▼
Scroll to page 2
of
27
+PEWOIVEQMOOSGLJIPH 4PER HI GYMWWSR ZMXVSGÃVEQMUYI 4MERM HM GSXXYVE MR ZIXVSGIVEQMGE +)&6%9',7%2;)-792+ 13() ( )1403-7869>-32- 4)6 0 973 +/ 8' 63 ', &KqUH FOLHQWH FKHU FOLHQW 9HXLOOH] OLUH DWWHQWLYHPHQW FH PRGH G·HPSORL 2EVHU YH] DYDQW WRXW OH FKDSLWUH µ5qJOHV GH VpFXULWpµ &RQVHUYH] FH PRGH G·HPSORL DILQ GH SRXYRLU OH FRQVXO WHU XOWpULHXUHPHQW HW UHPHWWH]OH j O·pYHQWXHO SUR SULpWDLUH XOWpULHXU GH O·DSSDUHLO &H WULDQJOH G·DYHUWLVVHPHQW HWRX OHV WHUPHV GH VLJQDOLVDWLRQ µ$WWHQWLRQµ µ3UXGHQFHµ VRXOLJQHQW GHV LQGLFDWLRQV TXL VRQW LPSRUWDQ WHV SRXU YRWUH VpFXULWp RX SRXU OD FDSDFLWp GH IRQFWLRQQHPHQW GH O·DSSDUHLO ,OV GRLYHQW LPSpUDWLYHPHQW rWUH UHVSHFWpV &H PRGH G·HPSORL FRQWLHQW GHV LQGLFDWLRQV SHUPHWWDQW G·pOLPLQHU VRLPrPH GHV SDQQHV TXL SRXUUDLHQW pYHQ WXHOOHPHQW VXUYHQLU 9RLU FKDSLWUH µ4XH IDLUH VL µ 6L FHV LQGLFDWLRQV QH GHYDLHQW SDV VXIILUH YRXV DYH] GHX[ SRLQWV GH FRQVXOWDWLRQ FKH] OHVTXHOV RQ SRXUUD YRXV DLGHU 6HUYLFH+HOSOLQH &H V\PEROH YRXV JXLGH SDV j SDV GDQV OD PDQLSX ODWLRQ GH FHW DSSDUHLO L /H SRLQW GH VHUYLFH DSUqVYHQWH j SUR[LPLWp GH FKH] YRXV YRLU FKDSLWUH µ6HUYLFH DSUqVYHQWHµ RX &H V\PEROH SUpFqGH GHV LQIRUPDWLRQV FRPSOpPHQWDLUHV FRQFHUQDQW OD PDQLSXODWLRQ HW O·XWLOLVDWLRQ SUDWLTXH GH FHW DSSDUHLO 9RXV \ UHFHYUH] XQH UpSRQVH j FKDTXH TXHVWLRQ FRQFHUQDQW O·pTXLSHPHQW RX O·XWLOLVDWLRQ GH YRWUH DSSDUHLO %LHQ HQWHQGX YRV GpVLUV VXJJHVWLRQV RX FULWLTXHV VRQW pJDOHPHQW ELHQYHQXV 1RWUH REMHFWLI HVW GH SRXUVXLYUH O·DPpOLRUDWLRQ GH QRV SURGXLWV HW SUHVWDWLRQV GH VHUYLFHV DX SURILW GH QRWUH FOLHQWqOH &H V\PEROH VLJQDOH GHV FRQVHLOV HW GHV LQGLFD WLRQV UHODWLIV j O·XWLOLVDWLRQ pFRQRPLTXH HW pFR ORJLTXH GH O·DSSDUHLO (Q FDV GH SUREOqPHV WHFKQLTXHV QRWUH VHUYLFH DSUqVYHQWH VH WLHQW j WRXW PRPHQW j YRWUH GLVSR VLWLRQ YRXV WURXYHUH] OHV DGUHVVHV HW QXPpURV GH WpOpSKRQH DX FKDSLWUH µ6HUYLFH DSUqVYHQWHµ 9HXLOOH] pJDOHPHQW SUHQGUH HQ FRQVLGpUDWLRQ OH FKDSL WUH µ6HUYLFHµ $SUHV YRXV DYH] SULV FRQQDLVVDQFH GX PRGH G·HPSORL QRXV YRXV SULRQV GH UHQYR\HU OD FDUWH GH JDUDQWLH UHPSOLH OH VHUYLFH DSUqVYHQWH j 0lJHQZLO &HW DSSDUHLO HVW FRQIRUPH DX[ GLUHFWLYHV &(( &(( &(( &(( 6RPPDLUH 3RXU O·XWLOLVDWHXU 5qJOHV GH VpFXULWp 'HVFULSWLRQ GH O·DSSDUHLO 6pFXULWp pOHFWULTXH 9XH GH O·DSSDUHLO %DQGHDX GH FRPPDQGH $YDQW OD SUHPLqUH XWLOLVDWLRQ /D WDEOH GH FXLVVRQ /D WDEOH YLWURFpUDPLTXH 7RXFKHV VHQVLWLYHV /·LQGLFDWHXU GH FKDOHXU UpVLGXHOOH 8WLOLVDWLRQ 0LVH HQ IRQFWLRQQHPHQW GH OD WDEOH GH FXLVVRQ 0LVH HQ IRQFWLRQQHPHQW GHV ]RQHV GH FXLVVRQ 5pJODJH GH OD SXLVVDQFH GH FXLVVRQ 0HWWUH OD ]RQH GH FXLVVRQ KRUV VHUYLFH 0LVH j O·DUUrW GH O·DSSDUHLO $UUrWH GH VpFXULWp GHV ]RQHV GH FXLVVRQ 3URWHFWLRQ FRQWUH OD VXUFXLVVRQ /H IR\HU GH FXLVVRQ j GRXEOH ]RQH 8WLOLVDWLRQ GH OD VXUIDFH WRWDOH $UUrW GH IRQFWLRQQHPHQW GH OD GRXEOH ]RQH 9HUURXLOODJH GH O·DSSDUHLO RX GHV ]RQHV GH FXLVVRQ 0RQWpH HQ WHPSpUDWXUH 9HUURXLOODJH GH O·DSSDUHLO 9HUURXLOODJH GHV ]RQHV GH FXLVVRQ 0LVH HQ IRQFWLRQQHPHQW GH OD PRQWpH HQ WHPSpUDWXUH ,QGLFDWLRQ GH OD SXLVVDQFH VpOHFWLRQQpH 0RGLILFDWLRQ GH OD SXLVVDQFH ORUVTXH YRXV DYH] VpOHFWLRQQp OD PRQWpH HQ WHPSpUDWXUH DXWRPDWLTXH 0HWWUH KRUV VHUYLFH OD IRQFWLRQ GH VDLVLH DXWRPDWLTXH 0LVH KRUV VHUYLFH DXWRPDWLTXH 5pJOHU OD PLVH KRUV VHUYLFH DXWRPDWLTXH 0RGLILFDWLRQ GH OD GXUpH GH FXLVVRQ SURJUDPPpH 5DSSHO GH OD GXUpH GH FXLVVRQ 'pVDFWLYHU OD PLVH KRUV VHUYLFH DXWRPDWLTXH 8WLOLVDWLRQ GH OD PLVH KRUV VHUYLFH DXWRPDWLTXH FRPPH UpYHLO GH FXLVLQH /D EDWWHULH GH FXLVLQH DSSURSULpH 1HWWR\DJH HW VRLQV 4XH IDLUH VL 6HUYLFH 6HUYLFH DSUqVYHQWH 0LVH HQ IRQFWLRQQHPHQW GX ©VDEOLHUª 0HWWUH OH UpYHLO GH FXLVLQH KRUV VHUYLFH &RQVRPPDWLRQ G·pQHUJLH MXGLFLHXVH &DVVHUROHV HW SRrOHV 1HWWR\HU DSUqV FKDTXH XWLOLVDWLRQ (OLPLQHU OHV WDFKHV 3UREOqPHV SDUWLFXOLHUV $LGH HQ FDV GH SDQQH 3RLQW GH YHQWH GH UHFKDQJH 'HPRQVWUDWLRQ 9HQWH *DUDQWLH 3RXU O·LQVWDOODWHXU &DUDFWpULVWLTXHV WHFKQLTXHV ,QVWUXFWLRQV G·LQVWDOODWLRQ 'pEDOODJH (QFDVWUHPHQW GDQV XQ SODQ GH WUDYDLO GH FXLVLQH &RWHV GH PRQWDJH (QFDVWUHPHQW 'HPRQWDJH GX WDEOH GH FXLVVRQ YLWURFpUDPLTXH 5DFFRUGHPHQW pOHFWULTXH 5qJOHV GH VpFXULWp /D VpFXULWp GH FHW DSSDUHLO HVW FRQIRUPH j OD UpJOHPHQWDWLRQ UHFRQQXH HQ PDWLqUH GH WHFKQLTXH DLQVL TX·DX[ SUH VFULSWLRQV GH VpFXULWp DSSOLFDEOHV 1pDQPRLQV QRXV HVWLPRQV GHYRLU YRXV IDPLOLDULVHU DYHF OHV FRQVLJQHV GH VpFX ULWp VXLYDQWHV /·REVHUYDWLRQ GH FH PRGH G·HPSORL DLQVL TXH GHV LQVWUXFWLRQV G·LQVWDOODWLRQ HVW OD FRQGLWLRQ SUpDODEOH j QRWUH HQJD JHPHQW GH JDUDQWLH /·DSSDUHLO SHXW XQLTXHPHQW rWUH XWLOLVp SRXU XQ XVDJH GRPHVWLTXH QRUPDO 6pFXULWp pOHFWULTXH /·DSSDUHLO GRLW rWUH UDFFRUGp SDU XQ LQVWDOODWHXU pOHFWULFLHQ TXDOLILp 3RXU DVVXUHU OD VpFXULWp DX QL YHDX pOHFWULTXH OHV DSSDUHLOV j HQFDVWUHU GRLYHQW rWUH PRQWpV GDQV GHV DUPRLUHV SRXU pOpPHQWV j HQFDVWUHUSODQV GH WUDYDLO DSSURSULpV HW FRQIRU PHV DX[ QRUPHV 1·XWLOLVH] OD WDEOH GH FXLVVRQ TXH VHXOHPHQW ORUVTXH FHOOHFL DXUD pWp LQVWDOOpH 9RXV VHUH] DLQVL DVVXUp GH QH SDV WRXFKHU DFFLGHQWHOOHPHQW GHV FRPSRVDQWV pOHFWULTXHV ,O Q·HVW SDV SHUPLV GH UDFFRUGHU GHV WDEOHV GH FXLVVRQ HQGRPPDJpHV TXL SUpVHQWHQW GHV ILVVXUHV RX GHV FDVVXUHV VXU OD VXUIDFH YLWURFpUDPLTXH 3RXU GHV UDLVRQV GH VpFXULWp OHV UpSDUDWLRQV VXU O·DS SDUHLO HQ SDUWLFXOLHU VXU OHV pOpPHQWV FRQGXFWHXUV GH FRXUDQW QH SHXYHQW rWUH HIIHFWXpHV TXH SDU GHV VSp FLDOLVWHV pOHFWULFLHQV RX GHV WHFKQLFLHQV IRUPpV GX VHU YLFH DSUqVYHQWH VLQRQ LO SRXUUDLW HQ UpVXOWHU GHV ULV TXHV LPSRUWDQWV SRXU O·XWLOLVDWHXU (Q FDV GH GpUDQJHPHQW DGUHVVH]YRXV GLUHFWHPHQW j QRWUH VHUYLFH DSUqVYHQWH 6L XQH WDEOH YLWURFpUDPLTXH GRLW rWUH XWLOLVpH j SUR[L PLWp LPPpGLDWH G·XQ pPHWWHXU GH UDGLR GH 79 RX G·XQH DXWUH VWDWLRQ pPHWWULFH LO IDXW G·DERUG FRQWU{OHU VL OH IRQFWLRQQHPHQW HVW DVVXUp /·DSSDUHLO HVW VHXOHPHQW LVROp GX UpVHDX pOHFWULTXH ORUVTXH OHV IXVLEOHV VRQW HQOHYpV RX TXH OD ILFKH HVW WL UpH GH OD SULVH GH FRXUDQW 8WLOLVDWLRQ HW PDQLSXOD WLRQ (PSrFKH] TXH OHV SHWLWV HQIDQWV SXLVVHQW WRXFKHU OHV ]RQHV GH FXLVVRQ YLWURFpUDPLTXHV ORUVTXH FHOOHVFL IRQFWLRQQHQW '·XQH PDQLqUH JpQpUDOH LOV GHYUDLHQW rWUH WHQXV j O·pFDUW GHV IR\HUV DLQVL TXH GHV FDVVHUROHV HW GHV SRrOHV /HV HQIDQWV SHXYHQW pJDOHPHQW VH EUOHU HQ IDLVDQW WRPEHU XQH FDVVHUROH RX XQH SRrOH /HV FKDPSV GH FXLVVRQ GHYLHQQHQW UDSLGHPHQW FKDXGV GqV TX·LOV VRQW DOOXPpV &·HVW SRXUTXRL YRXV QH GHYH] OHV HQFOHQFKHU TX·DSUqV DYRLU PLV GHVVXV XQ UpFLSLHQW GH FXLVVRQ $LQVL YRXV pYLWH] pJDOHPHQW GH JDVSLOOHU GH O·pQHUJLH (Q FDV GH PDQRHXYUHV LQDWWHQWLYHV LO \ D ULVTXH GH EUOXUH VXU OHV ]RQHV GH FXLVVRQ /·LQGLFDWHXU GH FKDOHXU UpVLGXHOOH LQWpJUp GDQV O·pOHF WURQLTXH YRXV LQGLTXH VL XQ IR\HU HVW HQFOHQFKp RX HQ FRUH FKDXG 6L YRXV DYH] HQFRUH GHV DOLPHQWV VXU XQH ]RQH GH FXLVVRQ PLVH KRUV VHUYLFH LO VH SHXW TXH OD ]RQH GH FXLVVRQ VRLW HQFRUH FKDXGH DSUqV O·H[WLQFWLRQ GH O·LQGL FDWHXU GH FKDOHXU UpVLGXHOOH GX IDLW GH OD FKDOHXU UD\RQQpH SDU OH UpFLSLHQW GH FXLVVRQ (Q FDV GH FRXSXUH GH FRXUDQW WRXV OHV UpJODJHV HW DIIL FKHXUV VRQW HIIDFpV 'qV TXH OH FRXUDQW HVW UHYHQX OD SUXGHQFH V·LPSRVH FDU OHV SODTXHV FKDXIIpHV DYDQW OD SDQQH GH FRXUDQW QH VRQW SOXV VDLVLHV SDU O·DIILFKHXU 6L YRXV XWLOLVH] XQH SULVH GH FRXUDQW j SUR[LPLWp GX FKDPS GH FXLVVRQ YHLOOH] j FH TXH OH FkEOH GH O·DSSD UHLO pOHFWULTXH QH YLHQQH SDV WRXFKHU OH IR\HU 1·HQFOHQFKH] OHV ]RQHV GH FXLVVRQ TXH ORUVTX·XQH FDVVHUROH RX XQH SRrOH VH WURXYH GHVVXV /HV UpFL SLHQWV GH FXLVVRQ HW OHV IRQGV GH UpFLSLHQW GH FXLVVRQ GRLYHQW rWUH VHFV HW SURSUHV /HV ]RQHV GH FXLVVRQ VH GpWpULRUHQW VL HOOHV VRQW XWL OLVpHV VDQV UpFLSLHQW GH FXLVVRQ RX DYHF UpFLSLHQW YLGH RX VL RQ XWLOLVH GHV UpFLSLHQWV LQDSSURSULpV SDU H[ DYHF XQ IRQG GpIRUPp RX D\DQW XQ WURS SHWLW GLDPqWUH 1H SDV FRQVHUYHU GH SURGXLWV VHQVLEOHV j OD WHPSpUD WXUH RX LQIODPPDEOHV SDU H[ SURGXLWV GH QHWWR\DJH ERPEHV GH VSUD\ GDQV OH WLURLU RX OHV FDVLHUV VLWXpV VRXV O·DSSDUHLO j HQFDVWUHU /H SODQ GH FXLVVRQ QH GRLW SDV rWUH XWLOLVp FRPPH VXU IDFH GH GpS{W RX GH WUDYDLO /RUVTXH YRXV WUDYDLOOH] DYHF GHV KXLOHV RX GHV JUDLV VHV LO QH IDXGUDLW SDV ODLVVHU OH FKDPS GH FXLVVRQ VDQV VXUYHLOODQFH HQ UDLVRQ GX ULVTXH G·LQFHQGLH 1·XWLOLVH] SDV GH UpFLSLHQWV HQ PDWLqUH V\QWKpWLTXH RX HQ IHXLOOH G·DOXPLQLXP &HX[FL IRQGHUDLHQW DX[ WHPSpUDWXUHV pOHYpHV HW SRXUUDLHQW HQGRPPDJHU OD SODTXH YLWURFpUDPLTXH /H VXFUH VRXV IRUPH VROLGH RX OLTXLGH DLQVL TXH OHV PDWLqUHV V\QWKpWLTXHV QH GRLYHQW SDV SDUYHQLU VXU OH FKDPS GH FXLVVRQ FKDXG /RUV GX UHIURLGLVVHPHQW GHV ILVVXUHV RX GHV FDVVXUHV SRXUUDLHQW VH IRUPHU VXU OD SODTXH YLWURFpUDPLTXH 6L GX VXFUH RX GHV PDWLqUHV V\QWKpWLTXHV GHYDLHQW SDU LQDGYHUWDQFH SDUYHQLU VXU OH FKDPS GH FXLVVRQ FKDXG Q·DUUrWH] FHOXLFL HQ DXFXQ FDV HW pOLPLQH] SOXW{W OHV UpVLGXV GH VXFUH RX GH PD WLqUH V\QWKpWLTXH DX PR\HQ G·XQ UDFORLU VSpFLDO 3URWpJH] YRWUH PDLQ GHV EUOXUHV (OLPLQDWLRQ 9HXLOOH] pOLPLQHU FRUUHFWHPHQW OHV DQFLHQV DS SDUHLOV 2EVHUYH] VYS OHV UpJOHPHQWDWLRQV QDWLRQDOHV HW UpJLRQDOHV HW UHVSHFWH] OH PDU TXDJH GHV PDWpULDX[ VpSDUDWLRQ GHV PDWpULDX[ FROOHFWH GHV GpFKHWV GpS{WV SRXU PDWpULDX[ GH YDOHXU 1·XWLOLVH] VXU OHV FKDPSV GH FXLVVRQ YLWURFpUDPLTXHV TXH GHV UpFLSLHQWV GH FXLVVRQ j IRQG SODW Q·D\DQW QL ERUG QL DUrWHV 'DQV OH FDV FRQWUDLUH LO SRXUUDLW \ DYRLU GHV UDLQXUHV LUUpPpGLDEOHV /D VXUIDFH GH FXLVVRQ YLWURFpUDPLTXH UpVLVWH DX[ FKRFV WKHUPLTXHV (OOHV HVW LQVHQVLEOH DXVVL ELHQ DX IURLG TX·DX FKDXG (YLWH] WRXWHIRLV GH ODLVVHU WRPEHU GHV REMHWV VXU OH FKDPS GH FXLVVRQ 8Q FKRF G j XQH IRUPH SRLQWXH FRPPH SDU H[HPSOH OD FKXWH G·XQ IOD FRQ GH FRQGLPHQWV SHXW GDQV GHV FDV GpIDYRUDEOHV SURYRTXHU GHV ILVVXUHV RX GHV pFODWV GDQV OD SODTXH YLWURFpUDPLTXH /HV DOLPHQWV GpERUGDQWV ORUV GH OD FXLVVRQ SHXYHQW SDUYHQLU j WUDYHUV OHV HQGURLWV GpIHFWXHX[ MXVTX·DX[ SDUWLHV FRQGXFWULFHV GH FRXUDQW GX FKDPS GH FXLVVRQ /RUVTXH GHV IrOXUHV pFODWV RX ILVVXUHV DSSDUDLVVHQW VXU YRWUH WDEOH YLWURFpUDPLTXH DUUrWH] LPPpGLDWH PHQW OH FKDPS GH FXLVVRQ HW FRXSH] O·DSSDUHLO GX UpVHDX 3RXU FHOD GpFOHQFKH] OH FRXSHFLUFXLW RX UHWL UH] OD SULVH GH FRXUDQW HW DYLVH] HQVXLWH OH VHUYLFH DSUqVYHQWH 6XLYH] OHV LQVWUXFWLRQV UHODWLYHV DX[ VRLQV HW DX QHW WR\DJH GH OD SODTXH YLWURFpUDPLTXH 1RXV GpFOLQRQV WRXWH UHVSRQVDELOLWp HQ FDV GH WUDLWHPHQW LQDSSURSULp $SUqV O·XWLOLVDWLRQ FRQWU{OH] VL O·DSSDUHLO D pWp PLV KRUV WHQVLRQ 7RXV OHV ERXWRQV WRXUQDQWV GRLYHQW VH WURXYHU VXU OD SRVLWLRQ $55(7 1HWWR\DJH 'XUDQW OH QHWWR\DJH DXFXQ pOpPHQW GH FKDXIIH QH GRLW rWUH PLV VRXV WHQVLRQ 9HLOOH] j FH TXH OHV ]RQHV GH FXLVVRQ VH VRLHQW VXIILVDPPHQW UHIURLGLHV TX·DSUqV O·H[WLQFWLRQ GX WpPRLQ GH FKDOHXU UpVLGXHOOH SRXU TXH YRXV SXLVVLH] OHV WRXFKHU VDQV ULVTXH 7HQH] OD VXUIDFH YLWURFpUDPLTXH WRXMRXUV SURSUH 3RXU GHV UDLVRQV GH VpFXULWp DX QLYHDX pOHFWULTXH LO Q·HVW SDV SHUPLV G·XWLOLVHU SRXU OH QHWWR\DJH GHV DSSD UHLOV GH QHWWR\DJH j YDSHXU RX j KDXWH SUHVVLRQ 'HVFULSWLRQ GH O·DSSDUHLO 9XH GH O·DSSDUHLO =RQH GH FXLVVRQ 3ODTXH YLWURFpUDPLTXH =RQH GH FXLVVRQ GRXEOH ]RQH PP : =RQH GH FXLVVRQ PP : =RQH GH FXLVVRQ GRXEOH ]RQH [ PP : =RQH GH FXLVVRQ PP : %DQGHDX GH FRPPDQGH %DQGHDX GH FRPPDQGH 3 10 2 13 10 11 6 5 4 8 11 9 12 7 1 7RXFKH 0$5&+( $55(7 ,QGLFDWHXU GH PLVH KRUV VHUYLFH DXWRPDWLTXH 7RXFKHV ©=RQHV GH FXLVVRQª 7RXFKH GH YHUURXLOODJH (FUDQV G·DIILFKDJH 9R\DQW GH IRQFWLRQQHPHQW GH OD GRXEOH ]RQH 5pJOHXU GH SXLVVDQFH 5pJOHXU GH SXLVVDQFH 9R\DQWV GH IRQFWLRQQHPHQW GX PLQXWHXU FRUUHVSRQGDQW DX[ ]RQHV GH FXLVVRQ 7RXFKH ©GRXEOH ]RQHª 0LVH KRUV VHUYLFH DXWRPDWLTXH 9R\DQW GH IRQFWLRQQHPHQW GH OD WRXFKH GH YHUURXLOODJH 3RLQW GpFLPDO GDQV OHV pFUDQV G·DIILFKDJHQ DOOXPp ]RQH GH FXLVVRQ DFWLYpH pWHLQW ]RQH GH FXLVVRQ YHUURXLOOpH $YDQW OD SUHPLqUH XWLOLVDWLRQ 1HWWR\DJH LQLWLDO 3RXU pOLPLQHU G·pYHQWXHOOHV WUDFHV GH IDEULFDWLRQ OD WDEOH GH FXLVVRQ GRLW rWUH QHWWR\pH DYDQW O·XWLOLVDWLRQ /DYHU OD VXUIDFH YLWURFpUDPLTXH HW OH FDGUH j O·HDX FKDXGH DYHF GX SURGXLW GH ODYDJH HW XQ FKLIIRQ QH UD\ DQW SDV SXLV HVVX\HU MXVTX·j FH TX·LOV VRLHQW VHFV &KDXIIDJH LQLWLDO &RQWU{OHU FKDTXH ]RQH GH FXLVVRQ HQ OHV HQFOHQFKDQW EULqYHPHQW O·XQH DSUqV O·DXWUH /RUV GH OD SUHPLqUH XWLOLVDWLRQ LO SHXW \ DYRLU XQ OpJHU GpJDJHPHQW G·RGHXU /D WDEOH GH FXLVVRQ /D WDEOH YLWURFpUDPLTXH /D VXUIDFH GH FXLVVRQ HVW HQ YLWURFpUDPLTXH D\DQW IDLW VHV SUHXYHV /D VXUIDFH HVW H[HPSWH GH SRUHV HW HVW HQ RXWUH LQVHQVLEOH DX[ YDULDWLRQV EUXVTXHV GH WHPSp UDWXUH /HV UpFLSLHQWV SHXYHQW GH FH IDLW rWUH GpSODFpV G·XQH ]RQH FKDXGH YHUV XQH ]RQH IURLGH $ OD PLVH HQ VHUYLFH GHV ]RQHV GH FXLVVRQ XQ URQIOH PHQW SHXW VH IDLUH EULqYHPHQW HQWHQGUH GDQV O·pOpPHQW FKDXIIDQW &H EUXLW HVW G·RULJLQH SK\VLTXH Q·D SDV G·LQ IOXHQFH VXU OH IRQFWLRQQHPHQW GH O·DSSDUHLO HW GLVSDUDvW ORUVTXH OD ]RQH GH FXLVVRQ HVW VXIILVDPPHQW FKDXGH 0DLQWHQH] WRXV OHV REMHWV HW PDWpULDX[ TXL SHXYHQW IRQGUH j GLVWDQFH GH OD WDEOH GH FXLV VRQ S H[ PDWLqUHV SODVWLTXHV ILOP G·DOXPL QLXP RX ILOPV GH FXLVVRQ 3UXGHQFH ORUV GH OD SUpSDUDWLRQ j EDVH GH VXFUH RX G·DOLPHQWV HW GH OLTXLGHV VXFUpV (Q FDV GH GpERUGH PHQW VXU OD VXUIDFH YLWURFpUDPLTXH YRXV GHYH] O·HQOH YHU LPPpGLDWHPHQW ² HQFRUH j O·pWDW FKDXG ² DYHF OH JUDWWRLU GH QHWWR\DJH HW QHWWR\HU OD VXUIDFH DILQ G·pYLWHU XQH GpWpULRUDWLRQ GH OD VXUIDFH 7RXFKHV VHQVLWLYHV /D PLVH HQ PDUFKH GH FKDTXH IR\HU V·HIIHFWXH j O·DLGH GHV TXDWUH WRXFKHV VLWXpHV VXU OD SDUWLH DYDQW GH O·DS SDUHLO $ FKDTXH WRXFKH GH ]RQH GH FXLVVRQ FRUUHV SRQG XQ pFUDQ G·DIILFKDJH /·LQGLFDWHXU GH FKDOHXU UpVLGXHOOH /RUVTXH OHV ]RQHV GH FXLVVRQ VRQW KRUV VHUYLFH XQ µ+µ FKDOHXU UpVLGXHOOH V·DOOXPH GDQV O·LQGLFDWHXU GH QLYHDX GH FXLVVRQ ORUVTXH OD WHPSpUDWXUH GH OD VXUIDFH GH OD ]RQH GH FXLVVRQ FRUUHVSRQGDQWH DWWHLQW XQH YD OHXU WHOOH TX·HOOH SUpVHQWH XQ ULVTXH GH EUOXUH /D ODPSH FRUUHVSRQGDQWH V·pWHLQW ORUVTX·LO Q·\ D SOXV GH ULVTXH GH EUOXUH ([HSWLRQ 6L OH UpFLSLHQW UHVWH SRVp VXU OH IR\HU DSUqV XQH FXLVVRQ OH GDQJHU GH EUOXUH UHVWH SOXV ORQJXH TXH OH WpPRLQ GH FKDOHXU UpVLGXHOOH O·LQGLTXH 8WLOLVDWLRQ (Q SUHVVDQW OHV WRXFKHV SHQGDQW HQYLURQ VH FRQGHV OHV V\VWqPHV GH FRPPDQGH V·DFWLYHQW &KDTXH PLVH HQ IRQFWLRQQHPHQW GHV WRXFKHV HVW LQGLTXpH SDU XQ VLJQDO VRQRUH 0LVH HQ IRQFWLRQQH PHQW GH OD WDEOH GH FXLVVRQ $SSX\H] VXU OD WRXFKH ©0$5&+( $55(7ª SHQ GDQW VHFRQGHV /H V\VWqPH GH FRPPDQGH HVW DFWLYp 8QH EDUUH KRUL ]RQWDOH HVW DOOXPpH VXU WRXV OHV pFUDQV G·DIILFKDJH HW XQ SRLQW GpFLPDO FOLJQRWH 7RXWHV OHV ]RQHV VRQW PDLQWHQDQW SUrWHV j rWUH XWLOLVpHV L /H SURFKDLQ RUGUH GRLW rWUH GRQQp GDQV XQ GpODL GH VHFRQGHV 'DQV OH FDV FRQWUDLUH O·DSSDUHLO V·pWHLQW DXWRPDWLTXHPHQW 0LVH HQ IRQFWLRQQH PHQW GHV ]RQHV GH FXLVVRQ $SUqV OD PLVH HQ IRQFWLRQQHPHQW GH OD WDEOH j O·DLGH GH OD WRXFKH ©0$5&+($55(7ª YRXV SRXYH] PDLQWH QDQW PHWWUH HQ IRQFWLRQQHPHQW OHV ]RQHV GH FXLVVRQ GDQV XQH GpODL GH VHFRQGHV &H GpODL SDVVp OD WD EOH GH FXLVVRQ V·DUUrWH DXWRPDWLTXHPHQW $SSX\H] VXU OD WRXFKH FRUUHVSRQGDQW j OD ]RQH GH FXLVVRQ TXH YRXV GpVLUH] XWLOLVHU ©ª DSSDUDvW GDQV O·pFUDQ G·DIILFKDJH FRUUHVSRQ GDQW HW XQ SRLQW GpFLPDO V·DIILFKH SRXU LQGLTXHU TXH OD ]RQH GH FXLVVRQ HVW DFWLYpH &KRLVLVVH] OD SXLVVDQFH GpVLUpH GH j HQ XWLOL VDQW OD WRXFKH L RX RQW XQH IRQFWLRQ /HV WRXFKHV UpSpWLWLYH 6L HOOHV VRQW PDLQWHQXHV SUHVVpHV OD SXLVVDQFH VRXKDLWpH HVW DXJPHQWpH RX GL PLQXpH FRQWLQXHOOHPHQW 5pJODJH GH OD SXLV VDQFH GH FXLVVRQ 7DEOHDX HW FRQVHLOV /H WDEOHDX VXLYDQW HVW GRQQp j WLWUH LQGLFDWLI /HV SXLVVDQFHV UHFRPPDQGpHV GDQV FH WDEOHDX SRXU OD FXLVVRQ GpSHQGHQW GH OD QDWXUH GX UpFLSLHQW HW GX W\SH HW GX YROXPH GHV DOLPHQWV j FXLUH 3XLVVDQFH 'HJUp GH FXLVVRQ ([HPSOH 0DLQWLHQ DX FKDXG 0DLQWLHQ DX FKDXG $OLPHQWV j IRQGUH *pODWLQH FKRFRODW EHXUUH 5pFKDXIIDJH $OLPHQWV SUp FXLWV 7UHPSDJH 5L] ODLW HQ SRXGUH &XLVVRQ GpOLFDWH 5DJRW &XLVVRQ &XLVVRQ HQ FRFRWWH PLMRWDJH %UDLVDJH /pJXPHV SRPPHV GH WHUUH 5{WLVVDJH DOLPHQWV j VDLVLU )RLH VDXFLVVH WRDVW ILOHW GH ERHXI 5{WLVVDJH DOLPHQWV j VDLVLU 5{WLVVDJH DOLPHQWV j VDLVLU %HLJQHWV GH SRPPH GH WHUUH VWHDFNV 5pFKDXIIDJH GH PHWV U{WLV IULV *RXODVK YLDQGH U{WLH IULWHV FXLVVRQ GH SkWHV IUDvFKHV 5pFKDXIIDJH $OLPHQWV OLTXLGHV j SRUWHU j pEXOOLWLRQ VRXSH OpJXPHV 2(XIV VXU OH SODW F{WHOHWWHV OpJXPHV SRPPHV GH WHUUH SkWHV 0HWWUH OD ]RQH GH FXLV VRQ KRUV VHUYLFH /D ]RQH GH FXLVVRQ VRXKDLWpH GRLW rWUH DFWLYpH /H SRLQW GpFLPDO GH OD ]RQH GH FXLVVRQ FRUUHVSRQ GDQWH GRLW rWUH DOOXPp $YHF OD WRXFKH 0RLQV UDPHQHU OH QLYHDX GH FXLVVRQ VXU µµ $SUqV VHFRQGHV O·LQGLFDWHXU GH ]RQH GH FXLVVRQ V·pWHLQW DXWRPDWLTXHPHQW 3RXU PHWWUH UDSLGHPHQW KRUV VHUYLFH /D ]RQH GH FXLVVRQ VRXKDLWpH GRLW rWUH DFWLYpH /H SRLQW GpFLPDO GH OD ]RQH GH FXLVVRQ FRUUHVSRQ GDQWH GRLW rWUH DOOXPp /RUVTX·RQ DSSXLH VLPXOWDQpPHQW VXU OHV WRXFKHV 3OXV HW 0RLQV OD ]RQH GH FXLVVRQ HVW PLVH UD SLGHPHQW KRUV VHUYLFH &RXSH] OD ]RQH GH FXLVVRQ j WHPSV DYDQW OD ILQ GH OD FXLVVRQ DILQ G·XWLOLVHU OD FKDOHXU UpVL GXHOOH 9RXV pFRQRPLVH] DLQVL GH O·pOHFWULFLWp 0LVH j O·DUUrW GH O·DSSDUHLO /·DSSDUHLO SHXW V·pWHLQGUH j WRXW PRPHQW JUkFH j OD WRX FKH ©0$5&+( $55(7ª $UUrWH GH VpFXULWp GHV ]RQHV GH FXLVVRQ 6L YRXV RXEOLH] G·pWHLQGUH XQH ]RQH GH FXLVVRQ FHOOH FL V·pWHLQGUD DXWRPDWLTXHPHQW DSUqV XQ FHUWDLQ WHPSV YRLU WDEOHDX VXLYDQW 3XLVVDQFH /LPLWDWLRQ GH OD GXUpH GH IRQFWLRQQHPHQW HQ KHXUHV /RUVTXH OD FRXSXUH GH VpFXULWp D pWp DFWLYpH XQH EDUUH KRUL]RQWDOH V·DOOXPH GDQV O·pFUDQ G·DIILFKDJH VL OD WHPSpUDWXUH GH OD ]RQH GH FXLVVRQ Q·H[FqGH SDV FD & ©+ª DSSDUDvW GDQV O·pFUDQ G·DIILFKDJH VL OD WHPSpUD WXUH UpVLGXHOOH HVW GH RX DXWRXU GH FD & YRLU SD UDJUDSKH ©,QGLFDWHXU GH FKDOHXU UpVLGXHOOHª $ILQ GH OLEpUHU ©O·DUUrW GH VpFXULWpª pWHLJQH] O·DSSDUHLO HQ DSSX\DQW VXU OD WRXFKH ©0$5&+( $55(7ª 0HWWH] j QRXYHDX HQ IRQFWLRQQHPHQW OD WDEOH GH FXLV VRQ 3URWHFWLRQ FRQWUH OD VXUFXLVVRQ (Q FDV GH FRQWDFW DYHF XQH RX SOXVLHXUV WRXFKHV VHQ VLWLYHV SHQGDQW SOXV GH VHFRQGHV FDVVHUROH FRX YHUWV DOLPHQWV D\DQW GpERUGp HWF OD FRPPDQGH VH PHW FRPSOqWHPHQW KRUV VHUYLFH /H IR\HU GH FXLVVRQ j GRXEOH ]RQH /H IR\HU GH FXLVVRQ DUULqUH GURLW HW GHUULqUH JDXFKH VRQW pTXLSpHV G·XQH GRXEOH ]RQH SHUPHWWDQW G·DGDS WHU YRWUH SODQ GH FXLVVRQ DX GLDPqWUH GX UpFLSLHQW XWL OLVp )LJ 8WLOLVDWLRQ GH OD VXUIDFH WRWDOH )LJ $FWLYH] OH IR\HU DUULqUH GURLW RX GHUULqUH JDXFKH HQ DSSX\DQW VXU OD WRXFKH FRUUHVSRQGDQWH /H SRLQW GpFLPDO V·DIILFKH 6pOHFWLRQQH] OD SXLVVDQFH GpVLUpH j $SSX\H] VXU OD WRXFKH ©GRXEOH ]RQH GH FXLVVRQª /H YR\DQW GH IRQFWLRQQHPHQW V·DOOXPH HW OH IR\HU GH FXLVVRQ j GRXEOH ]RQH VH PHW HQ PDUFKH $UUrW GH IRQFWLRQQH PHQW GH OD GRXEOH ]RQH /H IR\HU FRUUHVSRQGDQW HVW HQ IRQFWLRQQHPHQW HW OH SRLQW GpFLPDO HVW DIILFKp $SSX\H] VXU OD WRXFKH ©GRXEOH ]RQH GH FXLV VRQª /H YR\DQW GH IRQFWLRQQHPHQW HW OH IR\HU H[WpULHXU V·pWHLQW 9HUURXLOODJH GH O·DSSDUHLO RX GHV ]RQHV GH FXLVVRQ 9HUURXLOODJH GH O·DSSDUHLO /D WRXFKH GH YHUURXLOODJH YRXV SHUPHW GH YHUURXLO OHU WRWDOHPHQW O·DSSDUHLO DILQ GH SUpYHQLU XQH PDQLSXOD WLRQ QRQ SUpYXH $SSX\H] VXU OD WRXFKH 0$5&+( $55(7 $SSX\H] VXU OD WRXFKH ©YHUURXLOODJHª /H YR\DQW FRUUHVSRQGDQW V·DOOXPH L 5HWLUH] OD VpFXULWp HQIDQW DYDQW GH PHWWUH KRUV WHQVLRQ O·DSSDUHLO 'DQV OH FDV FRQWUDLUH VL YRXV UHPHWWH] O·DSSDUHLO VRXV WHQVLRQ OH V\VWqPH GH YHUURXLOODJH VHUD WRXMRXUV DFWLI $XFXQH DXWUH WRXFKH QH SHXW rWUH DFWLYpH WDQW TXH OD VpFXULWp HQIDQWV Q·HVW SDV UHWLUpH 9HUURXLOODJH GHV ]RQHV GH FXLVVRQ 6L XQH RX SOXVLHXUV ]RQHV GH FXLVVRQ VRQW VRXV WHQ VLRQ YRXV SRXYH] OHV YHUURXLOOHU DILQ G·pYLWHU TXH OHV UpJODJHV HIIHFWXpV QH VRLHQW PRGLILpV LQYRORQWDLUH PHQW /D ]RQH GH FXLVVRQ DFWLYpH OH SRLQW GpFLPDO DIILFKp HW OD SXLVVDQFH VpOHFWLRQQpH DSSX\H] VXU OD WRXFKH FRUUHVSRQGDQW j OD ]RQH GH FXLVVRQ /H V\VWqPH GH YHUURXLOODJH HVW DFWLI /H SRLQW GpFLPDO VLWXp GDQV OH FDGUDQ G·DIILFKDJH FRUUHVSRQGDQW GLVSDUDvW HW ©$ª V·DIILFKH 6L YRXV DSSX\H] j QRXYHDX VXU OD WRXFKH OH SRLQW GpFLPDO UpDSSDUDvW HW OD VpFXULWp HVW DORUV GpYHUURXLOOpH YRXV SRXYH] j QRXYHDX PRGLILHU OHV GRQQpHV GH FHWWH ]RQH GH FXLVVRQ /RUVTXH OD VpFXULWp G·XQH ]RQH GH FXLVVRQ HVW DFWLYpH OHV WRXFKHV HW VRQW pJDOHPHQW YHU URXLOOpHV FRQWUH XQH PDQLSXODWLRQ LQYRORQWDLUH L /H PLQXWHXU SHXW FHSHQGDQW rWUH XWLOLVp LQGpSHQGDPPHQW GX YHUURXLOODJH GHV ]RQHV GH FXLVVRQV YRLU SDUDJUDSKH ©/H PLQXWHXU IRQFWLRQ VDEOLHUª 0RQWpH HQ WHPSpUDWXUH /H FRQWU{OH DXWRPDWLTXH UHQG OD FXLVVRQ DLVpH 9RXV Q·DYH] SDV EHVRLQ GH UHVWHU HQ SHUPDQHQFH SUqV GX IR\HU SHQGDQW OD FXLVVRQ /D ]RQH GH FXLVVRQ IRQF WLRQQH HQ SRVLWLRQ PD[LPXP ©ª SHQGDQW XQ WHPSV GpWHUPLQp SRXU OD PRQWpH HQ WHPSpUDWXUH DYDQW GH VH SRVLWLRQQHU VXU OD SXLVVDQFH TXH YRXV DYH] VpOHF WLRQQpH YRLU WDEOHDX 0LVH HQ IRQFWLRQQH PHQW GH OD PRQWpH HQ WHPSpUDWXUH $SSX\H] VXU OD WRXFKH FRUUHVSRQGDQW j OD ]RQH GH FXLVVRQ GpVLUpH SRXU VpOHFWLRQQHU XQH SXLV 8WLOLVH] OD WRXFKH VDQFH FRPSULVH HQWUH HW 9RXV DYH] VHFRQGHV SRXU VpOHFWLRQQHU FHWWH SXLVVDQFH $SUqV VHFRQGHV ©$ª DSSDUDvW GDQV O·pFUDQ G·DIIL FKDJH FRUUHVSRQGDQW /D PRQWpH HQ WHPSpUDWXUH HVW DORUV DFWLYH /D ]RQH GH FXLVVRQ PRQWHUD HQ WHPSpUDWXUH j OD SXLV VDQFH SXLV j OD SXLVVDQFH LQIpULHXUH TXH YRXV DYH] VpOHFWLRQQpH ([DPSOH L 9RXV DYH] VpOHFWLRQQp OD SXLVVDQFH SRXU OD FXLVVRQ $SUqV VHFRQGHV OD PRQWpH HQ WHPSpUDWXUH V·DFWLYH /D ]RQH GH FXLVVRQ PRQWHUD j OD SXLVVDQFH SHQGDQW PLQXWHV SXLV j OD SXLVVDQFH /D PRQWpH HQ WHPSpUDWXUH DXWRPDWLTXH QH SHXW rWUH DFWLYpH VL ! YRXV VpOHFWLRQQH] XQH SXLVVDQFH DYHF OD WRXFKH ! YRXV VpOHFWLRQQH] OD SXLVVDQFH 3XLVVDQFH 0RQWpH HQ WHPSpUDWXUH 'XUpH HQ PLQXWHV ,QGLFDWLRQ GH OD SXLV VDQFH VpOHFWLRQQpH 6L YRXV VRXKDLWH] HQ FRXUV GH FXLVVRQ TXH OD SXLV VDQFH VpOHFWLRQQpH DSSDUDLVVH VXU O·pFUDQ G·DIILFKDJH UHVSHFWLI DSSX\H] VXU OD WRXFKH FRUUHVSRQGDQW j OD ]RQH GH FXLVVRQ VpOHFWLRQQpH 0RGLILFDWLRQ GH OD SXLV VDQFH ORUVTXH YRXV DYH] VpOHFWLRQQp OD PRQWpH HQ WHPSpUDWXUH DXWRPDWLTXH /D ]RQH GH FXLVVRQ DFWLYpH OH SRLQW GpFLPDO DIILFKp GDQV O·pFUDQ G·DIILFKDJH UHVSHFWLI VpOHFWLRQQH] XQH DXWUH SXLVVDQFH HQ XWLOLVDQW OD WRXFKH 6L OD SXLVVDQFH HVW DXJPHQWpH j O·DLGH GH OD WRXFKH OD GXUpH GH OD PRQWpH HQ WHPSpUDWXUH DXWRPDWLTXH HVW FDOFXOpH DXWRPDWLTXHPHQW HQ SUHQDQW HQ FRQ VLGpUDWLRQ OD QRXYHOOH SXLVVDQFH HW OD QRXYHOOH GXUpH GH PRQWpH HQ WHPSpUDWXUH ([DPSOH L 9RXV DYH] VpOHFWLRQQp OD SXLVVDQFH GRQF OD PRQWpH HQ WHPSpUDWXUH HVW GH PLQXWH $X ERXW GH VHFRQGHV YRXV VRXKDLWH] VpOHFWLRQQHU OD SXLVVDQFH PRQWpH HQ WHPSpUDWXUH GH PLQXWHV /D PRQWpH HQ WHPSpUDWXUH YD GRQF VH SRXUVXLYUH SHQGDQW PLQXWHV 6L YRXV DSSX\H] VXU OD WRXFKH SRXU PRGL ILHU OD SXLVVDQFH OD PRQWpH HQ WHPSpUDWXUH QH VHUD SOXV DFWLYH 0HWWUH KRUV VHUYLFH OD IRQFWLRQ GH VDLVLH DXWR PDWLTXH 'qV TXH OH µ$µ V·DOOXPH GDQV O·LQGLFDWHXU GH QLYHDX GH FXLVVRQ /D ]RQH GH FXLVVRQ VRXKDLWpH GRLW rWUH DFWLYpH /H SRLQW GpFLPDO GH OD ]RQH GH FXLVVRQ FRUUHV SRQGDQWH GRLW rWUH DOOXPp (QIRQFHU OD WRXFKH 0RLQV 0LVH KRUV VHUYLFH DXWRPDWLTXH /H FRQWU{OH DXWRPDWLTXH UHQG OD FXLVVRQ DLVpH 9RXV Q·DYH] SDV EHVRLQ GH UHVWHU HQ SHUPDQHQFH SUqV GX IR\HU SHQGDQW OD FXLVVRQ OD ]RQH GH FXLVVRQ V·pWHLQGUD DXWRPDWLTXHPHQW j O·KHXUH GpVLUpH 6L DXFXQH ]RQH GH FXLVVRQ Q·HVW SURJUDPPpH OD PLVH KRUV VHUYLFH DXWRPDWLTXH SHXW rWUH XWLOLVpH FRPPH Up YHLO GH FXLVLQH YRLU FKDSLWUH µ8WLOLVDWLRQ GH OD PLVH KRUV VHUYLFH DXWRPDWLTXH FRPPH UpYHLO GH FXLVLQHµ 5pJOHU OD PLVH KRUV VHU YLFH DXWRPDWLTXH /D ]RQH GH FXLVVRQ VRXKDLWpH GRLW rWUH DFWLYpH /H SRLQW GpFLPDO GH OD ]RQH GH FXLVVRQ FRUUHV SRQGDQWH GRLW rWUH DOOXPp 6pOHFWLRQQHU XQ QLYHDX GH SXLVVDQFH HQWUH (QIRQFHU OD WRXFKH GH PLVH KRUV VHUYLFH DXWRPDWL TXH /·LQGLFDWHXU GH PLVH KRUV VHUYLFH DXWRPDWLTXH DIILFKH PDLQWHQDQW µµ $YHF OHV WRXFKHV 3OXV HW 0RLQV LQWURGXLUH OH WHPSV GH FXLVVRQ VRXKDLWp j PLQXWHV /H GpPDUUDJH GH OD PLVH KRUV VHUYLFH DXWRPDWLTXH D OLHX DXWRPDWLTXHPHQW DSUqV TXHOTXHV VHFRQGHV HW LQ GLTXH OH WHPSV GH FXLVVRQ UHVWDQW /D ODPSH WpPRLQ V·DOOXPH SRXU FKDTXH ]RQH GH FXLVVRQ TXL HVW SURJUDPPpH DYHF OD PLVH KRUV VHUYLFH DXWRPDWLTXH L $SSX\H] FRQWLQXHOOHPHQW VXU OD WRXFKH RX SRXU VpOHFWLRQQHU OD GXUpH SOXV UDSLGH PHQW 0RGLILFDWLRQ GH OD GXUpH GH FXLVVRQ SURJUDPPpH /D GXUpH GH FXLVVRQ SHXW rWUH PRGLILpH XOWpULHXUHPHQW VL QpFHVVDLUH /D ]RQH GH FXLVVRQ VRXKDLWpH GRLW rWUH DFWLYpH /H SRLQW GpFLPDO GH OD ]RQH GH FXLVVRQ FRUUHVSRQ GDQWH GRLW rWUH DOOXPp (QIRQFHU OD WRXFKH GH PLVH KRUV VHUYLFH DXWRPDWL TXH $YHF OHV WRXFKHV 3OXV HW 0RLQV LQWURGXLUH XQ QRXYHDX WHPSV GH FXLVVRQ L RX $SSX\H] FRQWLQXHOOHPHQW VXU OD WRXFKH SRXU VpOHFWLRQQHU OD GXUpH SOXV UDSLGH PHQW 5DSSHO GH OD GXUpH GH FXLVVRQ 3RXU UDSSHOHU VXU O·pFUDQ G·DIILFKDJH OD GXUpH GH FXLVVRQ SURJUDPPpH DSSX\H] VXU OD WRXFKH FRU UHVSRQGDQW j OD ]RQH GH FXLVVRQ VpOHFWLRQQpH 'pVDFWLYHU OD PLVH KRUV VHUYLFH DXWRPDWLTXH /RUVTXH OH WHPSV HVW pFRXOp OD ]RQH GH FXLVVRQ HVW PLVH KRUV VHUYLFH (Q PrPH WHPSV XQ VLJQDO VRQRUH UHWHQWLW SHQGDQW PLQXWHV HW OD ODPSH WpPRLQ GH OD ]RQH GH FXLVVRQ DUULYpH j ILQ GH FXLVVRQ FOLJQRWH PLQ 3RXU FRXSHU OH VLJQDO VRQRUH DYDQW O·H[SLUDWLRQ GHV GHX[ PLQXWHV HQIRQFH] XQH WRXFKH GH YRWUH FKRL[ RX VL YRXV YRXOH] GpVDFWLYHU SUpPDWXUpPHQW OD PLVH KRUV VHUYLFH DXWRPDWLTXH /D ]RQH GH FXLVVRQ VRXKDLWpH GRLW rWUH DFWLYpH /H SRLQW GpFLPDO GH OD ]RQH GH FXLVVRQ FRUUHVSRQ GDQWH GRLW rWUH DOOXPp (QIRQFH] OD WRXFKH GH PLVH KRUV VHUYLFH DXWRPDWL TXH $YHF OD WRXFKH 0RLQV UDPHQH] VXU µµ /D PLVH KRUV VHUYLFH DXWRPDWLTXH HVW PDLQWHQDQW GpV DFWLYpH OD ]RQH GH FXLVVRQ UHVWH HQ VHUYLFH MXVTX·j FH TXH YRXV OD PHWWLH] PDQXHOOHPHQW KRUV VHUYLFH 3RXU PHWWUH UDSLGHPHQW KRUV VHUYLFH /D ]RQH GH FXLVVRQ VRXKDLWpH GRLW rWUH DFWLYpH /H SRLQW GpFLPDO GH OD ]RQH GH FXLVVRQ FRUUHVSRQ GDQWH GRLW rWUH DOOXPp /RUVTX·RQ DSSXLH VLPXOWDQpPHQW VXU OHV WRXFKHV 3OXV HW 0RLQV OD ]RQH GH FXLVVRQ HVW PLVH UD SLGHPHQW KRUV VHUYLFH 8WLOLVDWLRQ GH OD PLVH KRUV VHUYLFH DXWRPDWLTXH FRPPH UpYHLO GH FXLVLQH /D PLVH KRUV VHUYLFH DXWRPDWLTXH SHXW pJDOHPHQW rWUH XWLOLVpH FRPPH UpYHLO GH FXLVLQH SRXU DXWDQW TXH OD PLVH KRUV VHUYLFH DXWRPDWLTXH QH VRLW SDV GpMj XWLOLVpH SRXU XQH ]RQH GH FXLVVRQ 0LVH HQ IRQFWLRQQH PHQW GX ©VDEOLHUª 6L O·DSSDUHLO HVW pWHLQW $SSX\H] VXU OD WRXFKH 0$5&+( $55(7 (QIRQFHU OD WRXFKH GH PLVH KRUV VHUYLFH DXWRPDWL TXH $SSX\H] VXU OD WRXFKH RX SRXU LQGLTXHU XQH GXUpH 6L O·DSSDUHLO HVW HQ IRQFWLRQQHPHQW ]RQHV GH FXLVVRQ DFWLYpHV 9HUURXLOOH] OHV ]RQHV GH FXLVVRQ HQ DSSX\DQW VXU OD WRXFKH /HV SRLQWV GpFLPDX[ FRUUHVSRQGDQWV GLVSD UDvVVHQW (QIRQFHU OD WRXFKH GH PLVH KRUV VHUYLFH DXWRPDWL TXH $SSX\H] VXU OD WRXFKH RX SRXU LQGLTXHU XQH GXUpH 0HWWUH OH UpYHLO GH FXLVLQH KRUV VHUYLFH /RUVTXH OH WHPSV HVW pFRXOp µµ FOLJQRWH SHQGDQW VHFRQGHV XQ VLJQDO VRQRUH UHWHQWLW SHQGDQW PLQXWHV 3RXU FRXSHU OH VLJQDO VRQRUH DYDQW O·H[SLUDWLRQ GHV GHX[ PLQXWHV HQIRQFH] XQH WRXFKH GH YRWUH FKRL[ RX VL YRXV YRXOH] GpVDFWLYHU SUpPDWXUpPHQW OH UpYHLO GH FXLVLQH (QIRQFH] OD WRXFKH GH PLVH KRUV VHUYLFH DXWRPDWL TXH $YHF OD WRXFKH 0RLQV UDPHQH] VXU µµ /H UpYHLO GH FXLVLQH HVW PDLQWHQDQW GpVDFWLYp 3RXU PHWWUH UDSLGHPHQW KRUV VHUYLFH /RUVTX·RQ DSSXLH VLPXOWDQpPHQW VXU OHV WRXFKHV 3OXV HW 0RLQV OH UpYHLO GH FXLVLQH HVW UDSLGH PHQW GpVDFWLYp /D EDWWHULH GH FXLVLQH DSSURSULpH &RQVRPPDWLRQ G·pQHUJLH MXGLFLHXVH 3RXU pFRQRPLVHU GH O·pQHUJLH YRXV GHYULH] Q·XWLOLVHU TXH GHV UpFLSLHQWV GH FXLVVRQ HW GH IULWXUH DX IRQG OLVVH HW SODW WRXMRXUV GpSRVHU OHV FDVVHUROHV HW SRrOHV VXU OD ]RQH GH FXLVVRQ DYDQW GH O·HQFOHQFKHU GDQV OD PHVXUH GX SRVVLEOH WRXMRXUV IHUPHU OHV FDVVHUROHV RX OHV SRrOHV DX PR\HQ GX FRXYHUFOH GpFOHQFKHU OD ]RQH GH FXLVVRQ TXHOTXHV PLQXWHV DYDQW OD ILQ GH OD FXLVVRQ DILQ G·XWLOLVHU OD FKDOHXU UpVLGXHOOH XWLOLVHU OD FKDOHXU UpVLGXHOOH GHV ]RQHV GH FXLVVRQ SRXU WHQLU DX FKDXG OHV DOLPHQWV RX IDLUH IRQGUH 3RVHU OHV FDVVHUROHV RX OHV SRrOHV DX FHQWUH &DVVHUROHV HW SRrOHV /HV FDVVHUROHV HW OHV SRrOHV QH GRLYHQW SDV rWUH SOXV SHWLWHV TXH OD ]RQH GH FXLVVRQ HW GDQV OD PHVXUH GX SRVVLEOH QH SDV GpSDVVHU GH SOXV GH PP OH GLDPqWUH GH OD ]RQH GH FXLVVRQ 1·XWLOLVHU TXH GHV EDWWHULHV GH FXLVLQH FRPSUHQDQW GHV UpFLSLHQWV DX IRQG OLVVH HW SODW /H IRQG GRLW WRXMRXUV rWUH SURSUH HW VHF 7RXMRXUV PLMR WHU DYHF OH FRXYHUFOH IHUPp 9HLOOHU j FH TXH OHV IRQGV VRLHQW OLVVHV HW LQWDFWV FDU OHV IRQGV GH FDVVHUROH DYHF GHV DUrWHV RX GHV ERUGV DX[ DUrWHV YLYHV JpQpUHQW GHV UD\XUHV VXU OD VXUIDFH YLWURFpUDPLTXH /HV UD\XUHV SHXYHQW rWUH pJDOHPHQW GXHV j GHV JUDLQV GH VDEOH SURYHQDQW SDU H[ G·XQ QHWWR\DJH SUpDODEOH GH OpJXPHV TXL VRQW WLUpV SDU OD FDVVHUROH VXU OD VXU IDFH GH FXLVVRQ RX HQFRUH j GHV DUrWHV RX j GHV ERUGV GH IRQG GH FDVVHUROH RX GH SRrOH /HV UpFLSLHQWV DX IRQG HQ DOXPLQLXP RX HQ FXLYUH SHX YHQW ODLVVHU GHV WUDFHV GH GpFRORUDWLRQ PpWDOOLTXH VXU OD VXUIDFH YLWURFpUDPLTXH OHVTXHOOHV QH SHXYHQW DORUV rWUH pOLPLQpHV TXH GLIILFLOHPHQW RX SDV GX WRXW 3RXU pYLWHU G·DYRLU GHV UD\XUHV GLVJUDFLHXVHV VXU OD VXUIDFH GH FXLVVRQ YLWURFpUDPLTXH LO IDXGUDLW QH SDV SRXVVHU OHV FDVVHUROHV RX OHV SRrOHV SRXU OHV GpSODFHU PDLV SOXW{W OHV VRXOHYHU $ O·pWDW IURLG OHV IRQGV GH FDVVHUROHV VRQW HQ JpQpUDO OpJqUHPHQW ERPEpV YHUV O·LQWpULHXU FRQFDYHV G·HQYL URQ PP ,OV QH GRLYHQW HQ DXFXQ FDV rWUH ERPEpV YHUV O·H[WpULHXU FRQYH[HV 9pULILH] DSUqV XWLOLVDWLRQ VL OD WDEOH GH FXLVVRQ D pWp PLVH KRUV WHQVLRQ 7RXV OHV ERXWRQV WRXU QDQWV HW WRXFKHV GRLYHQW VH WURXYHU VXU OD SRVL WLRQ $55(7 FRQYH[ FRQNDY 1HWWR\DJH HW VRLQV 3RXU QHWWR\HU OD YLWURFpUDPLTXH LO IDXW DSSOLTXHU OHV PrPHV FULWqUHV TXH SRXU OHV VXUIDFHV HQ YHUUH 1H MDPDLV XWLOLVHU GH SURGXLWV GH QHWWR\DJH UpFXUDQWV RX DJUHVVLIV GH OD SRXGUH j UpFXUHU RX GHV pSRQJHV HWF j VXUIDFH UXJXHXVH ,O \ D GHV SURGXLWV GH QHWWR\DJH VSpFLDX[ HW GHV JUDWWR LUV j ODPH GDQV OHV JUDQGHV VXUIDFHV OHV FRPPHUFHV VSpFLDOLVpV HQ PDWpULHO pOHFWULTXH OHV FRPPHUFHV GH GURJXHULH DLQVL TXH OHV FRPPHUFHV G·DOLPHQWDWLRQ 1HWWR\HU DSUqV FKDTXH XWLOLVDWLRQ /HV VDOLVVXUHV OpJqUHV HW QRQ LQFUXVWpHV V·HQOqYHQW ORUVTX·HOOHV VRQW IURLGHV DX PR\HQ G·XQ FKLIIRQ KXPLGH RX G·XQ FKLIIRQ DEVRUEDQW VDQV HPSOR\HU GH SURGXLWV GH QHWWR\DJH 6L YRXV XWLOLVH] GHV SURGXLWV GH ODYDJH GHV GpFR ORUDWLRQV EOHXkWUHV SHXYHQW DSSDUDvWUH &HV WD FKHV UpVLVWDQWHV QH SHXYHQW SDV WRXMRXUV rWUH pOL PLQpHV ORUV GX SUHPLHU QHWWR\DJH HWRX VHXOHPHQW DYHF GX SURGXLW GH QHWWR\DJH SRXU YL WURFpUDPLTXH /HV VDOLVVXUHV j IRUWH DGKpUHQFH SHXYHQW rWUH HQOHYpHV j IURLG DX PR\HQ G·XQ SURGXLW GH QHW WR\DJH SRXU YLWURFpUDPLTXH HW G·XQ UDFORLU j ODPH (QVXLWH HVVX\HU OD VXUIDFH GH FXLVVRQ j O·DLGH G·XQ FKLIIRQ KXPLGH QHWWR\DJH XOWpULHXU (OLPLQHU OHV WDFKHV /HV WDFKHV FODLUHV GH FRXOHXU QDFUH UpVLGXV G·DOXPLQLXP SHXYHQW rWUH pOLPLQpHV GH VXU OD WD EOH GH FXLVVRQ UHIURLGLH DX PR\HQ G·XQ SURGXLW GH QHWWR\DJH SRXU YLWURFpUDPLTXH /HV WUDFHV GH FDO FDLUH GXHV SDU H[ j XQ GpERUGHPHQW G·HDX VXU FKDXIIpH SHXYHQW rWUH pOLPLQpHV DYHF GX YLQDLJUH GH QHWWR\DJH RX DYHF XQ SURGXLW GH QHWWR\DJH SRXU YLWURFpUDPLTXH 3RXU pOLPLQHU GX VXFUH GHV DOLPHQWV FRQWH QDQW GX VXFUH GH OD PDWLqUH V\QWKpWLTXH RX GH OD IHXLOOH G·DOXPLQLXP OD ]RQH GH FXLVVRQ FRQ FHUQpH QH GRLW SDV rWUH PLVH KRUV WHQVLRQ (OLPLQH] LPPpGLDWHPHQW HW j IRQG OHV UHVWHV j O·pWDW FKDXG GH VXU OD ]RQH GH FXLVVRQ FKDXGH DX PR\HQ G·XQ UDFORLU j ODPH 3URWpJH] YRV PDLQV GHV EUOXUHV 8QH IRLV OD VDOLVVXUH pOLPLQpH OD ]RQH GH FXLVVRQ SHXW rWUH pWHLQWH SXLV QHWWR\pH GH QRXYHDX DX PR\HQ G·XQ SURGXLW GH QHWWR\DJH SRXU YLWURFpUDPLTXH ORUVTXH TX·HOOH VHUD UHGHYH QXH IURLGH 1·DSSOLTXH] SDV OHV SURGXLWV GH QHWWR\DJH SRXU YL WURFpUDPLTXH VXU XQH ]RQH GH FXLVVRQ FKDXGH /H PLHX[ HVW GH ODLVVHU VpFKHU OH SURGXLW GH QHW WR\DJH SXLV GH O·HVVX\HU HQ KXPLGLILDQW 6·LO GHYDLW UHVWHU GHV UpVLGXV GH SURGXLWV GH QHWWR\DJH pOLPL QH] FHX[FL HQ OHV HVVX\DQW j O·DLGH G·XQ FKLIIRQ KXPLGH QHWWR\DJH XOWpULHXU DYDQW GH FKDXIIHU GH QRXYHDX 6LQRQ FHX[FL SRXUUDLHQW GHYHQLU FRUUR VLIV 3UREOqPHV SDUWLFXOLHUV 3UREOqPHV SDUWLFXOLHUV VL XQ SURGXLW GH QHWWR\DJH FKLPLTXH QH VXIILW SDV 9R\H] VL YRXV Q·DUULYH] SDV SOXV YLWH j YRV ILQV DYHF OH JUDWWRLU GH QHWWR\DJH VL GHV WDFKHV VRPEUHV VRQW DSSDUXHV 6L OH QHWWR\DJH DX PR\HQ GX UDFORLU GH QHWWR\DJH HW G·XQ SURGXLW GH QHWWR\DJH SRXU DFLHU LQR[ Q·DSSRUWH SDV G·DPpOLRUDWLRQ LO V·DJLW YUDLVHPEODEOHPHQW G·XQ GpFRU TXL D pWp DEUDVp j FDXVH G·XQ SURGXLW GH QHWWR\DJH LQDSSURSULp RX GH IRQGV GH FDVVHUROH WUHPEORWDQWV /D FDSDFLWp GH IRQFWLRQQHPHQW GH OD WDEOH GH FXLVVRQ QH V·HQ WURXYH SDV DOWpUpH VL GHV GpFRORUDWLRQV PpWDOOLTXHV DSSDUDLVVHQW VXU OHV ]RQHV GH FXLVVRQ 'HV FDVVHUROHV RX GHV SRrOHV DX IRQG LQDGDSWp RX VXUWRXW GHV SURGXLWV GH QHWWR\DJH LQDSSURSULpV RQW pWp XWLOLVpV $ SUpVHQW FHV GpFRORUDWLRQV QH SHXYHQW rWUH pOLPLQpHV TX·DYHF SHLQH j O·DLGH G·XQ SURGXLW GH QHWWR\DJH SRXU YLWURFpUDPLTXH RX DFLHU LQR[ VL OD VXUIDFH SUpVHQWH GHV UD\XUHV RX GHV FDYLWpV &HV GpIDXWV G·DVSHFW GXV j GHV REMHWV DEUDVLIV RX D\DQW IRQGX QH SHXYHQW SOXV rWUH pOLPLQpV /D FDSDFLWp GH IRQFWLRQQHPHQW GH OD WDEOH GH FXLVVRQ QH V·HQ WURXYH SDV DOWpUpH 1RXV GpFOLQRQV WRXWH UHVSRQVDELOLWp HQ FDV GH WUDLWHPHQW LQDSSURSULp GH OD VXUIDFH GH FXLVVRQ YL WURFpUDPLTXH 4XH IDLUH VL $LGH HQ FDV GH SDQQH /HV GpUDQJHPHQWV RQW VRXYHQW GHV FDXVHV PLQLPHV DX[TXHOOHV OHV LQGLFDWLRQV FLDSUqV YRXV SHUPHWWURQW GH UHPpGLHU YRXVPrPH 1·HIIHFWXH] SDV G·DXWUHV WUDYDX[ YRXVPrPH VL OHV LQIRUPDWLRQV TXL VXLYHQW VRQW LQVXIILVDQWHV $YHUWLVVHPHQW /HV UpSDUDWLRQV VXU O·DSSDUHLO GRLYHQW rWUH HIIHFWXpHV XQLTXHPHQW SDU GHV SURIHVVLRQQHOV /HV UpSDUDWLRQV QRQ HIIHFWXpHV GDQV OHV UqJOHV SHXYHQW rWUH OD VRXUFH GH GDQJHUV LPSRUWDQWV SRXU O·XWLOLVDWHXU 3RXU WRXWH UpSDUDWLRQ DGUHVVH]YRXV j YRWUH UHYHQGHXU RX DX VHUYLFH DSUqVYHQWH 4XH IDLUH VL O·DIILFKDJH GLVSDUDvW EUXVTXHPHQW VDXI O·LQGLFD WLRQ GH FKDOHXU UHVWDQWH " HQ FRXUV GH FKDXIIH XQ URQIOHPHQW VH IDLW HQWHQ GUH" 9pULILH] VL OD WRXFKH $UUrW0DUFKH D pWp DFWLRQQpH SDU PpJDUGH OHV WRXFKHV VHQVLWLYHV VRQW SDUWLHOOHPHQW UHFRXYHU WHV SDU XQ FKLIIRQ KXPLGH GX OLTXLGH RX DXWUH O·DIILFKDJH GLVSDUDvW EUXVTXHPHQW" XQH SDQQH GH FRXUDQW WHPSRUDLUH V·HVW SURGXLWH DSUqV DYRLU GpFRQQHFWp OHV ]RQHV GH FXLVVRQ O·LQ SRXU OD FKDOHXU GLFDWHXU QH IDLW SDV DSSDUDvWUH GH UpVLGXHOOH" &H Q·HVW SDV XQ GpUDQJHPHQW /H EUXLW GLVSDUDvW SDU OD VXLWH GHV FKDQJHPHQWV GH FRXOHXU GH OD WDEOH GH FXLV VRQ DSSDUDLVVHQW ,O QH V·DJLW SDV G·XQH PRGLILFDWLRQ GX PDWpULDX PDLV GH UpVLGXV EUOpV QRQ UpJXOLqUHPHQW HQOHYpV ,OV Q·RQW DXFXQH LQIOXHQFH VXU OH IRQFWLRQQHPHQW HW OD GX UDELOLWp GH OD VXUIDFH YLWURFpUDPLTXH YRLU HQWUHWLHQ OHV ]RQHV GH FXLVVRQ QH IRQFWLRQQHQW SDV" 9pULILH] VL O·DSSDUHLO HVW HQFOHQFKp OHV YR\DQWV OXPLQHX[ GX EDQGHDX GH FRPPDQGH VRQW DOOXPpV OD ]RQH GH FXLVVRQ FRUUHVSRQGDQWH HVW HQFOHQFKpH OH QLYHDX GH FXLVVRQ GH OD ]RQH GH FXLVVRQ FRUUHV SRQGDQWH HVW UpJOp VXU OH QLYHDX GpVLUp GH SRXUVXLWH GH OD FXLVVRQ H IXVLEOH GH O·LQVWDOODWLRQ pOHFWULTXH FRIIUHW GH GLVWUL EXWLRQ HVW LQWDFW 6L OHV IXVLEOHV VDXWHQW GH PDQLqUH UpSpWpH DSSHOH] XQ pOHFWULFLHQ DJUpp OD GpFRQQH[LRQ GH VpFXULWp GHV ]RQHV GH FXLVVRQ D GpFOHQFKp OHV ]RQHV GH FXLVVRQ QH YHXOHQW SDV V·HQFOHQFKHU" 9pULILH] VL OH EDQGHDX GH FRPPDQGH HVW YHUURXLOOp XQ GpODL GH SOXV GH VHFRQGHV V·HVW pFRXOp HQWUH O·DFWLRQQHPHQW GH OD WRXFKH 0DUFKH$UUrW HW O·HQFOHQFKHPHQW GH OD ]RQH GH FXLVVRQ GpVLUpH OD VXUIDFH GH FRQWDFW HVW WURS JUDQGH OH GRLJW QH GRLW rWUH TXH OpJqUHPHQW SRVp OHV WRXFKHV VHQVLWLYHV VRQW SDUWLHOOHPHQW UHFRXYHU WHV G·XQ OLQJH KXPLGH RX GH OLTXLGH DSUqV XQH FRXSXUH GH FRXUDQW OH EDQGHDX GH FRP PDQGH D pWp DFWLRQQp WURS W{W SRXU \ UHPpGLHU HQOH YHU OHV IXVLEOHV SRXU XQH FRXUWH SpULRGH SXLV OHV UH PHWWUH HQ SODFH 9pULILH] VL OD ]RQH GH FXLVVRQ Q·DYDLW IRQFWLRQQp TXH EULqYHPHQW HW Q·HVW GRQF SDV HQFRUH DVVH] FKDXGH 6L OD ]RQH GH FXLVVRQ HVW FKDXGH DSSHOH] XQ pOHFWULFLHQ DJUpp RX QRWUH VHUYLFH DSUqV YHQWH XQH ]RQH GH FXLVVRQ QH SHXW rWUH GpFRQQHFWpH" 9pULILH] VL OHV WRXFKHV VHQVLWLYHV VRQW SDUWLHOOHPHQW UHFRXYHU WHV SDU XQ FKLIIRQ KXPLGH GX OLTXLGH RX DXWUH OD WRXFKH GH VpOHFWLRQ GH OD ]RQH GH FXLVVRQ FRUUHV SRQGDQWH HVW DFWLYH FjG VL OH SRLQW GpFLPDO HVW DO OXPp DXFXQH GHV ]RQHV GH FXLVVRQ QH FKDXIIH ELHQ TXH OD ]RQH GH FRPPDQGH IRQFWLRQQH FRUUHFWHPHQW" 9RXV DYH] S H[ ORUV GX QHWWR\DJH GH O·DSSDUHLO HQ IRQF WLRQQHPHQW HQFOHQFKp SDU LQDGYHUWDQFH OH PRGH 'pPR 3RXU GpVDFWLYHU FHOXLFL YHLOOH] G·DERUG j GpVDFWLYHU OD WRXFKH GH YHUURXLOODJH .H\/RFN HW PHWWH] O·DSSDUHLO KRUV VHUYLFH 3URFpGH] HQVXLWH FRPPH VXLW (QFOHQFKH] O·LQWHUUXSWHXU SULQFLSDO SXLV SURFpGH] FRPPH VXLW GDQV OHV VHFRQGHV $SSX\H] VLPXOWDQpPHQW VXU OD WRXFKH GH YHUURXLOODJH OD WRXFKH GH ]RQH GH FXLVVRQ 9/ HW +/ SDV SOXV ORQJ WHPSV TXH V DSUqV DYRLU UHOkFKp OHV WRXFKHV XQ ELS VH IDLW HQWHQ GUH DSSX\H] DORUV VXU OD WRXFKH 0RLQV /D WDEOH GH FXLVVRQ HVW j QRXYHDX HQ IRQFWLRQQHPHQW QRUPDO 6L YRXV IDLWHV DSSHO DX VHUYLFH DSUqV YHQWH SRXU O·XQH GHV LQGLFDWLRQV FLGHVVXV RX VXLWH j GHV HUUHXUV GH PDQLSXODWLRQ OH GpSODFHPHQW GX WHFKQLFLHQ GHYUD rWUH IDFWXUp PrPH SHQGDQW OD SpULRGH GH JDUDQWLH 6L SRXU XQH UDLVRQ RX XQ GpIDXW TXHOFRQTXH OD FRPPDQGH QH VH ODLVVH SOXV FRPPDQGHU DORUV TX·HOOH HVW HQ VHUYLFH FRXSH] XQ LQWHUUXSWHXU SULQFLSDO V·LO \ HQ D XQ RX GpYLVVH] OH IXVLEOH FRUUHVSRQGDQW HW DYHUWLVVH] OH VHUYLFH DSUqV YHQWH 0HWWUH OHV LQWHUUXSWHXUV GH IR\HU RX OHV WRX FKHV VXU OD SRVLWLRQ $55(7 0HWWH] OHV FRXSHFLUFXLW DXWRPDWLTXHV KRUV WHQVLRQ UHVS UHWLUHU OHV IXVLEOHV $QQRQFH] YRWUH UpFODPDWLRQ j YRWUH pOHFWULFLHQ RX DX VHUYLFH DSUqVYHQWH FRPSpWHQW 6&+277 &(5$19 6L OD WDEOH GH FXLVVRQ GHYDLW SUpVHQWHU XQH FDVVXUH GDQV OH YHUUH YHXLOOH] DORUV LQGLTXHU DX SRLQW GH VHUYLFH DSUqVYHQWH OH QXPpUR j WURLV FKLIIUHV VH WURXYDQW VXU OD SODTXH HQ YHUUH 6HUYLFH ,PSRUWDQW 9HXLOOH] WRXMRXUV LQGLTXHU OH QXPpUR GH SURGXLW OH QXPpUR GH VpULH HW OD GpVLJQDWLRQ GH PRGqOH GH OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH SRXU FRPPDQGHU GHV SLqFHV GH UHFKDQJH RX GHV DFFHVVRLUHV GHPDQGHU GHV SUpFLVLRQV WHFKQLTXHV IDLUH DSSHO DX VHUYLFH DSUqVYHQWH /H QXPpUR GH VpULH GRLW rWUH UHSRUWp GDQV OD SOD TXH VLJQDOpWLTXH GH FH PDQXHO G·XWLOLVDWLRQ DYDQW GH SURFpGHU j O·LQVWDOODWLRQ GH OD WDEOH GH FXLVVRQ /D SODTXH VLJQDOpWLTXH G·RULJLQH VH WURXYH VXU O·KDELO ODJH LQIpULHXU GH OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH HW GH FH IDLW Q·HVW SOXV DFFHVVLEOH DSUqV OH PRQWDJH &DUDFWpULVWLTXHV WHFKQLTXHV 'LPHQVLRQV H[WpULHXUHV ORQJXHXU ODUJHXU KDXWHXU PP PP PP 'LPHQVLRQV O·RXYHUWXUH ORQJXHXU ODUJHXU UD\RQ PP PP PP PP 5 5 7HQVLRQ 9 a +] &RUSV GH FKDXIIH 1XPpUR GH SURGXLW N: 1XPpUR GH 6pULH 'pVLJQH GX PRGHOOR Prod-nr: 7.70 kW 400 V 2-3 SC Typ 240.6fVPDNNPONC ~ 50 Hz 941 591 424 Serie GK 78 TC.1 RO ,QVWUXFWLRQV G·LQVWDOODWLRQ /·DSSDUHLO QH GRLW rWUH UDFFRUGp TXH SDU XQ pOHFWULFLHQ TXDOLILp /RUV GX PRQWDJH HW HQ FDV GH UpYLVLRQ OH IRXU HQ FDVWUDEOH OH UpFKDXG HQFDVWUDEOH OD ERvWH GH FRPPDQGH HQFDVWUDEOH RX OD FRPPDQGH pOHF WURQLTXH GRLW rWUH FRXSp GX UpVHDX HQ PHWWDQW OHV FRXSHFLUFXLWV KRUV WHQVLRQ RX HQ UHWLUDQW OHV IXVLEOHV /HV GLUHFWLYHV JpQpUDOHV VXU O·H[SORLWDWLRQ GHV DSSDUHLOV pOHFWULTXHV OHV SUHVFULSWLRQV GX IRXU QLVVHXU G·pOHFWULFLWp FRPSpWHQW DLQVL TXH OHV LQ GLFDWLRQV FRQWHQXHV GDQV OH PDQXHO G·LQVWDOOD WLRQ GRLYHQW rWUH VFUXSXOHXVHPHQW REVHUYpHV 6723 ,O Q·HVW SDV SHUPLV GH UDFFRUGHU GHV WDEOHV GH FXLVVRQ YLWURFpUDPLTXHV HQGRPPDJpHV HW FRP SRUWDQW GHV ILVVXUHV RX GHV FDVVXUHV VXU OD VXU IDFH YLWURFpUDPLTXH 'pEDOODJH 9pULILH] VL O·DSSDUHLO D VXEL GHV GpJkWV GXV DX WUDQVSRUW 6L GHV GRPPDJHV VRQW j GpSORUHU YHXLOOH] LPPpGLDWH PHQW LQIRUPHU YRWUH YHQGHXU (QFDVWUHPHQW GDQV XQ SODQ GH WUDYDLO GH FXLVLQH /D VpFXULWp DX QLYHDX pOHFWULTXH GRLW rWUH DVVXUpH SDU XQ PRQWDJH DSSURSULp /D SURWHFWLRQ FRQWUH OHV FRQWDFWV DFFLGHQWHOV HW OD VpFXULWp pOHFWULTXH FRQIRUPHV DX[ GLVSRVLWLRQV $6(9'( GRLYHQW rWUH DVVXUpHV SDU XQ PRQWDJH FRUUHFW GH OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH GDQV GHV SODQV GH WUDYDLO GH FXLVLQH DGDSWpV &HOD V·DSSOLTXH pJDOHPHQW j O·DUPRLUH LQIpULHXUH /D WDEOH GH FXLVVRQ YLWURFpUDPLTXH QH GRLW SDV rWUH DFFHVVLEOH j SDUWLU GX GHVVRXV /HV DUPRLUHV j HQFDVWUHU GRLYHQW rWUH PRQWpHV HW IL[pHV GH IDoRQ j SUpYHQLU XQ UHQYHUVHPHQW &RWHV GH PRQWDJH )LJ PLQ PP PLQ PP PLQ PP PP PP )LJ /·RXYHUWXUH GDQV OH SODQ GH WUDYDLO GH FXLVLQH HW O·DUPRLUH LQIpULHXUH GRLW FRUUHVSRQGUH DX[ FRWHV XVXHOOHV 9RXV WURXYHUH] OHV LQIRUPDWLRQV QpFHVVDLUHV GDQV OH VFKpPD GLPHQVLRQQHO ,O GRLW \ DYRLU XQ HVSDFH OLEUH G·DX PRLQV PP VRXV OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH ILJ /HV WLURLUV QH SHXYHQW rWUH PRQWpV VRXV OD WDEOH GH FXLVVRQ TX·DYHF XQH W{OH GH SURWHFWLRQ ILJ 1R $%*. DFFHVVRLUH GH PRQWDJH YLWURFpUDPL TXH /·HVSDFHPHQW ODWpUDO GH OD WDEOH GH FXLVVRQ SDU UDS SRUW j XQH DUPRLUH KDXWH HW j OD SDURL DUULqUH GRLW rWUH G·DX PRLQV PP ILJ (Q FH TXL FRQFHUQH OD SURWHFWLRQ FRQWUH OHV ULV TXHV G·LQFHQGLH O·DSSDUHLO HVW FRQIRUPH DX W\SH < &(, 6HXOV GHV DSSDUHLOV GH FH W\SH GRLYHQW rWUH LQVWDOOpV j F{Wp G·pOpPHQWV GH FXLVLQH KDXWV RX PXUDX[ 'HWDLO $ R14 8 1SRXEKI )LJ HERW PI PEZE SY PE TMIVVI R12 466 'pFRXSHU O·RXYHUWXUH GDQV OH SODQ GH WUDYDLO HQ IRQFWLRQ GHV FRWHV G·RXYHUWXUH SUHVFULWHV )LJ 'pWDLO $% /HV WROpUDQFHV QH GRLYHQW SDV rWUH GpSDVVpHV – 1 8,5 60 0 90 R5 = 6 72 48 3 74 3 = 5HPSOLU O·HVSDFH HQWUH OD 9LWURFpUDPLTXH HW OH GHV VXV GH WDEOH DYHF XQH PDWLqUH VLOLFRQ FROOH E DS SURSULpH /H IDEULFDQW Q·HVW SDV UHVSRQVDEOH GX GRPPDJH UHVXOWDQW G·XQ PDXYDLV PRQWDJH 726 R14 %LHQ QHWWR\HU OH SODQ GH WUDYDLO DX QLYHDX GH O·RX YHUWXUH )L[HU OH JRPPH pODVWLTXH GH PRXVVH j UpSUHVVLRQ GH FRXSV D ,QVpUHU OH SODQ GH FXLVVRQ YLWURFpUD PLTXH $MXVWHU OH SODQ GH FXLVVRQ YLWURFpUDPLTXH SRXU TXH VXEVLVWH GH WRXV OHV F{WpV XQ HVSDFH GH JUDQGHXU XQLIRUPH /H SODQ GH FXLVVRQ YLWURFpUD PLTXH QH GRLW SDV rWUH IL[p R5 –1 'HWDLO % (IQSRXEKI HI PE XEFPI ZMXVSGÃVEQMUYI 8 2 4,75 743x483 R14 739x479 R12 b a 44 &RQWUDLUHPHQW DX[ SUHVFULSWLRQV G·LQVWDOODWLRQ GRPH VWLTXHV GH O·$6( FKLIIUH OD WDEOH GH FXLVVRQ YLWURFpUDPLTXH j HQFDVWUHU SHXW rWUH LQWpJUpH GDQV XQ PDWpULDX FRPEXVWLEOH /HV pOpPHQWV SDURLV ODWpUDOHV OLVWHDX[ GH UHQIRUFHPHQW HWF GpSDVVDQW GDQV O·HV SDFH VLWXp DXGHVVRXV GH OD ]RQH GH FXLVVRQ GRLYHQW rWUH IDEULTXpV GDQV XQH PDWLqUH LQFRPEXVWLEOH )LJ min.25 0HWWUH KRUV WHQVLRQ OD WDEOH GH FXLVVRQ YLWURFpUD PLTXH &RXSHU OH ORQJ ERUG GX YHUUH HW VXU WRXWH OD SURIRQ GHXU GX MRLQW DX PR\HQ G·XQ FRXWHDX DSSURSULp OD SkWH G·pWDQFKpLWp VLOLFRQH DSSOLTXpH F{Wp EkWL PHQW 6RXOHYHU DYHF SUpFDXWLRQ OD WDEOH GH FXLV VRQ YLWURFpUDPLTXH GH SDU EDV DX PR\HQ G·XQ WRXUQHYLV DSSOLTXp FRQWUH OH EDF GH VXEVWUXFWXUH /RUV GX UHPRQWDJH YHLOOHU j FH TXH O·DQFLHQQH SkWH VLOLFRQH HW OD EDQGH GH FDRXWFKRXF VSRQJLHX[ VRLW pOLPLQpHV SURSUHPHQW HW TX·XQH QRXYHOOH EDQGH HQ FDRXWFKRXF VSRQJLHX[ GHVWLQpH j DPRUWLU OHV FKRFV VRLW HQVXLWH PRQWpH GLVSRQLEOH DX VHUYLFH GH YHQWH GH SLqFHV GH UHFKDQJH /·HQFDVWUHPHQW VH IHUD VHORQ OH WH[WH DXGHVVXV 708x448 90 726x466 R5 'pOLPDWLRQ GH FHW HVSDFH ODUJHXU PP KDXWHXU PP GqV OH SODQ GH FXLVVRQ SURIRQGHXU PP GHSXLV O·DUULqUH DYHF XQH SURIRQGHXU GH WDEOH GH PP/HV SDURLV HW SODIRQGV FRPEXVWLEOHV GRLYHQW DXGHVVXV GH SODQV GH FXLVVRQ rWUH UHYrWXV GH PDWpULDX FRXSH IHX G·DSUqV OHV GLUHFWLYHV GH O·RUJDQH FDQWRQDO GH OXWWH FRQWUH OHV LQFHQGLHV UHVSRVDEOH GH OD UpJLRQ FRQ FHUQpH )LJ 5DFFRUGHPHQW pOHFWULTXH $YDQW GH SURFpGHU DX UDFFRUGHPHQW LO IDXW FRQWU{OHU VL OD WHQVLRQ LQGLTXpH VXU OD SODTXH VLJQDOpWLTXH F jG OD WHQVLRQ QRPLQDOH GH O·DSSDUHLO FRQFRUGH DYHF OD WHQVLRQ GX UpVHDX H[LVWDQW HW OD WHQVLRQ QRPLQDOH GH O·DSSDUHLO FRPELQp /D SODTXH VLJQDOpWLTXH VH WURXYH VXU O·KDELOODJH LQIpULHXU GH OD WDEOH GH FXLVVRQ YLWURFpUD PLTXH /H UDFFRUGHPHQW DX UpVHDX GX IRXU HQFDVWUDEOH GX UpFKDXG HQFDVWUDEOH GH OD ERvWH GH FRPPDQGH HQFDV WUDEOH RX GH OD FRPPDQGH pOHFWURQLTXH GRLW rWUH UpD OLVp GH IDoRQ j FH TX·LO \ DLW XQH SRVVLELOLWp GH FRXSXUH VXU WRXV OHV S{OHV DYHF ODUJHXU G·RXYHUWXUH GH FRQWDFW G·DX PRLQV PP SDU H[ GLVMRQFWHXU DXWRPDWLTXH GLVMRQFWHXU GLIIpUHQWLHO RX FRXSHFLUFXLW /RUV GX UHPSODFHPHQW GX FkEOH GH UDFFRU GHPHQW RQ GRLW SRXU UDLVRQ GH VpFXULWp XWLOLVHU XQ FkEOH GH UDFFRUGHPHQW G·RUL JLQH SRUWDQW OH QXPpUR GH SLqFH GH UH FKDQJH (QOHYH] OHV ILOPV GH SURWHFWLRQ pYHQWXHOOHPHQW SUp VHQWV VXU OD VXUIDFH GH FXLVVRQ $SUqV DYRLU SURFpGp DX UDFFRUGHPHQW j O·DOL PHQWDWLRQ pOHFWULTXH LO IDXW HQFOHQFKHU O·XQH DSUqV O·DXWUH WRXWHV OHV ]RQHV GH FXLVVRQ VXU OD SRVLWLRQ PD[LPDOH SRXU XQ EUHI PRPHQW HQY VHFRQGHV DILQ G·HQ WHVWHU OH ERQ IRQFWLRQQHPHQW .XQGHQGLHQVW 6HUYLFH DSUqVYHQWH 6HUYL]LR GRSR YHQGLWD 6HUYLFHVWHOOHQ 3RLQWV GH VHUYLFH =ULFK0lJHQZLO 0lJHQZLO ,QGXVWULHVWU 3UpYHUHQJHV /H 7UpVL 6FKlQLV %LOWQHUVWUDVVH 5pFK\ 5RXWH GH *U{QH 6HUYL]LR GRSR YHQGLWD *UDQFLD =RQD ,QGXVWULDOH ( *RVVDX 3RVWVWUDVVH 3UDWWHOQ 5KHLQSDUN&HQWHU 1HW]LERGHQVWUE :LQWHUWKXU %UJOLVWUDVVH 6HUYLFH+HOSOLQH (PPHQ %XKRO]VWUDVVH &KXU &RPHUFLDOVWUDVVH ,WWLJHQ%HUQ (\ (UVDW]WHLOYHUNDXI 3RLQW GH YHQWH GH UHFKDQJH 9HQGLWD SH]]L GL ULFDPELR 7HO 7pO 7HO )DFKEHUDWXQJ 9HUNDXI 'HPRQVWUDWLRQ 9HQWH &RQVXOHQWH FXFLQD 9HQGLWD 7HO 7pO 7HO *DUDQWLH *DUDQWLH *DUDQ]LD 0lJHQZLO ,QGXVWLHVWUDVVH =ULFK %DGHQHUVWUDVVH :LU JHZlKUHQ DXI DOOHQ 3URGXNWHQ LH LQ GHU 6FKZHL] JHNDXIW XQG LQ %HWULHE VLQG HLQH HLQMlKULJH 9ROO *DUDQWLH JHUHFKQHW DE /LHIHUGDWXP DQ GHQ (QGYHUEUDXFKHU 0DVV JHEHQG IU GHQ *DUDQWLHDQVSUXFK LVW GLH )DNWXUD RGHU HLQ HQW VSUHFKHQGHU 9HUNDXIVEHOHJ 0lJHQZLO ,QGXVWULHVWUDVVH =ULFK %DGHQHUVWUDVVH /·XWLOLVDWHXU ILQDO GH WRXW SURGXLW DFKHWp HW XWLOLVp HQ 6XLVVH EpQpILFLH G·XQH JDUDQWLH FRPSOqWH G·XQH DQQpH j SDUWLU GH OD GDWH GH OLYUDLVRQ /D IDFWXUH RX OH MXVWLILFDWLI G·DFKDW FRUUHVSRQGDQW IDLW IRL HQ OD PDWLqUH 0lJHQZLO ,QGXVWULHVWUDVVH =ULFK %DGHQHUVWUDVVH 3HU TXHVWR SURGRWWR FRQFHGLDPR XQD JDUDQ]LD GL PHVL D SDUWLUH GHOOD GDWD GL YHQGLWD /D JDUDQ]LD q YDOLGD GLHWUR SUHVHQWD]LRQH GHOOD IDWWXUD R GHOOR VFRQWULQR G·DFTXLVWR (/(&752/8; $* %DGHQHUVWUDVVH &+ =h5,&+ . E\ (OHFWUROX[ 7HO )D[ 7HOH[