;HUR[ 'RFXPHQW &HQWUH
0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH
6
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH
3UpSDUp SDU 7KH 'RFXPHQW &RPSDQ\ ;HUR[ *./6 (XURSHDQ 2SHUDWLRQV %HVVHPHU 5RDG :HOZ\Q *DUGHQ &LW\ +HUWIRUGVKLUH $/ +( $1*/(7(55(
‹ ;HUR[Š &RUSRUDWLRQ 7RXV GURLWV UpVHUYpV
/DSURWHFWLRQGHVGURLWVGHUHSURGXFWLRQV¶DSSOLTXHjO¶HQVHPEOHGHVLQIRUPDWLRQVHWGRFXPHQWVSUpYXV DX[ WHUPHV GH OD ORL TXHOV TXH VRLHQW OHXU IRUPH HW OHXU FRQWHQX \ FRPSULV DX[ GRQQpHV JpQpUpHV SDU OHV ORJLFLHOV HW TXL V¶DIILFKHQW j O¶pFUDQ SURILOV SLFWRJUDPPHV pFUDQV SUpVHQWDWLRQV HWF
;HUR[Š 7KH 'RFXPHQW &RPSDQ\Š OH ;Š VW\OLVp HW WRXV OHV QRPV GH SURGXLWV ;HUR[Š PHQWLRQQpV GDQV FHWWH SXEOLFDWLRQ VRQW GHV PDUTXHV GH ;HUR[ &RUSRUDWLRQ /HV QRPV GH SURGXLWV HW PDUTXHV G¶DXWUHV VRFLpWpV VRQW UHFRQQXV FRPPH WHOV SDU OD SUpVHQWH PHQWLRQ
&H GRFXPHQW HVW PLV j MRXU SpULRGLTXHPHQW /HV LQH[DFWLWXGHV WHFKQLTXHV HW OHV HUUHXUV W\SRJUDSKLTXHV VHURQW FRUULJpHV GDQV OHV pGLWLRQV XOWpULHXUHV
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH
7DEOH GHV PDWLqUHV
$SURSRV GH FH PDQXHO
&HQWUH 6HUYLFHV ;HUR[
&RQGLWLRQV UHTXLVHV
&RQYHQWLRQV
7H[WH HQWUH FURFKHWV
7H[WH HQ JUDV
3ROLFH &RXULHU 1HZ
7H[WH HQ LWDOLTXH 5HPDUTXH
&RQVHLO
$YHUWLVVHPHQW
$WWHQWLRQ
$XWUHV VRXUFHV G¶LQIRUPDWLRQV
3UpVHQWDWLRQ GH 'RFXPHQW &HQWUH
,QWURGXFWLRQ
,GHQWLILFDWLRQ GHV FRPSRVDQWV
'RFXPHQW &HQWUH
'pPDUUDJH HW DUUrW GH OD PDFKLQH
'pPDUUDJH
$UUrW
&kEODJH
3RUWV G¶LQWHUIDFH
0RGHV
7RXFKH )RQFWLRQV 7RXFKH (WDW GHV WUDYDX[
7RXFKH (WDW PDFKLQH
&RPPDQGHV GX V\VWqPH
&RQILJXUDWLRQ XWLOLVDWHXUV
0RGLILFDWLRQ GH OD FRQILJXUDWLRQ
3RUW (WKHUQHW
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5
3ROLFHV UpVLGHQWHV
3ROLFHV 3&/ UpVLGHQWHV -HX GH V\PEROHV 3&/ H LQWHUQHV
3ROLFHV UpVLGHQWHV 3RVW6FULSW
1HW:DUH
,QWURGXFWLRQ
9pULILFDWLRQV SUpDODEOHV (QYLURQQHPHQWV 1HW:DUH
,PSUHVVLRQ ,3; RULHQWpH ILOHV G¶DWWHQWH
2SWLRQV G LQVWDOODWLRQ
0pWKRGH$VVLVWDQW *HVWLRQ GH SpULSKpULTXH
0pWKRGH 8WLOLWDLUHV 1HW:DUH
,PSUHVVLRQ ,3; DYHF 1'36
,PSUHVVLRQ ,3 DYHF 1'36
%DQ\DQ 9,1(6
,QWURGXFWLRQ
9pULILFDWLRQV SUpDODEOHV
,QVWDOODWLRQ
3URFpGXUH &RQILJXUDWLRQ GHV FRPPXQLFDWLRQV UpVHDX
&RQILJXUDWLRQ GX VHUYLFH G LPSUHVVLRQ %DQ\DQ
7HVW G LPSUHVVLRQ
81,; 7&3 ,3
,QWURGXFWLRQ
9pULILFDWLRQV SUpDODEOHV
,QVWDOODWLRQ
3URFpGXUH &RQILJXUDWLRQ GHV FRPPXQLFDWLRQV UpVHDX
&RQILJXUDWLRQ GHV SRVWHV GH WUDYDLO
,QVWDOODWLRQ GH O 2XWLO G LPSUHVVLRQ WpOpFRSLH &:3ULQW &HQWUH:DUH 7HVW G LPSUHVVLRQ
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5
$SSOH7DON
,QWURGXFWLRQ
9pULILFDWLRQV SUpDODEOHV
,QVWDOODWLRQ
3URFpGXUH &RQILJXUDWLRQ GHV FRPPXQLFDWLRQV UpVHDX
7HVW G LPSUHVVLRQ
(QYLURQQHPHQW UpVHDX 0LFURVRIW
,QWURGXFWLRQ
9pULILFDWLRQV SUpDODEOHV
2SWLRQV G LQVWDOODWLRQ
0pWKRGH$VVLVWDQW *HVWLRQ GH SpULSKpULTXH &HQWUH:DUH
3URFpGXUH &RQILJXUDWLRQ GHV FRPPXQLFDWLRQV UpVHDX
&RQILJXUDWLRQ GHV SRVWHV GH WUDYDLO 7HVW G LPSUHVVLRQ
0pWKRGH ± 8WLOLWDLUHV 0LFURVRIW
3URFpGXUH &RQILJXUDWLRQ GHV FRPPXQLFDWLRQV UpVHDX
&RQILJXUDWLRQ GHV SRVWHV GH WUDYDLO 7HVW G LPSUHVVLRQ
7&3 ,3 VSRXOH /35
,QWURGXFWLRQ
9pULILFDWLRQV SUpDODEOHV
,QVWDOODWLRQ
3URFpGXUH &RQILJXUDWLRQ GHV FRPPXQLFDWLRQV UpVHDX
&RQILJXUDWLRQ GHV SRVWHV GH WUDYDLO 7HVW G LPSUHVVLRQ
7RNHQ 5LQJ
,QWURGXFWLRQ
9pULILFDWLRQV SUpDODEOHV
,QVWDOODWLRQ
&DUWH 3&, 7RNHQ 5LQJ
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5
3RUW SDUDOOqOH
,QWURGXFWLRQ
9pULILFDWLRQV SUpDODEOHV
,QVWDOODWLRQ
3URFpGXUH
&RQILJXUDWLRQ GHV FRPPXQLFDWLRQV SDUDOOqOHV
&RQILJXUDWLRQ GHV SRVWHV GH WUDYDLO 7HVW G LPSUHVVLRQ
6HUYLFHV ,QWHUQHW &HQWUH:DUH
,QWURGXFWLRQ
9pULILFDWLRQV SUpDODEOHV
$FWLYDWLRQ GH 6HUYLFHV ,QWHUQHW &HQWUH:DUH
,QWURGXFWLRQ
&RQILJXUDWLRQ GHV FRPPXQLFDWLRQV UpVHDX
7HVW G¶LPSUHVVLRQ
*HVWLRQ GHV WUDYDX[
&RQILJXUDWLRQ GH OD JHVWLRQ GHV WUDYDX[
,QVWDOODWLRQ GH '& VXU OH UpVHDX
(WKHUQHW
3RUW SDUDOOqOH
7RNHQ 5LQJ $SSOH7DON
%DQ\DQ 9,1(6
1HW:DUH /35 /3'
5pVHDX 0LFURVRIW
7&3 ,3
,PSUHVVLRQ 7&3 ,3 EUXWH &RQILJXUDWLRQ 6103
+773 ,33
&RQILJXUDWLRQ 3&/
,GHQWLILFDWLRQ
6HUYLFHV GH QXPpULVDWLRQ
,QWURGXFWLRQ
3UpVHQWDWLRQ
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5
/D QXPpULVDWLRQ DYHF '&
%RQV GH QXPpULVDWLRQ
3URFHVVXV GH QXPpULVDWLRQ =RQHV GH VWRFNDJH GH GRFXPHQWV
,QVWDOODWLRQ
2SWLRQV G¶LQVWDOODWLRQ
1HW:DUH )73
6HUYLFHV ,QWHUQHW &HQWUH:DUH ,QVWDOODWLRQ GH 6FDQ6RIW 3DSHU3RUW IDFXOWDWLI
7HVW GH QXPpULVDWLRQ
&RXUULHU pOHFWURQLTXH
,QWURGXFWLRQ
3UpVHQWDWLRQ GH OD IRQFWLRQ &RXUULHU pOHFWURQLTXH
9pULILFDWLRQV SUpDODEOHV
0HVVDJHV ,QWHUQHW
&RQILJXUDWLRQ GH 6073
&RQILJXUDWLRQ GX FRXUULHU pOHFWURQLTXH &RQILJXUDWLRQ GH O¶DQQXDLUH /'$3 FDUQHW G¶DGUHVVHV LQWHUQH &DUQHW G¶DGUHVVHV SXEOLF &RQILJXUDWLRQ GX FRXUULHU pOHFWURQLTXH 7HVW
)D[ VHUYHXU
,QWURGXFWLRQ
3UpVHQWDWLRQ GH )D[ VHUYHXU
9pULILFDWLRQV SUpDODEOHV $FWLYDWLRQ GH )D[ VHUYHXU
&RQILJXUDWLRQ GH )D[ VHUYHXU
&RQILJXUDWLRQ UpVHDX GX ID[ VHUYHXU DX QLYHDX GH '&
&RQILJXUDWLRQ UpVHDX GX ID[ VHUYHXU YLD 6HUYLFHV ,QWHUQHW &HQWUH:DUH
&RQILJXUDWLRQ GX UHOHYp GH FRQILUPDWLRQ
'pILQLWLRQ GX EDF GH UpFHSWLRQ
7HVW
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5
5pVROXWLRQ GHV LQFLGHQWV
,QWURGXFWLRQ
3URFpGXUH GH UpVROXWLRQ GHV LQFLGHQWV
6HUYLFHV GH QXPpULVDWLRQ UpVHDX
,GHQWLILFDWLRQ
&RXUULHU pOHFWURQLTXH )D[ VHUYHXU
*ORVVDLUH
,QGH[
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5
$ SURSRV GH FH PDQXHO
&H 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH GpFULW HQ GpWDLO OHV FDUDFWpULVWLTXHV WHFKQLTXHV GH 'RFXPHQW &HQWUH
DLQVL TXH OHV LQIRUPDWLRQV HW SURFpGXUHV QpFHVVDLUHV j O¶XWLOLVDWLRQ GH VHV IRQFWLRQV LQWpJUpHV
$SURSRVGHFHPDQXHO
&HQWUH 6HUYLFHV ;HUR[
(Q FDV GH SUREOqPH DSUqV O¶LQVWDOODWLRQ GX SURGXLW DSSHOHU OH &HQWUH 6HUYLFHV ;HUR[ /H QXPpUR GH VpULH GH OD PDFKLQH VHUD GHPDQGp j FKDTXH DSSHO ,O HVW UHFRPPDQGp GH OH QRWHU FL GHVVRXV &H QXPpUR ILJXUH GHUULqUH OH SDQQHDX DYDQW JDXFKH FRPPH LQGLTXp VXU O¶LOOXVWUDWLRQ
1XPpUR GH VpULH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
/H QXPpUR GH WpOpSKRQH GX &HQWUH 6HUYLFHV ;HUR[ HVW IRXUQL ORUV GH O¶LQVWDOODWLRQ GX SURGXLW ,O HVW UHFRPPDQGp G¶LQVFULUH FH QXPpUR GDQV O¶HVSDFH SUpYX FL GHVVRXV DILQ GH OH UHWURXYHU IDFLOHPHQW HQ FDV GH EHVRLQ
1XPpUR GH WpOpSKRQH GX &HQWUH 6HUYLFHV ;HUR[ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RWHU pJDOHPHQW WRXV OHV PHVVDJHV G¶HUUHXU &HV LQIRUPDWLRQV SHXYHQW SHUPHWWUH GH UpVRXGUH OHV LQFLGHQWV UDSLGHPHQW
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
&RQGLWLRQV UHTXLVHV
,O HVW VXSSRVp TXH '& HVW pTXLSp GH O¶LQWHUIDFH UpVHDX LQWpJUpH RX GX NLW YHQGX HQ RSWLRQ /H EUDQFKHPHQW HW O¶LQVWDOODWLRQ GH '& VXU XQ UpVHDX H[LJHQW OHV FRQQDLVVDQFHV HW pOpPHQWV VXLYDQWV
½&' 520 6HUYLFHV 5pVHDX ;HUR[ &HQWUH:DUH
½/H &' 520 6HUYLFHV ,PSUHVVLRQ 7pOpFRSLH ;HUR[ &HQWUH:DUH
½3RVWH GH WUDYDLO RSpUDWLRQQHO HW FRQQHFWp DX PrPH UpVHDX TXH '&
½%RQQH PDvWULVH GH OD FRQILJXUDWLRQ GX UpVHDX
½&kEODJH SRXU UHOLHU '& DX UpVHDX
5(0$548( /¶DGPLQLVWUDWHXU V\VWqPH GHYUD pJDOHPHQW GLVSRVHU GH OD GRFXPHQWDWLRQ UHODWLYH DX UpVHDX HW DX[ SRVWHV GH WUDYDLO XWLOLVpV 3RXU WRXWH LQIRUPDWLRQ VXU XQH FRQILJXUDWLRQ QRQ GpFULWH GDQV FH PDQXHO FRQWDFWHU OH &HQWUH 6HUYLFHV ;HUR[
$SURSRVGHFHPDQXHO
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
&RQYHQWLRQV
7H[WH HQWUH FURFKHWV
/H >WH[WH HQWUH FURFKHWV@ LQGLTXH XQ PRGH RX XQH RSWLRQ j VpOHFWLRQQHU ([HPSOH
½6pOHFWLRQQHU >4XDOLWp LPDJH@
½$SSOLTXHU OHV QRXYHOOH YDOHXUV
½6pOHFWLRQQHU >6DXYHJDUGHU@
7H[WH HQ JUDV
/HV QRPV GH WRXFKH GH ]RQH G¶RSWLRQ HW GH SDUDPqWUH VRQW LQGLTXpV HQ FDUDFWqUHV JUDV /RUVTXH FHV pOpPHQWV GRLYHQW rWUH VpOHFWLRQQpV RX DFWLYpV VXU XQ SRVWH GH WUDYDLO RX j SDUWLU GX SDQQHDX GH FRPPDQGH GH '& LOV VRQW pJDOHPHQW HQWRXUpV GH FURFKHWV ([HPSOH
$SSX\HU VXU OD WRXFKH >$FFqV@ GX SDQQHDX GH FRPPDQGH
3ROLFH &RXULHU 1HZ
/H WH[WH j VDLVLU HVW LQGLTXp GDQV OD SROLFH &RXULHU 1HZ FRPPH LOOXVWUp FL GHVVRXV
$ O¶LQYLWH HQWUHU
D ?VHWXS
7H[WH HQ LWDOLTXH
/H VW\OH ,WDOLTXH HVW XWLOLVp SRXU OHV UHQYRLV j G¶DXWUHV FKDSLWUHV RX SXEOLFDWLRQV ([HPSOH
3RXU SOXV G¶LQIRUPDWLRQV VXU O¶XWLOLVDWLRQ GH OD IRQFWLRQ &RSLH VH UHSRUWHU DX 0DQXHO GH O¶XWLOLVDWHXU
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
5HPDUTXH
&RQVHLO
$YHUWLVVHPHQW
$WWHQWLRQ
/HV UHPDUTXHV DSSRUWHQW GHV FRQVHLOV TXL SHUPHWWHQW |
$SURSRVGHFHPDQXHO |
|
|
G¶HIIHFWXHU XQH WkFKH RX SURFXUHQW GHV LQIRUPDWLRQV |
|
VXSSOpPHQWDLUHV ([HPSOH |
|
|
|
5(0$548( 6L '& Q¶HVW SDV pTXLSp GX |
|
PRGXOH GH ILQLWLRQ QL GX PDJDVLQ JUDQGH FDSDFLWp LJQRUHU OD |
|
SUHPLqUH pWDSH |
|
|
|
/HV FRQVHLOV FRQWLHQQHQW GHV LQIRUPDWLRQV VXU XQH WkFKH RX |
|
XQH IRQFWLRQ ([HPSOH |
|
|
|
&216(,/6pOHFWLRQQHU OHV ]RQHV ; < SRXU DIILFKHU OH |
|
FODYLHU YLUWXHO SHUPHWWDQW G¶HQWUHU HW GH VDXYHJDUGHU GHV |
|
YDOHXUV |
|
|
|
/HV DYHUWLVVHPHQWV VLJQDOHQW GHV FRQGLWLRQV TXL SHXYHQW QXLUH j OD VpFXULWp GHV SHUVRQQHV ([HPSOH
$9(57,66(0(17 &HWWH PDFKLQH GRLW rWUH EUDQFKpH GLUHFWHPHQW VXU XQH SULVH VHFWHXU DYHF PLVH j OD WHUUH
&H WHUPH VLJQDOH WRXWHV OHV DFWLRQV TXL SHXYHQW HQGRPPDJHU
OH PDWpULHO OHV ORJLFLHOV RX OHV GRQQpHV ([HPSOH
$77(17,21 1H SDV XWLOLVHU GH VROYDQWV QL GH SURGXLWV HQ
DpURVRO SRXU QHWWR\HU '&
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
$XWUHV VRXUFHV G¶LQIRUPDWLRQV
/HV DXWUHV VRXUFHV G¶LQIRUPDWLRQV GLVSRQLEOHV SRXU 'RFXPHQW &HQWUH VRQW OHV VXLYDQWHV
½0DQXHO GH O¶XWLOLVDWHXU 'RFXPHQW &HQWUH
½*XLGHV G¶LQVWDOODWLRQ UDSLGH
½6\VWqPHV G¶DLGH HQ OLJQH
½'RFXPHQWDWLRQ ;HUR[ &HQWUH:DUH
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3UpVHQWDWLRQ GH 'RFXPHQW &HQWUH
,QWURGXFWLRQ
&H FKDSLWUH SUpVHQWH OHV FDUDFWpULVWLTXHV HW IRQFWLRQV GH
'RFXPHQW &HQWUH DILQ GH SHUPHWWUH j O¶DGPLQLVWUDWHXU V\VWqPH GH VH IDPLOLDULVHU DYHF OD PDFKLQH DYDQW GH O¶LQVWDOOHU VXU OH UpVHDX /HV LQIRUPDWLRQV VRQW RUJDQLVpHV FRPPH VXLW
½,GHQWLILFDWLRQ GHV FRPSRVDQWV
'RFXPHQW &HQWUH
½'pPDUUDJH HW DUUrW GH OD PDFKLQH
'pPDUUDJH
$UUrW
½&kEODJH
3RUWV G¶LQWHUIDFH
½0RGHV
7RXFKH )RQFWLRQV
7RXFKH (WDW GHV WUDYDX[
7RXFKH (WDW PDFKLQH
½&RPPDQGHV GX V\VWqPH
½&RQILJXUDWLRQ XWLOLVDWHXUV
0RGLILFDWLRQ GH OD FRQILJXUDWLRQ
3RUW (WKHUQHW
½3RUW (WKHUQHW
3ROLFHV 3&/ UpVLGHQWHV
-HX GH V\PEROHV 3&/ H LQWHUQHV
3ROLFHV UpVLGHQWHV 3RVW6FULSW
3UpVHQWDWLRQGH'RFXPHQW&HQWUH
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
,GHQWLILFDWLRQ GHV FRPSRVDQWV
'RFXPHQW &HQWUH Q¶HVW SDV VHXOHPHQW XQ FRSLHXU FODVVLTXH &¶HVW XQH PDFKLQH QXPpULTXH TXL SHXW pJDOHPHQW LPSULPHU WpOpFRSLHU HW QXPpULVHU
/HV FRPSRVDQWV VWDQGDUG GLVSRQLEOHV VXU FKDTXH PDFKLQH VRQW LOOXVWUpV FL DSUqV ,O H[LVWH pJDOHPHQW XQ FHUWDLQ QRPEUH GH FRPSRVDQWV SURSRVpV HQ RSWLRQ
3RXU WRXWHV LQIRUPDWLRQV VXSSOpPHQWDLUHV VXU FHV RSWLRQV HW VXU OHV FRQILJXUDWLRQV 'RFXPHQW &HQWUH
FRQVXOWHU OH 0DQXHO GH O¶XWLOLVDWHXU
'RFXPHQW &HQWUH
|
&KDUJHXU GH |
*ODFH G¶H[SRVLWLRQ |
|
VRXV OH &$' |
|
|
GRFXPHQWV &$' |
|
(FUDQ |
|
|
|
|
|
WDFWLOH |
|
|
|
|
3DQQHDX |
|
|
GH FRPPDQGH |
%DF ODWpUDO
%DF FHQWUDO
,QWHUUXSWHXU
'pSDUW |
|
3RUWH |
|
0RGXOH |
|
||
PDQXHO |
DYDQW |
0DJDVLQV |
|
|
UHFWR YHUVR |
JDXFKH |
SDSLHU |
|
|
||
|
|
|
|
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
'pPDUUDJH HW DUUrW GH OD PDFKLQH
'pPDUUDJH
6¶DVVXUHU TXH '& HVW FRQQHFWp j XQH VRXUFH G¶DOLPHQWDWLRQ DSSURSULpH HW TXH OH FkEOH G¶DOLPHQWDWLRQ HVW EUDQFKp FRUUHFWHPHQW
'HV LQIRUPDWLRQV WHFKQLTXHV GpWDLOOpHV VRQW IRXUQLHV GDQV OH 0DQXHO GH O¶XWLOLVDWHXU
/H SURFHVVXV GH GpPDUUDJH HW G¶DXWRWHVW GH '&
GXUH PLQXWHV HQYLURQ
/¶LQWHUUXSWHXU SULQFLSDO VH WURXYH VXU OH SDQQHDX GURLW
½/RFDOLVHU O¶LQWHUUXSWHXU SULQFLSDO
½0HWWUH O¶LQWHUUXSWHXU HQ SRVLWLRQ 0DUFKH
/H SURFHVVXV GH GpPDUUDJH GX FRSLHXU QXPpULTXH '&
GXUH VHFRQGHV HQYLURQ
3UpVHQWDWLRQGH'RFXPHQW&HQWUH
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
$UUrW
/H SURFHVVXV GH PLVH KRUV WHQVLRQ GH'& GXUH
VHFRQGHV DILQ GH SHUPHWWUH OH VWRFNDJH GHV ILFKLHUV HQ PpPRLUH HW GH SUpSDUHU O¶DUUrW GX V\VWqPH
$77(17,21 3RXU pYLWHU WRXWH GpWpULRUDWLRQ GX GLVTXH GXU GH '& HQ FDV GH UHGpPDUUDJHV UpSpWLWLIV HVSDFHU OHV F\FOHV 0DUFKH $UUrW GH VHFRQGHV PLQLPXP
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
&kEODJH
3RUWV G¶LQWHUIDFH
&RPPH OH PRQWUH OD ILJXUH FL GHVVRXV OD PDFKLQH RIIUH GLYHUVHV RSWLRQV G¶LQWHUIDFH
9XH DUULqUH
3RUW SDUDOOqOH
&RQQHFWHXU 3RUW (WKHUQHW SRXU FDUWH 3& %DVH7 7RNHQ 5LQJ
3UpVHQWDWLRQGH'RFXPHQW&HQWUH
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
(WKHUQHW
$ OD OLYUDLVRQ OD PDFKLQH HVW SUrWH j rWUH LQVWDOOpH VXU XQ UpVHDX (WKHUQHW GH W\SH
½%DVH7 SDLUH WRUVDGpH QRQ EOLQGpH 5-
½%DVH 7KLFNQHW 9RXV GHYH] GLVSRVHU G¶XQ FkEOH GH FRQQH[LRQ HW G¶XQ pPHWWHXU UpFHSWHXU SRXU SRXYRLU HIIHFWXHU FHWWH FRQQH[LRQ
½RX %DVH 7KLQQHW &HWWH FRQILJXUDWLRQ UHTXLHUW XQ pPHWWHXU UpFHSWHXU HW XQ FkEOH VXSSOpPHQWDLUHV
$77(17,21 1H FRQQHFWHU OD PDFKLQH DX UpVHDX TXH ORUVTXH LQGLTXp GDQV OHV SURFpGXUHV
7RNHQ 5LQJ
/¶LQWHUIDFH 7RNHQ 5LQJ SHXW rWUH PLVH HQ °XYUH YLD 1HW:DUH 7&3 ,3 RX XQ HQYLURQQHPHQW UpVHDX 0LFURVRIW
3RXU FRQQDvWUH OHV SURFpGXUHV G¶LQVWDOODWLRQ VH UHSRUWHU DX FKDSLWUH
5(0$548( $YDQW GH SURFpGHU j O¶LQVWDOODWLRQ V¶DVVXUHU TXH OH UpVHDX 7RNHQ 5LQJ HVW RSpUDWLRQQHO
;HUR[ IRXUQLW OH W\SH GH FDUWH 7RNHQ 5LQJ DGDSWp j OD FRQILJXUDWLRQ UpVHDX XWLOLVpH
3RUW SDUDOOqOH
(Q FRQILJXUDWLRQ SDUDOOqOH '& HVW UHOLp DX SRUW LPSULPDQWH GX 3& SDU XQ FRQQHFWHXU DGDSWDWHXU PLQL FHQWURQLFV HW XQ FkEOH SDUDOOqOH ,((( &HWWH FRQILJXUDWLRQ QH FRPSUHQG SDV G¶RSWLRQV UpVHDX QL GH IRQFWLRQV 535,17(5 RX 36(59(5
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
0RGHV
7URLV PRGHV VRQW GLVSRQLEOHV
)RQFWLRQV
(WDW GHV WUDYDX[
(WDW PDFKLQH
/HV WRXFKHV FRUUHVSRQGDQWHV GRQQHQW DFFqV DX[ pFUDQV SHUPHWWDQW GH SURJUDPPHU OHV IRQFWLRQV GH FRQWU{OHU O¶pWDW GHV WUDYDX[ HW G¶REWHQLU GHV LQIRUPDWLRQV JpQpUDOHV VXU
'&
5(0$548( /HV IRQFWLRQV GLVSRQLEOHV YDULHQW VHORQ OD FRQILJXUDWLRQ GH OD PDFKLQH
7RXFKH )RQFWLRQV
7RXFKH (WDW GHV WUDYDX[
7RXFKH (WDW PDFKLQH
3UpVHQWDWLRQGH'RFXPHQW&HQWUH
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
7RXFKH )RQFWLRQV
$SSX\HU VXU FHWWH WRXFKH SRXU DFFpGHU DX[ pFUDQV GHV IRQFWLRQV &KDTXH IRQFWLRQ HVW DFFHVVLEOH YLD XQ RQJOHW /¶pFUDQ LQLWLDO FRQWLHQW OHV VpOHFWLRQV GH EDVH 3DU H[HPSOH OHV SUHPLHUV pFUDQV GHV IRQFWLRQV &RSLH HW )D[ SHUPHWWHQW UHVSHFWLYHPHQW G¶HIIHFWXHU XQH FRSLH HW G¶HQYR\HU XQH WpOpFRSLH /HV DXWUHV pFUDQV RIIUHQW GHV RSWLRQV SHUPHWWDQW G¶HIIHFWXHU XQH SURJUDPPDWLRQ SOXV GpWDLOOpH
/HV V\VWqPHV 'RFXPHQW &HQWUH FRQQHFWpV HQ UpVHDX SHXYHQW rWUH FRQILJXUpV SRXU SUHQGUH HQ FKDUJH GHX[ VHUYLFHV GH WpOpFRSLH )D[ ORFDO HW )D[ VHUYHXU /HV GHX[ VHUYLFHV GH WpOpFRSLH SHXYHQW rWUH LQVWDOOpV VXU OD PDFKLQH 0$,6 XQ VHXO SHXW rWUH DFWLYp j OD IRLV 4XHO TXH VRLW OH VHUYLFH DFWLYp O¶RQJOHW GH OD IRQFWLRQ )D[ SRXUUD rWUH VpOHFWLRQQp
½$SSX\HU VXU OD WRXFKH >)RQFWLRQV@ GX SDQQHDX GH FRPPDQGH SRXU DIILFKHU O¶pFUDQ SDU GpIDXW
5(0$548( /¶pFUDQ LQLWLDO GX PRGH &RSLH HVW DIILFKp FRPPH pFUDQ SDU GpIDXW /¶RSpUDWHXU SULQFLSDO SHXW HQ VpOHFWLRQQHU XQ DXWUH VL QpFHVVDLUH
%RXWRQ 7RXV OHV PRGHV
/H ERXWRQ 7RXV OHV PRGHV HVW GLVSRQLEOH ORUVTXH O¶pFUDQ WDFWLOH Q¶HVW SDV HQ PHVXUH G¶DIILFKHU OHV WRXFKHV GH IRQFWLRQ GH WRXV OHV VHUYLFHV LQVWDOOpV
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
½6pOHFWLRQQHU >7RXV OHV PRGHV@ 8QH IHQrWUH V¶DIILFKH
½6pOHFWLRQQHU OD WRXFKH GH OD IRQFWLRQ YRXOXH RX >)HUPHU@ SRXU DQQXOHU
7RXFKH (WDW GHV WUDYDX[
½$SSX\HU VXU OD WRXFKH >(WDW GHV WUDYDX[@ GX SDQQHDX GH FRPPDQGH
½/D )LOH G¶LPSUHVVLRQ V¶DIILFKH DXWRPDWLTXHPHQW FDU HOOH HVW VpOHFWLRQQpH SDU GpIDXW
½6pOHFWLRQQHU >$XWUHV ILOHV@ SRXU FRQVXOWHU OHV ILOHV GLVSRQLEOHV
8WLOLVHU FHWWH WRXFKH SRXU YpULILHU O¶pWDW G¶XQ WUDYDLO HW VL QpFHVVDLUH PRGLILHU VD SRVLWLRQ GDQV OD ILOH
5(0$548( /HV ILOHV GLVSRQLEOHV YDULHQW VHORQ OD FRQILJXUDWLRQ GH OD PDFKLQH
3UpVHQWDWLRQGH'RFXPHQW&HQWUH
)LOH G¶LPSUHVVLRQ &HWWH ILOH FRQWLHQW WRXV OHV WUDYDX[ G¶LPSUHVVLRQ DFWLIV RX HQ
DWWHQWH FRSLHV LPSUHVVLRQV UpVHDX LPSUHVVLRQV GH
WpOpFRSLHV HW GH UHOHYpV
,PSUHVVLRQV WHUPLQpHV $IILFKH OD OLVWH GHV WUDYDX[ LPSULPpV HW GHV WUDYDX[ DQQXOpV SDU O¶XWLOLVDWHXU RX VXLWH j XQ LQFLGHQW
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
/LVWH GH ID[ $IILFKH OD OLVWH GH WRXV OHV WUDYDX[ GH WpOpFRSLH DFWLIV HW WUDYDX[ GH WUDQVPLVVLRQ GH WpOpFRSLH HQYRLV HQYRLV GLIIXVLRQ HW LQWHUURJDWLRQV QRUPDOHV RX PXOWLSOHV GX PRGH )D[ ORFDO &HWWH ILOH FRQWLHQW pJDOHPHQW OHV WUDYDX[ GH WpOpFRSLH QXPpULVpV SRXU WUDLWHPHQW GLIIpUp HQYRLV LQWHUURJDWLRQV HW ERvWHV DX[ OHWWUHV UpVHUYpHV GX PRGH )D[ ORFDO 6HXOV OHV WUDYDX[ )D[ VHUYHXU VRUWDQWV VRQW DIILFKpV GDQV FHWWH OLVWH
)D[ HQYR\pV UHoXV &RQWLHQW OD OLVWH GH WRXV OHV WUDYDX[ GH WpOpFRSLH HQ PRGH )D[ ORFDO VRLW WHUPLQpV VRLW DQQXOpV SDU O¶XWLOLVDWHXU RX VXLWH j XQ LQFLGHQW &HUWDLQV WUDYDX[ GH WpOpFRSLH DQQXOpV VRQW FRQVHUYpV GDQV OD PpPRLUH GH OD PDFKLQH HW SRXUURQW rWUH UHQYR\pV /HV WUDYDX[ )D[ VHUYHXU HQWUDQWV QH ILJXUHQW SDV GDQV FHWWH ILOH
)LOH GH QXPpULVDWLRQ &RQWLHQW OD OLVWH GHV WUDYDX[ GH QXPpULVDWLRQ UpVHDX HW GH FRXUULHU pOHFWURQLTXH DFWLIV RX HQ DWWHQWH
1XPpULVDWLRQV WHUPLQpHV &RQWLHQW OD OLVWH GHV WUDYDX[ GH QXPpULVDWLRQ UpVHDX HW GH FRXUULHU pOHFWURQLTXH VRLW WHUPLQpV VRLW DQQXOpV SDU O¶XWLOLVDWHXU RX VXLWH j XQ LQFLGHQW
7RXFKH (WDW PDFKLQH
&HWWH WRXFKH GRQQH DFFqV j GLYHUVHV LQIRUPDWLRQV VXU
'& (OOH SHUPHW GH FRQWU{OHU O¶pWDW GHV PDJDVLQV HW GHV LQFLGHQWV HW G¶REWHQLU OHV LQIRUPDWLRQV QpFHVVDLUHV SRXU FRQWDFWHU OH &HQWUH 6HUYLFHV ;HUR[
5(0$548( /D WRXFKH (WDW PDFKLQH Q¶HVW SDV GLVSRQLEOH
GDQV OHV VLWXDWLRQV VXLYDQWHV LQFLGHQW V\VWqPH DIILFKDJH
G¶XQ PHVVDJH GH FRQILUPDWLRQ HW XWLOLVDWLRQ GHV FRPPDQGHV
UpVHUYpHV j O¶RSpUDWHXU SULQFLSDO
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
½$SSX\HU VXU OD WRXFKH >(WDW PDFKLQH@ SRXU DFFpGHU DX[ RSWLRQV GLVSRQLEOHV
½3RXU TXLWWHU OH PRGH >(WDW PDFKLQH@ DSSX\HU VXU >(WDW GHV WUDYDX[@ RX VXU >)RQFWLRQV@
|
|
3UpVHQWDWLRQGH'RFXPHQW&HQWUH |
|
|
|
||
,QIRUPDWLRQV PDFKLQH |
|||
|
|||
|
|
|
|
$IILFKH OH QXPpUR GH WpOpSKRQH GX &HQWUH 6HUYLFHV ;HUR[ OH |
|
||
QXPpUR GH VpULH GH OD PDFKLQH DLQVL TXH OD YHUVLRQ GHV |
|
||
ORJLFLHOV |
|
||
|
|
|
|
|
|
|
(WDW GHV PDJDVLQV
$IILFKH O¶pWDW GH FKDTXH PDJDVLQ GX GpSDUW PDQXHO HW GX PDJDVLQ JUDQGH FDSDFLWp HQ RSWLRQ 6RQW pJDOHPHQW LQGLTXpV OH IRUPDW OH W\SH HW OD FRXOHXU GHV VXSSRUWV FRQWHQXV GDQV OHV PDJDVLQV (QILQ FHW pFUDQ SHUPHW GH GpWHUPLQHU TXHO PDJDVLQ HVW XWLOLVp SRXU OD IRQFWLRQ )D[ ORFDO VL HOOH HVW LQVWDOOpH &¶HVW O¶RSpUDWHXU SULQFLSDO TXL GpILQLW OD FRQILJXUDWLRQ GHV PDJDVLQV HW OH W\SH GH SDSLHU j XWLOLVHU SRXU LPSULPHU OHV WpOpFRSLHV
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
,QFLGHQWV
$IILFKH OD OLVWH GHV VL[ LQFLGHQWV OHV SOXV UpFHQWV OD GDWH HW O¶KHXUH DX[TXHOOHV LOV VH VRQW SURGXLWV DLQVL TXH OHXU pWDW DFWLI RX UpVROX 3RXU REWHQLU GH O¶DLGH VXU XQ LQFLGHQW DFWLI VpOHFWLRQQHU >,QVWUXFWLRQV GH UpVROXWLRQ LQFLGHQWV@
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
5HOHYpV HW FRPSWHXUV
,PSULPHU UHOHYpV
'RQQH DFFqV DX[ GLIIpUHQWV UHOHYpV TX¶LO HVW SRVVLEOH G¶LPSULPHU
2SWLRQV GH UHOHYpV
5HOHYp GHV WUDYDX[ HQ DWWHQWH OLVWH GHV WUDYDX[ HQ PpPRLUH HW HVSDFH GLVSRQLEOH
&RQILJXUDWLRQ LPSULPDQWH SDUDPpWUDJH GHV RSWLRQV LPSULPDQWH 3&/ HW 3RVW6FULSW GHV RSWLRQV GH FRQQHFWLYLWp HW GHV FRPSRVDQWV LQVWDOOpV
5(0$548( 6L OH UHOHYp &RQILJXUDWLRQ LPSULPDQWH HVW DFWLYp OD PDFKLQH O¶LPSULPH DXWRPDWLTXHPHQW DSUqV PLVH VRXV WHQVLRQ
/LVWH GHV SROLFHV 3RVW6FULSW UpSHUWRULH OHV SROLFHV 3RVW6FULSW GLVSRQLEOHV SRXU O¶LPSUHVVLRQ
/LVWH GHV SROLFHV 3&/ UpSHUWRULH OHV SROLFHV 3&/ GLVSRQLEOHV SRXU O¶LPSUHVVLRQ
3UpVHQWDWLRQGH'RFXPHQW&HQWUH
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
,QIRUPDWLRQV FRPSWDEOHV
/RUVTXH O¶$XGLWURQ HVW DFWLYp FHW pFUDQ SHUPHW GH YpULILHU OH FUpGLW GpILQL SRXU XQ FRPSWH DLQVL TXH OH QRPEUH GH WUDYDX[ UpDOLVpV
&RPSWHXUV
$IILFKH OH QRPEUH WRWDO G¶LPSUHVVLRQV UpDOLVpHV VXU OD PDFKLQH ,O HVW pJDOHPHQW SRVVLEOH GH YpULILHU OH FRPSWHXU GH FKDTXH PRGH VL OD IRQFWLRQ FRUUHVSRQGDQWH HVW LQVWDOOpH 6L OD IRQFWLRQ )D[ SDU H[HPSOH Q¶HVW SDV LQVWDOOpH HOOH Q¶DSSDUDvWUD SDV FRPPH RSWLRQ VXU O¶pFUDQ GHV FRPSWHXUV
'qV UpFHSWLRQ G¶XQH FDUWH GH UHOHYp FRPSWHXU YpULILHU TXH OH QXPpUR GH VpULH LQGLTXp HVW ELHQ OH PrPH TXH VXU OD PDFKLQH LQVFULUH OH QRPEUH LQGLTXp SDU OH FRPSWHXU GDQV OD ]RQH DGpTXDWH HW UHQYR\HU OD FDUWH j ;HUR[
½6pOHFWLRQQHU >(WDW PDFKLQH@
½6pOHFWLRQQHU >5HOHYpV HW FRPSWHXUV@
½6pOHFWLRQQHU >&RPSWHXUV@
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
½/H FRPSWHXU GH IDFWXUDWLRQ 7RWDO SDJHV LPSULPpHV DSSDUDvW ,QVFULUH OH QRPEUH LQGLTXp VXU OD FDUWH GH UHOHYp FRPSWHXU
½3RXU YpULILHU OH FRPSWHXU G¶XQ PRGH GRQQp VpOHFWLRQQHU OD WRXFKH GH OD IRQFWLRQ YRXOXH
5(0$548( 6pOHFWLRQQHU
>$XWUHV FRPSWHXUV@ SRXU DFFpGHU j G¶DXWUHV ERXWRQV GH PRGH OH FDV pFKpDQW
½6pOHFWLRQQHU >4XLWWHU@
½3RXU TXLWWHU >(WDW PDFKLQH@ VpOHFWLRQQHU >(WDW GHV WUDYDX[@ RX >)RQFWLRQV@
3UpVHQWDWLRQGH'RFXPHQW&HQWUH
5(0$548( /D WRXFKH 0RGHV SHUPHW G¶DIILFKHU OH QRPEUH GH FRSLHV RX G¶LPSUHVVLRQV HIIHFWXpHV SDU OH WHFKQLFLHQ ;HUR[ HQ PRGH 'LDJQRVWLF
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |
3DJH |
&RPPDQGHV GX V\VWqPH
|
|
|
|
|
$FFqV |
DIILFKH |
|
|
|
|
|
|
|
XQ pFUDQ GH FRQQH[LRQ |
$QQXOHU WRXW |
||
$LGH SHUPHW |
/DQJXH SHUPHW |
|
|
SHUPHWWDQW G¶DFFpGHU j |
||||
|
|
&$ UpWDEOLW OHV |
||||||
G¶DIILFKHU GHV |
G¶DIILFKHU OHV |
|
|
O¶pFUDQ &RQILJXUDWLRQ |
||||
|
|
YDOHXUV SDU GpIDXW |
||||||
LQIRUPDWLRQV |
RSWLRQV GDQV XQH |
|
|
XWLOLVDWHXUV HW GH GpILQLU |
||||
|
|
HW UHYLHQW j O¶pFUDQ |
||||||
VXSSOpPHQWDLUHV |
DXWUH ODQJXH |
|
|
OHV SDUDPqWUHV SDU |
||||
|
|
LQLWLDO GX PRGH HQ |
||||||
VXU XQH RSpUDWLRQ |
VL GLVSRQLEOH |
|
|
GpIDXW GH OD PDFKLQH |
||||
|
|
FRXUV |
||||||
SDUWLFXOLqUH |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
,QWHUUXSWLRQ |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
SHUPHW GH |
|
DVWpULVTXH |
|
|
|
|
|
|
VXVSHQGUH |
|
FDUDFWqUH GH |
|
|
|
|
|
|
PRPHQWDQpPHQW |
|
QXPpURWDWLRQ |
|
|
|
|
|
|
XQ WUDYDLO SRXU HQ |
|
(JDOHPHQW XWLOLVp |
|
|
|
|
|
HIIHFWXHU XQ DXWUH |
||
FRPPH FDUDFWqUH |
|
|
|
|
|
SOXV XUJHQW |
||
JpQpULTXH GDQV |
|
|
|
|
|
|
||
XQ QXPpUR |
|
|
|
|
|
3DXVH $UUrW |
||
DEUpJp |
|
|
|
|
|
|||
|
|
|
|
|
SHUPHW |
|||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
G¶LQWHUURPSUH |
|
|
|
|
|
|
|
|
PRPHQWDQpPHQW |
|
|
|
|
|
|
|
|
XQ WUDYDLO |
|
|
|
|
|
|
|
|
0DUFKH SHUPHW |
|
9R\DQW |
|
|
|
|
|
|||
|
|
|
|
|
||||
|
|
|
|
|
GH ODQFHU XQ WUDYDLO |
|||
(FRQRPLH |
|
|
|
|
|
|||
|
|
|
|
|
|
|||
G¶pQHUJLH |
|
|
|
|
|
GLqVH FDUDFWqUH |
||
|
$QQXOHU SHUPHW GH |
|||||||
DOOXPp TXDQG FH |
|
GH QXPpURWDWLRQ |
||||||
3DXVH |
VXSSULPHU XQH YDOHXU |
|||||||
PRGH HVW DFWLI |
(JDOHPHQW XWLOLVp |
|||||||
QXPpURWDWLRQ VHUW |
QXPpULTXH OH GHUQLHU |
|||||||
|
|
ORUV GH OD VDLVLH G¶XQ |
||||||
|
|
j HQWUHU XQH SDXVH |
FKLIIUH HQWUp RX GH |
|||||
|
|
QXPpUR GH JURXSH |
||||||
|
|
ORUV GH OD VDLVLH GX |
UHPSODFHU XQH YDOHXU |
|||||
|
|
GH FRPSRVLWLRQ |
||||||
|
|
QXPpUR G¶XQ |
HQ FRXUV SDU FHOOH |
|||||
|
|
|
||||||
|
|
WHUPLQDO GLVWDQW |
XWLOLVpH SDU GpIDXW |
|
3DJH |
;HUR[ 'RFXPHQW &HQWUH 0DQXHO GH O¶DGPLQLVWUDWHXU V\VWqPH ( )5 |