Download as pdf or txt
Download as pdf or txt
You are on page 1of 2

5pJODJHGHâO LQVWDOODWLRQG DGRXFLVVDJH & HVWYLWHIDLW«


&RXUWHHWâSUDWLTXHâ
IU 7RXWFHâGRQWYRWUH &RQVXOWH]YRWUH 'XUHWp 3ODJH PPROO 9DOHXU
HWâUpJOH]FRPPHVXLW
ODYHYDLVVHOOHDâEHVRLQâ FRPSDJQLHGLVWULEXWULFH GHâO HDX
ƒI+
GHâGXUHWp GHâUpJODJH $ % ²$PHQH]O·LQWHUUXSWHXU0$5&+(â$55È7HQâSRVLWLRQDOOXPpH
GHVâHDX[SRXUFRQQDvWUH
$YDQWGHâYRXVHQâVHUYLUSRXU
1RWLFHG LQVWUXFWLRQVVXFFLQFWH/DYHYDLVVHOOH
ODâGXUHWpGHâO HDXGDQV
ODâSUHPLqUHIRLVOLVH]ODâQRWLFH YRWUHORFDOLWpâ  HDXQRQGXUH  
‡¯¯ ²$SSX\H]VXUODâWRXFKH67$57â$HWâPDLQWHQH]ODDSSX\pH
G LQVWDOODWLRQHWâG XWLOLVDWLRQ  HDXQRQGXUH  
‡¯³ ²7RXUQH]OHâSURJUDPPDWHXUâ%MXVTX jFHâTXHâ+V·DIILFKH
jâO·LQGLFDWHXUQXPpULTXH
 LQWHUPpGLDLUH  
‡¯›
²5HOkFKH]ODâWRXFKH
 LQWHUPpGLDLUH  
‡¯´ $O·LQGLFDWHXUQXPpULTXHODâYDOHXUUpJOpHHQâXVLQHâ+V·DOOXPH
6WDUW
 LQWHUPpGLDLUH  
‡¯ž ²7RXUQH]OHâSURJUDPPDWHXUâ%MXVTX jFHâTXHODâYDOHXUVRXKDLWpHV DIILFKH
â1pFHVVDLUHXQLTXHPHQW
DYDQWOHâSUHPLHUODYDJH  HDXGXUH  
‡¯‚ jâO·LQGLFDWHXUQXPpULTXH
RXVLODâGXUHWpGHâO HDX
DâFKDQJp  HDXGXUH  
‡¯± ²$SSX\H]VXUODâWRXFKH67$57â$
/ DSSDUHLOHQUHJLVWUHODâQRXYHOOHYDOHXU


 HDXGXUH  
‡¯Å
9HUVH]XQâVHOVSpFLDO 'LVVRXWOHFDOFDLUH LQXWLOHVLYDOHXUGHUpJODJHĂ  3RXUXQULQoDJHSDUIDLW
'pYLVVH] 8QLTXHPHQWDYDQW 5HPSOLVVH] 5HYLVVH]OH
OHERXFKRQ OHSUHPLHUODYDJH GHVHOVSpFLDO ERXFKRQ
UHPSOLVVH]OH MDPDLVGH /DYH]GHOD
UpVHUYRLUGH GpWHUJHQWĂ  YDLVVHOOH
VHOG HDX LPPpGLDWHPHQW


 9HUVH]GXâOLTXLGHGHâULQoDJH 1HWWRLHHWIDLWEULOOHU


$SSX\H]VXUOHUHSqUH
VRXOHYH]OHFRXYHUFOH
3RXUXQVpFKDJHSDUIDLW
9HUVH]GX
OLTXLGHGHULQoDJH
)HUPH]OH
FRXYHUFOH
&/,&



 5HPSOLVVDJHGXâGpWHUJHQW 9DLVVHOOHWUqVVDOHEHDXFRXSGHâGpWHUJHQW«
2XYUH]OHâFRXYHUFOH $WWHQWLRQâ
OHâFDVpFKpDQW /HVSURGXLWVPL[WHV
PO
PO
1HâYHUVH]
OHâGpWHUJHQWTXH
3RXVVH]
OHâFRXYHUFOH


DSSX\H]VXU QHFRQYLHQQHQW GDQVODâFKDPEUH SRXUOHâUHIHUPHU
(QFOHQFKHPHQWGHâO DSSDUHLO
ODâWRXFKH  SDVjâWRXV PO jâGpWHUJHQWVHF SXLVDSSX\H]
OHVâSURJUDPPHV 3/23â
5HVSHFWH]
OHVâFRQVLJQHV


GXâIDEULFDQW

&KRLVLVVH]XQâSURJUDPPH 5DSLGHpFRQRPLTXHRXâLQWHQVLI
7DEOHDXGHVSURJUDPPHV ,QWHQVLI $XWR (FR 9HUUH 3UpODYDJH
'DQVâFHUpFDSLWXODWLIILJXUHOHQRPEUHPD[LPDO ƒ ƒƒ ƒ ƒ ƒ
9001188809 (9612) 640B EG

GHâSURJUDPPHVSRVVLEOHV/HEDQGHDXGHâFRPPDQGH

6WDUW
GHâYRWUHDSSDUHLOLQGLTXHOHVâSURJUDPPHVVSpFLILTXHV
jâFHOXLFL
‘ Õ ¸ k j p r £  —
/HVâGRQQpHVGHâSURJUDPPHVRQWGHVâYDOHXUV
'XUpHHQâKHXUHVâPLQXWHV 3:30 - 1:05 1:00 0:15
GHâODERUDWRLUHFRQIRUPHVjâODâQRUPHHXURSpHQQH &RQVRPPDWLRQGHâFRXUDQWHQâN:K 1,60 - 0,75 1,30 0,05
(1'HVGLIIpUHQFHVSHXYHQWVHâSUpVHQWHU
ORUVGHâO·XWLOLVDWLRQGXâODYHYDLVVHOOH &RQVRPPDWLRQG·HDXHQâOLWUHV 19 - 9 10 4


PRLWLpGHODFKDUJHQRUPDOLVpH

'pPDUUDJHGXâSURJUDPPHHWMâF HVWSDUWLâ )RQFWLRQVVXSSOpPHQWDLUHVâ SRXUIOH[LELOLVHUOHâ


&\FOHDFFpOpUp 'HPLFKDUJH =RQHLQWHQVLYH +\JLqQH ([WUDVHF

(WHLJQH]O DSSDUHLO& HVWSDUIDLWâ


­ 9DULR6SHHG 
REWHQXjâSXLVVDQFH
GHâQHWWR\DJHFRQVWDQWH
† HQSUpVHQFHGHâSHX
GHâYDLVVHOOHFHWWHRSWLRQ
pFRQRPLVHGHâO HDX
½ SDUIDLWHSRXU
OHVâFKDUJHVPL[WHV
/·DSSDUHLOKDXVVH
² +\JLHQH 
ODWHPSpUDWXUH
DXJPHQWHSHQGDQW
˜ GRQQHXQâPHLOOHXU
VpFKDJHGXâIDLW
GHâODâWHPSpUDWXUH
SDUXQHFRQVRPPDWLRQ GHâO pQHUJLHHWâGXâWHPSV ODâSUHVVLRQHWâODâWHPSpUDWXUH OHâODYDJH SOXVpOHYpHSHQGDQW
DFFUXHG pQHUJLH GHâODYDJH &HFLSHUPHWG·DWWHLQGUH OHâULQoDJH
 XQâSOXVKDXWQLYHDX $WWHQWLRQDX[SLqFHV
G·K\JLqQH GHâYDLVVHOOHGpOLFDWHVâ
6HORQOHâPRGqOH
(QWUHWLHQHWâQHWWR\DJH 3RXUREWHQLUXQâULQoDJHSDUIDLW 1HWWR\DJHGHâODâSRPSHGHâYLGDQJH
)LOWUHV 7RXUQH] 5LQFH] LQVWDOOH]â 5HYLVVH] ²'pEUDQFKH]ODâILFKHPkOHGHâODâSULVH
âFRQWU{OH] OHâF\OLQGUHILOWUDQW jâO HDX OHâV\VWqPH GHâFRXUDQW
pYHQWXHOOHPHQW UHWLUH]OHâV\VWqPH FRXUDQWHâ GHâILOWUDWLRQ ²(QOHYH]O HDXHWâUHWLUH]OHâILOWUH
QHWWR\H] GHâILOWUDWLRQâ 5(63(&7(= ²)DLWHVOHYLHUSRXUVRXOHYHU
/(65(3Ë5(6â OHâFRXYHUFOH $ 
²9pULILH]TXHODâ]RQHGHâODâURXHjâDLOHWWHV
QHFRPSRUWHSDVGHâFRUSVpWUDQJHU
²)DLWHVHQFUDQWHUDXGLEOHPHQW
OHâFRXYHUFOH % 
²0HWWH]OHVâILOWUHVHQâSODFH

%UDVG DVSHUVLRQ 7LUH]OHâEUDVLQIpULHXU 'pYLVVH]OHâEUDV 1HWWR\H]OHVâEXVHV ,QVWDOOH]OHâEUDV $ %


âHQOHYH] YHUVOHâKDXWâ VXSpULHXUâ« G DVSHUVLRQjâO HDX LQIpULHXUâ
OHVâREVWUXFWLRQVâ FRXUDQWH
GpS{WV pYHQWXHOOHPHQW  
DYHFXQâFXUHGHQW â 
9LVVH]jâIRQG &/,&.
OHâEUDVVXSpULHXU

5HPpGLHUVRLPrPHDX[âSHWLWVGpIDXWVâ« â5HPpGLHUVRLPrPHDX[âSHWLWHVSDQQHVSHUPHWG·pFRQRPLVHUGHVâIUDLVâ 9RXVWURXYHUH]G DXWUHVFRQVLJQHVGDQVâODâQRWLFHG XWLOLVDWLRQ

'pUDQJHPHQW &DXVHVSRVVLEOHV 5HPqGH 'pUDQJHPHQW &DXVHVSRVVLEOHV 5HPqGH

0HQWLRQ©ââªV·DOOXPH /HâURELQHWG DUULYpHG HDX 2XYUH]OHâURELQHWG DUULYpHG HDX 9DLVVHOOHPDOODYpH /DâYDLVVHOOHVHâFKHYDXFKH 6pSDUH]OHVâSLqFHVGHâYDLVVHOOHpYLWH]GHâOHVâIDLUH
HVWFRLQFpRXâHQWDUWUp FKHYDXFKHU
'pYLVVH]OHâEUDQFKHPHQWG HDX 3UpVHQFHGHâVDEOHRXâGHâ 7URSSHXGHâGpWHUJHQW 5HVSHFWH]OHVâLQGLFDWLRQVGXâIDEULFDQW GpWHUJHQW 
1HWWR\H]OHâILOWUHPRQWpGDQVâOHâEUDQFKHPHQWG HDX UpVLGXVUHVVHPEODQWjâGHâ
%UDQFKHPHQWG HDXRXYHUW /HâSURJUDPPHVpOHFWLRQQpâ 6pOHFWLRQQH]XQâSURJUDPPHSOXVIRUW
ODâVHPRXOHVXUâODâYDLVVHOOH
OHâGpELWPLQLPDOGRLWV pOHYHUjââOââPQ QHâFRQYLHQWSDV
(QâSUpVHQFHG XQGpELWSOXVIDLEOH %XVHVGHVâEUDVG DVSHUVLRQERXFKpHV 1HWWR\H]OHVâEUDVG DVSHUVLRQ YRLUFLGHVVXV 
IDLWHVUHPSODFHUOHâURELQHWG DUULYpHG HDX /HâILOWUHâHVWâVDOHâLOâQ HVWâSDVâELHQ 1HWWR\H]OHVâILOWUHV YRLUFLGHVVXV 
'LVSRVH]OHâIOH[LEOHG DUULYpHG HDXVDQVOHâSOLHU HQâSODFH
%UDVG DVSHUVLRQEORTXpV 5DQJH]ODâYDLVVHOOHGHâVRUWHâTXHâOHVâEUDVG DVSHUVLRQ
0HQWLRQ©â(⪠)LOWUHVHQFUDVVpVRXERXFKpV 1HWWR\H]OHVâILOWUHV YRLUFLGHVVXV  WRXUQHQWOLEUHPHQW

0HQWLRQ©â(⪠)OH[LEOHGHâYLGDQJHERXFKpRXâSOLp 3RVH]OHâIOH[LEOHGHâYLGDQJHGHâO·HDXHQâYHLOODQW


HWâ©ââªV·DOOXPH jâO·DSSDULWLRQG·DXFXQSOL 7kFKHVHWâWUDvQpHVJUDVVHV 'RVDJHGXâOLTXLGHGHâULQoDJH (QâSUpVHQFHGHâWUDvQpHVJUDVVHVâUpGXLVH]OHâGRVDJH
WURSpOHYpâWURSIDLEOH
/HâFRXYHUFOHGHâODâSRPSHGHâYLGDQJH 0RQWH]OHâFRXYHUFOH YRLUFLGHVVXV  (QâSUpVHQFHG HDXRXâGHâWUDFHVGHâFDOFDLUHâ
Q·HVWâSDVâPRQWp $XJPHQWH]OHâGRVDJH
9DLVVHOOHâSDVâVqFKH /LTXLGHGHâULQoDJH +DXVVH]OHâGRVDJH
0HQWLRQ©â(⪠/DâSRPSHGHâYLGDQJHâHVWâEORTXpH 1HWWR\H]ODâSRPSHGHâYLGDQJH YRLUFLGHVVXV  &KDQJH]OHâSURGXLW
HWâ©ââªV·DOOXPH /HâGpWHUJHQWPL[WHXWLOLVpRIIUH 8WLOLVH]GXâSURGXLWGHâULQoDJH
XQHPDXYDLVHSHUIRUPDQFHGHâVpFKDJH
/DâPHQWLRQGHâGpIDXWGLYHUV $SSDUHLOWHFKQLTXHPHQWGpIHFWXHX[ $SSHOH]OHâVHUYLFHDSUqVYHQWH 5pJODJHGHâO DSSDUHLO $FWLYHUOHâVpFKDJHLQWHQVLI VHORQOHâPRGqOH 
©â(;;âªV·DOOXPH LQGLTXH]DXâWHFKQLFLHQTXHOFRGHGHâGpIDXWV·DIILFKH 
'pS{WVODLWHX[ /DâGXUHWpGHâO HDXâHVWâPDOUpJOpH 5pJOH]FRUUHFWHPHQWO DGRXFLVVHXU
'pEUDQFKH]O·DSSDUHLO QRQGpILQLWLI 
VXUODâYDLVVHOOH $EVHQFHGHâVHOVSpFLDO $MRXWH]GXâVHOVSpFLDO

(DXUHVWpHGDQVâO DSSDUHLO /HâSURJUDPPHQ HVWâSDVâHQFRUHWHUPLQp )HUPH]O DSSDUHLOHQFOHQFKH]OHHWâRXâDEDQGRQQH]


OHâSURJUDPPH YRLU©â$EDQGRQG XQSURJUDPPH⪠ 'pS{WVODLWHX[ 9HUUHVâSDVâODYDEOHVDXâODYHYDLVVHOOH 8WLOLVH]GHVâYHUUHVDOODQWDXâODYHYDLVVHOOH
YHUUHVWURXEOHVâPDWV
PDUTXHVLQGpOpELOHV
8WLOLVH]XQâGpWHUJHQWTXLâPpQDJHOHVâYHUUHV
5RXLOOHVXUâOHVâFRXYHUWV &RXYHUWVQRQLQR[\GDEOHV 8WLOLVH]GHVâFRXYHUWVUpVLVWDQWVDXâODYHYDLVVHOOH
/HVâODPHVGHâFRXWHDXWUqVGXUHV 7HLQWHGHVâSLqFHV 7URSSHXGHâGpWHUJHQW 5HVSHFWH]OHVâLQGLFDWLRQVGXâIDEULFDQW GpWHUJHQW 
VRQWSOXVVXVFHSWLEOHVGHâURXLOOHU HQâSODVWLTXHâ
GHâODâYDLVVHOOHDOWpUpH &RORUDWLRQVGXHVDX[âFRORUDQWV /HVFRORUDWLRQVâQHâSUpVHQWHQWDXFXQULVTXHâ
5RXLOOHpWUDQJqUH 1HODYH]MDPDLVGDQVâO DSSDUHLOGHVâSLqFHVTXLâURXLOOHQW DOLPHQWDLUHV VDXFHWRPDWH (OOHVV HVWRPSHURQWDX[âULQoDJHVVXLYDQWV

$EDQGRQGXâSURJUDPPHâ 5DQJHUODâYDLVVHOOHFRUUHFWHPHQW

&RQWHQXGHâO·LQGLFDWHXU 5DQJH]ODâYDLVVHOOH UpVLVWDQWHDXâODYHYDLVVHOOHH[HPSWHGHâFHQGUHVFLUHJUDLVVHOXEULILDQWHSHLQWXUH


3HQGDQWO·H[pFXWLRQGXâSURJUDPPH FKLIIUp©â⪠pWLTXHWWHVDXWRFROODQWHVâHQOHYH]OHVâUHVWHVYROXPLQHX[GHâFRQILWXUHSURGXLWVODLWLHUVHWâDOLPHQWDLUHV 
DSSX\H]VXUODâWRXFKH67$57 )LQGXâSURJUDPPH HQâUHVSHFWDQWOHâFRQWHQXGHâODâQRWLFHG LQVWUXFWLRQVSXLVYpULILH]TXHOHVâEUDVG DVSHUVLRQSHXYHQW
SHQGDQWHQYVHFRQGHV 0LVHKRUVWHQVLRQGHâO DSSDUHLO
DXâERXWG·XQHPLQXWH WRXUQHUOLEUHPHQW
5HPLVHjâ]pUR  HQYâODâPHQWLRQ©ââª
V·DIILFKH

You might also like