Les instructions détaillées pour l'utilisation figurent dans le Guide de l'utilisateur.
[. . . ] [. . . ] FRPSDWLEHOH 9&5 DDQVOXLW PRHW X KHW RYHUEUHQJHQ KDQGPDWLJ LQ ZHUNLQJ VWHOOHQ 5DDGSOHHJ XZ 9&5KDQGOHLGLQJ YRRU PHHU LQIRUPDWLH
: *HEUXLN JHHQ RXGH HQ QLHXZH
EDWWHULMHQ GRRU HONDDU 9HUZLMGHU OHJH EDWWHULMHQ RQPLGGHOOLMN
: *HEUXLN QLHW YHUVFKLOOHQGH W\SHQ
EDWWHULMHQ GRRU HONDDU GZ] DONDOLQH HQ PDQJDDQEDWWHULMHQ JHEUXLN JHHQ QLNNHOFDGPLXPDFFXjV
%(', (1, 1*6)81&7, (6 (1 $$16/8, 7, 1*(1
)URQWSDQHHO
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
$IVWDQGVEHGLHQLQJ
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jV GH GH *HOXLG $DQ8LW 'LUHFWH RSQDPHWRHWV DFWLYHHUW 4/LQN 6WDWXVWRHWV LQGUXNNHQ YRRU ZHHUJDYH YDQ GH SURJUDPPDSRVLWLH KHW NDQDDOQXPPHU WLMG GH VWHUHRPRGXV VWHUHR PRQR 0 0 GH SURJUDPPDQDDP XLW WHOHWHNVW . HX]H YDQ KHW ODJHUH RI KRJHUH NDQDDOQXPPHU NHX]H YDQ KHW GHHODDQERG LQ KHW PHQX YHUVFKXLYLQJ YDQ GH WHOHWHNVWSDJLQDjV . HX]HVFKDNHODDU $9EHGLHQLQJ RI 79 NLMNHQ PHHU SDJLQDjV D 2SVODJHQ EHYHVWLJHQ YDQ GH VFKHUPJHJHYHQV
. LH]HQ YDQ ]HQGHUSRVLWLHV PHW EHKXOS YDQ GH QXPHULHNH WRHWVHQ 7HOHWHNVWWRHWVHQ ]LH SDJLQD
'LUHFWH NDQDDOLQJDYH LQGUXNNHQ HQ PHW EHKXOS YDQ GH QXPHULHNH WRHWVHQ KHW NDQDDOQXPPHU LQJHYHQ , QGLHQ X GH NDQDDO LQ GH k+\SHUl ]RQH GRRU GH GLUHNWH NHX]H ZLOW LQJHYHQ NDEHOWHOHYLVLH GH WRHWVHQ YDQ GH GLUHFWH NDQDDONHX]H HQ YDQ GH SURJUDPPDSRVLWLHNHX]H l&l k l QDDU HONDDU LQGUXNNHQ HQ PHW EHKXOS YDQ GH QXPHULHNH WRHWV KHW QXPPHU LQJHYHQ
9&5WRHWVHQ ]LH SDJLQD
%((/'6&+(500(186758&7885
+RRIGPHQX . RQWUDVW +HOGHUKHLG . OHXU 6FKHUSWH 7LQW DOOHHQ 176& 7LPHU *HOXLG , QVWHOOLQJHQ 8LW *HOXLG 9ROXPH /DDJ +RRJ %DODQV 03; 6WDQG $, , QVWHOOLQJHQ 7HOHWH[W )RUPDDW &$76 . OHXU V\VWHHP DOOHHQ 176& 4/LQN $IVWHP PHQX 7DDONHX]H $IVWHP PHQX $73 +DQG DIVWHP 79V\VWHHP )LMQDIVWHPPLQJ 9HUZLVVHO . OHXU V\VWHHP 'HFRGHU $9 4/LQN 9RO FRUUHFWLH 6ORW
6WHUHR 0RQR 0 0 0X]LHN 6SUDDN 8LW $DQ :HVW 2RVW $XWR $872 3$/ 0176& 176& 6(&$0 8LW $DQ $73 ZDDUVFKXZLQJ +DQG DIVWHP 6& ) 9HUZLVVHO $XWR 3$/ 6(&$0 8LW $DQ /DQG 'HXWVFKODQG )UDQFH , WDOLD (VSDÆRO 1HGHUODQGV (8 $73
7DDONHX]H 'HXWVFK (QJOLVK )UDQDLV , WDOLDQR (//+1, . $ (VSDÆRO 1RUVN 'DQVN 6YHQVND 1HGHUODQGV 6XRPL 7ÚUNH 3RUWXJXûV
*(%58, . RX VLPLODLUH - 3RXU SOXV GH UHQVHLJQHPHQWV VXU OD OLDLVRQ 4/LQN HW O
TXLSHPHQW GH FRQQH[LRQ YRLU OHV SDJHV HW $GUHVVH]YRXV YRWUH UHYHQGHXU SRXU HQ VDYRLU SOXV 6L YRXV LQVWDOOH] XQ PDJQ WRVFRSH QHXI FRPSDWLEOH OD OLDLVRQ 4/LQN YRXV SRXYH] PDLQWHQDQW O
DOOXPHU /HV SDUDPýWUHV W O FKDUJ V FRUUHVSRQGURQW FHX[ GX W O YLVHXU 6L YRXV LQVWDOOH] XQ PDJQ WRVFRSH FRPSDWLEOH OD OLDLVRQ 1(;79, (:/, 1. YRXV GHYUH] FRPPDQGHU PDQXHOOHPHQW OH W O FKDUJHPHQW &RQVXOWH] OH PRGH GjHPSORL GX PDJQ WRVFRSH SRXU SOXV GH G WDLOV
: $VVXUH]YRXV TXH OHV SLOHV VRQW FRUUHFWHPHQW LQVWDOO HV : 1H P ODQJH] SDV SLOHV QHXYHV HW SLOHV XV HV 5HWLUH] LPP GLDWHPHQW OHV SLOHV XV HV : 1H P ODQJH] SDV SLOHV GH W\SHV GLII UHQWV F G GHV SLOHV DOFDOLQHV HW GH PDQJDQýVH QjXWLOLVH] SDV GH SLOHV 1L&G UHFKDUJHDEOHV
&200$1'(6 35, 1&, 3$/(6
)DDGH
$OLPHQWDWLRQ 6(&7(85 ERXWRQ 0DUFKH$UUûW 7 PRLQ URXJH LQGLTXH O
WDW GH YHLOOH 3RXU DOOXPH] OH W O YLVHXU DSSX\H] VXU OD WRXFKH G
WDW GH YHLOOH RX VXU OHV WRXFKHV RX VXU OHV WRXFKHV 0 PRULVDWLRQ GHV SDUDPýWUHV GH U JODJH HW GH FRQILJXUDWLRQ GHV IRQFWLRQV GDQV OH P PRLUH 675 ) 6 OHFWLRQ GHV IRQFWLRQV $IILFKDJH GHV IRQFWLRQV VXU O
FUDQ DSSX\HU GH IDRQ U SHW H SRXU V OHFWLRQQHU OHV IRQFWLRQV 9ROXPH &RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW 7HLQWH HQ PRGH 176& *UDYH $LJX %DODQFH HW PRGH &RQILJXUDWLRQ
3ULVH FDVTXH YRLU OD SDJH 3ULVHV DXGLRYLG R 5&$ YRLU OD SDJH &RPPXWDWHXU 79$9 YRLU OD SDJH /
DXJPHQWDWLRQ RX OD GLPLQXWLRQ GH OD SRVLWLRQ GH SURJUDPPH G
XQH XQLW /RUVTX
XQH IRQFWLRQ HVW G M DIILFK H DSSX\H] SRXU DXJPHQWHU RX GLPLQXHU OD IRQFWLRQ V OHFWLRQQ H
7 O FRPPDQGH
&RPPXWDWHXU 0DUFKH(WDW GH YHLOOH VWDQGE\ &RXSXUH GH 6RQ 7RXFKH (QUHJLVWUHPHQW GLUHFW 4/LQN 7RXFKH (WDW SRXU REWHQLU O
DIILFKDJH GH OD SRVLWLRQ GX SURJUDPPH GX QXP UR GH FDQDO GH O
KHXUH GX PRGH VW UHRPRQR00 QRP GH FKDñQHV DYHF 7 O WH[WH 6 OHFWLRQ GX QXP UR KDXW RX EDV GX FDQDO V OHFWLRQ GX PHQX HW WRXFKH SRXU OHV SDJHV GX W O WH[WH &RPPXWDWHXU $979 YRLU OHV SDJHV HW 3RXU OD P PRULVDWLRQ HW OD FRQILUPDWLRQ GDQV OH PHQX VXU Oj FUDQ 6 OHFWLRQ GHV FKDñQHV GHX[ FKLIIUHV O
DLGH GHV WRXFKHV QXP ULTXHV 7RXFKHV 7 O WH[WH YRLU OD SDJH
5 JODJH GH OD IRQFWLRQ V OHFWLRQQ H $XFXQH IRQFWLRQ V OHFWLRQQ H 5 JODJH GH 9ROXPH 6 OHFWLRQ GH OD IRQFWLRQ $SSX\H] SRXU REWHQLU O
DIILFKDJH GX PHQX VXU O
FUDQ SDJH /D WRXFKH k1l UDSSHOH OHV U JODJHV P PRULV V SDU OD WRXFKH 675 VXU OH IDDGH 6RUWLH GX PHQX VXU O
FUDQ 7RXFKHV QXP ULTXHV SRXU OD V OHFWLRQ GHV SRVLWLRQV GX SURJUDPPH SRXU OD V OHFWLRQ GLUHFWH GHV FDQDX[ SRXU OHV SDJHV GH 7 O WH[WH 6 OHFWLRQ GLUHFWH GX FDQDO DSSX\H] VXU FHWWH WRXFKH HW V OHFWLRQQH] OH FDQDO YRXOX O
DLGH GHV WRXFKHV QXP ULTXHV 3RXU OD V OHFWLRQ GLUHFWH GX FDQDO GH k+\SHUl FKDñQH W O YLVLRQ GH F EOH DSSX\H] VXU OHV WRXFKHV GH OD V OHFWLRQ GLUHFWH GX FDQDO HW OHV WRXFKHV GH OD V OHFWLRQ GX SURJUDPPH k&l k l HW SDU OHV WRXFKHV QXP ULTXHV V OHFWLRQQH] OH QXP UR
7RXFKHV 0DJQ WRVFRSH YRLU OD SDJH
$5%5( '8 352*5$00(
0HQX SULQFLSDO &RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW 7HLQWH VHXO 176& 0LQXWHULH YHLOOH 6RQ &RQILJXUDWLRQ 1RQ 6RQ 9ROXPH *UDYH $LJX %DODQFH 03; 0RGH $, &RQILJXUDWLRQ /DQJXH GX WH[WH )RUPDW &$76 6\VWýPH FRXOHXU VHXOHPHQW $9 4/LQN 5 JODJH /DQJXHV 26' 5 JODJH 5HFKHUFKH DXWR 5 JODJH PDQXHO 6\VWýPH 79 5 JODJH ILQ &KDQJHU 6\VWýPH FRXOHXU ' FRGHXU $9 4/LQN 5ýJODJH YROXPH %ORTXHU
6W U R 0RQR 0 0 0XVLTXH 3DUROH 1RQ 2XL 2XHVW (VW $XWR $872 3$/ 0176& 176& 6(&$0 1RQ 2XL $73 DWWHQWLRQ 5ýJODJH PDQXHO 6& ) &KDQJHU $XWR 3$/ 6(&$0 1RQ 2XL 79 9&5 1RQ 2XL 3D\V 'HXWVFKODQG )UDQFH , WDOLD (VSDÆRO 1HGHUODQGV (8 $73
/DQJXHV 26' 'HXWVFK (QJOLVK )UDQDLV , WDOLDQR (//+1, . $ (VSDÆRO 1RUVN 'DQVN 6YHQVND 1HGHUODQGV 6XRPL 7ÚUNH 3RUWXJXûV
0(186 685 (&5$1
&H W O YLVHXU HVW TXLS G
XQ V\VWýPH YROX GH PHQXV TXL YRXV SHUPHW G
DFF GHU DX[ U JODJHV HW DX[ RSWLRQV GHV SDUDPýWUHV $SSX\H] VXU OD WRXFKH k)l SRXU HQWUHU GDQV OH PHQX &XUVHXU GX PHQX SRXU V OHF WLRQ HW U JODJH GHV SDUDPýWUHV
&KRLVLU 5 JOHU
7LWUH GX PHQX %DUUH GH V OHFWLRQ
0HQX SULQFLSDO &RQWUDVWH
6RUWLU
, QVWUXFWLRQV , QGLFDWHXU GX SDUDPýWUH
6RXVPHQX
/XPLQRVLW &RXOHXU 1HWWHW 7HLQWH VHXOHPHQW 176& 0LQXWHULH YHLOOH 6RQ &RQILJXUDWLRQ
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX
&HUWDLQHV RSWLRQV FRPPH SDU H[HPSOH &RQWUDVWH /XPLQRVLW &RXOHXU HW 1HWWHW SHUPHWWHQW GjDXJPHQWHU RX GH U GXLUH OH QLYHDX VHORQ YRV GHPDQGHV SHUVRQHOOV &HUWDLQHV RSWLRQV FRPPH RSWLRQ 0LQXWHULH YHLOOH YRXV GHPDQGHQW GH IDLUH XQ FKRL[ &HUWDLQHV RSWLRQV OH PHQX &RQILJXUDWLRQ FRQGXLVVHQW XQ DXWUH PHQX /D WRXFKH k)l SHUPHW HQWUHU DX[ PHQXV SULQFLSDX[ HW UHYHQLU DX PHQX SU F GHQW /D WRXFKH k1l SHUPHW VRUWLU GX PHQX VXU O
FUDQ RX OD V OHFWLRQ G
XQ RSWLRQ /D WRXFKH k79$9l SHUPHW FRQILUPHU OD V OHFWLRQ
0(18 35, 1&, 3$/
&H PHQX YRXV SHUPHW G
HIIHFWXHU HQWUH DXWUHV OHV U JODJHV GH TXDOLW GH OjLPDJH
$SSX\H] VXU OD WRXFKH k)l 6 OHFWLRQQH] OH PHQX G PDQG 0HQX SULQFLSDO $XJPHQWH] RX U GXLVH] OH QLYHDX RX U JOH] O
WDW GHV RSWLRQV $SSX\H] VXU OH WRXFKH k1l SRXU VRUWLU GX PHQX &RQWUDVWH
&KRLVLU 5 JOHU 6RUWLU
/XPLQRVLW &RXOHXU 1HWWHW 7HLQWH VHXOHPHQW 176& 0LQXWHULH YHLOOH 6RQ &RQILJXUDWLRQ
&RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW
/HV QLYHDX[ GH FRQWUDVWH OXPLQRVLW FRXOHXU QHWWHW SHXYHQW ûWUH U JO V VHORQ YRV GHPDQGHV HW FRQGLWLRQV G
REVHUYDWLRQ 1jLPSRUWH TXDQG LOV SHXYHQW ûWUH U JO V VXU OHV QLYHDX[ U JO V SDU OH IDEULFDQW HQ DSSX\DQW VXU OD WRXFKH k1l
&RQWUDVWH
7HLQWH
/H U JODJH GH OD WHLQWH QjDSSDUDñWUD HQ WDQW TX
RSWLRQ GH PHQX TXH VL XQH VRXUFH GH VLJQDO 176& SDU $9 HVW FRQQHFW DX W O YLVHXU HW LO YRXV SHUPHW GH U JOHU OD WHLQWH /D PLQXWHULH YHLOOH SHUPHW GH V OHFWLRQQHU O
KHXUH GH FRXSXUH GX W O YLVHXU VXU XQH SDJH GH PLQXWHV LQWHUYDOOHV GH PLQXWHV 0HQX 6RQ YRXV SHUPHW G
HQWUHU GDQV OHV IRQFWLRQV GX U JODJH GX VRQ
0LQXWHULH YHLOOH
6RQ
&RQILJXUDWLRQ
0HQX &RQILJXUDWLRQ YRXV SHUPHW G
HQWUHU GDQV OHV DXWUHV IRQFWLRQV GDQV OH 0HQX 5 JODJH LQFOXV
0(18 621
&H PHQX YRXV SHUPHW GH U JOHU WRXV OHV DVSHFWV GX VRQ VHORQ YRV SU I UHQFHV
$SSX\H] VXU OD WRXFKH k)l 6 OHFWLRQQH] OH PHQX 6RQ 0HQX SULQFLSDO
&KRLVLU $FF GHU 6RUWLU
(QWUH] GDQV OH PHQX 6RQ
6 OHFWLRQQH] OH PHQX G PDQG
&RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW 7HLQWH VHXOHPHQW 176& 0LQXWHULH YHLOOH
6RQ
&RQILJXUDWLRQ
$XJPHQWH] RX GLPLQXH] OHV QLYHDX RX U JOH] O
WDW GHV RSWLRQV
$FF GHU
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX 6RQ
&KRLVLU 5 JOHU
9ROXPH OH QLYHDX GX YROXPH GH VRUWLH J Q UDO *UDYH
/H U JODJH 9ROXPH YRXV SHUPHW GH U JOHU
/H U JODJH *UDYH YRXV SHUPHW G
DFFHQWXHU OHV IU TXHQFHV SOXV EDVVHV HW JUDYHVVRQ QLYHDX SHXW ûWUH DXJPHQW RX GLPLQX /H U JODJH $LJX YRXV SHUPHW G
DFFHQWXHU SHXW ûWUH DXJPHQW RX GLPLQX
9ROXPH *UDYH %DODQFH 03; 0RGH $,
$LJX
6RQ
5HYHQLU
6RUWLU
6W U R 0XVLTXH 1RQ
$LJX OHV IU TXHQFHV SOXV KDXWHV HW VRQ QLYHDX
/D EDODQFH DJLW VXU OH QLYHDX VRQRUHV HQWUH OHV KDXWSDUOHXUV GURLW HW JDXFKH &HOD SHUPHW GH U JOHU OHV QLYHDX[ VRQRUHV HQWUH OHV KDXWVSDUOHXUV VHORQ OHV GHPDQGHV G
XQ DXGLWHXU 03; VHUD U JO HQ PRGH l6WHUHRl VjLO HVW PLV SRXU RIIULU OD PHLOOHXUH UHSURGXFWLRQ VRQRUH HQ FDV GH G JUDGDWLRQ GH OD U FHSWLRQ QRXV YRXV UHFRPPDQGRQV GH SDVVHU HQ PRGH 0RQR /HV PRGHV 0RQR 0 HW 0 SHXYHQW ûWUH V OHFWLRQQ V DXVVL VL OH SURJUDPPH PHW HQ GHX[ ODQJXHV /H VLJQDO HVW G WHFW DXWRPDWLTXHPHQW (Q V OHFWLRQQDQW OHV PRGHV 0XVLTXH RX 3DUROH 2XL SHXW FKDQJHU OH WLPEUH GX VRQ /H PRGH $O % Q ILFH GX VRQ DQDO\VH DXWRPDWLTXHPHQW OH VLJQDO GjHQWU HW LO OH WUDLWH SRXU REWHQLU OH WRQ RSWLPDO VDQV EUXLWV
%DODQFH
$LJX
03;
0RGH $,
0(18 &21), *85$7, 21
/H PHQX &RQILJXUDWLRQ VXLYDQW YRXV SHUPHW G
DFF GHU PHQX 5 JODJH
$SSX\H] VXU OD WRXFKH k)l 6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ VXLYDQWH (QWUH] GDQV OH PHQX &RQILJXUDWLRQ VXLYDQWH 6 OHFWLRQQH] OH PHQX G PDQG $XJPHQWH] RX GLPLQXH] OH QLYHDX RX U JOH] O
RSWLRQ $SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX &RQILJXUDWLRQ 0HQX SULQFLSDO
GLYHUVHV IRQFWLRQV YROX HV DLQVL TXH DX
&KRLVLU $FF GHU 6RUWLU
&RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW 7HLQWH VHXOHPHQW 176& 0LQXWHULH YHLOOH 6RQ
&RQILJXUDWLRQ
$FF GHU
/DQJXH GX /D V OHFWLRQ HQWUH OHV VLJQHV GH O
HVW RX GH O
RXHVW GDQV OH 0HQX 7 O WH[WH 7H[WH )RUPDW
/D IRQFWLRQ )RUPDW YRXV SHUPHW GH YRLU GHV SURJUDPPHV JUDQG DQJOH DYHF OH IRUPDW FRUUHFW /H V\VWýPH DXWRPDWLTXH SRXU OD V\QWRQLVDWLRQ GX FRQWUDVWH /H FRQWUDVWH HVW U JO DXWRPDWLTXHPHQW VHORQ OH FKDQJHPHQW GH O
FODLUDJH DX PLOLHX HQYLURQQDQW &$76 3RXU REWHQLU GHV U VXOWDWV PHLOOHXUV U JOH] WRXW G
DERUG OH FRQWUDVWH DX PD[LPXP DLQVL OD IRQFWLRQ &$76 SHXW IRQFWLRQQHU GDQV O
HVSDFH VXIILVDQW 3XLV V OHFWLRQQH] XQH GH WURLV SRVVLELOLW V VHORQ YRV GHPDQGHV &$76 G EUDQFK H
5HYHQLU
&KRLVLU 5 JOHU 6RUWLU
&RQILJXUDWLRQ /DQJXH GX WH[WH
)RUPDW $XWR &$76 6\VWýPH FRXOHXU $XWR VHXOHPHQW $9 4/LQN 1RQ 5 JODJH /DQJXHV 26'
2XHVW
&$76 &$76
VHQVLELOLW PR\HQQH VHQVLELOLW KDXWH
6\VWýPH FRXOHXU FKRLVLU OH VWDQGDUG GH WUDQVPLVVLRQ FRUUHFW 4/LQN
/D OLDLVRQ 4/LQN YRXV SHUPHW G
DFWLYLW RX G VDFWLYHU OD FRPPXQLFDWLRQ GH GRQQ HV DYHF XQ PDJQ WRVFRSH FRPSDWLEOH 9RLU OD SDJH /H PHQX 5 JODJH YRXV GRQQH DFFýV GH QRPEUHXVHV DXWUHV IRQFWLRQV &RQILJXUDWLRQ DXWRPDWLTXH GHV FDQDX[ IRQFWLRQV $73 5 JODJH ILQ HW 5 JODJH GH 9ROXPH 9RLU OD SDJH
/H PHQX 6\VWýPH FRXOHXU YRXV SHUPHW GH
0HQX 5 JODJH
/DQJXHV 26'
/H PHQX /DQJXHV 26' YRXV SHUPHW GH V OHFWLRQQHU OD ODQJXH XWLOLV H VXU WRXV OHV PHQXV Gj FUDQ YRLU OD SDJH
0(18 5þ*/$*(
/H PHQX 5 JODJH SHUPHW G
DFFýGHU DX[ PHQXV 5 JODJH PDQXHO HW 5 JODJH DXWRPDWLTXH
$SSX\H] VXU OD WRXFKH k)l 6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ VXLYDQWH (QWUH] GDQV OH PHQX &RQILJXUDWLRQ VXLYDQWH 6 OHFWLRQQH] OH PHQX 5 JODJH 0HQX SULQFLSDO
&KRLVLU $FF GHU 6RUWLU
(QWUH] GDQV OH PHQX 5 JODJH (QWUH] GDQV OH PHQX G PDQG $XJPHQWH] RX GLPLQXH] OH QLYHDX RX U JOH] O
WDW GjRSWLRQ $SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX
&RQWUDVWH /XPLQRVLW &RXOHXU 1HWWHW 7HLQWH VHXOHPHQW 176& 0LQXWHULH YHLOOH 6RQ
&RQILJXUDWLRQ
$FF GHU
&KRLVLU $FF GHU 5HYHQLU 6RUWLU
5HFKHUFKH DXWR 5 JODJH PDQXHO 6\VWýPH 79 5 JODJH ILQ &KDQJHU
5HFKHUFKH DXWR YRXV SHUPHW OH U JODJH DXWRPDWLTXH GX W O YLVHXU 9RLU OD SDJH /H PHQX 5 JODJH PDQXHO YRXV SHUPHW GH U JOHU PDQXHOOHPHQW OHV SRVLWLRQV GH FKDñQHV 9RLU OD SDJH /
RSWLRQ GH QRUPH DXGLR &HWWH RSWLRQ YRXV SHUPHW G
HIIHFWXHU OH U JODJH ILQ GX SURJUDPPH /H PHQX &KDQJHU YRXV SHUPHW GH FKDQJHU OD SRVLWLRQ GX SURJUDPPH VHORQ YRWUH GHPDQGH 9RLU OD SDJH /H PHQX 6\VWýPH FRXOHXU YRXV SHUPHW GH FKRLVLU OH VWDQGDUG GH WUDQVPLVVLRQ FRUUHFW &HWWH RSWLRQ HVW XWLOLV TXDQG XQ G FRGHXU HVW FRQQHFW YLD $9 /D PHWWUH O
WDW $&7, 9þ 2XL VL XQ VLJQDO FRG GRLW ûWUH G FRG SDU OH G FRGHXU /D PHWWUH O
WDW G VDFWLY 1RQ DSUýV OjXWLOLVDWLRQ /
RSWLRQ 4/LQN SHUPHW G
DFWLYHU OD WUDQVPLVVLRQ GHV GRQQ HV GDQV OH PDJQ WRVFRSH FRPSDWLEOH 9RLU OHV SDJHV HW /H PHQX 5 JODJH YROXPH YRXV SHUPHW GH U JOHU OH QLYHDX GH YROXPH SRXU OH SURJUDPPH DYHF OHV GLII UHQWV QLYHDX[ GH YROXPH &HWWH RSWLRQ YRXV SHUPHW GH EORTXHU OD SRVLWLRQ GHV SURJUDPPHV FRQWUH O
DFFýV LQG VLUDEOH
/DQJXH GX WH[WH )RUPDW $XWR &$76 &RORXU V\VWHP $XWR VHXOHPHQW $9 4/LQN 1RQ
5 JODJH
&RQILJXUDWLRQ
/DQJXHV 26'
$FF GHU
&+ 5HYHQLU
5 JODJH
&KRLVLU $FF GHU 0 PR 6RUWLU
6\VWýPH FRXOHXU
5 JODJH PDQXHO 6\VWýPH 79 5 JODJH ILQ &KDQJHU 6\VW PH FRXOHXU ' FRGHXU $9 4/LQN 5 JODJH YROXPH %ORTXHU
5HFKHUFKH DXWR
$FF GHU
6& $872 1RQ 1RQ
' FRGHXU $9
4/LQN
5 JODJH YROXPH
%ORTXHU
0(18 5þ*/$*( &RQILJXUDWLRQ DXWRPDWLTXH 5HFKHUFKH DXWR
/H PHQX &RQILJXUDWLRQ DXWRPDWLTXH YRXV SHUPHW GH UHFRQILJXUHU DXWRPDWLTXHPHQW YRWUH W O YLVHXU HQ IRQFWLRQ GHV FKDñQHV GH W O YLVLRQ ORFDOHV &HWWH IRQFWLRQ HVW XWLOH HQ FDV GH WUDQVSRUW GX W O YLVHXU RX GH G P QDJHPHQW GDQV XQH DXWUH U JLRQ
$SSX\H] VXU OD WRXFKH k)l
&+
6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ VXLYDQWH (QWUH] GDQV OH PHQX &RQILJXUDWLRQ VXLYDQWH 6 OHFWLRQQH] OH PHQX 5 JODJH
5 JODJH
5HYHQLU
&KRLVLU $FF GHU 0 PR 6RUWLU
(QWUH] GDQV OH PHQX 5 JODJH 6 OHFWLRQQH] OH PHQX 5HFKHUFKH DXWR 6 OHFWLRQQH] $FFýV
5 JODJH PDQXHO 6\VWýPH 79 5 JODJH ILQ &KDQJHU 6\VWýPH FRXOHXU ' FRGHXU $9 4/LQN 5 JODJH YROXPH %ORTXHU
5HFKHUFKH DXWR
$FF GHU
6& $872 1RQ 1RQ
5HG PDUUHU O
$73 HIIDFHUD OHV GRQQýHV DFWXHOOHV HW H[ FXWHUD XQ QRXYHDX U JODJH
$77(17, 21
$SSX\H] SRXU FRQILUPHU 0DUFKH 6 OHFWLRQQH] YRWUH SD\V $SSX\H] SRXU ODQFHU OD FRQILJXUDWLRQ DXWRPDWLTXH 5HFKHUFKH DXWR /H W O YLVHXU YD FKHUFKHU LGHQWLILHU HW WULHU GDQV O
RUGUH OHV FKDñQHV GH W O YLVLRQ ORFDOHV 6L XQ PDJQ WRVFRSH FRPSDWLEOH HVW FRQQHFW OD SULVH $9 OHV SDUDPýWUHV GHV SURJUDPPHV VHURQW WUDQVPLV DXWRPDWLTXHPHQW DX PDJQ WRVFRSH YLD OD OLDLVRQ 4/LQN YRLU OD SDJH 8QH IRLV FHWWH RS UDWLRQ WHUPLQ H OH W O YLVHXU DIILFKHUD OD SRVLWLRQ GH SURJUDPPH 79$9
' EXW $73 5HYHQLU 6RUWLU
3D\V 'HXWVFKODQG
)UDQFH , WDOLD 1HGHUODQGV (VSDÆD (8
5HYHQLU
&KRLVLU ' EXW $73 6RUWLU
$SSX\H] VXU OD WRXFKH k)l SRXU FRXSHU OD V TXHQFH 5HFKHUFKH DXWR $SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GH OD V TXHQFH 5HFKHUFKH DXWR
$73 (1 &2856 &+ %%&
) 5HYHQLU 1 7R 6RUWLU
0(18 5þ*/$*( 5þ*/$*( 0$18(/
/H U JODJH PDQXHO GHV SRVLWLRQV GH SURJUDPPHV SHXW V
HIIHFWXHU O
DLGH GHV WRXFKHV HQ IDDGH
$SSX\H] VXU OD WRXFKH k)l 6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ VXLYDQWH (QWUH] GDQV OH PHQX &RQILJXUDWLRQ VXLYDQWH 6 OHFWLRQQH] OH PHQX 5 JODJH (QWUH] GDQV OH PHQX 5 JODJH
SDUWLU GX PHQX VXU O
FUDQ RX
&+ 5HYHQLU
5 JODJH
&KRLVLU $FF GHU 0 PR 6RUWLU
6\VWýPH 79 5 JODJH ILQ &KDQJHU 6\VWýPH FRXOHXU ' FRGHXU $9 4 /LQN 5 JODJH YROXPH %ORTXHU
5 JODJH PDQXHO
5HFKHUFKH DXWR
$FF GHU
6&
$872 1RQ 1RQ
6 OHFWLRQQH] OH PHQX 5 JODJH PDQXHO (QWUH] GDQV 5 JODJH PDQXHO 6 OHFWLRQQH] OD SRVLWLRQ GH SURJUDPPH G VLU H &RPPHQFH] OH U JODJH 4XDQG OH SURJUDPPH YRXOX HVW ORFDOLV DSSX\H] VXU OH WRXFKH k79$9l HQ W O FRPPDQGH RX VXU OD WRXFKH k675l HQ IDDGH SRXU P PRULVHU $SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX 79$9 675 5 JODJH PDQXHO
5HYHQLU &KRLVLU ' EXWHU UHFKHUFKH 0 PR 6RUWLU
&+
5 JODJH PDQXHO FRPPDQGHV HQ IDDGH
$SSX\H] GH QRXYHDX VXU OD WRXFKH ) GH IDDGH SRXU HQWUHU GDQV OH 0HQX 5 JODJH PDQXHO $SSX\H] VXU OD WRXFKH kl RX kl SRXU HQWUHU GDQV OH PHQX 5 JODJH PDQXHO $SSX\H] VXU OD WRXFKH k79$9l SRXU DOWHUQHU HQWUH k3URJl l' EXWHU UHFKHUFKHl RX k6\VWýPH 79l $SSX\H] VXU OD WRXFKH kl RX kl SRXU FKDQJHU OD SRVLWLRQ GX SURJUDPPH FRPPHQFHU OD UHFKHUFKH RX FKDQJHU OH V\VWýPH 79 4XDQG OD FKDñQH YRXOXH HVW ORFDOLV H DSSX\H] VXU k675l SRXU P PRULVHU 5 S WH] OD SURF GXUH FLGHVVXV SRXU DFFRUGHU GjDXWUHV SURJUDPPHV RX DSSX\H] VXU OD WRXFKH k)l SRXU VRUWLU
)
d b
79$9
d b 675
1RWH 6L YRXV FRQQDLVVH] OHV QXP URV GHV FDQDX[ YRXV SRXYH] XWLOLVHU OH V OHFWLRQ GLUHFWH GDQV OH PHQX k5 JODJH PDQXHOl $SSX\H] VXU OD WRXFKH k&l HQ W O FRPPDQGH SRXU OD P PRULVDWLRQ UDSLGH GHV FKDñQHV HQWUH] GDQV OH PHQX 5 JODJH PDQXHO GRQQH] OH QXP UR GH OH SU V OHFWLRQ DSSX\H] VXU OD WRXFKH k&l SDU OH FODYLHU QXP ULTXH GRQQHU OH QXP UR GX FDQDO DSSX\H] VXU OD WRXFKH k79$9l SRXU P PRULVHU DSSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX 3RXU OD V OHFWLRQ GLUHFWH GX FDQDO GH k+\SHUl FKDñQH W O YLVLRQ GH F EOH DSSX\H] VXU OHV WRXFKHV GH OD V OHFWLRQ GLUHFWH GX FDQDO HW OHV WRXFKHV GH OD V OHFWLRQ GX SURJUDPPH k&l k l HW SDU OHV WRXFKHV QXP ULTXHV V OHFWLRQQH] OH QXP UR 6XU Oj FUDQ HVW DIILFK k&+ l HW SXLV k+ l 0 PRULVDWLRQ YRLU FLGHVVXV
)
&+$1*(0(17 '(6 326, 7, 216 '( 352*5$00(
/D V OHFWLRQ k&KDQJHUl YRXV SHUPHW FKDQJHU GHX[ SRVLWLRQV GX SURJUDPPH VRLPûPH
$SSX\H] VXU OD WRXFKH k)l 6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ (QWUH] GDQV OH PHQX &RQILJXUDWLRQ 6 OHFWLRQQH] OH PHQX 5 JODJH (QWUH] GDQV OH PHQX 5 JODJH 6 OHFWLRQQH] OH PHQX &KDQJHU (QWUH] GDQV OH PHQX &KDQJHU 6 OHFWLRQQH] SUHPLýUH SRVLWLRQ GX SURJUDPPH 6 OHFWLRQQH] VHFRQGH SRVLWLRQ GX SURJUDPPH $SSX\H] VXU OD WRXFKH k79$9l SRXU FRQILUPHU OD V OHFWLRQ $SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX 79$9 &KDQJHU
5HYHQLU &KRLVLU 5 JOHU &KDQJHU 6RUWLU
3URJ DYHF 3URJ
&+ &+
%%& , 79
/$1*8(6 26'
/RUV GH O
LQVWDOODWLRQ LQLWLDOH GX W O YLVHXU OD ODQJXH G
DIILFKDJH VXU O
FUDQ D W U JO H HQ IRQFWLRQ GX SD\V GH YRWUH FKRL[ 9RXV SRXYH] FHSHQGDQW V OHFWLRQQHU XQH DXWUH ODQJXH SDUWLU GX PHQX /DQJXHV 26'
$SSX\H] VXU OD WRXFKH k)l
6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ
&KRLVLU &KRLVLU 5HYHQLU 6RUWLU
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ 6 OHFWLRQQH] OH PHQX /DQJXHV 26' (QWUH] GDQV OH PHQX /DQJXHV 26' 6 OHFWLRQQH] OjRSWLRQ GH YRWUH FKRL[ $SSX\H] VXU OD WRXFKH k1l SRXU FRQILUPHU HW VRUWLU GX PHQX
'HXWVFK (QJOLVK
/DQJXHV 26'
)UDQDLV
, WDOLDQR (//+1, . $
(VSDÆRO 1RUVN 'DQVN 6YHQVND
1HGHUODQGV 6XRPL 7ÚUNH 3RUWXJXûV
4 /, 1.
/D OLDLVRQ 4/LQN SHUPHW DX W O YLVHXU GH FRPPXQLTXHU DYHF OH PDJQ WRVFRSH
$SSX\H] VXU OD WRXFKH k)l 6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ (QWUH] GDQV OH PHQX &RQILJXUDWLRQ 6 OHFWLRQQH] 4/LQN &RQILUPH] TXH OD OLDLVRQ 4/LQN HVW kDFWLY l 2XL Oj WDW &RQILJXUDWLRQ
&KRLVLU 5 JOHU 5HYHQLU 6RUWLU
ODQJXH GX WH[WH )RUPDW $XWR &$76 &RORXU V\VWHP $XWR VHXOHPHQW $9
4 /LQN
$SSX\H] VXU OD WRXFKH k1l SRXU VRUWLU GX PHQX
5 JODJH /DQJXHV 26'
2XL
/H PDJQ WRVFRSH GRLW ûWUH FRQQHFW SDU XQ F EOH 6&$573(5, 7(/ W\SH FRXYUDQW WRXWHV IRQFWLRQV HQWUH OD SULVH $9 GX W O YLVHXU HW OD SULVH FRUUHVSRQGDQWH GX PDJQ WRVFRSH &RQVXOWH] OH PRGH GjHPSORL GX PDJQ WRVFRSH SRXU WRXV UHQVHLJQHPHQWV FRPSO PHQWDLUHV /D OLDLVRQ 4/LQN 1(;79, (:/, 1. RX OHV WHFKQRORJLHV VLPLODLUHV SHUPHWWHQW DX W O YLVHXU GH FRPPDQGHU XQ PDJQ WRVFRSH FRPSDWLEOH GjHQUHJLVWUHU OH SURJUDPPH UHWUDQVPLV FH PRPHQWO VXU Oj FUDQ GX W O YLVHXU TXHOOH TXH VRLW OD SRVLWLRQ GH U JODJH GH SURJUDPPH GX PDJQ WRVFRSH &HOD VLPSOLILH FRQVLG UDEOHPHQW OjHQUHJLVWUHPHQW GHV SURJUDPPHV
', 5(&7 79 $SSX\H] VXU OD WRXFKH ', 5(&7 79 5(& GH OD W O FRPPDQGH 5(& 6L OH PDJQ WRVFRSH HVW WHLQW LO VjDOOXPH DXWRPDWLTXHPHQW TXDQG YRXV DSSX\H] VXU OD WRXFKH ', 5(&7 79 5(& 8Q PHVVDJH SURYHQDQW GX PDJQ WRVFRSH V
DIILFKH VXU O
FUDQ GX W O YLVHXU SRXU LQGLTXHU FH TXL HVW HQUHJLVWU RX TXH O
HQUHJLVWUHPHQW GLUHFW HVW LPSRVVLEOH 0DJQ WRVFRSH HQUHJ SURJ SU U JO 6RXUFH 79 HQ FRXUV GjHQUHJLVWUHPHQW
3RXU HQUHJLVWUHU O
PLVVLRQ TXH YRXV ûWHV HQ WUDLQ GH UHJDUGHU
0DJQ WRVFRSH HQUHJ SURSUH WXQHU /H PDJQ WRVFRSH HQUHJLVWUH OH VLJQDO GX SURJUDPPH GH VRQ SURSUH WXQHU 9RXV SRXYH] WHLQGUH OH W O YLVHXU HW ODLVVHU OH PDJQ WRVFRSH HQUHJLVWUHU GH OD IDRQ QRUPDOH
/H PDJQ WRVFRSH HVW HQ WUDLQ G
HQUHJLVWUHU O
PLVVLRQ UHWUDQVPLVH SDU OH W O YLVHXU 9RXV QH GHYH] SDV FKDQJHU OD SRVLWLRQ GX SURJUDPPH RX WHLQGUH OH W O YLVHXU VL YRXV OH IDLWHV OH PDJQ WRVFRSH V
DUUûWHUD DXWRPDWLTXHPHQW
3DV GjHQUHJLVWUHPHQW &$66(77( 3527(*((
/D ODQJXHWWH GH SURWHFWLRQ OjDUULýUH GH OD FDVVHWWH YLG R D W HQO Y H ([HPSOHV GjDXWUHV PHVVDJHV SRXYDQW ûWUH DIILFK V
3DV GjHQUHJ (15(* '(-$ (1 &2856
3DV GjHQUHJ &$66(77( 121 , 16(5(( 3DV GjHQUHJ /(&785( (1 &2856
(QUHJLVWUHPHQW 9&5 9&5 H[WQX
3DV GjHQUHJ %$1'( (1'200$*((
3DV GjHQUHJ $%6(1&( '( 6, *1$/(
3RXU DVVXUHU GHV HQUHJLVWUHPHQWV YLG R FRUUHFWV OH W O YLVHXU HW OH PDJQ WRVFRSH GRLYHQW ûWUH OHV PûPHV LQIRUPDWLRQV GX U JODJH YRLU OD SDJH - &KDTXH IRLV TXH OD IRQFWLRQ &RQILJXUDWLRQ DXWRPDWLTXH 5HFKHUFKH DXWR HVW XWLOLV H OHV SDUDPýWUHV GH U JODJH VRQW WUDQVPLV DX PDJQ WRVFRSH
7UDQVPLVVLRQ GHV LQIRUPDWLRQV VXU OH U JODJH
)RQFWLRQ GX EUDQFKHPHQW DXWRPDWLTXH
&HV IRQFWLRQV VXSSO PHQWDLUHV VRQW GLVSRQLEOHV DYHF OD OLDLVRQ 4/LQN GH 3DQDVRQLF - 4XDQG YRXV LQWURGXLVH] XQH FDVVHWWH YLG R GDQV OH PDJQ WRVFRSH HW TXH YRXV DSSX\H] VXU OD WRXFKH /(&785( OH W O YLVHXU VH PHW DXWRPDWLTXHPHQW HQ PDUFKH HW V OHFWLRQQH O
HQWU H $9 SRXU YRXV SHUPHWWUH GH UHJDUGHU OD FDVVHWWH - 6L YRXV WHLJQH] OH W O YLVHXU DORUV TXH OH PDJQ WRVFRSH HVW HQ PRGH $UUûW $YDQFH UDSLGH 5HPERELQDJH OH PDJQ WRVFRSH V
DUUûWHUD DXWRPDWLTXHPHQW 6L YRXV QH VRXKDLWH] SDV XWLOLVHU OD OLDLVRQ 4/LQN DOOH] DX PHQX &RQILJXUDWLRQ V OHFWLRQQH] O
RSWLRQ 4/LQN HW V OHFWLRQQH] O
WDW kG VDFWLY l1RQ
3RXU G VDFWLYHU OD OLDLVRQ 4/LQN 1RWH LPSRUWDQWH
7RXHV OHV PDJQ WRVFRSHV QjDFFHSWHQW SDV FH V\VWýPH GH FRPPXQLFDWLRQV GH GRQQ HV FHUWDLQV PDJQ WRVFRSHV SHXYHQW DFFHSWHU FHUWDLQHV IRQFWLRQV PDLV SDV GjDXWUHV &RQVXOWH] OH PRGH GjHPSORL GX PDJQ WRVFRSH SRXU YRXV LQIRUPHU 6L OD OLDLVRQ 4/LQN HVW LQRS UDQWH FRPPHQFH] SDU FRQILUPHU TXH OH F EOH 6&$57 3(5, 7(/ XWLOLV HVW ELHQ GX W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV &RQVXOWH] YRWUH UHYHQGHXU SRXU YRXV LQIRUPHU
7þ/þ&+$5*(0(17 '(6 '211þ(6 (1 0$*1þ726&23( 4 /, 1.
/H PHQX 4/LQN HQUHJLVWUH WRXWHV GRQQ HV VXU OHV SURJUDPPHV U JO V GX W O YLVHXU GDQV OH P PRLUH GX PDJQ WRVFRSH
$SSX\H] VXU OD WRXFKH k)l 6 OHFWLRQQH] OH PHQX &RQILJXUDWLRQ
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ 6 OHFWLRQQH] OH PHQX 5 JODJH (QWUH] GDQV OH PHQX 5 JODJH
79 9&5
3URJUDPPH
6 OHFWLRQQH] 4/LQN
$FWLYH] 4/LQN 1RWH 3HQGDQW O
HQUHJLVWUHPHQW GHV GRQQ HV OH W O FRPPDQGH Q
HVW SDV DFWLI
6þ/(&7, 21 $9 0$5&+( $9
F $SSX\H] VXU OD WRXFKH k79$9l SRXU DFWLYHU OH PRGH k$9l 6L OH PDJQ WRVFRSH U FHSWHXU VDWHOOLWH FDP VFRSH HWF YRLU OD SDJH VRQW FRQQHFW V HW VRQW DFWLY V VRQ VLJQDO HVW DIILFK VXU Oj FUDQ GX W O YLVHXU HW VXU OH FÎW JDXFKH GH O
FUDQ V
DIILFKH k$9l OD SRVLWLRQ GX SURJUDPPH V OHFWLRQQ H Q
HVW SDV LPSRUWDQWH /H U FHSWHXU GX W O YLVHXU VHUD LJQRU F &H W O YLVHXU YRXV SHUPHW OH EUDQFKHPHQW DXWRPDWLTXH HQ PRGH k$9l VL O
TXLSHPHQW FRQQHFW PHW OH VLJQDO GH
EUDQFKHPHQW VXU OD SULVH 6&$57 HQ FDV GH VRQ DFWLYDWLRQ /H VLJQDO GH O
TXLSHPHQW DXGLRYLVXHO FRQQHFW HW k(&l V
DIILFKHQW VXU OH FÎW JDXFKH GH O
FUDQ (Q FDV GX FKDQJHPHQW GH OD V OHFWLRQ GX SURJUDPPH GX W O YLVHXU O
LPDJH QH FKDQJH SDV F F F 5HYHQLU HQ PRGH k79l HQ DSSX\DQW VXU OD WRXFKH k79$9l RX SDU OjDUUûW GH O
TXLSHPHQW $9 FRQQHFW /D FRQQH[LRQ GH GHX[ TXLSHPHQWV k$9l HQ PûPH WHPSV Q
HVW SDV SRVVLEOH OHV VLJQDX[ SHXYHQW VH P ODQJHU (Q FDV GH OD FRQQH[LRQ GH O
TXLSHPHQW k$9l HQ PRGH 176& OH W O YLVHXU G WHFWHUD DXWRPDWLTXHPHQW FH VLJQDO HW UHSURGXLUD HQ FH PRGH /jRIIUH GX 0HQX SULQFLSDO GDQV OHV ODQJXHV 26' HVW FRPSO WHU HQ PRGH k$9l SDU k7HLQWHl DSSX\H] VXU OHV WRXFKHV kl RX kl SRXU OH U JODJH
)21&7, 21 0$*1þ726&23(
&HWWH W O FRPPDQGH SHXW ûWUH XWLOLV H DYHF FHUWDLQV PDJQ WRVFRSHV GH OD PDUTXH 3DQDVRQLF þWDQW GRQQ TXH FHUWDLQV PDJQ WRVFRSHV RIIUHQW GHV IRQFWLRQV GLII UHQWHV YHXLOOH] YRXV U I UHU DX PRGH G
HPSORL GH O
DSSDUHLO RX FRQVXOWH] OH UHYHQGHXU SRXU YRXV LQIRUPHU
9&5
þWDW GH YHLOOH $SSX\H] VXU PDJQ WRVFRSH SRXU OjDUUûWHU
FHWWH WRXFKH SRXU PHWWUH OH O
WDW GH YHLOOH $SSX\H] QRXYHDX
/HFWXUH $SSX\H] VXU FHWWH WRXFKH SRXU OLUH OD FDVVHWWH GX PDJQ WRVFRSH $UUûW $SSX\H] VXU FHWWH WRXFKH SRXU DUUûWHU OD FDVVHWWH
6DXW GH SODJH $YDQFH UDSLGH 9LVXDOLVDWLRQ 0DJQ WRVFRSH $SSX\H] VXU FHWWH WRXFKH SRXU FRPPDQGHU O
DYDQFH UDSLGH (Q PRGH /HFWXUH DSSX\H] VXU FHWWH WRXFKH SRXU YLVXDOLVHU O
LPDJH HQ PRGH GjDYDQFH UDSLGH
6DXW GH SODJH 5HPERELQDJH UDSLGH 9LVXDOLVDWLRQ 0DJQ WRVFRSH $SSX\H] VXU FHWWH WRXFKH SRXU UHPERELQHU UDSLGH OD EDQGH (Q PRGH /HFWXUH DSSX\H] VXU FHWWH WRXFKH SRXU YLVXDOLVHU OD EDQGH HQ PRGH GH UHPERELQDJH UDSLGH
$UUûW VXU LPDJH $SSX\H] VXU FHWWH WRXFKH HQ PRGH /HFWXUH SRXU REWHQLU O
DUUûW VXU OjLPDJH $SSX\H] GH QRXYHDX SRXU UHSUHQGUH OD OHFWXUH QRUPDOH 2SWLRQ GX SURJUDPPH HQ EDV RX HQ KDXW $SSX\H] SRXU DXJPHQWHU RX GLPLQXHU OD SRVLWLRQ GX SURJUDPPH GX PDJQ WRVFRSH
5(&
(QUHJLVWUHPHQW $SSX\H] VXU FHWWH WRXFKH SRXU HQUHJLVWUHU
', 5(&7 79 5(&
(QUHJLVWUHPHQW GLUHFW $SSX\H] VXU FHWWH WRXFKH SRXU O
HQUHJLVWUHPHQW GLUHFW GX W O YLVHXU &RQGLWLRQV YRLU OD SDJH
)21&7, 21 7þ/þ7(;7(
- /HV IRQFWLRQV GH 7 O WH[WH YDULHQW VHORQ OHV VRFL W V GH UDGLRIIXVLRQ HW QH VRQW GLVSRQLEOHV TXH VL OD FKDñQH V OHFWLRQQ H WUDQVPHW OH 7 O WH[WH - (Q DSSX\DQW VXU OD WRXFKH k)l HQ PRGH 7 O WH[WH OD IRQFWLRQ GH FRQWUDVWH DIILFKH XQH EDUUH GH FRXOHXU EOHXH SXLV DSSX\H] VXU OHV WRXFKHV kl HW kl SRXU PRGLILHU OH U JODJH VHORQ OHV EHVRLQV - (Q DSSX\DQW VXU OHV WRXFKHV kl HW kl HQ PRGH 7 O WH[WH 2XL SHXW PRGLIL VHXOHPHQW 9ROXPH
(Q TXRL FRQVLVWH )/2) )$67(;7 "
(Q PRGH )$67(;7 TXDWUH VXMHW GH FRXOHXU GLII UHQWHV DSSDUDLVVHQW HQ EDV GH Oj FUDQ /HV FRXOHXUV GHV VXMHWV U SRQGHQW DX[ FRXOHXUV GHV WRXFKHV VXU YRWUH W O FRPPDQGH 3RXU REWHQLU OHV LQIRUPDWLRQV VXU OjXQ GH FHV VXMHWV DSSX\H] VXU OD WRXFKH FRORU H FRUUHVSRQGDQWH &HWWH IRQFWLRQ SHUPHW GjREWHQLU UDSLGHPHQW GHV LQIRUPDWLRQV VXU OHV VXMHWV LQGLTX V
797(;7
0RGH 797 OHWH[WH
$SSX\H] VXU OD WRXFKH 797(;7 /D SDJH 7 O WH[WH VjDIILFKH UHYHQLU HQ PRGH 79 Oj FUDQ$SSX\H] QRXYHDX VXU FHWWH WRXFKH SRXU
, 1'(;
, QGH[
$SSX\H] VXU , 1'(; SRXU UHYHQLU VXU OD SDJH GjLQGH[ SULQFLSDO 6HORQ OD IDRQ GRQW OHV LQIRUPDWLRQV VRQW WUDQVPLVHV YRXV GHYUH] SHXWûWUH SUHVVHU SOXV G
XQH IRLV VXU FHWWH WRXFKH SRXU UHYHQLU O
LQGH[ SULQFLSDO
+2/'
0DLQWLHQ GH OD SDJH
$SSX\H] VXU OD WRXFKH +2/' SRXU UHWHQLU OD SDJH 7 O WH[WH ORUV GH OD FRQVXOWDWLRQ GjLQIRUPDWLRQV FRXUDQW VXU SOXVLHXUV SDJHV $SSX\H] GH QRXYHDX SRXU UHYHQLU OD PLVH MRXU DXWRPDWLTXH
$FFHV D OD VRXVSDJH
7, 0( 7(;7
/RUVTXH O
LQIRUPDWLRQ VXU OD SDJH GH W O WH[WH G SDVVH XQH SDJH OH V\VWHPH GH FKDQJHPHQW DXWRPDWLTXH GH OD VRXVSDJH SRXUUD PHWWUH XQ FHUWDLQ WHPSV DYDQW G
DWWHLQGUH OD VRXVSDJH YRXOXH $SSX\H] VXU OD WRXFKH 7, 0( 7(;7 HQ KDXW D JDXFKH GH O
FUDQ V
DIILFKHUD
6 OHFWLRQQH] OH QXP UR GH OD VRXVSDJH YRXOXH 3RXU OD V OHFWLRQ GH OD SDJH HQWUH] 3XLV OH V\VWHPH FKHUFKHUD FHWWH SDJH YRXOXH 3HQGDQW OHV UHFKHUFKHV GH FHWWH SDJH RQ SHXW UHYHQLU HQ PRGH 79 SURJUDPPH HQ DSSX\DQW VXU OD WRXFKH 797(;7 (Q UHQWUDQW HQ PRGH 7(/(7(;7( HW TXDQG OD VRXVSDJH YRXOXH HVW DIILFK H HOOH UHVWH TIILFKHU GHSXLV OD V OHFWLRQ GH OD QRXYHOOH SDJH GH W O WH[WH RX GHSXLV OH FKDQJHPHQW GH OD SRVLWLRQ GX SURJUDPPH 3RXU HIIDFHU OD VRXVSDJH XWLOLVH] O
XQ GHV PR\HQV VXLYDQWV $SSX\H] VXU OD WRXFKH , 1'(; FRQILJXUDWLRQ 6 OHFWLRQQH] XQ QRXYHDX QXP UR GH SDJH GH W O WH[WH &KDQJHU OD SRVLWLRQ GH SURJUDPPH
797(;7
5(9($/
5HYHDO 5 O YHU
3RXU U O YHU OHV PRWV FDFK V SDU H[HPSOH OHV U SRQVHV DX[ TXHVWLRQV GH TXL] RX GH OD GHYLQHWWH YHQWXHOOHPHQW SRXU DIILFKHU GHV FRGHV 9363'&
)7%
3OHLQ +DXW %DVH
/
DIILFKDJH GH O
LQIRUPDWLRQ GX 7 O WH[WH VXU Oj FUDQ
$SSX\H] VXU OD WRXFKH HW OD SDUWLH KDXWH GjDJUDQGLVVHPHQW HVW DIILFK H $SSX\H] QRXYHDX SRXU O
DIILFKDJH GH OD SDUWLH EDVH DXVVL GjDJUDQGLVVHPHQW 3RXU UHYHQLU HQ PRGH QRUPDO )8//SOHLQ DSSX\H] QRXYHDX VXU OD WRXFKH
6 OHFWLRQ GHV SDJHV
/HV SDJHV SHXYHQW ûWUH V OHFWLRQQ HV GH GHX[ PDQLýUH D DSSX\H] VXU OHV WRXFKHV GH GHILOHPHQW SRXU DFFURñWUH RX G FURñWUH OH QXP UR GH SDJH G
XQLW IRLV E HQ HQWUDQW OH QXP UR GH SDJH OjDLGH GHV WRXFKHV GH W O FRPPDQGH OD
7RXFKHV URXJH YHUWH MDXQH EOHX
(Q PRGH )$67(;7 FHV GHUQLýUHV FRUUHVSRQGHQW DX[ GLII UHQWV VXMHWV GH FRXOHXU
6RUWLH
$SSX\H] VXU OD WRXFKH k1l SRXU UHYHQLU HQ PRGH 79 QRUPDO
$55$1*(0(17 '(6 352*5$00(6
$SUýV OH U JODJH DXWRPDWLTXH 5HFKHUFKH DXWR OHV SURJUDPPHV VRQW P PRULV V GDQV OH P PRLUH GX W O YLVHXU VHORQ OH SD\V HW OHV ODQJXHV 26' HW VHORQ OHV LQIRUPDWLRQV GH O
PHWWHXU SDUWLFXOLHU 3OXWÎW LOV VRQW P PRULV V SDU OjRUGUH DVFHQGDQW GHV SRVLWLRQV GHV SURJUDPPHV
- WRXV OHV SURJUDPPHV DYHF OH QRP WURXY V VHORQ OH WDEOHDX HW SXLV - OHV SURJUDPPHV DYHF OH QRP TXH OH WDEOHDX QH FRQWLHQW SDV SDU RUGUH DVFHQGDQW GHV SRVLWLRQV GX SURJUDPPH HW SXLV - OHV SURJUDPPHV DYHF OH QRP QRQ LGHQWLIL SDU RUGUH DVFHQGDQW VHORQ OHV SRVLWLRQV GX SURJUDPPH
25'(5 )5$1&( (63$*1(
7) )5 )5 /$
79( 79
3RXU OHV DXWUHV SD\V HXURS HQV OHV SURJUDPPHV VRQW DUUDQJ V HW P PRULV V GDQV OH P PRLUH GX W O YLVHXU VHORQ OHXU U JODJH
&211(;, 21 $8', 29, '(2 (;7(51(
/H FRQQHFWHXU DUULýUH $9 6&$57 EURFKHV HW OHV FRQQHFWHXUV IURQWDOV 5&$
(QWU HV DXGLRYLGHR $9 VRQW G WHUPLQ HV SRXU OH UDFFRUGHPHQW GX PDJQ WRVFRSH GX U FHSWHXU VDWHOOLWH HW SRXU OHV DXWUHV TXLSHPHQWV DXGLRYLVXHOV FRPSDWLEOHV
(QWU HVRUWLH DUULýUH GX FRQQHFWHXU $9 6&$57 3DQQHDX IURQWDO $9
& EOH 6&$57 -DFN G
HQWU H GX PDJQ WRVFRSH 9
0DJQ WRVFRSH
-DFN SRXU O
HQWU H GX VRQ /5
6RUWLH GH MDFN SRXU FDVTXHV
& EOH GH PDJQ WRVFRSH 5&$
F EOHV DXGLR 5&$
0DJQ WRVFRSH
5 FHSWHXU VDWHOOLWH
&DP VFRSH
&DVTXH DYHF ILFKH MDFN PP
&DP VFRSH
&RQVROH GH MHXRUGLQDWHXU 59%
1 %URFKDJH GHV SULVHV 6&$57 3(5, 7(/
3ULVH 6&$57 EURFKHV $9
&RQQHFWHXU GH PDVVH 6RUWLH &9%6 YLG R 0DVVH &9%6 (QWU H GX VLJQDO 5 0DVVH GX VLJQDOH 5 (QWU H GX VLJQDOH * 0DVVH GX VLJQDOH * (QWU H GX VLJQDOH % 0DVVH GX VLJQDOH % 6RUWLH DXGLR JDXFKH 6RUWLH DXGLR GURLWH (QWU H &9%6 YLG R 0DVVH WDW 59% (WDW 59% 0DVVH 4/LQN 6LJQDO &9%6 YLG R (QWU H DXGLR JDXFKH 0DVVH DXGLR (QWU H DXGLR GURLWH
/HV HQWU HV DG TXDWHV SRXU $9 LQFOXHQW 59% URXJHYHUWEOHX 1RWHV /HV TXLSHPHQWV DX[LOLDLUHV HW OHV F EOHV UHSU VHQW V QH VRQW SDV IRXUQLV DYHF OH W O YLVHXU 1H EUDQFKH] SDV GjRUGLQDWHXU PXQL GjXQH VRUWLH 77/ 9 VXU FH W O YLVHXU (Q FDV GX EURFKDJH GH FDVTXH OH UHSURGXFWHXU HQ W O YLVHXU HVW G EUDQFK 1H EUDQFKH] SDV HQ PûPH WHPSV OHV HQWU HV $9 HQ IDDGH HW OjDUULýUH GX W O YLVHXU OHV VLJQDOV DXGLR HW YLG R SHXYHQW VH P ODQJHU
', $*1267, & '(6 3$11(6
6\PSWÎPHV
, PDJH 6RQ
9 ULILH]
/D SRVLWLRQ O
RULHQWDWLRQ OH UDFFRUGHPHQW GH OjDQWHQQH , PDJH QHLJHXVH 6RQ GLVFRUGDQW
/D SRVLWLRQ O
RULHQWDWLRQ OH UDFFRUGHPHQW GH OjDQWHQQH , PDJH G PXOWLSOL H 6RQ QRUPDO /D SUR[LPLW G
DSSDUHLOV OHFWURP QDJHUV GHV YRLWXUHVPRWRF\FOHWWHV G
FODLUDJHV OXPLQLVFHQWV 3DUDVLWHV 6RQ GLVFRUGDQW 5 JODJH GH YROXPH 6L OD FRXSXUH GX VRQ HVW DFWLY H 6L HOOH HVW V OHFWLRQQ H OD QRUPH FRUUHFWH GH VRQ GDQV OH PHQX 5 JODJH 6&) 6L OH W O YLVHXU Q
HVW SDV HQ PRGH $9 OD SULVH VHFWHXU HVW ELHQ EUDQFK H OH W O YLVHXU HVW DOOXP OHV QLYHDX[ GH VRQ HW GjLPDJH QH VRQW SDV U JO V DX PLQLPXP OH W O YLVHXU Q
HVW SDV Oj WDW GH YHLOOH
, PDJH QRUPDO
3DV GH VRQ
3DV GjLPDJH
3DV GH VRQ
6L OH U JODJH GHV FRXOHXUV QjHVW SDV DX PLQLPXP 3DV GH FRXOHXU 6RQ QRUPDO
5 JODJH OH FDQDO 5 DFFRUGHU OH FDQDO XWLOLVHU OH U JODJH ILQ 0DXYDLVH LPDJH RX GLVWRUVLRQ 6RQ IDLEOH RX SDV GH VRQ /
LQIOXHQFH HW OD SRUW H G
XQ TXLSHPHQW QRQ EOLQG DYHF XQH LQWHUI UHQFH PDJQ WLTXH G SODFH] OHV U SURGXFWHXUV /H W O YLVHXU D W G SODF DORUV TXjLO WDLW DOOXP O
WHLQGUH SHQGDQW DX PRLQV PLQXWHV
7DFKHV GH FRXOHXU
6RQ QRUPDO
, PDJH QRUPDO
6RQ IDLEOH RX GLVFRUGDQW
/D U FHSWLRQ GX VRQ SHXWûWUH G JUDG H VXELWHPHQW SDU H[HPSOH SDU SHUWXEDWLRQV DWPRVSK ULTXHV 0HWWUH OH U JODJH 03; PHQX 6RQ VXU 0RQR MXVTX
FH TXH OH U FHSWLRQ V
DP OLRUH
, 1)250$7, 216 *(1(5$/(6 3285 87, /, 6$7(856
1 ' SDQQDJH
$YDQW GH IDLUH DSSHO DX U SDUDWHXU G WHUPLQH] OHV V\PSWÎPHV GH OD SDQQH O
DLGH GX JXLGH GH GLDJQRVWLF GH OD SDJH SU F GHQWH 3RXU WRXW G SDQQDJH DGUHVVH]YRXV YRWUH UHYHQGHXU 3DQDVRQLF HQ LQGLTXDQW OH QXP UR GX PRGHO HW OH QXP UR GH V ULH ILJXUDQW O
DUULýUH GX W O YLVHXU
1 0LVH HQ P PRLUH GHV GHUQLýUHV V OHFWLRQV
&HUWDLQHV IRQFWLRQV GLVSRVHQW G
XQH P PRULVDWLRQ GHV GHUQLýUHV V OHFWLRQV FH TXL VLJQLILH TXH OHV U JODJHV DFWLIV DX PRPHQW RÖ OH W O YLVHXU HVW WHLQW VHURQW U WDEOLV TXDQG OH W O YLVHXU VHUD UDOOXP
3URJUDPPH 4/LQN 5 JODJH GH YROXPH $9 9ROXPH 5 JLPH SDUROHPXVLTXH *UDYHV $LJXHV 0RGH GH YHLOOH 3D\V 5 JLPH GH PLVH HQ VHUYLFH 7HLQWH &$76 &RQWUDVWH 1HWWHW /XPLQRVLW &RXOHXU %DODQFH '* (WDW /DQJXHV 26'
1 &RQVROHV GH MHX[ 2UGLQDWHXUV SHUVRQQHOV
/
XWLOLVDWLRQ SURORQJ H GH MHX[ YLG R RX G
RUGLQDWHXUV SHUVRQQHOV SHXW SURYRTXHU XQ PDUTXDJH SHUPDQHQW RPEUHV VXU Oj FUDQ GX W O YLVHXU &HWWH G W ULRUDWLRQ SHUPDQHQWH GX WXEH FDWKRGLTXH SHXW ûWUH OLPLW H HQ UHVSHFWDQW OHV FRQVLJQHV VXLYDQWHV
F 5 GXLVH] OHV U JODJHV GH OXPLQRVLW HW GH FRQWUDVWH DX PLQLPXP F 1H ODLVVH] SDV YRWUH W O YLVHXU DOOXP GH PDQLýUH FRQWLQXH ORUVTXH YRXV O
XWLOLVH] DYHF XQH FRQVROH GH MHX YLG R RX XQ RUGLQDWHXU SHUVRQQHO F &HWWH G WHULRUDWLRQ GX WXEH FDWKRGLTXH Q
HVW SDV GXH XQ G IDXW GH IRQFWLRQQHPHQW HW HOOH QH WRPEH GRQF SDV VRXV OD JDUDQWLH 3DQDVRQLF
1 0LVH HQ YHLOOH DXWRPDWLTXH 6/((3
6L OH W O YLVHXU Q
HVW SDV WHLQW ORUVTXH OD FKDñQH GH W O YLVLRQ FHVVH G
PHWWUH OH PRGH GH YHLOOH V
HFOHQFKHUD DXWRPDWLTXHPHQW DSUýV PLQXWHV &HWWH IRQFWLRQ Q
HVW SDV GLVSRQLEOH ORUVTXH OH W O YLVHXU HVW HQ PRGH $9
&$5$&7þ5, 67, 48(6
0RGýOH
$OLPHQWDWLRQ OHFWULTXH &RQVRPPDWLRQ &RQVRPPDWLRQ HQ DWWHQWH 7XEH LPDJH 'LDJRQDOH YLVLEOH 6RUWLH DXGLR PXVLTXH 'LPHQVLRQV 3RLGV NJ + / 3
7;&. )
9 DF +] : : FP [ : 506 [ : 032 LPS GDQFH W PP PP PP NJ
3$/ %* 3$/ 6(&$0 %* 6(&$0 //
9+) ( ( 9+) + + , 7$/, $ 9+) $ + , 7$/, $ 8+) ( ( 6\VWýPHV GH U FHSWLRQQRP GH &$79 6 6 &$79 6 6 0 0 EDQGH &$79 6 6 8 8 &$79 6 6 +\SHUEDQG 0176& /HFWXUH GH PDJQ WRVFRSH 9&5 176& 0+] 176& (QWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRFVRSH 9&5 176& 3RVLWLRQV GH SURJUDPPH $QWHQQH DUULýUH &DVTXH DYDQW $9 FRQQHFWHXU DUULýUH $9 FRQQHFWHXU DYDQW 9&5 8+) 9+) PP LPS GDQFH W $9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG RHQWU H 59% 4/LQN $9 DYDQW HQWU H DXGLR VW UHR 5&$ [ HQWU H YLG R 5&$
&HV FDUDFW ULVWLTXHV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV LQGLTX V VRQW DSSUR[LPDWLIV
&6 [. . . ] [. . . ]