHV VXU O·pTXLSHPHQW GLVWDQW
SDU FDOFXO GX %,3
YpULILFDWLRQ GHV GpIDLOODQFHV UHoXHV GH O·H[WUpPLWp GLVWDQWH )(5)
H[WUDFWLRQ GH OD WUDFH FRQGXLW QRQ GLVSRQLEOH GDQV FHWWH YHUVLRQ
7RXWHV FHV RSpUDWLRQV VRQW JpUpHV SDU OH PRGXOH GH FRQWU{OH
/H VLJQDO 0ELWV HVW UpJpQpUp SDU WUDLWHPHQW GX & GDQV O·DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$
(
&
,/ FH TXL JpQqUH OH VLJQDO 0ELWV '$7$ HW O·KRUORJH DVVRFLpH 8Q FLUFXLW '3// HVW XWLOLVp DYHF OH U\WKPH
$ IRXUQL SDU XQ RVFLOODWHXU H[WHUQH
$
('
. $/ $* $$
$$
/HV FRQGXLWV 0ELWV VRQW GLYLVpV HQ GHX[ EORFV XQ EORF GH FRQGXLWV HW XQ EORF GH FRQGXLWV SXLV
VRQW HQYR\pV YHUV GHX[ FRQGXLWV GLIIpUHQWV
O
/HV VLJQDX[ 0ELWV GX FRQGXLW 0ELWV UHERXFODJH SRVVLEOH YLD OH PRGXOH GH FRQWU{OH VRQW HQYR\pV
H
V
L
K
V
W D
W
YHUV OH FLUFXLW ´GH PXOWLSOH[DJHµ DILQ G·rWUH PXOWLSOH[pV HQ FRQGXLW 0ELWV VWUXFWXUp
W Q F O
I H $
W
R Q
J R P
F R
/H VLJQDO G·DIIOXHQW HVW HQFRGp +'% HW SHXW rWUH UHPSODFp SDU OH VLJQDO 6,$ HQ FDV GH GpWHFWLRQ 046
LQ U
V I
\
S
W
L Q
I R
0ELWV
R L
FR W
GQ D
Q
D
LR U
W
]
L
/·,QWHUIDFH * HW OH WUDQVIRUPDWHXU pOHFWULTXH DGDSWHQW OH VLJQDO G·DIIOXHQW 0ELWV FRQIRUPpPHQW
D R
Q
R LF W
Q X
K
j OD 5HFRPPDQGDWLRQ * HW O·HQYRLHQW YHUV XQH VRXUFH H[WHUQH
J X D
LQ PQ
H
0RGXOH GH FRQWU{OH
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R /H PRGXOH GH FRQWU{OH GH OD FDUWH HIIHFWXH OHV RSpUDWLRQV SULQFLSDOHV VXLYDQWHV
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
W H LW
K PP
J
&HWWH LQWHUIDFH VpOHFWLRQQH HW H[WUDLW GH OD FDUWH GH UpIpUHQFH G·KRUORJH OHV VLJQDX[ GH V\QFKURQLVDWLRQ HW
L X U
U F H
OOR S
$ G W
R
Q
GH U\WKPH j XWLOLVHU FRPPH UpIpUHQFH SRXU OD FDUWH 3RXU IRXUQLU OHV FULWqUHV GH VpOHFWLRQ FHWWH LQWHUIDFH
WUDLWH OHV DODUPHV UHoXHV GHV GHX[ &58 j VDYRLU
,6:&$1 DODUPH LQWHUQH UHoXH GH OD &58 $
,6:&%1 DODUPH LQWHUQH UHoXH GH OD &58 %
/·LQWHUIDFH IRXUQLW pJDOHPHQW OHV FULWqUHV G·DODUPH &.0672)) HQ FDV GH SHUWH GX VLJQDO GH U\WKPH
VpOHFWLRQQp
'LDORJXH ORFDO SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
&H W\SH GH GLDORJXH SHUPHW GH UHFHYRLUpPHWWUH YHUV OD FDUWH OHV RSWLRQV GH UpJODJH GX ORJLFLHO FRQVHUYpHV
SDU OD PpPRLUH ((3520 /HV FULWqUHV G·DODUPHV HW GH SHUIRUPDQFHV VRQW UHoXV GH OD FDUWH
7RXWHV OHV DODUPHV LQWHUQHV GH OD FDUWH VRQW FROOHFWpHV SRXU DFWLYHU OH YR\DQW G·DODUPH URXJH HW JpQpUHU
OHV FULWqUHV GH FRPPXWDWLRQ 26: j HQYR\HU DX[ DXWUHV FDUWHV SRXU HIIHFWXHU OD FRPPXWDWLRQ
*HVWLRQ GX ERXFODJH
/H ERXFODJH GH OLJQH /LQH / HW OH ERXFODJH LQWHUQH VRQW SRVVLEOHV DX QLYHDX GH O·DIIOXHQW ,OV VRQW JpUpV
SDU OHV VLJQDX[ /37 HW /30 ,O HVW SRVVLEOH GH OHV DFWLYLHU YLD XQ ORJLFLHO
*UnFH DX UHERXFODJH GH OLJQH OH VLJQDO UHoX GH OD OLJQH H[WHUQH GH O·DIIOXHQW HVW ERXFOp VXU OH F{Wp UpFHSWLRQ
GH O·DIIOXHQW
*UnFH DX UHERXFODJH LQWHUQH OH VLJQDO UHoX GH O·DJUpJDW HVW ERXFOp VXU OH F{Wp pPLVVLRQ GH O·DIIOXHQW
/H ERXFODJH V·XWLOLVH SRXU WHVWHU GLIIpUHQWV QLYHDX[ GH O·pTXLSHPHQW HW GH OD OLJQH
7UDLWHPHQW GX 6,$
/D GpWHFWLRQ GH O·LQGLFDWLRQ GX ´QHHG WR IRUZDUG $,6µ ´EHVRLQ G·pPHWWUH OH 6,$µ DFWLYH OHV UHJLVWUHV 6,$
TXL HQYRLHQW OH VLJQDO 6,$ YHUV OHV ,QWHUIDFHV 5HF *
'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
'HV LQIRUPDWLRQV VXU OHV RSWLRQV GH UpJODJH OHV FULWqUHV OD UpLQLWLDOLVDWLRQ OHV DODUPHV HWF VRQW
pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV ORFDX[ /,(&% HW 1,(&%
(
&
,/
$
$
('
. $/ $* $$
$$
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH j O·LQWpULHXU GX FKkVVLV
O
6pFXULVDWLRQ 063 SRXU $36 GHV DJUpJDWV
H
V
L
K
V
W D
W
&HWWH IRQFWLRQ SHUPHW GH VpOHFWLRQQHU YLD OHV FRPPDQGHV 3527 :(67 HW 3527 ($67 O·XQ GHV GHX[
W Q F O
I
R
H $
W
Q
VLJQDX[ UHoXV GHV DJUpJDWV 2XHVW HW (VW SULQFLSDO RX GH VHFRXUV
J
LQ
R P
F R
U
/HV RSpUDWLRQV GH VpOHFWLRQ SHQGDQW OD SKDVH GH PLVH HQ VHUYLFH HW GH FRPPXWDWLRQ SHQGDQW OD SKDVH
\V I
S
R
W
L Q
I R
L
GH IRQFWLRQQHPHQW VRQW WUDLWpHV SDU O·DQDO\VH GHV FULWqUHV GH FRPPXWDWLRQ ,6: UHoXV GHV FDUWHV
FR W
GQ D
]
L
G·DJUpJDWV
QLR U
D
Q
W
D R
K
&HV FULWqUHV LQGLTXHQW OD SUpVHQFH G·XQH GpIDLOODQFH VXU OD FDUWH RX OD GpWHFWLRQ G·DODUPHV OH ORQJ GX
LF W
R
J
Q X
X D FRQGXLW GH ILEUH
LQ PQ
V H
V PW W
D
3
R LU
F
Z
*HVWLRQ GH O·DIIOXHQW (36
G W
G Q X
H D R
Y
U
H
H K
V L
W &HWWH IRQFWLRQ HVW XWLOLVpH SRXU OD VpFXULVDWLRQ GH O·DIIOXHQW (36 YLD OD FRPPDQGH ,6:7 UHoXH GHV DXWUHV
V
H
U
X Z
G
W
DIIOXHQWV
Q W H
V
W
K
H LW /H FLUFXLW IRQFWLRQQH pJDOHPHQW DYHF OD FRPPDQGH 26: /D IRQFWLRQ (36 HVW GpFULWH GDQV OH SDUDJUDSKH
PP
J
L
U
OO
X U
F H SDJH
R S
$ G W
R
Q
5HFRQQDLVVDQFH GH OD FDUWH SULQFLSDOH
9LD OH VLJQDO &7<3( O·DIIOXHQW GX PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ SUpVHQWHV HQ HQWUpH GH OD FDUWH GH FRQWU{OH pWHQGX GHV
DIIOXHQWV j [ 0ELWV VRQW
9
9
9
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G·LQYHQWDLUH QXPpURV GH VpULH UpIpUHQFHV GDWH GH FRQVWUXFWLRQ 1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW (6&7 TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW (6&7
(
&
,/
$
$
('
. $/ $* $$
$$
9(56 $*5 9(56 $*5 '( /·$*5 '( /·$*5
(67 28(67 (67 28(67
O L L
H : :
V W L
L W V D L
( : 7 7
K Q F
W O ' '
I W $H 7 7
'
R Q '
J R P 6
, 6
,
F R
LQ
5 3 5 3
U
\ W V I 8
&
6
0
8
&
6
0 7
S L Q 7
1
7
1
( 7 ( 6
R I R 6 6 6 (
L ( ( ( ( ( 8
F R W '0 '0 2
D ( ( ( ( 6
G Q ] & '7 & & '7 &
,
6
Q LR U L , 6
5( 3
, 6
5( 3
5 ,
5 / 5 / 8 5 7
D W R 7 2 7 2 & 8 6
D $ & $ & ( & ( 7
Q LF W K 0& 0& & 6 & 7 ( 8 6
R Q X $ $ $ 7 $ 6 6 2 (
5 5 5 6 5 (
J X D 7 (8
; 7
7
;
88
,6
6
,
27
LQ P Q 5 5
( (
8 8
V H &
V PW W P P
&
(
(
D R LU (
(
6 6
F
3 Z 7
P P P 7
P P P
G W ( ( (
( ( (
G Q X
7
7
7
7
H D R 7 7
Y 6 /
U H K W ( )
H V L
)
'
$
,6:7
V X Z
H 336
U W G
Q H 0$75,&( '<1$0,48(
V H W 1 6
W LW , ,6::1
F 2
H , / 6 5 6 6 5
K P 5 F F F 7 ) 3 8 3 ( *
P H P
J
L X U H H
5
P
( 6 ) ( & 0 '$
( F F ( $
U F H 7 5
5
H H ( ,6:(1
OO R 7 7
7 5 * 6
S 7 7
$ G W 7 7
R
Q
( 1
7
* 2 1 1(
,
1 $ 7 + &
( 2
, + $ +$ 2
, (
$ 7 $ $
* 2
, , $ 3 5
2 7 2 5 23 7 / $
, 4 7
$ $ 6 &6 &(
7 3
7 +
,$
6 08 + ( 8 6 3 7 3 /
( 6 &
$ 57 7 ( ; ( 8 6
$ 8+ 5
2 6 1 9 5 5
7 8 2 ( * ( *2 /,(&% (
0 ( 7 % $ 7 (
) * (
5 1 ( 1 9 7
2 ( 82 (
) 5
*
&
*& 1,(&% ' $
( 2
/ ( &
,6 1
, 8 7
$ ( 51 $
, 5
3 3 1
< '$
F $ (
H , 7 ( 2 / &
1V 7 &
5 6 & 2
,$ ( 1
,2 LW 5(
6 2 ( 5
( 1 * , 7 E $ 5 7
7 $ 7 $ 0 & &
* 2 7 7 1
, $ + 5 $ 1 6
$ 7 & $ 3 . 2
52 ( / 3 $ 1
7 7 +$ +$ $ 09 / & &
$ ( 3 1$ / 0 2 (
93 25 25 3 5& 1 ( 1 5
, ( 1( 8
0 &/ 3 ( 3 7 / 5 7 6 8 ,'
2 ( ' 2
5 1 ;
)
** , 2 8 $ ( , 41
( * ( 6 ) & 7 ,
2 ( 6 2 5 ( , 6 1
) *
5 1 5 3 81 /
6 < 2
( $ 8
2
, 3 ( * , 0 ' 2+ &
. 7 1 ) 3 3 (
& $ 5 2 5
5 12
5 ( 2) 0
8 7 & 1 ,6:&%1
/ " 5
$ *
, ,1 6 ( 2
, 8
/ )
16 ( ( 3 7 8 5
$ 1V 1 6 &
W *
, 1 8 07 & 5
1 1 ( ,6:&$1
* ,2LE 6 $ $ 2
0 * 5( ( &
/ (
, 2 7 3 &
$ , '/ 2 $ '
6 VW 7 $0 ] 1
V
5
/ /
(
L 3 + + $ 6
$ 5 $ ,2 LW $
*
1 E / / ,$
5 2 (/ 3 0 7 E ( 6
$
,2 0 ( 3 1$ /
5 0&
/ ' 26:L (
7 1 (1 (
& 7 6
5 & ( ** 6 8 8
(
( * $ (, . 1 2 2 7
6 ,
7 56 &
% 7 5
1
, $ $
6
' &
5
(
9
5 6<1&$
8 08/7,3/ 8
( 6 .
5 '(08/7,3/ 6<1& 6<1&% 5
= 2
' 8 & &
5 / %
2 ( ' &.$ (
1
& ' + '
6 ( &.
% 2 = &.%
. 1 * &
& $ ' 2 5
+ 1 1 5
2 5 /
( 6
/ 7 5 8 5 .
& 2 ( = 2 & 7
6 / 8%
+ F '5 ( ' &
( P H 2 1
$ ( ( '+ 6
5 & 6 (
7 1 2 =
$ 6 % 5
' 1 7 7
1'
&5 ,0 ( (
11 /
< 2 $ + $
0 9 7
5 ' ( / 5
( 5 9 &$5(0 $
$ 7 9 9 : $
7 & ( &
& 6 2 :
8 $
V ( 3 3
3,
,3
% ) $ WL (
, 5 )
5 E 1
*( 5
7 7 ( * 0 1 (
7
V
W 1 7 2 *
, ( 6 &
L 1 7 ' 2 6
E , / 5 7 5
1 ( , (
0 5 $ 1 (
( ( & 7 $ (
8 &
2 $ 7 9 7
/ $ + ) 1 (
6 ( 6 5
) ) 5 , '
( 9 $
) 5 * ( * / '
,3
,3
$ ( 1 &
7 %
, ,
7 1
, 6
1
, 8
)
1 3 1 1 1 3 1 3 9 9 9
( ( 8 8 ( ( 8 8 $ % $ %
' ' ' ' '
' ' ' ( ( 8 8
' ' ' '
( (
V
V
LW ,6
LW ,6
/ / / /
V ) E , ) E , 6
6 7 7 ,
8 / LW ) 0 ) 0
5 ) 8 8 8 ,0
5 E $ $ 3 /
( )
9 & $ 0 1 1 ( $
2 2 '
1 1
)LJXUH &DUWH G·DIIOXHQWV [ 0ELWV HW 7UDQ0X[
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQWV [ 0ELWV
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /D FDUWH G·DIIOXHQWV [ 0ELWV IRXUQLW XQH FDSDFLWp PD[LPDOH GH FRQGXLWV SOpVLRFKURQHV 0ELWV SRXU
K
W
I
Q F
H $
W
O
DFFpGHU j OD VWUXFWXUH QXPpULTXH V\QFKURQH 670
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
$SUqV DYRLU V\QFKURQLVp FKDTXH DIIOXHQW SDU UDSSRUW DX[ VLJQDX[ GH U\WKPH HW GH V\QFKURQLVDWLRQ UHoXV
I R
R
FR W L
GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58 OD FDUWH WUDQVPHW YLD OHV FDUWHV GH PDWULFH OHV VLJQDX[ G·DIIOXHQWV
GQ D
Q
D
LR U
W
]
L
DERXWpV GDQV OD VWUXFWXUH 670 YHUV OHV FDUWHV G·DJUpJDWV (VW2XHVW
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
/HV RSpUDWLRQV LQYHUVHV VRQW HIIHFWXpHV GX F{Wp UpFHSWLRQ /HV FRQGXLWV G·DIIOXHQWV 0ELWV VRQW H[WUDLWV
H
GHV WUDPHV 670 UHoXHV SXLV VRQW WUDQVPLV j O·pTXLSHPHQW H[WHUQH G·XQ RUGUH KLpUDUFKLTXH LQIpULHXU
V W
V PW
D R LU
F
3
G
G W
Q X
Z
/HV PRGXOHV GH FRPPXWDWLRQ GpFULWV GDQV OHV VHFWLRQV VXLYDQWHV LQWHUIDFHQW OHV VLJQDX[ 0ELWV DYHF
H
Y
U
D R
H K W
OD VRXUFH H[WHUQH YRLU GHVFULSWLRQ SOXV ORLQ
H V L
V X Z
H G
U
V
W
W
Q W
H LW
H /H IRQFWLRQQHPHQW UpJXOLHU GH OD FDUWH HVW FRQWU{Op YLD OHV GpWHFWHXUV G·DODUPH TXL VLJQDOHQW WRXWH DQRPDOLH
K
J
L
U
PP
X U
DX PRGXOH GH FRQWU{OH &HOXLFL HQ LQIRUPH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW YLD OHV YR\DQWV HW DXWUHV
F H
OOR S
$ G W
LQGLFDWLRQV
R
Q
/HV SDUDJUDSKHV VXLYDQWV FRQFHUQHQW
O·pPLVVLRQ
OD UpFHSWLRQ
OH PRGXOH GH FRQWU{OH
O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
(PLVVLRQ
/H F{Wp pPLVVLRQ GH OD FDUWH LQWHUIDFH OHV DIIOXHQWV SOpVLRFKURQHV 0ELWV HW OD VWUXFWXUH QXPpULTXH
V\QFKURQH 670 &HWWH GHUQLqUH HVW WUDQVPLVH DX[ FDUWHV HQ IRUPDW EXV ILOV 0ELWV SRXU
WUDLWHPHQW
/HV KRUORJHV &.$ HW &.% j 0+] HW OHV VLJQDX[ GH V\QFKURQLVDWLRQ j N+] 6<1& $ HW 6<1& %
VRQW UHoXV GH OD ´FDUWH GH UpIpUHQFH G·KRUORJHµ &58 GH O·pTXLSHPHQW
/H FKRL[ GH O·XQH GHV GHX[ VRXUFHV GH V\QFKURQLVDWLRQ XWLOLVpHV SRXU JpQpUHU OHV VLJQDX[ GH U\WKPH GH
OD FDUWH GpSHQG GH O·pWDW GH IRQFWLRQQHPHQW GHV GHX[ &58
/D FDUWH UHoRLW DIIOXHQWV SOpVLRFKURQHV 0ELWV FRGpV %=6 DYHF XQH LPSpGDQFH GH RKPV
/D GHVFULSWLRQ FLDSUqV FRQFHUQH XQ VHXO GHV DIIOXHQWV FDU WRXV VXLYHQW OD PrPH SURFpGXUH
/H VLJQDO DFFqGH j O·,QWHUIDFH SK\VLTXH 3, FRPSUHQDQW O·,QWHUIDFH * pJDOHPHQW FRPSDWLEOH DYHF
O·,QWHUIDFH '6 FRQIRUPH j OD 5HFRPPDQGDWLRQ 7 $16, HW OH WUDQVFRGHXU
/H FLUFXLW G·,QWHUIDFH *
UpJpQqUH OH VLJQDO GH OLJQH UpFXSpUDQW XQH DWWpQXDWLRQ GH OD IUpTXHQFH 1\TXLVW FRPSULVH HQWUH
HW G%
H[WUDLW O·KRUORJH j 0+] GX VLJQDO GH OLJQH
/H WUDQVFRGHXU
( HQFRGHGpFRGH OH FRGH SDU H[HPSOH GRQQpHV %=6 7 KRUORJH 15=
&
,/
$
GpWHFWH OD SHUWH GX VLJQDO HW JpQqUH O·DODUPH 0DQTXH VLJQDO 046
$ UHERXFOH OH VLJQDO VHORQ OHV FRPPDQGHV GX PRGXOH GH FRQWU{OH
('
. $/ $* $$
$$
$YDQW G·rWUH HQYR\p YHUV XQ UpVHDX V\QFKURQH OH VLJQDO SOpVLRFKURQH 0ELWV j 0ELWV HVW
DGDSWp SXLV LQVpUp GDQV OH FLUFXLW VWUXFWXUp & DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$
O
9LD OD IRQFWLRQ /37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU OH &9 HVW GLVSRVp GH PDQLqUH j GLVWULEXHU
H
V
L
K
V
W D
W
VHV RFWHWV GDQV XQ LQWHUYDOOH GH WHPSV GH PVHF FH TXL FRUUHVSRQG j OD GXUpH G·XQH WUDPH 670
W Q F O
I
R
H $
W
Q
/H &9 FRPSUHQG XQ FLUFXLW & HW XQ HQWrWH GH FRQGXLW 32+ TXL OXLPrPH FRPSUHQG RFWHWV GLVWULEXpV
J
LQ
R P
F R
U
GH PDQLqUH pJDOH j O·LQWpULHXU GH OD VWUXFWXUH
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH G·XQ &9 HW OHV IRQFWLRQV GHV RFWHWV G·HQWrWH GH FRQGXLW
]
L
LR U
Q
D W
D R
32+
Q K
R LF W
Q X
J X D
LQ PQ
H
/·RSpUDWLRQ VXLYDQWH IRUPDWH OD VWUXFWXUH G·XQH 78 YLD OD JpQpUDWLRQ HW O·LQVHUWLRQ GH O·HQWrWH G·XQH FDUWH
V W
V
D
PW
R LU
F
G·DIIOXHQW 782+ /H 782+ FRPSUHQG RFWHWV
3 Z
G
G W
Q X /HV SUHPLHUV RFWHWV + + HW + FRQWLHQQHQW OH SRLQWHXU LQGLTXDQW OH GpEXW GX &9 /HV DXWUHV RFWHWV
H D R
Y
U
H
H K
V L
W VRQW GHV RFWHWV GH ERXUUDJH
V X Z
H G
U W
V
W
Q W
H LW
H
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GX 78
K PP
J
L X U
U F H
OOR S
$ G W
/HV RSpUDWLRQV GpFULWHV FLDSUqV VRQW HIIHFWXpHV GDQV FKDFXQ GHV DIIOXHQWV 0ELWV $ FH VWDGH YLD
R
Q OD IRQFWLRQ GH UDFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& FKDTXH DIIOXHQW HVW DERXWp j O·XQH
GHV WURLV SRVLWLRQV TXL OXL VRQW DVVLJQpHV GDQV OD WUDPH 670 FH TXL FUpH XQH PDWULFH GH UDFFRUGHPHQW
YHUV OHV DJUpJDWV 2XHVW HW (VW
/HV GRQQpHV VWUXFWXUpHV GX EXV ILOV j 0ELWV VRQW WUDQVPLVHV YHUV OHV DJUpJDWV 2XHVW HW (VW YLD
OHV FDUWHV GH PDWULFH
5pFHSWLRQ
/D FDUWH UHoRLW FRQGXLWV j 0ELWV GH FKDFXQ GHV DJUpJDWV (VW HW 2XHVW YLD OHV FDUWHV GH
PDWULFH
8Q FLUFXLW GH VpFXULVDWLRQ 063 VpOHFWLRQQH O·DJUpJDW j DQDO\VHU RX SRXU FKDTXH F{Wp 2XHVW HW (VW
YLD OHV FRPPDQGHV 3527 :(67 HW 3527 (67 UHoXHV GX PRGXOH GH FRQWU{OH GH OD FDUWH
7URLV 78 VRQW FKRLVLHV SDUPL OHV DIIOXHQWV VpOHFWLRQQpV HW VHORQ OHV VLJQDX[ UHoXV GX PRGXOH GH
FRQWU{OH OH F{Wp UpFHSWLRQ (VW RX 2XHVW HVW VpOHFWLRQQp 61&3
/D 0DWULFH WRWDOH XWLOLVH XQLTXHPHQW OHV DIIOXHQWV HW
/D VpFXULVDWLRQ (36 GH OD 0DWULFH WRWDOH VpOHFWLRQQH ´SULQFLSDOµ RX ´GH VHFRXUVµ
/H SRLQWHXU 782+ GpWHFWH OD SUpVHQFH GX VLJQDO 6,$ VXU FKDTXH FRQGXLW VpOHFWLRQQp
$ FH VWDGH FKDTXH &9 HVW WUDLWp LQGLYLGXHOOHPHQW /D GHVFULSWLRQ FLDSUqV FRQFHUQH XQ VHXO &9 PDLV
V·DSSOLTXH DX[ DIIOXHQWV
/·HQWrWH GH FRQGXLW 32+ HVW H[WUDLW GHV &9 FH TXL GRQQH OHV VWUXFWXUHV &
/H FLUFXLW GH WUDLWHPHQW 5HF GH O·HQWrWH GH FRQGXLW SHUPHW
O·H[WUDFWLRQ GH - SRXU YpULILHU OD FRQWLQXLWp GX UDFFRUGHPHQW QRQ GLVSRQLEOH GDQV FHWWH
YHUVLRQ
OD FRPSDUDLVRQ GH % j OD SDULWp %,3 HVWLPpH VXU OH &9 SUpFpGHQW VL GHV HUUHXUV VRQW
GpWHFWpHV HOOHV VRQW HQYR\pHV DX PRGXOH GH FRQWU{OH
O·H[WUDFWLRQ GH & SRXU YpULILHU OD FRQILJXUDWLRQ &9 O·H[WUDFWLRQ GH O·LQGLFDWLRQ )(%( GHV
(
&
,/ SUHPLHUV ELWV GH O·RFWHW * HW O·H[WUDFWLRQ GH O·LQGLFDWLRQ GH GpIDLOODQFH UHoXH GH O·H[WUpPLWp
$ GLVWDQWH )(5) GX qPH ELW FHV GHX[ LQGLFDWLRQV VRQW HQYR\pHV DX PRGXOH GH FRQWU{OH
$
('
. $/ $* $$
$$
/H VLJQDO 0ELWV HVW UHVWUXFWXUp SDU OH WUDLWHPHQW GX & GDQV O·DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU
/3$ FH TXL JpQqUH OH VLJQDO '$7$ HW O·KRUORJH 0ELWV
O
/H VLJQDO G·DIIOXHQW UpJpQpUp HVW HQFRGp %=6 &H VLJQDO SHXW rWUH UHPSODFp SDU OH VLJQDO 6,$ HQ FDV GH
H
V
L
K
V
W D
W
GpWHFWLRQ GX VLJQDO 78 YRLU GHVFULSWLRQ FLGHVVXV
W Q F O
I H $
W
R Q
J R P
F R
(QILQ OH FLUFXLW G·,QWHUIDFH * DGDSWH OH VLJQDO NELWV DX[ FDUDFWpULVWLTXHV VSpFLILpHV SDU OD
LQ U
V I
\
S
W
L Q
I R
5HFRPPDQGDWLRQ * GH O·8,77 SXLV O·HQYRLH YHUV XQH VRXUFH H[WHUQH j OD FDUWH
R L
FR W
GQ D
Q
D
LR U
W
]
L
0RGXOH GH FRQWU{OH
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
/H PRGXOH GH FRQWU{OH HIIHFWXH OHV RSpUDWLRQV SULQFLSDOHV VXLYDQWHV
V H
V PW W
D R LU
3
F
G W
Z 6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
&HWWH LQWHUIDFH VpOHFWLRQQH HW H[WUDLW GH OD FDUWH GH UpIpUHQFH G·KRUORJH OHV VLJQDX[ GH V\QFKURQLVDWLRQ HW
H
U
V
G
W
Q W H
GH U\WKPH j XWLOLVHU FRPPH UpIpUHQFH SRXU OD FDUWH 3RXU IRXUQLU OHV FULWqUHV GH VpOHFWLRQ FHWWH LQWHUIDFH
W H LW
K
J
PP WUDLWH OHV DODUPHV UHoXHV GHV GHX[ &58 j VDYRLU
L X U
U F H
OOR S
$ G W
R
Q
,6: &$ DODUPH LQWHUQH UHoXH GH OD &58 $
,6: &% DODUPH LQWHUQH UHoXH GH OD &58 %
'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
&H W\SH GH GLDORJXH SHUPHW GH UHFHYRLUpPHWWUH YHUV OD FDUWH OHV RSWLRQV GH UpJODJH GX ORJLFLHO FRQVHUYpHV
SDU OD PpPRLUH ((3520 /HV FULWqUHV G·DODUPHV HW GH SHUIRUPDQFHV VRQW UHoXV GH OD FDUWH
7RXWHV OHV DODUPHV LQWHUQHV GH OD FDUWH VRQW FROOHFWpHV SRXU DFWLYHU OH YR\DQW G·DODUPH URXJH HW JpQpUHU
DYHF WRXWHV OHV DXWUHV DODUPHV GpWHFWpHV SDU OD FDUWH OHV FULWqUHV GH FRPPXWDWLRQ 26:L j HQYR\HU DX[
DXWUHV FDUWHV GH O·pTXLSHPHQW
'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
'HV LQIRUPDWLRQV VXU OHV RSWLRQV GH UpJODJH OHV FULWqUHV OD UpLQLWLDOLVDWLRQ OHV DODUPHV HWF VRQW
pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV /,(&% HW 1,(&%
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH j O·LQWpULHXU GX FKkVVLV
5HFRQQDLVVDQFH GX W\SH GH FDUWH
9LD OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
,QWHUIDFH GH O·RFWHW -
&HWWH LQWHUIDFH WUDQVPHW HW UHoRLW OHV GRQQpHV GH O·RFWHW - XWLOLVp FRPPH WUDFH FRQGXLW SRXU &9 1H
V·DSSOLTXH SDV j FHWWH YHUVLRQ
*HVWLRQ GX ERXFODJH
/H ERXFODJH GH OLJQH /LQH / HW OH ERXFODJH LQWHUQH VRQW SRVVLEOHV DX QLYHDX GH O·DIIOXHQW ,OV VRQW JpUpV
SDU OHV VLJQDX[ /37 HW /30 ,O HVW SRVVLEOH GH OHV DFWLYHU YLD XQ ORJLFLHO
*UnFH DX UHERXFODJH GH OLJQH OH VLJQDO UHoX GH OD OLJQH H[WHUQH GH O·DIIOXHQW HVW ERXFOp VXU OH F{Wp UpFHSWLRQ
( GH O·DIIOXHQW
&
,/
$
$ *UnFH DX UHERXFODJH LQWHUQH OH VLJQDO UHoX GH O·DJUpJDW HVW ERXFOp VXU OH F{Wp pPLVVLRQ GH O·DIIOXHQW
('
. $/ $* $$
$$
/H ERXFODJH V·XWLOLVH SRXU WHVWHU GLIIpUHQWV QLYHDX[ GH O·pTXLSHPHQW HW GH OD OLJQH
7UDLWHPHQW GX 6,$
O
V
L V
W D
H
W /D GpWHFWLRQ GH O·LQGLFDWLRQ ´1HHG WR IRUZDUG $,6µ µ%HVRLQ G·pPHWWUH OH 6,$µ DFWLYH OHV UHJLVWUHV 6,$ TXL
K
W
I
Q F
H $
W
O
HQYRLHQW OH VLJQDO 6,$ YHUV OHV ,QWHUIDFHV 5HF *
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
6pFXULVDWLRQ 063
RI R
R W L
F
Q D
G
QLR U
W
]
L &HWWH IRQFWLRQ SHUPHW GH VpOHFWLRQQHU FRPPDQGHV 3527 :(67 O·XQ GHV GHX[ VLJQDX[ UHoXV GHV
D
D R
Q
R LF W
K DJUpJDWV 2XHVW /·RSpUDWLRQ LQYHUVH FRPPDQGH 3527($67 HVW HIIHFWXpH VXU OHV DJUpJDWV (VW
Q X
J
LQ
X D
PQ
/RUVTXH GHX[ 0DWULFHV WRWDOHV VRQW XWLOLVpHV FHWWH VpFXULVDWLRQ DJLW FRPPH (36 HQWUH FHV GHX[ FDUWHV
V H
V PW W
D R LU
3
F
G W
Z *HVWLRQ GH O·DIIOXHQW (36
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
&HWWH IRQFWLRQ HVW XWLOLVpH SRXU OD VpFXULVDWLRQ GH O·DIIOXHQW (36 YLD OD FRPPDQGH ,6:7 UHoXH GHV DXWUHV
H
U
V
G
W
Q W H
DIIOXHQWV /H FLUFXLW IRQFWLRQQH pJDOHPHQW DYHF OD FRPPDQGH 26: /D IRQFWLRQ (36 HVW GpFULWH GDQV OH
W H LW
K
J
PP SDUDJUDSKH SDJH
L X U
U F H
OOR S
$ G W
R
Q
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ HQ HQWUpH GH OD FDUWH VRQW
9
9
9
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDXW G·DOLPHQWDWLRQ
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
6 5 7 6 5 6 5 76 6 5 76 6 5 6 5 6 5 76 6 5 76
5
(* 6 5 *7
($6
5 *(
( 5 *(
($8 5
(* 7 5
(* 7 5
(* ( 5
(* (
9$( 9 ( 9$8 9 9 $ 6( 9 $ 6( 9$8 9$8
2 2 2 2
O
H
V W
L V
W D
K
W Q F O L L L L L L L L
( (
: : ( ( : :
H $
7 7
I W
R Q 7
J R P
F R
7' 7
' 7' 7
'
7
'
7
' ' '
:
6,
LQ U
)
\V I
W
SL Q
76 )
RI R 76 $ 7
L
6(
( 67
R W
F
8 (
GQ D
] ,6 2 ,6 8 ( 8 4
QLR U L
5 36 6 5 36 2 6, 2 (
D W
D R 8 , 8 (
& 0 & 6, 6,
Q LF W
K
( 5
8 ( 0 5
5
8 5 ,5
$7
7
1
5
7
R Q X 6 & 6 8 & 8 $7 1
J X D
( & 1 ( & 1 2
LQ 6 ( 6 (6 ( ,6 &
V
PQ
H
6 ,2 /
7 )) 63 9 ' (
V PW W
& & 7 6( $ ( 1
, 7
D R LU
$ 7 $ 6 5
F
5 6( 5 ( * $
3
G W
Z
( ( 7; 7; 8 &
G Q X '' ''7 ( ( 2
H D R (5 7& (5 6&
Y
H K ,& 2&6 ,& 2&(
(3 83
U W
V L 5 / 5 /
7$ & 7$ & 1($
H
V X Z
$ $2 ,2 /, 6, ,6::1
05 05 76 &
H G
8 67 5 36 5
U W
Q W H
63 8 *
V
W H LW (2 ( &0 $
K PP 3 *% (
6 ,6:(1
J
L X U P P P P P P
U
OO
F H
R S
( ( ( (
7 (
7 (
7
$ G W 7 7 7
FH FH FH ( -
R
&
Q
5
7 5
7 5
7 - $) 7
5 (7 4
(7 (
1 & 5
( 1 ,1 2 & 4 7
* 2
,7 ,2 ( (
/,(&% 1
7$$ $ $+ 7 ,$6 1 (7 9$ 5 1,(&% 2
3
0 78 + 52 & ,2 ( 71 &
7 &
(87 (7 8 7 $, 5 /( (/ (
5
2 1
( ( 7 &
(7
6
(3
$
& $3 2
8 2 6(
*&
7
5
) * ' 8 , 5 2 $
( 7 <7 1 & 7 /$ (7 &
$ ' 1 ,1 1 , 5
& 2 5 2 '$
1 71 7 ,6 FH & 3 & &
( 2
,7 ( 1 6 ( ( (
* + ( + & 5 ,$ & 5 '
$7 $70 2 0 2 $+7 7 1
$ 9 73 5(( 3 ( 3 5 3 $ 6 (/
( 7, 7, FH 72 0 51 1 (8 1
0& / 1
( $5
P
( $ 5 ;( 3 / 6
1
5 8 ,2 8
' 2
5 2 2 6 ,7 4 1
2
)
* 7 5
7 ,2 )
5 3 7$ ( 2
0 , ,6 2 ,'
= 7$ (3 (5 & 6<&
5 1 *1 8 $ 2 + (5
33
8 5 ,
= * (7 ) 0 5
/$ - % & * - % & * 1 VWV ,) 1
,1 2 2
16$ ) ,7 LE
2 1 (& ) 1 ,6:&%1
,6 LW 3
* $0 2
& 8 6 5( ,2
7 8
5 ] *( 3 (8
7 E0 / ( $/3 * + 6
( 2
/$ 0 7 &
(/ 5
& '5
5
(6 &
1 /$
( 0
0 , $5 (
(
,6:&$1 6&
*1 5 ' /$ 6 (
7
1 $/
1
, ,2
+
2 6 (5 ,* 6 $ 6$
5
7 (
6 6 ( 26:L 5&
( 8 1 (
96
* % 1 (
7
5 6 2
8 2 ' 8
( =5 / 6<1&$ 2
'1 . 7
2 5 & 6<1&%
& 8 8
6%
1 ' ( %' FH 6<1& &.$
5
&
$+ '+ $, P
6( 5 2 = 6 ( 5
7 + &5 7 &.%
( 2 1 6 7
1 ( 6 (1 ,1 9 9 9 &.
1 * 8
2 2
/ % VW 4
' ( 5 LE 0
/$ (
2 (
&
$) 6 + &
$) 6' 0 5
' :
3 7
5 ,6 ,3 1( 5 , ,3 &$5(0 1
(7 * 1 ,7 5
2
8 6 (7 * 61 7 2
&
78 1
,1 $ 6
(8)
% ,1 $ (
8
6( (
7
* + /) /% 5
2 ,6 $
6 )$ &
8 8
% )
+
( 2 (
6 8 8
8
' % ' ' ' 9 9
9
V
; ) WLE
8 )$ 0 ( ,0
$ ' /·$
/
(
(
&
,/
$ )LJXUH 6FKpPD IRQFWLRQQHO GH O·DIIOXHQW [ 0ELWV
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQW '9%
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /D FDUWH G·DIIOXHQW '9% 'LIIXVLRQ 9LGpR 1XPpULTXH D pWp LQWURGXLWH SRXU VXSSRUWHU O·pPLVVLRQ GH GLIIXVLRQ
K
W
I
Q F
H $
W
O
HW O·pPLVVLRQ GH SRLQW j SRLQW G·XQ FRQGXLW YLGpR QXPpULTXH FRQIRUPpPHQW DX[ VSpFLILFDWLRQV '9%
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
(OOH RIIUH OHV IRQFWLRQV VXLYDQWHV
RI R
R W L
F
Q D
G
QLR U
W
]
L pPLVVLRQ HW UpFHSWLRQ G·XQH IRQFWLRQ TXL SHXW rWUH VpOHFWLRQQpH DX PR\HQ GH FDYDOLHUV PDWpULHOV
D
D R
Q
R LF W
K SUpVHQWV VXU OD FDUWH
Q X
J X D
LQ PQ
V
V PW
H
W WURLV FDQDX[ pPLVVLRQ RX UpFHSWLRQ LQGpSHQGDQWV VRQW GLVSRQLEOHV VXU XQH VHXOH FDUWH
D R LU
F
3 Z
G W
G
H
Q X
D R LQWHUIDFH GH VpULH DV\QFKURQH 6,$ VXSSRUWpH SDU GHV RUJDQHV VWDQGDUG OHV GHX[ PRGHV
Y
H K
U
H
V
V L
X Z
W
G·pPLVVLRQ UpSDUWLH HW SDU UDIDOHV VRQW GLVSRQLEOHV
H G
U W
Q W H
V
W
K
H LW
PP
OH GpELW GX FRQGXLW YLGpR HQWUH HW 0ELWV HVW DXWRPDWLTXHPHQW GpWHFWp HW JpUp SDU OD
J
FDUWH
L X U
U F H
OOR S
$ G W
R
Q
GHX[ ORQJXHXUV GH SDTXHW HW VRQW VXSSRUWpHV
7URLV LQWHUIDFHV 6,$ ELGLUHFWLRQQHOOHV LQGpSHQGDQWHV VRQW GLVSRQLEOHV &RPPH H[LJp SDU OH VWDQGDUG
O·HQWUpH HW OD VRUWLH VRQW GpFRXSOpHV SDU XQ WUDQVIRUPHXU
'HV FRQQHFWHXUV %1& VRQW IRXUQLV SRXU O·HQWUpH HW OD VRUWLH 6,$
'X F{Wp pPLVVLRQ FKDFXQ GHV WURLV SRUWV 6,$ HVW PDSSp GDQV XQ FRQGXLW SOpVLRFKURQH 0ELWV SXLV OHV
FDQDX[ 0ELWV VRQW PDSSpV GDQV XQH WUDPH V\QFKURQH 670
/HV RSpUDWLRQV LQYHUVHV VRQW HIIHFWXpHV VXU OH F{Wp UpFHSWLRQ /HV FRQGXLWV 0ELWV VRQW H[WUDLWV GHV
WUDPHV 670 UHoXHV SXLV WUDLWpHV SDU XQ SURFHVVHXU GH EDVH SRXU REWHQLU OHV WURLV FRQGXLWV 6,$
/H IRQFWLRQQHPHQW UpJXOLHU GH OD FDUWH HVW FRQWU{Op YLD OHV GpWHFWHXUV G·DODUPH TXL VLJQDOHQW WRXWH DQRPDOLH
DX PRGXOH GH FRQWU{OH &HOXLFL HQ LQIRUPH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW YLD OHV YR\DQWV HW DXWUHV
LQGLFDWLRQV
8Q '63 HIIHFWXH OD FRQILJXUDWLRQ HW OD SURJUDPPDWLRQ GH OD FDUWH
/HV SDUDJUDSKHV VXLYDQWV FRQFHUQHQW
O·pPLVVLRQ
OD UpFHSWLRQ
OH PRGXOH GH FRQWU{OH
O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
(
&
,/
$
$
('
. $/ $* $$
$$
(PLVVLRQ
/D GHVFULSWLRQ VXLYDQWH FRQFHUQH FKDFXQ GHV WURLV SRUWV G·HQWUpH
O
V
L V
W D
H
W /H F{Wp UpFHSWLRQ GH OD FDUWH UHoRLW XQ SDTXHW GH GRQQpHV 03(*76 RX XQ FRQGXLW GH UDIDOH GH GRQQpHV
K
W
I
Q F
H $
W
O
/D ORQJXHXU GH FKDTXH SDTXHW UHVSHFWH OHV VSpFLILFDWLRQV $6,(1 HW SHXW GRQF DWWHLQGUH
R Q
J R P
F R
RX RFWHWV /D IUpTXHQFH GX FRQGXLW 6,$ HVW GH 0ELWV /D IUpTXHQFH GX FRQGXLW HQ HQWUpH JpUp
LQ U
V I
\
S
W
L Q
I R
HVW FRPSULVH HQWUH HW 0ELWV
R L
FR W
GQ D
Q
D
LR U
W
]
L
3DU O·LQWHUPpGLDLUH G·XQH LQWHUIDFH 6,$ OHV SDTXHWV VRQW FRQYHUWLV HQ IOX[ VpULH 8QH KRUORJH GH 0+]
D R
Q
R LF W
Q X
K
HVW UpFXSpUpH j SDUWLU GHV GRQQpHV HW VH EORTXH j 0+] YLD XQH ERXFOH j YHUURXLOODJH GH SKDVH 3//
J X D
LQ PQ
H
8QH VROXWLRQ D pWp DGRSWpH SRXU OH PDSSDJH GX SDTXHW 03(*76 HQ FRQGXLW 3'+ GH 0ELWV QRQ WUDPp
V W
V PW
D R LU
F
3
G
G W
Q X
Z
8Q SURFHVVHXU '63 HW XQ )3*$ RUJDQH SURJUDPPDEOH VRQW XWLOLVpV SRXU LQVWDOOHU OD SURFpGXUH
H
Y
U
D R
H K W
G·DGDSWDWLRQ
H V L
V X Z
H G
U
V
W
W
Q W
H LW
H &H IOX[ HVW HQVXLWH PDSSp HQ VWUXFWXUH QXPpULTXH V\QFKURQH 670 TXL HVW WUDQVPLVH SRXU WUDLWHPHQW
K
J
L
U
PP
X U
DX[ FDUWHV HQ WDQW TXH FRQGXLW VWUXFWXUp GH EXV j ILOV j 0ELWV
F H
OOR S
$ G W
R
Q /HV KRUORJHV &.$ HW &.% j 0+] HW OHV VLJQDX[ GH V\QFKURQLVDWLRQ j N+] 6<1& $ HW 6<1& %
VRQW UHoXV GH OD ´FDUWH GH UpIpUHQFH G·KRUORJHµ &58 GH O·pTXLSHPHQW /H FKRL[ GH O·XQH GHV GHX[ VRXUFHV
GH V\QFKURQLVDWLRQ XWLOLVpHV SRXU JpQpUHU OHV VLJQDX[ GH U\WKPH GH OD FDUWH GpSHQG GH O·pWDW GH
IRQFWLRQQHPHQW GHV GHX[ &58
$YDQW G·rWUH HQYR\p j XQ UpVHDX V\QFKURQH OH VLJQDO SOpVLRFKURQH j 0ELWV HVW DGDSWp SXLV LQVpUp GDQV
XQ FRQWHQHXU VWUXFWXp & /3$ DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU
3XLV YLD O·RSpUDWLRQ /37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH LQIpULHXU OH &9 UpSDUWLW VHV RFWHWV GDQV XQ
LQWHUYDOOH GH PV FRUUHVSRQGDQW j XQH SpULRGH GH WUDPH 670 /H &9 FRPSUHQG XQ FRQWHQHXU
& HW XQ HQWrWH GH FRQGXLW 32+ TXL FRPSUHQG OXLPrPH QHXI RFWHWV UpSDUWLV GH PDQLqUH pJDOH
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH G·XQ &9 HW G·XQ 32+
/·RSpUDWLRQ VXLYDQWH IRUPDWH OD VWUXFWXUH GX 78 HQ JpQpUDQW HW LQVpUDQW OH 782+ &H GHUQLHU FRPSUHQG
QHXI RFWHWV OHV WURLV SUHPLHUV RFWHWV + + + FRQWLHQQHQW OH SRLQWHXU TXL ORFDOLVH OH GpEXW GX &9
/HV VL[ GHUQLHUV RFWHWV VRQW GHV RFWHWV GH ERXUUDJH
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH G·XQ 78 HW G·XQ 32+
/HV RSpUDWLRQV GpFULWHV VRQW HIIHFWXpHV VXU FKDFXQ GHV WURLV DIIOXHQWV j 0ELWV $ FH SRLQW YLD OD
FRQQH[LRQ GH FRQGXLW G·RUGUH LQIpULHXU /3& FKDTXH DIIOXHQW j HVW FRQQHFWp j O·XQH GHV WURLV
SRVLWLRQV TXL OXL HVW DWWULEXpH GDQV OD WUDPH 670 FH TXL FUpH XQH PDWULFH GH FRQQH[LRQ YHUV OHV DJUpJDWV
28(67 HW (67
/HV GRQQpHV VWUXFWXUpHV GH EXV j ILOV j 0ELWV VRQW WUDQVPLVHV YHUV OHV DJUpJDWV 28(67 HW (67
HQ IRQFWLRQ GH OHXU FRQILJXUDWLRQ
/H FRQWU{OHXU G·pTXLSHPHQW pJDOHPHQW FRQFHUQp DYHF OHV RSWLRQV GH UpJODJH UpFXSqUH j SDUWLU GH
FKDTXH DIIOXHQW OHV SULQFLSDOHV DODUPHV SHUWH GH VLJQDO /26 VXUFKDUJH RX VRXVFKDUJH GH OD PpPRLUH
WDPSRQ
(
&
,/
$
$
('
. $/ $* $$
$$
5pFHSWLRQ
/D FDUWH SHXW UHFHYRLU MXVTX·j TXDWUH FRQGXLWV GH 0ELWV GHX[ HQ SURYHQDQFH GHV DJUpJDWV (67
O
HW GHX[ HQ SURYHQDQFH GHV DJUpJDWV 28(67
H
V W
L V
W D
K
W
I
Q F
H $
W
O
8Q FLUFXLW GH VpFXULVDWLRQ 063 VpOHFWLRQQH O·DJUpJDW RX j DQDO\VHU HQ XWLOLVDQW OHV FRPPDQGHV UHoXHV
R Q
J R P
F R
GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
LQ U
\V I
W
L Q
S
I R
R
FR W L
7URLV FDUWHV G·DIIOXHQWV 78 VRQW FKRLVLHV SDUPL OHV DIIOXHQWV VpOHFWLRQQpV YLD OD PDWULFH GH UDFFRUGHPHQW
GQ D
Q
D
LR U
W
]
L
G\QDPLTXH HW FRQIRUPpPHQW DX[ LQGLFDWLRQV GH VLJQDOLVDWLRQ UHoXHV GX PRGXOH GH FRQWU{OH
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
/D FRQGLWLRQ 786,$ HW OD SHUWH GX SRLQWHXU VRQW GpWHFWpV SDU O·LQWHUSUpWHXU GX SRLQW GH FDUWH G·DIIOXHQW
H
782+
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R $ FH SRLQW FKDTXH &9 HVW JpUp LQGLYLGXHOOHPHQW /D GHVFULSWLRQ VXLYDQWH WUDLWH XQ &9 PDLV V·DSSOLTXH
U H K W
H
V
V L
X Z j FKDFXQ GHV WURLV DIIOXHQWV
H G
U W
Q W H
V H LW
W
K
J
PP /·HQWrWH GH FRQGXLW 32+ HVW H[WUDLW GX &9 FH TXL GRQQH OHV VWUXFWXUHV &
L X U
U F H
OOR S
$ G W
R
Q
/H FLUFXLW GH WUDLWHPHQW 5HF GX 32+ SHUPHW
O·H[WUDFWLRQ GH - SRXU YpULILHU OD FRQWLQXLWp GX UDFFRUGHPHQW QRQ RSpUDWLRQQHO GDQV FHWWH
YHUVLRQ
OD FRPSDUDLVRQ GH % HW GH OD SDULWp %,3 HVWLPpH VXU OH &9 SUpFpGHQW VL GHV HUUHXUV VRQW
GpWHFWpHV HOOHV VRQW UHQYR\pHV DX PRGXOH GH FRQWU{OH
O·H[WUDFWLRQ GH & SRXU YpULILHU OD FRQILJXUDWLRQ GH &9
O·H[WUDFWLRQ GH O·LQGLFDWLRQ )(%( GHV SUHPLHUV ELWV GH O·RFWHW * HW O·H[WUDFWLRQ GH O·LQGLFDWLRQ
5$, GX FLQTXLqPH ELW &HV GHX[ LQGLFDWLRQV VRQW HQYR\pHV DX PRGXOH GH FRQWU{OH
/H VLJQDO 0ELWV HVW UHVWUXFWXUp SDU OH WUDLWHPHQW GX & GDQV O·DGDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU
/3$ FH TXL JpQqUH OH VLJQDO '$7$ HW O·KRUORJH 0ELWV TXL EORTXH O·KRUORJH 0+] 8QH ERXFOH
YHUURXLOOpH GH SKDVH QXPpULTXH '3// HVW LQVWDOOpH VXU OH SURFHVVHXU GX '63 HW SHUPHW G·REWHQLU GH ERQV
UpVXOWDWV HQ FH TXL FRQFHUQH OD JLJXH HW OH GpUDSDJH UpVLGXHOV
/H VLJQDO 0ELWV HVW HQVXLWH PDSSp GDQV OH FRQGXLW 03(*76 SDU OH )3*$ 8QH VDOYH 6,$ RX XQ SDTXHW
GH GRQQpHV VRQW JpQpUpV HW HQYR\pV j O·LQWHUIDFH 6,$ DYHF O·KRUORJH
0RGXOH GH FRQWU{OH
/H PRGXOH GH FRQWU{OH HIIHFWXH OHV RSpUDWLRQV SULQFLSDOHV VXLYDQWHV
6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
&HWWH LQWHUIDFH VpOHFWLRQQH HW H[WUDLW GH OD FDUWH GH UpIpUHQFH GµKRUORJH OHV VLJQDX[ GH V\QFKURQLVDWLRQ
HW GH U\WKPH j XWLOLVHU FRPPH UpIpUHQFH SRXU OD FDUWH
3RXU IRXUQLU OHV FULWqUHV GH VpOHFWLRQ FHWWH LQWHUIDFH WUDLWH OHV DODUPHV UHoXHV GHV GHX[ &58 j VDYRLU
,6:&$1 DODUPH LQWHUQH UHoXH GH OD &58 $
,6:&%1 DODUPH LQWHUQH UHoXH GH OD &58 %
'LDORJXH ORFDO SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
(
&
,/
$ &H W\SH GH GLDORJXH SHUPHW GH UHFHYRLUpPHWWUH YHUV OD FDUWH OHV RSWLRQV GH UpJODJH GX ORJLFLHO
$
FRQVHUYpHV GDQV OD PpPRLUH (3520
('
. $/ $* $$
$$
7RXWHV OHV DODUPHV LQWHUQHV GH OD FDUWH VRQW FROOHFWpHV SRXU DFWLYHU OH YR\DQW G·DODUPH URXJH HW JpQpUHU
DYHF WRXWHV OHV DXWUHV DODUPHV GpWHFWpHV SDU OD FDUWH OHV FULWqUHV 26:L j HQYR\HU j WRXWHV OHV FDUWHV
GH O·pTXLSHPHQW
O
H
V
L
K
V
W D
W
'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
W Q F O
I H $
W
R Q
J R P
F R
'HV LQIRUPDWLRQV VXU OHV RSWLRQV GH UpJODJH OHV FULWqUHV OD UpLQLWLDOLVDWLRQ OHV DODUPHV HWF VRQW
LQ U
V I
\
S
W
L Q
I R
pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV /,(&% HW 1,(&%
R L
FR W
GQ D
Q
D
LR U
W
]
L
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLVLWRQ GH OD FDUWH j O·LQWpULHXU GX FKnVVLV
V H
V PW W
D R LU
3
F
G W
Z 6pFXULVDWLRQ 063
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
&HWWH IRQFWLRQ SHUPHW GH VpOHFWLRQQHU FRPPDQGHV 3527 :(67 HW 3527 ($67 O·XQ GHV VLJQDX[ UHoXV
H
U
V
G
W
Q W H
GHV DJUpJDWV 28(67 HW (67
W H LW
K PP
J
/D VpOHFWLRQ HIIHFWXpH GXUDQW OD SKDVH GH PLVH HQ VHUYLFH HW OD FRPPXWDWLRQ HIIHFWXpH GXUDQW OD SKDVH
L X U
U F H
OOR S
$ G W
R
Q
GH IRQFWLRQQHPHQW VRQW WUDLWpHV SDU DQDO\VH GHV FULWqUHV GH FRPPXWDWLRQ ,6: UHoXV GHV FDUWHV GHV
DJUpJDWV &HV FULWqUHV LQGLTXHQW OD SUpVHQFH G·XQH GpIDLOODQFH VXU OD FDUWH RX OD GpWHFWLRQ G·DODUPHV OH ORQJ
GH OD OLJQH GH ILEUH
*HVWLRQ GH O·DIIOXHQW (36
&HWWH FDUWH Q·HVW SDV VpFXULVpH (36
5HFRQQDLVVDQFH GX W\SH GH FDUWH
9LD OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
,QWHUIDFH GH O·RFWHW - 1H V·DSSOLTXH SDU j FHWWH YHUVLRQ
&HWWH LQWHUIDFH WUDQVPHW HW UHoRLW OHV GRQQpHV GH O·RFWHW - XWLOLVp FRPPH WUDFH FRQGXLW SRXU &9
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ HQ HQWUpH GH OD FDUWH VRQW
9
9
9
/·DODUPH 3:$/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDXW G·DOLPHQWDWLRQ
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW
/H FRQWHQX GH O·LQYHQWDLUH GLVWDQW HVW GpFULW HQ GpWDLO DX FKDSLWH SDJH
( /H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
&
,/
$ FRQWU{OHXU G·pTXLSHPHQW
$
('
. $/ $* $$
$$
7 7 7 7$ 7$ 7 7$ 7$
6 $* 6 $ 6$* 76 6 * 76 $* 76 ( * 76
5(7 5* 7 5 (5
(* 7 ((7 (*
(
95 6(( 56 ((
95
((
95
( (
'56'56 ' (5 ( ' (5 (8
*( 9 *( *8 *8 * ( *( * 8
$2 *
$ $ $2 $2 $ $ $2
O
H , , , ,
( ( : :
V W
V
L W D
L L( L L
5
K
W Q F O
( 5 5 5
I
R
H $
W :
:
' ' ' ' 4
(
Q
R P 7 7 7 7 (
J
F R ' ' ' ' 5 3 5 3 76 5
, 7 657
LQ
V I
U
8 6 8 6 ( $7 1 5
(1
\ & & 76 $7
8 2
W
SL Q
( 0 ( 0 1 6, 9
RI R
L 6 6 (6
2
(9 (&
FR W
6, ' '(7
GQ D
] 76 76 ,
5 5 ,1 5
QLR U L
( 8 8 $
( &
W
D
D R
& & 76 8 & &
(
Q LF W
K
$ 7 6, $ 2 ( 6
R Q X 5
7; 6( 8 5 5
7 ( 8
6,
6
J X D ( ( 7 8 ; 8 7 5
LQ PQ '' ''7 ( & ( 2 8
V H (5 7& (5 6& (
6 &
PW W
, 2
& &6 , 2
& &( (
(3 83
V
D R LU
5 / 5 / 6
3
F
Z 7$ &
$ 7$ &
$2 1
G
G W
Q X 0 5 0 5 ,2
H D R ( 7$
Y
H K 8 6, 3 ,6::
U
V L
W 4
, 6 (5
H
X Z ; ; ; ;
7 ; ; 0 , 5 0 '*
V
7 7 7 7 7 $3 8 $
H
U
G
W 7 1& & ,6:(
Q W H 7 7 7 7 7 <1 (
V
W H LW '6 6
K PP ( (
J
L
U
X U &
, &-
OO
F H
5
7$ $) 7
R S
$ G W
0 - 5 (
(7 7& + 7(
5 4
R
Q FH FH FH ,7 1 // (
5 5 5 , 2
1 :(0 2 /,(&% 65
7 7 7 (/ * 3, 5
7 1,(&% 5 71
2 2 ( 2
( (/ / 81 9
&$ 75 ,$ 4 2 (&
(
3< 1 ,3
$6 & 1 '(& '(7
2 5
( 1 7 6, 1 & $
*
$
2
,7 1
2
1
2
& $ ,5 (
'
&
7$ $ + $ ,7 $, ,7 $, 13
3 2 5 1( (/
0 8
7 + 8
7 (
& 6
(7 8 & 6
(7 8 ( 27
&5 8
5 1 & '
2 ( (7 (7 1 ($
5& 2
) * ' ' $
0 0 1 (4 1
5 5 2
,7 8 1
FH 2
)
8 7( ,6 ,66 2 ,'
5 5
2
3 * 6 2 <&(
( 1 7 7 7 6 (3 ( ,) (& 3+ 35
1+ & $, 1 1
* ,2
7$ (
1+ $+7 6 ,$6
1 5
$
7$ 7 7( 0 2 (2
03 5
7; 2 3 ,2 (7 1 2 $0
9 / (3 3/ 7$
0 & 3 5
( ,7 P
(
,7$ FH ( 5
&
,1 6 5 1
,6:&%1
8
5 1
( 5( $ 5 8 ((2 2 5
2
) * 7 5
7 ,* 8 0 )5 ,7
8 &
= ) 6( *5 ( &
(/ 5
(
1 VLW
1 0
2 5 /$ $/ 3
2
(
& ,6:&$1 '
6
= ,2 E & $ , $ 6 (
= ' 7
VLW $ - % & * ) - % & * 7$ 0 /$ 5
1 E 3 5 26:L 6$
2 0 / ( / = 5&
,7 1 . (
5
( $
1 & ) 96(
(6 /$ & * 7
6 (
5 ,*
6 6<1&$ 8
,1 1 1 & 2
7
,*
6
$
' 1 6<1&% 8
$7 1 + <6 5
2 &
. $
' ,7 2
6
&.$
(
= & . // 6( '
5 & 8
% . &.%
1 3 * &
P FH
,( (
%
9
7
5 3 $ 7 5
7
' 2 6 FH * 9 9 9 4
7 6 ' 3) + (
1 VLW 0
( 5 ( 2 E /$ 5
8
/)
* P
( $ * 6
8 0 : &$5(0 6 71
7 2 % 3 5 2
)$ $ / (
9&
' 5
/ 2
+ 1( +
2
7
1 6(
(
7
1 /3 (( ,2 56 6 ( 5
$
2 76 8 8 8 /%
6
( 7$
, &
$) 4 8 ,$ 78% % /) ,6 &
5 ,6 6 (8
*) )$ 8
76 5 5
(7 < %9 )
, 8,* +'
*
( )1 ,1 3 +
52 2
6 (
8 9 9
9
& 8
%
' '
,$6 ,$6 6 +
5
(( ,(7 (9 5 & 6' ( ,0
( *
$ ;8 9 ' /$
5 5
7
1 2 ' $
( 6
HJ
1
(
*
(
&
,/
$ )LJXUH 6FKpPD IRQFWLRQQHO GH O·DIIOXHQW '9%
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQW GH FRPPXWDWLRQ 670
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &HWWH FDUWH SHUPHW O·LQWHUIDoDJH ELGLUHFWLRQQHO G·XQ FRQGXLW SOpVLRFKURQH 0ELWV RX V\QFKURQH 670
K
W
I
Q F
H $
W
O
pOHFWULTXH 0ELWV YHUV O·DJUpJDW
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
/H W\SH G·DIIOXHQW UHTXLV SHXW rWUH VpOHFWLRQQp YLD OH ORJLFLHO /HV FDUWHV G·DIIOXHQWV VRQW LQWHUIDFpHV DYHF
I R
R
FR W L
OD VRXUFH H[WHUQH YLD OHV FDUWHV GH PRGXOH GH FRPPXWDWLRQ YRLU GHVFULSWLRQ FLDSUqV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K /H PRGXOH GH FRQWU{OH IDLW SDUWLH GH FHWWH FDUWH HW OD JqUH
Q X
J X D
LQ PQ
V
V PW
H
W /HV SDUDJUDSKHV VXLYDQWV FRQFHUQHQW
D R LU
F
3 Z
G W
G
H
Q X
D R O·pPLVVLRQ
Y
H K
U
H
V
V L
X Z
W
OD UpFHSWLRQ
H
U
V
G
W
Q W H
OH PRGXOH GH FRQWU{OH
W H LW
K
J
PP O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
L X U
U F H
OOR S
$ G W
R
Q
(0,66,21
/D VHFWLRQ FLDSUqV GpFULW OHV RSpUDWLRQV HIIHFWXpHV SRXU WUDQVPHWWUH OH VLJQDO H[WHUQH 5HF RX
0ELWV YHUV OHV DJUpJDWV YLD OHV PDWULFHV
/H VLJQDO G·HQWUpH &0,,1 DFFqGH j O·,QWHUIDFH SK\VLTXH 3, R OHV IRQFWLRQV VXLYDQWHV VRQW HIIHFWXpHV
RSpUDWLRQV FRPSDWLEOHV j O·,QWHUIDFH *
H[WUDFWLRQ GH O·KRUORJH G·DIIOXHQW HQWUDQWH
JpQpUDWLRQ GH O·DODUPH 046 1 HQ FDV GH GpIDLOODQFH GH VLJQDO
/·KRUORJH G·DIIOXHQW 0ELWV HVW pJDOHPHQW HQYR\pH j OD FDUWH GH UpIpUHQFH G·KRUORJH &58 SXLV OH
GpFRGDJH &0,15= HVW HIIHFWXp
/D FRPPDQGH (1 VpOHFWLRQQH OH VLJQDO 0ELWV RX OH VLJQDO 0ELWV SRXU DFWLYHU O·XQ GHV
GHX[ DFKHPLQHPHQWV
0ELWV
/HV FLUFXLWV FRQFHUQpV VRQW
$GDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$
/H FRQGXLW SOpVLRFKURQH 0ELWV HVW LQVpUp GDQV XQ FLUFXLW & SRXU rWUH DGDSWp DILQ G·rWUH
WUDQVSRUWp GDQV OH UpVHDX V\QFKURQH
7HUPLQDLVRQ GH FRQGXLW G·RUGUH VXSpULHXU +37
/H FRQWHQHXU YLUWXHO &9 HVW IRUPDWp
/H &9 HVW VWUXFWXUp GH WHOOH PDQLqUH TXH VHV RFWHWV VRQW GLVWULEXpV GDQV XQ LQWHUYDOOH GH
PVHF FRUUHVSRQGDQW j XQH WUDPH 670 HW FRPSUHQG OH FRQWHQHXU & HW O·HQWrWH GH
FRQGXLW 32+ &H GHUQLHU FRPSUHQG OXLPrPH RFWHWV GLVWULEXpV GH PDQLqUH pJDOH GDQV OD
WUDPH /D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH G·XQ &9 HW GHV RFWHWV GX 32+ - %
& * ) + == /HV RFWHWV ) == FRQWHQXV GDQV OH FRQGXLW GpGLp EXV 2+ VRQW
XWLOLVpV SDU OD FDUWH $8; /H EXV 2+ HVW DFFHVVLEOH YLD O·,QWHUIDFH )8785(%86
3* 6$ *pQpUDWHXUSRLQWHXU GH O·DGDSWDWLRQ GH VHFWLRQ
(
&
,/ 8QH YDOHXU GH SRLQWHXU IL[H HVW LQVpUpH GDQV O·HQWrWH GH O·XQLWp DGPLQLVWUDWLYH $82+ SRXU
$ VWUXFWXUHU OH VLJQDO $8
$
('
. $/ $* $$
$$
0ELWV
6HXOV OHV FRQGXLWV VWUXFWXUpV &9 VRQW JpUpV
O
/HV FLUFXLWV FRQFHUQpV VRQW
H
V W
L V
W D
K
W
I
Q F
H $
W
O
567 WHUPLQDLVRQ GH VHFWLRQ GH UpJpQpUDWLRQ
R Q
J R P
F R
5DFFRUGH OHV SUHPLqUHV UDQJpHV GH O·HQWrWH GH VHFWLRQ 62+ HQ H[WUD\DQW GHV GRQQpHV
LQ U
\V I
W
L Q
S
I R
R
FR W L
067 WHUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH
GQ D
Q
D
LR U
W
]
L
5DFFRUGH OHV GHUQLqUHV UDQJpHV GH O·HQWrWH GH VHFWLRQ 62+ HQ H[WUD\DQW GHV GRQQpHV
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GX 62+ HW GHV RFWHWV TXL OH FRPSRVHQW
V H
V PW W
D R LU
3
F
G W
Z /HV RFWHWV ( ( ) == HW OHV RFWHWV GH VHFRXUV VRQW XWLOLVpV SDU OD FDUWH $8; VXU OH FRQGXLW GpGLp
G Q X
H
Y
D R EXV 2+ YLD O·,QWHUIDFH )8785( %86 TXL OXL IRXUQLW XQ UDFFRUGHPHQW GH WHQVLRQ ORJLTXH
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
6$ DGDSWDWLRQ GH VHFWLRQ
W H LW
K
J
PP 6\QFKURQLVH OH VLJQDO GH U\WKPH 5HF DYHF OH VLJQDO LQWHUQH UHoX GH OD FDUWH GH UpIpUHQFH
L X U
U
OO
F H
R S G·KRUORJH &58 /·DGDSWDWLRQ HVW HIIHFWXpH SDU OH SRLQWHXU $8
$ G W
R
Q
$QDO\VH GH SDULWp % VXU O·HQWrWH GH FRQGXLW 32+ GX &9 SRXU OHV RSpUDWLRQV GH FRQWU{OH GHV
SHUIRUPDQFHV
$ FH VWDGH OH VLJQDO VpOHFWLRQQp HVW pPLV YHUV OHV DJUpJDWV YLD OHV PDWULFHV VRXV IRUPH G·XQ VLJQDO
FRPSRVLWH VXU XQ EXV ILOV 0ELWV
5(&(37,21
/H VLJQDO HVW UHoX GHV FDUWHV G·DJUpJDWV SDU OH EXV ILOV 0ELWV YLD OHV PDWULFHV /H VLJQDO HVW HQVXLWH
JpUp SXLV WUDQVPLV YHUV OHV VRUWLHV G·DIIOXHQWV
/H VLJQDO HVW G·DERUG JpUp SDU
063 6pFXULVDWLRQ GH OD VHFWLRQ GH PXOWLSOH[DJH VpOHFWLRQQH O·XQ GHV GHX[ VLJQDX[ HQWUDQWV
SULQFLSDO RX GH VHFRXUV SURYHQDQW GH O·DJUpJDW (VW RX 2XHVW /H FKRL[ V·HIIHFWXH HQWUH OHV
FLUFXLWV SULQFLSDO RX GH VHFRXUV SURYHQDQW GH O·DJUpJDW VLWXp GX PrPH F{Wp
61&3 6pFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX
SURWqJH OHV FRQGXLWV FRQILJXUpV GX UpVHDX HQ DQQHDX FKHPLQ DX PR\HQ GH O·pWDW G·DODUPH 6,$
GpWHFWp HW GX FRQWU{OH GH SDULWp % VpOHFWLRQ GX F{Wp (VW RX 2XHVW /H FKRL[ V·HIIHFWXH HQWUH
OHV FLUFXLWV SULQFLSDO RX GH VHFRXUV SURYHQDQW GH O·DJUpJDW VLWXp GX F{Wp RSSRVp
3DU FRQVpTXHQW O·XQ GHV GHX[ VLJQDX[ VXLYDQWV HVW DFFHVVLEOH
0ELWV
/HV FLUFXLWV FRQFHUQpV VRQW
7HUPLQDLVRQ GH FRQGXLW G·RUGUH VXSpULHXU +37
H[WUDLW OHV RFWHWV G·HQWrWH GH FRQGXLW 32+ GH OD VWUXFWXUH GX &9 HW OHV JqUH VHORQ OHV FDV
YRLU )LJXUH SDJH
/HV RFWHWV ) == VRQW HQYR\pV YHUV OD FDUWH $8; VXU XQ FRQGXLW GpGLp EXV 2+ YLD O·,QWHUIDFH
)8785( %86
$GDSWDWLRQ GH FRQGXLW G·RUGUH LQIpULHXU /3$
( UHVWUXFWXUH O·DIIOXHQW 0ELWV SDU VRQ H[WUDFWLRQ GX FRQWHQHXU &
&
,/
$
$
('
. $/ $* $$
$$
0ELWV
7HUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH 067
O
OHV RFWHWV GHV GHUQLHUV UDQJV GH O·HQWrWH GH VHFWLRQ VRQW LQVpUpV
H
V
L
K
V
W D
W
7HUPLQDLVRQ GH VHFWLRQ GH UpJpQpUDWLRQ 567
W Q F O
I
R
H $
W
Q
OHV RFWHWV GHV SUHPLHUV UDQJV GH O·HQWrWH GH VHFWLRQ VRQW LQVpUpV
J R P
F R
LQ U
V I
\
S
W
L Q
I R
/D )LJXUH SDJH LOOXVWUH OHV RFWHWV TXL FRPSRVHQW OD VWUXFWXUH GH O·HQWrWH GH VHFWLRQ
R L
F
G
R W
Q D
/HV RFWHWV ( ( ) = HW = VRQW XWLOLVpV SDU OD FDUWH $8; VXU OH FRQGXLW GpGLp DX EXV 2+
]
L
LR U
Q
D W
D R
$ FH VWDGH O·XQ GHV GHX[ VLJQDX[ HVW VpOHFWLRQQp j SDUWLU GHV GHX[ FRQGXLWV UHoXV
Q K
LF W
R
J
Q X
X D
/·HQVHPEOH GHV FLUFXLWV 15=&0, DYDO HQFRGHQW SXLV O·,QWHUIDFH SK\VLTXH 3, H[pFXWH OHV RSpUDWLRQV
LQ
V
PQ
H
W
FRPSDWLEOHV j O·,QWHUIDFH *
V PW
D
3
R LU
F
Z
(QVXLWH OH VLJQDO &0,287 HVW WUDQVPLV YHUV OD VRUWLH G·DIIOXHQW
G W
G Q X
H D R
Y
U
H
H K
V L
W %86 2+
V X Z
H G
U W
V
W
Q W
H LW
H
(Q SOXV GHV FRQGXLWV GH EXV 2+ PHQWLRQQpV FLGHVVXV VXU OHVTXHOV GHV LQIRUPDWLRQV VRQW pFKDQJpHV
K
J
L
U
PP
X U
F H
FRQFHUQDQW OHV GRQQpHV XWLOLVDWHXU HW OHV YRLHV GH SDUROH XQ FRQGXLW EXV 2+ VXSSOpPHQWDLUH DVVXUH OHV
OOR S
$ G W
R
FRPPXQLFDWLRQV GHV RFWHWV . . HW 6 HQWUH OHV DJUpJDWV HW OHV DIIOXHQWV
Q
6 HVW XQ FRQGXLW VpULH SRUWDQW OHV FULWqUHV G·DODUPH H[WHUQHV &HV RFWHWV VRQW XWLOLVpV SRXU OHV RSpUDWLRQV
GH FRPPXWDWLRQ
/HV FRQGXLWV GX EXV 2+ VRQW LQWHUIDFpV YLD OH *(67,211$,5( )8785( %86
/D FRPPXWDWLRQ ELGLUHFWLRQQHOOH QH IRQFWLRQQH SDV DYHF FHWWH YHUVLRQ
0RGXOH GH FRQWU{OH
/HV IRQFWLRQV SULQFLSDOHV HIIHFWXpHV SDU OH PRGXOH GH FRQWU{OH VRQW OHV VXLYDQWHV
'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
'HV LQIRUPDWLRQV VXU OHV RSWLRQV GH UpJODJH OHV DODUPHV OHV DFWLRQV HIIHFWXpHV OHV SHUIRUPDQFHV HWF
VRQW pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV /,(&% HW 1,(&% FH
TXL SHUPHW j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW GH JpUHU OHV RSpUDWLRQV TXL OXL VRQW DVVLJQpHV
'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
&H W\SH GH GLDORJXH SHUPHW GH UHFHYRLUpPHWWUH YHUV OD FDUWH OHV RSWLRQV GH UpJODJH GX ORJLFLHO FRQVHUYpHV
SDU OD PpPRLUH (3520 /HV FULWqUHV G·DODUPHV HW GH SHUIRUPDQFHV VRQW UHoXV GH OD FDUWH (Q FDV
G·DODUPH GXH j GHV GpIDLOODQFHV GH FDUWH XQ YR\DQW URXJH V·DOOXPH FRPPDQGH /('1 HW XQ VLJQDO
&26: HVW JpQpUp &HOXLFL FRPELQp DX[ DODUPHV H[WHUQHV GH FDUWHV (;7 $/0 HW j O·DODUPH
G·DOLPHQWDWLRQ 3: $/0 JpQqUH OD FRPPDQGH GH FRPPXWDWLRQ 26:
/RUVTXH OH YR\DQW HVW DOOXPp FHOD VLJQLILH TXH OD FDUWH HVW HQ IRQFWLRQQHPHQW :. &+
5HFRQQDLVVDQFH GX W\SH GH FDUWH
9LD OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
,QWHUIDFH GH O·RFWHW -
(OOH WUDQVPHWUHoRLW OHV GRQQpHV GH O·RFWHW - WUDFH GH FRQGXLW SRXU &9 OD VWUXFWXUH GHV GRQQpHV
QXPpULTXHV HVW UHSURGXLWH DYHF OD SpULRGLFLWp G·XQH WUDPH GH 670
1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
*HVWLRQ GX ERXFODJH
*qUH GHX[ ERXFOHV GH FDUWHV
(
& /37 &RPPDQGH GH ERXFODJH F{Wp VWDWLRQ %RXFOH GH O·pTXLSHPHQW ORFDOH TXL SHUPHW
,/
$ GH WUDQVPHWWUH YHUV OH F{Wp pPLVVLRQ OH VLJQDO UHoX GHV DJUpJDWV
$
('
. $/ $* $$
$$
/30 &RPPDQGH GH ERXFODJH F{Wp OLJQH %RXFOH GH OLJQH GLVWDQWH TXL SHUPHW GH WUDQVPHWWUH
YHUV O·DIIOXHQW OH VLJQDO UHoX GH FHW DIIOXHQW
O
*HVWLRQ GX FDQDO GH FRPPXQLFDWLRQ GH GRQQpHV '&&
H
V
L
K
V
W D
W
,O LQWHUIDFH GH PDQLqUH LQWHUQH OHV FDQDX[ NELWV '' HW NELWV '' GX FRQGXLW SURYHQDQW
W Q F O
I
R
H $
W
Q
GX UpVHDX GH JHVWLRQ GHV WpOpFRPPXQLFDWLRQV 701 GH O·HQWrWH GH VHFWLRQ 62+ ORUVTX·LO HVW JpUp SDU
J
LQ
R P
F R
U
OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
]
L
LR U
Q
D W
D R
6pOHFWLRQQH OH W\SH G·DIIOXHQW
Q K
R LF W
Q X
J X D
LQ PQ
H
6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH
V W
V
D
PW
R LU
F
(OOH VpOHFWLRQQH OHV &58 FDUWH GH UpIpUHQFH G·KRUORJH FRQWHQDQW OHV VLJQDX[ GH V\QFKURQLVDWLRQ HW GH
3 Z
G
G W
Q X U\WKPH j H[WUDLUH FRPPH UpIpUHQFH SRXU OD FDUWH FRQFHUQpH
H D R
Y
U
H
H K
V L
W /HV DODUPHV ,6:&$ ,6:&% UHoXHV GHV GHX[ FDUWHV VRQW WUDLWpHV SRXU DFWLYHU OD VpOHFWLRQ
V X Z
H G
U W
V
W
Q W
H LW
H
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
K
J
L
U
PP
X U
F H
/D SRVLWLRQ SK\VLTXH GH OD FDUWH j O·LQWpULHXU GX FKkVVLV HVW UHFRQQXH SDU OH PRGXOH GH FRQWU{OH YLD OHV
OOR S
$ G W
R
VLJQDX[ ,'
Q
6pFXULVDWLRQ 063
&HWWH IRQFWLRQ SHUPHW GH VpOHFWLRQQHU FRPPDQGHV 3527 :(67 O·XQ GHV GHX[ VLJQDX[ SULQFLSDO RX GH
VHFRXUV UHoXV GHV DJUpJDWV :(67 /·RSpUDWLRQ LQYHUVH FRPPDQGH 3527 (67 HVW HIIHFWXpH VXU OHV
DJUpJDWV (67
/HV RSpUDWLRQV GH VpOHFWLRQ SHQGDQW OD SKDVH GH PLVH HQ VHUYLFH HW GH FRPPXWDWLRQ SHQGDQW OD SKDVH
GH IRQFWLRQQHPHQW VRQW WUDLWpHV SDU O·DQDO\VH GHV FULWqUHV GH FRPPXWDWLRQ ,6: UHoXV GHV FDUWHV
G·DJUpJDWV &HV FULWqUHV LQGLTXHQW OD SUpVHQFH G·XQH GpIDLOODQFH VXU OD FDUWH RX OD GpWHFWLRQ G·DODUPHV OH
ORQJ GX FRQGXLW GH ILEUH
/RUVTXH GHX[ 0DWULFHV WRWDOHV VRQW XWLOLVpHV FHWWH VpFXULVDWLRQ DJLW FRPPH (36 HQWUH FHV FDUWHV /HV
VLJQDX[ ,6: 0$ 0% GH OD 0DWULFH WRWDOH VRQW XWLOLVpV
*HVWLRQ GH O·DIIOXHQW (36
&HWWH IRQFWLRQ HVW XWLOLVpH SRXU OD VpFXULVDWLRQ GH O·DIIOXHQW (36 YLD OD FRPPDQGH ,6:7 UHoXH GHV DXWUHV
DIIOXHQWV
/H FLUFXLW IRQFWLRQQH pJDOHPHQW DYHF OD FRPPDQGH 26: /D IRQFWLRQ (36 HVW GpFULWH GDQV OH SDUDJUDSKH
´(36 SRXU DIIOXHQWV pOHFWULTXHVµ SDJH
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ SUpVHQWHV HQ HQWUpH GH OD FDUWH G·DIIOXHQWV [ 0ELWV
VRQW
9
9
9
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
(
&
,/
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW
$
$
('
. $/ $* $$
$$
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW
O
H
V W
L V
W D
K
W
I
Q F
H $
O RFWHWV
W
R Q
J R P
F R
LQ U
\
S
V I
W
L Q
-
I R
R
FR W L %
Q D
G
QLR U
]
L &
D W
Q
D R
K * &+$5*( 87,/( &
LF W
R Q X RX
J X D ) &9 &9
LQ PQ
V
V PW
H
W
+
R LU
D
3
F
Z
=
G W
G
H
Q X
D R
=
Y
U
H
H K
V L
W =
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L
U
X U
F H
32+ '8 &9
OOR S
$ G W
R
Q
- WUDFH FRQGXLW XWLOLVp SRXU WUDQVPHWWUH GDQV XQ PRGH F\FOLTXH XQH FRQILJXUDWLRQ j RFWHWV
SRXU YpULILHU OD FRQWLQXLWp GX UDFFRUGHPHQW QH V·DSSOLTXH SDV j FHWWH YHUVLRQ
% UpVXOWDQW GX %,3 HIIHFWXp VXU OH &9 SUpFpGHQW DYDQW OH EURXLOOHXU
& ODEHO GH VLJQDO OHV FRQILJXUDWLRQV VRQW XWLOLVpHV SRXU LQGLTXHU VL OH &9 HVW pTXLSp RX QRQ
RX SRXU LQGLTXHU OD VWUXFWXUH GH OD FKDUJH XWLOH
* pWDW FRQGXLW XWLOLVp SRXU WUDQVPHWWUH GHV LQIRUPDWLRQV VXU O·pWDW GH OD OLDLVRQ YHUV OH SRVWH
G·H[SORLWDWLRQ GLVWDQW
ELWV SRXU OH VLJQDO GH EORF HUURQp (P GpWHFWp j O·H[WUpPLWp GLVWDQWH )(%( GRQW OHV
FKLIIUHV GpFLPDX[ LQGLTXHQW OH QRPEUH GH YLRODWLRQV GX %,3 OHV YDOHXUV LOOpJDOHV
j LQGLTXHQW O·DEVHQFH G·HUUHXUV
XQ ELW SRXU XQ FKLIIUH G·LQGLFDWLRQ (P G·DODUPH )(5) HW OHV DXWUHV FKLIIUHV QRQ XWLOLVpV
) XWLOLVp SRXU OD WUDQVPLVVLRQ G·XQ FDQDO SURYHQDQW GH OD FDUWH $8;
+ LQGLFDWHXU PXOWLWUDPH XWLOLVp SRXU OHV FKDUJHV XWLOHV VWUXFWXUpHV YLD OH JURXSH GH FDUWHV
G·DIIOXHQWV 78* TXL LQGLTXH OD VRXVWUDPH GH FKDTXH PXOWLWUDPH
== DFFHVVLEOHV YLD O·LQWHUIDFH GH OD FDUWH $8;
)LJXUH 6WUXFWXUH GX &9 HW FRQWHQX HQ RFWHWV GH O·HQWrWH GH FRQGXLW 32+
(
&
,/
$
$
('
. $/ $* $$
$$
&2/211(6 RFWHWV &2/211(6 RFWHWV
O
H
V W
L V
W D
K Q F
W O
I
R
H $
W
Q $ $ $ $ $ $ -
J R P
F R
LQ U
V I
\
S
W
L Q
I R
562+ % ( )
R L
FR W
GQ D
]
Q
D
LR U
W
L
' ' '
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
32,17(856 $8 &+$5*( 87,/( 670
V H
V PW W
D R LU
3
F
G W
Z % % % . . 5$1*6
G Q X
H D R
Y
H K
U
H V L
W
' ' '
V X Z
H G
U W
Q W H
V
W
K
H LW
PP
062+ ' ' '
J
L X U
U F H
OOR S
$ G W
R
' ' '
Q
6 = = = = 0 (
/HV RFWHWV GH W\SH $ HW $ FRQVWLWXHQW OH PRW GH YHUURXLOODJH
FKLIIUHV
& LQGLTXH O·DIIOXHQW 670 j O·LQWpULHXU G·XQ VLJQDO 6701
/·RFWHW % UpVXOWDQW GX %,3 HIIHFWXp VXU OD WUDPH SUpFpGHQWH HQ VRUWLH GX EURXLOOHXU HVW LQVpUp
GDQV OD WUDPH HQ FRXUV DYDQW OH EURXLOODJH 1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
/·RFWHW % HVW XWLOLVp SRXU O·HVWLPDWLRQ GX 7(% GDQV OD VHFWLRQ GX UpJpQpUDWHXU
/HV RFWHWV % UpVXOWDQW GH O·HQFRGDJH %,3 HIIHFWXp VXU OD WUDPH SUpFpGHQWH VDQV OHV
SUHPLHUV UDQJV GH O·HQWrWH GH VHFWLRQ VRQW LQVpUpV GDQV OD WUDPH HQ FRXUV DYDQW OH
EURXLOODJH ,OV QH VRQW SDV HVWLPpV j QRXYHDX GDQV OHV ´UpSpWHXUVµ FDU LOV VRQW XWLOLVpV SRXU
HVWLPHU OH 7(% HQWUH OHV PXOWLSOH[HXUV
( HW ( VRQW XWLOLVpV SRXU OHV FRPPXQLFDWLRQV WpOpSKRQLTXHV GH VHUYLFH HQWUH OHV
UpJpQpUDWHXUV ( HW HQWUH PXOGH[ HW PXOGH[ (
'' VRQW XWLOLVpV FRPPH FDQDO NELWV SRXU OD WUDQVPLVVLRQ GH GRQQpHV '&& &DQDO
GH WUDQVPLVVLRQ GH GRQQpHV HQWUH OHV UpJpQpUDWHXUV GX UpVHDX 701
'' VRQW XWLOLVpV FRPPH FDQDO NELWV SRXU OD WUDQVPLVVLRQ GH GRQQpHV '&& HQWUH OHV
PXOWLSOH[HXUV GX UpVHDX 701
) HVW XWLOLVp SRXU WUDQVPHWWUH XQH YRLH GH GRQQpHV RX GH SDUROH UHoXH GH OD FDUWH $8;
. HW . VRQW XWLOLVpV SRXU OHV LQGLFDWLRQV GH VpFXULVDWLRQ OLQpDLUH 7UDLO 06 /HV GHUQLHUV ELWV
. VRQW XWLOLVpV FRPPH LQGLFDWLRQ GLVWDQWH GH VHFWLRQ GH PXOWLSOH[DJH 065', SRXU OHV DODUPHV
)(5) HW 6,$ HQWUH OHV PXOWLSOH[HXUV
6 LQGLTXH O·pWDW GH V\QFKURQLVDWLRQ
= HW = VRQW GHV RFWHWV GH VHFRXUV SRXU XQH IRQFWLRQ QRQ GpILQLH
/·RFWHW 0 LQGLTXH XQH HUUHXU )(%( 065(, SRXU OD VHFWLRQ GH PXOWLSOH[DJH
/·RFWHW ; HVW UpVHUYp SRXU XQ XVDJH QDWLRQDO
/HV RFWHWV VRQW UpVHUYpV j GHV QRUPHV LQWHUQDWLRQDOHV IXWXUHV XQ XVDJH QDWLRQDO
VXSSOpPHQWDLUH HWF
D HVW XQ RFWHW 0HGLD 'HSHQGHQW VHXOV GHX[ DFFHVVLEOHV 1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
/HV RFWHWV QH VRQW SDV EURXLOOpV FRPPH OH SUHPLHU UDQJ HQWLHU
(
&
,/
$
$ )LJXUH 6WUXFWXUH GX 670 HW FRQWHQX HQ RFWHWV GH O·HQWrWH GH VHFWLRQ 62+
('
. $/ $* $$
$$
9(56 '( 66
0$75,&( 0$75,&( 6 (7 (7
5
(85
92 $
7 7 76 76 7&
6 6
7 7 ( ( 7 7 ( (
O 6 6 8 8 6( 6 8 8
H
W
( ( 2 2 ( 2 2
V
L V
W D :
K
W Q F O 6
I H $
W 2 .
R Q
&
R P 1 .
!
J
LQ
F R
U /' 0
/ ( : 2
V I $ 6
\
S
W
L Q 0
/ : ,6 ,
RI R
$7 3 5 5
FR W L
: 8 8
Q D ( ; 6 &
( &
G ]
& ( 2 6 (
Q
D
LR U
W
L
1 & 6
D R
K 76 1 $
Q LF W 76 ( 2 0
7,$ 5
R Q X
8
J X D (
6 2 2
) 5 6( 1
LQ PQ
, 6 6 5 5 (8 & ,2 6 6
V H
,) +
. 5 3 3 6, 8 ( 82 1 7$ ( 1
* 3( $0 5 0
W
0 0 ,* 3
PW
V
R LU 5% 2 8 5 5 12 ,7
D
3 & 8 ) ,6::1
F (
9 % ( & 1 /2 1 58 /$ ,2 5
,* 7 $,6 63
3 Z
G W 6 ( 2 $, 5 2 ) $ *
G Q X 6 & ( )
' 7 5 1 7( 650 $
H D R 6 1 2 (8 ,6:(1
Y
H K 1 ( (
, 3& *&
U
V L
W
,2 63 0 (6
H
7$ 3 5 ((
,& /$
V X Z
H G $/ (
U W
6
, $ &
$) -7 5
V
Q W H
18$ - ,6: 0$0%
7$ 72
W H LW
*$ 2$ 6 (/ 5 (7 07
K
J
PP 36 5 & (7 &
L X U + 1
U
OO
F H & VWL 2
8 ,1 2 ,2 / /
R S 1 76 )) 63
$ G W <
6 E % 7 ))
R
0 3/ 1( ($( $
,6:7
Q
,2 / *
* 76 &
7
8
3 & . ' (2
/ - 1 % ' 0
3/ *%
1+7
( ,2 73 2
/
&
% 7
& +
,2
7 6 60 '
1(
8 ' $ 5 ' ' 1 28
2
= 5 + (6 0 1 ,7 ,4
( & % 7 2 ( 1 2, 6
,'
* 1 '
. ;( 3 ,1 ' ,7 &
2 &6<
$7 7
3 %
2+7 & ( 2+
$ 6
,$ 2 = 6( ' 533
0 + - 6
6 % ) '
5
9 ,1 0 0 *
2
) & 0 '
5 1
(
7 2 1
,7 ,2
7 1
& V 1 & 2 57 4
= )
8 LW
5 ,2 +7 (/ 7,$ (7 8(1 /,(&%
(
/
= 76 $3 E0 7 2
6 65 (6 5 ( 5
( 5 1 , $& /2 0
& 1,(&% 7
1 1 1 / (6 5 '
( 1 5 (3 &
) 2 2 8&7 , (
,2
7 $3 & , +
6 7 & 1
, ' 0 (9 1 8 7
5 6 $2 66
(
5 % 0$ 2 4 5
(/ 1 ,1 5 5
' (7 2 &( $
&
6 $ 0 &
, '
1 5
( '
1 5
$
7 % (3 1
2
&
1
,6:&%1
73 & ( 2
<7 ( ' ,7 8
/ VW 5 (3 8 5
6 & &
LE . / <7 (/ 5& ,6:&$1 &
0 (/ (6
. &
8 1
2 (
VW /. %
E 0 6<1&$
&
0
3/
6<1&%
(/ / 1 8
( ( ; 6<1& &.$
5
&
& / .
8 & 1+ &
9 &
2 8 2 &.%
%
= 2
% 7,6 2
6 =
, 5 (8 , 5 &.
0 1 *% 0 1
& ( & 9 9 9
*
2
/
5
0
/$
2
1
6 ,3 +
3, :
3
2 (
/ * 1
( * ,5 7
$7 1 $7 6(
1 ( 7 1
,2
76
5 6
8
8
2
(9 6, /%
1 ' ,6
,, 7 8 , 1
,
0
(
* ) %
8 0
&
8
)
& 0
(
VLW 5
VW
LE
+
2 E
$
& 9 9 9
B6 0
0 8
%
( )LJXUH 6FKpPD V\QRSWLTXH DIIOXHQW GH FRPPXWDWLRQ 670
&
,/
$
$
('
. $/ $* $$
$$
&DUWHV G·DIIOXHQWV RSWLTXHV 670
&DUWH G·DIIOXHQW RSWLTXH 6 HW /
O
V
L V
W D
H
W 9RLU )LJXUH SDJH
K Q F
W O
I H $
W
R
J
Q
R P &HWWH GHVFULSWLRQ V·DSSOLTXH j WRXWHV OHV FDUWHV G·DIIOXHQWV RSWLTXHV 670 GH FHWWH YHUVLRQ
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L FDUWH )& G·DIIOXHQWV 6
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K FDUWH )& G·DIIOXHQWV /
R Q X
J X D
LQ
V
V
PQ
PW
H
W
FDUWH )& G·DIIOXHQWV /
D R LU
F
3 Z
G
G W
Q X
D R
/HV OHWWUHV / HW 6 GpILQLVVHQW OD FDUWH /RQJXH SRUWpH / RX &RXUWH SRUWpH 6 )& HW 6& LQGLTXHQW OH W\SH
H
Y
U
H
H K
V L
W GH FRQQHFWHXUV XWLOLVpV
V X Z
H G
U W
V
W
K
Q W
H LW
H
/D FDUWH G·DIIOXHQW 670 DJLW FRPPH LQWHUIDFH ELGLUHFWLRQQHOOH HQWUH OH VLJQDO RSWLTXH 670 HW OHV
PP
J
L
U
OO
X U
F H VLJQDX[ UHoXV GHV FDUWHV G·DJUpJDWV 28(67 HW (67 YLD OD FDUWH GH PDWULFH
R S
$ G W
R
Q
'X F{Wp UpFHSWLRQ OD FDUWH HIIHFWXH OHV RSpUDWLRQV GpFULWHV GDQV OD 5HFRPPDQGDWLRQ * GH O·8,77
LQVpUDQW GRQF OHV VLJQDX[ 0ELWV UHoXV GHV FDUWHV GH PDWULFH GDQV OD WUDPH GH O·DIIOXHQW V\QFKURQH
670 DILQ GH OHV WUDQVPHWWUH DX FRQGXLW GH ILEUH RSWLTXH
/HV RSpUDWLRQV LQYHUVHV VRQW HIIHFWXpHV F{Wp pPLVVLRQ F·HVWjGLUH OD FRQYHUVLRQ GX VLJQDO RSWLTXH HQ
VLJQDO pOHFWULTXH HW OD WUDQVPLVVLRQ GX VLJQDO 0ELWV REWHQX YHUV OHV FDUWHV GH PDWULFH
/HV FRQGXLWV V\QFKURQHV FRQWHQDQW OHV &9 &9 RX &9 SHXYHQW rWUH JpUpV YLD OD FDUWH GH PDWULFH
WRWDOH
/D VpFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 61&3 VXU OHV FRQGXLWV &9 Q·HVW SDV GLVSRQLEOH DYHF
FHWWH FDUWH YLD OD FDUWH GH UDFFRUGHPHQW
/H IRQFWLRQQHPHQW UpJXOLHU GH OD FDUWH HVW FRQWU{Op YLD OHV GpWHFWHXUV G·DODUPH TXL VLJQDOHQW WRXWH DQRPDOLH
DX PRGXOH GH FRQWU{OH &HOXLFL HQ LQIRUPH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW YLD OHV YR\DQWV HW DXWUHV
LQGLFDWLRQV
/HV SDUDJUDSKHV VXLYDQWV FRQFHUQHQW
OD UpFHSWLRQ
O·pPLVVLRQ
OH PRGXOH GH FRQWU{OH
O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
(
&
,/
$
$
('
. $/ $* $$
$$
5pFHSWLRQ
/D FDUWH UHoRLW
O
V
L V
W D
H
W OHV GRQQpHV G·LQIRUPDWLRQ '7L2 HW '7L( VWUXFWXUpHV GDQV XQ EXV ILOV 0ELWV HQ
K
W
I
Q F
H $
W
O
SURYHQDQFH GH OD FDUWH GH PDWULFH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
OHV KRUORJHV &.$ HW &.% 0ELWV DYHF OHV VLJQDX[ GH V\QFKURQLVDWLRQ N+] 6<1&$ HW
I R
R
FR W L
6<1&% GHV FDUWHV GH UpIpUHQFH G·KRUORJH
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K /H FKRL[ GH O·XQH GHV GHX[ VRXUFHV GH V\QFKURQLVDWLRQ XWLOLVpHV SRXU JpQpUHU OHV VLJQDX[ GH U\WKPH GH
Q X
J
LQ
X D
PQ
OD FDUWH GpSHQG GH O·pWDW GH IRQFWLRQQHPHQW GHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH
H
&H FKRL[ V·HIIHFWXH YLD XQH FRPPDQGH pPLVH SDU OH PRGXOH GH FRQWU{OH GH OD FDUWH
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R /HV GRQQpHV UHoXHV VRQW WUDLWpHV VHORQ OHV VSpFLILFDWLRQV GH OD 5HFRPPDQGDWLRQ * GH O·8,77
U H K W
H
V
V L
X Z (Q SUHPLqUH FRQGLWLRQ OHV GRQQpHV VRQW LQVpUpHV GDQV OHXUV SRVLWLRQV DVVLJQpHV j O·LQWpULHXU GH OD FKDUJH
H G
U
V
W
W
Q W
H LW
H XWLOH &9 /3& 5DFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU (QVXLWH O·RSpUDWLRQ +37 WHUPLQDLVRQ GH
K
J
L
U
PP
X U
FRQGXLW G·RUGUH VXSpULHXU VWUXFWXUH OH FRQWHQHXU YLUWXHO &9 G·RUGUH VXSpULHXU GH PDQLqUH j GLVWULEXHU VHV
F H
OOR S
$ G W
RFWHWV GDQV XQ LQWHUYDOOH GH WHPSV GH PVHF FH TXL FRUUHVSRQG j XQH WUDPH 670
R
Q /H &9 FRPSUHQG XQH FKDUJH &9 HW XQ HQWrWH GH FRQGXLW 32+ TXL OXLPrPH FRPSUHQG RFWHWV
GLVWULEXpV GH PDQLqUH pJDOH j O·LQWpULHXU GH OD VWUXFWXUH /D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH G·XQ
&9 HW OHV RFWHWV - % & * ) + == GH O·HQWrWH GH FRQGXLW 32+ GX &9
/HV RFWHWV ) == VRQW XWLOLVpV SDU OD FDUWH $8; VXU XQ FRQGXLW GpGLp EXV 2+ DFFHVVLEOH YLD O·,QWHUIDFH
)XWXUHEXV
/·RSpUDWLRQ 6$ DGDSWDWLRQ GH VHFWLRQ SHUPHW GH V\QFKURQLVHU OD WUDQVPLVVLRQ GH OLJQH DX FRQGXLW UHoX
GHV FDUWHV G·DJUpJDWV YLD OD PDWULFH &HWWH V\QFKURQLVDWLRQ V·REWLHQW SDU OD FRPELQDLVRQ GH O·XQLWp
DGPLQLVWUDWLYH $82+ DYHF OD VWUXFWXUH GX &9
/HV RFWHWV G·HQWrWH GH VHFWLRQ VRQW DMRXWpV DILQ GH FRPSOpWHU OD VWUXFWXUH GH WUDPH 670 &HWWH SKDVH
GH SURFpGXUH HVW SRVVLEOH YLD O·RSpUDWLRQ 067 WHUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH SRXU DVVXUHU OH
UDFFRUGHPHQW GHV GHUQLHUV UDQJV GH O·HQWrWH GH VHFWLRQ 62+ HW YLD O·RSpUDWLRQ 567 WHUPLQDLVRQ GH
VHFWLRQ GH UpJpQpUDWLRQ SRXU UDFFRUGHU OHV SUHPLHUV UDQJV
/D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH G·HQWrWH GH VHFWLRQ 62+ HW GpFULW OHV RFWHWV TXL OH
FRPSRVHQW DLQVL TXH OD VWUXFWXUH GX 670
/HV RFWHWV ( ( ) = HW = VRQW XWLOLVpV SDU OD FDUWH $8; VXU OH FRQGXLW GpGLp EXV 2+ YLD O·,QWHUIDFH
)8785( %86
/H VLJQDO VRUWDQW 670 HVW FRQYHUWL G·XQ VLJQDO SDUDOOqOH HQ VLJQDO VpULH SRXU REWHQLU XQ FRQGXLW
QXPpULTXH G·XQH FDSDFLWp GH 0ELWV HW XQ VLJQDO GH V\QFKURQLVDWLRQ UHODWLI '7 HW &.7
3RXU FHOD OH &9;2 JpQqUH XQH KRUORJH j 0ELWV YHUURXLOOpH VXU O·KRUORJH GH UpIpUHQFH ERXFOH j
YHUURXLOODJH GH SKDVH 3// UHoXH GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
/HV ERXFOHV /30 FRPPDQGH GH ERXFODJH F{Wp OLJQH HW /37 FRPPDQGH GH ERXFODJH F{Wp VWDWLRQ VRQW
SRVVLEOHV SHQGDQW OHV SKDVHV GH PLVH HQ VHUYLFH HW GH PDLQWHQDQFH
/HV GHX[ ERXFOHV VRQW WUDLWpHV SDU OH PRGXOH GH FRQWU{OH
/H VLJQDO 670 HVW HQVXLWH FRQYHUWL SDU OH PRGXOH RSWLTXH (P WHO TXH UHTXLV SDU OD 5HFRPPDQGDWLRQ
* GH O·8,77
&H VLJQDO HVW WUDQVPLV DX FRQGXLW YLD OH FRQQHFWHXU HW HVW GpWDLOOp GDQV OH ´&KDSLWUH 6SpFLILFDWLRQV
WHFKQLTXHVµ SDJH
(
&
,/
$
$
('
. $/ $* $$
$$
/D FDUWH IRXUQLW pJDOHPHQW OHV FULWqUHV GH OD FRXSXUH DXWRPDWLTXH G·pPLVVLRQ ODVHU $/6 WHOV TXH GpILQLV
SDU OD 5HFRPPDQGDWLRQ * GH O·8,77 HW SHXW SUpGpILQLU OHV GLIIpUHQWV DOJRULWKPHV GH VpFXULVDWLRQ
RSWLTXH
O
H
V
L
K
V
W D
W
/HV FRPPDQGHV VXLYDQWHV UpLQLWLDOLVHQW OD VpFXULVDWLRQ RSWLTXH
W Q F O
I H $
W
R Q
J R P
F R
PRGH PDQXHO SRXU FKDTXH SUHVVLRQ GX ERXWRQSUHVVRLU OH ODVHU pPHW SHQGDQW VHFRQGHV
LQ U
\V I
W
L Q
S
I R
R
FR W L
PRGH DXWRPDWLTXH pPLVVLRQ GX ODVHU SHQGDQW VHFRQGHV WRXWHV OHV VHFRQGHV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K PRGH PDQXHO GH WHVW OH ODVHU pPHW GXUDQW VHFRQGHV SRXU FKDTXH SUHVVLRQ GX
Q X
J
LQ
X D
PQ
ERXWRQSUHVVRLU VXSpULHXUH j VHFRQGHV
V H
V PW W
D R LU
3
F
G W
Z /D FRPPDQGH +,*+5()/ HVW XWLOLVpH FRPPH DODUPH 046 SHUWH G·LPSXOVLRQ GX UpFHSWHXU RSWLTXH SRXU
G Q X
H
Y
D R OD VpFXULVDWLRQ RSWLTXH VXU OD ILEUH ELGLUHFWLRQQHOOH /D FRXSXUH DXWRPDWLTXH GH O·pPLVVLRQ ODVHU $/6 SHXW
U H K W
H
V
V L
X Z rWUH GpVDFWLYpH SDU XQ FDYDOLHU
H G
U W
Q W H
V H LW
W
K
J
PP (Q RXWUH OH PRGXOH G·pPLVVLRQ RSWLTXH WUDLWH OHV DODUPHV VXLYDQWHV
L X U
U F H
OOR S
$ G W
R /')$,/ GpIDLOODQFH GH O·pPHWWHXU RSWLTXH
Q
$FWLI VL OD SXLVVDQFH G·pPLVVLRQ EDLVVH GH G%
/''(* GpJUDGDWLRQ /' $FWLI VL OH FRXUDQW GH SRODULVDWLRQ GX FRPSRVDQW RSWLTXH DXJPHQWH
GH SDU UDSSRUW j VD YDOHXU LQLWLDOH
0,7/ SHUWH G·LPSXOVLRQ GH O·pPHWWHXU ODVHU GXH j GHV FDXVHV H[WpULHXUHV SDU H[HPSOH XQH
LQWHUUXSWLRQ GHV GRQQpHV ´µ LQWHUYHQWLRQ GH OD VpFXULVDWLRQ RSWLTXH HWF
7RXWHV OHV DODUPHV VRQW FROOHFWpHV SDU OH PRGXOH GH FRQWU{OH
(PLVVLRQ
/D FDUWH UHoRLW OH VLJQDO 15= j 0ELWV GX FRQGXLW GH ILEUH RSWLTXH FRQQHFWHXU
/H PRGXOH RSWLTXH GH UpFHSWLRQ DVVXUH SDU O·LQWHUPpGLDLUH G·XQH SKRWRGLRGH j DYDODQFKH $3' OD
UpJpQpUDWLRQ GX VLJQDO RSWLTXH HW VD FRQYHUVLRQ HQ XQ VLJQDO pOHFWULTXH '5 GH PrPH VWUXFWXUH
DVVRFLp j VRQ VLJQDO G·KRUORJH &.5
/H PRGXOH GH UpFHSWLRQ RSWLTXH WUDLWH OH VLJQDO G·DODUPH 046 DFWLI ORUV GH OD GpWHFWLRQ G·XQH SHUWH
G·LPSXOVLRQ VXU OD ILEUH RSWLTXH GH UpFHSWLRQ XWLOLVp SDU OH FLUFXLW GH VpFXULVDWLRQ RSWLTXH
/HV KRUORJHV 0ELWV HW OHV GRQQpHV DWWHLJQHQW OH FLUFXLW TXL OHV FRQYHUWLW GX PRGH GH WUDQVPLVVLRQ VpULH
DX PRGH GH WUDQVPLVVLRQ SDUDOOqOH SXLV pPHW XQ EXV ILOV j 0ELWV '5 DYHF XQH
V\QFKURQLVDWLRQ UHODWLYH &.5 /D V\QFKURQLVDWLRQ &.5 HVW HQYR\pH YHUV OD PDWULFH SUpGLIIXVpH
´JDWHDUUD\µ 67;35 HW OHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH &58 R HOOH HVW XWLOLVpH FRPPH
KRUORJH GH UpIpUHQFH H[WpULHXUH /D PDWULFH SUpGLIIXVpH ´JDWHDUUD\µ 67;35 XWLOLVH OHV GRQQpHV '5
SRXU HIIHFWXHU OHV RSpUDWLRQV LQYHUVHV WHO TXH GpFULW GDQV OD 5HFRPPDQGDWLRQ * GH O·8,77
/HV RFWHWV GH O·HQWrWH GH VHFWLRQ 62+ VRQW H[WUDLWV GHV VLJQDX[ 0ELWV GpVHPEURXLOOpV YLD OHV
IRQFWLRQV 567 WHUPLQDLVRQ GH VHFWLRQ GH UpJpQpUDWLRQ HW 067 WHUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH
/D IRQFWLRQ 567 H[WUDLW HW YpULILH OHV SUHPLHUV UDQJV GHV RFWHWV GX 62+
OHV RFWHWV $ HW $ YpULILHQW OH PRW GH YHUURXLOODJH VRQ DEVHQFH DFWLYH O·DODUPH 397
O·RFWHW % YpULILH OH FRPSWHXU GH SDULWp G·RUGUH %,3
(
&
,/ OHV RFWHWV ' j ' YpULILHQW OH UDFFRUGHPHQW GHV YRLHV GH GRQQpHV YHUV OH PRGXOH GH FRQWU{OH
$
$
OHV RFWHWV ( ) HW OHV RFWHWV UHVWDQWV YpULILHQW OH UDFFRUGHPHQW YHUV OH EXV 2+
('
. $/ $* $$
$$
/D IRQFWLRQ 067 H[WUDLW HW YpULILH OHV GHUQLHUV UDQJV GHV RFWHWV GX 62+
O·RFWHW % YpULILH OH FRPSWHXU GH SDULWp G·RUGUH %,3 OD SUpVHQFH G·HUUHXUV DFWLYH O·DODUPH
O
6' VLJQDO GpJUDGp RX O·DODUPH 7(% WDX[ G·HUUHXU H[FHVVLI
H
V W
L V
W D
K
W
I
Q F
H $
W
O
OHV RFWHWV . HW . YpULILHQW O·$36 OH VLJQDO GH 6,$ GH OD VHFWLRQ GH PXOWLSOH[DJH 066,$ HW
R Q
J R P
F R
OH VLJQDO )(5) GH OD VHFWLRQ GH PXOWLSOH[DJH 06)(5)
LQ U
\V I
W
L Q
S
I R
R
FR W L
OHV RFWHWV ' j ' YpULILHQW OH UDFFRUGHPHQW GHV YRLHV GH GRQQpHV YHUV OH PRGXOH GH FRQWU{OH
GQ D
Q
D
LR U
W
]
L
701
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
OHV RFWHWV ( = = HW OHV DXWUHV RFWHWV YpULILHQW OH UDFFRUGHPHQW YHUV OH EXV 2+
H
$ FH VWDGH OD IRQFWLRQ 6$ DGDSWDWLRQ GH VHFWLRQ V\QFKURQLVH OH VLJQDO G·KRUORJH UpFXSpUp &.5
V W
V PW
D R LU
F
3
G
G W
Q X
Z
KRUORJH N+] HW OH VLJQDO GH U\WKPH LQWHUQH &. /·DGDSWDWLRQ V·HIIHFWXH SDU MXVWLILFDWLRQ GX SRLQWHXU
H
Y
U
D R
H K W
$82+
H V L
V
H
X Z
G
/D IRQFWLRQ +37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH VXSpULHXU H[WUDLW GX FRQWHQHXU YLUWXHO &9 OHV RFWHWV
U W
V
W
Q W
H LW
H
32+ VXLYDQWV
K PP
J
L X U
U F H
OOR S
$ G W
- SRXU OH FRQWU{OH GH OD FRQWLQXLWp GH OD OLDLVRQ QH V·DSSOLTXH SDV j FHWWH YHUVLRQ
R
Q % FRPSDUp DX[ FDOFXOV GH SDULWp G·RUGUH %,3 GX &9 SUpFpGHQW OHV HUUHXUV GpWHFWpHV
VRQW HQYR\pHV DX PRGXOH GH FRQWU{OH
& SRXU OH FRQWU{OH GH OD FRQILJXUDWLRQ GX &9
* SRXU O·H[WUDFWLRQ GH O·LQGLFDWLRQ )(%( FRQWHQXH GDQV OHV TXDWUH SUHPLHUV ELWV GH O·RFWHW *
O·LQIRUPDWLRQ )(5) pWDQW FRQWHQXH GDQV XQ DXWUH ELW FHV GHX[ LQIRUPDWLRQV VRQW WUDQVPLVHV
DX PRGXOH GH FRQWU{OH GH OD FDUWH
7RXV FHV RFWHWV HW WRXV OHV RFWHWV TXL Q·RQW SDV pWp PHQWLRQQpV VRQW WUDQVPLV DX PRGXOH GH FRQWU{OH GH
OD FDUWH RX YHUV OD FDUWH $8;9'6 RFWHW )
$SUqV H[WUDFWLRQ GHV RFWHWV 32+ OD IRQFWLRQ +3$ DGDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU DGDSWH OD
PXOWLWUDPH GH FRQGXLW VXU OD PXOWLWUDPH LQWHUQH &HWWH DGDSWDWLRQ HVW HIIHFWXpH SDU OH WUDQVIHUW GHV
PRXYHPHQWV GX SRLQWHXU $8 YHUV OHV SRLQWHXUV 78 KpEHUJpV GDQV OD FKDUJH XWLOH &9 /D GHUQLqUH
RSpUDWLRQ HIIHFWXpH VXU OH F{Wp UpFHSWLRQ FRQFHUQH OD IRQFWLRQ /3& UDFFRUGHPHQW GH FRQGXLW G·RUGUH
LQIpULHXU /D IRQFWLRQ /3& SHUPHW OH URXWDJH GHV 78 FRQWHQXHV GDQV OD WUDPH 670 /HV GRQQpHV '5L(
HW '5L2 VRQW HQYR\pHV YHUV OHV FDUWHV G·DJUpJDWV (67 HW 28(67 YLD OD FDUWH GH PDWULFH 7RXV OHV VLJQDX[
VRQW VWUXFWXUpV GDQV XQ EXV ILOV 0ELWV DYHF OD UpIpUHQFH GH V\QFKURQLVDWLRQ pWDEOLH SDU OD FDUWH
GH UpIpUHQFH G·KRUORJH VpOHFWLRQQpH
0RGXOH GH FRQWU{OH
/HV IRQFWLRQV SULQFLSDOHV GX PRGXOH GH FRQWU{OH VRQW OHV VXLYDQWHV
6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH
&HWWH LQWHUIDFH VpOHFWLRQQH HW H[WUDLW GH OD FDUWH GH UpIpUHQFH G·KRUORJH OHV VLJQDX[ GH V\QFKURQLVDWLRQ HW
GH U\WKPH j XWLOLVHU FRPPH UpIpUHQFH SRXU OD FDUWH 3RXU IRXUQLU OHV FULWqUHV GH VpOHFWLRQ FHWWH LQWHUIDFH
WUDLWH OHV DODUPHV UHoXHV GHV GHX[ &58 j VDYRLU
,6: &$ DODUPH LQWHUQH UHoXH GH OD &58 $
,6: &% DODUPH LQWHUQH UHoXH GH OD &58 %
'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
&H W\SH GH GLDORJXH SHUPHW GH UHFHYRLUpPHWWUH YHUV OD FDUWH OHV RSWLRQV GH UpJODJH GX ORJLFLHO FRQVHUYpHV
(
& SDU OD PpPRLUH ((3520 /HV FULWqUHV G·DODUPHV HW GH SHUIRUPDQFHV VRQW UHoXV GH OD FDUWH
,/
$
$
('
. $/ $* $$
$$
7RXWHV OHV DODUPHV LQWHUQHV GH OD FDUWH VRQW FROOHFWpHV SRXU DFWLYHU OH YR\DQW G·DODUPH URXJH HW JpQpUHU
OH VLJQDO &26: TXL FRPELQp DX[ DODUPHV H[WHUQHV GH FDUWHV (;7 $/0 JpQqUH OHV FULWqUHV GH
FRPPXWDWLRQ 26: j HQYR\HU DX[ DXWUHV FDUWHV GH O·pTXLSHPHQW
O
H
V
L
K
V
W D
W
'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
W Q F O
I H $
W
R Q
J R P
F R
'HV LQIRUPDWLRQV VXU OHV RSWLRQV SUpUpJODJHV OHV FULWqUHV OD UpLQLWLDOLVDWLRQ OHV DODUPHV HWF VRQW
LQ U
V I
\
S
W
L Q
I R
pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV /,(&% HW 1,(&%
R L
FR W
GQ D
Q
D
LR U
W
]
L
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH j O·LQWpULHXU GX FKkVVLV
V H
V PW W
D R LU
3
F
G W
Z 5HFRQQDLVVDQFH GX W\SH GH FDUWH
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
9LD OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
H G
U W
Q W H
V
W
K
H LW
PP
,QWHUIDFH GH O·RFWHW -
J
L X U
U F H
OOR S
$ G W
R
&HWWH LQWHUIDFH WUDQVPHW HW UHoRLW OHV GRQQpHV GH O·RFWHW - XWLOLVp FRPPH WUDFH FRQGXLW SRXU OH &9 /H
Q
IRUPDW GHV GRQQpHV HVW UHSURGXLW DYHF OD SpULRGLFLWp G·XQH WUDPH GH 670
1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
,QWHUIDFH GH O·RFWHW GX FDQDO GH FRPPXQLFDWLRQV GH GRQQpHV '&&
(OOH WUDQVPHW HW UHoRLW OHV RFWHWV '&& '' HW '' YHUV GH OHV FLUFXLWV GH WUDLWHPHQW GHV RFWHWV
62+
7UDLWHPHQW /30/37
/HV FRPPDQGHV GH ERXFODJH F{Wp OLJQH ORFDO HW VWDWLRQ GLVWDQW SHXYHQW rWUH HIIHFWXpHV YLD OHV VLJQDX[
/30/37
/37 &RPPDQGH GH ERXFODJH F{Wp VWDWLRQ %RXFOH GH O·pTXLSHPHQW ORFDOH TXL SHUPHW GH
WUDQVPHWWUH YHUV OH F{Wp pPLVVLRQ OH VLJQDO UHoX GHV DJUpJDWV
/30 &RPPDQGH GH ERXFODJH F{Wp OLJQH %RXFOH GH OLJQH GLVWDQWH TXL SHUPHW GH
WUDQVPHWWUH YHUV O·DIIOXHQW OH VLJQDO UHoX GH FHW DIIOXHQW
6pFXULVDWLRQ 063$36
&HWWH IRQFWLRQ SHUPHW j XQ DJUpJDW $36 GH VpOHFWLRQQHU FRPPDQGHV 3527 :(67 O·XQ GHV GHX[
VLJQDX[ SULQFLSDO RX GH VHFRXUV UHoXV GHV DJUpJDWV 28(67 /·RSpUDWLRQ LQYHUVH FRPPDQGH 3527
($67 HVW HIIHFWXpH VXU OHV DJUpJDWV (67
/HV RSpUDWLRQV GH VpOHFWLRQ SHQGDQW OD SKDVH GH PLVH HQ VHUYLFH HW GH FRPPXWDWLRQ SHQGDQW OD SKDVH
GH IRQFWLRQQHPHQW VRQW WUDLWpHV SDU O·DQDO\VH GHV FULWqUHV GH FRPPXWDWLRQ ,6: UHoXV GHV FDUWHV
G·DJUpJDWV &HV FULWqUHV LQGLTXHQW OD SUpVHQFH G·XQH GpIDLOODQFH VXU OD FDUWH RX OD GpWHFWLRQ G·DODUPHV OH
ORQJ GX FRQGXLW GH ILEUH
/RUVTXH GHX[ 0DWULFHV WRWDOHV VRQW XWLOLVpHV FHWWH VpFXULVDWLRQ DJLW FRPPH (36 HQWUH FHV FDUWHV /HV
VLJQDX[ ,6: 0$ 0% GH OD 0DWULFH WRWDOH VRQW XWLOLVpV
&HWWH IRQFWLRQ HVW XWLOLVpH SRXU OD VpFXULVDWLRQ GH O·DIIOXHQW (36 YLD OD FRPPDQGH ,6:7 UHoXH GHV DXWUHV
DIIOXHQWV
/H FLUFXLW IRQFWLRQQH pJDOHPHQW DYHF OD FRPPDQGH 26: /D IRQFWLRQ (36 HVW GpFULWH GDQV OH
( SDUDJUDSKH ´(36 SRXU DIIOXHQWV pOHFWULTXHVµ SDJH
&
,/
$
$
('
. $/ $* $$
$$
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ SUpVHQWHV HQ HQWUpH GH OD FDUWH VRQW
O
V
L V
W D
H
W 9 á
9 á
K Q F
W O
I H $
W
R Q
J R P
F R
9 á
LQ U
\V I
W
L Q
S
I R
R
FR W L
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K /HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
Q X
J X D
LQ PQ
V
V PW
H
W /D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
D R LU
3
F
G W
Z G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
H
U
G
W
Q W H
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW 1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
V H LW
W
K PP
J
L
U
OO
X U
F H
R S
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
$ G W
R
Q
FRQWU{OHXU G·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
VW VW
LE
0 EL
0
,6:( ,6:: 5
O /) *
H 7 $(
W
8 ( (
V
L W V D
* + 5 ,6: 0$0% ,& /$
+ 75
K Q F
W O
( 6 1 ( 7
I W $H
' 6 ,* 5
,$ 7 $2
R Q
' '
/ 1 ,27$ ( + 1 ,6:7 /) 0
7
J R P
/, / ( ( ,2 8 7
1
$7
LQ
F R
$) /8 7 ,6 ,4 ( 6, )$
/(
U
V I 84 P 6 5 73 ( 9
' ,7 ( 8 '
\ W
S L Q ' (8 8 F ,1
R I R L / / 23 6 *& 2 ' ,4
7 H5 1
F R W
7, 02 / ( 2 6 (
G Q ]
D
0
.
&
$ 6 0 3
2 , 12 ,7 6
Q LR U L
7 7 5 ,7 $6 3$
2
D W R 8
D
K
3/ / 6 5 5 6 (6 2
& 6 ,5 63
/2 (8
Q LF W
R Q X ' . 1 *& 0 6
& (
J X D
] ' . ,2
7$ 6 (
6 76
LQ P Q 1 + & ( : 8(
,2 ( 6 7 75
2
5 0 66
V H
W 0 & 2
5 1 (&
V PW
D R LU 6 * 1 1 8 5
$/ 6$
56 *
,) &
$ (8 6 ,2 1 5
F
3 Z (
93 2
, 0 $ 7$ ! (
G W 6 3 3/ 0 82
G Q X 1 5 5 1
2 * 3( (0 $5 0 0 9
H D R
Y
2
& (9 6 7 2
) & 2
/1 585 2
/$
U H K 3/ 5 $/ * , )
1 ,$ 5 7;
W
H V L (
V X Z 2
& 3 ' 7( $ )1 5 ( (
H
U W G ,1 2 37
Q H
V H W 5
&(
W LW &26:L
K P '
J P 6
, 6 $
'
' ' ( & 4
L X U
U F H 25 6 7 &
$) '
& (
OO R 5 6 $ ' 5 '
S
7 (
, *5 ' 5 7 5
(7 (7 &4
$ G W
01 16 /,(&% 7
5
(55+$ . (9 ( ,
R
( 2 5 7 1
63 2 7, (, 6* 65 & ' & 1,(&%
Q
6 1
, 2 $5 1 2
&
1
, 1 &
$0 (1
' ( 71 8 (
,2
+ $ ' ' 5 $+ ( 8 2 7& 7
7 2
6
7; 5
352 6 ( /2 *& 6 5
& - 5 2 $
6
( P $ ' ' (
)$ 7( 71 / (7 ( &
* ( - 5 7 2 ,$ 5
'$
46 7
,1 5 6 6 1 + 7( & & &
& ,2 2 16 ,1 2 ('
(
, *
10 % % . 7 6 2
,7 5 7
515$ 6 FH (L 6* 6 (
(
6( 5+2 (
* 5 &
$5$+ 1 1 0 (7 /8 1 (8 1
, ' 6
1 . 1 5 ' 2
5
7; (' 5 2 1 $ 2 ,7 4 1 ,'
(3 2 & 0 ,6 ,6 2
% % . ( 6 <7 &
( (
&
2 <+ (5
5 3< 33
1 ( . &
* ( 7
,2
7$ $
7$ 0 73
+ $ + + 1 ,6:&%1
5 2 0 8 6 & 7< $ / 73 2 8
( 8 5 $ 1 1 ,7
1 $ 2
P
( <6 5 6 ,2 / & 8 5
&
(
*
) + . 76 0
3/ (/ 5
& ,6:&$1
2
3 & 0 ( (
3/ * 6 4
+ 1 (
7 /
( 1 1+ ,2
7 7 5
* (+ ,2
&$5(0 7
$ 02 * 72 &
$+ 3 &
7$ 73 ( 3 6 V FH 2 (
& ,7$ P ( EX 75 3 + 7
09 + 5 (
& * 5 ;( 5
$
5 7 + &
2
) 2 6<1&$
3
71 6<1&% 8
* (+ 6 5
6 02 5 6<1& &.$ &
3 % - 3 + 8 ,0
3 ( /
& ,7 FH &
1 7 $3+
(7 8
9 9 9 $: &.%
( $5 <6 1
, 8 2
2 75 2 $ &.
3 3 /0
$
1
, :
0 & 3
( 8
+ 73/ ( % -
&
$ 5
,$
( ,1 6(
1 56 0 8 &
1 8
78 ( 7 3/ /%
,6
3 3 2
,7 8 % +
6 6 ) & 8
0 0 6 $ )
(
*
+
L( L( L L 2 L( L( L L 9 9 9
6
7 7 :
7 :
7 8 :
:
% 5 5 5 5
' ' ' ' ' ' ' '
( ;
& 8 (
( ,5 $ 6& ,
'7
$ 5
(9 5 ,0
/$
0 $7
0
)LJXUH 6FKpPD V\QRSWLTXH $IIOXHQW RSWLTXH
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DIIOXHQWV RSWLTXHV 6 HW /
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &HWWH GHVFULSWLRQ V·DSSOLTXH DX FDUWHV G·DIIOXHQWV RSWLTXHV 670 VXLYDQWHV
K Q F
W O
I H $
W
R
J
Q
R P FDUWH )&6& G·DIIOXHQWV 6
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L FDUWH )&6& G·DIIOXHQWV /
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K FDUWH )& G·DIIOXHQWV /
R Q X
J X D
LQ
V
V
PQ
PW
H
W
/HV OHWWUHV / HW 6 GpILQLVVHQW OD FDUWH /RQJXH SRUWpH / RX &RXUWH SRUWpH 6 )& HW 6& LQGLTXHQW OH W\SH
R LU
D
3
F
Z
GH FRQQHFWHXUV XWLOLVpV
G W
G Q X
H D R
Y
U
H
H K
V L
W /D FDUWH G·DIIOXHQW 670 DJLW FRPPH LQWHUIDFH ELGLUHFWLRQQHOOH HQWUH OH VLJQDO RSWLTXH 670 HW OHV
V X Z
H
U
G
W VLJQDX[ UHoXV GHV FDUWHV G·DJUpJDWV 28(67 HW (67 YLD OD FDUWH GH PDWULFH
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H 'X F{Wp UpFHSWLRQ OD FDUWH HIIHFWXH OHV RSpUDWLRQV GpFULWHV GDQV OD 5HFRPPDQGDWLRQ * GH O·8,77
R S
$ G W
R
LQVpUDQW GRQF OHV VLJQDX[ 0ELWV UHoXV GHV FDUWHV GH PDWULFH GDQV OD WUDPH GH O·DIIOXHQW V\QFKURQH
Q
670 DILQ GH OH WUDQVPHWWUH DX FRQGXLW GH ILEUH RSWLTXH
/HV RSpUDWLRQV LQYHUVHV VRQW HIIHFWXpHV VXU OH F{Wp pPLVVLRQ F·HVWjGLUH OD FRQYHUVLRQ GX VLJQDO RSWLTXH
HQ VLJQDO pOHFWULTXH HW OD WUDQVPLVVLRQ GX VLJQDO 0ELWV REWHQX YHUV OHV FDUWHV GH PDWULFH
&HWWH FDUWH SHUPHW OD VpFXULVDWLRQ 61&3 VXU OH FRQGXLW &9 pJDOHPHQW DYHF OD FDUWH GH UDFFRUGHPHQW
7RXV OHV QLYHDX[ GH &9 VRQW JpUpV DX PR\HQ GH OD FDUWH GH PDWULFH WRWDOH
3RXU FHWWH FDUWH OHV FLUFXLWV GH UDFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& PrPH SUpVHQWV QH VRQW
SDV XWLOLVpV
/H IRQFWLRQQHPHQW UpJXOLHU GH OD FDUWH HVW FRQWU{Op YLD OHV GpWHFWHXUV G·DODUPH TXL VLJQDOHQW WRXWH DQRPDOLH
DX PRGXOH GH FRQWU{OH &HOXLFL HQ LQIRUPH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW YLD OHV YR\DQWV HW DXWUHV
LQGLFDWLRQV
/HV SDUDJUDSKHV VXLYDQWV FRQFHUQHQW
OD UpFHSWLRQ
O·pPLVVLRQ
OH PRGXOH GH FRQWU{OH
O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
5pFHSWLRQ
/D FDUWH UHoRLW
OHV LQIRUPDWLRQV '7L: HW '7L( VWUXFWXUpHV EXV ILOV 0ELWV GH OD FDUWH GH PDWULFH
OHV KRUORJHV &.$ HW &.% 0ELWV DYHF OHV VLJQDX[ GH V\QFKURQLVDWLRQ 6<1& $ HW
6<1& % GHV FDUWHV GH UpIpUHQFH G·KRUORJH
/H FKRL[ GH O·XQH GHV GHX[ VRXUFHV GH V\QFKURQLVDWLRQ XWLOLVpHV SRXU JpQpUHU OHV VLJQDX[ GH U\WKPH GH
(
& OD FDUWH GpSHQG GH O·pWDW GH IRQFWLRQQHPHQW GHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH &H FKRL[ V·HIIHFWXH
,/
$ YLD XQH FRPPDQGH pPLVH SDU OH PRGXOH GH FRQWU{OH GH OD FDUWH
$
('
. $/ $* $$
$$
/HV GRQQpHV UHoXHV VRQW HQVXLWH WUDLWpHV FRQIRUPpPHQW j OD 5HFRPPDQGDWLRQ * GH O·8,77
/HV FDUWHV G·DJUpJDWV HW GH PDWULFH VRQW FRQQHFWpHV GH PDQLqUH ORJLTXH YLD OHV LQWHUIDFHV SK\VLTXHV
O
VXU OH SDQQHDX DUULqUH /H PRGXOH 063 6pFXULVDWLRQ GH OD VHFWLRQ GH PXOWLSOH[DJH SURWqJH OHV FRQGXLWV
H
V
L
K
V
W D
W
H[WUDLWV GHV DJUpJDWV
W Q F O
I
R
H $
W
Q
/D VpFXULVDWLRQ GH OD FRQQH[LRQ GX VRXVUpVHDX 61&3 SURWqJH OHV FRQGXLWV FRQILJXUpV GX UpVHDX HQ
J
LQ
R P
F R
U
DQQHDX H[WUDLWV GHV DJUpJDWV SDU GpWHFWLRQ GHV 6,$ GX FRQGXLW HW GX FRQWU{OH GH SDULWp %
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
/HV RFWHWV ) == VRQW XWLOLVpV SDU OD FDUWH $8; VXU OH FRQGXLW GpGLp EXV 2+ YLD O·,QWHUIDFH )XWXUHEXV
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
9LD OD IRQFWLRQ 6$ DGDSWDWLRQ GH VHFWLRQ OD WUDQVPLVVLRQ GH OLJQH HVW V\QFKURQLVpH VXU OH FRQGXLW UHoX
J X D
LQ PQ
H
GHV FDUWHV G·DJUpJDWV YLD OD PDWULFH /D V\QFKURQLVDWLRQ V·REWLHQW YLD OH SRLQWHXU $82+ VXU OD VWUXFWXUH
V W
V
D
PW
R LU
F
$8
3 Z
G W
G Q X
H
Y
U
D R
H K W
/HV RFWHWV GH O·HQWrWH GH VHFWLRQ 62+ VRQW DMRXWpV SRXU FRPSOpWHU OD VWUXFWXUH GH WUDPH 670 &HWWH
H V L
V
H
X Z
G
SKDVH GH SURFpGXUH HVW DFWLYpH SDU OD IRQFWLRQ 067 WHUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH SRXU DVVXUHU
U W
V
W
Q W
H LW
H
OD WHUPLQDLVRQ GHV GHUQLHUV UDQJV GX 62+ HW YLD OD IRQFWLRQ 567 WHUPLQDLVRQ GH VHFWLRQ GH
K
J
L
U
PP
X U
F H
UpJpQpUDWLRQ SRXU OD WHUPLQDLVRQ GHV SUHPLHUV UDQJV /D )LJXUH SDJH LOOXVWUH OD VWUXFWXUH GX
OOR S
$ G W
R
62+ HW OD GHVFULSWLRQ GHV RFWHWV TXL OH FRPSRVHQW DLQVL TXH OD VWUXFWXUH GX 670
Q
/D IRQFWLRQ 067 LQVqUH OHV RFWHWV G·HQWrWH VXLYDQWV
'' SURYHQDQW GX PRGXOH GH FRQWU{OH RX GX EXV 2+ ' YRLH WUDQVSDUHQWH
( SURYHQDQW GX EXV 2+ 63
% FDOFXOp ORFDOHPHQW
WURLVLqPH RFWHW = FRQWLHQW OH QRPEUH G·HUUHXUV GH SDULWp % GpWHFWp F{Wp pPLVVLRQ
SUHPLHU RFWHW = GRQW OH SOXV SHWLW TXDUWHW VLJQLILFDWLI FRQWLHQW OHV GRQQpHV GH PDUTXDJH GH
U\WKPH WUDLWpHV SDU OH PRGXOH GH FRQWU{OH
/D IRQFWLRQ 567 HIIHFWXH OH EURXLOODJH DMRXWH OH PRW GH YHUURXLOODJH WUDPH HW LQVqUH
OD SDULWp % FDOFXOpH ORFDOHPHQW
OHV RFWHWV ( HW ) SURYHQDQW GX EXV 2+ 63
OHV RFWHWV '' SURYHQDQW GX PRGXOH GH FRQWU{OH
/HV RFWHWV ( ( ) == VRQW XWLOLVpV SDU OD FDUWH $8; VXU OH FRQGXLW GpGLp EXV 2+ YLD O·,QWHUIDFH
)8785( %86
/H VLJQDO VRUWDQW 670 HVW FRQYHUWL G·XQ VLJQDO SDUDOOqOH HQ VLJQDO VpULH SRXU REWHQLU XQ FRQGXLW
QXPpULTXH G·XQH FDSDFLWp GH 0ELWV HW XQ VLJQDO GH V\QFKURQLVDWLRQ UHODWLI '7 HW &.7
3RXU FHOD OH &9;2 JpQqUH XQH KRUORJH j 0ELWV YHUURXLOOpH VXU O·KRUORJH GH UpIpUHQFH 3// UHoXH
GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
/HV ERXFOHV /30 FRPPDQGH GH ERXFODJH F{Wp OLJQH HW /37 FRPPDQGH GH ERXFODJH F{Wp VWDWLRQ VRQW
SRVVLEOHV SHQGDQW OHV SKDVHV GH PLVH HQ VHUYLFH HW GH PDLQWHQDQFH
/HV GHX[ ERXFOHV VRQW WUDLWpHV SDU OH PRGXOH GH FRQWU{OH
/H VLJQDO 670 HVW HQVXLWH FRQYHUWL SDU OH PRGXOH RSWLTXH (P WHO TXH UHTXLV SDU OD 5HF * GH O·8,77
( &H VLJQDO HVW WUDQVPLV DX FRQGXLW YLD OH FRQQHFWHXU HW HVW GpWDLOOp GDQV OH &KDSLWUH ´6SpFLILFDWLRQV
&
,/
$
WHFKQLTXHVµ SDJH
$
('
. $/ $* $$
$$
/D FDUWH IRXUQLW pJDOHPHQW OHV FULWqUHV GH OD FRXSXUH DXWRPDWLTXH GH O·pPLVVLRQ ODVHU $/6 WHOV TXH
GpILQLV SDU OD 5HFRPPDQGDWLRQ * GH O·8,77 HW SHXW SUpGpILQLU OHV GLIIpUHQWV DOJRULWKPHV GH
VpFXULVDWLRQ RSWLTXH
O
H
V
L
K
V
W D
W
/HV FRPPDQGHV VXLYDQWHV UpLQLWLDOLVHQW OD VpFXULVDWLRQ RSWLTXH
W Q F O
I H $
W
R Q
J R P
F R
PRGH PDQXHO SRXU FKDTXH SUHVVLRQ GX ERXWRQSUHVVRLU OH ODVHU pPHW SHQGDQW VHFRQGHV
LQ U
\V I
W
L Q
S
I R
R
FR W L
PRGH DXWRPDWLTXH pPLVVLRQ GX ODVHU SHQGDQW VHFRQGHV WRXWHV OHV VHFRQGHV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K PRGH PDQXHO GH WHVW OH ODVHU pPHW GXUDQW VHFRQGHV SRXU FKDTXH SUHVVLRQ GX
Q X
J
LQ
X D
PQ
ERXWRQSUHVVRLU VXSpULHXUH j VHFRQGHV
V H
V PW W
D R LU
3
F
G W
Z /D FRPPDQGH +,*+5()/ HVW XWLOLVpH FRPPH DODUPH 046 SHUWH G·LPSXOVLRQ GX UpFHSWHXU RSWLTXH SRXU
G Q X
H
Y
D R OD VpFXULVDWLRQ RSWLTXH VXU OD ILEUH ELGLUHFWLRQQHOOH /D FRXSXUH DXWRPDWLTXH GH O·pPLVVLRQ ODVHU $/6 SHXW
U H K W
H
V
V L
X Z rWUH GpVDFWLYpH SDU XQ FDYDOLHU
H G
U W
Q W H
V H LW
W
K
J
PP (Q RXWUH OH PRGXOH G·pPLVVLRQ RSWLTXH WUDLWH OHV DODUPHV VXLYDQWHV
L X U
U F H
OOR S
$ G W
R /')$,/ GpIDLOODQFH GH O·pPHWWHXU RSWLTXH
Q
$FWLI VL OD SXLVVDQFH G·pPLVVLRQ EDLVVH GH G%
/''(* GpJUDGDWLRQ /' $FWLI VL OH FRXUDQW GH SRODULVDWLRQ GX FRPSRVDQW RSWLTXH DXJPHQWH
GH SDU UDSSRUW j VD YDOHXU LQLWLDOH
0,7/ SHUWH G·LPSXOVLRQ GH O·pPHWWHXU ODVHU GXH j GHV FDXVHV H[WpULHXUHV SDU H[HPSOH XQH
LQWHUUXSWLRQ GHV GRQQpHV ´µ LQWHUYHQWLRQ GH OD VpFXULVDWLRQ RSWLTXH HWF
7RXWHV OHV DODUPHV VRQW FROOHFWpHV SDU OH PRGXOH GH FRQWU{OH
(PLVVLRQ
/D FDUWH UHoRLW OH VLJQDO 15= j 0ELWV GX FRQGXLW GH ILEUH RSWLTXH FRQQHFWHXU
/H PRGXOH RSWLTXH GH UpFHSWLRQ DVVXUH SDU O·LQWHUPpGLDLUH G·XQH SKRWRGLRGH j DYDODQFKH $3' OD
UpJpQpUDWLRQ GX VLJQDO RSWLTXH HW VD FRQYHUVLRQ HQ XQ VLJQDO pOHFWULTXH '5 GH PrPH VWUXFWXUH
DVVRFLp j VRQ VLJQDO G·KRUORJH &.5
/H PRGXOH GH UpFHSWLRQ RSWLTXH WUDLWH OH VLJQDO G·DODUPH 046 DFWLI ORUV GH OD GpWHFWLRQ G·XQH SHUWH
G·LPSXOVLRQ VXU OD ILEUH RSWLTXH GH UpFHSWLRQ XWLOLVp SDU OH FLUFXLW GH VpFXULVDWLRQ RSWLTXH
/HV KRUORJHV 0ELWV HW OHV GRQQpHV DWWHLJQHQW OH FLUFXLW TXL OHV FRQYHUWLW GX PRGH GH WUDQVPLVVLRQ VpULH
DX PRGH GH WUDQVPLVVLRQ SDUDOOqOH SXLV pPHW XQ EXV ILOV j 0ELWV '5 DYHF XQH
V\QFKURQLVDWLRQ UHODWLYH &.5 /D V\QFKURQLVDWLRQ &.5 HVW HQYR\pH YHUV OD PDWULFH SUpGLIIXVpH
´JDWHDUUD\µ 67;35 HW OHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH &58 R HOOH HVW XWLOLVpH FRPPH
KRUORJH GH UpIpUHQFH H[WpULHXUH /D PDWULFH SUpGLIIXVpH ´JDWHDUUD\µ 67;35 XWLOLVH OHV GRQQpHV '5
SRXU HIIHFWXHU OHV RSpUDWLRQV LQYHUVHV WHO TXH GpFULW GDQV OD 5HFRPPDQGDWLRQ * GH O·8,77
/HV RFWHWV G·HQWrWH GH VHFWLRQ 62+ VRQW H[WUDLWV GHV VLJQDX[ 0ELWV GpVHPEURXLOOpV YLD OHV
IRQFWLRQV 567 WHUPLQDLVRQ GH VHFWLRQ GH UpJpQpUDWLRQ HW 067 WHUPLQDLVRQ GH VHFWLRQ GH PXOWLSOH[DJH
/D IRQFWLRQ 567 H[WUDLW HW YpULILH OHV SUHPLHUV UDQJV GHV RFWHWV GX 62+
OHV RFWHWV $ HW $ YpULILHQW OH PRW GH YHUURXLOODJH VRQ DEVHQFH DFWLYH O·DODUPH 397
O·RFWHW % YpULILH OH FRPSWHXU GH SDULWp G·RUGUH %,3
(
&
,/ OHV RFWHWV ' j ' YpULILHQW OH UDFFRUGHPHQW GHV YRLHV GH GRQQpHV YHUV OH PRGXOH GH FRQWU{OH
$
$
OHV RFWHWV ( ) HW OHV RFWHWV UHVWDQWV YpULILHQW OH UDFFRUGHPHQW YHUV OH EXV 2+
('
. $/ $* $$
$$
/D IRQFWLRQ 067 H[WUDLW HW YpULILH OHV GHUQLHUV UDQJV GHV RFWHWV GX 62+
O·RFWHW % YpULILH OH FRPSWHXU GH SDULWp G·RUGUH %,3 OD SUpVHQFH G·HUUHXUV DFWLYH O·DODUPH
O
6' VLJQDO GpJUDGp RX O·DODUPH (;%(5 WDX[ G·HUUHXU H[FHVVLI
H
V W
L V
W D
K
W
I
Q F
H $
W
O
OHV RFWHWV . HW . YpULILHQW O·$36 OH VLJQDO GH 6,$ GH OD VHFWLRQ GH PXOWLSOH[DJH 066,$ HW
R Q
J R P
F R
OH VLJQDO )(5) GH OD VHFWLRQ GH PXOWLSOH[DJH 06)(5)
LQ U
\V I
W
L Q
S
I R
R
FR W L
OHV RFWHWV ' j ' YpULILHQW OH UDFFRUGHPHQW YHUV OH PRGXOH GH FRQWU{OH 701
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K OHV RFWHWV ( = = HW OHV DXWUHV RFWHWV YpULILHQW OH UDFFRUGHPHQW YHUV OH EXV 2+
Q X
J X D
LQ PQ
V
V PW
H
W $ FH VWDGH OD IRQFWLRQ 6$ DGDSWDWLRQ GH VHFWLRQ V\QFKURQLVH OH VLJQDO G·KRUORJH UpFXSpUp &.5
D R LU
3
F
G W
Z KRUORJH N+] HW OH VLJQDO GH U\WKPH LQWHUQH &. /·DGDSWDWLRQ V·HIIHFWXH SDU MXVWLILFDWLRQ GX SRLQWHXU
G Q X
H
Y
D R $82+
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
0RGXOH GH FRQWU{OH
W H LW
K PP
J
/H PRGXOH GH FRQWU{OH GH OD FDUWH HIIHFWXH OHV RSpUDWLRQV SULQFLSDOHV VXLYDQWHV
L X U
U F H
OOR S
$ G W
R
Q
6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
&HWWH LQWHUIDFH VpOHFWLRQQH HW H[WUDLW GH OD FDUWH GH UpIpUHQFH G·KRUORJH SULQFLSDOH RX GH VHFRXUV OHV
VLJQDX[ GH V\QFKURQLVDWLRQ HW GH U\WKPH j XWLOLVHU FRPPH UpIpUHQFH SRXU OD FDUWH 3RXU IRXUQLU OHV FULWqUHV
GH VpOHFWLRQ FHWWH LQWHUIDFH WUDLWH OHV DODUPHV UHoXHV GHV GHX[ &58 j VDYRLU
,6: &$ DODUPH LQWHUQH UHoXH GH OD &58 $
,6: &% DODUPH LQWHUQH UHoXH GH OD &58 %
'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
&H W\SH GH GLDORJXH SHUPHW GH UHFHYRLUpPHWWUH YHUV OD FDUWH OHV RSWLRQV GH UpJODJH GX ORJLFLHO FRQVHUYpHV
SDU OD PpPRLUH ((3520 /HV FULWqUHV G·DODUPHV HW GH SHUIRUPDQFHV VRQW UHoXV GH OD FDUWH
7RXWHV OHV DODUPHV LQWHUQHV GH OD FDUWH VRQW FROOHFWpHV SRXU DFWLYHU OH YR\DQW G·DODUPH URXJH HW JpQpUHU
OH VLJQDO &26: TXL FRPELQp DX[ DODUPHV H[WHUQHV GH FDUWHV (;7 $/0 JpQqUH OHV FULWqUHV GH
FRPPXWDWLRQ 26: j HQYR\HU DX[ DXWUHV FDUWHV GH O·pTXLSHPHQW
'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
'HV LQIRUPDWLRQV VXU OHV RSWLRQV GH UpJODJH OHV FULWqUHV OD UpLQLWLDOLVDWLRQ OHV DODUPHV HWF VRQW
pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV /,(&% HW 1,(&%
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH j O·LQWpULHXU GX FKkVVLV
5HFRQQDLVVDQFH GX W\SH GH FDUWH
9LD OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
,QWHUIDFH GH O·RFWHW GX FDQDO GH FRPPXQLFDWLRQV GH GRQQpHV '&&
(OOH WUDQVPHW HW UHoRLW OHV RFWHWV '&& '' HW '' YHUV GH OHV FLUFXLWV GH WUDLWHPHQW GHV RFWHWV 62+
(
&
,/
$
$
('
. $/ $* $$
$$
7UDLWHPHQW /30/37
/HV FRPPDQGHV GH ERXFODJH F{Wp OLJQH ORFDO HW VWDWLRQ GLVWDQW SHXYHQW rWUH HIIHFWXpHV YLD OHV VLJQDX[
O
/30/37
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/37 &RPPDQGH GH ERXFODJH F{Wp VWDWLRQ %RXFOH GH O·pTXLSHPHQW ORFDOH TXL SHUPHW GH
R Q
J R P
F R
WUDQVPHWWUH YHUV OH F{Wp pPLVVLRQ OH VLJQDO UHoX GHV DJUpJDWV
LQ U
\V I
W
L Q
S
I R
R
FR W L
/30 &RPPDQGH GH ERXFODJH F{Wp OLJQH %RXFOH GH OLJQH GLVWDQWH TXL SHUPHW GH
GQ D
Q
D
LR U
W
]
L
WUDQVPHWWUH YHUV O·DIIOXHQW OH VLJQDO UHoX GH FHW DIIOXHQW
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
6pFXULVDWLRQ 063$36
V H
V PW W
D R LU
3
F
G W
Z &HWWH IRQFWLRQ SHUPHW j XQ DJUpJDW $36 GH VpOHFWLRQQHU FRPPDQGHV 3527 :(67 O·XQ GHV GHX[
G Q X
H
Y
D R VLJQDX[ UHoXV GHV DJUpJDWV 28(67 SULQFLSDO RX GH VHFRXUV /·RSpUDWLRQ LQYHUVH FRPPDQGH
U H K W
H
V
V L
X Z 3527 ($67 HVW HIIHFWXpH VXU OHV DJUpJDWV (67
H G
U W
Q W H
V H LW
W
K
J
PP /HV RSpUDWLRQV GH VpOHFWLRQ SHQGDQW OD SKDVH GH PLVH HQ VHUYLFH HW GH FRPPXWDWLRQ SHQGDQW OD SKDVH
L X U
U
OO
F H
R S GH IRQFWLRQQHPHQW VRQW WUDLWpHV SDU O·DQDO\VH GHV FULWqUHV GH FRPPXWDWLRQ ,6: UHoXV GHV FDUWHV
$ G W
R
Q G·DJUpJDWV &HV FULWqUHV LQGLTXHQW OD SUpVHQFH G·XQH GpIDLOODQFH VXU OD FDUWH RX OD GpWHFWLRQ G·DODUPHV OH
ORQJ GX FRQGXLW GH ILEUH
/RUVTXH GHX[ 0DWULFHV WRWDOHV VRQW XWLOLVpHV FHWWH VpFXULVDWLRQ DJLW FRPPH (36 HQWUH FHV FDUWHV /HV
VLJQDX[ ,6: 0$ 0% GH OD 0DWULFH WRWDOH VRQW XWLOLVpV
/D VpFXULVDWLRQ G·DIIOXHQWV $36 XWLOLVH OD FRPPDQGH ,6:7 UHoXH GHV DXWUHV DIIOXHQWV
&HWWH FRPPDQGH IRQFWLRQQH pJDOHPHQW DYHF OD FRPPDQGH 26: GpFULWH SOXV KDXW /D IRQFWLRQ $36 HVW
GpFULWH DX SDUDJUDSKH ´(36 SRXU DIIOXHQWV pOHFWULTXHVµ SDJH
6XU XQ UpVHDX G·DIIOXHQWV 670 FRQILJXUp $36 OH YR\DQW YHUW HQ IDFH DYDQW LQGLTXH TXH OD FDUWH
HVW HQ IRQFWLRQQHPHQW 6RQ DFWLYDWLRQ HVW JpUpH SDU OH PRGXOH GH FRQWU{OH
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ SUpVHQWHV HQ HQWUpH GH OD FDUWH VRQW
9 á
9 á
9 á
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW 1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
VW VW (7 4(
EL EL 5
$5
/
0 0
& 7&
,6:( ,6:: 5
O /) *
H 7 $(
W
8 ( (
V
L W V D
* + 5 ,6: 0$0% ,& /$
+ 75
K Q F
W O
( 6 1 ( 7
I W $H
' 6 ,* 5
,$ 7 $2
R Q
' '
/ 1 ,27$ ( + 1 ,6:7 /) 0
7
J R P
/, / ( ( ,2 8 7
1
$7
LQ
F R
U $) /8
84 7 ,6 ,4 (/ (8 ( 6, )$
\ W V I
' ,7 (P 6 5 73 9 '
S L Q '
/ / (8 8 ,4 HF ,1 6 76
R I R L 23 6 *& 2 '7 5 , ( 1
F R W
7, 02 / ( 23 5
G Q ]
D
0
.
&
$ 6 02 8 7 12 ,7 6
Q LR U
D W R
L
7 7
6 (6
& 6( ,7 $6 3$
2
D
K
3/ / 6 5 5 1 8 6 ,5 63
/2 ,2 (8
Q LF W
R Q X ' . 2 *& 0 6
& 7$ (
J X D
] ' . ( 5 6 ( 76
LQ P Q 1 + & & ( 6 : 8(
8 0 6 2
,2 1 7 75
V H
V PW W 0 $ *
,) 5 6 2
D R LU 6 6
5
*
1
2 0 1
$/ 5 1 6( 6$ &
,6 (8 6 ,2 5
F
3 Z ( 0 5 2 $ & ! (
G W 9 3 3/ 2 82 71
G Q X 1
2
5 3
(9 )
5
& * 3( (0 $5 $0 0
/$
9
H D R
2 585
Y
U H K & 1 6 7
3/ (
3 /1 $/ ,* 2
,$ 5 7;
W
H V L 2 ' 7( $ )1 )5
V X Z & (
H
U W G 5 ,1 2 (3
Q H
V H W &
W LW &26:L
K P ' ( &
J P
16 $
'
( )
' & & 4
'
L X U
U F H
2 5 7 $) ' (
OO R ,7 ,( 6 6 $ ' ' 5 7
0*
S
$ G W
5
(( 15 ,6 6 7
' 5
(7 (7
&4 /,(&%
5
7
635+ $ . (9 (
R
5 25 6 6 & 1
2 & ' ,1 1,(&%
Q
5 2 $5 2
,1 6 7 ,(0 *
15 7 &
1 +
5 $+
' (/ ( 71 & (
,2 2 $
'
'
7; (5 5 2 ( 8 2 6( 7
5
7
6 6 $ ' (3 6 & - 2
5
*&
2 $
( P ' $) 7 7 / (7 &
* ( - 5 (7 1 ,$ 5
(7 & 2 '$
1 + 1 2 & &
,2 2 , (
6 7 6 '
15 7 % % . = 6( FH 46 7 (/
2 ,( 6
*6 (
7, 0 1 5 . = * 5 ,1 5
& ( 6 60
1
(7 8 1 (8 1
5 $+
(
(
5 ,1 *
1 1 5 '
2
2
,7 4 1 ,'
63 2 5 5
7; 5 $+ (3 2 $
& 0 ,6 ,6 2
,1 6 % % . (52
(' 6 <7 &
( ( 2 <&(
& 5 3< 3+ 35
. 7
73 1 ,6:&%1
/ 1 73 ,2
16 5 6 76 ,2 7 8 8
5
,2 7 /
7(, *0
11 6( 0
3/
&
(/ 5
&
&
5
(5
,6:&$1
6( $+
52 + (0 0
3/ * (
6 4
(
, '
1 &+$
6 1
<6 7< 6 5
7
1+ . &$5(0 1
,2 5 &
726
2
&
6
(8 (
6 *% 7
5
3 $
3 6<1&$ &
( 2 6<1&% 8
5
6<1& &.$ &
( ,0
/$
9 9 9 &.%
,6 : :
$ 2
3
3
6 3
6 6
,$ 3 /0
&.
0 0 7 $
3 1 :
( V 3
0 P
KR
(7
76 8
76 1 ( 2 6(
( ,2 56 %$ /%
( 8 76 8
78
6 3 3 2 8 % ,6
, 6 6 6 ( )
5 , * 8
)
8 0 0 5
& 8
( & +
6 ( 2
L( L( L L 6 L( L( L L 9 9 9
6
7 7 :
7 :
7 8 :
:
% 5 5 5 5
' ' ' ' ' ' ' '
( ;
& 8 (
( ,5 $ 6& ,
'7
$ 5
(9 5 ,0
/$
0 $7
0
)LJXUH 6FKpPD V\QRSWLTXH $IIOXHQW RSWLTXH )&6& 6/
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH GH UDFFRUGHPHQW
&HWWH FDUWH UDFFRUGH SK\VLTXHPHQW OHV VLJQDX[ GH DIIOXHQWV PD[LPXP EXV ILOV 0ELWV FKDFXQ
O
DX[ DJUpJDWV SULQFLSDX[ (6728(67 670670
H
V W
L V
W D
K
W
I
Q F
H $
W
O
8QH FDUWH GH UDFFRUGHPHQW VXSSOpPHQWDLUH GRLW rWUH IRXUQLH SRXU HIIHFWXHU WRXV OHV UDFFRUGHPHQWV &HWWH
R Q
J R P
F R
FDUWH Q·HVW SDV XQH FDUWH GH VHFRXUV SRXU OD FDUWH SUpFpGHQWH /HV GHX[ FDUWHV GRLYHQW DVVXUHU OHV
LQ U
V I
\
S
W
L Q
I R
UDFFRUGHPHQWV YHUV OHV DJUpJDWV
R L
FR W
GQ D
Q
D
LR U
W
]
L
&HWWH FDUWH SHUPHW XQLTXHPHQW O·XWLOLVDWLRQ GH O·DIIOXHQW GH FRPPXWDWLRQ 670 HW GH O·DIIOXHQW RSWLTXH
D R
Q
R LF W
Q X
K
670 /H VLJQDO 670 HVW JpUp DX QLYHDX GX &9 6L OHV VLJQDX[ 670 FRQWLHQQHQW GHV QLYHDX[ &9
J X D
LQ PQ
H
HW &9 LOV QH VRQW SDV WUDLWpV PDLV XQLTXHPHQW WUDQVIpUpV
V W
V PW
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
&DUWH GH PDWULFH FDUWH GH PDWULFH WRWDOH HW FDUWHV GH PDWULFH [
9RLU )LJXUH SDJH
/D GHVFULSWLRQ VXLYDQWH FRQFHUQH OHV GHX[ FDUWHV PHQWLRQQpHV GDQV OH WLWUH /D QRXYHOOH FDUWH GH PDWULFH
[ HVW XQH YHUVLRQ VXSpULHXUH GH OD FDUWH GH PDWULFH WRWDOH DFWXHOOH 'DQV VD YHUVLRQ IXWXUH FHWWH FDUWH
HVW SUpUpJOpH SRXU RIIULU OHV IRQFWLRQV GH JHVWLRQ - - 7,0 320 61&31 GH OD QRXYHOOH QRUPH GH
O·8,77 'DQV VD YHUVLRQ DFWXHOOH FHV QRXYHOOHV IRQFWLRQV QH VRQW SDV DVVXUpHV OD FDUWH GH PDWULFH [
HW OD FDUWH GH PDWULFH WRWDOH RIIUHQW OHV PrPHV IRQFWLRQV
/HV FRQGXLWV GH FDUWH &9 &9 HW &9 FRUUHVSRQGDQW j VLJQDX[ ELGLUHFWLRQQHOV 670 VRQW IRXUQLV
DYHF XQH FKDUJH XWLOH $8 j DERXWHU
/HV LQWHUIDFHV $8 VRQW OHV VXLYDQWHV
SRXU OHV DIIOXHQWV F·HVWjGLUH PD[ DFWLIV PD[ GH VHFRXUV
SRXU OHV DJUpJDWV F·HVWjGLUH DFWLIV SRXU OHV DJUpJDWV (67 HW SRXU OHV DJUpJDWV
28(67 HW GH VHFRXUV SRXU OHV DJUpJDWV (67 HW SRXU OHV DJUpJDWV 28(67 /RUVTXH
O·DJUpJDW 670 HVW XWLOLVp HW TX·DXFXQ DQQHDX 61&3 &9&9 Q·HVW SUpVHQW OHV
UDFFRUGHPHQWV SHXYHQW rWUH GLVWULEXpV VHORQ OHV EHVRLQV HW SDV VHXOHPHQW (67 28(67
/RUVTXH O·DJUpJDW 670 HVW XWLOLVp HW TXH OD FRQQHFWLYLWp pWHQGXH HVW DFWLYpH FIU
&RQILJXUDWLRQ GX UDFFRUGHPHQW GX FKkVVLV HQ OLJQH 0DQXHO GH O·RSpUDWHXU PrPH VL OHV
DQQHDX[ 61&3 &9&9 VRQW SUpVHQWV OHV UDFFRUGHPHQWV SHXYHQW rWUH GLVWULEXpV VHORQ OHV
EHVRLQV HW SDV VHXOHPHQW (67 28(67
9RLU OH SDUDJUDSKH µ3DUWLFXODULWpV GH O·DJUpJDW 670 60& µ SDJH
&KDTXH VLJQDO $8 HVW UDFFRUGp VXU XQ EXV UDQJV j 0ELWV
/HV UDFFRUGHPHQWV VXLYDQWV VRQW pWDEOLV HQWUH
OHV DJUpJDWV HW OHV DIIOXHQWV '(5,9$7,21,16(57,21
OHV DJUpJDWV HW OHV DJUpJDWV WUDQVSDUHQFH HQWUH OHV GHX[ F{WpV HW EUDVVDJH G·XQ &9$8 j
O·LQWpULHXU GH O·DJUpJDW G·XQ F{Wp
(
&
,/
$
OHV DIIOXHQWV HW OHV DIIOXHQWV %5$66$*(
$
('
. $/ $* $$
$$
/D GHVFULSWLRQ DERUGH OHV SRLQWV VXLYDQWV
OH EUDVVDJH
O
V
L V
W D
H
W OH PRGXOH GH FRQWU{OH HW OH FRQWU{OHXU $6,&
K Q F
W O
I H $
W
R
J
Q
R P O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 'HVFULSWLRQ VSpFLILTXH
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K %UDVVDJH
R Q X
J X D
LQ
V
V
PQ
PW
H
W
/HV RSpUDWLRQV UHTXLVHV SRXU EUDVVHU OHV GLIIpUHQWHV FDUWHV GpSHQGHQW GX W\SH GH FDUWH
R LU
D
3
F
Z
G·LQWHUIDoDJH HW GX W\SH GH EUDVVDJH j pWDEOLU
G W
G Q X
H D R
Y
U
H
H K
V L
W /HV VWUXFWXUHV VXLYDQWHV VRQW j GLVWLQJXHU
V X Z
H G
U W
V
W
K
Q W
H LW
H
D 5DFFRUGHPHQW DX[ DJUpJDWV RX DIIOXHQWV V\QFKURQHV 670 FRQWHQDQW OH &9 HWRX
PP
J
L
U
OO
X U
F H &9 j WUDLWHU &HV FRQGXLWV SHXYHQW rWUH UDFFRUGpV DX[ DIIOXHQWV SOpVLRFKURQHV RX
R S
$ G W
R
UpDFKHPLQpV DYHF G·DXWUHV DJUpJDWV RX DIIOXHQWV 670
Q
/HV &9 HW &9 GHV DIIOXHQWV pOHFWULTXHV 670 SHXYHQW pJDOHPHQW rWUH WUDLWpV (Q FDV
G·XWLOLVDWLRQ GH O·DIIOXHQW RSWLTXH 670 OHV IRQFWLRQV G·DERXWHPHQWGpVDERXWHPHQW
FRQFHUQpHV VRQW GpVDFWLYpHV HW HIIHFWXpHV VXU OD PDWULFH WRWDOH
E 5DFFRUGHPHQW DX[ DJUpJDWV RX DX[ DIIOXHQWV V\QFKURQHV 670 SRXU OHVTXHOV OH
GpVDERXWHPHQW GH &9 Q·D SDV pWp UHTXLV
'DQV FH FDV OH &9 SHXW rWUH WRWDOHPHQW UpDFKHPLQp RX V·LO FRQWLHQW XQ &9 LO SHXW rWUH
UDFFRUGp j O·DIIOXHQW SOpVLRFKURQH 0ELWV
F 5DFFRUGHPHQW DX[ DIIOXHQWV SOpVLRFKURQHV 0ELWV
&HV GLIIpUHQWHV VWUXFWXUHV QpFHVVLWHQW GHV EORFV IRQFWLRQQHOV GLIIpUHQWV
3RXU HIIHFWXHU XQ EUDVVDJH LO SHXW rWUH QpFHVVDLUH GH UDFFRUGHU GLIIpUHQWHV VWUXFWXUHV HQWUH
HOOHV SDU H[HPSOH GHV VLJQDX[ G·DJUpJDW GH W\SH $ DYHF GHV DIIOXHQWV V\QFKURQHV GH W\SH &
$LQVL FHV GLIIpUHQWHV VWUXFWXUHV VRQW XWLOLVpHV
/HV FRQGXLWV GH UpFHSWLRQ VXLYDQWV VRQW LQGLTXpV SRXU WRXWHV OHV VWUXFWXUHV FLWpHV YRLU
)LJXUH SDJH
VLJQDX[ 670 GX F{Wp UpFHSWLRQ GHV DJUpJDWV (67 HW 28(67 FLUFXLW 063
VLJQDX[ 670 GX F{Wp pPLVVLRQ GHV DIIOXHQWV SOpVLRFKURQHV RX V\QFKURQHV +:3 F{Wp
UpFHSWLRQ
/·REMHFWLI GH OD IRQFWLRQ 063 HVW GH VpOHFWLRQQHU SRXU FKDFXQ GHV F{WpV (6728(67 OHV FRQGXLWV GHV
DJUpJDWV HQ IRQFWLRQQHPHQW SOXW{W TXH OHV FRQGXLWV GH VHFRXUV FRQGXLWV 670 TXLWWDQW 063 FRQWUH
HQWUDQWV
/H FLUFXLW +:3 GRLW VpOHFWLRQQHU OHV FRQGXLWV DFWLIV SDUPL OHV UHoXV GHV DIIOXHQWV
/HV VLJQDX[ 670 UpVXOWDQW VRQW JpUpV LQGLYLGXHOOHPHQW SDU OHV FLUFXLWV DYDO
(
&
,/
$
$
('
. $/ $* $$
$$
/HV VWUXFWXUHV FLGHVVXV VRQW GpVRUPDLV GpILQLHV FRPPH VXLW
6WUXFWXUH D
O
V
L V
W D
H
W /HV FLUFXLWV VXLYDQWV VRQW XWLOLVpV VL OHV VLJQDX[ UHoXV GRLYHQW rWUH VWUXFWXUpV
K Q F
W O
I H $
W
R
J
Q
R P 3, 6$ ,QWHUSUqWH GX SRLQWHXU GH O·DGDSWDWLRQ GH VHFWLRQ ,GHQWLILH OH SRLQWHXU $8 DILQ
F R
LQ
\
S
V I
W
L Q
U
GH ORFDOLVHU OH GpEXW GH &9
RI R
R W L
F
Q D
G
QLR U
W
]
L +37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH VXSpULHXU
D
D R
Q
R LF W
K 5DFFRUGH OHV RFWHWV GH FRQGXLW 32+ GX &9 SDU OHV RSpUDWLRQV DSSURSULpHV 9RLU
Q X
J
LQ
X D
PQ
)LJXUH SDJH
H
/HV RFWHWV ) = = HW = VRQW HQYR\pV YHUV OD FDUWH $8; YLD OH FRQGXLW GpGLp EXV 2+
V W
V PW
D R LU
F
3
G
G W
Q X
Z
,QWHUIDFH )XWXUHEXV
H D R
Y
U H K W
H
V
V L
X Z +3$ DGDSWDWLRQ GH FRQGXLW G·RUGUH VXSpULHXU
H G
U
V
W
W
Q W
H LW
H 7UDLWH OHV SRLQWHXUV 78 GH &9 HW &9 SRXU JpQpUHU OHV SRLQWHXUV 78 j SDUWLU GH OD
K
J
L
U
PP
X U
SRVLWLRQ ´µ GH &9 FRPPH VL $82+ SRLQWDLW VXU ´µ
F H
OOR S
$ G W
R
Q /320 FRQWU{OH GH O·HQWrWH GH FRQGXLW G·RUGUH LQIpULHXU
8Q GHV 32+ GH &9 HW GH &9 HVW YpULILp SRXU FDOFXOHU HW FRQWU{OHU OH %,3 GHV 32+ %
SRXU OHV 32+ GH &9 RX %,3 SRXU OH 32+ GH &9
/3& UDFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU
/H FLUFXLW HVSDFHWHPSV FRPPXWH OHV 78 HW 78 PD[ 78 HW FKRLVLW OD VWUXFWXUH
D E RX F YHUV ODTXHOOH OHV VLJQDX[ VHURQW HQYR\pV
/HV FLUFXLWV VXLYDQWV VRQW LPSOpPHQWpV SRXU WUDQVLWHU YHUV OHV VLJQDX[ 670 DJUpJDWV RX
DIIOXHQWV V\QFKURQHV
+37 WHUPLQDLVRQ GH FRQGXLW G·RUGUH VXSpULHXU
,QVqUH OHV 32+ GH &9 SRXU UHPSOLU OH FRQWHQHXU YLUWXHO G·RUGUH VXSpULHXU YRLU )LJXUH
SDJH
/HV RFWHWV ) = = HW = VRQW UHoXV GH OD FDUWH $8; YLD OH FRQGXLW GpGLp EXV 2+
,QWHUIDFH )XWXUHEXV
3* 6$ *pQpUDWHXUSRLQWHXU GH O·DGDSWDWLRQ GH VHFWLRQ
,O JpQqUH OH QRXYHDX SRLQWHXU $82+ SRXU OH &9 VWUXFWXUH $8 GH OD )LJXUH SDJH
,O HVW UpJOp VXU ´µ
6WUXFWXUH E
3, 6$ ,QWHUSUqWH GX SRLQWHXU GH O·DGDSWDWLRQ GH VHFWLRQ
,GHQWLILH OH SRLQWHXU $8 DILQ GH ORFDOLVHU OH GpEXW GX &9
+320 FRQWU{OH GH O·HQWrWH GH FRQGXLW G·RUGUH VXSpULHXU
$VVXUH OH FRQWU{OH GHV 32+ GX &9 SDU OD YpULILFDWLRQ GHV RFWHWV - % & HW *
XQLTXHPHQW YRLU )LJXUH SDJH
+3& UDFFRUGHPHQW GH FRQGXLW G·RUGUH VXSpULHXU
&H FLUFXLW FRPPXWH OD VWUXFWXUH $8 HQ VpOHFWLRQQDQW OD VWUXFWXUH YHUV ODTXHOOH OHV VLJQDX[
VHURQW HQYR\pV
(
&
,/
$
$
('
. $/ $* $$
$$
/HV FLUFXLWV VXLYDQWV VRQW LPSOpPHQWpV SRXU WUDQVLWHU YHUV OHV VLJQDX[ 670 DJUpJDWV RX
DIIOXHQWV V\QFKURQHV
O
+8* *pQpUDWHXU QRQ pTXLSp G·RUGUH VXSpULHXU
H
V
L
K
V
W D
W
&H FLUFXLW HVW DFWLI XQLTXHPHQW ORUVTXH OHV &9 QH VRQW SDV pTXLSpV SDU OH UpJODJH GHV
W Q F O
I
R
H $
W
Q
FRQILJXUDWLRQV SDU GpIDXW GX SRLQWHXU $82+ HW GH OD FKDUJH XWLOH GX &9 OD VWUXFWXUH HVW
J
LQ
R P
F R
U
FHOOH G·XQ $8 YRLU )LJXUH SDJH
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$82+
)LJXUH 6WUXFWXUH $8
(
&
,/
$
$
('
. $/ $* $$
$$
6WUXFWXUH F
'DQV FH FDV OHV LQIRUPDWLRQV UHoXHV GHV DIIOXHQWV VRQW GLUHFWHPHQW HQYR\pHV YHUV OH
O
FLUFXLW GH EUDVVDJH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
'HX[ SRVVLELOLWpV VRQW j GLVWLQJXHU
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
SRXU OHV DIIOXHQWV G·XQH FDSDFLWp GH HW 0ELWV OHV 78 HW 78 FRQFHUQpV VRQW
I R
R
FR W L
HQYR\pV YHUV OH UDFFRUGHPHQW GH FRQGXLW G·RUGUH LQIpULHXU /3& DYHF XQ EUDVVDJH
GQ D
Q
D
LR U
W
]
L
FRPSOHW FRPPH SRXU OD VWUXFWXUH D
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
SRXU OHV DIIOXHQWV G·XQH FDSDFLWp GH 0ELWV OHV $8 FRQFHUQpV VRQW HQYR\pV YHUV OH
H
UDFFRUGHPHQW GH FRQGXLW G·RUGUH VXSpULHXU +3& DYHF XQ EUDVVDJH GHV VLJQDX[
V W
V PW
D R LU
F
3
G
G W
Q X
Z
LGHQWLTXH j OD VWUXFWXUH E
H D R
Y
U H K W
H
V
V L
X Z /HV VLJQDX[ VRUWDQW GX EUDVVDJH VRQW GLUHFWHPHQW UpDFKHPLQpV YHUV OHV FLUFXLWV G·LQWHUIDFH
H G
U
V
W
W
Q W
H LW
H SRXU rWUH WUDQVPLV YHUV OHV DIIOXHQWV SOpVLRFKURQHV
K PP
J
L X U
U
OO
F H
R S /HV FLUFXLWV G·LQWHUIDFH XWLOLVHQW OHV VLJQDX[ GHV VWUXFWXUHV D E HW F G·R
$ G W
R
Q
670 SHXYHQW rWUH UDFFRUGpV DX F{Wp pPLVVLRQ GHV DJUpJDWV (6728(67 YHUV OHV
FRQGXLWV SULQFLSDX[ HW GH VHFRXUV GHV GHX[ F{WpV
670 SHXYHQW rWUH UDFFRUGpV DX F{Wp UpFHSWLRQ GH DIIOXHQWV PD[LPXP
&HWWH IRQFWLRQ SHUPHW O·XWLOLVDWLRQ GX F{Wp UpFHSWLRQ GX FLUFXLW +:3 SRXU WUDQVPHWWUH
670 YHUV DIIOXHQWV SRVVLEOHV DFWLIV GH VHFRXUV
/D FDUWH HVW U\WKPpH SDU GHX[ KRUORJHV G·XQH FDSDFLWp GH 0+] &.$ &.% HW OHV VLJQDX[
GH V\QFKURQLVDWLRQ DVVRFLpV 6<1& $ HW 6<1& % UHoXV GHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH
&58
/H FKRL[ GH O·XQH GHV GHX[ VRXUFHV GH V\QFKURQLVDWLRQ GpSHQG GH O·pWDW GH IRQFWLRQQHPHQW GHV
GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRQWU{OH HW &RQWU{OHXU $6,&
/H PRGXOH GH FRQWU{OH HIIHFWXH OHV RSpUDWLRQV VXLYDQWHV
O
V
L V
W D
H
W 'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
K Q F
W O
I H $
W
R
J
Q
R P 'HV LQIRUPDWLRQV VXU OHV RSWLRQV GH UpJODJH OHV FULWqUHV OD UpLQLWLDOLVDWLRQ OHV DODUPHV HWF VRQW
F R
LQ
\
S
V I
W
L Q
U
pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD OHV UDFFRUGHPHQWV /,(&% HW 1,(&%
RI R
R W L
F
Q D
G
QLR U
W
]
L 6WRFNDJH GH OD FRQILJXUDWLRQ GH OD FDUWH
D
D R
Q K
R LF W
J
Q X
X D 5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
LQ PQ
V H
V PW W
R LU
D
3
F
Z
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH j O·LQWpULHXU GX
G W
G
H
Q X
D R FKkVVLV
Y
U H K W
H V L
V X Z
H
U
G
W 5HFRQQDLVVDQFH GX W\SH GH FDUWH
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H 9LD OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
R S
$ G W
R
Q
'LDORJXH DYHF OH &RQWU{OHXU $6,&
&HWWH IRQFWLRQ SHUPHW j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 GH GLDORJXHU DYHF OH &RQWU{OHXU
$6,&
9R\DQWV HW FRPPDQGHV GH FRPPXWDWLRQ
8Q YR\DQW URXJH V·DOOXPH ORUVTXH GHV VLJQDX[ VRQW pFKDQJpV DYHF OH &RQWU{OHXU $6,& &H
YR\DQW LQGLTXH GHV DODUPHV ORFDOHV GH FDUWHV HW HQWUDvQH O·DFWLYDWLRQ GH OD FRPPDQGH GH
FRPPXWDWLRQ 26: j HQYR\HU DX[ DXWUHV FDUWHV
/D FRPPDQGH 26: HVW pJDOHPHQW DFWLYpH SDU ,6:0 UHoX GHV DXWUHV PDWULFHV SRXU OD
VpFXULVDWLRQ (36 GH OD PDWULFH &HWWH IRQFWLRQ HVW GpFULWH GDQV OH SDUDJUDSKH ´(36 SRXU
PDWULFH WRWDOH HW FDUWH GH UpIpUHQFH G·KRUORJHµ SDJH
/H &RQWU{OHXU $6,& HIIHFWXH OHV RSpUDWLRQV VXLYDQWHV
'LDORJXH DYHF OH PRGXOH GH FRQWU{OH
&H GLDORJXH SHUPHW DX FRQWU{OHXU $6,& G·HIIHFWXHU OHV RSpUDWLRQV UHTXLVHV SDU OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW
'pWHFWLRQ G·DODUPHV LQWHUQHVH[WHUQHV
&RQWU{OH GHV SHUIRUPDQFHV
&RPPDQGH HW OHFWXUH GHV UpJODJHV ORJLFLHOV
*pQpUDWLRQ GHV FRPPDQGHV GH FRPPXWDWLRQ 61&3 HW 6,$
&RPPDQGHV JpQpUpHV GH PDQLqUH LQWHUQH SRXU OD GpWHFWLRQ GHV DODUPHV
6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
&HWWH LQWHUIDFH VpOHFWLRQQH HW H[WUDLW GH OD FDUWH GH UpIpUHQFH G·KRUORJH OHV VLJQDX[ GH
V\QFKURQLVDWLRQ HW GH U\WKPH j XWLOLVHU FRPPH UpIpUHQFH SRXU OD FDUWH 3RXU IRXUQLU OHV FULWqUHV
GH VpOHFWLRQ FHWWH LQWHUIDFH WUDLWH OHV DODUPHV UHoXHV GHV GHX[ &58 j VDYRLU
( ,6:&$ DODUPH LQWHUQH UHoXH GH OD &58 $
&
,/
$
$ ,6:&% DODUPH LQWHUQH UHoXH GH OD &58 %
('
. $/ $* $$
$$
,QWHUIDFH GH O·RFWHW -
(OOH WUDQVPHW HW UHoRLW OHV GRQQpHV GH O·RFWHW - XWLOLVp FRPPH WUDFH GH FRQGXLW SRXU OH &9 /D
O
VWUXFWXUH GHV GRQQpHV HVW UHSURGXLWH DYHF OD SpULRGLFLWp G·XQH WUDPH 670
H
V
L
K
V
W D
W
1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
W Q F O
I H $
W
R Q
J R P
F R
6pFXULVDWLRQ 063 HW +:3
LQ U
\V I
W
L Q
S
I R
R
FR W L
/H VLJQDO 3527 HVW JpQpUp SRXU SURWpJHU OHV FRQGXLWV G·DJUpJDWV RX G·DIIOXHQWV ORUVTX·XQ ,6:
GQ D
Q
D
LR U
W
]
L
HVW UHoX GH O·DJUpJDW RX GH O·DIIOXHQW
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
V H
V PW W
D R LU
3
F
G W
Z /HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ SUpVHQWHV HQ HQWUpH GH OD FDUWH GH PDWULFH
G Q X
H
Y
D R WRWDOH VRQW
U H K W
H V L
V X Z
H
U
G
W
Q W H
9 á
V H LW
W
K PP
J
L
U
OO
X U
F H
R S
9 á
$ G W
R
9 á
Q
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV
GRQQpHV G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW 1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW
UDFFRUGp j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
66 %
/) (7 7( &
9(56 &27( $*5 (P $)) 5HF
9(56 &27( 85 (, ,'
) 2 $ /
$ 7&
7 7
7 7 6 6
6 6 ( (
O ( ( 8 8 ,6
V
H
W 2 2 3P 5
L V
W D :( 8 7 :
K
W Q F O + &
( : 6
I H $
6 ,6 2
))
W
R Q ( 4 1 (8 1
J R P
2 $ 8 & ( ( 2
LQ
F R
U ( *( 7 5 ,7 ,4 1
\V I 2 5
/ 9$ $ 71 , 62
S
W
L Q , 17 (5) $&( 6<&
RI R
L ,$ & 2 2 + (5
33
FR W ' &
GQ D
]
L
LR U
7 5
Q
W
D
D R 8$+ & 21 7 5 2/ ( 8 5
5 (
( 71 6 2
Q K
LF W
R Q X 6 , *8 $6, &
J X D
,1 2 3 $
LQ
V
PQ
H
3
V PW W
67 5 (
D R LU
((6 ( 8 1'(
F
' 7 7 8 & (/ 1 7
7 9
3 Z
G W 1 1 * ( 2 ,& 2( 5
$8 2 & 3
5
(& 7 $< /$ 9$ 75 6$ ( <7 $&
G Q X
6+3 00
H D R
Y
H K + 00 2 , 1 5
U
V L
W 1
, 2 22 9 ' 2
H
V X Z 3 && &
H G
U W
V
Q W H 7
W H LW 1
K PP 1 ' 1(
J
,2 ,2 0 (
75
L X U
U F H
& 7 (' & 3
OOR S &2 &873 &
(/ 5 83 <7
$ G W (
/( & / 2$ +
R $ (& &
Q
65 6&
$
5 ( (' (/
8&(2
*( / 5
+ 2
/ 9$ 8 7
), 0 2 9 $, ' 1
2
5 2 3
&9 ' 2 0&
(3 &
9/ 3,% (
'
VW & 21 7 5 2/ ( 8 5
EL $6, &
5 0
8
VLW ( $ 6
78 3 9 1
,1 7 +
E 5 2 ( ,6:&%
0 70 & & ,7 3: &- 1(( 1 8
2 12 ( $) 7 ,2 1 ,2 5
3 2 3+ + 5
$ +
6, 5 (7 7 75 5 78 5 &
& 2 6( $ (7 &
3 78 5 36
80
(7 &
* & ,1
(/ & ,6:&$
(
'
&
( 1
&
8 &
(6 ,1 2 (
6
5 ,2 5
76
8 79
= 7
& & & 73
$++
) = 8
5 5
72
76 ; 3
= (
6
, 6 ( 6
5 ( & 1 63 $, /(
8 0 1 2
,7
&
(6 5 $
$ 3 6 6
.
/$$ 0 5 7 &
) 7 ) 7 5 8 8
, 8 $ , 8 $6 2
) 0
( 5%96 5%9 5 ,*
) 0
& (
9( & (9 ( & ,3
$) + 2 ' ,3 ' (3 1 2
&
5 2
(7 68 &
1 % $
7 %
7
,
& &
8 8
5
76 5
76 9 9 9
0
/$
( 2 ) :
& 3
5 5 )$ . 1
68 * * & <6
1% 6 $ $ 6 6(
2
,7 ( 7 HF (
5 ,
5 7 ,
5 ,5
$7
7
1
/%
6
(8 8 & 3 & 5 8 $7 ,6
* 78 &
( /( 8
$0
6 /( 8
$3 &
(6 1
(9 6, 8
) 6 ( (
6 : ) 0
6 + 1 ' (
: , 5
6, $ $
$. . & %: &
& & 1
<6 <6
4
( 4
7 7 (7 (7 (
+ 7 7 6 6
7( '( &58 5 5 9 9 9 5 5
2; 6 6 ( ( ( 5 )) $ 7 $ 7
68$ ( ( 8 8 ( ' *$ & 1 & 1
8
% 2 2 ( 7 )) P $
2
& 2
&
' 2$ (
'( &27( $*55HF &
)LJXUH 6FKpPD V\QRSWLTXH 0DWULFH WRWDOH
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DJUpJDW 670
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &HWWH GHVFULSWLRQ V·DSSOLTXH j O·HQVHPEOH GHV FDUWHV G·DJUpJDW 670 GH FHWWH YHUVLRQ
K Q F
W O
I H $
W
R
J
Q
R P /HV FDUWHV FLGHVVXV VH GLIIpUHQFLHQW SDU OHV OHWWUHV / HW 6 HQ IRQFWLRQ GHV FRPSRVDQWV RSWLTXHV XWLOLVpV
F R
LQ
\
S
V I
W
L Q
U
SRXU OD ORQJXH SRUWpH / RX OD FRXUWH SRUWpH 6
RI R
R W L
F
Q D
G
QLR U
W
]
L /HV FRQQHFWHXUV RSWLTXHV (P5HF GH OD FDUWH VRQW DFFHVVLEOHV HQ IDFH DYDQW GH OD FDUWH
D
D R
Q K
R LF W
J
Q X
X D /HV FDUWHV LGHQWLILpHV SDU ',1 RX 6& LQGLTXHQW OH W\SH GH FRQQHFWHXU XWLOLVp OHV DXWUHV FDUWHV XWLOLVHQW OHV
LQ PQ
V
V PW
H
W FRQQHFWHXUV )&3& /HV FDUWHV GH OD VHFRQGH IHQrWUH SRUWHQW OD UpIpUHQFH FHOOHV GH OD WURLVLqPH
D R LU
3
F
G W
Z IHQrWUH VRQW UpIpUHQFpHV 3RXU O·DJUpJDW ´-(µ FHUWDLQHV FDUDFWpULVWLTXHV GH O·LQWHUIDFH RSWLTXH RQW pWp
G Q X
H
Y
D R DPpOLRUpHV
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
/D FDUWH G·DJUpJDW 670 IDLW RIILFH G·LQWHUIDFH ELGLUHFWLRQQHOOH HQWUH OH VLJQDO 670 HW OHV VLJQDX[
W H LW
K
J
PP VWUXFWXUpV $8 VLJQDX[ (P5HF FRQQHFWpV j OD PDWULFH HW DJUpJDWV 670 GH OD IDFH RSSRVpH
L X U
U F H
OOR S
$ G W
R
Q
/H PRGXOH GH FRQWU{OH IDLW SDUWLH GH OD FDUWH FLWpH /RUV GH O·LQWHUIDoDJH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
H[pFXWH GHV IRQFWLRQV GH JHVWLRQ WHOOHV TXH OHV YpULILFDWLRQV G·DODUPHV OHV FRPPDQGHV GH FRQILJXUDWLRQ
OHV EUDVVDJHV HWF
/H IRQFWLRQQHPHQW GH OD FDUWH VH GpFRPSRVH FRPPH VXLW
O·pPLVVLRQ
OD UpFHSWLRQ
OH %86 2+
OH PRGXOH GH FRQWU{OH
O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
(
&
,/
$
$
('
. $/ $* $$
$$
(PLVVLRQ
/RUV GH O·XWLOLVDWLRQ GH OD FDUWH GH UDFFRUGHPHQW OD FDUWH UHoRLW
O
V
L V
W D
H
W VLJQDX[ '77 GH OD FDUWH GH UDFFRUGHPHQW &HV VLJQDX[ FRQFHUQHQW OHV FDUWHV
K
W
I
Q F
H $
W
O
G·DIIOXHQWV QRWDPPHQW OHV FDUWHV GH VHFRXUV
R Q
J R P
F R
VLJQDX[ '7%$ HW '7%% GHV GHX[ FDUWHV G·DJUpJDW 670 GX F{Wp RSSRVp &HV
LQ U
V I
\
S
W
L Q
I R
VLJQDX[ VRQW OHV FRQGXLWV TXL WUDQVLWHQW GHSXLV OH F{Wp RSSRVp 5HF
R L
FR W
GQ D
Q
D
LR U
W
]
L
&KDTXH VLJQDO FLGHVVXV HVW VWUXFWXUp j ILOV j 0ELWV HW UHSUpVHQWH XQ VLJQDO DERXWp $8 /H EORF
D R
Q
R LF W
Q X
K
063+:3 VpOHFWLRQQH O·DIIOXHQW RX O·DJUpJDW SULQFLSDO RX GH VHFRXUV GX F{Wp RSSRVp &RPPH OH VLJQDO
J X D
LQ PQ
H
670 FRQWLHQW TXDWUH VWUXFWXUHV $8 OH FLUFXLW +3& VpOHFWLRQQH VLJQDX[ SDUPL FHX[ GLVSRQLEOHV
V W
V PW
D R LU
F
3
G
G W
Q X
Z
/RUV GH O·XWLOLVDWLRQ GH OD PDWULFH WRWDOH OD FDUWH UHoRLW
H D R
Y
U H K W
H
V
V L
X Z TXDWUH VLJQDX[ '77 j GH OD PDWULFH $ HW TXDWUH '77 j GH OD PDWULFH % GpMj
H G
U
V
W
W
Q W
H LW
H VpOHFWLRQQpV HW JpUpV SDU OD FDUWH GH PDWULFH WRWDOH
K
J
L
U
PP
X U
/H 063 D SRXU IRQFWLRQ GH VpOHFWLRQQHU OD PDWULFH WRWDOH $ RX %
F H
OOR S
$ G W
/H FLUFXLW +3& Q·HVW SDV XWLOLVp IRQFWLRQ SULVH HQ FKDUJH SDU OD PDWULFH WRWDOH
R
Q
/HV RFWHWV G·HQWrWH GH VHFWLRQ OLJQHV HW FRORQQHV VRQW LQVpUpV GDQV OHV FLUFXLWV 067 HW 567 FRPPH
LQGLTXp j OD )LJXUH SDJH
/HV RFWHWV GH VHFWLRQ GH PXOWLSOH[DJH VRQW LQVpUpV GDQV OH FLUFXLW 067 VRLW
'' .. % 6 0
/HV RFWHWV GH OD VHFWLRQ GH UpJpQpUDWLRQ VRQW LQVpUpV GDQV OH FLUFXLW 567 VRLW
'' % &
OHV RFWHWV GH YHUURXLOODJH $ HW $
/HV FLUFXLWV 067 HW 567 FRPSRUWHQW pJDOHPHQW OHV RFWHWV G·HQWrWH GH VHFWLRQ GHV YRLHV GH SDUROH GH
GRQQpHV HW GH VHUYLFH HWF UHoXHV GH OD FDUWH $8; YLD OH EXV j 0ELWV
/HV FLUFXLWV VXLYDQWV DVVXUHQW O·HPEURXLOODJH GX VLJQDO VDXI OH SUHPLHU UDQJ G·HQWrWH GH VHFWLRQ
$ FH VWDGH OHV VLJQDX[ VRQW FRQYHUWLV HQ VLJQDX[ SDUDOOqOHVpULH DILQ G·REWHQLU OH FRQGXLW 670 3RXU FH
IDLUH GHX[ RSpUDWLRQV FRQVpFXWLYHV VRQW QpFHVVDLUHV
OD SUHPLqUH FRQVLVWH j REWHQLU FRQGXLWV j 0ELWV j SDUWLU GHV FRQGXLWV j 0ELWV
OD GHX[LqPH FRQVLVWH j OHV VpULDOLVHU j 0ELWV VLJQDO '7
,O HVW j QRWHU TXH OHV VWUXFWXUHV $8* VRQW HQWUHODFpHV RFWHW SDU RFWHW GDQV OD VWUXFWXUH 670 YRLU
)LJXUH SDJH DYHF XQH UHODWLRQ IL[H GH SKDVH HQ IRQFWLRQ GX PrPH VLJQDO PXOWLSOH
/D VpULDOLVDWLRQ HVW V\QFKURQLVpH SDU O·KRUORJH H[WUDLWH GH O·RVFLOODWHXU &92 j 0+] &H GHUQLHU
HVW YHUURXLOOp HQ SKDVH VXU O·KRUORJH j 0+] DUULYDQW GHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH
&.$ % HW OHV VLJQDX[ GH V\QFKURQLVDWLRQ FRUUHVSRQGDQWV 6<$ %
/H FKRL[ GH O·XQH GHV GHX[ VRXUFHV GH V\QFKURQLVDWLRQ XWLOLVpHV SRXU OD JpQpUDWLRQ GHV VLJQDX[ G·KRUORJH
&.7 HVW IRQFWLRQ GH O·pWDW GH IRQFWLRQQHPHQW GHV GHX[ &58
/·RSpUDWLRQ ILQDOH GH FRQYHUVLRQ pOHFWURRSWLTXH HVW UpDOLVpH SDU OH PRGXOH RSWLTXH F{Wp pPLVVLRQ OH
VLJQDO UpVXOWDQW HVW GLVSRQLEOH DX QLYHDX GX FRQQHFWHXU HQ IDFH DYDQW
( /H GLVSRVLWLI GH FRXSXUH DXWRPDWLTXH GX ODVHU $/6 HVW pJDOHPHQW SUpYX FRQIRUPpPHQW j OD
&
,/
$ 5HFRPPDQGDWLRQ * GH O·8,77 SDU OHV UpJODJHV HW OD JHVWLRQ ORJLFLHOV GX PRGXOH GH FRQWU{OH
$
('
. $/ $* $$
$$
5pFHSWLRQ
/D FDUWH UHoRLW OH VLJQDO j 0ELWV YHQDQW GH OD ILEUH RSWLTXH &H VLJQDO HVW GLVSRQLEOH DX QLYHDX GX
O
FRQQHFWHXU HQ IDFH DYDQW
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/H PRGXOH RSWLTXH F{Wp UpFHSWLRQ DVVXUH OD FRQYHUVLRQ RSWRpOHFWULTXH GX VLJQDO '5 SDU
R Q
J R P
F R
UpJpQpUDWLRQ HW H[WUDFWLRQ GH O·KRUORJH &.5
LQ U
\V I
W
L Q
S
I R
R
FR W L
/H FLUFXLW GH SDUDOOpOLVDWLRQVpULDOLVDWLRQ GpPXOWLSOH[H OHV FRQGXLWV GX VLJQDO 670 &KDTXH FRQGXLW HVW
GQ D
Q
D
LR U
W
]
L
UHSUpVHQWp SDU XQ EXV j ILOV j 0ELWV HQ WRXW &HWWH RSpUDWLRQ HVW UpDOLVpH SDU OD SDUDOOpOLVDWLRQ
D R
Q
R LF W
Q X
K
LQWHUPpGLDLUH G·XQ EXV j ILOV j 0ELWV
J X D
LQ PQ
H
/·KRUORJH &.5 REWHQXH SDU GLYLVLRQV VXSSOpPHQWDLUHV HVW HQYR\pH DX[ GHX[ FDUWHV GH UpIpUHQFH
V W
V
D
PW
R LU
F
G·KRUORJH &58 /H FLUFXLW VXLYDQW YpULILH OH YHUURXLOODJH RFWHWV $ $ HW OD V\QFKURQLVDWLRQ
3 Z
G W
G Q X
H
Y
U
D R
H K W
$SUqV GpVHPEURXLOODJH OHV FLUFXLWV 567 HW 067 DVVXUHQW O·H[WUDFWLRQ GHV RFWHWV G·HQWrWH GH VHFWLRQ
H V L
V X Z
H G
U
V
W
Q W H 567 ([WUDFWLRQ GHV RFWHWV ' j ' & HW % GH OD VHFWLRQ GH UpJpQpUDWLRQ FDOFXO GH %,3
W H LW
K
J
PP HW FRPSDUDLVRQ DYHF OHV RFWHWV UHoXV
L X U
U F H
OOR S
$ G W
067 ([WUDFWLRQ GHV RFWHWV ' j ' 6 0 . HW . % GH OD VHFWLRQ GH UpJpQpUDWLRQ
R
Q FDOFXO GH %,3 HW FRPSDUDLVRQ DYHF OHV RFWHWV UHoXV
(Q RXWUH OHV RFWHWV G·HQWrWH GH VHFWLRQ VRQW H[WUDLWV GHV GHX[ FLUFXLWV SUpFpGHQWV HW HQYR\pV j OD FDUWH
$8; YLD OH EXV G·HQWrWH GH VHFWLRQ j 0ELWV
/H FLUFXLW 6$ DVVXUH OD V\QFKURQLVDWLRQ GX VLJQDO G·KRUORJH H[WUDLW &.5 DYHF O·KRUORJH ORFDOH UHoXH GH
OD &58 FKRLVLH
/·DGDSWDWLRQ HVW UpDOLVpH SDU OD MXVWLILFDWLRQ GX SRLQWHXU $8 LQWHUSUpWDWLRQ HW JpQpUDWLRQ GX SRLQWHXU
(QVXLWH O·RFWHW % HVW H[WUDLW GH O·HQWrWH GH FRQGXLW GH FKDTXH &9
(Q FDV G·XWLOLVDWLRQ GH OD FDUWH GH UDFFRUGHPHQW OH FLUFXLW +3& DVVXUH OH EUDVVDJH GHV TXDWUH VLJQDX[
$8 YHUV OHV DIIOXHQWV HWRX OHV DJUpJDWV GX F{Wp RSSRVp
/H EORF 063+:3 FKRLVLW OHV DIIOXHQWV '57 j RX O·DJUpJDW SULQFLSDOGH VHFRXUV GX F{Wp RSSRVp
VLJQDX[ HQ WUDQVSDUHQFH '5%$ j HW '5%% j YHUV OHVTXHOV VHURQW HQYR\pHV OHV LQIRUPDWLRQV
&KDTXH $8 HVW XQ VLJQDO VWUXFWXUp GH EXV ILOV j 0ELWV
(Q FDV G·XWLOLVDWLRQ GH OD PDWULFH WRWDOH OHV VLJQDX[ '57 j HW '57 j UDFFRUGHQW OHV VLJQDX[ $8
DX[ PDWULFHV $ HW % /HV IRQFWLRQV 063 HW +3& VRQW UpDOLVpHV SDU OD PDWULFH WRWDOH
%86 2+
/D JpQpUDWLRQ G·XQ FRQGXLW GX %XV 2+ j 0+] SHUPHW GH UpDOLVHU OD FRPPXWDWLRQ GH VpFXULVDWLRQ
DXWRPDWLTXH $36 ELGLUHFWLRQQHOOH HQWUH OHV DJUpJDWV HW OHV DIIOXHQWV
/D FDUWH G·DJUpJDW 670 pPHWUHoRLW GHV RFWHWV . . HW 6 VXU FH FRQGXLW /·RFWHW 6 HVW XQ WUDLQ GH
GRQQpHV VpULH FRQWHQDQW OHV DODUPHV 046 397 (;%(5 066,$ 06)(5) /H JHVWLRQQDLUH
´)XWXUHEXVµ DVVXUH O·LQWHUIDoDJH GX EXV 2+
/D FRPPXWDWLRQ ELGLUHFWLRQQHOOH Q·HVW SDV RSpUDWLRQQHOOH GDQV FHWWH YHUVLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRQWU{OH
/H PRGXOH GH FRQWU{OH GH OD FDUWH UpDOLVH OHV RSpUDWLRQV FLDSUqV
O
V
L V
W D
H
W 'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
K Q F
W O
I H $
W
R
J
Q
R P /HV LQIRUPDWLRQV VXU OD FRQILJXUDWLRQ OHV FULWqUHV OH ERXFODJH OD UpLQLWLDOLVDWLRQ HW OD
F R
LQ
\
S
V I
W
L Q
U
FRPPXWDWLRQ VRQW pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW SDU OH UDFFRUGHPHQW
I R
R
FR W L
/,(&% HW 1,(&%
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K 'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
Q X
J X D
LQ PQ
V
V PW
H
W &H GLDORJXH SHUPHW G·pPHWWUH RX GH UHFHYRLU OD FRQILJXUDWLRQ ORJLFLHOOH FRQWHQXH GDQV
D R LU
3
F
G W
Z O·(3520 /HV LQGLFDWLRQV G·DODUPH HW GH SHUIRUPDQFH VRQW UHoXHV GH OD FDUWH
G Q X
H
Y
D R /HV DODUPHV VLJQDODQW XQH GpIDLOODQFH ORFDOH GH FDUWH DOOXPHQW OH YR\DQW URXJH FRPPDQGH
U H K W
H
V
V L
X Z /('1 /HV VLJQDX[ &26: DMRXWpV j (;7 $/0 VRPPH GHV DODUPHV H[WHUQHV 046 397
H G
U
V
W
W
Q W
H LW
H 066,$ 06)(5) (;%(5 DVVXUHQW OD JpQpUDWLRQ GH OD FRPPDQGH GH FRPPXWDWLRQ 26:
K
J
L
U
PP
X U
/·DOOXPDJH GX YR\DQW LQGLTXH TXH OD FDUWH HVW HQ VHUYLFH FRPPDQGH :. &+
F H
OOR S
$ G W
R
Q 6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
&HWWH LQWHUIDFH DVVXUH OD VpOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58 GRQW VRQW H[WUDLWV OHV
VLJQDX[ GH V\QFKURQLVDWLRQ HW G·KRUORJH GHYDQW VHUYLU GH UpIpUHQFH j OD FDUWH $ILQ GH GpILQLU OHV
FULWqUHV GH VpOHFWLRQ FHWWH LQWHUIDFH WUDLWH OHV DODUPHV UHoXHV GHV GHX[ FDUWHV &58 j VDYRLU
,6:&$ DODUPH LQWHUQH UHoXH GH OD FDUWH &58 $
,6:&% DODUPH LQWHUQH UHoXH GH OD FDUWH &58 %
*HVWLRQ GX ERXFODJH
3HUPHW GHX[ FRPPDQGHV GH ERXFODJH VXU OD FDUWH
/ ERXFODJH F{Wp OH VLJQDO GH UpFHSWLRQ 670 '5 HW O·KRUORJH FRUUHVSRQGDQWH
FRQGXLW WpOpERXFODJH &.5 SHXYHQW rWUH HQYR\pV VLPXOWDQpPHQW VXU OH FRQGXLW HW DX F{Wp
UpFHSWLRQ $8
/ ERXFODJH F{Wp OHV GRQQpHV G·pPLVVLRQ j 0ELWV GDQV OH FRQYHUWLVVHXU SDUDOOqOHVpULH
VWDWLRQ ERXFODJH ORFDO SHXYHQW rWUH UHQYR\pHV VLPXOWDQpPHQW YLD OH F{Wp UpFHSWLRQ YHUV OH F{Wp
$8 HW VXU OH F{Wp pPLVVLRQ
*HVWLRQ GX FDQDO GH FRPPXQLFDWLRQ GH GRQQpHV '&&
3HUPHW O·LQWHUIDoDJH ORFDO GHV YRLHV j NELWV ' j ' HW j NELWV ' j ' GX FRQGXLW
701 G·HQWrWH GH VHFWLRQ
5HFRQQDLVVDQFH GX W\SH GH FDUWH
3DU OH VLJQDO &7<3( j OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW
UDWWDFKp
*HVWLRQ GH OD VpFXULVDWLRQ RSWLTXH
&HWWH IRQFWLRQ DVVXUH OD FRXSXUH DXWRPDWLTXH GX ODVHU FRQIRUPpPHQW j OD 5HFRPPDQGDWLRQ
(
&
* GH O·8,77 F·HVWjGLUH HQ FDV G·DEVHQFH GH UpFHSWLRQ GX VLJQDO RSWLTXH
,/
$
$
('
. $/ $* $$
$$
/H ODVHU SHXW rWUH UpLQLWLDOLVp SDU OHV FRPPDQGHV FLGHVVRXV
0DQXHOOH OH ODVHU HVW DFWLYp SHQGDQW GHX[ VHFRQGHV j FKDTXH SUHVVLRQ VXU OH ERXWRQ
O
$XWRPDWLTXH OH ODVHU HVW DFWLYp SHQGDQW GHX[ VHFRQGHV WRXWHV OHV VHFRQGHV
H
V
L
K
V
W D
W
0DQXHOOH GH WHVW OH ODVHU HVW DFWLYp SHQGDQW QHXI VHFRQGHV j FKDTXH SUHVVLRQ VXU OH
W Q F O
I
R
H $
W
Q
ERXWRQ G·XQH GXUpH VXSpULHXUH j VHFRQGHV
J R P
F R
LQ U
V I
\
S
W
L Q
I R
*HVWLRQ GH OD VpFXULVDWLRQ
R L
FR W
GQ D
Q
D
LR U
W
]
L
/D VpFXULVDWLRQ HVW DVVXUpH SDU OHV FRPPDQGHV ,6: TXL SURYRTXHQW OD FRPPXWDWLRQ HQWUH FDUWH
D R
Q
R LF W
Q X
K
QRUPDOH HW GH VHFRXUV
J X D
LQ PQ
H
/HV FRPPDQGHV ,6: VRQW UHoXHV
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R GH O·DXWUH DJUpJDW GX PrPH F{Wp SRXU FRQQDvWUH OHV pWDWV G·DODUPH FRPPDQGH QRQ
U H K W
H
V
V L
X Z RSpUDWLRQQHOOH GDQV FHWWH YHUVLRQ
H G
U W
Q W H
V H LW
W
K
J
PP GHV GHX[ PDWULFHV WRWDOHV SRXU FKRLVLU FHOOH j XWLOLVHU
L X U
U F H
OOR S
$ G W
R
Q
GHV DIIOXHQWV SRXU FKRLVLU FHOXL j XWLOLVHU
/HV VLJQDX[ GH VpFXULVDWLRQ 3527 VRQW JpQpUpV
&HWWH IRQFWLRQ DVVXUH OD VpFXULVDWLRQ GH O·DIIOXHQW $36 j O·DLGH GH OD FRPPDQGH ,6: UHoXH GHV
DJUpJDWV GX PrPH F{Wp
&H FLUFXLW IRQFWLRQQH pJDOHPHQW DYHF OD FRPPDQGH 26: /D FRPPXWDWLRQ GH VpFXULVDWLRQ
DXWRPDWLTXH $36 HVW GpFULWH DX SDUDJUDSKH ´&RPPXWDWLRQ GH VpFXULVDWLRQ DXWRPDWLTXH
$36 OLQpDLUH VLPSOLILpHµ SDJH
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
9LD OHV VLJQDX[ ,' OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH j O·LQWpULHXU GX
FKkVVLV
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ SUpVHQWHV HQ HQWUpH GH OD FDUWH VRQW
9 á
9 á
9 á
&HV WHQVLRQV VRQW SURWpJpHV SDU GHV IXVLEOHV
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV
GRQQpHV G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW 1H V·DSSOLTXH SDV j FHWWH YHUVLRQ
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW
( UDFFRUGp j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
&
,/
$
$
('
. $/ $* $$
$$
RFWHWV
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ & & & &
O +
H 2
V
L V
W % ( ) 6
W D
K Q F 5
W
I H $
O ' ' '
W
R Q V
J R P H
F R W
LQ U F
\V I W
W
L Q R
S
RI R % % % % % % % % % % . .
R W L
F
GQ D ' ' ' +
]
L
QLR U 2
D W
D R ' ' ' 6
Q K
R LF W 0
Q X ' ' '
J X D
LQ PQ 6 = = = 0 = = (
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V
W
K
J
H LW
PP /pJHQGH
L X U
U F H
OOR S
$ G W $ j $ 0RW GH YHUURXLOODJH $ $ 8WLOLVH WRXV OHV LQWHUYDOOHV GH WHPSV GHV
R
Q
670
& ,QGLTXH OH WUDLQ GH GRQQpHV 670 GDQV 670
% 5pVXOWDW GX FDOFXO GH %,3 VXU OD WUDPH SUpFpGHQWH DSUqV HPEURXLOODJH
8WLOLVp SRXU pYDOXHU OH WDX[ G·HUUHXU HQWUH UpJpQpUDWHXUV
8WLOLVH LQWHUYDOOH GH WHPSV GX SUHPLHU 670
( 2SpUDWLRQV VXU 9'6 HQWUH UpJpQpUDWHXUV 8WLOLVH LQWHUYDOOH GH WHPSV GX SUHPLHU 670
) 'LVSRQLEOH j O·XWLOLVDWHXU GRQQpHV GH OD FDUWH $8; 8WLOLVH LQWHUYDOOH GH WHPSV GX
SUHPLHU 670
' j ' 9RLH GH FRPPXQLFDWLRQ GH GRQQpHV '&& j NELWV VXU OH UpVHDX 701
8WLOLVH LQWHUYDOOH GH WHPSV GX SUHPLHU 670
% 5pVXOWDW GX FDOFXO GH %,3[ VXU OD WUDPH SUpFpGHQWH H[HPSW GH WURLV OLJQHV 562+
3HUPHW G·pYDOXHU OH WDX[ G·HUUHXU HQWUH PXOWLSOH[HXUV 8WLOLVH WRXV OHV LQWHUYDOOHV GH WHPSV
.. 3RXU OHV LQGLFDWLRQV GH VpFXULVDWLRQ 06 7UDLO /LQHDU HW OHV DODUPHV )(5) 6,$ 8WLOLVH
LQWHUYDOOH GH WHPSV GX SUHPLHU 670
' j ' 9RLH '&& j NELWV VXU OH UpVHDX 701 8WLOLVH XQ LQWHUYDOOH GH WHPSV GX SUHPLHU 670
6 ,QGLTXH O·pWDW GH V\QFKURQLVDWLRQ 8WLOLVH XQ LQWHUYDOOH GH WHPSV GX SUHPLHU 670 /HV
ELWV j SHUPHWWHQW GH UpJOHU OH VHQV GH WUDQVPLVVLRQ
== 2FWHWV GH UpVHUYH SRXU GHV IRQFWLRQV QRQ HQFRUH GpILQLHV 8WLOLVHQW WRXV OHV LQWHUYDOOHV GH
WHPSV
( 3RXU OHV RSpUDWLRQV VXU OD YRLH GH VHUYLFH HQWUH PXOWLSOH[HXUV 8WLOLVH XQ LQWHUYDOOH GH
WHPSV GX SUHPLHU 670
0 ,QGLTXH XQH HUUHXU )(%( GH VHFWLRQ 670 8WLOLVH XQ LQWHUYDOOH GH WHPSV GX WURLVLqPH 670
; 5pVHUYp j O·XWLOLVDWLRQ QDWLRQDOH
2 2FWHWV QRQ SUpYXV SRXU O·XWLOLVDWLRQ LQWHUQDWLRQDOH IXWXUH
2FWHW GpSHQGDQW GX VXSSRUW VHXOV GHX[ VRQW GLVSRQLEOHV 1RQ RSpUDWLRQQHO
( y 2FWHWV QRQ HPEURXLOOpV SDU H[HPSOH WRXWH OD SUHPLqUH OLJQH
&
,/
$
$ )LJXUH 6WUXFWXUH GH O·HQWrWH GH VHFWLRQ 62+ GH O·DJUpJDW 670
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
QLR U L
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G
H
Q X
D R
$8* $8* $8* $8*
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S 62+
$ G W
R
Q
62+
[
[ 670
)LJXUH 6WUXFWXUH 670
(
&
,/
$
$
('
. $/ $* $$
$$
6
0 (7
0 7 6 5
7 6 5 $
6 (9 &
6
O : (7 ,6
H 6 5
V
L V
W
2 8 8 )
K
W D
' 2 &
( )
Q F
( 7
3 / 6
W O
( $
/( 8 / /( 8 6
I H $
W
0 8 ,4 P $ 84 6 72
' ,7 P
R Q
( !
'7 ( ( /2
R P
J
F R 7 23 23 0* 0 7 ,6: 57
LQ U
)/ / 02 *(
\V I
W 02 3 5 27 ( & 7 , 21 $ ,&
SL Q
I R
5
5
R
7$
L
FR W
Q D 5 . 0 1(( 1 (8 1 0
G
QLR U
]
L & / 137 2
,7 ,4 1 ,'
D W $7 ( 2< 5 , 62
D R ' ; 3 &7 $ 6<&
Q LF W
K 1 ( <7 ( & 2 (
R 1 2
,6 5 3+
Q X
,2 / & 35
5 ,( // ;8
X D
5
J
6/ ( /
LQ PQ
5 $ ,5 ; (9 5 $ 0 . 1(
V
V PW
H
W (5(8 1 (6 5
$( / ,2 /
D R LU 9$60 2 3' & 7& 4
F 13 & 68 4 (
3 Z 2 (2 & (
G W
& / *% ( 5
G Q X ( 9$ 5 /,(&% 7
H D R & ' 1 7 1,(&% 1
Y
H K 1 2
,7 & (/ ( 1 2
U
V L
W $ 8 &
) ' ' 6& 2 2
H
$ / , * 1 ( 0( 17 0 * (
(' &
V X Z
H G 2
/ 5 5
7 2 7
U W 2 ' * 1 / (7 5
Q W H
6 ) 2 $, 5 $
V
W H LW 1 5 6 ' $ &
K 2
,7 ( 61 &
PP 3 ( 2( ( &
( 0 ,7 &
J
L X U
U F H $ 85$1 '
' ( 6 ( 0% 5 2 8 , / 5 (/
* /$ 5 $0
OOR S
$ G W 8 8
,* 6 2
/ $ ,* 5 8
R
) ( 2 '
Q
,$ 5
1
2
0
5 ' 8 )1 )5 2
0
% 5 28 , / / ( 85 70 & $/ 22(
3&3
,6:&%
1 6 $ + 1 8
2
,7 + 7 & ,2 5
. 1 ( 7 8 &
&2 6 : '
$ 6 5 (/ 1
,2 ,6 8
5 ,4 (& 5
/( &
,6:&$
5
7; 5 7 87
1 6/ 6( & 6
,2 +
'
& $
( $ * (6 32
7 2 76 $
56 '%
( 5
65 1 6/
1
, 2 8
,7 6, 3
& +7 $
$2 66 6
5
7; 0 0 0 6
. 7
( &
1
. . <6
1 &
2
,7 +2 76 5
5 6
( 0 8
60 .
' 0 (7 $
,1 . % 6 8
$1 , 6 ( (
' 2 &
$) + ( /$
3 2 '7
5 6 82
(7 8 27
1 % 0 9 9 9 (
9 ( 9 , /$ '&
, ' & % 5 ,5
: 2 7$
5 +
(% $ % $ % 3 &0
( ( ' 2 . . < < &
' & 3 & & 6 6 $&
5(
& 7 8 $
)+ (9
3& $ 5 2 '$
+( /( ( 6 68 (
7 6 1% . (/ 1 2 7( 6
6 ,1 2 & 5
$2
$ 8 &
3 7,6 (5 ,%6 75 &3
5 3
%$+ (8 8 &
) /(
( & 2
* 78 (
,5
$7
7
1 (
9(
6 ) $7 $ 7
, 1 6, ) 2
3 3 7 3 3 5 (9 &
2 8 0 9 9 9 ' )$ 5
6: 5 6: & ( ,1
0+ 3 0+ (6 5 (*
$
&
'$
))
+ $
2 4
VLW 6 (
E 8
% 5 4
(
7 $ 0 7 $ 7 ,0
77 % 77 %% 1 /$ 5
7 %7 %
7 7 %7 7 2 7
' ' ' ' ' ' ' ' & 1
8 (7 2
666 5 &
5 &
( ' ( ' (9 (7 (7 5
$ (7
; ( 8 5
((6 ' 5 8 ( (6 & ' 5 2$ & 5
( 5 7 2&
( (
72 &
$ (5 7 2 ( (7 2 '7 & $
&
'*23 '*
$2 3 &
$&39 $5 & & 3 9$ 5 &
2 $&$ 5 2 $& $5
)LJXUH 6FKpPD V\QRSWLTXH $JUpJDW 670
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DJUpJDW 670
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &HWWH GHVFULSWLRQ V·DSSOLTXH j O·HQVHPEOH GHV FDUWHV G·DJUpJDWV 670 GH FHWWH YHUVLRQ
K Q F
W O
I H $
W
R
J
Q
R P /HV FDUWHV FLGHVVXV VH GLIIpUHQFLHQW SDU OHV OHWWUHV / HW 6 HQ IRQFWLRQ GHV FRPSRVDQWV RSWLTXHV XWLOLVpV
F R
LQ
\
S
V I
W
L Q
U
SRXU OD ORQJXH SRUWpH / RX OD FRXUWH SRUWpH 6
RI R
R W L
F
Q D
G
QLR U
W
]
L /HV FRQQHFWHXUV RSWLTXHV (P5HF GH OD FDUWH VRQW DFFHVVLEOHV HQ IDFH DYDQW GH OD FDUWH
D
D R
Q
R LF W
K /HV FDUWHV GH OD VHFRQGH IHQrWUH SRUWHQW OD UpIpUHQFH FHOOHV GH OD WURLVLqPH IHQrWUH VRQW
Q X
J
LQ
X D
PQ
UpIpUHQFpHV
V H
V PW W
D R LU
3
F
G W
Z /HV FDUWHV LGHQWLILpHV SDU ',1 RX 6& LQGLTXHQW OH W\SH GH FRQQHFWHXU XWLOLVp OHV DXWUHV FDUWHV XWLOLVHQW OHV
G Q X
H
Y
D R FRQQHFWHXUV )&3&
U H K W
H
V
V L
X Z /·LQWHUIDFH RSWLTXH +0 j VHQVLELOLWp DPpOLRUpH GRLW SUpYRLU GHV LQWHUIDFHV KRPRJqQHV GHV GHX[ F{WpV GH
H G
U
V
W
W
Q W
H LW
H FKDTXH WURQoRQ RSWLTXH
K PP
J
L X U
U
OO
F H
R S &HUWDLQHV FDUWHV VRQW PDUTXpHV GH O·DEUpYLDWLRQ µ,'µ RX ´(1+µ RX VRQW DSSHOpHV µ(QKDQFHGµ pWHQGXHV
$ G W
R
Q &HV FDUWHV VRQW SUpUpJOpHV SRXU DSSRUWHU GHV IRQFWLRQV GH JHVWLRQ 8,77 VXSSOpPHQWDLUHV DX[ IXWXUHV
YHUVLRQV GH O·pTXLSHPHQW 60& 'DQV OD YHUVLRQ DFWXHOOH FHV QRXYHOOHV IRQFWLRQV QH VRQW SDV
RSpUDWLRQQHOOHV HW OHV DJUpJDWV RQW WRXV OHV PrPHV SHUIRUPDQFHV
'HV FDUWHV LGHQWLTXHV QH SHXYHQW IRQFWLRQQHU DYHF OH SUpFpGHQW W\SH G·DJUpJDW SODFp GH O·DXWUH F{Wp GH
OD SRUWpH RSWLTXH
/HV SUpFpGHQWV W\SHV G·DJUpJDWV DYHF XQH LQWHUIDFH RSWLTXH GLIIpUHQWH QH VRQW SOXV IRXUQLV GDQV FHWWH
YHUVLRQ PDLV SHXYHQW DYRLU pWp DFWXDOLVpV GHSXLV OD YHUVLRQ SUpFpGHQWH
/HV FDUWHV LGHQWLILpHV SDU µ-(µ -RLQW (QJLQHHULQJ RQW GH PHLOOHXUHV FDUDFWpULVWLTXHV RSWLTXHV
SDUWLFXOLqUHPHQW HQ FH TXL FRQFHUQH OHV YDOHXUV GH GLVSHUVLRQ YRLU SDUDJUDSKH SDJH 3DUIRLV OD
YDOHXU GH OD VHQVLELOLWp HVW pJDOHPHQW LQGLTXpH
/HV DJUpJDWV 670 DYHF O·LQGLFDWLRQ µ µ j µ µ VRQW XWLOLVpV ORUVTX·LOV VRQW LQWHUIDFpV DYHF XQ
pTXLSHPHQW :'0
&HV VHL]H FDUWHV VRQW FDUDFWpULVpHV LQGpSHQGDPHQW SDU GHV ORQJXHXUV G·RQGHV GLIIpUHQWHV
/·pTXLSHPHQW :'0 GRLW UHFHYRLU MXVTX·j VHL]H VLJQDX[ GH ORQJXHXUV G·RQGH GLIIpUHQWV SURYHQDQW
GH VHL]H DJUpJDWV 670 GLIIpUHQWV
/HV FDUWHV µ1RXYHO $JUpJDWµ FRQWLHQQHQW GHV HQVHPEOHV GH SRUWHV TXL SHUPHWWHQW G·pYROXHU YHUV OHV
QRXYHOOHV IRQFWLRQQDOLWpV GH UpVHDX
/D FDUWH G·DJUpJDW 670 IDLW RIILFH G·LQWHUIDFH ELGLUHFWLRQQHOOH HQWUH OH VLJQDO 670 HW OHV VLJQDX[
VWUXFWXUpV $8 VLJQDX[ (P5HF UDFFRUGpV j OD PDWULFH HW DJUpJDWV 670 GX F{Wp RSSRVp VRQW
FRQQHFWpV GH IDoRQ FRD[LDOH HQ IDFH DYDQW
&KDTXH FDUWH HVW FRPSRVpH
G·XQH FDUWH G·DJUpJDW 670 FDUWH SULQFLSDOH
G·XQ PRGXOH G·H[WHQVLRQ
G·XQ PRGXOH GH FRQYHUVLRQ &&&&
G·XQ PRGXOH GH FRQYHUVLRQ 2(
G·XQ PRGXOH GH FRQYHUVLRQ (2
(
&
,/
$ G·XQ PRGXOH GH FRQWU{OH
$
('
. $/ $* $$
$$
/D FDUWH SULQFLSDOH XWLOLVH OHV IRQFWLRQV 567 067 6$ +3&
/D FDUWH G·H[WHQVLRQ XWLOLVH XQH IRQFWLRQ +3& VXSSOpPHQWDLUH TXDWUH [ $8 SRXU OH PRGXOH G·DIIOXHQW
O
/H FRQYHUWLVVHXU &&&& HVW XWLOLVp SRXU REWHQLU XQH DOLPHQWDWLRQ 9 SRXU OHV PRGXOHV 2( HW (2
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/HV PRGXOHV 2( HW (2 UpDOLVHQW OD FRQYHUVLRQ GX FRQGXLW RSWRpOHFWULTXH HW YLFH YHUVD
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
/H PRGXOH GH FRQWU{OH H[pFXWH OHV IRQFWLRQV GH JHVWLRQ YpULILFDWLRQ GHV DODUPHV FRPPDQGHV GH
I R
R
FR W L
FRQILJXUDWLRQ HWF ORUV GH O·LQWHUIDoDJH GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K /H IRQFWLRQQHPHQW GH OD FDUWH VH GpFRPSRVH FRPPH VXLW
Q X
J X D
LQ PQ
V
V PW
H
W O·pPLVVLRQ
D R LU
F
3 Z
G W
G
H
Q X
D R OD UpFHSWLRQ
Y
U H K W
H V L
V X Z
H
U
G
W OH PRGXOH GH FRQWU{OH
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H O·DOLPHQWDWLRQ HW O·LQYHQWDLUH GLVWDQW
R S
$ G W
R
Q
/HV VHFWLRQV (P HW 5HF GpFULYHQW OHV IRQFWLRQV GH OD FDUWH HW GX PRGXOH FRQVWLWXDQW O·DJUpJDW 670
(
&
,/
$
$
('
. $/ $* $$
$$
(PLVVLRQ
/D FDUWH UHoRLW
O
V
L V
W D
H
W GHV VLJQDX[ [ 0ELWV FkEODJH GLUHFW GH O·DJUpJDW GX F{Wp RSSRVp WUDQVSDUHQFH
K Q F
W O
I H $
W
R
J
Q
R P VLJQDX[ YLD OHV FDUWHV GH PDWULFH VXU OH FLUFXLW ´H[WHQVLRQ (Pµ ´H[SDQVLRQ 7[µ HW VXU OH
F R
LQ
\
S
V I
W
L Q
U
PRGXOH G·H[WHQVLRQ &HV GHX[ HQWLWpV VRQW V\VWpPDWLTXHPHQW LQVWDOOpHV VXU OD FDUWH
RI R
R W L
F
Q D
G
QLR U
W
]
L &KDTXH VLJQDO GH PDWULFH HVW VWUXFWXUp GDQV XQ EXV ILOV j 0ELWV HW UHSUpVHQWH XQ VLJQDO
D
D R
Q
R LF W
K $8 DERXWp /RUV GH O·XWLOLVDWLRQ GH OD FDUWH GH UDFFRUGHPHQW OHV VLJQDX[ VRQW FRQQHFWpV
Q X
J
LQ
X D
PQ
DX[ DIIOXHQWV HW RQW DFFqV DX[ FLUFXLWV +:3 HW +3&
V H
V PW W
D R LU
3
F
G W
Z /H EORF +:3 VpOHFWLRQQH OHV VLJQDX[ GH O·DIIOXHQW SULQFLSDO RX GH VHFRXUV
G Q X
H
Y
D R /H EORF +3& VpOHFWLRQQH TXDWUH VLJQDX[ G·DIIOXHQW SDUPL FHX[ GLVSRQLEOHV
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
/·XWLOLVDWLRQ GH OD PDWULFH WRWDOH H[FOXW OHV EORFV +:3 HW +3& /HV IRQFWLRQV VLPLODLUHV VRQW
W H LW
K
J
PP XWLOLVpHV GDQV OD PDWULFH WRWDOH UHOLDQW FKDFXQ GHV TXDWUH VLJQDX[ ´([WHQVLRQµ &HV VLJQDX[
L X U
U
OO
F H
R S SHXYHQW FRQWHQLU GHV LQIRUPDWLRQV G·DIIOXHQWV RX XQH LQIRUPDWLRQ GH WUDQVSDUHQFH &9&9
$ G W
R
Q
&KDTXH EORF G·H[WHQVLRQ pPHW TXDWUH VLJQDX[ $8 YHUV OH +3& [
/HV IRQFWLRQV VXLYDQWHV VRQW HIIHFWXpHV VXU OHV TXDWUH VLJQDX[ j 0ELWV SURYHQDQW GH
O·DJUpJDW GX F{Wp RSSRVp
H[WUDFWLRQ GH O·KRUORJH 0+]
GpPXOWLSOH[DJH SRXU REWHQLU OHV DJUpJDWV 670
YpULILFDWLRQ GX YHUURXLOODJH GH WUDPH GH O·DJUpJDW 670 RFWHWV $ $
GpVHPEURXLOOHXU
DGDSWDWLRQ GH VHFWLRQ SRXU V\QFKURQLVHU O·KRUORJH H[WUDLWH VXU O·KRUORJH ORFDOH UHoXH GH OD FDUWH
GH UpIpUHQFH G·KRUORJH &58
'H FHWWH IDoRQ VHL]H HQWLWpV $8 VXSSOpPHQWDLUHV VRQW WUDQVPLVHV DX +3& [
6HL]H HQWLWpV $8 VRQW VpOHFWLRQQpHV j SDUWLU GX EORF +3& SRXU rWUH HQYR\pHV YHUV
067 LQVHUWLRQ GH O·RFWHW G·HQWrWH GH VHFWLRQ GH PXOWLSOH[DJH
567 LQVHUWLRQ GH O·RFWHW G·HQWrWH GH VHFWLRQ GH UpJpQpUDWLRQ
/HV RFWHWV G·HQWrWH GH VHFWLRQ VRQW LQGLTXpV j OD )LJXUH SDJH /HV RFWHWV G·HQWrWH
GH VHFWLRQ UHoXV GH OD FDUWH $8; VRQW LQWHUIDFpV DYHF OH %86 2+ j 0ELWV YLD OH JHVWLRQQDLUH
)8785(%86
(PEURXLOOHXU VDXI SRXU OH SUHPLHU UDQJ G·HQWrWH GH VHFWLRQ
0XOWLSOH[HXU OH WUDLQ 0ELWV HVW REWHQX SDU XQH FRQYHUVLRQ SDUDOOqOHVpULH $ILQ GH SHUPHWWUH
OH PXOWLSOH[DJH OHV RFWHWV GHV VLJQDX[ VRQW HQWUHODFpV GDQV O·DJUpJDW 670 YRLU )LJXUH
SDJH
/·KRUORJH &. 0+] HVW REWHQXH YLD XQ &92 V\QFKURQLVp VXU OH &. 7 UHoX GH OD FDUWH
GH UpIpUHQFH G·KRUORJH &58
/D FRQYHUVLRQ pOHFWURRSWLTXH REWHQXH SDU XQ PRGXOH WRXMRXUV LQVWDOOp VXU O·DJUpJDW SHUPHW
XQ DFFqV DX VLJQDO REWHQX DX QLYHDX GX FRQQHFWHXU HQ IDFH DYDQW
/H FRQYHUWLVVHXU (2 HVW DOLPHQWp j 9 GpULYp G·XQ PRGXOH GH FRQYHUVLRQ &&&& UDWWDFKp
j OD FDUWH G·DJUpJDW
/H GLVSRVLWLI GH FRXSXUH DXWRPDWLTXH GX ODVHU $/6 SDU OHV UpJODJHV HW OD JHVWLRQ ORJLFLHOV GX
(
& PRGXOH GH FRQWU{OH HVW FRQIRUPH j OD 5HFRPPDQGDWLRQ * GH O·8,77
,/
$
$
('
. $/ $* $$
$$
5pFHSWLRQ
/D FDUWH UHoRLW OH VLJQDO 0ELWV GX FRQGXLW RSWLTXH YLD OH FRQQHFWHXU VLWXp HQ IDFH DYDQW
O
/H PRGXOH RSWRpOHFWULTXH FRQYHUWLW OH VLJQDO ' 5 SDU UpJpQpUDWLRQ HW H[WUDFWLRQ GX VLJQDO G·KRUORJH
H
V
L
K
V
W D
W
&. 5
W Q F O
I
R
H $
W
Q
/H FLUFXLW VpULHSDUDOOqOH GpPXOWLSOH[H OHV WUDLQV GX 670
J
LQ
R P
F R
U
/·KRUORJH &. 5 HVW JpQpUpH SDU VXEGLYLVLRQ HW HQYR\pH DX[ FDUWHV &58
\V I
S
R
W
L Q
I R
L
/HV FLUFXLWV VXLYDQWV SHUPHWWHQW OHV IRQFWLRQV VXLYDQWHV
FR W
GQ D
]
L
LR U
Q
D W
D R
9pULILFDWLRQ GX YHUURXLOODJH RFWHWV $ $
Q K
R LF W
Q X
J X D
LQ PQ
H
'pVHPEURXLOOHXU
V W
V PW
D R LU
F
3
G
G W
Q X
Z
567 H[WUDFWLRQ GH O·RFWHW G·HQWrWH GH VHFWLRQ 62+ GH UpJpQpUDWLRQ
H D R
Y
U H K W
H
V
V L
X Z 067 H[WUDFWLRQ GH O·RFWHW G·HQWrWH GH VHFWLRQ 62+ GH PXOWLSOH[DJH
H G
U W
Q W H
V H LW
W
K
J
PP /HV RFWHWV G·HQWrWH GH VHFWLRQ VRQW LQGLTXpV j OD )LJXUH SDJH /HV RFWHWV DX[LOLDLUHV
L X U
U
OO
F H
R S G·HQWrWH GH VHFWLRQ UDFFRUGpV DX[ FDUWHV $8; VRQW WUDQVPLV DX EXV 2+ j 0ELWV YLD OH
$ G W
R
Q JHVWLRQQDLUH )8785(%86
$GDSWDWLRQ GH VHFWLRQ SRXU V\QFKURQLVHU O·KRUORJH &.5 H[WUDLWH VXU O·KRUORJH ORFDOH UHoXH GH
OD FDUWH GH UpIpUHQFH G·KRUORJH &58
/·DGDSWDWLRQ VH IDLW SDU MXVWLILFDWLRQ GX SRLQWHXU $8 LQWHUSUpWDWLRQ HW JpQpUDWLRQ GX SRLQWHXU
$ FH VWDGH OHV $8 VXLYHQW GLIIpUHQWHV GLUHFWLRQV YHUV O·DJUpJDW GX F{Wp RSSRVp 7UDQVSDUHQFH $8
HW YHUV OD PDWULFH SRXU OHV DIIOXHQWV HW OD WUDQVSDUHQFH &9&9
/HV FLUFXLWV VXLYDQWV VRQW OHV FLUFXLWV YHUV O·DJUpJDW GX F{Wp RSSRVp
9HUURXLOODJH LQVHUWLRQ GHV RFWHWV $ $
(PEURXLOOHXU
0XOWLSOH[DJH GHV WUDLQV HQ TXDWUH VLJQDX[ j 0ELWV
/H UDFFRUGHPHQW FRD[LDO GHV VLJQDX[ j 0ELWV j O·DJUpJDW GX F{Wp RSSRVp V·HIIHFWXH HQ IDFH DYDQW
9HUV OD PDWULFH OH EORF +3& [ VpOHFWLRQQH TXDWUH VLJQDX[ $8 PD[LPXP j HQYR\HU DX FLUFXLW ´EORF
G·H[WHQVLRQµ HW TXDWUH VLJQDX[ $8 PD[LPXP j HQYR\HU DX PRGXOH G·H[WHQVLRQ
6XU OH PRGXOH G·H[WHQVLRQ OH +3: +3& FKRLVLW OHV DIIOXHQWV YHUV OHVTXHOV OHV $8 VHURQW WUDQVPLV
YLD OHV PDWULFHV
&HWWH RSpUDWLRQ HVW HQWLqUHPHQW HIIHFWXpH VXU OD PrPH FDUWH GH PDWULFH WRWDOH /H EORF +3: +3& Q·HVW
GRQF SDV XWLOLVp
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRQWU{OH
/H PRGXOH GH FRQWU{OH GH OD FDUWH UpDOLVH OHV RSpUDWLRQV FLDSUqV
O
V
L V
W D
H
W 'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
K Q F
W O
I H $
W
R
J
Q
R P /HV LQIRUPDWLRQV VXU OD FRQILJXUDWLRQ OHV FULWqUHV OH ERXFODJH OD UpLQLWLDOLVDWLRQ HW OD
F R
LQ
\
S
V I
W
L Q
U
FRPPXWDWLRQ VRQW pFKDQJpHV DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW SDU OH UDFFRUGHPHQW
I R
R
FR W L
/,(&% HW 1,(%&
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K 'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
Q X
J
LQ
X D
PQ
&H GLDORJXH SHUPHW G·pPHWWUH RX GH UHFHYRLU OD FRQILJXUDWLRQ ORJLFLHOOH GHV FDUWHV FRQWHQXH
H
GDQV O·(3520 /HV LQGLFDWLRQV G·DODUPH HW GH SHUIRUPDQFH VRQW UHoXHV GH OD FDUWH
V W
V PW
D R LU
F
3
G
G W
Q X
Z
/HV DODUPHV VLJQDODQW XQH GpIDLOODQFH GH FDUWH ORFDOH DOOXPHQW OH YR\DQW URXJH FRPPDQGH
H
Y
U
D R
H K W
/('1 /HV VLJQDX[ &26: DMRXWpV j (;7 $/0 VRPPH GHV DODUPHV H[WHUQHV 046 397
H V L
V
H
X Z
G
066,$ 06)(5) (;%(5 DVVXUHQW OD JpQpUDWLRQ GH OD FRPPDQGH GH FRPPXWDWLRQ 26:
U W
V
W
Q W
H LW
H
/·DOOXPDJH GX YR\DQW LQGLTXH TXH OD FDUWH HVW HQ VHUYLFH FRPPDQGH :. &+
K PP
J
L X U
U F H
OOR S
$ G W
6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
R
Q
&HWWH LQWHUIDFH DVVXUH OD VpOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58 GRQW VRQW H[WUDLWV OHV VLJQDX[
GH V\QFKURQLVDWLRQ HW G·KRUORJH GHYDQW VHUYLU GH UpIpUHQFH j OD FDUWH $ILQ GH IRXUQLU OHV FULWqUHV GH
VpOHFWLRQ FHWWH LQWHUIDFH WUDLWH OHV DODUPHV UHoXHV GHV GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH j VDYRLU
,6:&$ DODUPH LQWHUQH UHoXH GH OD FDUWH &58 $
,6:&% DODUPH LQWHUQH UHoXH GH OD FDUWH &58 %
*HVWLRQ GX FDQDO GH FRPPXQLFDWLRQ GH GRQQpHV '&&
3HUPHW O·LQWHUIDoDJH ORFDO GHV YRLHV j NELWV ' j ' HW j NELWV ' j ' GX FRQGXLW
701 G·HQWrWH GH VHFWLRQ
5HFRQQDLVVDQFH GX W\SH GH FDUWH
3DU OH VLJQDO &7<3( j OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH R LO HVW UDWWDFKp
*HVWLRQ GH OD VpFXULVDWLRQ RSWLTXH
&HWWH IRQFWLRQ DVVXUH OD FRXSXUH DXWRPDWLTXH GX ODVHU FRQIRUPpPHQW j OD 5HFRPPDQGDWLRQ
* GH O·8,77 F·HVWjGLUH HQ FDV G·DEVHQFH GH UpFHSWLRQ GX VLJQDO RSWLTXH
/H ODVHU SHXW rWUH UpLQLWLDOLVp SDU OHV FRPPDQGHV FLGHVVRXV
0DQXHOOH OH ODVHU HVW DFWLYp SHQGDQW GHX[ VHFRQGHV j FKDTXH SUHVVLRQ VXU OH ERXWRQ
$XWRPDWLTXH OH ODVHU HVW DFWLYp SHQGDQW GHX[ VHFRQGHV WRXWHV OHV VHFRQGHV
0DQXHOOH GH WHVW OH ODVHU HVW DFWLYp SHQGDQW QHXI VHFRQGHV j FKDTXH SUHVVLRQ VXU OH
ERXWRQ G·XQH GXUpH VXSpULHXUH j VHFRQGHV
*HVWLRQ GH OD VpFXULVDWLRQ
/D VpFXULVDWLRQ HVW DVVXUpH SDU OHV FRPPDQGHV ,6: TXL SURYRTXHQW OD FRPPXWDWLRQ HQWUH OD
FDUWH SULQFLSDOH HW OD FDUWH GH VHFRXUV
/HV FRPPDQGHV ,6: VRQW UHoXHV
GH O·DXWUH DJUpJDW GX PrPH F{Wp SRXU FRQQDvWUH OHV pWDWV G·DODUPH FRPPDQGH QRQ
RSpUDWLRQQHOOH GDQV FHWWH YHUVLRQ
GHV GHX[ PDWULFHV WRWDOHV SRXU FKRLVLU FHOOH j XWLOLVHU
(
&
,/ GHV DIIOXHQWV SRXU FKRLVLU FHOXL j XWLOLVHU
$ /HV VLJQDX[ GH VpFXULVDWLRQ 3527 VRQW JpQpUpV
$
('
. $/ $* $$
$$
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
3DU GHV VLJQDX[ ,' j OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH GDQV OH FKkVVLV
O
V
L V
W D
H
W $OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
K Q F
W O
I H $
W
R
J
Q
R P /HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ HQ HQWUpH GH OD FDUWH VRQW
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 9 á
Q D
G
Q
D
LR U
W
]
L 9 á
D R
Q
R LF W
Q X
K
9 á
J X D
LQ PQ
V
V
D
PW
R LU
H
W
&HV WHQVLRQV VRQW SURWpJpHV SDU GHV IXVLEOHV
F
3
G W
Q X
Z
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ &RPPH
G
H
Y
U
D R
H K W
LQGLTXp SUpFpGHPPHQW XQ PRGXOH FRQYHUWLVVHXU &&&& RSWLHQW XQH WHQVLRQ GH 9 SRXU DOLPHQWHU OHV
H V L
V
H
X Z
G
PRGXOHV (2 HW 2(
U W
Q W H
V H LW
W
K
J
L
U
PP
X U
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
F H
OOR S
$ G W
R
Q /D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW
/H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
2&7(76
$ $ $ $ $ $ & & +
2
% ( )
O 6
H 5
V
L W V D
W ' ' '
K Q F V
W O W
I W $H
H
R Q W
R P F
J R
F R
LQ U
% % % . .
\ W V I
S L Q
R I R L ' ' ' +
F R W 2
D
G Q ] ' ' ' 6
Q LR U L
D W R 0
D
Q LF W K ' ' '
R Q X
J X D
6 = = = = = = = = = (
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R = 0 = =
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J
L X U
P /(*(1'(
U F H
OO R
S
$ G W
R
Q $$ 0RW GH YHUURXLOODJH $ $ 8WLOLVH WRXV OHV LQWHUYDOOHV GH WHPSV
GHV 670
& ,GHQWLILH OH WUDLQ 670 j O·LQWpULHXU GX 670Q
% 5pVXOWDWV GH O·HVWLPDWLRQ %,3 VXU OD WUDPH SUpFpGHQWH DSUqV HPEURXLOOHPHQW 8WLOLVp
SRXU pYDOXHU OH WDX[ G·HUUHXU HQWUH UpJpQpUDWHXUV 8WLOLVH LQWHUYDOOHV GH WHPSV GX HU
670
( 2SpUDWLRQV 9'6 HQWUH UpJpQpUDWHXUV 8WLOLVH OHV LQWHUYDOOHV GH WHPSV GX HU 670
) 'LVSRQLEOH SRXU O·XWLOLVDWHXU GRQQpHV GH OD FDUWH $8; 8WLOLVH LQWHUYDOOHV GH WHPSV GX HU
670
'' &DQDO NELWV SRXU '&& VXU UpVHDX 701 8WLOLVH OHV LQWHUYDOOHV GH WHPSV GX HU 670
% 5pVXOWDWV GH O·HVWLPDWLRQ %,3[ VXU OD WUDPH SUpFpGHQWH VDXI SRXU WURLV UDQJV 562+
8WLOLVp SRXU pYDOXHU OH WDX[ G·HUUHXU HQWUH PXOWLSOH[HXUV 8WLOLVH WRXV LQWHUYDOOHV GH WHPSV
.. 3RXU OHV LQGLFDWLRQV GH VpFXULVDWLRQ OLQpDLUH 06 7UDLO QH V·DSSOLTXH SDV j FHWWH YHUVLRQ
HW DODUPHV 6,$ )(5) 8WLOLVH OHV LQWHUYDOOHV GH WHPSV GX HU 670
'' &DQDO NELWV SRXU '&& VXU UpVHDX 701 8WLOLVH OHV LQWHUYDOOHV GH WHPSV GX HU 670
6 ,QGLTXH O·pWDW GH V\QFKURQLVDWLRQ 8WLOLVH OHV LQWHUYDOOHV GH WHPSV GX HU 670
/HV ELWV j GpILQLVVHQW OH VHQV GH WUDQVPLVVLRQ
== 2FWHWV GH UpVHUYH SRXU XQH IRQFWLRQ QRQ GpILQLH 8WLOLVH WRXV OHV LQWHUYDOOHV GH WHPSV
( 3RXU RSpUDWLRQV 9'6 HQWUH PXOWLSOH[HXUV 8WLOLVH OHV LQWHUYDOOHV GH WHPSV GX HU 670
0 ,QGLTXH XQ )(%( GH OD VHFWLRQ 670 8WLOLVH OHV LQWHUYDOOHV GH WHPSV GX qPH 670
; 5pVHUYp j O·XVDJH QDWLRQDO
2 2FWHWV QRQ VSpFLILpV SRXU XQ XVDJH LQWHUQDWLRQDO IXWXU
2FWHW GpSHQGDQW GX VXSSRUW VHXOV GHX[ DFFHVVLEOHV 1RQ RSpUDWLRQQHO
y 2FWHWV QRQ HPEURXLOOpV FRPPH OH SUHPLHU UDQJ HQWLHU
)LJXUH 6WUXFWXUH G·HQWrWH GH VHFWLRQ GH O·DJUpJDW 670
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
QLR U L
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G
H
Q X
D R
$8* $8* $8* $8*
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S 62+
$ G W
R
Q
62+
[
[
670
)LJXUH 6WUXFWXUH GH O·DJUpJDW 670
(
&
,/
$
$
('
. $/ $* $$
$$
VLW
E ;
0 0 8 6
7 $ (7
6 0
7 6
6 5 5
(9 $
&
O : 6 ,6
(7
V
L V
H
W 6
2 8
5
8 ))
K
W D
2 &
( $
W Q F O 7
' 1 1 6 /(
I H $
R
W
/ 2
, 6
/ + 2
, $
Q
6 (
/ $ 2 6 (/ ! 7 5
J R P
F R 3 5 P 2 8 5 P 2 8 0* 0 7 ,6: 2
LQ U 0 ( ' 6 ( ' 7*
\V I
W
L Q
(7 9 ( ( 2 8
% 9 ( ( 2 3 5 27 ( & 7 , 21 ($
S 1 0 9 1 0 &
,
/)
I R
R
2 2
5
R W L
F
& & ( 7$
GQ D 0 1'( 1 (8 1
QLR U
]
L 7 5 5
/
$7 1 7 2
,7 ,4 1 ,' 0
D W
( 2 (3 5 , 62
D R 3
Q LF W
K
;
( <7 &<$
(7& 6<&
2 (
R
' . 3+
Q X
1 6 & & 5 35
J X D
,2 ( 18 %
LQ PQ
] 6 // ,( ; ,2
7(
2 5$58 1 '
V H
9 + 65
W
V PW
( ,2 ( 1
D R LU
& 0 95 (0
6 (87 6 // ,( 8
' ' ,2 4
1$ 7& (
F
3 *8 5$50 ( 4
6&
Z
G W
. 23 ) ( & & ( 5
('
G Q X
& & 95 (( 1 ' ( /,(&% 7
H D R 1 $3 6 ' $ * 9$ 5 1
Y
H K 7 2 0 (/ ( 7 1,(&% 2
U
V L
W
. & 5 8 1 &
H
2 2 * 2 (
V X Z
& % 5 28 , / / ( 8 5 6 ) 5 2
& 7
H
U
G
W 1 5 61 6 7 / (7 5
Q W H
,2 ( ( 2( 1 $, $
3 ( 0 ,7 & 2 5
V
W H LW
$ / , * 1 ( 0( 1 7 7$ & ' $ &
K 85$1 &
* $/ 5 $0
PP
J
L X U 1 5 (
U F H ,2 + + 8 2 8 '
OOR S 7 2 76 2 ,* / $ ,* 5 2 (/
5
(6 6 ) ,$ 5
1 ' 8 )1 )5
$ G W
5 1 6 8
,2
R
65 5 2 ( 22( '
Q
,1 7+ 27 & 0 3&3 2
&
$ 6 65 0 5 0 ,6:&%
5 7 $/
7; 5 6 $ + 1 8
1 + & ,2 5
2 ( . 1 7 8 &
,2 + 6 : ' (
7 2 76
56 +
2
5 (/ 1
,2 ,6 8
5 ,4 (&
/ &
5 ,6:&$
(
6 00 6
6/ 7
6( 87
&
(6
,1 0 1 $ * (6 32
,2
7+ 7
+ &2 6
2 $ 6 0
[ & 6 5 6/
8
$ 3+ 0 7 0( 8
;( 3
5 5
8 8
($ (7 $ 9
8 8
$ 7,1 6
$ $1 , 6
2 2
3
3 1
/ (/ 2,6
8 8 85&
/, $ $ ' (9 '
8 [ [
[ & 21 &
2
5
8 3 02 '
% $ + &
0
(
6 7 &
( 1 9
' $ / , * 1 0( 1 7 .
&
<6 9
8
$ 8
$ 9
[ [
1 6 & 5 $ 0% / ( 5
,*
/$
. (/ 1 2 (
& ,%6 5 ,5 7
1 & 1 & 7 $7 1
,2 3 1 & & 6 ,2 3 8 & $7
; 6 P + /( ,2 3 3 , 6 P + ;
8 ) /( 1
(9 6,
8 1 86 P + [+ 5 1 0 (
75 . 0 7(
( 3 ' ( ( 3
1 5 3 8
&
(
7(; :
3 . 0
( ,1
'
; & ( ; : 27 : : (6 $ % $ % & 5
( ' ( + 0;
( + + ( + . . < < 9 9 9 $
& & 6 6 &
VW VW
[ LE [ LE
0 0
5 4 4
* ( 5 ( ( (
$( 6 *
$ (7 62 5 5
,6 72 2 ,6 7 7
8 &
3
3 8 ) $ (
& 6 2 33
5 8 0 1 1
3
( 2
3 ,
( )$ ,9 5 (9 & 2 5
& /,$ 2
&
2
&
' '
6 7$ (7 (7
5 0 5 5
( $ $
9 & &
)LJXUH 6FKpPD V\QRSWLTXH GH O·DJUpJDW 670
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH $8;9'6
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &HWWH GHVFULSWLRQ V·DSSOLTXH j WRXWHV OHV FDUWHV $8;9'6 j VDYRLU
K Q F
W O
I H $
W
R
J
Q
R P 6/60 $8;9'6 (;7(16,21
F R
LQ
\
S
V I
W
L Q
U
6/60 $8;9'6 :,'( 1(7:25.
I R
R
FR W L
$8;9'6 (;7(16,21 81,7
GQ D
Q
D
LR U
W
]
L
$8;9'6 :,'( 1(7:25.
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
/·DFFqV H[WHUQH GH OD FDUWH $8;9'6 HVW IRXUQL SDU OH PRGXOH GH FRPPXWDWLRQ YRLU SDUDJUDSKH
H
$8&81 /,(1 SDJH $8&81 /,(1
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R /HV GHX[ SUHPLqUHV FDUWHV JDUDQWLVVHQW O·LQWHUDFWLRQ DYHF OH WHUPLQDO GH OLJQH $OFDWHO
U H K W
H
V
V L
X Z /HV GHX[ GHUQLqUHV FDUWHV HQ SOXV GH OD IRQFWLRQ DVVXUpH SDU OHV GHX[ FDUWHV SUpFpGHQWHV VRQW pTXLSpHV
H G
U
V
W
W
Q W
H LW
H G·XQ QRXYHDX FLUFXLW GHVWLQp DX[ IXWXUHV IRQFWLRQV QRQ XWLOLVpHV GDQV OD SUpVHQWH YHUVLRQ
K PP
J
L X U
U
OO
F H
R S /HV FDUWHV DX[LOLDLUHV WUDLWHQW WRXV OHV HQWrWHV GH FRQGXLW GH OD SUHPLqUH WUDPH 670 GX WUDLQ
$ G W
R
Q 670670 QRQ UDFFRUGpH j XQ FLUFXLW SUpGLIIXVp GHV FDUWHV G·DJUpJDWV HW G·DIIOXHQWV
/HV FRQGXLWV FRQFHUQpV VRQW
O·DJUpJDW G·HQWrWH GH VHFWLRQ FRWp (67 HW FRWp 28(67
O·DIIOXHQW G·HQWrWH GH VHFWLRQ
O·HQWrWH GH FRQGXLW GX &9
O·HQWrWH GH FRQGXLW GX &9
/HV RSpUDWLRQV GH WUDQVSDUHQFH HW GH UDFFRUGHPHQW G·RFWHWV VRQW HIIHFWXpHV VXU OHV FRQGXLWV FLGHVVXV
/HV FRQGXLWV HW RFWHWV JpUpV VRQW GpSHQGDQWV GX ORJLFLHO YRLU OH PDQXHO GH O·RSpUDWHXU
3RXU XWLOLVHU OHV RFWHWV UDFFRUGpV OD FDUWH GLVSRVH
GH YRLHV GH GRQQpHV DYHF ,QWHUIDFH * ELGLUHFWLRQQHOOH j NELWV HW DYHF ,QWHUIDFH
9 56$ FRQIRUPH DX[ UHFRPPDQGDWLRQV GH O·8,77
G·XQH YRLH GH VHUYLFH SRXU DSSHOV VpOHFWLIV FRPELQp WpOpSKRQLTXH ORFDO GH O·RSpUDWHXU HW FLUFXLW
K\EULGH
G·XQH H[WHQVLRQ DQDORJLTXH 9'6 SRXU OD FDUWH 6/60 $8;9'6 (;7(16,21 XQLTXHPHQW
SRXU LQVWDOOHU OHV UDFFRUGHPHQWV WpOpSKRQLTXHV H[WHUQHV
/H UDFFRUGHPHQW GH OD YRLH GH SDUROH GLIIpUHQFLH OHV FDUWHV VXLYDQWHV
/D FDUWH $8;9'6 (;7(16,21 pWDEOLW OD GpULYDWLRQ DQDORJLTXH GH OD SDUROH HQWUH OHV GHX[ F{WpV
GHV DJUpJDWV HW HIIHFWXH XQ UDFFRUGHPHQW DYHF XQ FRPELQp WpOpSKRQLTXH H[WHUQH
/H UDFFRUGHPHQW H[WHUQH HVW DVVXUp YLD OH FRQQHFWHXU GH YRLH GH SDUROH VXU OD IDFH DYDQW GX PRGXOH
GH FRPPXWDWLRQ DX[LOLDLUH YRLU )LJXUH SDJH
/D FDUWH $8;9'6 :,'( 1(7:25. DXWRULVH XQH GpULYDWLRQ QXPpULTXH GH OD SDUROH HW SHXW rWUH
XWLOLVpH VXU GHV UpVHDX[ pWHQGXV
(
&
,/
$
$
('
. $/ $* $$
$$
&$1$/ '( 92,( '( 6(59,&(
8Q XWLOLVDWHXU SHXW pWDEOLU WURLV W\SHV GH UDFFRUGHPHQWV SRXU
O
V
L V
W D
H
W DSSHOHU XQ DXWUH $'0
K
W
I
Q F
H $
W
O
DSSHOHU XQ WHUPLQDO GH OLJQH
R Q
J R P
F R
pWDEOLU XQ DSSHO GH FRQIpUHQFH RPQLEXV
LQ U
\V I
W
L Q
S
I R
R
FR W L
3RXU pWDEOLU XQH FRPPXQLFDWLRQ WpOpSKRQLTXH OHV GHX[ FRUUHVSRQGDQWV GRLYHQW WHQLU FRPSWH GH O·pWDW GHV
GQ D
Q
D
LR U
W
]
L
YR\DQWV HW GH OD SRVLWLRQ GHV FOpV
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
YR\DQW YHUW OLJQH OLEUH
V H
V PW W
D R LU
3
F
G W
Z YR\DQW MDXQH IL[H OLJQH RFFXSpH FOLJQRWDQW UpFHSWLRQ G·DSSHO VpOHFWLI
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
YR\DQW MDXQH OLJQH LQGLTXDQW O·DUULYpH G·XQ DSSHO GH FRQIpUHQFH
H G
U W
Q W H
V
W
K
H LW
PP
FOp 7 SULVH GH OLJQH
J
L X U
U F H
OOR S
$ G W
R
FOp 5 5$= GH OLJQH
Q
SULVH SRXU UDFFRUGHPHQW GH FRPELQp WpOpSKRQLTXH
3RXU pWDEOLU XQH FRPPXQLFDWLRQ WpOpSKRQLTXH O·XWLOLVDWHXU GRLW FRQWU{OHU O·pWDW GH OD OLJQH EUDQFKHU OH
FRPELQp WpOpSKRQLTXH GDQV OD SULVH DSSX\HU VXU OD WRXFKH - SRXU SUHQGUH OD OLJQH HW FRPSRVHU OH
QXPpUR GX FRUUHVSRQGDQW
/H UDFFRUGHPHQW HQWUH GHX[ DERQQpV HVW pWDEOL SDU FRPSRVLWLRQ GX QXPpUR GH O·DERQQp DSSHOp
/H QXPpUR G·LGHQWLILFDWLRQ HVW FRQVWLWXp GH GHX[ FKLIIUHV GH j HW HVW HQFRGp '70)
/·DERQQp DSSHOp HVW SUpYHQX GH O·DSSHO SDU O·pWDW FOLJQRWDQW GX YR\DQW FRUUHVSRQGDQW HW SDU O·DFWLYDWLRQ
GH OD VRQQHULH /D FRPPXQLFDWLRQ HVW pWDEOLH ORUVTXH O·DSSHOp GpFURFKH VRQ FRPELQp FH TXL HQWUDvQH
O·DUUrW GH VD VRQQHULH
/D FRQYHUVDWLRQ HQ FRXUV HVW SULYpH F·HVWjGLUH TXH WRXV OHV DXWUHV XWLOLVDWHXUV UDFFRUGpV UHoRLYHQW OD
WRQDOLWp G·RFFXSDWLRQ HQ GpFURFKDQW OHXU FRPELQp /·XQ G·HX[ SHXW LQWHUYHQLU HQ DSSX\DQW TXHOTXHV
VHFRQGHV VXU OD WRXFKH GH SULVH GH OLJQH ´-µ
8QH WRQDOLWp GH SUpVHQFH HVW HQYR\pH SRXU PDQLIHVWHU OD SUpVHQFH GH O·DERQQp
(Q RXWUH WRXW DERQQp SHXW pWDEOLU XQ DSSHO GH FRQIpUHQFH HQ FRPSRVDQW OHV FKLIIUHV 'DQV FH FDV WRXV
OHV DERQQpV UDFFRUGpV SHXYHQW HQWHQGUH OD FRQYHUVDWLRQ HW LQWHUYHQLU HQ DSSX\DQW TXHOTXHV VHFRQGHV
VXU OD WRXFKH ´-µ
'DQV FH FDV OD WRQDOLWp GH ´UDSSHOµ Q·HVW SDV UHoXH
3RXU GpVDFWLYHU OD VRQQHULH G·DERQQpV TXL QH VRXKDLWHQW SDV UHFHYRLU XQ DSSHO GH FRQIpUHQFH HW TXL Q·RQW
SDV UpSRQGX VpOHFWLRQQHU ´µ
/D FRPPXQLFDWLRQ HVW WHUPLQpH ORUVTX·XQ GHV GHX[ FRUUHVSRQGDQWV UDFFURFKH OH FRPELQp WpOpSKRQLTXH
HW OLEqUH OD OLJQH 6L O·XQ GHV GHX[ FRPELQpV Q·D SDV pWp UDFFURFKp FRUUHFWHPHQW LO HVW QpFHVVDLUH G·HQYR\HU
OD FRPPDQGH ´5µ 5(6(7
/RUV G·XQ DSSHO DX WHUPLQDO GH OLJQH GHSXLV XQ $'0 OHV GHX[ XWLOLVDWHXUV GRLYHQW WHQLU FRPSWH GH FHV GHX[
GLIIpUHQFHV
WRXFKH ´ µ VXU OH FODYLHU GX WpOpSKRQH SULVH GH OLJQH
( WRXFKH ´µ VXU OH FODYLHU GX WpOpSKRQH 5$= GH OLJQH
&
,/
$ O·DSSHO RPQLEXV Q·HVW SDV VXSSRUWp
$
XQ WURLVLqPH WHUPLQDO GH OLJQH QH SHXW LQWHUYHQLU GDQV XQH FRQYHUVDWLRQ SULYpH
('
. $/ $* $$
$$
1% (Q FDV GH SUHVVLRQ GH OD WRXFKH ´µ VXU OH FODYLHU GX WpOpSKRQH OD OLJQH HVW UHPLVH j ]pUR PrPH
VL O·XWLOLVDWHXU DSSHOOH XQ DXWUH $'0
3RXU SOXV G·LQIRUPDWLRQV VXU OH FRPSRUWHPHQW GX WHUPLQDO GH OLJQH VH UHSRUWHU DX PDQXHO FRU
O
H
UHVSRQGDQW
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
/D VHFWLRQ GX FLUFXLW K\EULGH FRQQHFWH OHV FLUFXLWV ´DSSHO VpOHFWLIµ HW OH FRPELQp GH O·RSpUDWHXU ORFDO DX
J
LQ
R P
F R
U
&20%2 SRXU HQFRGHU OH FDQDO GH SDUROH
\V I
S
R
W
L Q
I R
L
$ FH VWDGH OHV VLJQDX[ VRQW pFKDQJpV HQWUH OHV FLUFXLWV SUpGLIIXVpV $8; HW 0$7$66$
FR W
GQ D
]
L
LR U
Q
D W
D R
&DQDX[ GH GRQQpHV
Q K
R LF W
Q X
J X D
LQ PQ
H
/HV FDQDX[ GH GRQQpHV NELWV HW 9 WUDQVLWHQW SDU OHV FLUFXLWV G·LQWHUIDFH j UDFFRUGHU GH IDoRQ
V W
V
D
PW
R LU
F
VpTXHQWLHOOH DX[ FLUFXLWV SUpGLIIXVpV $8; HW 0$7$66$
3 Z
G W
G Q X
H
Y
U
D R
H K W
&LUFXLWV SUpGLIIXVpV $8;
H V L
V X Z
H G
U
V
W
W
Q W
H LW
H /H FLUFXLW SUpGLIIXVp $8; PXOWLSOH[H HW GpPXOWLSOH[H OHV HQWrWHV ORFDX[ GHSXLVYHUV OH FLUFXLW SUpGLIIXVp
K
J
L
U
PP
X U
0$7$66$ FLUFXLWV GH PXOWLSOH[DJHGpPXOWLSOH[DJH HW OHV UDQJH GDQV O·RUGUH UHTXLV
F H
OOR S
$ G W
R
Q 6·LO HVW FRUUHFWHPHQW SURJUDPPp LO SHXW WUDQVPHWWUH OHV RFWHWV GH NELWV HQ PRGH FRGLUHFWLRQQHO RX
FRQWUDGLUHFWLRQQHO YLD OHV ,QWHUIDFHV * 9 HW &20%2
&LUFXLWV SUpGLIIXVpV 0$7$66$
/H FLUFXLW SUpGLIIXVp 0$7$66$ LQWHUIDFH OD FDUWH 6/60 $8;9'6 DYHF OHV DJUpJDWV OHV PDWULFHV HW OHV
DIIOXHQWV
/H FLUFXLW SUpGLIIXVp WUDLWH O·HQVHPEOH GHV WUDPHV j 0ELWV FRQQHFWpHV DX[ DJUpJDWV $ HW % DLQVL TXH
OD WUDPH j 0ELWV GX EXV G·HQWrWH 2+% FRQQHFWpH j OD FDUWH G·DIIOXHQW HW GH PDWULFH
$LQVL OH FLUFXLW SUpGLIIXVp SHXW rWUH FRQVLGpUp FRPPH XQ FRPSRVDQW GRQW OHV EUDQFKHV HQYRLHQW GHV
VLJQDX[ VXU TXDWUH SRUWV ELGLUHFWLRQQHOV
$JUpJDW $
$JUpJDW %
%86 2+ DIIOXHQWV HW PDWULFHV
/RFDO DFFqV GRQQpHV HW SDUROH
&HWWH IRQFWLRQ V·HIIHFWXH YLD OHV PDWULFHV
&RPPH WRXV OHV VLJQDX[ HQWUDQWV GRLYHQW rWUH V\QFKURQLVpV DYDQW G·rWUH WUDLWpV SDU O·KRUORJH ORFDOH XQH
3// j 0+] GRLW rWUH XWLOLVpH SRXU V\QFKURQLVHU O·KRUORJH ORFDOH VXU O·KRUORJH HQWUDQWH j 0+]
(Q RXWUH OH FLUFXLW SUpGLIIXVp 0$7$66$ LQWHUIDFH HQ PRGH PDvWUH OH FLUFXLW SUpGLIIXVp $8; DYHF VD
V\QFKURQLVDWLRQ HW VRQ KRUORJH
/HV RFWHWV $ HW $ % % HW OH SRLQWHXU $8 QH VRQW SDV WUDLWpV SDU O·XQLWp YRLU )LJXUH SDJH
HW )LJXUH SDJH
7RXV OHV RFWHWV DERXWpV SHXYHQW rWUH DGUHVVpV GHSXLV Q·LPSRUWH TXHOOH WUDPH HQWU DQWH YHUV XQH WUDPH
VRUWDQWH TXHOFRQTXH
/D VpOHFWLRQ HVW PHQWLRQQpH GDQV OH PDQXHO GH O·RSpUDWHXU
*HVWLRQQDLUH )XWXUHEXV
(
&
,/
$
/H JHVWLRQQDLUH )XWXUHEXV HVW XQH LQWHUIDFH pOHFWULTXH TXL DXJPHQWH OH GpELW HW O·LQWpJULWp GHV GRQQpHV
$ WUDLWpHV SDU OH FLUFXLW SUpGLIIXVp 0$7$66$ DYHF OH %86 2+
('
. $/ $* $$
$$
0RGXOH GH FRQWU{OH
/H PRGXOH GH FRQWU{OH H[pFXWH OHV IRQFWLRQV VXLYDQWHV
O
V
L V
W D
H
W 6pOHFWLRQ GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
K Q F
W O
I H $
W
R
J
Q
R P &HWWH LQWHUIDFH VpOHFWLRQQH OD FDUWH GH UpIpUHQFH G·KRUORJH &58 GRQW VRQW H[WUDLWV OHV VLJQDX[ GH
F R
LQ
\
S
V I
W
L Q
U
V\QFKURQLVDWLRQ HW G·KRUORJH GHYDQW VHUYLU GH UpIpUHQFH j OD FDUWH $ILQ GH IRXUQLU OHV FULWqUHV GH VpOHFWLRQ
I R
R
FR W L
FHWWH LQWHUIDFH WUDLWH OHV DODUPHV UHoXHV GHV GHX[ FDUWHV &58 j VDYRLU
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K ,6:&$ DODUPH LQWHUQH UHoXH GH OD FDUWH &58 $
Q X
J X D
LQ PQ
V
V PW
H
W ,6:&% DODUPH LQWHUQH UHoXH GH OD FDUWH &58 %
D R LU
F
3 Z
G W
G
H
Q X
D R 'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
Y
U H K W
H V L
V X Z
H
U
G
W /HV LQIRUPDWLRQV VXU OD FRQILJXUDWLRQ OHV FULWqUHV OD UpLQLWLDOLVDWLRQ HWF VRQW pFKDQJpHV DYHF OD FDUWH
Q W H
V
W
K
H LW
PP
FRQWU{OHXU G·pTXLSHPHQW SDU OH UDFFRUGHPHQW /,(&% HW 1,(&%
J
L X U
U F H
OOR S
$ G W
R
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
Q
9LD OHV VLJQDX[ ,' j OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH GDQV OH FKkVVLV
5HFRQQDLVVDQFH GX W\SH GH FDUWH
3DU OH VLJQDO &7<3( OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
&H GLDORJXH SHUPHW G·pPHWWUHGH UHFHYRLU OD FRQILJXUDWLRQ ORJLFLHOOH FRQWHQXH GDQV O·((3520 GH GpILQLU
OHV RFWHWV G·HQWrWH HW OHV PDWULFHV SRXU O·DFKHPLQHPHQW GHV RFWHWV G·HQWrWH GH FRQGXLW 32+ HW
G·HQWrWH GH VHFWLRQ 62+ SRXU FH IDLUH O·LQWHUIDFH WUDLWH OHV VLJQDX[ GH FRPPXWDWLRQ ,6: UHoXV GHV
FDUWHV /HV FULWqUHV G·DODUPH HW GH SHUIRUPDQFH VRQW pPLV SDU OD FDUWH ORFDOH
/HV DODUPHV GH OD FDUWH ORFDOH DOOXPHQW OH YR\DQW URXJH
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ HQ HQWUpH GH OD FDUWH VRQW
9 á
9 á
9 á
/·DODUPH 3: $/0 HVW JpQpUpH GDQV OHV FDV GH G\VIRQFWLRQQHPHQW RX GH GpIDLOODQFH GH WHQVLRQ
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW FRQQHFWpHV SDU XQ FDYDOLHU
/D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH GHVWLQpH j FRQVHUYHU OHV GRQQpHV
G·LQYHQWDLUH GH OD FDUWH FRGHV VpULH GDWH GH FRQVWUXFWLRQ
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW HVW UDFFRUGpH j OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW
/H FRQWHQX GH O·LQYHQWDLUH GLVWDQW HVW GpFULW HQ GpWDLO DX SDUDJUDSKH SDJH
(
& /H VLJQDO &$5(0 LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH HW HVW GLUHFWHPHQW UDFFRUGp j OD FDUWH
,/
$ FRQWU{OHXU G·pTXLSHPHQW
$
('
. $/ $* $$
$$
6 4
(
5
(
O 5
7 6
H
W 9 ( 1 6, 7$
V
L W V D
,6 75 2 8* %
K Q F
W O 8$ & 3( ( 8 &
3
'5 5 ,(
H
I W $
(& (7 * '
, &
R Q
' 5 $
J R
F R
P
$ 0
LQ
\ W V I
U &
S L Q
R I R $ %
F R W
L $ % & &
+ . . 1 1
G Q ]
D
2 & & < <
Q LR U L 6 6
D W R 6
D 8
Q LF W K
% $ %
R Q X
( ( ( : & &
J X D : :
LQ P Q
: : : 6, 6,
V
V PW
H
W 6, 6, 6, :
6, &
D R LU 6 . 1
F
18 ( 1* & <
3 Z
,2 % ,5 71 6
G W
( ( 2 2 7( ( ( 2 2 , 2
2
G Q X
7 7 7 7 65
5
5
$7 $ 6 /$
( 78 5 5 11
H D R
Y 1 7 (7 $
U H K
H V L
W *8 ( 6, 1
1
1
) 9' ; 6' 2
,7
V X Z 6 6 6 6 6
6
6 6 1
, (9 2 8
. . . . . . 1& &
(/ 5
H
U W G
& & . . (
Q H
V H W &
&
&
&
& & ,2
7, 5
&
W LW ' ' ' ' ' ' ' ' (6
K P 6 (8
J
L X U
P
24
U F H
OO R // 3 ,6
$ G W
S
3 < &
(
+ 9$ 4
R
Q 3 (7 (
( 5
8 5 7
* $ 1
51 2 & 2
82 , / &
2 7$ ,$
$ 35( '
66 (8&
*
,) 1 ,* 1
1 $7 5
,2 $ ( 1 (7 )1 $0
7$ (0
<
6 0 &
1 2
& ,1 2 5
2
(7
5
5+
( 7<
(6 $
0 ( & )5 1 $
1 8 5 8 6( ( 1 &
(5 . )) 2 * 3 2 (
(7+
& * & (
&
+ ,
' ) /$ 0
2 5
&
( ' (
3
, (2 6 , 2
6 ( 5
(3 , $/ 5 (3 <
7$ 7& +
5 5
7$ + 5
3 '$ <7 7
&
0 22 3 0 2
3 ,7
8 /,
& /0
5
, $ )$
& : +
3 &
;
7, 8 $
8(
&6
,5 8
& )), ;
+; ' +8
28
0 (
5 20
(
3 '
2
% ) ,78
0 , 7$ '
2 5
& (9 7( 1 /0
2
& 9 9 $
( ( :
& & 3
)$ P )$ P ( ,(7
15
5 5
(7 ( * ( (
7 *
*
,/ $
1
, 1
, 3
( (
& &
$
) P $)
/( ,7
) 5 (/ 1 2
P
5
( (9 5
(7 ( 9 3 /$ 33 &( ,%6 57
7 &
2& $ /( 8
-
,1 ,1 2 6 ) (/
/ (
=6
)
3 3 3 3 3 3 3 3 3 3 3 3 9 9
1
1
1
1
1
1 (0 9
1 1 0 1 1 1 5
7 7 7 7 7 7 5
5
5
5 5 5
1
1 $
9 9 9 9 9 9 2 &
' ' ' ' ' ' 6
+
& 4
(
; 5
7
8
000$ 0 1
2 ,0
/$
&
(7
5
$
( &
&
,/
$
$
)LJXUH 6FKpPD V\QRSWLTXH 6/60 $8;9'6
('
. $/ $* $$
$$
&DUWH GH UpIpUHQFH G·KRUORJH &58
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /D FDUWH GH UpIpUHQFH GH O·KRUORJH &58 HVW IRXUQLH GDQV OHV YHUVLRQV DPpOLRUpHV GH O·pTXLSHPHQW
K
W
I
Q F
H $
W
O
FHOOHVFL VH FDUDFWpULVHQW SDU XQH VWDELOLWp GLIIpUHQWH HQ PRGH GH PDLQWLHQ HW SDU OHXU FRQIRUPLWp j OD
R Q
J R P
F R
5HFRPPDQGDWLRQ * GH O·8,77
LQ U
\V I
W
L Q
S
I R
R
FR W L
'DQV FHWWH YHUVLRQ OHV FDUWHV GH UpIpUHQFH G·KRUORJH &58 VXLYDQWHV VRQW GLVSRQLEOHV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K &58 DPpOLRUpH
Q X
J X D
LQ PQ
V
V PW
H
W &58 DPpOLRUpH j SSP
D R LU
F
3 Z
G W
G
H
Q X
D R &HV GHX[ FDUWHV RQW HQ PRGH GH PDLQWLHQ XQH VWDELOLWp GH UHVSHFWLYHPHQW SSPMRXU HW SSPMRXU
Y
U H K W
H V L
V X Z
H
U
G
W /D FDUWH GH UpIpUHQFH G·KRUORJH GpOLYUH GHV VLJQDX[ GH V\QFKURQLVDWLRQ j WRXWHV OHV FDUWHV GH O·pTXLSHPHQW
Q W H
V
W
K
H LW
PP
7 HW j OD VRXUFH H[WHUQH SRXU OD V\QFKURQLVDWLRQ DYHF G·DXWUHV pTXLSHPHQWV 7
J
L X U
U F H
OOR S
$ G W
R
/D FDUWH GH UpIpUHQFH G·KRUORJH SHXW GRQF
Q
FKRLVLU OD UpIpUHQFH VRXKDLWpH
FKDQJHU GH UpIpUHQFH RX GH PRGH HQ FDV GH SHUWH GH V\QFKURQLVDWLRQ HQ VH YHUURXLOODQW VXU
XQH DXWUH UpIpUHQFH GLVSRQLEOH RX VXU O·RVFLOODWHXU ORFDO
IRQFWLRQQHU HQ PRGH GH PDLQWLHQ RX G·RVFLOODWLRQ OLEUH
$X PD[LPXP UpIpUHQFHV VRQW GLVSRQLEOHV HQ HQWUpH
UpIpUHQFHV UHoXHV GHV FDUWHV [ 0ELWV 0+] FRPPH 7 RX GHV FDUWHV G·DIIOXHQW
670 FRPPH 7 0+]
UpIpUHQFHV UHoXHV GHV FDUWHV G·DJUpJDWV j 0+] 7
UpIpUHQFHV H[WHUQHV GH V\QFKURQLVDWLRQ j 0+] UHoXHV GX FRQQHFWHXU 0 7
(
&
,/
$
$
('
. $/ $* $$
$$
)RQFWLRQQHPHQW
/HV UpIpUHQFHV G·HQWUpH VRQW GpVLJQpHV
O
V
L V
W D
H
W 5&.7 $ HW % UHoXHV GHV FDUWHV G·DIIOXHQWV
K
W
I
Q F
H $
W
O
5&. ( 5&. : UHoXHV GHV FDUWHV G·DJUpJDWV
R Q
J R P
F R
&.,1 $ % UHoXHV GH OD VRXUFH H[WHUQH
LQ U
\V I
W
L Q
S
I R
R
FR W L
8QH KRUORJH &.5 j 0+] SHXW rWUH UHoXH G·XQ RVFLOODWHXU ORFDO LQVWDOOp VXU OD FDUWH RX GH O·XQ GHV
GQ D
Q
D
LR U
W
]
L
&92 XWLOLVpV GDQV OHV 3// ´6(7*µ GpFULW SOXV ORLQ /D SHUWH GH O·KRUORJH GpFOHQFKH O·DODUPH &.$//
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
7RXWHV OHV UpIpUHQFHV UHoXHV GHV FDUWHV G·DJUpJDWV HW G·DIIOXHQWV VRQW DVVRFLpHV j
V H
V PW W
D R LU
3
F
G W
Z XQ VLJQDO LQGLTXDQW O·LQWpJULWp
G Q X
H
Y
D R XQH FRPPDQGH GH UpIpUHQFH RX GH FRPPXWDWLRQ GH PRGH 6,:L
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
/HV VLJQDX[ GXSOLTXpV VRQW HQVXLWH HQYR\pV YHUV OHV HQWUpHV GH GHX[ FLUFXLWV GLIIpUHQWV GH VpOHFWLRQ
W H LW
K
J
PP 6(/$ 6(/%
L X U
U F H
OOR S
$ G W
R
Q
&HWWH FRQGLWLRQ FUpH GHX[ FKHPLQV LQGpSHQGDQWV
OH FKHPLQ j 0+] SRXU pPHWWUH YHUV O·H[WpULHXU GH O·pTXLSHPHQW 7
OH FKHPLQ j 0+] SRXU pPHWWUH YHUV WRXWHV OHV FDUWHV GH O·pTXLSHPHQW 7
2Q SHXW FKRLVLU GLIIpUHQWHV UpIpUHQFHV HWRX PRGHV GH IRQFWLRQQHPHQW VXU FKDTXH FKHPLQ
/D FDUWH FRQWU{OHXU G·pTXLSHPHQW FRQILJXUH OD FDUWH GH UpIpUHQFH G·KRUORJH &58 SRXU XWLOLVHU GHV
VLJQDX[ G·HQWUpH HQ WRXWHV FRPELQDLVRQV FRPPH VLJQDX[ GH V\QFKURQLVDWLRQ F·HVWjGLUH MXVTX·j SRXU
OD UpIpUHQFH LQWHUQH 0+] HW MXVTX·j SRXU OD UpIpUHQFH H[WHUQH 0+]
/D UpIpUHQFH FKRLVLH 5() HVW WUDLWpH SDU 6(7* HW FRPSDUpH QXPpULTXHPHQW DX[ KRUORJHV j HW
0+] GpOLYUpHV SDU OHV &92 FRUUHVSRQGDQWV
/·RULJLQH GHV DODUPHV 397 HW '5,)7 HVW GpWHFWpH VXU OHV VLJQDX[ GH UpIpUHQFH FRQILJXUpV SDU OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW
/D VpOHFWLRQ GH OD UpIpUHQFH GH V\QFKURQLVDWLRQ HVW EDVpH SULQFLSDOHPHQW VXU OD TXDOLWp RFWHW 6 HW
pJDOHPHQW VXU OHV SULRULWpV DIIHFWpHV SDU OH SRVWH G·H[SORLWDWLRQ
(QWUH GLIIpUHQWV VLJQDX[ GLVSRVDQW GX PrPH QLYHDX GH TXDOLWp FHOXL D\DQW OD SULRULWp OD SOXV pOHYpH VHUD
FKRLVL /·DOJRULWKPH GH VpOHFWLRQ UDSSRUWH OHV DODUPHV DX[ HQWUpHV 046 397 6,$ 7(% HW
'5,)7 /·HPSORL GX PHVVDJH 660 HVW GpFULW HQ GpWDLO GDQV OD VHFWLRQ GX PDQXHO GH O·RSpUDWHXU
FRQFHUQDQW O·DSSOLFDWLRQ GH FRQILJXUDWLRQ
/D FDUWH SHXW IRQFWLRQQHU VHORQ GLIIpUHQWV PRGHV
9(5528,//( /D VRUWLH 6(7* HVW YHUURXLOOpH HQ IUpTXHQFH VXU OD UpIpUHQFH
FKRLVLH SDU O·DOJRULWKPH SDUPL FHOOHV FKRLVLHV SDU O·RSpUDWHXU
0$,17,(1 26&,//$7,216 &HV PRGHV GH IRQFWLRQQHPHQW VRQW YDOLGpV VL OHV UpIpUHQFHV
/,%5(6 FKRLVLHV VRQW DEVHQWHV 6L XQH UpIpUHQFH SUpFpGHQWH D pWp
FKRLVLH HW D IRQFWLRQQp SHQGDQW DX PRLQV XQH GHPLKHXUH OD
FDUWH IRQFWLRQQHUD HQ PRGH ´PDLQWLHQµ
'DQV FH PRGH OD UpIpUHQFH PpPRULVpH UHVWH YDODEOH SHQGDQW
XQH GXUpH LOOLPLWpH
( /H IRQFWLRQQHPHQW HQ PRGH G·RVFLOODWLRQV OLEUHV HVW FKRLVL HQ
&
,/
O·DEVHQFH G·XQH UpIpUHQFH RX HQ FDV G·LPSRVVLELOLWp G·XWLOLVHU OH
$
$ PRGH PDLQWLHQ
('
. $/ $* $$
$$
8QH KRUORJH GH UpIpUHQFH &.L 0+] HW OD V\QFKURQLVDWLRQ PXOWLWUDPH 6L N+] VRQW JpQpUpHV
VXU OH FRQGXLW 0+] SDU OH 6(7* SXLV HQYR\pHV j WRXWHV OHV FDUWHV G·pTXLSHPHQW
O
/D SHUWH GHV VLJQDX[ FLGHVVXV JpQqUH OHV SURJUDPPHV GHV DODUPHV 0)6$// HW &.$//
H
V
L
K
V
W D
W
/·KRUORJH GH V\QFKURQLVDWLRQ &.287 0+] HVW JpQpUpH VXU OH FRQGXLW 0+] SDU OH 6(7* HW
W Q F O
I
R
H $
W
Q
HQYR\pH j OD VRXUFH H[WHUQH YLD O·LQWHUIDFH *
J R P
F R
LQ U
V I
\
S
W
L Q
I R
/·KRUORJH GH 0+] HVW DFWLYpH SDU OH VLJQDO 6:&.01 UHoX GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
R L
FR W
GQ D
Q
D
LR U
W
]
L
/H 6(/& HVW SUpUpJOp YLD OH SRVWH G·H[SORLWDWLRQV\VWqPH G·H[SORLWDWLRQ ORUV GH OD UHFKHUFKH GH OD FDUWH
D R
Q
R LF W
Q X
K
G·DIIOXHQW 78 SRXU OD VpOHFWLRQ GHV HQWUpHV 7 RX GLUHFWHPHQW j SDUWLU GHV FULWqUHV 7
J X D
LQ PQ
H
&ULWqUHV G·DFFRUG VLOHQFLHX[ 6TXHOFK
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R 'HX[ FRQILJXUDWLRQV G·DFFRUG VLOHQFLHX[ VXU OH SRVWH G·H[SORLWDWLRQV\VWqPH G·H[SORLWDWLRQ VRQW
U H K W
H
V
V L
X Z GLVSRQLEOHV HQ VRUWLH
H G
U W
Q W H
V H LW
W
K
J
PP 7 7 SHXW VpOHFWLRQQHU XQLTXHPHQW OH VHXLO 64
L X U
U F H
OOR S
$ G W
R
Q
7 7 SHXW DFWLYHUGpVDFWLYHU OH 64 HW VpOHFWLRQQHU XQ VHXLO 64 /D VRUWLH 7 SHXW rWUH UHQGXH
VLOHQFLHXVH YLD OH SRVWH G·H[SORLWDWLRQV\VWqPH G·H[SORLWDWLRQ
0RGXOH GH FRQWU{OH
/H PRGXOH GH FRQWU{OH SHUPHW OHV IRQFWLRQV VXLYDQWHV
'LDORJXH LQWHUQH SRXU OHV DODUPHV OD FRQILJXUDWLRQ HW OHV SHUIRUPDQFHV
&H GLDORJXH SHUPHW G·pPHWWUH RX GH UHFHYRLU OD FRQILJXUDWLRQ ORJLFLHOOH FRQWHQXH GDQV O·((3520 HW GH
UHFHYRLU OHV LQGLFDWLRQV G·DODUPH HW OHV FULWqUHV GH SHUIRUPDQFH GH OD FDUWH
/HV DODUPHV /('1 SHUWH GH HW 6:$// DODUPH GH FDUWH VRQW pJDOHPHQW JpQpUpHV HW OHXU 25 DYHF
OHV DODUPHV &.$// 06)$// HW &.$// DFWLYH OH YR\DQW URXJH /(' HW OH FULWqUH GH FRPPXWDWLRQ
26:& /H FULWqUH 26:& HVW HQYR\p j O·HQVHPEOH GHV FDUWHV GH O·pTXLSHPHQW
/HV UpIpUHQFHV HW RSpUDWLRQV VRQW SDUDPpWUDEOHV DX QLYHDX GX ORJLFLHO
'LDORJXH DYHF OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
/HV LQIRUPDWLRQV VXU OD FRQILJXUDWLRQ OHV FULWqUHV OD UpLQLWLDOLVWLRQ HWF VRQW pFKDQJpHV DYHF OD FDUWH
FRQWU{OHXU G·pTXLSHPHQW SDU OHV UDFFRUGHPHQWV /,(&% HW 1,(&%
5HFRQQDLVVDQFH GH OD SRVLWLRQ SK\VLTXH
9LD OHV VLJQDX[ ,' j OH PRGXOH GH FRQWU{OH UHFRQQDvW OD SRVLWLRQ GH OD FDUWH GDQV OH FKkVVLV
5HFRQQDLVVDQFH GX W\SH GH FDUWH
3DU OH VLJQDO &7<3( j OH PRGXOH GH FRQWU{OH SHXW UHFRQQDvWUH OD FDUWH j ODTXHOOH LO HVW UDWWDFKp
(
&
,/
$
$
('
. $/ $* $$
$$
$OLPHQWDWLRQ HW LQYHQWDLUH GLVWDQW
/HV GLIIpUHQWHV YDOHXUV GH WHQVLRQ G·DOLPHQWDWLRQ HQ HQWUpH GH OD FDUWH VRQW
O
V
L V
W D
H
W 9 á
K Q F
W O
I H $
W
R
J
Q
R P 9 á
F R
LQ U
\V I
W
L Q
9 á
S
RI R
R W L
F
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K /·DODUPH 3:$/0 DSSDUDvW HQ FDV GH GpIDLOODQFH RX GH SDQQH GH WHQVLRQ 9
R Q X
J X D
LQ
V
PQ
PW
H
W
/HV PDVVHV pOHFWULTXH HW PpFDQLTXH VRQW UHOLpHV SDU XQ FDYDOLHU
V
D R LU
F
3 Z
G
G W
Q X /D FDUWH HVW pTXLSpH G·XQH PpPRLUH (3520 SURWRFROH VpULH R VRQW VWRFNpHV OHV GRQQpHV G·LQYHQWDLUH
H D R
Y
U
H
H K
V L
W GH OD FDUWH FRGHV QXPpURV GH VpULH GDWH GH IDEULFDWLRQ
V X Z
H G
U W
V
W
K
Q W
H LW
H
&HWWH PpPRLUH HVW DOLPHQWpH SDU XQH WHQVLRQ GH VHUYLFH HW UDFFRUGpH j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
PP
J
L
U
OO
X U
F H
TXL O·XWLOLVH SRXU O·LQYHQWDLUH GLVWDQW
R S
$ G W
R
Q /H VLJQDO &$5(0 &5 (P LQGLTXH OD SUpVHQFH GH OD FDUWH FRQWDFW GH PDVVH LO HVW UDFFRUGp GLUHFWHPHQW
j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
/·pTXLSHPHQW SHXW FRPSRUWHU GHX[ FDUWHV GH UpIpUHQFH G·KRUORJH &58
/H VLJQDO &$5(0 &5 5HF LQGLTXH VL O·DXWUH FDUWH GH UpIpUHQFH G·KRUORJH HVW SUpVHQWH RX DEVHQWH
/HV GHX[ FDUWHV GpOLYUHQW OH VLJQDO GH V\QFKURQLVDWLRQ HW OH VLJQDO FRUUHVSRQGDQW G·LQWpJULWp RX GH
FRPPXWDWLRQ 26:&
/H FKRL[ GH OD FDUWH &58 HVW HIIHFWXp HQ IRQFWLRQ GX VLJQDO 26:&
(
&
,/
$
$
('
. $/ $* $$
$$
6 6( 6
(
7 (7
5 ] 7; 4 7
$ + ( 8 5
< & L 7 . (6 5 1
2
7 $
&
6
6
( 5 0 7 0 6 6
2 1
7 , 7
8
<
6
(9 2 .
&
5
( (
5
. & 9 7
O
& 2
7 (7 : 8
H
W 6 $
V
L V
W D 6 5
K Q F 5
( $
W
I H $
W
O
9 &
R Q
J R P &
LQ
F R
U 7 :
V I 8 6
\W
L Q 2 2
7
S
RI R
L .
FR W & ,1 *
GQ D
]
4
QLR U L
( (
,5 71
W
D
D R 0 5
7
Q LF W
K // // // / $7 $ 1
R Q X $ $ $ // $ 1 7 2
J X D
6) . 1 :
3 ( 6, &
LQ /( . $ ' 9' (
PQ
0 : (/ ,1
V
V PW
H
W 6 & & & 6 7
5
D R LU $
3
F
&
G W
Z
& 7 6 6(
G Q X 1 1
H D R ( 2
,7 & &
Y
H K ,/ 7
1 (
9$ 4 %
U
V L
W 6 & 7 $ $ ( &
H
1 5 0 ( (7 5 (
,
V X Z
( 8 ( 5 857 1
,*
H G
U W
/, 7 & 52
V
Q W H
6 )
1 1 8 )5 /( * $& 1
2 %
W H LW
// 2 $ 2( 2 /$ 2 &
K
J
PP
$ & 0
5
33 5
7 , & ,(
/
L
U
X U
2 ( 1 '
OO
F H
) 16 2
R S
,9 . 51 7(
$ G W
5&
.
& 7 // 5
( (7 2 , &
( 15
, 7$5
R
Q * * 8 $ 3 1 ' 1$
7( 7( 2 (/ 2& (
. . 6 (8 & 3
6 ,9 6 // 6 & // ( 8*
* ,) 8 ( (3 <
5 )0 & $ 0
5 ' 5< 7
)
$
6 ) 6)
/$ /2 1 2
0
7 &
$, 2
(
5
)
0
(
5 /0 0 $ '&
$ 6 1 (8 1
: 0 ( 2
,7 ,4 1
% %/ 3 /$ 0
/ 5 , 62
( (6 : $/ 6<& '
6 3 2 + (5 ,
$ 33
6
2
/
1 1 $ %
6 7) 67 6 7) 67 67 67
4, 4 ,) 4, 4 ,) 4 ,) 4 ,)
05 05 05 05 05 05
' ' ' ' ' ' /0 9 9
$
: &
9 9&
3
5
. 7(
& ' .&
7 7 L
1
, * 1
, * :
6, (/ 1 9
2 &
%, 5 9
L L L L
;
5 6 7&
5 7 8
) (/
: : %
$ : : : : & 8 (
,6 $
7 ,6 ,6 (
,6 ( $ 0 % 2 FH
1 1 ( . P
,1 ,1
. 7
.
. 5
$ . & 5 ( )
& & . . & & & ] 5 5 9 9
5 5 & & + & &
5 5 0
0
(
0
( 9
*
5
$
5
$
& &
4
(
XR ] ) 5
) 7
]+
+ N$ 1 ,0
/$
N ,6 2
8 &
(7
3
( 5
L ' $
: &
,6
(
&
,/
)LJXUH 6FKpPD V\QRSWLTXH 5pIpUHQFH G·KRUORJH
$
$
('
. $/ $* $$
$$
&DUWH FRQWU{OHXU G·pTXLSHPHQW (6&7
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /D µ&DUWH G·pTXLSHPHQW (6&7µ GRLW JpUHU
K Q F
W O
I H $
W
R
J
Q
R P OHV GLDORJXHV HQWUH OHV FDUWHV LQWpJUpHV GDQV OH FKkVVLV YLD O·LQWHUIDFH 62 FRUUHVSRQGDQW j OD
F R
LQ
\
S
V I
W
L Q
U
FROOHFWH GHV DODUPHV OD VXUYHLOODQFH GHV SHUIRUPDQFHV O·H[pFXWLRQ HW OD YpULILFDWLRQ GHV
I R
R
FR W L
SUpUpJODJHV ORJLFLHOV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K O·LQWHUIDoDJH GHV DODUPHV GH O·pTXLSHPHQW YLD O·LQWHUIDFH $ HW 3 DYHF
Q X
J X D
LQ PQ
V
V PW
H
W OH YR\DQW HQ IDFH DYDQW
D R LU
3
F
G W
Z OHV DODUPHV GLVWDQWHV
G Q X
H
Y
D R OHV FULWqUHV G·DODUPHV YHUV OHV YR\DQWV GX FKkVVLV
U H K W
H
V
V L
X Z OHV FRQWDFWV SDUDOOqOHV YHUVGHSXLV OD VRXUFH H[WHUQH
H G
U W
Q W H
V H LW
W
K
J
PP $LQVL TXH O·LQWHUIDoDJH SRXU
L X U
U F H
OOR S
$ G W
R
Q
OHV YpULILFDWLRQV GX W\SH HW GH OD SUpVHQFH GH OD FDUWH
OD JHVWLRQ GHV VpFXULVDWLRQV
OD JHVWLRQ GX PRGXOH $1'25
OH WUDLWHPHQW GHV DODUPHV G·DOLPHQWDWLRQ
O·LQYHQWDLUH GLVWDQW
OH GLDORJXH ORFDO DYHF OH 3& YLD O·LQWHUIDFH )
OH GLDORJXH DYHF OH V\VWqPH G·H[SORLWDWLRQ SRXU OHV RSpUDWLRQV GH *HVWLRQ GX 5pVHDX YLD
O·LQWHUIDFH 4
OH GLDORJXH DYHF O·pTXLSHPHQW H[WHUQH SRXU OHV RSpUDWLRQV GH *HVWLRQ GX 5pVHDX YLD O·LQWHUIDFH
4 IRQFWLRQ GX GLVSRVLWLI GH PpGLDWLRQ 1RQ RSpUDWLRQQHOOH GDQV FHWWH YHUVLRQ
/HV LQWHUIDFHV HW IRQFWLRQV FRUUHVSRQGDQWHV VRQW HIIHFWXpHV SULQFLSDOHPHQW YLD
OH PLFURSURFHVVHXU DYHF OD ORJLTXH GH FRPPDQGH GH EXV %86 &21752/ /2*,&
OHV PpPRLUHV
,QWHUIDFH 6
&RPPH LQGLTXp SUpFpGHPPHQW FHWWH LQWHUIDFH JqUH OH GLDORJXH HQWUH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
HW OHV PRGXOHV GH FRQWU{OH GDQV OHV GLYHUVHV FDUWHV GH O·pTXLSHPHQW
/HV RSpUDWLRQV GH &2//(&7( '(6 $/$50(6 GH 6859(,//$1&( '(6 3(5)250$1&(6 GH
&21),*85$7,21 '(6 5(*/$*(6 /2*,&,(/6 V·HIIHFWXHQW SDU GLDORJXH HQWUH OHV HQWLWpV
/·LQWHUIDFH 6 FRQVLVWH HQ GHX[ EXV VpULH GpILQLV FRPPH EXV LQWHUFDUWH ,(&%
/,(&% &./ SHUPHW G·pFKDQJHU OHV PHVVDJHV LQKpUHQWV DX[ RSpUDWLRQV ORFDOHV GH
O·pTXLSHPHQW
1,(&% &.1 SHUPHW G·pFKDQJHU GHV FRQGXLWV GH GRQQpHV LQIRUPDWLYHV HQWUH OH UpVHDX GH
JHVWLRQ GH O·LQWHUIDFH GH WUDQVPLVVLRQ 701 HW OHV FDQDX[ '' SURYHQDQW
GX PRGXOH GH FRQWU{OH GHV pTXLSHPHQWV QRQ GLUHFWHPHQW FRQQHFWp DX 701
(
&
,/
$
$
('
. $/ $* $$
$$
,QWHUIDFH 6
&HWWH LQWHUIDFH JqUH OHV GLDORJXHV HQWUH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW HW OHV FDUWHV GX FKkVVLV GH
O
GpULYDWLRQ pTXLSHPHQW H[WHUQH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/HV IRQFWLRQV UpDOLVpHV VRQW LGHQWLTXHV j O·LQWHUIDFH 62 XWLOLVDQW GDQV FH FDV OHV VLJQDX[ /,(&%
R Q
J R P
F R
&./ 1,(&% &.1
LQ U
\V I
W
L Q
S
I R
R
FR W L
,QWHUIDFHV $ HW 3
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K /HV LQWHUIDFHV $ HW 3 SHUPHWWHQW G·DFWLYHU OHV VLJQDX[ G·DODUPH GH O·pTXLSHPHQW F·HVWjGLUH OHV FRQWDFWV
Q X
J
LQ
X D
PQ
SDUDOOqOHV OHV DODUPHV GLVWDQWHV OHV YR\DQWV SDU WUDLWHPHQW GHV LQGLFDWLRQV GHV FDUWHV G·DODUPHV
V H
V PW W
D R LU
3
F
G W
Z 'H SOXV HOOHV HIIHFWXHQW OHV RSpUDWLRQV GH JHVWLRQ HW GH FRPPXWDWLRQ
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
/·LQWHUIDFH $ JqUH SULQFLSDOHPHQW OHV IRQFWLRQQDOLWpV VXLYDQWHV
H G
U W
Q W H
V
W
K
H LW
PP
YR\DQW HW SRLQW G·DFFqV HQ IDFH DYDQW GH OD FDUWH
J
L X U
U F H
OOR S
$ G W
R
VLJQDOLVDWLRQ GHV DODUPHV
Q
/·LQWHUIDFH 3 JqUH SULQFLSDOHPHQW
OD FRPPXWDWLRQ GH VpFXULVDWLRQ
OD SUpVHQFH GH OD FDUWH HW OH W\SH GH FDUWH
O·LQYHQWDLUH GLVWDQW
/H GpWDLO GHV IRQFWLRQQDOLWpV HVW SUpVHQWp GDQV OHV SRLQWV VXLYDQWV
/HV DODUPHV GLVWDQWHV VXLYDQWHV JpQpUpHV VRQW DFFHVVLEOHV VXU OH SDQQHDX GH UDFFRUGHPHQW GX WHUPLQDO
FRQFHUQp
,17 DODUPH LQWHUQH
85* DODUPH XUJHQWH
185* DODUPH QRQ XUJHQWH
,1' DODUPH LQGLFDWLYH
(;7 DODUPH VXU O·DJUpJDW H[WHUQH
725& pWDW G·DODUPH LQGLTXDQW XQ G\VIRQFWLRQQHPHQW RX XQH DEVHQFH GH O·XQH GHV FDUWHV
G·DOLPHQWDWLRQ 0LVH HQ FRQGLWLRQ 25 GH O·DODUPH 3)$,/
7$1& LQGLTXH XQ G\VIRQFWLRQQHPHQW GH GHX[ RX GH O·HQVHPEOH GHV FDUWHV G·DOLPHQWDWLRQ YLD
XQ FRQWDFW GH UHODLV
/264 LQGLTXH TX·LO Q·\ D SDV GH FRQQH[LRQ DYHF OH V\VWqPH 701 LQWHUIDFH 4
783 LQGLTXH XQ G\VIRQFWLRQQHPHQW GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 YLD XQ FRQWDFW
GH UHODLV
/D FRQGLWLRQ G·DODUPH HVW WUDQVPLVH SDU XQ FRQWDFW GH PDVVH VDXI SRXU O·DODUPH 783 FRQWDFW RXYHUW
(
&
,/
$
$
('
. $/ $* $$
$$
/HV IRQFWLRQV VXLYDQWHV VRQW OHV DODUPHV XWLOLVpHV SRXU DFWLYHU OHV YR\DQWV /(' GX EkWL
585* FRPPDQGH UHODWLYH j XQH DODUPH 85* TXL DFWLYH OH YR\DQW URXJH FRUUHVSRQGDQW GX
SDQQHDX G·DODUPH GX EkWL
O
H
V
L
K
V
W D
W
5185* FRPPDQGH UHODWLYH j XQH DODUPH 185* TXL DFWLYH OH YR\DQW URXJH FRUUHVSRQGDQW GX
W Q F O
I
R
H $
W
Q
SDQQHDX G·DODUPH GX EkWL
J R P
F R
LQ U
V I
\
S
W
L Q
I R
0 FRPPDQGH UpVXOWDQW GH OD PpPRULVDWLRQ GHV DODUPHV 585*5185* TXL DFWLYH OH YR\DQW
R L
F
G
R W
Q D
MDXQH GX EkWL HW OH YR\DQW MDXQH $77' /(' HQ IDFH DYDQW GH OD FDUWH
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
& FRPPDQGH UpVXOWDQW G·XQH GHPDQGH GH PpPRULVDWLRQ SDU SUHVVLRQ VXU OH ERXWRQ SRXVVRLU
J X D
LQ PQ
H
VLWXp HQ IDFH DYDQW GH OD FDUWH
V W
V PW
D R LU
F
3
G
G W
Q X
Z
/D FRPPDQGH & HVW DXVVL pPLVH YHUV OH PRGXOH $1'25 DVVRFLp j
H
Y
U
D R
H K W
&$1' LQGLTXH XQ G\VIRQFWLRQQHPHQW DX QLYHDX GH O·HQVHPEOH GHV FDUWHV G·DOLPHQWDWLRQ
H V L
V
H
X Z
G
32:(5 6833/< XQLWV YLD FRQWDFW j UHODLV JpQpUDOHPHQW RXYHUW
U W
Q W H
V H LW
W
K
J
L
U
PP
X U
83 LQGLTXH O·DODUPH GH OD FDUWH GH FRQWU{OH G·pTXLSHPHQW YLD XQ FRQWDFW j UHODLV JpQpUDOHPHQW
F H
OOR S
$ G W
RXYHUW
R
Q
/H FRQWDFW (8$ LQIRUPH OH PRGXOH $1'25 GH OD SUpVHQFH RX GH O·DEVHQFH GH OD FDUWH FRQFHUQpH
'H SOXV OH FLUFXLW GH ´WUDLWHPHQW GHV YR\DQWVµ /(' SURFHVVLQJ DFWLYH OHV YR\DQWV VXLYDQWV GH OD FDUWH
YR\DQW URXJH 85* LQGLTXH OD SUpVHQFH G·XQH DODUPH XUJHQWH /RUVTX·LO HVW DFWLYp 21 HW
DVVRFLp DX YR\DQW URXJH LO LQGLTXH O·DFWLYDWLRQ GH OD UHPLVH j ]pUR GH OD FDUWH
YR\DQW URXJH 185* LQGLTXH OD SUpVHQFH G·XQH DODUPH QRQ XUJHQWH
YR\DQW MDXQH $%1 LQGLTXH XQ pWDW ´$QRUPDOµ GH O·pTXLSHPHQW ERXFOHV DFWLYHV PLVH HQ
VHUYLFH IRUFpH GH FDUWHV pPLVVLRQ RX GpVDFWLYDWLRQ IRUFpH GX ODVHU HVVDL GH UpWDEOLVVHPHQW
G·XQH OLDLVRQ RSWLTXH DSUqV $/6
YR\DQW URXJH ,1' LQGLTXH OD SUpVHQFH G·XQH G·DODUPH LQGLFDWLYH
YR\DQW URXJH ,17 LQGLTXH OD SUpVHQFH G·XQH DODUPH j O·LQWpULHXU GH OD FDUWH RX ORUVTXH OH
YR\DQW URXJH HVW pJDOHPHQW DFWLYp 21 LQGLTXH O·DFWLYDWLRQ GH OD UHPLVH j ]pUR GH OD FDUWH
YR\DQW MDXQH $77' /(' LQGLTXH OD PpPRULVDWLRQ G·DODUPH 85*185* SDU SUHVVLRQ GX
ERXWRQ SRXVVRLU HQ IDFH DYDQW GH OD FDUWH RX SDU HQYRL G·XQH FRPPDQGH GHSXLV OH SRVWH
G·H[SORLWDWLRQ RX OH V\VWqPH G·H[SORLWDWLRQ RX YLD OH UDFFRUGHPHQW GHV DODUPHV GLVWDQWHV
YR\DQW YHUW LQGLTXH O·pWDW ´(Q VHUYLFHµ 7RXMRXUV DFWLYp 21
/D SUHVVLRQ GX ERXWRQ SRXVVRLU HQ IDFH DYDQW GH OD FDUWH 9(5,),&$7,21 '(6 92<$176 SHUPHW
j O·RSpUDWHXU GH YpULILHU VL WRXV OHV YR\DQWV V·DOOXPHQW j O·H[FHSWLRQ GHV YR\DQWV VXU OD FDUWH $8;9'6 HW
VXU OD FDUWH G·DOLPHQWDWLRQ VDQV DYRLU j JpQpUHU OHV DODUPHV
/H FLUFXLW GH JHVWLRQ GHV FRQWDFWV SDUDOOqOHV IRXUQLW KXLW FULWqUHV G·DODUPHV FRQILJXUDEOHV &3 YHUV
OHV VRXUFHV H[WHUQHV QRQ RSpUDWLRQQHO GDQV FHWWH YHUVLRQ /H FLUFXLW UHoRLW DXVVL FULWqUHV &3,
GHSXLV OD VRXUFH H[WHUQH j XWLOLVHU SRXU OHV FULWqUHV G·HQYLURQQHPHQW 7URLV G·HQWUH HX[ &3, VRQW
GLVSRQLEOHV SRXU WRXW W\SH G·XWLOLVDWLRQ HW OHV FLQT UHVWDQWV &3, VRQW pWDEOLV FRPPH VXLW
668 )$,/ 'pIDXW VXU OD FDUWH G·DOLPHQWDWLRQ V\QFKURQH H[WHUQH
2)$ 85* $ODUPH XUJHQWH VXU O·DPSOLILFDWHXU GH ILEUHV RSWLTXHV 2)$ H[WHUQH
2)$ $%1 ,QGLFDWLRQ G·XQ pWDW DQRUPDO GH O·2)$ H[WHUQH
2)$ 185* $ODUPH QRQ XUJHQWH VXU O·2)$ H[WHUQH
(
&
,/
$1' %$77 (;7 $ODUPH GH OD EDWWHULH GH OD VWDWLRQ 2)$ RX DODUPH GH OD EDWWHULH GH
$
$ O·pTXLSHPHQW G·H[WHQVLRQ GX FKkVVLV GH GpULYDWLRQ
('
. $/ $* $$
$$
/·LQWHUIDFH WUDLWH pJDOHPHQW OHV DODUPHV HQ SURYHQDQFH SDU OH PRGXOH G·LQWHUIDFH G·DODUPH j VDYRLU
3:$1'25 GpIDXW RX DEVHQFH GH PRGXOH G·LQWHUIDFH G·DODUPH HW DEVHQFH GH EDWWHULH GH
O
VHUYLFH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
25$/,0 GpIDXW RX DEVHQFH GH O·XQH GHV EDWWHULHV GH OD VWDWLRQ
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
/D FDUWH G·DOLPHQWDWLRQ HVW JpUpH SDU OHV DODUPHV 3)$,/
RI R
R W L
F
Q D
G
QLR U
W
]
L /·LQWHUIDFH DQDO\VH O·pWDW GH OD FDUWH HW IRXUQLW XQH SURWHFWLRQ YLD GHV FRPPXWDWLRQV j O·LQWpULHXU GH
D
D R
Q
R LF W
K O·pTXLSHPHQW
Q X
J X D
LQ PQ
V
V PW
H
W /D FDUWH GH UpIpUHQFH G·KRUORJH HVW VpOHFWLRQQpH SDU DQDO\VH GHV VLJQDX[ 26:&$% TXL UHSUpVHQWHQW
D R LU
3
F
G W
Z O·pWDW GH IRQFWLRQQHPHQW GHV GHX[ XQLWpV HW SDU DFWLRQ GH OD FRPPDQGH GH VpOHFWLRQ 6:&.01 XWLOLVpH
G Q X
H
Y
D R GDQV OD FDUWH GH UpIpUHQFH G·KRUORJH &58 SRXU WUDQVPHWWUH O·KRUORJH 0+] j OD VRXUFH H[WHUQH
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
/HV VLJQDX[ 26: VRQW UHoXV GHV DIIOXHQWV &H FULWqUH JpQqUH OD FRPPDQGH 06: HQYR\p DX[
W H LW
K
J
PP PRGXOHV GH FRPPXWDWLRQ HW j OD FDUWH GH FRPPXWDWLRQ SRXU DFWLYHU OD FRPPXWDWLRQ GHV DIIOXHQWV (36
L X U
U F H
OOR S
$ G W
R
Q
&LUFXLW GH GpWHFWLRQ
YpULILH OD SUpVHQFHDEVHQFH GHV FDUWHV YLD OD FRPPDQGH &$5(0
YpULILH OH W\SH GHV PDWULFHV GH FDUWHV
YpULILH OH W\SH GH SUpUpJODJH VXU OD FDUWH GH FRPPXWDWLRQ
/HV FLUFXLWV GH O·LQYHQWDLUH GLVWDQW GLDORJXHQW DYHF OHV PRGXOHV GH FDUWHV HW GH WHUPLQDLVRQ GH EXV GH
O·pTXLSHPHQW SRXU UHFHYRLU OHV GRQQpHV GH O·LQYHQWDLUH UHVSHFWLYHPHQW GHV FDUWHV HW GH O·pTXLSHPHQW
/·DGUHVVH 0$& GH O·pTXLSHPHQW HVW pJDOHPHQW UHoXH GH OD WHUPLQDLVRQ GH EXV
/HV GRQQpHV GH O·LQYHQWDLUH pJDOHPHQW FHOOHV GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW HOOHPrPH SHXYHQW
rWUH DFFHVVLEOHV GX SRVWH G·H[SORLWDWLRQ ORFDO ,QWHUIDFH ) RX GX V\VWqPH G·H[SORLWDWLRQ ,QWHUIDFH 4%
/H FLUFXLW KRUORJHFDOHQGULHU IRXUQLW j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW OHV IRQFWLRQV VXLYDQWHV
IRQFWLRQV GH GRQQpHVSOHLQ WHPSV VHFRQGHV PLQXWHV KHXUHV
MRXU GH OD VHPDLQH PRLV DQQpH SDVVDJH DXWRPDWLTXH G·DQQpHV
&HWWH IRQFWLRQ HVW DXWRULVpH JUkFH j XQ RVFLOODWHXU LQWHUQH j N+]
/H FLUFXLW PDLQWLHQW XQH PLVH j MRXU FRUUHFWH GH O·KHXUHGDWH SRXU DX PRLQV KHXUHV HQ FDV GH SHUWH GH
SXLVVDQFH
,QWHUIDFH '
&HWWH LQWHUIDFH HVW XWLOLVpH j GHV ILQV GH GHEXJDJH
3RXU O·DFFqV j FHWWH LQWHUIDFH XQ 5- j KXLW EURFKHV GpGLp HVW SUpVHQW
5pVHUYp XQLTXHPHQW j O·XWLOLVDWLRQ LQWHUQH HQ DWHOLHU
,QWHUIDFH , QRQ RSpUDWLRQQHOOH GDQV FHWWH YHUVLRQ
&HWWH LQWHUIDFH HVW XWLOLVpH SRXU OD JHVWLRQ GX VLJQDO G·XQH VHFRQGH FDUWH GH FRQWU{OH G·pTXLSHPHQW
ORUVTX·XQH FRQILJXUDWLRQ SURWpJpH HVW SUpVHQWH
/·REMHW HVW GH IRXUQLU XQ pFKDQJH G·LQIRUPDWLRQV DILQ GH GpILQLU OD FDUWH DFWLYpHDX UHSRV HW GH GpFLGHU GH
(
&
,/ OD FRPPDQGH FRUUHVSRQGDQWH YHUV O·LQWHUIDFH GH O·DODUPH
$
$
('
. $/ $* $$
$$
,QWHUIDFH )
/·LQWHUIDFH ) FRQQHFWH O·pTXLSHPHQW j XQ 3& YLD OH FRQQHFWHXU HQ IDFH DYDQW
O
&H UDFFRUGHPHQW SHUPHW j XQ RSpUDWHXU ORFDO GH JpUHU O·pTXLSHPHQW GH IDoRQ ORJLFLHOOH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/·LQWHUIDFH ) SHUPHW HQ SDUWLFXOLHU
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
O·DIILFKDJH GHV DODUPHV FRXUDQWHV HW HQUHJLVWUpHV HW O·pWDW GHV FDUWHV G·pTXLSHPHQW
RI R
R W L
F
Q D
G
QLR U
W
]
L O·HQYRL G· FRPPDQGH RSpUDWLRQQHOOH H[ WUDLWHPHQW G·XQH DODUPH pTXLSHPHQW UHVWDQW
D
D R
Q
R LF W
K ERXFOHV HWF
Q X
J X D
LQ PQ
V
V PW
H
W OH FRQWU{OH GHV SHUIRUPDQFHV
D R LU
F
3 Z
G W
G
H
Q X
D R O·DIILFKDJH HW OD FRQILJXUDWLRQ GHV SDUDPqWUHV ORJLFLHOV
Y
U H K W
H V L
V X Z
H
U
G
W OHV VpOHFWLRQV DGPLQLVWUDWLYHV PRW GH SDVVH HW SURILO GH O·RSpUDWHXU
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H OH WpOpFKDUJHPHQW GX ORJLFLHO GH O·pTXLSHPHQW SRXU O·LQVWDOODWLRQ HW OD PLVH j MRXU j OD VXLWH G·XQH
R S
$ G W
R
pYROXWLRQ GH O·pTXLSHPHQW
Q
&HV RSpUDWLRQV VRQW GpFULWHV HQ GpWDLO GDQV OH PDQXHO GH O·RSpUDWHXU
,QWHUIDFH 4
/·LQWHUIDFH 454 XWLOLVH XQ FDQDO VpULH VWDQGDUG 56 SRXU OD FRPPXQLFDWLRQ V\QFKURQH 4 RX
DV\QFKURQH 54 PXOWLSRLQWV j XQ GpELW PD[LPDO GH . EDXG
2Q DFFqGH j FHWWH LQWHUIDFH YLD OH SDQQHDX GH UDFFRUGHPHQW GX WHUPLQDO VXU OH SDQQHDX G·DFFqV 4;
6\QF
(OOH SHUPHW G·pWDEOLU XQH FRQQH[LRQ HQWUH O·pTXLSHPHQW H[WHUQH pTXLSHPHQW QRQ 6'+ $OFDWHO PD[
HW OH 701
$LQVL OD FDUWH FRQWU{OHXU G·pTXLSHPHQW p[pFXWH XQH IRQFWLRQ GX GLVSRVLWLI GH PpGLDWLRQ
,QWHUIDFH 4
/·LQWHUIDFH 4 UHOLH O·pTXLSHPHQW j XQ V\VWqPH G·H[SORLWDWLRQ GH UpVHDX[ ORFDX[ FRQIRUPpPHQW DX[
VSpFLILFDWLRQV ,(((
/H UDFFRUGHPHQW DX UpVHDX HVW pWDEOL YLD OH PRGXOH G·DGDSWDWLRQ 4% 6<1& TXL SHUPHW OH
UDFFRUGHPHQW DX FnEOH (WKHUQHW ILQ EDVH RX j O·LQWHUIDFH %7
'·DXWUHV pTXLSHPHQWV SHXYHQW rWUH FRQQHFWpV YLD GHV FDQDX[ GH FRPPXQLFDWLRQ GH GRQQpHV '&&
IRXUQLV SDU OHV RFWHWV G·HQWrWH GH VHFWLRQ GH OD WUDPH V\QFKURQH ''
$LQVL OHV RSpUDWLRQV GH JHVWLRQ SHXYHQW rWUH HIIHFWXpHV GHSXLV XQ FHQWUH V\VWqPH G·H[SORLWDWLRQ YHUV
GH QRPEUHX[ pTXLSHPHQWV GLIIpUHPPHQW FRQILJXUpV /D PLVH HQ VHUYLFH LQLWLDOH HW OD PDLQWHQDQFH VRQW
DLQVL IDFLOLWpHV VXU O·pTXLSHPHQW GH UpVHDX YRLU OHV IRQFWLRQV GH O·LQWHUIDFH )
/HV RSpUDWLRQV VRQW GpWDLOOpHV GDQV OH PDQXHO GX V\VWqPH G·H[SORLWDWLRQ
*HVWLRQ GLVWDQWH GX UpVHDX 5(&7
6L OD YHUVLRQ ORJLFLHOOH GX SRVWH G·H[SORLWDWLRQ 5(&7 D pWp FKDUJpH LO HVW SRVVLEOH GH JpUHU j GLVWDQFH
MXVTX·j pOpPHQWV GH UpVHDX[ YLD O·LQWHUIDFH ) /HV RSpUDWLRQV GH JHVWLRQ VRQW FHOOHV HIIHFWXpHV j SDUWLU
G·XQ V\VWqPH G·H[SORLWDWLRQ j O·H[FHSWLRQ GX WpOpFKDUJHPHQW ORJLFLHO
(
&
,/
$
$
('
. $/ $* $$
$$
*HVWLRQ GHV FDUWHV
&HWWH RSpUDWLRQ HVW HIIHFWXpH SDU XQ PLFURSURFHVVHXU &38 TXL UpFXSqUH OHV GRQQpHV HW OHV UHQG
O
GLVSRQLEOHV j WRXWHV OHV LQWHUIDFHV 3RXU HIIHFWXHU FHV IRQFWLRQV OH PLFURSURFHVVHXU &38 DJLW pJDOHPHQW
H
V
L
K
V
W D
W
HQ TXDOLWp GH ORJLTXH GH FRPPDQGH GH EXV EXV FRQWURO ORJLF HW XWLOLVH OHV PpPRLUHV
W Q F O
I H $
W
R Q
J R P
F R
/H PLFURSURFHVVHXU &38 XWLOLVH XQH KRUORJH GH 0+] JpQpUpH HQ LQWHUQH
LQ U
\V I
W
L Q
S
I R
R
FR W L
/D ORJLTXH GH FRPPDQGH GX EXV EXV FRQWURO ORJLF JqUH OHV PRGHV G·pFKDQJH GH GRQQpHV HQWUH OHV
GQ D
Q
D
LR U
W
]
L
GLVSRVLWLIV GHV FDUWHV (OOH JqUH DXVVL OD ORJLTXH GH UpLQLWLDOLVDWLRQ 5(6(7 GHV GLVSRVLWLIV GHV FDUWHV &38
D R
Q
R LF W
Q X
K
LQFOXV /D ORJLTXH GH UpLQLWLDOLVDWLRQ ´5HVHWµ HVW DFWLRQQpH
J X D
LQ PQ
H
SDU SUHVVLRQ GX ERXWRQ SRXVVRLU
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R DSUqV XQH FRPPDQGH ORJLFLHOOH GX SRVWH G·H[SORLWDWLRQ RX GX V\VWqPH G·H[SORLWDWLRQ
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
DSUqV PLVH VRXV WHQVLRQ GH O·pTXLSHPHQW
W H LW
K PP
J
ORUVTXH OD WHQVLRQ GH OD FDUWH GHVFHQG HQ GHVVRXV G·XQ VHXLO IL[p
L X U
U F H
OOR S
$ G W
R
Q
ORUVTXH O·DODUPH LQWHUQH GH OD FDUWH HVW GpWHFWpH
/·DODUPH ORFDOH DOOXPH OH YR\DQW URXJH
/D FRPPDQGH GH UpLQLWLDOLVDWLRQ DFWLYH OHV YR\DQWV HW
'LYHUV W\SHV GH PpPRLUHV UpVLGHQW VXU O·XQLWp
PpPRLUHV GH GpPDUUDJH G· 0RFWHW GH PpPRLUH )(3520
PpPRLUHV HQILFKDEOHV GH 0RFWHWV GH PpPRLUH )(3520 0RFWHWV GH 5$0
/HV FRQQHFWHXUV VRQW pJDOHPHQW IRXUQLV SRXU O·LQVWDOODWLRQ GHV PRGXOHV G·H[WHQVLRQ PpPRLUH
/HV PpPRLUHV )/$6+ )(3520 VRQW XWLOLVpHV SRXU OH FKDUJHPHQW GH ORJLFLHOV ORUV GHV SKDVHV
G·LQVWDOODWLRQ G·H[SORLWDWLRQ HW GH PDLQWHQDQFH 'H FHWWH IDoRQ OD YHUVLRQ GX ORJLFLHO GH O·pTXLSHPHQW HVW
PLVH j MRXU HQ IRQFWLRQ GH O·pYROXWLRQ GX SURGXLW
/D WHQVLRQ SUpVHQWH HQ HQWUpH 9 9 9 HVW SURWpJpH SDU GHV IXVLEOHV
/HV WHQVLRQV 9 HW 9 GLVWULEXpHV YHUV OH FLUFXLW LQWHUQH VRQW VXUYHLOOpHV /RUVTX·XQH GLPLQXWLRQ HQ GHVVRXV
G·XQ VHXLO SUpYX VH SURGXLW OD GpWHFWLRQ FRQWULEXH j JpQpUHU XQH DODUPH ORFDOH LQWHUQH
(
&
,/
$
$
('
. $/ $* $$
$$
( 5
/ (7
% 3
$
,& $' % ,0
/
/ 0 $ ,8 $
33 &$
(
O
H
0 $1 9$
V V
W 2
L
K
W D
Q F
1
W O
H $
I W 7
R Q , 9 9 9 (
J R P
,1 5
LQ
F R
U ( 5
(7
\V I
W 5 9 9
SL Q
R
F
I R
R W L
Q D
G ] 6
/(
QLR U L
D W
D R %,
K
Q LF W 1 6
R Q X ( / ( /, ( ( ,2 8
J X D & $/ & ( ,$ & 07 )
$ 1$ $ $
) 7( $,7
) ) ,0 & ) 5'
LQ PQ
V H 5 5 4 $( 5 462 7
V PW
R LU
W
/ (
7 52/ (
7
3
30 (
7 <6 /3 ,
D ( $ 1
3
F
Z 5 ,1 7 ,1 ,1 ;( ,( ( (/ (
2
9 9
G W
Q X + 7 5 0 1
G
, 5 $ 5
H D R
( 1 $/ & (7
Y
U H K & ,( 2
,1
W
H V L 5 $ /
V X Z 8 5
H G 2
U W
Q W H 6
V
W H LW * ' 1 '
K
6 * 5 77 %$
J
L
PP
X U 8 5 8
1 $ ,1
U
OO
F H &(% 8
R S ] (9 8 (
+ $ ,4 /2
$ G W
R
Q
0
8* 5
32 7
&/ 1
2
&
5 ( (
8
( & & 1 67
8 $ )$ 3 ,2
* ' )5 5 $ 7
6(
1
$<
2 ( 7 (
% 7 2
( 1
' , 1
, * 9
R
6( 0
5 7
, 20 (
222 & &
0 % $ (
( 5 ), 0
0 3 (
)
5
(
6
7
1
,
R
6 0 R
( 0
5
,
2 0
0 2 0 +$1'/ , 1* ,7
( 5 $ 3 5 27 ( & 7 ' ( 7 ( & 7 ( 8 5 6
0 3 5 & 21 7 5 $ & 7 $ 7 5
() % (
,
) 8 1 3$5$/ / (/ 67 1 5
$
7 '
)
$
5
& 1 ,27$ 1 1 6
1 6( 6( 1
$< ,6 1
,2 ,2 5 2 ( 6( 2 (
11 11 7 71 72 ( ,7 ( 6( &7 (7 ,7 0 71
' /$
( ,9 (
& (6 ( ,7 ,2
2 7$ ,7 ,2
2 7$ 6( ( 6( ' ' $7 ' ,& 15
(6 $ 7$ , ;8 6( 5 7$ 2
9 (
,5 &
85 $ 8 ( ,3 & *0
1 (3 8 (3 5 &
(/ 6 2 /$$ 6, 6 $ (
*( ' )5 6 *7 8 $ 6
( 78 6
( 78 ,/ *$ 0 7 (& 9 $1 0 ( 7 *
2 ) 7< 0 7< $0 5 / 6( 1 5 $ ' 0 1
/$ 6 (
, $ 7 /2 5
$ 45 (
*0
0
*0 $
2 3 (' 2 0 ( ,* 6 /$ 5 (
9
2
/
'+ $
, & ( 71 0 & &5 $/ 5
&1 , ' , 2
& 2
& $/ $
1
, 2
+
$
5
7 1 2 L 6( 0
$ % % & $ % 0 / ' (3 *
8 % & % / & 1 $ L L & & . ,$ 1 , 0 ( 3< * && 5
( &
,(
/ ,( 1
&
( 2 ,(
2 ( : : : :
6 &
)3
$ ,0 5 7
<7 ,3 2
3 2
3 &*
5 75 5
8 ' 2 1 38 &*
58 0
/
.
.
, .
& 2
1
.
&
3
&
6
2
6
0
6
2 2 :
6
:
3 /$ $& & & & & & 8 1 ,1 7 7$ 7
1
, 81
55
& 1 & 2 ,3
6
( (7 =( ,7 61 6
/% 6 5 2
61
66 )) /( 7 6 6 (
2 8 ( $
6
5 6, 5
5
$ 2
7
1
$% 9( ,$ 6 75
5 ,6 %
( 75 & $8 ( ( ,6 & ,) $7 ' 3 5 67 ,6 ,1 8
5 (
9 $
6 ,1 5 /,3 6 ' 8 75
, 20
9
6 8 8 0 8
3( 2 6, 6, 1 0 8 %$&
2 , 0 78 &
$
8 00 $ , 5
& 3( ,/ ' 8 5
(7 0 '0
$82
& ' 1
$< 3( 0
5 7(
' 8 8 7(
3
$ 3 2& 8 '$ '1 $ 3( 1 '(
1 3 5 ) (6 & 7( 3 1 ( $ 2 7
$ (( 1 '5 ( (
' ' , 0 9
'7 2
1 9 5
$/
$
)LJXUH 6FKpPD V\QRSWLTXH FDUWH FRQWU{OHXU G·pTXLSHPHQW 60(& $5 )
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWH G·DOLPHQWDWLRQ
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /D FDUWH G·DOLPHQWDWLRQ FRQYHUWLW OD WHQVLRQ UHoXH G·XQH EDWWHULH 9FF HQ WURLV WHQVLRQV FRQWLQXHV
K
W
I
Q F
H $
W
O
GH 9 9 HW 9 VWDELOLVpHV HW LVROpHV GH OD EDWWHULH SDU JDOYDQLVDWLRQ
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
'HX[ HQWUpHV GH EDWWHULHV %$77 HW %$77 GpFRXSOpHV SDU GHV GLRGHV VXU OH S{OH QpJDWLI SHUPHWWHQW
I R
R
FR W L
XQH DOLPHQWDWLRQ HQ YHLOOH
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K /D FDUWH G·DOLPHQWDWLRQ GLVSRVH GHV SRLQWV G·DFFqV VXLYDQWV HQ IDFH DYDQW
Q X
J X D
LQ PQ
V
V PW
H
W FRPPXWDWHXU 212))
D R LU
F
3 Z
G W
G
H
Q X
D R YR\DQW YHUW LQGLTXDQW XQ IRQFWLRQQHPHQW UpJXOLHU GH OD FDUWH
Y
U H K W
H V L
V X Z
H
U
G
W &RPPH LQGLTXp j OD )LJXUH SDJH OHV WHQVLRQV GH EDWWHULH VRXPLVHV j FRQGLWLRQ 25 HW SURWpJpHV
Q W H
V
W
K
H LW
PP
SDU IXVLEOHV VRQW DSSOLTXpHV DX ILOWUH G·HQWUpH YLD OH FRPPXWDWHXU 212))
J
/H ILOWUH GRLW SURWpJHU OD FDUWH G·DOLPHQWDWLRQ FRQWUH OHV YDULDWLRQV VRXGDLQHV RX OHV EUXLWV
L X U
U F H
OOR S
$ G W
R
Q
/D WHQVLRQ SUpVHQWH DSUqV FRPPXWDWLRQ 212)) HVW XWLOLVpH FRPPH DOLPHQWDWLRQ DX[LOLDLUH GX FLUFXLW GH
PRGXODWLRQ j ODUJHXU G·LPSXOVLRQ PRGXODWLRQ 3:0 ORUV GH OD SKDVH GH PLVH VRXV WHQVLRQ GX FLUFXLW
/RUVTXH OD FDUWH HVW HQ pWDW VWDEOH O·DOLPHQWDWLRQ HVW REWHQXH DSUqV FRPPXWDWLRQ
8Q FRPSDUDWHXU GH WHQVLRQ LQKLEH OH FLUFXLW VL OD YDOHXU GH WHQVLRQ HQ HQWUpH FKXWH HQ GHVVRXV G·XQ VHXLO
pWDEOL
/H FLUFXLW 3:0 GpILQLW OH WHPSV GH FRQGXFWLRQ GH GHX[ WUDQVLVWRUV G·DOLPHQWDWLRQ PRGXODQW DLQVL
O·DOLPHQWDWLRQ HQYR\pH DX[ HQWUpHV
/D PRGXODWLRQ V·HIIHFWXH SDU GHV ERXFOHV GH UpJXODWLRQ TXL GpWHFWHQW j OD IRLV OH FRXUDQW HW OD WHQVLRQ ,
, 9 HW 9 DX[ VRUWLHV 9 HW 9
/HV WHQVLRQV VRQW DORUV UHFWLILpHV ILOWUpHV HW pPLVHV /D WHQVLRQ 9 WUDQVLWH YLD OHV UpJXODWHXUV VpULH
TXL PDLQWLHQQHQW OHV WHQVLRQV HW FRXUDQWV j OD YDOHXU GH VRUWLH pWDEOLH
/HV WURLV WHQVLRQV GH VRUWLH SDVVHQW SDU GHV GLRGHV VpULH &HWWH VROXWLRQ SHUPHW GH PHWWUH HQ SDUDOOqOH GH
QRPEUHXVHV FDUWHV VDQV FDXVHU G·LQWHUIpUHQFHV
(Q FRQGLWLRQV GH IRQFWLRQQHPHQW QRUPDOHV OH YR\DQW YHUW HVW DFWLYp 21 HW XQH WHQVLRQ GH 9 HVW
SUpVHQWH DX QLYHDX GH OD EURFKH GH VRUWLH 3)$,/
6L O·XQH GH FHV WHQVLRQV FKXWH HQ GHVVRXV G·XQ VHXLO pWDEOL XQH FRPPDQGH HVW JpQpUpH HW GpVDFWLYH OD
FDUWH GH IDoRQ UpYHUVLEOH 'H SOXV OH YR\DQW YHUW G·pWHLQW HW O·DODUPH 3)$,/ V·DFWLYH VRUWLH 3)$,/ RXYHUWH
8Q FLUFXLW DGpTXDW SHUPHW GH FRPPXWHU OD FDUWH HW GH WHVWHU DXWRPDWLTXHPHQW WRXWHV OHV VHFRQGHV
/·DXJPHQWDWLRQ H[FHVVLYH G·XQH GHV WHQVLRQV GH VRUWLH JpQqUH OHV FRPPDQGHV 9 9 RX 9 &HWWH
GHUQLqUH DFWLYH OH FLUFXLW GH VpFXULVDWLRQ GH IDoRQ LUUpYHUVLEOH
&HW pWDW
EORTXH GH IDoRQ LUUpYHUVLEOH OH IRQFWLRQQHPHQW GH OD FDUWH
pWHLQW OH YR\DQW YHUW
WUDQVPHW O·DODUPH 3)$,/
(
&
,/
$
$
('
. $/ $* $$
$$
6
(6(
687 (7 5
5 75
( 2$ 7 4
97& 5 1
$ 2 (·
&&'
O 9 9 /,
9
)$
H
V
L V
W D
W
3
K Q F
W O
H $
I
R
W
Q
J R P
F R / !
LQ
V I
U
36 ,
\W
L Q 8 /,
S
2%
/ ,6
I R
R L & $
FR W
( 76 3/ 5
(/ 5
GQ D ' 8, (
3 =/,
]
QLR U L
2% $
D W
D R &
( 76
8,
Q LF W
K
' 2 %$
R &7
Q X (6
J X D '
LQ PQ
V H
V PW
R LU
W 9 9
D
F
3 Z
G W
G Q X
H D R
Y
H K
7
U W
$ ,
H V L
/ ,(
V X Z
85 (
H
U
G
W
Q W H
*
(6
V 5
W
K
H LW
9 9 9
PP
J
L X U
U
OO
F H
R S ,
$ G W
R
Q
5
7
1 (/ (
2
,7 %, 9 ,5 7 1
$7 1 24
$6 65 9 $ & ·(
, ( 1 76 (
7'
59 (9 , 5
8( 1 ' $
&5 9 , &
(6 ,5
151
,2
7$ 8 ,2
( 6/
/* 8
85
' /$ 30
2 $ ·,
0 '
1 1
2
,7 ( 2
,7 (1
5
, ' ,2
$
7 ,$ 7 $71
2 (/ 7$
1
( ,;
/ 8
$( & /8
8 8*
,0
/$ $ ,0
/$
2
% (5
, , 9 9
9
/ /
3 3
8 8
2 2
& &
( (
' '
7 7 7 7
7$ 7$ 7$ 7$
% % %
%
%$77(5,(
)LJXUH 6FKpPD GH OD FDUWH G·DOLPHQWDWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH WHUPLQDLVRQ )XWXUHEXV '6
9RLU )LJXUH
O
V
L V
W D
H
W /H PRGXOH DGDSWH OHV QLYHDX[ VXU OHV FDQDX[ /,(&% HW 1,(&% HW OHV KRUORJHV &./ HW &.1
K
W
I
Q F
H $
W
O
FRUUHVSRQGDQWHV SDU UDSSRUW DX[ GRQQpHV LQIRUPDWLYHV pFKDQJpHV HQWUH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
R Q
J R P
F R
HW OH PRGXOH GH FRQWU{OH LQVWDOOpV VXU OHV FDUWHV GH O·pTXLSHPHQW
LQ U
\V I
W
L Q
S
I R
R
FR W L
/·DGDSWDWLRQ GX QLYHDX HVW pJDOHPHQW HIIHFWXpH VXU OHV WUDLQV GH GRQQpHV GX EXV 2+ pFKDQJpV HQWUH OHV
GQ D
Q
D
LR U
W
]
L
FDUWHV
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
8QH (3520 VpULH HVW GLVSRQLEOH SRXU O·LQYHQWDLUH GLVWDQW HOOH FRQWLHQW OHV GRQQpHV GH O·LQYHQWDLUH GH
H
O·pTXLSHPHQW UpIpUHQFHV QXPpURV GH VpULH GDWH GH IDEULFDWLRQ /·LQYHQWDLUH GLVWDQW GX FKkVVLV Q·HVW SDV
V W
V PW
D R LU
F
3
G
G W
Q X
Z
XWLOLVp
H D R
Y
U H K W
H
V
V L
X Z /H PRGXOH PpPRULVH O·´$GUHVVH 0$&µ GH O·pTXLSHPHQW XWLOLVp SRXU OD FRQILJXUDWLRQ 701
H G
U W
Q W H
V H LW
W
K
J
PP 'H SOXV OD FDUWH SHUPHW OD WUDQVSDUHQFH GHV FDQDX[ /,(&% HW 1,(&% TXL FLUFXOHQW HQWUH OD FDUWH (6&7
L X U
U
OO
F H
R S HW OHV DIIOXHQWV 0ELWV GX FKkVVLV GH GpULYDWLRQ
$ G W
R
Q
6&./ &./
'(38,6 6'/ '/
(6&7 9(56 &+$66,6 '(5,9
6&.1 &.1
6'1 '1
%86 2+
9(56 ',9(56(6 &$57(6
%86 2+
/,(&%
9
'(38,6 ) 9 &./
$/,0(17$7,21 5(*8/$7(85 9(56 7287(6 &$57(6
'( 7(16,21 1,(&%
&.1
%86 2+
9(56 ',9(56(6 &$57(6
%86 2+
/,(&%
) 9 &./
5(*8/$7(85 9(56 7287(6 &$57(6
'( 7(16,21 1,(&%
&.1
,19(17$,5( 9(56 &$57(
',67$17 &2175 (4
(
&
,/
$
$ )LJXUH 6FKpPD V\QRSWLTXH WHUPLQDLVRQ )XWXUHEXV
('
. $/ $* $$
$$
0RGXOH GH FRPPXWDWLRQ G·LQWHUIDFH G·DODUPH
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &H PRGXOH GH FRPPXWDWLRQ LQFOXW
K Q F
W O
I H $
W
R
J
Q
R P FLUFXLW $1'25
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L WHUPLQDLVRQ )XWXUH %XV QRQ XWLOLVpH GDQV FHWWH YHUVLRQ
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K LQYHQWDLUH GLVWDQW QRQ XWLOLVp GDQV FHWWH YHUVLRQ
R Q X
J X D
LQ
V
V
PQ
PW
H
W
IRQFWLRQ G·DGUHVVH 0$& QRQ XWLOLVpH GDQV FHWWH YHUVLRQ
D R LU
F
3 Z
G
G W
Q X
D R
LQWHUIDFH 5$% YHUV OHV YR\DQWV GX EnWL
H
Y
U H K W
H V L
V
H
U
X Z
G
W
LQWHUIDFH G·DODUPHV GLVWDQWHV
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
DODUPHV 0)$,/ (QWUpH SDUDOOqOH6RUWLH HQ VpULH QRQ XWLOLVp GDQV FHWWH YHUVLRQ
OOR S
$ G W
R
Q FLUFXLW $1'25
/D IRQFWLRQ GH FHWWH FDUWH HVW GH GpWHFWHU OHV GpIDLOODQFHV G·DOLPHQWDWLRQ GHV EDWWHULHV GH OD VWDWLRQ RX GHV
HQVHPEOHV HW GH WUDLWHU OHV FULWqUHV SURYHQDQW GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
&HV VWDWXWV GH O·DODUPH GpWHUPLQHQW OD JpQpUDWLRQ GHV YR\DQWV GX EnWL HW GHV FULWqUHV G·DODUPHV GLVWDQWHV
/D FDUWH HVW DOLPHQWpH SDU XQH EDWWHULH GH VHUYLFH 6HORQ OHV UpJODJHV HOOH SHXW V·DGDSWHU j XQH WHQVLRQ
GH 9 RX 9
(Q FDV GH GpIDLOODQFH GH O·DOLPHQWDWLRQ RX GH OD FDUWH $1'25 RX HQ FDV G·DEVHQFH GH FHWWH FDUWH OH FULWqUH
3$:$1'25 HVW JpQpUp HW HQYR\p j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW OH YR\DQW 185* V·DOOXPH YRLU
$8&81 /,(1 SDJH $8&81 /,(1
/HV WHQVLRQV GH OD EDWWHULH GH OD VWDWLRQ %$77 %$77 VRQW FRQWU{OpHV RX QRQ HQ IRQFWLRQ GHV
RSWLRQV GH UpJODJH VpOHFWLRQQpHV F·HVWjGLUH TXH O·RQ SHXW FRQWU{OHU XQH WHQVLRQ DXFXQH WHQVLRQ RX OHV
GHX[
/·DODUPH JpQpUpH VXLWH j XQH GpIDLOODQFH GH OD EDWWHULH GH OD VWDWLRQ HVW GXH j XQH EDLVVH G·HQYLURQ
GH OD WHQVLRQ SDU UDSSRUW j OD WHQVLRQ QRPLQDOH
/·DODUPH GLVSDUDvW ORUVTXH OD YDOHXU QRPLQDOH HVW UHVWDXUpH PRLQV OHV WROpUDQFHV DXWRULVpHV
(Q FDV GH GpIDLOODQFHV GHV GHX[ EDWWHULHV GH OD VWDWLRQ XQ FULWqUH $1' HW XQH DODUPH GLVWDQWH 7$1' VRQW
JpQpUpV
/H FULWqUH $1' GHYLHQW 25 ORUVTXH OH FULWqUH &$1' HVW UHoX HQ SURYHQDQFH GH OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW
/D GpIDLOODQFH G·XQH VHXOH EDWWHULH JpQqUH OH FULWqUH 28 TXL DSUqV DYRLU pWp LQKLEp SDU OH FULWqUH (7 HQYRLH
O·DODUPH GLVWDQWH 725 HW OH FULWqUH 25$/,0 j OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
/H FULWqUH 83 HVW UHoX GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW HW ORUVTX·LO GHYLHQW 28 DYHF O·DODUPH G·H[WUDFWLRQ
GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW (8$ OD SUpVHQFH GX FRQWU{OHXU G·pTXLSHPHQW UpJODEOH JpQqUH OH
VLJQDO $8
/HV FULWqUHV $1' 25 HW $8 VRQW HQUHJLVWUpV GDQV OH FLUFXLW PpPRLUH DSSURSULp
/HV YR\DQWV GX EnWL UHoRLYHQW OHV FRPPDQGHV GH VRUWLH 5185* HW 585* /D FRPPDQGH 585* HVW OD
( VRPPH GH O·DOLPHQWDWLRQ $1' HW GX FULWqUH $8 TXLL VRQW WRXV GHX[ DFFHVVLEOHV j OD VRUWLH $ GH OD PpPRLUH
&
,/
$
FRUUHVSRQGDQW j OD VRUWLH QRQ HQUHJLVWUpH
$
('
. $/ $* $$
$$
/HV pWDWV GH O·DODUPHV SHXYHQW rWUH PpPRULVpV YLD OD FRPPDQGH & DFWLYpH SDU OH ERXWRQ SRXVVRLU
GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
O
'DQV FH FDV OD VRUWLH $ GH OD PpPRLUH HVW GpVDFWLYpH FH TXL SURYRTXH OD GLVSDULWLRQ GHV FULWqUHV 585*
H
V
L
K
V
W D
W
HWRX 5185* 3DU DLOOHXUV OD VRUWLH 0 HVW DFWLYpH FH TXL JpQqUH OH FULWqUH 0
W Q F O
I H $
W
R Q
J R P
F R
6L O·DODUPH GLVSDUDvW WRXV OHV FULWqUHV HW WRXWHV OHV DODUPHV GLVWDQWHV TXL SRXUUDLHQW rWUH DFWLYpV VRQW
LQ U
V I
\
S
W
L Q
I R
GpVDFWLYpV
R L
FR W
GQ D
Q
D
LR U
W
]
L
/HV DODUPHV 585* 5185* 0 IRQFWLRQQHQW GH OD PrPH IDoRQ TXH OHV DODUPHV GX FRQWU{OHXU
D R
Q
R LF W
Q X
K
G·pTXLSHPHQW YHUV OHV YR\DQWV GX EkWL VXSpULHXU
J X D
LQ PQ
H
,QYHQWDLUH GLVWDQW QRQ XWLOLVp GDQV FHWWH YHUVLRQ
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R &HWWH IRQFWLRQ JqUH OHV GRQQpHV GH O·pTXLSHPHQW
U H K W
H
V
V L
X Z &HWWH IRQFWLRQ HVW DVVXUpH SDU XQH ((3520 GH VpULH TXL PpPRULVH OHV GRQQpHV GH JHVWLRQ GH
H G
U
V
W
W
Q W
H LW
H O·pTXLSHPHQW
K
J
L
U
PP
X U
&H FLUFXLW HVW SURWpJp FRQWUH OHV FRXUWVFLUFXLWV SDU GHV IXVLEOHV
F H
OOR S
$ G W
R
Q $GUHVVH 0$& QRQ XWLOLVpH GDQV FHWWH YHUVLRQ
&HWWH IRQFWLRQ JqUH O·DGUHVVH GH UpVHDX ORFDO /$1 GH O·pTXLSHPHQW
&HWWH IRQFWLRQ HVW DVVXUpHV SDU XQH ((3520 GH VpULH TXL PpPRULVH O·DGUHVVH /$1 GH O·pTXLSHPHQW
&H FLUFXLW HVW SURWpJp FRQWUH OHV FRXUWVFLUFXLWV SDU GHV IXVLEOHV
,QWHUIDFH 50
&HWWH IRQFWLRQ IRXUQLW OHV FULWqUHV QpFHVVDLUHV j OD JHVWLRQ GHV YR\DQWV GX EkWL
$ODUPHV GLVWDQWHV
&HWWH IRQFWLRQ IRXUQLW OHV LQIRUPDWLRQV QpFHVVDLUHV YHUV XQ FRQQHFWHXU j SRLQW DILQ GH JpUHU OHV DODUPHV
GLVWDQWHV
$ODUPHV GH GpIDLOODQFH GX PRGXOH HQWUpH SDUDOOqOHVRUWLH HQ VpULH QRQ XWLOLVp GDQV FHWWH
YHUVLRQ
&HWWH IRQFWLRQ LQGLTXH OHV GpIDLOODQFHV GH O·DODUPH GH WRXV OHV PRGXOHV GH FRPPXWDWLRQ YHUV OH FRQWU{OHXU
G·pTXLSHPHQW
&DUWH GH FRPPXWDWLRQ GH SUpUpJODJH
1% /H ORJLFLHO GX WHUPLQDO G·H[SORLWDWLRQ SRXYDQW rWUH XWLOLVp j OD IRLV SRXU O·pTXLSHPHQW
60 TXL SUpYRLW OD FDUWH GH FRPPXWDWLRQ HW SRXU OD YHUVWLRQ µ1HZ 3UDFWLFHµ GX 60 TXL
QH SUpYRLW SDV FHWWH FDUWH GH FRPPXWDWLRQ PDLV TXL FHSHQGDQW DVVXUH OD PrPH IRQFWLRQ
GH VpFXULVDWLRQ OH FRPPXWDWHXU HVW SUpUpJOp DILQ GH VLPXOHU OD SUpVHQFH GH OD FDUWH GH
FRPPXWDWLRQ &H SUpUpJODJH PDWpULHO QH GRLW rWUH HIIHFWXp TXH ORUVTX·LO H[LVWH XQH
VpFXULVDWLRQ 1 /RUV GX SUpUpJODJH PDWpULHO LO HVW SRVVLEOH GH VpOHFWLRQQHU OH ORJLFLHO
GH FRQILJXUDWLRQ GH O·DUPRLUH FRQFHUQDQW O·HQFRFKH GX PRGXOH GH FRPPXWDWLRQ &DUWH GH
FRPPXWDWLRQ G·LQWHUIDFH G·DODUPH VXU OH 7HUPLQDO G·H[SORLWDWLRQ
&HWWH FDUWH HVW FRQIRUPH j OD QRUPH ,(& HQ PDWLqUH pOHFWULTXH
(
&
,/
$
$
('
. $/ $* $$
$$
2+%86
/,(&% 72 $**5(*$7(6
9 5(*8/$7 9 &./
O 7(16,21 1,(&% 72 $//
H 81,76
W
V
L V
W D
&.1
K
W Q F O QRW XVHG 2+%86
I H $
W
R Q /,(&%
J R P
F R
LQ U 9
\V I 5(*8/$7 9 &./
W
L Q
S 72 $//
RI R
L 7(16,21 1,(&%
R W
F
&.1 81,76
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ 85*
V H
V PW W 185*
D R LU
F
3 Z ,17
G W
G Q X ,1'
H D R '(
Y
H K
/26 4
U
H V L
W &2175
V X Z (4 725&
H G
U W
Q W H
7$1&
V
W H LW 783
K PP
J
L X U
U F H
OOR S &
$ G W
R
Q
%$77 $1' 50
585*
&211
0 '·,17(5)
5185*
02'8/(
'( &20 $
'·$/,0
25 0 0 0
%$77
725
725
&211
'·$/$50(6
&$1' ',67$17(6
7$1'
25$/,0,
&
9(56 (8$ $1' $
&2175 $8
(4 83 0 0
0)$,/
'(
02'8/(
&200
3:$1'25 '(9(56
3,62 &2175
(4
96(59 QRQ XWLOLVp
50 9
&211 96(59
'·,17(5) '(9(56
9 $'5(66( 0$&
&2175
*1' ,19(17 ',67$17 (4
QRQ XWLOLVp
)LJXUH 6FKpPD V\QRSWLTXH 0RGXOH GH FRPPXWDWLRQ G·LQWHUIDFH G·DODUPH
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRPPXWDWLRQ 4% 6\QFKURQLVP
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &H PRGXOH HVW GLVSRQLEOH HQ WURLV YHUVLRQV
K Q F
W O
I H $
W
R
J
Q
R P 4[ 6\QFK $YHF FRQQHFWHXU 6XE' SRXU 4BLQW HW SRXU 6\QF
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 4[ 6\QFK $YHF FRQQHFWHXU 6XE' SRXU 4BLQW HW FRQQHFWHXU 0LFUR
Q D
G
QLR U
W
]
L 6LHPHQV SRXU 6\QF
D
D R
Q K
R LF W
J
Q X
X D 4[ 6\QFK 7 $YHF FRQQHFWHXU 6XE' SRXU 4BLQW HW PRGXOH RKP
LQ PQ
V
V PW
H
W DYHF FRQQHFWHXU 7\SH 7
D R LU
F
3 Z
G W
G
H
Y
Q X
D R /H 02'8/( '( &20087$7,21 4[ 6<1&+ RIIUH OD IRQFWLRQQDOLWp GH WURLV FLUFXLWV GLIIpUHQWV
U H K W
H V L
V X Z
H
U
G
W
Q W H
LQWHUIDFH 4%
V H LW
W
K PP
J
L
U
OO
X U
F H
R S
LQWHUIDFH 6\QFK RKP
$ G W
R
Q
LQWHUIDFH 4/76
8Q DXWUH FLUFXLW HVW SUpYX $/$50( '( '()$,//$1&( '( &$57( GRQW OD IRQFWLRQ HVW GH VXUYHLOOHU OD
IRQFWLRQQDOLWp GH OD FDUWH
/·LQWHUIDFH 4% SHUPHW GH FRQYHUWLU OHV VLJQDX[ H[LVWDQWV VXU OHV FRQQHFWHXUV GX SDQQHDX DUULqUH HQ
RSWLRQ %DVH SRXU OHV LQWHUIDFHV /$1 /·LQVWDOODWLRQ HVW FRQIRUPH j OD QRUPH ,(( SRXU OHV /$1
GH W\SH &60$&'
/HV PXOWLSOH[HXU 'pULYDWLRQ,QVHUWLRQ $'0 XWLOLVH FH PRGXOH ORUVTXH O·XVLQH D EHVRLQ GH FRQQHFWHU XQ
FnEOH /$1 SRXU DWWHLQGUH OH V\VWqPH G·H[SORLWDWLRQ FHQWUDOLVp LO SHXW rWUH FRQQHFWp GLUHFWHPHQW DX PrPH
EXUHDX /$1 RX rWUH DWWHLQW YLD XQH SDVVHUHOOH LQWHUPpGLDLUH
/HV FRQQHFWHXUV %1& j FnEOH ILQ FRQVWLWXHQW OH F{Wp /$1 GX PRGXOH 4% ,OV VRQW FRQIRUPHV j OD QRUPH
GHV FDUDFWpULVWLTXHV pOHFWULTXHV EDVH HW SHXYHQW rWUH GLUHFWHPHQW UDWWDFKpV DX FnEOH FRD[LDO /$1 /HV
FRQQHFWHXUV % VRQW VLWXpV VXU OD IDFH DYDQW GH OD FDUWH
/·LQWHUIDFH 4% FRQQHFWH O·pTXLSHPHQW DX UpVHDX GH JHVWLRQ GHV WpOpFRPPXQLFDWLRQV YLD OH FnEOH
(WKHUQHW ILQ EDVH DX PR\HQ G·XQ FRQQHFWHXU %1& IHPHOOH
(
&
,/
$
$
('
. $/ $* $$
$$
/·LQWHUIDFH 4% FRPSUHQG OHV FLUFXLWV IRQFWLRQQHOV VXLYDQWV
&RQYHUWLVVHXU &&&& HW WUDQVIRUPDWHXUV G·LVRODWLRQ ,OV pWDEOLVVHQW O·LVRODWLRQ pOHFWULTXH HQWUH
O
OH FnEOH FRD[LDO HW OH FnEOH pPHWWHXUUpFHSWHXU
H
V W
L V
W D
K
W
I
Q F
H $
W
O
(PHWWHXUUpFHSWHXU LO HIIHFWXH OHV IRQFWLRQV VXLYDQWHV FRPPH VSpFLILp GDQV OD QRUPH ,(((
R Q
J R P
F R
(WKHUQHW
LQ U
\V I
W
L Q
S
I R
R
FR W L
D (PLVVLRQ OHV GRQQpHV UHoXHV GH O·pTXLSHPHQW VLJQDX[ GLIIpUHQWLHOV '2$ '2% VRQW
GQ D
Q
D
LR U
W
]
L
DGDSWpHV DX[ FnEOHV FRD[LDX[ XWLOLVpV
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
E 5pFHSWLRQ OHV GRQQpHV TXL WUDQVLWHQW VXU OH FnEOH FRD[LDO VRQW HQYR\pHV j O·pTXLSHPHQW
H
VLJQDX[ GLIIpUHQWLHOV ',$ ',%
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R F 'pWHFWLRQ GH FROOLVLRQ VL GHX[ RX SOXVLHXUV VWDWLRQV HQWUHQW HQ FROOLVLRQ GHX[ VWDWLRQV RX
U H K W
H
V
V L
X Z SOXV WUDQVPHWWHQW VLPXOWDQpPHQW OD WUDQVPLVVLRQ GHV VLJQDX[ &,$ HW &,% pFKRXHUD
H G
U W
Q W H
V H LW
W
K
J
PP G&RQWU{OH GH OD ORQJXHXU GHV SDTXHWV WUDQVPLV XQ WHPSRULVDWHXU LQWHUURPSW OD
L X U
U
OO
F H
R S WUDQVPLVVLRQ VL OD ORQJXHXU GHV SDTXHWV GH GRQQpHV GpSDVVH OH PD[LPXP DXWRULVp
$ G W
R
Q /·pFKHF GH OD WUDQVPLVVLRQ GX VLJQDO &, HVW GpWHFWp
/H VLJQDO &2 VSpFLILp SDU OD QRUPH ,((( SRXU DFWLYHUGpVDFWLYHU OD WUDQVPLVVLRQ Q·HVW SDV XWLOLVp HW
OH PRGXOH UHVWH DFWLYp HQ SHUPDQHQFH FRQVXOWHU OD QRUPH HQ FDV GH GpIDLOODQFH GX VLJQDO
,QWHUIDFH GH V\QFKURQLVDWLRQ
&HWWH LQWHUIDFH HVW REWHQXH SDU GHV FRQQHFWHXUV SHUPHWWDQW GH UDFFRUGHU OD V\QFKURQLVDWLRQ H[WHUQH HW
OHV V\QFKURQLVDWLRQ LQWHUQH FRQIRUPpPHQW j OD QRUPH ,877 * SRXU OHV VLJQDX[ GH 0+] GH HW YHUV
OHV &58
&RPPH GpMj VSpFLILp OHV FRQQHFWHXUV VRQW GH W\SH VXLYDQW
8Q FRQQHFWHXU GH RKPV PRQWp VXU OH PRGXOH GH FRPPXWDWLRQ µ4[ 6\QFK µ YRLU )LJXUH
SDJH
7URLV FRQQHFWHXUV GH RKPV PRQWpV VXU OH PRGXOH GH FRPPXWDWLRQ µ4[ 6\QFK µ
7URLV FRQQHFWHXUV GH W\SH GH RKPV PRQWpV VXU OH PRGXOH GH FRPPXWDWLRQ µ4[ 6\QFK 7µ
,QWHUIDFH 4/76 QRQ IRQFWLRQQHOOH GDQV FHWWH YHUVLRQ
/·LQWHUIDFH 4/76 HVW XQH LQWHUIDFH 56 SHUPHWWDQW OH GLDORJXH HQWUH O·(& HW XQ RUJDQH LQWHUPpGLDLUH
XWLOLVp SRXU OD JHVWLRQ GX UpVHDX GRQQpHV GH FRQILJXUDWLRQ GH WUDQVIHUW HW UpFHSWLRQ pWDW GHV DODUPHV
HWF 9RLU )LJXUH SDJH
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H
Y
D R 7; $
U H K W
H V L 5; $
V
H
U
X Z
G
W
Q W H &. $
V H LW
W
K
J
PP 7; %
L
U
OO
X U
F H 9(56 &21752/(85 5; % ,17(5)$&(
R S
$ G W '·(48,3(0(17 &.%
4
R
Q
7; 6+
5; 6+
*1'
'2$
'2%
',$
(0(77(855(&(37(85 &$%/( ),1
',% &$%/( (7+(51(7
&2$;,$/
9(56 &21752/(85 &,$
'·(48,3(0(17
&,%
&2$
&2%
9 9
&.$ ,1 3
&.$ ,1 1
&. 287 3
6<1&+521,6$7,21
9(56 &58 &. 287 1
(6
&.% ,1 3
&.% ,1 1
)LJXUH 6FKpPD V\QRSWLTXH 0RGXOH GH FRPPXWDWLRQ 4[ 6\QFK
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRPPXWDWLRQ 4[ %7 6\QFKURQLVP
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &HWWH FDUWH HVW GLVSRQLEOH HQ WURLV YHUVLRQV
K Q F
W O
I H $
W
R
J
Q
R P 4[ %7 6\QFK
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 4[ %7 6\QFK
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K 4[ %7 6\QFK 7
R Q X
J X D
LQ
V
V
PQ
PW
H
W
/HV PRGXOHV GH FRPPXWDWLRQ FLGHVVXV VRQW LGHQWLTXHV GX SRLQW GH YXH IRQFWLRQQHO j O·H[FHSWLRQ GX W\SH
R LU
D
3
F
Z
GH FRQQHFWHXU XWLOLVp SRXU OH UDFFRUGHPHQW GHV VLJQDX[ GH V\QFKURQLVDWLRQ
G W
G Q X
H D R
Y
U
H
H K
V L
W /H 02'8(/'( &20087$7,21 4[ %7 6<1&+ RIIUH OD IRQFWLRQQDOLWp GH WURLV FLUFXLWV GLIIpUHQWV
V X Z
H G
U W
Q W H
V
W
K
H LW
PP
,QWHUIDFH %7
J
L X U
U F H
OOR S
$ G W
R
,QWHUIDFH 6\QFK RKP 6<1&
Q
,QWHUIDFH 4/76 4 LQW
8Q DXWUH FLUFXLW HVW SUpYX $ODUPH GH GpIDLOODQFH GH FDUWH GRQW OD IRQFWLRQ HVW GH VXUYHLOOHU OD IRQFWLRQQDOLWp
GH OD FDUWH
,QWHUIDFH %7
/D IRQFWLRQ %7 IRXUQLW O·LQWHUIDFH pOHFWULTXH HW IRQFWLRQQHOOH HQWUH O·LQWHUIDFH $8, GH OD QRUPH ,(((
SUpVHQWH VXU OD IDFH DUULqUH HW OD SDLUH WRUVDGpH
&HWWH LQWHUIDFH RIIUH OD IRQFWLRQ 0$8 SRXU OD SDLUH WRUVDGpH FRPPH VSpFLILp j O·DGGLWLI GH OD QRUPH
,((( W\SH EDVH 7
/·$'0 XWLOLVH FH PRGXOH ORUVTXH O·XVLQH D EHVRLQ GH FRQQHFWHU XQ FnEOH /$1 SRXU DWWHLQGUH OH
V\VWqPH G·H[SORLWDWLRQ FHQWUDOLVp LO SHXW rWUH FRQQHFWp GLUHFWHPHQW DX PrPH EXUHDX /$1 RX rWUH
DWWHLQW YLD XQH SDVVHUHOOH LQWHUPpGLDLUH
/H F{Wp SDLUH WRUVDGpH FRQQHFWHXU %7 GX PRGXOH GH FRPPXWDWLRQ 4[ %7 6XQFK HVW FRQVWLWXp
SDU XQ FRQQHFWHXU 5- j FRQWDFWV ,O HVW FRQIRUPH DX[ H[LJHQFHV HQ PDWLqUH pOHFWULTXH GX W\SH
EDVH7 HW SHXW rWUH FRQQHFWp GLUHFWHPHQW j OD SDLUH WRUVDGpH
/·LQWHUIDFH 4[ FRPSUHQG OHV FLUFXLWV IRQFWLRQQHOV VXLYDQWV
8Q WUDQVIRUPDWHXU GH VLJQDO VSpFLDOLVp IRXUQLW O·LVRODWLRQ pOHFWULTXH HQWUH OD SDLUH GLIIpUHQWLHOOH
(6 GH OD SDLUH WRUVDGpH HW OHV FLUFXLWV LQWHUQHV GH O·LQWHUIDFH GH SDLUH WRUVDGpH 73, ,O IRXUQLW
pJDOHPHQW XQ EORF ILOWUH SDVVHEDV VXU OHV VLJQDX[ GX F{Wp 73,
$ODUPH GH GpIDLOODQFH GH FDUWH HOOH VXUYHLOOH OD WHQVLRQ GH VRUWLH GX FRQYHUWLVVHXU &&&& (Q
FDV GH GpIDLOODQFH GX FRQYHUWLVVHXU &&&& OH FLUFXLW IRXUQLW XQH DODUPH 0)$,/ YHUV OH PRGXOH
GH FRPPXWDWLRQ G·LQWHUIDFH G·DODUPH QRQ IRQFWLRQQHO
&RQWU{OHXU G·DOLPHQWDWLRQ LO FRXSH OD WHQVLRQ G·DOLPHQWDWLRQ GH O·pPHWWHXUUpFHSWHXU VL OH
FRQWU{OHXU G·pTXLSHPHQW HVW H[WUDLW
(
&
,/
$
$
('
. $/ $* $$
$$
(PHWWHXUUpFHSWHXU LO HIIHFWXH OHV IRQFWLRQV VXLYDQWHV FRPPH VSpFLILp SDU OD QRUPH ,(((
%DVH 7
O
D (PHWWHXUUpFHSWHXU LO DFFHSWH OHV FRQGXLWV GH GRQQpHV GH O·LQWHUIDFH $8, HW OHV WUDQVPHW
H
V
L
K
V
W D
W
YHUV OD SDLUH WRUVDGpH
W Q F O
I H $
W
R Q
J R P
F R
E 5pFHSWHXU LO UHoRLW OHV FRQGXLWV GH GRQQpHV GH OD SDLUH WRUVDGpH HW OHV HQYRLH YHUV
LQ U
V I
\
S
W
L Q
I R
O·LQWHUIDFH $8,
R L
FR W
GQ D
Q
D
LR U
W
]
L
F 'pWHFWLRQ GH FROOLVLRQ HOOH LQGLTXH j O·LQWHUIDFH $8, TX·LO \ D XQH FROOLVLRQ VXU OD SDLUH
D R
Q
R LF W
Q X
K
WRUVDGpH
J X D
LQ PQ
H
G /·pPHWWHXUUpFHSWHXU IRXUQLW FHUWDLQHV FDUDFWpULVWLTXHV \ FRPSULV OD SUpGLVWRUVLRQ
V W
V PW
D R LU
F
3
G
G W
Q X
Z
QXPpULTXH GH WUDQVPLVVLRQ O·DQQXOHXU GH UpFHSWHXU O·LQGLFDWLRQ GH O·pWDW GH OD OLDLVRQ DYHF
H
Y
U
D R
H K W
GpWHFWLRQFRUUHFWLRQ DXWRPDWLTXH GH OD SRODULWp GH UpFHSWLRQ GH OD SDLUH WRUVDGpH HW OH WHVW
H V L
V
H
X Z
G
64(
U W
Q W H
V H LW
W
K
J
L
U
PP
X U
,QWHUIDFH GH V\QFKURQLVDWLRQ
F H
OOR S
$ G W
R
Q &HWWH LQWHUIDFH HVW REWHQXH YLD XQ FRQQHFWHXU 68%' j SRLQWV FRG TXL SHUPHW GH
UDFFRUGHU OD V\QFKURQLVDWLRQ H[WHUQH HW OD V\QFKURQLVDWLRQ LQWHUQH VHORQ OD QRUPH ,877 * SRXU
OHV VLJQDX[ GH 0+] DYHF XQH LPSpGDQFH GH RKP YHUV HW GHSXLV OHV &58
7URLV FRQQHFWHXUV GH RKPV PRQWpV VXU OH PRGXOH GH FRPPXWDWLRQ µ4[ 6\QFK µ
7URLV FRQQHFWHXUV GH W\SH GH RKPV PRQWpV VXU OH PRGXOH GH FRPPXWDWLRQ µ4[ 6\QFK 7µ
,QWHUIDFH 4/76 QRQ RSpUDWLRQQHOOH GDQV FHWWH YHUVLRQ
/·LQWHUIDFH 4/76 HVW XQH LQWHUIDFH 56 SHUPHWWDQW OH GLDORJXH HQWUH O·(& HW XQ RUJDQH
LQWHUPpGLDLUH XWLOLVp SRXU OD JHVWLRQ GX UpVHDX GRQQpHV GH FRQILJXUDWLRQ GH WUDQVIHUW HW UpFHSWLRQ
pWDW GHV DODUPHV HWF
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 7; $
G
Q
Q D
LR U
]
L 5; $
W
D
Q
D R
K &. $
LF W
R Q X 7; % ,17(5)$&(
J
LQ
X D
9(56 &21752/(85
PQ
'·(48,3(0(17 7; 6+
V
V PW
H
W 4
D R LU
F 5; %
3 Z
G
G W
Q X 5; 6+
H D R
Y
U H K W
&.%
H V L
V
H
X Z
G
*1'
U W
Q W H
V H LW
W
K PP
J
L X U
U
OO
F H
R S '2$
$ G W
R
Q '2% 737;3
,17(5)$&(
',$ 737;1
',% '( 3$,5(
&,$ 7256$'(( 735;3
9(56 &21752/(85
'·(48,3(0(17 &,% 735;1
9 9
'( &21752/(85
'·(48,3(0(17 9
&.$ ,1 31
&.% ,1 31 6<1&+521,6
9(56 &58 (6
&. 287 31
)LJXUH 6FKpPD V\QRSWLTXH 0RGXOH GH FRPPXWDWLRQ 4[ %7 6\QFK
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH G·DOLPHQWDWLRQ HW GH VHUYLFH
&H PRGXOH IRXUQLW XQ DFFqV H[WHUQH DX FRQWU{OHXU G·pTXLSHPHQW FRQWDFWV GH VHUYLFH HW XQH DOLPHQWDWLRQ
O
GHV FRQYHUWLVVHXUV &&&& 9RLU )LJXUH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
&H PRGXOH FRQWLHQW
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
8Q DFFqV EDWWHULH
RI R
R W L
F
Q D
G
QLR U
W
]
L /HV FRQQHFWHXUV GH OD IDFH DYDQW IRXUQLVVHQW OD WHQVLRQ GH OD VWDWLRQ DX[ FDUWHV G·DOLPHQWDWLRQ
D
D R
Q
R LF W
K 'HX[ ILOWUHV j FRPSWDLELOLWp pOHFWURPDJQpWLTXH (0& VRQW PRQWpV HQWUH OD WHQVLRQ EDWWHULH HW OD WHUUH
Q X
J X D
LQ PQ
V
V PW
H
W &RQWDFWV GH VHUYLFH
D R LU
F
3 Z
G W
G
H
Q X
D R /H FRQQHFWHXU GH OD IDFH DYDQW IRXUQLW OHV UDFFRUGHPHQWV GHV FRQWDFWV SDUDOOqOUHV VHUYLFH
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
&3,
&3,
&3,
&3,
&3,
&3,
&3,
&3, '(9(56
9(56'( &32 &2175 '·(4
67$7,21 &32
&32
&32
&32
&32
&32
%$77
),/75(6 9(56$/,0(17$7,21
%$77 (0&
9(56 $1'25
'( %$77
%$77(5,(6 ),/75(6 9(56 $/,0(17$7,21
67$7,21 %$77 (0&
9(56 $1'25
)LJXUH 0RGXOH G·DOLPHQWDWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH G·DOLPHQWDWLRQ HW GH VHUYLFH
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &H PRGXOH FRQWLHQW
K Q F
W O
I H $
W
R
J
Q
R P 8Q DFFqV EDWWHULH
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L /HV FRQQHFWHXUV GH OD IDFH DYDQW IRXUQLVVHQW OD WHQVLRQ GH OD VWDWLRQ DX[ FDUWHV G·DOLPHQWDWLRQ
Q D
G
QLR U
W
]
L 'HX[ ILOWUHV j FRPSDWLELOLWp pOHFWURPDJQpWLTXH (0& VRQW PRQWpV HQWUH OD WHQVLRQ EDWWHULH HW OD WHUUH
D
D R
Q K
R LF W
J
Q X
X D &RQWDFWV GH VHUYLFH
LQ PQ
V H
V PW W
R LU
D
3
F
Z
/H FRQQHFWHXU GH OD IDFH DYDQW IRXUQLW OHV UDFFRUGHPHQWV GHV FRQWDFWV SDUDOOqOUHV VHUYLFH
G W
G Q X
H D R
Y
U
H
H K
V L
W $YHF FH PRGXOH OD IRQFWLRQ $1'25 HVW GLVSRQLEOH j O·DLGH GX FDYDOLHU
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
&3,
&3,
&3,
&3,
&3,
&3,
&3,
&3, '(9(56
'(9(56 &32 &2175 '·(4
67$7,21 &32
&32
&32
&32
&32
&32
%$77
%$77 ),/75(6 9(56$/,0(17$7,21
(0& 9(56 $1'25
6=
'( %$77
%$77(5,(6
67$7,21 ),/75(6 9(56$/,0(17$7,21
%$77 (0&
9(56$1'25
6=
)LJXUH 0RGXOH G·DOLPHQWDWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRPPXWDWLRQ DX[LOLDLUH
&H PRGXOH IRXUQLW XQ DFFqV H[WHUQH SRXU OD FDUWH $8;9'6
O
V
L V
W D
H
W 7URLV LQWHUIDFHV VRQW SUpVHQWHV
K Q F
W O
I H $
W
R
J
Q
R P UDFFRUGHPHQWV .ELW
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L FRQQH[LRQV 9
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K H[WHQVLRQ 9'6
R Q X
J X D
LQ PQ
V H
V PW W
D
3
R LU
F 0RGXOH GH FRPPXWDWLRQ G·DIIOXHQW
Z
G W
G Q X
D R
/H PRGXOH GH FRPPXWDWLRQ UDFFRUGH OHV VLJQDX[ G·DIIOXHQWV DX[ FDUWHV HW EDVFXOH VXU OD FDUWH G·DIIOXHQW
H
Y
U H K W
H V L
V
H
U
X Z
G
W
DX UHSRV FRUUHVSRQGDQWH VRXV O·HIIHW G·XQH FRPPDQGH GH FRPPXWDWLRQ
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
/H W\SH GHV PRGXOHV GpSHQG GX GpELW GX VLJQDO G·DIIOXHQW GH O·LPSpGDQFH GHV FRQQHFWHXUV HW GH OD
OOR S
$ G W VpFXULVDWLRQ VWDQGDUG .
R
Q
0RGXOH GH FRPPXWDWLRQ [ 0ELWV
9RLU )LJXUH SDJH
&HWWH GHVFULSWLRQ V·DSSOLTXH DX[ UDFFRUGHPHQWV SK\VLTXHV VXLYDQWV
FRQQHFWHXUV FRD[LDX[ 0ELWV RKP pTXLSpV GH FRQQHFWHXUV 0LFUR 6LHPHQV
0ELWV 2KP . PRGXOHV RKP DYHF FRQQHFWHXUV 6XE'
HW VpFXULVDWLRQ .
0ELWV 7 RKP PRGXOH RKP DYHF FRQQHFWHXU 7\SH 7
0ELWV RKP PRGXOH RKP DYHF FRQQHFWHXU 6XE'
&H PRGXOH HVW GLVSRQLEOH HQ GHX[ YHUVLRQV
0RGXOH GH FRPPXWDWLRQ [ 0EV 3URWpJp RKP
0RGXOH GH FRPPXWDWLRQ [ 0EV 1RQ SURWpJp RKP
/H 0RGXOH GH FRPPXWDWLRQ SURWpJp [ 0ELWV RKP HVW XQ PRGXOH TXL SHUPHW GH FRQQHFWHU OHV
VLJQDX[ 0ELWV GX SDQQHDX DUULqUH DYHF OHV VLJQDX[ H[WHUQHV FRQIRUPpPHQW j OD QRUPH ,787 *
SRXU XQH LPSpGDQFH GH RKP
(
&
,/
$
$
('
. $/ $* $$
$$
/HV EORFV GX PRGXOH GH FRPPXWDWLRQ VRQW
LQWHUIDFH DQDORJLTXH 0ELWV RX RKP YHUV O·DFFqV SK\VLTXH DX[ FRQQHFWHXUV (P HW
O
5HF
H
V W
L V
W D
K
W
I
Q F
H $
W
O
SURWHFWLRQ . FRQWUH OD IRXGUH XQLTXHPHQW SRXU OHV PRGXOHV SRUWDQW O·LQGLFDWLRQ .
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
OD VpFXULVDWLRQ 1 (36 HVW UpJOpH 62
RI R
R W L
F
Q D
G
QLR U
W
]
L FRPPXWDWHXUV (36 F{Wp (P HW 5HF
D
D R
Q
R LF W
K /D FRPPDQGH 06: SURYHQDQW GX FRQWU{OHXU G·pTXLSHPHQW VpOHFWLRQQH OH UDFFRUGHPHQW DYHF
Q X
J
LQ
X D
PQ
OHV PRGXOHV G·DIIOXHQW HQ IRQFWLRQQHPHQW RX GH VHFRXUV
H
'pWHFWLRQ GH GpIDLOODQFH G·DOLPHQWDWLRQ HW JpQpUDWLRQ G·DODUPH /·DOLPHQWDWLRQ GX FLUFXLW GH
V W
V PW
D R LU
F
3
G
G W
Q X
Z
FRPPXWDWLRQ HVW SURWpJpH SDU GHV IXVLEOHV DYHF GpWHFWLRQ GH GpIDLOODQFH GH O·DOLPHQWDWLRQ HW
H
Y
U
D R
H K W
JpQpUDWLRQ G·DODUPH /RUVTX·XQH GpIDLOODQFH GH O·DOLPHQWDWLRQ VH SURGXLW XQH FRQGLWLRQ
H V L
V
H
X Z
G
G·DODUPH 0)$,/ HVW WUDQVPLVH DX PRGXOH $/$50 ,17(5)$&( $&&(66 02'8/(
U W
Q W H
V H LW
W
K
J
L
U
PP
X U
/H 0RGXOH GH FRPPXWDWLRQ QRQ SURWpJp [ 0ELWV RKP HVW XQ PRGXOH TXL SHUPHW GH FRQQHFWHU
F H
OOR S
$ G W
OHV VLJQDX[ 0ELWV VX SDQQHDX DUULqUH DYHF OHV VLJQDX[ H[WHUQHV FRQIRUPpPHQW j OD QRUPH ,877 *
R
Q SRXU XQH LPSpGDQFH GH RKP ,O XWLOLVH OH PrPH FLUFXLW LPSULPp TXH OH PRGXOH GH FRPPXWDWLRQ SURWpJp
[ 0ELWV RKP FRG $/ $$$$ DYHF GHV UpVLVWDQFHV DX OLHX GH UHODLV SRXU
XQH FDUWH SOXV pFRQRPLTXH ORUVTX·XQH FRQILJXUDWLRQ QRQ SURWpJpH HVW SUpYXH
/HV FLUFXLWV &$5' )$,/ $/$50 HW 6:,7&+ '5,9(5 QH VRQW SDV LQVWDOOpV VXU FHWWH FDUWH
'( 9(56 $))/ (1 )21&7,21
(175(( 0ELWV
,17(5)$&( '(639(56 $))/ '( 6(&2856
$1$/2*,48( (36
'8 '( $))/ (1 )21&7,21
6257,( 0ELWV '863 '( $))/ '( 6(&2856
9(56 06: '( &2175
02'8/( 0)$,/
'·,17(5) '(7(&7 '·(4
'·$/$50( '·$/$50(
9 9
)86,%/(6 $/,0(17$7,21
9 9
)LJXUH 6FKpPD GX PRGXOH [ 0ELWV XQH GHV IRQFWLRQV GH FRPPXWDWLRQ DFWLYpH
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRPPXWDWLRQ 7508; [ 0ELWV
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &HWWH GHVFULSWLRQ V·DSSOLTXH DX[ UDFFRUGHPHQW SK\VLTXHV VXLYDQWV
K Q F
W O
I H $
W
R Q
J R P
F R 0RG GH FRP SURW 7508; [ 0ELWV pTXLSp GH FRQQHFWHXUV 68%' SRXU VLJQDX[
LQ U
\
S
V I
W
L Q RKP 0ELWV HW GH FRQQHFWHXU 6LHPHQV SRXU VLJQDO
I R
R
FR W L
0ELWV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K 0RG GH FRP SURW 7508; [ 0ELWV pTXLSp GH FRQQHFWHXUV 6LHPHQV
Q X
J X D RKP
LQ PQ
V H
V PW W
D R LU
F
3
G
G W
Q X
Z
/HV EORFV IRQFWLRQQHOV GH FKDTXH PRGXOH VRQW
H D R
Y
U H K W
V L
H
V
H
X Z
G
LQWHUIDFH DQDORJLTXH GH 0ELWV YHUV OHV FRQQHFWHXUV FRD[LDX[ (P HW 5HF
U W
V
W
Q W
H LW
H LQWHUIDFH DQDORJLTXH 0ELWV YHUV OHV FRQQHFWHXUV 68%' (P HW 5HF HW YHUV OHV FRQQHFWHXUV
K
J
L
U
PP
X U FRD[LDX[
F H
OOR S
$ G W /D VpFXULVDWLRQ 1 (36 HVW UpJOpH 62
R
Q
FRPPXWDWHXUV (36 SRXU OHV F{WpV (P HW 5HF YLD OD VpOHFWLRQ 62
GHX[ UHODLV O·XQ GX F{Wp (P HW O·DXWUH GX F{Wp 5HF EDVFXOHQW OHV VLJQDX[ (6 YHUV O·DIIOXHQW HQ
IRQFWLRQQHPHQW RX GH VHFRXUV
/D FRPPDQGH 06: UqJOH GHV FRQWDFWV GX UHODLV j 9 SRXU O·DIIOXHQW SULQFLSDO HW j 9 SRXU
OD VpFXULVDWLRQ DYHF XQH LPSpGDQFH pOHYpH DILQ GH QH SDV DYRLU GH FRPPXWDWLRQ
'pWHFWLRQ GH GpIDLOODQFH G·DOLPHQWDWLRQ HW JpQpUDWLRQ G·DODUPH
/·DOLPHQWDWLRQ GX PRGXOH GH FRPPXWDWLRQ HVW SURWpJpH SDU IXVLEOHV 8Q FLUFXLW GH GpWHFWLRQ GH
GpIDLOODQFH G·DODUPH HW XQ FLUFXLW GH JpQpUDWLRQ G·DODUPH VRQW SUpVHQWV /RUVTX·XQ GpIDLOODQFH
GH O·DOLPHQWDWLRQ VH SURGXLW XQH FRQGLWLRQ G·DODUPH 0)$,/ HVW WUDQVPLVH j OD FDUWH $/$50
,17(5)$&(
(
&
,/
$
$
('
. $/ $* $$
$$
(175(( 0ELWV
'( 9(56 $))/ (1 )21&
'(63 9(56 $))/ '( 6(&2856
O
V V
H
W (36
L W D
K
W Q F O 6257,( 0ELWV '8 '( $))/ (1 )21&
I H $
W
R Q '863 '( $))/ '( 6(&2856
J R P
F R
LQ U
\V I
W
SL Q
I R
6:
R L
FR W
GQ D *(67
QLR U
]
L 06: '( &21752/(85
D W &200 '·(48,3(0(17
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
(36 '(7L (17 0ELW 9(56 $))/ (1 )21&
3
G
G W
Q X
Z
(175(( '(61L (175(( 0ELW 6(&2856 1
H
Y
D R '(6L (175(( 0ELW 6(&2856
U H K W
H V L ,17(5)$&(
V X Z $1$/2*,48(
H
U
G
W '87L 6257,( 0ELW '( $))/ (1 )21&
V
W
Q W
H LW
H 6257,( '861L 6257,( 0ELW 6(&2856
K PP
J
L
U
X U
F H
'86L 6257,( 0ELW 6(&2856
OOR S
9(56
$ G W
R 02'8/( 6:
Q
'·,17(5) '(7(&
'·$/$50( '·$/$50(
0)$,/
9 9
)86
9 9
)LJXUH 6FKpPD GX PRGXOH GH FRPPXWDWLRQ 7508; [ 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRPPXWDWLRQ 0ELWV
9RLU )LJXUH SDJH
O
V
L V
W D
H
W &HWWH GHVFULSWLRQ V·DSSOLTXH DX[ PRGXOHV VXLYDQWV
K Q F
W O
I H $
W
R Q
J R P
F R 0RGXOH GH FRPPXWDWLRQ [ 0ELWV 7 pTXLSp GH FRQQHFWHXU W\SH
LQ U
\V I
W
L Q
S
I R
R
FR W L
0RGXOH GH FRPPXWDWLRQ [ 0ELWV ( pTXLSp GH FRQQHFWHXUV 0LFUR 6LHPHQV
GQ D
]
L
QLR U
D W
D R
Q K
LF W
R
J
Q X
X D
/H PRGXOH GH FRPPXWDWLRQ IRQFWLRQQH VXU OHV DIIOXHQWV j [ 0ELWV HW 0ELWV /HV EORFV GH FKDTXH
LQ
V
V
PQ
PW
H
W
FRPPXWDWLRQ IRQFWLRQQHOOH VRQW OHV VXLYDQWV
D R LU
F
3 Z
G
H
G W
Q X
D R
LQWHUIDFH DQDORJLTXH GH 0ELWV YHUV OHV FRQQHFWHXUV FRD[LDX[ (P HW 5HF
Y
U
H
H K
V L
W FRPPXWDWHXUV (36 SRXU OHV F{WpV (P HW 5HF
V X Z
H
U
G
W /D FRPPDQGH 06: SURYHQDQW GX FRQWU{OHXU G·pTXLSHPHQW VpOHFWLRQQH OH UDFFRUGHPHQW DYHF
Q W H
V
W
K
H LW
PP
OHV PRGXOHV G·DIIOXHQW HQ IRQFWLRQQHPHQW RX GH VHFRXUV
J
L
'DQV OD VpFXULVDWLRQ (36 O·DIIOXHQW GH VHFRXUV HVW FRQQHFWp DX VHFRXUV 'DQV OD VpFXULVDWLRQ
X U
U F H
OOR S
$ G W
R
Q
(36 1 MXVTX·j TXDWUH DIIOXHQWV DVWLIV VRQW FRQHQFWpV j O·DIIOXHQW GH VHFRXUV
1% /H W\SH G·(36 j DFWLYHU HQ SOXV GH OD VpOHFWLRQ ORJLFLHOOH HIIHFWXpH SDU OH WHUPLQDO
G·H[SORLWDWLRQ GRLW rWUH GpILQLH VXU OH PDWpULHO GH FH PRGXOH YRLU OD VHFWLRQ 5pJODJHV
PDWpULHOV
'pWHFWLRQ GH GpIDLOODQFH G·DOLPHQWDWLRQ HW JpQpUDWLRQ G·DODUPH /·DOLPHQWDWLRQ GX FLUFXLW GH
FRPPXWDWLRQ HVW SURWpJpH SDU GHV IXVLEOHV DYHF GpWHFWLRQ GH GpIDLOODQFH GH O·DOLPHQWDWLRQ HW
JpQpUDWLRQ G·DODUPH /RUVTX·XQH GpIDLOODQFH GH O·DOLPHQWDWLRQ VH SURGXLW XQH FRQGLWLRQ
G·DODUPH 0)$,/ HVW WUDQVPLVH DX PRGXOH $/$50 ,17(5)$&( $&&(66 02'8/(
/D FRPPDQGH 06: SURYHQDQW GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW UqJOH OHV FRQWDFWV GX UHODL[ j 9
SRXU O·DIIOXHQW SULQFLSDO HW j 9 SRXU OD VpFXULVDWLRQ DYHF XQH LPSpGDQFH pOHYpH DILQ GH QH SDV DYRLU GH
FRPPXWDWLRQ
'(7L (175(( 0E 9(56 $))/ (1 )2
(175(( (36
'(61L (175(( 0E 6(&2856 1
'(6L (175(( 0E 6(&2856
,17(5)$&( 5(*/$*(
$1$/2*,48( (36 '87L 6257,( 0E '( $))/ (1 )21&
6257,(
'861L 6257,( 0E 6(&2856 1
'86L 6257,( 0E 6(&2856
06: '( &2175 '·(4
9(56 0)$,/
02'8/( '(7(&7
'·,17 '·$/$50(
'·$/$50(
9 9
)86(6
9 9
)LJXUH 0RGXOH GH FRPPXWDWLRQ 0ELWV 6FKpPD GH FRPPXWDWLRQ XQH GHV WURLV IRQFWLRQV GH
FRPPXWDWLRQ DFWLYpH
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRPPXWDWLRQ 0ELWV
9RLU)LJXUH SDJH
O
V
L V
W D
H
W &HWWH GHVFULSWLRQ V·DSSOLTXH DX[ PRGXOHV VXLYDQWV
K Q F
W O
I H $
W
R Q
J R P
F R PRGXOH GH FRPPXWDWLRQ 0ELWV . DYHF FRQQHFWHXUV 6LHPHQV HW SURWHFWLRQ .
LQ U
\V I
W
L Q
S
I R
R
FR W L
PRGXOH GH FRPPXWDWLRQ 0ELWV 7 DYHF FRQQHFWHXUV GH W\SH
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K PRGXOH G·DFFqV 0ELWV DYHF WRXV OHV PLFUR FRQQHFWHXUV 6LHPHQV
Q X
J X D
LQ PQ
V H
PW W
V
D R LU
F
/H PRGXOH GH FRPPXWDWLRQ IRQFWLRQQH VXU DIIOXHQWV 0ELWV HW 670 pOHFWULTXHV
3 Z
G
G W
Q X /HV EORFV GX PRGXOH GH FRPPXWDWLRQ VRQW
H D R
Y
U H K W
H V L
V
H
U
X Z
G
W
O·LQWHUIDFH DQDORJLTXH 0ELWV YHUV OHV FRQQHFWHXUV FRD[LDX[ (P HW 5HF
V
W
K
Q W
H LW
H
OD SURWHFWLRQ . FRQWUH OD IRXGUH XQLTXHPHQW SRXU OHV PRGXOHV SRUWDQW O·LQGLFDWLRQ .
PP
J
L
U
OO
X U
F H
OHV FRPPXWDWHXUV (36 GX F{Wp (P HW 5HF
R S
$ G W
R
Q /D FRPPDQGH 06: LVVXH GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW VpOHFWLRQQH OH UDFFRUGHPHQW
DYHF OD FDUWH G·DIIOXHQW DFWLYH RX GH VHFRXUV
'DQV OD VpFXULVDWLRQ (36 O·DIIOXHQW GH VHFRXUV HVW UDFFRUGp DX PRGXOH GH FRPPXWDWLRQ
GH VHFRXUV (Q VpFXULVDWLRQ (36 1 O·DIIOXHQW GH VHFRXUV HVW UDFFRUGp DX[ DIIOXHQWV DFWLIV
1% /H W\SH G·(36 j DFWLYHU HQ SOXV GH OD VpOHFWLRQ ORJLFLHOOH HIIHFWXpH SDU OH WHUPLQDO
G·H[SORLWDWLRQ GRLW rWUH GpILQLH VXU OH PDWpULHO GH FH PRGXOH YRLU OD VHFWLRQ 5pJODJHV
PDWpULHOV
'pWHFWLRQ GH GpIDLOODQFH G·DOLPHQWDWLRQ HW JpQpUDWLRQ G·DODUPH /·DOLPHQWDWLRQ GX FLUFXLW GH
FRPPXWDWLRQ HVW SURWpJpH SDU GHV IXVLEOHV DYHF GpWHFWLRQ GH GpIDLOODQFH GH O·DOLPHQWDWLRQ HW
JpQpUDWLRQ G·DODUPH /RUVTX·XQH GpIDLOODQFH GH O·DOLPHQWDWLRQ VH SURGXLW XQH FRQGLWLRQ
G·DODUPH 0)$,/ HVW WUDQVPLVH DX PRGXOH $/$50 ,17(5)$&( $&&(66 02'8/(
/·DOLPHQWDWLRQ GHV HQWUpHV 9 HW 9 HVW SURWpJpH SDU GHV IXVLEOHV
.
3527(&
'(7L (175(( 0E
-
(175(( '(61L (175(( 0E 6(&2856 1
(36
'(6L (175(( 0E 6(&2856
,17(5)$&( 5(*/$*(
- $1$/2*,48( (36
*
&0,
'87L 6257,( 0E
6257,( 5(*(1 '861L 6257,( 0E 6(&2856 1
'86L 6257,( 0E 6(&2856
06: '( &21752/(85
9(56 '·(48,3(0(17
0)$,/
02'8/( '(7(&
'·,17(5)$&( '·$/$50(
'·$/$50(
9 9
)86,%/(6
9 9
)LJXUH 6FKpPD GH FRPPXWDWLRQ GX PRGXOH GH FRPPXWDWLRQ 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
63(&,),&$7,216 7(&+1,48(6
/HV GRQQpHV LQGLTXpHV GDQV FH PDQXHO GRLYHQW rWUH FRQVLGpUpHV FRPPH GHV YDOHXUV VWDQGDUG
O
H
V
L W V D
W
/HV GRQQpHV LQGLTXpHV GDQV OH FRQWUDW GRLYHQW rWUH FRQVLGpUpHV FRPPH GHV YDOHXUV JDUDQWLHV
K Q F
W O
I W $H
R Q
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U
D W R
L &DUDFWpULVWLTXHV JpQpUDOHV
D
Q LF W K
R Q X
J X D
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
'pELW GH OLJQH RSWLTXH DJUpJDWV 0ELWV 670 RX 0ELWV 670
Y
U H K W
H V L
V X Z
H
U W G
'pELW GHV DIIOXHQWV RSWLTXHV 0ELWV 670
Q H
V H W
W LW
K P
J
L X U
U F H
P 'pELW GHV DIIOXHQWV pOHFWULTXHV 0ELWV RX 0ELWV SDUDPpWUDEOH SDU ORJLFLHO
OO R
$ G W
S RX 0ELWV j HW RKPV
R
Q
7\SH GH ILEUH RSWLTXH 0RGH XQLTXH FRQIRUPH DX[ UHFRPPDQGDWLRQV
**
/RQJXHXU G·RQGH QP qPH IHQrWUH HW QP qPH IHQrWUH
&RGH GH O·DSSOLFDWLRQ SRXU OHV LQWHUIDFHV 6 / / / -( / -( 6 /
G·DJUpJDWV / / -(
YRLU 7DEOHDX SDJH MXVTX·j
$8&81 /,(1
SDJH $8&81 /,(1
/RQJXHXU G·RQGH G·DJUpJDWV FRORUpV
DSSOLFDWLRQV :'0 QP
QP
&RGHV G·DSSOLFDWLRQ SRXU OHV LQWHUIDFHV 6 / / / -( SVQP /
G·DJUpJDWV 7DEOHDX * -( / -( SVQP / -(
SVQP
/ -( :'0 SVQP
/ -( :'0 SVQP
&RQIRUPLWp DX[ QRUPHV
,QWHUIDFHV pOHFWULTXHV 5HF *
7UDPH 6'+ HW VWUXFWXUH GH PXOWLSOH[DJH 5HFV * * *
)RQFWLRQV GH O·pTXLSHPHQW 5HFV * * *
,QWHUIDFHV RSWLTXHV 5HFV * * *
4XDOLWp GH WUDQVPLVVLRQ 5HFV * *
(
&
,/ )RQFWLRQV GH JHVWLRQ GX V\VWqPH 6: 5HFV ; ; ;
$
$
('
. $/ $* $$
$$
*LJXH HW GpUDSDJH 5HFV * * *
6pFXULVDWLRQ 06 635,1* 5HFV *
O
H
V W
L W V D
K Q F
W O
I W $
R Q
H
&DSDFLWpV GH GpULYDWLRQLQVHUWLRQ
J R P
F R
LQ U
V I
\ W
S L Q
R I R
$IIOXHQWV j HW 0ELWV {
L
F R W
D
G Q ]
Q LR U
D W R
D
L
$IIOXHQWV j HW 0ELWV {
Q LF W K
R Q X
J X D
LQ P Q
$IIOXHQWV j 0ELWV { GDQV OH FKkVVLV HQ OLJQH HW [ DIIOXHQWV
V
V PW
D R LU
H
W VXSSOpPHQWDLUHV j 0ELWV IRXUQLV SDU OH FKkVVLV
3
F
G W
Z GH GpULYDWLRQ 60'
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
%UDVVDJH
&RQWHQHXUV YLUWXHOV DX QLYHDX GX &9 '·DJUpJDW j DJUpJDW XQLTXHPHQW DYHF PDWULFH WRWDOH
O
H
W
'·DJUpJDW j DIIOXHQW
'·DIIOXHQW j DIIOXHQW XQLTXHPHQW DYHF PDWULFH WRWDOH
V
L W V D
K Q F
W O
I W $H
R Q
J
LQ
R
F R
P
U
&RQWHQHXUV YLUWXHOV GH QLYHDX HW $YHF PDWULFH WRWDOH
V I
\ W
S L Q DX QLYHDX GHV &9 HW &9 'DQV TXDWUH &9 GH O·DJUpJDW (VW TXDWUH &9 GH
R I R
F R W
G Q ]
L
D O·DJUpJDW 2XHVW 1% KXLW &9 G·DIIOXHQW
Q LR U
D W R
L
'·DJUpJDW j DJUpJDW
D
Q LF W
R Q X
K
(QWUH &9 G·XQ F{Wp GH O·DJUpJDW
J X D
LQ P Q
'·DIIOXHQWV j DIIOXHQW
V
V PW
H
W '·DJUpJDW j DIIOXHQW
D R LU
F
3 Z
G W
G Q X
H D R
1% DYHF XQ DJUpJDW 670 pJDOHPHQW &9
Y
U H K
H V L
W GLVWULEXpV VXU OHV F{WpV GH O·DJUpJDW
V X Z
H
U W G
Q H
V H W
W LW
K P
J
L X U
U F H
P
'pODL PD[LPDO GH WUDQVPLVVLRQ PV SDU YRLH GH WUDILF G·DJUpJDW j DIIOXHQW
OO R
S
$ G W
R
Q
6pFXULVDWLRQV 60 60& 60' VHORQ O·DSSOLFDWLRQ
6/$36 $36 OLQpDLUH VLPSOLILp SRXU XQ FRQGXLW
XQLGLUHFWLRQQHO GDQV XQ DJUpJDW XQ 670 RSWLTXH HW XQ
DIIOXHQW pOHFWULTXH 1RQ UpYHUVLEOH
06 635,1* 8QLTXHPHQW SRXU O·pTXLSHPHQW
60& XWLOLVDQW $8 KDXWH SULRULWp
(36 SRXU OD &58 QRQ UpYHUVLEOH HW OHV FDUWHV GH
PDWULFH WRWDOH UpYHUVLEOH RX QRQ
61&3 6pFXULVDWLRQ GH UDFFRUGHPHQW GX VRXVUpVHDX
XQLGLUHFWLRQQHO VXU GHX[ ILEUHV GDQV OHV UpVHDX[ HQ
DQQHDX[ 78 HW $8 5pYHUVLEOH RX QRQ
(36 $))/8(176
0ELWV
1 PD[ UpYHUVLEOH 60 60&
1 PD[ UpYHUVLEOH 60'
0ELWV 0ELWV RX 670 pOHFWULTXH
EORFV DYHF 1 PD[ UpYHUVLEOH (WRX
EORFV DYHF (36 UpYHUVLEOH
VpFXULVDWLRQ GH O·DOLPHQWDWLRQ GX FKkVVLV HQ OLJQH
VpFXULVDWLRQ GH O·DOLPHQWDWLRQ GX FKkVVLV GH
GpULYDWLRQ
OHV DIIOXHQWV '9% QH SHXYHQW SDV rWUH VpFXULVpV (36
(
&
,/
$
$
('
. $/ $* $$
$$
,QWHUIDFH GH JHVWLRQ
/RFDOH ,QWHUIDFH G·H[SORLWDWLRQ 56
O
H
W
3& EURFKHV ' FRPSDWLEOH 3& j EV
V
L W V D
K Q F
W O
I W $
R Q
H
,QWHUIDFH G·H[SORLWDWLRQ ,56 EURFKHV ' FRPSDWLEOH 3& j EV
J
LQ
R
F R
P
U
j GLVWDQFH 3& *qUH MXVTX·j (5 YLD '&&
\ W V I
S L Q
R I R
F R W
L
D
'LVWDQWH ,QWHUIDFH 701 5pVHDX 4[ * 4% EDVH HW 4(&& *
G Q ]
Q LR U
D W R
L
GH JHVWLRQ GH
D
Q LF W
R Q X
K WUDQVPLVVLRQ
J X D
LQ P Q
V
V PW
H
W 3LOH GH SURWRFROH 'DQV FHWWH YHUVLRQ LQWHUIDFH SURSULpWDLUH 4% 4(&&
D R LU
3
F
Z 0HVVDJHV GX PRGqOH /HV FRXFKHV $OFDWHO j VRQW DGRSWpHV
G W
G Q X
H D R
G·LQIRUPDWLRQ
Y
U H K W
H V L
V X Z
H
U W G
$GUHVVDJH GRXEOH YHUV OH 6( 3HUPHW OD UHGRQGDQFH GX 6(
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
)RQFWLRQV GHV LQWHUIDFHV GH JHVWLRQ 9pULILFDWLRQV GHV pWDWV G·DODUPH FRQILJXUDWLRQV GH
ORFDOH HW GLVWDQWH O·pTXLSHPHQW GHV UDFFRUGHPHQWV HW GX 701 IRQFWLRQV
DGPLQLVWUDWLYHV GH VpFXULWp PRW GH SDVVH HW SURILO
RSpUDWHXU KLVWRULTXH GH PDLQWHQDQFH SRXU WRXV OHV
pYpQHPHQWV FRQFHUQDQW O·pTXLSHPHQW VXLYL GHV
SHUIRUPDQFHV
7pOpFKDUJHPHQW GHV ORJLFLHOV GH O·pTXLSHPHQW ORFDO HW j
GLVWDQFH VXU GHV PpPRLUHV QRQ YRODWLOHV VDQV LQWHUUXSWLRQ
GX WUDILF
5HFRQQDLVVDQFH GHV FDUWHV HW GH 9LD XQ LQYHQWDLUH j GLVWDQFH
O·pTXLSHPHQW ,' 6RFLpWp 7\SH GH FDUWH 5pIpUHQFH GH OD FDUWH
1XPpUR GH VpULH GH O·pOpPHQW 1XPpUR GH VpULH GX
ORJLFLHO &RGH &/(, ,GHQWLILDQW XVLQH GH OD GDWH GH
IDEULFDWLRQ 'DWH
3RXU SOXV GH GpWDLOV FRQVXOWH] OH PDQXHO GH
O·RSpUDWHXU
&DUDFWpULVWLTXHV GH VXEVWLWXWLRQ GHV
FDUWHV
&DUWH DIIOXHQW VDQV LQWHUIpUHQFH DYHF OHV DXWUHV FDQDX[
&DUWH GH VHFRXUV VDQV LQWHUIpUHQFH VXU OH WUDILF
6LJQDX[ G·HQYLURQQHPHQW HQ VRUWLH HW &32 HQ VRUWLH QRQRSpUDWLRQQHOV GDQV FHWWH YHUVLRQ
DODUPHV GLVWDQWHV DODUPHV GLVWDQWHV
,QWHQVLWp PD[ JDUDQWLH HQ pWDW IHUPp P$
7HQVLRQ PD[ DXWRULVpH HQ pWDW RXYHUW 9
&KXWH GH WHQVLRQ SDU UDSSRUW j OD PDVVH 9 w 9
HQ pWDW IHUPp
(
&
,/
$
$
('
. $/ $* $$
$$
6LJQDX[ G·HQYLURQQHPHQW HQ HQWUpH &3, HQ HQWUpH VHXOV VRQW GLVSRQLEOHV SRXU
O·DERQQp
O
H
W
,QWHQVLWp PD[ JDUDQWLH HQ pWDW IHUPp P$
V
L V
W D
K Q F
W O
I
R
H $
W
Q
7HQVLRQ PD[ DXWRULVpH HQ pWDW RXYHUW 9
J R P
F R
LQ U
V I
\
S
W
L Q
I R
7HQVLRQ SDU UDSSRUW j OD PDVVH HQ pWDW 9 w 9
R
F
G
R W
Q D
L
IHUPp
]
L
QLR U
D W
D R
Q
R LF W
K 6pFXULVDWLRQ FRQWUH OHV VXUWHQVLRQV . HQ RSWLRQ
Q X
J X D
LQ PQ
V
V PW
H
W 6pFXULVDWLRQ RSWLTXH 6pFXULVDWLRQ $/6 FRQIRUPH j OD &(, HW j OD
R LU
D
3
F
G W
Z 5HF * GH O·8,77
G Q X
H D R
Y
U
H
H K
V L
W 6pFXULVDWLRQ pOHFWULTXH
V X Z
H G
U W
V
W
Q W
H LW
H
(WDW GH VpFXULVWDWLRQ GHV UDFFRUGHPHQWV 719 7HOHFRPPXQLFDWLRQ 1HWZRUN 9ROWDJH SRXU OHV
K
J
L
U
PP
X U
F H
DYHF G·DXWUHV pTXLSHPHQWV DODUPHV GLVWDQWHV &32 &3, SRXU O·HQYLURQQHPHQW 50
OOR S
$ G W
SRXU OHV YR\DQWV GX EnWL HW UDFFRUGHPHQWV GHV DIIOXHQWV
R
Q HQ FDV GH SURWHFWLRQ .
6(/9 6DIHW\ ([WUD /RZ 9ROWDJH
&DUDFWpULVWLTXHV GHV FDUWHV
/HV VSpFLILFDWLRQV VXLYDQWHV FRPSOqWHQW OHV FDUDFWpULVWLTXHV SUpFLVpHV DX SDUDJUDSKH
´&$5$&7(5,67,48(6 *(1(5$/(6µ SDJH
&DUWHV G·DJUpJDW 670
7\SHV G·LQWHUIDFHV RSWLTXHV 6 / / RX /-( /HXUV FDUDFWpULVWLTXHV VRQW
SUpFLVpHV DX 7DEOHDX
&RQQHFWHXUV RSWLTXHV )&3& ',1 RX 6&3&
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX 3DUDPqWUHV GHV LQWHUIDFHV RSWLTXHV GH O·pTXLSHPHQW 670
O
V
L V
H
W &$5$&7(5,67,48(6 81,7( 9$/(856
W D
K Q F
W O
I H $
W +,(5$5&+,( 670 FRQIRUPH j * HW *
R Q
J R P
F R
LQ
\V I
W
L Q
U
'pELW QRPLQDO NELWV
S
R
F
I R
R W L &RGH G·DSSOLFDWLRQ 7DEOHDX * 6 / / / -(
GQ D
Q
D
LR U
W
]
L 3ODJH GH ORQJXHXU G·RQGH HQ IRQFWLRQQHPHQW
D R
K
Q
R LF W
Q X
(0(77(85 $8 32,17 '( 5() 6
J X D
LQ PQ
V
V PW
H
W 7\SH GH VRXUFH 0/0 6/0 6/0 6/0
D R LU
F
3 Z
G
G W
Q X
&DUDFWpULVWLTXHV VSHFWUDOHV
H D R
Y
U H K
H
V
V L
X Z
W
ODUJHXU 506 PD[LPDOH QP
H
U
G
W
Q W H
ODUJHXU PD[LPDOH j G% QP /
V
W
K
H LW
PP
WDX[ GH VXSSUHVVLRQ PLQLPDO G%
J
L
U
X U
F H
HQ PRGH ODWpUDO
OOR S
$ G W
R 3XLVVDQFH PR\HQQH LQMHFWpH
Q
PD[LPDOH G%P
PLQLPDOH G%P
7DX[ G·H[WLQFWLRQ PLQLPDO G%
&21'8,7 237,48( (175( 6 (7 5
3ODJH G·DWWpQXDWLRQ G%
'LVSHUVLRQ PD[LPDOH SVQP
$WWpQXDWLRQ RSWLTXH PLQLPDOH G%
GX FkEOH j 6 \ FRPSULV WRXV OHV FRQQHFWHXUV
5pIOHFWDQFH GLVFUqWH PD[LPDOH G%
HQWUH 6 HW 5
5(&(37(85 $8 32,17 '( 5() 5
6HQVLELOLWp PLQLPDOH 1% G%P
6DWXUDWLRQ PLQLPDOH G%P
3pQDOLWp PD[LPDOH GX FRQGXLW RSWLTXH G%
5pIOHFWDQFH PD[LPDOH GX UpFHSWHXU G%
PHVXUpH DX SRLQW 5
1RWH
1% 0HVXUpH DYHF 7(% 3RXU / -( %(5 VL OD PHVXUH HVW FDOFXOpH DYHF 7(% OD YDOHXU GH VHQVLELOLWp
j YpULILHU HVW pJDOH j
1% (Q FDV GH UDFFRUGHPHQW ELGLUHFWLRQQHO VXU XQH VHXOH ILEUH OHV YDOHXUV VXLYDQWHV VRQW UHTXLVHV SRXU O·DWWpQXDWLRQ
/ G% PLQLPXP
/ -( j G% PLQLPXP
/HV DXWUHV LQWHUIDFHV RSWLTXHV QH IRQFWLRQQHQW SDV HQ PRGH ELGLUHFWLRQQHO VXU XQH VHXOH ILEUH
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWHV G·DJUpJDW 670
O
V
L V
H
W 7\SHV G·LQWHUIDFHV RSWLTXHV 6 / / / -( HW
W D
K Q F
W
I H $
W
O
/HV FDUDFWpULVWLTXHV GHV LQWHUIDFH RSWLTXHV GH µSUHPLqUH JpQpUDWLRQµ
R
J
Q
R P
F R
VRQW SUpFLVpHV DX 7DEOHDX
LQ U
V I
\
S
W
L Q
I R
/HV FDUDFWpULVWLTXHV GHV LQWHUIDFHV PXOWL FDQDX[ / -( :'0
R
FR W
Q D
L
VRQW SUpFLVpHV DX 7DEOHDX SDJH
G ]
QLR U L
D
Q
W
D R
K
&RQQHFWHXUV RSWLTXHV )&3& ',1 RX 6&3&
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX 3DUDPqWUHV GHV LQWHUIDFHV RSWLTXHV 670 FDQDO XQLTXH
O
H
&$5$&7(5,67,48(6 81,7 9$/(856
W
V
L
K
V
W D (
W Q F O
I H $
W
R Q
J R P
F R
+,(5$5&+,( 670 FRQIRUPH DX[ 5HFRPPDQGDWLRQV * HW *
LQ U
\V I
W
L Q
S
R
F
I R
R W L 'pELW QRPLQDO NELWV
GQ D
]
L
QLR U
D W
D R &RGH G·DSSOLFDWLRQ WDEOHDX /-( / -( / -(
Q LF W
K 6 / /
R Q X * 1% 1% 1%
J X D
LQ PQ
V
V PW
R LU
H
W 3ODJH GH ORQJXHXU G·RQGH HQ
D
3
F
G W
Z IRQFWLRQQHPHQW
G Q X
H D R
Y
U
H
H K
V L
W (0(77(85 $8 32,17 '( 5()(5(1&( 6
V X Z
H G
U W
V
W
Q W
H LW
H 7\SH GH VRXUFH 6/0 6/0 6/0 6/0 6/0,0 6/0,0
K PP
J
L X U
U
OO
F H
R S &DUDFWpULVWLTXHV VSHFWUDOHV
$ G W
R
Q
ODUJHXU 506 PD[LPDOH QP
ODUJHXU PD[LPDOH j G% QP
WDX[ GH VXSSUHVVLRQ PLQLPDO G%
HQ PRGH ODWpUDO
WDX[ GH VXSSUHVVLRQ
3XLVVDQFH PR\HQQH LQMHFWpH
PD[LPDOH G%P
PLQLPDOH G%P
7DX[ G·H[WLQFWLRQ PLQLPDO G%
&21'8,7 237,48( (175( 6 (7 5
3ODJH G·DWWpQXDWLRQ G% 1% 1%
'LVSHUVLRQ PD[LPDOH SVQP
$WWpQXDWLRQ RSWLTXH PLQLPDOHV GX
FDEOH j 6 \ FRPSULV WRXV OHV G%
FRQQHFWHXUV
5pIOHFWDQFH GLVFUqWH PD[LPDOH
G%
HQWUH 6 HW 5
5(&(37(85 $8 32,17 '( 5()(5(1&( 5
,Q*D$V ,Q*D$V ,Q*D$V ,Q*D$V ,Q*D$V ,Q*D$V
7\SH GH GpWHFWHXU
3,1 $3' $3' $3' $3' $3'
3XLVVDQFH PR\HQQH UHoXH #
%(5 (
PLQLPDOH VHQVLWLELOLWp G%P 1%
PD[LPDOH VDWXUDWLRQ G%P
3pQDOLWp PD[LPDOH GXH DX FRQGXLW G%
RSWLTXH
(
&
,/
$
$
('
. $/ $* $$
$$
&$5$&7(5,67,48(6 81,7 9$/(856
(
O 5pIOHFWDQFH PD[LPDOH GX UpFHSWHXU
G%
V
L V
W D
H
W PHVXUpH DX SRLQW 5
K Q F
W O
I H $
W
R
J
Q
R P 1% $ XWLOLVHU DYHF O·DPSOLILFDWLRQ RSWLTXH MXVTX·j GEP VXU ILEUH * RX HQ FRQILJXUDWLRQ DXWRQRPH
F R
LQ
\V I
U 1% $ XWLOLVHU DYHF O·DPSOLILFDWLRQ RSWLTXH VXU ILEUH * SODJH G·DWWpQXDWLRQ VXLYDQW OD SXLVVDQFH GH VRUWLH GH
W
S
R
L Q
I R
L
O·DPSOLILFDWHXU
FR W
GQ D
]
1% $ XWLOLVHU DYHF O·DPSOLILFDWHXU RSWLTXH DYHF OH SUpDPSOLILFDWHXU 2$ VXU ILEUH * HW * SODJH G·DWWpQXDWLRQ
LR U L
Q
D W
D R
VXLYDQW OH EXGJHW GH SXLVVDQFH GH O·DPSOLILFDWHXU HW GX SUpDPSOLILFDWHXU 6HQVLELOLWp PHVXUpH VXU OH SUpDPSOLILFDWHXU
Q K
R LF W
Q X
J X D
LQ PQ
V
V
D
PW
R LU
H
W
7DEOHDX 3DUDPqWUHV GHV LQWHUIDFHV RSWLTXHV 670 PXOWLFDQDX[
F
3 Z
G W
G Q X
H D R
Y
U H K W
H
V
V L
X Z &$5$&7(5,67,48(6 81,7( 9$/(856
H G
U W
Q W H
V
W
K
H LW 670 VHORQ OHV
PP
J
L
U
OO
X U
F H
+,(5$5&+,( UHFRPPDQGDWLRQV * HW
R S
$ G W *
R
Q
'pELW QRPLQDO NELWV
&RGH G·DSSOLFDWLRQ 7DEOHDX * / -( :'0
(0(77(85 $8 32,17 '( 5()(5(1&( 6
/RQJXHXU G·RQGH FHQWUDOH HQ IRQFWLRQQHPHQW QP 1%
7\SH GH VRXUFH ,/0
&DUDFWpULVWLTXHV VSHFWUDOHV
y ODUJHXU 506 PD[LPDOH QP
y ODUJHXU PD[LPDOHV j G% QP
yWDX[ GH VXSSUHVVLRQ PLQLPDO GX PRGH G%
ODWpUDO
3XLVVDQFH PR\HQQH LQMHFWpH
y PD[LPDOH G%P
y PLQLPDOH G%P
7DX[ G·H[WLQFWLRQ PLQLPDO G%
&21'8,7 237,48( (175( 6· (7 5·
%XGJHW PD[LPDO GH SHUWHV G% 1%
'LVWDQFH OLPLWH GH SHUWHV .P 1%
'LVSHUVLRQ FKURPDWLTXH PD[LPDOH SVQP
'LVWDQFH OLPLWH GH GLVSHUVLRQ .P
3HUWH PLQLPDO GH UHWRXU RSWLTXH DX SRLQW 6·
G%
LQFOXDQW WRXW FRQQHFWHXU
30' PR\HQ WRWDO HU RUGUH SV
5(&(37(85 $8 32,17 '( 5()(5(1&( 5
3ODJH GH ORQJXHXU G·RQGH HQ IRQFWLRQQHPHQW QP
7\SH GH GpWHFWHXU ,Q*D$V $3'
2615 G%QP 1%
(
&
,/
$
$
('
. $/ $* $$
$$
&$5$&7(5,67,48(6 81,7( 9$/(856
3XLVVDQFH PR\HQQH UHoXH # %(5 ( DYHF
O ILEUH G%P
H
W
V
L W
K Q F
W
V D
O
y PLQLPDOH VHQVLELOLWp G%P
I W $H
R Q
J R P
y PD[LPDOH VDWXUDWLRQ
F R
LQ U
\ W V I
5pIOHFWDQFH PD[LPDOH GX UpFHSWHXU PHVXUpH DX
S L Q
R I R G%
F R W
L
D
SRLQW 5
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D
127(6
LQ P Q
V H
W
V PW
D R LU
F
1% /HV pPHWWHXUV XWLOLVHQW MXVTX·j V\VWqPHV :'0 GH ORQJXHXU G·RQGH /HV ORQJXHXUV
3 Z
G W
G Q X G·RQGHV VRQW HQ QP
H D R
Y
U H K
H V L
W URXJH
V X Z
H
U W G
EOHX
Q H
V H W
W
K P
LW 1% /D SODJH G·DWWpQXDWLRQ HW OD GLVWDQFH OLPLWH GpSHQGHQW GHV VSpFLILFLWpV GX V\VWqPH :'0
J P
L X U
U F H
OO R
1% 3RXU OHV SVQP 121 ´(QKDQFHGµ OHV FDUWHV G·DJUpJDWV VRQW G%QP
S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
([HPSOH GH FDUDFWpULVWLTXHV SRXU XQH LQWHUIDFH XWLOLVDQW 60& DYHF O·DJUpJDW
/ -( HW XQ DPSOLILFDWHXU G%P
O
H
$PSOLILFDWHXU VXU 2$
V W
L V
W D
K
W
I
Q F
H $
W
O
$JUpJDW $JUpJDW
670
R Q
J
LQ
R P
F R
U
670
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
Q
D
LR U
W
D R
L
(QWUpH 6 5
Q K
LF W
R
J
Q X
X D DPSOLILFDWHXU
LQ PQ
V H
V PW W
D R LU
F
3 Z
G
H
G W
Q X
D R
PLQ G%P G%P G%P
Y
U
H
V
H K
V L
X Z
W
PD[ G%P G%P G%P
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
&$5$&7(5,67,48(6
Q
'LVSHUVLRQ FKURPDWLTXH PD[LPDOH SVQP
)LEUH RSWLTXH XWLOLVpH *
DWWpQXDWLRQ GH ILEUH G%NP
GLVSHUVLRQ FKURPDWLTXH GH OD ILEUH SVQPNP
SpQDOLWp G%
3ODJH G·DWWpQXDWLRQ
G%
PLQLPDOH
G%
PD[LPDOH
/RQJXHXU PLQLPDOH GH WURQoRQ G% .P
/RQJXHXU PD[LPDOH GH WURQoRQ
.P
GX j O·DWWpQXDWLRQ VHQVLELOLWp
/HV IRUPXOHV TXL VXLYHQW VHUYHQW j FDOFXOHU OHV ORQJXHXUV GH WURQoRQ PD[LPDOH HW PLQLPDOH /D ORQJXHXU
PD[LPDOH SHXW rWUH OLPLWpH SDU OD VHQVLELOLWp GX UpFHSWHXU RX SDU OD GLVSHUVLRQ FKURPDWLTXH PD[LPDOH
TXHOOH TXH VRLW OD SOXV UHVWULFWLYH OD ORQJXHXU PLQLPDOH HVW OLPLWpH SDU OD VXUFKDJH GX UpFHSWHXU
/HV FDUDFWpULVWLTXHV GH O·LQWHUIDFH RSWLTXH VRQW GpGXLWHV GX 7DEOHDX HW GX 7DEOHDX VXLYDQW OH W\SH
GH O·LQWHUIDFH
/HV FDUDFWpULVWLTXHV GH OD ILEUH RSWLTXH VRQW UHSRUWpHV GDQV OD UHFRPPDQGDWLRQ ,877 *
3ODJH G·DWWpQXDWLRQ GX WURQoRQ
$WWpQ 0LQ 3XLVVDQFH PD[ (P 6XUFKDJH PLQ 5HF G%
$WWpQ 0D[ 3XLVVDQFH PLQ (P 6HQVLELOLWp PLQ 5HF SpQDOLWp G%
/RQJXHXU PLQLPDOH GH WURQoRQ SRXU VXUFKDUJH $WW 0LQ DWW ILEUH .P
/RQJXHXU PD[LPDOH GH WURQoRQ SRXU DWWpQXDWLRQ VHQVLELOLWp $WW PD[ DWW
ILEUH .P
/RQJXHXU PD[LPDOH GH WURQoRQ SRXU GLVSHUVLRQ 'LVSHUV PD[ GLVS ILEUH .P
(
&
,/ $LQVL OD ORQJXHXU PDFLPDOH GH WURQoRQ GH ILEUH HVW OOLPLWpH SRXU O·DWWpQXDWLRQ VHQVLELOLWp .P
$ WDQGLV TXH OH WURQoRQ PLQLPDO SRXU pYLWHU OHV SUREOqPHV GH VXUFKDUJH GRLW rWUH GH .P
$
('
. $/ $* $$
$$
([HPSOH GH FDUDFWpULVWLTXH G·XQH LQWHUIDFH XWLOLVDQW 60& DYHF O·DJUpJDW / -(
XQ DPSOLILFDWHXU G%P HW XQH FDUWH GH SUpDPSOLILFDWHXU
V V
O
H
W
$PSOLILFDWHXU 3UpDPSOLILFDWHXU
L
K
W
I
W D
Q F
H $
O VXU OH 2$ VXU OH 2$
W
R Q
J R P
F R
LQ U
\
S
R
V I
W
L Q
I R
$JUpJDW $JUpJDW
670 670
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
X D
(QWUpH
J
LQ
V
PQ
H 6 5 6RUWLH
V
D
3
PW
R LU
F
W
DPSOLILFDWHXU SUpDPSOLILFDWHXU
Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
PLQ G%P G%P G%P G%P
PD[ G%P G%P G%P G%P
Q
&$5$&7(5,67,48(6
'LVSHUVLRQ FKURPDWLTXH PD[LPDOH SVQP
)LEUH RSWLTXH XWLOLVpH *
DWWpQXDWLRQ GH ILEUH G%NP
GLVSHUVLRQ FKURPDWLTXH GH OD ILEUH SVQPNP
SpQDOLWp G%
3ODJH G·DWWpQXDWLRQ
G%
PLQLPDOH
G%
PD[LPDOH
/RQJXHXU PLQLPDOH GH WURQoRQ G% .P
/RQJXHXU PD[LPDOH GH WURQoRQ
.P
GXH j O·DWWpQXDWLRQ G%
1RWH OHV FDUDFWpULVWLTXHV RSWLTXHV GX SUpDPSOLILFDWHXU VRQW UHSRUWpHV GDQV OH PDQXHO WHFKQLTXH
GX 2$
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWHV G·DIIOXHQWV RSWLTXHV
7\SHV G·LQWHUIDFHV RSWLTXHV 6 / / /HXUV FDUDFWpULVWLTXHV VRQW SUpFLVpHV DX
7DEOHDX
O
V
L V
W D
H
W
&RQQHFWHXUV RSWLTXHV )&3& 6&3&
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
7DEOHDX 3DUDPqWUHV GHV LQWHUIDFHV RSWLTXHV 670
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V
V PW
H
W
&$5$&7(5,67,48(6 81,7( 9$/(856
R LU
D
F +,(5$5&+,( 670 FRQIRUPH DX[ 5HF * HW *
3 Z
'pELW QRPLQDO .ELWV
G
G W
Q X
H D R
Y
U H K
V L
W &RGH G·DSSOLFDWLRQ 7DEOHDX * 6 / /
H
V
H
X Z
G
W
3ODJH GH ORQJXHXU G·RQGH HQ IRQFWLRQQHPHQW QP
U
Q W H
V
W
K
H LW (0(77(85 $8 32,17 '( 5()(5(1&( 6
PP
J
L X U
U F H
OOR S
$ G W
7\SH GH VRXUFH 0/0 0/0 6/0
R
Q
&DUDFWpULVWLTXHV VSHFWUDOHV
ODUJHXU 506 PD[LPDOH QP
ODUJHXU PD[LPDOH j G% QP
WDX[ GH VXSSUHVVLRQ PLQLPDO G%
HQ PRGH ODWpUDO
3XLVVDQFH PR\HQQH LQMHFWpH
PD[LPDOH G%P
PLQLPDOH G%P
7DX[ G·H[WLQFWLRQ PLQLPDO G%
&21'8,7 237,48( (175( 6 (7 5
3ODJH G·DWWpQXDWLRQ G%
'LVSHUVLRQ PD[LPDOH SVQP 1$
$WWpQXDWLRQ RSWLTXH PLQLPDOH G% 1$ 1$
GX FkEOH j 6 \ FRPSULV WRXV OHV FRQQHFWHXUV
5pIOHFWDQFH GLVFUqWH PD[LPDOH G% 1$ 1$
HQWUH 6 HW 5
5(&(37(85 $8 32,17 '( 5() 5
6HQVLELOLWp PLQLPDOH 1% G%P
6DWXUDWLRQ PLQLPDOH G%P
3pQDOLWp PD[LPDOH GX FRQGXLW RSWLTXH G%
5pIOHFWDQFH PD[LPDOH GX UpFHSWHXU G% 1$ 1$
PHVXUpH DX SRLQW 5
1RWH
1$ 1RQ DSSOLFDEOH
1% 7(% (
(
&
,/
$
$
('
. $/ $* $$
$$
&RPPXWDWLRQ G·DIIOXHQWV HQWUH 0ELWV HW 670
'DQV OHV FDV R GHX[ YDOHXUV VRQW VSpFLILpHV OD YDOHXU VXSpULHXUH FRUUHVSRQG j O·DIIOXHQW 0ELWV
O
OD YDOHXU LQIpULHXUH j O·DIIOXHQW 0ELWV
H
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
6pOHFWLRQ GH O·DIIOXHQW 0ELWV RX 670 5pJODJH ORJLFLHO
J R P
F R
LQ
\V I
W
L Q
U
7\SH G·LQWHUIDFH (OHFWULTXH FRQIRUPH j OD 5HF * GH O·8,77
S
RI R
L
'pELW
R W
F
GQ D
]
NELWV SSP RX NELWV
LR U L
Q
D W
D R
SSP
Q K
R LF W
Q X
J X D &RGH &0,
LQ PQ
V H
W
V
D
PW
R LU
F
$WWpQXDWLRQ DGPLVVLEOH HQ HQWUpH j I G% j 0+] EDVpH VXU cI
3
G
G W
Q X
Z
j G% j 0+] EDVpH VXU cI
H D R
Y
H K
U
H
V
V L
X Z
W
$WWpQXDWLRQ GHV FRXUDQWV UpIOpFKLV { G% GH j 0+] { G% GH j 0+]
H G
U W
V
W
Q W
H LW
H *DEDULW * )LJ * )LJ
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$IIOXHQWV j [ 0ELWV
7\SH G·LQWHUIDFH (OHFWULTXH FRQIRUPH j OD 5HF * GH O·8,77
'pELW NELWV á SSP
1RPEUH G·DIIOXHQWV
&RGH +'%
$PSOLWXGH GX VLJQDO 9SRKPV
$WWpQXDWLRQ DGPLVVLEOH HQ HQWUpH j G% j N+] EDVpH VXU cI
$WWpQXDWLRQ GHV FRXUDQWV UpIOpFKLV $ G% GH j N+]
$ G% GH j N+]
$ G% GH j N+]
*DEDULW LG )LJ GH OD 5HF * GH O·8,77
$IIOXHQWV j [ 0ELWV
7\SH G·LQWHUIDFH (OHFWULTXH FRQIRUPH j OD 5HF * GH O·8,77
HW j OD 5HF $16, 76
'pELW NELWV á SSP
1RPEUH G·DIIOXHQWV
&RGH %=6
$PSOLWXGH GX VLJQDO &RQIRUPH j OD 5HF * GH O·8,77 SDUDJUDSKH
HW j OD 5HF $16, 7 7DEOHDX
$WWpQXDWLRQ DGPLVVLEOH HQ HQWUpH &RQIRUPH j OD 5HF $16, 7 $QQH[H $
*DEDULW LG )LJ GH OD 5HF * GH O·8,77 RX )LJ GH
OD 5HF $16, 7
(
&
,/
$
$
('
. $/ $* $$
$$
$IIOXHQWV '9%
7\SH G·LQWHUIDFH (OHFWULTXH FRQIRUPH j (1
O
V
L W V D
H
W 'pELW 0ELWV
K Q F
W O
I W $H
R Q
J R P
1RPEUH G·DIIOXHQWV
F R
LQ U
V I
\ W
S L Q &RGH % %
R I R L
F R W
D
G Q ]
Q LR U
D W R
L
$PSOLWXGH GX VLJQDO 9S RKP
D
Q LF W K
R Q X
J X D
'pELW j 0ELWV
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
$IIOXHQWV j [ 0ELWV
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W
K P
LW 7\SH G·LQWHUIDFH (OHFWULTXH FRQIRUPH j OD 5HF * GH O·8,77
J P
L X U
U F H
'pELW NELWV á SSP
OO R
S
$ G W
R
Q
1RPEUH G·DIIOXHQWV
&RGH +'%
$PSOLWXGH GX VLJQDO 9S RKPV RX 9SRKPV V\PDV\P
$WWpQXDWLRQ DGPLVVLEOH HQ HQWUpH j G% j N+] EDVpH VXU cI
$WWpQXDWLRQ GHV FRXUDQWV UpIOpFKLV $ G% GH j N+]
$ G% GH j N+]
$ G% GH j N+]
*DEDULW LG )LJ GH OD 5HF * GH O·8,77
$IIOXHQWV j [ 0ELWV
7\SH G·LQWHUIDFH (OHFWULTXH FRQILUPH j OD 5HF * GH O·,877
'pELW .ELWV SSP
1RPEUH G·DIIOXHQWV
&RGH %=6
$PSOLWXGH GX VLJQDO 9S RKPV
*DEDULW LG )LJ GH OD 5HF * GH O·,877
(
&
,/
$
$
('
. $/ $* $$
$$
&DUWHV GH UpIpUHQFH G·KRUORJH
6pOHFWLRQ GH OD UpIpUHQFH G·KRUORJH HQ HQWUpH $IIOXHQWV j NELWV
O $JUpJDWV $IIOXHQWV 670 HW KRUORJH H[WHUQH
H
V
L W
K Q F
V D
W
FDGHQFpH j N+]
W O
I W $H
R Q
J R
F R
P 1RPEUH G·KRUORJHV VpOHFWLRQQpHV 0D[ UpI LQWHUQHV HW UpI H[WHUQHV
LQ U
\ W V I
S L Q
PRGH QRUPDO
R I R L
F R W
+RUORJH HQ VRUWLH YHUV O·H[WpULHXU N+]
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D $XWUHV IUpTXHQFHV ORFDOHV 0RGH RVFLOODWLRQV OLEUHV á SSP
LQ P Q
V H
W
&58 3// VDQV UpIpUHQFH
V PW
D R LU
3
F
Z
*OLVVHPHQW HQ PRGH PDLQWLHQ SSP PD[MRXU
G W
G Q X &58 3// VL IUpTXHQFH HQUHJLVWUpH SHQGDQW SOXV
H D R
Y
U H K W
G·XQH GHPLKHXUH HQ O·DEVHQFH G·KRUORJH GH
H V L
V X Z
H
UpIpUHQFH VpOHFWLRQQpH HQ HQWUpH
U W G
Q H
V H W
W LW
K P
J
L X U
P /D YHUVLRQ ´&58 pWHQGXHµ GLVSRVH G·XQH VWDELOLWp GH
U F H
OO R
S PDLQWLHQ GH SSP PD[MRXU HW HVW FRQIRUPH j OD
$ G W
R
Q
5HF * GH O·8,77
*OLVVHPHQW DGPLVVLEOH á SSP
&RPPXWDWLRQ PRGH OLEUHPRGH QRUPDO V
'XUpH GX PDLQWLHQ 3HUPDQHQWH
&DUDFWpULVWLTXHV GH O·KRUORJH H[WHUQH
)UpTXHQFH N+] á SSP
*DEDULW LG )LJ GH OD 5HF * GH O·8,77
,PSpGDQFH HQ HQWUpHVRUWLH RX RKPV
&DUWHV $8;9'6
,QWHUIDFH GX FDQDO SDUROH $FFqV H[WHUQH SDU SULVH GH FRPELQp WpOpSKRQLTXH
HQ IDFH DYDQW DYHF XQH FDUWH ´G·H[WHQVLRQµ
$8; 9'6
,PSpGDQFH RKPV
,QWHQVLWp HQ IRQFWLRQQHPHQW P$
1LYHDX (P G%U
1LYHDX 5HF G%U
&RGH '70) FRQIRUPH j OD 5HF 4 GH O·8,77
$SSHO VpOHFWLI
7pOpFRQIpUHQFH
(
&
,/ ([WHQVLRQ 9'6 DQDORJLTXH XQLTXHPHQW DYHF XQH FDUWH G·H[WHQVLRQ $8;9'6
$
$
('
. $/ $* $$
$$
,PSpGDQFH RKPV
/DUJHXU GH EDQGH j +]
O
H
V W
L W
K Q F
W
V D
O
1LYHDX (P G%U G%
I W $H
R Q
P
J
LQ
R
F R
U 1LYHDX 5HF G%U G%
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
&DQDO GH GRQQpHV DFFHVVLEOH GH O·H[WpULHXU [ NELWV * FRGLUHFWLRQQHO
R Q X
J X D
[ EDXG 9 FRQWUDGLUHFWLRQQHO
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
,QWHUIDFH FRGLUHFWLRQQHOOH j NELWV
'pELW NELWV á SSP
O
H
V W
L W
K Q F
W
V D
O
6LJQDX[ GH V\QFKURQLVDWLRQ NELWV HW N+] WUDQVPLV GH IDoRQ FRGLUHFWLRQQHOOH
I W $
R Q
H
DYHF OH VLJQDO G·LQIRUPDWLRQ
J R P
F R
LQ U
V I
\ W
S L Q 6XSSRUW (P 'HX[ SDLUHV V\PpWULTXHV RKPV XQH SDU URXWH
R I R L
F R W
D
G Q ]
Q LR U
D W R
L
&RQYHQWLRQV GH FRQYHUVLRQ GX FRGH 5HF * GH O·8,77
D
Q LF W K
R Q X
J X D
LQ P Q
'pELW GHV V\PEROHV HQ VRUWLH .EDXG
V H
V PW W
D R LU
3
F
G W
Z *DEDULW HQ VRUWLH LG )LJ GH OD 5HF * GH O·8,77
G Q X
H D R
&DUDFWpULVWLTXHV GH O·LQWHUIDFH GH VRUWLH LG 7DEOHDX GH OD 5HF * GH O·8,77
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W
K P
LW &DUDFWpULVWLTXHV GH O·LQWHUIDFH G·HQWUpH LG LQWHUIDFH GH VRUWLH j O·H[FHSWLRQ GHV
J
L X U
U F H
P
FDUDFWpULVWLTXHV PRGLILpHV SDU OD SDLUH
OO R
$ G W
S
G·LQWHUFRQQH[LRQ /H FLUFXLW HQ HQWUpH DFFHSWH
XQ VLJQDO DWWpQXp GH j G% j N+]
R
Q
,QWHUIDFH FRQWUDGLUHFWLRQQHOOH j NELWV VXUpFKDQWLOORQQpH j EDXG
7\SH (OHFWULTXH FRQIRUPH j OD 5HF 9 ; GH
O·8,77
,PSpGDQFH GX UpFHSWHXU HQ HQWUpH .RKPV
1LYHDX[ HQ UpFHSWLRQ ´µ RX ´2))µ 9
´µ RX ´21µ ! 9
/HV UpFHSWHXUV VRQW IRXUQLV DYHF XQH UpVLVWDQFH GH WHUPLQDLVRQ GH FRQGXLW RKPV SDUDPpWUDEOH
1LYHDX GH VRUWLH GLIIpUHQWLHOOH 9 PLQLPXP
'LVWDQFH PD[LPDOH HQWUH (77' HW (7&' P
(
&
,/
$
$
('
. $/ $* $$
$$
&DUDFWpULVWLTXHV GH O·DOLPHQWDWLRQ pOHFWULTXH
O
H
W
V
L
K
W
V
W D
Q F O
1RPEUH GH FRQYHUWLVVHXUV G·DOLPHQWDWLRQ GH VHFRXUV
I H $
W
R Q
J
LQ
R P
F R
U
7HQVLRQ HQ HQWUpH 9 FF 9DULDWLRQV DXWRULVpHV
V I
\
S
W
L Q
I R
j 9 FF RX j 9 HQ FF
R L
FR W
GQ D
Q
D
LR U
W
]
L
'LVVLSDWLRQ HQ FKDUJH $ :
D R
Q
R LF W
K
60 pTXLSp GH WURLV FDUWHV G·DIIOXHQWV j
Q X
J
LQ
X D [ 0ELWV HW GH TXDWUH FDUWHV G·DIIOXHQWV j
PQ
V
V PW
H
W 0ELWV
D R LU
F
3 Z
G W
G
H
Q X
D R
7HQVLRQV HQ VRUWLH GHV FDUWHV G·DOLPHQWDWLRQ 9á
Y
U
H
H K
V L
W 9 á
V
H
U
X Z
G
W
á
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
&DUDFWpULVWLTXHV GHV DODUPHV
&KDTXH FDUWH GH O·pTXLSHPHQW j O·H[FHSWLRQ GX FRQYHUWLVVHXU &&&& FRPSRUWH HQ IDFH DYDQW XQ YR\DQW
URXJH &H YR\DQW DOOXPp LQGLTXH XQ GpIDXW LQWHUQH GH OD FDUWH /H YR\DQW YHUW GX FRQYHUWLVVHXU &&&&
GHYLHQW SOXV IRQFp HQ FDV GH GpIDXW
/HV YR\DQWV YHUWV VLWXpV VXU OD FDUWH G·DJUpJDW HW OD FDUWH G·DIIOXHQW 670 VRQW DOOXPpV SRXU LQGLTXHU
XQ IRQFWLRQQHPHQW FRUUHFW
7RXWHV OHV DODUPHV GpWHFWpHV VXU OHV GLIIpUHQWHV FDUWHV VRQW UHFXHLOOLHV SDU OD FDUWH FRQWU{OHXU
G·pTXLSHPHQW TXL IRXUQLW HQVXLWH GHV LQGLFDWLRQV RSWLTXHV FHQWUDOLVpHV HQ SDUWLFXOLHU
9R\DQW URXJH GpWHFWLRQ G·XQH DODUPH XUJHQWH PDMHXUH
9R\DQW URXJH GpWHFWLRQ G·XQH DODUPH QRQ XUJHQWH PLQHXUH
9R\DQW MDXQH GpWHFWLRQ G·XQ pWDW GH IRQFWLRQQHPHQW DQRUPDO SDU H[ ERXFODJHV DFWLIV PLVH
HQ VHUYLFH IRUFpH G·XQH FDUWH UpDFWLYDWLRQ RX GpVDFWLYDWLRQ IRUFpH GX ODVHU WHQWDWLYH GH UHPLVH
HQ VHUYLFH DSUqV $/6
9R\DQW MDXQH GpWHFWLRQ G·XQH DODUPH G·LQGLFDWLRQ
(Q IRQFWLRQ GX W\SH G·DODUPH GpWHFWp OH FRQWU{OHXU GH O·pTXLSHPHQW HW OHV FDUWHV GH W\SH $1'25
JpQqUHQW OHV FRPPDQGHV 5185* HW 585* TXL DOOXPHQW OHV YR\DQWV URXJHV G·DODUPH JpQpUDOH
FRUUHVSRQGDQWV VLWXpV HQ KDXW GX EkWL GH O·pTXLSHPHQW
/D FRQGLWLRQ G·DODUPH GpWHFWpH SHXW rWUH PpPRULVpH j O·DLGH GX ERXWRQSRXVVRLU FH TXL HQWUDvQH
O·H[WLQFWLRQ GHV YR\DQWV URXJHV G·DODUPH JpQpUDOH HW O·DSSDULWLRQ GX YR\DQW MDXQH VXU OH EkWL DLQVL TXH GX
YR\DQW MDXQH VXU OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
/·DODUPH GpWHFWpH SHXW rWUH DXWRPDWLTXHPHQW VWRFNpH VL O·XQH RX OHV GHX[ EDWWHULHV GHV VWDWLRQV
UHQFRQWUHQW XQH GpIDLOODQFH
/D FDUWH FRQWU{OHXU G·pTXLSHPHQW IRXUQLW OHV DODUPHV GLVWDQWHV GLVWDQWHV
9RLU OH SDUDJUDSKH $8&81 /,(1 SDJH $8&81 /,(1 SRXU REWHQLU OD OLVWH GpWDLOOpH
(
&
,/
$
$
('
. $/ $* $$
$$
/D IRQFWLRQ $1'25 VLWXpH GDQV OH PRGXOH GH FRPPXWDWLRQ $ODUPH HW 6HUYLFH IRXUQLW OHV DODUPHV GLVWDQWHV
VXLYDQWHV
O
725 GpIDXW RX SDQQH GH O·XQH GHV EDWWHULHV GH OD VWDWLRQ
H
V W
L V
W D
K
W
I
Q F
H $
W
O
7$1' GpIDXW RX SDQQH GHV GHX[ EDWWHULHV GH OD VWDWLRQ
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
/D FRQGLWLRQ G·DODUPH HVW OH FRQWDFW *5281' H[FHSWp SRXU OD FRQGLWLRQ 783 FRQWDFW RXYHUW
RI R
R W L
F
Q D
G
QLR U
W
]
L +XLW FRQWDFWV HQ HQWUpH &3, GRQW VHXOV OHV SUHPLHUV VRQW DFFHVVLEOHV j O·DEERQp HW KXLW FRQWDFWV HQ
D
D R
Q
R LF W
K VRUWLH &32 VRQW XWLOLVpV FRPPH FRQGLWLRQV G·DODUPH OHV FRQWDFWV HQ VRUWLH QH VRQW SDV RSpUDWLRQQHOV
Q X
J
LQ
X D
PQ
GDQV FHWWH YHUVLRQ
V H
V PW W
D R LU
3
F
G W
Z /HV FDUDFWpULVWLTXHV GHV DODUPHV GLVWDQWHV HW GHV LQWHUIDFHV GH FRQWDFW G·HQYLURQQHPHQW W\SH (0 VRQW
G Q X
H
Y
D R PHQWLRQQpHV DX FKDSLWUH SDJH
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
/D FDUWH FRQWU{OHXU G·pTXLSHPHQW (6&7 D pWp FRQoXH SRXU SHUPHWWUH OH GLDORJXH DYHF XQ 3& j GHV ILQV
W H LW
K
J
PP GH VHUYLFH G·DFWLYDWLRQ RX GH GpSDQQDJH G·pTXLSHPHQW
L X U
U
OO
F H
R S 7RXWHV FHV IRQFWLRQV VRQW GpFULWHV GDQV OH PDQXHO GH O·RSpUDWHXU TXL GpWDLOOH OHV DODUPHV VXU FKDTXH FDUWH
$ G W
R
Q HW YRXV GRQQH GHV LQGLFDWLRQV SHUWLQHQWHV
/H UDFFRUGHPHQW DX 3& HVW UpDOLVp YLD XQ FRQQHFWHXU VLWXp VXU OD FDUWH
&HWWH FDUWH SHXW rWUH UHOLpH j XQ V\VWqPH G·H[SORLWDWLRQ DVVRFLp DX UpVHDX GH JHVWLRQ GHV WUDQVPLVVLRQV
701 DILQ GH SRXYRLU H[pFXWHU GHV RSpUDWLRQV VLPLODLUHV j FHOOHV UpDOLVpHV SDU OH 3&
/HV FDUDFWpULVWLTXHV GHV LQWHUIDFHV GH JHVWLRQ VRQW GpFULWHV DX SDUDJUDSKH SDJH
&DUDFWpULVWLTXHV PpFDQLTXHV
&RPSDWLELOLWp (76, (76(( 1 6
'LPHQVLRQV [ [ PP
3RLGV j NJ HQ IRQFWLRQ GH OD FRQILJXUDWLRQ
9HQWLODWLRQ 1DWXUHOOH
&kEODJH $FFHVVLEOH HQ IDFH DYDQW
(
&
,/
$
$
('
. $/ $* $$
$$
&DUDFWpULVWLTXHV HQYLURQQHPHQWDOHV
O
&RQGLWLRQV FOLPDWLTXHV HQ IRQFWLRQQHPHQW
H
V W
L V
W D
K
W
I
Q F
H $
W
O
&HW pTXLSHPHQW HVW FRQIRUPH DX[ QRUPHV (76, VDQV O·XVDJH GH YHQWLODWHXUV
R Q
J R P
F R
/H IRQFWLRQQHPHQW GH O·pTXLSHPHQW 60 HQ IRQFWLRQ GH OD WHPSpUDWXUH HVW FRQIRUPH j
LQ U
\V I
W
L Q
S
I R
R
FR W L
(76 FODVVH
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K &ODVVH 6LWHV j WHPSpUDWXUH SDUWLHOOHPHQW FRQWU{OpH ´3DUWO\ WHPSHUDWXUHFRQWUROOHG ORFDWLRQVµ
Q X
J X D
LQ PQ
V
V PW
H
W &HWWH FODVVH HVW DSSOLFDEOH j GHV OLHX[ IHUPpV QH GLVSRVDQW G·DXFXQ V\VWqPH GH FRQWU{OH GH WHPSpUDWXUH
D R LU
3
F
G W
Z RX G·KXPLGLWp YRLU OH FOLPDWRJUDPPH HQ )LJXUH SDJH
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
/RUV GH O·XWLOLVDWLRQ G·DJUpJDWV 670 OH V\VWqPH HVW FRQIRUPH j
H G
U W
Q W H
V
W
K
H LW
PP
(76 FODVVH
J
L X U
U F H
OOR S
$ G W
R
&ODVVH 6LWHV j WHPSpUDWXUH FRQWU{OpH ´7HPSHUDWXUHFRQWUROOHG ORFDWLRQVµ
Q
&ODVVH VLWHV j WHPSpUDWXUH SDUWLHOOHPHQW FRQWU{OpH
&HWWH FODVVH V·DSSOLTXH DX[ VLWHV
R OHV pTXLSHPHQWV LQVWDOOpV SHXYHQW rWUH H[SRVpV DX[ UD\RQV RX j OD FKDOHXU GX VROHLO ,OV SHXYHQW
pJDOHPHQW rWUH H[SRVpV DX[ PRXYHPHQWV GH O·DLU DPELDQW GX IDLW GH FRXUDQWV G·DLU GDQV OHV
EkWLPHQWV SDU H[HPSOH YLD GHV IHQrWUHV RXYHUWHV ,OV SHXYHQW rWUH H[SRVpV j GH OD YDSHXU G·HDX RX
j GH O·HDX SURYHQDQW GH VRXUFHV DXWUHV TXH OD SOXLH RX OH JHO ,OV QH GRLYHQW SDV rWUH VRXPLV j GHV
SUpFLSLWDWLRQV
R SHXYHQW DSSDUDvWUH GHV PRLVLVVXUHV RX GHV DJUHVVLRQV G·RULJLQH DQLPDOH j O·H[FHSWLRQ GHV
WHUPLWHV
DYHF GHV QLYHDX[ QRUPDX[ GH SROOXWLRQ FRPPH GDQV OHV ]RQHV XUEDLQHV GRWpHV G·DFWLYLWpV
LQGXVWULHOOHV UpSDUWLHV VXU O·HQVHPEOH GH OD ]RQH HWRX DYHF XQ WUDILF LPSRUWDQW
VLWXpV j SUR[LPLWp GH VRXUFHV GH VDEOH RX GH SRXVVLqUH
VXELVVDQW GHV YLEUDWLRQV GH IDLEOH DPSOHXU FRPPH SDU H[HPSOH SRXU OHV SURGXLWV DWWDFKpV j GHV
VWUXFWXUHV GH VXSSRUW OpJqUHV VXMHWWHV j GHV YLEUDWLRQV QpJOLJHDEOHV
/HV FRQGLWLRQV GH FHWWH FODVVH SHXYHQW rWUH UpXQLHV GDQV
OHV HQWUpHV RX OHV HVFDOLHUV G·LPPHXEOHV
OHV JDUDJHV
OHV FDYHV
FHUWDLQV DWHOLHUV
GHV EkWLPHQWV G·XVLQHV RX GH VLWHV LQGXVWULHOV
GHV VWDWLRQV G·pTXLSHPHQWV QRQ VXUYHLOOpHV
(
& FHUWDLQV EkWLPHQWV GH WpOpFRPPXQLFDWLRQ
,/
$
$ GHV EkWLPHQWV GH VWRFNDJH RUGLQDLUHV SRXU OHV SURGXLWV UpVLVWDQW DX JHO OHV FRUSV GH IHUPH HWF
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
I R
7(03(5$785( '( /·$,5 (1 '(*5(6 &(/6,86
R L
FR W
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
+80,',7( 5(/$7,9( '( /·$,5 (1
)LJXUH &OLPDWRJUDPPH SRXU OD FODVVH 6LWHV j WHPSpUDWXUH SDUWLHOOHPHQW FRQWU{OpH
(
&
,/
$
$
('
. $/ $* $$
$$
&ODVVH VLWHV j WHPSpUDWXUH FRQWU{OpH
&HWWH FODVVH HVW XQH FRPELQDLVRQ GHV FODVVHV .==%& & 60 GH OD FODVVH
O
&(, >@
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/D FODVVH V·DSSOLTXH j GHV VLWHV FORV j WHPSpUDWXUH FRQWU{OpH HQ SHUPDQHQFH /·KXPLGLWp Q·HVW
R Q
J R P
F R
JpQpUDOHPHQW SDV FRQWU{OpH /H FOLPDWRJUDPPH HVW LOOXVWUp HQ )LJXUH
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
J X D
LQ PQ
V H
PW W
V
D R LU
F
3 Z
G
H
G W
Q X
D R
6
8
Y
U
H
H K
V L
W
,
6
V X Z /
(
H
U
V
G
W
Q W H &
W H LW 6
K
J
PP ( P
L
U
OO
X U
F H
R S
5
*
*
$ G W
R
(
'
5
,
Q
1 $
·
/
( (
5 '
,
$ (
·
/ 8
/
(
' 2
6
( %
5
8
$
(
7
$ 7
,
5 '
,
(
3 0
0 8
+
(
7
+80,',7( 5(/$7,9( '( /·$,5 (1
/LPLWHV FOLPDWLTXHV H[FHSWLRQQHOOHV
/LPLWHV FOLPDWLTXHV QRUPDOHV OD SUREDELOLWp GHV
YDOHXUV VLWXpHV KRUV GH FHV OLPLWHV HVW LQIpULHXUH
j
/D SUREDELOLWp GHV YDOHXUV VLWXpHV KRUV GH FH
FKDPS HVW LQIpULHXUH j YRLU FODVVH &(,
>@ &ODVVH
127( GHV FRQGLWLRQV H[FHSWLRQQHOOHV SHXYHQW VXUYHQLU j OD VXLWH G·XQH GpIDLOODQFH GX V\VWqPH GH
FRQWU{OH GH OD WHPSpUDWXUH
)LJXUH &OLPDWRJUDPPH SRXU OD FODVVH 6LWHV j WHPSpUDWXUH FRQWU{OpH
(
&
,/
$
$
('
. $/ $* $$
$$
/H FKDXIIDJH OH UHIURLGLVVHPHQW OD YHQWLODWLRQ IRUFpH HW O·KXPLGLILFDWLRQ VRQW DXWDQW GH PR\HQV XWLOLVpV VL
QpFHVVDLUH SRXU PDLQWHQLU OHV FRQGLWLRQV UHTXLVHV WRXW VSpFLDOHPHQW GDQV OHV FDV R XQH GLIIpUHQFH
VLJQLILFDWLYH HVW j pYLWHU HQWUH O·HQYLURQQHPHQW GH OD SLqFH HW GHV WHPSpUDWXUHV H[WpULHXUHV pOHYpHV RX
O
H
EDVVHV
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
&HWWH FODVVH V·DSSOLTXH DX[ VLWHV
J R P
F R
LQ U
V I
\
S
W
L Q
I R
R OHV pTXLSHPHQWV LQVWDOOpV SHXYHQW rWUH H[SRVpV DX[ UD\RQV RX j OD FKDOHXU GX VROHLO ,OV SHXYHQW
R L
F
G
R W
Q D
pJDOHPHQW rWUH H[SRVpV DX[ PRXYHPHQWV GH O·DLU DPELDQW GX IDLW GH FRXUDQWV G·DLU GDQV OHV
]
L
LR U
Q
D W
D R
EkWLPHQWV SDU H[HPSOH YLD GHV IHQrWUHV RXYHUWHV ,OV QH GRLYHQW SDV rWUH H[SRVpV j GH OD YDSHXU
Q K
LF W
R
J
Q X
X D
G·HDX GHV SUpFLSLWDWLRQV RX j GH O·HDX SURYHQDQW GH VRXUFHV DXWUHV TXH OD SOXLH RX OH JHO
LQ PQ
V H
W
V
D
PW
R LU
F
VDQV ULVTXHV VSpFLILTXHV G·DWWDTXHV ELRORJLTXHV &HFL LQFOXW GHV PHVXUHV GH VpFXULWp FRPPH XQH
3 Z
G
G W
Q X FRQFHSWLRQ VSpFLDOH GX SURGXLW RX GHV LQVWDOODWLRQV VXU OH VLWH UHQGDQW LPSUREDEOHV O·DSSDULWLRQ GH
H D R
Y
U
H
H K
V L
W PRLVLVVXUHV RX GHV DJUHVVLRQV G·RULJLQH DQLPDOH
V X Z
H G
U W
V
W
Q W
H LW
H
DYHF GHV QLYHDX[ QRUPDX[ GH SROOXWLRQ FRPPH GDQV OHV ]RQHV XUEDLQHV GRWpHV G·DFWLYLWpV
K
J
L
U
PP
X U
F H
LQGXVWULHOOHV UpSDUWLHV VXU O·HQVHPEOH GH OD ]RQH HWRX DYHF XQ WUDILF LPSRUWDQW
OOR S
$ G W
R
Q VDQV SUpFDXWLRQ VSpFLILTXH SRXU PLQLPLVHU OD SUpVHQFH GH VDEOH RX GH SRXVVLqUH PDLV QRQ ORFDOLVpV
j SUR[LPLWp GH VRXUFHV GH VDEOH RX GH SRXVVLqUH
VXELVVDQW GHV YLEUDWLRQV RX GHV FKRFV LQVLJQLILDQWV
/HV FRQGLWLRQV GH FHWWH FODVVH SHXYHQW rWUH UpXQLHV GDQV
OHV ]RQHV G·KDELWDWLRQ RX GH WUDYDLO KDELWXHOOHV WHOOHV TXH VDOOHV j PDQJHU ORFDX[ SXEOLFV WKpkWUHV
UHVWDXUDQWV
OHV EXUHDX[
OHV PDJDVLQV
OHV DWHOLHUV G·DVVHPEODJH pOHFWURQLTXH RX GH WRXW DXWUH SURGXLW pOHFWURWHFKQLTXH
OHV FHQWUDX[ GH WpOpFRPPXQLFDWLRQ
GHV EkWLPHQWV GH VWRFNDJH SRXU OHV SURGXLWV GH YDOHXU RX VHQVLEOHV
(
&
,/
$
$
('
. $/ $* $$
$$
6WRFNDJH
/HV pTXLSHPHQWV 60 60& HW 60' VRQW FRQIRUPHV DX[ SUHVFULSWLRQV VXLYDQWHV HQ
O
PDWLqUH GH VWRFNDJH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
(76 FODVVH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
&ODVVH ´ZHDWKHUSURRIHG QRW WHPSHU FRQWUROOHG VWRUDJH ORFDWLRQµ VLWHV GH VWRFNDJH j O·DEUL GHV
I R
R
FR W L
LQWHPSpULHV j WHPSpUDWXUH QRQ FRQWU{OpH
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K &HWWH FODVVH V·DSSOLTXH DX[ VLWHV GH VWRFNDJH j O·DEUL GHV LQWHPSpULHV QH GLVSRVDQW G·DXFXQ FRQWU{OH GH
Q X
J
LQ
X D
PQ
WHPSpUDWXUH RX G·KXPLGLWp /H VLWH SHXW FRPSRUWHU GHV RXYHUWXUHV GLUHFWHV VXU O·H[WpULHXU FH TXL VLJQLILH TX·LO
H
Q·HVW TXH SDUWLHOOHPHQW SURWpJp GHV LQWHPSpULHV /H FOLPDWRJUDPPH HVW LOOXVWUp HQ )LJXUH SDJH
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R &HWWH FODVVH V·DSSOLTXH DX[ VLWHV
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
R OHV pTXLSHPHQWV LQVWDOOpV SHXYHQW rWUH H[SRVpV DX[ UD\RQV RX WHPSRUDLUHPHQW j OD FKDOHXU GX
W H LW
K
J
PP VROHLO ,OV SHXYHQW pJDOHPHQW rWUH H[SRVpV DX[ PRXYHPHQWV GH O·DLU DPELDQW GX IDLW GH FRXUDQWV G·DLU
L X U
U
OO
F H
R S GDQV OHV EkWLPHQWV SDU H[HPSOH YLD GHV SRUWHV GHV IHQrWUHV RX WRXW DXWUH W\SH G·RXYHUWXUHV ,OV
$ G W
R
Q SHXYHQW rWUH H[SRVpV j GH OD YDSHXU G·HDX j GHV LQILOWUDWLRQV G·HDX RX DX JHO ,OV SHXYHQW pJDOHPHQW
rWUH VRXPLV j GHV SUpFLSLWDWLRQV OLPLWpHV RULHQWpHV SDU OHV YHQWV FRPPH GH OD QHLJH
R SHXYHQW DSSDUDvWUH GHV PRLVLVVXUHV RX GHV DJUHVVLRQV G·RULJLQH DQLPDOH j O·H[FHSWLRQ GHV
WHUPLWHV
DYHF GHV QLYHDX[ QRUPDX[ GH SROOXWLRQ FRPPH GDQV OHV ]RQHV XUEDLQHV GRWpHV G·DFWLYLWpV
LQGXVWULHOOHV UpSDUWLHV VXU O·HQVHPEOH GH OD ]RQH HWRX DYHF XQ WUDILF LPSRUWDQW
VLWXpV j SUR[LPLWp GH VRXUFHV GH VDEOH RX GH SRXVVLqUH \ FRPSULV OHV ]RQHV XUEDLQHV
VXELVVDQW GHV YLEUDWLRQV GH IDLEOH DPSOHXU RX GHV FKRFV LQVLJQLILDQWV
/HV FRQGLWLRQV GH FHWWH FODVVH SHXYHQW rWUH UpXQLHV GDQV
OHV LPPHXEOHV QRQ VXUYHLOOpV
FHUWDLQHV HQWUpHV G·LPPHXEOHV
FHUWDLQV JDUDJHV RX DEULV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W 6
Q X 8
J X D ,
LQ 6
PQ /
V H
V PW W (
D R LU &
F
3 Z
G W 6 P
G Q X (
H D R *
5
Y
U H K W * 5
,
H V L (
V X Z $
·
H G ' /
U W
Q W H 1 (
V H LW
W (
K '
PP
J
L X U 5 (
U ,
F H $ 8
OOR S ·
/ /
$ G W 2
R (
Q 6
' %
( $
5 (
8 7
,
7
$ '
,
5 0
( 8
3 +
0
(
7
*$')
+80,',7( 5(/$7,9( '( /·$,5 (1
)LJXUH &OLPDWRJUDPPH SRXU OD FODVV 6LWHV GH VWRFNDJH j WHPSpUDWXUH QRQ FRQWU{OpH
(
&
,/
$
$
('
. $/ $* $$
$$
7UDQVSRUW
/·pTXLSHPHQW 60 HVW FRQIRUPH DX[ SUHVFULSWLRQV VXLYDQWHV HQ PDWLqUH GH WUDQVSRUW
O
H
V W
L V
W D
K
W
I
Q F
H $
W
O
(76 FODVVH
R Q
J R P
F R
LQ U
\V I
W
L Q
S
I R
R
FR W L
&ODVVH ´&DUHIXO 7UDQVSRUWDWLRQµ 7UDQVSRUWV GH SURGXLWV IUDJLOHV 9RLU 7DEOHDX SDJH
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K &HWWH FODVVH V·DSSOLTXH DX[ WUDQVSRUWV XWLOLVDQW GHV YpKLFXOHV VSpFLDX[ SHUPHWWDQW SDU H[HPSOH GH
Q X
J
LQ
X D
PQ
PDLQWHQLU GH IDLEOHV WHPSpUDWXUHV RX GH IDFLOLWHU OD PDQXWHQWLRQ
V H
V PW W
D R LU
3
F
G W
Z /D FODVVH FRXYUH OHV FRQGLWLRQV GH OD FODVVH 'H SOXV OD FODVVH LQFOXW OH WUDQVSRUW GDQV WRXW W\SH
G Q X
H
Y
D R GH FDPLRQV HW GH UHPRUTXHV GDQV GHV ]RQHV GRWpHV G·XQ V\VWqPH URXWLHU FRUUHFWHPHQW GpYHORSSp
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
(OOH LQFOXW pJDOHPHQW OH WUDQVSRUW SDU EDWHDX[ HW WUDLQV VSpFLDOHPHQW pTXLSpV GH WDPSRQV
W H LW
K
J
PP G·DPRLQGULVVHPHQW GHV FKRFV /H FKDUJHPHQW HW OH GpFKDUJHPHQW PDQXHOV MXVTX·j NLORJUDPPHV HVW
L X U
U
OO
F H
R S FRXYHUW
$ G W
R
Q
'HV WHPSpUDWXUHV H[WUrPHPHQW EDVVHV GXUDQW OH WUDQVSRUW VRQW SHUPLVHV SRXU O·pTXLSHPHQW
60 60& GDQV VRQ HPEDOODJH VWDQGDUG
j & SHQGDQW KHXUHV PD[LPXP
VDQV GRPPDJH SRXU OHV LQWHUIDFHV RSWLTXHV
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX 'RQQpHV FOLPDWLTXHV GXUDQW OH WUDQVSRUW
O
H
W
3DUDPqWUH HQYLURQQHPHQWDO 8QLWp HW
V
L V
W D
K Q F
W O
I
R
H $
W
Q
D DLU j EDVVH WHPSpUDWXUH &
J R P
F R
LQ U
V I
\
S
W
L Q
I R
E WHPSpUDWXUH pOHYpH VLWHV FORV GRQW O·DLU &
R L
F
G
R W
Q D
]
Q·HVW SDV YHQWLOp 127(
QLR U L
D W
D R
Q
R LF W
Q X
K
F WHPSpUDWXUH pOHYpH VLWHV FORV GRQW O·DLU &
J X D
LQ PQ HVW YHQWLOp RX DLU H[WpULHXU 127(
V H
V PW W
D R LU
F
3
G W
Z G FKDQJHPHQW GH WHPSpUDWXUH DLUDLU &
G Q X
H
Y
U
D R
H K
127(
W
H V L
V X Z
H
U
V
G
W
Q W H H FKDQJHPHQW GH WHPSpUDWXUH DLUHDX &
W H LW
K
J
L
PP
X U
127(
U F H
OOR S
$ G W
R I KXPLGLWp UHODWLYH QRQ FRPELQpH DYHF &
Q
GHV FKDQJHPHQWV UDSLGHV GH
WHPSpUDWXUH
J KXPLGLWp UHODWLYH FRPELQpH DYHF GHV &
FKDQJHPHQWV UDSLGHV GH WHPSpUDWXUH GH
O·DLUDLU j XQ QLYHDX G·KXPLGLWp UHODWLYH
pOHYp 127(
K KXPLGLWp DEVROXH FRPELQpH DYHF GHV VP
FKDQJHPHQWV UDSLGHV GH WHPSpUDWXUH
DLUDLU j XQ QLYHDX G·KXPLGLWp pOHYp &
127(
L SUHVVLRQ DWPRVSKpULTXH EDVVH .3D
M FKDQJHPHQW GH SUHVVLRQ DWPRVSKpULTXH .3DPLQ QR QR
N PRXYHPHQW GX PLOLHX DPELDQW DLU PV
O SUpFLSLWDWLRQV SOXLHV PPPLQ 127(
P UD\RQQHPHQW VRODLUH :P
Q UD\RQQHPHQW WKHUPLTXH :P
R HDX SURYHQDQW GH VRXUFHV DXWUHV TXH OD PV 127(
SOXLH 127(
S KXPLGLWp DXFXQH FRQGLWLRQV GH VXUIDFHV KXPLGHV
1RWHV HQ SDJH VXLYDQWH
(
&
,/
$
$
('
. $/ $* $$
$$
127( /D WHPSpUDWXUH pOHYpH GHV VXUIDFHV G·XQ SURGXLW SHXW rWUH LQIOXHQFpH SDU OD
WHPSpUDWXUH GH O·DLU DPELDQW GRQQpH LFL HW SDU OH UD\RQQHPHQW VRODLUHO j WUDYHUV
XQH IHQrWUH RX WRXWH DXWUH RXYHUWXUH
O
H
V W
L V
W D
K
W
I
Q F
H $
O 127( /D WHPSpUDWXUH pOHYpH GHV VXUIDFHV G·XQ SURGXLW SHXW rWUH LQIOXHQFpH SDU OD
W
R
J
Q
R P WHPSpUDWXUH GH O·DLU DPELDQW GRQQpH LFL HW SDU OH UD\RQQHPHQW VRODLUH GpILQL
F R
LQ U
\
S
V I
W
L Q
FLGHVVRXV
RI R
R W L
F
Q D
G
QLR U
W
]
L 127( 8Q SDVVDJH GLUHFW GX SURGXLW G·XQH WHPSpUDWXUH j O·DXWUH HVW SUpVXPp
D
D R
Q K
R LF W
J
Q X
X D 127( /H SURGXLW HVW FHQVp rWUH VRXPLV j XQH EDLVVH UDSLGH GH WHPSpUDWXUH XQLTXHPHQW
LQ PQ
V
V PW
H
W DXFXQH DXJPHQWDWLRQ UDSLGH /HV FKLIIUHV VXU O·KXPLGLWp V·DSSOLTXHQW DX[
D R LU
3
F
G W
Z WHPSpUDWXUHV VLWXpHV DX GHVVXV GX SRLQW GH VDWXUDWLRQ j GHV WHPSpUDWXUHV
G
H
Y
Q X
D R LQIpULHXUHV O·KXPLGLWp UHODWLYH GRLW rWUH DSSUR[LPDWLYHPHQW pJDOH j
U H K W
H V L
V X Z
H
U
G
W
Q W H
127( &H FKLIIUH LQGLTXH OD UDSLGLWp GH O·HDX HW QRQ OD KDXWHXU G·HDX DFFXPXOpH
V H LW
W
K PP
J
L
U
OO
X U
F H 127( $SSDULWLRQ GH FRQGHQVDWLRQ
R S
$ G W
R
Q 127( 8QLTXHPHQW SRXU XQH FRXUWH GXUpH
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
,167$//$7,21
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
,167$//$7,21
$77(17,21 1250(6 (0&
O
V
L W V D
H
W
,/ (67 ,03(5$7,) '( 5(63(&7(5 /(6 ,16758&7,216 '(6 1250(6 '8
K Q F
W O
I W $
R Q
H 3$5$*5$3+( 3$*( 3285 ())(&78(5 /(6 23(5$7,216 &,$35(6
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U
D W R
L 5(*/(6 '( 6(&85,7(
D
Q LF W K
R Q X
J X D
5HVSHFWHU VFUXSXOHXVHPHQW OHV DYHUWLVVHPHQWV ILJXUDQW HQ IDFH DYDQW
LQ P Q
V H
W
GH O·pTXLSHPHQW DYDQW GH WUDYDLOOHU VXU OHV UDFFRUGHPHQWV RSWLTXHV GH
V PW
D R LU
3
F
Z
O·pTXLSHPHQW HQ VHUYLFH
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
1% 8QH pWLTXHWWH G·DYHUWLVVHPHQW PXOWLOLQJXH LWDOLHQ HVSDJQRO IUDQoDLV HW DOOHPDQG HVW
W
K P
Q H
V H W
LW IRXUQLH GDQV O·HPEDOODJH GHV FDUWHV RSWLTXHV 6701 /·XWLOLVDWHXU HVW LQYLWp j UHPSODFHU
J
L X U
U F H
OO R
P
O·pWLTXHWWH HQ DQJODLV IRXUQLH SDU GpIDXW SDU FHOOH GH VRQ FKRL[
S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
'pEDOODJH HW HQWUHSRVDJH
O
*pQpUDOLWpV
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/HV SURFpGXUHV VXLYDQWHV GRLYHQW rWUH REVHUYpHV ORUV GX GpEDOODJH GH O·pTXLSHPHQW /D PrPH SURFpGXUH
R Q
J R P
F R
GRLW rWUH DSSOLTXpH ORUVTXH O·pTXLSHPHQW GRLW rWUH UpHPEDOOp 'DQV FH FDV LO HVW UHFRPPDQGp G·XWLOLVHU OH
LQ U
V I
\
S
W
L Q
I R
PDWpULHO G·HPEDOODJH G·RULJLQH
R L
FR W
GQ D
Q
D
LR U
W
]
L
8Q PDWpULDX G·HPEDOODJH UpVLVWDQW HVW XWLOLVp HQ YXH GH SURWpJHU O·pTXLSHPHQW FRQWUH OHV FRQWUDLQWHV
D R
Q
R LF W
Q X
K
PpFDQLTXHV HW FOLPDWLTXHV DX[TXHOOHV LO SHXW rWUH VRXPLV
J X D
LQ PQ
V
V
D
PW
R LU
H
W
&DLVVHV HQ ERLV SRXU OH WUDQVSRUW SDU PHU DLU HW URXWH SRXU GHV GXUpHV VXSpULHXUHV j MRXUV
F
3 Z
G W
&DLVVHV HQ SRXU OH WUDQVSRUW SDU PHU DLU HW URXWH SRXU GHV GXUpHV FRPSULVHV HQWUH HW MRXUV
G Q X
H D R
Y
U H K W
H
V
V L
X Z FRQWUHSODTXp
H G
U W
Q W H
V H LW
W
K
J
PP &DUWRQV SRXU OH WUDQVSRUW SDU DLU HW URXWH SRXU GHV GXUpHV LQIpULHXUHV j MRXUV
L X U
U F H
OOR S
$ G W
R
Q
'pEDOODJH
9(5,),&$7,21 35(/,0,1$,5(6
/HV LQIRUPDWLRQV VXLYDQWHV GRLYHQW ILJXUHU VXU OHV IDFHV H[WHUQHV GH OD FDLVVH
6\PEROHV LQWHUQDWLRQDX[
+DXW
&RQVHUYHU j O·DEUL GH O·KXPLGLWp
)UDJLOH
OD PDUTXH FRPPHUFLDOHO·DGUHVVH GX IDEULFDQW
GHV pWLTXHWWHV RX LQVFULSWLRQV DX SRFKRLU PHQWLRQQDQW OHV GRQQpHV GX FRQWUDW HW OD GHVWLQDWLRQ
GX SURGXLW
XQH HQYHORSSH FRPSUHQDQW HQWUH DXWUHV OH ERUGHUHDX G·H[SpGLWLRQ
$ OD OLYUDLVRQ YpULILHU
TXH OD GHVWLQDWLRQ ILQDOH GHV FDLVVHV HVW FHOOH LQGLTXpH VXU O·pWLTXHWWH
TX·DXFXQ GRPPDJH Q·HVW YLVLEOH VXU OHV FDLVVHV
6LJQDOHU WRXW GRPPDJH ORUV GX WUDQVSRUW DX UHSUpVHQWDQW GH OD VRFLpWp GH WUDQVSRUW RX DX WUDQVLWDLUH
(
&
,/
$
$
('
. $/ $* $$
$$
'(%$//$*(
/RUV GX GpEDOODJH SURFpGHU FRPPH VXLW
O
H
V W
L V
W D
K
W
I
Q F
H $
O 6·DVVXUHU TXH OD FDLVVH HVW SRVLWLRQQpH FRUUHFWHPHQW HQ YRXV UHSRUWDQW DX VLJQH
W
R Q
J R P
F R
LQ U
\
S
V I
W
L Q RXYULU OD FDLVVH
RI R
R W L
F
GQ D
Q
D
LR U
W
]
L UHWLUHU OH PDWpULHO GH SURWHFWLRQ
D R
Q K
R LF W
Q X
J
LQ
X D UHWLUHU OH PDWpULHO GH OD FDLVVH
PQ
V H
V PW W
D R LU
3
F
G W
Z UHWLUHU OH SUpHPEDOODJH OH VDF GH SRO\pWK\OqQH HW WRXWH DXWUH SURWHFWLRQ
G Q X
H D R
Y
U
H
H K
V L
W
UHWLUHU OHV VDFV SODVWLTXHV VFRWFKpV DX EkWL HW FRQWHQDQW OHV DFFHVVRLUHV
V X Z
H G
U W
Q W H
V
W
K
H LW
PP
UHWLUHU OHV VDFKHWV GH GHVVLFFDWLI
J
L X U
U F H
OOR S
$ G W
R
YpULILHU TXH OHV SURGXLWV QH VRQW SDV HQGRPPDJpV HW TX·LOV FRUUHVSRQGHQW j FHX[ LQGLTXpV VXU
Q
OH ERUGHUHDX G·H[SpGLWLRQ LQFOXV GDQV O·HQYHORSSH 'DQV OH FDV FRQWUDLUH FRQWDFWHU OD VRFLpWp
FRQFHUQpH
1%
/RUV GX GpEDOODJH LO HVW UHFRPPDQGp GH UHWLUHU OH PDWpULHO G·HPEDOODJH DYHF SUpFDXWLRQ LO SHXW rWUH
UpXWLOLVp VL O·pTXLSHPHQW GRLW SDU H[HPSOH rWUH UpH[SpGLp
(QWUHSRVDJH
6L OH PDWpULHO GRLW rWUH HQWUHSRVp HPEDOOp LO HVW QpFHVVDLUH GH UHVSHFWHU OHV FRQVLJQHV VXLYDQWHV
HQWUHSRVHU OHV FDUWRQV GDQV XQ HQGURLW HQ LQWpULHXU HW DpUp
OHV FDLVVHV HQ ERLV RX HQ FRQWUHSODTXp SHXYHQW rWUH HQWUHSRVpHV j O·H[WpULHXU j FRQGLWLRQ GH
OHV SURWpJHU GH OD SOXLH HW GH O·H[SRVLWLRQ GLUHFWH DX VROHLO
(
&
,/
$
$
('
. $/ $* $$
$$
,QVWDOODWLRQ PpFDQLTXH
O
,QWURGXFWLRQ GX FKkVVLV GDQV OH EkWL
H
V W
L V
W D
K
W
I
Q F
H $
W
O
9RLU )LJXUH SDJH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
/HV FKkVVLV SHXYHQW rWUH LQWURGXLWV GDQV OHV EkWLV VWDQGDUG GH SRXFHV RX GDQV XQ EkWL GH SRXFHV
I R
R
FR W L
1/& RX 6
GQ D
Q
D
LR U
W
]
L
/HV SDUDJUDSKHV TXL VXLYHQW LOOXVWUHQW OD SURFpGXUH DGRSWpH SRXU FHV GHX[ W\SHV GH EkWLV
D R
Q K
R LF W
Q X
J
LQ
X D
PQ
%kWLV GH SRXFHV
V H
V PW W
D R LU
3
F
G W
Z ,QWURGXLUH OH FKkVVLV GDQV O·HPSODFHPHQW UHTXLV
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
)L[HU OH FKkVVLV DX EkWL HQ LQWURGXLVDQW OHV YLV GDQV OHV RULILFHV GHV SODTXHV GH MRQFWLRQ
H
U
G
W
Q W H
SXLV OHV YLVVHU GDQV OHV RULILFHV FRUUHVSRQGDQWV GHV VXSSRUWV GX EkWL
V H LW
W
K PP
J
L
U
OO
X U
F H
R S
%kWL GH SRXFHV 1/& 6 HWF
$ G W
R
Q
5(*/(6 '( 6(&85,7(
/D IL[DWLRQ GX FKkVVLV VXU OH EkWL JDUDQWLW VD PLVH j OD WHUUH OH EkWL pWDQW
OXLPrPH UDFFRUGp SDU XQ FkEOH j OD WHUUH GH SURWHFWLRQ GH OD VWDWLRQ
%kWL 6
9LVVHU SXLV VHUUHU OHV DGDSWDWHXUV GH SRXFHV j OD SODTXH GH MRQFWLRQ GX FKkVVLV
,QWURGXLUH OHV pFURXV GH UHWHQXH GDQV OHV TXDWUH RULILFHV GHV VXSSRUWV
127( 3RXU LQVWDOOHU IDFLOHPHQW OH FKkVVLV VXU OH EkWL VHUUHU IHUPHPHQW OHV GHX[ YLV
VSpFLDOHV VXU OH EkWL j O·DLGH GHV pFURXV GH UHWHQXH VXSSOpPHQWDLUHV SODFpV j F{Wp GH
O·XQ GHV GHX[ RULILFHV LQWHUQHV GH O·DGDSWDWHXU GH SRXFHV
3ODFHU OH FKkVVLV GDQV OHV YLV VSpFLDOHV j HQFRFKH
)L[HU OH FKkVVLV DX EkWL HQ LQWURGXLVDQW OHV YLV GDQV OHV RULILFHV GHV DGDSWDWHXUV GH
SRXFHV HW OHV YLVVHU IHUPHPHQW GDQV OHV RULILFHV FRUUHVSRQGDQWV DYHF OHV pFURXV GH
UHWHQXH GHV VXSSRUWV GX EkWL
5HWLUHU OHV YLV VSpFLDOHV
%kWL 1/&
9LVVHU IHUPHPHQW OHV DGDSWDWHXUV GH SRXFHV VXU OD SODTXH GH MRQFWLRQ GX
FKkVVLV
/RFDOLVHU OHV TXDWUH RULILFHV GX VXSSRUW XWLOLVpV SRXU IL[HU OH FKkVVLV
,QWURGXLUH OHV pFURXV GH UHWHQXH GDQV OD FRUQLqUH HW GDQV OH VXSSRUW
)L[HU OD FRUQLqUH DX VXSSRUW HQ LQVpUDQW OD YLV GDQV O·RULILFH HW OD VHUUHU GDQV O·RULILFH
FRUUHVSRQGDQW
127( &HWWH RSpUDWLRQ GRLW rWUH UpDOLVpH XQLTXHPHQW VXU GHX[ GHV RULILFHV GH VHUUDJH GH OD
SDUWLH LQIpULHXUH
,QWURGXLUH OHV GHX[ DXWUHV pFURXV GH UHWHQXH GDQV OHV RULILFHV GH IL[DWLRQ VLWXpV VXU OD SDUWLH LQIp
ULHXUH
( )L[HU OH FKkVVLV DX EkWL HQ LQWURGXLVDQW OHV YLV GDQV OHV RULILFHV VXU OHV DGDSWDWHXUV GH
&
,/ SRXFHV HW OHV YLVVHU GDQV OHV RULILFHV FRUUHVSRQGDQWV DYHF GHV pFURXV GH UHWHQXH
$
$ VXU OHV VXSSRUWV GX EkWL
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\
S
V I
W
L Q
RI R
R W L
F
Q D
G
QLR U
W
]
L
D
D R
K
Q
R LF W
Q X
J X D
LQ PQ
V H
V PW W
R LU
D
3
F
Z
3285 %$7, 6 81,48(0(17
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U
OO
F H
R S
$ G W
R
Q
3285 %$7, 1/&
81,48(0(17
)LJXUH ,QWURGXFWLRQ GX FKkVVLV GDQV OH EkWL
(
&
,/
$
$
('
. $/ $* $$
$$
)L[DWLRQ GX FRQGXLW GH FkEOHV HQ ILEUH
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /H FKnVVLV HVW OLYUp DYHF OH FRQGXLW GH FnEOHV HQ ILEUH GpMj PRQWp
K Q F
W O
I H $
W
R
J
Q
R P 3RXU OD IL[DWLRQ GX UDFFRUG GURLW HW GX UDFFRUG JDXFKH LO VXIILW GH UHWLUHU OH FDSRW GX FRQGXLW GH FnEOHV HW
F R
LQ
\
S
V I
W
L Q
U
GH IL[HU OH UDFFRUG FRPPH LQGLTXp VXU OD )LJXUH
RI R
R W L
F
Q D
G
QLR U
W
]
L /HV UDFFRUGV IRQW SDUWLH GHV pOpPHQWV SRXU O·LQVWDOODWLRQ GH 6 RX SRXU O·LQVWDOODWLRQ (76, YRLU 7DEOHDX
D
D R
Q
R LF W
K SDJH
Q X
J X D
LQ PQ
V
V PW
H
W /D ILJXUH VXLYDQWH QH FRQFHUQH TXH OH EnWL GH W\SH 6 OH EnWL 1 HVW LQVpUp FRPPH 6 PDLV OD FRQFDYLWp
D R LU
3
F
G W
Z HVW GLIIpUHQWH
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
&$327
5$&&25' *$8&+(
5$&&25'
'52,7
)LJXUH )L[DWLRQ GX UDFFRUG GX FRQGXLW GH FnEOHV
(
&
,/
$
$
('
. $/ $* $$
$$
6WUXFWXUH PpFDQLTXH
/H EkWL HVW pTXLSp GH GLVSRVLWLIV PpFDQLTXHV SDUWLFXOLHUV TXL SHUPHWWHQW G·REWHQLU GHV IRQFWLRQV FRQIRUPHV
O
DX[ 1RUPHV ,QWHUQDWLRQDOHV HQ PDWLqUH GH FRPSDWLELOLWp pOHFWURPDJQpULTXH
H
V
L
K
V
W D
W
&HUWDLQV GH FHV GLVSRVLWLIV VRQW LOOXVWUpV HW UpIpUHQFpV j OD )LJXUH /HV QXPpURV GH UpIpUHQFHV
W Q F O
I
R
H $
W
Q
FRUUHVSRQGDQWV VRQW PHQWLRQQpV HQWUH FURFKHWV > @
J
LQ
R P
F R
U
/H FKkVVLV HVW FRQVWLWXp
\V I
S
R
W
L Q
I R
L
G·XQH VWUXFWXUH PpFDQLTXH FRPSRVpH GH GHX[ SDURLV ODWpUDOHV OLpHV SDU TXDWUH SODTXHV
FR W
GQ D
]
L
G·XQH FDUWH GH FLUFXLW LPSULPp DUULqUH XWLOLVpH SRXU OH FkEODJH GX FKkVVLV
QLR U
D W
D R
Q K
LF W
R
J
Q X
X D
/D SDUWLH DYDQW GH O·HPSODFHPHQW HW FHOOH GH OD EDVH GX FKkVVLV SHXYHQW UHFHYRLU XQ FRQGXLW GH FkEOHV
LQ
V
PQ
H
W
GH ILEUH RSWLTXH UHOLp DX[ IDFHV DYDQW GHV FDUWHV
V PW
D R LU
F
3 Z
G
G W
Q X ERvWLHU DUULqUH GH SURWHFWLRQ GH OD FDUWH GH FLUFXLW LPSULPp DUULqUH
H D R
Y
U
H
H K
V L
W EOLQGDJHV GH SURWHFWLRQ FHOOXODLUH >@ SRXU SURWpJHU O·pTXLSHPHQW GHV LQWHUIpUHQFHV HW SHUPHWWUH
V
H
U
X Z
G
W
OD FLUFXODWLRQ GH O·DLU j O·LQWpULHXU GH OD VWUXFWXUH
Q W H
V
W
K
H LW JXLGHV IDFLOLWDQW O·LQVHUWLRQ YHUWLFDOH GH OD FDUWH 'HV GLVSRVLWLIV PpFDQLTXHV VSpFLDX[
PP
J
L
U
OO
X U
F H VRQW IRXUQLV SRXU pYLWHU TXH OD FDUWH QH VRLW LQVpUpH j O·HQYHUV
R S
$ G W
R JRXWWLqUHV PXQLHV G·RULILFHV GDQV OHVTXHOV OHV YLV GH IL[DWLRQ VRQW LQVpUpHV
Q
3RXU UHWLUHU XQH FDUWH GpYLVVHU G·DERUG OHV YLV GpYHUURXLOOHU OHV OHYLHUV SXLV H[WUDLUH OD FDUWH
/D FDUWH HVW FRQWHQXH GDQV XQ ERvWLHU PpWDOOLTXH /HV RULILFHV SUpYXV VXU FH ERvWLHU SHUPHWWHQW OD
YHQWLODWLRQ GH O·pTXLSHPHQW LQWHUQH
/D FDUWH FRPSRUWH XQ FRQWDFW j UHVVRUW PpWDOOLTXH >@ TXL DVVXUH OD FRQWLQXLWp GH OD PLVH j OD WHUUH HQWUH
OD FDUWH HW OH FKkVVLV /·DXWUH PR\HQ G·DVVXUHU OD FRQWLQXLWp GHV UDFFRUGHPHQWV j OD WHUUH HVW GH VHUUHU OHV
YLV VXU OH SDQQHDX GX ERvWLHU DYDQW GH FKDTXH FDUWH
'DQV OH FDV GH FKkVVLV VRXV pTXLSpV OHV HVSDFHV YLGHV VRQW FRPEOpV SDU GHV FDFKHV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
V
L
K
W
W D
Q F O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
Q D
G ]
Q
D
LR U
W
L
D R
Q K
LF W
R Q X
J X D
LQ PQ
V H
W
V
D
PW
R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V
W
K
H LW
J
L
U
PP
X U
F H
OOR S
$ G W
R
Q
)LJXUH 6WUXFWXUH PpFDQLTXH GX FKkVVLV
(
&
,/
$
$
('
. $/ $* $$
$$
,QVWDOODWLRQ RSWRpOHFWULTXH
O
H
5(*/(6 '( 6(&85,7(
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
FR W
Q D
L
7RXWH O·LQVWDOODWLRQ GRLW rWUH HIIHFWXpH ORUVTXH O·pTXLSHPHQW HVW KRUV WHQVLRQ
G ]
Q
D
LR U
W
D R
L
/H UDFFRUGHPHQW j OD WHUUH GH SURWHFWLRQ GRLW FRQVWLWXHU OD SUHPLqUH pWDSH
K
Q
R LF W
Q X /H UDFFRUGHPHQW j O·DOLPHQWDWLRQ GRLW rWUH HIIHFWXp HQ GHUQLHU
J X D
LQ PQ
V H
V PW W
R LU
D
3
F
Z ),;$7,21 '(6 &$57(6 (7 02'8/(6 685 /( &+$66,6
G W
G Q X
H D R
Y
U
H
H K
V L
W DYHUWLVVHPHQW SRXU pYLWHU G·HQGRPPDJHU OHV pTXLSHPHQWV
V X Z
H
U
G
W
Q W H
/H FRXSOH GH VHUUDJH GHV YLV GH IL[DWLRQ GHV FDUWHV HW GHV PRGXOHV V·LO \ HQ D HW V·LOV VRQW IL[pV
V
W
K
J
H LW
PP SDU GHV YLV VXU OH EnWL GRLW rWUH
L X U
U F H
OOR S
$ G W
R
Q
NJ [ FP 1HZWRQ [ P á
/HV YLV SHXYHQW VH FDVVHU VL FHWWH YDOHXU HVW GpSDVVpH
$9(57,66(0(17 3285 /(6 $*5(*$76 670
DYHUWLVVHPHQW SRXU pYLWHU G·HQGRPPDJHU OHV pTXLSHPHQWV
/HV FnEOHV FRD[LDX[ TXL HIIHFWXHQW OD IRQFWLRQ GH WUDQVSDUHQFH VXU OHV DJUpJDWV 670
GRLYHQW rWUH IL[pV RX GHVVHUUpV HQ XWLOLVDQW O·RXWLOODJH VSpFLDO 18PpUR $'
1XPpUR G·XVLQH 5
6L FHWWH RSpUDWLRQ HVW HIIHFWXpH DYHF G·DXWUHV RXWLOODJHV OHV FnEOHV SHXYHQW rWUH HQGRPPDJpV
/H FkEODJH GH O·pTXLSHPHQW HVW UDFFRUGp HQ KDXW GX FKkVVLV VXU OHV SDQQHDX[ GH UDFFRUGHPHQW HW OHV
FRQQHFWHXUV LQVWDOOpV VXU OH SDQQHDX DUULqUH GX FKkVVLV /HV UDFFRUGHPHQWV RSWLTXHV DLQVL TXH FHX[ GH
O·DJUpJDW HW GH O·DIIOXHQW RSWLTXH 670 V·HIIHFWXHQW GLUHFWHPHQW VXU OHV FDUWHV /HV UDFFRUGHPHQWV
WUDQVSDUHQWV GH O·DIIOXHQW 670 V·HIIHFWXHQW HX[ DXVVL GLUHFWHPHQW VXU OHV FDUWHV
/D )LJXUH SDJH PRQWUH O·HQVHPEOH GHV SRLQWV GH UDFFRUGHPHQW GH O·pTXLSHPHQW
/H QXPpUR GX SDQQHDX GH UDFFRUGHPHQW GX WHUPLQDO HVW LQGLTXp VXU OH VFKpPD GX FLUFXLW VLWXp VXU OH
SDQQHDX DUULqUH FDUWH GH UDFFRUGHPHQW FRPSOqWH
/H $8&81 /,(1 SDJH $8&81 /,(1 LQGLTXH OHV QXPpURV GHV SRLQWV GH UDFFRUGHPHQW SRXU FKDTXH
IRQFWLRQ HW OH SDUDJUDSKH R LOV VRQW GpFULWV
&KDTXH SDUDJUDSKH GRQQH pJDOHPHQW
OH WDEOHDX G·DIIHFWDWLRQ GHV EURFKHV
GHV LQIRUPDWLRQV VXU OHV DGDSWDWHXUVFRQQHFWHXUV IRXUQLV DYHF O·pTXLSHPHQW HW TXL GRLYHQW rWUH
PRQWpV VXU OH PRGXOH GH FRPPXWDWLRQ FRUUHVSRQGDQW
/HV UDFFRUGHPHQWV VRQW pWDEOLV YLD OHV FRQQHFWHXUV LQVWDOOpV VXU OH FDSRW DYDQW GHV PRGXOHV GH
FRPPXWDWLRQ
/HV PRGXOHV GH FRPPXWDWLRQ VRQW LQVpUpV GDQV OHV DOYpROHV TXL OHXU VRQW DWWULEXpHV FRQIRUPpPHQW j OD
(
&
,/ FRQILJXUDWLRQ GHV DIIOXHQWV j UDFFRUGHU
$
$
('
. $/ $* $$
$$
/D UHODWLRQV HQWUH OHV DIIOXHQWV HW OHV DOYpROHV GHV PRGXOHV GH FRPPXWDWLRQ HVW LOOXVWUpH VXU OD
$8&81 /,(1 SDJH $8&81 /,(1
O
/H 7DEOHDX SDJH PRQWUH OHV SLqFHV FRQVWLWXDQW OHV NLWV G·LQVWDOODWLRQ
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/H 7DEOHDX SDJH GpFULW OHV FkEOHV UHFRPPDQGpV SRXU O·LQVWDOODWLRQ GHV UDFFRUGHPHQWV
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
/HV WDEOHDX[ DVVRFLpV j FKDTXH SDQQHDX GH UDFFRUGHPHQW GX WHUPLQDO IRQW pJDOHPHQW UpIpUHQFH j FHV
I R
R
FR W L
FkEOHV
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
$/9(2/( $/9(2/(
O
) * * * + , / 0
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$9(& $))/8(17 237,48( 670
RX $))/8(17 '9%
$9(& $*5(*$7 670
$9(& $*5(*$7 670
)LJXUH 3RLQWV GH UDFFRUGHPHQW GH O·pTXLSHPHQW
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX 5HSqUHV IRQFWLRQV HW SDUDJUDSKHV HQ UDSSRUW DYHF OHV SRLQWV GH UDFFRUGHPHQW
O
H
V W
L V
W D
K
W
I
Q F
H $
O $/9(2/(
W
R
J
Q
R P
'8
LQ
F R
V I
U 02'8/( $&521<0( '8
)21&7,21 3$5$
\W
S
R
L Q
I R
R W L
'( &211(&7(85
F
GQ D
]
L
&20087
QLR U
D W
D R
K
$7,21 28
Q
R LF W
Q X 32,17
J X D
LQ PQ '·$&&(6
V H
V PW W
D R LU
F
3 Z
G
G W
Q X 0LVH j OD WHUUH
H D R
Y
U H K W
H V L
V X Z
H
U
G
W
Q W H
$IIOXHQW [ 0ELWV
V
W
K
H LW
PP
*
J
L
U
OO
X U
F H &RQQ 7UDQV 0X[ [ 0ELWV 2KP
R S
$ G W
R
Q [ 0ELWV
+
0ELWV
0RGXOH GH FRPP G·LQWHUIDFH 4; 6\QFK
4 ,17
,QWHUIDFH 4
0RGXOH GH FRPP G·LQWHUIDFH 4; 6\QFK
, 6<1&
,QWHUIDFH 6\QFK
0RGXOH GH FRPP G·LQWHUIDFH 4; 6\QFK
% %7
,QWHUIDFH 4%
02GXOH GH FRPP G·LQWHUIDFH G·DODUPH $ODUPH
5$
GLVWDQWH
/ $8&81 /,(1
0RGXOH GH FRPP G·LQWHUIDFH G·DODUPH
50
,QWHUIDFH 50 YR\DQWV GX EnWL
9RLH GH SDUROH
) 9 5DFFRUGHPHQW GH OD YRLH GH GRQQpHV DX[LOLDLUH $8&81 /,(1
. 5DFFRUGHPHQW GH OD YRLH GH GRQQpHV DX[LOLDLUH
5DFFRUGHPHQW GHV DIIOXHQWV '9%
$8&81 /,(1
5DFFRUGHPHQW RSWLTXH GH O·DJUpJDW 670 HW GH
O·DIIOXHQW 670
5DFFRUGHPHQW RSWLTXH GH O·DJUpJDW 670
5DFFRUGHPHQW pOHFWULTXH HQ PRGH WUDQVSDUHQW
GH O·DJUpJDW 670
5DFFRUGHPHQW pOHFWULTXH ,(&% YHUVGH
(7$*(5( ,16(57,21 '523 6+(/)
(
&
,/ 5DFFRUGHPHQW GH O·LQWHUIDFH )SRXU 3& ORFDO $8&81 /,(1
$
$
('
. $/ $* $$
$$
$/9(2/(
'8
O
V V
H
W 02'8/( $&521<0( '8
L
K
W D
Q F '( )21&7,21 3$5$
W
I H $
W
O
&211(&7(85
R
J
Q
R P
&20087
LQ
\
F R
V I
U $7,21 28
W
S
R
L Q
I R
R W L
32,17
F
GQ D
]
L
'·$&&(6
QLR U
D W
D R
K
Q
R LF W
0RGXOH GH FRPP EDWWHULH HW HQYLURQQHPHQW
Q X
X D +.
J
LQ PQ (QYLURQQHPHQW
V H
V PW W
D R LU
3
F
Z 0RGXOH GH FRPP EDWWHULH HW HQYLURQQHPHQW
G W
0 %$77
G
H
Y
Q X
D R %DWWHULH GH VWDWLRQ
U H K W
H V L
V X Z
H G 0RGXOH GH FRPP EDWWHULH HW HQYLURQQHPHQW
U W
Q W H %$77
V
W
K
H LW
PP
%DWWHULH GH VWDWLRQ
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX 3LqFHV FRPSRVDQW OH NLW G·LQVWDOODWLRQ
O 4Wp
H
W 120 5pIpUHQFH
V
L
K
W
V
W D
Q F O
PD[
I H $
W
R Q
J
LQ
R P
F R
U
.LW G·LQVWDOODWLRQ 6 8
V I
\
S
W
L Q
I R
&RQVWLWXp GH $/ $$
R L
FR W
GQ D
QLR U
]
L 7
D W
D R &RQQHFWHXU PkOH 68%'3
Q
R LF W
K $%
Q X
J X D
LQ PQ
V H 9
V PW
R LU
W
6XSSRUW FRQQHFWHXU
D
3
F
Z
$%
G W
G Q X
H D R
Y
U H K 4
H V L
W
5DFFRUG GURLW SRXU FRQGXLW
V
H
U
X Z
G
W
$1 $$
Q W H
V H LW
W
K PP 5
5DFFRUG JDXFKH SRXU FRQGXLW
J
L X U
U
OO
F H
R S
$ G W
$1 $$
R
Q
5
&RUGRQ SULVH $ODUPHV 6
$/ $$
3
&RUGRQ SULVH $OLP 6
$/ $$
/
(FURX GH UHWHQXH 0 6
$'
)
(FURX VSpFLDO
$1 $$
.LW G·LQVWDOODWLRQ (76, =
&RQVWLWXp GH $/ $$
7
&RQQHFWHXU PkOH 68%'3
$%
;
&RQQHFWHXU IHPHOOH 1& S68%'
$%
-
5DFFRUG GURLW SRXU FRQGXLW
$1 $$
'
5DFFRUG JDXFKH SRXU FRQGXLW
$1 $$
=
&RQWDFW IHPHOOH +3
$%
/
&RQWDFW PkOH +3
$%
9
6XSSRUW FRQQHFWHXU
$%
5
&RUGRQ DODUPHV
(
&
$/ $$
,/
$
$
('
. $/ $* $$
$$
4Wp
120 5pIpUHQFH
PD[
O
H
V W
V
L
K
W
W D
Q F O
&211(&7(856 3285 $))/8(176 HW 6<1&+521,6$7,21
I H $
W
R Q
J R P
F R
LQ U
\V I
.,W FRQQHFWHXU RKPV EURFKHV =
W
L Q
S
RI R
R W L
F
GQ D
]
&RQVLWXWp GH $/ $$
QLR U L
D W
D R
Q LF W
K
)
R Q X
&RQQHFWHXU PkOH EURFKHV
J
LQ
X D
PQ
$%
V H
V PW W
D R LU
3
F
Z -
G W
6XSSRUW PpWDO 68%' 3
G
H
Y
Q X
D R $%
U H K W
H V L
V X Z
H G
U W
Q W H
V
W H LW
.,W FRQQHFWHXU RKPV EURFKHV :
K PP
J
L
U
OO
X U
F H &RQVLWXWp GH $/ $$
R S
$ G W
R
Q 7
&RQQHFWHXU PkOH EURFKHV
$%
9
6XSSRUW PpWDO 68%'3
$%
FRQQHFWHXU FRD[LDO
3
&RQQHFWHXU FRD[LDO PkOH PP
$%
0
&RQQHFWHXU FRD[LDO PkOH PP
$%
1
&RQQHFWHXU FRD[LDO PkOH PP
$%
3
&RQQHFWHXU FRD[LDO PkOH PP
$%
&211(&7(856 237,48(6
(QVHPEOH FnEOH RSWRpOHFWULTXH 60 P ORQJ 60 $ )& 3& 6
pSLVVXUH ILEUH XQLTXH $%
<
(QVHPEOH FnEOH RSWRpOHFWULTXH 60 P pSLVVXUH ILEUH
$%
(QVHPEOH FnEOH RSWRpOHFWULTXH 60 P pSLVVXUH ILEUH XQLTXH DYHF 5
FRQQHFWHXU )&3& $%
$875(6 (/(0(176
-
&RXSHFLUFXLW $
$%
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX &kEODJHV UHFRPPDQGpV
O
H
W
'LDPqWUH PP RX
V
L V
W D 7\SH GH 6HFWLRQ PP 7(/(775$ 31
K
W Q F O 5() 7<3( '( &$%/( 127(
I
R
H $
W
Q UDFFRUGHPHQW 19 31
J
LQ
R P
F R
U
,17 (;7
\V I
W
L Q
S
RI R
FR W L
&RD[ 2KP <
GQ D VRXGpVHUWL PD[
Q
D
LR U
W
]
L
PP $&
D R
Q K
R LF W
Q X
J X D &RD[ 2KP -
LQ PQ VRXGpVHUWL PD[
V
V PW
H
W PP $&
D R LU
F
3 Z
7
G W
G Q X
H D R SDLUHV EOLQGpHV ZUDSSpH PD[
Y
U
H
H K
V L
W $&
V X Z
H G
U W
V
Q W H
3DLUH EOLQGpH 6
W H LW
VRXGpH PD[
K
J
L
U
PP
X U DOLPHQWDWLRQ $&
F H
OOR S
$ G W
R SDLUHV EOLQGpHV ;
Q
ZUDSSpH PD[
ZUDSSpHV $&
&RD[ 2KP VRXGpVHUWL PD[ 3
:
&kEOH FRD[LDO VHUWL PD[
$&
SDLUHV WRUVDGpHV
VHUWL $&
EOLQGpHV
127(
5DFFRUGHU DYHF OHV FRQQHFWHXUV IRXUQLV
5DFFRUGHU OH EOLQGDJH DX VXSSRUW
5DFFRUGHU DYHF OH FRQQHFWHXU EOLQGp 5- $%
(
&
,/
$
$
('
. $/ $* $$
$$
0LVH j OD WHUUH GH SURWHFWLRQ
O
H
V
L
K
V
W D
W
5(*/(6 '( 6(&85,7(
W Q F O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L /HV UDFFRUGHPHQWV VXLYDQWV RQW SULRULWp VXU WRXV OHV DXWUHV
GQ D
]
L
QLR U
D W
Q
D R
LF W
K %nWLV 1/&
R Q X
J X D YRLU )LJXUH
LQ PQ
V H
V PW W
D R LU
3
F
G W
Z 5DFFRUGHU OH FRUGRQ MDXQHYHUW GH PLVH j OD WHUUH VXU OD YLV HW OD EDUUH GH PLVH j OD WHUUH GX EnWL
G
H
Y
Q X
D R /H FRUGRQ GH PLVH j OD WHUUH " . HVW LQFOXV GDQV OH NLW G·LQVWDOODWLRQ (76, YRLU 7DEOHDX
U H K
H
V
V L
X Z
W
SDJH
H G
U W
Q W H
V
W
K
J
H LW
PP $XWUHV W\SHV GH EnWLV
L X U
U F H
OOR S
$ G W
R /D PLVH j OD WHUUH HVW DVVXUpH SDU OH UDFFRUGHPHQW PpFDQLTXH GX FKnVVLV
Q
98( '( )$&( &27( *$8&+(
)LJXUH 5DFFRUGHPHQW GH PLVH j OD WHUUH SRXU OHV EnWLV 1/&
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV G·DIIOXHQWV pOHFWULTXHV
) * * * + , / 0
O
H
V W
L W V D
K Q F
W O
I W $H
R Q
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
$ $
( / (6 (6 ( /
6
,/ 9 ,/ ,/ 6, 9
,7 ( ,7 ,7 ,/7 (
8 2 8 8 8 2
1 / 1 1 1 /
2 ( 2 2 2 (
1 1 1 1
(
6
5
(/ 8
2
3$, &
(
6 6 &
6 & 5
5 ,1 (
' 8 &
8 5 2 &
2 3 (/ & &
& (/ $7 (6 5
(
6 8
$7 2 ( (6
7 7 7 7 ( 7 7 7 7 7 '
1
( 1
(
1
(
1
(
' 2
7 ( 1
(
1
(
1
(
1
( 7 ,67
8 8 8 8 7 ( ,& 8 8 8 8 1 5
/) /) /) /) 1 & 5 /) /) /) /) ( (9
( , 7$ 8
)$ ) ) )$ 8
/) 5 ) ) )$ )$ /) 1
$ $
)$ $7 0 $ $ )$ 2
0 &
$/9(2/( $/9(2/( '8
7<3( '·$))/8(17 127(
02'8/( '( &20
'·$))/8(17
[ 0ELWV RX
/RUVTXH O·DOYpROH * GX PRGXOH
SUHPLqUH *
7PX[ [ 0ELWV GH FRPPXWDWLRQ HVW XWLOLVpH
SRXU UHFHYRLU OH PRGXOH [
W RX W GHX[LqPH * 0ELWV OHV SUHPLqUHV DOYpROHV
$YHF FRQQHYWHXU RX 7 + QH GRLYHQW SDV rWUH XWLOLVpHV
WURLVLqPH * /·DOYpROH HVW XWLOLVpH SRXU
1 GH VHFRXUV
0ELWV
j j + /HV DOYpROHV HW VRQW
W$YHF FRQQHFWHXU XWLOLVpHV SRXU 1 GH VHFRXUV
RX
/HV DOYpROHV GHV DIIOXHQWV HW OHV DOYpROHV FRUUHVSRQGDQWHV GHV PRGXOHV VRQW GpWHUPLQpHV GH IDoRQ XQLYRTXH DOYpROH
FRQQHFWpH j OD SUHPLqUH DOYpROH + $OYpROH FRQQHFWpH j OD GHUQLqUH DOYpROH +
$(
8
/)
)
(
&
,/
$ )LJXUH 5HODWLRQ HQWUH OHV FDUWHV G·DIIOXHQWV HW OHV PRGXOHV GH FRPPXQLFDWLRQ
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV G·DIIOXHQWV j 0ELWV
9RLU OH FKDSLWUH µ&21),*85$7,21µ SDJH
O
V
L V
W D
H
W /HV DIIOXHQWV j [ 0ELWV SHXYHQW rWUH UDFFRUGpV YLD OHV PRGXOHV GH FRPPXWDWLRQ R VRQW PRQWpV OHV
K
W
I
Q F
H $
W
O
W\SHV GH FRQQHFWHXUV VXLYDQWV
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
&RD[ 2+0
RI R
R W L
F
Q D
G
QLR U
W
]
L &RQQHFWHXU V\PpWULTXH 2+0
D
D R
Q K
R LF W
J
Q X
X D 5DFFRUGHPHQW G·DIIOXHQWV j 0ELWV 2+0
LQ PQ
V H
V PW W
R LU
D
3
F
Z
9RLU )LJXUH
G W
G Q X
H D R
Y
U
H
H K
V L
W ,QVWDOOHU OH PRGXOH GH FRPPXQLFDWLRQ VXU O·DOYpROH µ*µ FRUUHVSRQGDQWH
V X Z
H G
U W
V
W
K
Q W
H LW
H
5DFFRUGHU OHV DIIOXHQWV VXU OHV PRGXOHV HQ XWLOLVDQW
PP
J
L X U
U F H
OOR S
$ G W OH FnEOH FRD[LDO PnOH RKPV SRXU XQ FnEOH GH PP YRLU 7DEOHDX SDJH
R
Q
OH FRQQHFWHXU FRD[LDO 7
/D )LJXUH LOOXVWUH OHV PRGXOHV HW OHV EURFKHV
127( 3RXU OH PRGXOH µW\SH µ DXFXQ FRQQHFWHXU Q·HVW IRXUQL SRXU OH UDFFRUGHPHQW GHV DIIOXHQWV
5$&&25'(0(17 '·$))/8(176 0ELWV
%52&+( )21&7,21 1% &$%/(
-
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- - $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
- $))/8(17
-
- $))/8(17
- $))/8(17
1% 5$&&25'(0(17 '·$))/8(17 (0 (7 5(&
)LJXUH 5$&&25'(0(17 '·$))/8(176 0ELWV RKPV
(
&
,/
$
$
('
. $/ $* $$
$$
0ELWV RKPV 7ULEXWDU\ &RQQHFWLRQV
9RLU )LJXUH SDJH
O
H
V W
L V
W D
K
W
I
Q F
H $
W
O
,QVWDOOHU OH PRGXOH GH FRPPXWDWLRQ VXU O·DOYpROH µ*µ FRUUHVSRQGDQWH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
5DFFRUGHU OHV DIIOXHQWV VXU OH PRGXOH HQ XWLOLVDQW OH FRQQHFWHXU 68%' EURFKHV SRXU OHV [
I R
R
FR W L
0ELWV
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K )HUPHU OH FRQQHFWHXU GDQV OH VXSSRUW FRUUHVSRQGDQW
Q X
J
LQ
X D
PQ
/H FRQQHFWHXU 68%' EURFKHV HW OH VXSSRUW VH WURXYHQW GDQV OH NLW FRQQHFWHXU YRLU 7DEOHDX
H
SDJH
V W
V PW
D R LU
F
3 Z
G W
G Q X
H
Y
D R 5DFFRUGHU OH FRQQHFWHXU PnOH VXE ' GDQV OH FRQQHFWHXU IHPHOOH
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
/D )LJXUH SDJH LOOXVWUH OHV PRGXOHV HW OHV EURFKHV
W H LW
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
%52&+( )21&7,21 1% &$%/(
O 7(55(
H
V
L V
W D
W
$))/8(17 &27( 1(*$7,)
K Q F
W
I H $
W
O
$))/8(17 &27( 1(*$7,)
R Q
J R P
F R
$))/8(17 &27( 1(*$7,)
LQ U
\
S
V I
W
L Q
$))/8(17 &27( 1(*$7,)
I R
R
FR W L $))/8(17 &27( 1(*$7,)
Q D
G
QLR U
W
]
L $))/8(17 &27( 1(*$7,)
D
D R
Q LF W
K $))/8(17 &27( 1(*$7,)
R Q X
J X D $))/8(17 &27( 326,7,)
LQ PQ
V
V PW
H
W $))/8(17 &27( 326,7,)
R LU
D
3
F
Z
$))/8(17 &27( 326,7,)
G W
G
H
Q X
D R
$))/8(17 &27( 326,7,)
Y
U
H
H K
V L
W $))/8(17 &27( 326,7,)
V
H
U
X Z
G
W
$))/8(17 &27( 326,7,)
V
W
Q W
H LW
H
$))/8(17 &27( 326,7,)
K
J
PP
L X U
U F H
OOR S
$ G W
R %52&+( )21&7,21 1% &$%/(
Q
7(55(
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
%52&+( )21&7,21 1% &$%/(
7(55(
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 1(*$7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
)LJXUH 5DFFRUGHPHQW G·DIIOXHQWV j 0ELWV 2KP
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV G·DIIOXHQWV 7UDQV 0X[ [ 0ELWV
9RLU OH &KDSLWUH µ&21),*85$7,21µ SDJH
O
V
L V
W D
H
W /HV DIIOXHQWV 7UDQV 0X[ SHXYHQW rWUH UDFFRUGpV YLD OHV PRGXOHV GH FRPPXWDWLRQ R VRQW PRQWpV OHV
K
W
I
Q F
H $
W
O
FRQQHFWHXUV VXLYDQWV
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
&RD[ 2+0
RI R
R W L
F
Q D
G
QLR U
W
]
L &RQQHFWHXU V\PpWULTXH 2+0
D
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
R LU
D
3
F
Z
7UDQV 0X[ [ 0ELWV 2KP
G W
G Q X
H D R
Y
U
H
H K
V L
W ,QVWDOOHU OH PRGXOH GH FRPPXWDWLRQ VXU O·DOYpROH µ*µ FRUUHVSRQGDQWH
V X Z
H G
U W
V
W
K
Q W
H LW
H
/H W\SH GHV PRGXOHV GpSHQG GX W\SH GH FRQQHFWHXU
PP
J
L X U
U F H
OOR S
$ G W 5DFFRUGHU OHV DIIOXHQWV VXU OH PRGXOH HQ XWLOLVDQW
R
Q
OH FRQQHFWHXU FRD[LDO PnOH RKPV SRXU XQ FnEOH GH PP YRLU 7DEOHDX SDJH
OH FRQQHFWHXU FRD[LDO 7
3RXU OH PRGXOH µW\SH µ DXFXQ FRQQHFWHXU Q·HVW IRXUQL SRXU OH UDFFRUGHPHQW GHV DIIOXHQWV
7UDQV 0X[ [ 0ELWV 2KP
9RLU )LJXUH SDJH
,QVWDOOHU OH PRGXOH GH FRPPXWDWLRQ VXU O·DOYpROH µ*µ FRUUHVSRQGDQWH
5DFFRUGHU OH FDQDO 0ELWV VXU OH SUHPLHU PRGXOH YLD OH FRQQHFWHXU 68%' EURFKHV
)HUPHU OH FRQQHFWHXU GDQV OH VXSSRUW FRUUHVSRQGDQW
/H FRQQHFWHXU 68%' EURFKHV HW OH VXSSRUW VH WURXYHQW GDQV OH NLW FRQQHFWHXU RKPV
YRLU7DEOHDX SDJH
5DFFRUGHU OH FRQGXLW 0ELWV VXU OHV PRGXOHV HQ XWLOLVDQW
OH FRQQHFWHXU FRD[LDO PnOH RKPV SRXU XQ FnEOH GH PP YRLU 7DEOHDX SDJH
OH FRQQHFWHXU FRD[LDO 7
/D )LJXUH SDJH LOOXVWUH OHV PRGXOHV HW OH EURFKHV SRXU OHV FRQGXLWV 0ELWV HW 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V
V PW
H
W
%52&+( )21&7,21 1% &$%/(
D R LU
F
3
G W
Z
7UDQV 0X[ [ 0ELWV 2KP 7(55(
G Q X
H
Y
D R 7(55(
U H K W
H
V
V L
X Z
H
U
G
W
Q W H
$))/8(17 &27( 1(*$7,)
V H LW
W
K PP
$))/8(17 &27( 1(*$7,)
J
L X U
U
OO
F H
R S
$))/8(17 &27( 1(*$7,)
$ G W
R $))/8(17 &27( 1(*$7,)
Q
$))/8(17 &27( 1(*$7,)
7(55(
7(55(
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
$))/8(17 &27( 326,7,)
%52&+( )21&7,21 1% &$%/(
- $))/8(17 j 0ELWV RX
)LJXUH 5DFFRUGHPHQW G·DIIOXHQWV 7UDQV 0X[ [ 0ELWV 2KP
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQW G·DIIOXHQWV [ 0ELWV HW 670
9RLU )LJXUH SDJH
O
V
L V
W D
H
W ,QVWDOOHU OH PRGXOH GH FRPPXWDWLRQ VXU O·DOYpROH µ+µ FRUUHVSRQGDQWH
K Q F
W O
I H $
W
R
J
Q
R P /H W\SH GHV PRGXOHV GpSHQG GH OD IUpTXHQFH GH O·DIIOXHQFH HW GX W\SH GH FRQQHFWHXU
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 5DFFRUGHU OHV DIIOXHQWV VXU OH PRGXOH HQ XWLOLVDQW YRLU 7DEOHDX SDJH
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K OH FRQQHFWHXU FRD[LDO PnOH RKPV SRXU XQ FnEOH GH PP
R Q X
J X D
LQ
V
V
PQ
PW
H
W
OH FRQQHFWHXU FRD[LDO PnOH RKPV SRXU XQ FnEOH GH PP
D R LU
F
3 Z
G
G W
Q X
D R
OH FRQQHFWHXU FRD[LDO PnOH RKPV SRXU XQ FnEOH GH PP
H
Y
U H K W
H V L
V
H
U
X Z
G
W
OH FRQQHFWHXU FRD[LDO 7
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
/D )LJXUH SDJH HW OD )LJXUH SDJH LOOXVWUHQW OHV PRGXOHV HW OHV EURFKHV
OOR S
$ G W
R
Q 3RXU OH PRGXOH µW\SH µ DXFXQ FRQQHFWHXU Q·HVW IRXUQL SRXU OH UDFFRUGHPHQW GHV DIIOXHQWV
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
R P
5$&&25'(0(17 '·$))/8(176 0ELWV
J
F R
LQ U
V I
\W
L Q -
S
RI R
R W L
%52&+( )21&7,21 1% &$%/(
F
GQ D
QLR U
W
]
L - - $))/8(17 (0
D
D R
Q
R LF W
K - $))/8(17 (0
Q X
J X D - - $))/8(17 (0
LQ PQ RX
V
V PW
H
W - $))/8(17 5(&
D R LU
3
F
Z - $))/8(17 5(&
G W
G Q X - $))/8(17 5(&
H
Y
U
D R
H K W
-
H V L
V X Z
H G
U
V
W
Q W H -
W H LW
K PP
J
L X U
U
OO
F H
R S
-
$ G W
R
Q
)LJXUH 5DFFRUGHPHQW G·DIIOXHQWV RX 0ELWV
-
5DFFRUGHPHQW G·DIIOXHQWV 0ELWV
- %52&+( )21&7,21 &$%/(
- $))/8(17 (0 RX
- $))/8(17 5(&
)LJXUH 5DFFRUGHPHQW G·DIIOXHQWV 0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
0RGXOH GH FRPPXWDWLRQ G·LQWHUIDFH 4[ 6\QFK
9RLU )LJXUH HW )LJXUH SDJH
O
V
L V
W D
H
W /HV VLJQDX[ 4[ HW 6\QFKURQLVP VRQW GLUHFWHPHQW UDFFRUGpV VXU OHV FRQQHFWHXUV LQVWDOOpV VXU OH PRGXOH
K
W
I
Q F
H $
W
O
GH FRPPXWDWLRQ LQVpUp GDQV O·DOYpROH ,
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
/HV UpIpUHQFHV GHV PRGXOHV VRQW LQGLTXpHV DX &KDSLWUH µ&21),*85$7,21µ SDJH
RI R
R W L
F
Q D
G
QLR U
W
]
L /H GpWDLO GHV UDFFRUGHPHQW HVW GRQQp DX[ SDUDJUDSKHV SDJH SDJH
D
D R
Q
R LF W
K SDJH SDJH HW SDJH
Q X
J X D
LQ PQ
V
V PW
H
W 'HX[ PRGXOHV H[LVWHQW VHORQ OH W\SH GH FRQQHFWHXU LQVWDOOp VXU OH PRGXOH GH FRPPXWDWLRQ SRXU UDFFRUGHU
D R LU
3
F
G W
Z OHV VLJQDX[ GH V\QFKURQLVDWLRQ VHORQ OD )LJXUH
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
/D )LJXUH SDJH UHI HW OD )LJXUH SDJH UHI PRQWUHQW TXH OHV PRGXOHV GH
H
U
V
G
W
Q W H
FRPPXWDWLRQ 4[ 6\QFK HW 4[ %7 6\QFK GLIIUHQW SDU OH W\SH GH FRQQHFWHXU GH O·LQWHUIDFH DYHF
W H LW
K
J
PP OH 701 EDVH RX %DVH 7 UHVSHFWLYHPHQW
L X U
U F H
OOR S
$ G W
R
Q
$
/
9
(
2
/
(
,
4 ,17 4 ,17
6<1&
, 6<1&
,
287
% %
*(67,21 5$&&25'(0(17 02'8/( W *(67,21 5$&&25'(0(17
28 7<3( '( 02'8/( W
(
&
,/
$
$ )LJXUH *HVWLRQ GHV FRQQHFWHXUV GHV PRGXOHV 4[ 6\QF
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
LF W
R
J
Q X
X D
$/9(2/( ,
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
*(67,21 5$&&25'(0(17 '( 02'8/( W *(67,21 5$&&25'(0(17 '(
28 7<3( 02'8/( W
)LJXUH *HVWLRQ GHV FRQQHFWHXUV GHV PRGXOHV 4[ %7 6\QFK
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQW G·LQWHUIDFH 4
9RLU )LJXUH SDJH HW )LJXUH
O
V
L V
W D
H
W &HV UDFFRUGHPHQWV V·HIIHFWXHQW YLD OH WHUPLQDO HW OH FRQQHFWHXU PnOH EURFKHV FRUUHVSRQGDQW DYHF
K
W
I
Q F
H $
W
O
XQ FnEOH GH ORQJXHXU DGDSWpH
R Q
J R P
F R
9RLU 7DEOHDX SDJH
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
LF W
R Q X
X D
$&521<0( '8
J
LQ %52&
V
PQ
H &211 $&521<0( )21&7,21 &$%/(
V PW
R LU
W
+(
D
3
F
Z µ4 ,17µ
G W
G Q X
H D R
Y
U
H
H K
V L
W *1' 7HUUH
V X Z
H G
U W
V
W
Q W
H LW
H
'RQQpHV (P .ELWV
K PP 7[$
J
L
U
X U
F H
$
OOR S
$ G W
R
Q 'RQQpHV 5HF .ELWV
5[$
$
&N$ +RUORJH $
'RQQpHV (P .ELWV
7[%
%
7[6+ %OLQGDJH GRQQpHV HQWUpH
'RQQpHV 5HF
5[%
.ELWV %
98( '( )$&(
5[6+ %OLQGDJH GRQQpHV VRUWLH
&N% +RUORJH %
*1' 7HUUH
)LJXUH 5DFFRUGHPHQWV GH O·LQWHUIDFH 4
(
&
,/
$
$
('
. $/ $* $$
$$
,QWHUIDFH GH V\QFKURQLVDWLRQ
9RLU )LJXUH SDJH
O
V
L V
W D
H
W 5DFFRUGHU OD V\QFKURQLVDWLRQ VXU OHV PRGXOHV HQ XWLOLVDQW
K
W
I
Q F
H $
W
O
OH FRQQHFWHXU FRD[LDO PnOH RKPV HW OH FnEOH GH PP
R Q
J R P
F R
OH FRQQHFWHXU FRD[LDO PnOH RKPV HW OH FnEOH GH PP
LQ U
V I
\
S
W
L Q
I R
OH FRQQHFWHXU FRD[LDO GH 7\SH
R L
F
G
R W
Q D
OH FRQQHFWHXU PnOH IL[H VXEG EURFKHV GLVSRQLEOH GDQV OH NLW FRQQHFWHXU RKPV EURFKHV
]
L
LR U
Q
D W
D R
YRLU 7DEOHDX SDJH
Q K
R LF W
Q X
J X D
LQ PQ
H
/D )LJXUH LOOXVWUH OHV PRGXOHV HW OHV EURFKHV
V W
V PW
D R LU
F
3 Z
G
G W
Q X 5$&&25'(0(17 6<1&+521,6$7,21 RKPV
H D R
Y
U H K W
H V L
V X Z $&521<0( &211 %52&+
H
U
G
W )21&7,21 &$%/(
V
W
Q W
H LW
H µ6<1&µ (
K PP
J
L X U
U F H
OOR S
$ G W
R , , 6\QFKURQLVDWLRQ HQ HQWUpH µ$µ
Q
, , RX
6\QFKURQLVDWLRQ HQ HQWUpH µ%µ
287 287
6\QFKURQLVDWLRQ HQ VRUWLH
5$&&25'(0(17 6<1&+521,6$7,21 RKPV
$&521<0( &211 %52&
$&521<0( )21&7,21 &$%/(
µ 6<1&µ +(
*1' 7HUUH
&.,1&% +RUORJH HQWUpH SRVLWLYH %
&.,1&$ +RUORJH HQWUpH SRVLWLYH $
*1' 7HUUH
&.287) +RUORJH VRUWLH QpJDWLYH
*1' 7HUUH
&.,1)% +RUORJH HQWUpH QpJDWLYH %
)5217
2 9,(:
&.,1)$ +RUORJH HQWUpH QpJDWLYH $
)LJXUH 5DFFRUGHPHQWV V\QFKURQLVDWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV G·LQWHUIDFH 4%
5DFFRUGHPHQW G·LQWHUIDFH EDVH
O
V
L V
W D
H
W 9RLU )LJXUH SDJH
K Q F
W O
I H $
W
R
J
Q
R P 5DFFRUGHU OH FnEOH FRD[LDO %1& pTXLSp G·XQ FRQQHFWHXU j VRQ H[WUpPLWp EDVH FnEOH (WKHUQHW
F R
LQ
\
S
V I
W
L Q
U
ILQ VXU OHV FRQQHFWHXUV HW
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
J
Q X
X D 5DFFRUGHPHQW G·LQWHUIDFH %7
LQ PQ
V H
V PW W
R LU
D
3
F
Z
9RLU )LJXUH SDJH
G W
G Q X
H D R
Y
U
H
H K
V L
W 5DFFRUGHU OD SDLUH WRUVDGpH pTXLSpH GX FRQQHFWHXU PnOHV 5- VXU OH FRQQHFWHXU IHPHOOH %7 GX
V X Z
H
U
G
W PRGXOH GH FRPPXWDWLRQ 4[ %7 6\QFK FRPPH LQGLTXp FLGHVVRXV
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
%5
$&521<0( &211 $&521<0
2& )21&7,21 &$%/(
µ%7µ (
+(
737;3
3DLUH GLIIpUHQWLHOOH SRXU GRQQpHV (P YHUV
737;1 OD SDLUH WRUVDGpH
735;3
3DLUH GLIIpUHQWLHOOH SRXU GRQQpHV 5HF
735;1 GHSXLV SDLUH WRUVDGpH
9& 7HUUH
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQW GH PRGXOH GH FRPPXWDWLRQ ,QWHUIDFH G·DODUPH
9RLU )LJXUH
O
V
L V
W D
H
W /HV VLJQDX[ 5HPRWH $ODUP HW 5DFN /DPS VRQW GLUHFWHPHQW UDFFRUGpV VXU OHV FRQQHFWHXUV LQVWDOOpV VXU
K
W
I
Q F
H $
W
O
OH PRGXOH GH FRPPXWDWLRQ LQVpUp GDQV O·DOYpROH µ / µ
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
3RXU SOXV GH GpWDLOV YRLU OH &KDSLWUH µ&21),*85$7,21µ SDJH
RI R
R W L
F
Q D
G
QLR U
W
]
L /HV FRQQHFWHXUV VRQW GpFULWV HQ GpWDLO DX SDUDJUDSKH SDJH $8&81 /,(1 SDJH
D
D R
Q
R LF W
K $8&81 /,(1
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V
W
K
H LW
PP
5$
J
L X U
U F H
OOR S
$ G W
R
Q
50
)LJXUH *HVWLRQ GX PRGXOH GH FRPPXWDWLRQ ,QWHUIDFH G·DODUPH
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQW G·DODUPH GLVWDQWH
9RLU )LJXUH SDJH HW )LJXUH SDJH
O
V
L V
W D
H
W /H FRQQHFWHXU HW OH VXSSRUW VRQW LQVpUpV GDQV O·LQVWDOODWLRQ 1 (76, ,QVWDOODWLRQ HW GDQV OH NLW G·LQVWDOODWLRQ
K
W
I
Q F
H $
W
O
6
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
5DFFRUGHU OHV DODUPHV GLVWDQWHV VXU OHV FRQQHFWHXUV PnOHV IL[HV 68%'3
RI R
R W L
F
Q D
G
QLR U
W
]
L )HUPHU OH FRQQHFWHXU GDQV VRQ VXSSRUW
D
D R
Q K
R LF W
J
Q X
X D 5DFFRUGHU OH FRQQHFWHXU PnOH VXU OH FRQQHFWHXU IHPHOOH
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
V L
H
V X Z %5
H
U
G
W $&521<0( &211 $&521<0
V
Q W H
2& )21&7,21 &$%/(
W
K
H LW
µ5$µ (
J
L
U
PP
X U
F H
+(
OOR S
$ G W
R
Q ,17 )RQFWLRQ 28 GH WRXWHV OHV DODUPHV ORFDOHV
)RQFWLRQ 28 GH WRXWHV OHV DODUPHV QRQ
185*
XUJHQWHV
85* )RQFWLRQ 28 GH WRXWHV OHV DODUPHV XUJHQWHV
(;7 $ODUPH GLVWDQWH H[WHUQH
)RQFWLRQ 28 GH WRXWHV OHV DODUPHV
,1'
LQGLFDWLYHV
3DV GH UDFFRUGHPHQW DYHF OH 701
/264
,QWHUI4
$ODUPH GLVWDQWH LQGLTXDQW OD GpIDLOODQFH
725
G·XQH EDWWHULH GH OD VWDWLRQ
$ODUPH GLVWDQWH LQGLTXDQW OD GpIDLOODQFH GH
7$1'
GHX[ EDWWHULHV GH OD VWDWLRQ
)5217 9,(:
& &RPPDQGH G·HQUHJLVWUHPHQW G·DODUPH
783 $ODUPH LQWHUQH GH FRQWU{OHXU G·pTXLSHPHQW
)RQFWLRQ 28 GHV GHX[ DODUPHV GH
725&
GpIDLOODQFH G·DOLPHQWDWLRQ GX FKnVVLV
)RQFWLRQ (7 GHV GHX[ DODUPHV GH
7$1&
GpIDLOODQFH G·DOLPHQWDWLRQ GX FKnVVLV
( )LJXUH 5DFFRUGHPHQWV G·DODUPHV GLVWDQWHV
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV G·LQWHUIDFHV 50 YR\DQWV GX EkWL
9RLU )LJXUH SDJH HW $8&81 /,(1
O
V
L V
W D
H
W /HV UDFFRUGHPHQWV V·HIIHFWXHQW HQWUH OH FRQQHFWHXU GX PRGXOH HW OH SDQQHDX GH UDFFRUGHPHQW GX
K
W
I
Q F
H $
W
O
WHUPLQDO HQ SDUWLH VXSpULHXUH GX EkWL YRLU OD GRFXPHQWDWLRQ UHODWLYH DX EnWL
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
8Q FkEOH pTXLSp G·XQ FRQQHFWHXU HVW XWLOLVp
RI R
R W L
F
Q D
G
QLR U
W
]
L %nWL 1 &kEOH G·DODUPHV pTXLSp G·XQ FRQQHFWHXU IHPHOOH 68%' 3 F{Wp PRGXOH HW G·XQ
D
D R
Q
R LF W
K FRQQHFWHXU PnOH 68%' 3 F{Wp EkWL
Q X
J X D
LQ PQ
V
V PW
H
W %nWL 6 )LFKH GH FRUGRQ 6 pTXLSp G·XQ FRQQHFWHXU IHPHOOH 68%'3 F{Wp PRGXOH HW G·XQ
D R LU
3
F
G W
Z FRQQHFWHXU PnOH IL[H 68%'3 F{Wp EkWL
G Q X
H
Y
D R &RPSULV GDQV OH NLW G·LQVWDOODWLRQ 6
U H K W
H V L
V X Z
H
U
V
G
W
Q W H
/H FRQQHFWHXU EURFKHV HW OH FRQQHFWHXU EURFKHV VRQW IRXUQLV DYHF XQ VXSSRUW
W H LW
K
J
PP PpWDOOLTXH
L X U
U F H
OOR S
$ G W
R
Q
$&521<0( %5
$&521<0
3$11($8 2& )21&7,21
(
µ5 0µ +(
96(593 3{OH SRVLWLI GH OD EDWWHULH HQ VHUYLFH
& &RPPDQGH GH PpPRULVDWLRQ G·DODUPH
0 &RPPDQGH G·DFWLYDWLRQ GX YR\DQW MDXQH GH PpPRULVDWLRQ
585* &RPPDQGH G·DFWLYDWLRQ GX YR\DQW URXJH XUJHQW
5185* &RPPDQGH G·DFWLYDWLRQ GX YR\DQW URXJH QRQ XUJHQW
96(591 3{OH QpJDWLI GH OD EDWWHULH HQ VHUYLFH
&RPPDQGH G·DFWLYDWLRQ GX YR\DQW YHUW DSSHO UHoX GHSXLV
&+
OHV FDQDX[ DX[LOLDLUHV
725 )RQFWLRQ 28 GH VRXUFH EDWWHULH
*1' 7HUUH
)LJXUH 5DFFRUGHPHQWV G·LQWHUIDFH 5$%
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQW GH FDQDX[ GH GRQQpHV DX[LOLDLUHV
9RLU )LJXUH
O
V
L V
W D
H
W /HV VLJQDX[ GH FDQDO GH GRQQpHV DX[LOLDLUH VRQW GLUHFWHPHQW UDFFRUGpV VXU OHV FRQQHFWHXUV LQVWDOOpV VXU
K
W
I
Q F
H $
W
O
OH PRGXOH GH FRPPXWDWLRQ LQVpUp GDQV O·DOYpROH µ )µ
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
3RXU SOXV GH GpWDLOV YRLU OH &KDSLWUH µ&21),*85$7,21µ SDJH
RI R
R W L
F
Q D
G
QLR U
W
]
L 3RXU SOXV GH GpWDLOV VXU OHV UDFFRUGHPHQWV YRLU SDUDJUDSKH SDJH SDJH
D
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
9
.
)LJXUH *HVWLRQ GX PRGXOH GH FRPPXWDWLRQ GH FDQDO GH GRQQpHV DX[LOLDLUH
(
&
,/
$
$
('
. $/ $* $$
$$
([WHQVLRQ 9'6 5DFFRUGHPHQWV GH FDQDO GH SDUROH
9RLU )LJXUH HW )LJXUH
O
V
L V
W D
H
W 5DFFRUGHU OHV FDQDX[ G·H[WHQVLRQ 9'6 VXU OH FRQQHFWHXU RKP EURFKHV
K Q F
W O
I H $
W
R
J
Q
R P )HUPHU FKDTXH FRQQHFWHXU GDQV OH VXSSRUW PpWDOOLTXH SRXU OH FRQQHFWHXU 68%' EURFKHV
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L ,QVpUHU OH FRQQHFWHXU GDQV OH FRQQHFWHXU
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
W
V PW
R LU &211(&7(85 %52&
$&521<0( )21&7,21 &$%/(
D
F
3 Z
G
G W
Q X
+(
H D R
Y
U H K W
V L
H
V
H
X Z
G
()(3 (QWUpH SRVLWLYH G·H[WHQVLRQ
U W
V
W
Q W
H LW
H DQDORJLTXH
K PP
J
L X U
()83 6RUWLH SRVLWLYH G·H[WHQVLRQ
U F H
OOR S
$ G W
R
DQDORJLTXH
Q
*1' 7HUUH
()(1 (QWUpH QpJDWLYH G·H[WHQVLRQ
DQDORJLTXH
()81 6RUWLH QpJDWLYH G·H[WHQVLRQ
DQDORJLTXH
)LJXUH 5DFFRUGHPHQWV G·H[WHQVLRQ 9'6
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQW GHV GRQQpHV DX[LOLDLUHV 9 .E
9RLU )LJXUH SDJH HW )LJXUH
O
/HV FRQQHFWHXUV PnOHV IL[HV 68%' EURFKHV HW OHV VXSSRUWV VH WURXYHQW GDQV OH NLW 5DFFRUGHPHQW
H
V
L
K
V
W D
W
RKPV EURFKHV 9RLU 7DEOHDX SDJH
W Q F O
I H $
W
R Q
J R P
F R
5DFFRUGHU OHV FDQDX[ GH GRQQpHV VXU OHV GHX[ FRQQHFWHXUV PnOHV IL[HV 68%' EURFKHV
LQ U
V I
\
S
W
L Q
I R
UHVSHFWLYHPHQW SRXU OHV GRQQpHV µ9µ YRLU )LJXUH HW OHV GRQQpHV µ .µ YRLU )LJXUH
R L
F
G
R W
Q D
SDJH
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
)HUPHU FKDTXH FRQQHFWHXU GDQV VRQ VXSSRUW
J X D
LQ PQ
H
,QVpUHU OHV FRQQHFWHXUV GDQV OH SDQQHDX GH UDFFRUGHPHQW HW VHORQ OD IDFH DYDQW GH OD FDUWH
V W
V PW
D R LU
F
3
G
G W
Q X
Z
LQGLTXpH VXU OD )LJXUH SDJH
H D R
Y
U H K W
H
V
V L
X Z 5DFFRUGHU OH FRQQHFWHXU PnOH GDQV OH FRQQHFWHXU IHPHOOH SRXU O·DFURQ\PH µ9µ RX GDQV OH
H G
U
V
W
W
Q W
H LW
H FRQQHFWHXU IHPHOOH SRXU O·DFURQ\PH µ .µ
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$&521<0( &211 %5
µ 9 µ 2& $&521<0( )21&7,21 &$%/(
+(
9(3 (QWUpH GRQQpHV (P 326 9
983 6RUWLH GRQQpHV 5H[ 326 9
9(3 (QWUpH GRQQpHV (P 326 9
983 6RUWLH GRQQpHV 5HF 326 9
9 (3 (QWUpH GRQQpHV (P 326 9
983 6RUWLH GRQQpHV 5HF 326 9
*1' 7HUUH
9(1 (QWUpH GRQQpHV (P 1(* 9
981 6RUWLH GRQQpHV 5HF 1(* 9
98( '( )$&( 9(1 (QWUpH GRQQpHV (P 1(* 9
981 6RUWLH GRQQpHV 5HF 1(* 9
9(1 (QWUpH GRQQpHV (P 1(* 9
981 6RUWLH GRQQpHV 5HF 1(* 9
)LJXUH 5DFFRUGHPHQWV FDQDX[ DX[LOLDLUHV 9
(
&
,/
$
$
('
. $/ $* $$
$$
$&521<0( &211 %5
µ . µ 2& $&521<0( )21&7,21 &$%/(
+(
O
H
W
V
L
K
W
V
W D
Q F O
'(3 (QWUpH GRQQpHV (P 326
I H $
W
R Q
J
LQ
R P
F R
U
'83 6RUWLH GRQQpHV 5HF 326
\V I
W
L Q
S
RI R
FR W
Q D
L
'(3 (QWUpH GRQQpHV (P 326
G ]
QLR U L
D W
D R
Q
R LF W
K '83 6RUWLH GRQQpHV 5HF 326
Q X
J X D
LQ PQ
V
V PW
H
W '(3 (QWUpH GRQQpHV (P 326
D R LU
F
3 Z
G W
G
H
Q X
D R '83 6RUWLH GRQQpHV 5HF 326
Y
U H K W
H V L
V
H
U
X Z
G
W
Q W H
V H LW
W
K
J
L
U
PP
X U 7HUUH
F H
OOR S
$ G W
R
Q '(1 (QWUpH GRQQpHV (P 1(*
'81 6RUWLH GRQQpHV 5HF 1(*
)5217 9,(: '(1 (QWUpH GRQQpHV (P 1(*
'81 6RUWLH GRQQpHV 5HF 1(*
'(1 (QWUpH GRQQpHV (P 1(*
'81 6RUWLH GRQQpHV 5HF 1(*
)LJXUH 5DFFRUGHPHQWV FDQDX[ DX[LOLDLUHV .%LWV
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQW G·DIIOXHQWV '9%
/HV DIIOXHQWV '9% VH UDFFRUGHQW GLUHFWHPHQW VXU OHV FDUWHV IRXUQLHV DYHF OH FRQQHFWHXU pOHFWULTXH %1&
O
GH OD IDoRQ VXLYDQWH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
,QVpUHU OHV FDUWHV '9% GDQV OHV SRVLWLRQV LQGLTXpHV DX &KDSLWUH µ&21),*85$7,21µ SDJH
R Q
J R P
F R
LQ U
\V I
W
L Q
S
I R
R
FR W L
5DFFRUGHU OHV FnEOHV F{Wp (P RX 5HF SRXU FKDTXH FDQDO pTXLSpV GH FRQQHFWHXUV FRD[LDX[
GQ D
Q
D
LR U
W
]
L
PnOHV %1& ¡ VXU OHV FRQQHFWHXUV GX FRXYHUFOH GH OD IDFH DYDQW GH OD FDUWH YRLU )LJXUH
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H
Y
U
D R
H K W
(QWUpH FDQDO F{Wp (P
H V L
V X Z
H G
U W
V
W
Q W
H LW
H 6RUWLH FDQDO F{Wp 5HF
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
)LJXUH 5DFFRUGHPHQWV GHV DIIOXHQWV '9%
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV RSWLTXHV 670 670
9RLU )LJXUH SDJH
O
V
L V
W D
H
W /HV UDFFRUGHPHQWV VRQW HIIHFWXpV GLUHFWHPHQW VXU OHV FDUWHV pTXLSpHV G·XQH LQWHUIDFH RSWLTXH GH OD IDoRQ
K
W
I
Q F
H $
W
O
VXLYDQWH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
,QWURGXLUH OHV FDUWHV G·LQWHUIDFH RSWLTXH GDQV OHV SRVLWLRQV DVVLJQpHV FRPPH LQGLTXp DX
I R
R
FR W L
´&KDSLWUH &21),*85$7,21µ SDJH
GQ D
Q
D
LR U
W
]
L
/HV FDUWHV SHXYHQW rWUH VRLW OHV DJUpJDWV SDUWLH LQIpULHXUH GX FKkVVLV VRLW OHV DIIOXHQWV RSWLTXHV
D R
Q
R LF W
Q X
K
670 SDUWLH VXSpULHXUH
J X D
LQ PQ
H
'pYLVVHU OD YLV SRXU UHWLUHU OD SURWHFWLRQ GX FkEOH RSWLTXH GH OD FDUWH
V W
V PW
D R LU
F
3
G
G W
Q X
Z
&HWWH VpFXULVDWLRQ QH SURWqJH SDV XQLTXHPHQW PpFDQLTXHPHQW OHV FRQQHFWHXUV RSWLTXHV PDLV
H
Y
U
D R
H K W
IDLW RIILFH GH EDUULqUH GH SURWHFWLRQ FRQWUH OHV LQWHUIpUHQFHV pOHFWURPDJQpWLTXHV
H V L
V X Z
H G
U
V
W
W
Q W
H LW
H 5HWLUHU OH FRXYHUFOH GX FRQGXLW GH ILEUHV RSWLTXHV /HV FRQGXLWV GH ILEUHV RSWLTXHV VH WURXYHQW
K
J
L
U
PP
X U
j OD IRLV VXU OD SDUWLH VXSpULHXUH SRXU OHV UDFFRUGHPHQWV G·DIIOXHQWV RSWLTXHV HW LQIpULHXUH GH
F H
OOR S
$ G W
OD VWUXFWXUH SRXU OHV UDFFRUGHPHQWV G·DJUpJDWV RSWLTXHV /D )LJXUH SDJH PRQWUH
R
Q XQ FRQGXLW GH ILEUHV RSWLTXHV W\SH XWLOLVp VXU OD SDUWLH VXSpULHXUH
3ODFHU OHV FkEOHV RSWLTXHV PRQRILEUH (P5HF GDQV OHV FRQGXLWV /HV FDUDFWpULVWLTXHV GHV
FkEOHV RSWLTXHV PRQRILEUH VRQW VSpFLILpHV DX 7DEOHDX SDJH
([WUDLUH OHV FkEOHV RSWLTXHV PRQRILEUH GHV RULILFHV VLWXpV j F{Wp GHV FDUWHV DX[TXHOOHV LOV VHURQW
FRQQHFWpV
,QWURGXLUH OH FRQQHFWHXU GX FkEOH PRQRILEUH GDQV FHOXL FRUUHVSRQGDQW HQ IDFH DYDQW GH OD FDUWH
9RLU )LJXUH SDJH
$JUpJDW HQWUpH F{Wp 5HF
$JUpJDW VRUWLH F{Wp (P
$IIOXHQW HQWUpH F{Wp (P
$IIOXHQW VRUWLH F{Wp 5HF
5HSODFHU OD SURWHFWLRQ GX FkEOH RSWLTXH VXU OD FDUWH FRPPH VXLW
,QWURGXLUH OD SDUWLH LQIpULHXUH GH OD SURWHFWLRQ GX FkEOH RSWLTXH PRQRILEUH GDQV
O·DOYpROH HQ IDFH DYDQW GH OD FDUWH
,QWURGXLUH OD YLV GDQV O·RULILFH HQ IDFH DYDQW GH OD FDUWH
$77(17,21 $X FRXUV GH FHWWH RSpUDWLRQ YpULILHU TXH FkEOHV RSWLTXHV PRQRILEUH VRQW
FRUUHFWHPHQW SODFpV GDQV O·DOYpROH
6HUUHU OD YLV SRXU REWHQLU XQ ERQ FRQWDFW PpFDQLTXH HQWUH OD SURWHFWLRQ GX FkEOH RSWLTXH HW
OD IDFH DYDQW GH OD FDUWH
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
&289(5&/( '8
&21'8,7 '( ),%5( 237,48(
)LJXUH 5DFFRUGHPHQWV RSWLTXHV 670
(
&
,/
$
$
('
. $/ $* $$
$$
'LPHQVLRQV GX FRQQHFWHXU RSWLTXH (76,
/D )LJXUH LQGLTXH OHV GLPHQVLRQV PD[LPDOHV DXWRULVpHV GX FRQQHFWHXU RSWLTXH F{Wp ILEUH SRXYDQW
O
rWUH XWLOLVpHV SRXU OHV UDFFRUGHPHQWV RSWLTXHV
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ
V
PQ
H
W
PD[ PP
V PW
D R LU
F
3 Z
G W
PD[ PP
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
PD[ PP
PD[ PP
PD[ PP
PD[ PP
PD[ PP
PD[ PP
/(*(1'(
6&3&
)&3&
',1
( )LJXUH 'LPHQVLRQV GX FRQQHFWHXU RSWLTXH (76,
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV RSWLTXHV GH O·DJUpJDW 670 HW UDFFRUGHPHQWV WUDQVSDUHQWV
9RLU )LJXUH SDJH
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 5DFFRUGHPHQWV RSWLTXHV 670
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K /HV UDFFRUGHPHQWV VRQW HIIHFWXpV GLUHFWHPHQW VXU OHV FDUWHV GH OD IDoRQ VXLYDQWH
R Q X
J X D
LQ
V
V
PQ
PW
H
W
,QWURGXLUH OHV FDUWHV G·DJUpJDWV 670 GDQV OHXUV SRVLWLRQV DVVLJQpHV FRPPH LQGLTXp DX
R LU
D
3
F
Z
´&KDSLWUH &21),*85$7,21µ SDJH
G W
G Q X
H D R
Y
U
H
H K
V L
W 'pYLVVHU OD YLV SRXU UHWLUHU OD SURWHFWLRQ GX FkEOH RSWLTXH GH OD FDUWH &HWWH SURWHFWLRQ
V X Z
H
U
G
W SURWqJH PpFDQLTXHPHQW OHV FRQQHFWHXUV RSWLTXHV
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H 'pSRVHU OH FRXYHUFOH GX FRQGXLW GH FkEOHV GH ILEUHV RSWLTXHV VLWXp VXU OD SDUWLH LQIpULHXUH GH
R S
$ G W
R
OD VWUXFWXUH
Q
3ODFHU OHV FkEOHV RSWLTXHV PRQRILEUH (P5HF GDQV OH FRQGXLW /HV FDUDFWpULVWLTXHV GHV FkEOHV
RSWLTXHV VRQW VSpFLILpHV DX 7DEOHDX SDJH
([WUDLUH OHV FkEOHV RSWLTXHV PRQRILEUH GHV RULILFHV VLWXpV j F{Wp GHV FDUWHV G·DJUpJDW
DX[TXHOOHV LOV VHURQW FRQQHFWpV
,QVpUHU OH FRQQHFWHXU GH FkEOHV RSWLTXHV GDQV FHOXL FRUUHVSRQGDQW (P5HF HQ IDFH DYDQW GH
OD FDUWH 9RLU )LJXUH SDJH
5HSODFHU OD SURWHFWLRQ GHV FkEOHV GH ILEUHV RSWLTXHV VXU OD FDUWH FRPPH VXLW
,QVpUHU OD SURWHFWLRQ GX FkEOH GH ILEUHV RSWLTXHV HQ IDFH DYDQW GH OD FDUWH HQ IDLVDQW
FRXULU OH F{Wp JDXFKH VRXV OD SRLJQpH
$77(17,21 $X FRXUV GH FHWWH RSpUDWLRQ V·DVVXUHU TXH OHV FkEOHV RSWLTXHV PRQRILEUH
VRQW FRUUHFWHPHQW SODFpV VRXV OD SURWHFWLRQ
5HPHWWUH OD YLV SRXU REWHQLU XQ ERQ FRQWDFW PpFDQLTXH HQWUH OD SURWHFWLRQ GX FkEOH
RSWLTXH HW OD IDFH DYDQW GH OD FDUWH
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV GH O·DJUpJDW 670 HW UDFFRUGHPHQWV WUDQVSDUHQWV
&HV UDFFRUGHPHQWV WUDQVSDUHQWV VRQW REOLJDWRLUHV HW GRLYHQW rWUH HIIHFWXpV HQ XWLOLVDQW OH NLW GH
O
MDUUHWLpUDJH FRD[LDO GRQW OD UpIpUHQFH HVW IRXUQLH DX &KDSLWUH µ&21),*85$7,21µ SDJH
H
V
L
K
V
W D
W
7DEOHDX µ/LVWH GH FRPSRVDQWVµ
W Q F O
I H $
W
R Q
J R P
F R
3RXU OHV UDFFRUGHPHQWV WUDQVSDUHQWV GHV DJUpJDWV 670 YRLU OH 7DEOHDX SDJH HW OD
LQ U
V I
\
S
W
L Q
I R
)LJXUH SDJH HW VHXOHPHQW SRXU OH UDFFRUGHPHQW WUDQVSDUHQW GH O·DJUpJDW +0 YRLU OH
R L
F
G
R W
Q D
7DEOHDX SDJH HW OD )LJXUH SDJH
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
/HV UDFFRUGHPHQWV V·HIIHFWXHQW GLUHFWHPHQW VXU OD IDFH DYDQW GHV FDUWHV GH OD IDoRQ VXLYDQWH
J X D
LQ PQ
H
,QWURGXLUH OH SUHPLHU FRQQHFWHXU GX SUHPLHU FnEOH GDQV OH FRQQHFWHXU (67 5(& GH O·DJUpJDW
V W
V PW
D R LU
F
3
G
G W
Q X
Z
,QWURGXLUH OH GHX[LqPH FRQQHFWHXU GX SUHPLHU FnEOH GDQV OH FRQQHFWHXU 28(67 (0 GH
H
Y
U
D R
H K W
O·DJUpJDW 6L OH GHX[LqPH FRQQHFWHXU GRLW rWUH UHWRXUQp WRUVDGHU OH FnEOH VDQV PDQLSXOHU
H V L
V
H
X Z
G
OH FRQQHFWHXU DYDQW GH O·LQWURGXLUH
U W
V
W
Q W
H LW
H
,QVWDOOHU OH SUHPLHU FnEOH GDQV OH FRQGXLW GH FnEOHV VHORQ OH 7DEOHDX SDJH GDQV FH
K
J
L
U
PP
X U
F H
FDV XWLOLVHU OHV RULILFHV RX VHXOHPHQW SRXU O·DJUpJDW +0 OH 7DEOHDX SDJH
OOR S
$ G W
R
GDQV FH FDV XWLOLVHU OHV RULILFHV
Q
,QWURGXLUH OH SUHPLHU FRQQHFWHXU GX GHX[LqPH FnEOH GDQV OH FRQQHFWHXU (67 5(&
,QWURGXLUH OH GHX[LqPH FRQQHFWHXU GX GHX[LqPH FnEOH GDQV OH FRQQHFWHXU 28(67 (0 GH
O·DJUpJDW 6L OH GHX[LqPH FRQQHFWHXU GRLW rWUH UHWRXUQp WRUVDGHU OH FnEOH VDQV PDQLSXOHU
OH FRQQHFWHXU DYDQW GH O·LQWURGXLUH
,QVWDOOHU OH GHX[LqPH FnEOH GDQV OH FRQGXLW GH FnEOHV VHORQ OH 7DEOHDX SDJH GDQV
FH FDV XWLOLVHU pJDOHPHQW OHV RULILFHV RX VHXOHPHQW SRXU O·DJUpJDW +0 OH 7DEOHDX
SDJH GDQV FH FDV XWLOLVHU pJDOHPHQW OHV RULILFHV
,QWURGXLUH OH SUHPLHU FRQQHFWHXU GX WURLVLqPH FnEOH GDQV OH FRQQHFWHXU (67 5(& GH O·DJUpJDW
,QWURGXLUH OH GHX[LqPH FRQQHFWHXU GX WURLVLqPH FnEOH GDQV OH FRQQHFWHXU 28(67 (0 GH
O·DJUpJDW 6L OH GHX[LqPH FRQQHFWHXU GRLW rWUH UHWRXUQp WRUVDGHU OH FnEOH VDQV PDQLSXOHU
OH FRQQHFWHXU DYDQW GH O·LQWURGXLUH
,QVWDOOHU OH WURLVLqPH FnEOH GDQV OH FRQGXLW GH FnEOHV VHORQ OH 7DEOHDX SDJH GDQV
FH FDV XWLOLVHU OHV RULILFHV RX VHXOHPHQW SRXU O·DJUpJDW +0 OH 7DEOHDX SDJH
GDQV FH FDV XWLOLVHU OHV RULILFHV
,QWURGXLUH OH SUHPLHU FRQQHFWHXU GX SUHPLHU FnEOH GDQV OH FRQQHFWHXU (67 5(& GH O·DJUpJDW
,QWURGXLUH OH GHX[LqPH FRQQHFWHXU GX TXDWULqPH FnEOH GDQV OH FRQQHFWHXU 28(67 (0 GH
O·DJUpJDW 6L OH GHX[LqPH FRQQHFWHXU GRLW rWUH UHWRXUQp WRUVDGHU OH FnEOH VDQV PDQLSXOHU
OH FRQQHFWHXU DYDQW GH O·LQWURGXLUH
,QVWDOOHU OH TXDWULqPH FnEOH GDQV OH FRQGXLW GH FnEOHV VHORQ OH 7DEOHDX SDJH GDQV
FH FDV XWLOLVHU OHV RULILFHV RX VHXOHPHQW SRXU O·DJUpJDW +0 OH 7DEOHDX SDJH
GDQV FH FDV XWLOLVHU OHV RULILFHV
3RXU LQVWDOOHU GX FLQTXLqPH DX KXLWLqPH FnEOH UHSUHQGUH OHV RSpUDWLRQV j SRXU OHV
FRQQHFWHXUV GH O·DJUpJDW (67 (0 j (0 HW GH O·DJUpJDW 28(67 5(& j 5(& YRLU OH
7DEOHDX SDJH GDQV FH FDV XWLOLVHU OHV RULILFHV HW RX VHXOHPHQW SRXU
O·DJUpJDW +0 OH 7DEOHDX SDJH GDQV FH FDV XWLOLVHU OHV RULILFHV HW
)DLUH SDVVHU OHV FnEOHV (P HW 5HF WUDQVSDUHQWV j WUDYHUV OHV DLOHWWHV GH UHIURLGLVVHPHQW HW VRXV
OD SRLJQpH FRPPH LQGLTXp j OD )LJXUH SDJH HW j OD )LJXUH SDJH /HV
FnEOHV SDVVHQW DXGHVVXV GH OD SURWHFWLRQ RSWLTXH
5HWLUHU OH FRXYHUFOH GX FRQGXLW LQIpULHXU
,QWURGXLUH OHV FnEOHV WUDQVSDUHQWV GDQV OH µFRQGXLWµ
/HV FnEOHV VRQW SDU FRQVpTXHQW UDFFRUGpV HW SURWpJpV FRQWUH WRXWH H[WUDFWLRQ LQDSSURSULpH 3RXU
GpFRQQHFWHU OHV UDFFRUGHPHQWV WUDQVSDUHQWV XWLOLVHU O·H[WUDFWHXU FRUUHVSRQGDQW RXWLOODJH G·H[WUDFWLRQ
(
&
,/
YRLU OH &KDSLWUH /LVWH GH SLqFHV 7DEOHDX SDJH 6·LO Q·HVW SDV GLVSRQLEOH XWLOLVHU XQ WRXUQHYLV SRXU
$
$ VRXOHYHU O·pFURX DQQHOp GX FRQQHFWHXU GX FnEOH WUDQVSDUHQW
('
. $/ $* $$
$$
7DEOHDX 5DFFRUGHPHQW GX NLW GH MDUUHWLpUDJH GH O·DJUpJDW 670 WUDQVSDUHQW
O
H
W
(VW 2XHVW ,GHQWLILFDWLRQ GHV 3RVLWLRQV GHV FkEOHV
V V
L
K
W
W D
Q F O FkEOHV GDQV OHV RULILFHV
I H $
W
R Q
R P
J
LQ
F R
V I
U (QWUpH 6RUWLH
\W
SL Q
RI R
L
F
G
R W
Q D
]
5HF ! (P ! $ ! !
QLR U L
D W
D R
Q
R LF W
Q X
K
5HF ! (P ! % ! !
J X D
LQ PQ
V
V
D
PW
R LU
H
W 5HF ! (P ! & ! !
F
3 Z
G W
G
H
Y
Q X
D R 5HF ! (P ! ' ! !
U H K W
H V L
V X Z
H
U
G
W
Q W H
(P ! 5HF ! ( ! !
V H LW
W
K PP
J
L
U
OO
X U
F H (P ! 5HF ! ) ! !
R S
$ G W
R
Q (P ! 5HF ! * ! !
(P ! 5HF ! + ! !
7DEOHDX 5DFFRUGHPHQW GX NLW GH MDUUHWLpUDJH GH O·DJUpJDW 670 +0 WUDQVSDUHQW
(VW 2XHVW ,QGLFDWLRQ GHV 3RVLWLRQV GHV FkEOHV
FkEOHV GDQV OHV RULILFHV
(QWUpH 6RUWLH
5HF ! (P ! $ ! !
5HF ! (P ! % ! !
5HF ! (P ! & ! !
5HF ! (P ! ' ! !
(P ! 5HF ! ( ! !
(P ! 5HF ! ) ! !
(P ! 5HF ! * ! !
(P ! 5HF ! + ! !
(
&
,/
$
$
('
. $/ $* $$
$$
(67 28(67
O
H
V W
L V
W D
K Q F
W O
I H $
W 5[ $ 5[ (
R Q 5[ % 5[ )
J R P
F R & *
LQ
5[ 5[
U
\V I 5[ ' 5[ +
W
L Q
S 7[ ( 7[ $
RI R
R W L
F 7[ ) 7[ %
GQ D 7[ * 7[ &
]
L
QLR U 7[ + 7[ '
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
µ&/$03µ '( ),%5(
&289(5&/( &21'8,7
5[
7[
7[
7[
7[
)LJXUH 5DFFRUGHPHQWV RSWLTXHV 670 HW WUDQVSDUHQFH
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
G
Q
Q D
LR U
]
L (67 28(67
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L 5[ $ 5[ (
V X Z
H
U
G
W 5[ % 5[ )
Q W H
V
W H LW 5[ & 5[ *
K PP
J
L
U
X U 5[ ' 5[ +
F H
OOR S 7[ ( 7[ $
$ G W
R
Q 7[ ) 7[ %
7[ * 7[ &
7[ + 7[ '
21 21
)LJXUH 7UDQVSDUHQFH 670 +0
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQW ,(&% YHUVGHSXLV '523 6+(/)
9RLU )LJXUH SDJH HW )LJXUH
O
V
L V
W D
H
W /H UDFFRUGHPHQW V·HIIHFWXH VXU OD IDFH DYDQW GH OD FDUWH GH WHUPLQDLVRQ '6 )XWXUH %XV LQVpUpH GDQV
K
W
I
Q F
H $
W
O
O·DOYpROH µ$µ DX PR\HQ GH TXDWUH FRQQHFWHXUV FRD[LDX[ 2+0 YRLU $8&81 /,(1 SDJH
R Q
J R P
F R
$8&81 /,(1 &KDSLWUH µ&21),*85$7,21µ SDJH HW )LJXUH GpGLpV j O·LQWHUIDoDJH GX EXV
LQ U
V I
\
S
W
L Q
I R
,(&% DYHF OH PRGXOH '523 6+(/) )8785(%86 7(50,1$7,21 YRLU )LJXUH SDJH
R L
FR W
GQ D
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
5DFFRUGHU OD FRQQH[WLRQ ,(&% FRPPH LQGLTXp VXU OD )LJXUH HQ XWLOLVDQW OH FnEOH IRXUQL DYHF
J X D
LQ PQ
H
O·pTXLSHPHQW '523 6+(/) HW FRPSULV GDQV OH NLW GH FRQQH[LRQ µ'523 6+(/) 6 1µ
V W
V PW
D R LU
F
3 Z
G W
G
H
Q X
D R 3$11($8 '( %52&+ $&521<0( )21&7,21 &$%/(
Y
H K
U
H
V
V L
X Z
W
5$&&25'(0( (
H
U
V
G
W
Q W H 17
W H LW
K PP
J
L
&./ &./ +25/2*( %86 /2&$/
X U
U F H
OOR S
$ G W
&./
R
'/
Q
'/ '/ '211((6 %86 /2&$/
&.1 &.1 &.1 +25/2*( %86 5(6($8
'1 '1 '1 '211((6 %86 5(6($8
)LJXUH 5DFFRUGHPHQWV EXV ,(&%
5DFFRUGHPHQWV GH O·LQWHUIDFH ) SRXU 3& ORFDO
/H UDFFRUGHPHQW V·HIIHFWXH VXU OD IDFH DYDQW GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW )LJXUH SDJH
DYHF OH FnEOH pTXLSp G·XQ FRQQHFWHXU EURFKHV IRXUQL DYHF OH 3&
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV GX PRGXOH GH FRPPXWDWLRQ G·DOLPHQWDWLRQ HW GH VHUYLFH
/H VLJQDO EDWWHULH HW VHUYLFH HVW GLUHFWHPHQW UDFFRUGp DYHF OHV FRQQHFWHXUV LQVWDOOpV VXU OH PRGXOH GH
O
FRPPXWDWLRQ LQVpUp GDQV O·DOYpROH µ 0µ
H
V W
L V
W D
K
W
I
Q F
H $
W
O
3RXU SOXV GH GpWDLOV YRLU OD )LJXUH HW OH &KDSLWUH µ&21),*85$7,21µ SDJH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
8QH GHVFULSWLRQ GpWDLOOpH GHV UDFFRUGHPHQWV HVW IRXUQLH DX SDUDJUDSKH SDJH HW DX
I R
R
FR W L
SDUDJUDSKH SDJH
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L
U
X U
F H
+.
OOR S
$ G W
R
Q
%$77
%$77
)LJXUH *HVWLRQ GX PRGXOH GH FRPPXWDWLRQ EDWWHULH HW VHUYLFH
(
&
,/
$
$
('
. $/ $* $$
$$
5DFFRUGHPHQWV GH VHUYLFH
9RLU )LJXUH SDJH
O
V
L V
W D
H
W 7/H FRQQHFWHXU HW OH VXSSRUW VH WURXYHQW GDQV OH NLW G·LQVWDOODWLRQ 1 HW GDQV OH NLW G·LQVWDOODWLRQ 6
K Q F
W O
I H $
W
R
J
Q
R P 5DFFRUGHU OHV DODUPHV GH VHUYLFH DYHF OHV FRQQHFWHXUV PnOHV IL[HV 68%'3
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L )HUPHU OH FRQQHFWHXU GDQV VRQ VXSSRUW
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K ,QVpUHU OH FRQQHFWHXU GDQV OH PRGXOH DYHF O·DFURQ\PH µ+.µ
R Q X
J X D
LQ
V
V
PQ
PW
H
W
1% &3, VRQW DWWULEXpV DX[ DODUPHV GH O·DPSOLILFDWHXU RSWLTXH SRXYDQW rWUH FRQQHFWpHV j O·p
R LU
D
3
F
Z
TXLSHPHQW 60 &3, HVW DWWULEXp j XQ pYHQWXHO pTXLSHPHQW 668 HW &3, HVW UpVHUYp
G W
G
H
Q X
D R j O·DODUPH '523 6+(/) $1' %$77(5<
Y
U H K W
H V L
V X Z
H
U
G
W 1% /HV HQWUpHV &3, QH SHXYHQW SDV UHFHYRLU GH FRQWDFWV GH PLVH j OD WHUUH
Q W H
V
W
K
H LW
PP
/HV VLJQDX[ GH VHUYLFH RXYHUWXUHIHUPHWXUH SURYHQDQW G·XQ DXWUH pTXLSHPHQW FRPPH
J
O·DPSOLILFDWHXU RSWLTXH SDU H[HPSOH GRLYHQW GHYHQLU GHV FULWqUHV GH PLVH j OD WHUUH
L X U
U F H
OOR S
$ G W
R
Q
1% &3 QH VRQW SDU RSpUDWLRQQHOV
$&521<0( %5 &$%/(
&211 2& $&521<0( )21&7,21
µ+.µ +(
&3, (QWUpH FRQWDFW SDUDOOqOH
&3, (QWUpH FRQWDFW SDUDOOqOH
&3, (QWUpH FRQWDFW SDUDOOqOH
668)$,/ )RQFWLRQ 28 GHV DODUPHV GH OD FDUWH
DOLPHQWDWLRQ V\QFKURQLVDWLRQ
2)$85* $ODUPH XUJHQWH GH 2)$ H[WHUQH
2)$$%1 &RQGLWLRQ DQRUPDOH VXU 2)$ H[WHUQH
2)$185* $ODUPH QRQ XUJHQWH VXU 2)$ H[WHUQH
$1' %$77 $ODUPH G·DOLPHQWDWLRQ GH VWDWLRQ VXU 2)$
(;7 H[WHUQH
&32 6RUWLH FRQWDFW SDUDOOqOH
&32 6RUWLH FRQWDFW SDUDOOqOH
98( '( )$&( &32 6RUWLH FRQWDFW SDUDOOqOH
&32 6RUWLH FRQWDFW SDUDOOqOH
&.2)$ 6RUWLH FRQWDFW SDUDOOqOH
&32 6RUWLH FRQWDFW SDUDOOqOH
&32 6RUWLH FRQWDFW SDUDOOqOH
(
&
,/
$
$ )LJXUH 5DFFRUGHPHQWV GH VHUYLFH
('
. $/ $* $$
$$
5DFFRUGHPHQWV GH O·DOLPHQWDWLRQ
9RLU )LJXUH SDJH HW )LJXUH SDJH
O
V
L V
W D
H
W $YHF OH EkWL (76,
K Q F
W O
I H $
W
R
J
Q
R P /D SURFpGXUH VXLYDQWH V·DSSOLTXH ORUVTXH O·pTXLSHPHQW IDLW SDUWLH G·XQ EnWL (76,
F R
LQ
\
S
V I
W
L Q
U
/HV FRQWDFWV HW OH FRQQHFWHXU IRQW SDUWLH GX NLW G·LQVWDOODWLRQ 1
RI R
R W L
F
Q D
G
QLR U
W
]
L 5DFFRUGHU OH FkEODJH G·DOLPHQWDWLRQ SURYHQDQW GHV EDWWHULHV GH OD VWDWLRQ VXU OHV FRQWDFWV
D
D R
Q
R LF W
K IHPHOOHV +3 HW VXU OH FRQWDFW PkOH +3 FRQWHQXV GDQV OH NLW G·LQVWDOODWLRQ 1
Q X
J X D
LQ PQ
V
V PW
H
W ,QVpUHU OHV FRQWDFWV FLWpV VXU OH FRQQHFWHXU IHPHOOH 68%' EURFKHV FRQWHQX GDQV OH NLW
D R LU
3
F
G W
Z G·LQVWDOODWLRQ 1
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
,QWURGXLUH OH FRQQHFWHXU GDQV OHV SDQQHDX[ GH UDFFRUGHPHQW GX WHUPLQDO SRUWDQW
H
U
V
G
W
Q W H
O·DFURQ\PH µ%$77µ µ%$77µ
W H LW
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
5(*/(6 '( 6(&85,7(
3RXU XQH SURWHFWLRQ H[WHUQH GX FKkVVLV UpSDUWLWHXU GX JpQpUDWHXU DPRQW LO HVW
FRQVHLOOp G·XWLOLVHU XQ FRXSHFLUFXLW $ EDWWHULH SULQFLSDOH HW XQ FRXSHFLUFXLW $
EDWWHULH GH VHUYLFH
$YHF OH EkWL 6
6L O·pTXLSHPHQW IDLW SDUWLH GX EnWL 6 LQWURGXLUH OH FRUGRQ G·DOLPHQWDWLRQ 6 GLUHFWHPHQW VXU OHV SDQQHDX[
GH UDFFRUGHPHQW GX WHUPLQDO /H FRUGRQ G·DOLPHQWDWLRQ IDLW SDUWLH GX NLW G·LQVWDOODWLRQ 6
5(*/(6 '( 6(&85,7(
&RXSHFLUFXLW $
&H GLVSRVLWLI UHSUpVHQWH OH VHXLO GH SURWHFWLRQ GH O·DOLPHQWDWLRQ GH OD VWDWLRQ 'HX[
FRXSHFLUFXLWV VRQW IRXUQLV DYHF OH FKkVVLV HW VRQW PRQWpV VXU OH KDXW GX FKkVVLV 6
9RLU OD GRFXPHQWDWLRQ FRUUHVSRQGDQWH
(1 *(1(5$/
5(*/(6 '( 6(&85,7(
,O HVW SRVVLEOH TXH GHV FRXUDQWV WUqV pOHYpV DSDUDLVVHQW HQ FDV GH FRXUWFLUFXLW j O·HQ
WUpH DOLPHQWDWLRQ EDWWHULH LO HVW DORUV LQGLVSHQVDEOH TXH OD OLJQH GH UpSDUWLWLRQ GH O·DOL
PHQWDWLRQ EDWWHULH VRLW pTXLSpH G·XQH SURWHFWLRQ FRQWUH OHV FRXUWVFLUFXLWV DYHF XQH
( FDSDFLWp GH FRXSXUH DGDSWpH
&
,/
$
$
('
. $/ $* $$
$$
$/,0(17$7,21
$&521<0( &211 µ%$77µ $&521<0( &211 µ%$77µ
$FURQ\ )RQFWLR $FURQ\ )RQFWLR
O
%URFKH &nEOH %URFKH &kEOH
V
L V
W D
H
W
PH Q PH Q
K Q F
W O
I H $
W
R Q
J R P
F R 9& GH OD 9& GH OD
LQ
\V I
U
S
R
W
L Q
I R
L
%$77 EDWWHULH %$77 EDWWHULH
FR W
GQ D
]
L
QLR U
D W
D R
K
Q LF W
R
J
Q X
X D *1' 7HUUH *1' 7HUUH
LQ PQ
V H
V PW W
D R LU
F
3 Z
96 GH OD 96 GH OD
G W
G Q X
H D R
Y
U
H
H K
V L
W %$77 EDWWHULH %$77 EDWWHULH
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U
OO
F H
R S )LJXUH 5DFFRUGHPHQWV $OLPHQWDWLRQ
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
0,6( (1 6(59,&( 7(676 (7 )21&7,211(0(17
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
0,6( (1 6(59,&( 7(676 (7 )21&7,211(0(17
O $77(17,21 1250(6 (0&
H
V W
L V
W D
K Q F
W O
I
R
H $
W
Q
,/ (67 ,03(5$7,) '( 5(63(&7(5 /(6 ,16758&7,216 '(6 1250(6 '8 3$5$*5$3+(
J
LQ
R P
F R
U
$8&81 /,(1 3$*( $8&81 /,(1 3285 ())(&78(5 /(6 23(5$7,216 &,$35(6
\V I
W
L Q
S
RI R
R W L
F
G
Q
Q D
LR U
]
L 5(*/(6 '( 6(&85,7(
D W
Q
R
D R
LF W
K 5HVSHFWHU VFUXSXOHXVHPHQW OHV DYHUWLVVHPHQWV ILJXUDQW HQ IDFH DYDQW
Q X
J
LQ
X D GH O·pTXLSHPHQW DYDQW GH WUDYDLOOHU VXU OHV UDFFRUGHPHQWV RSWLTXHV GH
PQ
V
V
D
PW
R LU
H
W O·pTXLSHPHQW HQ VHUYLFH
F
3 Z
G W
G Q X
H D R
Y
H K
/HV RSpUDWLRQV VXLYDQWHV VRQW UHTXLVHV SRXU OD PLVH HQ VHUYLFH GH O·pTXLSHPHQW
U W
H V L
V X Z
G
UpJODJHV PDWpULHOV
H W
U
Q W H
V H LW
W
K
J
L
PP
X U
LQVHUWLRQ GH OD FDUWH GDQV OH FKkVVLV
U F H
OOR S
$ G W
R
Q
,167$//$7,21 '(6 &$57(6 (7 '(6 02'8/(6 685 /( &+$66,6
SUpFDXWLRQV SRXU pYLWHU G·HQGRPPDJHU O·pTXLSHPHQW
/H FRXSOH GH VHUUDJH GH OD YLV GH IL[DWLRQ GHV FDUWHV HW GHV PRGXOHV V·LO \ D OLHX HW V·LOV VRQW
IL[pV SDU GHV YLV VXU OH FKnVVLV GRLW rWUH
NJ [ FP 1HZWRQ [ P
/H GpSDVVHPHQW GH FHWWH YDOHXU SHXW SURYRTXHU OD UXWXUH GHV YLV
YpULILFDWLRQ GX UDFFRUGHPHQW GH PLVH j OD WHUUH HW GX UDFFRUGHPHQW RSWLTXH
WHVWV G·DOLPHQWDWLRQ
LQVWDOODWLRQ VXU OH 3& GHV pOpPHQWV VXLYDQWV
NLWV ORJLFLHOV GX SRVWH G·H[SORLWDWLRQ SRXU OD JHVWLRQ GH O·pTXLSHPHQW
NLW ORJLFLHO GH O·pTXLSHPHQW
WpOpFKDUJHPHQW GX ORJLFLHO GH O·pTXLSHPHQW VL OD YHUVLRQ GH O·pTXLSHPHQW Q·D SDV pWp PLVH j
MRXU
FRQILJXUDWLRQ GX ORJLFLHO
WHVWV ORFDX[
YpULILFDWLRQV GH OD OLDLVRQ
&HUWDLQHV RSWLRQV GH UpJODJHV QRQ FRQIRUPHV DX[ UpJODJHV G·XVLQH SHXYHQW rWUH XWLOLVpHV SHQGDQW OHV
WHVWV &HV RSWLRQV GH UpJODJHV VRQW GpILQLHV FKDTXH IRLV TX·XQ WHVW HVW H[pFXWp
/·pTXLSHPHQW GRLW rWUH FRQILJXUp FRQIRUPpPHQW DX[ UpJODJHV G·XVLQH DYDQW VD PLVH HQ VHUYLFH
$ILQ GH UpGXLUH OHV WHPSV GH WHVWV HW pYLWHU GHV UpJODJHV ORJLFLHOV LQFRUUHFWV SURFpGHU FRPPH VXLW
H[pFXWHU FKDTXH WHVW XQLTXHPHQW VXU O·pOpPHQW PDWpULHO FLUFXLW FDUWH GpGLp j FHWWH IRQFWLRQ
SDU H[HPSOH QH SDV H[pFXWHU GH WHVWV GH WUDQVSDUHQFH VXU GHV FDUWHV G·DIIOXHQWV 78 XWLOLVpHV
HQ 'pULYDWLRQ,QVHUWLRQ
QH SDV PRGLILHU OHV UpJODJHV ORJLFLHOV G·XVLQH (QUHJLVWUHU HW (QYR\HU OHV 1289($8; ILFKLHUV
GH FRQILJXUDWLRQ SRXU WHVWV HW OHV (IIDFHU DSUqV XWLOLVDWLRQ
(
&
,/ /HV LQIRUPDWLRQV IRXUQLHV FRQFHUQHQW OHV FRQGLWLRQV DFWXHOOHV HW OHV RSpUDWLRQV j HIIHFWXHU HQ
$
$ IRQFWLRQQHPHQW QRUPDO GH O·pTXLSHPHQW
('
. $/ $* $$
$$
$9(57,66(0(17 3285 /(6 $*5(*$76 670
SUpFDXWLRQV SRXU pYLWHU G·HQGRPPDJHU O·pTXLSHPHQW
O
V
L V
W D
H
W /H VHUUDJH HW GHVVHUUDJH GHV FnEOHV FRD[LDX[ SRXU OD IRQFWLRQ GH WUDQVSDUHQFH VXU OHV DJUpJDWV
K
W
I
Q F
H $
W
O
670 GRLW V·HIIHFWXHU j O·DLGH GH O·RXWLOODJH VSpFLDO 5pIpUHQFH $' 5pIpUHQFH
R Q
J R P
F R
XVLQH 5
LQ U
\V I
W
L Q
S
I R
R
FR W L
/·H[pFXWLRQ GH FHWWH RSpUDWLRQ DYHF GHV RXWLOODJHV GLIIpUHQWV SHXW HQGRPPDJHU OHV FnEOHV
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
J
LQ
Q X
X D
PQ
2SWLRQV GH UpJODJH
V H
V PW W
D R LU
3
F
G W
Z /HV RSWLRQV GH UpJODJH FRQFHUQHQW OHV pOpPHQWV PDWpULHOV +: HW ORJLFLHOV 6:
G Q X
H D R
Y
H K
U
H
V
V L
X Z
W
&RQFHUQDQW OHV RSWLRQV GH UpJODJH PDWpULHOV VH UHSRUWHU j OD VHFWLRQ 5(*/$*(6 0$7(5,(/6
H
U
G
W
Q W H
/HV VFKpPDV GH FLUFXLW VRQW FRPSOpWpV SDU GHV WDEOHDX[ GpILQLVVDQW OHV UHODWLRQV HQWUH OHV IRQFWLRQV GLVSR
V H LW
W
K
J
PP QLEOHV HW OHV RSWLRQV GH UpJODJHV FRUUHVSRQGDQWHV /H VFKpPD GH GLVSRVLWLRQ GHV FDUWHV LQGLTXH OD SRVLWLRQ
L X U
H[DFWH GH WRXWHV OHV RSWLRQV GH UpJODJHV
U F H
OOR S
$ G W
R
Q /HV UpJODJHV SRUWDQW OD OpJHQGH ´8WLOLVDWLRQ XVLQHµ GDQV OH 7DEOHDX QH GRLYHQW MDPDLV rWUH PRGLILpV
1% 'DQV OH FDV GH UDFFRUGHPHQWV IORWWDQWV QRQ UHOLp j OD WHUUH FRQFHUQDQW OH 9 GHV FDUWHV G·DOL
PHQWDWLRQ HW OH 9 6(59 GX FLUFXLW $1'25 GX PRGXOH GH FRPPXWDWLRQ G·LQWHUIDFH G·DODUPH
LO HVW QpFHVVDLUH TXH OHV VLJQDX[ FLWpV SUpFpGHPPHQW VRLHQW FRQQHFWpV GH IDoRQ H[WHUQH DX
PrPH SRWHQWLHO
6L FHWWH FRQQH[LRQ Q·HVW SDV IDLWH OHV GpWHFWHXUV GX FLUFXLW $1'25 QH GpWHFWHQW SDV OHV DODU
PHV G·DOLPHQWDWLRQ GX FLUFXLW $1'25
&RQFHUQDQW OHV RSWLRQV GH UpJODJH ORJLFLHOV VH UHSRUWHU DX 0DQXHO GH O·RSpUDWHXU 3& $YDQW GH GpILQLU OHV
RSWLRQV GH UpJODJHV ORJLFLHOV SURFpGHU DX[ WHVWV G·DOLPHQWDWLRQ GpFULWV DX SDUDJUDSKH SDJH
3URFpGHU FRPPH VXLW SRXU UpJOHU OHV RSWLRQV GH UpJODJH
'pILQLU OD FRQILJXUDWLRQ VWDWLRQ GH O·pTXLSHPHQW
&RPSDUHU OD FRQILJXUDWLRQ VWDWLRQ GH O·pTXLSHPHQW DYHF OD OLVWH GHV FDUWHV SDUDPpWUDEOHV
VH UHSRUWHU j OD VHFWLRQ 'RFXPHQWDWLRQ VXU OHV FDUWHV HW FKRLVLU OHV FDUWHV UHTXLVHV
&RPSDUHU OHV VSpFLILFDWLRQV G·XVLQH GH O·pTXLSHPHQW DYHF OHV WDEOHDX[ LQFOXV GDQV OHV VFKpPDV
GX FLUFXLW GH OD FDUWH HW GpILQLU OHV IRQFWLRQV j UpJOHU
3URFpGHU DX[ UpJODJHV PDWpULHOV
,QVWDOOHU OHV FDUWHV GDQV OHV FKkVVLV VHORQ OHV SRVLWLRQV DWWULEXpHV
,QVWDOOHU OHV PRGXOHV GH FRPPXWDWLRQ GDQV OD SDUWLH VXSpULHXUH GX FKkVVLV SDQQHDX G·DFFqV
(IIHFWXHU OHV UpJODJHV PDWpULHOV FRUUHVSRQGDQW j O·pYHQWXHOOH SURWHFWLRQ (36
9pULILHU OHV UDFFRUGHPHQWV j OD WHUUH HW OHV UDFFRUGHPHQWV RSWLTXHV FRPPH GpFULW DX
SDUDJUDSKH SDJH
0HWWUH O·pTXLSHPHQW VRXV WHQVLRQ FRPPH GpFULW DX SDUDJUDSKH SDJH
,QVWDOOHU O·HQVHPEOH GHV DSSOLFDWLRQV GH JHVWLRQ ORJLFLHOOH GX SRVWH G·H[SORLWDWLRQ VXU OH 3&
( ,QVWDOOHU OD YHUVLRQ DGpTXDWH GX ORJLFLHO GH O·pTXLSHPHQW VXU OH 3&
&
,/
$
$ 7pOpFKDUJHU HW DFWLYHU OH ORJLFLHO VXU O·pTXLSHPHQW
('
. $/ $* $$
$$
(IIHFWXHU XQLTXHPHQW FHWWH RSpUDWLRQ VL OD YHUVLRQ GH O·pTXLSHPHQW Q·D SDV pWp PLVH j MRXU
&RQILJXUHU OH ORJLFLHO j O·DLGH GX 3&
O
V
L V
W D
H
W /HV RSpUDWLRQV ORFDOHV GX 3& SHXYHQW rWUH H[pFXWpHV j GLVWDQFH j O·DLGH GX V\VWqPH G·H[SORLWDWLRQ
K Q F
W O
I H $
W
R
J
Q
R P /HV SURFpGXUHV G·LQVWDOODWLRQ GH WpOpFKDUJHPHQW HW GH FRQILJXUDWLRQ GX ORJLFLHO VRQW GpFULWHV GDQV OH 0DQXHO
F R
LQ
\
S
V I
W
L Q
U
GH O·RSpUDWHXU
RI R
R W L
F
Q D
G
QLR U
W
]
L /H QXPpUR GH VpULH GHV GLVTXHWWHV j XWLOLVHU HVW LQGLTXp GDQV OH 0DQXHO 2SpUDWHXU
D
D R
Q K
R LF W
J
Q X
X D $77(17,21 HQUHJLVWUHU VXU XQ GLVTXH RX XQH GLVTXHWWH OD FRQILJXUDWLRQ GX ORJLFLHO G·H[SORLWDWLRQ &HWWH
LQ PQ
V
V PW
H
W RSpUDWLRQ HVW QpFHVVDLUH j OD PDLQWHQDQFH SDU H[HPSOH UHPSODFHPHQW GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW
D R LU
3
F
G W
Z SDU XQH FDUWH GH VHFRXUV
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
,QVWUXPHQWV HW DFFHVVRLUHV
O
H
V
L V
W D
W
7DEOHDX ,QVWUXPHQWV HW DFFHVVRLUHV
K Q F
W O
I H $
W
R Q
J R P
F R
LQ
\V I
W
L Q
U
5pI ,167580(17 4Wp &$5$&7(5,67,48(6
S
RI R
FR W
Q D
L
6LJQDX[ GLVSRQLEOHV
G
Q
D
LR U
W
]
L
NELWV FRGLUHFWLRQQHO
D R
Q LF W
K FRGH +'% NELWV RKPV
R Q X *pQpUDWHXU GH VpTXHQFHV'pWHFWHXU
J X D $ FRGH +'% NELWV
LQ PQ G·HUUHXUV
V
V PW
H
W FRGH &0, NELWV
R LU
D
3
F
Z * FRPSDWLEOH 670
G W
G
H
Q X
D R
pOHFWULTXHRSWLTXH
Y
U H K W
H V L 7HVWHXU GH SXLVVDQFH RSWLTXH qPH IHQrWUH
V X Z
%
H
U
V
G
W
Q W H UDGLRPqWUH qPH IHQrWUH
W H LW
K
J
PP $WWpQXDWHXU RSWLTXH YDULDEOH j PRGH $WWpQXDWHXU YDULDEOH HQWUH G% qPH
L
U
X U
&
OO
F H
R S
$ G W
XQLTXH HW qPH IHQrWUHV
R
Q
' 0XOWLPqWUH QXPpULTXH
3RVWH G·H[SORLWDWLRQ 6H UHSRUWHU DX PDQXHO GH O·RSpUDWHXU
(
3HUVRQDO &RPSXWHU 'LVSRQLEOH DXSUqV G·$/&$7(/
7DX[ (P MXVTX·j EDXG
) 7HVWHXU GH GRQQpHV
,QWHUIDFH 9 8,77
7HUPLQDLVRQV
F{Wp LQVWUXPHQW GpSHQG GH $
* &DEOHV FRD[LDX[
F{Wp pTXLSHPHQW GpSHQG GX W\SH
G·DIIOXHQW
7HUPLQDLVRQV GpSHQGHQW GHV FRQQHFWHXUV
+ (SLVVXUHV ILEUH XQLTXH PRGH XQLTXH
GX UDGLRPqWUH HW DWWpQXDWHXU GH OD FDUWH
7HUPLQDLVRQ
LQVWUXPHQW ) $
, 3DLUH EOLQGpH
FRQQHFWHXU PkOH 68%'
EURFKHV
7HUPLQDLVRQ
LQVWUXPHQW $
/ 3DLUH EOLQGpH
FRQQHFWHXU PkOH 68%'
EURFKHV
7HUPLQDLVRQ
0 &kEOHV GH WUDPH GH GLVWULEXWLRQ LQVWUXPHQW $
WUDPH GH GLVWULEXWLRQ G·DIIOXHQW
1 )UpTXHQFHPqWUH 0+] á K]
7HUPLQDLVRQ
LQVWUXPHQW 1
2 &kEOHV GH V\QFKURQLVDWLRQ
7HUPLQDLVRQ GH V\QFKURQLVDWLRQ
RX RKPV
7\SH LGHQWLTXH DX W\SH XWLOLVp SRXU
3 SDLUHV WRUVDGpHV EOLQGpHV
O·LQVWDOODWLRQ
6 *pQpUDWHXU 6,$ 03(*
7 'pFRGHXU GH PHVXUH 6,$ 03(*
= 92<$17
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQV ORFDOHV
/H WHVW FLDSUqV GpFULW OHV SURFpGXUHV UHODWLYHV j OD SUHPLqUH PLVH HQ VHUYLFH GHV FDUWHV LQVWDOOpHV GDQV
O
H
OD VWUXFWXUH PpFDQLTXH
V W
L W V D
K Q F
W O
I W $
R Q
H /HV FLUFXLWV GH WHVW SUpVHQWHQW XQ pTXLSHPHQW VWDQGDUG
J R P
F R
LQ U
V I
\ W
S L Q 3RXU FRQILJXUHU OHV FLUFXLWV GH WHVW O·pTXLSHPHQW GRLW rWUH UpJOp YLD XQ SRVWH G·H[SORLWDWLRQ &UDIW WHUPLQDO
R I R L
F R W
D
G Q ]
Q LR U
D W R
L
/HV WHVWV VRQW HIIHFWXpV YLD XQ FkEODJH GLUHFW j O·pTXLSHPHQW &HV UDFFRUGHPHQWV SHXYHQW pJDOHPHQW rWUH
D
Q LF W
R Q X
K
HIIHFWXpV VXU OHV UpSDUWLWHXUV GH OD VWDWLRQ
J X D
LQ P Q
V
V PW
D R LU
H
W
/HV UDFFRUGHPHQWV HQ ERXFOHV LQGLTXpV GDQV OHV WHVWV FLDSUqV VRQW HIIHFWXpV j O·DLGH GH FkEODJHV &HV
F
3
G W
Z
UDFFRUGHPHQWV SHXYHQW rWUH DFWLYpV SDU FRPPDQGH ORJLFLHOOH YLD ´$ODUPHV pWDWV HW WpOpFRPPDQGHVµ GX
G Q X
H D R
Y
U H K W
SRVWH G·H[SORLWDWLRQ &UDIW WHUPLQDO
H V L
V X Z
H
U W G
Q H
V H W
127( $ILQ GH SURFpGHU FRUUHFWHPHQW DX[ WHVWV VH UHSRUWHU DX ´&KDSLWUH &21),*85$7,21µ
W LW
K P
J
L X U
P SDJH SRXU WRXWH UpIpUHQFH DX[ FDUWHV j OD QXPpURWDWLRQ Q DLQVL TX·DX ´&KDSLWUH
U F H
OO R
$ G W
S ,167$//$7,21µ SDJH SRXU WRXWH LQIRUPDWLRQ VXU OHV UDFFRUGHPHQWV j HIIHFWXHU
R
Q
9pULILFDWLRQ GHV UDFFRUGHPHQWV GH PLVH j OD WHUUH HW GHV UDFFRUGHPHQWV RSWLTXHV
5(*/(6 '( 6(&85,7(
9pULILHU GDQV OH EkWL (76, TXH OH FKkVVLV HW OHV FkEOHV )$6721 GX EkWL 0 VRQW UDFFRUGpV j OD WHUUH
3RXU WRXV OHV W\SHV GH EkWLV YpULILHU TXH OHV FKkVVLV VRQW FRUUHFWHPHQW IL[pV j O·DLGH GH YLV
&HWWH RSpUDWLRQ DVVXUH OH UDFFRUGHPHQW j OD WHUUH GH SURWHFWLRQ GX EkWL
9pULILHU TXH OHV UDFFRUGHPHQWV RSWLTXHV GH O·pTXLSHPHQW VRQW FRUUHFWHPHQW HIIHFWXpV FRPPH GpFULW DX
SDUDJUDSKH SDJH HW DX SDUDJUDSKH SDJH
7HVWV G·DOLPHQWDWLRQ
9pULILHU TXH WRXWHV OHV FDUWHV HW WRXV OHV PRGXOHV RQW pWp H[WUDLWV GX FKkVVLV j O·H[FHSWLRQ GH
OD FDUWH G·DOLPHQWDWLRQ
0HWWUH OD FDUWH VRXV WHQVLRQ j O·DLGH GX FRPPXWDWHXU
9pULILHU TXH OH YR\DQW YHUW HVW DOOXPp 'DQV OH FDV FRQWUDLUH YpULILHU OD WHQVLRQ GHV EDWWHULHV
HW OH FDV pFKpDQW UHPSODFHU OD FDUWH G·DOLPHQWDWLRQ
5pSpWHU OHV WHVWV FLGHVVXV DYHF O·DXWUH FDUWH G·DOLPHQWDWLRQ
5pSpWHU WRXV OHV WHVWV GpFULWV SUpFpGHPPHQW DSUqV DYRLU LQVpUp GH QRXYHDX WRXWHV OHV FDUWHV
(
&
,/
6L OH YR\DQW YHUW QH V·DOOXPH SDV FHOD VLJQLILH VRLW TXH O·XQH GHV FDUWHV G·DOLPHQWDWLRQ QH
$ IRQFWLRQQH SDV VRLW TXH O·XQH GHV FDUWHV LQVpUpHV SURYRTXH XQ FRXUWFLUFXLW DX[ VRUWLHV
$
G·DOLPHQWDWLRQ
('
. $/ $* $$
$$
7HVW GHV YR\DQWV
/·HIILFDFLWp GHV YR\DQWV GH O·pTXLSHPHQW SHXW pJDOHPHQW rWUH YpULILpH (Q DSSX\DQW VXU OH ERXWRQSRXVVRLU
O
GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW WRXV OHV YR\DQWV GRLYHQW V·DOOXPHU j O·H[FHSWLRQ GHV YR\DQWV
H
V
L
K
V
W D
W
HW GH OD FDUWH $8;9'6 HW GX YR\DQW GH OD FDUWH G·DOLPHQWDWLRQ 6L WHO Q·HVW SDV OH FDV UHPSODFHU
W Q F O
I
R
H $
W
Q
OD FDUWH GpIDLOODQWH
J R P
F R
LQ U
\V I
W
L Q
S
I R
R
FR W L
9pULILFDWLRQ GH OD SXLVVDQFH RSWLTXH (P GHV FDUWHV G·DJUpJDW
GQ D
]
L
QLR U
D W
D R
Q
R LF W
K 7HVWHU OH FLUFXLW GH OD )LJXUH SDJH
Q X
J X D
LQ PQ
V
V PW
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 9RLU 7DEOHDX SDJH
D R LU
F
3 Z
G W
G
H
Q X
D R UDGLRPqWUH %
Y
U H K W
H V L
V X Z
H
U
G
W FkEOHV RSWLTXHV PRQRILEUHV +
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H 3& (
R S
$ G W
R
Q
0HWWUH HQ SODFH OH FLUFXLW GH WHVW
,QVpUHU OHV FDUWHV FRQFHUQpHV
5DFFRUGHU OH FRQQHFWHXU RSWLTXH (P GH OD FDUWH G·DJUpJDW DX UDGLRPqWUH j O·DLGH G·XQ FkEOH
PRQRILEUH +
3DU O·LQWHUPpGLDLUH GX 3& ( FRQILJXUHU OD VpFXULVDWLRQ RSWLTXH $/6 DILQ GH SURFpGHU j XQ WHVW
PDQXHO
$SSX\HU VXU OH ERXWRQSRXVVRLU GH OD FDUWH SHQGDQW SOXV GH VHFRQGHV
/·RSpUDWHXU GLVSRVH GH VHFRQGHV SRXU HIIHFWXHU OH WHVW
0HWWUH VRXV WHQVLRQ OH UDGLRPqWUH HW YpULILHU TXH OD YDOHXU GH OD SXLVVDQFH RSWLTXH (P HVW
FRPSULVH GDQV OHV YDOHXUV LQGLTXpHV DX SDUDJUDSKH SDJH
'DQV OH FDV FRQWUDLUH UHPSODFHU OD FDUWH G·DJUpJDW
5pSpWHU FH WHVW VXU FKDTXH FDUWH G·DJUpJDW
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
+
%
5$',2
0(75(
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GH OD SXLVVDQFH RSWLTXH (P
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX UHQYRL GX VLJQDO 6,$ YHUV OHV DIIOXHQWV
pOHFWULTXHV
O
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
H
V
L
K
V
W D
W
,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV YRLU 7DEOHDX SDJH
W Q F O
I H $
W
R Q
J R P
F R
JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
LQ U
V I
\
S
W
L Q
I R
FkEOHV FRD[LDX[ * RX SDLUH EOLQGpH /
R L
F
G
R W
Q D
DWWpQXDWHXU RSWLTXH YDULDEOH &
]
L
LR U
Q
D W
D R
FkEOHV RSWLTXHV PRQRILEUHV +
Q K
LF W
R
J
Q X
X D
3& (
LQ PQ
V H
W
V
D
PW
R LU
F
&RQILJXUHU OH FLUFXLW GH WHVW 3DU O·LQWHUPpGLDLUH GX 3& ( HIIHFWXHU OHV UpJODJHV UHTXLV DIIOXHQW
3 Z
G
G W
Q X HQ 'pULYDWLRQ,QVHUWLRQ
H D R
Y
U
H
H K
V L
W /H VFKpPD PRQWUH j WLWUH G·H[HPSOH XQ UDFFRUGHPHQW W\SH HQWUH OD FDUWH G·DIIOXHQW HW OH
V
H
U
X Z
G
W
JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV j O·DLGH GH FkEOHV * SRXU GHV UDFFRUGHPHQWV
Q W H
V
W
K
H LW j RKPV RX GHV FkEOHV / SRXU GHV UDFFRUGHPHQWV j RKPV
PP
J
L
U
OO
X U
F H /·DJUpJDW HVW UDFFRUGp HQ ERXFOH DX WUDYHUV GH O·DWWpQXDWHXU RSWLTXH YDULDEOH & UpJOp VXU XQH
R S
$ G W
R DWWpQXDWLRQ GH G% j O·DLGH GH FkEOHV RSWLTXHV +
Q
/HV FDUWHV j LQVpUHU VRQW LQGLTXpHV GDQV OD )LJXUH SDJH
5pJOHU OH JpQpUDWHXU GH VpTXHQFHV SRXU GpOLYUHU XQ VLJQDO VHORQ OH W\SH G·DIIOXHQW XWLOLVp DYHF
OHV FDUDFWpULVWLTXHV VXLYDQWHV
'pELW NELWV á SSP RX NELWV á RX NELWV á
SSP SSP
&RGH %=6 +'% +'%
6pTXHQFH
3VHXGRDOpDWRLUH 3VHXGRDOpDWRLUH 3VHXGRDOpDWRLUH
1LYHDX 93 RKPV 9SRKPV RX 9S 9S RKPV
RKPV
'pELW RX NELWV RX .ELWV á RX .ELWV
á SSP SSP &0, &RGH,QWHUIDFH &0,
&RGH %=6 &0, &RGH,QHUIDFH &0,
6pTXHQFH
3VHXGRDOpDWRLUH 3VHXGRDOpDWRLUH
1LYHDX 9S RKPV 9SS RKPV
7\SH 670 pOHFWULTXH
9pULILHU TXH OH GpWHFWHXU Q·LQGLTXH DXFXQH HUUHXU HW TX·DXFXQ LQGLFDWHXU G·DODUPH Q·HVW DOOXPp
VXU OHV FDUWHV FRQFHUQpHV
6L XQH HUUHXU RX XQH DODUPH VXUYLHQW XWLOLVHU OH 3& SRXU SURFpGHU DX GpSDQQDJH HW GpWHFWHU
OH W\SH G·DODUPH HW UHPSODFHU OH FDV pFKpDQW OD FDUWH G·DIIOXHQW GH PDWULFH G·DJUpJDW GH
PRGXOH GH FRPPXWDWLRQ RX &58
1% 7RXV OHV DIIOXHQWV SHXYHQW rWUH WHVWpV VLPXOWDQpPHQW HQ HIIHFWXDQW XQ ERXFODJH HQ
FDVFDGH 3RXU FH IDLUH XWLOLVHU OHV FkEOHV DGpTXDWV
(
&
,/
$
$
('
. $/ $* $$
$$
'pFRQQHFWHU OD VRUWLH GX JpQpUDWHXU GH VpTXHQFHV GH O·HQWUpH GH O·DIIOXHQW HW YpULILHU OD
SUpVHQFH G·XQ VLJQDO 6,$ VLJQDO ´WRXW XQµ HQYR\p GHSXLV O·H[WUpPLWp (P GH O·DIIOXHQW FRQFHUQp
DX GpWHFWHXU G·HUUHXUV 'DQV OH FDV FRQWUDLUH UHPSODFHU OD FDUWH G·DIIOXHQW FRQFHUQpH
O
H
V
L
K
V
W D
W
5DFFRUGHU GH QRXYHDX OD VRUWLH GX JpQpUDWHXU GH VpTXHQFHV VXU O·HQWUpH GH O·DIIOXHQW HW RXYULU
W Q F O
I
R
H $
W
Q
OD ERXFOH G·DJUpJDW + 9pULILHU TXH OH GpWHFWHXU G·HUUHXUV LQGLTXH OD SUpVHQFH GX VLJQDO 6,$
J
LQ
R P
F R
U
WRXW XQ UHoX GX F{Wp UpFHSWLRQ
\V I
W
L Q
S
RI R
L
F
G
R W
Q D
5pLQLWLDOLVHU OD OLDLVRQ j GLIIpUHQWV QLYHDX[ HW UpSpWHU OHV WHVWV VXU WRXV OHV DXWUHV DIIOXHQWV
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
127( &H WHVW SHUPHW pJDOHPHQW GH YpULILHU OHV DIIOXHQWV j FRQILJXUDWLRQ GH ´EUDVVDJHµ
J X D
LQ PQ
H
$IIOXHQW YHUV DIIOXHQW
V W
V
D
PW
R LU
F
'DQV FH FDV OH UDFFRUGHPHQW RSWLTXH HQ ERXFOH Q·HVW SDV HVVHQWLHO
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
$
*(1(5$7(85
'( 6(4
O
H
* RX /
V
L W V D
W '(7(&7(85
K Q F
W
H
O '·(55(856
I W $
R Q
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
$))/8(176
0$75,&(
& (175((
$77(18$7(85
237,48( +
6257,(
%28&/(
$*5(*$76
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX VLJQDO 6,$ VXU OHV DIIOXHQWV pOHFWULTXHV
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX UHQYRL GX VLJQDO 6,$ YHUV OHV DIIOXHQWV
'9%
O
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV YRLU 7DEOHDX SDJH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
*pQpUDWHXU 6,$ 03(* 6
RI R
R W L
F
Q D
G
QLR U
W
]
L 'pFRGHXU GH PHVXUH 6,$ 03(* 7
D
D R
Q K
R LF W
J
Q X
X D $WWpQXDWHXU RSWLTXH YDULDEOH &
LQ PQ
V H
V PW W
R LU
D
3
F
Z
&kEOHV RSWLTXHV PRQRILEUHV +
G W
G Q X
H D R
Y
U
H
H K
V L
W 3& (
V X Z
H G
U W
V
W
K
Q W
H LW
H
&RQILJXUHU OH FLUFXLW GH WHVW
PP
J
L
U
OO
X U
F H 'HX[ DIIOXHQWV '9% VRQW QpFHVVDLUHV SRXU HIIHFWXHU OH WHVW O·XQ IRQFWLRQQDQW HQ (P O·DXWUH HQ
R S
$ G W
R
5HF $ FHW HIIHW SUpUpJOHU OHV DIIOXHQWV FRPPH GpFULW GDQV OD VHFWLRQ 5pJODJHV 0DWpULHOV
Q
/·DJUpJDW HVW UDFFRUGp HQ ERXFOH DX PR\HQ GHV pSLVVXUHV PRQRILEUHV + HW GH O·DWWpQXDWHXU
RSWLTXH YDULDEOH & SUpUpJODJH DYHF XQH DWWpQXDWLRQ GH G%
/HV FDUWHV j LQVpUHU VRQW LQGLTXpHV GDQV OD )LJXUH SDJH
5pJOHU O·LQVWUXPHQW GH WUDQVPLVVLRQ G·XQ VLJQDO YLGpR
'pELW 0ELWV
'pELW JpUp j 0ELWV
&RGH %%
1LYHDX P9SSRKPV
&RQWU{OHU TXH OH GpFRGHXU GH PHVXUH 6,$ 03(* $6, Q·D OX DXFXQH HUUHXU HW TX·LO Q·\ D
DXFXQH LQGLFDWLRQ G·DODUPH VXU OHV FDUWHV FRQFHUQpHV
(Q FDV G·HUUHXU RX G·DODUPHV XWLOLVHU OH 3& SRXU SURFpGHU DX GpSDQQDJH HW SRXU GpWHUPLQHU
OH W\SH G·DODUPH HW VL QpFHVVDLUH UHPSODFHU OHV FDUWHV G·DIIOXHQW G·DJUpJDWV RX &58
$YHF OH JpQpUDWHXU 6,$ 03(* VRUWLU GH OD JDPPH JpUpH HW YpULILHU TXH OH VLJQDO 6,$ VLJQDO
µWRXW XQµ HVW SUpVHQW VXU OH GpWHFWHXU GH PHVXUH 6L FHWWH FRQGLWLRQ Q·HVW SDV GpWHFWpH UHPSOD
FHU OD FDUWH '9% IRQFWLRQQDQW HQ 5HF HW UHFRPPHQFHU OH WHVW
6L OD FRQGLWLRQ 6,$ Q·DSSDUDvW SOXV UHPSODFHU OD FDUWH '9% IRQFWLRQQDQW HQ 5HF
(
&
,/
$
$
('
. $/ $* $$
$$
7
6
'(&2'(85
*(1(5$7(85 '( 0(685(
O 6,$ 03(* 6,$ 03(*
H
V W
L W V D
K Q F
W O
I W $H
R Q
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
(
$))/8(17 '9%
& (175((
$77(18$7(85
237,48( +
6257,(
%28&/(
$*5(*$76
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX VLJQDO 6,$ VXU OHV DIIOXHQWV '9%
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GH OD VHQVLELOLWp GX UpFHSWHXU
7HVWHU OH FLUFXLW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV YRLU 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L UDGLRPqWUH %
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K DWWpQXDWHXU RSWLTXH YDULDEOH &
R Q X
J X D
LQ
V
V
PQ
PW
H
W
FkEOHV RSWLTXHV PRQRILEUHV +
D R LU
F
3 Z
G
G W
Q X
D R
FkEOHV FRD[LDX[ * RX SDLUH EOLQGpH / 1RQ UHTXLV ORUV GH O·XWLOLVDWLRQ GH O·DIIOXHQW
H
Y
U
H
H K
V L
W RSWLTXH
V X Z
H G
U W
V
W
K
Q W
H LW
H
3& (
PP
J
L X U
U F H
OOR S
$ G W 3DU O·LQWHUPpGLDLUH GX 3& ( FRQILJXUHU OD VpFXULVDWLRQ RSWLTXH $/6 DILQ GH SURFpGHU j XQ WHVW
R
Q
PDQXHO
0HWWUH HQ SODFH OH FLUFXLW GH WHVW
/H VFKpPD PRQWUH j WLWUH G·H[HPSOH XQ UDFFRUGHPHQW W\SH HQWUH O·DIIOXHQW HW OH JpQpUDWHXU GH
VpTXHQFHVGpWHFWHXU G·HUUHXUV j O·DLGH GHV FkEOHV * SRXU GHV UDFFRUGHPHQWV GH RKPV
RX GHV FkEOHV / SRXU GHV UDFFRUGHPHQWV GH RKPV
(Q FH TXL FRQFHUQH O·DIIOXHQW RSWLTXH 670 OHV FkEOHV FLWpV FLGHVVXV VRQW UHPSODFpV SDU
GHX[ FkEOHV RSWLTXHV PRQRILEUHV + /HV DJUpJDWV VRQW UDFFRUGpV HQ ERXFOH DX WUDYHUV GH
O·DWWpQXDWHXU RSWLTXH YDULDEOH & j O·DLGH GH FkEOHV RSWLTXHV
5pJOHU O·LQVWUXPHQW VHORQ OH W\SH G·DIIOXHQW FRQFHUQp HW VHORQ OHV FDUDFWpULVWLTXHV GpILQLHV DX
SDUDJUDSKH ´9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX UHQYRL GX VLJQDO 6,$ YHUV OHV
DIIOXHQWV pOHFWULTXHVµ FLGHVVXV
/·DWWpQXDWHXU RSWLTXH GRLW rWUH UpJOp VXU XQH DWWpQXDWLRQ GH G%
9pULILHU TXH OH GpWHFWHXU G·HUUHXUV Q·LQGLTXH DXFXQH HUUHXU
$XJPHQWHU SURJUHVVLYHPHQW OH UpJODJH G·DWWpQXDWLRQ GH O·DWWpQXDWHXU RSWLTXH MXVTX·j REWHQLU
XQ 7(% [ VXU OH GpWHFWHXU G·HUUHXUV
'pFRQQHFWHU OH FkEOH RSWLTXH PRQRILEUH GX FRQQHFWHXU RSWLTXH GH OD FDUWH 5HF HW OH
UDFFRUGHU DX UDGLRPqWUH GpWDLO GH OD )LJXUH SDJH
$SSX\HU VXU OH ERXWRQSRXVVRLU GH OD FDUWH SHQGDQW SOXV GH VHFRQGHV
/·RSpUDWHXU GLVSRVH GH VHFRQGHV SRXU HIIHFWXHU OH WHVW
9pULILHU j O·DLGH GX UDGLRPqWUH TXH OH QLYHDX GH SXLVVDQFH RSWLTXH 5HF HVW FRPSULV GDQV OHV
YDOHXUV GH VHQVLELOLWp LQGLTXpHV DX SDUDJUDSKH SDJH
'DQV OH FDV FRQWUDLUH UHPSODFHU OD FDUWH G·DJUpJDW
5pSpWHU OH WHVW VXU FKDTXH FDUWH G·DJUpJDW
(
&
,/
$
$
('
. $/ $* $$
$$
$
*(1(5$7(85
'( 6(4
O
H
* RX /
V
L W V D
W '(7(&7(85
K Q F
W
H
O '·(55(856
I W $
R Q
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
$))/8(176
0$75,&(
'(7$,/
(
5$',2 %
0(75(
& (175((
$77(18$7(85
237,48( +
6257,(
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GH OD VHQVLELOLWp GX UpFHSWHXU
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GH O·HIILFDFLWp GH OD VpFXULVDWLRQ RSWLTXH $/6
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV GX 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L UDGLRPqWUH %
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K DWWpQXDWHXU RSWLTXH YDULDEOH &
R Q X
J X D
LQ
V
V
PQ
PW
H
W
3& (
D R LU
F
3 Z
G
G W
Q X
D R
FkEOHV RSWLTXHV PRQRILEUHV +
H
Y
U H K W
H V L
V
H
U
X Z
G
W
FkEOHV FRD[LDX[ * RX SDLUH EOLQGpH / 1RQ UHTXLV ORUV GH O·XWLOLVDWLRQ GH O·DIIOXHQW RSWLTXH
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
&RQILJXUHU OH FLUFXLW GH WHVW
OOR S
$ G W
R
Q 5pJOHU O·DWWpQXDWHXU YDULDEOH RSWLTXH VXU XQH DWWpQXDWLRQ G·HQYLURQ G%
6H UHSRUWHU DX 0DQXHO GH O·RSpUDWHXU GHV DSSOLFDWLRQV 3& ( HW YpULILHU VL OHV VpFXULVDWLRQV
RSWLTXHV DXWRPDWLTXHV HW PDQXHOOHV GH OD FDUWH G·DJUpJDW VRQW LPSOpPHQWpHV 'DQV OH FDV
FRQWUDLUH SURFpGHU j OHXU SURJUDPPDWLRQ
'pFRQQHFWHU OH FkEOH RSWLTXH PRQRILEUH + UDFFRUGp DX FRQQHFWHXU RSWLTXH (P GH
O·DWWpQXDWHXU RSWLTXH HW OH FRQQHFWHU DX UDGLRPqWUH DILQ GH PHVXUHU OD SXLVVDQFH RSWLTXH WUDQVPLVH
/H YR\DQW URXJH GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW V·DOOXPH HW OH GpWHFWHXU G·HUUHXUV UHoRLW
XQ VLJQDO 6,$
9pULILHU TXH OD SXLVVDQFH GX /$6(5 HVW QXOOH HW TX·XQH WHQWDWLYH GH UpLQLWLDOLVDWLRQ GH OD SXLVVDQFH
V·HIIHFWXH DSUqV HQYLURQ VHFRQGHV &HV FRQGLWLRQV GRLYHQW rWUH PDLQWHQXHV SHQGDQW HQYLURQ
VHFRQGHV
,6L FHV FRQGLWLRQV QH VRQW SDV REWHQXHV UHPSODFHU OD FDUWH G·DJJUpJDW
5pLQLWLDOLVHU OH FLUFXLW GH WHVW HQ UDFFRUGDQW O·DWWpQXDWHXU
5pSpWHU O·pWDSH 'pFRQQHFWHU O·DWWpQXDWHXU HW FRQQHFWHU OH UDGLRPqWUH
9pULILHU TXH OD SXLVVDQFH RSWLTXH G·pPLVVLRQ HVW QXOOH $SSX\HU VXU OH ERXWRQSRXVVRLU VLWXp
VXU OH SDQQHDX DYDQW GH OD FDUWH G·DJUpJDW HW YpULILHU TX·XQH WHQWDWLYH GH UpLQLWLDOLVDWLRQ GH OD
SXLVVDQFH V·HIIHFWXH SHQGDQW HQYLURQ VHFRQGHV
'DQV OH FDV FRQWUDLUH UHPSODFHU OD FDUWH
$SSX\HU GH QRXYHDX VXU OH ERXWRQSRXVVRLU SHQGDQW SOXV GH VHFRQGHV HW YpULILHU TX·XQH
WHQWDWLYH GH UpLQLWLDOLVDWLRQ GH OD SXLVVDQFH RSWLTXH V·HIIHFWXH SHQGDQW HQYLURQ VHFRQGHV
)RQFWLRQ 0$18$/ )257(67
'DQV OH FDV FRQWUDLUH UHPSODFHU OD FDUWH
5pSpWHU OH WHVW VXU FKDTXH FDUWH G·DJUpJDW
$77(17,21
/D VpFXULVDWLRQ RSWLTXH LPSOpPHQWpH VXU OHV DIIOXHQWV RSWLTXHV HVW WHVWpH GH OD PrPH
PDQLqUH DYHF OHV UDFFRUGHPHQWV DGpTXDWV
(
&
,/
$
$
('
. $/ $* $$
$$
7HVW GH OD SXLVVDQFH RSWLTXH (P WUDQVPLVH SDU O·DIIOXHQW RSWLTXH 0ELWV
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P DWWpQXDWHXU RSWLTXH YDULDEOH &
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L UDGLRPqWUH %
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K FkEOHV RSWLTXHV PRQRILEUHV +
R Q X
J X D
LQ
V
V
PQ
PW
H
W
3& (
D R LU
F
3 Z
G
G W
Q X
D R
&RQILJXUHU OH FLUFXLW GH WHVW
H
Y
U
H
H K
V L
W ,QVpUHU OHV FDUWHV FRQFHUQpHV
V X Z
H
U
G
W 5DFFRUGHU OHV FRQQHFWHXUV RSWLTXHV GHV FDUWHV G·DIIOXHQW DX UDGLRPqWUH j O·DLGH GH FkEOHV
Q W H
V
W
K
H LW
PP
RSWLTXHV PRQRILEUHV +
J
L X U
U F H
OOR S
$ G W
R
3DU O·LQWHUPpGLDLUH GX 3& ( UpJOHU OD VpFXULVDWLRQ RSWLTXH $/6 DILQ GH SURFpGHU j XQ WHVW
Q
PDQXHO
$SSX\HU VXU OH ERXWRQSRXVVRLU GH OD FDUWH SHQGDQW SOXV GH VHFRQGHV
0HWWUH OH UDGLRPqWUH VRXV WHQVLRQ HW YpULILHU TXH OH QLYHDX GH SXLVVDQFH RSWLTXH (P HVW FRPSULV
GDQV OHV YDOHXUV LQGLTXpHV DX SDUDJUDSKH SDJH
'DQV OH FDV FRQWUDLUH UHPSODFHU OD FDUWH G·DIIOXHQW RSWLTXH
5pSpWHU OH WHVW VXU FKDTXH DIIOXHQW RSWLTXH
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U
G
W
Q W H
V H LW
W
K
J
L
PP
X U
%
U F H
OOR S
$ G W
R 5$',2
Q
0(75(
+
(
$))/8(17
237,48( 670
& (175((
$77(18$7(85
237,48( +
6257,(
%28&/(
$*5(*$76
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 7HVW GH OD SXLVVDQFH RSWLTXH (P WUDQVPLVH SDU O·DIIOXHQW RSWLTXH
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX VLJQDO 6,$ VXU OHV DIIOXHQWV RSWLTXHV j
0ELWV
O
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
H
V W
L V
W D
K
W
I
Q F
H $
W
O
,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
R Q
J R P
F R
LQ
\
S
V I
W
L Q
U
JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
RI R
R W L
F
Q D
G
QLR U
W
]
L DWWpQXDWHXU RSWLTXH YDULDEOH &
D
D R
Q K
R LF W
J
Q X
X D FkEOHV RSWLTXHV PRQRILEUHV +
LQ PQ
V H
V PW W
R LU
D
3
F
Z
3& (
G W
G Q X
H D R
Y
U
H
H K
V L
W 0HWWUH HQ SODFH OH FLUFXLW GH WHVW HW LQVpUHU OHV FDUWHV FRQFHUQpHV 5DFFRUGHU OD VRUWLH GX
V X Z
H
U
G
W JpQpUDWHXU GH VpTXHQFHV VXU OH FRQQHFWHXU RSWLTXH G·HQWUpH HW OH GpWHFWHXU G·HUUHXUV DX
Q W H
V
W
K
H LW
PP
FRQQHFWHXU RSWLTXH GH VRUWLH GH OD FDUWH G·DIIOXHQW RSWLTXH j O·DLGH GH FkEOHV RSWLTXHV
J
PRQRILEUHV +
L X U
U F H
OOR S
$ G W
R
Q
5DFFRUGHU HQ ERXFOH j O·DLGH GHV FkEOHV PRQRILEUHV + OHV FRQQHFWHXUV RSWLTXHV (P HW
5HF GH OD FDUWH G·DJUpJDW DX WUDYHUV GH O·DWWpQXDWHXU RSWLTXH YDULDEOH & UpJOp VXU G%
3DU O·LQWHUPpGLDLUH GX 3& ( HIIHFWXHU OHV UpJODJHV UHTXLV DIIOXHQW HQ 'pULYDWLRQ,QVHUWLRQ
5pJOHU O·LQVWUXPHQW SRXU GpOLYUHU XQ VLJQDO DYHF OHV FDUDFWpULVWLTXHV VXLYDQWHV
'pELW 0ELWV
,QWHUIDFH 6 RX /
7\SH 6'+ 670 RSWLTXH
9pULILHU TXH OH GpWHFWHXU G·HUUHXUV Q·LQGLTXH DXFXQH HUUHXU
6L XQH HUUHXU HVW GpWHFWpH YpULILHU OHV UDFFRUGHPHQWV pOHFWULTXHV RX UHPSODFHU OD FDUWH
G·DIIOXHQW RX G·DJUpJDW
'pFRQQHFWHU OH JpQpUDWHXU GH VpTXHQFHV GX FRQQHFWHXU RSWLTXH GH O·DIIOXHQW RSWLTXH HW
YpULILHU OD SUpVHQFH GX VLJQDO 6,$ WRXW XQ VXU OH GpWHFWHXU G·HUUHXUV
'DQV OH FDV FRQWUDLUH UHPSODFHU OD FDUWH G·DIIOXHQW FRQFHUQpH
5DFFRUGHU GH QRXYHDX OD VRUWLH GX JpQpUDWHXU GH VpTXHQFHV VXU OH FRQQHFWHXU RSWLTXH HW
RXYULU OD ERXFOH PXOWLSOH
9pULILHU TXH OH GpWHFWHXU G·HUUHXUV LQGLTXH OD SUpVHQFH GX VLJQDO 6,$ WRXW XQ
5pLQLWLDOLVHU OD FRQQH[LRQ j 0ELWV HW UpSpWHU OHV WHVWV VXU WRXV OHV DXWUHV DIIOXHQWV RSWLTXHV
j 0ELWV OH FDV pFKpDQW
5pSpWHU OH WHVW VXU FKDTXH DIIOXHQW RSWLTXH
127( &H WHVW SHUPHW pJDOHPHQW GH YpULILHU OHV DIIOXHQWV j FRQILJXUDWLRQ GH ´EUDVVDJHµ
$IIOXHQW YHUV DIIOXHQW
'DQV FH FDV OH UDFFRUGHPHQW HQ ERXFOH GHV DIIOXHQWV RSWLTXHV Q·HVW SDV HVVHQWLHO
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
OOR S
$ G W
R
Q
$
0$75,&(
*(1(5$7(85
'( 6(4
+
'(7(&7(85
'·(55(856
(
$))/8(17
237,48( 670
& (175(
$77(18$7(85
237,48( +
6257,(
%28&/(
$*5(*$76
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH HW GX VLJQDO 6,$ VXU OHV DIIOXHQWV RSWLTXHV j
0ELWV
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GHV FDQDX[ DX[LOLDLUHV j NELWV
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L SDLUH EOLQGpH ,
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K FkEOHV RSWLTXHV PRQRILEUHV +
R Q X
J X D
LQ
V
V
PQ
PW
H
W
DWWpQXDWHXU RSWLTXH YDULDEOH &
D R LU
F
3 Z
G
G W
Q X
D R
3& (
H
Y
U H K W
H V L
V
H
U
X Z
G
W
&RQILJXUHU OH FLUFXLW GH WHVW
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
5DFFRUGHU OH JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $ j O·DLGH GHV SDLUHV
OOR S
$ G W EOLQGpVV , DX[ EURFKHV ´HU FDQDOµ VW FKDQQHO GX EORF GH UDFFRUGHPHQW GX
R
Q
WHUPLQDO FRUUHVSRQGDQW DX[ FDQDX[ DX[LOLDLUHV NELWV 0 0
5DFFRUGHU OHV FkEOHV RSWLTXHV PRQRILEUHV + DX[ FRQQHFWHXUV RSWLTXHV (P HW
5HF GH OD FDUWH G·DJUpJDW
5DFFRUGHU OHV DXWUHV H[WUpPLWpV GHV FkEOHV j O·DWWpQXDWHXU RSWLTXH YDULDEOH & UpJOp
VXU G%
3DU O·LQWHUPpGLDLUH GX 3& ( HIIHFWXHU OHV UpJODJHV UHTXLV
'pOLYUHU XQ VLJQDO j NELWV YLD O·,QWHUIDFH * j O·DLGH GX JpQpUDWHXU GH VpTXHQFHV
9pULILHU TXH OH GpWHFWHXU G·HUUHXUV Q·LQGLTXH DXFXQH HUUHXU6L XQH HUUHXU HVW GpWHFWpH YpULILHU
OHV UDFFRUGHPHQWV pOHFWULTXHV RX UHPSODFHU O·XQH DSUqV O·DXWUH OD FDUWH $8; HW OD FDUWH
G·DJUpJDW
'pFRQQHFWHU OH JpQpUDWHXU GH VpTXHQFHV GH O·HQWUpH GX ´HU FDQDO NELWVµ HW YpULILHU OD
SUpVHQFH GX VLJQDO 6,$ WRXW XQ VXU OH GpWHFWHXU G·HUUHXUV 'DQV OH FDV FRQWUDLUH UHPSODFHU
OD FDUWH $8;
5pSpWHU OHV WHVWV VXU WRXV OHV FDQDX[ NELWV
(
&
,/
$
$
('
. $/ $* $$
$$
O
V
L V
W D
H
W $ L
K Q F
W O
I H $
W
R Q
R P
*(1(5$7(85
J
LQ
F R
U
'( 6(4
\V I
W
L Q
S
RI R
L
'(7(&7(85
FR W
Q D
'·(55(856
G ]
QLR U L
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
& (175((
$77(18$7(85
237,48( +
6257,(
$8; $/,0(17$7,21
$*5(*$7
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GHV FDQDX[ DX[LOLDLUHV j NELWV
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GHV FDQDX[ DX[LOLDLUHV 9
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P WHVWHXU GH GRQQpHV )
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L SDLUH EOLQGpH ,
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K FkEOHV RSWLTXHV PRQRILEUHV +
R Q X
J X D
LQ
V
V
PQ
PW
H
W
DWWpQXDWHXU RSWLTXH YDULDEOH &
D R LU
F
3 Z
G
G W
Q X
D R
3& (
H
Y
U H K W
H V L
V
H
U
X Z
G
W
&RQILJXUHU OH FLUFXLW GH WHVW
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
5DFFRUGHU OH WHVWHXU GH GRQQpHV ) j O·DLGH GH SDLUHV EOLQGpHV , DX[ EURFKHV GX
OOR S
$ G W ´HU FDQDOµ GX EORF GH UDFFRUGHPHQW FRUUHVSRQGDQW DX[ FDQDX[ DX[LOLDLUHV 9
R
Q
0 0
5DFFRUGHU OHV FkEOHV RSWLTXHV PRQRILEUHV + DX FRQQHFWHXUV RSWLTXHV (P HW
5HF GH OD FDUWH G·DJUpJDW
5DFFRUGHU OHV DXWUHV H[WUpPLWpV GHV FkEOHV j O·DWWpQXDWHXU RSWLTXH YDULDEOH UpJOp
VXU G%
3DU O·LQWHUPpGLDLUH GX 3& ( HIIHFWXHU OHV UpJODJHV UHTXLV
'pOLYUHU XQ VLJQDO 9 j O·DLGH GX WHVWHXU GH GRQQpHV , DYHF OHV FDUDFWpULVWLTXHV VXLYDQWHV
VLJQDO SVHXGRDOpDWRLUH 35%6
GpELW EDXGV
FRGH 15=
VpTXHQFH
VRXUFH GH V\QFKURQLVDWLRQ ,17(51(
9pULILHU TX·DXFXQH HUUHXU Q·HVW GpWHFWpH SDU OH WHVWHXU GH GRQQpHV ,
'DQV OH FDV FRQWUDLUH UHPSODFHU OD FDUWH $8;9'6 RX OD FDUWH G·DJUpJDW
'pFRQQHFWHU OH WHVWHXU GH GRQQpHV GH O·HQWUpH GX ´HU FDQDO 9µ HW YpULILHU OD SUpVHQFH GX
VLJQDO 6,$ WRXW XQ
(Q O·DEVHQFH GH FH GHUQLHU UHPSODFHU OD FDUWH $8;9'6
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V
L V
W D
W
) L
K Q F
W O
I H $
W
R Q
R P
*(1(5$7(85
J
LQ
F R
U '( 6(4
\V I
W
L Q
S
RI R
R W L '(7(&7(85
F
GQ D
'·(55(856
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
& (175((
$77(18$7(85
237,48( +
6257,(
$8; $/,0(17$7,21
$*5(*$7
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GHV FDQDX[ DX[LOLDLUHV 9
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GH OD VpFXULVDWLRQ DXWRPDWLTXH $36 GH O·DJUpJDW 670
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L FkEOHV FRD[LDO * RX SDLUH EOLQGpH /
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K FkEOHV RSWLTXHV PRQRILEUHV +
R Q X
J X D
LQ
V
V
PQ
PW
H
W
3& (
D R LU
F
3 Z
G
G W
Q X
D R
&RQILJXUHU OH FLUFXLW GH WHVW
H
Y
U
H
H K
V L
W 'HX[ DJUpJDWV GH PrPH F{Wp VRQW ERXFOpV DX WUDYHUV GH O·DWWpQXDWHXU IL[H RX YDULDEOH G%
V X Z
H
U
G
W j O·DLGH GH FkEOHV RSWLTXHV +
Q W H
V
W
K
H LW
PP
3DU O·LQWHUPpGLDLUH GX 3& ( HIIHFWXHU OHV UpJODJHV UHTXLV
J
/HV FDUWHV j LQVpUHU VRQW LQGLTXpHV GDQV OD )LJXUH SDJH
L X U
U F H
OOR S
$ G W
R
Q
5pJOHU O·DWWpQXDWHXU SRXU GpOLYUHU XQ VLJQDO FRQIRUPH DX[ FDUDFWpULVWLTXHV UHTXLVHV SRXU
O·DIIOXHQW FRPPH GpFULW DX[ FKDSLWUHV SUpFpGHQWV
9pULILHU TXH OH GpWHFWHXU Q·LQGLTXH DXFXQH HUUHXU HW TX·DXFXQ LQGLFDWHXU G·DODUPH Q·HVW DOOXPp
VXU OHV FDUWHV FRQFHUQpHV
2XYULU OD ERXFOH GH O·DJUpJDW HQ VHUYLFH
$SUqV XQH SpULRGH GH WUDQVLWLRQ DYHF LQGLFDWLRQ GH VLJQDO 6,$ YpULILHU TX·DXFXQH HUUHXU Q·HVW
LQGLTXpH SDU OH GpWHFWHXU
5pSpWHU OH WHVW VXU OHV DXWUHV FDUWHV G·DJUpJDW
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
)
LQ U
\V I
W
L Q
S
R
F
I R
R W L *(1(5$7(85
GQ D '( 6(4
QLR U
W
]
L * RU /
D
Q
D R
K '(7(&7(85
LF W
R Q X '·(55(856
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$))/8(176
0$75,&(
+ %28&/(
$*5(*$76
%28&/(
$*5(*$76
$*5(*$76 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ DXWRPDWLTXH $36 GH O·DJUpJDW 670
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH O·DIIOXHQW (36
/HV FLUFXLWV GH WHVWV VXLYDQWV VRQW LQGLTXpV SRXU FKDTXH W\SH GH VpFXULVDWLRQ FRQFHUQp
O
H
V W
L V
W D
K Q F
W O
I H $
W
R
J
Q
R P
)LJXUH SDJH 3RXU XQ DIIOXHQW ; 0ELWV (36 1
LQ
\
F R
V I
W
U /·H[HPSOH PRQWUH XQ UDFFRUGHPHQW DYHF O·DIIOXHQW j 0ELWV GH OD
S
R
L Q
I R
R W L
FDUWH DOYpROH
F
Q D
G
Q
D
LR U
W
]
L )LJXUH SDJH 3RXU XQ DIIOXHQW ; 0ELWV [ 0ELWV RX 670 pOHFWULTXH
D R
Q
R LF W
K (36 1
J
Q X
X D /·H[HPSOH PRQWUH XQ UDFFRUGHPHQW DYHF O·DIIOXHQW j 0ELWV
LQ
V
V
PQ
PW
H
W DOYpROH
R LU
D
3
F
Z
3DU FRQVpTXHQW OD FDUWH GH VHFRXUV 63$5( HVW FHOOH GH UpVHUYH
G
H
G W
Q X
D R
VWDQGE\
Y
H K
)LJXUH SDJH 3RXU XQ DIIOXHQW ; 0ELWV ; 0ELWV RX 670 pOHFWULTXH
U W
H V L
V X Z
H
U
G
W
Q W H
(36
V
W
K
H LW
PP
/·H[HPSOH PRQWUH OD FRPPXWDWLRQ G·XQ DIIOXHQW j 0ELWV HQWUH
J
L
U
OO
X U
F H OHV GHX[ SUHPLqUHV FDUWHV DOYpROHV HW
R S
$ G W
R
/HV UDFFRUGHPHQWV UHTXLV DYHF OHV PRGXOHV GH FRPPXWDWLRQ VRQW
Q
LQGLTXpV
,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
FkEOHV FRD[LDX[ * RX SDLUHV EOLQGpHV /
DWWpQXDWHXU RSWLTXH YDULDEOH &
3& (
FkEOHV RSWLTXHV PRQRILEUHV +
FRUGRQV 36( 4 (36 XQLTXHPHQW
&RQILJXUHU OH FLUFXLW GH WHVW
/H ERXFODJH GHV DJUpJDWV HVW HIIHFWXp DX WUDYHUV GH O·DWWpQXDWHXU RSWLTXH & YDULDEOH UpJOp
VXU G%
3DU O·LQWHUPpGLDLUH GX 3& ( HIIHFWXHU OHV UpJODJHV UHTXLV DIIOXHQWV HQ 'pULYDWLRQ,QVHUWLRQ
/HV PRGXOHV GH FRPPXWDWLRQ GRLYHQW pJDOHPHQW rWUH UpJOpV VHORQ OD FRQILJXUDWLRQ (36
/HV FDUWHV FRQFHUQpHV VRQW LQGLTXpHV VXU OD ILJXUH
&RQILJXUHU OH JpQpUDWHXU $ SRXU GpOLYUHU XQ VLJQDO FRQIRUPH j O·DIIOXHQW FRQFHUQp
9pULILHU TXH OH GpWHFWHXU Q·LQGLTXH DXFXQH HUUHXU HW TX·DXFXQ LQGLFDWHXU G·DODUPH Q·HVW DOOXPp
VXU O·pTXLSHPHQW
5HWLUHU OD FDUWH G·DIIOXHQW HQ VHUYLFH HW YpULILHU DSUqV OD SpULRGH GH WUDQVLWLRQ TX·DXFXQH HUUHXU
Q·HVW UHOHYpH SDU OH GpWHFWHXU OD FDUWH GH UpVHUYH HVW GpVRUPDLV HQ VHUYLFH
5pLQVpUHU OD FDUWH G·DIIOXHQW HW UHWLUHU OD FDUWH GH UpVHUYH GpVRUPDLV HQ VHUYLFH 9pULILHU DSUqV
XQH SpULRGH GH WUDQVLWLRQ TX·DXFXQH HUUHXU Q·HVW UHOHYpH SDU OH GpWHFWHXU
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
K
W
W D
Q F O $
I H $
W
R Q
J R P
F R *(1(5$7(85
LQ
\V I
W
U
'( 6(4
S
R
L Q
I R * RU /
FR W L
'(7(&7(85
Q D
G
QLR U
]
L '·(55(856
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$))/8(176
; 0ELWV
0$75,&(
$))/8(17
'( 6(&2856
; 0ELWV
& (175((
$77(18$7(85
237,48( +
6257,(
%28&/(
$*5(*$76
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ G·DIIOXHQW ; 0ELWV (36 1
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
$
LQ U
\V I
W
L Q
S
R
F
I R
R W L *(1(5$7(85
GQ D
]
'( 6(4
QLR U
W
L
*
D
Q
D R
K (5525
LF W
R Q X '(7(&725
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$))/8(17 (/
0ELWV RX
670 0$75,&(
$))/ (/ 6(&
[ 0ELWV RX 6 6
670 3 3
$ $
5 5 (
( (
&$57(6 '(
&20087$7,21
& (175((
$77(18$7(85
237,48( +
6257,(
%28&/(
$*5(*$76
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ G·DIIOXHQW 0ELWV RX 0ELWV670 (36 1
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
$
LQ U
\V I
W
L Q
S
R
F
I R
R W L *(1(5$7(85
GQ D
]
'( 6(4
QLR U
W
L
*
D
Q
D R
K '(7(&7(85
LF W
R Q X '·(55(856
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$))/8(176 (/
PELWV RX
670
0$75,&(
& (175((
$77(18$7(85
237,48( +
6257,(
%28&/(
$*5(*$76
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ G·DIIOXHQW 0ELWV RX 0ELWV670 (36
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P IUpTXHQFHPqWUH 1
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 3& (
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K FkEOH GH V\QFKURQLVDWLRQ 2
R Q X
J X D
LQ
V
V
PQ
PW
H
W
&RQILJXUHU OH FLUFXLW GH WHVW
D R LU
F
3 Z
G
G W
Q X
D R
8WLOLVHU OH FkEOH 2 SRXU UDFFRUGHU OH IUpTXHQFHPqWUH j O·DFFqV GH WHVW GH VRUWLH GX
H
Y
U
H
H K
V L
W VLJQDO G·KRUORJH &. 287 GX FRQQHFWHXU 0
V X Z
H G
U W
V
W
K
Q W
H LW
H
3DU O·LQWHUPpGLDLUH GX 3& ( FRQILJXUHU OD VpFXULVDWLRQ GH OD FDUWH GH UpIpUHQFH
PP
J
L
U
OO
X U
F H G·KRUORJH VXU DLQVL TXH OHV DXWUHV VpOHFWLRQV FRUUHFWHV
R S
$ G W
R
Q
9pULILHU OD IUpTXHQFH HQ VRUWLH GX VLJQDO G·KRUORJH
5HWLUHU OD FDUWH GH UpIpUHQFH G·KRUORJH FRQILJXUpH FRPPH FDUWH SULQFLSDOH
9pULILHU OD IUpTXHQFH HQ VRUWLH GX VLJQDO G·KRUORJH DSUqV XQH SpULRGH GH WUDQVLWLRQ
5pLQWURGXLUH OD FDUWH GH UpIpUHQFH G·KRUORJH SULQFLSDOH 0DLQ &58
5HWLUHU OD FDUWH GH UpIpUHQFH G·KRUORJH GH VHFRXUV 6SDUH &58
9pULILHU OD IUpTXHQFH HQ VRUWLH GX VLJQDO G·KRUORJH DSUqV XQH SpULRGH GH WUDQVLWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
O
V V
H
W 1
L W D
K Q F
W
I H $
W
O
2 )5(48(1&(
R Q
J R P
F R
0(75(
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH OD FDUWH GH UpIpUHQFH G·KRUORJH &58
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH OD PDWULFH WRWDOH
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L FkEOHV FRD[LDO * RX SDLUH EOLQGpH /
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K DWWpQXDWHXU RSWLTXH YDULDEOH &
R Q X
J X D
LQ
V
V
PQ
PW
H
W
FkEOHV RSWLTXHV PRQRILEUHV +
D R LU
F
3 Z
G
G W
Q X
D R
3& (
H
Y
U H K W
H V L
V
H
U
X Z
G
W
&RQILJXUHU OH FLUFXLW GH WHVW
V
W
K
Q W
H LW
H
$ WLWUH G·H[HPSOH OH VFKpPD PRQWUH XQH OLDLVRQ W\SH pWDEOLH HQWUH XQ DIIOXHQW HW OH JpQpUDWHXU
PP
J
L
U
OO
X U
F H GH VpTXHQFHVGpWHFWHXU G·HUUHXUV j O·DLGH GH FkEOHV * SRXU OHV UDFFRUGHPHQWV j RKPV
R S
$ G W
R
RX GH FkEOHV / SRXU OHV UDFFRUGHPHQWV j RKPV
Q
/·DJUpJDW HVW ERXFOp DX WUDYHUV GH O·DWWpQXDWHXU RSWLTXH YDULDEOH & UpJOp VXU XQH DWWpQXDWLRQ
GH G% j O·DLGH GH FkEOHV RSWLTXHV +
8WLOLVHU OH 3& ( SRXU HIIHFWXHU OHV UpJODJHV UHTXLV
/HV FDUWHV j LQVpUHU VRQW LQGLTXpHV GDQV OD )LJXUH SDJH
&RQILJXUHU OH JpQpUDWHXU SRXU GpOLYUHU XQ VLJQDO FRQIRUPH j O·DIIOXHQW FRQFHUQp
9pULILHU TXH OH GpWHFWHXU Q·LQGLTXH DXFXQH HUUHXU HW TX·DXFXQ LQGLFDWHXU G·DODUPH Q·HVW DOOXPp
VXU O·pTXLSHPHQW
5HWLUHU OD FDUWH GH PDWULFH WRWDOH FRQILJXUpH FRPPH SULQFLSDOH
$SUqV XQH SpULRGH GH WUDQVLWLRQ DYHF LQGLFDWLRQ GH VLJQDO 6,$ YpULILHU TXH OH GpWHFWHXU
Q·LQGLTXH DXFXQH HUUHXU
5pLQWURGXLUH OD FDUWH GH PDWULFH WRWDOH SULQFLSDOH
5HWLUHU OD FDUWH GH PDWULFH WRWDOH GH VHFRXUV
$SUqV XQH SpULRGH GH WUDQVLWLRQ DYHF LQGLFDWLRQ GH VLJQDO 6,$ YpULILHU TXH OH GpWHFWHXU
Q·LQGLTXH DXFXQH HUUHXU
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
$
LQ U
\V I
W
L Q
S
R
F
I R
R W L *(1(5$7(85
GQ D
]
'( 6(4
QLR U
W
L
* RU /
D
Q
D R
K '(7(&7(85
LF W
R Q X '·(55(856
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$))/8(176
0$75,&(
0$75,&(6
& (175((
$77(18$7(85
237,48( +
6257,(
%28&/(
$*5(*$76
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ (36 GH OD PDWULFH WRWDOH
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GX PRGH ´RVFLOODWLRQV OLEUHVµ GH OD FDUWH G·KRUORJH
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P IUpTXHQFHPqWUH 1
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 3& (
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K FkEOH GH V\QFKURQLVDWLRQ 2
R Q X
J X D
LQ
V
V
PQ
PW
H
W
&RQILJXUHU OH FLUFXLW GH WHVW
D R LU
F
3 Z
G
G W
Q X
D R
$ O·DLGH GX FkEOH 2 UDFFRUGHU OH IUpTXHQFHPqWUH j O·DFFqV GH WHVW GH VRUWLH GX VLJQDO G·KRUORJH
H
Y
U
H
H K
V L
W &. 287 GX FRQQHFWHXU 0
V X Z
H G
U W
V
W
K
Q W
H LW
H
3DU O·LQWHUPpGLDLUH GX 3& ( FRQILJXUHU O·pTXLSHPHQW HQ PRGH ´RVFLOODWLRQV OLEUHVµ
PP
J
L
U
OO
X U
F H ´)UHHUXQQLQJµ
R S
$ G W
R
Q
9pULILHU TXH OD IUpTXHQFH HQ RVFLOODWLRQV OLEUHV HVW GH NK] p SSP GH
j +]
(
&
,/
$
$
('
. $/ $* $$
$$
O
V V
H
W 1
L W D
K Q F
W O
I
R
H $
W 2 )5(48(1&(
Q
J R P
F R
0(75(
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GX PRGH ´RVFLOODWLRQV OLEUHVµ GH OD FDUWH G·KRUORJH
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GHV DODUPHV GLVWDQWHV
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH HQ XWLOLVDQW OHV LQVWUXPHQWV HW DFFHVVRLUHV
QpFHVVDLUHV GX 7DEOHDX SDJH
O
H
DWWpQXDWHXU RSWLTXH YDULDEOH &
W
V
L
K
W
V
W D
Q F O
JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
H $
I
R
W
Q PXOWLPqWUH QXPpULTXH '
J R P
LQ
\
F R
V I
U FkEOHV FRD[LDO * RX SDLUH EOLQGpH /
W
L Q
S
R
F
I R
R W L SDLUHV WRUVDGpHV EOLQGpHV 3
G
Q
Q D
LR U
]
L FkEOH RSWLTXH PRQRILEUH +
D W
Q
D R
LF W
K 9R\DQW = FRPSRVp G·XQH /(' FRQQHFWp j XQ JpQpUDWHXU GH WHQVLRQ 9WHVW GRQW OD PLVH
R Q X
J X D j OD WHUUH HVW FRPPXQH j FHOOH GH O·pTXLSHPHQW HW XQH UpVLVWDQFH HQ VpULH 5V GRQW OD YDOHXU
LQ PQ
V
V PW
R LU
H
W HVW GRQQpHV SDU 5V 9WHVW P$
D
F
3 Z
G W
G
H
Y
Q X
D R 1% 9WHVW QH GRLW SDV GpSDVVHU 9 HW OH FRXUDQW GH VRUWLH GH OD EURFKH QH GRLW SDV GpSDVVHU
U H K
H
V
V L
X Z
W
P$ GH SOXV OD /(' XWLOLVpH GRLW VXSSRUWHU XQ FRXUDQW GH P$
H G
U W
Q W H
V
W
K
J
H LW
PP
&RQILJXUHU OH FLUFXLW GH WHVW
L X U
U
OO
F H
R S
/·DJUpJDW HVW ERXFOp DX WUDYHUV GH O·DWWpQXDWHXU RSWLTXH YDULDEOH & UpJOp VXU XQH DWWpQXDWLRQ
$ G W
R
Q
GH G%
&RQILJXUHU OH JpQpUDWHXU SRXU GpOLYUHU XQ VLJQDO FRQIRUPH j O·DIIOXHQW FRQFHUQp FRPPH GpFULW
DX[ FKDSLWUHV SUpFpGHQWV
5DFFRUGHU OH YR\DQW = j OD EURFKH GHYDQW rWUH WHVWpH VXU OH SDQQHDX GH UDFFRUGHPHQW GX
PRGXOH GH FRPPXWDWLRQ VXLYDQW OHV LQVWUXFWLRQV GX 7DEOHDX 9pULILHU OD SUpVHQFH GH O·DODUPH
FRUUHVSRQGDQWH SDU O·DOOXPDJH GX YR\DQW = HW HQ FRQWU{ODQW TXH OD WHQVLRQ PHVXUpH VXU OH
PXOWLPqWUH QXPpULTXH ' HVW FRPSULVH HQWUH 9 HW 9 1RWH FHWWH WHQVLRQ GRLW rWUH PHVXUpH
HQWUH OD EURFKH HW OD WHUUH GH O·pTXLSHPHQW 7HVWHU WRXWHV OHV DXWUHV DODUPHV HQ SURFpGDQW GH
OD PrPH IDoRQ
7DEOHDX $FWLYDWLRQ GHV DODUPHV GLVWDQWHV
$ODUPHV GLVWDQWHV 6LPXODWLRQ
,17 ([WUDLUH XQH FDUWH HQ VHUYLFH
85* 2XYULU OD ERXFOH G·DJUpJDWV
185* $XJPHQWHU O·DWWpQXDWLRQ YLD O·DWWpQXDWHXU RSWLTXH
,1' 7UDQVPHWWUH WRXV OHV ´µ YLD OH JpQpUDWHXU GH VpTXHQFHV
725 'pFRQQHFWHU XQH EDWWHULH GH VWDWLRQ
7$1' 'pFRQQHFWHU GHX[ EDWWHULHV GH VWDWLRQV
725& 'pVDFWLYHU XQH FDUWH G·DOLPHQWDWLRQ
7$1& 'pVDFWLYHU GHX[ FDUWHV G·DOLPHQWDWLRQ
/26 4 'pFRQQHFWHU OH UpVHDX /$1 4% GX PRGXOH GH FRPPXWDWLRQ 4[ 6\QF
(
&
,/
$
$
('
. $/ $* $$
$$
9WHVW
/(' 5V
O
V V D
H
W =
L W
K Q F
W O 08/7,0(75(
I W $
R Q
H
180(5,48(
J R
F R
P $
LQ U
\ W V I
S L Q 3 '
R I R
F R W
L *(1(5$7(85
G Q ]
D '( 6(4
Q LR U
D W R
L
* RU /
D
Q LF W K '(7(&7(85
R Q X '·(55(856
J X D
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
$)//8(176
& (175((
$77(18$7(85
237,48( +
6257,(
$*5(*$7 $/,0(17$7,21
&58
&$57( &2175 (4
)LJXUH 9pULILFDWLRQ GHV DODUPHV GLVWDQWHV
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GH OD OLDLVRQ
127( $ILQ GH SURFpGHU FRUUHFWHPHQW DX[ WHVWV VH UHSRUWHU DX &KDSLWUH SDJH SRXU WRXWH
O
H
UpIpUHQFH DX[ SRVLWLRQV 3 j OD QXPpURWDWLRQ Q DLQVL TX·DX FKDSLWUH SDJH SRXU WRXWH
W
V
L W
K Q F
W
V D
O
LQIRUPDWLRQ FRQFHUQDQW OH FkEODJH
I W $H
R Q
J R P
F R
LQ U
V I
\ W
S L Q 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH VXU OD OLDLVRQ
R I R L
F R W
D
G Q ]
Q LR U
D W R
L
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
D
Q LF W K
R Q X
J X D
LQ P Q
,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
V H
V PW W
D R LU
3
F
G W
Z JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
G Q X
H D R
Y
U H K
H V L
V X Z
W
FkEOHV SRXU UpSDUWLWHXU 0
H
U W G
Q H
V H W
W
K P
LW &H WHVW GRLW rWUH HIIHFWXp VXU WRXV OHV FRQGXLWV G·DIIOXHQW TXL QH WUDQVLWHQW SDV SDU O·pTXLSHPHQW FRQFHUQp
J P
L X U
U F H
OO R
S
F·HVWjGLUH WRXV OHV DIIOXHQWV VLWXpV GDQV GHV FRQILJXUDWLRQV ´WHUPLQDOHVµ DLQVL TXH OHV DIIOXHQWV HQ
$ G W
R
Q
'pULYDWLRQ,QVHUWLRQ GDQV GHV FRQILJXUDWLRQV ´$GG'URSµ
&H WHVW SHUPHW pJDOHPHQW GH YpULILHU OHV FRQILJXUDWLRQV G·DJUpJDWV ´EUDVVpVµ
'DQV FH FDV OH ORJLFLHO GH O·pTXLSHPHQW GHV VWDWLRQV GRLW rWUH FRQILJXUp SRXU EUDVVHU OHV FDUWHV
G·DIIOXHQWV 78 RX OHV $8 GDQV O·DJUpJDW GH PrPH F{Wp
/H ERXFODJH GHV DIIOXHQWV Q·HVW SDV LPSRUWDQW
/H EORF HQ VHUYLFH HVW LQGLTXp SDU XQ DVWpULVTXH ´ µ GDQV OD )LJXUH SDJH
/·H[HPSOH GH OD )LJXUH SDJH HVW DSSOLFDEOH DX QLYHDX GH OD IRQFWLRQQDOLWp j WRXV OHV DIIOXHQWV
&RQILJXUHU OH FLUFXLW GH WHVW
7RXV OHV DIIOXHQWV VRQW ERXFOpV VXU OH UpSDUWLWHXU GH OD VWDWLRQ
5DFFRUGHU OD VRUWLH GX JpQpUDWHXU GH VpTXHQFHV VXU O·HQWUpH GX SUHPLHU DIIOXHQW HW O·HQWUpH GX
GpWHFWHXU G·HUUHXUV VXU OD VRUWLH GH FH PrPH DIIOXHQW j O·DLGH GH FkEOHV 0
9pULILHU TXH OH QLYHDX GHV VLJQDX[ GHV DIIOXHQWV UHOLpV HVW FRQIRUPH 'DQV OH FDV FRQWUDLUH OH
UpJOHU
&RQILJXUHU OH GpELW HW OH QLYHDX GX JpQpUDWHXU $ FRQIRUPpPHQW j O·DIIOXHQW FRQFHUQp
9pULILHU TXH OH GpWHFWHXU Q·LQGLTXH DXFXQH HUUHXU HW TX·DXFXQ LQGLFDWHXU G·DODUPH $ Q·HVW
DOOXPp VXU O·pTXLSHPHQW
6L GHV DODUPHV HWRX GHV HUUHXUV VRQW GpWHFWpHV HW VL WRXWHV OHV YpULILFDWLRQV ORFDOHV RQW pWp
HIIHFWXpHV OD GpIDLOODQFH HVW OLpH j GHV FDXVHV H[WHUQHV 6L OHV YpULILFDWLRQV ORFDOHV Q·RQW SDV
pWp HIIHFWXpHV VXLYUH OHV LQVWUXFWLRQV VSpFLILpHV DX SDUDJUDSKH SDJH
5pSpWHU OHV WHVWV VXU OHV DXWUHV DIIOXHQWV OH FDV pFKpDQW
127( 7RXV OHV DIIOXHQWV GH OD VWDWLRQ SHXYHQW rWUH WHVWpV VLPXOWDQpPHQW HQ HIIHFWXDQW XQ ERXFODJH
HQ FDVFDGH HW HQ ERXFODQW OHV DIIOXHQWV GH OD VWDWLRQ
8WLOLVHU OH FkEODJH DGpTXDW SRXU HIIHFWXHU FHWWH RSpUDWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
R P
J
LQ
F R
U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
75$0( 75$0( 75$0( 75$0(
X D ',675,%87,21 ',675,%87,21 ',675,%87,21 ',675,%87,21
0
J
LQ
V
PQ
H $))/8(17 &21'8,7 &21'8,7 $))/8(17
V PW W
D R LU
3
F
G W
Z $
G Q X
H D R
Y
U H K W
V L
H
V X Z *(1(5$7(85
H
U
G
W '( 6(4 60 60
Q W H
V
W H LW RX &21' RX
K
J
PP 60& 60&
L
U
X U
F H '(7(&7(85
OOR S
$ G W
'·(55(856
R
Q
1 1
08; 72
'(08; RX
$8
$*5 670
60 RX 60&
)LJXUH 9pULILFDWLRQ GX PXOWLSOH[DJHGpPXOWLSOH[DJH VXU OD OLDLVRQ
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GHV ´WUDQVLWVµ HQ WUDQVSDUHQFH VXU OD OLDLVRQ
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L FkEOHV SRXU UpSDUWLWHXU 0
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K &H WHVW GRLW rWUH HIIHFWXp VXU WRXV OHV WUDLQV G·DIIOXHQWV FRQFHUQpV SDU OHV RSpUDWLRQV GH WUDQVLW
R Q X
J X D
LQ
V
V
PQ
PW
H
W
/·H[HPSOH GH OD )LJXUH SDJH HVW DSSOLFDEOH DX QLYHDX GH OD IRQFWLRQQDOLWp j WRXV OHV DIIOXHQWV
R LU
D
3
F
Z
&HW H[HPSOH PRQWUH OD YpULILFDWLRQ GHV WUDLQV GX QqPH DIIOXHQW UDFFRUGpV HQWUH OHV VWDWLRQV HW SDU
G W
G
H
Q X
D R O·LQWHUPpGLDLUH GHV ´WUDQVLWVµ GH OD VWDWLRQ
Y
U H K W
H V L
V X Z
H
U
G
W 3RXU FRQILJXUHU XQH OLDLVRQ UpHOOH FkEOpH FRPPH GpFULW FLGHVVRXV
Q W H
V H LW
W
K PP
J
L
U
OO
X U
F H &RQILJXUHU OH FLUFXLW GH WHVW
R S
$ G W
R
/·DIIOXHQW HVW ERXFOp VXU OH UpSDUWLWHXU GH OD VWDWLRQ
Q
5DFFRUGHU O·LQVWUXPHQW $ VXU OH F{Wp (P GX SUHPLHU DIIOXHQW HW OH F{Wp 5HF GH FH GHUQLHU j OD
VWDWLRQ j O·DLGH GH FkEOHV 0
&HWWH OLDLVRQ SHUPHW GH YpULILHU OHV WUDQVLWV GH O·pTXLSHPHQW YLD OD VWDWLRQ UHOLpH DX[ DXWUHV
VWDWLRQV SDU VHV H[WUpPLWpV (67 HW 28(67
9pULILHU TXH OH QLYHDX GHV VLJQDX[ GHV DIIOXHQWV UHOLpV HVW FRQIRUPH 'DQV OH FDV FRQWUDLUH OH
UpJOHU
&RQILJXUHU OH GpELW HW OH QLYHDX GX JpQpUDWHXU $ FRQIRUPpPHQW DX[ DIIOXHQWV FRQFHUQpV
9pULILHU TXH OH GpWHFWHXU $ Q·LQGLTXH DXFXQH HUUHXU HW TX·DXFXQ LQGLFDWHXU G·DODUPH Q·HVW
DOOXPp
6L GHV DODUPHV HWRX GHV HUUHXUV VRQW GpWHFWpHV HW VL WRXWHV OHV YpULILFDWLRQV ORFDOHV RQW pWp
HIIHFWXpHV OD GpIDLOODQFH HVW OLpH j GHV FDXVHV H[WHUQHV RX j XQH RSpUDWLRQ GH WUDQVLW
WUDQVSDUHQFH HUURQpH
'DQV FH FDV UHPSODFHU OHV FDUWHV G·DJUpJDW RX GH PDWULFH 6L OHV YpULILFDWLRQV ORFDOHV Q·RQW SDV
pWp HIIHFWXpHV VXLYUH OHV LQVWUXFWLRQV VSpFLILpHV DX SDUDJUDSKH SDJH
5pSpWHU OHV WHVWV VXU OHV DXWUHV DIIOXHQWV GH O·pTXLSHPHQW
127( 7RXV OHV DIIOXHQWV GH OD VWDWLRQ SHXYHQW rWUH WHVWpV VLPXOWDQpPHQW HQ HIIHFWXDQW XQ ERXFODJH
HQ FDVFDGH HW HQ ERXFODQW OHV DIIOXHQWV GH OD VWDWLRQ
8WLOLVHU OH FkEODJH DGpTXDW SRXU HIIHFWXHU FHWWH RSpUDWLRQ
(
&
,/
$
$
('
. $/ $* $$
$$
1
7
2
, 1
7 (
O 8 8 1
H ( % /
W ,
V
L V )
W D 05 )
K Q F $ 7
W O $
I H $ 5 6
W ,
R Q 7
R P '
J
F R
LQ U
\V I
W
L Q &
S
RI R 0
R W L 0
F 6
Q D X 6
G ] R
QLR U L 1
D W
D R 2
,
Q K
R LF W 7
Q X 8 7
J X D ,
( %
,
LQ PQ 8
V H 05 '
V PW W $ 7
R LU 1
D 5 6
F , 2
3 Z 7
G W ' &
G Q X
H D R
Y
U H K W
H V L
V X Z
H G '
U W
Q W H 1
V H LW
W 2
K PP
J &
L X U
U F H 1
OOR S 7
2 ,
,
$ G W (
R 7 8
Q 08 '
$ % 1
5 , 2
7 5
7 &
6
,
' &
0
6 0
X 6
R
1
2 7
,
7 1
(
( 8
8
0%, /
$ 5 )
5 7 )
7 6 $
,
'
'
1
2
&
1
2 7
, ,
( 8
7
08 '
$ % 1
5 , 2
7 5
7 & &
6
, 0
' 6 0
X 6
R
1
2
,
7 7
8 1
( %
, (
0 8
5 1
$ 7 /
5 6 )
7 , )
7 ' $
5
5
0
8 6
8 5
(
7 4 ( 8
$ ( 7 (
5 6 & 5
( ( ( 5
$
7
1 ' (
·
(
( '
'
*
)LJXUH 9pULILFDWLRQ GHV ´WUDQVLWVµ HQ WUDQVSDUHQFH VXU OD OLDLVRQ
(
&
,/
$
$
('
. $/ $* $$
$$
9pULILFDWLRQ GH OD VpFXULVDWLRQ G·XQ FLUFXLW GH 78 GDQV XQ UpVHDX HQ DQQHDX
0HWWUH HQ SODFH OH FLUFXLW GH WHVW GH OD )LJXUH SDJH
O
V
L V
W D
H
W ,QVWUXPHQWV HW DFFHVVRLUHV QpFHVVDLUHV 7DEOHDX SDJH
K Q F
W O
I H $
W
R
J
Q
R P JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L FkEOHV SRXU UpSDUWLWHXU 0
GQ D
]
L
QLR U
W
D
Q
D R
LF W
K /·H[HPSOH GH OD )LJXUH SDJH HVW DSSOLFDEOH j WRXV W\SHV G·DIIOXHQWV HW j WRXV OHV W\SHV GH
R
J
Q X
X D FRQQH[LRQV HQ DQQHDX
LQ PQ
V H
V PW W
R LU
D
3
F
Z
&RQILJXUHU OH FLUFXLW GH WHVW
G W
G Q X
H D R
Y
U
H
H K
V L
W (Q SDUWDQW GH OD VWDWLRQ UDFFRUGHU OH JpQpUDWHXU GH VpTXHQFHVGpWHFWHXU G·HUUHXUV $ DX
V X Z
H
U
G
W SUHPLHU DIIOXHQW
Q W H
V
W
K
H LW
PP
&RQIRUPpPHQW j OD FRQILJXUDWLRQ ORJLFLHOOH GHV WURLV VWDWLRQV FHW DIIOXHQW GRLW rWUH DWWULEXp j OD
J
VWDWLRQ HW OD VWDWLRQ GRLW rWUH FRQVLGpUpH FRPPH VWDWLRQ GH VHFRXUV
L X U
U F H
OOR S
$ G W
R
Q
/·DIIOXHQW WUDQVLWH YLD OD VWDWLRQ
%RXFOHU O·DIIOXHQW VXU OD VWDWLRQ
&RQILJXUHU OH JpQpUDWHXU $ FRQIRUPpPHQW j O·DIIOXHQW FRQFHUQp
9pULILHU TXH OH GpWHFWHXU Q·LQGLTXH DXFXQH HUUHXU HW TX·DXFXQ LQGLFDWHXU G·DODUPH Q·HVW DOOXPp
VXU O·pTXLSHPHQW $
'pFRQQHFWHU GX UpSDUWLWHXU FRQFHUQp OH FkEOH RSWLTXH HQWUH OHV VWDWLRQV HW
$SUqV XQH SpULRGH GH WUDQVLWLRQ YpULILHU TXH OH GpWHFWHXU $ Q·LQGLTXH DXFXQH HUUHXU
5pSpWHU OH WHVW VXU WRXV OHV DXWUHV DIIOXHQWV
9pULILFDWLRQ GX FDQDO 9'6
&HWWH YpULILFDWLRQ GRLW rWUH HIIHFWXpH VXU OD OLDLVRQ UpHOOH DSUqV DYRLU UpDOLVp WRXV OHV DXWUHV WHVWV GpFULWV
SUpFpGHPPHQW
$SUqV DYRLU DFWLYp WRXV OHV pTXLSHPHQWV GH OD OLDLVRQ VXLYUH OHV LQVWUXFWLRQV GX SDUDJUDSKH
SDJH &HWWH SURFpGXUH HVW FRQILJXUpH j SDUWLU G·XQH GHV GHX[ VWDWLRQV FRQFHUQpHV
5pSpWHU OHV RSpUDWLRQV GHSXLV O·H[WUpPLWp RSSRVpH GH OD OLDLVRQ
6L XQH OLDLVRQ QH SHXW SDV rWUH FRQILJXUpH DORUV TXH WRXWHV OHV RSpUDWLRQV RQW pWp FRUUHFWHPHQW H[pFXWpHV
UHPSODFHU OD FDUWH $8;9'6
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
W
$
V
L V
W D
K Q F
W O
I H $
W
R Q *(1(5$7(85
J
LQ
R P
F R
U
'( 6(4
V I
\
S
R
W
L Q
I R
0
L
FR W
Q D
'(7(&7(85
G
QLR U
W
]
L '·(55(856
D
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G
H
Q X
D R 75$0(
Y
U
H
H K
V L
W ',675,%87,21
V
H
X Z
G
1 $))/8(17
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
60
RX
60&
2 (
75$0(
',675,%87,21
&21'8,7
&21' &21'
75$0( 75$0( 75$0( 75$0(
',675,%87,21 ',675,%87,21 ',675,%87,21 ',675,%87,21
$))/8(17 &21'8,7 &21'8,7 $))/8(17
( 2
60 60
RX RX
60& 60&
&21'
1 1
2 (
)LJXUH 9pULILFDWLRQ GH OD VpFXULVDWLRQ G·XQ FLUFXLW GH 78 GDQV XQ UpVHDX HQ DQQHDX
(
&
,/
$
$
('
. $/ $* $$
$$
)RQFWLRQQHPHQW
1% $ILQ GH SURFpGHU FRUUHFWHPHQW DX[ WHVWV VH UHSRUWHU DX &KDSLWUH SDJH SRXU WRXWH
O
H
UpIpUHQFH j OD QXPpURWDWLRQ Q GHV FDUWHV
V W
L W V D
K Q F
W O
I W $
R Q
H /RUVTXH O·pTXLSHPHQW HVW HQ VHUYLFH QRUPDO OHV YR\DQW YHUWV VRQW DOOXPpV HW LQGLTXHQW OH
J
LQ
R
F R
P
U
IRQFWLRQQHPHQW FRUUHFW GHV FDUWHV G·DOLPHQWDWLRQ
\ W V I
S L Q
R I R L
F R W
G Q ]
D /H YR\DQW YHUW GH OD FDUWH $8;9'6 HVW DOOXPp HW LQGLTXH TXH OD YRLH GH VHUYLFH HVW OLEUH
Q LR U L
D W R
D
Q LF W
R Q X
K
/HV FDV VXLYDQWV SHXYHQW VH SUpVHQWHU
J X D
LQ P Q
V
V PW
H
W 9R\DQW YHUW DOOXPp VXU OD FDUWH G·DJUpJDW RX ,QGLTXH TXH OD FDUWH HVW HQ VHUYLFH
D R LU
3
F
G W
Z GH FRPPXWDWLRQ G·DIIOXHQW 670
G Q X
H D R
Y
U H K W
H V L
V X Z &DUWH FRQWU{OHXU G·pTXLSHPHQW
H
U W G
Q H
V H W
W
K P
LW 9R\DQW MDXQH DOOXPp ,QGLTXH XQ G\VIRQFWLRQQHPHQW ERXFODJHV DFWLIV
J
L X U
U F H
P
PLVH HQ VHUYLFH IRUFpH G·XQH FDUWH DFWLYDWLRQ RX
OO R
$ G W
S GpVDFWLYDWLRQ IRUFpH GH O·pPLVVLRQ /$6(5
R
Q WHQWDWLYH GH UHGpPDUUDJH DSUqV
VpFXULVDWLRQ $/6
&DUWH $8;9'6
9R\DQW MDXQH DOOXPp ,QGLTXH XQH OLJQH RFFXSpH
9R\DQW MDXQH FOLJQRWDQW ,QGLTXH OD UpFHSWLRQ G·XQ DSSHO VpOHFWLI
9R\DQW MDXQH DOOXPp ,QGLTXH OD UpFHSWLRQ G·XQ DSSHO HQ
WpOpFRQIpUHQFHO
/D SUpVHQFH G·DXWUHV YR\DQWV DOOXPpV LQGLTXH GHV pWDWV GH G\VIRQFWLRQQHPHQWV
$SSX\HU VXU OH ERXWRQSRXVVRLU GH OD FDUWH FRQWU{OHXU G·pTXLSHPHQW SRXU YpULILHU TXH WRXV OHV YR\DQWV
GH O·pTXLSHPHQW j O·H[FHSWLRQ GHV YR\DQWV HW GH OD FDUWH $8;9'6 RX GHV FDUWHV
G·$/,0(17$7,21 V·DOOXPHQW VDQV GpFOHQFKHU GH VLJQDO G·DODUPH
(
&
,/
$
$
('
. $/ $* $$
$$
9RLH GH VHUYLFH
/D SURFpGXUH VXLYDQWH SHUPHW O·pWDEOLVVHPHQW GH FRPPXQLFDWLRQV WpOpSKRQLTXHV HQWUH GHX[ pTXLSHPHQWV
O
LQVWDOOpV GDQV GHV VWDWLRQV RSSRVpHV
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/HV FKLIIUHV LQGLTXpV HQWUH SDUHQWKqVHV VH UDSSRUWHQW j OD FDUWH $8;9'6
R Q
J R P
F R
5DFFRUGHU OH FRPELQp WpOpSKRQLTXH DYHF FODYLHU DX FRQQHFWHXU GH O·pTXLSHPHQW DSSHODQW
LQ U
V I
\
S
W
L Q
I R
9pULILHU TXH OH YR\DQW YHUW HVW DOOXPp HW TXH OHV YR\DQWV MDXQHV HW VRQW pWHLQWV
R L
F
G
R W
Q D
'pFURFKHU OH FRPELQp WpOpSKRQLTXH j O·DLGH GX FRPPXWDWHXU DSSURSULp
]
L
LR U
Q
D W
D R
9pULILHU TXH OD WRQDOLWp HVW UHoXH
Q K
LF W
R
J
Q X
X D
$SSX\HU VXU OH ERXWRQSRXVVRLU ´-µ SRXU REWHQLU OD OLJQH
LQ
V
PQ
H
W
9pULILHU TXH OH YR\DQW YHUW V·pWHLQW HW TXH OH YR\DQW MDXQH V·DOOXPH
V PW
D
3
R LU
F
Z
'DQV FH FDV XQH WRQDOLWp G·RFFXSDWLRQ HVW pPLVH YHUV OHV DXWUHV pTXLSHPHQWV ORUVTXH OH
G W
G
H
Q X
D R
FRPELQp WpOpSKRQLTXH HVW UDFFRUGp HW GpFURFKp
Y
U H K W
H V L
V
H
U
X Z
G
W
&RPSRVHU OH QXPpUR GH O·pTXLSHPHQW GLVWDQW VXU OH FODYLHU GX FRPELQp WpOpSKRQLTXH DSSHODQW
Q W H
V H LW
W
K
J
L
U
PP
X U
F H
/D VRQQHULH UHWHQWLW HW OH YR\DQW MDXQH FOLJQRWH VXU OD VWDWLRQ FRUUHVSRQGDQW DX FDQDO 9'6
OOR S
$ G W
R
DSSHOp
Q
/·RSpUDWHXU GH OD VWDWLRQ DSSHOpH GRLW UDFFRUGHU HW GpFURFKHU VRQ FRPELQp WpOpSKRQLTXH 'DQV
FH FDV OD VRQQHULH HVW GpVDFWLYpH
/HV FRPELQpV GHV GHX[ VWDWLRQV GRLYHQW rWUH UDFFURFKpV SRXU OLEpUHU OD OLJQH 'DQV FH FDV OH
YR\DQW YHUW V·DOOXPH HW OHV YR\DQWV MDXQHV GHV GHX[ VWDWLRQV V·pWHLJQHQW
3RXU XQ DSSHO HQ WpOpFRQIpUHQFH FRPSRVHU OH ´µ VXU OH FODYLHU GX FRPELQp WpOpSKRQLTXH GH
OD VWDWLRQ DSSHODQWH
/D VRQQHULH HVW DFWLYpH HW OH YR\DQW MDXQH V·DOOXPH VXU WRXWHV OHV DXWUHV VWDWLRQV
/·RSpUDWHXU GH FKDTXH VWDWLRQ DSSHOpH GRLW UDFFRUGHU HW GpFURFKHU VRQ FRPELQp WpOpSKRQLTXH
'DQV FH FDV OD VRQQHULH HVW GpVDFWLYpH OH YR\DQW MDXQH V·pWHLQW HW OH YR\DQW MDXQH
V·DOOXPH
(
&
,/
$
$
('
. $/ $* $$
$$
7pOpFKDUJHPHQW GH OD PLVH j MRXU GX ORJLFLHO GH O·pTXLSHPHQW
/·pTXLSHPHQW SHUPHW XQH PLVH j MRXU GH OD YHUVLRQ GX ORJLFLHO HQ FRQFRUGDQFH DYHF O·pYROXWLRQ GH
O
O·pTXLSHPHQW
H
V
L
K
V
W D
W
/H WpOpFKDUJHPHQW GX ORJLFLHO V·HIIHFWXH ORUVTXH O·pTXLSHPHQW HVW HQ VHUYLFH &HWWH RSpUDWLRQ V·HIIHFWXH
W Q F O
I
R
H $
W
Q
ORFDOHPHQW j O·DLGH GX SRVWH G·H[SORLWDWLRQ &UDIW WHUPLQDO GLVSRVDQW GX ORJLFLHO G·pTXLSHPHQW j FKDUJHU
J
LQ
R P
F R
U
RX j GLVWDQFH j O·DLGH GX V\VWqPH G·H[SORLWDWLRQ
\V I
S
R
W
L Q
I R
L
/H WpOpFKDUJHPHQW GX ORJLFLHO HVW HIIHFWXp j OD IRLV VXU OD FDUWH FRQWU{OHXU G·pTXLSHPHQW HW VXU OHV PRGXOHV
FR W
GQ D
]
L
GH FRQWU{OH GHV GLIIpUHQWHV FDUWHV
QLR U
D
Q
W
D R
K
/D SURFpGXUH j VXLYUH HVW GpFULWH HQ GpWDLOV GDQV OH 0DQXHO GH O·RSpUDWHXU
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H
Y
U
D R
H K W
(TXLSHPHQW JpUp SDU XQ SRVWH G·H[SORLWDWLRQ &UDIW WHUPLQDO
H V L
V X Z
H G
U
V
W
W
Q W
H LW
H 3HQGDQW O·H[SORLWDWLRQ O·RSpUDWHXU SHXW XWLOLVHU OHV SKDVHV GH O·DSSOLFDWLRQ UHQGXHV GLVSRQLEOHV SDU OH SRVWH
K
J
L
U
PP
X U
G·H[SORLWDWLRQ HW GpFULWHV GDQV OH 0DQXHO GH O·RSpUDWHXU FRUUHVSRQGDQW
F H
OOR S
$ G W
R
Q &HOOHVFL FRPSUHQQHQW
O·DSSOLFDWLRQ G·DGPLQLVWUDWLRQ SHUPHWWDQW GH FUpHU GH QRXYHOOHV IRQFWLRQV RSpUDWHXU
OHV DSSOLFDWLRQV GH FRQILJXUDWLRQ SHUPHWWDQW GH YpULILHU HW GH PRGLILHU OHV UpJODJHV ORJLFLHOV
O·DSSOLFDWLRQ GHV DODUPHV HW GH PpPRLUH GH PDLQWHQDQFH UHQVHLJQDQW VXU O·pWDW DFWXHO HW SDVVp
GH O·pTXLSHPHQW
O·DSSOLFDWLRQ GH FRQWU{OH GHV SHUIRUPDQFHV SHUPHWWDQW OD VXUYHLOODQFH GX UpVHDX OD YpULILFDWLRQ
GHV YDOHXUV GHV SDUDPqWUHV G·HUUHXU HW O·REWHQWLRQ GH GRQQpHV VXU OD TXDOLWp GHV OLDLVRQV GHV
FRQGXLWV HW VHFWLRQV
O·DSSOLFDWLRQ G·LQYHQWDLUH GLVWDQW DSSRUWH GHV LQIRUPDWLRQV VXU OHV GRQQpHV GH OD FDUWH LQVpUpH
LGHQWLIFDWLRQ GRQQpHV GH IDEULFDWLRQ QXPpURV GH VpULH HWF
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
0$,17(1$1&(
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
0$,17(1$1&(
$77(17,21 1250(6 (0&
O
V
L W V D
H
W
,/ (67 ,03(5$7,) '( 5(63(&7(5 /(6 ,16758&7,216 '(6 1250(6 '8 3$5$*5$3+(
K Q F
W O
I W $
R Q
H $8&81 /,(1 3$*( $8&81 /,(1 3285 ())(&78(5 /(6 23(5$7,216 &,$35(6
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L 5(*/(6 '( 6(&85,7(
D W R
D
Q LF W
R Q X
K
5HVSHFWHU VFUXSXOHXVHPHQW OHV DYHUWLVVHPHQWV ILJXUDQW HQ IDFH DYDQW
J X D
LQ P Q GH O·pTXLSHPHQW DYDQW GH WUDYDLOOHU VXU OHV UDFFRUGHPHQWV RSWLTXHV GH
V H
W
V PW
D R LU
F
O·pTXLSHPHQW HQ VHUYLFH
3 Z
G W
G Q X 6·LO V·DYpUDLW QpFHVVDLUH GH FRXSHU O·DOLPHQWDWLRQ GXUDQW OD SKDVH GH
H D R
Y
U H K W PDLQWHQDQFH PHWWUH KRUV WHQVLRQ OHV FDUWHV G·DOLPHQWDWLRQ DLQVL TXH
H V L
V X Z
H
OHV VWDWLRQV G·DOLPHQWDWLRQ HQ DPRQW UpSDUWLWHXU GH EkWL RX GH VWDWLRQ
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
$VSHFWV GH OD PDLQWHQDQFH
/D PDLQWHQDQFH FRQVLVWH HQ XQH VpULH G·RSpUDWLRQV GHVWLQpHV j PDLQWHQLU RX j UDPHQHU O·HQVHPEOH GH
O·pTXLSHPHQW HQ FRQGLWLRQ RSWLPDOH GH IRQFWLRQQHPHQW HQ XQ WHPSV PLQLPH DYHF SRXU EXW G·REWHQLU XQH
GLVSRQLELOLWp RSpUDWLRQQHOOH PD[LPDOH
/D PDLQWHQDQFH VH GLYLVH HQ
0$,17(1$1&( 35(9(17,9(
0$,17(1$1&( &255(&7,9(
6H UHSRUWHU j OD VHFWLRQ 287/,1( GX FKDSLWUH SRXU WRXWH UpIpUHQFH DX[ QRUPHV (0&
,QVWUXPHQWV HW DFFHVVRLUHV
8Q WHUPLQDO ORFDO 3& SHUPHWWDQW G·DIILFKHU WRXWHV OHV DODUPHV HW GH JpUHU O·pTXLSHPHQW HVW UHTXLV
/D SURFpGXUH FRUUHVSRQGDQWH HVW GpFULWH GDQV OH 0DQXHO GH O·RSpUDWHXU
/RUVTXH OH UpVHDX GH JHVWLRQ GH O·LQWHUIDFH GH WUDQVPLVVLRQ 701 HVW LPSOpPHQWp XQ V\VWqPH
G·H[SORLWDWLRQ DIILFKH WRXWHV OHV DODUPHV HW JqUH WRXV OHV pTXLSHPHQW FRQQHFWpV
(
&
,/
$
$
('
. $/ $* $$
$$
0DLQWHQDQFH SUpYHQWLYH
/D PDLQWHQDQFH SUpYHQWLYH FRQVLVWH HQ XQH VpULH GH PHVXUHV HW GH YpULILFDWLRQV SpULRGLTXHV (OOH SHUPHW
O
H
GH UHSpUHU OHV pOpPHQWV GRQW OH IRQFWLRQQHPHQW V·HVW GpWpULRUp DYHF OH WHPSV HW TXL UHTXLqUHQW XQ UpJODJH
W
V
L W
K Q F
W
V D
O
RX XQ UHPSODFHPHQW
I W $H
R Q
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
G Q ]
Q LR U
D
L 5(*/(6 '( 6(&85,7(
D W R
D
Q LF W K
R Q X
J X D
LQ P Q
V H
V PW
D R LU
W
,O HVW UHFRPPDQGp G·HIIHFWXHU OHV RSpUDWLRQV VXLYDQWHV
F
3 Z
G W
G Q X
H D R
Y
U H K
$QQXHOOHPHQW
W
H V L
V X Z
H
U W G
Q H
V H W
9pULILHU TXH OH FkEOH EkWL 1 HVW SDUIDLWHPHQW UDFFRUGp j OD WHUUH )$6
W LW
K P
J
L X U
P 721 0
U F H
OO R
$ G W
S 9pULILHU TXH OH FKkVVLV HVW FRUUHFWHPHQW YLVVp DX EkWL DILQ GH JDUDQWLU XQH
R
Q PLVH j OD WHUUH OH EkWL HVW UDFFRUGp j OD WHUUH GH OD VWDWLRQ
(Q DSSX\DQW VXU OH ERXWRQSRXVVRLU YRLU DX FKDSLWUH OD $8&81 /,(1 SDJH $8&81 /,(1 GH OD
FDUWH FRQWU{OHXU G·pTXLSHPHQW WRXV OHV YR\DQWV j O·H[FHSWLRQ GHV YR\DQWV HW GH OD FDUWH $8;9'6
HW GX YR\DQW GH OD FDUWH G·DOLPHQWDWLRQ GRLYHQW V·DOOXPHU VDQV GpFOHQFKHU G·DODUPH
'H PDQLqUH JpQpUDOH O·pTXLSHPHQW QXPpULTXH QH QpFHVVLWH DXFXQH PDLQWHQDQFH SUpYHQWLYH
/·pTXLSHPHQW SHUPHW GH VXUYHLOOHU OD TXDOLWp GH OD OLDLVRQ VXU OD 6(&7,21 RX OH &+(0,1 GHV DIIOXHQWV HW
DJUpJDWV HQ FRPSWDQW OHV pYpQHPHQWV HUURQpV HW HQ REWHQDQW GHV GRQQpHV VXU OHV SHUIRUPDQFHV
/·DSSOLFDWLRQ GH VXLYL GHV SHUIRUPDQFHV GH WUDQVPLVVLRQ GpFULWH GDQV OH 0DQXHO GH O·RSpUDWHXU SURSRVH
FHWWH IRQFWLRQ
0DLQWHQDQFH FRUUHFWLYH GpSDQQDJH
8QH GHVFULSWLRQ FRPSOqWH GHV WHFKQLTXHV GH GpSDQQDJH HVW SUpVHQWH GDQV OD VHFWLRQ ´0DLQWHQDQFHµ GX
0DQXHO GH O·RSpUDWHXU
),;$7,21 '(6 &$57(6 (7 02'8/(6 685 /( &+$66,6
SUpFDXWLRQV SRXU pYLWHU G·HQGRPPDJHU O·pTXLSHPHQW
/H FRXSOH GH VHUUDJH GH OD YLV GH IL[DWLRQ GHV FDUWHV HW GHV PRGXOHV V·LO \ D OLHX HW V·LOV VRQW
IL[pV SDU GHV YLV VXU OH FKnVVLV GRLW rWUH
NJ [ FP 1HZWRQ [ P
/H GpSDVVHPHQW GH FHWWH YDOHXU SHXW SURYRTXHU OD UXSWXUH GHV YLV
$9(57,66(0(17 3285 /(6 $*5(*$76 670
SUpFDXWLRQV SRXU pYLWHU G·HQGRPPDJHU O·pTXLSHPHQW
/H VHUUDJH HW GHVVHUUDJH GHV FnEOHV FRD[LDX[ SRXU OD IRQFWLRQ GH WUDQVSDUHQFH VXU OHV DJUpJDWV
670 GRLW V·HIIHFWXHU j O·DLGH GH O·RXWLOODJH VSpFLDO 5pIpUHQFH $' 5pIpUHQFH
XVLQH 5
/·H[pFXWLRQ GH FHWWH RSpUDWLRQ DYHF GHV RXWLOODJHV GLIIpUHQWV SHXW HQGRPPDJHU OHV FnEOHV
(
&
,/
$
$
('
. $/ $* $$
$$
.LW GH SLqFHV GH UHFKDQJH
O
3LqFHV GH UHFKDQJH UHFRPPDQGpHV
H
V W
L V
W D
K
W
I
Q F
H $
W
O
/H QRPEUH WRWDO GH SLqFHV GH UHFKDQJH GpSHQG GHV EHVRLQV GX FOLHQW HW GRLW UHSRVHU VXU XQH PR\HQQH
R Q
J R P
F R
GHV FLUFXLWV GH WUDQVPLVVLRQ GLVSRQLEOHV HW XWLOLVpV DXVVL ELHQ GXUDQW OH WHPSV PR\HQ HQWUH GHX[ SDQQHV
LQ U
V I
\
S
W
L Q
I R
07%) TXH GXUDQW OD GXUpH GH UHSULVH 0775 FHWWH GHUQLqUH GpSHQGDQW GX QRPEUH GH SLqFHV GH
R L
F
G
R W
Q D
UHFKDQJH GLVSRQLEOHV
]
L
QLR U
D W
D R
Q
R LF W
Q X
K
/·HQVHPEOH GHV SLqFHV GH UHFKDQJH GRLW FRPSUHQGUH XQ QRPEUH PLQLPXP GH FDUWHV GH UHFKDQJH SRXU
X D
J
LQ PQ FKDTXH W\SH GH FDUWH HQILFKDEOH VH UHSRUWHU j OD OLVWH GHV FDUWHV DX FKDSLWUH SDJH
V H
V PW W
D R LU
F
3 Z
G W
5qJOHV JpQpUDOHV VXU OD JHVWLRQ GHV SLqFHV GH UHFKDQJH
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U
G
W
Q W H
$YDQW GH VWRFNHU OHV SLqFHV GH UHFKDQJH YpULILHU OHXU ERQ IRQFWLRQQHPHQW HQ OHV LQVpUDQW GDQV XQ
V H LW
W
K
J
PP pTXLSHPHQW HQ VHUYLFH
L X U
U F H
OOR S
$ G W
R
Q
,O HVW UHFRPPDQGp GH YpULILHU SpULRGLTXHPHQW OHV SLqFHV GH UHFKDQJH LQXWLOLVpHV SHQGDQW SOXV G·XQH
DQQpH
6L OHV SLqFHV GH UHFKDQJH HW O·pTXLSHPHQW VRQW VWRFNpV GDQV OH PrPH HQYLURQQHPHQW YpULILHU TXH OHV
SLqFHV GH UHFKDQJH VRQW FRQVHUYpHV GDQV GHV DUPRLUHV DILQ GH OHV SURWpJHU GH OD SRXVVLqUH HW GH
O·KXPLGLWp
'H SOXV LO HVW UHFRPPDQGp GH OHV UHOLHU j OD WHUUH DILQ G·pYLWHU OHV GpFKDUJHV pOHFWURVWDWLTXHV
6L OHV SLqFHV GH UHFKDQJH VRQW VWRFNpHV GDQV XQH SLqFH VpSDUpH RX VRQW GpSODFpHV YHUV XQH DXWUH SLqFH
RX XQ DXWUH EkWLPHQW RX VLWH SUHQGUH OHV SUpFDXWLRQV VXLYDQWHV
OHV SLqFHV GH UHFKDQJH GRLYHQW rWUH FRQVHUYpHV GDQV GHV HQYHORSSHV UHPERXUUpHV
DQWLVWDWLTXHV
OHV SLqFHV GH UHFKDQJH QH GRLYHQW SDV HQWUHU HQ FRQWDFW DYHF GHV VXUIDFHV KXPLGHV RX GHV
SURGXLWV FKLPLTXHV ULVTXDQW GH OHV HQGRPPDJHU SDU H[HPSOH XQ JD]
VL FHV SLqFHV VRQW WUDQVSRUWpHV j XQH WHPSpUDWXUH LQIpULHXUH j FHOOH GH OD SLqFH R HOOH pWDLHQW
FRQVHUYpHV QH SDV OHV XWLOLVHU VDQV OHV DYRLU SUpDODEOHPHQW ODLVVpHV j WHPSpUDWXUH DPELDQWH
SHQGDQW XQ FHUWDLQ WHPSV DILQ G·pYLWHU WRXW FKRF WKHUPLTXH HWRX OD SRVVLELOLWp GH FRQGHQVDWLRQ
/RUV GX UHPSODFHPHQW G·XQH FDUWH RX G·XQ PRGXOH YpULILHU TX·LOV VRQW FRQILJXUpV H[DFWHPHQW
GH OD PrPH IDoRQ FRPPH OD FDUWH RX OH PRGXOH UHPSODFp 3RXU OHV SURFpGXUHV GH FRQILJXUDWLRQ YRLU
SDUDJUDSKH $8&81 /,(1 SDJH $8&81 /,(1
5qJOHV SDUWLFXOLqUHV SRXU OD JHVWLRQ GHV SLqFHV GH UHFKDQJH
/RUVTXH GHV FDUWHV VRQW FRPPXQHV j GLIIpUHQWV W\SHV G·pTXLSHPHQWV RX j GLIIpUHQWHV YHUVLRQV GX PrPH
W\SH G·pTXLSHPHQW LO HVW SRVVLEOH GH QH UpSDUHU TX·XQH SLqFH GH UHFKDQJH FHOD SHUPHW G·pFRQRPLVHU OH
VWRFN GH SLqFHV GH UHFKDQJH PrPH V·LO HVW QpFHVVDLUH GH WpOpFKDUJHU OH ORJLFLHO ORUVTXH OH ORJLFLHO FKDUJp
GDQV OD FDUWH SDUWLH SURJUDPPH RX SDUWLH GRQQpHV HVW GLIIpUHQW GH FHOXL UHTXLV SRXU O·pTXLSHPHQW VXU
OHTXHO GRLW rWUH XWLOLVpH OD SLqFH GH UHFKDQJH
$ O·LVVXH GH OD SKDVH GH PLVH HQ VHUYLFH RX DSUqV OD PRGLILFDWLRQ GHV GRQQpHV G·pTXLSHPHQW LO HVW
FRQVHLOOp GH VDXYHJDUGHU OHV GRQQpHV pTXLSHPHQW VXU XQH GLVTXHWWH SDU H[HPSOH HW GH FRQVHUYHU FHWWH
GLVTXHWWH GDQV OH VWRFN GH SLqFHV GH UHFKDQJH HQ QRWDQW O·pTXLSHPHQW TX·HOOH FRQFHUQH
(
&
,/
$
$
('
. $/ $* $$
$$
)RUPXODLUH GH UpSDUDWLRQ
$ILQ GH IDFLOLWHU OD SURFpGXUH GH UpSDUDWLRQ WRXWHV OHV GRQQpHV FRQFHUQDQW OD FDUWH GpIHFWXHXVH GRLYHQW
O
H
rWUH FRQVLJQpHV GDQV OH IRUPXODLUH GpFULW SDU OD )LJXUH SDJH
W
V
L W
K Q F
W
V D
O
/H IRUPXODLUH GH UpSDUDWLRQ GRLW FRPSRUWHU XQ PD[LPXP GH GRQQpHV HW rWUH UHQYR\p j $OFDWHO
H
I W $
R Q DFFRPSDJQp GH OD FDUWH GpIHFWXHXVH
J R P
F R
LQ U
\ W V I
S L Q
R I R L
F R W
D
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H
U W G
Q H
V H W
W LW
K P
J P
L X U
U F H
OO R
S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
$/&$7( /
)2508/$,5( '( 5(3$5$7,21
5HPSOLU FH IRUPXODLUH HW OH MRLQGUH j OD FDUWH GpIHFWXHXVH j UHQYR\HU DXSUqV G·$OFDWHO
O
H
V W
L W V D &/,(17 180(52 '( &200$1'('( &2175$7
K Q F
W O
I W $H
R Q
J R P
LQ
F R
U 6,7( '(3$57(0(1781,73$<6
\ W V I
S L Q
R I R L
F R W
D 6<67(0((48,3(0(17 9(56,21 '8 352'8,7 5()(5(1&( '8 /2*,&,(/ '( /·(48,3(0(17
G Q ]
Q LR U L
D W R
D
Q LF W K
R Q X
J X D 67$7,21%$7, &+$66,6 $/9(2/(
LQ P Q
V H
V PW W
D R LU
F
3 Z
G W 120 '( &2'( 5()(5(1&( $/&$7(/
G Q X 5
H D R 8
Y
U H K W (
H V L 7
V X Z ,
H '
U W G
(
180(52 '( 6(5,( 9(56,21 '8 /2*,&,(/ '( /$ &$57( '()(&78(86(
Q H
V H W
W LW 3
K P ;
J P (
L X U ·
U F H
OO R /
S
$ G W 5
R
Q
$
3
3+$6( '()$,//$1&( 027,) '( 5(3$5$7,21 &$86( 35(680((
5
,
/ ,167$//$7,21 3$11( )5$1&+( %$,66( '( 3(5)250$1&( ,17(51(
3 0,6( (1 6(59,&(
0
(
5 )28'5(
$
)21&7,211(0(17 3$11( ,17(50,77(17( 48$/,7(0,6( $ -285
(;7(51( $,5 &21'
0$,17(1$1&( '()$87 7(03(5$785( $875(
'$7( 120 '( /·(;3(',7(85
'()$87 &2167$7(
0$/*5( 5(3$5$7,21
&200(17$,5(6
1
2
, 75$,7(0(17 '()$876 '(7(&7(6
7
$
5
$
$8&81 '()$87 0,6( $ -285 628'85( &20326$17 5(*/$*(
3 &$%/$*(
( $ , & )/ 3
5
( 5(3$5$7,21 67$1'$5' ,55(3$5$%/( 0(&$1,48( &,5&8,7 (1&5$66(0(17
' 5(-(7( ,035,0(
5 %' 0 9 9
8 9
(
7 $/(57( 48$/,7( 5(03/$&( &25526,21 $875(
$
5
( , 6; 9
3
2 127( /(775(6 5(6(59((6 $ /·86,1(
·
/
5
$
&200(17$,5(6
3
5
,
/
3
0
(
5
$
'$7( 180(52 '( 5(3$5$7,21 &(175( '( 5(3$5$7,21 120 '( /·23(5$7(85
( )LJXUH )RUPXODLUH GH UpSDUDWLRQ
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
$11(;(6
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
$11(;( $
O
$XFXQH DQQH[H Q·HVW MRLQWH j FH PDQXHO
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
5(*/$*(6 0$7(5,(/6
(
&
,/
$
$
('
. $/ $* $$
$$
O
H
V W
L V
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
'2&80(17$7,21 '(6 &$57(6
/D OLVWH GHV GRFXPHQWV LQFOXV DX[TXHOV VH UpIpUHU SRXU OHV UpJODJHV PDWpULHOV GHV FDUWHV HW GHV PRGXOHV
O
H
HVW SUpVHQWH GDQV OH 7DEOHDX SDJH
W
V
L W
K Q F
W
V D
O
6HXOV OHV GRFXPHQWV FRQFHUQDQW OHV UpJODJHV PDWpULHOV VRQW LQFOXV GDQV FH PDQXHO
I W $H
R Q
J
LQ
R
F R
P
U
/(*(1'(
\ W V I
S L Q
R I R L
F R W
G Q ]
D 1 '·,'(17,),&$7,21 '8 &20326$17 (7 (7$7 '( 02',),&$7,21
Q LR U L
D W R
D
Q LF W
R Q X
K
&KDTXH FDUWH RX PRGXOH HVW GLVWLQJXp SDU
J X D
LQ P Q
V
V PW
D R LU
H
W
XQ GRXEOH QXPpUR G·LGHQWLILFDWLRQ
F
3 Z
G W
G Q X
H D R
Y
1 G·LGHQWLILFDWLRQ XVLQH [[[[[[[[ [
U H K W
H V L
V X Z
H
U W G
Q H
FRGH $19 [[[[[[[[ [[ 127(
V H W
W LW
K P
J P
L X U
U F H
OO R
S
127( /HV GHX[ GHUQLqUHV OHWWUHV GX FRGH $19 LQGLTXHQW XQH ´DOWHUQDWLYH SRVVLEOHµ (OOHV
$ G W
R
Q
SHUPHWWHQW GH GLIIpUHQFLHU GHX[ FDUWHV GRQW OHV IRQFWLRQQDOLWpV VRQW FRPSDWLEOHV
&·HVW SRXUTXRL OH FRGH $19 QH FRPSUHQG SDV WRXMRXUV FHV GHX[ GHUQLqUHV OHWWUHV
3DU H[HPSOH OHV FDUWHV GRQW OHV Q G·LGHQWLILFDWLRQ VRQW ´$/$$$$µ HW
´$/$$%$µ GLVSRVHQW GH IRQFWLRQQDOLWpV FRPSDWLEOHV HW SRXU OHV UpJODJHV
PDWpULHOV OH GRFXPHQW GpFULW FLDSUqV 06[[[ $/$$$$06[[[
V·DSSOLTXH DX[ GHX[ LQGLIIpUHPPHQW
HW SDU XQH GRXEOH VpULH FRQFHSWLRQ HW SURGXFWLRQ pWDW GH PRGLILFDWLRQ
&6 DVVRFLp j OD UpIpUHQFH XVLQH [[[[[[[[ [
,&6 DVVRFLp j OD UpIpUHQFH $19 [[[[[[[[ [[
/H WDEOHDX VXLYDQW IRXUQLW XQ H[HPSOH GH FRUUHVSRQGDQFH HQWUH µ5()(5(1&( 86,1( &6µ
HW µ5()(5(1&( $19 ,&6µ
7DEOHDX ([HPSOH GH FRUUHVSRQGDQFH HQWUH &6 HW ·VXIIL[H ,&6·
&2'( 86,1( &2'( $19
5() &6 5() ,&6
$/ $$ $$
$/ $$ $%
$/ $$ $&
1% /HV UpIpUHQFHV XWLOLVpHV GDQV FHW H[HPSOH QH FRUUHVSRQGHQW SDV j FHOOHV GH OD OLVWH GH UHFKDQJH
GH O·pTXLSHPHQW DFWXHO
'DQV FHW H[HPSOH YRXV UHPDUTXH] TXH OD VpULH SURGXFWLRQ Q·HVW LGHQWLILpH TXH SDU &6 SRXU FH
TXL FRQFHUQH OD UpIpUHQFH XVLQH HW SDU OH ·VXIIL[H ,&6· VL OD UpIpUHQFH $19 HVW FRQFHUQpH
&HUWDLQHV GHV SRVLWLRQV GH O·pWLTXHWWH SRUWDQW OD UpIpUHQFH GH OD FDUWH HW OH &6,&6 VRQW LOOXVWUpHV
(
&
,/
DX SDUDJUDSKH SDJH
$
$
('
. $/ $* $$
$$
5()(5(1&(6 &52,6((6
LG 8QLWp DOSKDEpWLTXH ,GHQWLILH OHV FDUWHV FRQWHQDQW XQ RX SOXVLHXUV PRGXOHV
O
V
L V
W D
H
W $SS ,QGLTXH O·XQLWp ,G j ODTXHOOH DSSDUWLHQW OH PRGXOH
K Q F
W O
I H $
W
R
J
Q
R P '2&80(176 -2,176
F R
LQ U
\V I
W
L Q
S
R
F
I R
R W L 3RXU FKDTXH W\SH GH FDUWH RX GH PRGXOH GRQW OHV RSWLRQV GH FRQILJXUDWLRQ VRQW SHUVRQQDOLVpHV OH GRFX
Q D
G
QLR U
W
]
L PHQW
D
D R
Q K
R LF W
J
Q X
X D µ$19 31µ06[[[
LQ PQ
V H
V PW W
R LU
D
3
F
Z
HVW DQQH[p DX SUpVHQW PDQXHO GDQV OH FDV G·XQH 'RFXPHQWDWLRQ VXU &'520 OHV GRFXPHQWV
G W
G
H
Q X
D R 06[[[ VRQW IRXUQLV VXU XQ &'520 GLIIpUHQW GH FHOXL TXL FRQWLHQW FH 0DQXHO WHFKQLTXH
Y
U H K W
H V L
V X Z
H
U
G
W /HV GRFXPHQWV 06[[[ VRQW LQFOXV GDQV O·RUGUH QXPpULTXH /·pGLWLRQ GX GRFXPHQW 06[[[ HVW
Q W H
V
W
K
H LW
PP
O·pGLWLRQ OD SOXV UpFHQWH GLVSRQLEOH j OD GDWH GH VRUWLH GX 0DQXHO WHFKQLTXH
J
L X U
U F H
OOR S
$ G W
R
8WLOLVDWLRQ GX GRFXPHQW 06[[[
Q
06[[[ VLJQLILH µGRFXPHQW G·RSWLRQV GH UpJODJH PDWpULHOVµ OD UpIpUHQFH GX GRFXPHQW 06[[[
FRUUHVSRQG j OD UpIpUHQFH GH OD FDUWH RX GX PRGXOH HW O·DFURQ\PH 06 GpILQLW OH W\SH
/HV VLJQHV [[[ GH 06[[[ FRUUHVSRQGHQW DX FRGH G·LGHQWLILFDWLRQ LQWHUQHV $19
,O HVW SRVVLEOH TXH OH FOLHQW GRLYH JpUHU SOXVLHXUV FDUWHV GX PrPH W\SH PrPH UpIpUHQFH PDLV
DYHF XQ &6,&6 GLIIpUHQW HW OH GRFXPHQW 06[[[ GpFULW GDQV SOXVLHXUV FKDSLWUHV GLIIpUHQWV OHV
GLIIpUHQWHV RSWLRQV GH UpJODJH VHORQ WRXV OHV &6,&6 SRVVLEOHV 3RXU FHOD XQ WDEOHDX VLWXp DX
GpEXW GX GRFXPHQW 35()$&( LQGLTXH OH FKDSLWUH TXL GRLW rWUH FRQVXOWp VHORQ OH &6 RX OH
·VXIIL[H ,&6· FRUUHVSRQGDQW HQ WHQDQW FRPSWH GHV pOpPHQWV VXLYDQWV
XQH PRGLILFDWLRQ GH OD VpULH GH SURGXFWLRQ Q·HQWUDvQH SDV QpFHVVDLUHPHQW XQH
PRGLILFDWLRQ GHV RSWLRQV GH UpJODJH
XQH PRGLILFDWLRQ GX VXIIL[H GH OD UpIpUHQFH $19 Q·HQWUDvQH SDV XQ QRXYHDX GRFXPHQW
06[[[
&6 68)),; HW ,&6 GRLYHQW rWUH FRPSULV GH OD IDoRQ VXLYDQWH
GHSXLV OH &6 68)),; RX ,&6 VSpFLILp LQFOXV
YHUV OH &6 68)),; RX ,&6 VXLYDQW QRQ LQFOXV GDQV XQH OLVWH
OD VpTXHQFH GH &6 VH IDLW GDQV O·RUGUH DOSKDQXPpULTXH FURLVVDQW SDU H[HPSOH &6 $
HVW LQIpULHXU j &6
&KDTXH FKDSLWUH FRQWLHQW
XQ RX SOXVLHXUV WDEOHDX[ TXL GpILQLVVHQW OD UHODWLRQ HQWUH OHV IRQFWLRQV H[pFXWpHV HW OH
UpJODJH GHV RSWLRQV
OH VFKpPD G·LPSODQWDWLRQ TXL LQGLTXH OD SRVLWLRQ H[DFWH GH WRXWHV OHV RSWLRQV GH UpJODJH
/HV RSWLRQV GH UpJODJH GpFULWHV GDQV OH GRFXPHQW 06[[[ GRLYHQW rWUH XWLOLVpHV VHORQ OD
)LJXUH SDJH TXL LQGLTXH OD SRVLWLRQ ·21· GHV PLFURUXSWHXUV
/HV RSWLRQV GH UpJODJH TXL GDQV OH WDEOHDX VRQW VLJQDOpHV SDU OD PHQWLRQ 8VDJH XVLQH XQL
TXHPHQW QH GRLYHQW MDPDLV rWUH PRGLILpHV
(
&
,/
$
$
('
. $/ $* $$
$$
(;(03/(
1% /HV UpIpUHQFHV XWLOLVpHV GDQV FHW H[HPSOH QH FRUUHVSRQGHQW SDV DX[ UpIpUHQFHV GH OD OLVWH GH
O
SLqFHV GH O·pTXLSHPHQW DFWXHO
H
V W
L V
W D
K
W
I
Q F
H $
W
O
6L O·RQ SUHQG HQ FRQVLGpUDWLRQ OD PrPH FDUWH TXH GDQV OH 7DEOHDX SDJH
R Q
J R P
F R
LQ U
\V I
W
&2'( 86,1( &2'( $19
SL Q
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
K
5() &6 5() ,&6
Q LF W
R Q X
J X D
LQ
V
PQ
H
$/ $$$$
V PW W
D R LU
F
3
G
G W
Q X
Z
$/ $$$%
H D R
Y
U H K W
H
V
V L
X Z $/ $$$&
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U
OO
F H
R S
HW HQ VXSSRVDQW TXH OHV RSWLRQV GH UpJODJH YDODEOHV SRXU &6 VRQW LGHQWLTXHV j FHOOHV GH
$ G W
R
Q
&6 PDLV TX·HOOHV VRQW PRGLILpHV SRXU &6 OH WDEOHDX GX GpEXW GX GRFXPHQW $/
$$$$ 06==4 VHUD OH VXLYDQW
5() 86,1( 5() $19
&2',&( ', )$%%5,&$ &2',&( $19
&+$3,75(
&$3,72/2 '(38,6 &6 '(38,6 68)),;( '(38,6 ,&6
'$ &6 '$ 68)),662 '$ ,&6
$$
$&
'DQV OH FDV G·XQH FDUWH LGHQWLILpH SDU O·XQH GH FHV GRQQpHV
&2'( 86,1( &2'( $19
5() &6 5() ,&6
$/ $$$$
$/ $$$%
XWLOLVHU OH &KDSLWUH GX GRFXPHQW $/ $$$$ 06==4
'DQV OH FDV G·XQH FDUWH LGHQWLILpH SDU O·XQH GH FHV GRQQpHV
&2'( 86,1( &2'( $19
5() &6 5() ,&6
$/ $$$&
$/ $$$'
(
&
,/
$ XWLOLVHU OH &KDSLWUH GX GRFXPHQW $/ $$$$ 06==4
$
('
. $/ $* $$
$$
,'(17,),( /$ %52&+( '8 &20326$17
)LJXUH ([HPSOHV GH SRVLWLRQ ·21· &/26(' GHV PLFURUXSWHXUV SRXU OHV RSWLRQV GH UpJODJH
O
V
L V
H
W PDWpULHO
W D
K Q F
W O
I H $
W
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D
]
L
QLR U
D W
D R
Q K
R LF W
Q X
J X D
LQ PQ
V H
V PW W
D R LU
F
3 Z
G W
G Q X
H D R
Y
U H K W
H V L
V X Z
H G
U W
Q W H
V H LW
W
K PP
J
L X U
U F H
OOR S
$ G W
R
Q
(
&
,/
$
$
('
. $/ $* $$
$$
7DEOHDX 5pJODJHV PDWpULHOV
/·pGLWLRQ GHV GRFXPHQWV OLVWpV GDQV FH WDEOHDX MRLQWV j FH PDQXHO HVW OD SOXV UpFHQWH DX
O
V
L V
W D
H
W PRPHQW GH OD UpGDFWLRQ GX PDQXHO /·pGLWLRQ GHV GRFXPHQWV MRLQWV Q·HVW SDV SUpFLVpH GDQV FH
K
W
I
Q F
H $
W
O
WDEOHDX
R Q
J R P
F R
LQ U
\V I
W
L Q
S
RI R
R W L
F
GQ D 'RFXPHQW SRXU OHV
QLR U
]
L
1
D W
D R ,G 120 $SS UpJODJHV PDWpULHOV
Q
R LF W
Q X
K
,'(17,),&$7,21
J X D
LQ PQ
V H
V PW
R LU
W
$/ $$
D
F D [ 0ELWV 75,%
3
G
G W
Q X
Z
%
H D R
Y
U H K W $/ $$
H V L
E 670 6ZLWFK 7ULEXWDU\
V
H
U
X Z
G
W
*
Q W H
V H LW
W
K $/ $$
J
L
PP
X U F / 670 $JJUHJDWH 3RUW
U
OO
F H
R S
9
$ G W
R
Q $/ $%
G / $JJUHJDWH 3RUW 6&
)
$/ $$
H )XOO 0DWUL[
'
$/ $%
I [ 0ELWV RKP 75,%
$
$/ $&
J [ 0ELWV RKP 75,%
0
$/ $$
K / 7ULE 6&
0
$/ $$
L [ 0ELWV 75,%
+
$/ $$
M 6 7ULE )&
$
$/ $$
N 6 7ULE ',1
%
$/ $$
O / 7ULE ',1
&
$/ $$
P / 7ULE )&
'
$/ $$
Q / 670 $JJUHJDWH 3RUW
*
$/ $$
R 6 670 $JJUHJDWH 3RUW
+
$/ $$
S 6 $JJUHJDWH 3RUW ',1
3
$/ $$
T / $JJUHJDWH 3RUW ',1
4
$/ $$
U / $JJUHJDWH 3RUW ',1
0
(
&
,/ $/ $$
V 6 7ULE
$ =
$
('
. $/ $* $$
$$
'RFXPHQW SRXU OHV
1
,G 120 $SS UpJODJHV PDWpULHOV
,'(17,),&$7,21
O
H
V W
L V
W D
$/ $$
K
W Q F O W 6 7ULE 6&
I
R
H $
W
Q N
J R P
F R
LQ
V I
U
$/ $$
X / 7ULE
\W
SL Q
R
F
I R
R W L 1
GQ D
]
L
LR U
Q
D W $/ $(
D R
K Y $8; (2: 81,7
Q
R LF W
Q X
8
J X D
LQ
V
PQ
H $/ $)
V PW
R LU
W
Z $8; (2: ([WHQVLRQ
D
3
F
Z
9
G W
G Q X
H D R 75$1608; [ 0ELWV $/ $$
Y
U H K W [
H
V
V L
X Z 7ULE %
H G
U W
V
Q W H
$/ $$
\ 6 $JJUHJDWH 3RUW 6&
W H LW
K
J
L
U
PP
X U
F H
-
OOR S
$ G W
$/ $$
R
Q ] / $JJUHJDWH 3RUW 6&
.
$/ $$
DD 60(& $ 5)
0
$/ $$
DE /-( 670 $JJUHJDWH 3RUW
1
$/ $%
DF / -( $JJUHJDWH 3RUW ',1
-
$/ $&
DG / -( $JJUHJDWH 3RUW 6&
;
$/ $$
DH (1+$1&(' &58 330
-
$/$$
DI 6 7ULE 6&
/
$/ $$
DJ / 7ULE 6&
0
$/ $$
DK / 75,% )&
&
$/ $&
DL / 75,% 6&
0
$/ $$
DM / 75,%
9
$/ $$
DN (1+$1&(' &58
-
$/ $$
DO / +0 $JJUHJDWH
8
$/ $%
DP / +0 $JJUHJDWH 6&
.
$/ $$
DQ / +0 $JJUHJDWH
4
$/ $%
( DR / +0 $JJUHJDWH 6&
&
,/ 4
$
$
('
. $/ $* $$
$$
'RFXPHQW SRXU OHV
1
,G 120 $SS UpJODJHV PDWpULHOV
,'(17,),&$7,21
O
H
V W
L V
W D
$/ $$
K
W Q F O DS / +0 $JJUHJDWH
I
R
H $
W
Q .
J R P
F R
LQ
V I
U
$/ $%
DT 6 +0 $JJUHJDWH 6&
\W
SL Q
R
F
I R
R W L -
GQ D
]
L
LR U
Q
D W $/ $$
D R
K DU / -( +0 $JJUHJDWH
Q
R LF W
Q X
/
J X D
LQ
V
PQ
H $/ $%
V PW
R LU
W
DV / -( +0 $JJUHJDWH 6&
D
3
F
Z
'
G W
G Q X
H D R $/ $$
Y
U H K W DW / -( +0 $JJUHJDWH
H
V
V L
X Z 0
H G
U W
V
Q W H
$/ $%
DX / -( +0 $JJUHJDWH 6&
W H LW
K
J
L
U
PP
X U
F H
(
OOR S
$ G W
[ 0ELWV RKP 5(7,0,1* $/ $%
R
Q DY
75,% 4
[ 0ELWV RKP 5(7,0,1* $/ $&
DZ
75,% 5
; 3URW $FFHVV 0RGXOH $/ $$
D[
*
; 3URW $FFHVV 0RGXOH $/ $%
D\
8
; 3URW $FFHVV 0RGXOH $/ $&
D]
7 +
670 3URW $FFHVV 0RGXOH $/ $$
ED
9
670 3URW $FFHVV 0RGXOH $/ $%
EE
:
670 3URW $FFHVV 0RGXOH $/ $&
EF
7 ;
/ -( +0 $JJUHJDWH $/ $$
EG
6& &
$/ $%
EH 6 ,' $JJUHJDWH 6&
=
$/ %$
EI 6 $JJU )& (1+$1&
-
$/ %%
EJ 6 $JJU 6& (1+$1&
*
$/ $$
EK / ,' $JJUHJDWH )&
0
$/ $%
EL / ,' $JJUHJDWH 6&
6
$/ %$
EM / $JJU )& (1+$1&
3
$/ %%
( EN / $JJU 6& (1+$1&
&
,/ +
$
$
('
. $/ $* $$
$$
'RFXPHQW SRXU OHV
1
,G 120 $SS UpJODJHV PDWpULHOV
,'(17,),&$7,21
O
H
V W
L V
W D
$/ $$
K
W Q F O EO / ,' $JJUHJDWH )&
I
R
H $
W
Q 1
J R P
F R
LQ
V I
U
$/ $%
EP / ,' $JJUHJDWH 6&
\W
SL Q
R
F
I R
R W L 7
GQ D
]
L
LR U
Q
D W / $JJU (1+$1& $/ %$
D R
K EQ
Q
R LF W
Q X
)& &
J X D
LQ
V
PQ
H / $JJU (1+$1& $/ %%
V PW
R LU
W
ER
D
3
F
Z
6& $
G W
G Q X
H D R $/ $$
Y
U H K W ES / -( ,' $JJUHJDWH )&
H
V
V L
X Z $
H G
U W
V
Q W H
$/ $%
ET / -( ,' $JJUHJDWH 6&
W H LW
K
J
L
U
PP
X U
F H
8
OOR S
$ G W
/ -( $JJU $/ %$
R
Q EU
(1+$1&(' )& '
/ -( $JJU $/ %%
EV
(1+$1&(' 6& .
$/ $$
EW / -( ,' $JJUHJDWH )&
;
$/ $%
EX / -( ,' $JJUHJDWH 6&
9
/ -( $JJU $/ %$
EY
(1+$1&(' )& (
/ -( $JJU $/ %%
EZ
(1+$1&(' 6& /
$/ $$
E[ / -( ,' $JJUHJDWH )&
<
$/ $%
E\ / -( ,' $JJUHJDWH 6&
(
/ -( $JJU $/ %$
E]
(1+$1&(' )& )
/ -( $JJU $/ %%
FD
(1+$1&(' 6& $
$/$$
FE / -( +0 $JJUHJDWH 6&
&
$/$%
FF / -( +0 $JJUHJDWH )&
.
$/ $$
FG '9% 7ULEXWDU\
5
$/ $$
FH / $JJ 6&
-
$/ $%
FI / $JJ 6&
)
$/ $&
( FJ / $JJ 6&
&
,/ *
$
$
('
. $/ $* $$
$$
'RFXPHQW SRXU OHV
1
,G 120 $SS UpJODJHV PDWpULHOV
,'(17,),&$7,21
O
H
V W
L V
W D
$/ $'
K
W Q F O FK / $JJ 6&
I
R
H $
W
Q +
J R P
F R
LQ
V I
U
$/ $(
FL / $JJ 6&
\W
SL Q
R
F
I R
R W L $
GQ D
]
L
LR U
Q
D W $/ $)
D R
K FM / $JJ 6&
Q
R LF W
Q X
%
J X D
LQ
V
PQ
H $/ $*
V PW
R LU
W
FN / $JJ 6&
D
3
F
Z
&
G W
G Q X
H D R $/ $+
Y
U H K W FO / $JJ 6&
H
V
V L
X Z '
H G
U W
V
Q W H
$/ $/
FP / $JJ 6&
W H LW
K
J
L
U
PP
X U
F H
1
OOR S
$ G W
$/ $0
R
Q FQ / $JJ 6&
3
$/ $1
FR / $JJ 6&
/
$/ $3
FS / $JJ 6&
+
$/ $4
FT / $JJ 6&
$
$/ $5
FU / $JJ 6&
%
$/ $6
FV / $JJ 6&
&
$/ $7
FW / $JJ 6&
'
670 $JJ $/ %$
FX
(1+$1&(' 6& ;
670 $JJ $/ %%
FY
(1+$1&(' 6& <
670 $JJ $/ %&
FZ
(1+$1&(' 6& =
670 $JJ $/ %'
F[
(1+$1&(' 6& 6
670 $JJ $/ %(
F\
(1+$1&(' 6& 7
670 $JJ $/ %)
F]
(1+$1&(' 6& 8
670 $JJ $/ %*
GD
(1+$1&(' 6& 9
670 $JJ $/ %+
GE
(1+$1&(' 6& (
670 $JJ $/ %/
( GF
&
,/ (1+$1&(' 6& )
$
$
('
. $/ $* $$
$$
'RFXPHQW SRXU OHV
1
,G 120 $SS UpJODJHV PDWpULHOV
,'(17,),&$7,21
O
H
V W
L V
W D
670 $JJ $/ %0
K
W Q F O GG
I
R
H $
W
Q (1+$1&(' 6& &
J R P
F R
LQ
V I
U
670 $JJ $/ %1
GH
\W
SL Q
R
F
I R
R W L (1+$1&(' 6& =
GQ D
]
L
LR U
Q
D W 670 $JJ $/ %3
D R
K GI
Q
R LF W
Q X
(1+$1&(' 6& 6
J X D
LQ
V
PQ
H 670 $JJ $/ %4
V PW
R LU
W
GJ
D
3
F
Z
(1+$1&(' 6& 7
G W
G Q X
H D R 670 $JJ $/ %5
Y
U H K W GK
H
V
V L
X Z (1+$1&(' 6& 8
H G
U W
V
Q W H
670 $JJ $/ %6
GL
W H LW
K
J
L
U
PP
X U
F H
(1+$1&(' 6& 9
OOR S
$ G W
670 $JJ $/ %7
R
Q GM
(1+$1&(' 6& :
$/ $$
GN [ 0ELWV 7ULEXWDU\
*
$/ $$ $/ $$$$
[ 0ELWV 7ULE D
+ 06==4
$/ $$ $/ $$$$
'6 )XWXUH %XV 7HUPLQDWLRQ
( 06==4
$/ $$ $/ $$$$
[ 0ELWV 75,% L
< 06==4
[DI
LH $/ $$ $/ $$$$
&DUG &RQWUROOHU 75,% J DHDN + 06==4
YZDYDZFG
KNOVWDIDJ $/ $$$$
$/ $$
&DUG &RQWUROOHU /$3 XEM
$ 06==4
PDKDMDL
$/ $$ $/ $$$$
670 7ULEXWDU\ E
( 06==4
75$1608; [ 0ELWV $/ $$ $/ $$$$
[
7ULE 9 06==4
$/ $$ $/ $$$$
(TXLSPHQW &RQWUROOHU 60(& DD
& 06==4
$/ $$ $/ $$$$
[ 0ELWV 75,% RKP J
( 06==4
$/ $$ $/ $$$$
[ 0ELWV 75,% RKP I
) 06==4
$/ $$ $/ $$$$
(QKDQFHG &58 DH
= 06==4
$/ $$ $/ $$$$
(
& / 7ULE )& DK
,/ 0 06==4
$
$
('
. $/ $* $$
$$
'RFXPHQW SRXU OHV
1
,G 120 $SS UpJODJHV PDWpULHOV
,'(17,),&$7,21
O
H
V W
L
K
V
W D
$/ $$ $/ $$$%
W Q F
H $
O
3RZHU 6XSSO\
I
R
W
Q / 06==4
J R P
F R
LQ U
\V I
W $/ $$ $/ $$$$
/ 7ULE 2SWLF DM
SL Q
I R
R
FR W
Q D
L
' 06==4
G ]
QLR U L
W
D
D R DODQDS $/ $$$$
Q LF W
K
$/ $$
R Q X 670 +0 $JJUHJDWH DUDWFEDTDP
J X D
$ 06==4
LQ
V
PQ
H
W
DRDVDXFF
V PW
D R LU
3
F
Z $/ $$ $/ $$$$
G W
Q X (QKDQFHG &58 DN
G
H
Y
D R ; 06==4
U H K W
H V L
V X Z
H
U
G
W $/ $$
V
Q W H
[ 0ELWV 7ULE 2+0 $/ $$$$
W
K
H LW
DZ 9
J
L
U
PP
X U
F H
5HWLPLQJ 06==4
OOR S
$ G W
R
Q
$/ $$ $/ $$$$
3%$ 2SWLFDO 7ULE VXDIDJ
( 06==4
EGEHEIEJEK
ELEMENEOEP
EQERESET
EVEUEWEXE[
EYE\E]FD
FHFIFJFKFL $/ $$ $/ $$$$
3%$ /$3B4(
FMFNFOFPFQ : 06==4
FRFSFTFUFV
FWFXFYFZ
F[F\F]GDGE
GFGGGHGI
GJGKGLGM
$/ $$ $/ $$$$
$ODUP ,QWHUIDFH $FF 0RGXOH
7 06==4
$/ $$ $/ $$$$
6ZLWFK 0RGXOH 0ELWV D\D[D]
: 06==4
FGQRSTU $/ $$ $/ $$$$
670 $JJUHJDWH
\]DEDFDG ( 06==4
$/ $$ $/ $$$$
$8; (2: XQLW YZ
' 06==4
EGEHEKELEO
EPESETEW
EXE[E\FHFI $/ $$ $/ $$$$
670 ,' $JJUHJDWH
FJFKFLFMFN 3 06==4
FOFPFQFR
FSFTFUFVFW
$/ $$ $/ $$$$
2SWLFDO 670 7ULE KMNOPWDK
= 06==4
$/ $$ $/ $$$$
'9% 7ULEXWDU\ FG
+ 06==4
( [ 0ELWV 7ULE 2+0 $/ $$ $/ $$$$
&
,/ DY
$ 5HWLPLQJ 7 06==4
$
('
. $/ $* $$
$$
'RFXPHQW SRXU OHV
1
,G 120 $SS UpJODJHV PDWpULHOV
,'(17,),&$7,21
O
H
V W
L
K
V
W D
$/ $$ $/ $$$$
W Q F
H $
O
&0, 6ZLWFK 0RGXOH 0ELWV EDEEEF
I
R
W
Q & 06==4
J R P
F R
LQ U
\V I
W $/ $$ $/ $$$$
3RZHU $FFHVV 0RGXOH
SL Q
I R
R
FR W
Q D
L
7 06==4
G ]
QLR U L
W
D
Q
D R
K EGEHEIEJEK
LF W
R
J
Q X
X D
ELEMENEOEP
LQ
V
PQ
H
W
EQERESET
PW
V
D R LU
F
EUEVEWEXEY
3 Z
G
G W
Q X
EZE[E\E]
H D R
FDFHFIFJFK $/ $$ $/ $$$$
3%$ &RORUHG ([SDQVLRQ
Y
U H K W
V L
H
V
H
X Z
G
FLFMFNFOFP ( 06==4
U
V
W
Q W
H LW
H FQFRFSFT
W
K
J
L
PP
X U
FUFVFWFXFY
U
OO
F H
R S
FZF[F\F]GD
$ G W
R GEGFGGGH
Q
GIGJGKGLGM
$/ $$ $/ $$$$
[ 0ELWV 7ULEXWDU\ GN
4 06==4
$/ $/
0LFURVZLWFKHV µ21µ SRVLWLRQ
) 06==4
EIEJEMENEQ
EREUEVEYEZ
E]FDFXFY $/ $$ $/ $$$$
670 ,' $JJUHJDWH (QKDQFHG
FZF[F\F]GD . 06==4
GEGFGGGH
GIGJGKGLGM
),1 '( '2&80(17
(
&
,/
$
$
('
. $/ $* $$
$$
You might also like
- Field Current Regulator For Flexpak 3000No ratings yetField Current Regulator For Flexpak 300028 pages
- Estimación de Los Datos de Caudales Que Faltan Utilizando Los Principios de Thery CaosNo ratings yetEstimación de Los Datos de Caudales Que Faltan Utilizando Los Principios de Thery Caos11 pages
- Wireless Access Networks Fixed Wireless Access and WLL Networks Design and Operation0% (1)Wireless Access Networks Fixed Wireless Access and WLL Networks Design and Operation425 pages
- The Water Supply of Constantinople Archa PDFNo ratings yetThe Water Supply of Constantinople Archa PDF9 pages
- The Potential of Oil and Sago Palm Trunk Wastes As Carbohydrate ResourcesNo ratings yetThe Potential of Oil and Sago Palm Trunk Wastes As Carbohydrate Resources7 pages
- Managing and Forecasting Squid ®sheries in Variable EnvironmentsNo ratings yetManaging and Forecasting Squid ®sheries in Variable Environments6 pages
- Syntheses, Crystal Structures and Luminescent Properties of CopperNo ratings yetSyntheses, Crystal Structures and Luminescent Properties of Copper8 pages
- CARRASCO 2003. Efecto Del Bto Interno Sobre La Permeabilidad Dentinal de Los Dientes No VitalesNo ratings yetCARRASCO 2003. Efecto Del Bto Interno Sobre La Permeabilidad Dentinal de Los Dientes No Vitales5 pages
- Leadership Theory Application and Skill Development 5th Edition by Lussier and Achua Test Bank100% (2)Leadership Theory Application and Skill Development 5th Edition by Lussier and Achua Test Bank68 pages
- Technologies For Cutaneous Exfoliation Using Salicylic Acid $No ratings yetTechnologies For Cutaneous Exfoliation Using Salicylic Acid $3 pages
- Has Your House Got Cracks - A Homeowner's Guide To Subsidence and Heave Damage PDF50% (2)Has Your House Got Cracks - A Homeowner's Guide To Subsidence and Heave Damage PDF169 pages
- Basic Concepts: First Printing: February 1993No ratings yetBasic Concepts: First Printing: February 199374 pages
- Ancient Blacksmith, The Iron Age, Damascuc Steel, and Modern MetallurgyNo ratings yetAncient Blacksmith, The Iron Age, Damascuc Steel, and Modern Metallurgy7 pages
- Theoretical and Experimental Investigation of The Aerodynamic Drag Due To Automotive Cooling Systems100% (1)Theoretical and Experimental Investigation of The Aerodynamic Drag Due To Automotive Cooling Systems9 pages
- Female Manager in Asian Hotels: Profile and Career ChallengesNo ratings yetFemale Manager in Asian Hotels: Profile and Career Challenges9 pages
- Buried Clay Pot Irrigation A Little KnowNo ratings yetBuried Clay Pot Irrigation A Little Know10 pages
- Tube Ratings (HRT) 50 - 60 HZ - SM - 46-017226 - 6No ratings yetTube Ratings (HRT) 50 - 60 HZ - SM - 46-017226 - 636 pages
- Bacterial Status in Root-Filled Teeth Exposed To The Oral Environment by Loss of Restoration and Fracture or Caries A Histobacteriological Study of Treated CasesNo ratings yetBacterial Status in Root-Filled Teeth Exposed To The Oral Environment by Loss of Restoration and Fracture or Caries A Histobacteriological Study of Treated Cases16 pages
- Durability of Heat-Treated Wood: Originalarbeiten Á OriginalsNo ratings yetDurability of Heat-Treated Wood: Originalarbeiten Á Originals6 pages
- A Unified Correlation For Estimating HHV of Solid, Liquid and Gaseous Fuels ChannigualaNo ratings yetA Unified Correlation For Estimating HHV of Solid, Liquid and Gaseous Fuels Channiguala13 pages
- Watson Subrack Operating Manual - Schmid TelecomNo ratings yetWatson Subrack Operating Manual - Schmid Telecom19 pages
- Watson SHDSL Router - Application ManualNo ratings yetWatson SHDSL Router - Application Manual28 pages
- 365312847R6.0 - V1 - 1655 Access MultiplexerNo ratings yet365312847R6.0 - V1 - 1655 Access Multiplexer259 pages
- Watson Ethernet Multiservice Plug-In Modem - Schmid Telecom100% (1)Watson Ethernet Multiservice Plug-In Modem - Schmid Telecom2 pages
- Watson SHDSL EFM Plug-In Operating ManualNo ratings yetWatson SHDSL EFM Plug-In Operating Manual103 pages
- Mediant 8000 Installation Operation Manual Ver 66No ratings yetMediant 8000 Installation Operation Manual Ver 66802 pages