Panasonic TX32K50F 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
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
)UDQ˜DLV
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
74%('0
QDVRQLFk3DQDVRQLF
7; .)
%,(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 5 JODJH 5 JODJH PDQXHO $FFHVVRLUHV /DQJXH 26' *XLGH GH PLVH HQ URXWH UDSLGH /LDLVRQ 4/LQN &RPPDQGHV SULQFLSDOHV $PEUH GX SURJUDPPH )RQFWLRQ 0DJQ WRVFRSH /HFWHXU GH
YLG RGLVTXH '9' 8WLOLVHU OHV PHQXV VXU FUDQ )RQFWLRQ 7 O WH[WH $MXVWDJH GX IRUPDW GH O LPDJH &RQQH[LRQV DXGLR YLG R )RQFWLRQ +ROG 6 OHFWLRQ HW FRQILJXUDWLRQ $9 0HQX 3ULQFLSDO ,PDJH 6RQ &RQILJXUDWLRQ 5 JODJH 5 JODJH 3URJUDPPH V OHFWLRQ 5 JODJH $73 &RQILJXUDWLRQ
DXWRPDWLTXH )LFKHV IURQWDOHV 3ULVHV DUULýUH %URFKDJH GHV SULVHV 3(5,7(/ HW
69LG R 'LDJQRVWLF GHV SDQQHV ,QIRUPDWLRQV JHQHUDOHV &DUDFW ULVWLTXHV $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
- / 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
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
*DUDQWLH FRXYUDQW OH W O YLVHXU
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' 9&55
$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 RX $9 OHV SDUDPýWUHV GH
U JODJH GHV FKDñQHV VHURQW FRSL V VXU OH
PDJQ WRVFRSH YLD OD OLDLVRQ 4/LQN 9RLU
SDJH 7HUPLQDLVRQ GH OD V TXHQFH $73DSSX\H]
VXU OD WRXFKH 79$9
79$9
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 RX
$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 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
*8,'( '( 0,6( (1 5287( 5$3,'(
* 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 0(18
2XYUH] OH PHQX 3ULQFLSDO
$OOH] DX PHQX &RQILJXUDWLRQ
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
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 OD WRXFKH 79$9 SRXU VRUWLU
GX PHQX 5 JODJH * RPDJQ WLTXH
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
5 JODJH GX YROXPH
&KDQJHPHQW GH FKDñQH
&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
ERXWRQ 9HLOOH RX OHV WRXFKHV SRXU
DOOXPHU OH W O YLVHXU
675 P PRULVDWLRQ QRUPDOLV H 3HUPHW GH
P PRULVHU OHV SDUDPýWUHV GH U JODJH GHV
IRQFWLRQV
) V OHFWLRQ GHV IRQFWLRQV
$IILFKDJH GHV IRQFWLRQV VXU O FUDQ XWLOLVHU GH
ID˜RQ U S W H SRXU V OHFWLRQQHU OHV IRQFWLRQV 9ROXPH &RQWUDVWH /XPLQRVLW &RXOHXU
1HWWHW 7HLQWH HQ PRGH 176& *UDYHV
$LJXùV %DODQFH HW PRGH &RQILJXUDWLRQ HW
&RUUHFWLRQ J RPDJQ WLTXH
7RXFKH 0$5&+($55ú7 G WDW GH
YHLOOH
0LVH O WDW GH YHLOOH GX W O YLVHXU
7RXFKH (WDW
$SSX\H] SRXU REWHQLU O DIILFKDJH GH OD
SRVLWLRQ GX SURJUDPPH GX QRP GX
SURJUDPPH GX QXP UR GH FDQDO GX
V\VWýPH 79 GH O KHXUH GX PRGH
VW U R HW GX WDEOHDX GH SURJUDPPHV
7RXFKH GH FRPPDQGH $VSHFW SDJH 1RXV XWLOLVRQV OD WRXFKH 2. SRXU
HQUHJLVWUHU HW FRQILUPHU OD
V\QWRQLVDWLRQ OD IRQFWLRQ 26' HW
DXWUHV U JODJHV
7RXFKH GH PHQX
3RXU DFF GHU DX[ PHQXV ,PDJH 6RQ
HW &RQILJXUDWLRQ SDJH 7RXFKHV 7 O WH[WH SDJH $FFýV GLUHFW DX[ FDQDX[ SHQGDQW
O XWLOLVDWLRQ QRUPDOH GX W O YLVHXU RX
SDUWLU GHV PHQXV 5 JODJH (GLWLRQ
GH SURJUDPPH RX &RQILJXUDWLRQ
PDQXHOOH DSSX\H] HW HQWUH] OH FDQDO
YRXOX O DLGH GHV WRXFKHV
QXP ULTXHV
7RXFKHV PDJQ WRVFRSH /HFWHXU GH
GLVTXHV '9' SDJH 3ULVHV DXGLRYLG R 5&$
SDJH 3ULVH 69+6 SDJH 3ULVH FDVTXH SDJH &RPPXWDWHXU 79$9 SDJH $XJPHQWH RX GLPLQXH OD SRVLWLRQ GH
SURJUDPPH G XQH XQLW /RUVTX XQH IRQFWLRQ
HVW G M DIILFK H DSSX\H] SRXU DXJPHQWHU
RX GLPLQXHU G XQH XQLW OD IRQFWLRQ
V OHFWLRQQ H
&RXSXUH GX VRQ
7RXFKH 0DUFKH$UUûW G HIIHW
$PELDQFH
7RXFKH (QUHJLVWUHPHQW 79
GLUHFW SDJH %RXWRQ 1 QRUPDOLVHU
5HPHW WRXWHV OHV YDOHXUV OHXU
QLYHDX SDU G IDXW
&XUVHXUV SHUPHWWDQW OHV
V OHFWLRQV HW U JODJHV
6 OHFWLRQ HQWUH PRGHV
W O YLVHXU HW HQWU H
$XGLR9LG R SDJH 7RXFKHV GH FRXOHXU SRXU
IRQFWLRQV þGLWLRQ GHV
SURJUDPPHV SDJH )RQFWLRQV 7 O WH[WH SDJH 6 OHFWLRQ $9 SDJH 7RXFKHV GH FKDQJHPHQW GH
SURJUDPPHFKDñQH HW
WRXFKH 7 O WH[WH SDJH 6 OHFWLRQ GHV FKDñQHV GHX[
FKLIIUHV O DLGH GHV
WRXFKHV QXP ULTXHV
$SSX\H] VXU OH ERXWRQ & HW
SRXU OH FKRL[ GLUHFW GX
FDQDO GDQV OH K\SHUEDQG
$5%5( '8 352*5$00(
0(18
0HQX
SULQFLSDO
0RGH ,PDJH
,PDJH
6RQ
&RQILJXUDWLRQ
,PDJH
0RGH ,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HLQWH SRXU 176&
7HPS &RXOHXU
315
6RQ
9ROXPH
*UDYH
$LJX
%DODQFH
03;
0RGH
$PELHQFH
&RQILJXUDWLRQ
6RUW $9
6RUW $9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
$63(&7
)RUPDW GH O¶LPDJH
3DQDVRQLF $XWR
eODUJL
=RRP =RRP =RRP 5pJODJH
3URJDPPH VpOHFWLRQ
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
&RUUHFWLRQ YROXPH
'pFRGHXU $9
/DQJXHV 26'
'HXWVFK
(QJOLVK
)UDQoDLV
,WDOLDQR
(//+1,.$
ýHãWLQD
5RPkQ
3ROVNL
(VSDxRO
1RUVN
'DQVN
6YHQVND
0DJ\DU
5XVVNLM
6ORYHQVN\
6USVNL
1HGHUODQGV
6XRPL
7UNoH
3RUWXJXrV
+UYDWVNL
%XOJDULDQ
6ORYHQVNR
3URJDPPH
VpOHFWLRQ
(IIDFHU
,QVpUHU
&KDQJHU
7pOpFKDUJ
5HFKHUFKH DXWR
$WWHQWLRQ
3D\V
'HXWVFKODQG
gVWHUUHLFK
)UDQFH
,WDOLD
(VSDxD
3RUWXJDO
1HGHUODQG
'DQPDUN
6YHULJH
1RUJH
6XRPL
%HOJLXP
6FKZHL]
(//$'$
3ROVND
ýHVNi UHSXEOLND
0DJ\DURUV]iJ
((X
5pJODJH PDQXHO
5pJODJH *pRPDJQpWLTXH
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
à
- 2. +
£
7LWUH GX PHQX
0HQX SULQFLSDO
6RXVPHQXV
0RGH ,PDJH
,PDJH
6RQ
&RQILJXUDWLRQ
&KRLVLU
$FFpGHU
,QVWUXFWLRQV
6RUWLU
'\QDPLTXH
$FFpGHU
,PDJH
0RGH ,PDJH
'\QDPLTXH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS &RXOHXU 1RUPDO
315
$XWR
,QGLFDWHXU G RSWLRQ
%DUUH GH V OHFWLRQ
&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
0(18
/D WRXFKH 0(18 HVW XWLOLV SRXU RXYULU OH PHQX SULQFLSDO HW DXVVL SRXU UHWRXUQHU GDQV
OH 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
1RXV XWLOLVRQV OD WRXFKH 2. SRXU HQUHJLVWUHU HW FRQILUPHU OD V\QWRQLVDWLRQ OD
IRQFWLRQ 26' HW DXWUHV U JODJHV
/D WRXFKH 79$9 SHUPHW GH VRUWLU GX V\VWýPH GH PHQX HW GH UHYHQLU O FUDQ 79
QRUPDO
%RXWRQ 1 QRUPDOLVHU 5HPHW WRXWHV OHV YDOHXUV OHXU QLYHDX SDU G IDXW
0LVH HQ P PRLUH GHV GHUQLýUHV V OHFWLRQV
79$9
1
&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 $-867$*( '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 HQ KDXW 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 / LPDJH VHUD WLU H KRUL]RQWDOHPHQW SRXU
TX HOOH RFFXSH WRXW O FUDQ /D G IRUPDWLRQ GH
O LPDJH 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 DIILFKH OHV LPDJHV kERñWH DX[ OHWWUHVl
DQDPRUSKRV HV VXU WRXW O FUDQ VDQV
GLVWRUVLRQ
=RRP
!!
=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 +2/' $55ú7 685 ,0$*(
/D WRXFKH +2/' YRXV SHUPHW G HIIHFWXHU XQ
DUUûW VXU LPDJH WRXW PRPHQW
+2/'
0(18 35,1&,3$/
&H PHQX YRXV SHUPHW G HQWUHU GDQV OH 0RGH ,PDJHV GDQV OH 0HQX LPDJH HW
VRQ HW GDQV OH 0HQX &RQILJXUDWLRQ
2XYUH] OH PHQX 3ULQFLSDO
0(18
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
&KRLVLU
0RGLILFDWLRQ
6RUWLU
0HQX SULQFLSDO
$XJPHQWH] RX U GXLVH] OHV QLYHDX[
RX U JOH] O WDW GHV RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX 3ULQFLSDO
à
- 2. +
£
79$9
0RGH ,PDJH
'\QDPLTXH
,PDJH
6RQ
&RQILJXUDWLRQ
0RGH ,PDJH
/H 0RGH ,PDJH YRXV SHUPHW GH FKRLVLU SDUPL WURLV GLII UHQWV U JODJHV GH
O LPDJH '\QDPLTXH 1RUPDO &LQ PD
,PDJH
&H PHQX YRXV SHUPHW G HIIHFWXHU WRXV OHV U JODJHV GH TXDOLW GH O LPDJH
6RQ
/H PHQX 6RQ YRXV SHUPHW GH U JOHU WRXV OHV DVSHFWV GX VRQ VHORQ YRV
SU I UHQFHV
&RQILJXUDWLRQ
/H PHQX &RQILJXUDWLRQ YRXV SHUPHW G DFF GHU GLYHUVHV IRQFWLRQV YROX HV
DLQVL TX DX PHQX 5 JODJH
,0$*(
&H PHQX YRXV SHUPHW G HIIHFWXHU WRXV OHV U JODJHV GH TXDOLW GH O LPDJH
2XYUH] OH PHQX 3ULQFLSDO
0(18
$OOH] DX PHQX ,PDJH
5HYHQLU
$SSX\H] VXU OD WRXFKH 1 SRXU OH
UHWRXU DX[ SDUDPHWUHV G XVLQH
0RGH ,PDJH
0RGLILFDWLRQ
6RUWLU
0RGH ,PDJH
'\QDPLTXH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS &RXOHXU 1RUPDO
315
$XWR
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX ,PDJH
&KRLVLU
,PDJH
(QWUH] GDQV OH PHQX ,PDJH
$XJPHQWH] RX GLPLQXH] OHV QLYHDX[
RX U JOH] O WDW GHV RSWLRQV
à
- 2. +
£
79$9
1
,PDJH
0RGH ,PDJH
1RUPDO
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HPS &RXOHXU 1RUPDO
315
$XWR
/H 0RGH ,PDJH GDQV OH 0HQX
LPDJHV YRXV SHUPHW GH
V OHFWLRQQHU PRGLILHU HW
HQUHJLVWUHU WURLV GLII UHQWV
U JODJHV GH O LPDJH ,PDJH
'\QDPLTXH 1RUPDO DQG
0RGH ,PDJH
&LQpPD
&LQ PD
&RQWUDVWH
'DQV FKDTXH V OHFWLRQ GX
/XPLQRVLWp
0RGH ,PDJH YRXV SRXYH]
&RXOHXU
FKRLVLU HW HQUHJLVWUHU OH
1HWWHWp
FRQWUDVWH OD OXPLQRVLW OD
7HPS &RXOHXU 1RUPDO
HLQWH
SRXU
176&
315
$XWR
H[FOXVLYHPHQW OD FRXOHXU HW
QHWWHW G DSUýV YRV GHPDQGHVW FRQFUýWHV FRQFHUQDQW O LPDJH YRXV SRXYH]
SDU H[HPSOH V OHFWLRQQHU FHUWDLQV U JODJHV SRXU OHV WUDQVPLVVLRQV VSRUWLYHV
GLII UHQWV GHV U JODJHV SHUPHWWDQW OH VXLYL GHV ILOPV GHV LQIRUPDWLRQV HWF /H 0RGH ,PDJH YRXV SURSRVH WURLV U JODJHV DXWRQRPHV DX PD[LPXP SRXU
FKDTXH VRXUFH GX VLJQDO 5) $9 $9 $9 FRPSUHQDQW 5*% / DQDO\VH HW OH WUDLWHPHQW GH O LPDJH HQWUDQWH SHUPHWWHQW GDQV OHV WURLV PRGHV
XQ SHUIHFWLRQQHPHQW DXWRPDWLTXH GH O LPDJH
(Q DSSX\DQW VXU OD WRXFKH 1 GH OD W O FRPPDQGH YRXV SRXYH] UHYHQLU DX[
SDUDPHWUHV G XVLQH GX SURILO V OHFWLRQQ VXU OD VRXUFH FKRLVLH GX VLJQDO
,0$*(
&RQWUDVWH
/HV QLYHDX[ GH FRQWUDVWH OXPLQRVLW FRXOHXU WHLQWH SRXU 176&
/XPLQRVLW
H[FOXVLYHPHQW HW QHWWHW SHXYHQW ûWUH U JO V VHORQ YRV SU I UHQFHV
&RXOHXU
7HLQWH SRXU 176&
1HWWHW
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
621
/H PHQX 6RQ YRXV SHUPHW GH U JOHU WRXV OHV DVSHFWV GX VRQ VHORQ YRV
SU I UHQFHV
2XYUH] OH PHQX 3ULQFLSDO
0(18
$OOH] DX PHQX 6RQ
(QWUH] GDQV OH PHQX 6RQ
à
- 2. +
£
5HYHQLU
&KRLVLU
5pJOHU
6RUWLU
6RQ
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 6RQ
79$9
9ROXPH
*UDYH
$LJX
%DODQFH
03;
0RGH
$PELHQFH
+
-
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
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 &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 3ULQFLSDO
0(18
$OOH] DX PHQX &RQILJXDUWLRQ
5HYHQLU
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX &RQILJXUDWLRQ
&KRLVLU
0RGLILFDWLRQ
6RUWLU
&RQILJXUDWLRQ
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
$XJPHQWH] RX GLPLQXH] OHV QLYHDX[
RX U JOH] O WDW GHV RSWLRQV
à
+
2.
£
79$9
6RUW $9
6RUW $9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
79
79
)ORI
1RQ
2XL
$9
2XHVW
6RUW $9
2IIUH XQ FKRL[ GH VLJQDX[ HQYR\HU OD ILFKH $9 6FDUW &HWWH V OHFWLRQ V RSýUH
HQWUH O FUDQ DFWXHO GX W O YLVHXU OH VLJQDO G HQWU H $9 $9 RX OH PRQLWHXU
F G O LPDJH DIILFK H O FUDQ
6RUW $9
2IIUH XQ FKRL[ GH VLJQDX[ HQYR\HU OD ILFKH $9 6FDUW &HWWH V OHFWLRQ V RSýUH
HQWUH O FUDQ DFWXHO GX W O YLVHXU OH VLJQDO G HQWU H $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 )/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
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
4/LQN
/D OLDLVRQ 4/LQN YRXV SHUPHW G DFWLYHU $9 RX $9 RX GH G VDFWLYHU OD
FRPPXQLFDWLRQ GH GRQQQ HV DYHF XQ PDJQ WRVFRSH FRPSDWLEOH SDJH &21),*85$7,21
/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 $73 5 JODJH ILQ 6\VWýPH GH FRXOHXU HW
9ROXPH SDJH /DQJXHV 26'
/H PHQX /DQJXH 26' YRXV SHUPHW GH FKDQJHU OD ODQJXH XWLOLV H VXU WRXV OHV
PHQXV G FUDQ SDJH * RPDJQ WLTXH 6L YRXV UHPDUTXH] XQ O JHU G V TXLOLEUH GH O LPDJH RX VL O FUDQ FRPSRUWH GHV
]RQHV FRORU HV DX[ DQJOHV XWLOLVH] FHWWH IRQFWLRQ SRXU OHV OLPLQHU 9RLU þWDSH
SDJH *XLGH GH PLVH HQ URXWH UDSLGH 5þ*/$*(
/H PHQX 5 JODJH YRXV SHUPHW G DFF GHU DX[ PHQXV 5 JODJH PDQXHO 5 JODJH
DXWRPDWLTXH HW 5 JODJH ILQ
2XYUH] OH PHQX 3ULQFLSDO
0(18
0pPR
$OOH] DX PHQX &RQILJXUDWLRQ
5HYHQLU
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
à
- 2. +
£
&KRLVLU
$FFpGHU
6RUWLU
5pJODJH
3URJUDPPH VpOHFWLRQ $FFpGHU
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU
$XWR
&RUUHFWLRQ YROXPH
'pFRGHXU $9
1RQ
$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
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU
79$9
3URJV OHFWLRQ / 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
9RXV SHUPHW GH U JOHU OH QLYHDX GH YROXPH GH FKDTXH FKDñQH LQGLYLGXHOOH
&RUUHFWLRQ
YROXPH
' FRGHXU $9 &HWWH RSWLRQ HVW XWLOLV H TXDQG XQ G FRGHXU HVW FRQQHFW YLD $9 /D PHWWUH
O WDW $&7,9þ VL XQ VLJQDO FRG GRLW ûWUH G FRG SDU OH G FRGHXU /D PHWWUH
O WDW G VDFWLY DSUýV O XWLOLVDWLRQ
5þ*/$*( 352*5$00( 6þ/(&7,21
/H PHQX 3URJUDPPH V OHFWLRQ YRXV SHUPHW G DMXVWHU OHV U JODJHV GH SRVLWLRQ
GHV SURJUDPPHV
2XYUH] OH PHQX 3ULQFLSDO
0(18
0pPR
$OOH] DX PHQX &RQILJXUDWLRQ
5HYHQLU
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
&KRLVLU
$FFpGHU
6RUWLU
5pJODJH
3URJUDPPH VpOHFWLRQ $FFpGHU
5HFKHUFKH DXWR
5pJODJH PDQXHO
5pJODJH ILQ
6\VWqPH FRXOHXU $XWR
&RUUHFWLRQ YROXPH
'pFRGHXU $9
1RQ
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] DX PHQX þGLWLRQ GHV
SURJUDPPHV
(QWUH] GDQV OH PHQX þGLWLRQ GHV
SURJUDPPHV
0pPR
(IIHFWXH] OHV FKDQJHPHQWV YRXOXV
UHSRUWH]YRXV DX[ VHFWLRQV
VXLYDQWHV
5HYHQLU
$SSX\H] VXU OD WRXFKH 2. SRXU
P PRULVHU OHV FKDQJHPHQWV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX 3URJUDPPH
V OHFWLRQ
à
- 2. +
£
à
+
2.
£
&KDQJHU
SURJUDPPH
6HOHFWLRQQHU
6RUWLU
3URJUDPPH VpOHFWLRQ
3URJ &K 1RP %ORTXHU 6\V
79$9
&+ ;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
(IIDFHU ,QVpUHU &KDQJHU 7pOpFKDUJ
3RXU HIIDFHU XQH SRVLWLRQ GH
SURJUDPPH LQXWLOH
&KRLVLVVH] OD SRVLWLRQ GH
SURJUDPPH
$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 %ORTXHU 6\V
&+ ;<= 1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
(IIDFHU
$QQXOHU
5þ*/$*( 352*5$00( 6þ/(&7,21
3RXU DMRXWHU XQH SRVLWLRQ GH
SURJUDPPH
3URJUDPPH VpOHFWLRQ
3URJ &K 1RP %ORTXHU 6\V
&+ ;<= 1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
&KRLVLVVH] OD SRVLWLRQ GH
SURJUDPPH RÖ VHUD LQV U OH
QRXYHDX SURJUDPPH
$SSX\H] VXU OD WRXFKH YHUWH
,QVpUHU
$SSX\H] GH QRXYHDX VXU OD WRXFKH
YHUWH SRXU YDOLGHU
$QQXOHU
&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
6 OHFWLRQQH] OD SRVLWLRQ TXH YRXV
VRXKDLWH] G SODFHU
$SSX\H] VXU OD WRXFKH MDXQH GH OD
W O FRPPDQGH
6 OHFWLRQQH] OD QRXYHOOH SRVLWLRQ
XQH
3URJUDPPH VpOHFWLRQ
3URJ &K 1RP %ORTXHU 6\V
&+ ;<= 1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
1RQ 6&
&RQILUPHU $QQXOHU
$SSX\H] GH QRXYHDX VXU OD WRXFKH
MDXQH SRXU YDOLGHU
3RXU U JOHU XQH SRVLWLRQ GH
SURJUDPPH
6 OHFWLRQQH] OD SRVLWLRQ GH
SURJUDPPH
$OOH] OD FRORQQH &DQDO
$XJPHQWH] RX U GXLVH] OH QXP UR
GH FDQDO RX XWLOLVH] OD WRXFKH &
SRXU O DFFýV GLUHFW DX FDQDO
YHQWXHOOHPHQW OHV WRXFKHV & HW
SRXU OH FKRL[ GLUHFW GDQV OH
K\SHU EDQGH SDJH 0pPR
5HYHQLU
à
+
2.
£
0RGLILHU
OD FKDvQH
6HOHFWLRQQHU
6RUWLU
3URJUDPPH VpOHFWLRQ
3URJ &K 1RP %ORTXHU 6\V
&+ ;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
5þ*/$*( 352*5$00( 6þ/(&7,21
3RXU FKDQJHU OH QRP G XQH SRVLWLRQ
GH SURJUDPPH
&KRLVLVVH] OD SRVLWLRQ YRXOXH
3RVLWLRQQH]YRXV VXU OH QRP
6 OHFWLRQQH] OH QRXYHDX SUHPLHU
FDUDFWýUH
3RVLWLRQQH]YRXV VXU OH VHFRQG
FDUDFWýUH
&RQWLQXH] MXVTX DX FKDQJHPHQW
FRPSOHW GX QRP
3RXU EORTXHU XQH SRVLWLRQ GH
SURJUDPPH DILQ G HQ LQWHUGLUH
O DFFýV
0pPR
5HYHQLU
3RVLWLRQQH]YRXV VXU OD FRORQQH
%ORFDJH
5HYHQLU
&KRLVLVVH] OH V\VWýPH YRXOX 6& 3$/ %* 6(&$0 %*
6& 3$/ ,
6& 3$/ '. 6(&$0 '.
)
6(&$0 //
&+ ;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
à
- 2. +
£
%ORTXHU
RXL QRQ
6HOHFWLRQQHU
6RUWLU
3URJUDPPH VpOHFWLRQ
3URJ &K 1RP %ORTXHU 6\V
0pPR
6 OHFWLRQQH] OD SRVLWLRQ G VLU H
3RVLWLRQQH]YRXV VXU OD FRORQQH 6\V
6RUWLU
$%&'()*+,-./01234567
89:;<= 0pPR
3RXU FKDQJHU OH V\VWýPH 79 SRXU
XQH SRVLWLRQ GH SURJUDPPH YRXOXH
&KDQJHU
FDUDFWLUH
6HOHFWLRQQHU
3URJUDPPH VpOHFWLRQ
3URJ &K 1RP %ORTXHU 6\V
6 OHFWLRQQH] OD SRVLWLRQ G VLU H
6 OHFWLRQQH] O WDW %ORFDJH DFWLY RX
G VDFWLY
1RWH
4XDQG XQH SRVLWLRQ GH SURJUDPPH HVW EORTX H
O DFFýV GLUHFW DX FDQDO HQ XWLOLVDQW OD WRXFKH & HW OHV
WRXFKHV QXP ULTXHV GH OD W O FRPPDQGH Q HVW SDV
GLVSRQLEOH
à
- 2. +
£
5HYHQLU
&+ ;<=
à
- 2. +
£
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
0RGLILHU OH
V\VWqPH 79
6HOHFWLRQQHU
6RUWLU
3URJUDPPH VpOHFWLRQ
3URJ &K 1RP %ORTXHU 6\V
&+ ;<=
1RQ
1RQ
1RQ
1RQ
1RQ
6&
6&
6&
6&
6&
5þ*/$*( 352*5$00( 6þ/(&7,21
3RXU FRSLHU OHV SDUDPýWUHV GH
SURJUDPPH VXU XQ PDJQ WRVFRSH
$9 RX $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
1RWH 6L OH PHVVDJH k4/LQN"l
- 9HULILHU WDW 4/LQN $9 RX $9
- 9HULILHU WDW PDJQ WRVFRSH
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
$77(1'(= 693
3URJUDPP 7pOpFRPPDQGH QRQ GLVSRQLEOH
5þ*/$*( $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
0(18
$77(17,21
2XYUH] OH PHQX 3ULQFLSDO
$73 HIIDFHUD OHV GRQQqHV DFWXHOOHV
HW H[HFXWHUD XQ QRXYHDX UpJODJH
$OOH] DX PHQX &RQILJXUDWLRQ
à
- 2. +
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX
5 JODJH
$OOH] DX PHQX &RQILJXUDWLRQ
DXWR
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ DXWR
$SSX\H] SRXU FRQILUPHU HW
FRPPHQFHU
6 OHFWLRQQH] OH SD\V
5HYHQLU
£
8QH IRLV FHWWH RS UDWLRQ WHUPLQ H OH
W O YLVHXU DIILFKHUD OD SRVLWLRQ GH
SURJUDPPH 6RUWLU
3D\V
'HXWVFKODQG
gVWHUUHLFK
)UDQFH
,WDOLD
(VSDQD
3RUWXJDO
1HGHUODQG
'DQPDUN
6YHULJH
1RUJH
6XRPL
%HOJLXP
6XLVVH
(//$'$
3ROVND
&HVND UHSXEOLND
0DJ\DURUV]DJ
((X
$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 RX $9 OHV
SDUDPýWUHV GHV SURJUDPPHV VHURQW
WUDQVPLV DXWRPDWLTXHPHQW DX
PDJQ WRVFRSH YLD OD OLDLVRQ 4/LQN
SDJH 'pEXW $73
5HYHQLU
à
+
2.
£
&KRLVLU
SD\V
'pEXW $73
6RUWLU
&+
$73 (1 &2856
5(&+(5&+( $77(1'(= 693
&+ ;<=
0(18 5HYHQLU DX PHQX FDQDX[
79$9 3RXU VRUWLU
5þ*/$*( 5þ*/$*( 0$18(/
/H U JODJH PDQXHO GHV SRVLWLRQV GH SURJUDPPHV SHXW V HIIHFWXHU
PHQX VXU FUDQ RX GHV FRPPDQGHV HQ ID˜DGH
SDUWLU GX
0HQX 5 JODJH PDQXHO
2XYUH] OH PHQX 3ULQFLSDO
0(18
0pPR
$OOH] DX PHQX &RQILJXUDWLRQ
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
5HYHQLU
à
- 2. +
£
&KRLVLU
$FFpGHU
6RUWLU
5pJODJH
3URJUDPPH VpOHFWLRQ
5HFKHUFKH DXWR
5pJODJH PDQXHO
$FFpGHU
5pJODJH ILQ
6\VWqPH FRXOHXU
$XWR
&RUUHFWLRQ YROXPH
'pFRGHXU $9
1RQ
$OOH] 5 JODJH PDQXHO
0pPR
(QWUH] GDQV 5 JODJH PDQXHO
à
- 2. +
£
6 OHFWLRQQH] OD SRVLWLRQ GH
SURJUDPPH G VLU H
&+
&RPPHQFH] OH U JODJH
5pJODJH PDQXHO
4XDQG OH SURJUDPPH YRXOX HVW
ORFDOLV DSSX\H] VXU 2. SRXU
P PRULVHU
$SSX\H] VXU OD WRXFKH 79$9 SRXU 79$9
VRUWLU GX PHQX 5 JODJH PDQXHO
5HYHQLU
3URJUDPPH
EDVKDXW
5HFKHUFKH
EDVKDXW
6RUWLU
5þ*/$*( 5þ*/$*( 0$18(/
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 $SSX\H] VXU OD WRXFKH 79$9 SRXU
DOWHUQHU HQWUH &KDQJHU SURJUDPPH 5HFKHUFKH RX &KDQJHU V\VWýPH 79
$SSX\H] VXU RX SRXU FKDQJHU
GH SRVLWLRQ GH SURJUDPPH
FRPPHQFHU OD UHFKHUFKH RX
FKDQJHU OH V\VWýPH 79
Y
79$9
Y
5pJODJH PDQXHO
) 1RQ
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
)
675 )
2XL
9 à 79$9
&+
6&
5pJODJH PDQXHO )DoDGH
'pEXWHU 5HFKHUFKH
79$9 'pSODFHU OH FXUVHXU
675
3RXU 0pPR
)
3RXU 6RUWLU
675
)
9 à 79$9
/$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 3ULQFLSDO
0(18
$OOH] DX PHQX &RQILJXUDWLRQ
5HYHQLU
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
&KRLVLU
$FFpGHU
6RUWLU
&RQILJXUDWLRQ
6RUW $9
6RUW $9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
$OOH] DX PHQX /DQJXH 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
à
- 2. +
£
79
79
)ORI
1RQ
2XL
$9
2XHVW
$FFpGHU
79$9
5HYHQLU
à
- 2. +
£
&KRLVLU
ODQJXHV
&KRLVLU
ODQJXHV
6RUWLU
/DQJXH 26'
'HXWVFK
(QJOLVK
)UDQoDLV
,WDOLDQR
(//+1,.$
ýHãWLQD
5RPkQ
3ROVNL
(VSDxRO
1RUVN
'DQVN
6YHQVND
0DJ\DU
5XVVNLM
6ORYHQVN\
6USVNL
1HGHUODQGV
6XRPL
7UNoH
3RUWXJXrV
+UYDWVNL
%XOJDULDQ
6ORYHQVNR
/,$,621 4/,1.
/D OLDLVRQ 4/LQN SHUPHW DX W O YLVHXU GH FRPPXQLTXHU DYHF YRWUH
PDJQ WRVFRSH
2XYUH] OH PHQX 3ULQFLSDO
0(18
$OOH] DX PHQX &RQILJXUDWLRQ
5HYHQLU
à
- 2. +
£
&KRLVLU
0RGLILFDWLRQ
6RUWLU
&RQILJXUDWLRQ
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
$OOH] /LDLVRQ 4/LQN
&RQILUPH] TXH OD OLDLVRQ 4/LQN
HVW O WDW kDFWLY l
6RUW $9
6RUW $9
7pOpWH[WH
0LQXWHULH YHLOOH
5HG 6FLQW
4/LQN
/DQJXH GH WH[WH
5pJODJH
/DQJXHV 26'
*pRPDJQpWLTXH
79
79
)ORI
1RQ
2XL
$9
2XHVW
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 RX $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 (QUHJ DUUHWp 6RXUFH 79 GLIIpUHQWH
(QUHJLVWUHPHQW HQ FRXUV
/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 HQUHJLVWUHPHQW 79
/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
$XFXQ HQUHJ &DVVHWWH RX GLVTXH 2."
/D ODQJXHWWH GH SURWHFWLRQ O DUULýUH
GH OD FDVVHWWH YLG R D W HQOHY H
([HPSOHV G DXWUHV PHVVDJHV SRXYDQW ûWUH DIILFK V 7e/e&+$5*(0(17 (1 &2856
7pOpFKDUJ LPSRVVLEOH 0DWpULHO 2."
7pOpFKDUJ
7e/e&+$5*(0(17 3URJUDPPH
/,$,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 RX $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 $YDQFH UDSLGH RX
5HPERELQDJH OH PDJQ WRVFRSH V DUUûWHUD DXWRPDWLTXHPHQW
3RXU G VDFWLYHU OD OLDLVRQ 4/LQN
6L YRXV QH VRXKDLWH] SDV XWLOLVHU OD OLDLVRQ 4/LQN DOOH] DX PHQX &RQILJXUDWLRQ V OHFWLRQQH] O RSWLRQ
4/LQN HW V OHFWLRQQH] O WDW € ' VDFWLY  2II SDJH 1RWH LPSRUWDQWH 7RXV OHV PDJQ WRVFRSHV Q DFFHSWHQW SDV FH V\VWýPH GH FRPPXQLFDWLRQV GH GRQQ HV &HUWDLQV
PDJQ WRVFRSHV SHXYHQW DFFHSWHU FHUWDLQHV IRQFWLRQV PDLV SDV G DXWUHV &RQVXOWH] OH PRGH
G HPSORL GH YRWUH PDJQ WRVFRSH SRXU YRXV LQIRUPHU
6L OD OLDLVRQ 4/LQN HVW LQRS UDQWH FRPPHQFH] SDU FRQILUPHU TXH OH F EOH 3(5,7(/ XWLOLV HVW ELHQ GX
W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV &RQVXOWH] YRWUH UHYHQGHXU SRXU YRXV LQIRUPHU
)21&7,21 0$*1þ726&23(/(&7(85 '( 9,'þ2',648(6 '9'
&HWWH W O FRPPDQGH SHXW ûWUH XWLOLV H DYHF FHUWDLQV PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV DX
IRUPDW '9' '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
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
9&5
'9'
7RXFKH PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV '9'
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' $SSX\H] XQH IRLV VXU FHWWH WRXFKH SRXU VDXWHU OD
SODJH VXLYDQWH (Q PRGH /HFWXUH DSSX\H] GH ID˜RQ FRQWLQXH VXU FHWWH
WRXFKH SRXU YLVXDOLVHU O LPDJH HQ PRGH G DYDQFH UDSLGH
6DXW GH SODJH 5HPERELQDJH UDSLGH 9LVXDOLVDWLRQ
0$*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' $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
352*5$00(
5(&
' ILOHPHQW
$SSX\H] SRXU DXJPHQWHUGLPLQXHU G XQH XQLW OD SRVLWLRQ GH
SURJUDPPH GX PDJQ WRVFRSH
(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 GHX[ IRLV VXU OD WRXFKH 0(18 ORUV GH OD PDUFKH GX 7 O WH[WH OD IRQFWLRQ GH FRQWUDVWH
V DIILFKH DYHF XQH FKHOOH GH FRXOHXU EOHX DSSX\H] VXU * SRXU PRGLILHU OH U JODJH VHORQ OHV
EHVRLQV
(Q DSSX\DQW XQH IRLV VXU OD WRXFKH 0(18 ORUV GH OD PDUFKH GX 7 O WH[WH O RSWLRQ GHV IRQFWLRQV
VS FLDOHV V DIILFKH HQ EDV GH O FUDQ
- (Q PRGH 7 O WH[WH OH YROXPH SHXW WRXMRXUV ûWUH PRGLIL SRXU V DGDSWHU DX QLYHDX GH U FHSWLRQ
G VLU (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
IRQFWLRQ SHUPHW G REWHQLU UDSLGHPHQW GHV LQIRUPDWLRQV VXU OHV VXMHWV LQGLTX V
0RGH 797 O WH[WH
797(;7
$SSX\H] VXU OD WRXFKH 797(;7
/D SDJH 7 O WH[WH V DIILFKH O FUDQ
$SSX\H] QRXYHDX VXU FHWWH WRXFKH SRXU UHYHQLU HQ PRGH 79
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
)XOO 7RS %RWWRP 3OHLQ +DXW %DV
$SSX\H] VXU OD WRXFKH 0(18 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 )8// 0(18
0(18
5HYHDO 5 Y OHU
$SSX\H] VXU OD WRXFKH 0(18 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 EOHX
(Q PRGH )$67(;7 FHV GHUQLýUHV FRUUHVSRQGHQW DX[ GLII UHQWV VXMHWV
GH FRXOHXU
(Q PRGH /,67 /,67( HOOHV FRUUHVSRQGHQW DX[ GLII UHQWV QXP URV GH
SDJHV FRORU HV
/LVW 6WRUH 0 PRLUH GH OLVWH
(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 2. MXVTX FH TXH OHV
QXP URV GH SDJH FKDQJHQW GH FRXOHXU
,1'(;
,QGH[
$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(
,O Q HVW SDV SRVVLEOH GH FKDQJHU OD SRVLWLRQ GX SURJUDPPH HQ PRGH )ODVK G LQIRUPDWLRQV 0LVH MRXU
RX $FFýV DX[ VRXVSDJHV
+2/'
0DLQWLHQ GH OD SDJH
$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
3DJH SU I U H )3
)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
2. HW WHQH] OD HQIRQF H /H QXP UR GH SDJH HVW DORUV P PRULV $SSX\H] VXU
OD WRXFKH )3 SRXU UDSSHOHU FHWWH SDJH
8SGDWH 'LVSOD\ 0LVH
0(18
MRXU
$SSX\H] VXU OD WRXFKH 0(18 SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV VXU OD
WRXFKH MDXQH SRXU YRLU O LPDJH W O YLV H WRXW HQ FKHUFKDQW XQH SDJH 7 O WH[WH
/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 0(18 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 0(18 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 FRG HV
0(18
1
/RUVTXH OHV LQIRUPDWLRQV 7 O WH[WH RFFXSHQW SOXV G XQH SDJH OH V\VWýPH GH
FKDQJHPHQW DXWRPDWLTXH GHV VRXVSDJHV SRXUUD PHWWUH XQ FHUWDLQ WHPSV
DYDQW G DWWHLQGUH OD VRXVSDJH YRXOXH ,O HVW SRVVLEOH G HQWUHU OH QXP UR GH
VRXVSDJH VRXKDLW HW GH FRQWLQXHU VXLYUH OH SURJUDPPH QRUPDO MXVTX FH
TXH OD VRXVSDJH FRUUHFWH DLW W WURXY H 6 OHFWLRQQH] OH QXP UR GH SDJH
YRXOX O DLGH GHV WRXFKHV $SSX\H] VXU OD WRXFKH 0(18 SXLV VXU OD WRXFKH EOHX V DIILFKHUD HQ KDXW
GURLWH GH O FUDQ
QH GLVSDUDLVVH
(QWUH] OH QXP UR GH VRXVSDJH G VLU DYDQW TXH OH
3RXU V OHFWLRQQHU OD SDJH HQWUH] HW $SSX\H] VXU OD WRXFKH MDXQH SRXU UHJDUGHU XQH PLVVLRQ GH W O YLVLRQ
QRUPDOH
$SSX\H] VXU 0(18 HW VXU OD WRXFKH MDXQH HQ PRGH /,67 /RUVTXH OD SDJH HVW GLVSRQLEOH DSSX\H] VXU OD WRXFKH MDXQH SRXU YRLU OD SDJH
3RXU HIIDFHU OD SDJH XWLOLVH] O XQ GHV PR\HQV VXLYDQWV - $SSX\H] VXU 0(18
- 6 OHFWLRQQH] XQ QRXYHDX QXP UR GH SDJH
- $SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
6RUWLH
$SSX\H] VXU OD WRXFKH k1l SRXU UHYHQLU HQ PRGH 79 QRUPDO
&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 /HV WRXFKHV GH V OHFWLRQ DSSDUDLVVHQW O FUDQ DSUýV TXHOTXHV VHFRQGHV 6L YRXV 79$9
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$7,21 HVW U GXLW SDU H[HPSOH
DX PHQX &RQILJXUDWLRQ LO Q \ D SDV GH PHQX &RQILJXUDWLRQ )LFKHV IURQWDOHV
3UHVVH] HW
UHO FKH] SRXU
RXYULU
6RUWLH SULVH FDVTXH
)LFKH MDFN
VW U R PP
69
(QWU H YLG R
SULVH 69LG R
(QWU H YLG R
SULVH 9
(QWU H
DXGLR
SULVHV / 5
JDXFKH GURLWH
& EOH YLG R
5&$
F EOHV
DXGLR 5&$
&$0(6&23(
&$648( 67þ5þ2 DYHF ILFKH
MDFN PP
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 $8',2 9,'þ2
3ULVHV DUULýUH
+,),
6<67(0
[ F EOHV DXGLR 5&$
6RUWLH GHV SULVHV 6257,(
$8',2 *'
(QWU HVRUWLH GH OD
SULVH 3(5,7(/ $9
(QWU HVRUWLH GH OD SULVH & EOH 3(5,7(/
GH OD OLDLVRQ 4/LQN
3(5,7(/ $9 GH OD
OLDLVRQ 4/LQN
0$*1þ726&23(
0$*1þ726&23( 69,'þ2
0$*1þ726&23(
&203$7,%/(
/,$,621
'þ&2'(85
4/,1.
& EOH 3(5,7(/
0$*1þ726&23(
&203$7,%/( /,$,621
4/,1.
/(&7(85 '9'
'þ&2'(85
&$0(6&23(
/(&7(85 '9'
&2162/( '(
-(825',1$7(85 59%
&$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
&211(;,216 $8',2 9,'þ2
%URFKDJH GHV SULVHV 3(5,7(/ HW 69LGHR
3ULVH 3(5,7(/ EURFKHV $9
&RQQHFWHXU GH PDVVH
6RUWLH &9%6 YLG R
0DVVH &9%6
(QWU H URXJH
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
/LDLVRQ 4/LQN
(WDW &9%6 YLG R
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
/HV HQWU HV DG TXDWHV SRXU $9 LQFOXHQW 59% URXJHYHUWEOHX
3ULVH 3(5,7(/ EURFKHV $9
&RQQHFWHXU GH PDVVH
6RUWLH &9%6 YLG R
0DVVH &9%6
(QWU H 6&
0DVVH
0DVVH
6RUWLH DXGLR *
6RUWLH DXGLR '
(QWU H &9%6 YLG R
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 $9
3ULVH EURFKHV 69LGHR
(QWU H FKURPLQDQFH
(QWU H OXPLQDQFH
0DVVH FKURPLQDQFH
0DVVH OXPLQDQFH
',$*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
,PDJH QRUPDOH
6RQ QRUPDO
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;.)
9 $& +]
:
:
FP
[ : 506 [ : 032 LPS GDQFH W
+
PP
'LPHQVLRQV
/
PP
3
PP
3RLGV
NJ
3$/ %* 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
1RPEUH GH SDJH GX
W O WH[WH
$QWHQQH DUULýUH
8+) 9+)
&DVTXH DYDQW
PP LPS GDQFH W
$UULýUH VRUWLH DXGLR
[ VRUWLHV DXGLR 5&$ P9 506
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 59% OLDLVRQ
4/LQN
$9 DUULýUH
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R
OLDLVRQ 4/LQN
$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
&6
">