Panasonic TX32PX10DM Operating instrustions

VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
7 O YLVHXU FRXOHXU
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
0RGH G HPSORL
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
)UDQ˜DLV
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
74%('0
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLF
7;3;'0
7;3;'0
%,(19(18(
&KHU FOLHQW 3DQDVRQLF
%LHQYHQXH GDQV OD IDPLOOH GHV XWLOLVDWHXUV GH SURGXLWV 3DQDVRQLF 1RXV HVS URQV TXH FH W O YLVHXU
FRXOHXU YRXV SURFXUHUD GHV DQQ HV GH MRLH &HW DSSDUHLO WDQW H[WUûPHPHQW VRSKLVWLTX QRXV YRXV
UHFRPPDQGRQV GH YRXV UHSRUWHU WRXW G DERUG DX JXLGH GH PLVH HQ URXWH UDSLGH DYDQW GH SUHQGUH
FRQQDLVVDQFH GX PRGH G HPSORL FRPSOHW TXH YRXV GHYUH] FRQVHUYHU VRLJQHXVHPHQW GHV ILQV GH
U I UHQFH XOW ULHXUH
7$%/( '(6 0$7,(5(6
$YHUWLVVHPHQWV HW SU FDXWLRQV 0HQX 5 JODJH 5 JODJH PDQXHO $FFHVVRLUHV /LDLVRQ 4/LQN *XLGH GH PLVH HQ URXWH UDSLGH /DQJXH 26' &RPPDQGHV SULQFLSDOHV 8WLOLVHU OHV PHQXV VXU FUDQ )RQFWLRQ 0DJQ WRVFRSH /HFWHXU GH
YLG RGLVTXH '9'5 $MXVWDJH GX IRUPDW GH O LPDJH )RQFWLRQ 7 O WH[WH )RQFWLRQ 6WLOO &RQQH[LRQV DXGLR YLG R ,PDJH HW 7H[WH 6 OHFWLRQ HW FRQILJXUDWLRQ $9 0HQX ,PDJH )LFKHV IURQWDOHV 0HQX 6RQ 0HQX &RQILJXUDWLRQ %URFKDJH GHV SULVHV 3(5,7(/ HW
69LG R 0HQX 5 JODJH 3ULVHV DUULýUH 0HQX 5 JODJH (GLWLRQ GHV
SURJUDPPHV 'LDJQRVWLF GHV SDQQHV 0HQX 5 JODJH &RQILJXUDWLRQ
DXWRPDWLTXH &DUDFW ULVWLTXHV ,QIRUPDWLRQV JHQHUDOHV $9(57,66(0(176 (7 35þ&$87,216
- &H W O YLVHXU HVW FRQ˜X SRXU IRQFWLRQQHU VXU
XQ U VHDX GH 9 +] $&
- 1 H[SRVH] MDPDLV OH W O YLVHXU OD SOXLH RX
XQH VRXUFH G KXPLGLW H[FHVVLYH GHV FKRFV
OHFWULTXHV RX PûPH XQ ULVTXH G LQFHQGLH
SRXUUDLW HQ U VXOWHU HW HQGRPPDJHU
O DSSDUHLO 1H MDPDLV H[SRVHU FH W O YLVHXU
GHV FODERXVVXUHV RX GHV JRXWWHV G HDX 1H
MDPDLV SRVHU G REMHWV UHPSOLV GH OLTXLGH
FRPPH GHV YDVHV VXU OH W O YLVHXU RX
DXGHVVXV GH FH GHUQLHU
1 $77(17,21 +$87( 7(16,21 1H UHWLUH] MDPDLV OH FRXYHUFOH DUULýUH SRXU QH
SDV ODLVVHU VDQV SURWHFWLRQ OHV SLýFHV VRXV
WHQVLRQ /H W O YLVHXU QH FRQWLHQW DXFXQH SLýFH
LQWHUQH U SDUDEOH SDU O XWLOLVDWHXU
- (YLWH] G H[SRVHU OH W O YLVHXU GLUHFWHPHQW
DX[ UD\RQV GX VROHLO RX WRXWH DXWUH VRXUFH
GH FKDOHXU 3RXU YLWHU OHV ULVTXHV G LQFHQGLH
QH MDPDLV SRVHU XQH ERXJLH RX DXWUH REMHW
FRQWHQDQW XQH IODPPH VXU OH W O YLVHXU RX D
SUR[LPLW GH FH GHUQLHU
- $VVXUH] YRXV XQ DFFýV IDFLOH OD SULVH GX
F EOH G DOLPHQWDWLRQ
- / LQWHUUXSWHXU PDUFKHDUUûW GH FH PRGýOH QH
G FRQQHFWH SDV WRWDOHPHQW OH W O YLVHXU GH
O DOLPHQWDWLRQ VHFWHXU ' EUDQFKH] OD ILFKH GH
OD SULVH PXUDOH VL OH W O YLVHXU QH GRLW SDV ûWUH
XWLOLV SHQGDQW XQH S ULRGH GH WHPSV
SURORQJ H
1 (175(7,(1 '( / þ%þ1,67(5,( (7 '8
78%( &$7+2',48(
' EUDQFKH] OD ILFKH GH OD SULVH PXUDOH 1HWWR\H]
O E QLVWHULH HW OH WXEH FDWKRGLTXH O DLGH G XQ
FKLIIRQ GRX[ O JýUHPHQW KXPLGH HW G XQ
G WHUJHQW QRQ DEUDVLI 1 XWLOLVH] SDV GH SURGXLWV
GH QHWWR\DJH EDVH GH EHQ]RO RX GH S WUROH
0DQLSXOH] O FUDQ GX W O YLVHXU DYHF VRLQ FDU
FHOXLFL SHXW SURGXLUH GH O OHFWULFLW VWDWLTXH
- 8QH YHQWLODWLRQ VXIILVDQWH GRLW ûWUH SU YXH DILQ
G YLWHU XQH YHQWXHOOH G W ULRUDWLRQ GHV
FRPSRVDQWV OHFWURQLTXHV ,O IDXW SU YRLU DX
PRLQV XQ HVSDFH GH FP WRXW DXWRXU GX
W O YLVHXU PûPH VL FHOXLFL HVW SODF GDQV XQ
PHXEOH RX HQWUH GHV WDJýUHV
- ,O HVW LQWHUGLW G HPSûFKHU OD YHQWLODWLRQ HQ
FRXYUDQW OHV JULOOHV G D UDWLRQ DYHF GHV
REMHWV FRPPH MRXUQDX[ QDSSHV RX ULGHDX[
/,48,'$7,21 þ&2/2*,48( '(6
'þ&+(76
1H MHWH] SDV OHV EDWWHULHV OHV HPEDOODJHV HW OHV
YLHX[ DSSDUHLOV DYHF OHV RUGXUHV
P QDJýUHV PDLV WULH] OHV VHORQ OD
O JLVODWLRQ HQ YLJXHXU
1
1 &2162/(6 '( -(8; 25',1$7(856
3(56211(/6
/ XWLOLVDWLRQ SURORQJ H GH MHX[ YLG R RX
G RUGLQDWHXUV SHUVRQQHOV SHXW SURYRTXHU XQ
PDUTXDJH SHUPDQHQW GH O FUDQ G XQ W O YLVHXU
&HWWH G W ULRUDWLRQ SHUPDQHQWH GX WXEH
FDWKRGLTXH SHXW ûWUH OLPLW H HQ UHVSHFWDQW OHV
FRQVLJQHV VXLYDQWHV - 5 GXLVH] OHV U JODJHV GH OXPLQRVLW HW GH
FRQWUDVWH DX PLQLPXP
- 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
- &HWWH G W ULRUDWLRQ GX WXEH FDWKRGLTXH Q HVW
SDV GXH XQ G IDXW GH IRQFWLRQQHPHQW HW HOOH
QH WRPEH GRQF SDV VRXV OD JDUDQWLH
3DQDVRQLF
1 0,6( (1 9(,//( $8720$7,48(
6L OH W O YLVHXU Q HVW SDV WHLQW ORUVTXH OD FKDñQH
GH W O YLVLRQ FHVVH G PHWWUH OH PRGH GH YHLOOH
V HQFOHQFKHUD DXWRPDWLTXHPHQW DSUýV PLQXWHV &HWWH IRQFWLRQ Q HVW SDV GLVSRQLEOH
ORUVTXH OH W O YLVHXU HVW HQ PRGH $9
$&&(662,5(6
9 ULILH] TXH YRXV GLVSRVH] ELHQ GHV DFFHVVRLUHV VXLYDQWV
T
0RGH G HPSORL
*DUDQWLF 3DQ (XURS HQQH
3LOHV SRXU W O FRPPDQGH
[ 5 80
7 O FRPPDQGH (85$
3LOHV SRXU W O FRPPDQGH
$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
- 1 XWLOLVH] SDV GH SLOHV GH W\SHV
GLII UHQWV S H[ GHV SLOHV DOFDOLQHV HW DX
PDQJDQýVH HW Q XWLOLVH] SDV GH SLOHV
UHFKDUJHDEOHV 1L&G 1L0+ -
*8,'( '( 0,6( (1 5287( 5$3,'(
5DFFRUGH] O DQWHQQH HW EUDQFKH] O TXLSHPHQW DX[LOLDLUH
5 FHSWHXU VDWHOOLWH
$9
$9
28
$9
9&5'9'5
$9
9 ULILH] G DERUG TXH OH PDJQ WRVFRSH HVW
HQ PRGH YHLOOH
%UDQFKH] OH W O YLVHXU HW DOOXPH]OH
*8,'( '( 0,6( (1 5287( 5$3,'(
6 OHFWLRQQH] OH SD\V GH
YRWUH FKRL[
$SSX\H] VXU OH ERXWRQ
URXJH
/D FRQILJXUDWLRQ DXWRPDWLTXH YD
FRPPHQFHU OHV FKDñQHV VRQW LGHQWLIL HV HW
P PRULV HV
6L XQ PDJQ WRVFRSH FRPSDWLEOH HVW
EUDQFK OD SULVH $9 OHV SDUDPýWUHV GH
U JODJH GHV FKDñQHV VHURQW FRSL V VXU OH
PDJQ WRVFRSH YLD OD OLDLVRQ 4/LQN
9RLU SDJH 6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH OD WHFKQRORJLH 4/LQN YRXV SRXYH]
PDLQWHQDQW O DOOXPHU /HV SDUDPýWUHV GH U JODJH FRUUHVSRQGURQW FHX[ GX W O YLVHXU
6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH OD WHFKQRORJLH 1(;79,(:/,1.
YRXV GHYUH] ODQFHU OH W O FKDUJHPHQW PDQXHOOHPHQW
5HSRUWH]YRXV DX PRGH G HPSORL GX PDJQ WRVFRSH SRXU OHV G WDLOV
- 6L OH PDJQ WRVFRSH Q D SDV DFFHSW OHV GRQQ HV W O G FKDUJ HV GX W O YLVHXU YRXV GHYUH]
SHXWûWUH V OHFWLRQQHU O RSWLRQ 7 O FKDUJHPHQW GX PHQX GX PDJQ WRVFRSH
- 6L OD OLDLVRQ 4/LQN QH IRQFWLRQQH SDV FRUUHFWHPHQW Y ULILH] OH UDFFRUGHPHQW OD SULVH $9
GX W O YLVHXU Y ULILH] TXH OH F EOH 3(5,7(/ XWLOLV HVW GX W\SH GLW € )XOO IXQFWLRQ  HW TXH OH
PDJQ WRVFRSH HVW FRPSDWLEOH OD WHFKQRORJLH 4/LQN 1(;79,(:/,1. RX XQH
WHFKQRORJLH TXLYDOHQWH 9HXLOOH] YRXV UHQVHLJQHU DXSUýV GH YRWUH UHYHQGHXU SRXU OHV G WDLOV
- 3RXU SOXV G LQIRUPDWLRQ VXU OD OLDLVRQ 4/LQN HW O TXLSHPHQW GH FRQQH[LRQ UHSRUWH]YRXV DX[
SDJHV HW ,O HVW UHFRPPDQG GH U JOHU OHV FRPPDQGHV GH O LPDJH VXU OHV QLYHDX[ GH YLVXDOLVDWLRQ
VWDQGDUG GýV TXH OD SURF GXUH $73 HVW WHUPLQ H 3RXU FH IDLUH DSSX\H] VXU OH ERXWRQ k1l
VLWX VRXV OH YROHW GH OD W O FRPPDQGH
1
*8,'( '( 0,6( (1 5287( 5$3,'(
8QH O JýUH LQFOLQDLVRQ GH O LPDJH SHXW ûWUH YLVLEOH RX GHV W FKHV FRORU HV SHXYHQW SDUIRLV
DSSDUDñWUH GDQV OHV FRLQV GH O FUDQ SXUHW GHV FRXOHXUV 9RXV SRXYH] XWLOLVHU OD IRQFWLRQ
GH FRUUHFWLRQ J RPDJQ WLTXH SRXU OLPLQHU FHV G IDXWV VL Q FHVVDLUH
$VVXUH]YRXV WRXW G DERUG TXH OHV SURF GXUHV GH W O FKDUJHPHQW $73 HW 4/LQN VRQW
WHUPLQ HV
/ FUDQ QH GRLW DIILFKHU DXFXQ PHQX
(Q XWLOLVDQW OHV WRXFKHV GH OD W O FRPPDQGH LQGLTX HV DFF GH] O RSWLRQ GH PHQX
5 JODJH * RPDJQ WLTXH HW VXLYH] OD SURF GXUH FLGHVVRXV RX ELHQ SRXU DYRLU XQH
H[SOLFDWLRQ FRPSOýWH GX V\VWýPH GH PHQXV O FUDQ YRLU SDJH 6(7 83
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH] O RSWLRQ 5 JODJH * RPDJQ WLTXH
$FF GH] DX PHQX 5 JODJH * RPDJQ WLTXH
5 JOH] O DQJOH GH O LPDJH VL Q FHVVDLUH
$SSX\H] VXU OH ERXWRQ 79$9 SRXU TXLWWHU OH PHQX 6(783
79$9
/D IRQFWLRQ 5 JODJH * RPDJQ WLTXH HVW DFFHVVLEOH GH OD ID˜DGH GH OD
W O YLVLRQ
$SSX\H] LFL SXLV UHO FKH] SRXU RXYULU OH YROHW
$SSX\H] GH PDQLýUH U S W H VXU OD WRXFKH ) MXVTX DIILFKDJH GH OD IRQFWLRQ
GH FRUUHFWLRQ J RPDJQ WLTXH
)
$SSX\H] GH PDQLýUH U S W H VXU OHV WRXFKHV kl RX k l MXVTX FH TXH
O LPDJH VRLW KRUL]RQWDOH
$SSX\H] QRXYHDX VXU OD WRXFKH ) SRXU UHWRXUQHU HQ PRGH GH YLVXDOLVDWLRQ
QRUPDO
5HIHUPH] OH YROHW SRXU SU YHQLU WRXW GRPPDJH
Y
)
9RXV SRXYH] SU VHQW UHJDUGHU QRUPDOHPHQW YRV PLVVLRQV
/H FXUVHXU YRXV SHUPHW GH U JOHU OHV GHX[ IRQFWLRQV
GH EDVH
&KDQJHPHQW GH FKDñQH
5 JODJH GX YROXPH
&200$1'(6 35,1&,3$/(6 )$—$'( (7 7þ/þ&200$1'(
$OLPHQWDWLRQ
6(&7(85 ERXWRQ
0DUFKH$UUûW
7 PRLQ URXJH G WDW GH YHLOOH 8WLOLVH] OH
3ULVHV DXGLRYLG R 5&$
ERXWRQ 9HLOOH RX OHV WRXFKHV SRXU
SDJH DOOXPHU OH W O YLVHXU
675 P PRULVDWLRQ QRUPDOLV H 3HUPHW GH
3ULVH 69+6 SDJH P PRULVHU OHV SDUDPýWUHV GH U JODJH GHV
3ULVH
FDVTXH
SDJH IRQFWLRQV
) V OHFWLRQ GHV IRQFWLRQV &RPPXWDWHXU 79$9 SDJH $IILFKDJH GHV IRQFWLRQV VXU O FUDQ XWLOLVHU GH $XJPHQWH RX GLPLQXH OD SRVLWLRQ GH
ID˜RQ U S W H SRXU V OHFWLRQQHU OHV IRQFWLRQV SURJUDPPH G XQH XQLW /RUVTX XQH IRQFWLRQ
9ROXPH &RQWUDVWH /XPLQRVLW &RXOHXU HVW G M DIILFK H DSSX\H] SRXU DXJPHQWHU
1HWWHW 7HLQWH HQ PRGH 176& *UDYHV RX GLPLQXHU G XQH XQLW OD IRQFWLRQ
$LJXùV %DODQFH HW PRGH &RQILJXUDWLRQ HW V OHFWLRQQ H
&RUUHFWLRQ J RPDJQ WLTXH
7RXFKH 0$5&+($55ú7 G WDW
&RXSXUH GX VRQ
GH YHLOOH
0LVH O WDW GH YHLOOH GX
&XUVHXUV SHUPHWWDQW OHV
W O YLVHXU
V OHFWLRQV HW U JODJHV
7RXFKHV GH PHQX
3RXU DFF GHU DX[ PHQXV ,PDJH
6 OHFWLRQ HQWUH PRGHV
6RQ HW &RQILJXUDWLRQ SDJH W O YLVHXU HW HQWU H
$XGLR9LG R SDJH 7RXFKH (WDW
$SSX\H] SRXU REWHQLU O DIILFKDJH
7RXFKHV GH FRXOHXU SRXU
GH OD SRVLWLRQ GX SURJUDPPH GX
IRQFWLRQV þGLWLRQ GHV
QRP GX SURJUDPPH GX QXP UR
SURJUDPPHV SDJH GH FDQDO GX V\VWýPH 79 GH
)RQFWLRQV 7 O WH[WH SDJH O KHXUH GX PRGH VW U R HW GX
6 OHFWLRQ $9 SDJH WDEOHDX GH SURJUDPPHV
7RXFKHV 7 O WH[WH SDJH 7RXFKHV GH FKDQJHPHQW GH
SURJUDPPHFKDñQH HW
7RXFKH (QUHJLVWUHPHQW 79 GLUHFW
WRXFKH 7 O WH[WH SDJH SDJH 7RXFKH 0DUFKH$UUûW G HIIHW
6 OHFWLRQ GHV FKDñQHV GHX[
$PELDQFH
FKLIIUHV O DLGH GHV
7RXFKH GH FRPPDQGH $VSHFW
WRXFKHV QXP ULTXHV
SDJH $SSX\H] VXU OH ERXWRQ & HW
SRXU OH FKRL[ GLUHFW GX
$FFýV GLUHFW DX[ FDQDX[ SHQGDQW
FDQDO GDQV OH K\SHUEDQG
O XWLOLVDWLRQ QRUPDOH GX W O YLVHXU
RX SDUWLU GHV PHQXV 5 JODJH
(GLWLRQ GH SURJUDPPH RX
7RXFKHV PDJQ WRVFRSH &RQILJXUDWLRQ PDQXHOOH DSSX\H]
/HFWHXU GH GLVTXHV '9'5
HW HQWUH] OH FDQDO YRXOX O DLGH
SDJH GHV WRXFKHV QXP ULTXHV
7RXFKH +HOS $LGH /D WRXFKH 1 UDSSHOOH OHV U JODJHV
' PRQVWUDWLRQ GX
P PRULV V DYHF OD WRXFKH GH
IRQFWLRQQHPHQW GHV PHQXV VXU
P PRULVDWLRQ 675 P PRULVDWLRQ
FUDQ
QRUPDOLV H
87,/,6(5 /(6 0(186 685 (&5$1
&H W O YLVHXU HVW TXLS G XQ V\VWýPH YROX GH PHQXV DIILFKDJH VXU FUDQ
TXL YRXV SHUPHWWHQW G DFF GHU DX[ U JODJHV HW DX[ RSWLRQV
&HUWDLQHV RSWLRQV FRPPH &RQWUDVWH /XPLQRVLW &RXOHXU HW 1HWWHW SHUPHWWHQW G DXJPHQWHU
RX GH U GXLUH OH QLYHDX
&HUWDLQHV RSWLRQV FRPPH O RSWLRQ 0LQXWHULH YHLOOH YRXV GHPDQGHQW GH IDLUH XQ FKRL[
&HUWDLQHV RSWLRQV FRPPH OH PHQX &RQILJXUDWLRQ FRQGXLVHQW XQ DXWUH PHQX
/HV WRXFKHV ,0$*( 621 HW &21),*85$7,21 VRQW XWLOLV HV SRXU 3,&785( 6281' 6(7 83
RXYULU OHV PHQXV SULQFLSDX[ HW SRXU UHYHQLU DX PHQX SU F GHQW
/HV WRXFKHV GH FXUVHXU KDXW HW EDV SHUPHWWHQW GH G SODFHU OH FXUVHXU
YHUWLFDOHPHQW VXU OHV PHQXV
/HV FXUVHXUV JDXFKH HW GURLW SHUPHWWHQW G DFF GHU DX[ PHQXV
G DMXVWHU OHV QLYHDX[ RX GH V OHFWLRQQHU OHV GLII UHQWHV RSWLRQV
675
/D WRXFKH 675 SHUPHW GH P PRULVHU OHV SDUDPýWUHV DSUýV DYRLU
HIIHFWX XQ U JODJH RX U JO O WDW G XQH RSWLRQ
79$9
/D WRXFKH 79$9 SHUPHW GH VRUWLU GX V\VWýPH GH PHQX HW GH UHYHQLU
O FUDQ 79 QRUPDO
8QH IHQûWUH G DLGH O FUDQ HVW DIILFK H FKDTXH IRLV TX XQ PHQX DSSDUDñW VXU OH W O YLVHXU &HWWH
IHQûWUH G DLGH LQGLTXH OHV WRXFKHV GH OD $,'( / þ&5$1
W O FRPPDQGHV TXL VRQW XWLOLV HV SRXU %RñWH
&KRLVLU
QDYLJXHU GDQV OH PHQX LQGLTX &RQVXOWH] G LQVWUXFWLRQV
5pJOHU
OD GHVFULSWLRQ GHV IRQFWLRQV GHV ERXWRQV LOOXVWU H
FLGHVVXV
6RUWLU
79$9
1RWHV
- 6L OD WRXFKH l+(/3l HVW DFWLRQQ H DORUV
TX XQ PHQX HVW DIILFK OD lERñWH
G LQVWUXFWLRQVl
VHUD
GLVVLPXO H
$SSX\H]
QRXYHDX VXU OD WRXFKH
l+(/3l SRXU DIILFKHU OD lERñWH
G LQVWUXFWLRQVl
- /D IHQûWUH G DLGH Q HVW SDV LOOXVWU H GDQV
OHV LPDJHV GHV PHQXV GH FH JXLGH
XQLTXHPHQW SDU PDQTXH GH SODFH
/H ERXWRQ $,'( +(/3 ODQFH XQH
G PRQVWUDWLRQ GHV PHQXV GLVSRQLEOHV
+(/3
"
$SSX\H] VXU OH ERXWRQ š › HW V OHFWLRQQH]
O XQH GHV RSWLRQV
0LVH HQ P PRLUH GHV GHUQLýUHV
V OHFWLRQV
&HUWDLQHV IRQFWLRQV GLVSRVHQW G XQH
P PRULVDWLRQ GHV GHUQLýUHV V OHFWLRQV
RS U HV 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 ,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS FRXOHXU
315
$,
1RUPDO
1RQ
2XL
0HQX DLGH
&200(17 87,/,6(5 /(6 0(186
/D WRXFKHV 0(18 RXYUH
RX IHUPH OHV PHQXV
3UHVVH] OHV WRXFKHV › š
GH OD WpOpFRPPDQGH SRXU 0(18 79$9
FKRLVLU SHUPL OHV RSWLRQV
3UHVVH] OHV WRXFKHV SRXU OH UpJODJH GHV RSWLRQV
RX
SRXU DFFHGHU DX PHQX FKRLVL
/D WRXFKH 79$9 SHUPHW GH
UHSUHQDUH Oc HPPLVVLRQ 79
&RQQH[LRQ ([WpULHXUH
'pPRQVWUDWLRQ
$FFpGHU
$-867$*( '8 )250$7 '( / ,0$*(
&H W O YLVHXU JUDQG FUDQ YRXV SHUPHW GH UHJDUGHU O LPDJH DX PHLOOHXU IRUPDW
\ FRPSULV OHV LPDJHV JUDQG FUDQ kIRUPDW FLQ PD k
$SSX\H] SOXVLHXUV IRLV VXU OH ERXWRQ $63(&7 SRXU SDVVHU HQWUH OHV VHSW RSWLRQV
G DVSHFW 3DQDVRQLF $XWR þODUJL =RRP =RRP HW =RRP
28
$SSX\H] VXU OH ERXWRQ $63(&7 SXLV XWLOLVH] OH ERXWRQ 528*( RX 9(57 SRXU IDLUH
G ILOHU OHV RSWLRQV G DVSHFW GDQV XQH GLUHFWLRQ RX GDQV O DXWUH
$63(&7
3DQDVRQLF $XWR
3DQDVRQLF $XWR
3DQDVRQLF $XWR G WHUPLQH OH PHLOOHXU UDSSRUW
G DVSHFW XWLOLVHU SRXU DIILFKHU O LPDJH TXH YRXV
UHJDUGH] 8QH SURF GXUH HQ TXDWUH WDSHV HVW
XWLOLV H SRXU G WHUPLQHU VL O LPDJH DIILFK H HVW
XQH LPDJH JUDQG FUDQ
6L 3DQDVRQLF $XGLR G WHFWH XQ VLJQDO JUDQG
!!
FUDQ LO SDVVH HQ PRGH JUDQG FUDQ 6L
3DQDVRQLF $XWR QH G WHFWH SDV XQ VLJQDO JUDQG
FUDQ YRWUH W O YLVHXU RSWLPLVH O LPDJH SRXU OD UHQGUH OD SOXV DJU DEOH SRVVLEOH UHJDUGHU /H
WH[WH DIILFK O FUDQ LQGLTXH FRPPHQW 3DQDVRQLF $XGLR D G FLG GX IRUPDW XWLOLVHU
€ /$5*(  HVW DIILFK O DQJOH VXS ULHXU JDXFKH GH O FUDQ VL XQ VLJQDO G LGHQWLILFDWLRQ JUDQG
FUDQ :66 HVW LGHQWLIL RX VL XQ VLJQDO HVW WURXY VXU XQH ILFKH 3HULW O 3DQDVRQLF $XGLR SDVVH
DORUV HQ PRGH JUDQG FUDQ € 3DQDVRQLF $XGLR  HVW DIILFK O DQJOH VXS ULHXU JDXFKH GH O FUDQ VL XQH EDQGH QRLUH HQ KDXW
HW HQ EDV GH O LPDJH HVW G WHFW H 3DQDVRQLF $XGLR FKRLVLW OH PHLOOHXU IRUPDW HW ODUJLW O LPDJH
SRXU UHPSOLU O FUDQ &H SURFHVVXV SHXW SUHQGUH SOXVLHXUV PLQXWHV VHORQ OHV FRXOHXUV GH O LPDJH
6L YRXV SU I UH] YRXV SRXYH] JDOHPHQW V OHFWLRQQHU O XQ RX O DXWUH GHV PRGHV GLVSRQLEOHV SRXU
DIILFKHU O LPDJH
1RWHV
- 6L HQ PRGH 3DQDVRQLF $XWR OD WDLOOH GH O LPDJH Q HVW SDV VDWLVIDLVDQWH ORUVTXH YRXV SDVVH] GHV
SURJUDPPHV HQ JUDQG FUDQ HQUHJLVWU V VXU YRWUH PDJQ WRVFRSH LO VH SHXW TXH OD FRPPDQGH
$OLJQHPHQW GH YRWUH PDJQ WRVFRSH DLW EHVRLQ G XQ U JODJH FRQVXOWH] OH PDQXHO GH YRWUH PDJQ WRVFRSH - /HV UDSSRUWV G DVSHFW JUDQG FUDQ GHV ILOPV HW SURJUDPPHV GLYHUV SHXYHQW YDULHU 6L OHV YDOHXUV
VRQW VXS ULHXUHV XQH LPDJH VWDQGDUG LO VH SHXW TX XQH EDQGH QRLUH DSSDUDLVVH HQKDXW HW HQ
EDV GH O FUDQ
DIILFKH XQH Y ULWDEOH LPDJH DQDPRUSKRV H VDQV DXFXQH GLVWRUVLRQ
!!
$-867$*( '8 )250$7 '( / ,0$*(
/ FUDQ DIILFKHUD XQH LPDJH DX IRUPDW OHWWHUER[ RX DX IRUPDW VDQV GLVWRUVLRQV GHV
GLPHQVLRQV
!!
þODUJL
8WLOLVH] FH PRGH ORUVTXH YRXV G VLUH] DJUDQGLU
XQH LPDJH SRXU TX HOOH RFFXSH WRXW O FUDQ
DX OLHX GH UHJDUGHU XQH PLVVLRQ DYHF GHV
EDQGHV QRLUHV GH SDUW HW G DXWUH GH O LPDJH / L
PDJH VHUD WLU H KRUL]RQWDOHPHQW SRXU TX H
OOH RFFXSH WRXW O FUDQ /D G IRUPDWLRQ GH O L
PDJH HVW YLVLEOH XQLTXHPHQW DX ERUG GURLW HW
JDXFKH GH O FUDQ
eODUJL
!!
þODUJL
DIILFKH XQH LPDJH DX IRUPDW VWDQGDUG
VDQV GLVWRUVLRQ
!!
=RRP
=RRP DIILFKH GHV LPDJHV € ERñWH DX[ OHWWUHV  GH
IRUPDW RX VDQV GLVWRUVLRQ
=RRP
!!
=RRP $-867$*( '8 )250$7 '( / ,0$*(
=RRP
=RRP
=RRP DIILFKH OHV LPDJHV kERñWH DX[ OHWWUHVl
DQDPRUSKRV HV VXU WRXW O FUDQ VDQV
GLVWRUVLRQ
!!
=RRP =RRP
=RRP DIILFKH OHV LPDJHV ERñWH DX[ OHWWUHV VXU WRXW O FUDQ VDQV GLVWRUVLRQ
DIILFKH O LPDJH VRQ IRUPDW PD[LPDO PDLV
O JýUHPHQW WLU H
=RRP
!!
=RRP )21&7,21 67,// $55ú7 685 ,0$*(
/D WRXFKH 67,// YRXV SHUPHW G HIIHFWXHU XQ DUUûW
VXU LPDJH WRXW PRPHQW
+2/'
67,//
,0$*( (7 7(;7(
$SSX\H] VXU OH ERXWRQ 7þ/þ7(;7( SRXU SDVVHU
GX SURJUDPPH HQ FRXUV DX W O WH[WH HW OD
IRQFWLRQ LPDJH HW WH[WH ,PDJH HW WH[WH YRXV
SHUPHW GH YRLU OH SURJUDPPH HQ FRXUV HW XQH
SDJH GH W O WH[WH FÎWH FÎWH
4XDQG YRXV XWLOLVH] FHWWH IRQFWLRQ OD
W O FRPPDQGH DJLW VXU OD SDJH W O WH[WH 6L YRXV
G VLUH] PRGLILHU OH SURJUDPPH DIILFK DSSX\H]
VXU OH ERXWRQ 7þ/þ7(;7( SRXU UHYHQLU
O DIILFKDJH GX SURJUDPPH VHXO DYDQW GH IDLUH OHV
FKDQJHPHQWV VRXKDLW V
797(;7
0RGH LPDJH HW WH[WH
0RGH 7þ/þ7(;7(
0(18 ,0$*(
&H PHQX YRXV SHUPHW G HIIHFWXHU WRXV OHV U JODJHV GH TXDOLW GH O LPDJH
2XYUH] OH PHQX ,PDJH
3,&785(
,PDJH
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
79$9
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS FRXOHXU
315
$,
675
&RQWUDVWH
$XJPHQWH] RX U GXLVH] OHV QLYHDX[ RX
U JOH] O WDW GHV RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX ,PDJH
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ
675 DSUýV DYRLU U JO XQH IRQFWLRQ
FHWWH YDOHXU HVW HQUHJLVWU H FRPPH
YDOHXU SDU G IDXW HOOH UHPSODFHUD OD
YDOHXU U JO H HQ XVLQH &RQWUDVWH
/XPLQRVLW
&RXOHXU
1HWWHW
1RUPDO
1RQ
2XL
/HV QLYHDX[ GH FRQWUDVWH OXPLQRVLW FRXOHXU HW QHWWHW SHXYHQW ûWUH U JO V
VHORQ YRV SU I UHQFHV
7HLQWH
/H U JODJH GH OD WHLQWH Q DSSDUDñWUD HQ WDQW TX RSWLRQ GH PHQX TXH VL XQH
VRXUFH GH VLJQDO 176& HVW FRQQHFW H DX W O YLVHXU SRXU YRXV SHUPHWWUH GH
U JOHU OD WHLQWH
7HPS FRXOHXU
/H U JODJH G TXLOLEUDJH GHV FRXOHXUV YRXV SHUPHW GH U JOHU OD FRXOHXU
GRPLQDQWH GH O LPDJH
315
315 U GXLW DXWRPDWLTXHPHQW OHV SDUDVLWHV LQG VLUDEOHV
$,
/H U JODJH $, DQDO\VH DXWRPDWLTXHPHQW O LPDJH UH˜XH HW OXL DSSOLTXH XQ
WUDLWHPHQW SRXU DP OLRUHU OH FRQWUDVWH OD SURIRQGHXU GH FKDPS HW OD YLYDFLW
GHV FRXOHXUV
0(18 621
/H PHQX 6RQ YRXV SHUPHW GH U JOHU WRXV OHV DVSHFWV GX VRQ VHORQ YRV
SU I UHQFHV
6281'
2XYUH] OH PHQX 6RQ
6RQ
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX 6RQ
79$9
9ROXPH
*UDYH
$LJX
%DODQFH
(FRXWHXUV
03;
0RGH
$PELHQFH
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ
675 DSUýV DYRLU U JO XQH IRQFWLRQ
FHWWH YDOHXU HVW HQUHJLVWU H FRPPH
YDOHXU SDU G IDXW HOOH UHPSODFHUD OD
YDOHXU U JO H HQ XVLQH 675
9ROXPH
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH] OHV QLYHDX[
RX U JOH] O WDW GHV RSWLRQV
6WHUHR
0XVLTXH
1RQ
9ROXPH
/H U JODJH 9ROXPH YRXV SHUPHW GH U JOHU OH QLYHDX GH YROXPH J Q UDO
*UDYH
/H U JODJH *UDYHV YRXV SHUPHW G DFFHQWXHU OHV IU TXHQFHV OHV SOXV EDVVHV HW
SHXW ûWUH DXJPHQW RX GLPLQX $LJX
/H U JODJH $LJXùV YRXV SHUPHW G DFFHQWXHU OHV IU TXHQFHV OHV SOXV KDXWHV HW
SHXW ûWUH DXJPHQW RX GLPLQX %DODQFH
/D EDODQFH DJLW VXU OHV QLYHDX[ VRQRUHV HQWUH OHV KDXWSDUOHXUV GURLW HW JDXFKH
&HOD SHUPHW GH U JOHU OHV QLYHDX[ VRQRUHV HQWUH OHV KDXWSDUOHXUV HQ IRQFWLRQ
GH OD SRVLWLRQ G FRXWH
(FRXWHXUV
3HXW ûWUH U JO LQG SHQGDPPHQW GHV KDXWSDUOHXUV FH TXL SHUPHW FKDFXQ
G FRXWHU XQ QLYHDX TXL OHXU FRQYLHQW
03;
03; HVW KDELWXHOOHPHQW U JO HQ PRGH 6W U R SRXU RIIULU OD PHLOOHXUH
UHSURGXFWLRQ VRQRUH (Q FDV GH G JUDGDWLRQ GH OD U FHSWLRQ RX
G LQGLVSRQLELOLW GX VHUYLFH QRXV YRXV UHFRPPDQGRQV GH SDVVHU HQ PRGH
0RQR /HV PRGHV 0RQR 0 HW 0 SHXYHQW ûWUH V OHFWLRQQ V VL GHV VLJQDX[
FRUUHVSRQGDQWV VRQW WUDQVPLV
0RGH
/H VRQ SHXW ûWUH DP OLRU GXUDQW OHV PRGHV 0XVLTXH RX 3DUROH HQ
V OHFWLRQQDQW OD IRQFWLRQ DSSURSUL H
$PELDQFH
/ RSWLRQ $PELDQFH IRXUQLW XQH VWLPXODWLRQ G\QDPLTXH TXL VLPXOH O HIIHW GH VRQ
VSDWLDO DP OLRU 0(18 &21),*85$7,21
/H PHQX &RQILJXUDWLRQ YRXV SHUPHW G DFF GHU GLYHUVHV IRQFWLRQV YROX HV
DLQVL TX DX PHQX 5 JODJH
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH] OHV QLYHDX[ RX
U JOH] O WDW GHV RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX &RQILJXUDWLRQ
6RUW$9
79$9
&RQILJXUDWLRQ
6RUW$9
79
7pOpWH[WH
/LVW
0LQXWHULH YHLOOH 1RQ
5HG 6FLQW
0DUFKH
4/LQN
8RL
/DQJXH GH WH[WH 2XHVW
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
2IIUH XQ FKRL[ GH VLJQDX[ HQYR\HU OD ILFKH $9 6FDUW &HWWH V OHFWLRQV RSýUH
HQWUH O FUDQ DFWXHO GX W O YLVHXU OH VLJQDO G HQWU H $9$9$9 RX OH
PRQLWHXU F G O LPDJH DIILFK H O FUDQ
7 O WH[WH
/ RSWLRQ 7 O WH[WH YRXV SHUPHW GH FKRLVLU HQWUH OHV PRGHV 723)/2) RX /,67
SDJH 0LQXWHULH YHLOOH
/D PLQXWHULH GH YHLOOH SHUPHW GH V OHFWLRQQHU O KHXUH GH FRXSXUH GX W O YLVHXU
VXU XQH SODJH GH PLQXWHV LQWHUYDOOHV GH PLQXWHV
5HG6FLQW
4/LQN
9RXV WURXYHUH] QRUPDOHPHQW TX LO HVW SU I UDEOH GH U JOHU OD IRQFWLRQ
5HG6FLQW VXU 0DUFKH SRXU U GXLUH OHV O JHUV PRXYHPHQWV GH O LPDJH ,O HVW
FHSHQGDQW SRVVLEOH TXH OD TXDOLW GH FHUWDLQV SURJUDPPHV VRLW DP OLRU H HQ
V OHFWLRQQDQW OD SRVLWLRQ $UUûW
/D OLDLVRQ 4/LQN YRXV SHUPHW G DFWLYHU RX GH G VDFWLYHU OD FRPPXQLFDWLRQ GH
GRQQQ HV DYHF XQ PDJQ WRVFRSH FRPSDWLEOH SDJH /DQJXH GH WH[WH 6 OHFWLRQQH] OH MHX GH FDUDFWýUHV DILQ G DYRLU WRXV OHV FDUDFWýUHV Q FHVVDLUHV
SRXU OH WH[WH GHV SDJHV W O WH[WHV SDU H[HPSOH FDUDFWýUHV F\ULOOLTXHV HWF
0RGH
/DQJXHV
2XHVW
DQJODLV IUDQ˜DLV DOOHPDQG JUHF LWDOLHQ HVSDJQRO VX GRLV WXUF
(VW
DQJODLV HVWRQLHQ OHWWRQ URXPDLQ UXVVH XNUDLQLHQ OLWXDQLHQ
(VW
WFKýTXH KRQJURLV OHWWRQ SRORQDLV URXPDLQ OLWXDQLHQ
5 JODJH
/H PHQX 5 JODJH YRXV GRQQH DFFýV GH QRPEUHXVHV DXWUHV IRQFWLRQV GRQW
(GLWLRQ GHV SURJUDPPHV )RQFWLRQ $73 5 JODJH ILQ 6\VWýPH GH FRXOHXU HW
9ROXPH SDJH /DQJXHV 26'
/H PHQX /DQJXH 26' YRXV SHUPHW GH FKDQJHU OD ODQJXH XWLOLV H VXU WRXV OHV
PHQXV G FUDQ SDJH * RPDJQ WLTXH 6L YRXV UHPDUTXH] XQ O JHU G V TXLOLEUH GH O LPDJH RX VL O FUDQ FRPSRUWH GHV
]RQHV FRORU HV DX[ DQJOHV XWLOLVH] FHWWH IRQFWLRQ SRXU OHV OLPLQHU 9RLU þWDSH
SDJH *XLGH GH PLVH HQ URXWH UDSLGH 0(18 5þ*/$*(
/H PHQX 5 JODJH YRXV SHUPHW G DFF GHU DX[ PHQXV 5 JODJH PDQXHO 5 JODJH
DXWRPDWLTXH HW 5 JODJH ILQ
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
6RUW$9
79
7pOpWH[WH
/LVW
0LQXWHULH YHLOOH 1RQ
5HG 6FLQW
0DUFKH
4/LQN
8RL
/DQJXH GH WH[WH 2XHVW
5pJODJH
$FFpGHU
/DQJXHV 26'
*pRPDJQpWLTXH
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH] OHV U JODJHV
U JOH] O WDW GHV RSWLRQV RX DFF GH]
XQ DXWUH PHQX
5pJODJH
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU
79$9
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ
675 DSUýV DYRLU U JO XQH IRQFWLRQ
FHWWH YDOHXU HVW HQUHJLVWU H FRPPH
YDOHXU SDU G IDXW HOOH UHPSODFHUD OD
YDOHXU U JO H HQ XVLQH 675
3URJV OHFWLRQ
&RQILJXUDWLRQ
3URJ VpOHFWLRQ
$FFpGHU
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
$XWR
&RUUHFWLRQ YROXPH
'pFRGHXU $9
1RQ
/ DFFýV DX PHQX (GLWLRQ GHV SURJUDPPHV YRXV SHUPHW GH G SODFHU G LQV UHU
G HIIDFHU GH QRPPHU HW GH EORTXHU OHV FKDñQHV HW G DFF GHU DX V\VWýPH 79
SDJH 5HFKHUFKH DXWR /H
PHQX &RQILJXUDWLRQ DXWRPDWLTXH YRXV SHUPHW GH UHFRQILJXUHU
DXWRPDWLTXHPHQW YRWUH W O YLVHXU SDJH 5 JODJH
PDQXHO
/H PHQX 5 JODJH PDQXHO YRXV SHUPHW GH U JOHU PDQXHOOHPHQW OHV SRVLWLRQV
GH SURJUDPPHV LQGLYLGXHOV SDJH 5 JODJH ILQ
6\VWýPH
FRXOHXU
&HWWH RSWLRQ YRXV SHUPHW G HIIHFWXHU OH U JODJH G DFFRUG ILQ GHV FKDñQHV
/H PHQX 6\VWýPH FRXOHXU YRXV SHUPHW GH FKRLVLU OH VWDQGDUG GH WUDQVPLVVLRQ
FRUUHFW
5 JODJH YROXPH 9RXV SHUPHW GH U JOHU OH QLYHDX GH YROXPH GH FKDTXH FKDñQH LQGLYLGXHOOH
' FRGHXU $9 &HWWH RSWLRQ HVW XWLOLV H TXDQG XQ G FRGHXU HVW FRQQHFW YLD $9 /D PHWWUH
O WDW $&7,9þ VL XQ VLJQDO FRG GRLW ûWUH G FRG SDU OH G FRGHXU /D PHWWUH
O WDW G VDFWLY DSUýV O XWLOLVDWLRQ
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
/H PHQX þGLWLRQ GHV SURJUDPPHV YRXV SHUPHW G DMXVWHU OHV U JODJHV GH SRVLWLRQ
GHV SURJUDPPHV
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
$OOH] DX PHQX 5 JODJH
5pJODJH
3URJ VpOHFWLRQ
$FFpGHU
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
$XWR
&RUUHFWLRQ YROXPH
'pFRGHXU $9
1RQ
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] DX PHQX þGLWLRQ GHV
SURJUDPPHV
(QWUH] GDQV OH PHQX þGLWLRQ GHV
SURJUDPPHV
3DVVH] OD SRVLWLRQ GH SURJUDPPH
FKRLVLH SDU H[HPSOH 3URJ (IIHFWXH] OHV FKDQJHPHQWV YRXOXV
UHSRUWH]YRXV DX[ VHFWLRQV VXLYDQWHV
$SSX\H] VXU OD WRXFKH 675 SRXU
P PRULVHU OHV FKDQJHPHQWV
675
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX þGLWLRQ GHV
SURJUDPPHV
79$9
3RXU HIIDFHU XQH SRVLWLRQ GH
SURJUDPPH LQXWLOH
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ
GDQV OD FRORQQH 3URJ
$SSX\H] VXU OD WRXFKH URXJH GH OD
W O FRPPDQGH
$SSX\H] XQH QRXYHOOH IRLV VXU OD
WRXFKH URXJH SRXU YDOLGHU
3URJUDPPH VpOHFWLRQ
3URJ &K
&+
&+
1RP
%ORT
6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
=;<
(IIDFHU ,QVpUHU &KDQJHU 79!9&5
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU DMRXWHU XQH SRVLWLRQ GH
SURJUDPPH
3URJUDPPH VpOHFWLRQ
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ
GDQV OD FRORQQH 3URJ
3URJ &K
$SSX\H] VXU OD WRXFKH YHUWH
$SSX\H] GH QRXYHDX VXU OD WRXFKH
YHUWH SRXU YDOLGHU
&+
&+
1RP
%ORT
6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
=;<
(IIDFHU ,QVpUHU &KDQJHU 79!9&5
&HWWH SRVLWLRQ YLHUJH SHXW PDLQWHQDQW
ûWUH FRQILJXU H QRPP H EORTX H HW
XWLOLV H SRXU OH V\VWýPH GH W O YLVLRQ
GH YRWUH FKRL[
3RXU G SODFHU XQ SURJUDPPH
DXWUH SRVLWLRQ
XQH
3URJUDPPH VpOHFWLRQ
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ
GDQV OD FRORQQH 3URJ
3URJ &K
$SSX\H] VXU OH ERXWRQ MDXQH
&KRLVLVVH] OD QRXYHOOH SRVLWLRQ GH OD
FKDñQH
&+
&+
1RP
%ORT
6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
=;<
(IIDFHU ,QVpUHU &KDQJHU 79!9&5
$SSX\H] QRXYHDX VXU OH ERXWRQ
MDXQH VXU O FUDQ SRXU FRQILUPHU YRWUH
G FLVLRQ
3RXU U JOHU XQH SRVLWLRQ GH
SURJUDPPH
3URJUDPPH VpOHFWLRQ
$OOH] OD FRORQQH &DQDO
$XJPHQWH] RX U GXLVH] OH QXP UR GH
FDQDO RX XWLOLVH] OD WRXFKH & SRXU
O DFFýV GLUHFW DX FDQDO YHQWXHOOHPHQW
OHV WRXFKHV & HW SRXU OH FKRL[
GLUHFW GDQV OH K\SHU EDQGHl
SDJH $SSX\H] VXU 675 SRXU P PRULVHU
3URJ &K
675
&+
&+
1RP
;<=
=;<
%ORT 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU FKDQJHU OH QRP G XQH SRVLWLRQ
GH SURJUDPPH
3RVLWLRQQH]YRXV VXU OH QRP
3URJ &K
6 OHFWLRQQH] OH QRXYHDX SUHPLHU
FDUDFWýUH
3RVLWLRQQH]YRXV VXU OH VHFRQG
FDUDFWýUH
&RQWLQXH] MXVTX DX FKDQJHPHQW
FRPSOHW GX QRP
$SSX\H] VXU 675 SRXU P PRULVHU
%ORT
6\V
;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
=;<
675
3URJUDPPH VpOHFWLRQ
9RXV SRXYH] YHUURXLOOHU XQH FKDñQH
SRXU HPSûFKHU TX RQ \ DFFýGH
3URJ &K
6 OHFWLRQQH] O WDW %ORFDJH DFWLY RX
G VDFWLY
675
$SSX\H] VXU 675 SRXU P PRULVHU
1RWH
4XDQG XQH SRVLWLRQ GH SURJUDPPH HVW EORTX H
O DFFýV GLUHFW DX FDQDO HQ XWLOLVDQW OD WRXFKH & HW OHV
WRXFKHV QXP ULTXHV GH OD W O FRPPDQGH Q HVW SDV
GLVSRQLEOH
3RXU FKDQJHU OH V\VWýPH 79 SRXU
XQH SRVLWLRQ GH SURJUDPPH YRXOXH
9RXV SRXYH] PRGLILHU OH V\VWýPH
DXGLR XWLOLV SRXU XQH FKDñQH
$SSX\H] VXU 675 SRXU P PRULVHU
&+
&+
1RP
$ % & ' ( ) * + , - . / 0 1 2
3 4 5 6 7 8 9 : ; < = 3RXU EORTXHU XQH SRVLWLRQ GH
SURJUDPPH DILQ G HQ LQWHUGLUH
O DFFýV
&KRLVLVVH] OH V\VWýPH YRXOX 6& 3$/ %* 6(&$0 %*
6& 3$/ ,
6& 3$/ '. 6(&$0 '.
) 6(&$0 //
3URJUDPPH VpOHFWLRQ
&+
&+
1RP
;<=
=;<
%ORT 6\V
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
3URJUDPPH VpOHFWLRQ
3URJ &K 1RP %ORT
&+ ;<=
1RQ
1RQ
&+ =;<
1RQ
1RQ
1RQ
6\V
6&
6&
6&
6&
6&
675
0(18 5þ*/$*( þ',7,21 '(6 352*5$00(6
3RXU FRSLHU OHV SDUDPýWUHV GH
SURJUDPPH VXU XQ PDJQ WRVFRSH
$9
FRPSDWLEOH FRQQHFW
$OOH] OD FRORQQH 3URJ
$SSX\H] VXU OH ERXWRQ EOHX GH OD
W O FRPPDQGH
/HV SDUDPýWUHV GX SURJUDPPH VRQW
PDLQWHQDQW WUDQVPLV DX
PDJQ WRVFRSH &HOD SHXW SUHQGUH
TXHOTXHV VHFRQGHV VHORQ OH QRPEUH
GH FKDñQHV P PRULV HV 6L OH PHVVDJH
k4/LQN" 9HULILHU WDW PDJQ WRVFRSHl
DSSDUDñW O FUDQ OH W O YLVHXU Q HVW
SDV HQ PHVXUH GH WUDQVPHWWUH OHV
GRQQ HV GH SURJUDPPH DX
PDJQ WRVFRSH 9HXLOOH] FRQVXOWHU OH
0RGH G HPSORL GX PDJQ WRVFRSH
SRXU SOXV GH G WDLOV
79!9&5 (1 &2856
$77(1'(= 693
3URJUDPP 7pOpFRPPDQGH QRQ GLVSRQLEOH
0(18 5þ*/$*( $73 &21),*85$7,21 $8720$7,48(
/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 G P QDJHPHQW GDQV XQH DXWUH
U JLRQ
2XYUH] OH PHQX &RQILJXUDWLRQ
$OOH] DX PHQX 5 JODJH
6(7 83
$77(17,21
$73 HIIDFHUD OHV GRQQqHV
DFWXHOOHV HW H[HFXWHUD XQ
QRXYHDX UpJODJH
5HYHQLU
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] DX PHQX &RQILJXUDWLRQ DXWR
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ DXWR
$SSX\H] SRXU FRQILUPHU HW
FRPPHQFHU
6 OHFWLRQQH] OH SD\V
$SSX\H] SRXU ODQFHU OD
FRQILJXUDWLRQ DXWRPDWLTXH $73
/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 SDJH 8QH IRLV FHWWH RS UDWLRQ WHUPLQ H
OH W O YLVHXU DIILFKHUD OD SRVLWLRQ
GH SURJUDPPH 'pEXW $73
79$9
6RUWLU
3D\V
'HXWVFKODQG
gVWHUUHLFK
)UDQFH
,WDOLD
(VSDxD
3RUWXJDO
1HGHUODQG
'DQPDUN
6YHULJH
1RUJH
6XRPL
%HOJLXP
6ZHL]
(//$'$
3ROVND
ýHVNi UHSXEOLND
0DJ\DURUV]iJ
((X
&+
$73 (1 &2856
5(&+(5&+( $77(1'(= 693
&+ ;<=
6(783 5HYHQLU DX PHQX FDQDX[
79$9 3RXU VRUWLU
0(18 5þ*/$*( 5þ*/$*( 0$18(/
/H U JODJH PDQXHO GHV SRVLWLRQV GH SURJUDPPHV SHXW V HIIHFWXHU
PHQX VXU FUDQ RX GHV FRPPDQGHV HQ ID˜DGH
0HQX 5 JODJH PDQXHO
2XYUH] OH PHQX &RQILJXUDWLRQ
SDUWLU GX
6(7 83
&+
$OOH] DX PHQX 5 JODJH
6&
(QWUH] GDQV OH PHQX 5 JODJH
5pJODJH PDQXHO
$OOH] 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 675 SRXU
P PRULVHU
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX 5 JODJH PDQXHO
675
79$9
5 JODJH PDQXHO FRPPDQGHV HQ
ID˜DGH
$SSX\H] VXU OD WRXFKH ) )D˜DGH
MXVTX REWHQWLRQ GX PHQX 5 JODJH )
$SSX\H] VXU OD WRXFKH RX Y
$SSX\H] VXU OD WRXFKH 79$9 SRXU
DOWHUQHU HQWUH &KDQJHU SURJUDPPH 5HFKHUFKH RX &KDQJHU V\VWýPH 79
79$9
$SSX\H] VXU RX SRXU FKDQJHU GH Y
SRVLWLRQ GH SURJUDPPH FRPPHQFHU OD
UHFKHUFKH RX FKDQJHU OH V\VWýPH 79
4XDQG OD FKDñQH YRXOXH HVW ORFDOLV H
DSSX\H] VXU 675 SRXU P PRULVHU
675
5 S WH] OD SURF GXUH FLGHVVXV SRXU
DFFRUGHU G DXWUHV SURJUDPPHV RX
DSSX\H] VXU OD WRXFKH ) SRXU VRUWLU
)
&+
5pJODJH PDQXHO IDoDGH
'pEXWHU UHFKHUFKH
79$9 'pSODFHU OH FXUVHXU
675
3RXU PpPR
)
3RXU VRUWLU
675
)
9
79$9
/,$,621 4/,1.
/D OLDLVRQ 4/LQN SHUPHW DX W O YLVHXU GH FRPPXQLTXHU DYHF YRWUH
PDJQ WRVFRSH
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
$OOH] /LDLVRQ 4/LQN
&RQILUPH] TXH OD OLDLVRQ 4/LQN HVW
O WDW kDFWLY l
&RQILJXUDWLRQ
6RUW$9
79
7pOpWH[WH
/LVW
0LQXWHULH YHLOOH 1RQ
5HG 6FLQW
0DUFKH
4/LQN
8RL
/DQJXH GH WH[WH 2XHVW
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
79$9
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU
/H PDJQ WRVFRSH GRLW ûWUH FRQQHFW SDU XQ F EOH 3(5,7(/ W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV HQWUH
OD SULVH $9 GX W O YLVHXU HW OD SULVH FRUUHVSRQGDQWH GX PDJQ WRVFRSH &RQVXOWH] OH PRGH G HPSORL
GX PDJQ WRVFRSH SRXU WRXV UHQVHLJQHPHQWV FRPSO PHQWDLUHV /D OLDLVRQ 4/LQN OD OLDLVRQ
1(;79,(:/,1. RX OHV WHFKQRORJLHV VLPLODLUHV SHUPHWWHQW DX W O YLVHXU GH FRPPDQGHU
XQ
PDJQ WRVFRSH FRPSDWLEOH G HQUHJLVWUHU OH SURJUDPPH UHWUDQVPLV FH PRPHQWO VXU O FUDQ RX
W O YLVHXU TXHOOH TXH VRLW OD SRVLWLRQ GH U JODJH GH SURJUDPPH GX PDJQ WRVFRSH &HOD VLPSOLILH
FRQVLG UDEOHPHQW O HQUHJLVWUHPHQW GHV SURJUDPPHV
3RXU HQUHJLVWUHU O PLVVLRQ TXH YRXV ûWHV HQ WUDLQ GH UHJDUGHU
',5(&7
79 5(&
$SSX\H] VXU OD WRXFKH ',5(&7 79 5(& GH OD W O FRPPDQGH
6L OH PDJQ WRVFRSH HVW WHLQW LO V DOOXPH 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 0DJQpWRVFRSH HQUHJ SURJ SUpUpJOp
0DJQpWRVFRSH HQU VRQ SURSUH WXQHU
/H PDJQ WRVFRSH HQUHJLVWUH OH VLJQDO GH
SURJUDPPH GH VRQ SURSUH WXQHU 9RXV
SRXYH] WHLQGUH OH W O YLVHXU HW ODLVVHU OH
PDJQ WRVFRSH HQUHJLVWUHU GH OD ID˜RQ
QRUPDOH
6RXUFH 79 HQ FRXUV G¶HQUHJLVWUHPHQW
/H PDJQ WRVFRSH HVW HQ WUDLQ G HQUHJLVWUHU
O PLVVLRQ UHWUDQVPLVH SDU OH W O YLVHXU 9RXV QH
GHYH] SDV FKDQJHU OD SRVLWLRQ GH SURJUDPPH
RX WHLQGUH OH W O YLVHXU VL YRXV OH IDLWHV OH
PDJQ WRVFRSH V DUUûWHUD DXWRPDWLTXHPHQW
G HQUHJLVWUHU HW V WHLQGUD
3DV G¶HQUHJ &$66(77( 3527(*((
/D ODQJXHWWH GH SURWHFWLRQ O DUULýUH
GH OD FDVVHWWH YLG R D W HQOHY H
([HPSOHV G DXWUHV PHVVDJHV SRXYDQW ûWUH DIILFK V 3DV G¶HQUHJ &$66(77( 121 ,16(5((
3DV G¶HQUHJ (15(* '(-$ (1 &2856
3DV G¶HQUHJ /(&785( (1 &2856
3DV G¶HQUHJ %$1'( (1'200$*((
(QUHJLVWUHPHQW 9&5 9&5 H[W
3DV G¶HQUHJ $%6(1&( '( 6,*1$/
/,$,621 4/,1.
3RXU O FKDQJH GHV SDUDPýWUHV GH U JODJH
3RXU DVVXUHU GHV HQUHJLVWUHPHQWV YLG R FRUUHFWV OH W O YLVHXU HW OH PDJQ WRVFRSH GRLYHQW SRXYRLU
FKDQJHU GHV LQIRUPDWLRQV VXU OHV SDUDPýWUHV GH U JODJH SDJH - &KDTXH IRLV TXH OD IRQFWLRQ &RQILJXUDWLRQ DXWRPDWLTXH $73 HVW XWLOLV H OHV SDUDPýWUHV GH
U JODJH VRQW WUDQVPLV DX PDJQ WRVFRSH
)RQFWLRQV 0LVH HQ PDUFKH HW $UUûW DXWRPDWLTXHV GX W O YLVHXU
&HV IRQFWLRQV VXSSO PHQWDLUHV VRQW GLVSRQLEOHV DYHF OD OLDLVRQ 4/LQN GH 3DQDVRQLF
- 4XDQG YRXV LQWURGXLVH] XQH FDVVHWWH YLG R GDQV YRWUH PDJQ WRVFRSH HW TXH YRXV DSSX\H] VXU OH
ERXWRQ 0DUFKH GX PDJQ WRVFRSH OH W O YLVHXU VH PHW DXWRPDWLTXHPHQW HQ PDUFKH HW
V OHFWLRQQH O HQWU H $9 SRXU YRXV SHUPHWWUH GH YLVLRQQHU OD YLG R
- 6L YRXV WHLJQH] OH W O YLVHXU DORUV TXH OH PDJQ WRVFRSH HVW HQ PRGH $UUûW $YDQFH UDSLGH RX
5HPERELQDJH OH PDJQ WRVFRSH V DUUûWHUD DXWRPDWLTXHPHQW
3RXU G VDFWLYHU OD OLDLVRQ 4/LQN
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 € ' VDFWLY  2II SDJH 1RWH LPSRUWDQWH 7RXV OHV PDJQ WRVFRSHV Q DFFHSWHQW SDV FH V\VWýPH GH FRPPXQLFDWLRQV GH GRQQ HV &HUWDLQV
PDJQ WRVFRSHV SHXYHQW DFFHSWHU FHUWDLQHV IRQFWLRQV PDLV SDV G DXWUHV &RQVXOWH] OH PRGH
G HPSORL GH YRWUH PDJQ WRVFRSH SRXU YRXV LQIRUPHU
6L OD OLDLVRQ 4/LQN HVW LQRS UDQWH FRPPHQFH] SDU FRQILUPHU TXH OH F EOH 3(5,7(/ XWLOLV HVW ELHQ GX
W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV &RQVXOWH] YRWUH UHYHQGHXU SRXU YRXV LQIRUPHU
/$1*8( 26'
/RUV GH O LQVWDOODWLRQ LQLWLDOH GX W O YLVHXU OD ODQJXH G DIILFKDJH VXU 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'
2XYUH] OH PHQX &RQILJXUDWLRQ
6(7 83
/DQJXH 26'
$OOH] DX PHQX /DQJXHV 26'
(QWUH] GDQV OH PHQX /DQJXHV 26'
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$SSX\H] VXU OD WRXFKH 79$9 SRXU
YDOLGHU YRWUH V OHFWLRQ HW VRUWLU
79$9
'HXWVFK
(QJOLVK
)UDQoDLV
,WDOLDQR
(//+1,.$
ýHãWLQD
5RPkQ
3ROVNL
(VSD RO
1HGHUODQGV
1RUVN
6XRPL
'DQVN
7UNoH
6YHQVND
3RUWXJX V
0DJ\DU
+UYDWVNL
5XVVNLM
%XOJDULDQ
6ORYHQVN\ 6ORYHQVNR
1HPDþNL
)21&7,21 0$*1þ726&23(/(&7(85 '( 9,'þ2',648(6 '9'5
&HWWH W O FRPPDQGH SHXW ûWUH XWLOLV H DYHF FHUWDLQV PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV DX
IRUPDW '9'5 'LJLWDO 9HUVDWLOH 'LVF GH OD PDUTXH 3DQDVRQLF þWDQW GRQQ TXH FHUWDLQV
PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV RIIUHQW GHV IRQFWLRQV GLII UHQWHV YHXLOOH] YRXV U I UHU DX
PRGH G HPSORL GH O DSSDUHLO RX FRQVXOWHU OH UHYHQGHXU SRXU YRXV LQIRUPHU
'9'
9&5
þWDW GH YHLOOH
$SSX\H] VXU FHWWH WRXFKH SRXU PHWWUH OH PDJQ WRVFRSHOHFWHXU GH
YLG RGLVTXHV O WDW GH YHLOOH
$SSX\H] QRXYHDX SRXU O DOOXPHU
7RXFKH PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV '9'5
8WLOLVH] FHWWH WRXFKH SRXU TXH OD W O FRPPDQGH FRPPDQGH OH
PDJQ WRVFRSH RX OH OHFWHXU GH YLG RGLVTXHV
/HFWXUH
$SSX\H] VXU FHWWH WRXFKH SRXU OLUH OD FDVVHWWHOH GLVTXH YLG R
$UUûW
$SSX\H] VXU FHWWH WRXFKH SRXU DUUûWHU OD FDVVHWWHOH GLVTXH YLG R
6DXW GH SODJH $YDQFH UDSLGH 9LVXDOLVDWLRQ
0$*1þ726&23( $SSX\H] VXU FHWWH WRXFKH SRXU FRPPDQGHU O DYDQFH
UDSLGH (Q PRGH /HFWXUH DSSX\H] VXU FHWWH WRXFKH SRXU YLVXDOLVHU O LPDJH
HQ PRGH G DYDQFH UDSLGH
/(&7(85 '9'5 $SSX\H] XQH IRLV VXU FHWWH WRXFKH SRXU VDXWHU OD SODJH
VXLYDQWH (Q PRGH /HFWXUH DSSX\H] GH ID˜RQ FRQWLQXH VXU FHWWH WRXFKH
SRXU YLVXDOLVHU O LPDJH HQ PRGH G DYDQFH UDSLGH
6DXW GH SODJH 5HPERELQDJH UDSLGH 9LVXDOLVDWLRQ
0$*1þ726&23( $SSX\H] VXU FHWWH WRXFKH SRXU UHPERELQHU OD EDQGH
(Q PRGH /HFWXUH DSSX\H] VXU FHWWH WRXFKH SRXU YLVXDOLVHU OD EDQGH HQ
PRGH GH UHPERELQDJH UDSLGH
/(&7(85 '9'5 $SSX\H] XQH IRLV VXU FHWWH WRXFKH SRXU VDXWHU OD
SODJH SU F GHQWH (Q PRGH /HFWXUH DSSX\H] GH ID˜RQ FRQWLQXH VXU FHWWH
WRXFKH SRXU YLVXDOLVHU O LPDJH HQ PRGH UHFXO UDSLGH
$UUûW VXU LPDJH
$SSX\H] VXU FHWWH WRXFKH HQ PRGH /HFWXUH SRXU REWHQLU O DUUûW VXU LPDJH
$SSX\H] GH QRXYHDX SRXU UHSUHQGUH OD OHFWXUH QRUPDOH
' ILOHPHQW
$SSX\H] SRXU DXJPHQWHUGLPLQXHU G XQH XQLW OD SRVLWLRQ GH SURJUDPPH
GX PDJQ WRVFRSH
5(&
(QUHJLVWUHPHQW
$SSX\H] VXU FHWWH WRXFKH SRXU HQUHJLVWUHU
)21&7,21 7þ/þ7(;7(
- /HV IRQFWLRQV GH 7 O WH[WH YDULHQW VHORQ OHV VRFL W V GH UDGLRGLIIXVLRQ HW QH VRQW GLVSRQLEOHV
TXH VL OD FKDñQH V OHFWLRQQ H WUDQVPHW OH 7 O WH[WH
- (Q DSSX\DQW VXU OD WRXFKH ,PDJH HQ PRGH 7 O WH[WH OD IRQFWLRQ GH FRQWUDVWH DIILFKH XQH EDUUH
GH FRXOHXU F\DQ DSSX\H] VXU * SRXU PRGLILHU OH U JODJH VHORQ OHV EHVRLQV
- (Q DSSX\DQW VXU OD WRXFKH &RQILJXUDWLRQ HQ PRGH 7 O WH[WH OHV RSWLRQV GH IRQFWLRQV VS FLDOHV
VRQW DIILFK HV HQ EDV GH O FUDQ
- $SSX\H] OH ERXWRQ 6RXQG HQ PRGH 7HOHWH[W SRXU DIILFKHU OHV IRQFWLRQV GH YROXPH VRXV IRUPH
GH EDUUH YHUWH $SSX\H] VXU * SRXU HIIHFWXHU OHV U JODJHV UHTXLV
(Q TXRL FRQVLVWH OH PRGH )/2) " (Q PRGH )/2) TXDWUH VXMHWV GH FRXOHXUV GLII UHQWHV
DSSDUDLVVHQW HQ EDV GH O LPDJH 3RXU REWHQLU SOXV G LQIRUPDWLRQ VXU O XQ GH FHV VXMHWV DSSX\H] VXU OH
ERXWRQ FRORU FRUUHVSRQGDQW &HWWH IRQFWLRQ SHUPHW G REWHQLU UDSLGHPHQW GHV LQIRUPDWLRQV VXU OHV
VXMHWV LQGLTX V
(Q TXRL FRQVLVWH OH PRGH /,67 /,67( " (Q PRGH /,67 TXDWUH QXP URV GH SDJH GH
FRXOHXUV GLII UHQWHV DSSDUDLVVHQW HQ EDV GH O FUDQ &KDFXQ GH FHV QXP URV SHXW ûWUH FKDQJ HW
HQUHJLVWU GDQV OD P PRLUH GX W O YLVHXU
(Q TXRL FRQVLVWH OH PRGH )$67(;7 7(;7( 5$3,'( " (Q PRGH )$67(;7 TXDWUH VXMHWV
GH FRXOHXUV GLII UHQWHV DSSDUDLVVHQW HQ EDV GH O LPDJH 3RXU REWHQLU SOXV G LQIRUPDWLRQ VXU O XQ GH
FHV VXMHWV DSSX\H] VXU OH ERXWRQ FRORU FRUUHVSRQGDQW &HWWH IRQFWLRQSHUPHW G REWHQLU UDSLGHPHQW
GHV LQIRUPDWLRQV VXU OHV VXMHWV LQGLTX V
(Q TXRL FRQVLVWH OH PRGH 723 7 O WH[WH " /D IRQFWLRQ 7RS 7 O WH[WH UHQG OD V OHFWLRQ GHV
SDJHV GH 7 O WH[WH YRXOXHV SOXV IDFLOH HW SOXV UDSLGH (Q IDLW O DFFýV DX[ SDJHV HVW LQVWDQWDQ DSSX\H] VXU OH ERXWRQ HW OD SDJH DSSDUDñW
&RPPHQW IRQFWLRQQH FHWWH RSWLRQ " / RSWLRQ 723 7 O WH[WH XWLOLVH TXDWUH WRXFKHV FRORU HV
URXJH YHUWH MDXQH HW EOHXH SRXU V OHFWLRQQHU OHV LQIRUPDWLRQV VXLYDQWHV
- 3RXU YRXV G SODFHU G XQH FDW JRULH GH VSHFWDFOH XQH DXWUH 63257 SDU H[HPSOH XWLOLVH] OD
WRXFKH EOHXH 8QH IRLV O LQW ULHXU GH OD FDW JRULH 63257 YRXV SRXYH] V OHFWLRQQHU GHV DFWLYLW V
GLII UHQWHV WHOOHV TXH OH WHQQLV OH IRRWEDOO OH EDVNHWEDOO HWF HQ XWLOLVDQW OD WRXFKH MDXQH 4XDQG OD
GHUQLýUH DFWLYLW GH OD FDW JRULH HVW DWWHLQWH OD WRXFKH MDXQH YRXV IDLW SDVVHU OD FDW JRULH GH
VSHFWDFOH VXLYDQWH
- /D WRXFKH YHUWH V OHFWLRQQHUD OD SDJH VXLYDQWH YHUV OH +$87
- /D WRXFKH URXJH V OHFWLRQQHUD OD SDJH VXLYDQWH YHUV OH %$6
4XHOV VRQW OHV DYDQWDJHV "
- 6 OHFWLRQ GH OD SDJH DX VLPSOH WRXFKHU G XQ ERXWRQ
- 6 OHFWLRQ IDFLOH WDSH SDU WDSH GDQV OHV FDW JRULHV G DFWLYLW V YRXOXHV
- 5 GXFWLRQ GX WHPSV G DWWHQWH
- 6L YRXV HQWUH] XQ QXP UR GH SDJH QRQ H[LVWDQW XQ SRLQW G LQWHUURJDWLRQ DSSDUDñW HQ EDV GHO FUDQ
- /D OLJQH G WDW HQ EDV GH O FUDQ YRXV LQGLTXH WRXMRXUV TXHO ERXWRQ YRXV FRQGXLUD O LQIRUPDWLRQ
VRXKDLW H
797(;7
0RGH 797 O WH[WH
$SSX\H] VXU OH ERXWRQ 7þ/þ7(;7( SRXU SDVVHU GX SURJUDPPH HQ
FRXUV DX W O WH[WH HW OD IRQFWLRQ LPDJH HW WH[WH ,PDJH HW WH[WH YRXV
SHUPHW GH YRLU OH SURJUDPPH HQ FRXUV HW XQH SDJH GH W O WH[WH FÎWH
FÎWH YRLU SDJH 6 OHFWLRQ GHV SDJHV
/HV SDJHV SHXYHQW ûWUH V OHFWLRQQ HV GH GHX[ PDQLýUHV D $SSX\H] VXU OHV WRXFKHV GH G ILOHPHQW SRXU DFFURñWUH RX G FURñWUH OH
QXP UR GH SDJH G XQH XQLW OD IRLV
E (Q HQWUDQW OH QXP UR GH SDJH O DLGH GHV WRXFKHV GH OD
W O FRPPDQGH
)21&7,21 7þ/þ7(;7(
,O Q HVW SDV SRVVLEOH GH FKDQJHU OD SRVLWLRQ GX SURJUDPPH HQ PRGH )ODVK G LQIRUPDWLRQV 0LVH MRXU
RX $FFýV DX[ VRXVSDJHV
3OHLQ +DXW %DV
6(7 83
$SSX\H] VXU OD WRXFKH &21),*85$7,21 SRXU DIILFKHU OHV IRQFWLRQV
VS FLDOHV SXLV VXU OD WRXFKH YHUWH
$SSX\H] XQH QRXYHOOH IRLV VXU OD WRXFKH YHUWH SRXU DJUDQGLU OD SDUWLH
,1)(5,(85( GH O FUDQ
$SSX\H] XQH QRXYHOOH IRLV SRXU UHYHQLU O DIILFKDJH QRUPDO SOHLQ FUDQ
5 Y OHU
6(7 83
$SSX\H] VXU OD WRXFKH &21),*85$7,21 SRXU DIILFKHU OHV IRQFWLRQV
VS FLDOHV SXLV VXU OD WRXFKH URXJH SRXU U Y OHU OHV PRWV FDFK V SDU
H[HPSOH OHV U SRQVHV DX[ SDJHV GH MHX[ $SSX\H] GH QRXYHDX SRXU
FDFKHU OHV U SRQVHV
7RXFKHV URXJH YHUWH MDXQH EOHXH
(Q PRGH )/2) FHV GHUQLýUHV FRUUHVSRQGHQW DX[ GLII UHQWV VXMHWV GH
FRXOHXU
(Q PRGH /,67 HOOHV FRUUHVSRQGHQW DX[ GLII UHQWV QXP URV GH SDJHV
FRORU HV
0 PRLUH GH OLVWH
675
0DLQWLHQ GH OD SDJH
+2/'
$SSX\H] VXU OD WRXFKH +2/' SRXU UHWHQLU OD SDJH 7 O WH[WH ORUV GH OD
FRQVXOWDWLRQ G LQIRUPDWLRQV FRXUDQW VXU SOXVLHXUV SDJHV $SSX\H] GH
QRXYHDX SRXU UHYHQLU OD PLVH MRXU DXWRPDWLTXH
675
)3
,1'(;
(Q PRGH /,67 OHV TXDWUH QXP URV GH SDJH SHXYHQW ûWUH FKDQJ V SRXU
OHV SRVLWLRQV GH FKDñQHV VHXOHPHQW 3RXU FH IDLUH DSSX\H] VXU
O XQH GHV WRXFKHV GH FRXOHXU HW HQWUH] OH QRXYHDX QXP UR GH SDJH
3UHVVH] HW PDLQWHQH] HQIRQF H OD WRXFKH 675 MXVTX FH TXH OHV
QXP URV GH SDJH FKDQJHQW GH FRXOHXU
3DJH SU I U H )3
&HWWH IRQFWLRQ SHUPHW GH P PRULVHU XQH SDJH HW GH OD UDSSHOHU
LQVWDQWDQ PHQW 3RXU PHWWUH OD SDJH HQ P PRLUH OH W O YLVHXU GRLW ûWUH
HQ PRGH /LVWH HW OD SRVLWLRQ GH SURJUDPPH GRLW ûWUH HQWUH HW $SSX\H] VXU OD WRXFKH EOHXH SRXU V OHFWLRQQHU OH QXP UR GH SDJH
SXLV DSSX\H] VXU OD WRXFKH 675 HW WHQH] OD HQIRQF H /H QXP UR GH
SDJH HVW DORUV P PRULV $SSX\H] VXU OD WRXFKH )3 SRXU UDSSHOHU FHWWH SDJH
,QGH[
(Q PRGH )/2)
$SSX\H] VXU ,1'(; SRXU UHYHQLU VXU OD SDJH G LQGH[ SULQFLSDO
6HORQ OD ID˜RQ GRQW OHV LQIRUPDWLRQV VRQW WUDQVPLVHV YRXV GHYUH]
SHXWûWUH SUHVVHU SOXV G XQH IRLV FHWWH WRXFKH SRXU UHYHQLU O LQGH[
SULQFLSDO
)21&7,21 7þ/þ7(;7(
0LVH
6(7 83
MRXU
$SSX\H] VXU OH ERXWRQ 5þ*/$*( SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV VXU
OH ERXWRQ -DXQH SRXU DIILFKHU O LPDJH GX W O YLVHXU WRXW HQ UHFKHUFKDQW XQH
SDJH W O WH[WH SDV Q FHVVDLUHPHQW HQ PRGH LPDJH HW WH[WH FDU O LPDJH HVW
DIILFK H VXU OD JDXFKH GH O FUDQ /RUVTXH OD SDJH HVW WURXY H O FUDQ DIILFKHUD OH QXP UR GH OD SDJH HQ KDXW
JDXFKH $SSX\H] VXU OD WRXFKH MDXQH SRXU YRLU OD SDJH
$SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
1HZV )ODVK )ODVK G LQIRUPDWLRQV /RUVTX XQH SDJH GH IODVK G LQIRUPDWLRQV
D W V OHFWLRQQ H DSSX\H] VXU OD WRXFKH &21),*85$7,21 HW VXU OD WRXFKH
MDXQH SRXU UHJDUGHU OD W O YLVLRQ QRUPDOHPHQW /RUVTXH OD PLVH MRXU G XQ
IODVK G LQIRUPDWLRQV VHUD FDSW H OH QXP UR GH SDJH VHUD DIILFK VXU O FUDQ
$SSX\H] DORUV VXU OD WRXFKH MDXQH SRXU DIILFKHU OH IODVK G LQIRUPDWLRQV
$SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
8SGDWH 0LVH MRXU $SSX\H] VXU OD WRXFKH &21),*85$7,21 HW VXU OD
WRXFKH MDXQH SRXU YLVXDOLVHU OD PLVH MRXU G LQIRUPDWLRQV VXU FHUWDLQHV SDJHV
/RUVTX XQH PLVH MRXU HVW FDSW H OH QXP UR GH SDJH HVW DIILFK HQ KDXW GH
O FUDQ JDXFKH
$SSX\H] VXU OD WRXFKH MDXQH SRXU YLVXDOLVHU OD SDJH
$SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
$FFýV DX[ VRXVSDJHV
6(7 83
/RUVTXH OHV LQIRUPDWLRQV GX 7HOHWH[W WLHQQHQW VXU SOXV G XQH SDJH LO VH SHXW
TXH OH SDVVDJH DXWRPDWLTXH G XQH VRXVSDJH O DXWUH MXVTX FHOOH UHTXLVH
SUHQQH GX WHPSV
/RUVTX XQH VRXVSDJH HVW WURXY H VRQ QXP UR V DIILFKH HQ KDXW GH OD SDJH
SRXU TXH YRXV SXLVVLH] OD V OHFWLRQQHU $X IXU HW PHVXUH TXH OHV VRXVSDJHV
VRQW G WHFW HV OHV LQIRUPDWLRQV VLWX HV DX VRPPHW GH OD SDJH FKDQJHQW HW
YRXV DYH] WRXMRXUV DFFýV DX FKRL[ GH VRXVSDJHV OH SOXV U FHQW
(Q PRGH LPDJH HW WH[WH XWLOLVH] OHV WRXFKHV GH FXUVHXU JDXFKH HW GURLWH SRXU
V OHFWLRQQHU XQH VRXVSDJH TXL VH WURXYH GDQV OD JDPPH GH QXP URV GH
SDJHV DIILFK H DX VRPPHW GH OD IHQûWUH 7HOHWH[W
/RUVTXH OH 7HOHWH[W IRQFWLRQQH VXLYH] OD SURF GXUH VXLYDQWH SRXU DFF GHU DX[
VRXVSDJHV 6L OD VRXVSDJH TXH YRXV VRXKDLWH] FRQVXOWHU Q HVW SDV HQFRUH GLVSRQLEOH
DSSX\H] VXU OD WRXFKH 6(783 SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV
DSSX\H] VXU OD WRXFKH MDXQH SRXU DIILFKHU O LPDJH 79 SHQGDQW TXH OH V\VWýPH
WURXYH OD SDJH UHTXLVH /HV VRXVSDJHV WURXY HV VHURQW DIILFK HV DX VRPPHW
GH O FUDQ
/RUVTXH OD VRXVSDJH TXH YRXV DYH] GHPDQG H HVW GLVSRQLEOH DSSX\H] VXU
OD WRXFKH MDXQH SRXU UHWRXUQHU O DIILFKDJH GHV SDJHV 7HOHWH[W SXLV XWLOLVH] OHV
WRXFKHV GH FXUVHXU JDXFKH HW GURLWH SRXU V OHFWLRQQHU OD VRXVSDJH GH YRWUH
FKRL[
5HPDUTXHV 6L YRXV QH YRXOH] SDV TXH OHV TXDWUH WRXFKHV VS FLDOHV GH FRXOHXU DSSDUDLVVHQW
VXU O LPDJH 79 SHQGDQW TXH YRXV DWWHQGH] TXH OD SDJH UHTXLVH VRLW WURXY H
DSSX\H] VXU OD WRXFKH GH PHQX 3,&785( 6281' RX 6(783 SRXU VXSSULPHU OHV
WRXFKHV GH O FUDQ $SSX\H] XQH QRXYHOOH IRLV VXU OD WRXFKH 6(783 SRXU DIILFKHU
QRXYHDX OHV WRXFKHV 6L
- YRXV DYH] HIIDF OHV WRXFKHV GH IRQFWLRQ VS FLDOHV SXLV VL YRXV DYH] XWLOLV OHV
WRXFKHV GH FXUVHXU JDXFKH HW GURLWH SRXU V OHFWLRQQHU XQH VRXVSDJH DORUV TXH
YRXV WLH] WRXMRXUV HQ PRGH 79 YRXV GHYH] DSSX\HU VXU OD WRXFKH 6(783 SXLV VXU
OD WRXFKH MDXQH SRXU IDLUH U DSSDUDñWUH OD SDJH 7HOHWH[W
- 6L YRXV FRQVWDWH] TXH OHV VRXVSDJHV VRQW WUDQVPLVHV PDLV O DIILFKDJH QH FKDQJH
SDV OH QXP UR GH OD VRXVSDJH LQGLTXH TXH OH FRQWHQX D W PLV MRXU HW TX LO Q \
D DXFXQH VRXVSDJH
3RXU UHYHQLU DX PRGH GH IRQFWLRQQHPHQW 79 QRUPDO DSSX\H] VXU 797(;7
-
&211(;,216 $8',2 9,'þ2
6 OHFWLRQ HW FRQILJXUDWLRQ $9
9RXV SRXYH] FRQQHFWHU GLYHUV TXLSHPHQWV FH W O YLVHXU /HV SDJHV VXLYDQWHV H[SOLTXHQW
FRPPHQW FRQQHFWHU GHV TXLSHPHQWV H[WHUQHV O DYDQW HW O DUULýUH GX W O YLVHXU
/RUVTXH YRWUH TXLSHPHQW HVW FRQQHFW XWLOLVH] OD SURF GXUH FLGHVVRXV SRXU DIILFKHU OHV LPDJHV
YHQDQW GH FHW TXLSHPHQW 79$9
$SSX\H] VXU OH ERXWRQ 79$9
$SSX\H] VXU OD WRXFKH GH V OHFWLRQ DSSURSUL H O FUDQ SRXU V OHFWLRQQHU OD VRXUFH
$9 TXH YRXV G VLUH] DIILFKHU DSSX\H] VXU OH ERXWRQ YHUW SDU H[HPSOH SRXU
V OHFWLRQQHU $9 VL YRXV DYH] FRQQHFW XQ PDJQ WRVFRSH OD ILFKH $9 3HULW O 79$9
/HV WRXFKHV GH V OHFWLRQ DSSDUDLVVHQW O FUDQ DSUýV TXHOTXHV VHFRQGHV 6L YRXV
G VLUH] V OHFWLRQQHU XQH HQWU H ORUVTXH OHV WRXFKHV QH VRQW SDV DIILFK HV DSSX\H]
VXU OD WRXFKH 79$9 XQH IRLV GH SOXV HW OHV WRXFKHV U DSSDUDñWURQW
1RWHV
- &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
- 5HYHQLU HQ PRGH k79l HQ DSSX\DQW VXU OD WRXFKH k79$9l RX SDU OjDUUûW GH O TXLSHPHQW $9
FRQQHFW - 9RXV SRXYH] JDOHPHQW V OHFWLRQQHU XQH VRXUFH $9 DYHF OH ERXWRQ 79$9 TXL VH WURXYH VXU OH
WDEOHDX GH FRPPDQGH O DYDQW GH YRWUH W O YLVHXU
$SSX\H] VXU OH ERXWRQ 79$9 SOXVLHXUV IRLV MXVTX FH TXH YRXV DUULYLH] OD VRXUFH $9 TXH YRXV
G VLUH] DIILFKHU
- (Q PRGH $9 OH QRPEUH G RSWLRQV GHV PHQXV 621 HW &21),*85$7,21 HVW U GXLW SDU H[HPSOH
DX PHQX &RQILJXUDWLRQ LO Q \ D SDV GH PHQX &RQILJXUDWLRQ )LFKHV IURQWDOHV
'HV TXLSHPHQWV VXSSO PHQWDLUHV SHXYHQW ûWUH FRQQHFW V O DYDQW GH YRWUH W O YLVHXU SDU XQH SULVH
69LG R EURFKHV $9 XQH SULVH 5&$ $XGLR 9LG R $9 HW XQH SULVH SRXU FDVTXH
3UHVVH] HW
UHO FKH] SRXU
RXYULU
6RUWLH SULVH FDVTXH
69
)LFKH MDFN
VW U R PP
&$648( 67þ5þ2 DYHF ILFKH
MDFN PP
(QWU H YLG R
SULVH 69LG R
(QWU H YLG R
SULVH 9
(QWU H
DXGLR
SULVHV / 5
JDXFKH GURLWH
& EOH YLG R
5&$
F EOHV
DXGLR 5&$
&$0(6&23(
1RWHV
- /HV TXLSHPHQWV DX[LOLDLUHV HW OHV F EOHV UHSU VHQW V QH VRQW SDV IRXUQLV DYHF OH W O YLVHXU
- 3RXU OHV LQIRUPDWLRQV VXU OH F EODJH GH OD SULVH 69LG R YRLU HQ SDJH &211(;,216 $8',2 9,'þ2
%URFKDJH GHV SULVHV 3(5,7(/ HW 69LGHR
3ULVHV 3(5,7(/ EURFKHV $9 HW $9 6 9LG R r $9 XQLTXHPHQW
&RQQHFWHXU GH PDVVH
6RUWLH &9%6 YLG R
0DVVH &9%6
5RXJH LQ 6& ,Q
0DVVH URXJH
(QWU H YHUWH
0DVVH YHUWH
(QWU H EOHXH
0DVVH EOHXH
6RUWLH DXGLR *
6RUWLH DXGLR '
(QWU H &9%6 YLG R
0DVVH WDW 59%
(WDW 59%
0DVVH
(WDW &9%6 YLG R
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
/HV HQWU HV DG TXDWHV SRXU $9 $9 LQFOXHQW 59% 5RXJH9HUW%OHX 6& r ,Q VXU 3LQ j6& r ,Q V DSSOLTXH $9 XQLTXHPHQW
/HV EURFKHV $9 HW G SHQGHQW GH OD FRPPXWDWLRQ 69+6 9,'þ2 $9
3ULVH 3(5,7(/ EURFKHV $9
&RQQHFWHXU GH PDVVH
6RUWLH &9%6 YLG R
0DVVH &9%6
(QWU H 6&
0DVVH
0DVVH
0DVVH
6RUWLH DXGLR *
6RUWLH DXGLR '
(QWU H &9%6 YLG R
0DVVH
0DVVH
/LDLVRQ 4/LQN
(WDW YLG R &9%6
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
/HV EURFKHV $9 HW G SHQGHQW GH OD FRPPXWDWLRQ 69+6 9,'þ2 $9
3ULVH EURFKHV 69LGHR
(QWU H FKURPLQDQFH
(QWU H OXPLQDQFH
0DVVH FKURPLQDQFH
0DVVH OXPLQDQFH
&211(;,216 $8',2 9,'þ2
3ULVHV DUULýUH
,O HVW SRVVLEOH GH EUDQFKHU GHV DSSDUHLOV VXSSO PHQWDLUHV O DUULýUH GH YRWUH W O YLVHXU YLD WURLV
SULVHV S ULWHO EURFKHV $9 $9 6 $9 6 +,), 6<67(0
[ F EOHV
DXGLR 5&$
6RUWLH GHV SULVHV 6257,(
$8',2 *'
(QWU HVRUWLH GH OD
SULVH 3(5,7(/ $9
(QWU HVRUWLH
GH OD OLDLVRQ 4/LQN
SULVH 3(5,7(/
$9
& EOH 3(5,7(/
& EOH 3(5,7(/
0$*1þ726&23(
0$*1(726&23(
0$*1þ726&23( 69,'þ2
0$*1þ726&23(
0$*1(726&23( 69,'þ2
&203$7,%/( /,$,621
4/,1.
(QWU HVRUWLH GH OD
SULVH 3(5,7(/ $9
& EOH 3(5,7(/
0$*1þ726&23(
'þ&2'(85
'þ&2'(85
/(&7(85 '9'5
/(&7(85 '9'
&$0(6&23( 69,'(2
&$0(6&23( 69,'(2
&2162/( '(
-(825',1$7(85 59%
/(&7(85 '9'5
&$0(6&23( 69,'(2
1RWHV
- / TXLSHPHQW DX[LOLDLUH HW OHV F EOHV UHSU VHQW V QH VRQW SDV
IRXUQLV DYHF FH W O YLVHXU
- 1H EUDQFKH] SDV G RUGLQDWHXU PXQL G XQH VRUWLH 77/ 9 VXU
FH W O YLVHXU
- /D SULVH $9 EURFKHV SHXW JDOHPHQW ûWUH XWLOLV H FRPPH
VRUWLH SRXU O TXLSHPHQW DXGLRYLG R G WDLOV SDJH - 3RXU OHV LQIRUPDWLRQV VXU OH F EODJH GH OD SULVH 3HULW O YRLU HQ
SDJH ',$*1267,& '(6 3$11(6
,PDJH
6\PSWÎPHV
,PDJH QHLJHXVH
6RQ
6RQ GLVFRUGDQW
,PDJH G PXOWLSOL H
6RQ QRUPDO
3DUDVLWHV
6RQ GLVFRUGDQW
9 ULILHU
/D SRVLWLRQ O RULHQWDWLRQ RX OH UDFFRUGHPHQW
GH O DQWHQQH
/D SRVLWLRQ O RULHQWDWLRQ RX OH UDFFRUGHPHQW
GH O DQWHQQH
/D SUR[LPLW G DSSDUHLOV OHFWURP QDJHUV
GH YRLWXUHVPRWRF\FOHWWHV G FODLUDJHV
IOXRUHVFHQWV
6 OHFWLRQQH] OD IRQFWLRQ 315 GDQV OH PHQX
,PDJH SRXU U GXLUH OD GLVWRUVLRQ GH O LPDJH
/H U JODJH GH YROXPH
,PDJH QRUPDOH
3DV GH VRQ
3DV G LPDJH
3DV GH VRQ
6L OD FRXSXUH GH VRQ HVW DFWLY H
6L OH W O YLVHXU HVW HQ PRGH $9
6L OD SULVH VHFWHXU HVW ELHQ EUDQFK H
6L OH W O YLVHXU HVW DOOXP
6L OHV QLYHDX[ GH VRQ HW G LPDJH VRQW U JO V
DX PLQLPXP
6L OH W O YLVHXU HVW O WDW GH YHLOOH
6L OH U JODJH GHV FRXOHXUV HVW DX PLQLPXP
3DV GH FRXOHXU
6RQ QRUPDO
0DXYDLVH LPDJH RX
6RQ IDLEOH RX SDV GH VRQ
GLVWRUVLRQ
7DFKHV GH FRXOHXU
6RQ QRUPDO
,PDJH QRUPDOH
6RQ IDLEOH RX GLVFRUGDQW
5 DFFRUGHU OH V FDQDO FDQDX[ 6 LO \ D XQH LQWHUI UHQFH PDJQ WLTXH G XQ
TXLSHPHQW QRQ EOLQG
6L OH W O YLVHXU D W G SODF DORUV TX LO WDLW
DOOXP 'DQV FH FDV O WHLQGUH SHQGDQW DX
PRLQV PLQXWHV
6L O LPDJH HVW O JýUHPHQW LQFOLQ H XWLOLVH] OD
IRQFWLRQ GH FRUUHFWLRQ J RPDJQ WLTXH YRLU
*XLGH GH PLVH HQ URXWH UDSLGH SDJH /D U FHSWLRQ GX VRQ SHXW V ûWUH G JUDG H
0HWWUH OH U JODJH 03; PHQX 6RQ VXU
0RQR MXVTX FH TXH OD U FHSWLRQ
V DP OLRUH
,1)250$7,216 *(1(5$/(6
' 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 PRGýOH HW OH QXP UR GH V ULH ILJXUDQW O DUULýUH GX W O YLVHXU &$5$&7þ5,67,48(6
$OLPHQWDWLRQ
OHFWULTXH
&RQVRPPDWLRQ
&RQVRPPDWLRQ HQ
DWWHQWH
7XEH LPDJH
'LDJRQDOH YLVLEOH
6RUWLH DXGLR
PXVLTXH
7;3;'0
7;3;'0
9 $& +]
:
:
:
FP
FP
[ : 506 [ : 032 LPS GDQFH :
+
PP
PP
'LPHQVLRQV
/
PP
PP
3
PP
PP
3RLGV
NJ
NJ
3$/ %* 3$/ , 6(&$0 %* 6(&$0 //
9+) ( (
9+) + + ,7$/,(
9+) $ + ,7$/,(
8+) ( (
&$79 6 6
&$79 6 6 0 0
&$79 6 6 8 8
&$79 6 6 +\SHUEDQG
3$/ '. 6(&$0 '.
6\VWýPHV GH
9+) 5 5
9+) 5 5
U FHSWLRQQRP GH
9+) 5 5
8+) ( (
EDQGH
3$/ /HFWXUH GHV FDVVHWWHV 176& SDUWLU GH PDJQ WRVFRSHV
3$/
0176& HQWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRVFRSHV 0+]
176& HQWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRVFRSHV 176&
3RVLWLRQV GH
9&5
SURJUDPPH
8+) 9+)
PP LPS GDQFH :
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 59%
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R
OLDLVRQ 4/LQN
$9 DUULýUH
[ VRUWLHV DXGLR 5&$
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R
HQWU H 59%
$9 DYDQW
$9 HQWU H 69LG R [ HQWU HV DXGLR 5&$ [ HQWU H YLG R 5&$
&HV FDUDFW ULVWLTXHV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV LQGLTX V VRQW
DSSUR[LPDWLIV
$QWHQQH DUULýUH
&DVTXH DYDQW
&6
">