02.08.2013 Views

*XLGH G XWLOLVDWLRQ - Mitel Edocs

*XLGH G XWLOLVDWLRQ - Mitel Edocs

*XLGH G XWLOLVDWLRQ - Mitel Edocs

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

<strong>*XLGH</strong> G <strong>XWLOLVDWLRQ</strong><br />

683(5&2162/( 6\VWóPHV 6;


$YLV GH FRQIRUPLWp G·LQGXVWULH &DQDGD<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

Ã<br />

$9,6<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃ ÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃ<br />

$YLV GH OD )HGHUDO &RPPXQLFDWLRQV &RPPLVVLRQ )&& GHV eWDWV 8QLV<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

<br />

ÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃ<br />

Ã<br />

ÃÃÃ<br />

ÃÃÃÃÃÃÃ ÃÃÃÃ<br />

ÃÃ<br />

ÃÃ


7DEOH GHV PDWLóUHV<br />

+`KX^ NO MYWWOXMO\<br />

,QWURGXFWLRQ<br />

­ SURSRV GH OD FRQVROH<br />

$YDQW GH FRPPHQFHU<br />

2UJDQHV GH OD FRQVROH<br />

8WLOLVDWLRQ GH FH JXLGH<br />

5pJODJH GH OD FRQVROH<br />

5pJODJH GX YROXPH GH OD VRQQHULH<br />

0LVH HQ VHUYLFH HW KRUV VHUYLFH GH OD VRQQHULH GH OD FRQVROH<br />

0LVH HQ VHUYLFH GH QXLW RX GH MRXU<br />

6pOHFWLRQ GH OD ODQJXH G·H[SORLWDWLRQ GH OD FRQVROH<br />

0RGLILFDWLRQ GX PRGH VWDQGDUGLVWH DEVHQW RX SUpVHQW<br />

7RXFKHV SURJUDPPDEOHV<br />

.O]]O\^O NO] KZZOV]<br />

5pSRQVH DX[ DSSHOV<br />

,QGLFDWLRQ GH QRXYHO DSSHO HQ DWWHQWH<br />

/RUVTXH SOXVLHXUV DSSHOV VRQW HQ DWWHQWH<br />

7UDQVIHUW GHV DSSHOV<br />

1XPpURV PDO FRPSRVpV<br />

$SSHO GH SRVWH RFFXSp RX HQ PRGH QH SDV GpUDQJHU<br />

$SSHO GH SRVWH ILJXUDQW XQ PHVVDJH SHUVRQQDOLVp<br />

eWDEOLVVHPHQW G·XQH FRPPXQLFDWLRQ<br />

0LVH HQ JDUGH G·XQ DSSHO<br />

5HWRXU G·DSSHO HQ JDUGH<br />

3ULVH G·DSSHO PLV HQ JDUGH j OD FRQVROH<br />

eWDEOLVVHPHQW G·XQH FRQIpUHQFH HW FRQVXOWDWLRQ VpSDUpH GHV FRUUHVSRQGDQWV<br />

5HWRXU G·DSSHOV<br />

,QWHUFHSWLRQ G·DSSHOV j OD FRQVROH<br />

LLL


7DEOH GHV PDWLqUHV<br />

5HFKHUFKH GH SHUVRQQH<br />

5HFKHUFKH j O·DLGH G·XQ V\VWqPH GH GLIIXVLRQ JpQpUDOH<br />

5HFKHUFKH LQGLYLGXHOOH j O·DLGH G·XQ KDXW SDUOHXU GH SRVWH<br />

$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ QH SDV GpUDQJHU VXU XQ SRVWH<br />

$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQH LQGLFDWLRQ GH PHVVDJH HQ DWWHQWH<br />

VXU XQ SRVWH<br />

,QWHUYHQWLRQ VXU XQ SRVWH RFFXSp RX HQ PRGH QH SDV GpUDQJHU<br />

5HFRPSRVLWLRQ GX GHUQLHU QXPpUR<br />

$QQXDLUH<br />

)RUPDW G·HQWUpH<br />

1RPV VHPEODEOHV<br />

eWDEOLVVHPHQW GH SOXVLHXUV DSSHOV HQ VpULH<br />

6LJQDOLVDWLRQ PXOWLIUpTXHQFH 0)<br />

$SSHO SDU VLJQDO && VXU OHV OLJQHV H[WpULHXUHV<br />

5pSRQVH GH QXLW<br />

([SORLWDWLRQ PXOWLFRQVROH<br />

6HUYLFH GH GHVVHUWH FHQWUDOLVpH 6'&<br />

0HVVDJHULH YRFDOH<br />

/WZVYS NO] PYXM^SYX] N_ ]c]^ÉWO #<br />

$IILFKDJH GHV LQIRUPDWLRQV G·DODUPH GX V\VWqPH<br />

5pJODJH GH OD GDWH HW GH O·KHXUH GX V\VWqPH<br />

'pVDFWLYDWLRQ JOREDOH GHV UHQYRLV G·DSSHOV<br />

'pVDFWLYDWLRQ JOREDOH GHV QH SDV GpUDQJHU<br />

$IILFKDJH GH O·LGHQWLWp GH OD FRQVROH HW GX V\VWqPH<br />

$FFqV DX[ DSSOLFDWLRQV GLVSRQLEOHV<br />

/WZVYS NO] PYXM^SYX] NO ZY]^O !<br />

$IILFKDJH GH O·pWDW G·XQ SRVWH<br />

$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ UHQYRL G·DSSHOV<br />

$FWLYDWLRQ HW GpVDFWLYDWLRQ GX PRGH QH SDV GpUDQJHU<br />

$FWLYDWLRQ HW GpVDFWLYDWLRQ GH PHVVDJH HQ DWWHQWH<br />

$FWLYDWLRQ HW GpVDFWLYDWLRQ GHV PHVVDJHV SHUVRQQDOLVpV<br />

'pVDFWLYDWLRQ JOREDOH GHV IRQFWLRQV<br />

0LVH HQ RFFXSDWLRQ GH SRVWH<br />

LY


7DEOH GHV PDWLqUHV<br />

/WZVYS NO] PYXM^SYX] NO VSQXO] Ob^Ê\SO_\O] !<br />

$IILFKDJH GH O·pWDW G·XQH OLJQH H[WpULHXUH<br />

$IILFKDJH GH O·pWDW GHV IDLVFHDX[ GH OLJQHV H[WpULHXUHV<br />

$FFqV j XQH OLJQH H[WpULHXUH SDUWLFXOLqUH<br />

0LVH HQ RFFXSDWLRQ GHV FLUFXLWV GH OLJQH H[WpULHXUH<br />

/WZVYS NO] PYXM^SYX] RÕ^OVSÉ\O]<br />

$IILFKDJH HW PRGLILFDWLRQ GHV LQIRUPDWLRQV VXU OHV FKDPEUHV<br />

$IILFKDJH GHV FKDPEUHV HQ IRQFWLRQ GH OHXU pWDW G·RFFXSDWLRQ HW<br />

GH OHXU FRQGLWLRQ<br />

0RGLILFDWLRQ GH O·pWDW G·RFFXSDWLRQ HW GH OD FRQGLWLRQ G·XQH FKDPEUH<br />

$UULYpH 'pSDUW GX FOLHQW<br />

$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ DSSHO GH UpYHLO<br />

5HVWULFWLRQV G·DSSHOV DX QLYHDX G·XQH FKDPEUH<br />

%ORFDJH GHV DSSHOV HQWUH OHV FKDPEUHV<br />

6XUYHLOODQFH GHV FKDPEUHV<br />

,PSUHVVLRQ GHV UHOHYpV<br />


$YDQW GH<br />

FRPPHQFHU


,QWURGXFWLRQ<br />

,QWURGXFWLRQ<br />

&RQVDFUH] TXHOTXHV PLQXWHV j SDUFRXULU FH JXLGH G·<strong>XWLOLVDWLRQ</strong> FDU LO FRQWLHQW<br />

WRXV OHV UHQVHLJQHPHQWV TXL YRXV SHUPHWWURQW G·XWLOLVHU OD FRQVROH GH<br />

VWDQGDUGLVWH 683(5&2162/( <br />

/D SUHPLqUH VHFWLRQ YRXV SUpVHQWH OD FRQVROH 9RXV DSSUHQGUH] OD IRQFWLRQQDOLWp<br />

GH FKDTXH JURXSH GH WRXFKHV HW j LQWHUSUpWHU OHV LQIRUPDWLRQV RIIHUWHV VXU<br />

O·DIILFKHXU GH OD FRQVROH &HWWH VHFWLRQ FRQWLHQW pJDOHPHQW GHV UHQVHLJQHPHQWV<br />

VXU O·HPSORL GX JXLGH SURSUHPHQW GLW<br />

5HPDUTXH VXU OD GLVSRQLELOLWò GHV IRQFWLRQV<br />

6DFKH] TXH YRWUH FRPSDJQLH D FKRLVL OHV IRQFWLRQV GLVSRQLEOHV VXU YRWUH V\VWqPH<br />

WpOpSKRQLTXH ,O HVW SRVVLEOH TXH YRXV QH GLVSRVLH] SDV GH WRXWHV OHV IRQFWLRQV<br />

GpFULWHV GDQV FH JXLGH<br />

SURSRV GH OD FRQVROH<br />

+`KX^ NO MYWWOXMO\<br />

$YDQW G·XWLOLVHU OD FRQVROH DVVXUH] YRXV TXH VRQ DIILFKHXU ILJXUH OHV WRXFKHV<br />

>) ! j >) ! O·KHXUH HW OD GDWH H[DFWHV HW TXH VRQ FRPELQp VRLW FRUUHFWHPHQW<br />

EUDQFKp VXU OH F{Wp<br />

6L YRXV UHQFRQWUH] XQ SUREOqPH TXHOFRQTXH FRQWDFWH] OH VHUYLFH UHVSRQVDEOH<br />

GHV FRPPXQLFDWLRQV GH YRWUH HQWUHSULVH HQ YXH G·REWHQLU OHXU DVVLVWDQFH


$YDQW GH FRPPHQFHU<br />

9\QKXO] NO VK MYX]YVO<br />

/·LOOXVWUDWLRQ VXLYDQWH SUpVHQWH OHV SULQFLSDX[ RUJDQHV GH OD FRQVROH 2EVHUYH]<br />

OHV GHX[ SULVHV VLWXpHV VXU VRQ F{Wp JDXFKH O·XQH TXL VHUW j UDFFRUGHU OH FRPELQp<br />

RX OH FDVTXH WpOpSKRQLTXH TXH YRXV XWLOLVH] HW O·DXWUH OH FRPELQp RX OH FDVTXH<br />

WpOpSKRQLTXH TXL VHUD XWLOLVp SDU OD SHUVRQQH UHVSRQVDEOH GH OD IRUPDWLRQ RX GH<br />

OD VXUYHLOODQFH GHV QRXYHDX[ VWDQGDUGLVWHV<br />

/HV FkEOHV TXL DVVXUHQW OH UDFFRUGHPHQW GH OD FRQVROH DX V\VWqPH WpOpSKRQLTXH<br />

VH EUDQFKHQW j O·DUULqUH GH OD FRQVROH ,OV GRLYHQW rWUH EUDQFKpV SDU XQ<br />

LQVWDOODWHXU GH V\VWqPH DJUpp HW QH GRLYHQW rWUH HQ DXFXQ FDV PRGLILpV SDU XQ<br />

SHUVRQQHO QRQ DXWRULVp


7RXFKHV GH OD FRQVROH<br />

­ SURSRV GH OD FRQVROH<br />

/D FRQVROH ILJXUH WURLV W\SHV GH WRXFKHV GHV WRXFKHV GH QXPpURWDWLRQ GHV<br />

WRXFKHV G·DIILFKHXU HW GHV WRXFKHV GH IRQFWLRQ IL[H<br />

7RXFKHV GH QXPòURWDWLRQ<br />

/H FODYLHU GH QXPpURWDWLRQ HVW VLWXp VXU OH F{Wp GURLW GH OD FRQVROH HW ILJXUH<br />

WRXFKHV DX WRWDO \ FRPSULV WRXFKHV GH FODYLHU WpOpSKRQLTXH VWDQGDUG<br />

7RXFKHV GH YROXPH GH OD VRQQHULH /HV WRXFKHV 9ROXPH ¾ HW 9ROXPH ¿<br />

VHUYHQW UHVSHFWLYHPHQW j DXJPHQWHU HW j UpGXLUH OH YROXPH GH OD VRQQHULH GH OD<br />

FRQVROH<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃ<br />

7RXFKHV GH FRPPDQGH GX FXUVHXU /HV WRXFKHV HW<br />

V·XWLOLVHQW GDQV OHV FLUFRQVWDQFHV VXLYDQWHV<br />

5HWRXU DUULqUH $SSX\H] VXU FHWWH WRXFKH SRXU FRUULJHU XQ QXPpUR<br />

LQWpULHXU RX H[WpULHXU HUURQp RX SRXU FRUULJHU XQH HUUHXU ORUV GH O·HQWUpH<br />

G·LQIRUPDWLRQV j O·DLGH GH OD WRXFKH )RQFWLRQ<br />

/HV DXWUHV WRXFKHV GH FRPPDQGH GX FXUVHXU V·XWLOLVHQW DYHF OD WRXFKH<br />

GDQV OH FDGUH GH FHUWDLQHV DSSOLFDWLRQV WHOOHV TXH OHV DSSOLFDWLRQV K{WHOLqUHV HW<br />

GH FRQILJXUDWLRQ GHV GRQQpHV GH O·LQVWDOODWLRQ


$YDQW GH FRPPHQFHU<br />

7RXFKHV GH IRQFWLRQ IL[H<br />

&HOOHV FL VRQW GLVSRVpHV HQ GHX[ UDQJpHV GH VHSW WRXFKHV 2Q OHV XWLOLVH<br />

HVVHQWLHOOHPHQW SRXU FHUWDLQHV IRQFWLRQV GH GHVVHUWH G·DSSHOV pOpPHQWDLUHV<br />

WHOOHV OD UpSRQVH DX[ DSSHOV HW OHXU PLVH HQ JDUGH<br />

&KDTXH WRXFKH GH OD UDQJpH LQIpULHXUH HVW pTXLSpH G·XQ YR\DQW TXL VLJQDOH O·pWDW<br />

G·XQ DSSHO RX O·DFWLYLWp G·XQH IRQFWLRQ /H YR\DQW VLWXp DX GHVVXV GH OD WRXFKH<br />

GH PLVH HQ JDUGH V·DOOXPH SDU H[HPSOH ORUVTXH YRXV XWLOLVH] OD WRXFKH SRXU<br />

PHWWUH XQ DSSHO HQ JDUGH<br />

/HV WRXFKHV QRQ OLEHOOpHV GH OD UDQJpH VXSpULHXUH VRQW GHV WRXFKHV<br />

SURJUDPPDEOHV TXL V·XWLOLVHQW DYHF OHV IRQFWLRQV GX V\VWqPH GLVSRQLEOHV HQ<br />

RSWLRQ WHOOHV OHV IRQFWLRQV G·DQQXDLUH GH VHUYLFHV K{WHOLHUV HW G·pWDW G·DFWLYLWp<br />

GHV OLJQHV H[WpULHXUHV<br />

8WLOLVH] OD<br />

WRXFKH<br />

ORUVTXH YRXV GpVLUH]«<br />

)RQFWLRQ DFWLYHU GHV WRXFKHV G·DIILFKHXU H[SOLFDWLI RIIHUW j OD VHFWLRQ<br />

VXLYDQWH HQ YXH G·HIIHFWXHU FHUWDLQHV RSpUDWLRQV WHOOHV TXH UpJOHU<br />

OD GDWH HW O·KHXUH GH OD FRQVROH HW PHWWUH OD FRQVROH HQ VHUYLFH GH<br />

QXLW<br />

$QQXOHU HIIDFHU XQH HQWUpH HUURQQp RX XQ PDXYDLV QXPpUR<br />

/LEpUHU OLEpUHU RX WUDQVIpUHU GHV DSSHOV<br />

5HFK IDLUH XQH DQQRQFH j O·DLGH GX V\VWqPH GH UHFKHUFKH GH SHUVRQQH<br />

%ORFDJH LQWHUGLUH OHV DSSHOV HQWUH FHUWDLQHV FKDPEUHV G·K{WHO &HWWH WRXFKH<br />

Q·HVW HIIHFWLYH TXH VL O·RSWLRQ 6HUYLFH K{WHOLHU SRXU DSSOLFDWLRQV<br />

+{WHO 0RWHO HVW GLVSRQLEOH VXU YRWUH V\VWqPH WpOpSKRQLTXH<br />

*DUGH PHWWUH GHV DSSHOV HQ JDUGH j OD FRQVROH /HV WRXFKHV *DUGH j<br />

*DUGH VRQW GHV WRXFKHV GH PLVH HQ JDUGH GLUHFWH $SSX\HU VXU<br />

*DUGH *DUGH RX *DUGH PHW XQ DSSHO HQ JDUGH j OD SRVLWLRQ<br />

LQGLTXpH /D WRXFKH *DUGH GRQQH DFFqV j FLQT SRVLWLRQV GH<br />

JDUGH VXSSOpPHQWDLUHV<br />

5pS UpSRQGUH DX[ DSSHOV G·DUULYpH SUpVHQWpV j OD FRQVROH GDQV ´O·RUGUH<br />

FKURQRORJLTXH GH OHXU DUULYpHµ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃ


7RXFKHV G DIILFKHXU<br />

­ SURSRV GH OD FRQVROH<br />

/HV WRXFKHV G·DIILFKHXU RQW SOXVLHXUV IRQFWLRQV TXL FKDQJHQW DX JUp GHV<br />

GLIIpUHQWHV SKDVHV GH GHVVHUWH G·XQ DSSHO $LQVL ORUVTXH YRXV DSSHOH] XQ SRVWH<br />

RFFXSp O·DIILFKHXU GH OD FRQVROH LQGLTXHUD OHV IRQFWLRQV TXL YRXV VRQW<br />

GLVSRQLEOHV SRXU GHVVHUYLU O·DSSHO O·XQH HVW OD IRQFWLRQ G·(QWUpH HQ WLHUV HW<br />

O·DXWUH OD IRQFWLRQ GH 0LVH HQ DWWHQWH<br />

/HV IRQFWLRQV LQGLTXpHV VXU O·DIILFKHXU DX[ SRVLWLRQV >) ! j >) !<br />

FRUUHVSRQGHQW DX[ WRXFKHV >) ! j >) ! VLWXpHV VXU OH FODYLHU GH OD FRQVROH<br />

3RXU XWLOLVHU XQH WHOOH IRQFWLRQ LO YRXV VXIILW G·DSSX\HU VXU OD WRXFKH >) ! j<br />

>) ! FRUUHVSRQGDQWH<br />

$IILFKHXU GH OD FRQVROH<br />

/RUV GH OD GHVVHUWH G·XQ DSSHO OHV GHX[ OLJQHV VXSpULHXUHV GH O·DIILFKHXU<br />

LGHQWLILHQW OH FRUUHVSRQGDQW GHPDQGHXU OD VRXUFH GH O·DSSHO 65&( RX OH<br />

FRUUHVSRQGDQW GHPDQGp OD GHVWLQDWLRQ GH O·DSSHO '(67<br />

/HV GHX[ OLJQHV LQIpULHXUHV TXL ILJXUHQW OHV OLEHOOpV GH WRXFKH >) ! j >) !<br />

LQGLTXHQW OD IRQFWLRQ FRXUDQWH GHV WRXFKHV GH O·DIILFKHXU 3DU H[HPSOH VL >) !<br />

LQGLTXH >@ YRXV SRXUUH] LQWHUYHQLU HQWUHU HQ WLHUV GDQV OD FRPPXQLFDWLRQ<br />

HQ FRXUV DYHF OH SRVWH GHPDQGp HQ DSSX\DQW VXU OD WRXFKH G·DIILFKHXU >) ! ­<br />

XQ DXWUH PRPHQW FHWWH PrPH WRXFKH SRXUUD LQGLTXHU >1 @ $SSX\HU VXU OD<br />

WRXFKH G·DIILFKHXU >) ! YRXV SHUPHWWUD DORUV GH PHWWUH OD FRQVROH HQ PRGH GH<br />

VHUYLFH GH QXLW<br />

!


$YDQW GH FRPPHQFHU<br />

8WLOLVDWLRQ GH FH JXLGH<br />

-YX`OX^SYX]<br />

"<br />

&H JXLGH RIIUH SOXVLHXUV PRGDOLWpV G·HPSORL TXL VRQW DFFRPSDJQpHV G·XQH<br />

LOOXVWUDWLRQ GH O·DIILFKHXU GH OD FRQVROH &HWWH LOOXVWUDWLRQ HVW XQH UHSUpVHQWDWLRQ<br />

JUDSKLTXH GH O·DIILFKHXU ORUVTXH YRXV SURFpGHUH] j O·RSpUDWLRQ LQGLTXpH<br />

1RWH] OHV DEUpYLDWLRQV LQGLTXpHV GDQV OD PRLWLp VXSpULHXUH GH O·DIILFKHXU 8Q<br />

H[SOLFDWLI OHXU HVW FRQVDFUp j OD WDEOH VXLYDQWH 3RXU REWHQLU O·H[SOLFDWLI GHV<br />

DXWUHV DEUpYLDWLRQV GLVSRQLEOHV \ FRPSULV O·H[SOLFDWLI GHV DEUpYLDWLRQV TXL<br />

DSSDUDLVVHQW GDQV OD PRLWLp LQIpULHXUH GH O·DIILFKHXU FRQVXOWH] OD SDJH<br />

$EUpYLDWLRQ 'pILQLWLRQ<br />

'(67 &RUUHVSRQGDQW GHPDQGp 'HVWLQDWLRQ GH O·DSSHO<br />

65&( &RUUHVSRQGDQW GHPDQGHXU 6RXUFH GH O·DSSHO<br />

!!! $SSDUDLVVHQW VRXV OD UXEULTXH 65&( RX '(67 SRXU LGHQWLILHU<br />

OH FRUUHVSRQGDQW HQ FRPPXQLFDWLRQ DYHF OD FRQVROH<br />

&'6 ,QGLTXH OD FODVVH GH VHUYLFH DWWULEXpH DX SRVWH RX j OD OLJQH<br />

H[WpULHXUH HQ FRPPXQLFDWLRQ DYHF OD FRQVROH<br />

&'5 ,QGLTXH OD FODVVH GH UHVWULFWLRQ DWWULEXpH DX SRVWH RX j OD<br />

OLJQH H[WpULHXUH HQ FRPPXQLFDWLRQ DYHF OD FRQVROH<br />

$ $ 3UpFpGpH G·XQ QRPEUH FHWWH DEUpYLDWLRQ LQGLTXH OH QRPEUH<br />

GHV DSSHOV HQ DWWHQWH GH UpSRQVH<br />

/HV FRQYHQWLRQV VXLYDQWHV RQW pWp DGRSWpHV GDQV FH JXLGH SRXU GLVWLQJXHU OHV<br />

GHX[ W\SHV GH WRXFKHV GLVSRQLEOHV VXU OD FRQVROH<br />

/HV WRXFKHV GH IRQFWLRQ IL[H DSSDUDLVVHQW HQ FDUDFWqUHV JUDV³ 5pS RX<br />

*DUGH SDU H[HPSOH<br />

/HV WRXFKHV G·DIILFKHXU DSSDUDLVVHQW HQ FDUDFWqUHV JUDV HQWUH FURFKHWV³<br />

>6@ RX >&@ SDU H[HPSOH


5òJODJH GH OD FRQVROH<br />

6 @ RX VXU >6@<br />

7S]O OX ]O\`SMO NO X_S^ Y_ NO TY_\<br />

/HV DSSHOV HQWUDQWV TXL VRQQHQW JpQpUDOHPHQW OD FRQVROH OH MRXU SHXYHQW VRQQHU<br />

XQ DXWUH SRVWH GH GHVVHUWH G·DSSHO OD QXLW 9RWUH V\VWqPH WpOpSKRQLTXH SHXW<br />

ILJXUHU XQ RX GHX[ PRGHV GH VHUYLFH GH QXLW GLWV 1XLW HW 1XLW 9RXV GHYUH]<br />

RSWHU SRXU OH PRGH GH VHUYLFH SURJUDPPp SRXU YRWUH V\VWqPH<br />

/H V\VWqPH SRXUUD rWUH PLV HQ VHUYLFH GH QXLW RX HQ VHUYLFH GH MRXU SDU XQ<br />

VWDQGDUGLVWH TXHOFRQTXH /RUVTX·LO HVW HQ VHUYLFH GH QXLW O·pWDW GH VHUYLFH GH QXLW<br />

1XLW RX 1XLW VHUD VLJQDOp VXU WRXWHV OHV FRQVROHV<br />

3RXU PHWWUH OH VHUYLFH GH QXLW RX GH MRXU HQ VHUYLFH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) 6@<br />

$SSX\H] VXU >& 6@<br />

$SSX\H] VXU >1 @ >1 @ RX >-@ VHORQ OH EHVRLQ<br />

#


$YDQW GH FRPPHQFHU<br />

=ÊVOM^SYX NO VK VKXQ_O NuObZVYS^K^SYX NO VK MYX]YVO<br />

/D FRQVROH SHXW DIILFKHU OHV LQIRUPDWLRQV GH GHVVHUWH G·DSSHO HW OHV IRQFWLRQV<br />

RIIHUWHV VRXV OHV WRXFKHV G·DIILFKHXU HQ DQJODLV HQ IUDQoDLV RX HQ LWDOLHQ<br />

'·DXWUHV ODQJXHV GLVSRQLEOHV GpSHQGHQW GH OD SURJUDPPDWLRQ GH YRWUH<br />

V\VWqPH<br />

3RXU FKDQJHU OD ODQJXH G·H[SORLWDWLRQ GH OD FRQVROH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) 6@<br />

$SSX\H] VXU >/@<br />

$SSX\H] VXU OD WRXFKH j ODTXHOOH FRUUHVSRQG OD ODQJXH GpVLUpH<br />

7YNSPSMK^SYX N_ WYNO ]^KXNK\NS]^O KL]OX^ Y_ Z\Ê]OX^<br />

/RUVTXH YRXV SUpYR\H] YRXV DEVHQWHU GH OD FRQVROH YRXV SRXYH] DFWLYHU OH PRGH<br />

´6WDQGDUGLVWH DEVHQWµ HW OHV DSSHOV QH VHURQW SOXV DLJXLOOpV j OD FRQVROH<br />

3RXU FKDQJHU OH PRGH VWDQGDUGLVWH DEVHQW RX SUpVHQW VXU OD FRQVROH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

$SSX\H] VXU >6 @ SRXU PHWWUH OD FRQVROH HQ PRGH ´6WDQGDUGLVWH<br />

DEVHQWµ RX >6 @ SRXU UHPHWWUH OD FRQVROH HQ PRGH ´6WDQGDUGLVWH<br />

SUpVHQWµ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÅÃÅÃÃÃÃÃÃÃÃ


Y_MRO] Z\YQ\KWWKLVO]<br />

5pJODJH GH OD FRQVROH<br />

9RXV SRXYH] SURJUDPPHU OHV WRXFKHV SURJUDPPDEOHV OHV TXDWUH WRXFKHV<br />

DGMDFHQWHV j OD WRXFKH )RQFWLRQ GH VRUWH TX·HOOHV GRQQHQW DFFqV j SOXVLHXUV<br />

SURJLFLHOV RSWLRQQHOV HQ IRQFWLRQ GH OHXU GLVSRQLELOLWp<br />

&HWWH SURJUDPPDWLRQ GpSHQGUD GX QRPEUH GH SURJLFLHOV GRQW YRWUH FRPSDJQLH<br />

DXUD IDLW O·DFTXLVLWLRQ 3RXU SOXV GH UHQVHLJQHPHQWV VXU FHV IRQFWLRQV FRQVXOWHU<br />

OHV SDJHV LQGLTXpHV<br />

$QQXDLUH YRLU SDJH<br />

6HUYLFH K{WHOLHU )RQFWLRQV +{WHO 0RWHO YRLU SDJH<br />

eWDW GHV OLJQHV H[WpULHXUHV YRLU SDJH<br />

('& (QUHJLVWUHPHQW GHV GRQQpHV GH FRPPXQLFDWLRQV<br />

5HFKHUFKH LQGLYLGXHOOH j O·DLGH G·XQ KDXWH SDUOHXU GH SRVWH YRLU SDJH<br />

&LUFXLWV $XWRYRQ<br />

6pOHFWLRQ G·RSWLRQV ORUVTXH YRXV DYH] EHVRLQ GH SOXV GH TXDWUH WRXFKHV<br />

SURJUDPPDEOHV<br />

9RXV SRXYH] pJDOHPHQW SURJUDPPHU XQH WRXFKH SURJUDPPDEOH SRXU rWUH<br />

UHQVHLJQp H SOXV UDSLGHPHQW VXU OHV DODUPHV XQH IRQFWLRQ VWDQGDUG GpFULWH j OD<br />

SDJH<br />

3RXU SURJUDPPHU OHV WRXFKHV SURJUDPPDEOHV<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

$SSX\H] VXU >7 @<br />

$SSX\H] SOXVLHXUV IRLV VXU OD WRXFKH SURJUDPPDEOH GLVSRQLEOH QRQ OD<br />

WRXFKH G·DIILFKHXU MXVTX·j FH TXH O·RSWLRQ GpVLUpH DSSDUDLVVH<br />

3DU H[HPSOH SRXU IDLUH HQ VRUWH TXH O·RSWLRQ >$@ DSSDUDLVVH j OD<br />

SRVLWLRQ >) ! DSSX\H] VXU OD WRXFKH SURJUDPPDEOH Q MXVTX·j FH TXH OD<br />

GpVLJQDWLRQ $118$,5( DSSDUDLVVH j OD SRVLWLRQ GpVLUpH<br />

$SSX\H] VXU >0@<br />

5pSpWH] OHV pWDSHV HW SRXU SURJUDPPHU XQH DXWUH WRXFKH<br />

$SSX\H] VXU >6@


$YDQW GH FRPPHQFHU<br />

3RXU XWLOLVHU OD WRXFKH 6pOHFWLRQ G·RSWLRQV ORUVTXH SOXV GH TXDWUH<br />

WRXFKHV SURJUDPPDEOHV VRQW QpFHVVDLUHV<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6(/ 237,21 6pOHFWLRQQHU RSWLRQ<br />

$SSX\H] VXU OD WRXFKH G·DIILFKHXU GpVLUpH


'HVVHUWH GHV<br />

DSSHOV


5òSRQVH DX[ DSSHOV<br />

5pSRQVH DX[ DSSHOV<br />

/·DUULYpH G·XQ DSSHO HVW VLJQDOpH SDU OD VRQQHULH HW OH FOLJQRWHPHQW GH OD WRXFKH<br />

5pS /H QXPpUR TXL DFFRPSDJQH O·LQGLFDWLRQ $ $ VXU O·DIILFKHXU LQGLTXH OH<br />

QRPEUH GHV DSSHOV HQ DWWHQWH GH UpSRQVH<br />

/HV LQIRUPDWLRQV DIILFKpHV DX[ SRVLWLRQV ) j ) UHSUpVHQWHQW OHV DFWLRQV TXL<br />

V·RIIUHQW j YRXV j O·DLGH GHV WRXFKHV G·DIILFKHXU FRUUHVSRQGDQWHV<br />

6HORQ O·H[HPSOH SUpFpGHQW YRXV SRXYH] UpSRQGUH j XQ DSSHO HQ SURYHQDQFH GH<br />

O·H[WpULHXU HQ DSSX\DQW VXU >1 @ 1XPpUR G·DQQXDLUH RX j XQ DSSHO<br />

LQWHUQH HQ SURYHQDQFH G·XQ SRVWH HQ DSSX\DQW VXU >$ @<br />

/HV RSWLRQV VXLYDQWHV SHXYHQW rWUH RIIHUWHV VRXV OHV WRXFKHV G·DIILFKHXU j<br />

O·DUULYpH G·XQ DSSHO<br />

>5 @<br />

>,@<br />

>$ @<br />

>3 @<br />

>6 @<br />

>1 @ >1 @ >1 @<br />

RX WRXWH LQIRUPDWLRQ SUp SURJUDPPpH TXL HVW SURSUH j YRWUH V\VWqPH YRWUH<br />

FRPSDJQLH SUpIpUDQW SHXW rWUH XWLOLVHU >/ @ DX OLHX GH >1 @<br />

/D WRXFKH G·DIILFKHXU >,@ VLJQDOH OHV DSSHOV GHVWLQpV j XQ VWDQGDUGLVWH<br />

SDUWLFXOLHU j O·DLGH GX QXPpUR G·DQQXDLUH LQWHUQH GH OD FRQVROH HW QRQ j O·DLGH<br />

GX ´ µ &H JXLGH IRXUQLW XQH H[SOLFDWLRQ GHV DXWUHV RSWLRQV GLVSRQLEOHV


'HVVHUWH GHV DSSHOV<br />

3RXU UpSRQGUH DX[ DSSHOV<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

$SSX\H] VXU 5pS SRXU UpSRQGUH DX GHPDQGHXU TXL DXUD SDWLHQWp OH SOXV<br />

ORQJWHPSV<br />

$SSX\H] VXU XQH WRXFKH G·DIILFKHXU ) j ) SRXU UpSRQGUH j XQ W\SH<br />

G·DSSHO SDUWLFXOLHU<br />

/D SUHPLqUH OLJQH GH O·DIILFKHXU LQGLTXH !!! 65&( VXLYL GX QXPpUR GH SRVWH<br />

HW GX QRP GX GHPDQGHXU V·LO V·DJLW G·XQ DSSHO LQWHUQH RX GX QXPpUR GH OD OLJQH<br />

H[WpULHXUH V·LO V·DJLW G·XQ DSSHO H[WpULHXU /D UXEULTXH '(67 j OD GHX[LqPH<br />

OLJQH GHPHXUH H[HPSWH G·LQIRUPDWLRQV WDQW TXH YRXV QH FRPSRVH] SDV GH<br />

QXPpUR G·DSSHO<br />

3XNSMK^SYX NO XY_`OV KZZOV OX K^^OX^O<br />

/RUVTXH YRXV GHVVHUYH] XQ DSSHO OH SUHPLHU DSSHO HQ DWWHQWH YRXV VHUD VLJQDOp<br />

SDU XQ EUHI FRXS GH VRQQHULH /HV DSSHOV VXLYDQWV YRXV VHURQW XQLTXHPHQW<br />

VLJQDOpV VRXV OD UXEULTXH G·DSSHOV HQ DWWHQWH $ $ VLWXpH j OD OLJQH VXSpULHXUH GH<br />

O·DIILFKHXU GH OD FRQVROH<br />

/D FRQVROH SHXW rWUH SURJUDPPpH GDQV OH V\VWqPH GH VRUWH TX·HOOH pPHWWH XQ EUHI<br />

FRXS GH VRQQHULH j LQWHUYDOOHV UpJXOLHUV ORUVTXH GHV DSSHOV VRQW HQ LQVWDQFH GH<br />

UpSRQVH<br />

6Y\][_O ZV_]SO_\] KZZOV] ]YX^ OX K^^OX^O<br />

9RXV QH SRXUUH] SDV UpSRQGUH j XQ QRXYHO DSSHO HQ DWWHQWH WDQW TXH YRXV<br />

Q·DXUH] SDV WUDQVIpUp OLEpUp RX PLV HQ JDUGH OD FRPPXQLFDWLRQ HQ FRXUV


7UDQVIHUW GHV DSSHOV<br />

7UDQVIHUW GHV DSSHOV<br />

/RUVTX·XQ GHPDQGHXU GpVLUH SDUOHU j XQ WLHUV GHPDQGH] OXL GH SDWLHQWHU HW<br />

WUDQVIpUH] O·DSSHO DX QXPpUR GHPDQGp<br />

3RXU WUDQVIpUHU XQ DSSHO<br />

&RPSRVH] OH QXPpUR GHPDQGp<br />

/H FRUUHVSRQGDQW GHPDQGHXU HVW PLV HQ DWWHQWH SHQGDQW TXH YRXV SURFpGH]<br />

DX WUDQVIHUW<br />

'qV TXH YRXV HQWHQGH] OD OLJQH VRQQHU DSSX\H] VXU /LEpUHU SRXU PHWWUH OHV<br />

GHX[ FRUUHVSRQGDQWV HQ FRPPXQLFDWLRQ HW OLEpUHU OD FRQVROH<br />

8_WÊ\Y] WKV MYWZY]Ê]<br />

6L YRXV GpVLUH] DQQXOHU OH QXPpUR FRPSRVp RX VL YRXV DYH] FRPSRVp XQ<br />

PDXYDLV QXPpUR<br />

RX<br />

$SSX\H] VXU SRXU HIIDFHU OH PDXYDLV QXPpUR SXLV FRPSRVH] OH ERQ<br />

QXPpUR<br />

$SSX\H] VXU $QQXOHU SRXU UHWRXUQHU DX FRUUHVSRQGDQW GHPDQGHXU SXLV<br />

UHIDLWHV OH QXPpUR<br />

!


'HVVHUWH GHV DSSHOV<br />

+ZZOV NO ZY]^O YMM_ZÊ Y_ OX WYNO XO ZK] NÊ\KXQO\<br />

"<br />

6L OH SRVWH DSSHOp HVW RFFXSp RX HQ PRGH QH SDV GpUDQJHU ´2&&83(µ RX ´13'µ<br />

DSSDUDLVVHQW VRXV OD UXEULTXH '(67<br />

'DQV OHV GHX[ FDV OHV FKRL[ G·DFWLRQ TXL V·RIIUHQW j YRXV SRXU GHVVHUYLU O·DSSHO<br />

VRQW LGHQWLTXHV<br />

3RXU GRQQHU VXLWH j XQ DSSHO GH SRVWH RFFXSp RX HQ<br />

PRGH QH SDV GpUDQJHU<br />

$SSX\H] VXU >6@ SRXU UHWRXUQHU DX FRUUHVSRQGDQW GHPDQGHXU TXL<br />

GHPDQGH G·rWUH WUDQVIpUp<br />

$SSX\H] VXU $QQXOHU SRXU DQQXOHU OD WHQWDWLYH GH WUDQVIHUW HW FRPSRVHU XQ<br />

DXWUH QXPpUR<br />

$SSX\H] VXU /LEpUHU SRXU PHWWUH OH GHPDQGHXU HQ DWWHQWH VXU OD OLJQH GX<br />

GHPDQGp RX SRXU OLEpUHU OD OLJQH GH OD FRQVROH /D PLVH HQ DWWHQWH HVW<br />

H[SOLTXpH j OD SDJH 6L OH WUDQVIHUW Q·HVW SDV SHUPLV YRXV SHUFHYUH] XQ<br />

ELS HW ´,03266,%/(µ VHUD LQGLTXp VXU O·DIILFKHXU<br />

$SSX\H] VXU >7@ SRXU HQWUHU HQ WLHUV GDQV OD FRPPXQLFDWLRQ HQ FRXUV<br />

3RXU SOXV GH UHQVHLJQHPHQWV YRLU SDJH<br />

$SSX\H] VXU >0 ( $@ SRXU DFWLYHU XQH LQGLFDWLRQ GH PHVVDJH HQ<br />

DWWHQWH DX SRVWH GHPDQGp 3RXU SOXV GH UHQVHLJQHPHQWV YRLU SDJH


+ZZOV NO ZY]^O PSQ_\KX^ _X WO]]KQO ZO\]YXXKVS]Ê<br />

eWDEOLVVHPHQW G·XQH FRPPXQLFDWLRQ<br />

/HV XWLOLVDWHXUV GH WpOpSKRQH 683(56(7 j DIILFKHXU SHXYHQW DFWLYHU XQ FRXUW<br />

´PHVVDJH SHUVRQQDOLVpµ VXU OHXU DSSDUHLO GH VRUWH TX·LO DSSDUDLVVH VXU G·DXWUHV<br />

DSSDUHLOV RX FRQVROHV j DIILFKHXU TXL OHV DSSHOOHQW<br />

/RUVTXH YRXV DSSHOH] XQ SRVWH TXL ILJXUH XQ PHVVDJH SHUVRQQDOLVp FH GHUQLHU<br />

DSSDUDvWUD VRXV OD UXEULTXH '(67 GH OD FRQVROH FRPPH VXLW<br />

!!!'(67 6 '838,6 (1 5(81,21 6211(<br />

'DQV O·H[HPSOH SUpFpGHQW O·XWLOLVDWHXU D DFWLYp OH PHVVDJH ´(Q UpXQLRQµ VXU VRQ<br />

WpOpSKRQH /D OLVWH GHV PHVVDJHV SHUVRQQDOLVpV HVW RIIHUWH j OD SDJH 9RLU<br />

pJDOHPHQW $FWLYDWLRQ HW GpVDFWLYDWLRQ GHV PHVVDJHV SHUVRQQDOLVpV j OD SDJH<br />

çWDEOLVVHPHQW G XQH FRPPXQLFDWLRQ<br />

3RXU pWDEOLU XQH FRPPXQLFDWLRQ<br />

&RPSRVH] OH QXPpUR GHPDQGp DX FODYLHU GH QXPpURWDWLRQ<br />

/H QXPpUR FRPSRVp DSSDUDvW j OD GHX[LqPH OLJQH GH O·DIILFKHXU<br />

8QH IRLV OD FRPPXQLFDWLRQ pWDEOLH DSSX\H] VXU /LEpUHU SRXU OLEpUHU OD<br />

FRQVROH<br />

#


'HVVHUWH GHV DSSHOV<br />

0LVH HQ JDUGH G XQ DSSHO<br />

9RXV SRXYH] PHWWUH WURLV DSSHOV HQ JDUGH j O·DLGH GHV WRXFKHV GH PLVH HQ JDUGH<br />

IL[HV GH OD FRQVROH 6L YRXV GHYH] PHWWUH SOXVLHXUV DSSHOV VXSSOpPHQWDLUHV HQ<br />

JDUGH XWLOLVH] OD WRXFKH *DUGH GH FRQFHUW DYHF OHV WRXFKHV G·DIILFKHXU<br />

3RXU PHWWUH XQ DSSHO HQ JDUGH<br />

$YLVH] OH GHPDQGHXU TXH YRXV GHYH] PHWWUH VRQ DSSHO HQ JDUGH<br />

$SSX\H] VXU *DUGH *DUGH RX *DUGH<br />

/H YR\DQW G·pWDW GH OD WRXFKH VpOHFWLRQQpH V·DOOXPH SRXU VLJQDOHU OD SUpVHQFH<br />

G·XQ DSSHO HQ JDUGH<br />

3RXU UHSUHQGUH XQ DSSHO HQ JDUGH<br />

$SSX\H] VXU OD WRXFKH *DUGH TXL DYDLW VHUYL j PHWWUH O·DSSHO HQ JDUGH<br />

3RXU DFFpGHU DX[ FLQT SRVLWLRQV GH PLVH HQ JDUGH GLVSRQLEOHV<br />

j O·DLGH GHV WRXFKHV G·DIILFKHXU<br />

$SSX\H] VXU *DUGH<br />

/·DIILFKHXU LQGLTXHUD<br />

/·DIILFKHXU LQGLTXH TXH OHV SRVLWLRQV GH PLVH HQ JDUGH HW VRQW OLEUHV<br />

TXH OD SRVLWLRQ GH PLVH HQ JDUGH HVW GpMj XWLOLVpH HW TXH O·DSSHO HQ JDUGH j<br />

OD SRVLWLRQ GH JDUGH ´UDSSHOOHµ OD FRQVROH<br />

$SSX\H] VXU XQH WRXFKH G·DIILFKHXU *DUGH OLEUH<br />

/H YR\DQW VLWXp DX GHVVXV GH OD WRXFKH *DUGH V·DOOXPH GqV TX·XQH<br />

SRVLWLRQ GH PLVH HQ JDUGH TXHOFRQTXH HVW XWLOLVpH<br />

/·DIILFKHXU LQGLTXH OHV LQIRUPDWLRQV SUpDODEOHPHQW GLVSRQLEOHV DYDQW OD<br />

VpOHFWLRQ GH OD WRXFKH *DUGH


0LVH HQ JDUGH G·XQ DSSHO<br />

3RXU UHSUHQGUH XQ DSSHO HQ JDUGH VRXV XQH SRVLWLRQ GH PLVH HQ JDUGH<br />

$SSX\H] VXU *DUGH<br />

$SSX\H] VXU OD WRXFKH G·DIILFKHXU *DUGH TXL DYDLW VHUYL j PHWWUH O·DSSHO HQ<br />

JDUGH<br />


'HVVHUWH GHV DSSHOV<br />

çWDEOLVVHPHQW G XQH FRQIòUHQFH HW FRQVXOWDWLRQ<br />

VòSDUòH GHV FRUUHVSRQGDQWV<br />

/RUVTXH YRXV PHWWH] GHX[ FRUUHVSRQGDQWV HQ FRPPXQLFDWLRQ LO YRXV HVW<br />

SRVVLEOH G·pWDEOLU XQH FRQIpUHQFH SDUOHU DX[ GHX[ FRUUHVSRQGDQWV<br />

VLPXOWDQpPHQW &HFL IDLW YRXV SRXYH] FRQVXOWHU FKDFXQ G·HX[ HQ SULYp HQ OHV<br />

VpSDUDQW<br />

3RXU pWDEOLU XQH FRQIpUHQFH<br />

&RPPHQFH] SDU LQFOXUH XQ FRUUHVSRQGDQW SDUWLFXOLHU j OD FRQIpUHQFH<br />

$SSHOH] XQ GHX[LqPH FRUUHVSRQGDQW<br />

$SSX\H] VXU >&@<br />

3RXU VpSDUHU OHV FRUUHVSRQGDQWV<br />

$SSX\H] VXU >6@ SRXU SDUOHU HQ SULYp DYHF OH SUHPLHU FRUUHVSRQGDQW<br />

RX VXU >'@ SRXU SDUOHU HQ SULYp DYHF OH GHX[LqPH FRUUHVSRQGDQW<br />

3RXU OLEpUHU OD FRQVROH GH OD FRQIpUHQFH<br />

$SSX\H] VXU /LEpUHU SRXU OLEpUHU OD FRQVROH DSUqV DYRLU PLV YRV GHX[<br />

FRUUHVSRQGDQWV HQ FRPPXQLFDWLRQ RX DSSX\H] VXU $QQXOHU SRXU OLEpUHU OD<br />

FRQVROH VDQV PHWWUH YRV GHX[ FRUUHVSRQGDQWV HQ FRPPXQLFDWLRQ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃ


5HWRXU G DSSHOV<br />

5HWRXU G·DSSHOV<br />

/RUVTX·XQ DSSHO HVW WUDQVIpUp j SRVWH RFFXSp RX TXL UHVWH VDQV UpSRQVH VRLW LO<br />

UDSSHOOH OD FRQVROH GDQV OHV GpODLV IL[pV VRLW LO HVW DLJXLOOp j OD ERvWH YRFDOH GX<br />

SRVWH VL FH GHUQLHU GLVSRVH G·XQH ERvWH YRFDOH<br />

3RXU UpSRQGUH j XQ DSSHO GH SRVWH UHVWp ´VDQV UpSRQVHµ<br />

$SSX\H] VXU 5pS RX VXU >5 @<br />

$YLVH] OH GHPDQGHXU TXH OH QXPpUR GHPDQGp QH UpSRQG SDV<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

$SSX\H] VXU >5 '@ SRXU UDSSHOHU OH GHPDQGp<br />

&RPSRVH] XQ QRXYHDX QXPpUR HW DSSX\H] VXU /LEpUHU<br />

$SSX\H] VXU $QQXOHU SRXU OLEpUHU O·DSSHO<br />

3RXU UpSRQGUH j XQ DSSHO GH SRVWH ´RFFXSpµ<br />

$SSX\H] VXU 5pS RX >5 @<br />

$YLVH] OH GHPDQGHXU TXH OH QXPpUR GHPDQGp HVW RFFXSp<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

$SSX\H] VXU $QQXOHU SRXU OLEpUHU O·DSSHO<br />

$SSX\H] VXU /LEpUHU SRXU WHQWHU GH UHWUDQVIpUHU O·DSSHO DX PrPH QXPpUR<br />

$SSX\H] VXU >5 '@ SRXU UDSSHOHU OH QXPpUR RFFXSp


'HVVHUWH GHV DSSHOV<br />

6L YRXV DSSX\H] VXU >5 '@ HIIHFWXH] O·XQH GHV RSpUDWLRQV<br />

VXLYDQWHV<br />

$SSX\H] VXU >7@ SRXU LQWHUYHQLU GDQV OD FRPPXQLFDWLRQ HQ FRXUV<br />

$SSX\H] VXU >0 ( $@ SRXU DFWLYHU XQH LQGLFDWLRQ GH PHVVDJH HQ<br />

DWWHQWH DX SRVWH RFFXSp<br />

$SSX\H] VXU >6@ SRXU UHWRXUQHU DX FRUUHVSRQGDQW GHPDQGHXU<br />

$SSX\H] VXU /LEpUHU SRXU UHPHWWUH OH GHPDQGHXU HQ DWWHQWH DX SRVWH<br />

GHPDQGp 9RLU SDJH SRXU GHV GpWDLOV VXU OD PLVH HQ DWWHQWH<br />

$SSX\H] VXU $QQXOHU SRXU DQQXOHU OH QXPpUR GHPDQGp HW FRPSRVHU XQ<br />

QRXYHDX QXPpUR GH SRVWH<br />

,QWHUFHSWLRQ G DSSHOV ì OD FRQVROH<br />

6L OD SURJUDPPDWLRQ GH YRWUH V\VWqPH YRXV OH SHUPHW OHV DSSHOV GH PDXYDLV<br />

QXPpUR HQ SURYHQDQFH GH SRVWHV RX OHV DSSHOV j GHVWLQDWLRQ GH SRVWHV HQ PRGH<br />

QH SDV GpUDQJHU SHXYHQW rWUH LQWHUFHSWpV HW VRQQHU OD FRQVROH<br />

/RUVTXH YRXV UpSRQGH] j O·DSSHO O·DIILFKHXU LQGLTXH OD UDLVRQ GH O·LQWHUFHSWLRQ<br />

13' ,17 ORUVTX·LO V·DJLW G·DSSHOV GH SRVWHV HQ PRGH QH SDV GpUDQJHU<br />

121 $87 ,17 ORUVTX·LO V·DJLW G·DSSHOV GH QXPpUR QRQ DXWRULVp<br />

121 $77 ,17 ORUVTX·LO V·DJLW G·DSSHOV GH QXPpUR QRQ DWWULEXp


5HFKHUFKH GH SHUVRQQH<br />

5HFKHUFKH GH SHUVRQQH<br />

'HX[ W\SHV GH UHFKHUFKH GH SHUVRQQH VRQW GLVSRQLEOHV VXU OD FRQVROH OD<br />

UHFKHUFKH j O·DLGH G·XQ V\VWqPH GH GLIIXVLRQ JpQpUDOH HW OD UHFKHUFKH LQGLYLGXHOOH<br />

j O·DLGH G·XQ KDXW SDUOHXU GH SRVWH<br />


'HVVHUWH GHV DSSHOV<br />

5 '@ RX<br />

FRPSRVH] OH FRGH GH UHFKHUFKH GH SHUVRQQHV<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

3RXU GLULJHU XQH DQQRQFH j XQ SRVWH SDUWLFXOLHU FRPSRVH] OH QXPpUR GX<br />

SRVWH GpVLUp<br />

3RXU GLULJHU XQH DQQRQFH j SOXVLHXUV SRVWHV DSSDUWHQDQW j XQ PrPH<br />

JURXSH FRPSRVH] OH QXPpUR GX JURXSH GpVLUp<br />

)DLWHV YRWUH DQQRQFH


$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ QH SDV GpUDQJHU VXU XQ SRVWH<br />

$FWLYDWLRQ HW GòVDFWLYDWLRQ G XQ QH SDV<br />

GòUDQJHU VXU XQ SRVWH<br />

&HWWH IRQFWLRQ HPSrFKH OHV DSSHOV G·DUULYpH GH VRQQHU XQ SRVWH WpOpSKRQLTXH<br />

9RXV SRXYH] DFWLYHU RX GpVDFWLYHU OH PRGH QH SDV GpUDQJHU 13' VXU XQ SRVWH<br />

DYHF OHTXHO YRXV rWHV HQ FRPPXQLFDWLRQ<br />

3RXU DFWLYHU RX GpVDFWLYHU XQ 13' VXU XQ SRVWH<br />

/RUVTXH YRXV rWHV HQ FRPPXQLFDWLRQ DYHF OH SRVWH DSSX\H] VXU<br />

>1 @<br />

´13'µ DSSDUDvW VXU O·DIILFKHXU j F{Wp GHV LQIRUPDWLRQV VXU OH SRVWH SRXU<br />

VLJQDOHU O·DFWLYDWLRQ GX PRGH QH SDV GpUDQJHU<br />

$SSX\H] VXU /LEpUHU<br />

9RXV SRXYH] pJDOHPHQW DFWLYHU HW GpVDFWLYHU XQ 13' VDQV DSSHOHU OH SRVWH 3RXU<br />

SOXV GH UHQVHLJQHPHQWV YRLU SDJH<br />

!


'HVVHUWH GHV DSSHOV<br />

$FWLYDWLRQ HW GòVDFWLYDWLRQ G XQH LQGLFDWLRQ GH<br />

PHVVDJH HQ DWWHQWH VXU XQ SRVWH<br />

"<br />

6L XQ SRVWH HVW RFFXSp RX UHVWH VDQV UpSRQVH YRXV SRXYH] DYHUWLU VRQ XVDJHU<br />

TX·XQ PHVVDJH j VRQ LQWHQWLRQ D pWp GpSRVp j OD FRQVROH ,O YRXV HVW pJDOHPHQW<br />

SRVVLEOH GH GpVDFWLYHU OHV LQGLFDWLRQV GH PHVVDJH HQ DWWHQWH TXH YRXV DYH]<br />

DFWLYpHV VXU XQ SRVWH<br />

3RXU DFWLYHU XQH LQGLFDWLRQ GH PHVVDJH HQ DWWHQWH VXU XQ SRVWH RFFXSp<br />

RX TXL UHVWH VDQV UpSRQVH<br />

$SSX\H] VXU >0 ( $@<br />

´0 $µ DSSDUDvW VXU O·DIILFKHXU j F{Wp GHV LQIRUPDWLRQV VXU OH SRVWH SRXU<br />

VLJQDOHU O·DFWLYDWLRQ G·XQH LQGLFDWLRQ GH PHVVDJH HQ DWWHQWH<br />

$SSX\H] VXU /LEpUHU<br />

3RXU GpVDFWLYHU O·LQGLFDWLRQ GH PHVVDJH HQ DWWHQWH<br />

&RPSRVH] OH QXPpUR GX SRVWH<br />

/RUVTXH O·XVDJHU UpSRQG DSSX\H] VXU >0 @<br />

$SSX\H] VXU /LEpUHU<br />

9RXV SRXYH] pJDOHPHQW DFWLYHU RX GpVDFWLYHU O·LQGLFDWLRQ GH PHVVDJH HQ DWWHQWH<br />

VDQV DSSHOHU OH SRVWH 3RXU GH SOXV DPSOHV UHQVHLJQHPHQWV YRLU SDJH


,QWHUYHQWLRQ VXU XQ SRVWH RFFXSp RX HQ PRGH QH SDV GpUDQJHU<br />

,QWHUYHQWLRQ VXU XQ SRVWH RFFXSò RX HQ<br />

PRGH QH SDV GòUDQJHU<br />

&HWWH IRQFWLRQ YRXV SHUPHW G·HQWUHU HQ WLHUV GDQV XQH FRPPXQLFDWLRQ HQ FRXUV<br />

j XQ SRVWH RX GH VRQQHU XQ SRVWH TXL VH WURXYH HQ PRGH QH SDV GpUDQJHU<br />

3RXU LQWHUYHQLU VXU XQ SRVWH RFFXSp RX HQ PRGH 13'<br />

$SSX\H] VXU >7@<br />

6L YRXV IDLWHV XQH LQWHUYHQWLRQ VXU XQ SRVWH RFFXSp YRWUH HQWUpH HQ WLHUV VHUD<br />

SUpFpGpH G·XQ ORQJ ELS VRQRUH GHVWLQp DX[ GHX[ FRUUHVSRQGDQWV HQ<br />

FRQYHUVDWLRQ<br />

6L YRXV IDLWHV XQH LQWHUYHQWLRQ VXU XQ SRVWH HQ PRGH QH SDV GpUDQJHU YRXV<br />

O·HQWHQGUH] VRQQHU<br />

$SSX\H] VXU $QQXOHU RX VXU /LEpUHU SRXU OLEpUHU OD FRQVROH HW PHWWUH ILQ j<br />

OD FRPPXQLFDWLRQ DYHF OH SRVWH RFFXSp<br />

6L OH SRVWH RFFXSp UDFFURFKH DX PRPHQW R YRXV DSSX\H] VXU >7@ YRXV<br />

SHUFHYUH] XQH WRQDOLWp UDSLGH G·RFFXSDWLRQ<br />

5HFRPSRVLWLRQ GX GHUQLHU QXPòUR<br />

9RXV SRXYH] UHFRPSRVHU G·XQH VLPSOH SUHVVLRQ GH WRXFKH OH GHUQLHU QXPpUR<br />

LQWHUQH RX H[WHUQH TXH YRXV DYLH] FRPSRVp PDQXHOOHPHQW j OD FRQVROH<br />

3RXU UHFRPSRVHU OH GHUQLHU QXPpUR<br />

$SSX\H] VXU >5@<br />

#


'HVVHUWH GHV DSSHOV<br />

$QQXDLUH<br />

/·$QQXDLUH HVW XQH DSSOLFDWLRQ GLVSRQLEOH HQ RSWLRQ TXL YRXV SHUPHWWUD GH<br />

ORFDOLVHU SXLV G·DSSHOHU XQ XVDJHU GH SRVWH SDU VRQ QRP QXPpUR QRP GH<br />

VHUYLFH RX GH ORFDO<br />

3RXU FRQVXOWHU O·DQQXDLUH HQ YXH GH ORFDOLVHU XQ XVDJHU GH SRVWH<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH $QQXDLUH<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

3RXU UHFKHUFKHU XQ QRP WDSH] OH QRP GpVLUp j O·DLGH GHV WRXFKHV GH<br />

QXPpURWDWLRQ WpOpSKRQLTXHV 9RLU )RUPDW G·HQWUpH FL GHVVRXV<br />

3RXU UHFKHUFKHU XQ QRP GH VHUYLFH GH ORFDO RX GH SRVWH DSSX\H] VXU<br />

>2@ SXLV WDSH] OHV LQIRUPDWLRQV QpFHVVDLUHV 9RLU OHV RSWLRQV<br />

GLVSRQLEOHV FL GHVVRXV<br />

$SSX\H] VXU >= @ SRXU GpSODFHU OH FXUVHXU GDQV XQH DXWUH ]RQH VXU<br />

>( @ SRXU HIIDFHU O·LQIRUPDWLRQ HQWUpH HW VXU >0 @<br />

SRXU UHWRXUQHU DX PHQX SUpFpGHQW<br />

$SSX\H] VXU >&@<br />

/·DIILFKHXU LQGLTXHUD SDU H[HPSOH<br />

6·LO Q·H[LVWH SDV G·HQWUpH VHPEODEOH FRUULJH] O·HQWUpH G·RULJLQH<br />

6·LO H[LVWH SOXVLHXUV HQWUpHV VHPEODEOHV DSSX\H] VXU ¾ RX ¿ VL<br />

QpFHVVDLUH 9RLU 1RPV VHPEODEOHV FL GHVVRXV<br />

3RXU DSSHOHU O·XWLOLVDWHXU GX SRVWH VpOHFWLRQQp DSSX\H] VXU >$@


0Y\WK^ NuOX^\ÊO<br />

$QQXDLUH<br />

3RXU WURXYHU XQ FRUUHVSRQGDQW UDSLGHPHQW LO YRXV VXIILW G·HQWUHU VHV LQLWLDOHV<br />

RX HQFRUH OHV SUHPLqUHV OHWWUHV GX QRP GX VHUYLFH RX GX ORFDO DXTXHO LO<br />

DSSDUWLHQW 9RXV YRXV VHUYH] GHV WRXFKHV GX FODYLHU WpOpSKRQLTXH SRXU HQWUHU OHV<br />

OHWWUHV HW QXPpURV QpFHVVDLUHV<br />

/H WDEOHDX VXLYDQW LQGLTXH OD FRUUHVSRQGDQFH HQWUH OHV FDUDFWqUHV OHV FKLIIUHV HW<br />

OHV V\PEROHV GX FODYLHU<br />

3RXU HQWUHU DSSX\H] VXU<br />

"<br />

$ % &<br />

' ( )<br />

* + ,<br />

- . /<br />

0 1 2<br />

3 4 5 6<br />

7 8 9<br />

: ; < =<br />

#<br />

B<br />

/H QRP ´/8& 52


'HVVHUWH GHV DSSHOV<br />

8YW] ]OWLVKLVO]<br />

6L GHX[ OHWWUHV VH WURXYHQW VRXV OD PrPH WRXFKH<br />

$SSX\H] VXU ! SRXU GpSODFHU OH FXUVHXU DYDQW G·HQWUHU OD SUHPLqUH OHWWUH<br />

$SSX\H] VXU OD WRXFKH OH QRPEUH QpFHVVDLUH GH IRLV SRXU HQWUHU OD SUHPLqUH<br />

OHWWUH<br />

$SSX\H] VXU OD WRXFKH OH QRPEUH QpFHVVDLUH GH IRLV SRXU HQWUHU OD GHX[LqPH<br />

OHWWUH<br />

$SSX\H] GHX[ IRLV VXU ! SRXU HQWUHU XQ HVSDFH HQWUH /8& HW 52<<br />

&RQWLQXH] MXVTX·j FH TXH OH QRP GpVLUp VRLW DIILFKp 3RXU WURXYHU XQ<br />

FRUUHVSRQGDQW LO YRXV VXIILW G·HQWUHU VHV LQLWLDOHV /RUVTXH YRXV HQWUH] GHV<br />

LQLWLDOHV Q·RXEOLH] SDV G·HQWUHU XQ SRLQW HQWUH FKDTXH LQLWLDOH j O·DLGH GH OD<br />

WRXFKH<br />

,O DUULYH VRXYHQW VXUWRXW GDQV GHV EXUHDX[ LPSRUWDQWV TXH SOXVLHXUV SHUVRQQHV<br />

SRUWHQW OH PrPH QRP RX OHV PrPHV LQLWLDOHV /D WRXFKH G·DIILFKHXU >&@<br />

YRXV SHUPHW GH SDUFRXULU XQH OLVWH GH QRPV LGHQWLTXHV MXVTX·j FH TXH YRXV<br />

WURXYLH] OH QRP GpVLUp WHO TX·LOOXVWUp FL GHVVRXV<br />

3RXU WURXYH] OH QRP GpVLUp LO YRXV VXIILW GH IDLUH GpILOHU OD OLVWH GHV QRPV j O·DLGH<br />

GHV WRXFKHV ¾ RX ¿ /D IOqFKH ! VLWXpH j JDXFKH GH O·DIILFKHXU GpILOH YHUV OH<br />

KDXW RX YHUV OH EDV $UUrWH] VRQ GpILOHPHQW GqV TXH OD IOqFKH ! SRLQWH HQ<br />

GLUHFWLRQ GX QRP GpVLUp


$QQXDLUH<br />

9RXV UHPDUTXHUH] TXH VHXOV OH SUpQRP OH QRP GH IDPLOOH HW OH QXPpUR GH SRVWH<br />

VRQW LQGLTXpV VXU O·DIILFKHXU SRXU FKDTXH HQWUpH $X EHVRLQ YRXV SRXYH]<br />

DSSX\HU VXU >& @ SRXU DIILFKHU GHV UHQVHLJQHPHQWV<br />

VXSSOpPHQWDLUHV VXU FKDTXH HQWUpH H[ VHUYLFH RX ORFDO<br />

%LHQ TXH OHV QXPpURV GH SRVWH QH VRLHQW SDV DIILFKpV VXU O·DIILFKHXU SOXV JUDQG<br />

YRXV SRXYH] WRXW GH PrPH XWLOLVHU OD WRXFKH G·DIILFKHXU >$@ SRXU<br />

FRPSRVHU OH QXPpUR GX FRUUHVSRQGDQW VpOHFWLRQQp


'HVVHUWH GHV DSSHOV<br />

çWDEOLVVHPHQW GH SOXVLHXUV DSSHOV HQ VòULH<br />

&HWWH IRQFWLRQ SHUPHW DX[ FRUUHVSRQGDQWV H[WpULHXUV GH SDUOHU VXFFHVVLYHPHQW j<br />

SOXVLHXUV XVDJHUV GH SRVWH VDQV DYRLU j UHFRPSRVHU FKDTXH IRLV OH QXPpUR<br />

G·DSSHO GH O·HQWUHSULVH<br />

3RXU pWDEOLU SOXVLHXUV DSSHOV HQ VpULH VXU GHPDQGH G·XQ<br />

FRUUHVSRQGDQW H[WpULHXU<br />

$YLVH] OH GHPDQGHXU GH UHVWHU HQ OLJQH j O·LVVXH GH FKDTXH FRPPXQLFDWLRQ<br />

$SSX\H] VXU >$ @<br />

&RPSRVH] XQ QXPpUR GH SRVWH<br />

$SSX\H] VXU /LEpUHU<br />

/RUVTXH OH GHPDQGHXU UDFFURFKH LO VHUD UpDLJXLOOp DXWRPDWLTXHPHQW<br />

j OD FRQVROH<br />

/RUVTXH O·DSSHO YRXV HVW UHWRXUQp DSSX\H] VXU >5 @<br />

&RPSRVH] OH QXPpUR GH SRVWH VXLYDQW SXLV DSSX\H] VXU /LEpUHU<br />

8QH IRLV OHV DSSHOV WHUPLQpV DSSX\H] VXU >$ @ SXLV VXU /LEpUHU


6LJQDOLVDWLRQ PXOWLIUòTXHQFH 0)<br />

6LJQDOLVDWLRQ PXOWLIUpTXHQFH 0)<br />

3HXW rWUH DYH] YRXV UHPDUTXp TXH YRXV QH SHUFHYH] SDV OHV WRQDOLWpV RX<br />

LPSXOVLRQV GpFLPDOHV QRUPDOHPHQW DWWHQGXHV ORUVTXH YRXV FRPSRVH] XQ DSSHO<br />

j OD FRQVROH /D UDLVRQ GH FHW pWDW GH IDLW HVW TXH OD FRQVROH ´FRPPXQLTXHµ DYHF<br />

OH UHVWH GX V\VWqPH WpOpSKRQLTXH j O·DLGH GH VLJQDX[ GH W\SH GLIIpUHQW<br />

7RXWHIRLV LO SHXW DUULYHU TXH O·LQVWDOODWLRQ WpOpSKRQLTXH LQWpULHXUH RX H[WpULHXUH<br />

H[LJH GHV WRQDOLWpV PXOWLIUpTXHQFH 0) SRXU pWDEOLU XQH FRPPXQLFDWLRQ<br />

*pQpUDOHPHQW FHUWDLQV VHUYLFHV VSpFLDX[ WHOV OHV V\VWqPHV GH PHVVDJHULH YRFDOH<br />

YRLU GHVFULSWLRQ SDJH H[LJHQW GHV LQIRUPDWLRQV VRXV IRUPH GH WRQDOLWpV<br />

SRXU rWUH UHMRLQWV<br />

3RXU TXH YRWUH FRQVROH pPHWWH OHV WRQDOLWpV PXOWLIUpTXHQFH 0)<br />

DWWHQGXHV SDU OH VHUYLFH DYHF OHTXHO YRXV rWHV HQ FRPPXQLFDWLRQ<br />

$SSX\H] VXU >7@<br />

&RPSRVH] OH FRGH QpFHVVDLUH<br />

3RXU DQQXOHU O·pPLVVLRQ GH WRQDOLWpV PXOWLIUpTXHQFH j O·LVVXH G·XQ DSSHO<br />

DSSX\H] VXU >6 @<br />

/HV WRXFKHV /LEpUHU HW $QQXOHU YRXV SHUPHW pJDOHPHQW G·DQQXOHU O·pPLVVLRQ GH<br />

WRQDOLWpV PXOWLIUpTXHQFH


'HVVHUWH GHV DSSHOV<br />

$SSHO SDU VLJQDO && VXU OHV OLJQHV H[WòULHXUHV<br />

8Q DSSHO SDU VLJQDO && FURFKHW FRPPXWDWHXU VXU XQH OLJQH H[WpULHXUH HVW XQ<br />

VLJQDO pPLV j XQ DXWUH V\VWqPH WpOpSKRQLTXH HQ YXH G·H[pFXWHU XQH DXWUH<br />

IRQFWLRQ WHOOH TXH PHWWUH XQ DSSHO HQ JDUGH 9RXV SRXYH] YRXV VHUYLU GH FHWWH<br />

IRQFWLRQ ORUVTXH YRXV UHFHYH] XQ DSSHO HQ SURYHQDQFH G·XQ DXWUH V\VWqPH<br />

WpOpSKRQLTXH SULYp 3%; UHOHYDQW GX UpVHDX WpOpSKRQLTXH GH YRWUH FRPSDJQLH<br />

HW TXH YRXV GpVLUH] OH WUDQVIpUHU DX 3%; G·RULJLQH RX j XQ WURLVLqPH 3%;<br />

9RXV QH SRXYH] pPHWWUH GH VLJQDO && TXH VL YRXV rWHV HQ FRPPXQLFDWLRQ DYHF<br />

GHX[ FRUUHVSRQGDQWV H[WpULHXUV<br />

3RXU HIIHFWXHU XQ DSSHO SDU VLJQDO && VXU XQH OLJQH H[WpULHXUH HQ YXH GH<br />

FRPSRVHU XQ DXWUH QXPpUR<br />

$SSX\H] VXU OD WRXFKH G·DIILFKHXU >&& 8@ RX<br />

>&& '@<br />

&RPSRVH] OH QXPpUR QpFHVVDLUH<br />

$SSX\H] VXU /LEpUHU<br />

9RXV SRXYH] pJDOHPHQW DQQXOHU O·pPLVVLRQ GH WRQDOLWpV PXOWLIUpTXHQFH HQ<br />

DSSX\DQW VXU /LEpUDWLRQ RX VXU $QQXODWLRQ<br />

5òSRQVH GH QXLW<br />

/RUVTXH OD FRQVROH VH WURXYH HQ VHUYLFH GH QXLW OHV DSSHOV HQWUDQWV VRQQHQW<br />

FHUWDLQV GLVSRVLWLIV GH VRQQHULH GH QXLW RX SRLQWV GH UpSRQVH GH QXLW &HV DSSHOV<br />

SHXYHQW rWUH WRXWHIRLV GHVVHUYLV GHSXLV OD FRQVROH ELHQ TX·HOOH QH VRQQH SDV /H<br />

SRLQW GH UpSRQVH GH QXLW VH SURJUDPPH DX QLYHDX GX V\VWqPH<br />

3RXU UpSRQGUH j XQ DSSHO ORUVTXH OD FRQVROH VH WURXYH HQ VHUYLFH GH QXLW<br />

$SSX\H] VXU >5 1@


([SORLWDWLRQ PXOWLFRQVROH<br />

([SORLWDWLRQ PXOWLFRQVROH<br />

/RUVTXH SOXVLHXUV FRQVROHV VRQW XWLOLVpHV VLPXOWDQpPHQW HOOHV IRQFWLRQQHQW GH<br />

GHX[ IDoRQV<br />

([SORLWDWLRQ LQGpSHQGDQWH<br />

([SORLWpHV GH FHWWH IDoRQ OHV FRQVROHV IRQFWLRQQHQW LQGpSHQGDPPHQW<br />

&KDTXH FRQVROH GLVSRVH GH SOXVLHXUV SRVLWLRQV GH JDUGH XQLTXHV HW OHV DSSHOV<br />

HQWUDQWV VRQQHQW XQH FRQVROH SDUWLFXOLqUH /HV DSSHOV UDSSHOOHQW OD FRQVROH<br />

TXL OHV DYDLW GHVVHUYLV DX GpSDUW<br />

([SORLWDWLRQ WUDQVSDUHQWH<br />

([SORLWpHV GH FHWWH IDoRQ OHV FRQVROHV IRQFWLRQQHQW WRXWHV GH IDoRQ<br />

VHPEODEOH /HV DSSHOV UDSSHOOHQW WRXWHV OH FRQVROHV HW QRQ XQLTXHPHQW OD<br />

FRQVROH TXL OHV DYDLW GHVVHUYLV DX GpSDUW<br />

+ZZOV] O^ ^\KX]PO\^ NuKZZOV] OX^\O MYX]YVO]<br />

8Q VWDQGDUGLVWH SHXW DSSHOHU XQ DXWUH VWDQGDUGLVWH HW OXL WUDQVIpUHU GHV DSSHOV<br />

HQ XWLOLVDQW OH QXPpUR G·DSSHO GH VD FRQVROH QRQ OH ]pUR 4XH YRXV<br />

WUDQVIpULH] GHV DSSHOV j XQ SRVWH RX j XQ DXWUH VWDQGDUGLVWH OD SURFpGXUH HVW OD<br />

PrPH³YRLU SDJH SRXU REWHQLU OHV LQVWUXFWLRQV SHUWLQHQWHV<br />

ÃÃÃÃÃÃÃÃÃÃÃ<br />

!


'HVVHUWH GHV DSSHOV<br />

6HUYLFH GH GHVVHUWH FHQWUDOLVòH 6'&<br />

"<br />

/H 6'& SHUPHW j XQ VWDQGDUGLVWH GH UpSRQGUH DX[ DSSHOV GHVWLQpV j XQ DXWUH 3%;<br />

DXTXHO VRQ 3%; HVW LQWHUFRQQHFWp +RUPLV OHV UHWRXUV G·DSSHOV OH 6'& Q·D DXFXQ<br />

HIIHW VXU OD IDoRQ GRQW YRXV GHYH] GHVVHUYLU OHV DSSHOV GHSXLV YRWUH FRQVROH FHX[<br />

FL DSSDUDLVVDQW FRPPH GHV DSSHOV LQWHUQHV HIIHFWXpV j O·DLGH GX ´ µ 8Q IDLW j<br />

UHWHQLU ORUVTXH YRXV GHYH] UpSRQGUH j XQ DSSHO TXL YRXV HVW UHWRXUQp pWDQW<br />

GRQQp TX·LO SHXW LQIOXHU VXU OD IDoRQ GRQW YRXV GHYUH] IRUPXOHU YRWUH UpSRQVH DX<br />

GHPDQGHXU<br />

0HVVDJHULH YRFDOH<br />

/H UDWWDFKHPHQW G·XQ V\VWqPH GH PHVVDJHULH YRFDOH j YRWUH V\VWqPH WpOpSKRQLTXH<br />

Q·D DXFXQH LQIOXHQFH VXU OH IRQFWLRQQHPHQW GH OD FRQVROH 6L XQ DSSHO HVW GHVVHUYL<br />

SDU XQ WHO V\VWqPH LO HVW SRVVLEOH TX·LO YRXV VRLW GHPDQGp G·HQWUHU XQ FRGH G·DFFqV<br />

RX XQ QXPpUR G·LGHQWLILFDWLRQ $FWLYH] WRXW G·DERUG OD VLJQDOLVDWLRQ<br />

PXOWLIUpTXHQFH 0) VXU OD FRQVROH j O·DLGH GH OD WRXFKH G·DIILFKHXU >7@<br />

3RXU SOXV GH UHQVHLJQHPHQWV YRLU 6LJQDOLVDWLRQ PXOWLIUpTXHQFH 0) j OD SDJH


(PSORL GHV<br />

IRQFWLRQV GX<br />

V\VWóPH


$IILFKDJH GHV LQIRUPDWLRQV<br />

G DODUPH GX V\VWóPH<br />

$IILFKDJH GHV LQIRUPDWLRQV G·DODUPH GX V\VWqPH<br />

/·DSSDULWLRQ G·XQH LQGLFDWLRQ G·DODUPH VXU O·DIILFKHXU GH OD FRQVROH VLJQDOH XQH<br />

GpIDLOODQFH GX V\VWqPH WpOpSKRQLTXH 9RXV SRXYH] DORUV REWHQLU GHV GpWDLOV VXU<br />

OD QDWXUH GH OD GpIDLOODQFH HW OD ORFDOLVHU<br />

3RXU OLUH XQ PHVVDJH G·DODUPH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >$@<br />

/·DIILFKHXU LQGLTXHUD SDU H[HPSOH<br />

1RWH] OH PHVVDJH G·DODUPH DX FRPSOHW<br />

&RQWDFWH] OH VHUYLFH UHVSRQVDEOH GHV FRPPXQLFDWLRQV GH YRWUH HQWUHSULVH<br />

$SSX\H] VXU >6@


(PSORL GHV IRQFWLRQV GX V\VWqPH<br />

5òJODJH GH OD GDWH HW GH O KHXUH GX V\VWóPH<br />

9RXV SRXYH] PRGLILHU OD GDWH HW O·KHXUH TXL DSSDUDLVVHQW VXU O·DIILFKHXU GH OD<br />

FRQVROH /·KHXUH SHXW rWUH DIILFKpH VHORQ OD QXPpUDWLRQ GH RX GH KHXUHV<br />

SURJUDPPpH SRXU OH V\VWqPH<br />

3RXU UpJOHU O·KHXUH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

$SSX\H] VXU >' +@<br />

$SSX\H] VXU > 2 +@ WR VHOHFW HLWKHU WKH KRXU RU KRXU IRUPDW<br />

(Q IRUPDW KHXUHV O·KHXUH DIILFKpH HVW VXLYLH G·XQH LQGLFDWLRQ $0 30<br />

$SSX\H] VXU >5 @<br />

(QWUH] O·KHXUH GpVLUpH HQ XWLOLVDQW TXDWUH FKLIIUHV KK PP<br />

3DU H[HPSOH SRXU K HQWUH]<br />

6L YRXV VpOHFWLRQQH] XQH QXPpUDWLRQ GH KHXUHV XQH WRXFKH >$0@ RX<br />

>30@ YRXV HVW GLVSRQLEOH<br />

$SSX\H] VXU >6@ IRUPDW KHXUHV VHXOHPHQW<br />

>6@ Q·DSSDUDvWUD TXH VL O·KHXUH HQWUpH HVW FRUUHFWH 9RXV SRXUUH] YRXV<br />

VHUYLU GH OD WRXFKH SRXU UHWRXUQHU HQ DUULqUH HW FRUULJHU XQH HUUHXU<br />

TXHOFRQTXH<br />

$SSX\H] VXU >6@


3RXU UpJOHU OD GDWH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

$SSX\H] VXU >5 @<br />

'pVDFWLYDWLRQ JOREDOH GHV UHQYRLV G·DSSHOV<br />

(QWUH] OD GDWH GpVLUpH VHORQ OH IRUPDW DQQpH PRLV MRXU<br />

3DU H[HPSOH SRXU OH QRYHPEUH HQWUH]<br />

$SSX\H] VXU >6@<br />

$SSX\H] VXU >6@<br />

'òVDFWLYDWLRQ JOREDOH GHV UHQYRLV G DSSHOV<br />

9RXV SRXYH] GpVDFWLYHU OHV UHQYRLV G·DSSHOV JOREDOHPHQW VXU O·HQVHPEOH GHV<br />

SRVWHV GX V\VWqPH<br />

3RXU GpVDFWLYHU OHV UHQYRLV G·DSSHOV JOREDOHPHQW VXU<br />

O·HQVHPEOH GHV SRVWHV<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

$SSX\H] VXU >' @<br />

$SSX\H] VXU >&@<br />

$SSX\H] VXU >6@<br />

,O YRXV HVW pJDOHPHQW SRVVLEOH G·DFWLYHU XQ UHQYRL G·DSSHOV VXU XQ SRVWH<br />

SDUWLFXOLHU GHSXLV OD FRQVROH 3RXU SOXV GH UHQVHLJQHPHQWV YRLU SDJH


(PSORL GHV IRQFWLRQV GX V\VWqPH<br />

'òVDFWLYDWLRQ JOREDOH GHV QH SDV GòUDQJHU<br />

9RXV SRXYH] GpVDFWLYHU OHV QH SDV GpUDQJHU 13' JOREDOHPHQW VXU O·HQVHPEOH<br />

GHV SRVWHV GX V\VWqPH<br />

3RXU GpVDFWLYHU OHV 13' JOREDOHPHQW VXU O·HQVHPEOH GHV SRVWHV<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) 6@<br />

$SSX\H] VXU >' @<br />

$SSX\H] VXU >&@<br />

$SSX\H] VXU >6@<br />

,O YRXV HVW pJDOHPHQW SRVVLEOH G·DFWLYHU XQ 13' VXU XQ SRVWH SDUWLFXOLHU GHSXLV<br />

OD FRQVROH 3OXV SOXV GH UHQVHLJQHPHQWV YRLU SDJH<br />

$IILFKDJH GH O LGHQWLWò GH OD FRQVROH<br />

HW GX V\VWóPH<br />

/H V\VWqPH HVW LGHQWLILp SDU XQ QXPpUR GH YHUVLRQ HW GH ORJLFLHO HW OD FRQVROH SDU<br />

XQ QXPpUR GH SRVWH HW G·LGHQWLILFDWLRQ G·DSSHO HQ JDUGH j OD FRQVROH<br />

/D FRPSRVLWLRQ GX QXPpUR GH OD FRQVROH HVW XQH DXWUH PpWKRGH GH FRPSRVLWLRQ<br />

GX ]pUR SRXU DSSHOHU OH VWDQGDUGLVWH /H QXPpUR G·LGHQWLILFDWLRQ G·DSSHO<br />

PLV HQ JDUGH j OD FRQVROH IDLW SDUWLH LQWpJUDQWH GH OD IRQFWLRQ GH PLVH HQ JDUGH<br />

YDULDEOH 8Q XVDJHU SHXW SUHQGUH XQ DSSHO HQ JDUGH j OD FRQVROH HQ FRPSRVDQW<br />

OH FRGH GH SULVH G·DSSHO HQ JDUGH VXLYL GX QXPpUR G·LGHQWLILFDWLRQ HW GH OD<br />

SRVLWLRQ R O·DSSHO HVW HQ JDUGH /·DQQRQFH GH O·DSSHO HW GX FRGH VH IDLW<br />

JpQpUDOHPHQW DX PR\HQ GH O·pTXLSHPHQW GH UHFKHUFKH GH SHUVRQQH 3RXU GH SOXV<br />

DPSOHV UHQVHLJQHPHQWV YRLU SDJH<br />

3RXU DIILFKHU O·LGHQWLWp GH OD FRQVROH HW GX V\VWqPH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >,@


$FFóV DX[ DSSOLFDWLRQV GLVSRQLEOHV<br />

$FFqV DX[ DSSOLFDWLRQV GLVSRQLEOHV<br />

/D WRXFKH $SSOLFDWLRQ HVW QRUPDOHPHQW UpVHUYpH DX SHUVRQQHO FKDUJp GH OD<br />

PDLQWHQDQFH RX GH OD FRQILJXUDWLRQ GHV GRQQpHV GH O·LQVWDOODWLRQ &', ,O HVW<br />

QpFHVVDLUH G·HQWUHU XQ PRW GH SDVVH SRXU DFFpGHU DX[ IRQFWLRQV GLVSRQLEOHV<br />

3RXU DFFpGHU j XQH DSSOLFDWLRQ<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >$@<br />

$SSX\H] VXU >( @<br />

(QWUH] OH QRP GH O·XVDJHU<br />

$SSX\H] VXU >6 $@<br />

(QWUH] OH PRW GH SDVVH<br />

$SSX\H] VXU >0 @<br />

$SSX\H] VXU OD WRXFKH G·DIILFKHXU DSSURSULpH<br />

6L YRXV GHYH] HIIHFWXHU XQH FRQILJXUDWLRQ GHV GRQQpHV GH O·LQVWDOODWLRQ YRXV<br />

SRXYH] REWHQLU GH SOXV DPSOHV UHQVHLJQHPHQWV GX VHUYLFH UHVSRQVDEOH GHV<br />

FRPPXQLFDWLRQV GH YRWUH HQWUHSULVH


(PSORL GHV<br />

IRQFWLRQV GH<br />

SRVWH


$IILFKDJH GH O òWDW G XQ SRVWH<br />

$IILFKDJH GH O·pWDW G·XQ SRVWH<br />

9RXV SRXYH] DIILFKHU OHV LQIRUPDWLRQV G·pWDW G·XQ SRVWH SDUWLFXOLHU HQ YXH GH<br />

GpWHUPLQHU OHV VHUYLFHV HW IRQFWLRQV TXL OXL RQW pWp DIIHFWpV<br />

3RXU DIILFKHU O·pWDW G·XQ SRVWH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

(QWUH] OH QXPpUR GX SRVWH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >0 @<br />

/·DIILFKHXU LQGLTXH OD FODVVH GH VHUYLFH &'6 OD FODVVH GH UHVWULFWLRQ &'5<br />

HW WRXWH IRQFWLRQ HQ YLJXHXU WHO OH PRGH QH SDV GpUDQJHU 1'3<br />

$SSX\H] VXU >6@<br />

#


(PSORL GHV IRQFWLRQV GH SRVWH<br />

$FWLYDWLRQ HW GòVDFWLYDWLRQ G XQ<br />

UHQYRL G DSSHOV<br />

9RXV SRXYH] DFWLYHU HW GpVDFWLYHU XQ UHQYRL G·DSSHOV VXU XQ SRVWH GHSXLV YRWUH<br />

FRQVROH<br />

3RXU DFWLYHU RX GpVDFWLYHU XQ UHQYRL G·DSSHOV VXU XQ SRVWH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

&RPSRVH] OH QXPpUR GX SRVWH<br />

3RXU FRUULJHU XQ QXPpUR DSSX\H] VXU >( @<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >5@<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

$SSX\H] VXU OD WRXFKH G·DIILFKHXU TXL FRUUHVSRQG DX W\SH GH UHQYRL<br />

GpVLUp³SDU H[HPSOH 6$@ SRXU GpVDFWLYHU OH UHQYRL G·DSSHOV DFWXHO<br />

6L YRXV DYH] VpOHFWLRQQp >6@ FRPSRVH] OH QXPpUR GHVWLQDWDLUH<br />

HW SDVVH] j O·pWDSH<br />

6L YRXV DYH] VpOHFWLRQQp XQH RSWLRQ DXWUH TXH 6\VWpPDWLTXH DSSX\H] VXU<br />

>,@ RX >(@ SRXU SUpFLVHU OHV GLIIpUHQWV W\SHV G·DSSHOV TXH<br />

YRXV GpVLUH] UHQYR\HU<br />

&RPSRVH] OH QXPpUR GHVWLQDWDLUH<br />

$SSX\H] VXU >6@


$FWLYDWLRQ HW GpVDFWLYDWLRQ GX PRGH QH SDV GpUDQJHU<br />

$FWLYDWLRQ HW GòVDFWLYDWLRQ GX PRGH<br />

QH SDV GòUDQJHU<br />

&HWWH IRQFWLRQ HPSrFKH OHV DSSHOV G·DUULYpH GH VRQQHU XQ DSSDUHLO WpOpSKRQLTXH<br />

9RXV SRXYH] DFWLYHU HW GpVDFWLYHU OH PRGH QH SDV GpUDQJHU 13' VXU O·HQVHPEOH<br />

GHV SRVWHV GX V\VWqPH<br />

3RXU DFWLYHU RX GpVDFWLYHU XQ 13' VXU XQ SRVWH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

&RPSRVH] OH QXPpUR GX SRVWH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >1 @<br />

/·DSSDULWLRQ GH O·LQGLFDWLRQ 13' j OD SUHPLqUH OLJQH VLJQDOH TXH OH PRGH QH<br />

SDV GpUDQJHU HVW DFWLI<br />

9RXV SRXYH] pJDOHPHQW DFWLYHU HW GpVDFWLYHU OH PRGH 13' ORUVTX·HQ<br />

FRPPXQLFDWLRQ DYHF XQ DXWUH SRVWH 3RXU GH SOXV DPSOHV UHQVHLJQHPHQWV YRLU<br />

SDJH


(PSORL GHV IRQFWLRQV GH SRVWH<br />

$FWLYDWLRQ HW GòVDFWLYDWLRQ GH<br />

PHVVDJH HQ DWWHQWH<br />

9RXV SRXYH] DYHUWLU OHV XVDJHUV GH SRVWH TX·XQ PHVVDJH D pWp GpSRVp j OD<br />

FRQVROH j OHXU LQWHQWLRQ /RUVTX·XQ XVDJHU UHWRXUQH j VRQ SRVWH HW DSSHOOH OD<br />

FRQVROH O·DSSDULWLRQ GH 0 $ j OD SUHPLqUH OLJQH GH OD FRQVROH YRXV VLJQDOH OD<br />

SUpVHQFH G·XQ PHVVDJH HQ DWWHQWH SRXU FH SRVWH<br />

8WLOLVH] FHWWH IRQFWLRQ VL YRXV VDYH] TXH OH FRUUHVSRQGDQW GHPDQGp HVW DEVHQW<br />

GX EXUHDX SDU FRQWUH VL YRXV VDYH] TX·LO V·HVW WRXW VLPSOHPHQW pORLJQp GH VRQ<br />

EXUHDX XWLOLVH] OD IRQFWLRQ GH UDSSHO DXWRPDWLTXH 3RXU GH SOXV DPSOHV<br />

UHQVHLJQHPHQWV YRLU SDJH<br />

3RXU DFWLYHU RX GpVDFWLYHU XQ PHVVDJH HQ DWWHQWH VXU XQ SRVWH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

&RPSRVH] OH QXPpUR GX SRVWH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >0 @ SRXU DFWLYHU RX GpVDFWLYHU XQH LQGLFDWLRQ GH<br />

PHVVDJH HQ DWWHQWH<br />

$SSX\H] VXU >6@


$FWLYDWLRQ HW GpVDFWLYDWLRQ GHV PHVVDJHV SHUVRQQDOLVpV<br />

$FWLYDWLRQ HW GòVDFWLYDWLRQ GHV PHVVDJHV<br />

SHUVRQQDOLVòV<br />

9RXV SRXYH] OLUH OHV PHVVDJHV SHUVRQQDOLVpV DFWLYpV VXU XQ WpOpSKRQH<br />

683(56(7 j DIILFKHXU HW GpVDFWLYHU RX PRGLILHU XQ PHVVDJH H[LVWDQW<br />

3RXU OLUH DFWLYHU RX GpVDFWLYHU XQ PHVVDJH SHUVRQQDOLVp<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

&RPSRVH] OH QXPpUR GX SRVWH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >$ @<br />

/·DIILFKHXU LQGLTXHUD<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

$SSX\H] VXU >$ @ SRXU DFWLYHU OH PHVVDJH DIILFKp<br />

$SSX\H] VXU >0 @ RX >3 0@ MXVTX·j FH TXH YRXV<br />

REWHQLH] OH PHVVDJH YRXOX SXLV DSSX\H] VXU >$ @ SRXU DFWLYHU<br />

OH PHVVDJH GpVLUp<br />

6L OH SRVWH D GpMj XQ PHVVDJH SHUVRQQDOLVp HQ YLJXHXU FH GHUQLHU DSSDUDvWUD<br />

VXU O·DIILFKHXU GH OD FRQVROH 9RXV SRXYH] DORUV VRLW DSSX\HU VXU >'<br />

@ SRXU DQQXOHU OH PHVVDJH RX DSSX\HU VXU >0 @ MXVTX·j FH<br />

TXH OH PHVVDJH GpVLUp DSSDUDLVVH SXLV DSSX\HU VXU >$ @ SRXU<br />

DFWLYHU OH PHVVDJH


(PSORL GHV IRQFWLRQV GH SRVWH<br />

'òVDFWLYDWLRQ JOREDOH GHV IRQFWLRQV<br />

9RXV SRXYH] GpVDFWLYHU JOREDOHPHQW WRXWHV OHV IRQFWLRQV VXLYDQWHV HQ YLJXHXU<br />

VXU XQ SRVWH<br />

5HQYRL G·DSSHOV<br />

1H SDV GpUDQJHU<br />

5DSSHO DXWRPDWLTXH<br />

5DSSHO WHPSRULVp<br />

0HVVDJHV SHUVRQQDOLVpV WpOpSKRQHV 683(56(7 j DIILFKHXU<br />

$XWRUpSRQVH SRVWHV PXOWLOLJQHV VHXOHPHQW<br />

3RXU GpVDFWLYHU WRXWHV OHV IRQFWLRQV HQ YLJXHXU VXU XQ SRVWH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

&RPSRVH] OH QXPpUR GX SRVWH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >' @<br />

$SSX\H] VXU >6@


0LVH HQ RFFXSDWLRQ GH SRVWH<br />

0LVH HQ RFFXSDWLRQ GH SRVWH<br />

9RXV SRXYH] PHWWUH XQ SRVWH HQ FRQGLWLRQ G·RFFXSDWLRQ KRUV VHUYLFH ORUVTX·LO<br />

RX OH V\VWqPH HVW OD FDXVH GH GpUDQJHPHQWV 8Q SRVWH TXL IDLW O·REMHW G·XQ<br />

UHWUDLW GH VHUYLFH QH SHUPHW SOXV QL G·HIIHFWXHU QL GH UHFHYRLU G·DSSHOV<br />

3RXU PHWWUH XQ SRVWH HQ FRQGLWLRQ G·RFFXSDWLRQ RX OD<br />

UHPHWWUH HQ VHUYLFH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

&RPSRVH] OH QXPpUR GX SRVWH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >2 @<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

3RXU PHWWUH XQ SRVWH OLEUH HQ FRQGLWLRQ G·RFFXSDWLRQ DSSX\H] VXU<br />

>2@<br />

3RXU PHWWUH OH SRVWH HQ FRQGLWLRQ G·RFFXSDWLRQ GqV VD OLEpUDWLRQ DSSX\H]<br />

VXU >0 @<br />

3RXU PHWWUH OH SRVWH HQ FRQGLWLRQ G·RFFXSDWLRQ LPPpGLDWHPHQW DSSX\H]<br />

VXU >0 @<br />

$SSX\H] VXU >5 6@ SRXU UHPHWWUH OH SRVWH HQ VHUYLFH


(PSORL GHV<br />

IRQFWLRQV GH<br />

OLJQHV<br />

H[WòULHXUHV


$IILFKDJH GH O·pWDW G·XQH OLJQH H[WpULHXUH<br />

$IILFKDJH GH O òWDW G XQH OLJQH H[WòULHXUH<br />

9RXV SRXYH] DIILFKHU OHV LQIRUPDWLRQV G·pWDW G·XQH OLJQH H[WpULHXUH SDUWLFXOLqUH<br />

HQ YXH GH GpWHUPLQHU OHV VHUYLFHV HW IRQFWLRQV TXL OXL RQW pWp DIIHFWpV<br />

3RXU DIILFKHU O·pWDW G·XQH OLJQH H[WpULHXUH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

(QWUH] OH QXPpUR GH OD OLJQH H[WpULHXUH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >0 @ SRXU DIILFKHU OHV LQIRUPDWLRQV TXL FRQFHUQHQW OD<br />

OLJQH H[WpULHXUH WHOOHV VD FODVVH GH VHUYLFH &'6 HW VD FODVVH GH UHVWULFWLRQ<br />

&'5<br />

$SSX\H] VXU >6@<br />

#


(PSORL GHV IRQFWLRQV GH OLJQHV H[WpULHXUHV<br />

$IILFKDJH GH O òWDW GHV IDLVFHDX[ GH OLJQHV<br />

H[WòULHXUHV<br />

6L XQH WRXFKH )DLVFHDX HVW SURJUDPPpH VXU OD FRQVROH YRXV SRXYH] YpULILHU<br />

O·pWDW G·RFFXSDWLRQ GHV IDLVFHDX[ GH OLJQHV H[WpULHXUHV 9RXV SRXYH] DIILFKHU OHV<br />

LQIRUPDWLRQV G·pWDW GH WRXV OHV IDLVFHDX[ G·XQH OLJQH H[WpULHXUH SDUWLFXOLqUH RX<br />

OH SRXUFHQWDJH GHV OLJQHV H[WpULHXUHV RFFXSpHV DX QLYHDX GH FKDTXH IDLVFHDX<br />

/HV LQIRUPDWLRQV G·pWDW SHXYHQW rWUH DIILFKpHV VXU OD FRQVROH TXH FHOOH FL VRLW<br />

OLEUH RX HQJDJpH j GHVVHUYLU XQ DSSHO /HV WRXFKHV G·DIILFKHXU VXLYDQWHV VRQW<br />

DORUV GLVSRQLEOHV<br />

7RXFKH<br />

G·DIILFKHXU<br />

3RXU DIILFKHU O·pWDW GH WRXV OHV IDLVFHDX[<br />

$SSX\H] VXU )DLVFHDX<br />

$SSX\H] VXU >)@<br />

$SSX\H] VXU >(@<br />

)RQFWLRQ<br />

>, @ 3HUPHW G·LPSULPHU OHV LQIRUPDWLRQV DIILFKpHV<br />

>7 @ 3HUPHW G·LPSULPHU OHV LQIRUPDWLRQV VXU WRXV OHV IDLVFHDX[<br />

>0 @ 3HUPHW OD PLVH j MRXU GHV LQIRUPDWLRQV DIILFKpHV<br />

>6 @ 3HUPHW G·DIILFKHU OH JURXSH GH IDLVFHDX[ VXLYDQW<br />

>3@ 3HUPHW G·DIILFKHU OH JURXSH GH IDLVFHDX[ SUpFpGHQW<br />

>6@ 3HUPHW GH VRUWLU GX PRGH G·pWDW GHV IDLVFHDX[ SXLV GH<br />

UHWRXUQHU j O·DIILFKDJH SULQFLSDO<br />

/·DIILFKHXU DIILFKHUD SDU H[HPSOH<br />

/·DIILFKHXU YRXV LQGLTXH TXH OHV IDLVFHDX[ GH OLJQHV H[WpULHXUHV<br />

HW VRQW RFFXSpV


$IILFKDJH GH O·pWDW GHV IDLVFHDX[ GH OLJQHV H[WpULHXUHV<br />

3RXU DIILFKHU O·pWDW G·XQ IDLVFHDX GH OLJQHV H[WpULHXUHV SDUWLFXOLHU<br />

$SSX\H] VXU )DLVFHDX<br />

$SSX\H] VXU >)@<br />

(QWUH] OH QXPpUR GX IDLVFHDX GpVLUp<br />

$SSX\H] VXU >(@<br />

3RXU DIILFKHU XQ IDLVFHDX HQ SUpFLVDQW OH FRGH G·DFFqV DX[ OLJQHV H[<br />

WpULHXUHV HW OHV FKLIIUHV 6$$ FRPSRVpV<br />

$SSX\H] VXU )DLVFHDX<br />

$SSX\H] VXU >1 @<br />

(QWUH] OH FRGH G·DFFqV DX[ OLJQHV H[WpULHXUHV³OH ´ µ SDU H[HPSOH<br />

(QWUH] OHV FKLIIUHV 6$$ FRPSRVpV<br />

$SSX\H] VXU >(@


$FFóV ì XQH OLJQH H[WòULHXUH SDUWLFXOLóUH<br />

9RXV SRXYH] DFFqGHU j XQH OLJQH H[WpULHXUH SDUWLFXOLqUH HQ YXH G·HIIHFWXHU XQ<br />

DSSHO H[WpULHXU<br />

3RXU DFFpGHU j XQH OLJQH H[WpULHXUH SDUWLFXOLqUH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

(QWUH] OH QXPpUR GH OD OLJQH H[WpULHXUH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >$ @<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

6L OD OLJQH H[WpULHXUH HVW OLEUH WHO TX·LQGLTXp SDU OD WRQDOLWp GH<br />

QXPpURWDWLRQ FRPSRVH] OH QXPpUR H[WpULHXU<br />

6L OD OLJQH H[WpULHXUH HVW RFFXSpH DSSX\H] VXU >/ @ SRXU OD<br />

OLEpUHU RX DSSX\H] VXU >7@ SXLV PDLQWHQH] OD WRXFKH HQ SRVLWLRQ<br />

HQIRQFpH HQ YXH G·LQWHUYHQLU GDQV OD FRPPXQLFDWLRQ 8QH WRQDOLWp<br />

G·DYHUWLVVHPHQW G·LQWUXVLRQ HVW pPLVH DX[ GHX[ FRUUHVSRQGDQWV DYDQW<br />

YRWUH LQWHUYHQWLRQ<br />

/HV OLJQHV H[WpULHXUHV TXL VRQW VLJQDOpHV HQ WDQW TXH OLJQHV GH WpOpGLFWpH ILOV 0<br />

00 VRQW LQDFFHVVLEOHV


0LVH HQ RFFXSDWLRQ GHV FLUFXLWV<br />

GH OLJQH H[WòULHXUH<br />

0LVH HQ RFFXSDWLRQ GHV FLUFXLWV GH OLJQH H[WpULHXUH<br />

9RXV SRXYH] PHWWUH XQH OLJQH H[WpULHXUH HQ FRQGLWLRQ G·RFFXSDWLRQ KRUV<br />

VHUYLFH ORUVTX·HOOH RX OH V\VWqPH HVW OD FDXVH GH GpUDQJHPHQWV 9RXV SRXYH]<br />

PHWWUH XQH OLJQH H[WpULHXUH HQ FRQGLWLRQ G·RFFXSDWLRQ TX·HOOH VRLW OLEUH RX<br />

XWLOLVpH SXLV OD UHPHWWUH HQ VHUYLFH<br />

3RXU PHWWUH XQH OLJQH H[WpULHXUH HQ FRQGLWLRQ G·RFFXSDWLRQ RX OD<br />

UHPHWWUH HQ VHUYLFH<br />

$SSX\H] VXU )RQFWLRQ<br />

$SSX\H] VXU >) @<br />

(QWUH] OH QXPpUR GH OD OLJQH H[WpULHXUH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >2 @<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

6L OD OLJQH H[WpULHXUH HVW OLEUH DSSX\H] VXU >2@<br />

6L OD OLJQH H[WpULHXUH HVW XWLOLVpH DSSX\H] VXU >0 @ SRXU PHWWUH<br />

OD OLJQH H[WpULHXUH KRUV VHUYLFH ORUVTX·HOOH VHUD OLEHUpH RX DSSX\H] VXU<br />

>0 @ SRXU OD PHWWUH KRUV VHUYLFH LPPpGLDWHPHQW<br />

$SSX\H] VXU >5 6@ SRXU UHPHWWUH OD OLJQH H[WpULHXUH HQ VHUYLFH


(PSORL GHV<br />

IRQFWLRQV<br />

KýWHOLóUHV


$IILFKDJH HW PRGLILFDWLRQ GHV LQIRUPDWLRQV VXU OHV FKDPEUHV<br />

$IILFKDJH HW PRGLILFDWLRQ GHV LQIRUPDWLRQV<br />

VXU OHV FKDPEUHV<br />

6·HQWHQGHQW SDU LQIRUPDWLRQV VXU OHV FKDPEUHV O·pWDW G·RFFXSDWLRQ HW OD<br />

FRQGLWLRQ GHV FKDPEUHV /LEUH 1HWWR\pH 5HVWULFWLRQV G·DSSHOV VRUWDQWV HWF<br />

DLQVL TXH OD SUpVHQFH GH PHVVDJHV HQ DWWHQWH UpYHLO DXWRPDWLTXH HW DXWUHV<br />

VHUYLFHV 9RXV SRXYH] PRGLILHU FHV LQIRUPDWLRQV ORUVTX·XQH FKDPEUH HVW OLEUH RX<br />

ORUVTXH YRXV rWHV HQ FRPPXQLFDWLRQ DYHF VRQ RFFXSDQW H<br />

3RXU DIILFKHU RX PRGLILHU OHV LQIRUPDWLRQV G·XQH FKDPEUH<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

&RPSRVH] OH QXPpUR GH OD FKDPEUH GpVLUpH LQXWLOH VL YRXV rWHV GpMj HQ<br />

FRPPXQLFDWLRQ DYHF O·RFFXSDQW H GH OD FKDPEUH<br />

$SSX\H] VXU >(@<br />

/·DIILFKHXU FL GHVVXV LQGLTXH TXH OD FKDPEUH HVW RFFXSpH HW QHWWR\pH<br />

2FFXSHH 1HWWR\HH TXH VRQ WpOpSKRQH HVW OLEUH HW HQ PRGH QH SDV GpUDQJHU<br />

VLJQDOH OD SUpVHQFH G·XQ PHVVDJH HQ DWWHQWH 0 $ OD SURJUDPPDWLRQ G·XQH<br />

KHXUH GH UpYHLO DXWRPDWLTXH SRXU K TXH OHV DSSHOV LQWHUXUEDLQV VRQW<br />

SHUPLV HW TXH OH EORFDJH GHV DSSHOV HVW HQ YLJXHXU GDQV OD FKDPEUH<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

$SSX\H] VXU >& @ SRXU UHPHWWUH OH FRPSWHXU G·DSSHOV GH OD<br />

FKDPEUH j ]pUR 9RLU SDJH<br />

$SSX\H] VXU >1 @ SRXU DFWLYHU OH PRGH QH SDV GpUDQJHU HW EORTXHU<br />

OHV DSSHOV HQWUDQWV<br />

$SSX\H] VXU >0 @ SRXU DFWLYHU RX GpVDFWLYHU XQH LQGLFDWLRQ GH<br />

PHVVDJH HQ DWWHQWH DX WpOpSKRQH GH OD FKDPEUH<br />

$SSX\H] VXU >5@ SRXU DFWLYHU RX GpVDFWLYHU XQH KHXUH GH UpYHLO<br />

DXWRPDWLTXH 9RLU SDJH<br />

!


(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />

"<br />

$SSX\H] VXU >(@ SRXU FKDQJHU O·pWDW G·RFFXSDWLRQ RX OD FRQGLWLRQ<br />

G·HQWUHWLHQ GH OD FKDPEUH 9RLU SDJH<br />

$SSX\H] VXU >(@ RX >'@ SRXU HIIHFWXHU OHV IRUPDOLWpV<br />

G·DUULYpH HW GH GpSDUW G·XQ FOLHQW 9RLU SDJH<br />

$IILFKDJH GHV FKDPEUHV HQ IRQFWLRQ GH OHXU òWDW<br />

G RFFXSDWLRQ HW GH OHXU FRQGLWLRQ<br />

9RXV SRXYH] DIILFKHU OD OLVWH GHV FKDPEUHV HQ IRQFWLRQ GH OHXU pWDW G·RFFXSDWLRQ<br />

HW GH OHXU FRQGLWLRQ³SDU H[HPSOH /LEUH HW ­ QHWWR\HU RX 2FFXSpH HW )HPPH GH<br />

FKDPEUH 9RXV SRXYH] SDVVHU WRXWHV OHV FKDPEUHV HQ UHYXH RX FRPPHQFHU SDU<br />

XQ QXPpUR GH FKDPEUH SDUWLFXOLHU³OD SUHPLqUH FKDPEUH DX WURLVLqPH pWDJH SDU<br />

H[HPSOH<br />

3RXU DIILFKHU WRXWHV OHV FKDPEUHV HQ IRQFWLRQ GH OHXU pWDW G·RFFXSDWLRQ<br />

HW GH OHXU FRQGLWLRQ<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

$SSX\H] VXU >/ 1@ SRXU DIILFKHU WRXWHV OHV FKDPEUHV OLEUHV HW<br />

QHWWR\pHV<br />

$SSX\H] VXU >) @ SRXU DIILFKHU OD OLVWH GHV FKDPEUHV GDQV<br />

OHVTXHOOHV VH WURXYH XQH IHPPH GH FKDPEUH<br />

3RXU DIILFKHU OD OLVWH GH WRXWHV OHV FKDPEUHV TXL VH WURXYHQW GDQV XQ pWDW<br />

G·RFFXSDWLRQ GLIIpUHQW HW GDQV XQH DXWUH FRQGLWLRQ SDU H[HPSOH /LEUH HW<br />

­ QHWWR\HU DSSX\H] VXU >2@ SOXVLHXUV IRLV MXVTX·j FH TXH O·pWDW<br />

GpVLUp DSSDUDLVVH VRXV OD UXEULTXH 2&&83 SXLV DSSX\H] VXU >&@<br />

SRXU VpOHFWLRQQHU OD FRQGLWLRQ GpVLUpH<br />

/·DIILFKHXU LQGLTXHUD SDU H[HPSOH


$IILFKDJH GHV FKDPEUHV HQ IRQFWLRQ GH OHXU pWDW G·RFFXSDWLRQ HW GH OHXU FRQGLWLRQ<br />

$SSX\H] VXU >(@ SRXU DIILFKHU OHV GL[ SUHPLqUHV FKDPEUHV TXL VH<br />

WURXYHQW GDQV O·pWDW SUpFLVp<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

$SSX\H] VXU >6 @ SRXU DIILFKHU OHV GL[ FKDPEUHV VXLYDQWHV<br />

$SSX\H] VXU >3@ SRXU DIILFKHU OHV GL[ FKDPEUHV SUpFpGHQWHV<br />

$SSX\H] VXU >0 @ SRXU UHWRXUQHU DX PHQX SULQFLSDO K{WHOLHU<br />

3RXU GH SOXV DPSOHV UHQVHLJQHPHQWV VXU XQH FKDPEUH XWLOLVH] OHV WRXFKHV<br />

GH FRPPDQGH GX FXUVHXU SRXU VpOHFWLRQQHU OD FKDPEUH GpVLUpH SXLV<br />

DSSX\H] VXU >6@<br />

6L XQH LPSULPDQWH HVW UDFFRUGpH j OD FRQVROH YRXV SRXYH] LPSULPHU OD OLVWH<br />

GH WRXWHV OHV FKDPEUHV OLEUHV RX RFFXSpHV 3RXU GH SOXV DPSOHV<br />

UHQVHLJQHPHQWV YRLU ,PSUHVVLRQ GHV UHOHYpV j OD SDJH<br />

3RXU DIILFKHU XQ JURXSH GH FKDPEUHV FRPPHQoDQW SDU XQ QXPpUR GH<br />

FKDPEUH SDUWLFXOLHU<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

6pOHFWLRQQH] O·pWDW G·RFFXSDWLRQ HW OD FRQGLWLRQ GpVLUpV WHO TXH GpFULW FL<br />

GHVVXV<br />

&RPSRVH] OH QXPpUR GH OD FKDPEUH³SDU H[HPSOH<br />

$SSX\H] VXU >(@ SRXU DIILFKHU XQ JURXSH GH FKDPEUHV FRPPHQoDQW<br />

SDU OD FKDPEUH<br />

#


(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />

0RGLILFDWLRQ GH O òWDW G RFFXSDWLRQ HW GH OD<br />

FRQGLWLRQ G XQH FKDPEUH<br />

!<br />

9RXV SRXYH] PRGLILHU O·pWDW G·RFFXSDWLRQ HW OD FRQGLWLRQ G·XQH FKDPEUH ORUVTXH<br />

OD FRQVROH HVW OLEUH RX ORUVTXH YRXV rWHV HQ FRPPXQLFDWLRQ DYHF O·RFFXSDQW H<br />

GH OD FKDPEUH<br />

eWDWV G·RFFXSDWLRQ HW FRQGLWLRQV GLVSRQLEOHV<br />

eWDW G·RFFXSDWLRQ &RQGLWLRQ<br />

/LEUH<br />

2FFXSpH<br />

5pVHUYpH<br />

3RXU PRGLILHU O·pWDW G·RFFXSDWLRQ HW OD FRQGLWLRQ G·XQH FKDPEUH<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

&RPSRVH] OH QXPpUR GH OD FKDPEUH LQXWLOH VL YRXV rWHV GpMj HQ<br />

FRPPXQLFDWLRQ DYHF O·RFFXSDQW H GH OD FKDPEUH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >2@ SOXVLHXUV IRLV MXVTX·j FH TXH O·pWDW G·RFFXSDWLRQ<br />

GpVLUp DSSDUDLVVH VRXV OD UXEULTXH 2&&83<br />

$SSX\H] VXU >&@ SOXVLHXUV IRLV SRXU VpOHFWLRQQHU OD FRQGLWLRQ<br />

GpVLUpH VRXV OD UXEULTXH &21'<br />

$SSX\H] VXU >5@<br />

1HWWR\pH<br />

3DV QHWWR\pH<br />

)HPPH GH FKDPEUH SUpVHQWH<br />

­ LQVSHFWHU<br />

+RUV VHUYLFH<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÅÃÃÅÃÃÃÃ<br />

ÃÃÃÅÃÃÃÅÃÃÃÃÃÃ<br />

ÃÃÃÃÃ


$UULYòH 'òSDUW GX FOLHQW<br />

$UULYpH 'pSDUW GX FOLHQW<br />

/·HQUHJLVWUHPHQW G·XQ FOLHQW PRGLILH O·pWDW G·XQH FKDPEUH j RFFXSpH /H GpSDUW<br />

G·XQ FOLHQW PRGLILH O·pWDW G·XQH FKDPEUH j OLEUH /HV YDOHXUV GHV SDUDPqWUHV GH<br />

EORFDJH HW GH UHVWULFWLRQ G·DSSHOV TXL VRQW HQ YLJXHXU VXU O·HQVHPEOH GX V\VWqPH<br />

VH PRGLILHQW DX[ YDOHXUV SURJUDPPpHV DX QLYHDX GX V\VWqPH 3DU H[HPSOH<br />

ORUVTX·XQ FOLHQW HVW HQUHJLVWUp OHV UHVWULFWLRQV TXL HPSrFKHUDLHQW OH FOLHQW<br />

G·HIIHFWXHU GHV DSSHOV LQWHUXUEDLQV SHXYHQW rWUH GpVDFWLYpHV DX QLYHDX GX<br />

V\VWqPH<br />

3RXU HQUHJLVWUHU O·DUULYpH RX OH GpSDUW G·XQ FOLHQW<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

&RPSRVH] OH QXPpUR GH OD FKDPEUH<br />

$SSX\H] VXU >(@ RX >'@<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >6@<br />

!


(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />

$FWLYDWLRQ HW GòVDFWLYDWLRQ G XQ DSSHO GH UòYHLO<br />

!<br />

9RXV RX O·RFFXSDQW H G·XQH FKDPEUH SRXYH] DFWLYHU PRGLILHU HW GpVDFWLYHU XQ<br />

DSSHO GH UpYHLO /H V\VWqPH QH IDLW DXFXQH GLVWLQFWLRQ HQWUH XQ DSSHO GH UpYHLO<br />

DFWLYp PRGLILp RX GpVDFWLYp j SDUWLU GH OD FRQVROH RX j SDUWLU G·XQH FKDPEUH<br />

$LQVL XQ H RFFXSDQW H SRXUUD SDU H[HPSOH GpVDFWLYHU XQ DSSHO GH UpYHLO TXH<br />

YRXV DYLH] DFWLYp HW YLFH YHUVD<br />

9RXV SRXUUH] DFWLYHU RX GpVDFWLYHU XQ DSSHO GH UpYHLO ORUVTXH OD FRQVROH HVW OLEUH<br />

RX ORUVTXH YRXV rWHV HQ FRPPXQLFDWLRQ DYHF O·RFFXSDQW H G·XQH FKDPEUH<br />

/RUVTX·XQH LPSULPDQWH HVW UDFFRUGpH j OD FRQVROH HOOH SURGXLUD XQ UHOHYp<br />

LPSULPp DXWRPDWLTXH GqV TX·XQ DSSHO GH UpYHLO VHUD DFWLYp PRGLILp RX<br />

GpVDFWLYp<br />

3RXU DFWLYHU PRGLILHU RX DQQXOHU XQ DSSHO GH UpYHLO ORUVTXH YRXV rWHV HQ<br />

FRPPXQLFDWLRQ DYHF O·RFFXSDQW H G·XQH FKDPEUH<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

$SSX\H] VXU >5@<br />

(IIHFWXH] O·XQH GHV RSpUDWLRQV VXLYDQWHV<br />

3RXU DFWLYHU XQ DSSHO GH UpYHLO HQWUH] OHV TXDWUHV FKLIIUHV GH O·KHXUH VHORQ<br />

XQH QXPpUDWLRQ GH RX GH KHXUHV 6L O·KHXUH GX V\VWqPH HVW<br />

LQGLTXpH VHORQ XQH QXPpUDWLRQ GH KHXUHV DSSX\H] VXU OD WRXFKH<br />

>$0@ RX >30@ GLVSRQLEOH<br />

$SSX\H] VXU >( @ SRXU GpVDFWLYHU XQ DSSHO GH UpYHLO<br />

$SSX\H] VXU >( @ SRXU PRGLILHU XQ DSSHO GH UpYHLO SXLV HQWUH]<br />

OD QRXYHOOH KHXUH GH UpYHLO<br />

$SSX\H] VXU >6@<br />

$SSX\H] VXU >6@


$FWLYDWLRQ HW GpVDFWLYDWLRQ G·XQ DSSHO GH UpYHLO<br />

3RXU DFWLYHU DQQXOHU RX PRGLILHU XQ DSSHO GH UpYHLO ORUVTXH YRXV Q·rWHV<br />

3$6 HQ FRPPXQLFDWLRQ DYHF O·RFFXSDQW H G·XQH FKDPEUH<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

&RPSRVH] OH QXPpUR GH OD FKDPEUH<br />

$SSX\H] VXU >(@<br />

$SSX\H] VXU >5@<br />

6XLYH] OHV pWDSHV j GH OD SURFpGXUH SUpFpGHQWH<br />

ÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃ<br />

!


(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />

5HVWULFWLRQV G DSSHOV DX QLYHDX G XQH FKDPEUH<br />

!<br />

9RXV SRXYH] FRQWU{OHU OH W\SH G·DSSHOV SHUPLV DX[ RFFXSDQW H V GHV FKDPEUHV<br />

2Q GLVWLQJXH SOXVLHXUV QLYHDX[ GH UHVWULFWLRQV G·DSSHOV \ FRPSULV ,QWHUQH<br />

/RFDO ,QWHUXUEDLQ HW GLYHUVHV RSWLRQV SURJUDPPDEOHV 9RXV SRXYH] pJDOHPHQW<br />

LQWHUGLUH DX[ FOLHQWV G·DSSHOHU G·DXWUHV FKDPEUHV DSUqV XQH FHUWDLQH KHXUH<br />

3RXU DFWLYHU GHV UHVWULFWLRQV G·DSSHOV DX QLYHDX G·XQH FKDPEUH<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

&RPSRVH] OH QXPpUR GH OD FKDPEUH<br />

$SSX\H] VXU >(@<br />

(IIHFWXH] O·XQH RX OHV GHX[ GHV RSpUDWLRQV VXLYDQWHV<br />

$SSX\H] VXU >5 @ MXVTX·j FH TXH OH W\SH GH UHVWULFWLRQ GpVLUp<br />

DSSDUDLVVH VRXV OD UXEULTXH (7$7<br />

$SSX\H] VXU >% @ SRXU LQWHUGLUH RX SHUPHWWUH OHV DSSHOV HQWUH<br />

OHV FKDPEUHV ORUVTXH OD IRQFWLRQ GH EORFDJH G·DSSHOV HVW HQ YLJXHXU VXU<br />

O·HQVHPEOH GX V\VWqPH /D UXEULTXH G·pWDW LQGLTXH ´$))(&7(µ ORUVTXH OD<br />

IRQFWLRQ GH EORFDJH G·DSSHOV HVW HQ YLJXHXU<br />

$SSX\H] VXU >5@


%ORFDJH GHV DSSHOV HQWUH OHV FKDPEUHV<br />

%ORFDJH GHV DSSHOV HQWUH OHV FKDPEUHV<br />

9RXV SRXYH] XWLOLVHU OD WRXFKH %ORFDJH GH OD FRQVROH SRXU LQWHUGLUH OHV DSSHOV<br />

HQWUH OHV FKDPEUHV 6HXOV OHV WpOpSKRQHV SURJUDPPpV DYHF XQ EORFDJH G·DSSHOV<br />

VHURQW FRQFHUQpV FRQVXOWH] OH VHUYLFH UHVSRQVDEOH GHV FRPPXQLFDWLRQV SRXU GH<br />

SOXV DPSOHV UHQVHLJQHPHQWV<br />

/H V\VWqPH SHXW rWUH SURJUDPPp SRXU DFWLYHU RX GpVDFWLYHU OD IRQFWLRQ GH<br />

EORFDJH G·DSSHOV DX QLYHDX GH WRXWHV OHV FKDPEUHV FRQFHUQpHV j XQH KHXUH<br />

SUpFLVH HW GH FHUWDLQHV FKDPEUHV DX PRPHQW GH O·HQUHJLVWUHPHQW RX GX GpSDUW<br />

G·XQ FOLHQW<br />

3RXU EORTXHU OHV DSSHOV HQWUH OHV FKDPEUHV<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH %ORFDJH<br />

/·LQGLFDWHXU GH OD WRXFKH %ORFDJH V·DOOXPH HW UHVWH DOOXPp WDQW TXH OH<br />

EORFDJH GHPHXUH DFWLI<br />

ÃÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃ<br />

!


(PSORL GHV IRQFWLRQV K{WHOLqUHV<br />

6XUYHLOODQFH GHV FKDPEUHV<br />

!<br />

&HWWH IRQFWLRQ SHUPHW DX[ FOLHQW H V G·XWLOLVHU OH WpOpSKRQH GH OHXU FKDPEUH<br />

FRPPH DSSDUHLO G·pFRXWH SRXU VXUYHLOOHU OHXU FKDPEUH j GLVWDQFH j SDUWLU G·XQ<br />

SRVWH TXHOFRQTXH VRLW XQH FRQVROH GH VWDQGDUGLVWH XQ SRVWH LQWHUQH RX XQ<br />

WpOpSKRQH H[WHUQH TXL DSSHOOH OH V\VWqPH VXU XQH OLJQH H[WpULHXUH $'$6<br />

9RXV SRXYH] XQLTXHPHQW VXUYHLOOHU XQH FKDPEUH GHSXLV OD FRQVROH VL FHWWH<br />

GHUQLqUH HVW OLEUH<br />

3RXU VXUYHLOOHU XQH FKDPEUH j SDUWLU GH OD FRQVROH<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

$SSX\H] VXU >6 @<br />

&RPSRVH] OH QXPpUR GH OD FKDPEUH<br />

$SSX\H] VXU >6 @ RX >(@<br />

$WWHQGH] O·pPLVVLRQ GH WURLV ELSV SXLV UHVWH] j O·pFRXWH<br />

6L OD IRQFWLRQ GH VXUYHLOODQFH Q·HVW SDV DFWLYpH VXU OH WpOpSKRQH GH OD FKDPEUH<br />

O·DIILFKHXU LQGLTXHUD ´'6$&7 )21&7µ 6L OD FKDPEUH HVW VXUYHLOOpH GHSXLV XQ<br />

DXWUH WpOpSKRQH O·DIILFKHXU LQGLTXHUD ´6XUYHLOOpµ<br />

3RXU PHWWUH ILQ j OD VXUYHLOODQFH<br />

$SSX\H] VXU $QQXOHU RX /LEpUHU


,PSUHVVLRQ GHV UHOHYòV<br />

,PSUHVVLRQ GHV UHOHYpV<br />

6L XQH LPSULPDQWH HVW UDFFRUGpH j YRWUH FRQVROH YRXV SRXYH] VROOLFLWHU<br />

O·LPSUHVVLRQ GHV UHOHYpV GH FRPSWH G·DSSHOV G·pWDW GHV FKDPEUHV RX GH UpYHLOV<br />

DXWRPDWLTXHV<br />

&HV UHOHYpV GLVSRVHQW GH OHXU SURSUH IRUPDW HW FHUWDLQV G·HQWUH HX[ VRQW LPSULPpV<br />

GH IDoRQ DXWRPDWLTXH /·LPSULPDQWH SRXUUD SDU H[HPSOH SURGXLUH XQ UHOHYp<br />

DXWRPDWLTXH WRXWHV OHV IRLV TX·XQ UpYHLO DXWRPDWLTXH VHUD DFWLYp PRGLILp RX<br />

GpVDFWLYp<br />

3RXU LPSULPHU XQ UHOHYp<br />

$SSX\H] VXU OD WRXFKH SURJUDPPDEOH 6HUYLFH K{WHOLHU<br />

$SSX\H] VXU >,@<br />

6pOHFWLRQQH] O·RSWLRQ G·LPSUHVVLRQ GpVLUpH<br />

$SSX\H] VXU >6@<br />

!!


5òIòUHQFHV


5òSHUWRLUH WòOòSKRQLTXH<br />

1RP 1XPpUR<br />

32/,&(<br />

3203,(56<br />

+Ñ3,7$/<br />

352%/Ë0(6 '( 3267( 28 '(<br />

&2162/(<br />

5pSHUWRLUH WpOpSKRQLTXH<br />

"


5pIpUHQFHV<br />

/LVWH GHV QXPòURV DEUòJòV GX V\VWóPH<br />

"<br />

1XPpUR G·LQGH[ ,GHQWLWp


&ODVVH GH VHUYLFH &ODVVH GH UHVWULFWLRQ<br />

&ODVVH GH VHUYLFH &ODVVH GH UHVWULFWLRQ<br />

&KDTXH SRVWH HW FKDTXH OLJQH H[WpULHXUH GLVSRVHQW G·XQH FODVVH GH VHUYLFH &'6 HW<br />

G·XQH FODVVH GH UHVWULFWLRQ &'5 TXL VHUYHQW j GpWHUPLQHU OHV IRQFWLRQV<br />

WpOpSKRQLTXHV DX[TXHOOHV O·XVDJHU GX SRVWH RX GH OD OLJQH H[WpULHXUH SRXUUD RX QRQ<br />

DYRLU UHFRXUV %LHQ TXH FODVVHV VRLHQW SHUPLVHV GDQV FKDTXH FDWpJRULH OD<br />

SOXSDUW GHV HQWUHSULVHV Q·HQ XWLOLVHQW JpQpUDOHPHQW TXH TXHOTXHV XQHV<br />

3RXU YRXV DLGHU j UpSRQGUH DX[ TXHVWLRQV GHV XVDJHUV TXL UHQFRQWUHQW FHUWDLQV<br />

SUREOqPHV QRXV YRXV UHFRPPDQGRQV G·LQVFULUH XQH EUqYH GHVFULSWLRQ GHV &'6<br />

HW &'5 OHV SOXV FRPPXQpPHQW XWLOLVpHV DX VHLQ GH YRWUH HQWUHSULVH 8QH &'6<br />

SRXUUD SDU H[HPSOH VLJQLILHU DSSHOV ORFDX[ VHXOHPHQW HW XQH &'5 DXFXQ<br />

DSSHO LQWHUXUEDLQ DSUqV KHXUHV /H VHUYLFH UHVSRQVDEOH GHV FRPPXQLFDWLRQV<br />

SHXW YRXV GRQQHU OHV GpWDLOV QpFHVVDLUHV<br />

&'6 120 3(50(7<br />

&'5 120 ,17(5',7<br />

"


5pIpUHQFHV<br />

/LVWH GHV DEUòYLDWLRQV<br />

"<br />

$EUpY 'pILQLWLRQ $EUpY 'pILQLWLRQ<br />

$ $ $SSHO V HQ DWWHQWH +256 6(59 +RUV VHUYLFH<br />

$ 5$&&5 $ UDFFURFKp ,'(17 ,GHQWLILFDWLRQ<br />

$&7,9 $FWLYHU ,1',6321 1RQ GLVSRQLEOH<br />

$'$6 $FFqV GLUHFW DX<br />

V\VWqPH<br />

,163 &KDPEUH j LQVSHFWHU<br />

$0 $YDQW PLGL ,17 ,QWHUQH LQWHUFHSWLRQ<br />

DSSHO LQWHUQH<br />

$33 $SSHO V ,17(5',7 &RGH LQWHUGLW<br />

$33 02'(0 $SSHO PRGHP ,17(5',7( &ODVVH RX IRQFWLRQ<br />

LQWHUGLWH<br />

$77 $WWHQWH PHVVDJH HQ<br />

DWWHQWH<br />

,19$/,'( &RPSRVLWLRQ QRQ YDOLGH<br />

$8& $XFXQ H ,8 ,QWHUXUEDLQ<br />

$872 $XWRPDWLTXH UDSSHO -- 00 $$ -RXU PRLV DQQpH<br />

$8725(3 $XWRUpSRQVH / /LJQH H[WpULHXUH<br />

%$$ %ORFDJH G·DSSHOV / (;7 ,19$/ /LJQH H[WpULHXUH LQYDOLGH<br />

&'5 &ODVVH GH UHVWULFWLRQ /,% /LEUH RX OLEpUDWLRQ<br />

&'6 &ODVVH GH VHUYLFH /2& /RFDO DSSHO<br />

&+ &+%5( &KDPEUH 0 $ 0HVVDJH HQ DWWHQWH<br />

&203 &RPSRVLWLRQ DEUpJpH<br />

GX V\VWqPH<br />

02'(0 2&& 0RGHP RFFXSp<br />

&21' &RQGLWLRQ 02'(0 + 6 0RGHP KRUV VHUYLFH<br />

&21) &RQIpUHQFH 5(&203 5HFRPSRVLWLRQ GX GHUQLHU<br />

QXPpUR<br />

&037 &RPSWH RX FRPSWHXU<br />

G·DSSHOV<br />

'% 'pFOHQFKHPHQW SDU<br />

ERXFOH<br />

'(&211(; 'pFRQQH[LRQ OLJQH<br />

GH GRQQpHV<br />

'6$&7 '6&7 'pVDFWLYDWLRQ GH<br />

IRQFWLRQ<br />

5()86( 5HIXVpH GHPDQGH RX<br />

SULVH GH OLJQH H[WpULHXUH<br />

5(19 5HQYRL G·DSSHO<br />

5(19 '( UHQYRL GH<br />

5(6 5HVWULFWLRQ G·DSSHO


$EUpY 'pILQLWLRQ $EUpY 'pILQLWLRQ<br />

'67 'HVWLQDWLRQ<br />

GHPDQGp<br />

/LVWH GHV DEUpYLDWLRQV<br />

5(7 5HWRXU G·DSSHO<br />

(&+ eWDW GH OD FKDPEUH 6(/(&7 6pOHFWLRQQHU<br />

(&+(& ,& eFKHF<br />

G·LQWHUFRQQH[LRQ<br />

6(5 $SSHOV HQ VpULH<br />

(1 2&&83 0LVH HQ RFFXSDWLRQ 6(59 (Q VHUYLFH<br />

(7$%/,( /'$ pWDEOLH 65& 6RXUFH GHPDQGHXU<br />

(;7 ([WHUQH ([WpULHXU<br />

5HVWULFWLRQ G·DSSHO<br />

H[WpULHXU RX OLJQH<br />

H[WpULHXUH<br />

67$1 6WDQGDUGLVWH<br />

) &+ )HPPH GH FKDPEUH 67$1' 6WDQGDUGLVWH<br />

)(0<br />

&+$0%5(<br />

)HPPH GH FKDPEUH 6


5pIpUHQFHV<br />

0HVVDJHV SHUVRQQDOLVòV GHV WòOòSKRQHV<br />

683(56(7 ì DIILFKHXU<br />

"<br />

/H V\VWqPH SHUPHW O·DFWLYDWLRQ GHV PHVVDJHV VXLYDQWV VXU OHV SRVWHV 683(56(7<br />

j DIILFKHXU<br />

1XPpUR GX<br />

PHVVDJH<br />

0HVVDJH<br />

(1 5(81,21<br />

'(3/$&(0(17<br />

(1 9$&$1&(6<br />

$%6(17 (<br />

3$86( 0,',<br />

3$57,<br />

$ /$ 0$,621<br />

,&, '(0$,1<br />

/HV XVDJHUV GH 683(56(7 DXWRULVpV SHXYHQW FKDQJHU FHV PHVVDJHV HW<br />

SURJUDPPHU VHSW PHVVDJHV VXSSOpPHQWDLUHV XWLOLVDEOHV VXU O·HQVHPEOH GX<br />

V\VWqPH 1RWH] WRXWHV OHV PRGLILFDWLRQV HW DGGLWLRQV HIIHFWXpHV<br />

3RXU SOXV GH UHQVHLJQHPHQWV VXU OD SURJUDPPDWLRQ GH FHV PHVVDJHV GHSXLV OD<br />

FRQVROH YRLU SDJH


*ORVVDLUH<br />

+.+= +MMÉ] NS\OM^ K_ ]c]^ÉWO<br />

)RQFWLRQ SHUPHWWDQW DX[ GHPDQGHXUV G·DFFpGHU GLUHFWHPHQW DX V\VWqPH<br />

WpOpSKRQLTXH HW G·XWLOLVHU VHV IRQFWLRQV HW VHV UHVVRXUFHV<br />

-OX^\KV Z_LVSM -:<br />

*ORVVDLUH<br />

,QVWDOODWLRQ GH FRPPXWDWLRQ WpOpSKRQLTXH SXEOLTXH GHVVHUYDQW OHV DERQQpV<br />

G·XQH PrPH UpJLRQ<br />

-VK]]O NO \O]^\SM^SYX -.<<br />

&RQWU{OH O·DFFqV G·XQ SRVWH RX G·XQH OLJQH H[WpULHXUH DX[ FLUFXLWV GH OLJQHV<br />

H[WpULHXUHV /HV SRVWHV G·XQ V\VWqPH WpOpSKRQLTXH VH YRLHQW DWWULEXHU OHXUV<br />

GLIIpUHQWHV FODVVHV GH UHVWULFWLRQV DX PRPHQW GH OD FRQILJXUDWLRQ GX V\VWqPH<br />

-VK]]O NO ]O\`SMO -.=<br />

'pWHUPLQH TXHOOHV IRQFWLRQV VRQW DFFHVVLEOHV j XQ XVDJHU GH SRVWH /HV SRVWHV<br />

G·XQ V\VWqPH WpOpSKRQLTXH VH YRLHQW DWWULEXHU OHXUV GLIIpUHQWHV FODVVHV GH<br />

VHUYLFH DX PRPHQW GH OD FRQILJXUDWLRQ GX V\VWqPH<br />

1\Y_ZO NO \OMRO\MRO<br />

3RVWHV UHJURXSpV VRXV XQH VHXOH SRVLWLRQ GH UpSRQVH HW GLVSRVDQW G·XQ QXPpUR<br />

GH WrWH FRPPXQ DX[TXHOV RQ SHXW WRXWHIRLV DFFpGHU GLUHFWHPHQW HQ FRPSRVDQW<br />

OHXUV QXPpURV GH SRVWH UHVSHFWLIV 8Q DSSHO GHVWLQp j XQ JURXSH GH UHFKHUFKH<br />

pPHWWUD XQ VLJQDO VRQRUH j OD SUHPLqUH OLJQH GLVSRQLEOH<br />

6SQXO Ob^Ê\SO_\O<br />

/LJQH UHOLDQW GHX[ V\VWqPHV GH FRPPXWDWLRQ WpOpSKRQLTXH 8QH OLJQH H[WpULHXUH<br />

SRXUUD UHOLHU HQWUH HX[ GHX[ RX SOXVLHXUV DXWRFRPPXWDWHXUV SULYpV OLJQH GH<br />

MRQFWLRQ RX HQFRUH XQ RX SOXVLHXUV DXWRFRPPXWDWHXU V SULYp V HW<br />

O·pTXLSHPHQW GX FHQWUDO SXEOLF OLJQH UpVHDX<br />

"!


5pIpUHQFHV<br />

""<br />

6YQSMSOV<br />

3URJUDPPHV VRXV SURJUDPPHV HW LQVWUXFWLRQV QpFHVVDLUHV j O·H[SORLWDWLRQ GX<br />

V\VWqPH WpOpSKRQLTXH<br />

7K^Ê\SOV<br />

eOpPHQWV SK\VLTXHV GX V\VWqPH WpOpSKRQLTXH<br />

7S]O OX K^^OX^O<br />

)RQFWLRQ SHUPHWWDQW DX V\VWqPH GH PHWWUH HQ DWWHQWH XQ DSSHO GHVWLQp j XQ<br />

SRVWH GH PDQLqUH j OH UDFFRUGHU DXWRPDWLTXHPHQW GH IDoRQ HIIHFWLYH DX SRVWH<br />

GHPDQGp GqV VRQ UDFFURFKDJH /·XVDJHU RFFXSp VHUD DYHUWL GH OD SUpVHQFH GH<br />

O·DSSHO HQ DWWHQWH SDU XQH EUqYH WRQDOLWp GLWH WRQDOLWp G·DSSHO HQ DWWHQWH<br />

7S]O OX YMM_ZK^SYX<br />

)RQFWLRQ VHUYDQW j PHWWUH WHPSRUDLUHPHQW HQ RFFXSDWLRQ XQH UHVVRXUFH<br />

TXHOFRQTXH GX V\VWqPH SRVWH OLJQH H[WpULHXUH HWF MXVTX·j FH TX·HOOH VRLW<br />

UpSDUpH RX YpULILpH 7RXWH SHUVRQQH TXL WHQWHUD GH UHMRLQGUH XQ SRVWH RX GH VDLVLU<br />

XQH OLJQH GDQV XQH WHOOH FRQGLWLRQ UHFHYUD OD WRQDOLWp G·RFFXSDWLRQ<br />

:,B +_^YMYWW_^K^O_\ Z\S`Ê<br />

6\VWqPH GH FRPPXWDWLRQ WpOpSKRQLTXH DXWRPDWLTXH XWLOLVp GDQV OH FDGUH G·XQH<br />

HQWUHSULVH SULYpH<br />

Y_MRO] 89 +88 8_WÊ\Y NuKXX_KS\O<br />

7RXFKHV GH GHVVHUWH G·DSSHO TXL YRXV SHUPHWWHQW GH VpOHFWLRQQHU O·RUGUH GDQV<br />

OHTXHO YRXV UpSRQGUH] DX[ DSSHOV TXL SURYLHQQHQW GH O·H[WpULHXU


,GHQWLILFDWLRQ GHV OLJQHV H[WòULHXUHV<br />

1XPpUR GH OLJQH<br />

H[WpULHXUH<br />

,GHQWLWp<br />

,GHQWLILFDWLRQ GHV OLJQHV H[WpULHXUHV<br />

"#


,QGH[H


,QGH[H<br />

#<br />

$<br />

ÃÃÃÃÃ<br />

ÃÃ<br />

<br />

ÃÃÃÃÃ<br />

Ã<br />

ÃÃÃ<br />

ÃÃ<br />

ÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃ<br />

ÃÃÃ<br />

ÃÃ<br />

%<br />

ÃÃÃÃÃÃ<br />

ÃÃÃ<br />

&<br />

ÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃÃÃÃ<br />

Ã<br />

ÃÃÃ<br />

<br />

ÃÃÃÃÃÃ<br />

ÃÃ<br />

ÃÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃÃÃÃÃÃ<br />

ÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃÃÃÃ<br />

ÃÃÃ<br />

ÃÃ<br />

ÃÃÃÃÃ<br />

<br />

Ã<br />

Ã<br />

Ã<br />

Ã<br />

ÃÃ<br />

Ã<br />

ÃÃ<br />

ÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃ<br />

ÃÃ<br />

Ã<br />

ÃÃÃÃ<br />

'<br />

ÃÃ<br />

<br />

ÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃ<br />

ÃÃ<br />

ÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃ<br />

(<br />

ÃÃÃÃÃÃ<br />

ÃÃÃ<br />

ÃÃÃ<br />

Ã<br />

ÃÃ<br />

)<br />

ÃÃÃ<br />

ÃÃÃÃÃÃ<br />

*<br />

<br />

ÃÃÃÃÃ<br />

ÃÃ<br />

Ã<br />

ÃÃÃÃ<br />

ÃÃÃ<br />

Ã<br />

ÃÃÃÃ<br />

+<br />

ÃÃ<br />

,<br />

ÃÃÃÃÃÃ<br />

ÃÃÃÃÃ<br />

ÃÃÃÃÃÃÃÃÃ<br />

ÃÃ<br />

/<br />

ÃÃ<br />

ÃÃÃÃÃ<br />

Ã<br />

ÃÃÃÃÃÃ<br />

Ã<br />

ÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃ


,QGH[H<br />

#<br />

0<br />

ÃÃ<br />

ÃÃ<br />

ÃÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃÃ<br />

Ã<br />

ÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃ<br />

Ã<br />

ÃÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃ<br />

Ã<br />

ÃÃ<br />

1<br />

ÃÃÃÃ<br />

<br />

ÃÃÃÃÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃÃÃ<br />

2<br />

ÃÃÃÃÃÃ<br />

3<br />

ÃÃ<br />

ÃÃÃÃÃÃÃÃ<br />

ÃÃ<br />

5<br />

ÃÃÃÃÃ<br />

ÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃÃÃÃ<br />

Ã<br />

ÃÃÃÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃÃÃÃÃÃ<br />

ÅÃÅÃ<br />

ÃÃ<br />

ÃÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃ<br />

ÃÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃ<br />

Ã<br />

Ã<br />

ÃÃ<br />

ÃÃÃ<br />

6<br />

<br />

ÃÃÃÃÃÃÃ<br />

Ã<br />

ÃÃÃÃÃÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃ<br />

ÃÃÃ<br />

ÃÃ<br />

<br />

ÃÃÃÃÃÃ<br />

ÃÃÃ<br />

ÃÃ<br />

<br />

ÃÃ<br />

ÃÃÃÃ<br />

7<br />

Ã<br />

ÃÃÃÃÃ<br />

Ã<br />

ÃÃÃÃÃÃ<br />

ÃÃ<br />

ÃÃÃÃ<br />

ÃÃ<br />

ÃÃ<br />

ÃÃ<br />

ÃÃ<br />

ÃÃ<br />

ÃÃÃ<br />

ÃÃÃÃÃ<br />

ÃÃÃÃÃ<br />

ÃÃÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃÃÃÃÃ<br />

ÃÃÃ<br />

9<br />

ÃÃ

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!