▼
Scroll to page 2
of
40
CUISINIERE CMP 698 7DEOH GHV PDWLqUHV $ /·$77(17,21 '( /·87,/,6$7(85 $ /·$77(17,21 '( /·,167$//$7(85 $YHUWLVVHPHQWV LPSRUWDQWV &$5$&7(5,67,48(6 7(&+1,48(6 '(6&5,37,21 '( 9275( &8,6,1,(5( ,167$//$7,21 /·,17(5,(85 '8 )285 &+$1*(0(17 '( *$= /( 352*5$00$7(85 &216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21 5(03/$&(0(17 '( /·$0328/( '·(&/$,5$*( &200(17 87,/,6(5 /$ 7$%/( '( &8,6621 &200(17 87,/,6(5 /( )285 /(6 ',))(5(17(6 326,7,216 '( &8,6621 &216(,/6 '·87,/,6$7,21 /$ 7$%/( '( &8,6621 &216(,/6 '·87,/,6$7,21 /( )285 *8,'(6 '(6 &8,66216 (175(7,(1 (7 1(772<$*( (1 &$6 '·$120$/,( '( )21&7,211(0(17 &21',7,216 '( *$5$17,( 6(59,&( $35(69(17( /H VpOHFWHXU GH IRQFWLRQV /H WKHUPRVWDW /H YR\DQW PDUFKH /H YR\DQW UpJXODWLRQ /HV DFFHVVRLUHV GX IRXU /D FXLVVRQ WUDGLWLRQQHOOH /D FXLVVRQ DX PD[L JULO /D FXLVVRQ GHV YLDQGHV /D FXLVVRQ DX WRXUQHEURFKH &RPPHQW XWLOLVHU YRWUH QRWLFH " /HV V\PEROHV VXLYDQWV YRXV JXLGHURQW WRXW DX ORQJ GH O·XWLOLVDWLRQ GH YRWUH QRWLFH ,QVWUXFWLRQV GH VpFXULWp 'HVFULSWLRQ G·RSpUDWLRQV pWDSH SDU pWDSH &RQVHLOV HW UHFRPPDQGDWLRQV ,QIRUPDWLRQV VXU O·HQYLURQQHPHQW $YHUWLVVHPHQWV LPSRUWDQWV &RQVHUYH] FHWWH QRWLFH G·XWLOLVDWLRQ DYHF YRWUH DSSDUHLO 6L O·DSSDUHLO GHYDLW rWUH YHQGX RX FpGp j XQH DXWUH SHUVRQQH DVVXUH]YRXV TXH OD QRWLFH G·XWLOLVDWLRQ O·DFFRPSDJQH /H QRXYHO XWLOLVDWHXU SRXUUD DORUV rWUH LQIRUPp GX IRQFWLRQQHPHQW GH FHOXLFL HW GHV DYHUWLVVHPHQWV V·\ UDSSRUWDQW &HV DYHUWLVVHPHQWV RQW pWp UpGLJpV SRXU YRWUH VpFXULWp HW FHOOH G·DXWUXL 1·HPSOR\H] MDPDLV OH SODWHDX PXOWLXVDJHV 8WLOLVDWLRQ FRPPH SODW j U{WLU &HW DSSDUHLO D pWp FRQoX SRXU rWUH XWLOLVp SDU GHV /RUVTXH OH IRXU HVW HQ IRQFWLRQQHPHQW OH DGXOWHV 9HXLOOH] j FH TXH OHV HQIDQWV Q·\ WRXFKHQW FRXYHUFOH GRLW rWUH UHOHYp SDV HW QH O·XWLOLVHQW SDV FRPPH XQ MRXHW (WHLJQH] WRXV OHV EUOHXUV DLQVL TXH OD SODTXH $ OD UpFHSWLRQ GH O·DSSDUHLO GpEDOOH]OH RX pOHFWULTXH HW DWWHQGH] TXH OH GHVVXV GX SODQ GH IDLWHVOH GpEDOOHU LPPpGLDWHPHQW 9pULILH] VRQ FXLVVRQ VRLW UHIURLGL DYDQW GH UHIHUPHU OH DVSHFW JpQpUDO )DLWHV OHV pYHQWXHOOHV UpVHUYHV FRXYHUFOH SDU pFULW VXU OH ERQ GH OLYUDLVRQ GRQW YRXV JDUGHUH] XQ H[HPSODLUH 9RWUH DSSDUHLO HVW GHVWLQp j XQ XVDJH GRPHVWLTXH QRUPDO 1H O·XWLOLVH] SDV j GHV ILQV FRPPHUFLDOHV RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH FHOXL SRXU OHTXHO LO D pWp FRQoX 1H PRGLILH] SDV RX Q·HVVD\H] SDV GH PRGLILHU OHV FDUDFWpULVWLTXHV GH FHW DSSDUHLO &HOD UHSUpVHQWHUDLW XQ GDQJHU SRXU YRXV /D IDoDGH GH YRWUH DSSDUHLO HVW FKDXGH SHQGDQW O·XWLOLVDWLRQ HW OH QHWWR\DJH pORLJQH] OHV MHXQHV HQIDQWV $VVXUH]YRXV TXH OHV HQIDQWV QH PDQLSXOHQW SDV OHV FRPPDQGHV GH O·DSSDUHLO (ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO SHQGDQW VRQ IRQFWLRQQHPHQW 9RXV pYLWHUH] DLQVL TX·LOV VH EUOHQW HQ WRXFKDQW OD VXUIDFH GH OD WDEOH RX HQ UHQYHUVDQW XQ UpFLSLHQW GH FXLVVRQ 1H WLUH] MDPDLV YRWUH DSSDUHLO SDU OD SRLJQpH GH OD SRUWH &KDQJH] OH WX\DX G·DUULYpH GX JD] XQ SHX DYDQW O·H[SLUDWLRQ GH OD GDWH GH YLHLOOLVVHPHQW LPSULPpH VXU FHOXLFL 1·XWLOLVH] MDPDLV GH ERXWHLOOH GH SURSDQH GDQV YRWUH FXLVLQH RX DXWUH ORFDO IHUPp (QOHYH] WRXV OHV SURGXLWV GV j XQ GpERUGHPHQW GH OD VXUIDFH GX FRXYHUFOH DYDQW GH O·RXYULU 9HLOOH] j QH ULHQ ODLVVHU VXU OD WDEOH SHQGDQW O·XWLOLVDWLRQ GHV IR\HUV WRUFKRQV IHXLOOH G·DOXPLQLXP 1H VWRFNH] SDV GH SURGXLWV G·HQWUHWLHQ RX GH SURGXLWV LQIODPPDEOHV GDQV OH WLURLU 3RXU OH ERQ FRXOLVVHPHQW GX WLURLU DVVXUH]YRXV TX·DXFXQ REMHW QH VH WURXYH VRXV OH WLURLU 1H IDLWHV MDPDLV IRQFWLRQQHU YRWUH WDEOH GH FXLVVRQ j YLGH VDQV UpFLSLHQW GHVVXV $YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH DSSDUHLO IDLWHV OH FKDXIIHU XQH IRLV j YLGH $VVXUH]YRXV DORUV TXH OD SLqFH VRLW VXIILVDPPHQW DpUpH 90& YHQWLODWLRQ PpFDQLTXH FRQWU{OpH HQ IRQFWLRQQHPHQW RX IHQrWUH RXYHUWH (Q HQIRXUQDQW RX HQ VRUWDQW YRV SODWV GX IRXU SUHQH] OD SUpFDXWLRQ GH QH SDV YRXV DSSURFKHU GHV pOpPHQWV FKDXIIDQWV VXSpULHXUV HW XWLOLVH] GHV JDQWV WKHUPLTXHV GH FXLVLQH 1H SODFH] MDPDLV GH SDSLHU G·DOXPLQLXP GLUHFWHPHQW HQ FRQWDFW DYHF OD VROH OD FKDOHXU DFFXPXOpH SRXUUDLW HQWUDvQHU XQH GpWpULRUDWLRQ GH O·pPDLO 6XU OD SRUWH RXYHUWH GX IRXU QH SRVH] SDV GH FKDUJH ORXUGH DVVXUH]YRXV TX·XQ HQIDQW QH SXLVVH QL PRQWHU QL V·DVVHRLU 3RXU pYLWHU G·HQGRPPDJHU OHV FRPPDQGHV GH YRWUH DSSDUHLO QH ODLVVH] SDV OD SRUWH RXYHUWH ORUVTX·LO HVW HQ IRQFWLRQQHPHQW RX HQFRUH FKDXG 6L YRXV XWLOLVH] XQ DSSDUHLO pOHFWULTXH j ILO j SUR[LPLWp GH YRWUH FXLVLQLqUH SDU H[HPSOH XQ EDWWHXU pOHFWULTXH DVVXUH]YRXV TXH OH ILO GH FHOXLFL QH ULVTXH SDV GH WRXFKHU XQH VXUIDFH WUqV FKDXGH TXL VHUDLW VXVFHSWLEOH GH OH IDLUH IRQGUH RX ELHQ TXH VRQ ILO QH ULVTXH SDV G·rWUH FRLQFp GDQV OD SRUWH GX IRXU /·XWLOLVDWLRQ G·XQ DSSDUHLO GH FXLVVRQ DX JD] FRQGXLW j OD SURGXFWLRQ GH FKDOHXU HW G·KXPLGLWp GDQV OD SLqFH R LO HVW LQVWDOOp 9HLOOH] j DVVXUHU XQH ERQQH DpUDWLRQ GH OD FXLVLQH PDLQWHQH] RXYHUWV OHV RULILFHV G·DpUDWLRQ QDWXUHOOH RX LQVWDOOH] XQ GLVSRVLWLI G·DpUDWLRQ PpFDQLTXH 8QH XWLOLVDWLRQ LQWHQVLYH HW SURORQJpH GH O·DSSDUHLO SHXW QpFHVVLWHU XQH DpUDWLRQ VXSSOpPHQWDLUH HQ RXYUDQW OD IHQrWUH RX XQH DpUDWLRQ SOXV HIILFDFH SDU H[HPSOH HQ DXJPHQWDQW OD SXLVVDQFH GH OD YHQWLODWLRQ PpFDQLTXH VL HOOH H[LVWH (Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH FXLVLQLqUH Q·XWLOLVH] TXH GHV SODWV GHV PRXOHV j JkWHDX[ UpVLVWDQWV j GH KDXWHV WHPSpUDWXUHV VXLYH] OHV LQVWUXFWLRQV GHV IDEULFDQWV $SUqV XWLOLVDWLRQ GH YRWUH FXLVLQLqUH DVVXUH]YRXV TXH WRXWHV OHV FRPPDQGHV VH WURXYHQW VXU OD SRVLWLRQ $UUrW 9pULILH] TX·DXFXQ pOpPHQW QH VRLW VRXV WHQVLRQ HW TXH OHV SDURLV VRLHQW VXIILVDPPHQW UHIURLGLHV DYDQW GH SURFpGHU DX QHWWR\DJH GH YRWUH FXLVLQLqUH 3RXU REWHQLU GH ERQV UpVXOWDWV FXOLQDLUHV HW G·XWLOLVDWLRQ YHLOOH] j FH TXH YRWUH DSSDUHLO VRLW WRXMRXUV SURSUH ORUV GH OD FXLVVRQ GH FHUWDLQHV SUpSDUDWLRQV OHV SURMHFWLRQV JUDLVVHXVHV SHXYHQW GpJDJHU GHV RGHXUV GpVDJUpDEOHV 1·XWLOLVH] MDPDLV G·DSSDUHLOV j YDSHXU RX j KDXWH SUHVVLRQ SRXU QHWWR\HU OH IRXU H[LJHQFHV UHODWLYHV j OD VpFXULWp pOHFWULTXH ,QVWDOODWLRQ 6L O·LQVWDOODWLRQ pOHFWULTXH GH YRWUH KDELWDWLRQ QpFHVVLWH XQH PRGLILFDWLRQ SRXU OH EUDQFKHPHQW GH YRWUH DSSDUHLO IDLWHV DSSHO j XQ pOHFWULFLHQ TXDOLILp 'HEUDQFKH] O·DSSDUHLO RX HQOHYH] OH IXVLEOH FRUUHVSRQGDQW j OD OLJQH GH EUDQFKHPHQW GH OD FXLVLQLqUH VL OD FXLVLQLqUH SUpVHQWH XQH TXHOFRQTXH DQRPDOLH (Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV G·DERUG DX FKDSLWUH ´(1 &$6 '·$120$/,( '( )21&7,211(0(17´ 6L PDOJUp WRXWHV OHV YpULILFDWLRQV XQH LQWHUYHQWLRQ V·DYqUH QpFHVVDLUH OH YHQGHXU GH YRWUH DSSDUHLO HVW OH SUHPLHU KDELOLWp j LQWHUYHQLU $ GpIDXW GpPpQDJHPHQW GH YRWUH SDUW IHUPHWXUH GX PDJDVLQ R YRXV DYH] HIIHFWXp O·DFKDW YHXLOOH] FRQVXOWHU O·$VVLVWDQFH 7HFKQLTXH &RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH ,QGLTXH] OD UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH DSSDUHLO TXL ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH 1·HVVD\H] SDV GH UpSDUHU YRWUH DSSDUHLO YRXVPrPH FHFL SRXUUDLW rWUH OD FDXVH G·LQFLGHQWV (Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX 6HUYLFH $SUqV9HQWH OHV SLqFHV GH UHFKDQJH FHUWLILpHV &RQVWUXFWHXU 3URWHFWLRQ GH O·HQYLURQQHPHQW 7RXV OHV PDWpULDX[ PDUTXpV SDU OH V\PEROH VRQW UHF\FODEOHV 'pSRVH]OHV GDQV XQH GpFKHWWHULH SUpYXH j FHW HIIHW UHQVHLJQH]YRXV DXSUqV GHV VHUYLFHV GH YRWUH FRPPXQH SRXU TX·LOV SXLVVHQW rWUH UpFXSpUpV HW UHF\FOpV 6L YRXV SURFpGH] j OD PLVH j OD FDVVH GH YRWUH DSSDUHLO PHWWH] KRUV G·XVDJH FH TXL SRXUUDLW UHSUpVHQWHU XQ GDQJHU SDU H[HPSOH FRXSH] OH FkEOH G·DOLPHQWDWLRQ DX UDV GH O·DSSDUHLO $YDQW G·XWLOLVHU YRWUH DSSDUHLO YHXLOOH] OLUH WRXWHV OHV LQVWUXFWLRQV HW FRQVHUYH]OHV SRXU UpIpUHQFHV XOWpULHXUHV '(6&5,37,21 '( 9275( &8,6,1,(5( /H EDQGHDX GH FRPPDQGHV ➀ ➁ ➂ ➃ ➄ ➅ ➆ ➇ ➀ 3URJUDPPDWHXU ➁ 9R\DQW ´S\URO\VHµ IRXU ➂ &RPPDQGH GX WKHUPRVWDW GH IRXU ➃ 9R\DQW ´UpJXODWLRQµ IRXU ➄ &RPPDQGH GX VpOHFWHXU GH IRQFWLRQV GX IRXU ➅ 9R\DQW ´PDUFKHµ WDEOH HW IRXU ➆ j ➉ &RPPDQGHV GHV IR\HUV GH WDEOH %RXWRQ G·DOOXPDJH GHV EUOHXUV JD] /D WDEOH GH FXLVVRQ %UOHXU VHPLUDSLGH 3ODTXH j OLPLWHXU N: N: %UOHXU UDSLGH %UOHXU DX[LOLDLUH N: N: HQ EXWDQHSURSDQH N: ➈ ➉ /·,17(5,(85 '8 )285 ➀ *UDGLQV ➁ *ULO ➂ (OpPHQW FKDXIIDQW VXSpULHXU ➃ (FODLUDJH GX IRXU ➄ (OpPHQW FKDXIIDQW LQIpULHXU VLWXp VRXV OD VROH ➅ (QWUDvQHPHQW GH OD EURFKH ➊ j➎ 1LYHDX[ GH JUDGLQV /( 352*5$00$7(85 &H SURJUDPPDWHXU SHXW rWUH XWLOLVp FRPPH XQ PLQXWHXU RX SRXU OD SURJUDPPDWLRQ G·XQH FXLVVRQ /HV WRXFKHV GX SURJUDPPDWHXU $IILFKHXU $ 3HUPHW GH GLPLQXHU OHV WHPSV GH FXLVVRQ % 0LQXWHXU & 'XUpH GH FXLVVRQ ' )LQ GH FXLVVRQ 0LVH j O·KHXUH GH O·KRUORJH $SUqV UDFFRUGHPHQW GH YRWUH IRXU DX UpVHDX pOHFWULTXH RX DSUqV XQH FRXSXUH G·pOHFWULFLWp $SSX\H] VLPXOWDQpPHQW VXU & HW ' OHV LQGLFDWHXUV OXPLQHX[ HW FOLJQRWHQW $SUqV TXHOTXHV VHFRQGHV OD URWDWLRQ GHV DLJXLOOHV V·DFFpOqUH 5HOkFKH] OHV WRXFKHV ORUVTXH OHV DLJXLOOHV GX PLQXWHXU DIILFKHQW O·KHXUH VRXKDLWpH /HV DLJXLOOHV WRXUQHURQW WRXMRXUV GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH HW MDPDLV j O·LQYHUVH (Q FDV GH PLFURFRXSXUH GH O·DOLPHQWDWLRQ pOHFWULTXH Q·H[FpGDQW SDV GHX[ VHFRQGHV OD UHPLVH j O·KHXUH Q·HVW SDV QpFHVVDLUH 8WLOLVDWLRQ GX PLQXWHXU IRQFWLRQ ´VDEOLHUµ /D IRQFWLRQ PLQXWHXU HVW LQGpSHQGDQWH GX IRXU HW Q·D DXFXQ HIIHW VXU OD PLVH HQ IRQFWLRQQHPHQW RX O·DUUrW GX IRXU $SSX\H] VXU OD WRXFKH % /H YR\DQW OXPLQHX[ FOLJQRWH HW V·DIILFKH 0DLQWHQH] OD SUHVVLRQ HW UHOkFKH] ORUVTXH OD GXUpH FKRLVLH HVW DIILFKpH /·LQGLFDWHXU FOLJQRWH SHQGDQW OH UpJODJH SXLV UHVWH DOOXPp $SUqV O·pFRXOHPHQW GX WHPSV FKRLVL XQ VLJQDO VRQRUH UHWHQWLW SHQGDQW GHX[ PLQXWHV HQYLURQ 3RXU O·LQWHUURPSUH DSSX\H] VXU & &RPPHQW PRGLILHU OH WHPSV FKRLVL " $SSX\H] VXU % SRXU IDLUH FOLJQRWHU O·LQGLFDWHXU $SSX\H] VXU $ SRXU UpGXLUH OH WHPSV DIILFKp RX VXU % SRXU O·DXJPHQWHU &RPPHQW WRXW DQQXOHU " 9RXV DSSX\H] VLPXOWDQpPHQW VXU % HW $ SRXU WRXW DQQXOHU UDSLGHPHQW ,QGLFDWHXUV OXPLQHX[ FRUUHVSRQGDQWV DX[ WRXFKHV % & HW ' 3URJUDPPDWLRQ VHPL DXWRPDWLTXH G·XQH FXLVVRQ 'pSDUW LPPpGLDW DUUrW DXWRPDWLTXH 3ODFH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH WKHUPRVWDW HW VXU OHV SRVLWLRQV FKRLVLHV /HV YR\DQWV V·DOOXPHQW $SSX\H] VXU & SRXU FKRLVLU OD GXUpH GH FXLVVRQ TXL V·LQVFULW VXU O·DIILFKHXU /RUVTXH OH WHPSV FKRLVL HVW pFRXOp XQ VLJQDO VRQRUH UHWHQWLW SHQGDQW GHX[ PLQXWHV HQYLURQ /H IRXU Q·HVW SOXV HQ IRQFWLRQQHPHQW 5DPHQH] OHV FRPPDQGHV VXU OD SRVLWLRQ $UUrW HW VpOHFWHXU GH IRQFWLRQV VXU 7KHUPRVWDW VXU C $SSX\H] VXU & SRXU DUUrWHU OH VLJQDO VRQRUH /·LQGLFDWHXU HW O·DIILFKHXU TXHOTXHV VHFRQGHV V·pWHLJQHQW DSUqV &RPPHQW PRGLILHU OH WHPSV FKRLVL " $SSX\H] VXU & SRXU IDLUH FOLJQRWHU O·LQGLFDWHXU $SSX\H] VXU $ SRXU UpGXLUH OH WHPSV DIILFKp RX VXU % SRXU O·DXJPHQWHU &RPPHQW WRXW DQQXOHU " $SSX\H] VLPXOWDQpPHQW VXU & HW $ SRXU WRXW DQQXOHU UDSLGHPHQW 3URJUDPPDWLRQ DXWRPDWLTXH G·XQH FXLVVRQ 'pSDUW GLIIpUp DUUrW DXWRPDWLTXH ,O HVW QRUPDO TXH OH YHQWLODWHXU GH UHIURLGLVVHPHQW VH PHWWH HQ URXWH DYDQW OH GpEXW GH OD FXLVVRQ 3ODFH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH WKHUPRVWDW VXU OHV SRVLWLRQV FKRLVLHV $SSX\H] VXU & SRXU FKRLVLU OD GXUpH GH FXLVVRQ TXL V·LQVFULW VXU O·DIILFKHXU $SSX\H] VXU ' HW PDLQWHQH] OD WRXFKH HQIRQFpH MXVTX·j FH TXH OHV DLJXLOOHV GH O·KRUORJH VH SRVLWLRQQHQW VXU O·KHXUH GH ILQ GH FXLVVRQ FKRLVLH /·LQGLFDWHXU ´'XUpH GH FXLVVRQµ UHVWH DOOXPp HW FHOXL GH ´)LQ GH FXLVVRQµ FOLJQRWH /HV DLJXLOOHV UHVWHQW VXU O·KHXUH GH ILQ GH FXLVVRQ /RUVTXH OH WHPSV GH FXLVVRQ HVW pFRXOp XQ VLJQDO VRQRUH UHWHQWLW SHQGDQW GHX[ PLQXWHV HQYLURQ HW WRXV OHV LQGLFDWHXUV OXPLQHX[ V·pWHLJQHQW UHVWH DIILFKp /H IRXU Q·HVW SOXV HQ IRQFWLRQQHPHQW 5DPHQH] OHV FRPPDQGHV VXU OD SRVLWLRQ $UUrW HW VpOHFWHXU GH IRQFWLRQV VXU WKHUPRVWDW VXU $SSX\H] VXU & SRXU DUUrWHU OH VLJQDO VRQRUH /·LQGLFDWHXU HW O·DIILFKHXU V·pWHLJQHQW &RPPHQW WRXW DQQXOHU " $SSX\H] VLPXOWDQpPHQW VXU & HW VXU $ SRXU UHPHWWUH O·DIILFKHXU j ]pUR /H YR\DQW FOLJQRWH /HV DLJXLOOHV GH O·KRUORJH VH UHPHWWHQW j O·KHXUH DXWRPDWLTXHPHQW /H YR\DQW HW O·DIILFKHXU V·pWHLJQHQW &216(,/6 $9$17 /$ 35(0,(5( 87,/,6$7,21 /D WDEOH GH FXLVVRQ $YDQW OD SUHPLqUH XWLOLVDWLRQ GH OD SODTXH pOHFWULTXH IDLWHVOD FKDXIIHU PLQXWHV HQ SRVLWLRQ PD[L DILQ G·pOLPLQHU OHV JUDLVVHV GH SURWHFWLRQ /H IRXU 3UHPLHU QHWWR\DJH (QOHYH] OHV DFFHVVRLUHV HW ODYH]OHV j O·HDX VDYRQQHXVH HQ SUHQDQW VRLQ GH ELHQ OHV ULQFHU HW OHV HVVX\HU 3UHPLqUH RSpUDWLRQ $YDQW OD SUHPLqUH XWLOLVDWLRQ GH YRWUH IRXU IDLWHVOH FKDXIIHU XQH IRLV j YLGH $VVXUH]YRXV DORUV TXH OD SLqFH VRLW VXIILVDPPHQW DpUpH 90& YHQWLODWLRQ PpFDQLTXH FRQWU{OpH HQ IRQFWLRQQHPHQW RX IHQrWUH RXYHUWH /( 6(/(&7(85 '( )21&7,216 &RPPHQW SURFpGHU " /HYH] OH FRXYHUFOH (QOHYH] WRXV OHV DFFHVVRLUHV GX IRXU 5HWLUH] OHV pWLTXHWWHV SXEOLFLWDLUHV HW OHV DXWRFROODQWV VDXI OD SODTXH VLJQDOpWLTXH TXL SRXUUDLHQW VH WURXYHU VXU OD IDoDGH GH YRWUH DSSDUHLO 0HWWH] OH SURJUDPPDWHXU j O·KHXUH YRLU FKDSLWUH ´/H SURJUDPPDWHXUµ 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ SXLV OH WKHUPRVWDW VXU )DLWHV FKDXIIHU SHQGDQW XQH KHXUH DILQ G·pOLPLQHU O·RGHXU SURYHQDQW GX FDORULIXJH /H PRGH OD GXUpH HW OD WHPSpUDWXUH GH FXLVVRQ LQGLTXpV GDQV OHV JXLGHV GH FXLVVRQV VRQW DGDSWpV j YRWUH QRXYHOOH FXLVLQLqUH 3RXU REWHQLU GH ERQV UpVXOWDWV FXOLQDLUHV VXLYH] FHV LQGLFDWLRQV /( 7+(50267$7 &200(17 87,/,6(5 /$ 7$%/( '( &8,6621 /HV EUOHXUV JD] 3RXU DOOXPHU OHV EUOHXUV 3RXVVH] HW WRXUQH] j O·LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH OD FRPPDQGH GX EUOHXU FKRLVL HQ PrPH WHPSV DSSX\H] VXU OH ERXWRQ G·DOOXPDJH pOHFWURQLTXH SRXU REWHQLU GHV pWLQFHOOHV 0DLQWHQH] OH ERXWRQ HQIRQFp MXVTX·j DSSDULWLRQ GH OD IODPPH XQH pWLQFHOOH VH SURGXLW HQYLURQ WRXWHV OHV VHFRQGHV RX SUpVHQWH] XQH IODPPH DX EUOHXU DSUqV DYRLU WRXUQp OD FRPPDQGH HQ FDV GH PDQTXH G·pQHUJLH pOHFWULTXH 3RXU pWHLQGUH OHV EUOHXUV 7RXUQH] OD FRPPDQGH GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH MXVTX·j OD EXWpH VXU OD SRVLWLRQ DUUrW /H IR\HU pOHFWULTXH SODTXH UDSLGH j OLPLWHXU SRLQW URXJH (OOH RIIUH SRVLWLRQV GH FXLVVRQ &HWWH SODTXH FKDXIIH YLWH HW FRQYLHQW SDUWLFXOLqUHPHQW DX[ FXLVVRQV TXL GHPDQGHQW XQ GpPDUUDJH j IHX YLI UHSRUWH]YRXV DX FKDSLWUH ´*XLGHV GHV FXLVVRQVµ /H UHSqUH ´µ FRUUHVSRQG j OD SRVLWLRQ DUUrW /H UHSqUH ´µ FRUUHVSRQG j OD SRVLWLRQ PD[L 3RXU DOOXPHU OD SODTXH 7RXUQH] OD FRPPDQGH YHUV OD GURLWH RX YHUV OD JDXFKH $PHQH] OD PDQHWWH VXU OH UHSqUH FKRLVL OH YR\DQW ´PDUFKHµ V·DOOXPH 3RXU pWHLQGUH OD SODTXH 5DPHQH] OD FRPPDQGH VXU OD SRVLWLRQ ´µ /H YR\DQW ´PDUFKHµ V·pWHLQW VDXI VL OH IRXU IRQFWLRQQH /H YR\DQW ´PDUFKHµ ,O V·DOOXPH GqV TXH YRXV WRXUQH] OD PDQHWWH FRUUHVSRQGDQW j OD SODTXH pOHFWULTXH ,O V·pWHLQW ORUVTXH YRXV OD UDPHQH] VXU OD SRVLWLRQ ´µ 6pFXULWp (ORLJQH] OHV MHXQHV HQIDQWV GH O·DSSDUHLO WDQW TX·LO HVW FKDXG 9HLOOH] j QH SRVHU VXU OD WDEOH GH FXLVVRQ DXFXQ REMHW RX DOLPHQW VXVFHSWLEOH GH IRQGUH XVWHQVLOHV DYHF PDQFKH HQ SODVWLTXH IHXLOOH G·DOXPLQLXP DOLPHQW FRQWHQDQW GX VXFUH HWF HQ FDV G·LQFLGHQW QHWWR\H] LPPpGLDWHPHQW $YDQW GH IHUPHU OH FRXYHUFOH DWWHQGH] TXH OH GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL DILQ GH QH SDV HQGRPPDJHU OH FRXYHUFOH &200(17 87,/,6(5 /( )285 /RUVTXH OH IRXU HVW HQ IRQFWLRQQHPHQW OH FRXYHUFOH GRLW rWUH UHOHYp /HV FRPPDQGHV GH IRXU /H FKRL[ GX PRGH GH FXLVVRQ V·HIIHFWXH j O·DLGH GX VpOHFWHXU GH IRQFWLRQV GX IRXU HW GX WKHUPRVWDW /H VpOHFWHXU GH IRQFWLRQV 3RXU VpOHFWLRQQHU OH PRGH GH FXLVVRQ GpVLUp OD FRPPDQGH GX VpOHFWHXU GH IRQFWLRQV SHXW rWUH WRXUQpH YHUV OD GURLWH RX YHUV OD JDXFKH /·pFODLUDJH GX IRXU /D FXLVVRQ WUDGLWLRQQHOOH /D FXLVVRQ DX PD[L JULO /D FXLVVRQ GHV YLDQGHV /D FXLVVRQ DX WRXUQHEURFKH /H QHWWR\DJH S\URO\WLTXH /( 6(/(&7(85 '( )21&7,216 3RXU PHWWUH OH IRXU HQ IRQFWLRQQHPHQW FKRLVLU OD SRVLWLRQ GX VpOHFWHXU GH IRQFWLRQV SXLV OD WHPSpUDWXUH DSSURSULpH j O·DLGH GX WKHUPRVWDW 3RXU DUUrWHU OH IRXU UDPHQHU OH WKHUPRVWDW VXU OH VpOHFWHXU GH IRQFWLRQV VXU SXLV /·pFODLUDJH IRQFWLRQQH GqV TXH OD FRPPDQGH GX VpOHFWHXU GH IRQFWLRQV HVW WRXUQpH /H IRXU UHVWH pFODLUp SHQGDQW TXH OD FXLVVRQ V·HIIHFWXH /H WKHUPRVWDW /( 7+(50267$7 /H UpJODJH GH OD WHPSpUDWXUH V·HIIHFWXH j O·DLGH GX WKHUPRVWDW HQ WRXUQDQW OD FRPPDQGH GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH ,O HVW JUDGXp GH j HW UpJXOH OD WHPSpUDWXUH GX IRXU /H YR\DQW PDUFKH /H YR\DQW V·DOOXPH GqV TXH YRXV WRXUQH] OD PDQHWWH GX VpOHFWHXU GH IRQFWLRQV ,O V·pWHLQW ORUVTXH YRXV OD UDPHQH] VXU OD SRVLWLRQ /H YR\DQW UpJXODWLRQ /H YR\DQW V·DOOXPH SHQGDQW OH SUpFKDXIIDJH GX IRXU HW V·pWHLQW ORUVTXH OD WHPSpUDWXUH VpOHFWLRQQpH HVW DWWHLQWH ,O VH UDOOXPH ORUV GH OD FXLVVRQ SRXU LQGLTXHU TXH OD WHPSpUDWXUH GH FXLVVRQ VpOHFWLRQQpH HVW PDLQWHQXH /H YHQWLODWHXU GH UHIURLGLVVHPHQW /H YHQWLODWHXU GH UHIURLGLVVHPHQW SHUPHW GH PDLQWHQLU O·HQYLURQQHPHQW GH OD FXLVLQLqUH EDQGHDX GH FRPPDQGHV j IDLEOH WHPSpUDWXUH ,O GpPDUUH HW V·DUUrWH DXWRPDWLTXHPHQW LO HVW QRUPDO TX·LO VH PHWWH HQ URXWH DYDQW OH GpEXW G·XQH FXLVVRQ DYHF GpSDUW GLIIpUp HW TXH YRXV O·HQWHQGLH] HQFRUH TXHOTXHV LQVWDQWV DSUqV O·DUUrW WRWDO GH YRWUH IRXU $SUqV XWLOLVDWLRQ GH YRWUH IRXU DVVXUH]YRXV TXH OHV FRPPDQGHV VH WURXYHQW VXU OD SRVLWLRQ $UUrW WKHUPRVWDW VXU HW VpOHFWHXU GH IRQFWLRQV VXU /HV DFFHVVRLUHV GX IRXU (Q SOXV GHV DFFHVVRLUHV IRXUQLV DYHF YRWUH FXLVLQLqUH QRXV YRXV FRQVHLOORQV GH Q·XWLOLVHU TXH GHV SODWV HW GHV PRXOHV j JkWHDX[ UpVLVWDQW j GH KDXWHV WHPSpUDWXUHV VXLYH] OHV LQVWUXFWLRQV GHV IDEULFDQWV /D JULOOH VXSSRUW GH SODW 9RWUH FXLVLQLqUH HVW pTXLSpH GH JULOOH VXSSRUW SODWHDX PXOWLXVDJHV WRXUQHEURFKH 'pKDQFKHPHQW YHUV OH KDXW /D JULOOH VXSSRUW GH SODW (OOH SHUPHW GH SRVHU OHV SODWV U{WLV JUDWLQV OHV PRXOHV j SkWLVVHULH HWF 9RWUH SODW GRLW rWUH FHQWUp VXU OD JULOOH 9RXV SRXYH] O·XWLOLVHU GDQV OHV VHQV GH GpKDQFKHPHQW SRXU DMXVWHU OD SRVLWLRQ GH YRV SODWV SDU UDSSRUW j OD VRXUFH GH FKDOHXU 3RXU OHV SUpSDUDWLRQV WUqV ORXUGHV SOXV GH NJ SRVLWLRQQH] OD JULOOH VXSSRUW GH SODW GpKDQFKHPHQW YHUV OH KDXW /H SODWHDX PXOWLXVDJHV 'pKDQFKHPHQW YHUV OH EDV /H SODWHDX PXOWLXVDJHV 3ODQ LQFOLQp YHUV O·DYDQW ,O HVW HPSOR\p SRXU OD FXLVVRQ RX OH UpFKDXIIDJH GH SL]]DV GH SHWLWV JkWHDX[ LQGLYLGXHOV SRVpV GLUHFWHPHQW GHVVXV 2Q O·XWLOLVH DXVVL SRXU UHFXHLOOLU OH MXV GHV JULOODGHV RX GHV FXLVVRQV DX WRXUQHEURFKH 1RXV YRXV UHFRPPDQGRQV GH JOLVVHU OH SODWHDX GDQV OHV JUDGLQV OHV SHWLWV WURXV FLUFXODLUHV YHUV O·DUULqUH IRQG GX IRXU HW OH SODQ LQFOLQp YHUV O·DYDQW F{Wp SRUWH GH IRXU 3HWLWV WURXV FLUFXODLUHV YHUV O·DUULqUH 3UHQH] OD SUpFDXWLRQ GH FHQWUHU OH SODWHDX PXOWLXVDJHV GDQV OH IRXU SRXU SHUPHWWUH XQH ERQQH FLUFXODWLRQ G·DLU HW REWHQLU XQH FXLVVRQ KRPRJqQH 3RXU YRXV VLPSOLILHU OH QHWWR\DJH FH SODWHDX PXOWLXVDJHV HVW S\URO\VDEOH 9RXV SRXYH] OH ODLVVHU GDQV YRWUH IRXU ORUV GX QHWWR\DJH S\URO\WLTXH HQ VXLYDQW TXHOTXHV FRQVHLOV YRLU FKDSLWUH ´(175(7,(1 (7 1(772<$*(µ /H WRXUQHEURFKH )RXUFKHWWHV /H WRXUQHEURFKH ,O HVW FRPSRVp GH EURFKH IRXUFKHWWHV VXSSRUW GH EURFKH %URFKH 6XSSRUW GH EURFKH /(6 ',))(5(17(6 326,7,216 '( &8,6621 /D FXLVVRQ WUDGLWLRQQHOOH (OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW GH SkWLVVHULHV GH SRLVVRQV GH WHUULQHV HW GH SUpSDUDWLRQV j EDVH GH OpJXPHV (OOH SHXW FRQYHQLU pJDOHPHQW j OD GpFRQJpODWLRQ GH FHUWDLQV SODWV FXLVLQpV HW DX UpFKDXIIDJH GH YRV SODWV SUpSDUpV j O·DYDQFH /D FXLVVRQ DX PD[L JULO (OOH SHUPHW GH JULOOHU OHV SLqFHV GH YLDQGHV GH GRUHU OHV WRDVWV RX GH JUDWLQHU GHV SODWV GpMj FXLWV HW FKDXGV /D FXLVVRQ GHV YLDQGHV (OOH HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ GH U{WLV HW GH YRODLOOHV GDQV XQ SODW /D FXLVVRQ DX WRXUQHEURFKH (OOH SHUPHW GH FXLUH OHV SRXOHWV OHV U{WLV j OD EURFKH /D FXLVVRQ WUDGLWLRQQHOOH (OOH FRQYLHQW j WRXWHV OHV FXLVVRQV WRXW VSpFLDOHPHQW GH SkWLVVHULHV GH SRLVVRQV GH WHUULQHV HW GH SUpSDUDWLRQV j EDVH GH OpJXPHV /H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH &RPPHQW SURFpGHU " 3RXU OHV SkWLVVHULHV OHV JUDWLQV OHV WHUULQHV 3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ GH FXLVVRQ HW OH WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL &RQVXOWH] OH JXLGH GHV FXLVVRQV 'XUpH GH SUpFKDXIIDJH PLQXWHV HQYLURQ SRXU OHV UHSqUHV PLQXWHV HQYLURQ SRXU OH UHSqUH (QIRXUQH] YRWUH SODW ´UpJXODWLRQµ HVW pWHLQW GqV TXH OH YR\DQW /D GpFRQJpODWLRQ HWRX OH UpFKDXIIDJH /D SRVLWLRQ FXLVVRQ WUDGLWLRQQHOOH SHXW FRQYHQLU pJDOHPHQW j OD GpFRQJpODWLRQ GH FHUWDLQV SODWV HWRX DX UpFKDXIIDJH GH YRV SODWV SUpSDUpV j O·DYDQFH 'DQV FH FDV SODFH] OH WKHUPRVWDW VXU OD JUDGXDWLRQ PLQLPXP (QVXLWH HQIRXUQH] OD SUpSDUDWLRQ GLUHFWHPHQW VDQV SUpFKDXIIDJH /D FXLVVRQ DX PD[L JULO /·XWLOLVDWLRQ GX JULO VH IDLW SRUWH IHUPpH SRXU pFRQRPLVHU GH O·pQHUJLH pYLWHU WRXW GpJDJHPHQW G·RGHXUV HW GH IXPpHV HW SRXU QH SDV HQGRPPDJHU OHV FRPPDQGHV GH O·DSSDUHLO 7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV VRXV YRWUH VXUYHLOODQFH &H PRGH GH FXLVVRQ SHUPHW GH JULOOHU GHV SLqFHV GH YLDQGH F{WHV GH SRUF VDXFLVVHV TXL UHVWHQW PRHOOHXVHV GH GRUHU OHV WRDVWV RX GH JUDWLQHU GHV SODWV GpMj FXLWV HW FKDXGV GH SUpIpUHQFH JUDWLQV GH SkWHV &RPPHQW SURFpGHU " /HV JULOODGHV 3UpSDUH] OD SLqFH j JULOOHU 3ODFH]OD GLUHFWHPHQW VXU OD JULOOH VXSSRUW GH SODW SXLV OH 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH GHV FXLVVRQV /RUVTXH OH JULO HVW URXJH *OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀ *OLVVH] OD JULOOH DX JUDGLQ ➂ RX ➃ VXLYDQW O·pSDLVVHXU GH OD SLqFH j JULOOHU /RUVTXH OD SUHPLqUH IDFH HVW GRUpH UHWRXUQH] OD SLqFH VDQV OD SLTXHU SRXU pYLWHU GH OXL IDLUH SHUGUH VRQ MXV )DLWHV JULOOHU OD GHX[LqPH IDFH 6DOH] HQ ILQ GH FXLVVRQ /H WHPSV GH FXLVVRQ GRLW rWUH GpWHUPLQp HQ IRQFWLRQ GH O·pSDLVVHXU GH OD SLqFH j JULOOHU HW QRQ GH VRQ SRLGV /HV JUDWLQV 3RVLWLRQQH] OH VpOHFWHXU GH IRQFWLRQV VXU SXLV OH WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH GHV FXLVVRQV 3ODFH] OH SODW VXU OD JULOOH VXSSRUW HW JOLVVH] O·HQVHPEOH DX JUDGLQ ➂ RX ➃ /DLVVH] OH PHWV H[SRVp TXHOTXHV PLQXWHV DX UD\RQQHPHQW GX JULO 3OXV OD SUpSDUDWLRQ VHUD SURFKH GH O·pOpPHQW UD\RQQDQW SOXV OH ´JUDWLQDJHµ VHUD UDSLGH /D FXLVVRQ GHV YLDQGHV &HWWH SRVLWLRQ HVW VSpFLDOHPHQW DGDSWpH j OD FXLVVRQ GHV YLDQGHV /HV SURMHFWLRQV GH JUDLVVH OH GpJDJHPHQW GH IXPpHV HW OHV RGHXUV GpVDJUpDEOHV GLPLQXHQW FRQVLGpUDEOHPHQW 9RWUH YLDQGH VHUD GRUpH HW PRHOOHXVH YRWUH IRXU UHVWHUD SURSUH SOXV ORQJWHPSV &RPPHQW SURFpGHU " 3UpFKDXIIH] OH IRXU HQ SODoDQW OH VpOHFWHXU GH SXLV OH WKHUPRVWDW VXU IRQFWLRQV VXU OD SRVLWLRQ OH UHSqUH GH FXLVVRQ FKRLVL $ OD SUHPLqUH H[WLQFWLRQ GX YR\DQW ´UpJXODWLRQµ HQIRXUQH] OD SLqFH j U{WLU SXLV VDQV PRGLILHU OD SRVLWLRQ GX WKHUPRVWDW SODFH] OH VpOHFWHXU GH UpVHUYpH j OD FXLVVRQ IRQFWLRQV VXU OD SRVLWLRQ GHV YLDQGHV U{WLHV /D FXLVVRQ DX WRXUQHEURFKH /D EURFKH HW VRQ VXSSRUW VRQW WUqV FKDXGV DSUqV OD FXLVVRQ 8WLOLVH] GHV JDQWV WKHUPLTXHV GH FXLVLQH &RPPHQW SURFpGHU " (QILOH] XQH IRXUFKHWWH VXU OD EURFKH SXLV OD SLqFH j U{WLU HQ YHLOODQW j FH TX·HOOH VRLW ELHQ FHQWUpH (QILOH] HQVXLWH OD GHX[LqPH IRXUFKHWWH %ORTXH] OHV IRXUFKHWWHV j O·DLGH GHV YLV 3RVH] OD EURFKH VXU OH VXSSRUW HW JOLVVH] O·HQVHPEOH DX JUDGLQ ➂ /H WRXUQHEURFKH 3RXVVH] OD EURFKH SRXU HQJDJHU VRQ H[WUpPLWp GDQV OH FDUUp G·HQWUDvQHPHQW GH OD EURFKH RULILFH VLWXp DX IRQG GX IRXU j JDXFKH %URFKH *OLVVH] OH SODWHDX PXOWLXVDJHV DX JUDGLQ ➀ )HUPH] OD SRUWH GX IRXU 3ODFH] OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ SXLV OH WKHUPRVWDW VXU OH UHSqUH GH FXLVVRQ FKRLVL VDQV GpSDVVHU OHV YDOHXUV SUpFRQLVpHV GDQV OH JXLGH GHV FXLVVRQV 9pULILH] TXH OD EURFKH WRXUQH 3RXU VRUWLU OD SLqFH U{WLH UHPHWWH] OH WKHUPRVWDW SXLV OH VpOHFWHXU GH IRQFWLRQV VXU OD SRVLWLRQ $UUrW 7LUH] GRXFHPHQW HW VRUWH] VLPXOWDQpPHQW GX IRXU OH SODWHDX PXOWLXVDJHV O·HQVHPEOH VXSSRUW GH EURFKH HW OD EURFKH )RXUFKHWWHV 6XSSRUW GH EURFKH &216(,/6 '·87,/,6$7,21 /$ 7$%/( '( &8,6621 $YDQW GH IHUPHU OH FRXYHUFOH DWWHQGH] TXH OH GHVVXV GX SODQ GH FXLVVRQ VRLW UHIURLGL DILQ GH QH SDV HQGRPPDJHU OH FRXYHUFOH /HV EUOHXUV JD] &KRL[ GHV UpFLSLHQWV &KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX GLDPqWUH GX EUOHXU XWLOLVp j FP GH GLDPqWUH SRXU OH EUOHXU UDSLGH DYDQW JDXFKH j FP GH GLDPqWUH SRXU OH EUOHXU VHPLUDSLGH DUULqUH JDXFKH j FP GH GLDPqWUH SRXU OH EUOHXU DX[LOLDLUH DYDQW GURLW 6L YRXV XWLOLVH] XQ UpFLSLHQW j ODUJH IRQG VWpULOLVDWHXU EDVVLQH j FRQILWXUH FRXVFRXVVLHU SODFH]OH OpJqUHPHQW GpFDOp YHUV O·DUULqUH GH OD WDEOH GH FXLVVRQ GH WHOOH VRUWH TXH OD EDVH GX UpFLSLHQW QH GpSDVVH SDV OH ERUG DYDQW GH OD WDEOH pPDLOOpH &HFL pYLWH OH GpERUGHPHQW GHV IODPPHV HW XQH VXUFKDXIIH DX QLYHDX GX EDQGHDX GH FRPPDQGHV %RQQH XWLOLVDWLRQ 0DXYDLVH XWLOLVDWLRQ JDVSLOODJH G·pQHUJLH &RQVHLOV SUDWLTXHV 3RXU OD UpXVVLWH GH FHUWDLQHV SUpSDUDWLRQV GpOLFDWHV SDU H[HPSOH FUqPH DQJODLVH VDXFH EpFKDPHO UL] DX ODLW QRXV YRXV VXJJpURQV FHV TXHOTXHV FRQVHLOV XWLOLVH] GH SUpIpUHQFH XQ UpFLSLHQW GH FP GH GLDPqWUH PD[LPXP XWLOLVH] GH SUpIpUHQFH OH EUOHXU DYDQW GURLW 3RXU XQ ERQ DOOXPDJH GH YRV EUOHXUV 9HLOOH] j JDUGHU OHV FRXURQQHV GHV EUOHXUV HQ SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW SRXUUDLW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH JD] 6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV QHWWR\HU DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV FRXURQQHV HW OHV FKDSHDX[ GHV EUOHXUV VRLHQW FRUUHFWHPHQW UHPLV HQ SODFH HW SDUIDLWHPHQW VHFV /D SODTXH pOHFWULTXH 1H IDLWHV SDV FKDXIIHU OD SODTXH j YLGH HW Q·LQWHUFDOH] DXFXQ SURGXLW RX PDWpULDX HQWUH OD SODTXH HW OH UpFLSLHQW &KDTXH IRLV TXH OD UHFHWWH OH SHUPHW FRXYUH] YRWUH UpFLSLHQW YRXV UpDOLVHUH] GHV pFRQRPLHV G·pQHUJLH 3HQVH] j UDPHQHU OD PDQHWWH VXU OD SRVLWLRQ $UUrW DYDQW OD ILQ GH OD FXLVVRQ FHOOHFL WHUPLQHUD JUkFH j OD FKDOHXU DFFXPXOpH FXLVVRQ GHV SkWHV GX UL] PLMRWDJH 3RXU SUpYHQLU OHV GpERUGHPHQWV ODLW KXLOH VDXFH SRVLWLRQQH] OD PDQHWWH VXU XQ UHSqUH PRLQV pOHYp TXHOTXHV PLQXWHV DYDQW O·pEXOOLWLRQ 1·HPSOLVVH] SDV WURS YRV UpFLSLHQWV /RUVTXH YRXV UpGXLVH] OD SXLVVDQFH GH FXLVVRQ RX TXH YRXV DUUrWH] OD SODTXH VD WHPSpUDWXUH EDLVVH OHQWHPHQW &KRL[ GHV UpFLSLHQWV &KRLVLVVH] WRXMRXUV XQ UpFLSLHQW SURSRUWLRQQp DX GLDPqWUH GH OD SODTXH j FP GH GLDPqWUH &KRLVLVVH] GHV UpFLSLHQWV j IRQG pSDLV HW ELHQ SODW IRQG GUHVVp %RQQH XWLOLVDWLRQ 0DXYDLVHV XWLOLVDWLRQV &216(,/6 '·87,/,6$7,21 /( )285 &KRL[ GHV UpFLSLHQWV &RQVHLOV SUDWLTXHV /·pSDLVVHXU OD FRQGXFWLELOLWp HW OD FRXOHXU GHV UpFLSLHQWV LQIOXHQFHQW OHV UpVXOWDWV FXOLQDLUHV 3HQGDQW OD FXLVVRQ FHUWDLQHV SUpSDUDWLRQV DXJPHQWHQW GH YROXPH SDU FRQVpTXHQW FKRLVLVVH] YRV UpFLSLHQWV GH PDQLqUH j FH TXH OD SUpSDUDWLRQ FUXH ODLVVH OH WLHUV VXSpULHXU GX PRXOH OLEUH 3RXU SUpYHQLU OHV pFODERXVVXUHV WURS DERQGDQWHV XWLOLVH] SRXU OD FXLVVRQ GHV U{WLV HW GHV YRODLOOHV GHV SODWV j ERUGV KDXWV RX GHV FRFRWWHV HQ YHUUH j IHX PXQLHV GH OHXU FRXYHUFOH GRQW OHV GLPHQVLRQV VRQW SURSRUWLRQQpHV j OD SLqFH j U{WLU 5pVHUYH] OHV SODWV HQ YHUUH j IHX SRXU YRV JUDWLQV HW YRV VRXIIOpV ,QIOXHQFH GHV UpFLSLHQWV VXU OHV UpVXOWDWV GH FXLVVRQ 1H SODFH] MDPDLV OH SDSLHU G·DOXPLQLXP GLUHFWHPHQW HQ FRQWDFW DYHF OH EDV GH YRWUH IRXU FHFL HQWUDvQHUDLW XQH GpWpULRUDWLRQ GH O·pPDLO 3RXU SUpVHUYHU OD SURSUHWp GH YRWUH IRXU XQH IHXLOOH G·DOXPLQLXP LQWHUFDOpH HQWUH OH SODW HW OD JULOOH VXSSRUW SURWpJHUD OD VROH HQ FDV GH GpERUGHPHQW $ILQ GH SHUPHWWUH XQH ERQQH FLUFXODWLRQ G·DLU FHWWH IHXLOOH QH GRLW SDV FRXYULU OD WRWDOLWp GH OD VXUIDFH GH OD JULOOH 3LTXH] OD SHDX GHV YRODLOOHV HW VDXFLVVHV j O·DLGH G·XQH IRXUFKHWWH DYDQW FXLVVRQ 9RXV pYLWHUH] TXH OD SHDX QH JRQIOH HW Q·pFODWH VRXV O·HIIHW GH OD FKDOHXU /DLVVH] OH PRLQV GH EDUGH SRVVLEOH DXWRXU GH YRV U{WLV SRXU UpGXLUH OHV SURMHFWLRQV HW REWHQLU XQ PHWV PRLQV ULFKH HQ JUDLVVH 1H GpSDVVH] SDV OHV UHSqUHV GH WKHUPRVWDW SUpFRQLVpV GDQV OH JXLGH GH FXLVVRQV GHV YLDQGHV 6DFKH] TXH $ O·DOXPLQLXP OHV SODWV HQ WHUUH FXLWH OD WHUUH j IHX GLPLQXHQW OD FRORUDWLRQ GHVVRXV HW SUpVHUYHQW O·KXPLGLWp GHV DOLPHQWV 1RXV YRXV OHV FRQVHLOORQV SRXU OHV SkWLVVHULHV PRHOOHXVHV OD FXLVVRQ GHV JUDWLQV GHV U{WLV % OD IRQWH pPDLOOpH OH IHU pWDPp OH YHUUH HW OD SRUFHODLQH j IHX OHV UpFLSLHQWV DYHF LQWpULHXU DQWLDGKpVLI HW H[WpULHXU FRORUp DXJPHQWHQW OD FRORUDWLRQ GHVVRXV HW IDYRULVHQW OH GHVVqFKHPHQW GHV DOLPHQWV 1RXV YRXV OHV FRQVHLOORQV SRXU OHV WDUWHV OHV TXLFKHV HW WRXWHV FXLVVRQV FURXVWLOODQWHV TXL GRLYHQW rWUH DXVVL GRUpHV GHVVRXV TXH GHVVXV 9RXV FRQVWDWH] 'HVVRXV WURS SkOH 3RXU UpDOLVHU GHV pFRQRPLHV G·pQHUJLH 3UHQH] O·KDELWXGH G·pWHLQGUH YRWUH IRXU TXHOTXHV PLQXWHV DYDQW OD ILQ GH OD FXLVVRQ 3HQGDQW FH ODSV GH WHPSV Q·RXYUH] SDV OD SRUWH OD FXLVVRQ VH WHUPLQHUD JUkFH j OD FKDOHXU DFFXPXOpH GDQV OH IRXU )DLWHV VH VXFFpGHU SOXVLHXUV FXLVVRQV YRXV pFRQRPLVHUH] O·pQHUJLH QpFHVVDLUH DX SUpFKDXIIDJH GX IRXU 4XH IDLUH " 3UHQH] XQ PRXOH GX W\SH % SDV DVVH] FXLW RX RX GHVVXV WURS IRQFp GHVFHQGH] OH PRXOH G·XQ QLYHDX 'HVVRXV WURS IRQFp WURS FXLW RX GHVVXV WURS FODLU 3UHQH] XQ PRXOH GX W\SH $ RX UHPRQWH] OH PRXOH G·XQ QLYHDX *8,'(6 '(6 &8,66216 *XLGH GHV FXLVVRQV VXU OD SODTXH pOHFWULTXH 3UpSDUDWLRQV 3ODTXH pOHFWULTXH 0DLQWLHQ DX FKDXG EHXUUH HW FKRFRODW IRQGXV 0LMRWDJH VDXFHV GpOLFDWHV UL] OpJXPHV VHFV 0DLQWLHQ j pEXOOLWLRQ SkWHV SRPPHV GH WHUUH OpJXPHV IUDLV SRWDJHV &XLVVRQ j OD SRrOH YHDX SRUF RPHOHWWH &XLVVRQ j OD SRrOH ERHXI FUrSHV )ULWXUHV *XLGH GHV FXLVVRQV DX WRXUQHEURFKH HW DX PD[L JULO 7RXWHV OHV FXLVVRQV DX JULO GRLYHQW rWUH IDLWHV SRUWH IHUPpH HW VRXV YRWUH VXUYHLOODQFH 3UpSDUDWLRQV 1LYHDX GH 3UpFKDXIIDJH &XLVVRQ FXLVVRQ JUDGLQ *5,//$'(6 *ULOOH VXSSRUW 7HPSV GH 7KHUPRVWDW FXLVVRQ $FFHVVRLUHV PLQXWHV PLQXWHV GH SUpFKDXIIDJH 3RXOHW DX 7RXUQHEURFKH SODWHDX PXOWLXVDJHV *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV WRXUQHEURFKH F{WHV GH SRUF VDXFLVVHV PHUJXH] PRUFHDX[ GH SRXOHW FXLVVHV &{WH GH ERHXI SDU IDFH *ULOOH VXSSRUW SODWHDX PXOWLXVDJHV 7DEOHDX GH FRUUHVSRQGDQFHV DSSUR[LPDWLYHV UHSqUHV GX WKHUPRVWDW WHPSpUDWXUHV p& p& p& p& p& p& p& p& p& p& /H SUpFKDXIIDJH GX IRXU HVW QpFHVVDLUH SRXU O·XWLOLVDWLRQ GHV SRVLWLRQV VXLYDQWHV 3RXU OHV FXLVVRQV SRVLWLRQ PRGH GH SUpFKDXIIDJH GXUpH PLQXWHV HQYLURQ SRXU OHV UHSqUHV GXUpH PLQXWHV HQYLURQ SRXU OH UHSqUH 3RXU OHV FXLVVRQV SRVLWLRQ 3UpSDUDWLRQV PRGH GH SUpFKDXIIDJH 1LYHDX GH 3UpFKDXIIDJH &XLVVRQ FXLVVRQ JUDGLQ 0DLQWLHQ DX FKDXG *ULOOH VXSSRUW GXUpH PLQXWHV HQYLURQ SRXU OH UHSqUH 7HPSV GH 7KHUPRVWDW FXLVVRQ $FFHVVRLUHV PLQXWHV *ULOOH VXSSRUW SODW HQ WHUUH j IHX *LJRW G·DJQHDX *ULOOH VXSSRUW SODW HQ WHUUH j IHX 5{WL GH SRUF NJ *ULOOH VXSSRUW SODW HQ WHUUH j IHX 5{WL GH YHDX NJ *ULOOH VXSSRUW SODW HQ WHUUH j IHX 9RODLOOH NJ *ULOOH VXSSRUW SODW HQ WHUUH j IHX &KDXIIDJH DVVLHWWHV 9,$1'(6 5{WL GH ERHXI NJ 3UpSDUDWLRQV 1LYHDX GH 3UpFKDXIIDJH &XLVVRQ FXLVVRQ JUDGLQ *ULOOH VXSSRUW 7HPSV GH 7KHUPRVWDW FXLVVRQ $FFHVVRLUHV PLQXWHV 32,66216 3RLVVRQV HQWLHUV *ULOOH VXSSRUW SODW HQ WHUUH j IHX 3RLVVRQ ILOHWV *ULOOH VXSSRUW SODW HQ WHUUH j IHX *UDWLQ GDXSKLQRLV *ULOOH VXSSRUW SODW HQ YHUUH j IHX 7RPDWHV IDUFLHV *ULOOH VXSSRUW SODW HQ YHUUH j IHX /DVDJQHV *ULOOH VXSSRUW SODW HQ YHUUH j IHX /(*80(6 (175((6 &URWHV IHXLOOHWpHV 6RXIIOp DX IURPDJH 3kWp HQ WHUULQH 3L]]D 3ODWHDX PXOWLXVDJHV DYHF SDSLHU VXOIXULVp *ULOOH VXSSRUW PRXOH j VRXIIOp 7HUULQH DX EDLQPDULH GDQV SODWHDX *ULOOH VXSSRUW WRXUWLqUH *ULOOH VXSSRUW WRXUWLqUH *ULOOH VXSSRUW PRXOH j PDQTXp 3ODWHDX PXOWLXVDJHV *ULOOH VXSSRUW PRXOH j EULRFKH *ULOOH VXSSRUW *pQRLVH *ULOOH VXSSRUW .RXJORI *ULOOH VXSSRUW PRXOH HQ WHUUH FXLWH 0HULQJXHV 3kWH j FKRX[ 4XLFKH ORUUDLQH PXOWLXVDJHV 3$7,66(5,(6 %LVFXLW GH 6DYRLH %ULRFKH &DNH DX[ UDLVLQV 4XDWUHTXDUWV 6DEOpV 7DUWH DX[ IUXLWV SkWH EULVpH 7DUWH DX[ IUXLWV SkWH OHYpH 3ODWHDX PXOWLXVDJHV DYHF SDSLHU VXOIXULVp 3ODWHDX PXOWLXVDJHV *ULOOH VXSSRUW PRXOH j PDQTXp 3ODWHDX PXOWLXVDJHV DYHF SDSLHU *ULOOH VXSSRUW WRXUWLqUH *ULOOH VXSSRUW WRXUWLqUH VXOIXULVp /·LPSRUWDQFH GX YROXPH GHV SUpSDUDWLRQV j FXLUH HW OD JUDQGH YDULpWp GHV PDWpULDX[ FRQVWLWXDQW OHV UpFLSLHQWV GH FXLVVRQ HW OHV PRXOHV j SkWLVVHULH SHXYHQW YRXV DPHQHU j PRGLILHU OHV LQGLFDWLRQV GRQQpHV GDQV OHV JXLGHV GHV FXLVVRQV 6HXOH YRWUH H[SpULHQFH YRXV SHUPHWWUD GH WURXYHU OH UpJODJH FRQYHQDQW OH PLHX[ j YRV KDELWXGHV FXOLQDLUHV (175(7,(1 (7 1(772<$*( 1HWWR\DJH GH OD WDEOH 3RUWH WLURLU HW F{WpV $YDQW GH SURFpGHU DX QHWWR\DJH DVVXUH]YRXV TXH FKDTXH PDQHWWH VRLW VXU OD SRVLWLRQ $UUrW HW DWWHQGH] TXH O·DSSDUHLO VRLW UHIURLGL 8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·XQ GpWHUJHQW GRX[ 5LQFH] HW VpFKH] VRLJQHXVHPHQW 1·XWLOLVH] HQ DXFXQ FDV GH SURGXLWV DEUDVLIV $SUqV FKDTXH XWLOLVDWLRQ SDVVH] XQH pSRQJH LPELEpH G·HDX WLqGH HW GH GpWHUJHQW GRX[ HQ pYLWDQW WRXW pFRXOHPHQW GDQV OHV RULILFHV GH OD WDEOH 5LQFH] HW VpFKH] DYHF XQ FKLIIRQ GRX[ (Q FDV GH GpERUGHPHQW PRXLOOH] HW ODLVVH] GpWUHPSHU PDLV QH JUDWWH] SDV HW Q·XWLOLVH] MDPDLV GH SURGXLWV DEUDVLIV FH TXL ULVTXHUDLW GH UD\HU HW G·HQGRPPDJHU OD VXUIDFH pPDLOOpH 1HWWR\DJH GX FRXYHUFOH 1HWWR\H]OH DYHF XQH pSRQJH KXPLGH DGGLWLRQQpH G·XQ GpWHUJHQW GRX[ ULQFH] HW VpFKH] *ULOOHV pPDLOOpHV /DYH]OHV j O·HDX FKDXGH DGGLWLRQQpH G·XQ GpWHUJHQW GRX[ ULQFH] HW VpFKH] %UOHXUV JD] FKDSHDX[ HW FRXURQQHV /DYH] OHV FKDSHDX[ DYHF GH O·HDX FKDXGH HW XQ GpWHUJHQW GRX[ 9HLOOH] j JDUGHU OHV FRXURQQHV GHV EUOHXUV HQ SDUIDLW pWDW GH SURSUHWp OHXU HQFUDVVHPHQW SRXYDQW rWUH OD FDXVH G·XQ PDXYDLV DOOXPDJH 6L YRXV DYH] GpPRQWp OHV EUOHXUV SRXU OHV QHWWR\HU DVVXUH]YRXV DYDQW O·DOOXPDJH TXH OHV FRXURQQHV HW OHV FKDSHDX[ VRLHQW ELHQ HQ SODFH HW SDUIDLWHPHQW VHFV 3ODTXH pOHFWULTXH 9pULILH] TX·DXFXQ pOpPHQW Q·HVW VRXV WHQVLRQ 7RXWHV OHV FRPPDQGHV GRLYHQW VH WURXYHU VXU OD SRVLWLRQ $UUrW OHV YR\DQWV HW OD ODPSH GH IRXU pWHLQWV 8WLOLVH] XQH pSRQJH KXPLGH HW XQ GpWHUJHQW ULQFH] HW VpFKH] 6L QpFHVVDLUH IDLWHV FKDXIIHU OD SODTXH SUpDODEOHPHQW SRXU FDUERQLVHU OHV VDOLVVXUHV /D SODTXH GRLW rWUH PDLQWHQXH ELHQ VqFKH 3pULRGLTXHPHQW YRXV SRXYH] O·HVVX\HU DYHF XQ SDSLHU DEVRUEDQW OpJqUHPHQW KXLOp %DQGHDX GH FRPPDQGH HW PDQHWWHV 8WLOLVH] XQH pSRQJH KXPLGH DGGLWLRQQpH G·HDX VDYRQQHXVH 5LQFH] HW VpFKH] VRLJQHXVHPHQW 1HWWR\DJH GHV DFFHVVRLUHV GH IRXU *ULOOH VXSSRUW GH SODW HW WRXUQHEURFKH /DYH]OHV j O·HDX VDYRQQHXVH HQ SUHQDQW VRLQ GH ELHQ OHV ULQFHU HW GH OHV HVVX\HU 3ODWHDX PXOWLXVDJHV &HW DFFHVVRLUH HVW S\URO\VDEOH YRXV SRXYH] OH ODLVVHU GDQV YRWUH IRXU ORUV G·XQ F\FOH GH QHWWR\DJH S\URO\WLTXH HQ OH JOLVVDQW DX JUDGLQ SRXU REWHQLU GH ERQV UpVXOWDWV GH QHWWR\DJH 1HWWR\DJH GX IRXU j pPDLO S\URO\WLTXH 3ULQFLSH /HV SDURLV VRQW HQ pPDLO VSpFLDO UpVLVWDQW DX[ KDXWHV WHPSpUDWXUHV G·DVSHFW EULOODQW HW OLVVH DX WRXFKHU /D WHPSpUDWXUH GX IRXU SRUWpH j & HQYLURQ HQWUDvQH OD FDUERQLVDWLRQ GH WRXWHV OHV VDOLVVXUHV SURMHFWLRQV JUDVVHV VXFUHV RHXIV SkWHV /HV RGHXUV VRQW ILOWUpHV SDU XQ FDWDO\VHXU /D VpFXULWp 3RXU YRWUH VpFXULWp HQ F\FOH S\URO\VH XQ V\VWqPH GH YHUURXLOODJH FRQGDPQH DXWRPDWLTXHPHQW OD SRUWH GqV TXH OD WHPSpUDWXUH GX IRXU DYRLVLQH & $ SDUWLU GH & OD SRUWH UHVWH YHUURXLOOpH PrPH VL OH F\FOH GH S\URO\VH HVW VWRSSp SDQQH GH VHFWHXU RX DUUrW YRORQWDLUH ,O IDXW DWWHQGUH TXH OH IRXU UHIURLGLVVH SRXU GpYHUURXLOOHU OD SRUWH 3HQGDQW OH F\FOH GH QHWWR\DJH XQ YHQWLODWHXU GH UHIURLGLVVHPHQW IRQFWLRQQH /D YHQWLODWLRQ HVW PDLQWHQXH DSUqV O·RSpUDWLRQ GH QHWWR\DJH WDQW TXH OH IRXU Q·HVW SDV VXIILVDPPHQW UHIURLGL /RUV GX F\FOH GH QHWWR\DJH SDU S\URO\VH Q·XWLOLVH] SDV OHV IR\HUV GH WDEOH /H F\FOH V·HIIHFWXH XQLTXHPHQW VRXV OH FRQWU{OH GX SURJUDPPDWHXU (QWUHWLHQ UpJXOLHU $SUqV FKDTXH FXLVVRQ VDOLVVDQWH SHQVH] j UHWLUHU OHV SURMHFWLRQV DYHF XQH pSRQJH (QWUHWLHQ SpULRGLTXH $SUqV XQ F\FOH GH QHWWR\DJH S\URO\WLTXH SDVVH] XQH pSRQJH KXPLGH GDQV OH IRXU IURLG SRXU HQOHYHU OHV UpVLGXV EODQFKkWUHV 1·KpVLWH] SDV j QHWWR\HU YRWUH IRXU DXVVL VRXYHQW TXH FHOD HVW QpFHVVDLUH 9RXV SRXYH] HIIHFWXHU OH QHWWR\DJH SDU S\URO\VH j OD VXLWH G·XQH FXLVVRQ SRXU EpQpILFLHU GH OD FKDOHXU GpMj DFFXPXOpH GDQV OH IRXU /H QHWWR\DJH SDU S\URO\VH LPPRELOLVH O·XWLOLVDWLRQ GH YRWUH DSSDUHLO SHQGDQW K j K HQYLURQ &RPPHQW SURFpGHU " /HYH] OH FRXYHUFOH GH YRWUH FXLVLQLqUH 5HWLUH] WRXV OHV DFFHVVRLUHV VXLYDQWV GX IRXU JULOOH WRXUQHEURFKH TXL VXSSRUWHUDLHQW PDO OD WHPSpUDWXUH pOHYpH SHQGDQW OH F\FOH S\URO\VH HW ULVTXHUDLHQW G·HQGRPPDJHU YRWUH IRXU /H SODWHDX PXOWLXVDJHV TXL HVW S\URO\VDEOH SHXW UHVWHU GDQV OH IRXU 6L QpFHVVDLUH HQOHYH] O·H[FpGHQW GH VDOLVVXUHV GpERUGHPHQWV JUDLVVH TXL HQWUDLQHUDLHQW XQ GpJDJHPHQW GH IXPpH WURS LPSRUWDQW SRXU rWUH DEVRUEp SDU OH FDWDO\VHXU )HUPH] OD SRUWH 3RVLWLRQQH] OH WKHUPRVWDW HW OH VpOHFWHXU GH IRQFWLRQV VXU OHV SRVLWLRQV /( 6(/(&7(85 '( )21&7,216 3RXU SURJUDPPHU OH F\FOH GH QHWWR\DJH S\URO\VH UHSRUWH]YRXV j OD SDJH VXLYDQWH 5pJOH] OH WHPSV GH QHWWR\DJH VXU PLQXWHV 6L YRWUH IRXU HVW WUqV VDOH YRXV SRXYH] DXJPHQWHU OD GXUpH PD[LPXP PLQXWHV 9RLU FKDSLWUH µ/H SURJUDPPDWHXUµ /RUVTXH OH F\FOH GH QHWWR\DJH HVW WHUPLQp UDPHQH] OHV FRPPDQGHV VXU $UUrW WKHUPRVWDW VXU SXLV VpOHFWHXU GH IRQFWLRQV VXU /HV YR\DQWV ´PDUFKHµ HW ´S\URO\VHµ V·pWHLJQHQW /D SRUWH VH GpYHUURXLOOH /D SRUWH GX IRXU HVW FKDXGH SHQGDQW OH F\FOH GH QHWWR\DJH SDU S\URO\VH pORLJQH] OHV MHXQHV HQIDQWV /( 7+(50267$7 3URJUDPPDWLRQ VHPLDXWRPDWLTXH GX QHWWR\DJH S\URO\VH 'pSDUW LPPpGLDW DUUrW DXWRPDWLTXH 7RXUQH] OH VpOHFWHXU GH IRQFWLRQV SXLV OH $SUqV TXHOTXHV WKHUPRVWDW VXU OHV SRVLWLRQV VHFRQGHV XQH GXUpH SUpSURJUDPPpH G· KHXUH V·DIILFKH /D GXUpH SHXW rWUH DXJPHQWpH GDQV OH FDV GH IRXU WUqV VDOH $SSX\H] VXU & HW DIILFKH] OH WHPSV GpVLUp PD[LPXP WURLV KHXUHV /RUVTXH OH QHWWR\DJH HVW WHUPLQp V·DIILFKH /H IRXU V·pWHLQW 5DPHQH] OHV FRPPDQGHV VXU OD SRVLWLRQ $UUrW HW VpOHFWHXU GH IRQFWLRQV VXU WKHUPRVWDW VXU ,O HVW QRUPDO TXH OD SRUWH GX IRXU UHVWH YHUURXLOOpH DSUqV OD ILQ GX F\FOH GH QHWWR\DJH S\URO\VH WDQW TXH OH IRXU Q·HVW SDV VXIILVDPPHQW UHIURLGL 3URJUDPPDWLRQ DXWRPDWLTXH GX QHWWR\DJH S\URO\VH 'pSDUW GLIIpUp DUUrW DXWRPDWLTXH 7RXUQH] OHV GHX[ FRPPDQGHV GX IRXU VXU OHV SRVLWLRQV $SUqV TXHOTXHV VHFRQGHV V·DIILFKH S\URO\VH G·XQH GXUpH GH KHXUH 6L YRXV VRXKDLWH] DXJPHQWHU OH WHPSV GX QHWWR\DJH S\URO\VH IRXU WUqV VDOH $SSX\H] VXU & HW DIILFKH] OD GXUpH GH QHWWR\DJH GpVLUpH WHPSV PD[LPXP KHXUHV $SSX\H] VXU ' HW PDLQWHQH] OD WRXFKH HQIRQFpH MXVTX·j FH TXH OHV DLJXLOOHV GH O·KRUORJH VH SRVLWLRQQHQW VXU O·KHXUH GH ILQ GH QHWWR\DJH GpVLUpH /·LQGLFDWHXU ´)LQ GH FXLVVRQµ FOLJQRWH HW ´'pEXW GH FXLVVRQµ UHVWH DOOXPp /RUVTXH OH QHWWR\DJH HVW WHUPLQp V·DIILFKH 5DPHQH] OHV FRPPDQGHV VXU OD SRVLWLRQ $UUrW HW VpOHFWHXU GH IRQFWLRQV VXU WKHUPRVWDW VXU 6XU O·DIILFKHXU GLVSDUDvW /D SRUWH GX IRXU UHVWH YHUURXLOOpH WDQW TXH OH IRXU Q·HVW SDV VXIILVDPPHQW UHIURLGL ,QWHUUXSWLRQ GX QHWWR\DJH S\URO\VH YRORQWDLUH RX FRXSXUH GH FRXUDQW 5DPHQH] OHV FRPPDQGHV VXU OD SRVLWLRQ $UUrW HW VpOHFWHXU GH IRQFWLRQV VXU WKHUPRVWDW VXU /H QHWWR\DJH HVW DQQXOp $SUqV TXHOTXHV VHFRQGHV O·DIILFKHXU V·pWHLQW (1 &$6 '·$120$/,( '( )21&7,211(0(17 1RXV YRXV UHFRPPDQGRQV YLYHPHQW GH IDLUH OHV YpULILFDWLRQV VXLYDQWHV VXU YRWUH FXLVLQLqUH DYDQW G·DSSHOHU XQ WHFKQLFLHQ GX 6HUYLFH $SUqV9HQWH ,O VH SHXW TXH OH SUREOqPH VRLW VLPSOH HW TXH YRXV SXLVVLH] OH UpVRXGUH YRXVPrPH 6ROXWLRQV 6\PSW{PHV $XFXQ EUOHXU QH V·DOOXPH 8Q EUOHXU QH V·DOOXPH SDV /D SODTXH pOHFWULTXH HW OH IRXU QH IRQFWLRQQHQW SDV /HV UpVXOWDWV GH FXLVVRQ QH VRQW SDV VDWLVIDLVDQWV /H IRXU IXPH 9pULILH] TXH O·DUULYpH GX JD] HVW RXYHUWH OD SRVLWLRQ GX WX\DX JD] HVW FRUUHFWH OD ERXWHLOOH RX OD FXYH Q·HVW SDV YLGH OHV IXVLEOHV VRQW HQ ERQ pWDW O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW 9pULILH] TXH O·HQVHPEOH GX EUOHXU HVW ELHQ UHPRQWp OH EUOHXU Q·HVW SDV PRXLOOp OD ERXJLH G·DOOXPDJH HVW SURSUH HW VqFKH 9pULILH] TXH OHV IXVLEOHV VRQW HQ ERQ pWDW O·DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp TX·LO Q·\ D SDV GH FRXSXUH GH FRXUDQW 9pULILH] TXH OD SRVLWLRQ GH SUpFKDXIIDJH HVW FRUUHFWH YRLU FKDSLWUH ´*XLGHV GHV FXLVVRQVµ OD GXUpH HW OD WHPSpUDWXUH GH SUpFKDXIIDJH VRQW FRUUHFWHV OD SRVLWLRQ GH FXLVVRQ HVW DGDSWpH OD WHPSpUDWXUH VpOHFWLRQQpH HVW FRUUHFWH OD GXUpH GH FXLVVRQ HVW DGDSWpH OD JULOOH RX OH SODWHDX PXOWLXVDJHV HVW ELHQ SRVLWLRQQp GDQV OH IRXU OH UpFLSLHQW GH FXLVVRQ HVW ELHQ DGDSWp 9pULILH] TXH OH IRXU QH QpFHVVLWH SDV GH QHWWR\DJH OD SUpSDUDWLRQ QH GpERUGH SDV LO Q·\ D SDV GH SURMHFWLRQV H[FHVVLYHV GH JUDLVVHMXV VXU OHV SDURLV GX IRXU OD WHPSpUDWXUH HW OD SRVLWLRQ GH FXLVVRQ VpOHFWLRQQpHV VRQW DGDSWpHV SOXV SDUWLFXOLqUHPHQW SRXU OD SRVLWLRQ ´&XLVVRQ GHV YLDQGHVµ YRLU FKDSLWUH ´*XLGHV GHV FXLVVRQVµ 6L DSUqV DYRLU YpULILp FHV GLIIpUHQWV SRLQWV O·DQRPDOLH SHUVLVWH FRQWDFWH] OH 6HUYLFH $SUqV9HQWH GH YRWUH UHYHQGHXU &21',7,216 '( *$5$17,( *DUDQWLH FRQWUDFWXHOOH 3HQGDQW DQ j FRPSWHU GH OD PLVH HQ VHUYLFH OH FRQVWUXFWHXU UHPSODFHUD OHV SLqFHV GpIHFWXHXVHV VDXI GDQV OHV FDV SUpYXV DX FKDSLWUH µ5pVHUYHVµ &RQGLWLRQV G·DSSOLFDWLRQ 3RXU XQH DSSOLFDWLRQ GH FHWWH JDUDQWLH YRXV GHYH] YRXV DGUHVVHU DX GLVWULEXWHXU TXL YRXV D YHQGX O·DSSDUHLO HW OXL SUpVHQWHU OH &HUWLILFDW GH *DUDQWLH (Q FRPSOpPHQW OH 'LVWULEXWHXU 9HQGHXU SRXUUD RX QRQ SUHQGUH j VD FKDUJH OHV IUDLV GH PDLQ G·±XYUH DLQVL TXH OHV IUDLV GH GpSODFHPHQW HW GH WUDQVSRUW VHORQ OHV FRQGLWLRQV GH YHQWH TX·LO SUDWLTXH 5pVHUYHV 1RXV DWWLURQV YRWUH DWWHQWLRQ VXU OH IDLW TXH FHWWH JDUDQWLH QH SRXUUD rWUH DSSOLTXpH 6L OHV GpWpULRUDWLRQV SURYLHQQHQW G·XQH FDXVH pWUDQJqUH j O·DSSDUHLO FKRFV YDULDWLRQV DQRUPDOHV GH OD WHQVLRQ pOHFWULTXH HWF RX GX QRQUHVSHFW GHV FRQGLWLRQV G·LQVWDOODWLRQ RX G·XWLOLVDWLRQ LQGLTXpHV GDQV OD QRWLFH G·XWLOLVDWLRQ IDXVVH PDQRHXYUH QpJOLJHQFH LQVWDOODWLRQ GpIHFWXHXVH RX QRQ FRQIRUPH DX[ UqJOHV HW SUHVFULSWLRQV LPSRVpHV SDU OHV RUJDQLVPHV GH GLVWULEXWLRQ GH O·(OHFWULFLWp GH O·(DX GX *D] HWF 6L O·XWLOLVDWHXU D DSSRUWp XQH PRGLILFDWLRQ VXU OH PDWpULHO RX HQOHYp OHV PDUTXHV RX QXPpURV GH VpULH 6L XQH UpSDUDWLRQ D pWp HIIHFWXpH SDU XQH SHUVRQQH QRQ DJUppH SDU OH FRQVWUXFWHXU RX OH YHQGHXU 6L O·DSSDUHLO D pWp XWLOLVp j GHV ILQV FRPPHUFLDOHV RX LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH GHV EXWV PpQDJHUV SRXU OHVTXHOV LO D pWp FRQoX 6L O·DSSDUHLO D pWp DFKHWp RX UpSDUp KRUV GX WHUULWRLUH IUDQoDLV *DUDQWLH OpJDOH /HV GLVSRVLWLRQV GH OD JDUDQWLH FRQWUDFWXHOOH QH VRQW SDV H[FOXVLYHV GX EpQpILFH DX SURILW GH O·DFKHWHXU GH OD JDUDQWLH OpJDOH SRXU GpIDXWV HW YLFHV FDFKpV OD GLWH JDUDQWLH V·DSSOLTXDQW HQ WRXW pWDW GH FDXVH GDQV OHV FRQGLWLRQV GHV DUWLFOHV HW VXLYDQWV GX &RGH &LYLO 6(59,&( $35(69(17( (Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW UHSRUWH]YRXV j OD UXEULTXH ´(1 &$6 '·$120$/,( '( )21&7,211(0(17µ 6L PDOJUp WRXWHV OHV YpULILFDWLRQV XQH LQWHUYHQWLRQ V·DYqUH QpFHVVDLUH OH YHQGHXU GH YRWUH DSSDUHLO HVW OH SUHPLHU KDELOLWp j LQWHUYHQLU $ GpIDXW GpPpQDJHPHQW GH YRWUH SDUW IHUPHWXUH GX PDJDVLQ R YRXV DYH] HIIHFWXp O·DFKDW YHXLOOH] FRQVXOWHU O·$VVLVWDQFH 7HFKQLTXH &RQVRPPDWHXUV TXL YRXV FRPPXQLTXHUD DORUV O·DGUHVVH G·XQ 6HUYLFH $SUqV9HQWH (Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH] GX 6HUYLFH $SUqV9HQWH OHV 3LqFHV GH 5HFKDQJH FHUWLILpHV &RQVWUXFWHXU (Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL OD UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH DSSDUHLO &HV LQGLFDWLRQV ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH GH YRWUH DSSDUHLO /D SODTXH VLJQDOpWLTXH (Q DSSHODQW XQ 6HUYLFH $SUqV9HQWH LQGLTXH]OXL OD UpIpUHQFH FRPPHUFLDOH OH QXPpUR GH SURGXLW HW OH QXPpUR GH VpULH GH O·DSSDUHLO &HV LQGLFDWLRQV ILJXUHQW VXU OD SODTXH VLJQDOpWLTXH VLWXpH VXU YRWUH DSSDUHLO /D SODTXH HVW YLVLEOH VXU OH VRFOH GH O·DSSDUHLO HQ IDoDGH ORUVTXH OH WLURLU HVW HQOHYp UHSRUWH]YRXV DX FKDSLWUH ´,167$//$7,21µ /HV LQIRUPDWLRQV LQVFULWHV VXU FHWWH SODTXH YRXV VHURQW QpFHVVDLUHV HQ FDV GH SDQQH HW SRXU OD FRPPDQGH GH SLqFHV DX 6HUYLFH $SUqV9HQWH $ /·$77(17,21 '( /·,167$//$7(85 &RQVLJQHV GH VpFXULWp $YDQW O·LQVWDOODWLRQ DVVXUH]YRXV TXH OHV FRQGLWLRQV GH GLVWULEXWLRQ ORFDOH QDWXUH HW SUHVVLRQ GX JD] HW OH UpJODJH GH O·DSSDUHLO VRQW FRPSDWLEOHV /·DSSDUHLO GRLW rWUH LQVWDOOp GDQV XQ ORFDO VXIILVDPPHQW DpUp /HV FRQGLWLRQV GH UpJODJH GH O·DSSDUHLO VRQW LQVFULWHV VXU OD SODTXH VLJQDOpWLTXH &HW DSSDUHLO Q·HVW SDV UDFFRUGp j XQ GLVSRVLWLI G·pYDFXDWLRQ GHV SURGXLWV GH FRPEXVWLRQ ,O GRLW rWUH LQVWDOOp HW UDFFRUGp FRQIRUPpPHQW DX[ UqJOHV G·LQVWDOODWLRQ HQ YLJXHXU 8QH DWWHQWLRQ SDUWLFXOLqUH VHUD DFFRUGpH DX[ GLVSRVLWLRQV DSSOLFDEOHV HQ PDWLqUH GH YHQWLODWLRQ 5DFFRUGHPHQW j XQ UpVHDX JD] 9pULILH] TXH OH GpELW GX FRPSWHXU HW OH GLDPqWUH GHV FDQDOLVDWLRQV VRQW VXIILVDQWV SRXU DOLPHQWHU WRXV OHV DSSDUHLOV GH O·LQVWDOODWLRQ FRQVXOWH] YRWUH FRPSDJQLH GH GLVWULEXWLRQ GX JD] WRXV OHV UDFFRUGV VRQW pWDQFKHV ,QVWDOOH] XQ URELQHW GH EDUUDJH YLVLEOH HW DFFHVVLEOH 6L YRXV XWLOLVH] XQ WXEH VRXSOH LO GRLW rWUH YLVLEOH HW DFFHVVLEOH VXU WRXWH VD ORQJXHXU HW QH GRLW SDV SDVVHU GHUULqUH O·DSSDUHLO &KDQJHU OH WXEH VRXSOH XQ SHX DYDQW OD GDWH G·H[SLUDWLRQ LPSULPpH VXU FHOXLFL /H GpELW G·DLU QHXI UHTXLV HVW GH PK &HWWH FXLVLQLqUH HVW XQ DSSDUHLO GX W\SH ; F·HVW j GLUH TXH OHV PHXEOHV MX[WDSRVpV j O·DSSDUHLO QH GRLYHQW SDV GpSDVVHU OD KDXWHXU GH FHOOHFL &HWWH GLVSRVLWLRQ DVVXUH OD SURWHFWLRQ GX PRELOLHU /·LQVWDOODWLRQ HW O·HQWUHWLHQ GRLYHQW rWUH HIIHFWXpV SDU XQ SURIHVVLRQQHO TXDOLILp FRQIRUPpPHQW DX[ WH[WHV UpJOHPHQWDLUHV HW UqJOHV GH O·DUW HQ YLJXHXU QRWDPPHQW /HV SDURLV DGMDFHQWHV j OD FXLVLQLqUH GRLYHQW rWUH VRLW HQ PDWpULDX UpVLVWDQW j OD FKDOHXU VRLW UHYrWXHV G·XQ WHO PDWpULDX DUUrWp GX DRW UqJOHV WHFKQLTXHV HW GH VpFXULWp DSSOLFDEOHV DX[ LQVWDOODWLRQV GH JD] FRPEXVWLEOHV HW G·K\GURFDUEXUHV OLTXpILpV j O·LQWpULHXU GHV EkWLPHQWV G·KDELWDWLRQ HW GH OHXUV GpSHQGDQFHV QRUPHV '78 3 LQVWDOODWLRQV GH JD] UqJOHPHQW VDQLWDLUH GpSDUWHPHQWDO QRUPH 1) & LQVWDOODWLRQV pOHFWULTXHV j EDVVH WHQVLRQ 5DFFRUGHPHQW pOHFWULTXH /HV FXLVLQLqUHV VRQW OLYUpHV H[FOXVLYHPHQW SRXU FRXUDQW DOWHUQDWLI +] UHSRUWH]YRXV DX 7DEOHDX Q DX FKDSLWUH ´,QVWDOODWLRQµ 9pULILH] TXH OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV G·LQVWDOODWLRQ O·LQVWDOODWLRQ IL[H FRPSRUWH XQ GLVSRVLWLI SRVVpGDQW GHV FRQWDFWV j FRXSXUH RPQLSRODLUH D\DQW XQH GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV PP 1RWUH UHVSRQVDELOLWp QH VDXUDLW rWUH HQYLVDJpH HQ FDV G·DFFLGHQWV RX G·LQFLGHQWV SURYRTXpV SDU XQH PLVH j OD WHUUH LQH[LVWDQWH RX GpIHFWXHXVH &$5$&7(5,67,48(6 7(&+1,48(6 &03 &ODVVH 5pIpUHQFH FRPPHUFLDOH 7\SH GH OD FXLVLQLqUH $SSDUHLO LVROp $SSDUHLO UpJOp HQ JD] QDWXUHO &RQYHUVLRQ SRVVLEOH HQ JD] EXWDQH SURSDQH 5DFFRUGHPHQW pOHFWULTXH /D WDEOH GH FXLVVRQ 9 +] &RXYHUFOH GH WDEOH *ULOOHV GH WDEOH )R\HU DYDQW GURLW )R\HU DUULqUH GURLW )R\HU DYDQW JDXFKH )R\HU DUULqUH JDXFKH $OOXPDJH pOHFWURQLTXH W{OH JULOOHV VXSSRUW GH FDVVHUROHV HQ DFLHU pPDLOOp EUOHXU DX[LOLDLUH N: SODTXH j OLPLWHXU N: ® PP EUOHXU UDSLGH N: EUOHXU VHPLUDSLGH N: /H IRXU )RXU 3XLVVDQFH GX IRXU *ULO 3XLVVDQFH GX JULO (FODLUDJH GH IRXU 1HWWR\DJH pOHFWULTXH N: pOHFWULTXH N: DPSRXOH : W\SH ( S\URO\VH 0LQXWHULH SURJUDPPDWLRQ GX WHPSV 3URJUDPPDWHXU $FFHVVRLUHV JULOOH VXSSRUW SODWHDX PXOWLXVDJHV HQVHPEOH WRXUQHEURFKH 7LURLU GH UDQJHPHQW GHV DFFHVVRLUHV &RUGRQ GH UDFFRUGHPHQW pOHFWULTXH P 'LPHQVLRQV +DXWHXU UpJODEOH FRXYHUFOH IHUPp +DXWHXU UpJODEOH DX SODQ GH FXLVVRQ /DUJHXU 3URIRQGHXU 3RLGV j FP j FP FP FP NJ %XWDQHSURSDQH N: /H PDUTXDJH FRUUHVSRQG j O·DSSOLFDWLRQ GHV GLUHFWLYHV FRPSDWLELOLWp pOHFWURPDJQpWLTXH PDUTXDJH HW EDVVH WHQVLRQ ,167$//$7,21 0LVH HQ SODFH GH O·DSSDUHLO (PSODFHPHQW 9RWUH DSSDUHLO GRLW rWUH LQVWDOOp FRPPH VXU OHV ILJXUHV FLFRQWUH HW OHV GLVWDQFHV PLQLPDOHV HQWUH O·DSSDUHLO HW OHV SDURLV DGMDFHQWHV GH WRXV OHV PHXEOHV GRLYHQW rWUH UHVSHFWpHV FRPPH O·LQGLTXHQW OHV GHVVLQV )LJ 0LVH j QLYHDX 9RWUH FXLVLQLqUH HVW pTXLSpH GH SLHGV UpJODEOHV j O·DUULqUH SHUPHWWDQW XQH SDUIDLWH PLVH j QLYHDX 3RXU YLVVHU RX GpYLVVHU OHV SLHGV XWLOLVH] XQH FOp SODWH Q 'pJDJHPHQW HW UHPRQWDJH GX WLURLU 3RXU FRQVXOWHU OD SODTXH VLJQDOpWLTXH R ILJXUHQW OD UpIpUHQFH FRPPHUFLDOH HW OH QXPpUR GH VpULH GH YRWUH FXLVLQLqUH LO YRXV VXIILW GH GpJDJHU OH WLURLU FRPPH VXLW FRXOLVVH] OH WLURLU YHUV O·DYDQW MXVTX·j O·DJUDIH ´EXWpHµ j O·DLGH G·XQ WRXUQHYLV ILQ HQOHYH] O·DJUDIH ´EXWpHµ HQ VRXOHYDQW HQILQ GpJDJH] OH WLURLU FRPSOqWHPHQW 3RXU UHPRQWHU OH WLURLU SURFpGH] j O·LQYHUVH HQ V·DVVXUDQW TXH OH WLURLU HVW VXIILVDPPHQW HQJDJp GDQV VHV JOLVVLqUHV SRXU UHSRVLWLRQQHU O·DJUDIH ´EXWpHµ &ODVVH $SSDUHLO LVROp )LJ 5DFFRUGHPHQW JD] 9RWUH FXLVLQLqUH HVW OLYUpH SRXU IRQFWLRQQHU DX W\SH GH JD] LQGLTXp VXU OD SODTXH VLJQDOpWLTXH ,O SHXW V·DYpUHU QpFHVVDLUH GH SDVVHU GH O·XWLOLVDWLRQ G·XQ JD] j XQ DXWUH 'DQV FH FDV LO IDXW HIIHFWXHU OHV RSpUDWLRQV GpFULWHV FLDSUqV 3RXU OHV LQVWDOODWLRQV DQFLHQQHV HW HQ EXWDQH YRXV SRXYH] XWLOLVHU XQ WXEH VRXSOH HQ FDRXWFKRXF G·XQH ORQJXHXU PD[L GH P HW GH PP GH GLDPqWUH LQWpULHXU PRQWp DYHF O·DERXW VSpFLDO EXWDQH )LJ 9HLOOH] j O·HQIRQFHU VXIILVDPPHQW HW j OH IL[HU DYHF XQ FROOLHU j FKDTXH H[WUpPLWp ,PSRUWDQW 3RXU XQ IRQFWLRQQHPHQW FRUUHFW XQH FRQVRPPDWLRQ UpGXLWH HW XQH SOXV JUDQGH GXUpH GH YLH GH O·DSSDUHLO DVVXUH]YRXV TXH OD SUHVVLRQ G·DOLPHQWDWLRQ FRUUHVSRQG DX[ YDOHXUV LQGLTXpHV GDQV OH WDEOHDX Q 6L O·DSSDUHLO HVW DOLPHQWp HQ JD] %XWDQH RX 3URSDQH FRQWU{OH] TXH OH UpJXODWHXU GH SUHVVLRQ GpELWH OH JD] j XQH SUHVVLRQ GH PEDU SRXU OH %XWDQH HW PEDU SRXU OH 3URSDQH &KRL[ GX WX\DX RX WXEH SRXU XQ DSSDUHLO LVROp FODVVH 3RXU O·DFKDW GHV WX\DX[ 7XEH VRXSOH HQ FDRXWFKRXF LO GRLW rWUH PDUTXp 1) *$= 7X\DX IOH[LEOH LO GRLW rWUH FRQIRUPH j OD QRUPH 1)' RX 1)' RX 1)' SRXU OHV JD] QDWXUHOV RX ;3' RX 1)' SRXU OHV JD] EXWDQH HW SURSDQH -RLQW )LJ 3RXU OHV JD] GLVWULEXpV SDU UpVHDX 7XEH VRXSOH 8WLOLVH] XQ WXEH VRXSOH HQ FDRXWFKRXF G·XQH ORQJXHXU PD[L GH P HW GH PP GH GLDPqWUH LQWpULHXU PRQWp DYHF VRQ DERXW JD] )LJ 9HLOOH] j O·HQIRQFHU MXVTX·HQ EXWpH HW j OH IL[HU DYHF XQ FROOLHU 7X\DX IOH[LEOH 8Q WX\DX IOH[LEOH j HPERXWV PpFDQLTXHV ORQJXHXU PD[L P )LJ 1RXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX IOH[LEOH QRUPDOLVp G·XQH ORQJXHXU PLQL GH P GRQW OD ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ GX URELQHW GH EDUUDJH 5DFFRUGH] XQH H[WUrPLWp GX WX\DX IOH[LEOH DX URELQHW GH EDUUDJH SXLV DYDQW GH SRVLWLRQQHU O·DSSDUHLO HQWUH OHV PHXEOHV UDFFRUGH] O·DXWUH H[WUpPLWp VXU OH SURORQJDWHXU GH UDPSH HQ LQWHUFDODQW XQ MRLQW 3RVLWLRQQH] O·DSSDUHLO HQ YpULILDQW TXH OD ERXFOH IRUPpH SDU OH WX\DX IOH[LEOH VH GpYHORSSH GDQV OH YLGH VDQLWDLUH GX PHXEOH DGMDFHQW 7X\DX ULJLGH 8Q WX\DX ULJLGH DYHF pFURX 3RXU OHV JD] EXWDQHSURSDQH HQ ERXWHLOOH RX HQ FXYH 1RXV YRXV UHFRPPDQGRQV O·HPSORL G·XQ WX\DX IOH[LEOH QRUPDOLVp G·XQH ORQJXHXU PLQLPXP GH P FHWWH ORQJXHXU HVW j FKRLVLU HQ IRQFWLRQ GH OD SRVLWLRQ GX UDFFRUGHPHQW j O·DOLPHQWDWLRQ JD] $ERXW JD] UpVHDX 7XEH VRXSOH &ROOLHU )LJ 7X\DX IOH[LEOH -RLQW 7X\DX IOH[LEOH )LJ $ERXW JD] EXWDQH SURSDQH 7XEH VRXSOH &ROOLHU 5DFFRUGHPHQW pOHFWULTXH 7DEOHDX Q 9pULILH] TXH 7\SH GH EUDQFKHPHQW 0RQRSKDVp OD SXLVVDQFH GH O·LQVWDOODWLRQ HVW VXIILVDQWH 7HQVLRQ GX UpVHDX 9 OHV OLJQHV G·DOLPHQWDWLRQ VRQW HQ ERQ pWDW 7\SH GH FkEOH GH UDFFRUGHPHQW OH GLDPqWUH GHV ILOV HVW FRQIRUPH DX[ UqJOHV G·LQVWDOODWLRQ HQ YLJXHXU + 99) PP &DOLEUH GX IXVLEOH RX GX GLVMRQFWHXU $ O·LQVWDOODWLRQ IL[H GH O·XWLOLVDWHXU FRPSRUWH XQ GLVSRVLWLI j FRXSXUH RPQLSRODLUH D\DQW XQH GLVWDQFH G·RXYHUWXUH GHV FRQWDFWV G·DX PRLQV PP FDOLEUH GH IXVLEOH FRQVXOWH] OH 7DEOHDX Q &RPPHQW SURFpGHU " 'pYLVVH] OHV YLV GH OD WUDSSH GH UDFFRUGHPHQW VLWXpH j O·DUULqUH GH O·DSSDUHLO UHWLUH] OD WUDSSH GH UDFFRUGHPHQW GHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ VLWXp VRXV OH FDUWHU LQWURGXLVH] O·H[WUpPLWp GX FkEOH GDQV OH WURX DX GHVVXV GH O·DUUrW GH WUDFWLRQ HQVXLWH FRQQHFWH] OH FkEOH j OD EDUUHWWH GH UDFFRUGHPHQW FRQIRUPpPHQW DX 7DEOHDX Q HW j OD )LJ UHVVHUUH] OHV YLV GH O·DUUrW GH WUDFWLRQ UHPHWWH] OD WUDSSH GH UDFFRUGHPHQW HQJDJH] OHV HUJRWV LQIpULHXUV GH OD WUDSSH j O·LQWpULHXU GH OD GpFRXSH GX FDUWHU UHIHUPH] OD WUDSSH SDU OH ERUG VXSpULHXU HW HQILQ UHPHWWH] OHV YLV )LJ &+$1*(0(17 '( *$= $ O·DFKDW YRWUH DSSDUHLO HVW SUpYX SRXU IRQFWLRQQHU HQ JD] QDWXUHO 3RXU O·XWLOLVDWLRQ HQ JD] EXWDQH RX SURSDQH XQH SRFKHWWH LQMHFWHXUVDERXW HVW IRXUQLH DYHF O·DSSDUHLO 3RXU O·XWLOLVDWLRQ HQ DLU SURSDQpDLU EXWDQp FRQVXOWH] YRWUH 6HUYLFH $SUqV9HQWH 3RXU FKDQJHU OH W\SH GH JD] GH OD WDEOH GH FXLVVRQ LO HVW QpFHVVDLUH GH FKDQJHU OHV LQMHFWHXUV PRGLILHU OHV UpJODJHV GH GpELW UpGXLW YpULILHU OH PRGH GH UDFFRUGHPHQW JD] &KDQJHPHQW GHV LQMHFWHXUV GHV EUOHXUV GH WDEOH /HYH] OH FRXYHUFOH (QOHYH] OHV JULOOHV GH WDEOH OHV FKDSHDX[ HW OHV FRXURQQHV GH EUOHXUV 'pYLVVH] OHV LQMHFWHXUV DYHF XQH FOp GRXLOOH GH HW PRQWH] j OD SODFH OHV LQMHFWHXUV FRUUHVSRQGDQW DX QRXYHDX JD] YRLU 7DEOHDX Q 7DEOHDX Q 3XLVVDQFH QRUPDOH %UOHXUV 3XLVVDQFH UpGXLWH %XWDQH 3URSDQH *D] QDWXUHO GPK & N: N: ,QMHFWHXUV JK ,QMHFWHXUV * PEDU * PEDU $X[LOLDLUH ®PP 6HPLUDSLGH ®PP 5DSLGH ®PP 35(66,21 '·$/,0(17$7,21 PEDU QRPPEDU PLQPEDU PD[PEDU %XWDQH 3URSDQH * * PP GH FRORQQH G·HDX EXWDQHSURSDQH ,PSRUWDQW 'DQV OH FDV G·XQ FKDQJHPHQW GH JD] HQ EXWDQH SURSDQH RX DLU EXWDQH DLU SURSDQH YRXV GHYH] FROOHU VXU O·DSSDUHLO O·pWLTXHWWH FRUUHVSRQGDQWH * RX * IRXUQLH GDQV OD SRFKHWWH G·LQMHFWHXUV &HWWH pWLTXHWWH VHUD FROOpH HQ OLHX HW SODFH GX UpJODJH LQGLTXp VXU OD SODTXH VLJQDOpWLTXH /H FKDQJHPHQW GHV LQMHFWHXUV GRLW LPSpUDWLYHPHQW rWUH VXLYL GX UpJODJH GX GpELW UpGXLW YRLU FLDSUqV /H UpJODJH G·DLU GHV EUOHXUV GH WDEOH HVW REWHQX DXWRPDWLTXHPHQW SDU O·LQMHFWHXU HW Q·HVW SDV DMXVWDEOH SDU G·DXWUHV PR\HQV 5pJODJH GHV GpELWV UpGXLWV GHV EUOHXUV GH WDEOH )LJ 3RXU DMXVWHU OH UpJODJH GHV GpELWV UpGXLWV $VVXUH]YRXV TXH O·DSSDUHLO Q·HVW SOXV UDFFRUGp DX UpVHDX pOHFWULTXH /HYH] OH FRXYHUFOH $OOXPH] OHV EUOHXUV HQ SRVLWLRQ PD[L 3ODFH] OHV ERXWRQV GH FRPPDQGH HQ SRVLWLRQ PLQL 5HWLUH] WRXV OHV ERXWRQV GH FRPPDQGH )LJ /D YLV GH UpJODJH GX GpELW UpGXLW GH FKDTXH EUOHXU HVW VLWXpH VXU OH FRUSV GX URELQHW )LJ (OOH HVW DFFHVVLEOH DYHF XQ WRXUQHYLV 3URFpGH] HQ VXLYDQW OHV LQGLFDWLRQV GX 7DEOHDX Q )LJ 9pULILFDWLRQ 5HPRQWH] OHV ERXWRQV GH FRPPDQGHV $OOXPH] OHV EUOHXUV 7RXUQH] OHV FRPPDQGHV SOXVLHXUV IRLV GH OD SRVLWLRQ PD[L YHUV OD SRVLWLRQ PLQL SRXU YpULILHU OD VWDELOLWp GHV IODPPHV 6L XQ EUOHXU V·pWHLQW GpYLVVH] OpJqUHPHQW VD YLV GH UpJODJH 7DEOHDX Q %XWDQH 3URSDQH *D] QDWXUHO 9LVVH] WRWDOHPHQW OD YLV GDQV OH VHQV GHV DLJXLOOHV G·XQH PRQWUH 9LVVH] RX GpYLVVH] OD YLV MXVTX·j O·REWHQWLRQ G·XQH IODPPH WUqV FRXUWH VIS DE REGLAGE )LJ 5(03/$&(0(17 '( /·$0328/( '·(&/$,5$*( $YDQW GH SURFpGHU DX FKDQJHPHQW GH O·DPSRXOH GX IRXU YHLOOH] j FH TXH OHV FRPPDQGHV VRLHQW VXU OD SRVLWLRQ $UUrW SXLV VpOHFWHXU GH WKHUPRVWDW VXU IRQFWLRQV VXU 'pEUDQFKH] O·DOLPHQWDWLRQ pOHFWULTXH GH O·DSSDUHLO $VVXUH]YRXV DXVVL TXH O·LQWpULHXU GX IRXU VRLW IURLG &HWWH DPSRXOH GH : GX W\SH FXORW j YLV ( 9 HVW XQH DPSRXOH VSpFLDOH ´FKDOHXUµ UpVLVWDQW j XQH WHPSpUDWXUH GH & (OOH HVW GLVSRQLEOH DXSUqV GX 6HUYLFH $SUqV9HQWH GH YRWUH UHYHQGHXU /·DPSRXOH HVW VLWXpH DX IRQG GX IRXU HW DFFHVVLEOH SDU O·LQWpULHXU GX IRXU 3RXU DYRLU DFFqV 'pYLVVH] OH FDSXFKRQ HQ YHUUH SURWpJHDQW O·DPSRXOH GDQV OH VHQV LQYHUVH GHV DLJXLOOHV G·XQH PRQWUH 'pYLVVH] O·DPSRXOH 5HPSODFH] O·DPSRXOH 5HVVHUUH] ELHQ OH FDSXFKRQ HQ YHUUH En cas de dysfonctionnement, le vendeur de votre appareil est le premier habilité à intervenir. A défaut (déménagement de votre part, fermeture du magasin où vous avez effectué l’achat...), veuillez consulter : - L’Assistance Technique Consommateurs pour toute questions techniques. ou - Le Service Conseil Consommateurs pour toutes questions ou informations concernant l’utilisation de votre appareil ou pour toutes autres questions commerciales. Vous trouverez ci-dessous les coordonnées de ces deux services. En cas d’intervention sur votre appareil, exigez du Service Après Vente les Pièces de Rechange certifiées Constructeur. En appelant un Service Après Vente, indiquez-lui toutes les références et numéros (PNC, N° de série, ...). Ces indications figurent sur la plaque signalétique. Questions techniques Assistance Technique Consommateurs Faure BP 20139 – 60307 SENLIS Cedex Tél. : 03 44 62 27 75 e-mail : faure.frs@notes.electrolux.fr permanence tél. du lundi au vendredi de 8h30 à 12h30 et de 13h30 à 18h00. Choisir un nouvel appareil et/ou conseils d’utilisation Service Conseil Consommateurs Faure BP 50142 – 60307 SENLIS Cedex Tél. : 03 44 62 28 28 Fax : 03 44 62 21 54 e-mail : faure-scc.fau@notes.electrolux.fr Permanence téléphonique du lundi au vendredi de 8 h 30 à 18 h 00.