/HVKDFNHUVSRORQDLVFUDFNHQW :LQGRZV /HMXLOOHWOHVKDFNHUVSRORQDLVLVVXVGHO¶pTXLSH/DVW 6WDJHRI'HO...
23 downloads
627 Views
4MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
/HVKDFNHUVSRORQDLVFUDFNHQW :LQGRZV /HMXLOOHWOHVKDFNHUVSRORQDLVLVVXVGHO¶pTXLSH/DVW 6WDJHRI'HOLULXPRQWDQQRQFpTX¶LOVRQWGpFRXYHUWXQHLPSRU WDQWHIDLOOHGDQVODJHVWLRQGH53&GHVV\VWHPHVGHODIDPLOOH :LQGRZV(OOHSHUPHWGHSUHQGUHOHSOHLQFRQWU{OHDGLVWDQFH YLD,QWHUQHW VXUOHV\VWHPHGHFKDTXHRUGLQDWHXUFRQQHFWp DXUpVHDXGRWpGH:LQGRZV±GHSXLV17SDUHW;3 MXVTX¶D:LQGRZV6HUYHU
GpEXWV
0RQSUHPLHUVQLIIHU
6QLI¿QJSRXUOHVGpEXWDQWV /HVQLI¿QJHVWFODVVL¿pHQWDQWTX¶DWWDTXHSDVVLYH&HOD VLJQL¿HTX¶LOQ¶HIIHFWXHSDVGHPRGL¿FDWLRQVGDQVOHUpVHDX HWGHFHODLOHVWWUqVGLI¿FLOHjGpWHFWHU
+DNLQ±FRPPHQWVHGpIHQGUHHVWSXEOLpSDU6RIWZDUH :\GDZQLFWZR6S]RR
2UDFOHGXSRLQWGHYXHGHO¶LQWUXV
$GUHVVHSRXUFRUUHVSRQGDQFH 6RIWZDUH:\GDZQLFWZR6S]RR XO.RQVWUXNWRUVND9DUVRYLH3RORJQH 7HO)D[ ZZZKDNLQRUJZ\GDZQLFWZR#VRIWZDUHFRPSO 3URGXFWLRQHWGLVWULEXWLRQ0RQLND*RGOHZVND PRQLNDJ#VRIWZDUHFRPSO 6HFUpWDLUHGHUpGDFWLRQ$QHWD&HMPDĔVND DQHWWD#VRIWZDUHFRPSO &RPSRVLWLRQ5REHUW=DGURĪQ\ URE]#VRIWZDUHFRPSO /HVSHUVRQQHVLQWpUHVVpHVSDUODFRRSpUDWLRQVRQWSULpHVGH QRXVFRQWDFWHU FRRSHUDWLRQ#VRIWZDUHFRPSO 'LVWULEXpSDU 1033'LUHFWLRQGHOD&RPPXQLFDWLRQ UXH-DFTXHV+LOODLUHW 3DULV /DUpGDFWLRQDIDLWWRXWVRQSRVVLEOHSRXUV¶DVVXUHUTXHOHVORJLFLHOVHWOHV LQIRUPDWLRQVSXEOLpHVSDUpFULWHWVXUOHVDXWUHVVXSSRUWVVRQWjMRXUHW FRUUHFWVSRXUWDQWHOOHQHSUHQGSDVODUHVSRQVDELOLWpSRXUO¶XWLOLVDWLRQGHWRXWH LQIRUPDWLRQHWGHWRXWORJLFLHO 7RXVOHVORJRVHWPDUTXHVGpSRVpHVUHSURGXLWVGDQVFHWWHSXEOLFDWLRQVRQWOD SURSULpWpGHOHXUVSURSULpWDLUHVUHVSHFWLIV,OVRQWpWpXWLOLVpVXQLTXHPHQWGDQV XQEXWLQIRUPDWLI /DUpGDFWLRQQHIRXUQLWSDVGHVXSSRUWWHFKQLTXHGLUHFWOLpjO¶LQVWDOODWLRQHW jO¶XWLOLVDWLRQGHVORJLFLHOVHQUHJLVWUpVVXUOHV&'520VGLVWULEXpVDYHFOH PDJD]LQH
/HVQLIIHU±TX¶HVWFHTXHF¶HVWTXHoD"7RXWOHPRQGHOH U VDLW±F¶HVWOHSURJUDPPHGRQWODWkFKHSULQFLSDOHFRQVLVWH jLQWHUFHSWHUVQLIIHU OHVWUDQVIHUWVGHVGRQQpHVFLUFXODQW GDQVOHUpVHDX6LPSOHQ¶HVWFHSDV"0DLVRXLPDLVjTXL FHODSHXWELHQVHUYLU"
/HVSURGXLWV2UDFOHGRPLQHQWOHPDUFKpGHVEDVHVGHGRQQpHV 3OXVLHXUVVHUYLFHVGHIRXUQLWXUHG DFFqVjGHVGRQQpHVIRQF WLRQQHQWVXUFHWWHSODWHIRUPHDXVVLYLD,QWHUQHW &HVEDVHV VRQWpJDOHPHQWWUqVSRSXODLUHVDXVHLQGHVHQWUHSULVHV/H VORJDQSXEOLFLWDLUHG 2UDFOHHQpWDLW2UDFOH±7KH8QEUH DNDEOH(VWFHYUDL"'DQVOHSUpVHQWDUWLFOHO DXWHXUPRQWUHOHV GDQJHUVGXVDX[LQVWDOODWLRQVVWDQGDUGGHVSURGXLWV2UDFOH
$WWDTXHVFRQWUHODEDVHGH GRQQpHV0LFURVRIW64/6HUYHU /HVHUYHXUGHEDVHVGHGRQQpHV0LFURVRIW64/6HUYHU HVWXQRXWLOWUqVHI¿FDFHHPSOR\pSDUSOXVLHXUVLQVWL WXWLRQV1RQREVWDQWFRPPHGDQVOHFDVGHWRXWV\VWqPH FRPSOH[HGHVXWLOLVDWHXUVPDOLQWHQWLRQQpVSHXYHQWSUR¿ WHUGHVHUUHXUVG LPSOpPHQWDWLRQHWGHVpFXULVDWLRQGHO LQ VWDQFHHOOHPrPHGH64/6HUYHUFHTXLHVWODVRXUFHG XQ HPErWHPHQWFRQWLQXSRXUOHVDGPLQLVWUDWHXUV
XXXIBLJOPSH
)BLJO/S
,QVHUWLRQGHVFKHYDX[GH7URLH GDQVOHV\VWqPH)UHH%6'[j WUDYHUVOHVPRGXOHVGXQR\DX / REMHFWLISULQFLSDOGHFHWDUWLFOHHVWGHGpP\WKL¿HUFHUWDLQHV PpWKRGHVGHYpUL¿FDWLRQGHO LQWpJUDOLWpGXV\VWqPHHPSOR\ pHVWUqVVRXYHQWHWFRQVLGpUpHVFRPPHVXUHVHWLQIDLOOL EOHV/ DXWHXUSUpVHQWHTXHOTXHVPR\HQVDYDQFpVGHODLVVHU OHVEDFNGRRUVGDQVOHV\VWqPHHWH[SRVHOHVLGpHVJpQpUD OHVGHODSURJUDPPDWLRQDXQLYHDXGXQR\DXDX[XWLOLVDWHXUV SOXVDPELWLHX[SRXUOHVHQFRXUDJHUjpSURXYHUVHVIRUFHV GDQVFHGRPDLQH&HWDUWLFOHIRXUQLUDpJDOHPHQWFHUWDLQHV LQIRUPDWLRQVXWLOHVDX[FUDFNHUVSRXUFRQFHYRLUOHVRXWLOV SXLVVDQWSHUPHWWDQWGHUHVWHULQYLVLEOHGDQVOHV\VWqPH
,GHQWL¿FDWLRQjGLVWDQFHGHV V\VWqPHVG H[SORLWDWLRQ
DQQpHVGpMjO RQVDLWTXHVDVSpFL¿FDWLRQSUpVHQWHGHV ODFXQHVGHVpFXULWp$TXRLFRQVLVWHQWHOOHV"6RQWHOOHVXQ UpHOGDQJHUSRXUOHVXWLOLVDWHXUVRXOHVVHUYHXUVGH¿FKLHUV" 6LRXLFRPPHQWVHGpIHQGUHFRQWUHFHVGDQJHUV"
$ODJXHUUHQ LPSRUWHTX HOOHVRLWUpHOOHRXGLJLWDOHXQH FKRVHODSOXVLPSRUWDQWHHVWGHUHFRQQDvWUHELHQO DGYHUVD LUH,QGpSHQGDPPHQWGXQRPEUHGHSHUVRQQHVHWGHO pWDW GHVDUPHVVLOHVROGDWQHVDLWSDVDYHFTXLHWFRPPHQW LOGRLWOXWWHURQQHSHXWSDVSDUOHUGHODOXWWHHI¿FDFH
,QWHUFHSWHUODFRQQH[LRQGH GRQQpHVGDQVOHSURWRFROH)73 )LOH7UDQVIHU3URWRFROHVWO XQGHVSURWRFROHVOHVSOXVXWLOLVpV SRXUOHWUDQVIHUWGHV¿FKLHUVSDU,QWHUQHW'HSXLVTXHOTXHV
DWWDTXH
GpIHQVH
+RQH\SRWYLUWXHOVXUODEDVHGX W QR\DX80/ ([LVWHWLOXQPR\HQSOXVHI¿FDFHSRXUPLHX[FRQQDvWUHOHV PpWKRGHVGHVKDFNHUVTXHG REVHUYHUOHXUVDFWLRQVGDQVOH V\VWqPHTXHQRXVFRQWU{ORQVHWDXTXHOQRXVDYRQVODLVVp O DFFqV"
6(/LQX[DXVHUYLFHGHODVpFXULWp 'DQVOHVGHUQLqUHVDQQpHV/LQX[DFRQQXO pSDQRXLVVHPHQW GHVSURJUDPPHVGHVWLQpVjDFFURvWUHODVpFXULWpGHVV\VWqPHV $ORUVHVWLOQpFHVVDLUHGHFUpHUHQFRUHXQHVROXWLRQ"(QTXRL VHPDQLIHVWHODSXLVVDQFHHWODGLIIpUHQFHGH6(/LQX["' R YLHQWLOTXLVHFDFKHGHUULqUHOXLHWFRPPHWHVWLODFFHVVLEOH" &RPPHQWIRQFWLRQQHWLOHWTXLSHXWO XWLOLVHU"
$9(57,66(0(17 /HVWHFKQLTXHVSUpVHQWpHVGDQVOHVDUWLFOHVQHSHXYHQW rWUHXWLOLVpHVTX DXVHLQGHVUpVHDX[LQWHUQHV/DUpGDF WLRQGXPDJD]LQHQ HVWSDVUHVSRQVDEOHGHO XWLOLVDWLRQ LQFRUUHFWHGHVWHFKQLTXHVSUpVHQWpHV/ XWLOLVDWLRQGHV WHFKQLTXHVSUpVHQWpHVSHXWSURYRTXHUODSHUWHGHV GRQQpHV
)BLJO/S
XXXIBLJOPSH
6XUOHFpGpURP )UHH%6'
)
-.
UHH%6' HVW XQ V\VWqPH FRQQX GHSXLV ORQJWHPSV SDU VD VWDELOLWp HW VpFXULWp ,O SHXW VHUYLU FRPPH VHUYHXU ,QWHUQHW RX GHYHQLU XQH VWDWLRQ GH WUDYDLO WUqV SHUIRU PDQWH 'DQV FHW DUWLFOH QRXV SUpVHQWRQV OHV PRGL¿FDWLRQV TXL RQW pWp HIIHFWXpHV GDQV OH V\VWqPH GHSXLV OD YHUVLRQ / pGLWLRQ RI¿ FLHOOH GH )UHH%6' 5(/($6( D HX OLHX OHMXLQ
3OXVLHXUVSDTXHWDJHVSDUH[HPSOHV2SHQ 66+ 6HQGPDLOO JURIII WH[LQIR &96 *&& RQW pWpPLVjMRXUHQQRXYHOOHVYHUVLRQV'HPrPH OHVLQWHUIDFHVJUDSKLTXHV*120( ( HW .'( ( RQW pWpDFWXDOLVpHVHQQRXYHOOHVYHUVLRQVUHVSHF WLYHPHQW.'(HQ*120(±
6pFXULWp
/HV HUUHXUV GDQV OHV DSSOLFDWLRQV FRPPH 6HQGPDLO O 2SHQ66/ &YV RQWpWpFRUULJpHV 'HSXLV OD SUpVHQWH YHUVLRQ LO HVW SRVVLEOH 8VHUODQG GH GpWHUPLQHU O pWHQGXH GHV SRUWV 7&38'3 2Q D DMRXWp OD FRPPDQGH FMGEVNQ SHUPHW TXLH[LJHQWOHVGURLWVGHVXSHUXWLOLVDWHXUURRW WDQW G DI¿FKHU OHV LQIRUPDWLRQV VXU OHV ¿FKLHUV SRXU FUpHU OH VRFNHW G pFRXWH ELQG 7RXW FHOD H[pFXWDEOHV DX IRUPDW (/) /D ELEOLRWKqTXH HVW FRQWU{Op SDU OHV YDULDEOHV V\VFWO QHWLQ OLENVH TXL IRXUQLVVDLW OD JHVWLRQ GHV WKUHDGV HWLSSRUWUDQJHUHVHUYHGORZ Z HW QHWLQHWLSSRU 326,;HOOHXWLOLVDLW.6( HVWGpVRUPDLVLQFOX WUDQJHUHVHUYHGKLJK VHSDUGpIDXWHWLQVWDOOpH /HYLHX[V\VWqPHGHVVFULSWVTXLGpPDUUDLW 1R\DX %6' D pWp VXSSULPp 5F1* LPSRUWp GHSXLV )UHH%6' 5(/($6( HVW XQH FRQWLQXDWLRQ 1HW%6'HVWGHYHQXOHV\VWqPHSDUGpIDXW GHO DSSURFKHGpWHUPLQpHGDQVODYHUVLRQHW 'DQV 5(/($6( OH V\VWqPH SDU GpIDXW GpYHORSSHOHVXSSRUWSRXUOHVPDFKLQHVPXOWL pWDLWUF1*DORUVOHVXWLOLVDWHXUVGHFHWWHYHUVLRQ SURFHVVHXUVHWPXOWLWKUHDGVSRXUOHVTXHOOHVRQ ORUVGHODPLVHjMRXUHQ5(/($6(Q DXURQW DLPSOpPHQWpOHVELEOLRWKqTXHVH[SpULPHQWDOHV SDVGHSUREOqPHVDYHFOHV\VWqPHSDUGpIDXW GHWKUHDGVHW01 &HVELEOLRWKqTXHVVRQW 3LQJJqUHPDLQWHQDQWOHGUDSHDX ' ±1H OHVXSSRUWSRXUOHQR\DXGXV\VWqPHD¿QTX¶LO SDV IUDJPHQWHU HW OH GUDSHDX ] ] ± 7\SH GH HIIHFWXHOHSURFqVGHPXOWLWKUHGLQJGHO¶DSSOLFD VHUYLFHSRXUOHVSDTXHWVVRUWDQWV WLRQGHIDoRQSOXVSHUIRUPDQWH 6\VWDWW FRQWLHQW GpVRUPDLV JGTUBU TXL DI¿ 8Q SDV HQ DYDQW WUqV LPSRUWDQW HVW OH FKHOHWUD¿FGDQVOHUpVHDXHQWUHOHVLQWHUIDFHV GpSDVVHPHQWGHODEDUULqUHGH*%GHPpPR DFWLYHVGDQVOHV\VWqPH LUHYLYHXWLOLVpH±jSUpVHQWODOLPLWHVXSpULHXUH 9PVWDWDpWpGHQRXYHDXLPSOpPHQWpDYHF W HVW*% /H VHUYLFH 166 HVW DXVVL HQ GpYHORSSH OH GUDSHDX II TXL DI¿FKH OHV VWDWLVWLTXHV GHV RSpUDWLRQV GH IRUN FUpDWLRQ GH QRXYHDX[ PHQWFRQWLQX,OSHUPHWG LQWpJUHUIDFLOHPHQW SURFqV OHVVHUYLFHVGH/'$3RX 3 $FWLYH'LUHFWRULHV
XXXIBLJOPSH
)BLJO/S
=_\ VO MN\YW
/DJHVWLRQGHMDLOO DpWpDPpOLRUpH ±LFLODSOXSDUWGHV DGPLQLVWUDWHXUV VHURQW FRQWHQWV GH OD SUpVHQFH GHV FRPPDQGHVKMTHW KFYFD SHUPHWWDQWG DI¿FKHUOHVMDLOV ODQFpV HW GH ODQFHU OD FRPPDQGH j O LQWpULHXU GX MDLO GpMjH[LVWDQW 3DUPL OHV FRUUHFWLRQV HIIHFWXpHV QRXV HQ SRXYRQV FLWHU XQH WUqV LQWpUHVVDQWH TXL FRQVLVWH jpODUJLUODOLVWHGHVPDWpULHOVVXSSRUWpVSDU86% FDUWHVUpVHDX86%FRQWU{OHXUV 3URPLVH6HULDO$7$ HW DXVVL OH VXSSRUW H[SpULPHQWDO SRXU OHV PDFKLQHV j XQ SURFHVVHXU DYHF $0' 2SWHURQ DUFKLWHFWXUH $0'
6\VWqPHVGH¿FKLHUV
HWDXVVLO HUUHXUjODVXLWHGHODTXHOOHOHGpPRQWDJHGHV SDUWDJHV VPEIVV FRQGXLVDLW j NHUQHO SDQLF H[FHSWLRQ FULWLTXH
3LORWHV /DOLVWHGHVSpULSKpULTXHVFRQQHFWpVDXEXV86%DpWp pODUJLH G XQH IDoRQ LPSRUWDQWH RQ D DMRXWp DXVVL OHV PDWpULHOV 86% /H SLORWH DWD VXSSRUWH PDLQWHQDQW WRXV OHV FKLSVHWV 6L6 6 FRQQXV HW OHV FRQWU{OHXUV 6HULDO $7$ GH OD VRFLpWp 3URPLVH 2Q D DMRXWp XQ QRXYHDX PRGXOH ZODQ TXL RIIUH OH VXSSRUW SRXU OH SURWRFR OH YX TXH OHV SLORWHV ZL L HW DQ XWLOLVHQW WRXW OH WHPSVFHPRGXOH2QDFRUULJpO HUUHXUGDQVOHSLORWHGH O LQWHUIDFH [OO TXL SURYRTXDLW OHV H[FHSWLRQV FULWLTXHV HW G DXWUHVSUREOqPHV
'HSXLV OD YHUVLRQ 5(/($6( O DVVLVWDQW G LQVWDO ODWLRQ FUpH SDU GpIDXW OHV SDUWLWLRQV 8)6 FH GHUQLHU pWDQWHVWOHFRQWLQXDWHXUGH8)62QDFRUULJpODJHVWLRQ 3URWRFROHVUpVHDX GH1(71&3HWGXV\VWqPHGH¿FKLHUV1HWZDUHQZIV ,SIZ Z D pWp FRUULJp GH IDoRQ j JpUHU GH QRXYHDX OHV UqJOHVXLG /HVUqJOHVVNLSWRJqUHQWGpMjOHPRWFOp MPH 2QDFRUULJpOHVHUUHXUVGDQVO LPSOpPHQWDWLRQGH 7&3 1HZ5HQRHWDMRXWpOHPpFDQLVPHGH(PLVVLRQOLPLWpH 6XUOHUpVHDX SURSRVpSDU5)& 3DJHZHEGH)UHH%6' KWWSZZZIUHHEVGRUJ 3DJHVG¶LQIRUPDWLRQVVXU)UHH%6' KWWSZZZGDHPRQQHZVRUJ KWWSZZZEVGWRGD\FRP ,QIRUPDWLRQVXUODSDUXWLRQGH)UHH%6'5(/($6( KWWSZZZIUHHEVGRUJUHOHDVHV5DQQRXQFHKWPO 'pWDLOVFRQFHUQDQWODQRXYHOOHYHUVLRQGXV\VWqPH KWWSZZZIUHHEVGRUJUHOHDVHV5UHOQRWHVKWPO ,QIRUPDWLRQVVXUOHPDWpULHOVVXSSRUWp KWWSZZZIUHHEVGRUJUHOHDVHV5KDUGZDUHKWPO ,QIRUPDWLRQVVXUOHVHUUHXUVGHVpFXULWp KWWSZZZIUHHEVGRUJVHFXULW\ 3URMHW603 KWWSZZZIUHHEVGRUJVPS 3DJHZHEGH7UXVWHG%6' KWWSZZZWUXVWHGEVGRUJ
)BLJO/S
&RQFOXVLRQ /DYHUVLRQGHGpYHORSSHPHQWGH)UHH%6'V DSSURFKH GH SOXV HQ SOXV GH OD YHUVLRQ ¿QDOH VWDEOH 'DQV OHV SODQV SUpVHQWpV SDU OHV GpYHORSSHXUV GX V\VWqPH DSUqV OD VRUWLH GH OD YHUVLRQ 5(/($6( OH SURMHW VHUD ¿Jp HW RQ SURFpGHUD j FRPPHQFHU OHV WUDYDX[ YLVDQWjpGLWHUODYHUVLRQ)UHH%6'67$%/( %LHQ TXH FHWWH YHUVLRQ VRLW XQH YHUVLRQ 5(/( $6( HOOH HVW WRXMRXUV FRQVLGpUp FRPPH YHUVLRQ GH GpYHORSSHPHQW HW OHV XWLOLVDWHXUV VRQW SULpV G H QYR\HUOHVHUUHXUVUHQFRQWUpHVORUVGHO¶XWLOLVDWLRQGX V\VWqPHN
XXXIBLJOPSH
6QLI¿QJSRXUOHVGpEXWDQWV .BDJFK4[NJU .BSJVT[5PNBT[FXTLJ .BSFL(VTUB
/HVQLI¿QJHVWFODVVL¿pHQ WDQWTX¶DWWDTXHSDVVLYH&HOD VLJQL¿HTX¶LOQ¶HIIHFWXHSDVGH PRGL¿FDWLRQVGDQVOHUpVHDX HWGHFHODLOHVWWUqVGLI¿FLOH jGpWHFWHU
.L_^]
/
HWUDQVIHUWGHVLQIRUPDWLRQVjWUDYHUVOH UpVHDX LQIRUPDWLTXH HW HQ SDUWLFXOLHU j WUDYHUV O HWKHUQHW DXTXHO QRXV DOORQV QRXV UpIpUHQFHU GDQV OH SUpVHQW DUWLFOH HVW XQSURFqVWUqVFRPSOH[H3RXUTXHGHX[RUGL QDWHXUV SXLVVHQW pFKDQJHU GHV LQIRUPDWLRQV HQWUH HX[ LO IDXW GpWHUPLQHU SOXVLHXUV FRQGL WLRQV FRPPHQW OLHU OHV RUGLQDWHXUV HQWUH HX[ HQ EXV HQ pWRLOH RX HQ DQQHDX FRPPHQW FRGHU OHV LQIRUPDWLRQV WUDQVIpUpHV G KDEL WXGH OH VXSSRUW GH O LQIRUPDWLRQ F HVW O RQGH pOHFWURPDJQpWLTXH OHV GRQQpHV SHXYHQW rWUH \ DSSOLTXpHV DX PR\HQ GX FKDQJHPHQW GH O DPSOLWXGH SKDVH RX IUpTXHQFH HVWFH TXH WRXWH OD EDQGH GLVSRQLEOH GRLW rWUH RFFXSpH SDU XQH WUDQVPLVVLRQ EDVHEDQG RX ELHQ LO HVW SRVVLEOH G \ HQWUHU SOXVLHXUV WUDQVPLV VLRQV VLPXOWDQpPHQW EURDGEDQG HVWFH TXH WRXVOHVLQWHUORFXWHXUVVRQWFDSDEOHVGHSDUOHU HW G pFRXWHU VLPXOWDQpPHQW IXOOGXSOH[ RX SHXWrWUH GRLYHQWLOV OH IDLUH GH IDoRQ DOWHU QpH KDOIGXSOH[ RX HQFRUH OD WUDQVPLVVLRQ ± FRPPH GDQV OH FDV R QRXV pFRXWRQV OD UDGLR ± GRLW DYRLU OH FDUDFWqUH XQLGLUHFWLRQQHO VLPSOH[ TXH IDLUH TXDQG O LQIRUPDWLRQ HVW SDUYHQXH GpIRUPpH YHUV OH GHVWLQDWDLUH HW TXHOVPR\HQVXWLOLVHUSRXUGpWHFWHUFHWWHGpIRU PDWLRQ GH TXHOOH IDoRQ O LQIRUPDWLRQ GRLW WUR
XXXIBLJOPSH
XYHUGDQVOHUpVHDXOHFKHPLQGHO H[SpGLWHXU YHUVOHGHVWLQDWDLUHHWF 'HSOXVFHQHVHUDLWSDVPDOVLOHSURFqV G pFKDQJH GHV LQIRUPDWLRQV VRLW VWDQGDUGLVp RX PLHX[ HQFRUH VL O RQ SRXUUDLW GLYLVHU WRXV OHVSUREOqPHVHQJURXSHVDVVH]UHVWUHLQWVGH
)LJXUH0RGqOH26,,62HW'R'
)BLJO/S
=XSPPSXQ ZY_\ VO] NL_^KX^]
IDoRQjFHTXHODFDUWHTXHQRXVDYRQVDFKHWpHpWDQW FRQIRUPH DX[ FHUWDLQV VWDQGDUG SDU H[HPSOH (WKHU QHW%DVH7 VRLWDXVVLFRQIRUPHDX[FDUWHVGHVDXWUHV SURGXFWHXUV TXL IRQFWLRQQHQW GDQV OHV RUGLQDWHXUV GH QRWUHUpVHDXHWFRPSDWLEOHDYHFOHSURJUDPPH;GHOD VRFLpWp@ ± HVW SUpVHQWp GDQV /LVWLQJ 4XDQW j OD IRUPH GH ODFRQQH[LRQ±OHVVHUYHXUV;WUDQVPHWWHQWOHVLQIRU PDWLRQV DX PR\HQ GHV OLDLVRQV 7&3 /HV QXPpURV GX SRUW VRXUFH FH VRQW G¶KDELWXGH QXPpUR GHO¶pFUDQ (VWFH TXH QRXV VDYRQV GpMj WRXW" RFWHWV GH GRQQpHV DX GpEXW XQ RFWHW GH YDOHXU RX OH FDUDFWqUHVXLYDQWF¶HVWOHFRGHGHODWRXFKH&¶HVWWRXW (QDYDQWDORUV
qPHpWDSHQRXVVpOHFWLRQQRQV OHVGRQQpHV /H SUREOqPH VXLYDQW VH SRVH ± FRPPHQW ¿OWUHU OHV SDTXHWVTXLQRXVLQWpUHVVHQW"1RXVSRXYRQVFDSWXUHU WRXWHV OHV GRQQpHV HW HQVXLWH OHV ¿OWUHU PDQXHOOH PHQWHWjO¶DLGHGHODFKDvQHGHVFRPSDUDLVRQVORQ JXHXUSRUWVRXUFHHWF GLIIpUHQFLHUOHVPHVVDJHVGX VHUYHXU ; 3UREDEOHPHQW QRXV UHMHWWHURQV OD SOXSDUW GHVSDTXHWVHWOHQR\DXFRSLHUDLQXWLOHPHQWOHVGRQ QpHVHQYR\pHV (VWFH TXH QRXV SRXYRQV \ UHPpGLHU" %LHQ VU 1RXVSRXYRQVGHPDQGHUjQRWUHV\VWqPHG¶H[SORLWD WLRQGHILOWUHUOHVSDTXHWVWUDQVIpUpV/LQX[SRVVqGHOH V\VWqPHGHILOWUDJHLQWpJUp±LOV¶DSSHOOHWRXWVLPSOH PHQW /LQX[6RFNHW)LOWHUYpULILRQVVLODJHVWLRQGHFH U V\VWqPHHVWUHFRPSLOpHGDQVOHQR\DX 4XHOVSURILWV QRXV GRQQH XQH WHOOH DSSURFKH" 3UHPLqUHPHQW OH QR\DX Q¶HVW SDV WURS FKDUJp ORUV GX WUDQVIHUW GHV SDTXHWV YHUV QRWUH VQLIIHU 'HX[LqPHPHQW QRWUH FRGH REWLHQW OHV GRQQpHV FRQYHQDEOHV 4XHO HVW OH SUL[GHWRXWFHOD"3DVVLpOHYp±OHQR\DXGRLWREWHQLU OHVLQVWUXFWLRQVFRQFHUQDQWOHVUqJOHVTXLSHUPHWWHQW OHSDVVDJHGHVSDTXHWV+HXUHXVHPHQWRQXWLOLVHOH IRUPDW VWDQGDUG GH OD GHVFULSWLRQ GHV ILOWUHV FRQIRU PHj%HUNHOH\3DFNHW)LOWHU%3) 4X¶HVWFH TXH F¶HVW" /HV ILOWUHV %3) VRQW HQUH JLVWUpV VRXV IRUPH GHV LQVWUXFWLRQV pFULWHV HQ ODQ JDJH VLPSOH TXL UHVVHPEOH XQ SHX DX[ ODQJDJHV DVVHPEOHXU 1RXV GLVSRVRQV GH GHX[ UHJLVWUHV HW GH SOXVLHXUV RFWHWV GH PpPRLUH 1RXV GLVSRVRQV DXVVL G¶LQVWUXFWLRQV GH FRPSDUDLVRQV GHV GRQQpHV LO H[LVWHQW TXHOTXHV W\SHV GH UHQYRLV FRQGLWLRQQHOV FHQHVRQWTXHUHQYRLVHQDYDQW 1DWXUHOOHPHQWOHV SURJUDPPHVRQWDFFqVDXFRQWHQXGXSDTXHWH[DPL Qp &RPPHQW OH QR\DX XWLOLVHWLO XQ WHO FRGH" 7RXW VLPSOHPHQWLOO H[pFXWHSDUFHTX¶LOFRQWLHQWXQVLPSOH LQWHUSUpWHXU 'XFDOPH±QRXVQ¶DOORQVSDVpFULUHQRXVPrPHV OHV SURJUDPPHV SRXU %3) PrPH VL FHOD Q¶HVW SDV WURS GLIILFLOH j IDLUH ± O¶H[HPSOH GX SURJUDPPH DYHF
XXXIBLJOPSH
/LVWLQJ([HPSOHGXFRGH%3)±H[SUHVVLRQ SULVHjSDUWLUGHO DUWLFOH
/LVWLQJESIFF±LQWHUIDFHSRXUOHFRPSLODWHXU %3)GHODELEOLRWKqTXHSFDS
SNWOHQ ODORQJXHXUGXSDTXHWDUULYHYHUVO DFFXPXODWHXU MI VLHOOHHVWpJDOHj[ VDXW jO LQVWUXFWLRQ VLQRQ >@ FKDUJHXQRFWHWGXSDTXHWD\DQWSRXU O DGUHVVHSURWRFROH [ MI HVWLOpJDOHj"7&3" RXL QRQ >@ FKDUJHXQGHPLPRWELWV SULVj SDUWLUGHO DGUHVVH MI MVHW YpUL¿HOHVGHUQLHUVELWVPRUFHDXG RIIVHW VLFHQ HVWSDVOHSUHPLHUPRUFHDXGXSDTXHW LOVQHVRQWSDVpJDOHVj]pUR >@ [I OG[E YHUVOHUHJLVWUH;DUULYHQWOHVTXDWUHELWV GXSUHPLHURFWHWGXSDTXHWPXOWLSOLpVSDU TXDWUH±FHVELWVGp¿QLVVHQWODORQJXHXU GHO HQWrWH,3HQPRWVjRFWHWVGHFHOD OHUHJLVWUH;LQGLTXHUDOHGpEXWGHO HQWrWH 7&3FHWWHYDULDQWHGHO LQVWUXFWLRQOGDpWp FUppVSpFLDOHPHQWjFHWHIIHW > @ XQGHPLPRWGXGpEXWGHO HQWrWHDUULYH YHUVO DFFXPXODWHXU7&3±F HVWOHQXPpUR GXSRUWHVRXUFH [ MI pJDOH"[ RXL QRQ > @ PDLQWHQDQWRQFKDUJHOHSUHPLHURFWHWGHGRQQpHV [ MI [ MI pJDOH.H\3UHVV RX.H\5HOHDVH " RXL QRQ UHW ¿QGXSURJUDPPHDFFHSWHMXVTX j RFWHWVGXSDTXHW UHW DFFHSWHRFWHWVGXSDTXHW±FHODYHXW GLUH±UHMHWWHOHSDTXHW
LQFOXGHOLPLWVK! LQFOXGHSFDSK! PDLQ DUJF
DUJY>@ ^ ESIBSURJ
LQVQ UHVXOW L Q
DUJF ^ SXWVQRH[SUHVVLRQVSHFL¿HG H[LW ` UHVXOW SFDSBFRPSLOHBQRSFDS '/7B5$: ESIBSURJ DUJY>@ ^ SULQWISFDSBFRPSLOHBQRSFDS IDLOHG UHVXOWG?QUHVXOW H[LW ` ESIBSURJEIBOHQ ESIBSURJEIBLQVQV IRU L Q LQVQ L ^ ! SXWVESIBLPDJHLQVQL HOVH SULQWI^[[GG[[`?Q LQVQ!FRGHLQVQ!MWLQVQ!MI LQVQ !N ` H[LW `
SUpWpHQpFULWXUHV\PEROLTXH±DMRXWRQVOHGHX[LqPH SDUDPqWUHWRXWjIDLWDUELWUDLUH %LHQ PDLV FRPPHQW OHV H[SUHVVLRQV WUDLWpHV SDUOHFRPSLODWHXUVRQWHOOHVQRWpHV"3XLVTXHF¶HVW OHPrPHPpFDQLVPHODV\QWD[HHVWLGHQWLTXHjFHOOH DFFHSWpHSDUWFSGXPS,FLQRXVSUpVHQWRQVODUqJOH TXLVHUDFRQIRUPHDX[SDTXHWVTXLQRXVLQWpUHVVHQW 'DQVQRWUHFDVFHODSHXWVHSUpVHQWHUDLQVL
.L_^]
OHQ DQGWFSVUFSRUWDQG
OHFRPPHQWDLUH±/LVWLQJ 3RXUFHODQRXVXWLOLVRQV OH FRPSLODWHXU FRPSULV GDQV OD ELEOLRWKqTXH SFDS GRQW QRXV DYRQV GpMj SDUOp 1RXV SRXUULRQV XWLOLVHU OHSURJUDPPHWFSGXPS TXLVHVHUWMXVWHPHQWGHFHWWH ELEOLRWKqTXH DYHF OH VZLFK G G ± KpODV LO HVW GLIILFLOH GHOXL©H[SOLTXHUªTXHOHVHQWrWHVPDWpULHOQHQRXV LQWpUHVVHQWSDV 4XHIDLUHDORUV"5pDOLVRQVQRWUHSURSUHSURJUDP PHTXLSHUPHWWUDG¶DSSHOHUOHFRPSLODWHXU±FHQ¶HVW TXH TXHOTXHV OLJQHV GX FRGH /LVWLQJ &RPPHQW XWLOLVHUFHSURJUDPPH"&RPPHSUHPLHUSDUDPqWUH LO SUHQG O¶H[SUHVVLRQ j LQWHUSUpWHU 8QH IRLV ODQFp LOJpQqUHXQPRUFHDXTXLSHXWrWUHDMRXWpDX[VRXU FHV HQ & 6L QRXV YRXORQV FRQVXOWHU OH FRGH LQWHU
WFS>@ RUWFS>@
4XHOTXHV H[SOLFDWLRQV SRXU QRV OHFWHXUV OHQ ±FRPPHWRXWOHPRQGHV¶HQGRXWH±F¶HVWODORQJX HXUWRWDOHGXSDTXHW3RXUTXRL"-HPHVXLVVHUYL G¶XQH FHUWDLQH VLPSOLILFDWLRQ ± M¶DL SULV OD ORQJXHXU VWDQGDUG GH O¶HQWrWH ,3 VDQV RSWLRQV RFWHWV HWODSUpVHQFHGHO¶HQWrWH7&3GHRFWHWVRFWHWV SRXU O¶HQWrWH IRLV QRS HW WLPHVWDPS ± /LQX[ DMRXWH FHV RSWLRQV SDU GpIDXW ,O QH QRXV UHVWH TXH RFWHWV ± HW F HVW OD WDLOOH TXH OD VWUXFWXUH [(YHQWGHYUDLWRFFXSHU 9HXLOOH]UHPDUTXHUTX LOHVWSRVVLEOHGHVHUpIpUHQ FHU DX[ SRVLWLRQV GX SURWRFROH TXL QRXV LQWpUHVVHQW
XXXIBLJOPSH
)BLJO/S
7YX Z\OWSO\ ]XSPPO\
$SDUWLUGHFHPRPHQWOHQR\DXV RFFXSHUDGX¿OWUDJH GHVSDTXHWV
,QIRUPDWLRQVVXUOHSURJUDPPH [VQLII ,O XWLOLVH OHV PpWKRGHV GpFULWHV SRXU RXYULU OH VRFNHW 3)B3$&.(7 FKDQJHU O¶LQWHUIDFH HQ PRGH SURPLVFXRXV HW GpFRGHU OHV SDTXHWV WUDQVIpUDQW OHV LQIRUPDWLRQV VXU OHV ;pYpQHPHQWV /HSURJUDPPHQ¶XWLOLVHSDVGHELEOLRWKqTXHVVXSSOpPHQ WDLUHVHWLOFRQWLHQWOHFRGH%3)SUrW/DFRPSLODWLRQQHGHYUD ) LWSDVSRVHUGHVSUREOqPHV±LOVXI¿WGHGRQQHUO¶LQVWUXFWLRQ DSSURSULpH
qPHpWDSHDVVHPEODJHGHV pOpPHQWV
$FHPRPHQWQRXVSRXYRQVGpMjDVVHPEOHUOHVpOpPHQWV GHQRWUHFDVVHWrWH1RXVVRPPHVFDSDEOHVGHFRQWU{OHU WRXWH OD WUDQVPLVVLRQ HW GH SOXV QRXV GLVSRVRQV G XQ ¿OWUH WUqV HI¿FDFH 'H FHOD QRXV Q REWHQRQV TXH OHV PHVVDJHVTXLQRXVLQWpUHVVHQW0DLQWHQDQWLOHVWJUDQG WHPSVGHFKHUFKHUjRXYULUOHVSDTXHWVREWHQXV ,O HVW MXVWH GH Gp¿QLU OD UpIpUHQFH DX GpEXW GHV PDNH[VQLII GRQQpHV WUDQVIpUpHV ± DSSHORQVOD GDWD B SWU 3RXU OHV FRQGLWLRQV TXH QRXV DYRQV DGPLVHV HOOH GHYUD RX LQGLTXHU OH qPH RFWHW GX SDTXHW 1RXV SRXYRQV DXVVL VRXVWUDLUH GH OD ORQJXHXU UHWRXUQpH ORUV GH JFFR[VQLII[VQLIIF [VQLII I Q¶DTX¶XQVHXOSDUDPqWUHLPDWpULHO ODOHFWXUHHWFRQVLGpUHUOHQRPEUHDLQVLREWHQXFRPPH ,OSHUPHWGHVpOHFWLRQQHUOHQRPGHO¶LQWHUIDFH LQGH[ GX GpEXW GHV GRQQpHV ± HQ PrPH WHPSV FHOD jHVSLRQQHUSDUGpIDXWHWK SHUPHWWUDjQRWUHSURJUDPPHGHGHYHQLUSOXVUpVLVWDQW [VQLIILHWK jO XWLOLVDWLRQGHVDXWUHVRSWLRQV7&3,3PDLVGDQVFH FDVQRXVGHYURQVPRGL¿HUDXVVLOHFRGH%3)±VLQRXV ±GDQVQRWUHFDVF HVW7&3/HqPHRFWHWGXSDTXHW WHQRQVjODJHVWLRQFRUUHFWHGHODORQJXHXUGHO HQWrWH 7&3QXPpURWDWLRQjSDUWLUGH]pUR VLODORQJXHXUGH QRXVGHYRQVXWLOLVHUODVWUXFWXUHGHW\SH WFS>WFS>@ O HQWrWH HVW LPSRVpH FRQVWLWXH OH SUHPLHU RFWHW GHV [I !! @ GRQQpHVHQYR\pHV±OHFKDPSW\SH*pQpURQVDORUVOH ,OQHQRXVUHVWHTX LPSULPHUODGHVFULSWLRQGHODWRXFKH FRGHSRXUO LQWHUSUpWHXU%3)±QRXVREWLHQGURQV DSSX\pH SXWVUHPDS>GDWD B SWU>@@ 1 RXEOLRQV SDV OH SDTXHWFRPPHQFHSDUO HQWrWH,3±SRXUTXRLGRQFQHSDV ESIFOHQ DQGWFSVUFSRUWDQG XWLOLVHUOHVLQIRUPDWLRQVTX LOFRQWLHQW"3DUH[HPSOHQRXV WFS>@ RUWFS>@ SRXYRQVDI¿FKHUO DGUHVVHGHO RUGLQDWHXUTXLDHQYR\pOH ^[[` SDTXHW HW VL FHWWH DGUHVVH VH UpSqWH ± GDQV XQH VHXOH ^[[` OLJQHDI¿FKHUVXFFHVVLYHPHQWOHVFDUDFWqUHVUHoXV ^[[`
VDOXW&RQWUROB/! KHOOR5HWXUQ!
&RPPHQWOHOLHUDYHFOHVUHVVRXUFHVGXVQLIIHU"1RXV GHYRQV FUpHU XQH WDEOH GHV VWUXFWXUHV VRFNB¿OWHU 7RXW FH TXH QRXV IDLVRQV DYHF OHV SDTXHWV GpFRGpV Gp¿QLHVGDQV OLQX[¿OWHUK! HW\SODFHUOHUpVXOWDWGH GpSHQGVHXOHPHQWGHQRWUHLPDJLQDWLRQ O RSpUDWLRQGXFRPSLODWHXU
&RQFOXVLRQ
VWUXFWVRFNB¿OWHU¿OWHUBFRGH>@ ^ FRGHJpQpUp `
/D GHUQLqUH pWDSH GH O pWDEOLVVHPHQW GX ¿OWUH FRQVLVWH jLQIRUPHUOHQR\DXRLOGRLWUHFKHUFKHUQRVLQVWUXFWLRQV 8QH WHOOH LQIRUPDWLRQ HVW WUDQVPLVH GDQV OD VWUXFWXUH VRFNBISURJ J HOOH FRQWLHQW GHX[ pOpPHQWV ± OH QRPEUH G LQVWUXFWLRQV%3)HWODUpIpUHQFHjODWDEOHGpFODUpH VWUXFWVRFNBISURJ¿OWHU ^¿OWHUBFRGH`
,OQHQRXVUHVWHTX DMRXWHUOH¿OWUHjQRWUHVRFNHW VHWVRFNRSWVRFNIG62/B62&.(762B$77$&+B),/7(5 ¿OWHUVL]HRI¿OWHU
)BLJO/S
1RWUH REMHFWLI D pWp DWWHLQW ± QRXV DYRQV XQ VQLIIHU TXL IRQFWLRQQH 1RXV DYRQV YRXOX TX LO Q XWLOLVH SDV GH ELEOLRWKqTXHV YROXPLQHX[ ± QRXV O DYRQV UpXVVL (W DSUqV" &RPPH M DL VXJJpUp DX GpEXW GH O DUWLFOH ± QRXV SRXYRQV HVVD\HU GH VXSSULPHU WRXWHV OHV UpIpUHQFHVj OLEF±OHVELQDLUHVGXSURJUDPPHSHXYHQW F DYRLUPRLQVGHNLORRFWHWV0DLVMHFRPSUHQGVELHQ TXH OHV SURSUHV HVVDLV VRQW EHDXFRXS SOXV LQWpUHV VDQWV 4XH IDLUH DSUqV" 3HXWrWUH VHUDLWLO XWLOH GH V LQWpUHVVHU DX[ SRVVLELOLWpV GHV ¿OWUHV" 3HXWrWUH DYH]YRXV XQ W\SH GH WUDQVPLVVLRQ FRQFUHW TXH YRXV YRXOH] GpFRGHU" 3HXWrWUH 9UDLPHQW YRXV DYH] GH TXRL V RFFXSHU SRXU ORQJWHPSV ± MH YRXV VRXKDLWH XQ ERQDPXVHPHQW 0DLV IDLWHV DWWHQWLRQ ± YRXV SRXYH] RIIHQVHU FHOXL TXLYRXVHVSLRQQH]N
XXXIBLJOPSH
2UDFOHGXSRLQWGH YXHGHO LQWUXV 8PKDJFDI%XPSBLPXTLJ
/HVORJDQSXEOLFLWDLUH G 2UDFOHHQpWDLW 2UDFOH±7KH8QEUHDNDEOH (VWFHYUDL"
+^^K[_O
/
HV SURGXLWV 2UDFOH GRPLQHQW OH PDUFKp GHVEDVHVGHGRQQpHV3OXVLHXUVVHUYLFHV GHIRXUQLWXUHG DFFqVjGHVGRQQpHVIRQF WLRQQHQW VXU FHWWH SODWH IRUPH DXVVL YLD ,QWHU QHW &HVEDVHVVRQWpJDOHPHQWWUqVSRSXODLUHV DX VHLQ GHV HQWUHSULVHV /H VORJDQ SXEOLFLWDLUH G 2UDFOH HQ pWDLW 2UDFOH ± 7KH 8QEUH DNDEOH (VWFH YUDL" 'DQV OH SUpVHQW DUWLFOH MHWHQWHUDLGHYRXVPRQWUHUOHVGDQJHUVGXVDX[ LQVWDOODWLRQVVWDQGDUGGHVSURGXLWV2UDFOH 7RXW G DERUG MH WLHQV j VRXOLJQHU TXH MH Q DL SDV O LQWHQWLRQ GH YLVHU SDUWLFXOLpUHPHQW ODVRFLpWp2UDFOHGHGpVDYRXHUVHVGpPDUFKHV PDUNHWLQJRXGHVXJJpUHUTXH'%062UDFOHHVW GDQJHUHX[RXWURXpFRPPHXQHpFXPRLUH0RQ REMHFWLI HVW SOXW{W GH GpPRQWUHU TXH FKDTXH SURGXLWHVWH[SRVpDX[IDXWHVGHVGpYHORSSHXUV HWFRQFHSWHXUVTXHOVTX LOVVRLHQWHWTXRLTX RQ GLVHGDQVODSXEOLFLWp2UDFOHLHVWXQERQSUR GXLW GH EDVH GH GRQQpHV GRQW OD SDUWLFLSDWLRQ DXPDUFKpGHYLHQWGHSOXVHQSOXVLPSRUWDQWH 0DLV OHV JUDQGHV HQWUHSULVHV HW OHV SURGXLWV UHQRPPpV SHXYHQW DYRLU DXVVL GHV GpIDXWV ,OQHIDXWSDVRXEOLHUFHIDLWHWFURLUHQDwYHPHQW DX[ VORJDQV SXEOLFLWDLUHV 1RQ VDQV UDLVRQ ODGHYLVHGHO $JHQFH1DWLRQDOHGH6pFXULWpGHV (WDWV 8QLV HVW QRXV QH FUR\RQV TX HQ 'LHX ±WRXWDXWUHFKRVHGRLWrWUHYpUL¿pH
XXXIBLJOPSH
7RXWHVOHVHUUHXUVGpFULWHVFRQFHUQHQWO LQ VWDOODWLRQVWDQGDUG,OHVWSRVVLEOHGHOHVpYLWHU JUkFH j O XWLOLVDWLRQ GHV FRUUHFWLIV HW GHV SUH VFULSWLRQV GH O pGLWHXU RX ELHQ HQ VXSSULPDQW OD IRQFWLRQQDOLWp H[FHVVLYH GDQV OHV LQVWDOOD WLRQVGHSURGXFWLRQ /D SUHPLqUH SDUWLH GH O DUWLFOH FRQFHUQH OHV DWWDTXHV SRVVLEOHV j SDUWLU GX UpVHDX ORFDO *pQpUDOHPHQW MH PH FRQFHQWUHUDL VXU OHV LPSHUIHFWLRQV GX VHUYLFH /LVWHQHU 'DQV ODGHX[LqPHSDUWLHMHGpFULUDLTXHOTXHVGDQJHUV OLpVDX[VHUYHXUVG DSSOLFDWLRQV,QWHUQHWpWDEOLHV jSDUWLUG 2UDFOH&HWWHGHUQLqUHSDUWLHV LQWpUHV VHUD SULQFLSDOHPHQW DX[ PRGXOHV GX VHUYLFH $SDFKHLQWpJUpGDQVOHVVROXWLRQV2UDFOH 3URIHVVLRQQHOOHPHQWMHQHP¶RFFXSHSDVG¶DGPLQL VWUDWLRQGHVHUYHXUV2UDFOH0RQWUDYDLOHVWOLpSOXW{W jO¶DQDO\VHGHODVpFXULWpGHVV\VWqPHV,7WHVWVGH SpQpWUDWLRQFRQVXOWDWLRQGHODFRQ¿JXUDWLRQ 3RXU FHODOHSUpVHQWDUWLFOHVHUDpFULWSOXW{WGXSRLQWGH YXHGHO¶DWWDTXDQWTXHGHO¶DGPLQLVWUDWHXU /¶DUWLFOH FRQVWLWXH OD UpFDSLWXODWLRQ GH SOXV GH GHX[ DQV G¶H[SpULHQFHV GDQV OHV WHVWV GHV V\VWqPHVGHVpFXULWp2UDFOH/DSOXSDUWGHVLQIRU PDWLRQV SURYLHQQHQW GHV UHVVRXUFHV GLVSRQLEOHV VXU,QWHUQHW
)BLJO/S
9\KMVO N_ ZYSX^ NO `_O NO VqSX^\_]
/LVWLQJ5pFHSWLRQGHVLQIRUPDWLRQVVXU OHV\VWqPH±FRPPDQGH716VWDWXV WQVFPGVWDWXVKS VHQGLQJ&211(&7B'$7$ &200$1' VWDWXV WR FRQQHFW ZULWLQJE\WHV UHDGLQJ #- '(6&5,37,21 703 961180 (55 $/,$6 /,67(1(5 6(&85,7< 2)) 9(56,21 716/615IRU6RODULV 9HUVLRQ3URGXFWLRQ 67$57B'$7( 2&7 6,'180 /2*),/( RSWRUDFOHLQHWZRUNORJOLVWHQHUORJ 350),/( RSWRUDFOHLQHWZRUNDGPLQOLVWHQHURUD 75$&,1* RII 837,0( 6103 2))
&RPPHQWV LQIRUPHUVXUOH V\VWqPH
8QSHXG KLVWRLUH /HV SURGXLWV GH OD VRFLpWp 2UDFOH IXUHQW ORQJWHPSV FRQ VLGpUpV FRPPH GHV DSSOLFDWLRQV H[HPSWHV G HUUHXUV LPSRUWDQWHV OLpHV j OD VpFXULWp &HWWH RSLQLRQ UpVXOWDLW SUREDEOHPHQWGXIDLEOHLQWpUrWDFFRUGpSDUOHVFKHUFKHXUV j FHV W\SHV GH SURGXLWV j FDXVH GH OHXU DFFHVVLELOLWp LQVXI¿VDQWH3RXUDYRLUDFFqVDX[YHUVLRQVFRPSOqWHVGHV V\VWqPHV'%06GHODVRFLpWp2UDFOHLOIDOODLWDFKHWHUOHV OLFHQFHVWUqVFKqUHV7RXWDFKDQJpDXPRPHQWR2UDFOH DFRPPHQFpjUHQGUHDFFHVVLEOHOHVYHUVLRQVFRPSOqWHV VXU ,QWHUQHW &HV YHUVLRQV SHXYHQW rWUH XWLOLVpHV SRXU OHGpYHORSSHPHQWHWOHVWHVWV'HSXLVjSHXSUqVGHX[DQV QRXVSRXYRQVREVHUYHUTXHFHVSURGXLWVFDSWHQWO LQWpUrW GHVVSpFLDOLVWHVTXLV RFFXSHQWGHVWHVWVGHVpFXULWpGHV DSSOLFDWLRQVHWGHODUHFKHUFKHGHVHUUHXUV &HIDLWDFKDQJpO LGpHGHO pGLWHXUVXUOHVSUREOqPHV GH VpFXULWp OLpV DX FRGH GHV SURGXLWV $XSDUDYDQW 2UDFOHYR\DLWODVpFXULWpVHXOHPHQWjWUDYHUVOHVPpFD QLVPHVGHSURWHFWLRQGHVGRQQpHVGDQVO DSSOLFDWLRQ (Q2UDFOHDSXEOLpSOXVGHLQIRUPDWLRQVVXU OHVULVTXHVGDQVVHVSURGXLWV'HSOXVOHVGLVWULEXWLRQV VWDQGDUG G RUDFOH FRQWLHQQHQW OHV FRPSRVDQWV 2SHQ 6RXUFHFRPPHSH[$SDFKHTXLHX[PrPHVSHXYHQW FRPSUHQGUHGHVHUUHXUV
2UDFOH/LVWHQHU
FDWLRQHQWUHOHVVHUYHXUV & HVWXQpOpPHQWGHFKDTXH LQVWDOODWLRQ G 2UDFOH '%06 /LVWHQHU HVW XQ SURFHVVXV DJLVVDQW VXU OH VHUYHXU GH EDVH GRQQpHV GRQW OD WkFKH FRQVLVWHjUHFHYRLUOHVFRPPDQGHVGHVFOLHQWV'DQVOHV V\VWqPHV 8QL[ FH SURFHVVXV V DSSHOOH WQVOVQU 'DQV OHV V\VWqPHV :LQGRZV ± OH VHUYLFH DSSURSULp ± /LVWH QHUpFRXWHOHVFRPPDQGHVVXUOHSRUW7&33RXU ODFRPPXQLFDWLRQHQWUH2UDFOH&OLHQWHW/LVWHQHURQXWLOL VHOHSURWRFROH7167UDQVSDUHQW1HWZRUN6XEVWUDWH /HV DWWDTXHV OHV SOXV PHQDoDQWHV OLpHV j 2UDFOH /LVWHQHU Q H[LJHQW SDV GH OD SDUW GX SLUDWH XQ VDYRLU IDLUH VSpFLDO &H Q HVW SDV XQ GpERUGHPHQW GX WDPSRQ FODVVLTXHRXDXWUHVHUUHXUVW\SHVFRPPLVHVSDUOHVSUR JUDPPHXUV SRXUWDQW QRXV SRXYRQV DXVVL HQ WURXYHU /HVIDLEOHVVHVOHVSOXVLPSRUWDQWHVGH/LVWHQHUUpVXOWHQW SUREDEOHPHQW GHV PDXYDLV SULQFLSHV DGRSWpV ORUV GH ODFRQFHSWLRQGXSURJUDPPH(QXQPRW ,W¶VQRWDEXJ± ,W¶VDIHDWXUH0DLVSDVVRQVPDLQWHQDQWDX[IDLWVFRQFUHWV 3RXU DWWDTXHU 2UDFOH /LVWHQHU RQ SHXW XWLOLVHU XQ VLPSOHVFULSWSHUODSSHOp WQVFPG,OHVWDFFHVVLEOHVRXV KWWSZZZMDPPHGFRPaMZDKDFNVVHFXULW\WQVFPG WQVFPG&HVFULSWSHUPHWGHSDVVHUGHVFRPPDQGHVDX SURWRFROH716
3DU GpIDXW 2UDFOH /LVWHQHU UHoRLW GHV FRPPDQGHV GH Q LPSRUWH TXL HW Q H[LJH DXFXQH DXWRULVDWLRQ &HWWH VLWXDWLRQ SHXW pYLGHPHQW FRQGXLUH j GHV DEXV 3UHPLqUHPHQW XQ XWLOLVDWHXU TXHOFRQTXH GX UpVHDX TXL HVW FDSDEOH GH VH FRQQHFWHU DX SRUW GH /LVWH QHU7&3SHXWREWHQLUEHDXFRXSG LQIRUPDWLRQVVXU OHV\VWqPH,OXWLOLVHUDSRXUFHODOHVFRPPDQGHVYHUVLRQ HWVWDWXVGXSURWRFROH716 V WQVFPGYHUVLRQKDGUHVVHBGXBVHUYHXUS WQVFPGVWDWXVKDGUHVVHBGXBVHUYHXUS
/LVWHQHU UpSRQG j FHV UHTXrWHV HQ UpYpODQW HQWUH DXWUHV
ODYHUVLRQSUpFLVHG 2UDFOH OHW\SHGHV\VWqPHG H[SORLWDWLRQ OH WHPSV pFRXOp GHSXLV OH ODQFHPHQW GH O LQVWDQFH G 2UDFOH OHVFKHPLQVG DFFqVDX[¿FKLHUVMRXUQDX[ OHVRSWLRQVGH/LVWHQHUSH[O pWDWGHO RSWLRQ VHFX ULW\ OHW\SHGHVHUYLFHVG 2UDFOHJpUpVSDU/LVWHQHU OHVDUJXPHQWVGHO DSSHO O HQYLURQQHPHQWFRPSOHWYDOHXUVGHWRXWHVOHVYDULD EOHVV\VWqPH GDQVOHTXHO/LVWHQHUDpWpODQFp
9RLFLWRXWG DERUGTXHOTXHVLQIRUPDWLRQVHVVHQWLHOOHVVXU OH SURJUDPPH 2UDFOH /LVWHQHU ,O V DJLW G XQ FRPSRVDQW UHVSRQVDEOH DYDQW WRXW GH OD FRPPXQLFDWLRQ HQWUH OHV 8Q H[HPSOH GH OD UpFHSWLRQ GH FHUWDLQHV LQIRUPDWLRQV FOLHQWV HW OH VHUYHXU 2UDFOH LO JqUH DXVVL OD FRPPXQL HVWSUpVHQWpGDQVOH/LVWLQJ
)BLJO/S
XXXIBLJOPSH
/LVWLQJ5HPSODFHPHQWG XQ¿FKLHUTXHOFRQTXHDXTXHOO XWLOLVDWHXURUDFOHDO DFFqVGDQVFHFDVF HVWOH ¿FKLHUUKRVWVGDQVOHUpSHUWRLUHSHUVRQQHOGHO XWLOLVDWHXURUDFOH ZRMGZR#EHKHPRWWQVFPGKRUDFOHBVHUYHUUDZFPG³ '(6&5,37,21 &211(&7B'$7$ &,' 352*5$0 +267 86(5 &200$1' ORJB¿OH $5*80(176 6(59,&( /,67(1(5 9(56,21 9$/8( KRPHRUDFOHUKRVWV VHQGLQJ '(6&5,37,21 &211(&7B'$7$ &,' 352*5$0 +267 86(5 &200$1' ORJB¿OH $5*80(176 6(59,&( /,67(1(5 9(56,21 9$/8( KRPHRUDFOHUKRVWV WRRUDFOHBVHUYHU ZULWLQJE\WHV UHDGLQJ PD'(6&5,37,21 703 961180 (55 &200$1' ORJB¿OH /2*),/(1$0( KRPHRUDFOHUKRVWV
&HV GRQQpHV SHXYHQW VHUYLU j OD SUpSDUDWLRQ GH SRVVqGH OHV GURLWV 3DU GpIDXW GDQV OHV V\VWqPHV O DWWDTXH HI¿FDFH FRQWUH OH V\VWqPH G H[SORLWDWLRQ RX 8QL[ F HVW O XWLOLVDWHXU RUDFOH HW GDQV OHV V\VWqPHV FRQWUHOHVSURJUDPPHV2UDFOH 0LFURVRIW ± O XWLOLVDWHXU /2&$/B6:
/HVFRPPDQGHVOHVSOXVIUpTXHQWHV GXSURWRFROH)73 $%25±DEDQGRQQHODFRPPDQGH)73HWWRXWWUDQVIHUW GHGRQQpHV /,67±DI¿FKHODOLVWHGHV¿FKLHUVHWGHVUpSHUWRLUHV 3$66±OHPRWGHSDVVHSHUPHWWDQWG¶RXYULUODVHVVLRQ 48,7±IHUPHODVHVVLRQ 5(75±UpFXSqUHOH¿FKLHUGXVHUYHXU 6725±HQYRLHOH¿FKLHUDXVHUYHXU 6@OHFOLHQWpWDEOLWODFRQQH[LRQGHFRQWU{OH &RQQHFWHGWRSKRERV >@OHVHUYHXUVHSUpVHQWHHWDQQRQFH TX LOHVWSUrWjWUDLWHUOHVFRPPDQGHV SKRERV)73VHUYHUUHDG\ >@OHFOLHQWGHPDQGHGHIRXUQLUOHQRPG XWLOLVDWHXU 1DPHSKRERVFDGHQFH FDGHQFH >@RXYHUWXUHGHVHVVLRQHQWDQW TX XWLOLVDWHXU FDGHQFH
!86(5FDGHQFH 3DVVZRUGUHTXLUHGIRUFDGHQFH >@VDLVLHGXPRWGHSDVVHTXLQ HVW SDVDI¿FKpVXUO pFUDQ 3DVVZRUG >@OHFOLHQWHQYRLHOHPRWGHSDVVHDXVHUYHXU !3$66;;;; 8VHUFDGHQFHORJJHGLQ >@OHFOLHQWYpUL¿HODYHUVLRQ GXV\VWqPHG H[SORLWDWLRQGXVHUYHXU !6@UpFXSpUDWLRQGX¿FKLHU WHVWW[W GXVHUYHXU IWS!JHWWHVWW[W ORFDOWHVWW[WUHPRWHWHVWW[W >@OHFOLHQWGHPDQGHOHW\SHELQDLUH SRXUOHWUDQVIHUWGX¿FKLHU !7@FRPPDQGH3257 !3257 3257FRPPDQGVXFFHVVIXO >@OHFOLHQWGHPDQGHDXVHUYHXUGHOXL WUDQVIpUHUOH¿FKLHUWHVWW[W !5(75WHVWW[W >@OHVHUYHXULQIRUPHGHO pWDEOLVVHPHQW GHODFRQQH[LRQGHGRQQpHV 2SHQLQJ%,1$5@OHVHUYHXULQIRUPHGHODIHUPHWXUH FRUUHFWHGHODFRQQH[LRQ 7UDQVIHUFRPSOHWH >@¿QGHODVHVVLRQ)73 IWS!E\H >@OHFOLHQWHQYRLHDXVHUYHXUO LQIRUPDWLRQ VXUOD¿QGHODVHVVLRQ !48,7 *RRGE\H
FRQFUHWV GDQV QRWUH H[HPSOH LO V DJLVVDLW GX ¿FKLHU WHVWW[W W HW HOOH Q HVW pWDEOLH TXH ORUVTX LO IDXW HQYR\HU GHV GRQQpHV /D FRQQH[LRQ GH FRQWU{OH UHVWH RXYHUWH SHQGDQWWRXWHODGXUpHG XQHVHVVLRQ)73GRQFjSDUWLU GXPRPHQWRO XWLOLVDWHXUpWDEOLWODFRQQH[LRQSHQGDQW ODUpFXSpUDWLRQGHV¿FKLHUVGHPDQGpVOHFKDQJHPHQWGH UpSHUWRLUHVODPRGL¿FDWLRQGHVQRPVMXVTX DXPRPHQW R O XWLOLVDWHXU IHUPH OD FRQQH[LRQ WDQGLV TXH OHV FRQ
XXXIBLJOPSH
QH[LRQV GH GRQQpHV VRQW pWDEOLHV HW IHUPpHV SOXVLHXUV IRLVGXUDQWXQHVHVVLRQ)73F HVWjGLUHORUVGHFKDTXH UpFXSpUDWLRQ G XQ ¿FKLHU FKDTXH HQYRL G XQ ¿FKLHU HW SHQGDQWOHOLVWLQJGXFRQWHQXG XQUpSHUWRLUH /DFRQQH[LRQGHGRQQpHVSHXWrWUHpWDEOLHGHGHX[ PDQLqUHV HQ PRGH DFWLI HW HQ PRGH SDVVLI 'DQV OHFDVGXPRGHDFWLIFRPPHGDQVO H[HPSOHFLGHVVXV OHFOLHQWRXYUHO XQGHVHVSRUWVHWGHPDQGHDXVHUYHXU GH VH FRQQHFWHU VXU FH SRUW 'DQV OH FDV R QRXV VRPPHVGHUULqUHXQ¿UHZDOOTXLQHODLVVHSDVSDVVHUOHV FRQQH[LRQVDUULYDQWVXUOHVSRUWVQRQW\SLTXHVOHFOLHQW SHXW XWLOLVHU OH PRGH SDVVLI & HVW OH VHUYHXU TXL RXYUH DORUVO XQGHVHVSRUWVVXUOHTXHOHQVXLWHOHFOLHQWpWDEOLW ODFRQQH[LRQ(QYXHG pWDEOLUODFRQQH[LRQGHGRQQpHV RQ XWLOLVH OD FRPPDQGH 3257 j O DLGH GH ODTXHOOH OHV GHX[DSSOLFDWLRQVpFKDQJHQWOHVLQIRUPDWLRQVFRQFHUQDQW OHVSRUWVVXUOHVTXHOVODFRQQH[LRQVHUDHIIHFWXpH
/ pWDSHG pWDEOLVVHPHQWGHOD FRQQH[LRQGHGRQQpHV
)LJXUH)73±PRGHDFWLI
OHFOLHQWHQYRLHDXVHUYHXUO LQIRUPDWLRQVXUFHSRUW jO DLGHGHODFRPPDQGH3257 OHVHUYHXUUHoRLWO LQIRUPDWLRQVXUOHQXPpURGXSRUW GXFOLHQWHWLOHIIHFWXHXQHRXYHUWXUHDFWLYHGHFRQ QH[LRQVXUFHSRUW'XF{WpVHUYHXUODFRQQH[LRQGH GRQQpHVXWLOLVHOHSRUWQXPpUR
/D¿JXUHSUpVHQWHO pWDWGHODFRQQH[LRQDSUqVOHSDV 1RXVDGPHWWRQVTXHHVWOHSRUWXWLOLVpSDUOHFOLHQW SRXU OD FRQQH[LRQ GH FRQWU{OH HW TXH OH SRUW HVW HPSOR\p SRXU OD FRQQH[LRQ GH GRQQpHV /D FRPPDQGH 3257 HQYR\pH SDU OH FOLHQW FRQWLHQW VL[ QRPEUHV GpFL PDX[HQFRGH$6&,,VpSDUpVSDUGHVYLUJXOHV/HVTXDWUH SUHPLHUVGp¿QLVVHQWO DGUHVVH,3GXFOLHQW/HVGHX[DXWUHV LQIRUPHQWVXUOHQXPpURGXSRUWOHTXHOGDQVQRWUHH[HP SOHHVWFDOFXOpGHODIDoRQVXLYDQWH /D ¿JXUH SUpVHQWH O pWDW GH OD FRQQH[LRQ DSUqV O HQYRLGHO RXYHUWXUHDFWLYH6@OHFOLHQWGHPDQGHOHW\SHELQDLUH SRXUOHWUDQVIHUWGX¿FKLHU 7!>$3@ !7$3@ 7\SHVHWWR, (QFHPRPHQWO RXYHUWXUHGXSRUWVXUOHFOLHQW HVWHQFRXUV >@FRPPDQGH3257 7!>$3@ !3257 7!>$3@ 3257FRPPDQGVXFFHVVIXO >@OHFOLHQWGHPDQGHDXVHUYHXUGHOXL WUDQVIpUHUOH¿FKLHUWHVWW[W 7!>$3@ !5(75WHVWW[W (QVXLWHOHVHUYHXUpWDEOLWODFRQQH[LRQ GHGRQQpHVVXUOHSRUWLQGLTXpSDUOH FOLHQWGDQVODFRPPDQGH3257 7!>6@ 7!>$6@ 7!>$@ >@OHVHUYHXULQIRUPHTXHODFRQQH[LRQ GHGRQQpHVDpWppWDEOLH 7!>$3@ 2SHQLQJ%,1$5:
7DEOHDX 3RVVLELOLWpVGHVDWWDTXHVHQPRGHDFWLI &RPPDQGH)73
5(75
6725
/,67
(IIHWGHODFRPPDQGH VHORQODVSpFL¿FDWLRQ GXSURWRFROH
5pFXSpUHUOH¿FKLHUjSDUWLUGX VHUYHXU
3ODFHUOH¿FKLHUVXUOHVHUYHXU
$I¿FKHUODOLVWHGHV¿FKLHUVHW GHVUpSHUWRLUHV
(IIHWG¶XQHDWWDTXH UpXVVLH
/¶DXWHXUGHO¶DWWDTXHSHXWUHP SODFHUOH¿FKLHUUpFXSpUpSDUVRQ SURSUH¿FKLHU
/¶DXWHXUGHO¶DWWDTXHUHFHYUD OH¿FKLHUTXLDXUDLWGrWUH SODFpVXUOHVHUYHXU
/¶DXWHXUGHO¶DWWDTXHSHXW LQVpUHUXQHYHUVLRQTXHOFR QTXHGHODOLVWHGHV¿FKLHUVHW GHVUpSHUWRLUHV
([HPSOHGHVGDQJHUV OLpVjXQHDWWDTXH UpXVVLH
6LO¶XWLOLVDWHXUWpOpFKDUJHXQ ORJLFLHOTX¶LOYHXWODQFHUHQVXLWH O¶LQWUXVSHXWOHUHPSODFHUSDUVD SURSUHYHUVLRQGXORJLFLHODYHF XQFKHYDOGH7URLH3DUFRQVpTX HQWLOREWLHQGUDO¶DFFqVGLVWDQWj O¶RUGLQDWHXUGHO¶XWLOLVDWHXU
6LOH¿FKLHUHQYR\pSDU O¶XWLOLVDWHXUHVWFRQ¿GHQWLHO SH[LOFRQWLHQWGHVPRWVGH SDVVHRXODFRQ¿JXUDWLRQG¶XQ ORJLFLHOFRUULJpHHQORFDO LOSHXWVHUYLUjO¶DXWHXUGH O¶DWWDTXHSRXUXQHLQWUXVLRQ VXUOHVHUYHXU
/¶LQWUXVSHXWWHQWHUGHSUR¿WHU G¶pYHQWXHOOHVHUUHXUVGDQV OHORJLFLHOGXFOLHQWYXTXH OHORJLFLHOV¶DWWHQGjUHFHYRLU XQHOLVWHGH¿FKLHUVIRUPDWpH HWSHXWQHSDVrWUHSUpSDUpj JpUHUOHVGRQQpHVLPSUpYXHV
([HPSOHFRQFUHWG XQHDWWDTXH 1RXV DYRQV UpXVVL j SURXYHU TXH O LQWUXV HVW FDSDEOH G REWHQLUOHVLQIRUPDWLRQVQpFHVVDLUHVjUpDOLVHUO DWWDTXH 1RXV DYRQV DXVVL FRQVWDWp VDQV DPELJXwWp TX j O DLGH GHV WHFKQLTXHV GH'pQL GH VHUYLFH LO SHXW SURORQJHU OD SpULRGHG RXYHUWXUHGXSRUWGHODFRQQH[LRQGHGRQQpHV GHPDQLqUHjFHTX LOVRLWSRVVLEOHGHVHFRQQHFWHU jFH SRUWDYDQWTXHOHVHUYHXUQHO DLWIDLW&HSHQGDQWSRXUFRQ VWDWHU VDQV DPELJXwWp VL OH SURWRFROH )73 HVW UpHOOHPHQW YXOQpUDEOHDX[DWWDTXHVGHFHW\SHLOIDXWHIIHFWXHUXQWHVW SUDWLTXH 1RXV DGPHWWRQV TXH O LQWUXV VDLW GpMj TXDQG OD YLFWLPHXWLOLVHOHFOLHQW)73HWHQTXHOPRGHLOIRQFWLRQQH 3RXUVLPXOHUXQHDWWDTXHGH'pQLGHVHUYLFHVXUOHVHUYHXU H )73QRXVDOORQVOHGpFRQQHFWHUSK\VLTXHPHQWGXUpVHDX jXQPRPHQWGRQQp$SUqVTXHOTXHVVHFRQGHVQRXVDOORQV OHUHFRQQHFWHUSRXUREVHUYHUOHFRPSRUWHPHQWGXORJLFLHO /RUVGXWHVWQRXVDOORQVXWLOLVHUOHVRUGLQDWHXUV
1DPHSKRERVFDGHQFH FDGHQFH !86(5FDGHQFH 3DVVZRUGUHTXLUHGIRUFDGHQFH 3DVVZRUG !3$66;;;; 8VHUFDGHQFHORJJHGLQ !6@URRWBIVUKIXOOSULVWLQHE] ELEOLRWKqTXHVOLEQHWW HWOLESFDS OLEQHWDWDUJ]OLESFDSWDUJ] VQRUWLQOLQH VQRUWBLQOLQHWDUJ] B VFULSWHGHFRQ¿JXUDWLRQSRXUOHSDUHIHXSRXU+RVW 26UF¿UHZDOO VFULSWHTXLGpPDUUHOHVQRUWVQRUWBLQOLQHVK SHUODYHFOHPRGXOH7LPH+L5HV 7LPH+L5HVWDUJ]
XXXIBLJOPSH
)BLJO/S
2YXOcZY^ `S\^_OV
FRQ¿JXUHHQDEOHLQOLQH
GRLWrWUHFKDQJpHHQYDOHXU\HV$XGHVVXVYRXV WURXYHUH]OHVYDULDEOHVTXLFRQWU{OHQWOHQRPEUHGHFRQ QH[LRQVVRUWDQWHV±VLFHQRPEUHHVWGpSDVVpWRXVOHV SDTXHWVWUDQVPLVjO H[WpULHXUVRQWWHPSRUDLUHPHQWEOR TXpV SRXU OH SURWRFROH GRQQp 6L QRXV YRXORQV DYRLU O DFFqV j GLVWDQFH j +RVW 26 DX PR\HQ G XQH FDUWH UpVHDXVXSSOpPHQWDLUH LOHVWFRQVHLOOpGHPRGL¿HUGH IDoRQDSSURSULpOHVYDULDEOHVGDQVODVHFWLRQ9$5,$%/(6 )250$1$*(0(17,17(5)$&( /HVFULSWUF¿UHZDOOO HVWpFULWGHIDoRQjFHTXHOHSUR JUDPPHH[WHUQHVQRUWLQOLQH VXUYHLOOHRXEORTXHVHXOH PHQWOHVFRQQH[LRQVVRUWDQWGXKRQH\SRW5LHQQHQRXV HPSrFKHGHODQFHUVXUOHV\VWqPHG DGPLQLVWUDWHXUXQ VQRUWVXLYDQWHQPRGHVWDQGDUGTXLLGHQWL¿HUDOHVW\SHV G DWWDTXHV DUULYDQWV &HWWH GpFLVLRQ HVW ODLVVpH j O DS SUpFLDWLRQGHQRVOHFWHXUV 48(8(
PDNH PDNHLQVWDOO
/HV ¿FKLHUV UXOHV UXOHV HW OHV ¿FKLHUV FRQ¿J HW VQRUWBLQOLQHFRQII GX UpSHUWRLUH HWF F QRXV FRSLRQV GDQV OH UpSHUWRLUH YRXOX S H[ XVUORFDOHWFVQRUWBLQOLQH (QVXLWH QRXV SHUVRQQDOLVRQV OH VFULSW GH GpPDUUDJH VQRUWBLQOLQHVKGHIDoRQjFHTX LOUHÀqWHO HPSODFHPHQW GHVUpSHUWRLUHVGDQVQRWUHV\VWqPH 'DQV OH ¿FKLHU VQRUWBLQOLQHFRQII QRXV SHUVRQQDOL VRQVODYDULDEOH 58/( B 3$7+HWGp¿QLVVRQVOHVYDULDEOHV DGGLWLRQQHOOHVTXLRQQHVDLWSDVSRXUTXRLRQWpWpQpJOL JpHVGDQVOHSDTXHWDJHVRXUFH YDU+20(B1(7+21(