Mode d'emploi HUSQVARNA BZE 6134D

[. . . ] Manuel d'utilisation BZE 6127D BZE 6134D BZE 7234D Lire attentivement et bien assimiler le manuel d'utilisation avant d'utiliser la machine. Française 0$18(/ '¶87, /, 6$7, 21 6RPPDLUH 6RPPDLUH , QWURGXFWLRQ )pOLFLWDWLRQV *pQpUDOLWpV &RQGXLWH HW WUDQVSRUW VXU OD YRLH SXEOLTXH 5HPRUTXDJH )RQFWLRQQHPHQW 6HUYLFH GH TXDOLWp 1XPpUR GH IDEULFDWLRQ 6\PEROHV HW DXWRFROODQWV &RQVLJQHV GH VpFXULWp 8WLOLVDWLRQ JpQpUDOH &RQGXLWH GDQV OHV SHQWHV (QIDQWV 0DLQWHQDQFH 7UDQVSRUW &RPPDQGHV (PSODFHPHQWV GHV FRPSRVDQWV &RPPDQGH GHV JD] $OOXPDJH &RPSWHXU KRUDLUH $FFRXSOHPHQW GH O¶XQLWp GH FRXSH )UHLQ GH VWDWLRQQHPHQW 5pJODJH GX VLqJH /HYLHUV GH FRPPDQGH GX PRXYHPHQW , QWHUUXSWHXU GH OHYDJH K\GUDXOLTXH 5HPSOLVVDJH GH FDUEXUDQW , QWHUUXSWHXU DXWRPDWLTXH GX FDUEXUDQW )XVLEOHV /HYDJH K\GUDXOLTXH GH O XQLWp GH FRXSH /HYLHU GH OHYDJH GH O¶XQLWp GH FRXSH 0DQXHO 5HODLV $FFHVVRLUHV )RQFWLRQQHPHQW $YDQW OH GpPDUUDJH 'pPDUUDJH GX PRWHXU &RQGXLWH &RQVHLOV SRXU OD WRQWH $UUrW GX PRWHXU 'pSODFHPHQW PDQXHO 0DLQWHQDQFH &DOHQGULHU GH PDLQWHQDQFH &RQWU{OH GX V\VWqPH GH VpFXULWp &RQWU{OH GH OD SULVH G¶DLU GH UHIURLGLVVHPHQW GX PRWHXU &RQWU{OH HW UpJODJH GX FkEOH GH OD FRPPDQGH GHV JD] 0DLQWHQDQFH HW HQWUHWLHQ GH O HPEUD\DJH 5HPSODFHPHQW GX ILOWUH j DLU 5HPSODFHPHQW GX ILOWUH j FDUEXUDQW &RQWU{OH GH OD SUHVVLRQ GHV SQHXV &RQWU{OH HW UHPSOLVVDJH GX V\VWqPH GH OLTXLGH GH UHIURLGLVVHPHQW &RQWU{OH GX IUHLQ GH VWDWLRQQHPHQW &RQWU{OH GHV ODPHV 1HWWR\DJH HW ODYDJH &RQWU{OH GX V\VWqPH K\GUDXOLTXH &RQWU{OH GH OD EDWWHULH 0RQWDJH GH O¶DPRUWLVVHXU 5pJODJH GX UHWRXU GH OD PDUFKH DUULqUH 5pJODJH GH OD WUDQVPLVVLRQ GH OD FRPPDQGH GX PRXYHPHQW /XEULILFDWLRQ &DOHQGULHU GH OXEULILFDWLRQ *pQpUDOLWpV /XEULILFDWLRQ GHV FkEOHV /XEULILFDWLRQ FRQIRUPpPHQW DX &DOHQGULHU GH OXEULILFDWLRQ *XLGH GH UHFKHUFKH GH SDQQH 5HPLVDJH 5HPLVDJH G¶KLYHU (QWUHWLHQ &DUDFWpULVWLTXHV WHFKQLTXHV 0HVXUHV SRLGV HWF 0RWHXU ePLVVLRQV VRQRUHV HW ODUJHXU GH FRXSH 6\VWqPH pOHFWULTXH 7UDQVPLVVLRQ 8QLWp GH FRXSH $FFHVVRLUHV -RXUQDO G¶HQWUHWLHQ 6HUYLFH j OD OLYUDLVRQ $SUqV OHV SUHPLqUHV KHXUHV 6HUYLFH TXRWLGLHQ (QWUHWLHQ GHV KHXUHV (QWUHWLHQ GHV KHXUHV (QWUHWLHQ GHV KHXUHV (QWUHWLHQ GHV KHXUHV $X PRLQV XQH IRLV SDU DQ 6FKpPDV pOHFWULTXHV ©2003 Husqvarna. [. . . ] Commande d'accouplement de l'unité de 13. Dispositif de réglage de la hauteur de coupe coupe 5. Jauge de température de l'eau 7. Bouchons du réservoir de carburant 17. Interrupteur automatique du carburant 18. Interrupteur de levage hydraulique de l'unité &200$1'(6 -DXJHV /D MDXJH GH WHPSpUDWXUH GH O¶HDX LQGLTXH OD WHPSpUDWXUH GX OLTXLGH GH UHIURLGLVVHPHQW HW DYHUWLW HQ FDV GH VXUFKDXIIH /¶DPSqUHPqWUH LQGLTXH O¶LQWHQVLWp GX FRXUDQW DX QLYHDX GH OD EDWWHULH 'DQV GHV FRQGLWLRQV GH IRQFWLRQQHPHQW QRUPDOHV O¶DLJXLOOH VH WURXYH OpJqUHPHQW VXU OH F{Wp SOXV  GH OD MDXJH LQGL TXDQW TXH GX FRXUDQW HVW IRXUQL j OD EDWWHULH $X UDOHQWL O¶LQGLFDWHXU SHXW rWUH VXU ]pUR RX VXU OH F{Wp QpJDWLI  6L O¶LQGLFDWHXU HVW HQ SHUPD QHQFH GX F{Wp QpJDWLI SRXU XQH YLWHVVH GH IRQF WLRQQHPHQW QRUPDOH OH V\VWqPH GH FKDUJH HVW GpIHFWXHX[ HW GRLW rWUH LPPpGLDWHPHQW FRQWU{Op /D MDXJH GH SUHVVLRQ GH O¶KXLOH LQGLTXH OD SUHVVLRQ GDQV OH V\VWqPH K\GUDXOLTXH HW DYHUWLW HQ FDV GH SUHVVLRQ WURS EDVVH SRXU XQ IRQFWLRQQHPHQW FRUUHFW $03Ê5(0Ê75( 7(03e5$785( '( /¶($8 35(66, 21 '¶+8, /( -DXJHV %$0 &RPPDQGH GHV JD] /D FRPPDQGH GHV JD] UpJXOH OD YLWHVVH GX PRWHXU $ILQ G¶DXJPHQWHU RX GH GLPLQXHU OH UpJLPH GX PRWHXU OD FRPPDQGH HVW GpSODFpH YHUV O¶DYDQW RX YHUV O¶DUULqUH UHVSHFWLYHPHQW eYLWH] GH IDLUH WRXUQHU OH PRWHXU DX UDOHQWL SHQGDQW ORQJWHPSV 7RQGH] j UpJLPH PD[LPXP $OOXPDJH /D FOp GH FRQWDFW VH WURXYH VXU OH WDEOHDX GH FRPPDQGH DYDQW HW HVW XWLOLVpH SRXU GpPDUUHU OD PDFKLQH , 1)250$7, 21 , 03257$17( $WWHQGH] TXH O¶LQGLFDWHXU GH OD ERXJLH GH FKDXIIDJH V¶pWHLJQH DYDQW GH IDLUH WRXUQHU OH PRWHXU DX UDOHQWL 3RXU SURORQJHU OD GXUpH GH YLH GX VWDUWHU OLPLWH] OHV F\FOHV GH GpPDUUDJH 1( GpSDVVH] 3$6 VPLQ &200$1'( '(6 *$= &RPPDQGH GHV JD] %$0 &2037(85 +25$, 5( &RPSWHXU KRUDLUH /H FRPSWHXU KRUDLUH DIILFKH OH WHPSV GH IRQFWLRQ QHPHQW WRWDO HW UDSSHOOH OHV LQWHUYDOOHV G¶HQWUHWLHQ /H FRPSWHXU LQGLTXH &+* 2, / TXDQG LO IDXW FKDQJHU O¶KXLOH HW 69& SRXU OHV HQWUHWLHQV JpQpUDX[ DX[ LQWHUYDOOHV SUpGpILQLV /HV DODUPHV G¶HQWUHWLHQ VRQW UpLQLWLDOLVpHV DSUqV SOXVLHXUV KHXUHV , 1', &$7(85 %28*, ( '( &+$8))$*( $//80$*( 7DEOHDX GH FRPPDQGH %$0 &200$1'(6 $FFRXSOHPHQW GH O¶XQLWp GH FRXSH 3RXU DFFRXSOHU O¶XQLWp GH FRXSH WLUH] OH ERXWRQ O¶XQLWp GH FRXSH HVW GpVDFFRXSOpH TXDQG OH ERXWRQ HVW HQIRQFp /¶XQLWp GRLW rWUH DFFRXSOpH j PLDFFpOpUDWLRQ HW GpVDFFRXSOpH DX UDOHQWL DILQ GH SURORQJHU OD GXUpH GH YLH GH O¶HPEUD\DJH )UHLQ GH VWDWLRQQHPHQW /H IUHLQ GH VWDWLRQQHPHQW VH WURXYH j JDXFKH GH OD PDFKLQH 7LUH] OH OHYLHU YHUV O¶DUULqUH SRXU VHUUHU OH IUHLQ HW YHUV O¶DYDQW SRXU OH GHVVHUUHU $FFRXSOHPHQW GH O¶XQLWp GH FRXSH %$0 %$0 )UHLQ GH VWDWLRQQHPHQW GHVVHUUp 5pJODJH GX VLqJH /H OHYLHU GH UpJODJH GX VLqJH VH WURXYH VXU OH F{Wp JDXFKH GX VLqJH 7LUH] YHUV O¶H[WpULHXU SRXU IDLUH JOLVVHU OH VLqJH YHUV O¶DYDQW RX YHUV O¶DUULqUH /D GXUHWp GH OD VXVSHQVLRQ SRLGV SHXW rWUH UpJOpH j O¶DYDQW GX VLqJH /H GRVVLHU HW OH VRXWLHQ ORPEDLUH SHXYHQW DXVVL rWUH UpJOpV j O¶DLGH GH PDQHWWHV VXU OHV F{WpV GX VLqJH /HYLHU GH UpJODJH GX VLqJH HW UpJODJH GH OD VXVSHQVLRQ %$0 &200$1'(6 /HYLHUV GH FRPPDQGH GX PRXYHPHQW /D YLWHVVH HW OD GLUHFWLRQ GH OD PDFKLQH VRQW FRQWU{ OpHV HQ SHUPDQHQFH j O¶DLGH GHV GHX[ OHYLHUV GH FRPPDQGH GX PRXYHPHQW /HV OHYLHUV GH FRP PDQGH GX PRXYHPHQW SHXYHQW rWUH GpSODFpV YHUV O¶DYDQW RX YHUV O¶DUULqUH SDU UDSSRUW j XQH SRVLWLRQ QHXWUH /D SRVLWLRQ QHXWUH SHXW rWUH EORTXpH VL OHV OHYLHUV GH FRPPDQGH GX PRXYHPHQW VRQW SRXVVpV YHUV O¶H[WpULHXU GDQV OHV FUpQHDX[ QHXWUHV 4XDQG OHV GHX[ FRPPDQGHV VRQW HQ SRVLWLRQ QHXWUH 1 OD PDFKLQH HVW LPPRELOH /HV OHYLHUV GH FRPPDQGH GX PRXYHPHQW GH FKD TXH F{Wp GH OD WRQGHXVH FRPPDQGHQW OD GLUHFWLRQ GX PRXYHPHQW /H OHYLHU GH JDXFKH FRPPDQGH OH GpELW G¶KXLOH GH OD SRPSH K\GUDXOLTXH JDXFKH DX PRWHXU GH OD URXH GH JDXFKH /H OHYLHU GH GURLWH FRPPDQGH OH GpELW G¶KXLOH GH OD SRPSH K\GUDXOL TXH GURLWH DX PRWHXU GH OD URXH GH GURLWH 5(0$548( 3RXU SRXYRLU FRPPHQFHU OH GpSODFHPHQW HW GRQF VRUWLU OHV OHYLHUV GH FRPPDQGH GX PRXYHPHQW GHV FUpQHDX[ QHXWUHV O¶RSpUDWHXU GRLW rWUH DVVLV GDQV OH VLqJH HW OH IUHLQ GH VWDWLRQQHPHQW GRLW rWUH GHVVHUUp VL FH Q¶HVW SDV OH FDV OH PRWHXU V¶DUUrWH 6L OHV OHYLHUV VRQW GpSODFpV G¶XQH PrPH GLVWDQFH HQ DYDQW RX HQ DUULqUH OD PDFKLQH VH GpSODFH HQ OLJQH GURLWH GDQV OD PrPH GLUHFWLRQ /H GpSODFHPHQW G¶XQ GHV OHYLHUV HQ DYDQW FDXVH OD URWDWLRQ GH OD URXH GH GURLWH RX GH JDXFKH HQ DYDQW 3RXU DUUrWHU OH PRXYHPHQW OHV GHX[ OHYLHUV GRLYHQW rWUH PLV HQ SRVLWLRQ QHXWUH 3RXU WRXUQHU j GURLWH HQ PDUFKH DYDQW WLUH] OH OHYLHU GH GURLWH HQ DUULqUH YHUV OD SRVLWLRQ QHXWUH FH TXL UDOHQWLW OD URWDWLRQ GH OD URXH GH GURLWH HW IDLW WRXUQHU OD PDFKLQH GDQV FHWWH GLUHFWLRQ 3RXU WRXUQHU j JDXFKH HQ PDUFKH DYDQW WLUH] OH OHYLHU GH JDXFKH HQ DUULqUH YHUV OD SRVLWLRQ QHXWUH FH TXL UDOHQWLW OD URWDWLRQ GH OD URXH GH JDXFKH HW IDLW WRXUQHU OD PDFKLQH GDQV FHWWH GLUHFWLRQ 3RXU XQ GHPLWRXU WLUH] XQ OHYLHU HQ DUULqUH DX GHOj GX QHXWUH WRXW HQ PDLQWHQDQW O¶DXWUH OHYLHU OpJqUHPHQW HQ DYDQW GX QHXWUH 5(0$548( /D GLUHFWLRQ GX GHPLWRXU HVW GpWHUPLQpH SDU FHOXL GHV OHYLHUV TXL HVW WLUp HQ DUULqUH DXGHOj GX QHXWUH /HYLHU GH JDXFKH HQ DUULqUH GHPLWRXU j JDXFKH HW YLFH YHUVD SRXU XQ GHPLWRXU j GURLWH 6R\H] H[WUrPHPHQW SUXGHQW TXDQG YRXV HIIHFWXH] XQH WHOOH PDQ°XYUH OD PDFKLQH SHXW SLYRWHU UDSLGHPHQW VL XQ GHV OHYLHUV HVW WURS HQ DYDQW SDU UDSSRUW j O¶DXWUH /HYLHUV GH FRPPDQGH GX PRXYHPHQW %$0 CRÉNEAU NEUTRE NEUTRE BLOQUÉ EN AVANT NEUTRE ARRIÈRE AVANT DE LA TONDEUSE OHYHUSDWWHUQ 3RVLWLRQV GHV OHYLHUV GH FRPPDQGH GX PRXYHPHQW F{Wp GURLW $9(57, 66(0(17 /D PDFKLQH SHXW WRXUQHU WUqV UDSLGHPHQW VL XQH GHV FRPPDQGHV GH GLUHFWLRQ HVW SRXVVpH ELHQ SOXV HQ DYDQW TXH O¶DXWUH &200$1'(6 6L OHV FRPPDQGHV GH GLUHFWLRQ VRQW GDQV GHV SRVLWLRQV GLIIpUHQWHV j O¶DUUrW HOOHV SHXYHQW rWUH UpJOpHV j O¶DLGH GHV YLV GH UpJODJH GHV FRPPDQGHV HW QRQ SDV j O DLGH GH OD WULQJOHULH 9LV GH UpJODJH %$0 , QWHUUXSWHXU GH OHYDJH K\GUDXOLTXH 8WLOLVp SRXU VRXOHYHU HW DEDLVVHU K\GUDXOLTXH PHQW O¶XQLWp GH FRXSH 8WLOLVp VHXOHPHQW VXU OHV XQLWpV GRWpHV G¶XQ OHYDJH PRWRULVp GH O¶XQLWp GH FRXSH 3RXVVH] O¶LQWHUUXSWHXU HQ DYDQW SRXU DEDLVVHU O¶XQLWp HW HQ DUULqUH SRXU OD VRXOHYHU , QWHUUXSWHXU GH OHYDJH K\GUDXOLTXH %$0 &200$1'(6 5HPSOLVVDJH GH FDUEXUDQW /D PDFKLQH GLVSRVH GH GHX[ UpVHUYRLUV GH FDUEXUDQW XQ GH FKDTXH F{Wp GX VLqJH /HV UpVHUYRLUV FRQWLHQQHQW OLWUHV HW OLWUHV FKDFXQ /H PRWHXU IRQFWLRQQH DYHF GX GLHVHO IUDLV HW SURSUH G¶XQ LQGLFH PLQLPXP GH FpWDQH GH $9(57, 66(0(17 /H GLHVHO HVW H[WUrPHPHQW LQIODPPDEOH 6R\H] SUXGHQW HW UHPSOLVVH] OH UpVHUYRLU j O¶H[WpULHXU YRLU OHV FRQVLJQHV GH VpFXULWp 5pVHUYRLUV GH FDUEXUDQW %$0 , QWHUUXSWHXU DXWRPDWLTXH GX FDUEXUDQW /¶LQWHUUXSWHXU DXWRPDWLTXH SRXU OH FDUEXUDQW VH WURXYH j GURLWH GX VLqJH &HW LQWHUUXSWHXU SHXW rWUH PLV GDQV WURLV SRVLWLRQV UpVHUYRLU GH GURLWH UpVHUYRLU GH JDXFKH HW IHUPp )XVLEOHV /HV IXVLEOHV VH WURXYHQW GDQV XQH ERvWH j IXVLEOH j GURLWH GH OD EDWWHULH , O V¶DJLW GH IXVLEOHV VDEUH GH PrPH W\SH TXH FHX[ XWLOLVp GDQV OHV DXWRPRELOHV , O \ D FLQT IXVLEOHV &DUDFWpULVWLTXHV HW IRQFWLRQV GHV IXVLEOHV HQ SDUWDQW GX KDXW $ SULVH DFFHVVRLUH $ VRXV V\VWqPH $ HPEUD\DJHSULVH GH IRUFH $ OHYDJH K\GUDXOLTXH GH O¶XQLWp GH FRXSH $ ± IXVLEOH SULQFLSDO GX V\VWqPH GDQV OH FLUFXLW , QWHUUXSWHXU DXWRPDWLTXH GX FDUEXUDQW %$0 $ $ $ $ $ )XVLEOHV %$0 &200$1'(6 /HYLHU GH OHYDJH PDQXHO j O¶DLGH GX SLHG SRXU O¶XQLWp GH FRXSH /H OHYLHU GH OHYDJH HVW XWLOLVp SRXU PHWWUH O¶XQLWp GH FRXSH HQ SRVLWLRQ GH WUDQVSRUW RX GDQV XQH GHV SRVLWLRQV FRUUHVSRQGDQW j GHV KDXWHXUV GH FRXSH GLIIpUHQWHV /D KDXWHXU GH FRXSH HVW GpILQLH HQ PHWWDQW XQH FKHYLOOH GDQV OH WURX FRUUHVSRQGDQW j OD KDXWHXU GH FRXSH VRXKDLWpH OD FKHYLOOH HVW HQVXLWH EORTXpH j O¶LQWpULHXU QH VH YRLW SDV VXU OD ILJXUH DYHF OD JRXSLOOH IHQGXH IRXUQLH 7LUH] OH OHYLHU HQ DUULqUH WRXW HQ DSSX\DQW VXU OD SpGDOH O¶XQLWp VH VRXOqYH DORUV HQ SRVLWLRQ EORTXpH /¶XQLWp HVW HQVXLWH VRXOHYpH (QIRQFH] OD SRLJQpH GH EORFDJH UHWHQH]OD HW SRXVVH] OH OHYLHU GH OHYDJH HQ DYDQW YHUV OD FKHYLOOH SRXU HQFOHQFKHU OD KDXWHXU GH FRXSH FKRLVLH /¶XQLWp HVW HQVXLWH DEDLVVpH /H OHYLHU GH OHYDJH SHXW DXVVL rWUH XWLOLVp SRXU UpJOHU PRPHQWDQpPHQW OD KDXWHXU GH FRXSH ORUV GX SDVVDJH VXU XQH SHWLWH ERVVH GDQV OD SHORXVH SDU H[HPSOH , 1)250$7, 21 , 03257$17( 3RXU TXH OD KDXWHXU GH FRXSH VRLW UpJXOLqUH LO HVW LPSRUWDQW TXH OD SUHVVLRQ GDQV OHV TXDWUH SQHXV VRLW OD PrPH SVL EDU %$0 /H OHYLHU GH OHYDJH GH O¶XQLWp GH FRXSH HW OD SpGDOH /HYDJH K\GUDXOLTXH GH O¶XQLWp GH FRXSH 3ODFH] OD FKHYLOOH GDQV OH WURX FRUUHVSRQGDQW j OD KDXWHXU GH FRXSH VRXKDLWpH EORTXH] DYHF XQH JRXSLOOH IHQGXH 3RXVVH] O¶LQWHUUXSWHXU HQ DYDQW VXU OH WDEOHDX GH FRPPDQGH SRXU DEDLVVHU O¶XQLWp VXU OD KDXWHXU GH FRXSH FKRLVLH 7LUH] O¶LQWHUUXSWHXU VXU OH WDEOHDX GH FRPPDQGH HQ DUULqUH SRXU VRXOHYHU O¶XQLWp ORUV GX WUDQVSRUW , 1)250$7, 21 , 03257$17( 8QH FKHYLOOH GRLW rWUH EORTXpH GDQV XQ WURX ORUV GX WUDQVSRUW HW GH OD WRQWH , QWHUUXSWHXU K\GUDXOLTXH %$0 &200$1'(6 5HODLV /HV UHODLV HW OH WHPSRULVDWHXU GH OD ERXJLH GH FKDXIIDJH VH WURXYHQW GDQV XQ VXSSRUW VXU OH F{Wp GURLW GX VLqJH TEMPORISATEUR DE BOUGIE DE CHAUFFAGE RELAIS BOUGIE DE CHAUFFAGE RELAIS MARCHE RELAIS DÉMARRAGE RELAIS FREIN RELAIS D'EMBRAYAGE 5HODLV %$0 $FFHVVRLUHV 3RXU OH EUR\DJH XQ NLW GH EUR\DJH HVW GLVSRQLEOH , O HVW PRQWp VRXV O¶XQLWp GH FRXSH HW FRPSUHQG GHV GpIOHFWHXUV HW GHV ODPHV GH EUR\DJH . LW GH EUR\DJH )21&7, 211(0(17 &RQGXLWH $YDQW OH GpPDUUDJH /LVH] OHV FKDSLWUHV 5qJOHV GH VpFXULWp HW 3UpVHQWDWLRQ DYDQW GH GpPDUUHU OD PDFKLQH (IIHFWXH] OD PDLQWHQDQFH TXRWLGLHQQH DYDQW OD PLVH HQ PDUFKH YRLU OH &DOHQGULHU GH 0DLQWHQDQFH DX FKDSLWUH 0DLQWHQDQFH &RQWU{OH] TX¶LO \ D DVVH] GH FDUEXUDQW GDQV OHV UpVHUYRLUV 5pJOH] OH VLqJH j OD SRVLWLRQ VRXKDLWpH %$0 /HV FRQGLWLRQV VXLYDQWHV GRLYHQW rWUH UHPSOLHV DYDQW GH GpPDUUHU OH PRWHXU OH FRQGXFWHXU GRLW rWUH DVVLV VXU OH VLqJH OD FRPPDQGH G¶DFFRXSOHPHQW GH O¶XQLWp GH FRXSH GRLW rWUH HQIRQFpH OH IUHLQ GH VWDWLRQQHPHQW GRLW rWUH VHUUp OHV GHX[ FRPPDQGHV GH GLUHFWLRQ GRLYHQW rWUH HQ SRVLWLRQ QHXWUH EORTXpH SRVLWLRQ H[WpULHXUH &RQGLWLRQV GH GpPDUUDJH 'pPDUUDJH GX PRWHXU $VVH\H]YRXV VXU OH VLqJH 6RXOHYH] O¶XQLWp GH FRXSH HQ WLUDQW OH OHYLHU GH OHYDJH YHUV O¶DUULqUH MXVTX¶j OD SRVLWLRQ EORTXpH SRVLWLRQ GH WUDQVSRUW VXU OHV XQLWpV GH OHYDJH PDQXHOOHV 6HUUH] OH IUHLQ GH VWDWLRQQHPHQW /HV WRQGHXVHV pTXLSpHV G¶XQH XQLWp j OHYDJH K\GUDXOLTXH VRQW VRXOHYpHV HQ WLUDQW YHUV O¶DUULqUH O¶LQWHUUXSWHXU GH OHYDJH VH WURXYDQW VXU OH WDEOHDX GH FRPPDQGH 'pVDFFRXSOH] O¶XQLWp GH FRXSH HQ DSSX\DQW VXU OH ERXWRQ GH FRPPDQGH 6RXOHYH] O¶XQLWp GH FRXSH PRWHXU &9 N: , 17(55837(85 '( /(9$*( '( /¶81, 7e '( &283( %28721 '( /¶81, 7e '( &283( (QIRQFH] OH ERXWRQ GH FRPPDQGH SRXU GpVDFFRXSOHU O¶XQLWp GH FRXSH %$0 )21&7, 211(0(17 3RXVVH] OHV FRPPDQGHV GH GLUHFWLRQ YHUV O¶H[WpULHXU GDQV OD SRVLWLRQ QHXWUH EORTXpH SRVLWLRQ H[WpULHXUH /HV FRPPDQGHV GH GLUHFWLRQ HQ SRVLWLRQ QHXWUH EORTXpH YHUV O¶H[WpULHXU 0HWWH] OD FRPPDQGH GHV JD] HQ SRVLWLRQ GX PLOLHX 5pJOH] OD FRPPDQGH GHV JD] %$0 )21&7, 211(0(17 2XYUH] O¶LQWHUUXSWHXU GH FDUEXUDQW GX UpVHUYRLU GH FDUEXUDQW FKRLVL %$0 2XYUH] O¶LQWHUUXSWHXU GH FDUEXUDQW 7RXUQH] OD FOp GH FRQWDFW VXU OD SRVLWLRQ GH PDUFKH SRXU DFWLYHU OD ERXJLH GH FKDXIIDJH $WWHQGH] TXH OD OXPLqUH V¶pWHLJQH HW WRXUQH] OD FOp VXU OD SRVLWLRQ GH GpPDUUDJH 0$5&+( 'e0$55$*( , 1)250$7, 21 , 03257$17( $WWHQGH] TXH O¶LQGLFDWHXU GH OD ERXJLH GH FKDXIIDJH V¶pWHLJQH VRXV ULVTXH G¶HQGRPPDJHU OH PRWHXU %$0 3RVLWLRQ GH GpPDUUDJH 4XDQG OH PRWHXU GpPDUUH UHOkFKH] LPPpGLDWHPHQW OD FOp GH FRQWDFW HQ SRVLWLRQ GH PDUFKH , 1)250$7, 21 , 03257$17( 3RXU SURORQJHU OD GXUpH GH YLH GX VWDUWHU OLPLWH] OHV F\FOHV GH GpPDUUDJH QH GpSDVVH] SDV VPLQ 'HV WHQWDWLYHV GH GpPDUUDJH SURORQJpHV SHXYHQW HQGRPPDJHU OH GpPDUUHXU )21&7, 211(0(17 /H UpJLPH PRWHXU HVW UpJOp DYHF OD FRPPDQGH GHV JD] /DLVVH] OH PRWHXU WRXUQHU j XQ UpJLPH PRGpUp ´PRLWLp GHV JD]´ SHQGDQW PLQXWH DYDQW G¶DXJPHQWHU OH UpJLPH GX PRWHXU 7RQGH] j SOHLQ UpJLPH %$0 $9(57, 66(0(17 1H ODLVVH] MDPDLV WRXUQHU OH PRWHXU j O¶LQWpULHXU GDQV GHV HVSDFHV IHUPpV RX PDO DpUpV /HV JD] G¶pFKDSSHPHQW GX PRWHXU FRQWLHQQHQW GH O¶R[\GH GH FDUERQH WR[LTXH %$0 5pJOH] OH UpJLPH GX PRWHXU &RQGXLWH 'HVVHUUH] OH IUHLQ GH VWDWLRQQHPHQW HQ GpSODoDQW OH OHYLHU YHUV O¶DYDQW 'HVVHUUH] OH IUHLQ GH VWDWLRQQHPHQW %$0 6RUWH] OHV OHYLHUV GH FRPPDQGH GX PRXYHPHQW GH OD SRVLWLRQ GH QHXWUH EORTXpH 1 BLOCAGE NEUTRE CRÉNEAU NEUTRE EN AVANT NEUTRE ARRIÈRE AVANT DE LA TONDEUSE SRVLWLRQV GHV OH 3RVLWLRQV GHV OHYLHUV GH FRPPDQGH GX PRXYHPHQW F{Wp GURLW )21&7, 211(0(17 &KRLVLVVH] OD KDXWHXU GH FRXSH HQ SODoDQW OD FKHYLOOH GDQV XQ GHV WURXV %ORTXH] OD FKH YLOOH j O¶LQWpULHXU j O¶DLGH GH OD JRXSLOOH IHQGXH 6XU OHV XQLWpV PDQXHOOHV HQIRQFH] OD SRL JQpH GH EORFDJH UHWHQH]OD HW SRXVVH] DYHF SUpFDXWLRQ OH OHYLHU GH OHYDJH YHUV O¶DYDQW GH OD SRVLWLRQ GH WUDQVSRUW YHUV OD FKHYLOOH 6XU OHV XQLWpV PRWRULVpHV SRXVVH] O¶LQWHUUXSWHXU GH OHYDJH K\GUDXOLTXH YHUV O¶DYDQW SRXU DEDLVVHU O¶XQLWp GH FRXSH VXU OD SRVLWLRQ GH FKHYLOOH FKRLVLH , 1)250$7, 21 , 03257$17( /HV URXOHDX[ DQWLDUUDFKHPHQW GH O¶XQLWp GH FRXSH GRLYHQW rWUH UpJOpV GH IDoRQ pJDOH 9RLU OD VHFWLRQ 0DLQWHQDQFH &KRL[ GH OD KDXWHXU GH FRXSH &9 N: $9(57, 66(0(17 9pULILH] TXH SHUVRQQH QH VH WURXYH j SUR[LPLWp GH OD PDFKLQH TXDQG YRXV DFFRXSOH] O¶XQLWp GH FRXSH $FFRXSOH] O¶XQLWp GH FRXSH HQ WLUDQW OH ERXWRQ GH FRPPDQGH YHUV O¶H[WpULHXU /D YLWHVVH HW OD GLUHFWLRQ GH OD PDFKLQH VRQW FRQWU{OpHV HQ SHUPDQHQFH j O¶DLGH GHV GHX[ OHYLHUV GH FRPPDQGH GX PRXYHPHQW /HV OHYLHUV GH FRPPDQGH GX PRXYHPHQW SHXYHQW rWUH GpSODFpV YHUV O¶DYDQW RX YHUV O¶DUULqUH SDU UDSSRUW j XQH SRVLWLRQ QHXWUH /D SRVLWLRQ QHXWUH SHXW rWUH EORTXpH VL OHV OHYLHUV GH FRPPDQGH GX PRXYHPHQW VRQW SRXVVpV YHUV O¶H[WpULHXU GDQV OHV FUpQHDX[ QHXWUHV 4XDQG OHV GHX[ FRPPDQGHV VRQW HQ SRVLWLRQ QHXWUH 1 OD PDFKLQH HVW LPPRELOH /HV OHYLHUV GH FRPPDQGH GX PRXYHPHQW GH FKDTXH F{Wp GH OD WRQGHXVH FRPPDQGHQW OD GLUHFWLRQ GX PRXYHPHQW /H OHYLHU GH JDXFKH FRPPDQGH OH GpELW G¶KXLOH GH OD SRPSH K\GUDXOLTXH JDXFKH DX PRWHXU GH OD URXH GH JDXFKH /H OHYLHU GH GURLWH FRPPDQGH OH GpELW G¶KXLOH GH OD SRPSH K\GUDXOLTXH GURLWH DX PRWHXU GH OD URXH GH GURLWH %$0 , QWHUUXSWHXU K\GUDXOLTXH 5(0$548( 3RXU SRXYRLU FRPPHQFHU OH GpSOD FHPHQW HW GRQF VRUWLU OHV OHYLHUV GH FRPPDQGH GX PRXYHPHQW GHV SRVLWLRQV GH QHXWUH EORTXpHV O¶RSpUDWHXU GRLW rWUH DVVLV GDQV OH VLqJH HW OH IUHLQ %$0 $FFRXSOHPHQW GH O¶XQLWp GH FRXSH )21&7, 211(0(17 GH VWDWLRQQHPHQW GRLW rWUH GHVVHUUp VL FH Q¶HVW SDV OH FDV OH PRWHXU V¶DUUrWH 6L OHV OHYLHUV VRQW GpSODFpV G¶XQH PrPH GLVWDQFH HQ DYDQW RX HQ DUULqUH OD PDFKLQH VH GpSODFH HQ OLJQH GURLWH GDQV OD PrPH GLUHFWLRQ /H GpSODFHPHQW G¶XQ GHV OHYLHUV HQ DYDQW FDXVH OD URWDWLRQ GH OD URXH GH GURLWH RX GH JDXFKH HQ DYDQW 3RXU DUUrWHU OH PRXYHPHQW OHV GHX[ OHYLHUV GRLYHQW rWUH PLV HQ SRVLWLRQ QHXWUH 3RXU WRXUQHU j GURLWH HQ PDUFKH DYDQW WLUH] OH OHYLHU GH GURLWH HQ DUULqUH YHUV OD SRVLWLRQ QHXWUH FH TXL UDOHQWLW OD URWDWLRQ GH OD URXH GH GURLWH HW IDLW WRXUQHU OD PDFKLQH GDQV FHWWH GLUHFWLRQ 3RXU WRXUQHU j JDXFKH HQ PDUFKH DYDQW WLUH] OH OHYLHU GH JDXFKH HQ DUULqUH YHUV OD SRVLWLRQ QHXWUH FH TXL UDOHQWLW OD URWDWLRQ GH OD URXH GH JDXFKH HW IDLW WRXUQHU OD PDFKLQH GDQV FHWWH GLUHFWLRQ 3RXU XQ GHPLWRXU WLUH] XQ OHYLHU HQ DUULqUH DXGHOj GX QHXWUH WRXW HQ PDLQWHQDQW O¶DXWUH OHYLHU OpJqUHPHQW HQ DYDQW GX QHXWUH 5(0$548( /D GLUHFWLRQ GX GHPLWRXU HVW GpWHUPLQpH SDU FHOXL GHV OHYLHUV TXL HVW WLUp HQ DUULqUH DXGHOj GX QHXWUH /HYLHU GH JDXFKH HQ DUULqUH GHPLWRXU j JDXFKH HW YLFH YHUVD SRXU XQ GHPLWRXU j GURLWH 6R\H] H[WUrPHPHQW SUXGHQW TXDQG YRXV HIIHFWXH] XQH WHOOH PDQ°XYUH OD PDFKLQH SHXW SLYRWHU UDSLGHPHQW VL XQ GHV OHYLHUV HVW WURS HQ DYDQW SDU UDSSRUW j O¶DXWUH %$0 /HYLHUV GH FRPPDQGH GX PRXYHPHQW $9(57, 66(0(17 /D PDFKLQH SHXW WRXUQHU WUqV UDSLGHPHQW VL XQH GHV FRPPDQGHV GH GLUHFWLRQ HVW SRXVVpH ELHQ SOXV HQ DYDQW TXH O¶DXWUH &RQVHLOV SRXU OD WRQWH $9(57, 66(0(17 5HWLUH] GH OD SHORXVH OHV SLHUUHV HW DXWUHV REMHWV TXL SRXUUDLHQW rWUH pMHFWpV SDU OHV ODPHV /RFDOLVH] HW PDUTXH] OHV JURVVHV SLHUUHV HW DXWUHV REMHWV IL[HV DILQ G¶pYLWHU OHV FROOLVLRQV &RPPHQFH] DYHF XQH KDXWHXU GH FRXSH pOHYpH HW UpGXLVH] MXVTX¶j O¶REWHQWLRQ GX UpVXOWDW VRXKDLWp /H PHLOOHXU UpVXOWDW HVW REWHQX DYHF XQ UpJLPH PRWHXU pOHYp OHV ODPHV WRXUQHQW YLWH HW XQH YLWHVVH OHQWH OH ULGHU DYDQFH OHQWH PHQW 6L O¶KHUEH Q¶HVW SDV WURS KDXWH HW QL WURS GHQVH OD YLWHVVH GH FRQGXLWH SHXW rWUH DXJPHQWpH VDQV QXLUH GH IDoRQ QRWDEOH DX UpVXOWDW GH FRXSH 0RGqOH GH FRXSH )21&7, 211(0(17 /HV SHORXVHV VRQW G¶DXWDQW SOXV EHOOHV TX¶HOOHV VRQW VRXYHQW WRQGXHV /D FRXSH GHYLHQW SOXV XQLIRUPH HW O¶KHUEH FRXSpH HVW UpSDUWLH GH PDQLqUH SOXV UpJXOLqUH VXU OD VXUIDFH 'HV WRQWHV IUpTXHQWHV QH SUHQQHQW SDV SOXV GH WHPSV FDU HOOHV SHXYHQW rWUH HIIHFWXpHV j SOXV JUDQGH YLWHVVH VDQV QXLUH j OHXU TXDOLWp eYLWH] GH WRQGUH GHV SHORXVHV PRXLOOpHV /H UpVXOWDW V¶HQ UHVVHQW FDU OHV URXHV V¶HQIRQFHQW GDQV OD SHORXVH GHV DPDV VH IRUPHQW HW O¶KHUEH FRXSpH VH FROOH VRXV O¶XQLWp 1HWWR\H] VRXV O¶XQLWp GH FRXSH DX MHW G¶HDX DSUqV FKDTXH XWLOLVDWLRQ /RUV GX QHWWR\DJH O¶XQLWp GH FRXSH GRLW rWUH VRXOHYpH HQ SRVLWLRQ GH WUDQVSRUW 4XDQG O¶XQLWp GH EUR\DJH HVW XWLOLVpH LO HVW H[WUrPHPHQW LPSRUWDQW GH WRQGUH SOXV VRXYHQW $9(57, 66(0(17 1H FRQGXLVH] MDPDLV OD PDFKLQH VXU XQ WHUUDLQ LQFOLQp GH SOXV GH 7RQGH] OHV SHQWHV GDQV OH VHQV GH OD PRQWpH RX GH OD GHVFHQWH MDPDLV HQ WUDYHUV eYLWH] OHV FKDQJHPHQWV GH GLUHFWLRQ EUXVTXHV )21&7, 211(0(17 $UUrW GX PRWHXU $YDQW G¶DUUrWHU XQ PRWHXU TXL D pWp EHDXFRXS VROOLFLWp ODLVVH]OH WRXUQHU DX UDOHQWL SHQGDQW XQH PLQXWH SRXU TX¶LO UHWURXYH XQH WHPSpUDWXUH GH IRQFWLRQQHPHQW QRUPDOH eYLWH] GH IDLUH WRXUQHU OH PRWHXU DX UDOHQWL SHQGDQW ORQJWHPSV 'pVDFFRXSOH] O¶XQLWp GH FRXSH HQ DSSX\DQW VXU OD FRPPDQGH 6XU OHV XQLWpV PDQXHOOHV VRXOHYH] O¶XQLWp GH FRXSH HQ WLUDQW OH OHYLHU GH OHYDJH HQ DUULqUH MXVTX¶j OD SRVLWLRQ GH WUDQVSRUW 6XU OHV XQLWpV PRWRULVpHV VRXOHYH] O¶XQLWp HQ WLUDQW O¶LQWHUUXSWHXU K\GUDXOLTXH YHUV O¶DUULqUH VXU OH WDEOHDX GH FRPPDQGH 0HWWH] OD FRPPDQGH GHV JD] DX PLQLPXP V\PEROH GH OD WRUWXH 7RXUQH] OD FOp GH FRQWDFW HQ SRVLWLRQ G¶DUUrW 3RXVVH] OHV FRPPDQGHV GH GLUHFWLRQ YHUV O¶H[WpULHXU 4XDQG OD WRQGHXVH HVW LPPRELOH VHUUH] OH IUHLQ GH VWDWLRQQHPHQW HQ WLUDQW OH OHYLHU YHUV O¶DUULqUH %$0 'pVDFFRXSOH] O¶XQLWp GH FRXSH 'pSODFHPHQW PDQXHO 3RXU SRXYRLU GpSODFHU OD PDFKLQH TXDQG OH PRWHXU HVW j O¶DUUrW OHV VRXSDSHV GH GpFKDUJH GX V\VWqPH VXU OHV GHX[ SRPSHV K\GUDXOLTXHV GRLYHQW rWUH RXYHUWHV GH WRXU GDQV OH VHQV FRQWUDLUH GHV DLJXLOOHV G XQH PRQWUH 6RXOHYH] O¶XQLWp GH FRXSH DYHF OH OHYLHU GH OHYDJH SRXU OHV XQLWpV PDQXHOOHV $9(57, 66(0(17 1¶HIIHFWXH] DXFXQ UpJODJH VDQV TXH OH PRWHXU VRLW DUUrWp OD FOp GH FRQWDFW VRLW UHWLUpH OH IUHLQ GH VWDWLRQQHPHQW VRLW VHUUp 6RXSDSH GH GpFKDUJH GX V\VWqPH VXU OD SRPSH K\GUDXOLTXH K\GSXPS 0$, 17(1$1&( 0DLQWHQDQFH &DOHQGULHU GH PDLQWHQDQFH 9RLFL XQH OLVWH GHV WUDYDX[ GH PDLQWHQDQFH j HIIHFWXHU VXU OD PDFKLQH 3RXU OHV SRLQWV Q¶pWDQW SDV GpFULWV GDQV FH PDQXHO FRQVXOWH] XQ DWHOLHU G¶HQWUHWLHQ DJUpp $ILQ G¶DVVXUHU XQ IRQFWLRQQHPHQW RSWLPDO HW XQH XWLOLVDWLRQ HQ WRXWH VpFXULWp LO HVW UHFRPPDQGp GH FRQILHU FKDTXH DQQpH YRWUH PDFKLQH j XQ DWHOLHU G¶HQWUHWLHQ DJUpp 0DLQWHQDQFH 0DLQWHQDQFH 0DLQWH $X TXRWLGLHQQH QDQFH PRLQV $YDQW $SUqV KHEGR XQH IRLV PDGDLUH SDU DQ 3pULRGLFLWp HQ KHXUHV 9pULILH] O¶DEVHQFH GH IXLWHV G¶KXLOH HW GH FDUEXUDQW &RQWU{OH] OH IUHLQ GH VWDWLRQQHPHQW &RQWU{OH] OH QLYHDX G¶KXLOH GX PRWHXU j FKDTXH UHPSOLVVDJH GH FDUEXUDQW &RQWU{OH] OH V\VWqPH GH VpFXULWp &RQWU{OH]QHWWR\H] OD JULOOH GH SURWHFWLRQ G¶HQWUpH G¶DLU GX UDGLDWHXU &RQWU{OH] O¶XQLWp GH FRXSH &RQWU{OHU OHV IL[DWLRQV YLV pFURXV HWF 'pPDUUH] OH PRWHXU HW OHV ODPHV YpULILH] O¶DEVHQFH GH EUXLWV DQRUPDX[ 1HWWR\H] VRXV O¶XQLWp GH FRXSH &RQWU{OH] OH QLYHDX G¶KXLOH GX V\VWqPH K\GUDXOLTXH &RQWU{OH] O¶pWDW GHV FRXUURLHV SRXOLHV HWF &RQWU{OH] O¶DEVHQFH GH GRPPDJHV &RQWU{OH] OD SUHVVLRQ GHV SQHXV 1HWWR\H] PLQXWLHXVHPHQW DXWRXU GX PRWHXU 1HWWR\H] PLQXWLHXVHPHQW DXWRXU GX V\VWqPH K\GUDXOLTXH 1HWWR\H] DXWRXU GHV FRXUURLHV GHV SRXOLHV HWF /XEULILH] OH WHQGHXU GH FRXUURLH XQLWp GH FRXSH /XEULILH] OH WHQGHXU GH FRXUURLH SRPSHV K\GUDXOLTXHV /XEULILH] OH WHQGHXU GH FRXUURLH WUDQVPLVVLRQ j FRXUURLH j /XEULILH] WRXV OHV FkEOHV /XEULILH] OH PpFDQLVPH GX VLqJH GX FRQGXFWHXU /XEULILH] OD FRPPDQGH GHV JD] /XEULILH] OHV IL[DWLRQV GHV URXHV DYDQWV WRXWHV OHV KHXUHV /XEULILH] OHV SDOLHUV GHV URXHV DYDQW 0$, 17(1$1&( 0DLQWHQDQFH 0DLQWH $X TXRWLGLHQQH QDQFH PRLQV XQH $YDQW $SUqV KHEGR PDGDLUH IRLV SDU DQ 3pULRGLFLWp HQ KHXUHV 0DLQWHQDQFH /XEULILH] OHV D[HV GHV FRPPDQGHV GH GLUHFWLRQ /XEULILH] OHV VXSSRUWV GH O¶XQLWp GH FRXSH /XEULILH] OH GLVSRVLWLI GH UpJODJH GH OD KDXWHXU GH FRXSH GH O¶XQLWp GH FRXSH &RQWU{OH]UpJOH] OD KDXWHXU GH FRXSH &KDQJH] O¶pOpPHQW GH ILOWUH j DLU LQWpULHXU VpFXULWp 1HWWR\H] OD FDUWRXFKH GH ILOWUH  GX ILOWUH j DLU ILOWUH HQ SDSLHU &KDQJH] O¶KXLOH GX PRWHXU  &KDQJH] OH ILOWUH j KXLOH K\GUDXOLTXH WRXWHV OHV KHXUHV 5HPSODFH] OH ILOWUH j KXLOH GX PRWHXU  WRXWHV OHV KHXUHV 5HPSODFH] OH ILOWUH j FDUEXUDQW KHXUHV 1HWWR\H] OHV DLOHWWHV GH UHIURLGLVVHPHQW &RQWU{OH] OH MHX GHV VRXSDSHV GX PRWHXU  5HPSODFH] OH ILOWUH j DLU ILOWUH HQ SDSLHU  (IIHFWXH] O¶HQWUHWLHQ GHV KHXUHV  &RQWU{OH]UpJOH] OH IUHLQ GH VWDWLRQQHPHQW &RQWU{OH] OH QLYHDX GH OLTXLGH GH UHIURLGLVVH PHQW GDQV OH UpVHUYRLU GH WURS SOHLQ 6\VWqPH GH UHIURLGLVVHPHQW SDU FKDVVH   3UHPLHU pFKDQJH DSUqV KHXUHV (Q FDV GH VROOLFLWDWLRQ LPSRUWDQWH RX GH WHPSpUDWXUHV DPELDQWHV pOHYpHV UHPSODFH] WRXWHV OHV KHXUHV 'DQV GHV FRQGLWLRQV SRXVVLpUHXVHV QHWWR\H] HW UHPSODFH] SOXV VRXYHQW  (Q FDV G¶XWLOLVDWLRQ TXRWLGLHQQH OD PDFKLQH GRLW rWUH OXEULILpH GHX[ IRLV SDU VHPDLQH  (IIHFWXp SDU XQ FHQWUH G¶HQWUHWLHQ DJUpp $9(57, 66(0(17 $YDQW WRXW UpJODJH RX WUDYDLO GH PDLQWHQDQFH YpULILH] TXH /H PRWHXU HVW DUUrWp /D FOp GH FRQWDFW D pWp UHWLUpH /H IUHLQ GH VWDWLRQQHPHQW HVW VHUUp 0$, 17(1$1&( &RQWU{OH GX V\VWqPH GH VpFXULWp /D PDFKLQH HVW pTXLSpH G¶XQ V\VWqPH GH VpFXULWp TXL HPSrFKH OH GpPDUUDJH RX OD FRQGXLWH GDQV OHV FRQGLWLRQV VXLYDQWHV /H PRWHXU QH SHXW rWUH GpPDUUp TXH VL /¶XQLWp GH FRXSH HVW GpVDFFRXSOpH /HV OHYLHUV GH FRPPDQGH GX PRXYHPHQW VRQW HQ SRVLWLRQ QHXWUH EORTXpH YHUV O¶H[WpULHXU /H FRQGXFWHXU HVW DVVLV VXU VRQ VLqJH /H IUHLQ GH VWDWLRQQHPHQW HVW VHUUp %$0 &RQWU{OH] WRXV OHV MRXUV TXH OH V\VWqPH GH VpFXULWp IRQFWLRQQH HQ HVVD\DQW GH GpPDUUHU OH PRWHXU VDQV TX¶XQH GH FHV FRQGLWLRQV QH VRLW UHPSOLH 3DVVH] j XQH DXWUH FRQGLWLRQ HW HVVD\H] GH QRXYHDX 6L OD PDFKLQH GpPDUUH DORUV TX¶XQH GH FHV FRQGLWLRQV Q¶HVW SDV UHPSOLH DUUrWH] OD PDFKLQH HW UpSDUH] OH V\VWqPH GH VpFXULWp DYDQW GH UpXWLOLVHU OD PDFKLQH &RQWU{OH] TXH OH PRWHXU V¶DUUrWH VL DSUqV DYRLU GHVVHUUp OH IUHLQ GH VWDWLRQQHPHQW OH FRQGXFWHXU VH OqYH EULqYHPHQW GH VRQ VLqJH TXH O¶XQLWp GH FRXSH VRLW DFFRXSOpH RX QRQ &RQWU{OH] TXH OH PRWHXU V¶DUUrWH VL TXDQG O¶XQLWp GH FRXSH HVW DFFRXSOpH OH FRQGXFWHXU VH OqYH EULqYHPHQW &RQGLWLRQV GH GpPDUUDJH , 1)250$7, 21 , 03257$17( 3RXU SRXYRLU FRQGXLUH OH FRQGXFWHXU GRLW rWUH DVVLV VXU OH VLqJH HW GHVVHUUHU OH IUHLQ GH VWDWLRQQHPHQW DYDQW GH PHWWUH OHV FRPPDQGHV GH GLUHFWLRQ HQ SRVLWLRQ QHXWUH VLQRQ OH PRWHXU V¶DUUrWH 0LVH j QLYHDX GH O¶XQLWp GH FRXSH 3ODFH] OD WRQGHXVH VXU XQH VXUIDFH GXUH KRUL]RQWDOH &RQWU{OH] OD SUHVVLRQ GHV TXDWUH SQHXV /D SUHVVLRQ GRLW rWUH GH SVL EDU 0HWWH] OHV URXOHDX[ DQWLDUUDFKHPHQW DX[ TXDWUH FRLQV GDQV OH WURX VXSpULHXU 0HWWH] EORFV GH FP ´ VRXV OHV URXOHDX[ DQWLDUUDFKHPHQWV O¶DUrWH GH OD ODPH GRLW rWUH j FP ´ 3ODFH] OD JRXSLOOH GH EXWpH GDQV OH WURX FP ´ HW DEDLVVH] OH OHYLHU VXU OD JRXSLOOH 5pJOH] O¶H[WUpPLWp LQIpULHXUH GHV TXDWUH FKDvQHV GDQV OHV IHQWHV VXU OD FRQVWUXFWLRQ VRXGpH GH O¶XQLWp GH FRXSH SRXU TX¶HOOHV VRLHQW MXVWH VHUUpHV %5$6 '( /(9$*( '( /¶81, 7e '( &283( )(17(6 3285 &+$Ì1(6 5e*/$*( %$0 0LVH j QLYHDX GH O¶XQLWp GH FRXSH 0$, 17(1$1&( &RQWU{OH GH OD SULVH G¶DLU GH UHIURLGLVVHPHQW GX PRWHXU &RQWU{OH] TXH OD SULVH G¶DLU GH UHIURLGLVVHPHQW GX PRWHXU HVW H[HPSWH GH IHXLOOHV KHUEH HW VDOHWp 8QH SULVH G¶DLU GH UHIURLGLVVHPHQW ERXFKpH QXLW DX UHIURLGLVVHPHQW GX PRWHXU HW SHXW HQGRPPDJHU OH PRWHXU /¶pFUDQ GX UDGLDWHXU SHXW rWUH UHWLUp HW QHWWR\p %$0 &RQWU{OH] HW QHWWR\H] OD SULVH G¶DLU GH UHIURLGLVVHPHQW &RQWU{OH HW UpJODJH GX FkEOH GH OD FRPPDQGH GHV JD] 9pULILH] TXH OH PRWHXU UpSRQG j XQH DXJPHQWDWLRQ GHV JD] HW TX¶LO DWWHLQW XQ UpJLPH FRUUHFW SRXU OD FRPPDQGH GH JD] PD[ (Q FDV GH GRXWH FRQWDFWH] O¶DWHOLHU G¶HQWUHWLHQ 6L GHV UpJODJHV VRQW QpFHVVDLUHV HIIHFWXH] OHV FRPPH VXLW HQ FH TXL FRQFHUQH OH FkEOH 'HVVHUUH] OD YLV GH VHUUDJH GH OD JDLQH H[WpULHXUH GX FkEOH HW PHWWH] OD FRPPDQGH GHV JD] DX PD[LPXP 9pULILH] TXH OH FkEOH GH OD FRPPDQGH GHV JD] HVW ELHQ PRQWp GDQV OH ERQ WURX GDQV OH OHYLHU YRLU OD ILJXUH 3RXVVH] OD JDLQH H[WpULHXUH GX FkEOH GH OD FRPPDQGH GHV JD] OH SOXV ORLQ SRVVLEOH HW VHUUH] OD YLV GH VHUUDJH %$0 5pJODJH GX FkEOH GH OD FRPPDQGH GHV JD] 0DLQWHQDQFH HW HQWUHWLHQ GH O¶HPEUD\DJH /¶pFDUWHPHQW GH O¶HPEUD\DJH HVW UpJODEOH PDLV QH GHYUDLW SDV DYRLU EHVRLQ G¶rWUH UpJOp SHQGDQW WRXWH OD GXUpH GH YLH GH OD PDFKLQH &RQVXOWH] OD ILFKH WHFKQLTXH GX IDEULFDQW OLYUpH DYHF OD WRQGHXVH 0$, 17(1$1&( 5HPSODFHPHQW GX ILOWUH j DLU 6L OH PRWHXU VHPEOH IDLEOH RX WRXUQH LUUpJXOLqUH PHQW HW VL O¶LQGLFDWHXU GH WHQHXU HQ SRXVVLqUH HVW GHYHQX URXJH OH ILOWUH j DLU SHXW rWUH ERXFKp 8Q IRQFWLRQQHPHQW DYHF XQ ILOWUH j DLU FROPDWp SHXW HQWUDvQHU GHV G\VIRQFWLRQQHPHQWV /H QHWWR\DJHUHPSODFHPHQW GX ILOWUH j DLU V¶HIIHF WXH FRPPH VXLW 1H SURFpGH] FRPPH VXLW TXH TXDQG O¶LQGLFDWHXU GH SRXVVLqUH HVW URXJH $9(57, 66(0(17 /DLVVH] UHIURLGLU OH V\VWqPH G¶pFKDSSHPHQW DYDQW GH SURFpGHU j O¶HQWUHWLHQ 5LVTXH GH EUOXUHV 'pWDFKH] OHV GHX[ DWWDFKHV HQ SODVWLTXH VXU OHV F{WpV GX FRXYHUFOH GX ILOWUH j DLU 5HWLUH] OH FRXYHUFOH GX ILOWUH j DLU 5HWLUH] OH ILOWUH HQ SDSLHU %URVVH] OpJqUHPHQW RX XWLOLVH] GH O¶DLU VRXV XQH SUHVVLRQ PR\HQQH SRXU QHWWR\HU , 1)250$7, 21 , 03257$17( 1¶XWLOLVH] SDV G¶DLU FRPSULPp SRXU QHWWR\HU OH ILOWUH j DLU 1H ODYH] SDV OH ILOWUH HQ SDSLHU 1¶KXLOH] SDV OH ILOWUH HQ SDSLHU 1H IUDSSH] SDV OH ILOWUH SRXU OH QHWWR\HU VRXV ULVTXH G¶DEvPHU OH MRLQW G¶pWDQFKpLWp 1H UHWLUH] HW UHPSODFH] O¶pOpPHQW GH VpFXULWp TX¶XQH IRLV OH ILOWUH HQ SDSLHU UHPSODFp RX IRLV 5HPHWWH] OH ILOWUH j DLU HQ SODFH FRPPH VXLW &RQWU{OH] TXH OH MRLQW HQ EDV GX ILOWUH HQ SDSLHU HVW HQWLHU 0RQWH] O¶pOpPHQW GH VpFXULWp VXU OH ERvWLHU GX ILOWUH j DLU 3ODFH] OH ILOWUH HQ SDSLHU VXU O¶pOpPHQW GH VpFXULWp 5HPHWWH] OH FRXYHUFOH VXU OH ERvWLHU GX ILOWUH j DLU $WWDFKH] OHV GHX[ DWWDFKHV HQ SODVWLTXH HQ YHLOODQW j HQFOLTXHWHU OH FRXYHUFOH HQ SRVLWLRQ 3RXVVH] OH VRPPHW GH O¶LQGLFDWHXU GH WHQHXU HQ SRXVVLqUH SRXU OH UpLQLWLDOLVHU eOpPHQW GH VpFXULWp )LOWUH HQ SDSLHU %$0 $77$&+( , 1', &$7(85 '( 7(1(85 (1 32866, Ê5( $77$&+( %$0 5HWLUH] OH FRXYHUFOH GX ILOWUH j DLU %$0 0$, 17(1$1&( 5HPSODFHPHQW GX ILOWUH j FDUEXUDQW /H ILOWUH j FDUEXUDQW VH WURXYH DYHF OD SRPSH G¶DPRUoDJH 5HPSODFH] OH ILOWUH j FDUEXUDQW WRXWHV OHV KHXUHV XQH IRLV SDU VDLVRQ RX SOXV VRXYHQW V¶LO HVW ERXFKp 5HPSODFH] OH ILOWUH FRPPH VXLW 'pYLVVH] OH ILOWUH j FDUEXUDQW GH OD SRPSH HW UHPSODFH]OH &RQWU{OH] O¶DEVHQFH G¶HDX GDQV OH ILOWUH j FDUEXUDQW WRXWHV OHV KHXUHV 9LGH]OH VL QpFHVVDLUH 9RLU OH PDQXHO GX PRWHXU 3203( '¶$025d$*( ), /75( ¬ &$5%85$17 &RQWU{OH GH OD SUHVVLRQ GHV SQHXV /HV TXDWUH SQHXV GRLYHQW DYRLU XQH SUHVVLRQ GH SVL EDU %$0 )LOWUH j FDUEXUDQW HW SRPSH j FDUEXUDQW &RQWU{OH HW UHPSOLVVDJH GX V\VWqPH GH OLTXLGH GH UHIURLGLVVHPHQW $9(57, 66(0(17 9HLOOH] 728-2856 j FH TXH OH PRWHXU VRLW DUUrWp HW IURLG DYDQW GH UHWLUHU OH ERXFKRQ GH SUHV VLRQ GX UDGLDWHXU 3RXU pYLWHU OHV EUOXUHV QH UHWLUH] -$0$, 6 OH ERXFKRQ GX UDGLDWHXU TXDQG OH PRWHXU HVW FKDXG 5(0$548( /H QRQ UHVSHFW GH OD SURFpGXUH UHFRPPDQGpH SRXU OH UHPSOLVVDJH GX V\VWqPH GH UHIURLGLVVHPHQW HQWUDvQH OD VXUFKDXIIH GX PRWHXU HW GHV pYHQWXHOOHV DYDULHV GX PRWHXU &RQWU{OH] 728-2856 OH QLYHDX GH OLTXLGH GH UHIURLGLVVHPHQW GDQV OH UpVHUYRLU GH WURS SOHLQ 8Q QLYHDX FRUUHFW GH OLTXLGH GH UHIURLGLVVHPHQW GDQV OH UpVHUYRLU GH WURS SOHLQ 1¶DVVXUH 3$6 TXH OH UDGLDWHXU HVW SOHLQ , O HVW H[WUrPHPHQW LPSRUWDQW G¶XWLOLVHU GH O¶DQWLJHO PpODQJp j GH O¶HDX GDQV XQ UpFLSLHQW VpSDUp DYDQW G¶rWUH YHUVp 1¶DMRXWH] -$0$, 6 GH O¶DQWL JHO FRQFHQWUp GDQV OH UDGLDWHXU /H PpODQJH UHFRPPDQGp HVW GH G¶DQWLJHO VDQV SKRV SKDWH SHX WR[LTXH ORZWR[ HW G¶HDX GX URELQHW 9RLU OH PDQXHO G¶XWLOLVDWLRQ GX PRWHXU /H UDGLDWHXU GX V\VWqPH GH UHIURLGLVVHPHQW HVW IRXUQL DYHF GHX[ YDQQHV GH YLGDQJH XQH j FKDTXH H[WUpPLWp GX UpVHUYRLU LQIpULHXU /RUV GH OD YLGDQJH %$0 3UHVVLRQ GHV SQHXV 5DGLDWHXU 0$, 17(1$1&( GX V\VWqPH FHV GHX[ YDQQHV GRLYHQW rWUH RXYHUWHV SRXU YLGHU FRPSOqWHPHQW OH UDGLDWHXU /RUVTXH OH V\VWqPH HVW GH QRXYHDX UHPSOL WRXW O¶DLU HPSULVRQQp GRLW rWUH SXUJp 3RXU FHOD UHVSHFWH] OD SURFpGXUH VXLYDQWH $VVXUH]YRXV TXH OH PRWHXU HVW j O¶KRUL]RQWDOH 5HPSOLVVH] OH UpVHUYRLU GH WURS SOHLQ GH PpODQJH GH OLTXLGH GH UHIURLGLVVHPHQW MXVTX¶DX UHSqUH 0$; 5HPSOLVVH] OHQWHPHQW OH UDGLDWHXU MXVTX¶DX EDV GX JRXORW GH UHPSOLVVDJH DYHF OH PpODQJH GH OLTXLGH GH UHIURLGLVVHPHQW 6DQV UHPHWWUH OH ERXFKRQ GX UDGLDWHXU GpPDUUH] OH PRWHXU HW ODLVVH]OH FKDXIIHU VDQV FKDUJH 6L QpFHVVDLUH DMRXWH] GX PpODQJH GH OLTXLGH GH UHIURLGLVVHPHQW SRXU TXH OH QLYHDX DWWHLJQH OH EDV GX JRXORW GH UHPSOLVVDJH 5HPHWWH] OH ERXFKRQ GX UDGLDWHXU HW IDLWHV WRXUQHU OH PRWHXU XQ FRXUW LQVWDQW DYHF OH V\V WqPH IHUPp WRXW HQ REVHUYDQW O¶LQGLFDWHXU GH WHPSpUDWXUH 6L OD WHPSpUDWXUH GpSDVVH GHJUpV HW QH UHGHVFHQG SDV j HQYLURQ GHJUpV FH TXL LQGLTXH TXH OH WKHUPRVWDW V¶HVW RXYHUW ODLVVH] UHIURLGLU OH PRWHXU YpULILH] O¶DEVHQFH GH IXLWH HW UpSpWH] OD SURFpGXUH %$0 %RXWHLOOH GH WURS SOHLQ , O V¶DJLW G¶XQ V\VWqPH IHUPp 6¶LO HVW QpFHVVDLUH G¶DMRXWHU XOWpULHXUHPHQW GX PpODQJH GH OLTXLGH GH UHIURLGLVVHPHQW YpULILH] O¶DEVHQFH GH IXLWH HW VL OH UpVHUYRLU GH WURS SOHLQ Q¶D SDV pWp YLGDQJp FRPSOqWHPHQW DMRXWH] GX PpODQJH GH OLTXLGH GH UHIURLGLVVHPHQW GDQV FH UpVHUYRLU VHXOHPHQW &HOD pYLWH OD IRUPDWLRQ GH SRFKHV G¶DLU GDQV OH UpVHUYRLU VXSpULHXU GX UDGLDWHXU HW GLPLQXH OH ULVTXH G¶LQWURGXFWLRQ GH VDOHWpV GDQV OH V\VWqPH %$0 )UHLQ GH VWDWLRQQHPHQW HQ SRVLWLRQ GHVVHUUp &RQWU{OH GX IUHLQ GH VWDWLRQQHPHQW &RQWU{OH] YLVXHOOHPHQW TXH OH OHYLHU OHV DUWLFXOD WLRQV HW O¶LQWHUUXSWHXU GX IUHLQ GH VWDWLRQQHPHQW QH VRQW SDV HQGRPPDJpV &RQGXLVH] OD PDFKLQH HW FRQWU{OH] OD SXLVVDQFH GH IUHLQDJH 3RXU UpJOHU OH IUHLQ GH VWDWLRQQHPHQW 3RXVVH] OH OHYLHU GH IUHLQ ' HQ EXWpH YHUV O¶DYDQW 9(56 /¶$9$17 %$55( 75$169(56$/( 5(0$548( /D EDUUH WUDQVYHUVDOH GX IUHLQ '2, 7 rWUH FRUUHFWHPHQW OXEULILpH HW DXVVL ELHQ OD EDUUH WUDQVYHUVDOH TXH OHV HQVHPEOHV FHQWUDX[ ) '2, 9(17 WRXUQHU OLEUHPHQW 'HVVHUUH] O¶pFURX GH EORFDJH $ j O¶DUULqUH GH OD FKDSH % HW UHWLUH] O¶D[H GH FKDSH & GHV GHX[ F{WpV GH OD WRQGHXVH )DLWHV WRXUQHU O¶HQVHPEOH FHQWUDO ) GDQV OD ERQQH GLUHFWLRQ GDQV OH VHQV GHV DLJXLOOHV G¶XQH PRQWUH SRXU OD JDXFKH HW GDQV OH VHQV FRQWUDLUH GHV DLJXLOOHV G¶XQH PRQWUH SRXU OD 7UDQVPLVVLRQ GX IUHLQ GH VWDWLRQQHPHQW 0$, 17(1$1&( GURLWH SRXU WLUHU OH EUDV GH VHUUDJH GX IUHLQ ( YHUV O¶DYDQW MXVTX¶j FH TXH OH FRQWDFW HQWUH OHV VDERWV GX IUHLQ HW OH WDPERXU VRLW IHUPH 0DLQWHQH] GDQV FHWWH SRVLWLRQ )DLWHV WRXUQHU OD FKDSH MXVTX¶j FH TXH O¶D[H GH FKDSH SXLVVH rWUH LQVpUp GDQV OD FKDSH HW OH OHYLHU GH IUHLQ DYHF O¶D[H UHSRVDQW FRQ WUH O¶DUULqUH GX WURX GDQV OH OHYLHU GH IUHLQ 5HWLUH] O¶D[H GH FKDSH HW IDLWHV WRXUQHU OD FKDSH GH GHX[  WRXUV FRPSOHWV YHUV O¶DUULqUH SRXU TXH OH MHX HQWUH OHV VDERWV GH IUHLQ HW OH WDPERXU VRLW FRUUHFW 5HPHWWH] WHPSRUDLUHPHQW O¶D[H GH OD FKDSH QH PHWWH] SDV OD JRXSLOOH IHQGXH SRXU HPSrFKHU OD FKDSH GH WRXUQHU HW VHUUH] O¶pFURX GH EORFDJH 5HWLUH] O¶D[H HW UpSpWH] OD SURFpGXUH FL GHVVXV GH O¶DXWUH F{Wp 5HPHWWH] OHV D[HV GH FKDSH HW EORTXH] DYHF GH QRXYHOOHV JRXSLOOHV IHQGXHV 0HWWH] OH OHYLHU GH IUHLQ YHUV O¶DUULqUH GDQV OD SRVLWLRQ FRPSOqWHPHQW VHUUp 7HQGH] OH UHVVRUW * HQ WRXUQDQW O¶pFURX GH EORFDJH DUULqUH MXVTX¶j FH TXH OH UHVVRUW PHVXUH ´ FP &RQWU{OH GHV ODPHV 3RXU XQ UpVXOWDW GH FRXSH RSWLPDO LO HVW LPSRUWDQW TXH OHV ODPHV VRLHQW LQWDFWHV HW ELHQ DLJXLVpHV 'HV ODPHV WRUGXHV RX ILVVXUpHV RX GHV ODPHV HQWDLOOpHV GRLYHQW rWUH UHPSODFpHV &RQWU{OH] OD IL[DWLRQ GHV ODPHV , 1)250$7, 21 , 03257$17( /H UHPSODFHPHQW HW O¶DLJXLVDJH GHV ODPHV GRLYHQW rWUH HIIHFWXpV SDU XQ FHQWUH G¶HQWUHWLHQ DJUpp /HV ODPHV GRLYHQW rWUH LQVSHFWpHV HQ FDV GH FKRF FRQWUH GHV VRXFKHV GHV WURWWRLUV RX G¶DXWUHV REVWDFOHV SDU H[HPSOH /DLVVH] OH FHQWUH G¶HQWUHWLHQ GpFLGHU GH VL OHV ODPHV SHXYHQW rWUH UpSDUpHVDIIWpHV RX GH VL HOOHV GRLYHQW rWUH UHPSODFpHV &RQWU{OH] OHV ODPHV 1HWWR\DJH HW ODYDJH 8QH PDFKLQH QHWWR\pH HW ODYpH UpJXOLqUHPHQW VXUWRXW VRXV O¶XQLWp GH FRXSH GXUH SOXV ORQJWHPSV 3UHQH] O¶KDELWXGH GH QHWWR\HU OD PDFKLQH GLUHFWHPHQW DSUqV O¶DYRLU XWLOLVpH DYDQW TXH OD VDOHWp QH FROOH 1HWWR\DJH 0$, 17(1$1&( &RQWU{OH GX V\VWqPH K\GUDXOLTXH &DSDFLWp WRWDOH GX V\VWqPH JDO OLWUHV 3RXU FRQWU{OHU OH QLYHDX GH IOXLGH K\GUDXOLTXH ORFDOLVH] OH UpVHUYRLU K\GUDXOLTXH VRXV OH VLqJH 5HWLUH] OH ERXFKRQ HW FRQWU{OH] OH QLYHDX 5HPSOLVVH] MXVTX¶j FP ´ GX VRPPHW GX UpVHUYRLU $9(57, 66(0(17 6L YRXV VRXSoRQQH] OD SUpVHQFH G¶XQH IXLWH XWLOLVH] XQ PRUFHDX GH FDUWRQ RX GH ERLV HW 121 3$6 YRV PDLQV SRXU OD ORFDOLVHU 8QH IXLWH G¶KXLOH K\GUDXOLTXH VRXV SUHVVLRQ D XQH IRUFH VXIIL VDQWH SRXU SpQpWUHU GDQV OD SHDX HW FDXVHU GHV EOHVVXUHV JUDYHV (Q FDV GH EOHVVXUH SDU XQH IXLWH FRQVXOWH] LPPpGLDWHPHQW XQ PpGHFLQ 'HV UpDFWLRQV RX GHV LQIHFWLRQV JUDYHV SHXYHQW VH GpYH ORSSHU VL XQ WUDLWHPHQW PpGLFDO Q¶HVW SDV RUGRQQp LPPpGLDWHPHQW %$0 5pVHUYRLU K\GUDXOLTXH &RQWU{OH GH OD EDWWHULH /D EDWWHULH LQVWDOOpH HQ XVLQH HVW j ³0DLQWH QDQFH UpGXLWH´ $MRXWH] GX OLTXLGH DX EHVRLQ $9(57, 66(0(17 'HV SHUVRQQHV 121 )250e(6 121 $*5ee(6 QH GRLYHQW -$0$, 6 HVVD\HU G¶HIIHFWXHU O¶HQWUHWLHQ RX GH UHFKDUJHU OD EDW WHULH GH FHWWH XQLWp /¶pOHFWURO\WH GH OD EDWWHULH HVW XQH VROXWLRQ DFLGH TXL GRLW rWUH PDQLSX OpH DYHF SUpFDXWLRQ (Q FDV GH FRQ WDFW GH O¶pOHFWURO\WH DYHF OD SHDX ULQFH] LPPpGLDWHPHQW OD ]RQH FRQ FHUQpH j JUDQGH HDX HW FRQVXOWH] LPPpGLDWHPHQW XQ PpGHFLQ 5(0$548( 1HWWR\H] OH GHVVXV GH OD EDWWHULH HW SURWpJH]OH GH OD FRUURVLRQ HQ OH QHWWR\DQW DYHF XQH VROXWLRQ GH ELFDUERQDWH GH VRXGH HW G¶HDX 28 G¶DPPRQLDTXH HW G¶HDX 5LQFH] DYHF GH O¶HDX SURSUH /HV EDWWHULHV WUqV FRUURGpHV GRLYHQW rWUH UHWLUpHV HW QHWWR\pHV DYHF OD VROXWLRQ /H FkEOH GH OD EDWWHULH GRLW rWUH GpFRQQHFWp DYDQW O¶XWLOLVDWLRQ G¶XQ ³&KDUJHXU UDSLGH´ %DWWHULH %$0 $9(57, 66(0(17 9HLOOH] j O¶$%6(1&( GH IODPPHV HW G¶pWLQFHOOHV j SUR[LPLWp G¶XQH EDWWHULH HQ FRXUV GH FKDUJH /¶K\GURJqQH SURGXLW DX FRXUV GH OD FKDUJH SHXW rWUH H[SORVLI 9HLOOH] j GLVSRVHU G¶XQH YHQWL ODWLRQ DSSURSULpH SRXU pYLWHU XQH pYHQWXHOOH H[SORVLRQ 0$, 17(1$1&( 0RQWDJH GHV DPRUWLVVHXUV GH FKDUJH /HV DPRUWLVVHXUV GRLYHQW SRXYRLU SLYRWHU OLEUHPHQW /D GLVWDQFH HQWUH OHV pFURXV ´ PP DX PLQLPXP GRLW rWUH PDLQWHQXH SRXU TXH O¶DPRUWLVVHXU SXLVVH SLYRWHU OLEUHPHQW DX[ GHX[ H[WUpPLWpV 9RLU OD ILJXUH eFURXV $PRUWLVVHXU 5pJODJH GX UHWRXU GH OD PDUFKH DUULqUH $UUrWH] OH PRWHXU HW UHWLUH] OD FOp 7LUH] OH OHYLHU GH FRPPDQGH GX PRXYHPHQW YHUV OD SRVLWLRQ GH PDUFKH DUULqUH HW UHOkFKH]OH 4XDQG OH OHYLHU V¶DUUrWH LO GRLW rWUH DOLJQp DYHF OH FUpQHDX QHXWUH GH IDoRQ j SRXYRLU rWUH PLV GDQV FH FUpQHDX VDQV KHXUWHU OHV F{WpV 6L XQ UpJODJH HVW QpFHVVDLUH PHWWH] OH VLqJH GDQV OD SRVLWLRQ OD SOXV HQ DUULqUH VXU OHV JOLVVLqUHV IDLWHV EDVFXOHU OH VLqJH YHUV O¶DYDQW UHWLUH] OD WLJH GX VLqJH GX FKkVVLV GX VLqJH HW IDLWHV EDVFXOHU OH VLqJH YHUV O¶DYDQW VXU OH FKkVVLV $X QLYHDX GH OD IL[DWLRQ GX UHVVRUW GHUULqUH OH WDEOHDX GH FRPPDQGH GHVVHUUH] OH ERXORQ HW O¶pFURX ´ SRXU TXH OH ERXORQ SXLVVH JOLVVHU GDQV OD IHQWH 9RLU OD ILJXUH 0RQWDJH GH O¶DPRUWLVVHXU /HYLHU GH FRPPDQGH GX PRXYHPHQW )HQWH GH UpJODJH GX UHWRXU GH OD PDUFKH DUULqUH 5HVVRUW GH UHWRXU GH OD PDUFKH DUULqUH 5pJODJH GH OD WUDQVPLVVLRQ GH OD FRPPDQGH GX PRXYHPHQW &H UpJODJH HVW HIIHFWXp DYHF OHV URXHV DUULqUH HQ URWDWLRQ 6RXOHYH] O¶DUULqUH GH OD PDFKLQH HW EORTXH]OH SRXU TXH OHV URXHV VRLHQW OLEUHV GH WRXUQHU $9(57, 66(0(17 eORLJQH] YRV PDLQV YRV SLHGV HW YRV YrWHPHQWV GHV SQHXV HQ URWDWLRQ )DLWHV EDVFXOHU OH VLqJH YHUV O¶DYDQW HW UHWLUH] OD WLJH GX VLqJH SRXU TXH OH VLqJH SXLVVH SLYRWHU YHUV O¶DYDQW VXU OH FKkVVLV 3ODFH] XQH SODQFKH GH [ HQWUH OH UHSRVH SLHG HW OH FHQWUH GX VLqJH SRXU DFWLYHU O¶LQWHUUXSWHXU GH VpFXULWp GX VLqJH 5pJODJH GX UHWRXU GH OD PDUFKH DUULqUH 7RXUQHU LFL SRXU UpJOHU /HYLHU GH FRPPDQGH GX PRXYHPHQW ' % $ )LOHWDJHV YHUV OD JDXFKH & %UDV GH SRPSH 5pJODJH GH OD WULQJOH GH FRPPDQGH GX PRXYHPHQW 0$, 17(1$1&( 'HVVHUUH] OHV pFURXV $ HW % GLUHFWHPHQW GHUULqUH FKDTXH URWXOH VXU OHV WULQJOHV & 9RLU OD ILJXUH 'pPDUUH] OH PRWHXU /H IUHLQ GH VWDWLRQQH PHQW GRLW rWUH VHUUp HW OHV OHYLHUV GH FRP PDQGH GX PRXYHPHQW rWUH GDQV OHV FUpQHDX[ GH QHXWUH DYDQW GH GpPDUUHU OH PRWHXU )DLWHV WRXUQHU OH PRWHXU j HQYLURQ OD PRLWLp GHV JD] 'HVVHUUH] OH IUHLQ GH VWDWLRQ QHPHQW SRXU TXH OHV URXHV SXLVVHQW WRXUQHU &RPPHQFH] SDU XQ F{Wp DX FKRL[ HW PHWWH] OH OHYLHU GH FRPPDQGH GX PRXYHPHQW GDQV OD SRVLWLRQ QHXWUH 5pJOH] OD WULQJOH GH OD FRPPDQGH GX PRXYHPHQW HQ IDLVDQW WRXUQHU OHV GHX[ pFURXV ' GDQV OD ERQQH GLUHFWLRQ MXVTX¶j FH TXH OHV URXHV DUUrWHQW GH WRXUQHU 9RLU OD ILJXUH 3RXVVH] OH OHYLHU GH FRPPDQGH GX PRXYHPHQW YHUV O¶DYDQW SXLV GDQV OH SRVLWLRQ QHXWUH HW PHWWH]OH GDQV OH FUpQHDX QHXWUH /D URXH GRLW rWUH FRPSOqWHPHQW DUUrWpH 3URFpGH] GH PrPH HQ PDUFKH DUULqUH HW UHOkFKH] OH OHYLHU /H OHYLHU GRLW UHYHQLU HQ SRVLWLRQ QHXWUH GH OXLPrPH 6L FH Q¶HVW SDV OH FDV YRLU © 5pJODJH GX UHVVRUW GH UHWRXU GH OD PDUFKH DUULqUH ª )DLWHV WRXUQHU OH PRWHXU SOHLQ JD] HW YpULILH] TXH OHV URXHV QH WRXUQHQW SDV 5pJOH] GH QRXYHDX HQ FDV GH URWDWLRQ 5pSpWH] OD SURFpGXUH HQWLqUH SRXU O¶DXWUH F{Wp HW VHUUH] OHV pFURXV FRQWUH OHV URWXOHV $UUrWH] OD PDFKLQH 5HPHWWH] OD WLJH GX VLqJH FRQWU{OH] OH ERQ UDFFRUGHPHQW GX IDLVFHDX GH FkEOHV GH O¶LQWHUUXSWHXU GH VpFXULWp GX VLqJH HW UHPHWWH] OH VLqJH HQ SRVLWLRQ QRUPDOH /8%5, ), &$7, 21 /XEULILFDWLRQ &DOHQGULHU GH OXEULILFDWLRQ K &DOHQGULHU GH OXEULILFDWLRQ OXEFKDUW *pQpUDOLWpV 5HWLUH] OD FOp GH FRQWDFW DILQ G¶pYLWHU WRXW PRXYHPHQW LQYRORQWDLUH GXUDQW OD OXEULILFDWLRQ 6L XQH EXUHWWH HVW XWLOLVpH SRXU OD OXEULILFDWLRQ HOOH GRLW rWUH UHPSOLH G¶KXLOH GH PRWHXU (Q FDV GH OXEULILFDWLRQ DYHF GH OD JUDLVVH XWLOLVH] VDXI LQGLFDWLRQ FRQWUDLUH XQH JUDLVVH j EDVH GH OLWKLXP RX XQH DXWUH JUDLVVH SRXU FKkVVLV RX URXOHPHQWV j ELOOHV DVVXUDQW XQH ERQQH SURWHFWLRQ FRQWUH OD FRUURVLRQ (Q FDV G¶XWLOLVDWLRQ TXRWLGLHQQH OD PDFKLQH GRLW rWUH OXEULILpH GHX[ IRLV SDU VHPDLQH (VVX\H] WRXW H[FqV GH JUDLVVH DSUqV OD OXEULILFDWLRQ , O HVW LPSRUWDQW GH QH SDV DSSOLTXHU GH OXEULILDQW VXU OHV FRXUURLHV HW VXU OHV VXUIDFHV G¶HQWUDvQHPHQW GHV SRXOLHV $X FDV pFKpDQW HVVD\H] GH QHWWR\HU DYHF GH O¶DOFRRO 6L OD FRXUURLH FRQWLQXH j JOLVVHU DSUqV OH QHWWR\DJH j O¶DOFRRO HOOH GRLW rWUH UHPSODFpH 1¶XWLOLVH] SDV G¶HVVHQFH RX G¶DXWUH SURGXLW SpWUROLHU SRXU QHWWR\HU OHV FRXUURLHV /8%5, ), &$7, 21 /XEULILFDWLRQ GHV FkEOHV 6L SRVVLEOH JUDLVVH] OHV GHX[ H[WUpPLWpV GX FkEOH HW PHWWH] OHV FRPPDQGHV GDQV OHXUV SRVLWLRQV H[WUrPHV ORUV GX OXEULILFDWLRQ 5HPHWWH] HQ SODFH OHV SURWHFWLRQV HQ FDRXWFKRXF VXU OH FkEOH DSUqV OD OXEULILFDWLRQ /HV FkEOHV GRWpV GH JDLQHV VH FRLQFHQW V¶LOV QH VRQW SDV OXEULILpV UpJXOLqUHPHQW 8Q FkEOH TXL VH FRLQFH SHXW SHUWXUEHU OH IRQFWLRQQHPHQW 6L XQ FkEOH VH FRLQFH UHWLUH]OH HW VXVSHQGH]OH j OD YHUWLFDOH /XEULILH]OH DYHF GH O¶KXLOH SRXU PRWHXU IOXLGH MXVTX¶j FH TXH O¶KXLOH V¶pFRXOH SDU OH EDV &RQVHLO UHPSOLVVH] G¶KXLOH XQ SHWLW VDF HQ SODVWLTXH VFRWFKH]OH ELHQ VXU OD JDLQH HW ODLVVH] OH FkEOH SHQGUH j OD YHUWLFDOH GDQV OH VDF WRXWH XQH QXLW 6L YRXV Q¶DUULYH] SDV j OXEULILHU OH FkEOH UHPSODFH]OH /XEULILFDWLRQ FRQIRUPpPHQW DX &DOHQGULHU GH OXEULILFDWLRQ 6\VWqPH K\GUDXOLTXH QLYHDX G¶KXLOH /H ILOWUH HW O¶KXLOH K\GUDXOLTXH GRLYHQW rWUH UHPSODFpV WRXWHV OHV KHXUHV HW DX PRLQV XQH IRLV SDU DQ &RQWDFWH] XQ DWHOLHU G¶HQWUHWLHQ DJUpp &RQWU{OH] FKDTXH MRXU OH QLYHDX G¶KXLOH GDQV OH UpVHUYRLU K\GUDXOLTXH /H QLYHDX GRLW VH WURXYHU FP FP  HQ GHVVRXV GX ERUG VXSpULHXU GX UpVHUYRLU 9pULILH] O¶DEVHQFH GH IXLWHV HW GH GRPPDJHV DX QLYHDX GHV UDFFRUGV GHV WX\DX[ HW GHV WXEHV 5HPSODFH] RX UpSDUH] HQ FDV GH GRXWH 5HPSODFHPHQW GH O¶KXLOH HW GHV ILOWUHV /HV pFKDQJHV GX ILOWUH HW GH O¶KXLOH GRLYHQW rWUH HIIHFWXpV SDU XQ FHQWUH GH VHUYLFH DJUpp 6LqJH GX FRQGXFWHXU %DVFXOH] OH VLqJH /XEULILH] OD IL[DWLRQ DUWLFXOpH j O¶DYDQW j O¶DLGH G¶XQH EXUHWWH /XEULILH] OH PpFDQLVPH GH UpJODJH HQ ORQJXHXU DYHF XQH EXUHWWH /XEULILH] OHV UDLOV GH UpJODJH HQ ORQJXHXU DYHF XQH EXUHWWH &RQWU{OH GH O¶KXLOH K\GUDXOLTXH /XEULILFDWLRQ GX GLVSRVLWLI GH UpJODJH HQ ORQJXHXU VRXV OH VLqJH /8%5, ), &$7, 21 +XLOH GX PRWHXU 9LGDQJH GH O¶KXLOH GX PRWHXU &KDQJH] OH ILOWUH HW O¶KXLOH GX PRWHXU SRXU OD SUHPLqUH IRLV DSUqV KHXUHV GH IRQFWLRQQHPHQW (QVXLWH O¶KXLOH GRLW rWUH FKDQJpH WRXWHV OHV KHXUHV HW OH ILOWUH WRXWHV OHV GHX[ YLGDQJHV , 1)250$7, 21 , 03257$17( /¶KXLOH GH PRWHXU XVDJpH HVW QRFLYH HW QH GRLW SDV rWUH MHWpH VXU OH VRO RX GDQV OD QDWXUH HOOH GRLW WRXMRXUV rWUH FRQILpH j XQ HQWUH G¶HQWUHWLHQ RX j XQ DXWUH GpS{W DSSURSULp eYLWH] OH FRQWDFW DYHF OD SHDX QHWWR\H] DYHF GH O¶HDX HW GX VDYRQ DX FDV pFKpDQW $9(57, 66(0(17 /¶KXLOH GX PRWHXU SHXW rWUH WUqV FKDXGH VL HOOH HVW YLGDQJpH MXVWH DSUqV DYRLU DUUrWp OH PRWHXU /DLVVH] UHIURLGLU OH PRWHXU 3ODFH] OD PDFKLQH VXU XQH VXUIDFH SODQH 3ODFH] XQ UpFLSLHQW VRXV OH PRWHXU 'pWHUPLQH] TXHO HVW OH ERXFKRQ GH YLGDQJH OH SOXV EDV 5HWLUH] OD MDXJH HW RXYUH] OH ERXFKRQ GH YLGDQJH /DLVVH] FRXOHU O¶KXLOH GDQV OH UpFLSLHQW )HUPH] HQVXLWH OH ERXFKRQ GH YLGDQJH GH O¶KXLOH 5HPSODFH] OH ILOWUH j KXLOH VL QpFHVVDLUH 5HPSOLVVH] G¶KXLOH GH PRWHXU QHXYH FRPPH LQGLTXp GDQV &RQWU{OH GX QLYHDX G¶KXLOH %RXFKRQ GH YLGDQJH GH O¶KXLOH %$0 &RQWU{OH GX QLYHDX G¶KXLOH &RQWU{OH] OH QLYHDX G¶KXLOH GDQV OH PRWHXU TXDQG OD PDFKLQH HVW VXU XQH VXUIDFH KRUL]RQWDOH HW OH PRWHXU j O¶DUUrW 5HWLUH] OD MDXJH HVVX\H]OD HW UHPHWWH]OD 6RUWH] GH QRXYHDX OD MDXJH HW FRQWU{OH] GH QRXYHDX OH QLYHDX G¶KXLOH 5HWLUH] OD MDXJH %$0 /8%5, ), &$7, 21 /H QLYHDX G¶KXLOH GRLW VH WURXYHU HQWUH OHV UHSqUHV VXU OD MDXJH 6L OH QLYHDX HVW SURFKH GX UHSqUH ´$''´ DMRXWH] GH O¶KXLOH MXVTX¶DX UHSqUH ´)8//´ VXU OD MDXJH 1H UHPSOLVVH] MDPDLV DX GHVVXV GX UHSqUH ´)8//´ /¶KXLOH HVW DMRXWpH GDQV OH WURX GH OD MDXJH /HV UHSqUHV GH OD MDXJH 8WLOLVH] GH O¶KXLOH SRXU PRWHXU 6$( RX 6$( : RX GH O¶KXLOH : FODVVH 6&±6+ DXGHVVXV GH & ) $X GHVVXV GH & ) GH O¶KXLOH 6$( SHXW rWUH XWLOLVpH 8WLOLVH] GH O¶KXLOH SRXU PRWHXU 6$( : FODVVH 6&±6+ HQ GHVVRXV GH & ) /H PRWHXU FRQWLHQW OLWUHV G¶KXLOH ILOWUH LQFOXV +XLOHV PRWHXU &kEOH GH OD FRPPDQGH GHV JD] SDOLHUV GHV OHYLHUV /XEULILH] OHV H[WUpPLWpV GX FkEOH DX QLYHDX GX OHYLHU DYHF XQH EXUHWWH 0HWWH] OHV FRPPDQGHV GDQV OHXUV SRVLWLRQV H[WUrPHV HW OXEULILH] GH QRXYHDX /H FkEOH GH OD FRPPDQGH GHV JD] HVW DXVVL OXEULILp DX QLYHDX GH OD FRPPDQGH DSUqV DYRLU UHWLUp OH WDEOHDX GH FRPPDQGH &kEOH GH OD FRPPDQGH GHV JD] %$0 /8%5, ), &$7, 21 )L[DWLRQ GHV URXHV DYDQW /XEULILH] j O¶DLGH G¶XQ SLVWROHW j JUDLVVH XQ =HUN SRXU FKDTXH PRQWDJH GH URXH XWLOLVH] SRPSHV GX SLVWROHW j JUDLVVH DX[ LQWHUYDOOHV G¶HQWUHWLHQ UHFRPPDQGpV 8WLOLVH] VHXOHPHQW GH OD JUDLVVH j EDVH GH OLWKLXP GH ERQQH TXDOLWp /HV JUDLVVHV GH PDUTXHV FRQQXHV FRPSDJQLHV SpWUROLqUHV HWF VRQW JpQpUDOHPHQW GH ERQQH TXDOLWp 3DOLHUV GHV URXHV DYDQW /XEULILH] j O¶DLGH G¶XQ SLVWROHW j JUDLVVH XQ =HUN SRXU FKDTXH PRQWDJH MHX GH URXHV j SRPSHV GX SLVWROHW j JUDLVVH DX[ LQWHUYDOOHV G¶HQWUHWLHQ UHFRPPDQGpV 8WLOLVH] VHXOHPHQW GH OD JUDLVVH j EDVH GH OLWKLXP GH ERQQH TXDOLWp /HV JUDLVVHV GH PDUTXHV FRQQXHV FRPSDJQLHV SpWUROLqUHV HWF VRQW JpQpUDOHPHQW GH ERQQH TXDOLWp 7HQGHXU GH FRXUURLH XQLWp GH FRXSH 5HWLUH] OH UHSRVHSLHG GHX[ YLV HW OXEULILH] DYHF XQ SLVWROHW j JUDLVVH =HUN MXVTX¶j FH TXH OD JUDLVVH VRLW H[SXOVpH 8WLOLVH] VHXOHPHQW GH OD JUDLVVH j EDVH GH OLWKLXP GH ERQQH TXDOLWp /HV JUDLVVHV GH PDUTXHV FRQQXHV FRPSDJQLHV SpWUROLqUHV HWF VRQW JpQpUDOHPHQW GH ERQQH TXDOLWp /XEULILFDWLRQ GHV URXHV DYDQW , 1)250$7, 21 , 03257$17( )DLWHV DWWHQWLRQ HW UHWLUH] WRXW H[FqV GH OXEULILDQW SRXU pYLWHU WRXW FRQWDFW DYHF OHV FRXUURLHV HW OHV VXUIDFHV G¶HQWUDvQHPHQW GHV SRXOLHV /H JUDLVVHXU GX WHQGHXU GH FRXUURLH 'LVSRVLWLI GH UpJODJH GH OD KDXWHXU GH O¶XQLWp GH FRXSH /XEULILH] j O¶DLGH G¶XQ SLVWROHW j JUDLVVH XQ =HUN MXVTX¶j FH TXH OD JUDLVVH VRLW H[SXOVpH 8WLOLVH] VHXOHPHQW GH OD JUDLVVH j EDVH GH OLWKLXP GH ERQQH TXDOLWp /HV JUDLVVHV GH PDUTXHV FRQQXHV FRPSDJQLHV SpWUROLqUHV HWF VRQW JpQpUDOHPHQW GH ERQQH TXDOLWp /XEULILFDWLRQ GX GLVSRVLWLI GH UpJODJH GH OD KDXWHXU GH FRXSH /8%5, ), &$7, 21 $[HV GHV FRPPDQGHV GH GLUHFWLRQ %DVFXOH] OH VLqJH GX FRQGXFWHXU /XEULILH] DYHF XQ SLVWROHW j JUDLVVH =HUN SRXU FKDTXH D[H GH FRPPDQGH GH GLUHFWLRQ MXVTX¶j FH TXH OD JUDLVVH VRLW H[SXOVpH 8WLOLVH] VHXOHPHQW GH OD JUDLVVH j EDVH GH OLWKLXP GH ERQQH TXDOLWp /HV JUDLVVHV GH PDUTXHV FRQQXHV FRPSDJQLHV SpWUROLqUHV HWF VRQW JpQpUDOHPHQW GH ERQQH TXDOLWp /XEULILFDWLRQ GHV D[HV GHV FRPPDQGHV GH GLUHFWLRQ 6XSSRUWV GH O¶XQLWp GH FRXSH /XEULILH] DYHF XQ SLVWROHW j JUDLVVH =HUN SRXU FKDTXH VXSSRUW MXVTX¶j FH TXH OD JUDLVVH VRLW H[SXOVpH 8WLOLVH] VHXOHPHQW GH OD JUDLVVH j EDVH GH OLWKLXP GH ERQQH TXDOLWp /HV JUDLVVHV GH PDUTXHV FRQQXHV FRPSDJQLHV SpWUROLqUHV HWF VRQW JpQpUDOHPHQW GH ERQQH TXDOLWp /XEULILFDWLRQ GHV VXSSRUWV 7HQGHXU GH FRXUURLH EUDV GH OD URXH IROOH GH OD WUDQVPLVVLRQ j FRXUURLH j /XEULILH] j O¶DLGH G¶XQ SLVWROHW j JUDLVVH XQ =HUN MXVTX¶j FH TXH OD JUDLVVH VRLW H[SXOVpH 8WLOLVH] VHXOHPHQW GH OD JUDLVVH DX GLVXOIXUH GH PRO\EGqQH GH ERQQH TXDOLWp /HV JUDLVVHV GH PDUTXHV FRQQXHV FRPSDJQLHV SpWUROLqUHV HWF VRQW JpQpUDOHPHQW GH ERQQH TXDOLWp , 1)250$7, 21 , 03257$17( 1¶HQ PHWWH] SDV WURS HW UHWLUH] WRXW H[FqV GH OXEULILDQW SRXU pYLWHU WRXW FRQWDFW DYHF OHV FRXUURLHV HW OHV VXUIDFHV G¶HQWUDvQHPHQW GHV SRXOLHV /XEULILFDWLRQ GX EUDV GH OD URXH IROOH GH OD WUDQVPLVVLRQ j FRXUURLH j /8%5, ), &$7, 21 7HQGHXU GH FRXUURLH SRPSHV K\GUDXOLTXHV /XEULILH] j O¶DLGH G¶XQ SLVWROHW j JUDLVVH XQ =HUN MXVTX¶j FH TXH OD JUDLVVH VRLW H[SXOVpH 8WLOLVH] VHXOHPHQW GH OD JUDLVVH j EDVH GH OLWKLXP GH ERQQH TXDOLWp /HV JUDLVVHV GH PDUTXHV FRQQXHV FRPSDJQLHV SpWUROLqUHV HWF VRQW JpQpUDOHPHQW GH ERQQH TXDOLWp , 1)250$7, 21 , 03257$17( )DLWHV DWWHQWLRQ HW UHWLUH] WRXW H[FqV GH OXEULILDQW SRXU pYLWHU WRXW FRQWDFW DYHF OHV FRXUURLHV HW OHV VXUIDFHV G¶HQWUDvQHPHQW GHV SRXOLHV /XEULILFDWLRQ GX WHQGHXU GH FRXUURLH %$0 5HPSODFHPHQW GX ILOWUH j KXLOH 9LGH] OH PRWHXU GH VRQ KXLOH HQ VXLYDQW OD SURFpGXUH LQGLTXpH GDQV OD VHFWLRQ +XLOH GX PRWHXU9LGDQJH GH O¶KXLOH GX PRWHXU 'pPRQWH] OH ILOWUH j KXLOH 6L QpFHVVDLUH XWLOLVH] XQ H[WUDFWHXU GH ILOWUH 5HPSOLVVH] SDUWLHOOHPHQW OH QRXYHDX ILOWUH j KXLOH eWDOH] GH O¶KXLOH QHXYH HW SURSUH VXU OH MRLQW GX QRXYHDX ILOWUH j O¶DLGH G¶XQ FKLIIRQ 0RQWH] OH ILOWUH j OD PDLQ HW WRXUQH]OH GH WRXU )DLWHV FKDXIIHU OH PRWHXU HW YpULILH] O¶DEVHQFH GH IXLWH DXWRXU GX MRLQW GX ILOWUH j KXLOH &RQWU{OH] OH QLYHDX G¶KXLOH GDQV OH PRWHXU FRPSOpWH] VL QpFHVVDLUH %$0 5HPSODFHPHQW GX ILOWUH j KXLOH *8, '( '( 5(&+(5&+( '( 3$11( *XLGH GH UHFKHUFKH GH SDQQH 3UREOqPH /H PRWHXU QH GpPDUUH SDV &DXVH /D FRPPDQGH G¶DFFRXSOHPHQW GH O¶XQLWp GH FRXSH Q¶HVW SDV HQIRQFpH /HV FRPPDQGHV GH GLUHFWLRQ QH VRQW SDV EORTXpHV HQ SRVLWLRQ QHXWUH /H FRQGXFWHXU Q¶HVW SDV DVVLV VXU VRQ VLqJH /H IUHLQ GH VWDWLRQQHPHQW Q¶HVW SDV VHUUp /D EDWWHULH HVW GpFKDUJpH 6DOHWpV GDQV OD GXULWH GH FDUEXUDQW / DOLPHQWDWLRQ HQ FDUEXUDQW HVW IHUPpH RX OH URELQHW GHV UpVHUYRLUV GH FDUEXUDQW Q HVW SDV GDQV OD ERQQH SRVLWLRQ 'XULWH GH FDUEXUDQW RX ILOWUH j FDUEXUDQW ERXFKp %DWWHULH GpFKDUJpH 0DXYDLV FRQWDFWV DX QLYHDX GHV FRQQH[LRQV GH FkEOHV VXU OHV ERUQHV GH OD EDWWHULH )XVLEOH JULOOp 6\VWqPH G¶DOOXPDJH GpIHFWXHX[ 6RXSDSHV GpIHFWXHXVHV 3LVWRQ F\OLQGUH VHJPHQW GH SLVWRQ RX MRLQW GH FXODVVH GpIHFWXHX[ /HV ERXORQV GH OD FXODVVH VRQW GHVVHUUpV *LFOHXU RX ILOWUH j FDUEXUDQW ERXFKp &ODSHW GH YHQWLODWLRQ ERXFKp VXU OH ERXFKRQ GX FDUEXUDQW 5pVHUYRLU GH FDUEXUDQW SUHVTXH YLGH 0DXYDLV W\SH GH FDUEXUDQW (DX GDQV OH FDUEXUDQW )LOWUH j DLU ERXFKp )LOWUH j DLU ERXFKp /H GpPDUUHXU QH IDLW SDV GpPDUUHU OH PRWHXU /H PRWHXU QH WRXUQH SDV UpJXOLqUHPHQW /H PRWHXU PDQTXH GH SXLVVDQFH *8, '( '( 5(&+(5&+( '( 3$11( /H PRWHXU VXUFKDXIIH /D EDWWHULH QH VH FKDUJH SDV $LOHWWHV GH UHIURLGLVVHPHQW RX SULVH G¶DLU ERXFKpHV 0RWHXU VXUFKDUJp 0DXYDLVH YHQWLODWLRQ DXWRXU GX PRWHXU 5pJXODWHXU GH YLWHVVH GX PRWHXU GpIHFWXHX[ 6XLH GDQV OD FKDPEUH GH FRPEXVWLRQ 3DV DVVH] RX SOXV G¶KXLOH GDQV OH PRWHXU /D SRPSH j HDX QH IRQFWLRQQH SDV /H V\VWqPH GH OLTXLGH GH UHIURLGLVVHPHQW HVW ERXFKp 1LYHDX GH OLTXLGH GH UHIURLGLVVHPHQW EDV 0DXYDLV FRQWDFW DX QLYHDX GHV FRQQHFWHXUV GH FkEOHV VXU OHV ERUQHV GH OD EDWWHULH )UHLQ GH VWDWLRQQHPHQW VHUUp 6RXSDSH G¶DpUDWLRQ VXU OD SRPSH RXYHUWH &RXUURLH G¶HQWUDvQHPHQW GH OD SRPSH OkFKH RX SOXV HQ SODFH 6\VWqPH K\GUDXOLTXH GpIHFWXHX[ $LU GDQV OH V\VWqPH K\GUDXOLTXH /D FRXUURLH G¶HQWUDvQHPHQW GH O¶XQLWp GH FRXSH HVW GpIDLWH /H FRQQHFWHXU GH O¶HPEUD\DJH pOHFWULTXH V¶HVW GpIDLW /D FRPPDQGH G DFFRXSOHPHQW GH O XQLWp GH FRXSH HVW GpIHFWXHXVH RX V HVW GpWDFKpH GX FRQQHFWHXU GX FkEOH /H IXVLEOH HVW JULOOp 3UHVVLRQV GLIIpUHQWHV GDQV OHV SQHXV GH JDXFKH HW GH GURLWH /DPHV WRUGXHV /HV FKDvQHV GH VXVSHQVLRQ GH O XQLWp GH FRXSH VRQW LQpJDOHV /HV ODPHV VRQW pPRXVVpHV /D YLWHVVH GH FRQGXLWH HVW WURS JUDQGH /¶KHUEH HVW WURS ORQJXH $FFXPXODWLRQ G¶KHUEH VRXV O¶XQLWp GH FRXSH /D PDFKLQH VH GpSODFH OHQWHPHQW LUUpJXOLqUHPHQW RX SDV GX WRXW , PSRVVLEOH G¶DFFRXSOHU O¶XQLWp GH FRXSH 5pVXOWDWV GH FRXSH LUUpJXOLHUV *8, '( '( 5(&+(5&+( '( 3$11( /D PDFKLQH YLEUH /HV ODPHV VRQW GHVVHUUpHV /HV ODPHV QH VRQW SDV pTXLOLEUpHV /H PRWHXU HVW GHVVHUUp 5RXHV GHVVHUUpHV 5(0, 6$*( 5HPLVDJH 5HPLVDJH G¶KLYHU ¬ OD ILQ GH OD VDLVRQ RX GqV TX¶HOOH QH GRLW SDV rWUH XWLOLVpH SHQGDQW SOXV GH MRXUV OD PDFKLQH GRLW rWUH SUpSDUpH SRXU OH UHPLVDJH /H FDUEXUDQW TXL VWDJQH SHQGDQW XQH ORQJXH SpULRGH MRXUV RX SOXV SHXW JpQpUHU GHV GpS{WV FROODQWV TXL SHXYHQW SHUWXUEHU OH IRQFWLRQQHPHQW GX PRWHXU 3RXU SUpSDUHU OD PDFKLQH DX UHPLVDJH SURFpGH] FRPPH VXLW 1HWWR\H] PLQXWLHXVHPHQW OD PDFKLQH VXUWRXW VRXV O¶XQLWp GH FRXSH 5pSDUH] OHV GpJkWV GH SHLQWXUH HW YDSRULVH] XQH ILQH FRXFKH G¶KXLOH VRXV O¶XQLWp GH FRXSH SRXU pYLWHU OD FRUURVLRQ , QVSHFWH] OD PDFKLQH j OD UHFKHUFKH GH SLqFHV XVpHV RX HQGRPPDJpHV HW VHUUH] OHV YLV HW OHV pFURXV GHVVHUUpV eFKDQJH] O¶KXLOH GX PRWHXU FRQILH] O¶DQFLHQQH j XQ pWDEOLVVHPHQW DSSURSULp 9LGH] OHV UpVHUYRLUV GH FDUEXUDQW RX DMRXWH] XQ VWDELOLVDWHXU GH FDUEXUDQW 'pPDUUH] OH PRWHXU HW ODLVVH]OH WRXUQHU MXVTX¶j FH TXH OH VWDELOLVDWHXU DLW DWWHLQW OHV LQMHFWHXUV 5HWLUH] OHV ERXJLHV GH FKDXIIDJH HW YHUVH] HQYLURQ XQH FXLOOqUH j VRXSH G¶KXLOH GH PRWHXU GDQV FKDTXH F\OLQGUH 'pPDUUH] OH PRWHXU SRXU TXH O¶KXLOH VH UpSDUWLVVH XQLIRUPpPHQW 5HPSODFH] OHV ERXJLHV GH FKDXIIDJH /XEULILH] WRXV OHV HPERXWV =HUN DUWLFXODWLRQV HW D[HV 5HWLUH] OD EDWWHULH 1HWWR\H] FKDUJH] HW UHPLVH] OD EDWWHULH GDQV XQ HQGURLW IUDLV PDLV SURWpJH]OD G¶XQ IURLG GLUHFW 5HPLVH] OD PDFKLQH GDQV XQ HQGURLW VHF HW SURSUH HW FRXYUH]OD SRXU PLHX[ OD SURWpJHU $9(57, 66(0(17 1H UHPLVH] MDPDLV XQ PRWHXU DYHF GX FDUEXUDQW GDQV OHV UpVHUYRLUV j O¶LQWpULHXU RX GDQV XQ HVSDFH PDO DpUp R OHV YDSHXUV GH FDUEXUDQW SHXYHQW HQWUHU HQ FRQWDFW DYHF GHV IODP PHV j O¶DLU OLEUH GHV pWLQFHOOHV RX XQH YHLOOHXVH FRPPH GDQV XQH FKDXGLqUH XQ EDOORQ G¶HDX FKDXGH XQ VqFKHOLQJH HWF 0DQLSXOH] OH FDUEXUDQW DYHF SUpFDXWLRQ , O HVW WUqV LQIODPPD EOH HW XQH PDXYDLVH PDQLSXOD WLRQ SHXW FDXVHU GHV EOHVVXUHV HW GHV GRPPDJHV JUDYHV 9LGH] OH FDUEXUDQW GDQV XQ UpFLSLHQW DSSURXYp j O¶H[WpULHXU HW ORLQ GH WRXWH IODPPH j O¶DLU OLEUH 1¶XWLOL VH] MDPDLV GH FDUEXUDQW SRXU OH QHWWR\DJH 8WLOLVH] SOXW{W GH O¶HDX FKDXGH HW XQ SURGXLW GpJUDLVVDQW (QWUHWLHQ /RUV GH OD FRPPDQGH GH SLqFHV GH UHFKDQJH YHXLOOH] LQGLTXHU O¶DQQpH G¶DFKDW OH PRGqOH OH W\SH HW OH QXPpUR GH VpULH 8WLOLVH] WRXMRXUV GHV SLqFHV GH UHFKDQJH G¶RULJLQH +XVTYDUQD 8QH UpYLVLRQ DQQXHOOH SDU XQ DWHOLHU G¶HQWUHWLHQ DJUpp DVVXUH OH IRQFWLRQQHPHQW RSWLPDO GH YRWUH PDFKLQH ORUV GH OD VDLVRQ SURFKDLQH &$5$&7e5, 67, 48(6 7(&+1, 48(6 &DUDFWpULVWLTXHV WHFKQLTXHV 0HVXUHV SRLGV HWF /RQJXHXU /DUJHXU pMHFWHXU DEDLVVp /DUJHXU pMHFWHXU VRXOHYp +DXWHXU 3RLGV /DUJHXU GH FRXSH +DXWHXU GH FRXSH 3UHVVLRQ GHV SQHXV DYDQW HW DUULqUH 3QHXV DYDQW 3QHXV DUULqUH 6LqJH GX FRQGXFWHXU 9LWHVVH HQ DYDQW 9LWHVVH HQ DUULqUH SR FP SR FP XQLWp ´ SR FP XQLWp ´ SR FP XQLWp ´ SR FP XQLWp ´ SR FP %=' %=' %=' OEV J OEV J OEV J SR FP HW SR FP 5pJODEOH FP ´ j FP ´ SDU LQFUpPHQWV GH PP ´ EDU SVL ´ [ ILO OLVVH SOLV ´ [ JD]RQ 5pJODEOH HQ ORQJXHXU DYHF DFFRXGRLUV UpJODEOHV NPK NPK 0RWHXU )DEULFDQW N: 0RGqOHV 3XLVVDQFH &\OLQGUpH 9LWHVVH PD[ GX PRWHXU 9LWHVVH GH UDOHQWL 5pVHUYRLUV GH FDUEXUDQW 7HPSV GH IRQFWLRQQHPHQW QRPLQDO &DUEXUDQW +XLOH 9ROXPH G KXLOH DYHF OH ILOWUH 'pPDUUDJH 'DLKDWVX F\OLQGUHV GLHVHO &N: HW 'DLKDWVX F\OLQGUHV WXUER GLHVHO &9 '0 ' HW '07' &9 N: HW &9 N: FP WUPLQ VDQV FKDUJH WUPLQ UpVHUYRLUV OLWUHV ± OLWUHV MXPHOp KHXUHV 'LHVHO DYHF LQ LQGLFH PLQLPXP GH FpWDQH GH 6$( RX 6$( : 6$( : FODVVH 6& 6+ OLWUHV 'pPDUUHXU pOHFWULTXH (PEUD\DJH eOHFWULTXH DYHF IUHLQ G¶DUUrW LQWpJUDO FRXSOH QRPLQDO PNJ IWOEV &$5$&7e5, 67, 48(6 7(&+1, 48(6 ePLVVLRQV VRQRUHV HW ODUJHXU GH FRXSH 1LYHDX VRQRUH PHVXUp 1LYHDX VRQRUH JDUDQWL /DUJHXU GH FRXSH << G%$ G%$ SR FP HW SR FP 6\VWqPH pOHFWULTXH 7\SH %DWWHULH )XVLEOH SULQFLSDO (PEUD\DJH pOHFWULTXH 9 PRLQV j OD WHUUH 9 QH QpFHVVLWDQW DXFXQH PDLQWHQDQFH 7\SH VDEUH $ eOHFWURPDJQpWLTXH 7UDQVPLVVLRQ (QWUDvQHPHQW K\GURVWDWLTXH +XLOH K\GUDXOLTXH YROXPH +XLOH K\GUDXOLTXH W\SH SRPSHV j SLVWRQV D[LDX[ DYHF PRWHXUV GH URXHV 3DUNHU 5RVV OLWUHV : 6\QWKpWLTXH 8QLWp GH FRXSH /DUJHXU GH FRXSH +DXWHXU GH FRXSH /RQJXHXU GHV ODPHV 5RXOHDX[ DQWLDUUDFKHPHQW SR FP HW SR FP 5pJODEOH FP ´ j FP ´ SDU LQFUpPHQWV GH PP ´ FP SRXU O¶XQLWp ´ HW FP SRXU O¶XQLWp ´ 5pJODEOHV SRXU O¶XQLWp ´ HW UpJODEOHV SRXU O¶XQLWp ´ $FFHVVRLUHV . LW GH EUR\DJH 8QLWp GH FRXSH j FRPPDQGH DX SLHG FHUWDLQV PRGqOHV 4XDQG FH SURGXLW HVW XVp HW QH SHXW SOXV rWUH XWLOLVp LO GRLW rWUH UDSSRUWp DX UHYHQGHXU RX j XQ DXWUH pWDEOLVVHPHQW SRXU rWUH UHF\FOp ¬ GHV ILQV G¶DPpOLRUDWLRQ OHV FDUDFWpULVWLTXHV HW OD FRQFHSWLRQ SHXYHQW rWUH PRGLILpHV VDQV SUpDYLV /HV LQIRUPDWLRQV FRQWHQXHV GDQV FH PDQXHO QH SHXYHQW SDV IDLUH O¶REMHW G¶XQH DFWLRQ HQ MXVWLFH 8WLOLVH] XQLTXHPHQW GHV SLqFHV G¶RULJLQH SRXU OHV UpSDUDWLRQV /¶XWLOLVDWLRQ G¶DXWUHV SLqFHV DQQXOH OD JDUDQWLH -2851$/ '¶(175(7, (1 -RXUQDO G¶HQWUHWLHQ 0HVXUH 'DWH KHXUHV DX FRPSWHXU WDPSRQ VLJQDWXUH 6HUYLFH j OD OLYUDLVRQ &KDUJH] OD EDWWHULH 0RQWH] OHV URXHV DYDQW 5pJOH] OD SUHVVLRQ GHV SQHXV GH WRXWHV OHV URXHV VXU EDU SVL 0RQWH] OHV FRPPDQGHV GH GLUHFWLRQ HQ SRVLWLRQ QRUPDOH &RQQHFWH] OH OHYLHU j OD EXWpH GX VLqJH &RQQHFWH] OD ERvWH GH FRQWDFW DX FkEOH GH O¶LQWHUUXSWHXU GH VpFXULWp GX VLqJH 0RQWH] OHV DFFRXGRLUV VXU OH GRVVLHU GX VLqJH &RQWU{OH] OD TXDQWLWp G¶KXLOH GDQV OH PRWHXU &RQWU{OH] OD TXDQWLWp G¶KXLOH GDQV OH UpVHUYRLU K\GUDXOLTXH 5pJOH] OD SRVLWLRQ GHV FRPPDQGHV GH GLUHFWLRQ 5HPSOLVVH] GH FDUEXUDQW HW RXYUH] O¶LQWHUUXSWHXU DXWRPDWLTXH GH FDUEXUDQW &RQQHFWH] GH GLVSRVLWLI G¶pYDFXDWLRQ GHV JD] G¶pFKDSSHPHQW 'pPDUUH] OH PRWHXU 9pULILH] TXH OHV GHX[ URXHV VRQW HQWUDvQpHV 9HQWLOH] OH V\VWqPH K\GUDXOLTXH VL QpFHVVDLUH &RQWU{OH] OH UpJODJH GH O¶XQLWp GH FRXSH &RQWU{OH] /¶LQWHUUXSWHXU GH VpFXULWp GX IUHLQ GH VWDWLRQQHPHQW /¶LQWHUUXSWHXU GH VpFXULWp GH O¶XQLWp GH FRXSH /¶LQWHUUXSWHXU GH VpFXULWp GDQV OH VLqJH /¶LQWHUUXSWHXU GH VpFXULWp GDQV OHV FRPPDQGHV GH GLUHFWLRQ /H IRQFWLRQQHPHQW GX IUHLQ GH VWDWLRQQHPHQW &RQGXLWH HQ DYDQW &RQGXLWH HQ DUULqUH $FFRXSOHPHQW GHV ODPHV &RQWU{OH] OH UpJLPH GH UDOHQWL WUPLQ &RQWU{OH] OH UpJLPH GX PRWHXU WUPLQ -2851$/ '¶(175(7, (1 'DWH KHXUHV DX FRPSWHXU WDPSRQ VLJQDWXUH 6HUYLFH j OD OLYUDLVRQ HIIHFWXp $XFXQ SRLQW UHVWDQW &HUWLILp 0HVXUH , QIRUPH] OH FOLHQW GHV SRLQWV VXLYDQWV /¶LPSRUWDQFH GX VXLYL GX FDOHQGULHU G¶HQWUHWLHQ HW OHV DYDQWDJHV DVVRFLpV /HV EHVRLQV HW OHV DYDQWDJHV GH IDLUH UpYLVHU OD PDFKLQH WRXWHV OHV KHXUHV /¶LPSDFW GH O¶HQWUHWLHQ HW GX MRXUQDO G¶HQWUHWLHQ VXU OD YDOHXU GH OD PDFKLQH VXU OH PDUFKp GH O¶RFFDVLRQ /HV GRPDLQHV G¶DSSOLFDWLRQ GX NLW GH EUR\DJH 5HPSOLVVH] OH FHUWLILFDW GH YHQWH HWF $SUqV OHV SUHPLqUHV KHXUHV &KDQJH] OH ILOWUH HW O¶KXLOH GX PRWHXU 0HVXUH 'DWH KHXUHV DX FRPSWHXU WDPSRQ VLJQDWXUH &KDTXH MRXU &RQWU{OH] OH QLYHDX G¶KXLOH K\GUDXOLTXH &RQWU{OH] OH QLYHDX G¶KXLOH PRWHXU &RQWU{OH] OH QLYHDX GH OLTXLGH GH UHIURLGLVVHPHQW GDQV OH UpVHUYRLU GH WURSSOHLQ &RQWU{OH] O¶LQGLFDWHXU GH WHQHXU HQ SRXVVLqUH GX ILOWUH j DLU &RQWU{OH]QHWWR\H] OD JULOOH GH SURWHFWLRQ G HQWUpH G DLU GX UDGLDWHXU -2851$/ '¶(175(7, (1 'DWH KHXUHV DX FRPSWHXU WDPSRQ VLJQDWXUH 0HVXUH (QWUHWLHQ GHV KHXUHV &RQWU{OH] OH QLYHDX G¶KXLOH GX V\VWqPH K\GUDXOLTXH &RQWU{OH] OD SUHVVLRQ GHV SQHXV /XEULILH] OH WHQGHXU GH FRXUURLH XQLWp GH FRXSH /XEULILH] OH WHQGHXU GH FRXUURLH SRPSHV K\GUDXOLTXHV /XEULILH] OH WHQGHXU GH FRXUURLH WUDQVPLVVLRQ j FRXUURLH j -2851$/ '¶(175(7, (1 'DWH KHXUHV DX FRPSWHXU WDPSRQ VLJQDWXUH 0HVXUH (QWUHWLHQ GHV KHXUHV (IIHFWXH] O¶HQWUHWLHQ GHV KHXUHV &KDQJH] O¶KXLOH HW OH ILOWUH j KXLOH SRXU OD SUHPLqUH IRLV 9RLU OH PDQXHO GX PRWHXU &RQWU{OH] O¶LQGLFDWHXU GH WHQHXU HQ SRXVVLqUH VXU OH ILOWUH j DLU &KDQJH] OH ILOWUH VHXOHPHQW VL O¶LQGLFDWHXU HVW URXJH 9RLU OH PDQXHO GX PRWHXU /XEULILH] OHV SDOLHUV GHV URXHV DYDQW /XEULILH] OHV D[HV GHV FRPPDQGHV GH GLUHFWLRQ /XEULILH] OHV VXSSRUWV GH O¶XQLWp GH FRXSH /XEULILH] OH GLVSRVLWLI GH UpJODJH GH OD KDXWHXU GH FRXSH &RQWU{OH]UpJOH] OH IUHLQ GH VWDWLRQQHPHQW -2851$/ '¶(175(7, (1 'DWH KHXUHV DX FRPSWHXU WDPSRQ VLJQDWXUH 0HVXUH (QWUHWLHQ GHV KHXUHV (IIHFWXH] O¶HQWUHWLHQ GHV KHXUHV (IIHFWXH] O¶HQWUHWLHQ GHV KHXUHV &KDQJH] O¶KXLOH GX PRWHXU j KHXUHV 9RLU OH PDQXHO GX PRWHXU &RQWU{OH] OH ILOWUH GH OD SRPSH j FDUEXUDQW 9RLU OH PDQXHO GX PRWHXU &RQWU{OH] OH MHX GH OD FRXUURLH GX YHQWLODWHXU 9RLU OH PDQXHO GX PRWHXU 1HWWR\H] OHV DLOHWWHV GH UHIURLGLVVHPHQW VXU OH PRWHXU HW OD WUDQVPLVVLRQ -2851$/ '¶(175(7, (1 'DWH KHXUHV DX FRPSWHXU WDPSRQ VLJQDWXUH 0HVXUH (QWUHWLHQ GHV KHXUHV , QVSHFWH] OD PDFKLQH 0HWWH]YRXV G DFFRUG DYHF OH FOLHQW VXU OH WUDYDLO j HIIHFWXHU (IIHFWXH] O¶HQWUHWLHQ GHV KHXUHV (IIHFWXH] O¶HQWUHWLHQ GHV KHXUHV (IIHFWXH] O¶HQWUHWLHQ GHV KHXUHV &RQWU{OH]UHPSODFH] O¶pOpPHQW GH VpFXULWp GX ILOWUH j DLU &KDQJH] OH ILOWUH j KXLOH GX PRWHXU -2851$/ '¶(175(7, (1 'DWH KHXUHV DX FRPSWHXU WDPSRQ VLJQDWXUH 0HVXUH $X PRLQV XQH IRLV SDU DQ 5HPSODFH] O¶pOpPHQW GH VpFXULWp GX ILOWUH j DLU 5HPSODFH] OD FDUWRXFKH HQ SDSLHU GX ILOWUH j DLU &KDQJH] O¶KXLOH GX PRWHXU KHXUHV 5HPSODFH] OH ILOWUH j KXLOH GX PRWHXU KHXUHV &KDQJH] O¶KXLOH HW OH ILOWUH GX V\VWqPH K\GUDXOLTXH KHXUHV &RQWU{OH]UpJOH] OD KDXWHXU GH FRXSH &RQWU{OH]UpJOH] OH IUHLQ GH VWDWLRQQHPHQW KHXUHV &KDQJH] OH ILOWUH j FDUEXUDQW KHXUHV 1HWWR\H] OHV DLOHWWHV GH UHIURLGLVVHPHQW KHXUHV &RQWU{OH] OH MHX GHV VRXSDSHV GX PRWHXU KHXUHV &RQILH] OD PDFKLQH j XQ DWHOLHU G¶HQWUHWLHQ DJUpp SRXU O¶HQWUHWLHQ GHV KHXUHV -2851$/ '¶(175(7, (1 'DWH KHXUHV DX FRPSWHXU WDPSRQ VLJQDWXUH 0HVXUH SCHÉMAS ÉLECTRIQUES 7. 5A 7 3 ALLUMEUR DE CHAUFFAGE 1 4 2 5 3 6 1 4 2 5 3 6 1 4 7 2 5 8 3 6 30A 10A 5 1 6 2 20A 8 4 INTERRUPTEUR UNITÉ DE COUPE INTERRUPTEUR PTO ALLUMEUR DE CHAUFFAGE 123456 INTERRUPTEUR UNITÉ DE COUPE 123456 INTERRUPTEUR PTO 12345678 PORTE FUSIBLE 12345678 FUSIBLE 50A 12 BATTERIE ROU ROU/BLA BLE ROU/BLA VER GRI VIO ROU ROU ROU BLA/NOI BLE/BLA ORA NOI NOI NOI VER VER ORA NOI MAR RELAIS CHAUFFAGE ORA VER/NOI BLA/NOI JAU BLE/BLA RELAIS DE FREIN JAU VIO NOI RELAIS FONCTIONNEMENT ROU/VER VER VIO/BLA NOI ORA ROU/JAU RELAIS DE DÉMARRAGE VIO VIO NOI JAU RELAIS D'EMBRAYAGE MAR MAR NOI NOI ROU/NOI ROU/NOI ROU/VER ROU NOI BLE/BLA ROU/JAU BLE/ROU ROU/NOI ROU/BLA ROU/BLA NOI BLA AMPÈREMÈTRE INDICATEUR DE TEMP. INDICATEUR HUILE SOL. [. . . ] DÉMARRAGE ROU OU BATTERIE ROU/VER BLA GRI ROU/JAU BOUGIES DE CHAUFFAGE ÉMETTEUR TEMP. ÉMETTEUR HUILE EMBRAYAGE NOI ORA NOI 61 114 02 16-31 ´®z+H5_¶1M¨ 2003W37 [. . . ]