( / ( & 7 5 2 1 , 4 8 ( 6
7(/(9,6(85 /&'
0$18(/ '·87,/,6$7,21
'/7 + '/7 + '/7 + 3% '/7 + 3%
$YHUWLVVHPHQW |
$9(57,66(0(17 |
5,648( '8 &+2& |
(/(&75,48( 1( 3$6 2895,5 |
$9(57,66(0(17 3285 5('8,5( /( 5,648( '8 &+2& (/(&7521,48( |
1( 3$6 (1/(9(5 /( &289(5&/( 28 /( '26 |
3$6 '( 3,(&(6 35$7,48(6 3285 /¶87,/,6$7(85 $/¶,17(5,(85 |
&2168/7(5 /¶,17(59(16,21 3285 /( 3(56211(/ '( 6(59,&( 48$/,),( |
/H FOLJQRWHPHQW OXPLQHX[ DYHF OH V\PEROH GH IOqFKH DYHF XQ WULDQJOH |
pTXLODWpUDO HVW GHVWLQp j DWWLUHU O¶DWWHQWLRQ GH O¶XWLOLVDWHXU VXU OD SUpVHQFH |
³WHQVLRQ GDQJHUHXVH´ QRQ LVROpH DYHF O¶HQFHLQWH GX SURGXLW FH TXL SRXUUDLW |
DYRLU DVVH] GH PDJQpWLTXH SRXU FRQVWLWXHU XQ ULVTXH GH FKRF pOHFWULTXH |
/H SRLQW G¶H[FODPDWLRQ GDQV XQ WULDQJOH pTXLODWpUDO HVW GHVWLQp j DWWLUHU |
O¶DWWHQWLRQ GH O¶XWLOLVDWHXU VXU OD SUpVHQFH GHV LQVWUXFWLRQV G¶RSpUDWLRQ HW |
G¶LQWHUYHQVLRQ GDQV OD GRFXPHQWDWLRQ PXQLH DYHF O¶DSSDUHLO |
&216(,/ 3285 5('8,5( /( 5,648( '¶,1&(1',( 28 '( &+2& (/(&75,48( |
1( 3$6 (;326(5 &(7 $33$5(,/ 6286 /$ 3/8,( 28 /¶+80,',7( |
$9(57,66(0(17 3285 (9,7(5 /( &+2& (/(&75,48( %5$1&+(5 /$ |
/$0( /$5*( '( /$ 35,6( $8 &5(1($8 /$5*( ,16(5(5 |
&203/(7(0(17 |
7UDLWHPHQW GHV DSSDUHLOV pOHFWULTXHV HW pOHFWURQLTXHV HQ ILQ GH YLH |
DSSOLFDEOH GDQV OHV SD\V GH O¶XQLRQ HXURSpHQQH HW DX[ DXWUHV SD\V |
HXURSpHQV GLVSRVDQW GH V\VWqPHV GH FROOHFWH VpOHFWLYH |
&H V\PEROH DSSRVp VXU OH SURGXLW RX VXU VRQ HPEDOODJH LQGLTXH TXH FH |
SURGXLW QH GRLW SDV rWUH WUDLWp DYHF OHV GHFKHWV PpQDJHUV LOGRLW rWUH UHPLV |
j XQ SRLQW GH FROOHFWH DSSURSULp SRXU OH UHF\FODJH GHV pTXLSHPHQWV |
pOHFWULTXHV HW pOHFWURQLTXHV (Q V¶DVVXUDQW TXH FH SURGXLW HVW ELHQ PLV DX |
UHEXV GH PDQLqUH DSSURSULpH YRXVDLGHUH] j SUpYHQLU OHV FRQVpTXHQVHV |
QpJDWLYHV SRWHQWLHOOHV SRXU O¶HQYLURQQHPHQW HW OD VDQWp KXPDLQH OH UHF\FODJH |
GHV PDWpULDX[ DLGHUD j FRQVHUYHU OHV UHVVRXUFHV QDWXUHOOHV 3RXU WRXWH |
LIRUPDWLRQ VXSSOpPHQWDLUH DX VXMHW GX UHF\FODJH GH FH SURGXLW YRXV SRXYH] |
FRQVXOWHU YRWUH PXQLFLSDOLWp YRWUH GpFKHWWHULH RX OH PDJDVLQ R YRXV DYH] |
DFKHWp OH SURGXLW |
|
,QVWUXFWLRQV GH
VpFXULWp LPSRUWDQWHV
9HXLOOH] OLUH OHV LQVWUXFWLRQV GH VpFXULWp VXLYDQWHV VXU YRWUH 79 HW OHV FRQVHUYH SRXU OD UpIpUHQFH GDQV OH IXWXUH 6XLYUH WRXMRXUV OHV DYHUWLVVHPHQWV HW OHV LQVWUXFWLRQV PDUTXpV VXU OH WpOpYLVHXU
/LUH &RQVHUYHU 6XLYUH WRXWHV OHV LQVWUXFWLRQV
/LVH] WRXWHV LQVWUXFWLRQV GH VpFXULWp HW G¶RSpUDWLRQ VXU OH 79 &RQVHUYH] OHV HQ VpFXULWp SRXU OD UpIpUHQFH
GDQV OH IXWXUH 6XLYH] WRXWHV OHV LQVWUXFWLRQV G¶RSpUDWLRQ SDU FRQVpTXHQW
$YHUWLVVHPHQWV j SUHQGUH HQ FRPSWH
6RXVFULYH] j WRXV OHV DYHUWLVVHPHQWV VXU O¶DSSDUHLO HW GDQV OHV LQVWUXFWLRQV G¶RSpUDWLRQ
|
|
1HWWR\DJH |
|
'pEUDQFKH] OH 79 GH OD SULVH GH FRXUDQW PXUDOH DYDQW OH QHWWR\DJH 1¶XWLOLVH] SDV GH |
|
|
|
SURGXLW GH QHWWR\DJH OLTXLGH DEUDVLI RX DpURVRO /HV SURGXLWV GH QHWWR\DJH SHXYHQW |
|
|
HQGRPPDJHU OH FDELQHW HW O¶pFUDQ GH IDoRQ SHUPDQHQWH 8WLOLVH] XQ WLVVX OpJqUHPHQW |
PRXLOOp SRXU OH QHWWR\DJH
3LqFHV MRLQWHV HW pTXLSHPHQW
1¶DMRXWH] MDPDLV DXFXQH SLqFH MRLQWH HW RX pTXLSHPHQW VDQV O¶DXWRULVDWLRQ GX IDEULFDQW SDUFH TXH OHV
DGGLWLRQV SHXYHQW FDXVHU O¶LQFHQGLH OH FKRF pOHFWULTXH RX DXWUH EOHVVXUH GH OD SHUVRQQH
(DX HW KXPLGLWp
|
/¶DSSDUHLO QH GRLW SDV rWUH H[SRVp j OD JUDLVVH RX j O¶pFODERXVVXUH HW DXFXQ REMHW UHPSOL |
|
|
|
GH OLTXLGH WHOV TXH OHV YDVHV QH GRLW SDV rWUH SRVp VXU O¶DSSDUHLO |
5pJODJH
1H PHWWH] SDV FH WpOpYLVHXU VXU XQH FKDUUHWWH XQ VWDQG RX XQH WDEOH LQVWDEOH /H IDLW GH
PHWWUH OH WpOpYLVHXU VXU XQH EDVH LQVWDEOH SHXW FDXVHU OD WRPEpH GX WpOpYLVHXU FH TXL
SURYRTXHUDLW OHV EOHVVXUHV VpULHXVHV GH OD SHUVRQQH PDLV DXVVL OH GRPPDJH DX WpOpYLVHXU
8WLOLVH] VHXOHPHQW XQH FKDUUHWWH XQ VWDQG XQ VXSSRUW RX XQH WDEOH UHFRPPDQGpH SDU OH
IDEULFDQW RX OH YHQGHXU
9HQWLODWLRQ
/H FUpQHDX HW OHV RXYHUWXUHV GDQV OH FDELQHW VRQW IRXUQLV SRXU OD YHQWLODWLRQ HW SRXU DVVXUHU XQ
IRQFWLRQQHPHQW ILDEOH GX WpOpYLVHXU HW OH SURWpJHU FRQWUH O¶pFKDXIIHPHQW H[FHVVLI 1H FRXYUH] SDV OHV
RXYHUWXUHV GH YHQWLODWLRQ GDQV OH FDELQHW HW QH PHWWH] MDPDLV OH WpOpYLVHXU GDQV XQ HQGURLW HQIHUPp WHO TXH
OH FDELQHW LQWpJUp j PRLQV TXH OD YHQWLODWLRQ SURSUH HVW IRXUQLH /DLVVH] XQ pFDUW G¶DX PLQLPXP FP WRXW
DXWRXU GH O¶DSSDUHLO
$OLPHQWDWLRQ
/H WpOpYLVHXU GRLW rWUH RSpUp VHXOHPHQW j SDUWLU G¶DOLPHQWDWLRQ LQGLTXpH VXU O¶pWLTXHWWH GH PDUTXH 6L YRXV
Q¶rWHV SDV V U GH YRWUH W\SH G¶DOLPHQWDWLRQ GH YRWUH PDLVRQ UHQVHLJQH] YRXV DXSUqV GH YRWUH PDUFKDQW RX
FRPSDJQLH G¶DOLPHQWDWLRQ ORFDOH
0LVH j OD WHUUH HW SRODULVDWLRQ
&H WpOpYLVHXU HVW pTXLSp G¶XQH SULVH GH OLJQH GH FRXUDQW DOWHUQDWLI SRODULVp 8QH SULVH GH FRXUDQW D XQH ODPH
SOXV ODUJH TXH O¶DXWUH &HWWH SULVH QH YD V¶HPERvWHU GDQV OD SULVH GH FRXUDQW TX¶XQH PDQLqUH &¶HVW XQH
FDUDFWpULVWLTXH GH VpFXULWp 6L YRXV Q¶rWHV SDV GLVSRQLEOH j LQVpUHU OD SULVH FRPSOqWHPHQW GDQV OD SULVH GH
FRXUDQW HVVD\H] G¶LQYHUVHU OD SULVH 6L OD SULVH QH V¶DGDSWH WRXMRXUV SDV j OD SULVH GH FRXUDQW FRQWDFWH]
YRWUH pOHFWULFLHQ SRXU UHPSODFHU YRWUH SULVH GH FRXUDQW REVROqWH 1H EDWWH] SDV O¶REMHFWLI GH VpFXULWp GH OD
SULVH SRODULVpH )DLWHV DWWHQWLRQ TXH XQ DSSDUHLO DYHF OD FRQVWUXFWLRQ GH &ODVVH , GRLW rWUH FRQQHFWp DYHF
XQH SULVH GH FRXUDQW 35,1&,3$/( DYHF XQH FRQQH[LRQ GH SURWHFWLRQ GH PLVH j OD WHUUH
3URWHFWLRQ GH FRUGRQ G¶DOLPHQWDWLRQ
/HV FRUGRQV G¶DOLPHQWDWLRQ GRLYHQW rWUH URXWpV DILQ TX¶LOV QH VRLHQW SDV SUREDEOHPHQW PDUFKpV RX WLUp SDU OHV
DUWLFOHV DX GHVVXV 3UrWH] XQH DWWHQWLRQ SDUWLFXOLqUH DX[ FRUGRQV GDQV OD SULVH OHV SULVHV GH FRXUDQW PXUDOHV
)RXGUH
3RXU OD SURWHFWLRQ VXSSOpPHQWDLUH SRXU FH WpOpYLVHXU SHQGDQW OD WHPSrWH RX TXDQG LO HVW ODLVVp VDQV
VXUYHLOODQFH HW Q¶HVW SDV HQ HPSORL SHQGDQW XQH ORQJXH SpULRGH GpEUDQFKH] OH GH OD SULVH GH FRXUDQW
PXUDOHV HW GpFRQQHFWH] OH V\VWqPH G¶DQWHQQH RX GH FkEOH &HOD pYLWHUD OH GRPPDJH DX WpOpYLVHXU FDXVH
GH OD IRXGUH RX GH OD VXUWHQVLRQ GH OD OLJQH G¶DOLPHQWDWLRQ
,QVWUXFWLRQV GH
VpFXULWp LPSRUWDQWHV
/LJQHV GH WUDQVPLVVLRQ
8Q V\VWqPH G¶DQWHQQH H[WpULHXU QH GRLW SDV VH SRVLWLRQQHU GDQV OHV HQYLURQV GHV OLJQHV GH
WUDQVPLVVLRQ VXUFKDXIIpHV RX OHV DXWUHV FLUFXLW GH EDVVH RX GH KDXWH WHQVLRQ RX GDQV OHTXHO LO
SHXW WRPEHU VXU WHOV OLJQHV RX FLUFXLWV GH WUDQVPLVVLRQ /RUV GH O¶LQVWDOODWLRQ G¶XQ V\VWqPH
G¶DQWHQQH H[WpULHXU LO IDXW SUHQGUH OH VRLQ H[WUrPH SRXU O¶HPSrFKHU GH WRXFKHU WHOV OLJQHV RX
FLUFXLWV GH WUDQVPLVVLRQ SDUFH TXH OH FRQWDFW DYHF HX[ SRXUUDLW rWUH IDWDO
6XUFKDUJH
1H VXUFKDUJH] SDV OHV SULVHV GH FRXUDQW PXUDOHV HW OHV FkEOH G¶H[WHQVLRQ SDUFH
TXH FHOD SHXW SURYRTXHU XQ ULVTXH G¶LQFHQGLH RX GH FKRF pOHFWULTXH
(QWUpH GH O¶REMHW HW GX OLTXLGH
1H SRXVVH] MDPDLV OHV REMHWV GH WRXWHV VRUWHV j O¶LQWpULHXU GX WpOpYLVHXU SDU OHV RXYHUWXUHV FDU FHV
REMHWV SHXYHQW WRXFKHU OHV SRLQWV GH WHQVLRQ GDQJHUHX[ RX OHV SLqFHV GH FRXUW FLUFXLWV TXL SHXYHQW
FDXVHU O¶LQFHQGLH RX OH FKRF pOHFWULTXH 1H YHUVH] MDPDLV WRXWH VRUWH GH OLTXLGHV GDQV OH WpOpYLVHXU
0LVH j OD WHUUH GH O¶DQWHQQH H[WpULHXUH
6L XQ V\VWqPH G¶DQWHQQH RX GH FkEOH HVW FRQQHFWp DYHF OH WpOpYLVHXU
DVVXUH] YRXV TXH OH V\VWqPH G¶DQWHQQH RX GH FkEOH HVW ELHQ PLV
j OD WHUUH DILQ GH IRXUQLU FHUWDLQH SURWHFWLRQ FRQWUH OD VXUWHQVLRQ
HW OHV FKDUJHV VWDWLTXHV FRPSRVpHV /D SDUWLH GX &RGH
QDWLRQDO GH O¶pOHFWULFLWp $16, 1)3$ QR IRXUQLW OHV
UHQVHLJQHPHQWV VXU OD FRQIRUPLWp GH OD SURSUH PLVH j OD WHUUH
GH OD VWUXFWXUH GX S\O{QH HW GH VXSSRUW OD PLVH j OD WHUUH GX ILO j
O¶DSSDUHLO G¶DQWHQQH GpFKDUJp OD FRQQHFWLRQ DYHF OHV pOHFWURGHV
PLV j OD WHUUH HW OHV H[LJHQFHV VXU O¶pOHFWURGH PLV j OD WHUUH
,QWHUYHQVLRQ
([HPSOH GH OD PLVH j OD WHUUH GH O¶DQWHQQH
|
)LOH G¶DUULYpH GH O¶DQWHQQH |
|
%RUQH GH PLVH |
|
|
j OD WHUUH |
8QLWp GH GpFKDUJH |
|
|
GH O¶DQWHQQH |
|
(TXLSHPHQW GH |
1(& FRXSH |
|
|
||
O¶DOLPHQWDWLRQ |
&RQGXFWHXU GH |
|
pOHFWULTXH |
||
PLVH j OD WHUUH |
||
|
||
|
1(& FRXSH |
|
|
%RUQH GH PLVH j OD WHUUH |
6\VWqPH G¶pOHFWURGH GH OD PLVH j OD WHUUH GH O¶DOLPHQWDWLRQ
1(& ± &RGH pOHFWULTXH QDWLRQDO 1(& $57 SDUW +
1¶HVVD\H] SDV GH UpSDUHU FH WpOpYLVHXU YRXV PrPH FDU O¶RXYHUWXUH HW O¶HQOHYHPHQW GHV FRXYHUFOHV
SRXUUDLHQW YRXV PHWWUH VRXV OD WHQVLRQ GDQJHUHXVH RX OHV ULVTXHV &RQVXOWH] WRXWH LQWHUYHQVLRQ DX
UpSDUDWHXU TXDOLILp
5pSDUDWLRQ GX GRPPDJH
'pEUDQFKH] OH WpOpYLVHXU GH OD SULVH GH FRXUDQW PXUDOH HW FRQVXOWH] OD PDLQWHQDFH DX UpSDUDWHXU
TXDOLILp VRXV OHV FRQGLWLRQV VXLYDQWHV
D 4XDQG OH FkEOH RX OD SULVH G¶DOLPHQWDWLRQ HVW HQGRPPDJp
E 6L OH OLTXLGH D pWp YHUVp RX OHV REMHWV RQW pWp WRPEpV j O¶LQWpULHXU GX WpOpYLVHXU
F 6L OH WpOpYLVHXU D pWp SRVp VRXV OD SOXLH RX GDQV O¶HDX
G 6L OH WpOpYLVHXU QH IRQFWLRQQH SDV GH PDQLqUH QRUPDOH HQ VXLYDQW OHV LQVWUXFWLRQV G¶RSpUDWLRQ
5pJOH] VHXOHPHQW OHV FRPPDQGHV TXL VRQW FRXYHUWHV SDU OHV LQVWUXFWLRQV G¶RSpUDWLRQ FDU XQ
UpJODJH LQFRQYHQDEOH GHV DXWUHV FRPPDQGHV SRXUUDLW SURYRTXHU OH GRPPDJH HW H[LJHUD
VRXYHQW GX WUDYDLO FRQVLGpUDEOH G¶XQ WHFKQLFLHQ TXDOLILp SRXU UpWDEOLU OHV RSpUDWLRQV QRUPDOHV
GX WpOpYLVHXU
H 6L OH WpOpYLVHXU D pWp WRPEp RX OH FDELQHW D pWp HQGRPPDJp
I 6L OH WpOpYLVHXU PRQWUH XQ FKDQJHPHQW GLIIpUHQW HQ SHUIRUPDQFH±FH TXL LQGLTXH XQ EHVRLQ G¶LQWHUYHQVLRQ
5HPSODFHPHQW GHV SLqFHV
4XDQG LO HVW EHVRLQ GH UHPSODFHU OHV SLqFHV DVVXUH] YRXV TXH OH WHFKQLFLHQ GH VHUYLFH D XWLOLVp OHV
SLqFHV GH UHPSODFHPHQW VSpFLILpHV SDU OH IDEULFDQW RX FHV SLqFHV RQW GHV PrPHV FDUDFWpULVWLTXHV
TXH GHV SLqFHV RULJLQDOHV /HV VXEXVWLWXWLRQV QRQ DXWRULVpHV SHXYHQW SURYRTXHU G¶LQFHQGLH GH
FKRF pOHFWULTXH RX G¶DXWUHV ULVTXHV
&RQW{OH GH VpFXULWp
$SUqV OD UpDOLVDWLRQ GH WRXWH LQWHUYHQVLRQ RX UpSDUDWLRQ GX WpOpYLVHXU GHPDQGH] OH WHFKQLFLHQ GH
VHUYLFH G¶HIIHFWXHU OHV FRQWU{OHV GH VpFXULWp SRXU GpWHUPLQHU TXH OH WpOpYLVHXU HVW HQ FRQGLWLRQ GH
IRQFWLRQQHPHQW HQ VpFXULWp
|
&KDOHXU |
|
|
|
/H SURGXLW GRLW rWUH SODFp ORLQ GHV VRXUFHV GH FKDOHXU WHOOHV TXH OHV UDGLDWHXUV OHV |
|
|
UHJLVWUHV GH FKDOHXUV OHV pWXYHV RX OHV DXWUHV SURGXLWV \ FRPSULV OHV DPSOLILFDWHXUV |
|
|
TXL JpQqUHQW OD FKDOHXU |
$YHUWLVVHPHQW |
|
|
|
|
|
&HWWH SDUWLH GRLW rWUH OXH GH IDoRQ VRLJQHXVH HW VXLYLH SDU O¶XWLOLVDWHXU DYDQW O¶RSpUDWLRQ GX SURGXLW |
|||||
/H PDQXHO VSpFLILH OHV LQVWUXFWLRQV LPSRUWDQWHV SRXU OD VpFXULWp SURSUH GH O¶XWLOLVDWHXU HW O¶RSpUDWLRQ FRUUHFWH GX SURGXLW |
|||||
$YHUWLVVHPHQW |
/H IDLW G¶LJQRUHU RX GH QH SDV UHVSHFWHU OH FRQWHQX GH FHWWH |
||||
SDUWLH SRXUUDLW SURYRTXHU OD PRUW GH OD SHUVRQQH RX OHV |
|||||
|
|
EOHVVXUHV JUDYHV |
|
|
|
(Q FDV G¶DFFLGHQW YHXLOOH] GpEUDQFKHU LPPpGLDWHPHQW O¶DSSDUHLO GH OD SULVH GH FRXUDQW |
|||||
3RXU UpGXLUH OH ULVTXH GX FKRF pOHFWULTXH |
1H PHWWH] SDV O¶REMHW TXL FRQWLHQW O¶HDX |
3RXU SUpYHQLU O¶LQFHQGLH HW OH GRPPDJH DX |
|||
Q¶HQOHYH] SDV OH FRXYHUFOH RX OH GRV 3DV |
WHOV TXH OD YDVH GH IOHXUV ± SUqV GH |
SURGXLW GpEUDQFKH] O¶DSSDUHLO GH OD SULVH GH |
|||
GH SLqFHV GH UpSDUDWLRQ SRXU O¶XWLOLVDWHXU |
O¶DSSDUHLO /¶HDX SHXW SpQpWUHU GDQV |
FRXUDQW SHQGDQW OD WHPSrWH RX TXDQG LO HVW |
|||
j O¶LQWpULHXU &RQVXOWHU OH SHUVRQQHO GH |
O¶DSSDUHLO HW GHYLHQW XQH FDXVH G¶LQFHQGLH |
ODLVVp VDQV VXUYHLOODQFH HW KRUV G¶XWLOLVDWLRQ |
|||
VHUYLFH TXDOLILp SRXU OD UpSDUDWLRQ |
RX OHV FKRFV pOHFWULTXHV GDQJHUHX[ |
|
|
|
|
SRXU XQH ORQJXH SpULRGH |
|||||
1H PHWWH] SDV RX Q¶XWLOLVH] SDV OH |
/HV FUpQHDX[ HW OHV RXYHUWXUHV GDQV OD |
1H ODLVVH] SDV OHV HQIDQWV GpSHQGUH RX |
|||
SURGXLW SUqV GH O¶HDX HW GH O¶KXPLGLWp ± |
FDLVVH VRQW GHVWLQpV j OD YHQWLODWLRQ SRXU |
PRQWHU VXU OH SURGXLW FDU FHOD SRXUUDLW |
|||
WHO TXH GDQV XQH VDOOH GH EDLQ XQ ODYDER |
DVVXUHU O¶RSpUDWLRQ ILDEOH GX SURGXLW 1H |
FDXVHU OD EOHVVXUH JUDYH |
|||
HWF ,O SRXUUDLW rWUH XQH FDXVH G¶LQFHQGLH |
PHWWH] MDPDLV DXFXQ DUWLFOH ± WHO TX¶XQH |
|
|
|
|
RX GH FKRF pOHFWULTXH GDQJHUHX[ |
SLqFH XQ SDSLHU XQH PqFKH ± SDU FHV |
|
|
|
|
|
RXYHUWXUH FDU LO SHXW WRXFKHU OHV SRQWV GH |
|
|
|
|
|
WHQVLRQ GDQJHUHX[ TXL SRXUUDLHQW FDXVHU |
|
|
|
|
|
O¶LQFHQGLH RX OH ULVTXH GH FKRF |
|
|
|
|
0DLQWHQH] OD SULVH ORUV GpEUDQFKHU |
1H ODLVVH] SDV OH SURGXLW LQFOLQp RX QH OH |
1H PHWWH] SDV OD VXEVWDQFH YRODWLOH ± WHOOH |
|||
O¶DSSDUHLO GH OD SULVH GH FRXUDQW /H |
PHWWH] SDV GDQV XQ HQGURLW LQVWDEOH FDU TXH OH EHQ]qQH QDSKWH SUqV GX SURGXLW |
||||
FkEOH SHXW FDXVHU O¶LQFHQGLH RX OH FKRF |
FHOD SHXW FDXVHU OD EOHVVXUH JUDYH j OD |
FDU FHOD SHXW FDXVHU XQ FKDQJHPHQW HQ |
|||
pOHFWULTXH HQ FDV G¶rWUH HQGRPPDJp |
SHUVRQQH DLQVL TXH OH GRPPDJH DX |
FRXOHXU GX SURGXLW |
|
||
|
SURGXLW V¶LO WRPEH |
|
|
|
|
1H YHUVH] SDV G¶HDX RX GH JRXWWH j OD |
1H UHJDUGH] SDV OD WpOp WURS SUqV FDU LO |
&RQVXOWHU O¶LQWHUYHQVLRQ DXSUqV GX SHUVRQQH |
|||
WpOpFRPPDQGH FDU LO SHXW FDXVHU OH |
SHXW HQGRPPDJHU YRV \HX[ |
O GH VHUYLFH TXDOLILp SRXU OH QHWWR\DJH DX |
|||
GLVIRQFWLRQQHPHQW |
|
|
PRLQV XQH IRLV SDU DQ FDU OD SRXVVLqUH j |
||
|
|
|
O¶LQWpULHXU GX WpOpYLVHXU SHXW SURYRTXHU |
||
|
|
|
O¶LQFHQGLH HW OH GLVIRQFWLRQQHPHQW GX |
||
|
*URVVLVVHPHQW |
SURGXLW |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
$YHUWLVVHPHQW |
|
&HWWH SDUWLH GRLW rWUH OXH GH IDoRQ VRLJQHXVH HW VXLYLH SDU O¶XWLOLVDWHXU DYDQW O¶RSpUDWLRQ GX SURGXLW |
|||
/H PDQXHO VSpFLILH OHV LQVWUXFWLRQV LPSRUWDQWHV SRXU OD VpFXULWp SURSUH GH O¶XWLOLVDWHXU HW O¶RSpUDWLRQ FRUUHFWH GX SURGXLW |
|||
$YHUWLVVHPHQW |
/H IDLW G¶LJQRUHU RX GH QH SDV UHVSHFWHU OH FRQWHQX GH FHWWH |
||
SDUWLH SRXUUDLW SURYRTXHU OD PRUW GH OD SHUVRQQH RX OHV |
|||
|
|
EOHVVXUHV JUDYHV |
|
9HXLOOH] JDUGHU OH PDQXHO G¶XWLOLVDWLRQ GDQV XQ HQGURLW HQ VpFXULWp SRXU OD UpIpUHQFH GDQV OH IXWXUH |
|||
1H FRXYUH] SDV OH KDXW GX WpOpYLVHXU |
/H SURGXLW GRLW rWUH SRVp ORLQ GH WRXWHV |
1H PHWWH] DXFXQ DUWLFOH ORXUG VXU OD OLJQH |
|
FHOD HPSrFKHUDLW OD YHQWLODWLRQ HW LO SHXW |
OHV VRXUFHV GH FKDOHXU ± WHOOHV TXH OHV |
GH WUDQVPLVVLRQ FDU LO SHXW SURYRTXHU |
|
FDXVHU O¶LQFHQGLH VL OH SURGXLW HVW |
UDGLDWHXUV OHV UHJLVWUHV GH FKDOHXU OHV O¶LQFHQGLH RX OH FKRF pOHFWULTXH GDQJHUHX[ |
||
VXUFKDXIIp j O¶LQWpULHXU |
pWXYHV RX OHV DXWUHV SURGXLWV TXL |
VL OH FkEOH D pWp HQGRPPDJp |
|
|
JpQqUHQW OD FKDOHXU |
|
|
9HXLOOH] YRXV UHQVHLJQHU VXU OHV ILOV |
'pEUDQFKH] O¶DOLPHQWDWLRQ GH OD SULVH GH |
1H WRXFKH] SDV OD OLJQH GH WUDQVPLVVLRQ |
|
pOHFWULTXHV HW OHV FkEOHV ORUV GH |
FRXUDQW HW WRXWHV OHV FRQQH[LRQV |
DYHF OHV PDLQV KXPLGHV ORUV GH EUDQFKHU |
|
O¶LQVWDOODWLRQ GH O¶DQWHQQH ,O GHYLHQGUDLW |
FRUUHVSRQGDQWHV GH O¶DSSDUHLO SRXU pYLWHU |
RX GpEUDQFKHU GH OD SULVH GH FRXUDQW FDU |
|
XQH FDXVH GH FKRF pOHFWULTXH GDQJHUHX[ |
OH FKRF pOHFWULTXH ,O IDXW DX PRLQV GHX[ |
FHOD SHXW FDXVHU OH FKRF pOHFWULTXH |
|
RX G¶LQFHQGLH VL O¶DQWHQQH WRXFKH RX |
SHUVRQQHV SRXU GpSODFHU OH WpOpYLVHXU ORUV |
|
|
GH OD WUDQVSRUWDWLRQ GH VRUWH G¶pYLWHU OD |
|||
WRPEH VXU OH ILO pOHFWULTXH DLQVL LO GRLW |
WRPEpH GX WpOpYLVHXU HW SDU FRQVpTXHQW |
|
|
rWUH LQVWDOOp IHUPHPHQW HW ORLQV GX FkEOH |
GHV EOHVVXUHV RX GHV GRPPDJHV JUDYHV |
|
|
1¶H[SRVH] SDV OH SURGXLW GDQV XQ HQGURLW |
|
|
|
SRXVVLpUHX[ RX KXPLGH FDU FHOD GHYLHQGUDLW |
|
|
|
XQH FDVH GH GLVIRQFWLRQQHPHQW |
|
|
|
|
|
|
|
7DEOH GH
PDWLqUHV
%,(19(18( '$16 /( 021'( (;75$25',1$,5( '( /$7(/(9,6,21 $9(& /( 7(/(9,6(85 (1 &28/(85 /&'
&KHU FOLHQW 1RXV YRXV UHPHUFLRQV G¶DYRLU FKRLVL FH WpOpYLVHXU HQ FRXOHXU /&' 1RXV HVSpURQV TXH QRWUH SURGXLW HW QRV VHUYLFHV UpSRQGURQW j YRV DWWHQWHV &H PRGH G¶HPSORL YD YRXV DLGHU j FRQILJXUHU YRWUH WpOpYLVHXU HW j OH PHWWUH HQ VHUYLFH OH SOXV UDSLGHPHQW SRVVLEOH 9HXLOOH] OLUH DX SUpDODEOH DWWHQWLYHPHQW WRXWHV OHV FRQVLJQHV GH VpFXULWp HW OH PRGH G¶HPSORL
&/$66( '( 6(&85,7(
,O V¶DJLW G¶XQ SURGXLW GH OD FODVVH GH VpFXULWp O FRQIRUPpPHQW j OD QRUPH ,(& HW LO GRLW SDU PHVXUHV GH VpFXULWp rWUH UHOLp j OD WHUUH
FRQWHQWV6RPPDLUH
3UpSDUDWLRQ SRXU O¶XWLOLVDWLRQ GH YRWUH QRXYHDX WpOpYLVHXU |
|
&KRL[ GH O¶HPSODFHPHQW GH YRWUH WpOpYLVHXU |
|
,QIRUPDWLRQV LQWpUHVVDQWHV VXU YRWUH WpOpYLVHXU |
|
5DFFRUGHPHQW GH YRWUH WpOpYLVHXU |
|
5DFFRUGHPHQW j O¶pTXLSHPHQW $ 9 |
|
5DFFRUGHPHQW j XQ RUGLQDWHXU |
|
5DFFRUGHPHQW j XQH DPWHQQH |
|
8WLOLVDWLRQ GH OD WpOpFRPPDQGH |
|
3UpSDUDWLRQ GH OD WpOpFRPPDQGH |
|
,QIRUPDWLRQV LQWpUHVVDQWHV VXU OD WpOpFRPPDQGH |
|
8WLOLVDWLRQ GHV IRQFWLRQV GH O¶DSSDUHLO |
|
&RPSUHQGUH OHV IRQFWLRQV GH O¶DSSDUHLO |
|
0HQX UpJODJH GH OD ODQJXH |
|
5pJODJHV GH EDVH |
|
/H PHQX FKDvQH |
|
/H PHQX LPDJH |
|
/H PHQX DXGLR |
|
8WLOLVHU OH PHQX GH IRQFWLRQ |
|
/H PHQX pFUDQ |
|
/H PHQX FRQWU 3DUHQW |
|
7pOpWH[WH |
|
$QQH[HV |
|
/µLQWHUIDFH 6&$57 |
|
1HWWR\DJH HW HQWUHWLHQ |
|
0RQWDJH GX VXSSRUW |
|
&DUDFWpULVWLTXHV WHFKQLTXHV |
|
6RXV UpVHUYH GH PRGLILFDWLRQ VDQV SUpDYLV GX GHVLJQ HW GHV FDUDFWpULVWLTXHV WHFKQLTXHV
3UpSDUDWLRQ SRXU O¶XWLOLVDWLRQ GH YRWUH QRXYHDX WpOpYLVHXU
(Op HQWV GH FR DQGH VXU OD SDUWLH IURQWDOH
& RX %
& RX %
3UpSDUDWLRQ SRXU O¶XWLOLVDWLRQ GH YRWUH QRXYHDX WpOpYLVHXU
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$17 ,1 |
|
3&0&,$ |
|
|
+'0, |
+'0, |
&20321(17 |
|
|
|
|
63',) |
5) 287387 |
|
|
|
|
|
< |
3% |
35 |
$8',2 / |
$8',2 5 |
|||
|
'(%8* |
9*$ |
|
3& $8',2 |
|
|
&20321(17 |
|
|
|
|
|
|
|
|
|
|
< |
3% |
35 |
$8',2 / |
$8',2 5 |
|
||||
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6&$57 |
|
6&$57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
& |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
+'0, |
&20321(17 |
|
|
|
|
$8',2 5 63',) |
|
|
3&0&,$ |
|
|
|
$17 ,1 |
+'0, |
< |
3% |
35 |
$8',2 / |
|
|
|
|
5) 287387 |
|
|||
|
&20321(17 |
< |
3% |
|
|
|
|
'(%8* |
9*$ |
3& $8',2 |
|
|
|
|
|
35 |
$8',2 / |
$8',2 5 |
|
|
|
||||||
& |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6&$57 |
|
|
6&$57 |
|
|
|
|
|
|
|
9,'(2 |
$8',2 / |
|
|
|
|
|
|
|
|
|
|
|
|
6 9,'(2 |
$8',2 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3URJUDPPH YHUV OH KDXW
WRXFKH GH OH KDXW 3URJUDPPH YHUV OH EDV WRXFKH GH OH JDXFKH
5DFFRUGH] '/7 ;; j % HW % '/7 ;; j & HW &
Loading...