Groupes industriels chaud/froid LAUDA

Transcription

Groupes industriels chaud/froid LAUDA
*URXSHVLQGXVWULHOVFKDXGIURLG/$8'$
6\VWqPHVGHUHIURLGLVVHPHQWLQGXVWULHOV
6\VWqPHVGHFKDXIIDJHLQGXVWULHOV
7KHUPRUpJXODWHXUVLQGXVWULHOVjFLUFXLWVHFRQGDLUH
&KDXIIDJH
5HIURLGLVVHPHQW
5pIULJpUDWLRQ
GHjƒ&
*URXSHVLQGXVWULHOVFKDXGIURLG/$8'$±
9XHG¶HQVHPEOH
&RQVWUXFWLRQHW
FRQFHSWLRQPRGXODLUHV
)OXLGHVFDORSRUWHXUV
0DvWULVHGHODWHPSpUDWXUHSDUOHOLTXLGH0RGXOHVGXNLWGHFRQVWUXFWLRQ/$8'$
&RPPHQRVV\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWDGRSWHQWXQHFRQFHSWLRQPRGXODLUHQRXV
VRPPHVHQPHVXUHGµDGDSWHUQRVV\VWqPHVDXFDVSDUFDVSRXUTXHQRVSURGXLWVJDUDQWLVVHQWj
FKDTXHFOLHQWGHVSHUIRUPDQFHVRSWLPDOHV
/HVGLIIpUHQWVÁXLGHVFDORSRUWHXUVVHGLVWLQJXHQWSULQFLSDOHPHQWSDUOHXUSODJHGHWHPSpUDWXUHXWLOH
/$8'$YRXVDLGHUDjFKRLVLUOHÀXLGHFDORSRUWHXUTXLFRQYLHQWOHPLHX[jYRWUHXWLOLVDWLRQ
6\VWqPHVGHFKDXIIDJHLQGXVWULHOV
6pULH,7+
6pULH,7+:
/HVV\VWqPHVGHFKDXIIDJHLQGXVWULHOVXWLOLVHQWGHOµKXLOHGHOµHDXRXXQPpODQJHHDXJO\FROFRPPH
ÀXLGHFDORSRUWHXUHQIRQFWLRQGHODWHPSpUDWXUHG¶DGPLVVLRQDWWHQGXH,OVVRQWFKDXIIpVpOHFWULTXHPHQW
HWEpQp¿FLHQWGµXQFRQWU{OHGXGpELWSURGXLW/HVV\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWTXL
FRPSRVHQWQRWUHJDPPHGµDSSDUHLOVjWUDQVIHUWWKHUPLTXHFRPSRUWHQWWRXMRXUVXQPRGXOHGHFKDXIIDJH
pOHFWULTXHSOXVXQPRGXOHpFKDQJHXUWKHUPLTXHVXSSOpPHQWDLUHOHUHIURLGLVVHXU&HVFKpPDpYHQWX
HOOHPHQWDVVRFLpjXQV\VWqPHUpIULJpUDQWSURFHVVXVSHUPHWGµREWHQLUXQV\VWqPHGHFKDXIIDJHHWGH
UHIURLGLVVHPHQWRSpUDWLRQQHOVXUXQHODUJHSODJHGHWHPSpUDWXUHGHWUDYDLO
6\VWqPHVGHUHIURLGLVVHPHQWLQGXVWULHOV
6pULH68.
/HVV\VWqPHVGHUHIURLGLVVHPHQWLQGXVWULHOVIRQFWLRQQHQWVXUOHSULQFLSHGµXQUHIURLGLVVHPHQWDFWLI
SHUPHWWDQWGHPDvWULVHUODWHPSpUDWXUHGHGLIIpUHQWVFLUFXLWVFRQVRPPDWHXUV,OVIRQWDSSHOjXQFLUFXLW
GHUHIURLGLVVHPHQWjXQRXGHX[pWDJHVHWVRQWUHIURLGLVSDUHDXRXSDUDLU$VVRFLpjXQFKDXIIDJH
pOHFWULTXHRXjXQpFKDQJHXUWKHUPLTXHDX[LOLDLUHOHPRGqOH68.RIIUHXQHODUJHSODJHGHWHPSpUDWXUH
GHWUDYDLO'LIIpUHQWVÀXLGHVFDORSRUWHXUVSHXYHQWrWUHXWLOLVpVHQIRQFWLRQGHYRVDSSOLFDWLRQV
6pULH'9
/HVpYDSRUDWHXUVGLUHFWVVRQWGHVWLQpVjWRXWHVOHVDSSOLFDWLRQVVDQVFLUFXLWGHÀXLGHFDORSRUWHXU
FRPPHFµHVWOHFDVSRXUOHVFRQGHQVDWHXUVGH&29XWLOLVpVHQUHIURLGLVVHPHQWGLUHFWDYHFpYDSRUDWLRQ
GXUpIULJpUDQW
6pULH.+
8WLOLVpVFRPPHV\VWqPHVUpIULJpUDQWVSURFHVVXVOHVDSSDUHLOV.U\RKHDWHUVRIIUHQWXQHWUqVODUJH
JDPPHGHWHPSpUDWXUHVXWLOHV/HXUVFDUDFWpULVWLTXHVDQWLFLSHQWOHVH[LJHQFHVGHGHPDLQHWEpQp¿FLHQW
GµRUHVHWGpMjGHVGHUQLqUHVDYDQFpHVWHFKQRORJLTXHVHQPDWLqUHGHÀXLGHFDORSRUWHXU,OVLQWqJUHQWOD
WHFKQRORJLHGHUpIULJpUDWLRQGHVPRGXOHV68.GHVFRPSUHVVHXUVjXQpWDJHDX[FDVFDGHVjGHX[FLU
FXLWVWRXWHQpWDQWVLPXOWDQpPHQWRSpUDWLRQQHOVVXUGHVSODJHVGHWHPSpUDWXUHVH[WUrPHPHQWpOHYpHV
/HV.U\RKHDWHUVFRQVWLWXHQWODVROXWLRQLGpDOHSRXUTXLUHFKHUFKHXQDSSDUHLOSRO\YDOHQW
7KHUPRUpJXODWHXUVLQGXVWULHOVjFLUFXLWVHFRQGDLUH
6pULH75
/HVWKHUPRUpJXODWHXUVLQGXVWULHOVjFLUFXLWVHFRQGDLUHXWLOLVHQWOµpQHUJLHWKHUPLTXHSXLVpHGDQV
XQUpVHDXH[LVWDQWYDSHXUKXLOHHDXRXVDXPXUHGHUHIURLGLVVHPHQW/HVFRQWU{OHVVLPSOL¿HQW
OµH[WUDFWLRQDXWRPDWLTXHGHOµpQHUJLHGRQWOHV\VWqPHGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSULPDLUHD
EHVRLQYLDXQpFKDQJHXUWKHUPLTXHRXSDULQMHFWLRQGLUHFWHGXÀXLGHFDORSRUWHXU
6pULH.3
/HVV\VWqPHV.U\RSDFIRQFWLRQQHQWHQFLUFXLWVHFRQGDLUH3RXUJDUDQWLUOHQLYHDXGHSXUHWpWRXMRXUV
FURLVVDQWDWWHLQWSDUOHVPpWKRGHVGHSURGXFWLRQPRGHUQHVOHVUpDFWLRQVVRQWGpFOHQFKpHVjWUqVIDLEOH
WHPSpUDWXUH3RXUUpSRQGUHjFHWWHQpFHVVLWp/$8'$DLQWpJUpOHV\VWqPH.U\RSDFGDQVVDJDPPH
GHPRGXOHV,FLRQH[SORLWHODFDSDFLWpFU\RJpQLTXHGHOµD]RWHHQpYDSRUDWLRQHQODWUDQVPHWWDQWjXQ
ÀXLGHFDORSRUWHXU'HQRPEUHX[PRGXOHVGXNLWGHFRQVWUXFWLRQSHXYHQWpJDOHPHQWrWUHXWLOLVpVGDQVOH
V\VWqPH.U\RSDF
*ORVVDLUH
5HFKHUFKH
4XLFNÀQGHU
UDSLGH
jSDUWLUGHODSDJH
jSDUWLUGHODSDJH
jSDUWLUGHODSDJH
jSDUWLUGHODSDJH
jSDUWLUGHODSDJH
/$8'$*ORVVDLUH
jSDUWLUGHODSDJH
*ORVVDLUH
ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&ƒ&
$YDQWDJHV
/DEDVH±GHVFRQVHLOVFRPSpWHQWV
&KH]/$8'$YRVLQWHUORFXWHXUVVRQWGHVVSpFLDOLVWHVGqVOHGpSDUW1RXVVDYRQVTXHODTXDOLWpGHYRWUHSURGXLW
¿QDOGpSHQGSRXUEHDXFRXSGHODPDvWULVHGHODWHPSpUDWXUHFµHVWSRXUTXRLQRXVDGDSWRQVQRWUHFRQVHLOjYRV
DSSOLFDWLRQV1RXVPHWWRQVjYRWUHGLVSRVLWLRQWRXWHQRWUHH[SpULHQFHGDQVODFRQFHSWLRQGHFHVpTXLSHPHQWV
$XVVLQRXVFRQVDFURQVOHWHPSVQpFHVVDLUHjFHWWHpWDSHHVVHQWLHOOHGHQRWUHFROODERUDWLRQ1RXVFRQQDLVVRQV
OHVSUREOpPDWLTXHVGHWHUUDLQQRXVDYRQVOµH[SpULHQFHGHODJHVWLRQGHVSURMHWVGHQLYHDXWHFKQRORJLTXHpOHYp
/µH[SHUWLVHGXFRQVHLOHVWXQpOpPHQWFUXFLDOGHODUpXVVLWHGHOµLPSOpPHQWDWLRQGXUHVSHFWGHVGpODLVHWGHOD
VDWLVIDFWLRQGXFOLHQW
&RRUGRQQHUOHVpOpPHQWV±ODFRQFHSWLRQPRGXODLUH
/µLQJpQLHULHGHSURMHWHVWQRWUHGRPDLQHGHSUpGLOHFWLRQ1RXVWUDYDLOOHURQVHQpWURLWHFROODERUDWLRQSRXUGp¿QLU
HQVHPEOHYRWUHV\VWqPHVSpFL¿TXHGqVODSKDVHGHFRQFHSWLRQ/DQRWLRQGHÄFRQFHSWLRQPRGXODLUH³HVWHV
VHQWLHOOH,OVµDJLWGµDVVRFLHUGLIIpUHQWVPRGXOHVODUJHPHQWpSURXYpVSRXUGp¿QLUXQHVROXWLRQSHUVRQQDOLVpH
DGDSWpHjYRWUHDSSOLFDWLRQ3RXUTXHOHVFDUDFWpULVWLTXHVGHODVROXWLRQVRLHQWDXSOXVSURFKHGXFDKLHUGHV
FKDUJHVLQLWLDOLOIDXWPHWWUHHQ°XYUHXQHSODQL¿FDWLRQSUpFLVHHWGp¿QLUDYHFH[DFWLWXGHOHVGLIIpUHQWHVSKD
VHVGXSURMHWjWRXVOHVQLYHDX[&KDTXHpWDSHGHODSURFpGXUHGHSODQL¿FDWLRQ/$8'$HVWOHUpVXOWDWGµXQH
ORQJXHH[SpULHQFHHWEpQp¿FLHHQSHUPDQHQFHGHVQRXYHOOHVDYDQFpHV&µHVWFHTXLQRXVSHUPHWGHJDUDQWLU
XQQLYHDXGHTXDOLWpH[FHSWLRQQHO
'HVV\VWqPHVVXUPHVXUH±XQHTXDOLWpRSWLPDOH
6DQVXQHLPSOpPHQWDWLRQ¿DEOHXQHWHFKQRORJLHGHSRLQWHQµHVWULHQ1RVVSpFLDOLVWHVHQSURGXFWLRQVRQW
H[SpULPHQWpVHWVDYHQWH[DFWHPHQWFRPPHQWWUDGXLUHOHVH[LJHQFHVVSpFL¿TXHVGXFOLHQWGDQVOHV\VWqPHGH
FKDXIIDJHHWGHUHIURLGLVVHPHQWTXµLOVFRQoRLYHQW(QIDYRULVDQWODIRUPDWLRQFRQWLQXHGHQRVpTXLSHVHWHQ
PHWWDQWHQ°XYUHOHVGLIIpUHQWHVQRUPHVDSSOLFDEOHVjQRWUHDFWLYLWpQRXVSRXYRQVJDUDQWLUjQRVV\VWqPHV
XQGpQRPLQDWHXUFRPPXQXQHTXDOLWpH[FHSWLRQQHOOHGHVSHUIRUPDQFHVGXPHLOOHXUQLYHDX/DTXDOLWpGHV
PDWpULDX[HWOHVFDUDFWpULVWLTXHVWHFKQLTXHVGHVGLIIpUHQWVFRPSRVDQWVIRQWOµREMHWGµXQHGRFXPHQWDWLRQFRP
SOqWHHWGµXQVXLYLSHUPDQHQW/DWUDoDELOLWpHVWDVVXUpH
8QHFRPSOpPHQWDULWpRSWLPDOH±/$8'$3OXJ3OD\
/HVV\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWpWDQWFRQVWLWXpVGHGLIIpUHQWVPRGXOHVSUrWVjDVVHPEOHU
LOQHUHVWHSOXVTXµjUpDOLVHUOµLQWHUIDFHDYHFOµpTXLSHPHQWFRQVRPPDWHXU/HWUDQVSRUWHWODORFDOLVDWLRQVRQW
SULVHQFRPSWHGqVODSKDVHGHSODQL¿FDWLRQ7RXWHVOHVTXHVWLRQV UHODWLYHV j OµLQVWDOODWLRQ j OµLPSODQWDWLRQ
GHVWX\DX[jOµLVRODWLRQjODVpFXULWpHWjODSURWHFWLRQFRQWUHOHVH[SORVLRQVVHURQWWUDLWpHVHQDPRQW9RV
LQWHUORFXWHXUV/$8'$VRQWjODSRLQWHGDQVFHGRPDLQHHWVDXURQWYRXVFRQVHLOOHUDYHFFRPSpWHQFH
/HVHVVDLVXVLQH±YRWUHV\VWqPHHVWPLVjOµpSUHXYH
3URJUDPPHFRPSOHWGHWHVWVVXUEDQFGµHVVDL/$8'$DYDQWH[SpGLWLRQpTXLSHPHQWODEHOOLVp&(
‡ (VVDLVRXVSUHVVLRQHWWHVWGHIXLWHFLUFXLWGHÀXLGHFDORSRUWHXUV\VWqPHUpIULJpUDQWHQDSSOLFDWLRQGHOD
GLUHFWLYH$'
‡(VVDLGHIRQFWLRQQHPHQWVRXVFKDUJHYDULDEOH
‡(VVDLGHSUpFLVLRQGHODWKHUPRUpJXODWLRQ
‡(VVDLDX[WHPSpUDWXUHVGHWUDYDLOPD[LPDOHWPLQLPDO
‡eWDORQQDJHGXFDSWHXUGHWHPSpUDWXUH
‡(VVDLGHWRXVOHVFRPSRVDQWVGHVpFXULWpHQDSSOLFDWLRQGHODGLUHFWLYH&(
‡3URWRFROHGµHVVDLYpUL¿FDWLRQGHVGRQQpHVGHSHUIRUPDQFH
/D¿DELOLWpGXVHUYLFHDSUqVYHQWH±WRXMRXUVGLVSRQLEOHSDUWRXW
/HVV\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQW/$8'$VRQWFRQoXVSRXUIRQFWLRQQHUHQFRQWLQXDYHFXQ
PLQLPXPGµHQWUHWLHQ/DUpJOHPHQWDWLRQLQWHUQDWLRQDOHHWOHVGLUHFWLYHVHQPDWLqUHGHVpFXULWpH[LJHQWODPLVH
HQSODFHGµXQHPDLQWHQDQFHUpJXOLqUH&RPPHFKDTXHV\VWqPHHVWGLIIpUHQWQRXVpODERURQVXQSODQGHPDLQ
WHQDQFH VSpFL¿TXH j FKDTXH VROXWLRQ /µHQWUHWLHQ UpJXOLHU VHUD FRQ¿p DX VDYRLUIDLUH GH QRV WHFKQLFLHQV GH
PDLQWHQDQFH1RXVSRXYRQVFRPSWHUVXUXQUpVHDXGHUHSUpVHQWDQWVFRPSpWHQWVjOµpWUDQJHU/µH[SORLWDQWSHXW
UHVWHU VHUHLQ OHV pTXLSHPHQWV EpQp¿FLHQW HQ SHUPDQHQFH GµXQH PDLQWHQDQFH DGDSWpH GRQW OµKLVWRULTXH HVW
JDUDQWLSRXUUpSRQGUHDX[H[LJHQFHVGHFRQWU{OHUpJXOLHULPSRVpHVSDUODGLUHFWLYHVDQWpHWVpFXULWpHQPLOLHX
LQGXVWULHO1RWUHpTXLSHPDLQWHQDQFHSRXUUDYRXVGpSDQQHUGDQVOHVKHXUHVVLQpFHVVDLUH
(QWUHSULVH
(QWUHSULVHIDPLOLDOHDYHFWUDGLWLRQ
'U 5XGROI :REVHU FUpH VRQ HQWUHSULVH /$8'$ IrWH OHV DQV G¶H[LVWHQFH
0(66*(5b7(:(5. /$8'$ 'U 5
GHO¶HQWUHSULVHOHHUPDUV'HX[PRLV
:REVHU .* GDQV XQH SHWLWH YLOOH GX
SOXV WDUG /$8'$ IRQGH HQ 5XVVLH
%DGH:XUWHPEHUJ/DXGD
OD VRFLpWp GH GLVWULEXWLRQ /$8'$
:RVWRN XQ QRXYHDX MDORQ GDQV OD
1DLVVDQFH GHV SUHPLHUV V\VWqPHV GH
VWUDWpJLH G¶LQWHUQDWLRQDOLVDWLRQ GH
FKDXIIDJH HW GH UHIURLGLVVHPHQW SRXU
O¶HQWUHSULVH
OµLQGXVWULH7URLVDQQpHVSOXVWDUGGpYH
ORSSHPHQWGHVSUHPLHUVWHQVLRPqWUHVHW $YHFODIRQGDWLRQGHV¿OLDOHV/$8'$
GHVEDODQFHVj¿OP
$PHULFD /DWLQD &$ /$8'$ &KLQD
&R /WG HW /$8'$%ULQNPDQQ /3
$SUqV OH GpFqV GX SqUH 'U 5XGROI
86$ /$8'$ SRXUVXLW VRQ H[WHQVLRQ
:REVHU UHSULVH GH OD GLUHFWLRQ GH
PRQGLDOH $YHF XQ QRXYHDX KDOO GH
OµHQWUHSULVH HW HQWUpH GDQV OD VRFLpWp
SURGXFWLRQ LQFOXDQW GHV EXUHDX[ HW
HQ WDQW TXµDVVRFLpV FRPPDQGLWpV GH
XQ YROXPH GµLQYHVWLVVHPHQW GµHQY 'U *HUKDUG :REVHU HW GH VRQ IUqUH
PLOOLRQV Gµ(XURV OD JDPPH GHV V\V
.DUOKHLQ]:REVHU
WqPHVGHFKDXIIDJHHWGHUHIURLGLVVH
PHQW LQGXVWULHOV JDJQH HQ HVSDFH HW
([FOXVLYLWp PRQGLDOH OHV SUHPLHUV WKHU
HVWOµXQLWpFRPPHUFLDOHHQFURLVVDQFH
PRVWDWV HQ VpULH DYHF PLFURSURFHV
VHXU pOHFWURQLTXH $XWUHV QRXYHDXWpV
/$8'$SUpVHQWHGDQVOHFDGUHGXVD
OµLQYHQWLRQ GX UHIURLGLVVHPHQW SURSRU
ORQ$&+(0$XQHSOpLDGHG¶DSSDUHLOV
WLRQQHOHWGHODUpJXODWLRQH[WHUQH
/RUV GX /$8'$ :RUOG 0HHWLQJ OHV
pTXLSHV GH WRXWHV OHV VL[ ¿OLDOHV
'DQVODFRQWLQXLWpHWDYHFOµpODUJLVVHPHQW
pWUDQJqUHV /$8'$ VH UHQFRQWUHQW
GHVJDPPHVGHSURGXLWVODVRFLpWpHVW
SRXUODSUHPLqUHIRLV
UHEDSWLVpH /$8'$ '5 5 :2%6(5
*0%+&2.*
$SUqV SOXV GH DQV G¶DFWLYLWp 'U
*HUKDUG :REVHU TXLWWH VRQ SRVWH
/HV SUHPLHUV UHIURLGLVVHXUV GH OD VpULH
G¶DVVRFLp JpUDQW DX PRLV GH PDUV
:.SHUPHWWHQWGHVWRSSHUOHVFR€WVpOH
6RQ¿OV'U*XQWKHU:REVHUUHSUHQG
YpVGHOµHDXSRWDEOHHQODUHPSODoDQWSDU
VHVIRQFWLRQV
GHVDSSDUHLOVSRXUREWHQLUODUpIULJpUDWLRQ
VRXKDLWpH 3UpVHQWDWLRQ GH OD QRXYHOOH
JpQpUDWLRQ GHV WKHUPRVWDWV FRPSDFWV (Q IDLVDQW O¶DFTXLVLWLRQ GH O¶DFWLYLWp
UHIURLGLVVHPHQW j FLUFXODWLRQ GH OD
/DFHUWL¿FDWLRQ',1,62FRQ¿UPHOD
VRFLpWp 'RQDOGVRQ ,QF /$8'$
TXDOLWpGHVSURGXLWV/$8'$
pODUJLWVDJDPPHGHSURGXLWVSRXU\
LQWpJUHUGHVVROXWLRQVLQGXVWULHOOHVGH
.DUOKHLQ] :REVHU SUHQG VD UHWUDLWH 'U
WKHUPRUpJXODWLRQjFLUFXODWLRQVRXVOD
*XQWKHU :REVHU TXL IDLW SDUWLH GH OD
VRFLpWp GHSXLV HVW QRPPp JpUDQW
PDUTXH Ä8OWUDFRRO³ /¶HQWUHSULVH TXL
DVVRFLp
HPSORLHHQYLURQSHUVRQQHVVXUOH
VLWHGH7HUUDVVD%DUFHORQHSRXUVXL
/H HU MDQYLHU FRPPHQFH XQH QRX
YUD VHV DFWLYLWpV GH IDoRQ LQGpSHQ
YHOOH qUH GH O¶LQWHUQDWLRQDOLVDWLRQ DYHF
GDQWH VRXV OD UDLVRQ VRFLDOH /$8'$
ODIRQGDWLRQ GH/$8'$)UDQFH/DSUH
8OWUDFRRO6/
PLqUHVRFLpWpDJLVVDQWKRUVG¶$OOHPDJQH
DVVLVWHOHVUHSUpVHQWDWLRQVVXUSODFHHQ
WHUPHVGHFRQVHLOHWGHVXLYLGHVFOLHQWV
/µDVVRFLpJpUDQW
'U*XQWKHU:REVHU
/HIRQGDWHXUGHODVRFLpWp
'U5XGROI:REVHU
.DUOKHLQ]:REVHU
'U*HUKDUG:REVHU
/$8'$8OWUD.U\RPDW.U\RPDW/$8'$SRPSH9DULRHWL9LVFVRQWGHVPDUTXHVGpSRVpHV
SDU/$8'$'55:2%6(5*0%+&2.*
$YHF VHV FROODERUDWHXUV SOXV GH PLOOLRQV G¶HXURV GH FKLIIUH
G¶DIIDLUHVDQQXHOHWVHVVHSW¿OLDOHVGDQVOHPRQGH/$8'$HVWOHID
EULFDQWOHDGHUGDQVOHPRQGHG¶DSSDUHLOVHWG¶LQVWDOODWLRQVGHWKHUPR
UpJXODWLRQLQQRYDQWVSRXUODUHFKHUFKHO¶LQJpQLHULHG¶DSSOLFDWLRQHWOD
SURGXFWLRQDLQVLTXHG¶DSSDUHLOVGHPHVXUHGHKDXWGHJDPPH$YHF
SOXVGHDQVG¶H[SpULHQFHHWVDJDPPHGHSURGXLWVXQLTXHVDOODQW
GHVWKHUPRVWDWVGHODERUDWRLUHFRPSDFWVDX[UHIURLGLVVHXUVLQGXVWULHOV
HWDX[JURXSHVLQGXVWULHOVFKDXGIURLGIDEULTXpVVXUPHVXUHGHSOXVGH
NLORZDWWVGHSXLVVDQFHIULJRUL¿TXH/$8'$HVWODVHXOHVRFLpWpj
JDUDQWLUjSOXVGHFOLHQWVGDQVOHPRQGHODWHPSpUDWXUHRSWLPD
OHWRXWDXORQJGHOHXUFKDvQHGHSURGXFWLRQ
(QTXDOLWpGHIRXUQLVVHXUGDQVGHVGRPDLQHVGHWHFKQLTXHVGHSRLQ
WH KDXWHPHQW VSpFLDOLVpV /$8'$ VH WURXYH WRXMRXUV DX[ SUHPLqUHV
SODFHVGHVVHFWHXUVG¶DYHQLU'DQVO¶LQGXVWULHGHVVHPLFRQGXFWHXUV
WRXVOHVIDEULFDQWVHWIRXUQLVVHXUVGHUHQRPIRQWFRQ¿DQFHDX[WKHU
PRVWDWV HW DX[ JURXSHV LQGXVWULHOV FKDXGIURLG /$8'$ /HV SURGXLWV
GHTXDOLWp/$8'$SHUPHWWHQWpJDOHPHQWOD5'HWODSURGXFWLRQGH
PDVVH GH PpGLFDPHQWV YLWDX[ 6XU OH PDUFKp HQ SOHLQH FURLVVDQFH
GHO¶LQJpQLHULHPpGLFDOHOHVUHIURLGLVVHXUVIDEULTXpVSDU/$8'$VRQW
DFWHXUVGDQVODVpFXULWpGHVRSpUDWLRQVjF°XURXYHUW/HVUHIURLGLV
VHXUVLQGXVWULHOV/$8'$UHIURLGLVVHQWGHPDQLqUH¿DEOHHWjEDVSUL[
OHVPDFKLQHVG¶LPSUHVVLRQOHVLQVWDOODWLRQVGHPRXODJHSDULQMHFWLRQHW
OHVDSSDUHLOVG¶XVLQDJHDXODVHU/HVWHVWVGHPDWpULDX[ODELRWHFKQR
/HVSURGXLWVKDXWHTXDOLWp/$8'$PDLQWLHQQHQWOHVWHPSpUDWXUHVFRQ ORJLHHWOHUHIURLGLVVHPHQWGHVDSSDUHLOVHWPDFKLQHVHQODERUDWRLUHIRQW
VWDQWHVDXqPHƒ&RXSHUPHWWHQWGHOHVPRGL¿HUjODGHPDQGH SDUWLHGHVDXWUHVDSSOLFDWLRQVSULQFLSDOHV/$8'$XWLOLVHELHQHQWHQGX
GDQVXQHSODJHDOODQWGHjƒ&/HUHIURLGLVVHPHQWRXOHUp VHVSURSUHVWKHUPRVWDWVSRXUWKHUPRVWDWLVHUVHVDSSDUHLOVGHPHVXUH
FKDXIIHPHQWDFWLISHUPHWG¶DFFpOpUHUYRLUHG¶RSWLPLVHUGHVSURFHVVGH 3RXUGpWHUPLQHUODYLVFRVLWpGXFDUEXUDQWG¶DYLRQVGDQVGHVFRQGLWLRQV
SURGXFWLRQ/$8'$UHPSODFHSDUH[HPSOHOHUHIURLGLVVHPHQWQRQUHQ UpHOOHVjPqWUHVG¶DOWLWXGHSDUH[HPSOHO¶pFKDQWLOORQHVWUHIURLGL
WDEOHjO¶HDXGXURELQHWSDUGHVDSSDUHLOVpFRQRPLTXHVUHVSHFWXHX[GH HQODERUDWRLUHjƒ&JUkFHjQRVFU\RWKHUPRVWDWV
O¶HQYLURQQHPHQWRXXWLOLVHO¶pQHUJLHSULPDLUHGLVSRQLEOH/HVDSSDUHLOV
GHPHVXUH/$8'$GpWHUPLQHQWDYHFH[DFWLWXGHODWHQVLRQVXSHU¿FLHOOH 'HQRPEUHXVHVLQQRYDWLRQVHWGHVLQYHVWLVVHPHQWVSHUPDQHQWVSHU
HWLQWHUIDFLDOHRXODYLVFRVLWpFLQpPDWLTXHGHVOLTXLGHV
PHWWHQW j /$8'$ GH UHQIRUFHU GXUDEOHPHQW VRQ H[FHOOHQWH SRVLWLRQ
VXU OH PDUFKp HW G¶DVVXUHU VD FURLVVDQFH VXU VRQ SULQFLSDO PDUFKp
O¶(XURSHDLQVLTX¶RXWUH$WODQWLTXH
'DQVOHPRQGHGHODWHPSpUDWXUHODSUpFLVLRQ/$8'$
1RXYHDXWpV
/DVpFXULWpGµRSpUDWLRQSDUWRXW
WHPSV&RQWDLQHUV/$8'$ODVROXWLRQ
SRXUOHVDSSOLFDWLRQVH[WpULHXUHV
1RXYHOOHYHUVLRQGXUpJXODWHXUGH
WHPSpUDWXUHVFRPSDFW0RGXOHGH
FRPPDQGH/$8'$6565
/DQpFHVVLWpGHPDLQWHQLUXQHJUDQGH
SUpFLVLRQVXUWRXWHODSODJHGHWHPSp
UDWXUHV XWLOHV VH UHWURXYH pJDOHPHQW
HQPDWLqUHGHWHFKQRORJLHGHSURFHVV
WRXMRXUVSOXVH[LJHDQWH
6XUOHSODQGHODTXDOLWpGHVFRQWU{OHV
HWGHODVpFXULWpRSpUDWLRQQHOOHOHV\
VWqPHGHFRPPDQGH6565
UHSUHQGOHVFDUDFWpULVWLTXHVTXLRQWIDLWOHVXFFqVGHVRQSUpGpFHV
VHXUOH6565
&RQWU{OHXUQXPpULTXH
6565
6\VWqPHUpIULJpUDQWSURFHVVXV/$8'$68./HQFRQWDLQHU
/$8'$ GpYHORSSH VD JDPPH GH V\VWqPHV PRGXODLUHV SRXU OH
FKDXIIDJHHWOHUHIURLGLVVHPHQW+.6HQSURSRVDQWXQHDUPRLUH
GH SURWHFWLRQ j OµpSUHXYH GHV LQWHPSpULHV /HV FRQWDLQHUV +.6
VRQWWRXWSDUWLFXOLqUHPHQWDGDSWpVDX[DSSOLFDWLRQVSRXUOHVTXHO
OHV LO HVW LPSRUWDQW GµDVVXUHU OD UpJXODWLRQ WKHUPRVWDWLTXH j PR
\HQQHHWIRUWHSXLVVDQFHHWORUVTXHOµpTXLSHPHQWHVWLPSODQWpj
OµH[WpULHXUGHVEkWLPHQWV/HFRQWDLQHUHQOXLPrPHEpQp¿FLHGµXQ
FRQWU{OHWKHUPRVWDWLTXHHWRIIUHXQHJUDQGHUpVLVWDQFHjWRXWHVOHV
VLWXDWLRQVFOLPDWLTXHV
0DLV FH QµHVW SDV Oj OH VHXO DYDQWDJH GX FRQWDLQHU FDU LO RIIUH
pJDOHPHQWXQHERQQHPDvWULVHGXQLYHDXVRQRUHHWSHUPHWGµpYLWHU
GµDYRLUjGp¿QLUGHV]RQHVGHSURWHFWLRQFRQWUHOHVGpÀDJUDWLRQV
3RXU FH W\SH GµDSSOLFDWLRQV LQGLYLGXHOOHV j OµH[WpULHXU GHV EkWL
PHQWV OD SURFpGXUH GµKRPRORJDWLRQ HVW ELHQ VRXYHQW VLPSOL¿pH
YRLUHLQH[LVWDQWH*UkFHDX[DPpQDJHPHQWVLQWpULHXUVGXFRQWDL
QHU /$8'$ FHWWH VROXWLRQ RIIUH OD PrPH VRXSOHVVH GµLPSODQWD
WLRQTXHOHVDXWUHVV\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQW
/$8'$VµDSSXLHLFLVXUXQV\VWqPHPRGXODLUHTXLDODUJHPHQWIDLW
VHVSUHXYHV(QSULQFLSHWRXVOHVPRGXOHVVRQWFRPSDWLEOHVDYHF
OHFRQWDLQHU
/HV FRQWDLQHUV VRQW LQWpJUDOHPHQW DVVHPEOpV HW WHVWpV HQ XVLQH
GDQV WRXWHV OHV FRQ¿JXUDWLRQV GH IRQFWLRQQHPHQW ¬ OD OLYUDLVRQ
LOQHUHVWHSOXVTXµjUDFFRUGHUOHV\VWqPHLPPpGLDWHPHQWRSpUD
WLRQQHO/$8'$YRXVSURSRVHLFLXQHYpULWDEOHVROXWLRQ3OXJ3OD\
/µXWLOLVDWHXU SHXW Gp¿QLU GHV SRLQWV GH FRQVLJQH RX GHV FRXUEHV
GHFRQVLJQHPDQXHOOHPHQWRXGHSXLVXQSpULSKpULTXHH[WHUQHHQ
PRGHJUDGLHQWRXjOµDLGHGXSURJUDPPDWHXULQWpJUpWRXWFRPPH
DYHFXQVLPSOHFRQWU{OHXUGHWHPSpUDWXUHGHGpELW65PDLV
pJDOHPHQWHQFRQ¿JXUDWLRQFDVFDGHHWSRXUFRQWU{OHUODWHPSpUD
WXUHSURGXLW65
/HPRGXOHSURSRVHpJDOHPHQWGHVIRQFWLRQQDOLWpVSOXVDYDQFpHV
FRPPHODOLPLWDWLRQ'HOWD7GHODGLIIpUHQFHGHWHPSpUDWXUHHQWUH
SURGXLWHWGpELWODOLPLWDWLRQGXGpELWHWGXUHWRXURXHQFRUHGHV
OLPLWDWLRQVjYDULDEOHGHFRPPDQGHTXLDXWRULVHQWGHVFRQ¿JXUD
WLRQVWUqVYDULpHVSRXURSWLPLVHUOµLQWpJUDWLRQGXV\VWqPHGHFRP
PDQGHjOµHQVHPEOHGXSURFHVV
/D VROXWLRQ VµDGDSWH j OD SOXSDUW GHV DSSOLFDWLRQV FOLHQW JUkFH j
SOXVLHXUVYDULDEOHVGHSDUDPqWUHV3,'jGLIIpUHQWHVOLPLWHVHWj
XQQRPEUHGHOLPLWHVHQSURJUHVVLRQPDLVpJDOHPHQWJUkFHDX[
QRPEUHXVHVLQWHUIDFHVSURSRVpHV3UR¿EXV'30RGEXV(WKHUQHW
5656
'HPDQGH]JUDWXLWHPHQWODEURFKXUH/$8'$
8OWUDFRROSRXUHQVDYRLUSOXVVXUQRVUHIURLGLVVHXUV
LQGXVWULHOV9RXVOHVWURXYHUH]pJDOHPHQWGDQVOH
VHUYLFHGHWpOpFKDUJHPHQWVRXVZZZODXGDIU
6XUYHLOODQFHLQWHOOLJHQWH
/$8'$3/6±PDvWULVHRSWLPLVpH
GHVSURFHVVXV
6XU OHV V\VWqPHV FRPSOH[HV LO
HVW LPSRUWDQW GµREWHQLU XQ UHWRXU
GµLQIRUPDWLRQGHFKDTXHFDSWHXU
GHFKDTXHDFWXDWHXU/µXWLOLVDWLRQ
GH SRUWHV ORJLTXHV HQ HQWUpH HW
HQ VRUWLH SHUPHW GH GpFOHQFKHU
&RQWU{OHXUSURJUDPPDEOH6LHPHQV
DYHFSUpFLVLRQOHVSKDVHVRSpUD
VpULH6DYHFUHSUpVHQWDWLRQSUR
WLRQQHOOHV1DWXUHOOHPHQWOHV\V
FHVVXVJUDSKLTXH
WqPHEpQp¿FLHGµXQHVXUYHLOODQFH
LQWHOOLJHQWH/HVGLIIpUHQWVQLYHDX[GHUHPSOLVVDJHHWOHVQLYHDX[
RSpUDWLRQQHOV VRQW HQUHJLVWUpV HQ SHUPDQHQFH OµXWLOLVDWHXU HVW
DYHUWLGHVGpIDLOODQFHVDYDQWPrPHTXµHOOHVQHVXUYLHQQHQW
8Q DYDQWDJH FRQVLGpUDEOH WRXW VSpFLDOHPHQW ORUVTXH OD VpFXULWp RSpUDWL
RQQHOOHHVWXQFULWqUHHVVHQWLHO/HPRGXOHLQWHOOLJHQW6LHPHQV6YDULDQWHVW
pJDOHPHQWWUqVSHUIRUPDQWVXUOHSODQGHODPDLQWHQDQFHHWGHOµHQWUHWLHQ
/D SUpVHQFH GH IXLWHV HVW FRQWU{OpH HQ SHUPDQHQFH VXU OHV V\VWqPHV UpI
ULJpUDQWV OHV pWDWV GH IRQFWLRQQHPHQW VRQW HQUHJLVWUpV GDQV GHV MRXUQDX[
V\VWqPHV DFFHVVLEOHV j GLVWDQFH SRXU HIIHFWXHU XQ GLDJQRVWLF /µRSpUDWHXU
FRPPDQGHHWYLVXDOLVHOHVSURFHVVXVjSDUWLUGµXQpFUDQWDFWLOHGLVSRQLEOH
pJDOHPHQWHQYHUVLRQDQWLGpÀDJUDWLRQ/H6GpYRLOHWRXWHVDSXLVVDQFHSDU
OHVFRQWU{OHVHWODFRPPXQLFDWLRQYLDV\VWqPHVEXV
8QFRQFHSWSHUWLQHQWSDUIDLWHPHQWDGDSWpjODFRPSOH[LWpGHODWKHUPRUp
JXODWLRQXQHVROXWLRQSURFHVVXVRSWLPLVpH/$8'$
/$8'$±ELHQSOXVTXHGHVJURXSHVLQGXVWULHOVFKDXGIURLG
'DQVOHPRQGHGHODWHPSpUDWXUHODSUpFLVLRQ/$8'$8QHSROLWLTXH
TXH/$8'$DSSOLTXHpJDOHPHQWSRXUJDUDQWLUODTXDOLWpGHVHVpTXL
SHPHQWV j WHPSpUDWXUH FRQVWDQWH HW GH VHV LQVWUXPHQWV GH PHVXUH
LQWHOOLJHQWV
$SSDUHLOVGHPHVXUH/$8'$
/HV YLVFRVLPqWUHV HW OHV WHQVLRPqWUHV /$8'$ VRQW GHV RXWLOV LQFRQ
WRXUQDEOHVSRXUOµDQDO\VHGHVSRO\PqUHVGHVKXLOHVGHVJUDLVVHVHW
GHVWHQVLRDFWLIV/DFRQFHSWLRQPRGXODLUHGXYLVFRVLPqWUHSURFHVVXV
396 SHUPHW GH PHWWUH HQ SODFH GHV
URXWLQHV GH PHVXUH HI¿FDFHV UDSLGHV
HWV€UHVDXWDQWGHIRLVTXHQpFHVVDLUH
/HYLVFRVLPqWUHFDSLOODLUH/$8'$L9LVF
HVW QRXYHDX FRPSDFW HQWLqUHPHQW
DXWRPDWLVp HW VLPSOH GµXWLOLVDWLRQ /HV
WHQVLRPqWUHV /$8'$ SHUPHWWHQW SDU
H[HPSOH GH GpWHUPLQHU DYHF SUpFLVLRQ
OHV WHQVLRQV VXSHU¿FLHOOHV HW LQWHUID
FLDOHV GHV KXLOHV GHV WUDQVIRUPDWHXUV /µLQGXVWULH DJURDOLPHQWDLUH OD
SpWURFKLPLHOHVSURGXFWHXUVGHWHQVLRDFWLIVHWODSpWURFKLPLH RQWUH
FRXUVGHSXLVORQJWHPSVjQRVDSSDUHLOVGHPHVXUH
(TXLSHPHQWVGHWKHUPRUpJXODWLRQ/$8'$
'HSXLV SOXV GH DQV /$8'$ FRQoRLW HW
IDEULTXH GHV pTXLSHPHQWV j WHPSpUDWXUH
FRQVWDQWH GH KDXWH TXDOLWp RSpUDWLRQQHOV GH
j ƒ& &HWWH H[SHUWLVH VµpWHQG GHV
EDLQVPDULHjHDXDX[WKHUPRVWDWVSURFHVVXV
KDXWH SHUIRUPDQFH 3RXU OHV DFWLYLWpV URX
WLQLqUHV /$8'$ SURSRVH HQ SUHPLHU OLHX OHV
DSSDUHLOVDFFHVVLEOHVGHODJDPPH$OSKDDLQ
VLTXHOHVWKHUPRVWDWVGHUHIURLGLVVHPHQW/HV
QRXYHDX[ WKHUPRVWDWV (&2 HW 3UROLQH JDUDQWLVVHQW XQH WKHUPRUpJXODWLRQ
SHUIRUPDQWHHWpFRQRPLTXHjODIRLV/RUVTXHOHGpELWRXODYLWHVVHGHUpIUL
JpUDWLRQVRQWFULWLTXHV/$8'$SURSRVHODJDPPH3UROLQH.U\RPDW/HVWKHU
PRVWDWVSURFHVVXVOHVSOXVSXLVVDQWVOHVPRGqOHV,QWHJUDO7HW,QWHJUDO;7
DXWRULVHQWGHVYDULDWLRQVGHWHPSpUDWXUHH[WUrPHPHQWUDSLGHHWXQFRQWU{OH
GH WHPSpUDWXUH H[WHUQH /HV UHIURLGLVVHXUV LQGXVWULHOV j FLUFXODWLRQ /$8'$
8OWUDFRRODSSRUWHQWXQHFDSDFLWpFU\RJpQLTXHSRXYDQWDWWHLQGUHN:VXU
XQHSODJHGHWHPSpUDWXUHDOODQWGHjƒ&&HVDSSDUHLOVVRQWSOXVSDUWL
FXOLqUHPHQWGHVWLQpVDX[IDEULFDQWVGHPDFKLQHVGµLPSUHVVLRQDX[XVLQHVGH
PRXODJHSDULQMHFWLRQRXDX[PDFKLQHVGHWUDLWHPHQWODVHU/HVWKHUPRVWDWV
/$8'$ VH GLVWLQJXHQW SDU OHXU H[FHOOHQWH PDQLDELOLWp XQH HUJRQRPLH ELHQ
SHQVpHHWXQIRQFWLRQQHPHQWLQWXLWLI
)LOLDOHV
/$8'$VLqJHHQ$OOHPDJQH
)LOLDOHVGDQVOHPRQGH
2
222Å/$8'$:RVWRN´
/$8'$'55:2%6(5*0%+&2.*
/
/$8'$)UDQFH6$5/
/$8'$%ULQNPDQQ/3
/
/$8'$8OWUDFRRO6/
/$8'$&KLQD&R/WG
/$8'$$PHULFD/DWLQD&$
/$8'$6LQJDSRUH3WH/WG
/$8'$'DQVOHPRQGHGHODWHPSpUDWXUH
1RV¿OLDOHV
/$8'$%ULQNPDQQ/3
(TXLSHPHQWGHWKHUPRUpJXODWLRQ
$SSDUHLOVGHPHVXUH
*URXSHVLQGXVWULHOVFKDXGIURLG
6HUYLFH$SUqVYHQWH
8QGHUZRRG%RXOHYDUG
'HOUDQ186$
$PpULTXHGX1RUG
7HO
)D[
(PDLOLQIR#ODXGDEULQNPDQQFRP
,QWHUQHWZZZODXGDEULQNPDQQFRP
/$8'$)UDQFH6$5/
(TXLSHPHQWGHWKHUPRUpJXODWLRQ
$SSDUHLOVGHPHVXUH
*URXSHVLQGXVWULHOVFKDXGIURLG
6HUYLFH$SUqVYHQWH
3DUF7HFKQRORJLTXHGH3DULV1RUG,,
%kWLPHQW*
UXHGHOD%HOOH(WRLOH
%35RLVV\HQ)UDQFH
5RLVV\&KDUOHVGH*DXOOH&HGH[
)UDQFH
7HO
)D[
(PDLOLQIR#ODXGDIU
,QWHUQHWZZZODXGDIU
/$8'$&KLQD&R/WG
(TXLSHPHQWGHWKHUPRUpJXODWLRQ
$SSDUHLOVGHPHVXUH
*URXSHVLQGXVWULHOVFKDXGIURLG
6HUYLFH$SUqVYHQWH
&=DRIRQJ8QLYHUVH%XLOGLQJ
1R=KRQJ6KDQ;L/X;XKXL'LVWULFW
6KDQJKDL
&KLQH
7HO
)D[
(PDLOLQIR#ODXGDFQ
,QWHUQHWZZZODXGDFQ
/$8'$$PHULFD/DWLQD&$
(TXLSHPHQWGHWKHUPRUpJXODWLRQ
$SSDUHLOVGHPHVXUH
6HUYLFH$SUqVYHQWH
$YH/DV$PHULFDV8UE(O5RVDULR
5HVLGHQFLDV$JXD6DQWD$SW3+$
0HULGD
9HQH]XHOD
$PpULTXH/DWLQD
7HO
)D[
(PDLOPDUNXVPXHOOHU#ODXGDFRPYH
,QWHUQHWZZZODXGDFRPYH
222Å/$8'$:RVWRN´
(TXLSHPHQWGHWKHUPRUpJXODWLRQ
$SSDUHLOVGHPHVXUH
*URXSHVLQGXVWULHOVFKDXGIURLG
6HUYLFH$SUqVYHQWH
0DODMD3LURJRZVNDMD6WU
0RVFRZ
5XVVLH
7HO
)D[
(PDLODOH[H\PRUR]RY#ODXGDUX
,QWHUQHWZZZODXGDUX
/$8'$6LQJDSRUH3WH/WG
(TXLSHPHQWGHWKHUPRUpJXODWLRQ
$SSDUHLOVGHPHVXUH
6HUYLFH$SUqVYHQWH
6LQ0LQJ/DQH
0LGYLHZ&LW\
6LQJDSRXU
7HO
)D[
(PDLOLQIR#ODXGDVJ
,QWHUQHWZZZODXGDVJ
/$8'$8OWUDFRRO6/
(TXLSHPHQWGHWKHUPRUpJXODWLRQ
$SSDUHLOVGHPHVXUH
6HUYLFH$SUqVYHQWH
&&RORP
7HUUDVVD%DUFHORQD
(VSDJQH
7HO
)D[
(PDLOLQIR#ODXGDXOWUDFRROFRP
,QWHUQHWZZZODXGDXOWUDFRROFRP
/$8'$ D GHV SDUWHQDLUHV GDQV OH PRQGH HQWLHU GRQW OH SHUVRQQHO FRPPHUFLDO HW WHFKQLTXH
HVWIRUPpHWTXDOLILp,OVHWLHQWjODGLVSRVLWLRQGHQRVFOLHQWVSRXUOHXUDSSRUWHUGHVFRQVHLOV
FRPSpWHQWV 1µKpVLWH] SDV j FRQVXOWHU OH VLWH ,QWHUQHW ZZZODXGDIU SRXU FRQQDvWUH OHV
FRRUGRQQpHVGHYRWUHUHSUpVHQWDQWORFDO/$8'$VHFWLRQ(QWUHSULVH8QLYHUVHO
0RGXOHV
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
&RQFHSWLRQPRGXODLUH
/µLQQRYDWLRQWHFKQLTXHHVWOµXQHGHVFDUDFWpULVWLTXHVGHEDVHGHVSURGXLWV
/$8'$ /$8'$ SURSRVH GHV VROXWLRQV pFRQRPLTXHV HW SHUVRQQDOLVpHV
EpQp¿FLDQWGµXQHLQJpQLHULHGHSURMHWHI¿FDFHSRXURIIULUXQHJDPPHFRP
SOqWH GH V\VWqPHV GH FKDXIIDJH HW GH UHIURLGLVVHPHQW TXL FRUUHVSRQGH
SUpFLVpPHQWDX[DSSOLFDWLRQVVSpFL¿TXHVGHVHVFOLHQWV&KDTXHPRGXOHD
ODUJHPHQWIDLWVHVSUHXYHVGDQVODSUDWLTXHHWVµLQWqJUHjODFRQ¿JXUDWLRQ
SRXUIRUPHUXQNLWGHFRQVWUXFWLRQDGDSWDEOH/HVWHFKQRORJLHVPRGHUQHV
PLVHV HQ °XYUH GDQV OD IDEULFDWLRQ GHV GLIIpUHQWV SURGXLWV QpFHVVLWHQW
GHV SODJHV GH WHPSpUDWXUH GH IRQFWLRQQHPHQW WRXMRXUV SOXV ODUJHV OHV
V\VWqPHV IRQFWLRQQHQW GpVRUPDLV TXDVLPHQW HQ FRQWLQX DYHF XQ VHXO
ÀXLGHFDORSRUWHXUVDQVWUDQVIHUW3RXUUpGXLUHDXPD[LPXPODGXUpHGHV
SURFHVVXV HW OH YROXPH GHV pQHUJLHV FRQVRPPpHV LO HVW HVVHQWLHO GH
JDUDQWLUODFRPSDWLELOLWpGHOµLQVWDOODWLRQGXSURFHVVXVHWGXV\VWqPHGH
WKHUPRUpJXODWLRQ &HV DSSDUHLOV GH FRQWU{OH GH WHPSpUDWXUH VµLQWqJUHQW
SDUIDLWHPHQWGDQVODFRQFHSWLRQGHVFRQWU{OHVSURFHVVXV&µHVWGHFHWWH
IDoRQTXHOµRQREWLHQWOHVFRQGLWLRQVGpWHUPLQDQWHVSHUPHWWDQWGHFUpHUXQ
SURGXLW¿QDOGHKDXWHTXDOLWpOµXQGHVSULQFLSDX[FULWqUHVSUpDODEOHVjOD
YDOLGDWLRQJOREDOHGXSURFHVVXV
/D PDvWULVH GH OD WHPSpUDWXUH VXSSRVH GH FRQWU{OHU
pJDOHPHQW OHV VRXUFHV GµDSSURYLVLRQQHPHQW RX
GµH[WUDFWLRQ GH OµpQHUJLH WKHUPLTXH UHTXLVH SRXU DW
WHLQGUHODWHPSpUDWXUHVRXKDLWpH/HVPR\HQVUHWHQXV
SRXUWUDQVSRUWHUODFKDOHXUGRLYHQWSRXYRLUrWUHGpSOD
FpVDXVVLOLEUHPHQWTXHSRVVLEOHHWRIIULUXQHFDSDFL
Wp GH WUDQVIHUW WKHUPLTXH OD SOXV pOHYpH SRVVLEOH (Q
GHKRUV GHV VXSSRUWV JD]HX[ HW VROLGHV OHV OLTXLGHV
SUpVHQWHQW GHV SURSULpWpV SDUWLFXOLqUHPHQW IDYRUDEOHV
SRXUODSOXSDUWGHVDSSOLFDWLRQVGHFKDXIIDJHHWGHUH
IURLGLVVHPHQW(WDQWGRQQpTXµLOVWUDQVSRUWHQWOµpQHUJLH
WKHUPLTXH FµHVWjGLUH OD FKDOHXU FHV OLTXLGHV VRQW
pJDOHPHQWDSSHOpVÀXLGHVFDORSRUWHXUV
/HVV\VWqPHVGHWKHUPRUpJXODWLRQVRQWVRXPLVjGHVFRQWUDLQWHVGHSOXV
HQ SOXV VpYqUHV HQ PDWLqUH GH VWDELOLWp WKHUPLTXH GH ÀH[LELOLWp GµDXWR
PDWLVDWLRQHWGHUHVSHFWGHOµHQYLURQQHPHQW,OIDXWGRQFSRXYRLUIDLUHpYR
OXHUPRGL¿HUHWFRPELQHUOHVPRGXOHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQW
PRGHUQHV 3DU UDSSRUW DX[ V\VWqPHV FRQYHQWLRQQHOV OHV VROXWLRQV
FHQWUDOHV PRQRÀXLGH GHV DQQpHV HW OHV PRGXOHV GpFHQWUDOLVpV
SUpVHQWHQW XQH PHLOOHXUH DGDSWDELOLWp DX[ H[LJHQFHV GHV LQVWDOODWLRQV GH
SURGXFWLRQPRGHUQHV
3DUH[HPSOHOµLQGpSHQGDQFHGXV\VWqPHHVWXQDVSHFWLPSRUWDQWSRXUVRQ
pWDORQQDJHHWVDTXDOL¿FDWLRQ8QUpVHDXGµpQHUJLHFHQWUDOLVpSHXWDYRLUXQ
LPSDFWQpJDWLIVXUODGLVSRQLELOLWpGHVPRGXOHVGHWKHUPRUpJXODWLRQ&µHVW
DLQVLTXHOHVH[LJHQFHVWKHUPLTXHVGµXQV\VWqPHGRQQpSHXYHQWDIIHFWHUOHV
SDUDPqWUHVGµHQWUpHGHWRXVOHVDXWUHVV\VWqPHV
,O HVW GRQF HVVHQWLHO GµDGRSWHU XQH FRQFHSWLRQ GpFHQWUDOLVpH TXL SHUPHW
GµDWWHLQGUH GHV REMHFWLIV H[LJHDQWV WRXW HQ JDUDQWLVVDQW OD UHSURGXFWLELOLWp
GHV UpVXOWDWV REWHQXV ,O VµDJLW GµXQH pWDSH ORJLTXH GDQV OµpYROXWLRQ GH OD
PDvWULVHWKHUPRVWDWLTXHTXDOL¿DEOH
&KH] /$8'$ WRXV OHV PRGXOHV VRQW IDEULTXpV FRPPH DXWDQW GµpOpPHQWV
VWDQGDUGVjOµDLGHGHVFDSDFLWpVGHSURGXFWLRQLQWHUQH/DSUR[LPLWpLPPp
GLDWH GHV GpSDUWHPHQWV LQJpQLHULH GH SURMHW SURGXFWLRQ HVVDL HW PDLQWH
QDQFHIDLWSDUWLHGHVSRLQWVIRUWVFDUDFWpULVWLTXHVGH/$8'$
'HSXLVSOXVGHDQV/$8'$DVVXUHODFRQFHSWLRQHWODTXDOL¿FDWLRQGH
V\VWqPHV GH WKHUPRUpJXODWLRQ VXU XQH SODJH GH WHPSpUDWXUH XWLOH VDQV
SDUHLOOHGHjƒ&/HVSURGXLWVGHQRWUHVRFLpWpVRQWOHDGHUVHQ
PDWLqUHGH¿DELOLWpGHTXDOLWpGHGXUpHGHYLHHWGHSUpFLVLRQGXFRQWU{OHGH
ODWHPSpUDWXUH/$8'$SRXUUDpJDOHPHQWGpPRQWUHUVDFRPSpWHQFHGDQV
OHVGRPDLQHVGHODSURWHFWLRQDQWLGpÀDJUDWLRQGHODFRQFHSWLRQWHFKQROR
JLTXHHWGHODVpFXULWpGHVLQVWDOODWLRQV
8QHFRQFHSWLRQPRGXODLUHSRXUOHVV\VWqPHVGHWKHUPRUpJXODWLRQLFLGDQVOHFHQWUH
GHSURGXFWLRQGH1\FRPHGj6LQJHQHQ$OOHPDJQH
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
'HVFRPSRVDQWVpOpPHQWDLUHVSRXUIRUPHUXQV\VWqPH
XQHVROXWLRQLQGLYLGXDOLVpHSRXUYRWUHLQVWDOODWLRQ
&RQFHYH]YRWUHV\VWqPHDYHFOHFRQILJXUD
WHXUPRGXODLUH/$8'$VXUOHVLWH,QWHUQHW
ZZZODXGDIU
TIC
FIZA–
N2
PIC
LZA–
TI
TZA+
TZA++
5HSUpVHQWDWLRQVFKpPDWLTXHGµXQV\VWqPHGHWUDQVIHUWWKHUPLTXHFRPSDFWDYHF
pFKDQJHXUWKHUPLTXHUHIURLGLVVHXUSRXUXQHLQVWDOODWLRQGpFHQWUDOLVpH
H2O
5HSUpVHQWDWLRQPRGXODLUHGXV\VWqPHGHWUDQVIHUWWKHUPLTXHWRXVOHVPRGXOHVVRQW
LQWHUFKDQJHDEOHVHWpYROXWLIV
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
0RGXOHV
0RGXOHVGHEDVH0RGXOHVGHPRQWDJH0RGXOHVpFKDQJHXUVWKHUPLTXHV
&RQVRPPDWHXU
9DQQHjWURLVYRLHV
9DVHGµH[SDQVLRQ
0RGXOHGHFRPPDQGH
3RPSH
/HUpVXOWDWGXFRQWU{OHHVWOLpjOµREMHWjFRQ
WU{OHU/HFLUFXLWGHFRQWU{OHGHODWHPSpUDWXUH
FRPSUHQGOµpOpPHQWFRQVRPPDWHXUHWOHV\V
WqPHGHWKHUPRUpJXODWLRQ/$8'$/DPDVVH
OHFRXSODJHWKHUPLTXHHWODGLVWDQFHORQJXHXU
GHV WX\DXWHULHV GpWHUPLQHQW OD TXDOLWp GH
FRQWU{OH TXH OµRQ SRXUUD REWHQLU 8Q DVSHFW
TXµLOIDXWSUHQGUHHQFRPSWHGqVODSKDVHGH
FRQFHSWLRQ
5pVLVWDQFHpOHFWULTXH
1RWDPPHQW ORUVTXµLO IDXW DVVXUHU OD VWDELOLWp
GX FRQWU{OH WKHUPLTXH XQH YDQQH j WURLV
YRLHVSHUPHWGHPL[HUDYHFSUpFLVLRQGHX[ÀX[
GLIIpUHQWV&HPpODQJHVµHIIHFWXHjOµDLGHGµXQ
VHXO DFWXDWHXU j OD GLIIpUHQFH GHV VROXWLRQV
LQWpJUDQW XQ UpVHDX FRPSOLTXp GH YDQQHV
GH FRPPXWDWLRQ &HWWH VROXWLRQ JDUDQWLVVDQW
OµpTXLOLEUHK\GUDXOLTXHGHVGHX[ÀX[OHQLYHDX
GH SUHVVLRQ HW OH GpELW UHVWHQW VWDEOHV DLQVL
TXHOHVFDUDFWpULVWLTXHVGHPDvWULVHREWHQXHV
DYHF XQ FLUFXLW IHUPp HQ FRQGLWLRQV GLI¿FLOHV
VRXVFKDUJHSDUWLHOOH
&RXSODJHGLUHFWGHVÀXLGHV
,O H[LVWH GHV YDVHV GµH[SDQVLRQ RXYHUWV j
OµDWPRVSKqUH IHUPpV VRXV SUHVVLRQ UHQGXV
LQHUWHV RX PrPH UpDOLVpV VRXV IRUPH GH
FKDPEUHV j PHPEUDQH /D FRQFHSWLRQ OHV
GLPHQVLRQV HW OHV PDWpULDX[ GX UpVHUYRLU
VHURQW Gp¿QLV VSpFL¿TXHPHQW HQ IRQFWLRQ GX
FDKLHUGHVFKDUJHV
(FKDQJHXUWKHUPLTXHSRXUOH
FKDXIIDJHRXODUpIULJpUDWLRQ
DYHFVXSSRUWOLTXLGH
/D WKHUPRUpJXODWLRQ LPSOLTXH GµREWHQLU GHV
SURFHVVXV H[HPSWV GH YDULDWLRQV WKHUPLTXHV
PDLV pJDOHPHQW GH PDvWULVHU OD SURJUHVVLRQ
GHV WHPSpUDWXUHV 3RXU FHWWH VHFRQGH H[L
JHQFH OH V\VWqPH GH WKHUPRUpJXODWLRQ GRLW
DVVXUHU OD WUDoDELOLWp GH FHUWDLQHV FRXUEHV
GH WHPSpUDWXUH /H PRGXOH GH FRPPDQGH
/$8'$6565HQUHJLVWUHOHVSRLQWV
GH FRQVLJQH HW OHV YDOHXUV UpHOOHV REWHQXHV
IDYRULVDQWXQHJUDQGHSUpFLVLRQGHUpVXOWDWHQ
IRQFWLRQQHPHQWHQFDVFDGH,OHVWpJDOHPHQW
SRVVLEOH GH Gp¿QLU OLEUHPHQW GHV pFDUWV GH
WHPSpUDWXUHPD[LPXPjQHSDVGpSDVVHU
/HV SRPSHV DVVXUHQW OD FLUFXODWLRQ GX ÀXLGH
FDORSRUWHXU /H FKRL[ GX PRGqOH GH SRPSH
GRLW WHQLU FRPSWH GH FULWqUHV PDMHXUV QDWXUH
GX ÀXLGH WUDQVSRUWp SODJH GH WHPSpUDWXUH
W\SHGHFRQVWUXFWLRQHWOHFDVpFKpDQWpTXLSH
PHQWjGLVSRVLWLRQGHOµH[SORLWDQW/HGpELWGH
ODSRPSHHVWPDLQWHQXDXPR\HQGHODYDQQH
jWURLVYRLHV
2QXWLOLVHWRXMRXUVGHVUpVLVWDQFHVpOHFWULTXHV
ORUVTXµLO HVW LPSRVVLEOH GµDVVXUHU XQ FKDXIID
JH SDU YDSHXU RX SDU XQ DXWUH PR\HQ RX VL
OHV WHPSpUDWXUHV PD[LPDOHV GµXWLOLVDWLRQ GH
FHPRGHGHFKDXIIDJHVRQWWURSIDLEOHV3RXU
PDvWULVHU OHV FRQVRPPDWLRQV GµpQHUJLH LO HVW
WRXWHIRLV LQWpUHVVDQW GH FRPELQHU OHV UpVLV
WDQFHVjXQDXWUHPRGHGHFKDXIIDJH
6LOµRQXWLOLVHOHPrPHÀXLGHFDORSRUWHXUGDQV
OHFLUFXLWSULPDLUHHWGDQVOHFLUFXLWVHFRQGDLUH
LOSHXWrWUHLQWpUHVVDQWGHPHWWUHHQSODFHXQ
FRXSODJHGLUHFWDYHFXQpFKDQJHXUWKHUPLTXH
/RUVTXµLOVµDJLWGHJpQpUHUGXIURLGFKDTXHGH
JUpFRPSWH,OQµHVWSDVQpFHVVDLUHGµLQWpJUHU
XQ UpVHUYRLU GH GLODWDWLRQ FH TXL SHUPHW GH
FRQFHYRLU XQ V\VWqPH SOXV pFRQRPLTXH HW
SOXVFRPSDFW
2QXWLOLVHXQpFKDQJHXUWKHUPLTXHORUVTXHOµRQ
VRXKDLWH H[SORLWHU OHV pQHUJLHV GH FKDXIIDJH
HWGHUHIURLGLVVHPHQWGHGLIIpUHQWVÀXLGHVFD
ORSRUWHXUV(QLQWpJUDQWGHVFRQWU{OHXUVLQWHOOL
JHQWVRQSHXWHQFRUHDFFURvWUHOµHI¿FDFLWpGX
V\VWqPHHQWHUPHVGHUpFXSpUDWLRQWKHUPLTXH
(FKDQJHXUWKHUPLTXHSRXU
FKDXIIDJHYDSHXU
(FKDQJHXUWKHUPLTXHSRXUOH
FKDXIIDJHRXODUpIULJpUDWLRQ
SDUDLU
/HV ÀXLGHV FRQWHQDQW GX FKORUXUH VRQW SDUWL
FXOLqUHPHQWFRUURVLIV,OIDXWGRQFXWLOLVHUGHV
PDWpULDX[FRQoXVVSpFL¿TXHPHQWSRXU\UpVLV
WHU /D YDSHXU VRXV KDXWH SUHVVLRQ VXSSRVH
XQ DXWUH W\SH GµpFKDQJHXU WKHUPLTXH WRXW
FRPPH OµKXLOH j WUqV EDVVH WHPSpUDWXUH RX
OµD]RWHOLTXLGH$XVVLOHW\SHGHFRQVWUXFWLRQ
OHVPDWpULDX[OHVFRQGLWLRQVGµH[SORLWDWLRQHW
ODVXUIDFHGHWUDQVIHUWWKHUPLTXHXWLOHVRQWDX
WDQWGHSDUDPqWUHVYDULDEOHVGµXQHLQVWDOODWLRQ
jOµDXWUH
3RXUTXRL QH SDV XWLOLVHU OHV VRXUFHV GH IURLG
HW GH FKDOHXU H[LVWDQWHV" 3DU H[HPSOH XQ
pFKDQJHXU WKHUPLTXH j KXLOH UHIURLGL SDU DLU
H[SORLWH OH SRXYRLU GH UHIURLGLVVHPHQW GH
OµDLUDPELDQWRQSHXWOµXWLOLVHUHQKLYHUFRPPH
V\VWqPH GH FKDXIIDJH UHVSHFWXHX[ GH
OµHQYLURQQHPHQW'HPrPHOµH[SORLWDWLRQGµXQ
FRXUVGµHDXRXOµLPSODQWDWLRQGµXQHWRXUGHUH
IURLGLVVHPHQWSHXYHQWFRQVWLWXHUGHVVROXWLRQV
LQWpUHVVDQWHV HQ UHPSODFHPHQW GX UpVHDX
GµHDX FRXUDQWH IURLGH TXH OµRQ GRLW HQVXLWH
UHIURLGLUjQRXYHDXSRXUXQFR€WFRQVpTXHQW
,FL HQFRUH OHV pFKDQJHXUV WKHUPLTXHV SHX
YHQW VµDYpUHU XQ DOOLp SUpFLHX[ SRXU UpGXLUH
OHVGpSHQVHVpQHUJpWLTXHV
6\VWqPH UpIULJpUDQWjXQ pWDJH DYHFFRQGHQVDWHXUUHIURLGLSDU
DLUSRXUSURGXLUHXQHWHPSpUDWXUHGHjƒ&/HV\VWqPH
FRPSRUWHXQFRPSUHVVHXUjXQpWDJHXQpYDSRUDWHXUXQFRQ
GHQVDWHXUGHVpOpPHQWVGHFRQWU{OHDLQVLTXµXQV\VWqPHGHOX
EUL¿FDWLRQSDUKXLOH
6\VWqPHUpIULJpUDQWDYHFFRPSUHVVHXUjXQpWDJHUHIURLGLSDU
DLU
6\VWqPH UpIULJpUDQWjXQ pWDJH DYHFFRQGHQVDWHXUUHIURLGLSDU
DLUSRXUSURGXLUHXQHWHPSpUDWXUHGHjƒ&/HV\VWqPH
FRPSRUWH XQ FRPSUHVVHXU j GHX[ pWDJHV XQ pYDSRUDWHXU XQ
FRQGHQVDWHXUGHVpOpPHQWVGHFRQWU{OHDLQVLTXµXQV\VWqPHGH
OXEUL¿FDWLRQSDUKXLOH
6\VWqPHUpIULJpUDQWDYHFFRPSUHVVHXUjGHX[pWDJHVUHIURLGL
SDUDLU
6\VWqPHUpIULJpUDQWjGHX[FLUFXLWVHQFDVFDGHDYHFFRQGHQVD
WHXUUHIURLGLSDUDLUSRXUSURGXLUHXQHWHPSpUDWXUHGHj
ƒ&/HV\VWqPHFRPSRUWHGHX[FRPSUHVVHXUVXQpYDSRUDWHXU
XQ FRQGHQVDWHXU XQ pFKDQJHXU WKHUPLTXH LQWHUPpGLDLUH GHV
pOpPHQWV GH FRQWU{OH DLQVL TXµXQ V\VWqPH GH OXEUL¿FDWLRQ SDU
KXLOHSRXUFKDTXHFRPSUHVVHXU
6\VWqPHUpIULJpUDQWjGHX[FLUFXLWVHQFDVFDGHUHIURLGLSDUDLU
0RGXOHVGHUpIULJpUDWLRQUHIURLGLVSDUHDX
6\VWqPHUpIULJpUDQWjXQpWDJHDYHFFRQGHQVDWHXUUHIURLGLSDU
HDXSRXUSURGXLUHXQHWHPSpUDWXUHGHjƒ&/HV\VWqPH
FRPSRUWHXQFRPSUHVVHXUjXQqWDJHXQpYDSRUDWHXUXQFRQ
GHQVDWHXUGHVpOpPHQWVGHFRQWU{OHDLQVLTXµXQV\VWqPHGHOX
EUL¿FDWLRQSDUKXLOH
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
0RGXOHVGHUpIULJpUDWLRQUHIURLGLVSDUDLU
6\VWqPHUpIULJpUDQWDYHFFRPSUHVVHXUjXQpWDJHUHIURLGLSDU
HDX
6\VWqPHUpIULJpUDQWjXQpWDJHDYHFFRQGHQVDWHXUUHIURLGLSDU
HDXSRXUSURGXLUHXQHWHPSpUDWXUHGHjƒ&/HV\VWqPH
FRPSRUWH XQ FRPSUHVVHXU j GHX[ pWDJHV XQ pYDSRUDWHXU XQ
FRQGHQVDWHXUGHVpOpPHQWVGHFRQWU{OHDLQVLTXµXQV\VWqPHGH
OXEUL¿FDWLRQSDUKXLOH
6\VWqPHUpIULJpUDQWDYHFFRPSUHVVHXUjGHX[pWDJHVUHIURLGL
SDUHDX
6\VWqPHUpIULJpUDQWjGHX[FLUFXLWVHQFDVFDGHDYHFFRQGHQVD
WHXU UHIURLGL SDU HDX SRXU SURGXLUH XQH WHPSpUDWXUH GH j
ƒ&/HV\VWqPHFRPSRUWHGHX[FRPSUHVVHXUVXQpYDSRUD
WHXU XQ FRQGHQVDWHXU XQ pFKDQJHXU WKHUPLTXH LQWHUPpGLDLUH
GHV pOpPHQWV GH FRQWU{OH DLQVL TXµXQ V\VWqPH GH OXEUL¿FDWLRQ
SDUKXLOHSRXUFKDTXHFRPSUHVVHXU
6\VWqPHUpIULJpUDQWjGHX[FLUFXLWVHQFDVFDGHUHIURLGLSDUHDX
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
)OXLGHVFDORSRUWHXUV
%LHQFKRLVLUOHÁXLGHFDORSRUWHXU
,OHVWHVVHQWLHOGHGp¿QLUXQFDKLHUGHVFKDUJHVSRXUrWUHFHUWDLQGHFKRL
VLU OH PHLOOHXU V\VWqPH GH WKHUPRUpJXODWLRQ SRVVLEOH ,O IDXW WRXW GµDERUG
GpWHUPLQHUODSODJHGHWHPSpUDWXUHSRXUOµDSSOLFDWLRQYLVpH2QGRLWGpMj
FRQQDvWUH j FH VWDGH FHUWDLQHV LQIRUPDWLRQV GpWDLOOpHV VXU OH SURFHVVXV
HW OµpTXLSHPHQW GH OµLQVWDOODWLRQ /HV YDOHXUV PD[LPDOHV HW PLQLPDOHV GH
WHPSpUDWXUHGXÀXLGHFDORSRUWHXUSHXYHQWrWUHFDOFXOpHVjSDUWLUGHODSUR
JUHVVLRQWKHUPLTXHGXSURFHVVXVFLEOpPDLVFHVRQWDYDQWWRXWOHUDSSRUW
GHSXLVVDQFHOHW\SHHWODJpRPpWULHGHVpTXLSHPHQWVGHOµLQVWDOODWLRQTXL
GpWHUPLQHQW OH GLIIpUHQWLHO GH WHPSpUDWXUH UHTXLV DX QLYHDX GHV VXUIDFHV
GHWUDQVIHUWWKHUPLTXH&HGLIIpUHQWLHOGHWHPSpUDWXUHHVWQpFHVVDLUHSRXU
DVVXUHU OH WUDQVIHUW WKHUPLTXH 3DU FRQVpTXHQW OD SODJH GH WHPSpUDWXUH
XWLOH GX ÀXLGH FDORSRUWHXU GRLW QpFHVVDLUHPHQW rWUH SOXV LPSRUWDQWH j OD
OLPLWHEDVVHFRPPHjODOLPLWHKDXWH,OIDXWHQVXLWHUpJOHUODTXHVWLRQGH
OD VRXUFH GµpQHUJLH GH FKDXIIDJH RX GH UHIURLGLVVHPHQW 9DWRQ XWLOLVHU
SRXUOHFKDXIIDJHHWOHUHIURLGLVVHPHQWXQHVRXUFHH[LVWDQWHDXPR\HQGµXQ
pFKDQJHXUWKHUPLTXHSODFpGDQVXQV\VWqPHjFLUFXLWVHFRQGDLUHRXELHQ
YDWRQIDLUHDSSHOjXQV\VWqPHGHWUDQVIHUWWKHUPLTXHDYHFUpVLVWDQFHV
pOHFWULTXHVRXELHQHQFRUHXQV\VWqPHUpIULJpUDQWSURFHVVXVLQWpJUDQWGHV
UHIURLGLVVHXUVjFLUFXODWLRQ"/HVPRGXOHVHPSOR\pVGDQVODFRQ¿JXUDWLRQ
SHUVRQQDOLVpHSURYLHQGURQWGHOµXQHGHVWURLVJDPPHVGHVROXWLRQV/$8'$
/HVJURXSHVLQGXVWULHOVFKDXGIURLG/$8'$IRQFWLRQQHQWSRXUOµHVVHQWLHOHQFLUFXLWIHUPp2QSHXWUpDOLVHUODSUHVVXULVDWLRQHWOµLQHUWLVDWLRQ
D]RWHGXV\VWqPHHQ\UDFFRUGDQWGHOµDLUFRPSULPpRXGHOµD]RWH&HODSHUPHWGµXWLOLVHUOHVÀXLGHVFDORSRUWHXUVVXUGHVSODJHVGHWHPSp
UDWXUHVHQVLEOHPHQWSOXVpWHQGXHVTXµDYHFXQV\VWqPHRXYHUWQRQSUHVVXULVp
(DX
ƒ&
(DXJO\FRO
+XLOHWKHUPLTXHEDVVHWHPSpUDWXUH
/HV GLIIpUHQWV ÀXLGHV FDORSRUWHXUV VH GLVWLQJXHQW SULQFLSDOHPHQW
SDU OHXU SODJH GH WHPSpUDWXUH XWLOH /µHDX GHPHXUH OH ÀXLGH OH
SOXV SRSXODLUH HW OH SOXV IUpTXHPPHQW XWLOLVp 6L OµRQ FRQVLGqUH
OD FDSDFLWp WKHUPLTXH VSpFL¿TXH pOHYpH SUHVTXH N-NJ.
OµHDX DSSDUDvW FRPPH OH PHLOOHXU ÀXLGH FDORSRUWHXU SRVVLEOH
(Q \ DMRXWDQW XQH VXEVWDQFH DQWLJHO FRPPH OH JO\FRO RQ SHXW
pWHQGUHODSODJHGHWHPSpUDWXUHGHOµHDXMXVTXµjƒ&7RXWHIRLV
ƒ&
ƒ&
ƒ&
+XLOHWKHUPLTXHKDXWHWHPSpUDWXUH
/LTXLGHVVSpFLDX[XOWUDEDVVHWHPSpUDWXUH
ƒ&
ƒ&
ƒ&
ƒ&
ƒ&
ƒ&
OD SUHVVLRQ GH YDSHXU pOHYpH DXGHVVXV GH ƒ& HVW VRXYHQW
FLWpHFRPPHXQLQFRQYpQLHQWGHVÀXLGHVFDORSRUWHXUVDTXHX[3RXU
REWHQLUXQHSODJHGHWHPSpUDWXUHGHjƒ&LOHVWLPSpUDWLI
GµXWLOLVHUGHVÀXLGHVFDORSRUWHXUVRUJDQLTXHVRXGHOµKXLOHVLOLFRQH
6LOµpYDSRUDWLRQVDQVUpVLGXVHVWXQFULWqUHLPSRUWDQWSDUH[HPSOH
SRXU WHVWHU OH FRPSRUWHPHQW WKHUPLTXH GHV FRPSRVDQWV pOHFWUR
QLTXHVVHQVLEOHVRQSRXUUDHPSOR\HUGHVÀXLGHVLQHUWHVÀXRUpV
3DU ÀXLGH FDORSRUWHXU RQ HQWHQG WRXW OLTXLGH SHUPHWWDQW GµDSSRUWHU RX
GH SUpOHYHU OµpQHUJLH WKHUPLTXH GµXQ pOpPHQW FRQVRPPDWHXU /H ÀXLGH
FDORSRUWHXUHVWDPHQpMXVTXµDXFRQVRPPDWHXUDXPR\HQGHODSRPSHGH
FLUFXODWLRQLQWpJUpHDXV\VWqPHWKHUPRVWDWLTXH3OXVOHGpELWGHFLUFXOD
WLRQGXÀXLGHFDORSRUWHXUHVWpOHYpjSXLVVDQFHpJDOHSOXVOHJUDGLHQW
VHUDIDLEOHHQWUHODWHPSpUDWXUHGµHQWUpHHWGHVRUWLHGXFRQVRPPDWHXU
3OXVOHJUDGLHQWGHWHPSpUDWXUHHVWIDLEOHPHLOOHXUHHVWODSUpFLVLRQGHOD
WKHUPRUpJXODWLRQ
/HVIDEULFDQWVVSpFLDOLVpVSURSRVHQWGHQRPEUHX[W\SHVGHÀXLGHVFDOR
SRUWHXUV RUJDQLTXHV ,O IDXW YpUL¿HU DX FDV SDU FDV VL OH ÀXLGH FRQYLHQW
j OµDSSOLFDWLRQ YLVpH QRWDPPHQW HQ FH TXL FRQFHUQH OD WHPSpUDWXUH GH
IRQFWLRQQHPHQWPD[LPDOHODYLVFRVLWpjIURLGHWODSUHVVLRQGHYDSHXU
4XHOTXHVRLWOHÀXLGHFDORSRUWHXURUJDQLTXHHQYLVDJpOHFRQWDFWjFKDXG
DYHFGHOµR[\JqQHHQWUDvQHUDLWXQHGLPLQXWLRQFRQVpTXHQWHGHODGXUpH
GHYLHGXÀXLGHFDORSRUWHXU¬EDVVHWHPSpUDWXUHLOH[LVWHXQULVTXHGH
FRQGHQVDWLRQ GµHDX 3DU FRQVpTXHQW WRXV OHV V\VWqPHV /$8'$ VRQW
GRWpV GµXQ YDVH GµH[SDQVLRQ VpSDUp DYHF UpFXSpUDWHXU GµKXLOH IURLGH
IRQFWLRQQDQWHQFRQWLQXVXUWRXWHODGXUpHGµXWLOLVDWLRQjXQHWHPSpUDWXUH
VLWXpH HQWUH OD WHPSpUDWXUH DPELDQWH HW XQH WHPSpUDWXUH PD[LPDOH GH
ƒ& 2Q SHXW OXWWHU HI¿FDFHPHQW FRQWUH OD FRQGHQVDWLRQ GH YDSHXU
GµHDXHQPHWWDQWHQSODFHXQHFRXFKHGµD]RWH
,O IDXW pJDOHPHQW WHQLU FRPSWH GHV LQWHUDFWLRQV DYHF OHV PDWpULDX[ GH
OµpTXLSHPHQW GH OµLQVWDOODWLRQ RX GHV VXEVWDQFHV LQWHUYHQDQW GDQV OH
SURFHVVXV /µLQÀDPPDELOLWp OD WR[LFLWp OD GXUpH GH FRQVHUYDWLRQ OD Up
JOHPHQWDWLRQORFDOHDSSOLFDEOHVRQWDXWDQWGµDXWUHVFULWqUHVGHVpOHFWLRQ
%LHQ HQWHQGX OµDVSHFW ¿QDQFLHU QH SHXW SDV QRQ SOXV rWUH QpJOLJp ,O
H[LVWHGHQRPEUHX[ÀXLGHVFDORSRUWHXUVWHFKQLTXHVHWOµRIIUHQHFHVVHGH
VµpODUJLU/$8'$YRXVDLGHUDjIDLUHOHERQFKRL[
6L YRXV GHYH] WUDQVIpUHU OD FKDOHXU GµXQ OLTXLGH j XQ DXWUH OLTXLGH SDU
OµLQWHUPpGLDLUHGµXQHSDURLVpSDUDQWOHVGHX[OLTXLGHVRQXWLOLVHUDODWUDQV
PLVVLRQGHFKDOHXUDXPR\HQGµXQpFKDQJHXUWKHUPLTXH
3RXUJDUDQWLUXQWUDQVIHUWWKHUPLTXH
RSWLPDOLOIDXWUHVSHFWHUOHVFULWqUHV
VXLYDQWV
3RLQWGµpEXOOLWLRQpOHYpRXODUJHSODJHGµpEXOOLWLRQ
‡
‡)DLEOHWHPSpUDWXUHGHVROLGLILFDWLRQ
‡%RQQHVSURSULpWpVGHWUDQVIHUWWKHUPLTXH
‡9LVFRVLWpIDLEOHVXUODSODJHGHWHPSpUDWXUH
HPSOR\pH
‡%RQQHVWDELOLWpWKHUPLTXH
‡5LVTXHGµLQFHQGLHOLPLWpSRLQWGµpFODLUHWVHXLO
GµLQIODPPDELOLWppOHYpV
‡
%RQQHUpVLVWDQFHjODFRUURVLRQDXFRQWDFW
GHVPDWpULDX[GRQWVRQWIDLWVOHVpTXLSHPHQWVGH
OµLQVWDOODWLRQ
‡
)DLEOHVHQVLELOLWpDX[PDWpULDX[VWRFNpVFRPPH
SDUH[HPSOHOµR[\JqQH
‡$EVHQFHGHWR[LFLWpHWGµRGHXUVQDXVpDERQGHV
/HVQRUPHVVXLYDQWHVYRXVDSSRUWHURQW
GHVLQIRUPDWLRQVFRPSOpPHQWDLUHV
‡
',1
,QVWDOODWLRQVGHWUDQVIHUWWKHUPLTXHIRQFWLRQQDQW
DYHFGHVIOXLGHVFDORSRUWHXUVRUJDQLTXHV
H[LJHQFHVVpFXULWpHVVDLV
‡
',1
)OXLGHVFDORSRUWHXUV46SpFLILFDWLRQVHVVDLV
‡
',1
(VVDLVGHVKXLOHVPLQpUDOHVHWSURGXLWVDVVRFLpV
(VVDLHWpYDOXDWLRQGHVIOXLGHVFDORSRUWHXUV
XVDJpV
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
%LHQXWLOLVHUOHÁXLGHFDORSRUWHXU
‡
9',
6\VWqPHVGHWUDQVIHUWWKHUPLTXHXWLOLVDQWGHV
IOXLGHVFDORSRUWHXUVRUJDQLTXHV8WLOLVDWLRQ
PDLQWHQDQFHHWUpSDUDWLRQ
5pJOHPHQWDWLRQVGHVpFXULWp
/HVGLIIpUHQWVW\SHVGHÀXLGHFDORSRUWHXUVRQWVRXPLVjGHVUpJOHPHQWD
WLRQVVSpFL¿TXHVHQPDWLqUHGHVpFXULWp/D¿FKHGHGRQQpHVGHVpFXULWp
UHSUHQG OHV FDUDFWpULVWLTXHV GX ÀXLGH FDORSRUWHXU /$8'$ YRXV FRPPX
QLTXHUDFHVLQIRUPDWLRQVVXUVLPSOHGHPDQGH
1µKpVLWH]SDVjGHPDQGHUFRQVHLOj/$8'$
SRXUFKRLVLUYRWUHÀXLGHVFDORSRUWHXUV
/$8'$,7+
6\VWqPHVGHFKDXIIDJH
6\VWqPHVXQLYHUVHOVMXVTXµjƒ&
([HPSOHVGµDSSOLFDWLRQ
&RQWU{OHGHWHPSpUDWXUHGDQV
XQPpODQJHXU
‡
‡ &RQWU{OHGHODWHPSpUDWXUHGHV
UpDFWHXUVHQDSSOLFDWLRQ
FKLPLTXHSKDUPDFHXWLTXHRX
ELRWHFKQRORJLTXH
‡ 6LPXODWLRQHQYLURQQHPHQWDOH
WHFKQRORJLHDXWRPRELOHHWVRODLUH
‡ 8WLOLVDWLRQGDQVOHFDGUHGµHVVDLV
GHPDWpULDX[HQUHFKHUFKHHW
HQSURGXFWLRQ
‡ &RQWU{OHGHODWHPSpUDWXUHGµXQ
pFKDQJHXUWKHUPLTXHRXGµXQ
pYDSRUDWHXU
)LDELOLWpVpFXULWpSHUVRQQDOLVDWLRQ
/HV JURXSHV LQGXVWULHOV FKDXGIURLG /$8'$ LV
VXV GH OD JDPPH ,7+ VRQW WRXMRXUV pODERUpV j
SDUWLUGµXQPRGXOHGHFKDXIIDJHpOHFWULTXHGµXQH
SRPSHGHFLUFXODWLRQGµXQUpVHUYRLUGHGLODWDWLRQ
HWGµXQPRGXOHpFKDQJHXUWKHUPLTXHXQLTXHUH
IURLGLVVHXU/HVV\VWqPHVSHXYHQWrWUHpTXLSpV
GµXQpFKDQJHXUWKHUPLTXHjUHIURLGLVVHPHQWSDU
HDXVDXPXUHRXDLU6LYRXVGLVSRVH]GµXQFLUFXLW
GµKXLOH GH UHIURLGLVVHPHQW OH ÀXLGH FDORSRUWHXU
SRXUUD\rWUHGLUHFWHPHQWUDFFRUGp'DQVFHFDV
OµpFKDQJHXUWKHUPLTXHHWOHYDVHGµH[SDQVLRQQH
VHURQW SOXV QpFHVVDLUHV 6H SUpVHQWDQW VRXV OD
IRUPHGµDSSDUHLOVLPPpGLDWHPHQWRSpUDWLRQQHOV
FRPSDFWV HW SDUIDLWHPHQW LVROpV FHV V\VWqPHV
GRWpV GµXQ ERvWLHU GH FRPPDQGH SURGXLVHQW XQ
GpELWGHOLTXLGHjWHPSpUDWXUHFRQWU{OpH,OVRQW
IDLWOµREMHWGHWHVWVFRPSOHWVHQXVLQH
/HVDWRXWVGHODJDPPH,7+
/¶DYDQWDJHSRXUYRXV
‡ 0RGXOHGHFRPPDQGHQXPpULTXH
‡ 0DvWULVHGHODWHPSpUDWXUHGHUHIRXOHPHQWRX
GHODWHPSpUDWXUHGXFRQVRPPDWHXUSURGXLW
‡ 3URJUDPPDWLRQGHODWHPSpUDWXUHPRGHUDPSHV
‡ 'p¿QLWLRQH[WHUQHGHFRQVLJQHVSDULQWHUIDFH
3UR¿EXV0RGEXVRXDXWUHV
‡ 3UpVpOHFWLRQGHVGXUpHVGHFKDXIIDJHHWGH
UHIURLGLVVHPHQW
‡ 3UpFLVLRQGXFRQWU{OH“ƒ&
‡ 5pVLVWDQFHpOHFWULTXHGHFKDXIIDJHUpJXOpH
‡ )DLEOHWHPSpUDWXUHGHILOP
HQFRQWLQXYHUVLRQjEULGH
‡ )DLEOHFKDUJHGHVXUIDFH
‡ /RQJXHGXUpHGHYLHGHOµKXLOHWKHUPLTXHHW
GHVpOpPHQWVGHFKDXIIDJH
‡ &KXWHGHSUHVVLRQOLPLWpH
‡ /DSXLVVDQFHGHFKDXIIHHVWDGDSWpHDX[
EHVRLQVHQpQHUJLH
‡ (FKDQJHXUWKHUPLTXHHQLQR[UHIURLGLSDUHDX
‡ 5HPSODFHPHQWIDFLOLWpGHOµpFKDQJHXU
VDXPXUHRXDLUHQYHUVLRQSODWHRXpFKDQJHXUWKHU
WKHUPLTXH
PLTXHjIDLVFHDX[WXEXODLUHVVXUODYHUVLRQEULGH
‡ &RQFHSWLRQpWDQFKHVDQVMRLQWV
‡ 9DQQHGHFRXSXUHDXWRPDWLTXHVXUOµDUULYpH
GµHDXGHUHIURLGLVVHPHQW
‡ 3DVGHPpODQJHHQWUHOµKXLOHHWOµHDX
‡ 3UpYHQWLRQGXULVTXHGHFRQWDPLQDWLRQGH
OµpFKDQJHXUWKHUPLTXH
‡ /LPLWHGHWHPSpUDWXUHUHWRXUGµHDXGHUHIURLGLVVHPHQW ‡ 3UpYHQWLRQGXULVTXHGHFRUURVLRQRXGµHQWDUWUDJH
‡ 9DQQHGHFRPPDQGHjWURLVYRLHVDYHFVRXIÀHWV
‡ 6WDELOLVDWLRQGHVSXLVVDQFHVGHUpIULJpUDWLRQ
GµpWDQFKpLWpHWDFWXDWHXUVXUODYHUVLRQEULGH
PLQLPDOHV
‡ *UkFHjODGpULYDWLRQSUpYHQWLRQGHVFKRFVGH
YDSHXUGDQVOµpFKDQJHXUWKHUPLTXH
&RQWU{OHSURJUHVVLIGHODWHPSpUDWXUH
‡
‡ 5HIURLGLVVHPHQWSURJUHVVLI
/LPLWDWLRQGHODWHPSpUDWXUHUHWRXUGXÀXLGHGH
‡ UHIURLGLVVHPHQW
‡ $EVHQFHGHEDVFXOHPHQWWKHUPRVWDWLTXHGDQV
OµpFKDQJHXUWKHUPLTXHDXSDVVDJHHQWUHIRQF
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
9RVDYDQWDJHVHQXQFOLQGµRHLO
WLRQQHPHQWHQUHIURLGLVVHPHQWHWHQFKDXIIDJH
‡ 3URJUDPPHFRPSOHWGHWHVWVVXUEDQFGµHVVDL
‡ (VVDLGHIRQFWLRQQHPHQWjFKDXGHWIURLGDYHF
/$8'$DYDQWH[SpGLWLRQpTXLSHPHQWODEHOOLVp&(
ÀXLGHFDORSRUWHXUjWHPSpUDWXUHPD[LPDOHHW
‡ (VVDLIRQFWLRQQHOGHWRXVOHVFRPSRVDQWVHW
YpUL¿FDWLRQVGHWRXWHVOHVYDOHXUVGHFRQVLJQH
PLQLPDOH
‡ ,QVWDOODWLRQUDSLGHPHQWRSpUDWLRQQHOOHSpULRGH
GHPLVHHQVHUYLFHUpGXLWH
‡ (VVDLGHSUHVVLRQGHIXLWHDYHFÀXLGHFDORSRUWHXU ‡ 3UpYHQWLRQRXpOLPLQDWLRQGXULVTXHGHIXLWH
‡ 7HVWGXERvWLHUGHFRPPDQGHHWGHODSUpFLVLRQ
‡ 7UDoDELOLWpGHODSUpFLVLRQGXFRQWU{OHSRXUOHV
GHODWKHUPRUpJXODWLRQ
SURFHVVXVOHVSOXVH[LJHDQWV
‡ (WDEOLVVHPHQWGµXQSURFqVYHUEDOGµHVVDL
GRFXPHQWDWLRQGHVFRQWU{OHVUpDOLVpV
‡ 7UDoDELOLWpGHVFHUWL¿FDWVGHSHUIRUPDQFH
‡ (VVDLGHUpFHSWLRQHQXVLQH)DFWRU\$FFHS
WDQFH7HVWHQSUpVHQFHGXFOLHQW
‡ ,QVWDOODWLRQDGDSWpHDX[H[LJHQFHVGXFOLHQW
IRUPDWLRQLQLWLDOHHWHVVDLGHIRQFWLRQQHPHQW
HIIHFWXpVDYDQWODOLYUDLVRQ
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
/$8'$,7+
,7+
6\VWqPHVGHFKDXIIDJHjKXLOH
1RUPHVHWGLUHFWLYHVDSSOLFDEOHV
',1,QVWDOODWLRQVGHWUDQVIHUWWKHUPLTXH
IRQFWLRQQDQWDYHFGHVIOXLGHVFDORSRUWHXUV
RUJDQLTXHV
‡
/HVV\VWqPHVjKXLOHHWFKDXIIDJHpOHFWULTXHVRQWGHVWLQpVSOXVSDUWLFX
OLqUHPHQWDX[DSSOLFDWLRQVGDQVOHVTXHOOHVLOIDXWFKDXIIHUXQFRQVRPPD
WHXURXDVVXUHUODWKHUPRUpJXODWLRQjKDXWHWHPSpUDWXUHHWIDLEOHSUHVVLRQ
,OVµDJLWGHV\VWqPHVVLPSOHVHWIDFLOHVjLQVWDOOHUSRXUOHVTXHOVODPDLQWH
QDQFHHVWUpGXLWH(QOHVGRWDQWGµXQpFKDQJHXUWKHUPLTXHUHIURLGLVVHXU
RQREWLHQWXQV\VWqPHGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSUrWjOµHPSORL
‡
‡(*'LUHFWLYHPDFKLQHV
‡(*'LUHFWLYHEDVVHWHQVLRQ
‡$'5pJOHPHQWDWLRQWHFKQLTXHDSSOLFDEOH
DX[UpFLSLHQWVHWDX[WX\DXWHULHVVRXVSUHVVLRQ
3('(*'LUHFWLYHpTXLSHPHQWVVRXV
SUHVVLRQ
/µKXLOH WKHUPLTXH FRQVWLWXH OH ÀXLGH FDORSRUWHXU GH UpIpUHQFH SRXU OHV
SODJHVGHWHPSpUDWXUHVpOHYpHV/HXUODUJHSODJHGHWHPSpUDWXUHGHIRQF
WLRQQHPHQW FRQIqUH j FHV V\VWqPHV XQH JUDQGH VRXSOHVVH GµXWLOLVDWLRQ
/HULVTXHGHFRUURVLRQRXGHJHOHVWLQH[LVWDQWFHTXLSHUPHWGµHQYLVDJHU
IDFLOHPHQWXQHLQVWDOODWLRQjOµH[WpULHXU
‡(*'LUHFWLYH&(0
‡(*'LUHFWLYHVXUODSURWHFWLRQDQWLGpIODJUDWLRQ
GHVPDFKLQHV$7(;
*UkFHjOHXUFRQFHSWLRQPRGXODLUH
FHVV\VWqPHVVRQW
(YROXWLIV
‡
‡0RGLILDEOHV
‡&RPELQDEOHV
‡'RWpVGµpTXLSHPHQWVGHVpFXULWpDYHFGHV
FRPSRVDQWVWHVWpV
‡$VVRFLpVjGHVFDSWHXUVGHWHPSpUDWXUHpWDORQQpV
‡'RWpVGµXQPRGXOHGHFRPPDQGH3,'pWDORQQp
DYHFSURJUDPPDWHXUHWDIILFKDJHSRXUUpJXODWLRQ
DYHFUDPSHV
‡'RWpVGµXQERvWLHUGHFRPPDQGHLQWpJUpRXVpSDUp
‡'RWpVGHYDVHGµH[SDQVLRQ
6\VWqPHGHFKDXIIDJH,7+
FIZA–
PIC
TZA++
TZA+
LZA–
TZA+
TIC
TI
3
3RPSHGHFLUFXODWLRQ
6pSDUDWHXUDLUHDX
6
9DVHGµH[SDQVLRQ
9
9DQQHGHVpFXULWp
9
&RQWU{OHXUGHSUHVVLRQ
&
$I¿FKHXUGHQLYHDX
$
6RXSDSHGµpEXOOLWLRQ
6
5pVLVWDQFHpOHFWULTXH
5
$I¿FKHXUGHWHPSpUDWXUH
$
(FKDQJHXUWKHUPLTXHÄ5HIURLGLVVHPHQW³
(
9DQQHÄ5HIURLGLVVHPHQW³
9
9DQQHjWURLVYRLHV
9
$I¿FKHXUGHGpELW
$
&DSWHXUGHWHPSpUDWXUHÄ5HIRXOHPHQW³
&
&RQWU{OHXUGHWHPSpUDWXUH
&
&DSWHXUGHWHPSpUDWXUHÄ&RQVRPPDWHXU³
&
&DSWHXUGHWHPSpUDWXUHÄ5HWRXU³
&
&DUDFWpULVWLTXHV
6FKpPDGHWX\DXWHULHDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
&HUWLILFDWGHSURWHFWLRQDQWLGpIODJUDWLRQSRXU
OµHQVHPEOHGHOµLQVWDOODWLRQHWVpSDUpPHQWSRXU
FKDTXHFRPSRVDQWFRQFHUQp
6FKpPDGXFLUFXLWDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
6RXIIOHWVGµpWDQFKpLWp
-RLQWVJUDSKLWH
5DFFRUGVjEULGHHQWUHWLHQHWPDLQWHQDQFHVLPSOLILpV
9HUVLRQWHFKQLTXHpWDQFKH
6\VWqPHHWERvWLHUGHFRPPDQGHHQYHUVLRQ([G
RX([S
&HUWLILFDWGHFRQIRUPLWp&(
&HUWLILFDWGHFRQWU{OHLQGpSHQGDQW
‡
‡
'LUHFWLYHVXUODSURWHFWLRQDQWLGpÁDJUDWLRQ&($7(;
6\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSRXULPSODQWDWLRQHQ]RQH
(;RXDYHFERvWLHUGHFRPPDQGHDQWLGpÀDJUDWLRQLQWpJUp
‡
‡
‡
‡
‡
‡
‡
‡
N2
H2O
7RXVOHVV\VWqPHVVRQWGLVSRQLEOHVDYHFXQ
pFKDQJHXUWKHUPLTXHjIDLVFHDX[WXEXODLUHV
6\VWqPHGHFKDXIIDJH
,7+([
'RQQpHVWHFKQLTXHVGHVPRGXOHVVWDQGDUGVYRLUSDJHVj
&DUDFWpULVWLTXHVWHFKQLTXHV
,7+
)OXLGHFDORSRUWHXU
,7+
,7+
,7+
,7+
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
,7+
6\VWqPHVGHFKDXIIDJHjKXLOH
YHUVLRQDQWLGpÁDJUDWLRQ
+XLOHWKHUPLTXH
7HPSpUDWXUHGHIRQFWLRQQHPHQW
ƒ&
'pELWGHODSRPSH
PK
PD[
PD[
«
«
«
«
«
3XLVVDQFHGHFKDXIIH
3XLVVDQFH GH FKDXIIH N:
«
«
«
«
«
5HIURLGLVVHPHQW
(FKDQJHXUWKHUPLTXHUHIURLGLSDUHDXDLURXVDXPXUH
'LPHQVLRQV/[3[+PLQ
PP
'LPHQVLRQV/[3[+PD[
PP
&
&DUDFWpULVWLTXHVWHFKQLTXHV
Wp L WL
W K L
[[
,7+([
,7+ (
)OXLGHFDORSRUWHXU
[[
,7+([
,7+ (
[[
[[
[[
[[
[[
[[
,7+([
,7+ (
,7+([
,7+ (
,7+ (
,7+([
+XLOHWKHUPLTXH
7HPSpUDWXUHGHIRQFWLRQQHPHQW
ƒ&
PD[
PD[
'pELWGHODSRPSH
PK
«
«
«
«
«
3XLVVDQFHGHFKDXIIH
3XLVVDQFHGHFKDXIIH
N:
«
«
«
«
«
5HIURLGLVVHPHQW
(FKDQJHXUWKHUPLTXHUHIURLGLSDUHDXDLURXVDXPXUH
'LPHQVLRQV/[3[+PLQ
PP
'LPHQVLRQV/[3[+PD[
PP
[[
[[
[[
[[
[[
[[
[[
[[
3RXUOHVYHUVLRQVGRWpHVGHPRGXOHVSOXVSXLVVDQWV
/$8'$,7+:
6\VWqPHVGHFKDXIIDJH
6\VWqPHVXQLYHUVHOVMXVTXµjƒ&
([HPSOHVGµDSSOLFDWLRQ
&RQWU{OHGHWHPSpUDWXUHGDQV
XQPpODQJHXU
‡
‡
&RQWU{OHGHODWHPSpUDWXUHGHV
UpDFWHXUVHQDSSOLFDWLRQ
FKLPLTXHSKDUPDFHXWLTXHRX
ELRWHFKQRORJLTXH
‡
6LPXODWLRQHQYLURQQHPHQWDOH
WHFKQRORJLHDXWRPRELOHHW
VRODLUH
‡
8WLOLVDWLRQGDQVOHFDGUH
GµHVVDLVGHPDWpULDX[HQ
UHFKHUFKHHWHQSURGXFWLRQ
‡
&RQWU{OHGHODWHPSpUDWXUH
GµXQpFKDQJHXUWKHUPLTXHRX
GµXQpYDSRUDWHXU
5HVSHFWXHX[GHOµHQYLURQQHPHQWSRO\YDOHQWVQRQFRUURVLIV
/HVJURXSHVLQGXVWULHOVFKDXGIURLG/$8'$LV
VXVGHODJDPPH,7+:VRQWWRXMRXUVpODERUpV
j SDUWLU GµXQ PRGXOH GH FKDXIIDJH pOHFWULTXH
GµXQH SRPSH GH FLUFXODWLRQ GµXQ UpVHUYRLU GH
GLODWDWLRQHWGµXQPRGXOHpFKDQJHXUWKHUPLTXH
XQLTXH UHIURLGLVVHXU /HV V\VWqPHV SHXYHQW
rWUH pTXLSpV GµXQ pFKDQJHXU WKHUPLTXH j UH
IURLGLVVHPHQWSDUHDXVDXPXUHRXDLU6LYRXV
GLVSRVH]GµXQFLUFXLWGµHDXGHUHIURLGLVVHPHQW
OH ÀXLGH FDORSRUWHXU SRXUUD \ rWUH GLUHFWHPHQW
UDFFRUGp'DQVFHFDVOµpFKDQJHXUWKHUPLTXH
HW OH YDVH GµH[SDQVLRQ QH VHURQW SOXV QpFHV
VDLUHV6HSUpVHQWDQWVRXVODIRUPHGµDSSDUHLOV
LPPpGLDWHPHQW RSpUDWLRQQHOV FRPSDFWV HW
SDUIDLWHPHQW LVROpV FHV V\VWqPHV GRWpV GµXQ
ERvWLHU GH FRPPDQGH SURGXLVHQW XQ GpELW GH
OLTXLGH j WHPSpUDWXUH FRQWU{OpH ,OV RQW IDLW
OµREMHWGHWHVWVFRPSOHWVHQXVLQH
/HVDWRXWVGHODJDPPH,7+:
/¶DYDQWDJHSRXUYRXV
‡ 0RGXOHGHFRPPDQGHQXPpULTXH
‡ 0DvWULVHGHODWHPSpUDWXUHGHUHIRXOHPHQWRX
GHODWHPSpUDWXUHGXFRQVRPPDWHXUSURGXLW
‡ 3URJUDPPDWLRQGHODWHPSpUDWXUHPRGHUDPSHV
‡ 'p¿QLWLRQH[WHUQHGHFRQVLJQHVSDULQWHUIDFH
3UR¿EXV0RGEXVRXDXWUHV
‡ 3UpVpOHFWLRQGHVGXUpHVGHFKDXIIDJHHWGH
UHIURLGLVVHPHQW
‡ 3UpFLVLRQGXFRQWU{OH“ƒ&
‡ 5pVLVWDQFHpOHFWULTXHGHFKDXIIDJHUpJXOpH
‡ 5HPSODFHPHQWUDSLGHSHQGDQWOHVLQWHU
YHQWLRQVGµHQWUHWLHQ
HQFRQWLQXYHUVLRQjEULGH
‡ /DSXLVVDQFHGHFKDXIIHHVWDGDSWpHDX[
EHVRLQVHQpQHUJLH
‡ *UDQGHGXUpHGHYLHGHVUpVLVWDQFHV
pOHFWULTXHVJUkFHjODFRQFHSWLRQGHVIOX[
‡ (FKDQJHXUWKHUPLTXHHQLQR[UHIURLGLSDUHDX
VDXPXUHRXDLUHQYHUVLRQSODWHRXpFKDQJHXUWKHU
‡ &KXWHGHSUHVVLRQOLPLWpH
‡ 5HPSODFHPHQWIDFLOLWpGHOµpFKDQJHXU
WKHUPLTXH
PLTXHjIDLVFHDX[WXEXODLUHVVXUODYHUVLRQEULGH
‡ &RQFHSWLRQpWDQFKHVDQVMRLQWV
‡ 9DQQHGHFRXSXUHDXWRPDWLTXHVXUOµDUULYpH
GµHDXGHUHIURLGLVVHPHQW
‡ $XFXQFRQWDFWDYHFGµDXWUHVÀXLGHVFDORSRUWHXUV
‡ 3UpYHQWLRQGXULVTXHGHFRQWDPLQDWLRQGH
OµpFKDQJHXUWKHUPLTXH
‡ /LPLWHGHWHPSpUDWXUHUHWRXUGµHDXGHUHIURLGLVVHPHQW ‡ 3UpYHQWLRQGXULVTXHGHFRUURVLRQRXGµHQWDUWUDJH
‡ 9DQQHGHFRPPDQGHjWURLVYRLHVDYHFVRXIÀHWV
‡ 6WDELOLVDWLRQGHVSXLVVDQFHVGHUpIULJpUDWLRQ
GµpWDQFKpLWpHWDFWXDWHXUVXUODYHUVLRQEULGH
PLQLPDOHV
‡ *UkFHjODGpULYDWLRQSUpYHQWLRQGHVFKRFVGH
YDSHXUGDQVOµpFKDQJHXUWKHUPLTXH
‡ &RQWU{OHSURJUHVVLIGHODWHPSpUDWXUH
‡ 5HIURLGLVVHPHQWSURJUHVVLI
‡ /LPLWDWLRQGHODWHPSpUDWXUHUHWRXUGXÀXLGHGH
‡ $EVHQFHGHEDVFXOHPHQWWKHUPRVWDWLTXHGDQV
UHIURLGLVVHPHQW
OµpFKDQJHXUWKHUPLTXHDXSDVVDJHHQWUHIRQF
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
9RVDYDQWDJHVHQXQFOLQGµRHLO
WLRQQHPHQWHQUHIURLGLVVHPHQWHWHQFKDXIIDJH
‡ 3URJUDPPHFRPSOHWGHWHVWVVXUEDQFGµHVVDL
‡ (VVDLGHIRQFWLRQQHPHQWjFKDXGHWIURLGDYHF
/$8'$DYDQWH[SpGLWLRQpTXLSHPHQWODEHOOLVp&(
ÀXLGHFDORSRUWHXUjWHPSpUDWXUHPD[LPDOHHW
‡ (VVDLIRQFWLRQQHOGHWRXVOHVFRPSRVDQWVHW
YpUL¿FDWLRQVGHWRXWHVOHVYDOHXUVGHFRQVLJQH
PLQLPDOH
‡ ,QVWDOODWLRQUDSLGHPHQWRSpUDWLRQQHOOHSpULRGH
GHPLVHHQVHUYLFHUpGXLWH
‡ (VVDLGHSUHVVLRQGHIXLWHDYHFÀXLGHFDORSRUWHXU ‡ 3UpYHQWLRQRXpOLPLQDWLRQGXULVTXHGHIXLWH
‡ 7HVWGXERvWLHUGHFRPPDQGHHWGHODSUpFLVLRQ
‡ 7UDoDELOLWpGHODSUpFLVLRQGXFRQWU{OHSRXUOHV
GHODWKHUPRUpJXODWLRQ
SURFHVVXVOHVSOXVH[LJHDQWV
‡ (WDEOLVVHPHQWGµXQSURFqVYHUEDOGµHVVDL
GRFXPHQWDWLRQGHVFRQWU{OHVUpDOLVpV
‡ 7UDoDELOLWpGHVFHUWL¿FDWVGHSHUIRUPDQFH
‡ (VVDLGHUpFHSWLRQHQXVLQH)DFWRU\$FFHS
WDQFH7HVWHQSUpVHQFHGXFOLHQW
‡ ,QVWDOODWLRQDGDSWpHDX[H[LJHQFHVGXFOLHQW
IRUPDWLRQLQLWLDOHHWHVVDLGHIRQFWLRQQHPHQW
HIIHFWXpVDYDQWODOLYUDLVRQ
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
/$8'$,7+:
,7+:
6\VWqPHVGHFKDXIIDJHjHDX
1RUPHVHWGLUHFWLYHVDSSOLFDEOHV
(16\VWpPHVGHFKDXIIDJHGDQVOHV
EkWLPHQWV&RQFHSWLRQGHVV\VWqPHVGHFKDXIIDJH
jHDX
‡
/HV V\VWqPHV XWLOLVDQW OµHDX FRPPH ÀXLGH FDORSRUWHXU HW XQ FKDXIID
JH pOHFWULTXH VRQW GHVWLQpV SOXV SDUWLFXOLqUHPHQW DX[ DSSOLFDWLRQV GDQV
OHVTXHOOHVLOIDXWFKDXIIHUXQFRQVRPPDWHXURXDVVXUHUODWKHUPRUpJXOD
WLRQ j WHPSpUDWXUH PR\HQQH HW DYHF GHV YDOHXUV GH WUDQVIHUW WKHUPLTXH
pOHYpHV,OVµDJLWGHV\VWqPHVVLPSOHVHWIDFLOHVjLQVWDOOHUSRXUOHVTXHOV
ODPDLQWHQDQFHHVWUpGXLWH(QOHVGRWDQWGµXQUHIURLGLVVHXURQREWLHQWXQ
V\VWqPHGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSUrWjOµHPSORL
‡
3('&('LUHFWLYHpTXLSHPHQWVVRXV
SUHVVLRQ
‡&('LUHFWLYHPDFKLQHV
‡&('LUHFWLYHEDVVHWHQVLRQ
‡&('LUHFWLYH&(0
‡$'5pJOHPHQWDWLRQWHFKQLTXHDSSOLFDEOH
DX[UpFLSLHQWVHWDX[WX\DXWHULHVVRXVSUHVVLRQ
/µHDXFRQVWLWXHOHÀXLGHFDORSRUWHXUGHUpIpUHQFHSRXUOHVSODJHVGHWHP
SpUDWXUHV PR\HQQHV /µHDX HVW pFRQRPLTXH QRQ WR[LTXH QRQ FRPEX
VWLEOH HW SUpVHQWH GHV YDOHXUV GH WUDQVIHUW WKHUPLTXH WUqV pOHYpHV &HV
FDUDFWpULVWLTXHVSHUPHWWHQWGHOLPLWHUOHVVXUIDFHVGHWUDQVIHUWWKHUPLTXH
7RXWHIRLVOHULVTXHGHJHOGHFRUURVLRQHWODSUHVVLRQGHYDSHXUpOHYpH
TXL DWWHLQW GpMj EDU j ƒ& VRQW GHV SDUDPqWUHV GRQW LO IDXW WHQLU
FRPSWHGDQVODSKDVHGµLQJpQLHULHGHSURMHW2QXWLOLVHVRXYHQWGHVDGGLWLIV
FRPPHOHJO\FROTXLSHUPHWpJDOHPHQWGHOXWWHUFRQWUHODFRUURVLRQ
‡
(*'LUHFWLYHVXUODSURWHFWLRQDQWLGpIODJUDWLRQ
GHVPDFKLQHV$7(;
*UkFHjOHXUFRQFHSWLRQPRGXODLUH
FHVV\VWqPHVVRQW
(YROXWLIV
‡
‡0RGLILDEOHV
‡&RPELQDEOHV
‡'RWpVGµpTXLSHPHQWVGHVpFXULWpDYHFGHV
FRPSRVDQWVWHVWpV
‡$VVRFLpVjGHVFDSWHXUVGHWHPSpUDWXUHpWDORQQpV
‡'RWpVGµXQPRGXOHGHFRPPDQGH3,'pWDORQQp
DYHFSURJUDPPDWHXUHWDIILFKDJHSRXUUpJXODWLRQ
DYHFUDPSHV
‡'RWpVGµXQERvWLHUGHFRPPDQGHLQWpJUpRXVpSDUp
‡'RWpVGHYDVHGµH[SDQVLRQ
6\VWqPHGHFKDXIIDJH,7+:
TIC
FIZA– (DX
P –
PZA–
(DX
TZA+
TI
TZA+
TZA++
M
3
3RPSHGHFLUFXODWLRQ
6pSDUDWHXUDLUHDX
6
6RXSDSHGHYHQWLODWLRQDXWRPDWLTXH
6
$I¿FKHXUGHSUHVVLRQ
$
9DVHGµH[SDQVLRQ
9
9DQQHGHVpFXULWp
9
5pVLVWDQFHpOHFWULTXH
5
$I¿FKHXUGHWHPSpUDWXUH
$
(FKDQJHXUWKHUPLTXHÄ5HIURLGLVVHPHQW³
(
9DQQHÄ5HIURLGLVVHPHQW³
9
9DQQHjWURLVYRLHV
9
$I¿FKHXUGHGpELW
$
&DSWHXUGHWHPSpUDWXUHÄ5HIRXOHPHQW³
&
&RQWU{OHXUGHWHPSpUDWXUH
&
&DSWHXUGHWHPSpUDWXUHÄ&RQVRPPDWHXU³
&
&DSWHXUGHWHPSpUDWXUHÄ5HWRXU³
&
&DUDFWpULVWLTXHV
6FKpPDGHWX\DXWHULHDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
&HUWLILFDWGHSURWHFWLRQDQWLGpIODJUDWLRQSRXU
OµHQVHPEOHGHOµLQVWDOODWLRQHWVpSDUpPHQWSRXU
FKDTXHFRPSRVDQWFRQFHUQp
6FKpPDGXFLUFXLWDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
-RLQWVJUDSKLWH
5DFFRUGVjEULGHHQWUHWLHQHWPDLQWHQDQFHVLPSOLILpV
9HUVLRQWHFKQLTXHpWDQFKH
6\VWqPHHWERvWLHUGHFRPPDQGHHQYHUVLRQ([G
RX([S
&HUWLILFDWGHFRQIRUPLWp&(
&HUWLILFDWGHFRQWU{OHLQGpSHQGDQW
‡
‡
'LUHFWLYHVXUODSURWHFWLRQDQWLGpÁDJUDWLRQ&($7(;
6\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSRXULPSODQWDWLRQHQ]RQH
(;RXDYHFERvWLHUGHFRPPDQGHDQWLGpÀDJUDWLRQLQWpJUp(JDOHPHQW
GLVSRQLEOHVHQYHUVLRQLQR[
‡
‡
‡
‡
‡
‡
‡
H2O
7RXVOHVV\VWqPHVVRQWGLVSRQLEOHVDYHFXQ
pFKDQJHXUWKHUPLTXHjIDLVFHDX[WXEXODLUHV
6\VWqPHGHFKDXIIDJH
,7+:([
'RQQpHVWHFKQLTXHVGHVPRGXOHVVWDQGDUGVYRLUSDJHVj
&DUDFWpULVWLTXHVWHFKQLTXHV
,7+:
)OXLGHFDORSRUWHXU
,7+:
,7+:
,7+:
,7+:
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
,7+:
6\VWqPHVGHFKDXIIDJHjHDX
YHUVLRQDQWLGpÁDJUDWLRQ
(DX(DXJO\FRO
7HPSpUDWXUHGHIRQFWLRQQHPHQW
ƒ&
'pELWGHODSRPSH
PK
PD[
PD[
«
«
«
«
«
3XLVVDQFHGHFKDXIIH
3XLVVDQFH GH FKDXIIH N:
«
«
«
«
«
5HIURLGLVVHPHQW
(FKDQJHXUWKHUPLTXHUHIURLGLSDUHDXDLURXVDXPXUH
'LPHQVLRQV/[3[+PLQ
PP
'LPHQVLRQV/[3[+PD[
PP
&
&DUDFWpULVWLTXHVWHFKQLTXHV
Wp L WL
W K L
[[
,7+:([
,7+ : (
)OXLGHFDORSRUWHXU
[[
,7+:([
,7+ : (
[[
[[
[[
[[
[[
[[
,7+:([
,7+ : (
,7+:([
,7+ : (
,7+:([
,7+ : (
(DX(DXJO\FRO
7HPSpUDWXUHGHIRQFWLRQQHPHQW
ƒ&
PD[
PD[
'pELWGHODSRPSH
PK
«
«
«
«
«
3XLVVDQFHGHFKDXIIH
3XLVVDQFHGHFKDXIIH
N:
«
«
«
«
«
5HIURLGLVVHPHQW
(FKDQJHXUWKHUPLTXHUHIURLGLSDUHDXDLURXVDXPXUH
'LPHQVLRQV/[3[+PLQ
PP
'LPHQVLRQV/[3[+PD[
PP
[[
[[
[[
[[
[[
[[
[[
[[
3RXUOHVYHUVLRQVGRWpHVGHPRGXOHVSOXVSXLVVDQWV
/$8'$,7+HW,7+:
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
([HPSOHG¶DSSOLFDWLRQ
6\VWqPHVGHFKDXIIDJH/$8'$LQWpJUpVDX[EDQFVGµHVVDL
([HPSOHGµDSSOLFDWLRQ
‡
%DQFVGµHVVDLSRXUOµHVVDLHW
ODFHUWLILFDWLRQGHFDSWHXUV
WKHUPLTXHVVRODLUHV
1RXV DYRQV PHQp j ELHQ FHV GL[ GHUQLqUHV
DQQpHV SOXVLHXUV SURMHWV GDQV OH GRPDLQH GHV
WHFKQRORJLHV VRODLUHV /$8'$ D SRXUVXLYL HW
RSWLPLVpOHGpYHORSSHPHQWGHVV\VWqPHVHWGH
ODWHFKQRORJLHGHFRQWU{OHGDQVOµREMHFWLIVSpFL
¿TXHGHODYDOLGDWLRQGHVFDSWHXUVVRODLUHV
UDWXUH DPELDQWH pOHYpH *UkFH j GHV FDSWHXUV
SDUWLFXOLqUHPHQWSUpFLVOHVSDQQHDX[VXLYHQWOH
VROHLODXPHLOOHXUDQJOHSRVVLEOH/HV\VWqPHj
WUDQVIHUWWKHUPLTXHIRQFWLRQQHVXUXQHSODJHGH
WHPSpUDWXUHVDOODQWGHjƒ&/DSUpFLVLRQ
GXFRQWU{OHHWGHOµRUGUHGH“.
/DSKRWRJUDSKLHUHSUpVHQWHXQHLQVWDOODWLRQHQ
FRQWDLQHU FOLPDWLVp FKDXIIDJH RX UHIURLGLVVH
PHQWjODGHPDQGHVHORQODVDLVRQLPSODQWpH
HQ HQYLURQQHPHQW HQVROHLOOp VRXV XQH WHPSp
/H FRQWDLQHU SURWqJH pJDOHPHQW OµpTXLSHPHQW
GHVUD\RQV89WUqVSXLVVDQWV/HFKDXIIDJHHW
OHUHIURLGLVVHPHQWVRQWDVVXUpVSDUGXPDWpULHO
/$8'$
/HV EDQFV GµHVVDL XWLOLVpV DXMRXUGµKXL SRXU WHVWHU HW PHWWUH DX SRLQW OHV
FDSWHXUVWKHUPLTXHVVRODLUHVVRQWVRXPLVjGHVFRQWUDLQWHVWRXMRXUVSOXV
VpYqUHV&µHVWDLQVLTXHOHVODERUDWRLUHVHWOHVIDEULFDQWVpWXGLHQWGµDXWUHV
IDFWHXUV D\DQW XQ LPSDFW VXU OHV FDSWHXUV DOODQW SOXV ORLQ TXH OHV H[L
JHQFHVGHVQRUPHVDSSOLFDEOHV,OIDXWWRXMRXUVDFFpOpUHUOHVSKDVHVGH
PLVHDXSRLQWHWGµHVVDLIRXUQLUGHVGRQQpHVWRXMRXUVSOXVFRPSOqWHVHW
GRFXPHQWHUFHVGRQQpHV
/µDQJOHGµLQFLGHQFHGXVROHLOMRXHXQU{OHSDUWLFXOLqUHPHQWLPSRUWDQWGDQV
OHSURFHVVXVGHPHVXUHGHODSXLVVDQFHGHVFDSWHXUVFRQFHQWUpV3RXU
JDUDQWLU OD SUpFLVLRQ GHV FDOFXOV OµpTXLSHPHQW WHVWp GRLW LPSpUDWLYHPHQW
VXLYUHDYHFH[DFWLWXGHODSRVLWLRQGXVROHLO&µHVWSRXUWHQLUFRPSWHGHOD
JUDQGHYDULpWpGHVW\SHVGHFDSWHXUVHWGRQFGHVGLIIpUHQWHVH[LJHQFHV
HQPDWLqUHGHPHVXUHTXHOHEDQFGµHVVDLSRXUOµLQVWDOODWLRQjOµH[WpULHXU
LOOXVWUpLFLjJDXFKHDpWpPLVDXSRLQW/DIDEULFDWLRQHWODIRXUQLWXUHGX
V\VWqPHGHFKDXIIDJHHWGHUHIURLGLVVHPHQWGHFHWWHDSSOLFDWLRQRQWpWp
FRQ¿pHVj/$8'$
3URWpJpFRQWUHOHVLQWHPSpULHV
/HVV\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQW
/$8'$HQFRQWDLQHUVRQWjOµpSUHXYHGHVLQWHPSp
ULHV(QIRQFWLRQGXVLWHGµLPSODQWDWLRQLOHVWSRVVLEOH
GHFKDXIIHURXGHUHIURLGLUOµHVSDFHUpVHUYpDX[
LQVWUXPHQWVjOµLQWpULHXUGXFRQWDLQHU
%LHQV€UOHVFRQWDLQHUVEpQpILFLHQWGµXQpFODLUDJH
HIILFDFHHWGµXQHSULVHpOHFWULTXHSRXUOµHQWUHWLHQHWOD
PDLQWHQDQFH
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
([LJHQFHVDSSOLFDEOHVDX[EDQFV
G¶HVVDL
6\VWqPHGHFKDXIIDJHHQFRQWDLQHU
([HPSOHG¶LQVWDOODWLRQG¶HVVDLVRODLUHSRXUPHVXUHG¶HIILFDFLWpUpDOLVpjO¶DLGHGXFRQILJXUDWHXUGHPRGXOHV/$8'$
/DTXDQWLWpGHFKDOHXU4QpFHVVDLUHSRXUFKDXIIHUXQHVXEVWDQFHGpSHQG
GHODTXDQWLWpGHVXEVWDQFHPGHODGLIIpUHQFHHQWUHODWHPSpUDWXUHGH
GpSDUWWDHWODWHPSpUDWXUHGµDUULYpHWHHWGHODFKDOHXUVSpFL¿TXHGHOD
VXEVWDQFH F 2Q OµREWLHQW j SDUWLU GH OµpTXDWLRQ FLGHVVXV /H GpELW HW OD
WHPSpUDWXUHDXQLYHDXGHODVRUWLHGXFDSWHXUVRQWYDULDEOHVHWVRQWFRQ
WU{OpVSDU/$8'$
/$8'$68.
6\VWqPHVGHUHIURLGLVVHPHQW
6\VWqPHVUpIULJpUDQWVGHjƒ&
([HPSOHVGµDSSOLFDWLRQ
‡&RQWU{OHGHWHPSpUDWXUHGDQV
XQPpODQJHXU
‡&RQWU{OHGHODWHPSpUDWXUHGHV
UpDFWHXUVHQDSSOLFDWLRQ
FKLPLTXHSKDUPDFHXWLTXHRX
ELRWHFKQRORJLTXH
‡ 6LPXODWLRQHQYLURQQHPHQWDOH
WHFKQRORJLHDXWRPRELOHHWVRODLUH
‡ 8WLOLVDWLRQGDQVOHFDGUHGµHVVDLV
GHPDWpULDX[HQUHFKHUFKHHW
HQSURGXFWLRQ
‡ &RQWU{OHGHODWHPSpUDWXUH
GµXQpFKDQJHXUWKHUPLTXHRX
GµXQpYDSRUDWHXU
3UpFLVLRQUREXVWHVVHpFRQRPLHGµpQHUJLH
/HVJURXSHVLQGXVWULHOVFKDXGIURLG/$8'$VpULH
68.FRPSRUWHQWWRXMRXUVOHVPRGXOHVVXLYDQWV
FRPSUHVVHXUSRPSHYDVHGµH[SDQVLRQpYDSR
UDWHXU HW FRQGHQVDWHXU 6HORQ OD WHPSpUDWXUH
OD SOXV EDVVH j DWWHLQGUH FHV DSSDUHLOV IRQW
DSSHO j GHV FRPSUHVVHXUV j XQ pWDJH MXVTXµj
ƒ& RX j GHX[ pWDJHV MXVTXµj ƒ& HW
XWLOLVHQW SRXU OHV WHPSpUDWXUHV OHV SOXV EDVVHV
GHX[ FLUFXLWV GH UHIURLGLVVHPHQW HQ FDVFDGH
MXVTXµjƒ&/HFRQGHQVDWHXUSHXWrWUHUH
IURLGLSDUHDXRXSDUDLU8QFRQWU{OHXUjLQMHFWLRQ
DVVXUHHQSHUPDQHQFHODUpJXODWLRQSUpFLVHGH
OD WHPSpUDWXUH GH UHIRXOHPHQW 6L OµpTXLSHPHQW
FRPSRUWHSOXVLHXUVFRPSUHVVHXUVODFRPPXWD
WLRQ GHV pWDJHV SHUPHW GµpFRQRPLVHU OµpQHUJLH
HWDXWRULVHXQIRQFWLRQQHPHQWHQFKDUJHSDUWLHOOH
IDLEOH XVXUH DYHF XQ V\VWqPH GH FRPSUHVVLRQ
DXWRPDWLTXH $YHF XQ V\VWqPH j UpVLVWDQFH
pOHFWULTXH RX XQ pFKDQJHXU WKHUPLTXH YDSHXU
OHV PRGqOHV GH OD VpULH 68. SHXYHQW DWWHLQGUH
GHVWHPSpUDWXUHVGHjƒ&/DPLVHHQ
SODFH GµXQ UHIURLGLVVHPHQW SUpDODEOH HVW pJDOH
PHQW SRVVLEOH HQ XWLOLVDQW XQH VRXUFH LQWHUQH
GµDLURXGHVDXPXUH&µHVWOµDSSOLFDWLRQTXLGpWHU
PLQHVµLOHVWMXGLFLHX[RXQRQGµXWLOLVHUXQUpVHU
YRLUDFFXPXODWHXUGHIURLG
/HVDWRXWVGHODJDPPH68.
/¶DYDQWDJHSRXUYRXV
‡ 0RGXOHGHFRPPDQGHQXPpULTXH
‡ 0DvWULVHGHODWHPSpUDWXUHGHUHIRXOHPHQWRX
GHODWHPSpUDWXUHGXFRQVRPPDWHXUSURGXLW
‡ 3URJUDPPDWLRQGHODWHPSpUDWXUHPRGHUDPSHV
‡ 'p¿QLWLRQH[WHUQHGHFRQVLJQHVSDULQWHUIDFH
3UR¿EXV0RGEXVRXDXWUHV
‡ 3UpVpOHFWLRQGHVGXUpHVGHFKDXIIDJHHWGH
UHIURLGLVVHPHQW
‡ 3UpFLVLRQGXFRQWU{OH“ƒ&
‡ 0RGXOHGHUHIURLGLVVHPHQWSHUPHWWDQW
‡ 6\VWqPHUpIULJpUDQWWUqVG\QDPLTXHRIIUDQW
GµRSWLPLVHUODFRQILJXUDWLRQGXFRPSUHVVHXU
XQHJUDQGHHIILFDFLWppQHUJpWLTXH
VHORQODSXLVVDQFHVRXKDLWpH
6\VWqPHUpIULJpUDQWDYHFFRPSUHVVHXUj
GHX[pWDJHVUHIURLGLSDUHDX
‡ 0RGXOHVjXQpWDJHGHX[pWDJHVRXHQ
FDVFDGH
‡ 8QHPpWKRGHRSWLPLVpHDGDSWpHjODSODJH
GHVWHPSpUDWXUHVXWLOHVVRXKDLWpH
‡ &RQGHQVDWHXULQR[UHIURLGLSDUHDXRXSDUDLU
HQYHUVLRQEULGH
‡ &RQFHSWLRQpWDQFKHVDQVMRLQWV
‡ 9DQQHGHFRXSXUHDXWRPDWLTXHVXUOµDUULYpH
GµHDXGHUHIURLGLVVHPHQW
‡ 9DQQHGHUpJXODWLRQGµHDXGHUHIURLGLVVHPHQWj
OµDUULYpHGµHDX
‡ /LPLWHGHWHPSpUDWXUHUHWRXUGµHDXGHUHIURLGLV
VHPHQW
‡ (FKDQJHXUWKHUPLTXHIDFLOHjQHWWR\HU
‡ 3DVGHPpODQJHHQWUHOµKXLOHHWOµHDX
‡ 5pGXFWLRQGXULVTXHGHFRQWDPLQDWLRQGH
OµpFKDQJHXUWKHUPLTXH
‡ 5HIURLGLVVHPHQWHI¿FDFHGXUpIULJpUDQW
‡ 3UpYHQWLRQGXULVTXHGHFRUURVLRQRX
GµHQWDUWUDJH
‡ 5pVLVWDQFHpOHFWULTXHGHFKDXIIDJHUpJXOpHHQ
‡ /DSXLVVDQFHGHFKDXIIHHVWDGDSWpHDX[
FRQWLQXYHUVLRQjEULGH
EHVRLQVHQpQHUJLH
‡ eODUJLVVHPHQWjODKDXVVHGHODSODJHGH
WHPSpUDWXUH
‡ 9DSHXUSRXUOHFKDXIIDJH
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
9RVDYDQWDJHVHQXQFOLQGµRHLO
‡ $EVHQFHGHSLFDXGpPDUUDJH
‡ &R€WVGµH[SORLWDWLRQOLPLWpV
‡ 3URJUDPPHFRPSOHWGHWHVWVVXUEDQFGµHVVDL
‡ (VVDLGHIRQFWLRQQHPHQWjFKDXGHWIURLGDYHF
/$8'$DYDQWH[SpGLWLRQpTXLSHPHQWODEHOOLVp&(
ÀXLGHFDORSRUWHXUjWHPSpUDWXUHPD[LPDOHHW
‡ (VVDLIRQFWLRQQHOGHWRXVOHVFRPSRVDQWVHW
YpUL¿FDWLRQVGHWRXWHVOHVYDOHXUVGHFRQVLJQH
PLQLPDOH
‡ ,QVWDOODWLRQUDSLGHPHQWRSpUDWLRQQHOOHSpULRGH
GHPLVHHQVHUYLFHUpGXLWH
‡ (VVDLGHSUHVVLRQGHIXLWHDYHFÀXLGHFDORSRUWHXU ‡ 3UpYHQWLRQRXpOLPLQDWLRQGXULVTXHGHIXLWH
‡ 7HVWGXERvWLHUGHFRPPDQGHHWGHODSUpFLVLRQ
‡ 7UDoDELOLWpGHODSUpFLVLRQGXFRQWU{OHSRXUOHV
GHODWKHUPRUpJXODWLRQ
SURFHVVXVOHVSOXVH[LJHDQWV
‡ (WDEOLVVHPHQWGµXQSURFqVYHUEDOGµHVVDL
GRFXPHQWDWLRQGHVFRQWU{OHVUpDOLVpV
‡ 7UDoDELOLWpGHVFHUWL¿FDWVGHSHUIRUPDQFH
‡ (VVDLGHUpFHSWLRQHQXVLQH)DFWRU\$FFHS
WDQFH7HVWHQSUpVHQFHGXFOLHQW
‡ ,QVWDOODWLRQDGDSWpHDX[H[LJHQFHVGXFOLHQW
IRUPDWLRQLQLWLDOHHWHVVDLGHIRQFWLRQQHPHQW
HIIHFWXpVDYDQWODOLYUDLVRQ
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
/$8'$68.
68.
6\VWqPHVGHUHIURLGLVVHPHQWUHIURLGLV
SDUHDXRXSDUDLU
1RUPHVHWGLUHFWLYHVDSSOLFDEOHV
(1j6\VWqPHVGHUpIULJpUDWLRQHW
SRPSHVjFKDOHXU
‡
/HV V\VWqPHV GH UHIURLGLVVHPHQW XWLOLVHQW XQ FRPSUHVVHXU /D UpIULJpUD
WLRQHVWREWHQXHSDUFRPSUHVVLRQDXPR\HQGµXQHpQHUJLHGµHQWUDvQHPHQW
pOHFWULTXH (Q IRQFWLRQ GH OD SODJH GH WHPSpUDWXUH GH IRQFWLRQQHPHQW
VRXKDLWpH FHV V\VWqPHV UpIULJpUDQWV SHXYHQW XWLOLVHU GLIIpUHQWV ÀXLGHV
FDORSRUWHXUV
‡
3('&('LUHFWLYHpTXLSHPHQWVVRXV
SUHVVLRQ
‡
$'5pJOHPHQWDWLRQWHFKQLTXHDSSOLFDEOH
DX[UpFLSLHQWVHWDX[WX\DXWHULHVVRXVSUHVVLRQ
‡&('LUHFWLYHPDFKLQHV
‡&('LUHFWLYHEDVVHWHQVLRQ
‡&('LUHFWLYH&(0
‡',1(16pFXULWpGHVPDFKLQHV±
pTXLSHPHQWpOHFWULTXHGHVPDFKLQHV
6LOµLQVWDOODWLRQGRLWpJDOHPHQWrWUHXWLOLVpHSRXUSURGXLUHGHODFKDOHXURQ
HQYLVDJHUDOHUHFRXUVjGHVÀXLGHVFDORSRUWHXUVDTXHX[KDXWHSUHVVLRQ
/HVKXLOHVWKHUPLTXHVFRQYLHQQHQWSOXVSDUWLFXOLqUHPHQWDX[WHPSpUDWXUHV
OHVSOXVpOHYpHV
*UkFHjOHXUFRQFHSWLRQPRGXODLUH
FHVV\VWqPHVVRQW
(YROXWLIV
‡
‡0RGLILDEOHV
‡&RPELQDEOHV
‡'RWpVGµpTXLSHPHQWVGHVpFXULWpDYHFGHV
FRPSRVDQWVWHVWpV
‡$VVRFLpVjGHVFDSWHXUVGHWHPSpUDWXUHpWDORQQpV
‡'RWpVGµXQPRGXOHGHFRPPDQGH3,'pWDORQQp
DYHFSURJUDPPDWHXUHWDIILFKDJHSRXUUpJXODWLRQ
DYHFUDPSHV
‡'RWpVGµXQERvWLHUGHFRPPDQGHLQWpJUpRXVpSDUp
‡'RWpVGHYDVHGµH[SDQVLRQ
6\VWqPHGHUHIURLGLVVHPHQW68.:
FIZA–
TIC
(DX
PIC
$]RWH
Nitrogen
Nit
LZA–
M
TZA++
TZA+
TZA++
(DX
TIC
M
3
3RPSHGHFLUFXODWLRQ
6pSDUDWHXUDLUHDX
6
9DVHGµH[SDQVLRQ
9
9DQQHGHVpFXULWp
9
&RQWU{OHXUGHSUHVVLRQ
&
$I¿FKHXUGHQLYHDX
$
6RXSDSHGµpEXOOLWLRQ
6
$I¿FKHXUGHWHPSpUDWXUH
$
$I¿FKHXUGHGpELW
$
&DSWHXUGHWHPSpUDWXUHÄ5HIRXOHPHQW³
&
&RQWU{OHXUGHWHPSpUDWXUH
&
&DSWHXUGHWHPSpUDWXUHÄ&RQVRPPDWHXU³
&
(YDSRUDWHXU
(
&RPSUHVVHXU
&
&RQGHQVDWHXU
&
9DQQHÄ5HIURLGLVVHPHQW³
9
9DQQHGHUpJXODWLRQÄ5HIURLGLVVHPHQW³
9
9DQQHÄ5HIURLGLVVHPHQW³
9
&DSWHXUGHWHPSpUDWXUHÄ5HWRXU³
&
5pVLVWDQFHpOHFWULTXH
5
'LUHFWLYHVXUODSURWHFWLRQDQWLGpÁDJUDWLRQ&($7(;
6\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSRXULPSODQWDWLRQHQ]RQH
(;RXDYHFERvWLHUGHFRPPDQGHDQWLGpÀDJUDWLRQLQWpJUpRXERvWLHU
GHFRPPDQGHVpSDUp
&DUDFWpULVWLTXHV
6FKpPDGHWX\DXWHULHDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
&HUWLILFDWGHSURWHFWLRQDQWLGpIODJUDWLRQSRXU
OµHQVHPEOHGHOµLQVWDOODWLRQHWVpSDUpPHQWSRXU
FKDTXHFRPSRVDQWFRQFHUQp
6FKpPDGXFLUFXLWDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
6RXIIOHWVGµpWDQFKpLWp
-RLQWVJUDSKLWH
5DFFRUGVjEULGHHQWUHWLHQHWPDLQWHQDQFHVLPSOLILpV
9HUVLRQWHFKQLTXHpWDQFKH
6\VWqPHHWERvWLHUGHFRPPDQGHHQYHUVLRQ([G
RX([S
&HUWLILFDWGHFRQIRUPLWp&(
&HUWLILFDWGHFRQWU{OHLQGpSHQGDQW
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
7RXVOHVV\VWqPHVVRQWGLVSRQLEOHVDYHFXQ
FRQGHQVDWHXUUHIURLGLSDUDLU
6\VWqPHGHUHIURLGLVVHPHQW
68./([
'RQQpHVWHFKQLTXHVGHVPRGXOHVVWDQGDUGVYRLUSDJHVj
7RXVOHVV\VWqPHVSHXYHQWrWUHOLYUpVDYHFXQHSURWHFWLRQDQWLGpÀDJUDWLRQ
&DUDFWpULVWLTXHVWHFKQLTXHV
68.:/([
)OXLGHFDORSRUWHXU
«
68.:/([
68.:/([
68.:/([
68.:/([
68.:/([
«
«
(DXHDXJO\FROKXLOHWKHUPLTXHOLTXLGHVVSpFLDX[
7HPSpUDWXUHGHIRQFWLRQQHPHQW
ƒ&
'pELWGHODSRPSH
PK
«
«
«
«
«
«
3XLVVDQFHGHFKDXIIH
3XLVVDQFHGHFKDXIIH
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&RPSUHVVHXUjXQpWDJH
«
«
«
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
68.
6\VWqPHVGHUHIURLGLVVHPHQWUHIURLGLV
SDUHDXRXSDUDLU
YHUVLRQDQWLGpÁDJUDWLRQ
&DSDFLWpFU\RJpQLTXHjƒ&
&DSDFLWpFU\RJpQLTXHj ƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&RPSUHVVHXUjGHX[pWDJHV
&DSDFLWpFU\RJpQLTXHjƒ&
N:
'HX[FLUFXLWVHQFDVFDGH
&DSDFLWpFU\RJpQLTXHjƒ&
N:
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
'LPHQVLRQV/[3[+PLQ
PP
[[
[[
[[
[[
[[
[[
'LPHQVLRQV/[3[+PD[
PP
[[
[[
[[
[[
[[
[[
3RXUOHVYHUVLRQVGRWpHVGHPRGXOHVSOXVSXLVVDQWV
/$8'$'9
6\VWqPHVGHUHIURLGLVVHPHQW
6\VWqPHVUpIULJpUDQWVGHjƒ&
5HFRQGHQVDWLRQpYDSRUDWLRQGLUHFWHVpFKDJHGHOµDLUDPELDQW
([HPSOHVGµDSSOLFDWLRQ
‡5HFRQGHQVDWLRQGHVVROYDQWV
‡ (YDSRUDWHXUGLUHFWSRXUOH
QHWWR\DJHGHVJD]FRQWDPLQpV
‡0DFKLQHGHGpS{WVRXVYLGH
/HVJURXSHVLQGXVWULHOVFKDXGIURLG/$8'$VpULH
'9 FRPSRUWHQW WRXMRXUV OHV PRGXOHV VXLYDQWV
FRPSUHVVHXUSRPSHYDVHGµH[SDQVLRQpYDSR
UDWHXU HW FRQGHQVDWHXU 6HORQ OD WHPSpUDWXUH
OD SOXV EDVVH j DWWHLQGUH FHV DSSDUHLOV IRQW
DSSHO j GHV FRPSUHVVHXUV j XQ pWDJH MXVTXµj
ƒ& RX j GHX[ pWDJHV MXVTXµj ƒ& HW
XWLOLVHQW SRXU OHV WHPSpUDWXUHV OHV SOXV EDVVHV
GHX[ FLUFXLWV GH UHIURLGLVVHPHQW HQ FDVFDGH
MXVTXµj ƒ& /H FRQGHQVDWHXU SHXW rWUH
UHIURLGL SDU HDX RX SDU DLU 8Q FRQWU{OHXU j LQ
MHFWLRQ DVVXUH HQ SHUPDQHQFH OD UpJXODWLRQ
SUpFLVH GH OD WHPSpUDWXUH GH UHIRXOHPHQW 6L
OµpTXLSHPHQWFRPSRUWHSOXVLHXUVFRPSUHVVHXUV
OD FRPPXWDWLRQ GHV pWDJHV SHUPHW GµpFRQR
PLVHU OµpQHUJLH HW DXWRULVH XQ IRQFWLRQQHPHQW
HQFKDUJHSDUWLHOOHIDLEOHXVXUHDYHFXQV\VWqPH
GHFRPSUHVVLRQDXWRPDWLTXH
/HVDWRXWVGHODJDPPH'9
/¶DYDQWDJHSRXUYRXV
‡ 0RGXOHGHFRPPDQGHQXPpULTXH
‡ 0DvWULVHGHODWHPSpUDWXUHG¶DGPLVVLRQRXGHOD
WHPSpUDWXUHGXFRQVRPPDWHXUSURGXLW
‡ 3URJUDPPDWLRQGHODWHPSpUDWXUHPRGHUDPSHV
‡ 'p¿QLWLRQH[WHUQHGHFRQVLJQHVSDULQWHUIDFH
3UR¿EXV0RGEXVRXDXWUHV
‡ 3UpVpOHFWLRQGHVGXUpHVGHFKDXIIDJHHWGH
UHIURLGLVVHPHQW
‡ 3UpFLVLRQGXFRQWU{OH“ƒ&
‡ 0RGXOHGHUHIURLGLVVHPHQWSHUPHWWDQW
‡ 6\VWqPHUpIULJpUDQWWUqVG\QDPLTXHRIIUDQW
GµRSWLPLVHUODFRQILJXUDWLRQGXFRPSUHVVHXU
XQHJUDQGHHIILFDFLWppQHUJpWLTXH
VHORQODSXLVVDQFHVRXKDLWpH
6\VWqPHUpIULJpUDQWjGHX[QLYHDX[HQ
FDVFDGHUHIURLGLSDUDLU
‡ 0RGXOHVjXQpWDJHGHX[pWDJHVRXHQ
FDVFDGH
‡ $GDSWDEOHjODSODJHGHWHPSpUDWXUHGH
IRQFWLRQQHPHQWVRXKDLWpH
‡ &RQGHQVDWHXUUHIURLGLSDUDLU
‡ 5pGXFWLRQGHVFR€WVGµH[SORLWDWLRQpFRQRPLHV
GµHDX
‡ 5HIURLGLVVHPHQWSDUDLU
‡ )RQFWLRQQHPHQWVLOHQFLHX[
‡ 5pGXFWLRQGHOµHVSDFHRFFXSp
‡ 9HUVLRQVpSDUpHSRXULQVWDOODWLRQjOµH[WpULHXUGX
FRQGHQVDWHXUUHIURLGLSDUDLU
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
9RVDYDQWDJHVHQXQFOLQGµRHLO
‡ 3URJUDPPHFRPSOHWGHWHVWVVXUEDQFGµHVVDL
‡ (VVDLGHIRQFWLRQQHPHQWjFKDXGHWIURLGDYHF
/$8'$DYDQWH[SpGLWLRQpTXLSHPHQWODEHOOLVp&(
ÀXLGHFDORSRUWHXUjWHPSpUDWXUHPD[LPDOHHW
‡ (VVDLIRQFWLRQQHOGHWRXVOHVFRPSRVDQWVHW
YpUL¿FDWLRQVGHWRXWHVOHVYDOHXUVGHFRQVLJQH
PLQLPDOH
‡ ,QVWDOODWLRQUDSLGHPHQWRSpUDWLRQQHOOHSpULRGH
GHPLVHHQVHUYLFHUpGXLWH
‡ (VVDLGHSUHVVLRQGHIXLWHDYHFÀXLGHFDORSRUWHXU ‡ 3UpYHQWLRQRXpOLPLQDWLRQGXULVTXHGHIXLWH
‡ 7HVWGXERvWLHUGHFRPPDQGHHWGHODSUpFLVLRQ
‡ 7UDoDELOLWpGHODSUpFLVLRQGXFRQWU{OHSRXUOHV
GHODWKHUPRUpJXODWLRQ
SURFHVVXVOHVSOXVH[LJHDQWV
‡ (WDEOLVVHPHQWGµXQSURFqVYHUEDOGµHVVDL
GRFXPHQWDWLRQGHVFRQWU{OHVUpDOLVpV
‡ 7UDoDELOLWpGHVFHUWL¿FDWVGHSHUIRUPDQFH
‡ (VVDLGHUpFHSWLRQHQXVLQH)DFWRU\$FFHS
WDQFH7HVWHQSUpVHQFHGXFOLHQW
‡ ,QVWDOODWLRQDGDSWpHDX[H[LJHQFHVGXFOLHQW
IRUPDWLRQLQLWLDOHHWHVVDLGHIRQFWLRQQHPHQW
HIIHFWXpVDYDQWODOLYUDLVRQ
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
/$8'$'9
'9
6\VWqPHVGHUHIURLGLVVHPHQWUHIURLGLV
SDUHDXRXSDUDLU
1RUPHVHWGLUHFWLYHVDSSOLFDEOHV
(1j6\VWqPHVGHUpIULJpUDWLRQHW
SRPSHVjFKDOHXU
‡
/HVV\VWqPHVGHUHIURLGLVVHPHQWGHODVpULH'9XWLOLVHQWXQFRPSUHVVHXU
/D UpIULJpUDWLRQ HVW REWHQXH SDU FRPSUHVVLRQ DX PR\HQ GµXQH pQHUJLH
GµHQWUDvQHPHQWpOHFWULTXH(QIRQFWLRQGHODSODJHGHWHPSpUDWXUHGHIRQF
WLRQQHPHQWVRXKDLWpHFHVV\VWqPHVUpIULJpUDQWVSHXYHQWrWUHXWLOLVpVHQ
pYDSRUDWHXUGLUHFWDYHFGLIIpUHQWVUpIULJpUDQWVHWDYHFXQHSRPSHH[WHUQH
GpMjHQSODFHXWLOLVDQWGLIIpUHQWVÀXLGHVFDORSRUWHXUV
‡
3('&('LUHFWLYHpTXLSHPHQWVVRXV
SUHVVLRQ
‡
$'5pJOHPHQWDWLRQWHFKQLTXHDSSOLFDEOH
DX[UpFLSLHQWVHWDX[WX\DXWHULHVVRXVSUHVVLRQ
‡&('LUHFWLYHPDFKLQHV
‡&('LUHFWLYHEDVVHWHQVLRQ
‡&('LUHFWLYH&(0
‡',1(16pFXULWpGHVPDFKLQHV±
pTXLSHPHQWpOHFWULTXHGHVPDFKLQHV
*UkFHjOHXUFRQFHSWLRQPRGXODLUH
FHVV\VWqPHVVRQW
(YROXWLIV
‡
‡0RGLILDEOHV
‡&RPELQDEOHV
‡'RWpVGµpTXLSHPHQWVGHVpFXULWpDYHFGHV
FRPSRVDQWVWHVWpV
‡$VVRFLpVjGHVFDSWHXUVGHWHPSpUDWXUHpWDORQQpV
‡'RWpVGµXQPRGXOHGHFRPPDQGH3,'pWDORQQp
DYHFSURJUDPPDWHXUHWDIILFKDJHSRXUUpJXODWLRQ
DYHFUDPSHV
‡'RWpVGµXQERvWLHUGHFRPPDQGHLQWpJUpRXVpSDUp
‡'RWpVGHYDVHGµH[SDQVLRQ
6\VWqPHGHUHIURLGLVVHPHQW'9:
TIC
(DX
(DX
&
&RQGHQVDWHXU
(YDSRUDWHXU
(
9DQQHÄ5HIURLGLVVHPHQW³
9
9DQQHGHUpJXODWLRQÄ5HIURLGLVVHPHQW³
9
&RQWU{OHXUGHWHPSpUDWXUH
&
&DSWHXUGHWHPSpUDWXUHÄ&RQVRPPDWHXU³
&
&DSWHXUGHWHPSpUDWXUHÄ5HIRXOHPHQW³
&
'LUHFWLYHVXUODSURWHFWLRQDQWLGpÁDJUDWLRQ&($7(;
6\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSRXULPSODQWDWLRQHQ]RQH
(;RXDYHFERvWLHUGHFRPPDQGHDQWLGpÀDJUDWLRQLQWpJUpRXERvWLHU
GHFRPPDQGHVpSDUp
&DUDFWpULVWLTXHV
6FKpPDGHWX\DXWHULHDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
&HUWLILFDWGHSURWHFWLRQDQWLGpIODJUDWLRQSRXU
OµHQVHPEOHGHOµLQVWDOODWLRQHWVpSDUpPHQWSRXU
FKDTXHFRPSRVDQWFRQFHUQp
6FKpPDGXFLUFXLWDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
6RXIIOHWVGµpWDQFKpLWp
-RLQWVJUDSKLWH
5DFFRUGVjEULGHHQWUHWLHQHWPDLQWHQDQFHVLPSOLILpV
9HUVLRQWHFKQLTXHpWDQFKH
6\VWqPHHWERvWLHUGHFRPPDQGHHQYHUVLRQ([G
RX([S
&HUWLILFDWGHFRQIRUPLWp&(
&HUWLILFDWGHFRQWU{OHLQGpSHQGDQW
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
7RXVOHVV\VWqPHVVRQWGLVSRQLEOHVDYHFXQ
FRQGHQVDWHXUUHIURLGLSDUDLU
6\VWqPHGHUHIURLGLVVHPHQW'9:([
'RQQpHVWHFKQLTXHVGHVPRGXOHVVWDQGDUGVYRLUSDJHVj
7RXVOHVV\VWqPHVSHXYHQWrWUHOLYUpVDYHFXQHSURWHFWLRQDQWLGpÀDJUDWLRQ
&DUDFWpULVWLTXHVWHFKQLTXHV
'9:/([
)OXLGHFDORSRUWHXUSRPSHH[WHUQH
7HPSpUDWXUHGHIRQFWLRQQHPHQW ƒ&
«
«
&RPSUHVVHXUjXQpWDJH
'9:/([
'9:/([
'9:/([
'9:/([
'9:/([
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
'9
6\VWqPHVGHUHIURLGLVVHPHQWUHIURLGLV
SDUHDXRXSDUDLU
YHUVLRQDQWLGpÁDJUDWLRQ
(DXHDXJO\FROKXLOHWKHUPLTXHOLTXLGHVVSpFLDX[
«
«
«
«
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHj ƒ&
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&RPSUHVVHXUjGHX[pWDJHV
&DSDFLWpFU\RJpQLTXHjƒ&
N:
'HX[FLUFXLWVHQFDVFDGH
&DSDFLWpFU\RJpQLTXHjƒ&
N:
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
'LPHQVLRQV/[3[+PLQ
'LPHQVLRQV/[3[+PLQ
PP
[[
[[
[[
[[
[[
[[
'LPHQVLRQV/[3[+PD[
PP
[[
[[
[[
[[
[[
[[
3RXUOHVYHUVLRQVGRWpHVGHPRGXOHVSOXVSXLVVDQWV
3RXUOHVYHUVLRQVGRWpHVGHPRGXOHVSOXVSXLVVDQWV
/$8'$.+
6\VWqPHVGHUHIURLGLVVHPHQW
6\VWqPHVUpIULJpUDQWVGHjƒ&
([HPSOHVGµDSSOLFDWLRQ
&RQWU{OHGHWHPSpUDWXUHGDQV
XQPpODQJHXU
‡
‡ &RQWU{OHGHODWHPSpUDWXUHGHV
UpDFWHXUVHQDSSOLFDWLRQ
'HVV\VWqPHVWUqVG\QDPLTXHVXQHWHFKQRORJLHGHSRLQWH
FKLPLTXHSKDUPDFHXWLTXHRX
ELRWHFKQRORJLTXH
/HV JURXSHV LQGXVWULHOV FKDXGIURLG /$8'$ GH
ODVpULH.+.U\RKHDWHUFRPSRUWHQWWRXMRXUVOHV
PRGXOHV VXLYDQWV FRPSUHVVHXU SRPSH YDVH
GµH[SDQVLRQ UpFKDXIIHXU YDQQH j WURLV YRLHV
pYDSRUDWHXU HW FRQGHQVDWHXU 6HORQ OD WHPSpUD
WXUHODSOXVEDVVHjDWWHLQGUHFHVDSSDUHLOVIRQW
DSSHO j GHV FRPSUHVVHXUV j XQ pWDJH MXVTXµj
ƒ&RXjGHX[pWDJHVMXVTXµjƒ&HWXWLOL
VHQWSRXUOHVWHPSpUDWXUHVOHVSOXVEDVVHVGHX[
FLUFXLWV GH UHIURLGLVVHPHQW HQ FDVFDGH MXVTXµj
ƒ&/HFRQGHQVDWHXUSHXWrWUHUHIURLGLSDU
HDX RX SDU DLU 8Q FRQWU{OHXU j LQMHFWLRQ DVVXUH
HQ SHUPDQHQFH OD UpJXODWLRQ SUpFLVH GH OD WHP
SpUDWXUHGHUHIRXOHPHQW6LOµpTXLSHPHQWFRPSRU
‡ 6LPXODWLRQHQYLURQQHPHQWDOH
WHFKQRORJLHDXWRPRELOHHW
VRODLUH
‡ 8WLOLVDWLRQGDQVOHFDGUHGµHVVDLV
GHPDWpULDX[HQUHFKHUFKHHW
HQSURGXFWLRQ
‡ &RQWU{OHGHODWHPSpUDWXUH
GµpFKDQJHXUVWKHUPLTXHVRX
GµpYDSRUDWHXUV
WH SOXVLHXUV FRPSUHVVHXUV OD FRPPXWDWLRQ GHV
pWDJHVSHUPHWGµpFRQRPLVHUOµpQHUJLHHWDXWRULVH
XQIRQFWLRQQHPHQWHQFKDUJHSDUWLHOOHIDLEOHXVXUH
DYHFXQV\VWqPHGHFRPSUHVVLRQDXWRPDWLTXH
*UkFHDXV\VWqPHGHFKDXIIDJHpOHFWULTXHHWRX
DX[pFKDQJHXUVWKHUPLTXHVFKDXIIpVSDUOHÀXLGH
FDORSRUWHXU OHV PRGqOHV GH OD VpULH .U\RKHDWHU
VRQWRSpUDWLRQQHOVVXUXQHSODJHGHWHPSpUDWXUHV
DOODQW GH j ƒ& /D FRQVWUXFWLRQ PRGX
ODLUH SHUPHW pJDOHPHQW GH PHWWUH HQ SODFH XQ
UHIURLGLVVHPHQWSUpDODEOHHQXWLOLVDQWXQHVRXUFH
LQWHUQHGµDLURXGHVDXPXUH&µHVWOµDSSOLFDWLRQTXL
GpWHUPLQHVµLOHVWMXGLFLHX[RXQRQGµXWLOLVHUXQUp
VHUYRLUDFFXPXODWHXUGHIURLG
/HVDWRXWVGHODJDPPH.+
/¶DYDQWDJHSRXUYRXV
‡ 0RGXOHGHFRPPDQGHQXPpULTXH
‡ 0DvWULVHGHODWHPSpUDWXUHGHUHIRXOHPHQWRX
GHODWHPSpUDWXUHGXFRQVRPPDWHXUSURGXLW
‡ 3URJUDPPDWLRQGHODWHPSpUDWXUHPRGHUDPSHV
‡ 'p¿QLWLRQH[WHUQHGHFRQVLJQHVSDULQWHUIDFH
3UR¿EXV0RGEXVRXDXWUHV
‡ 3UpVpOHFWLRQGHVGXUpHVGHFKDXIIDJHHWGH
UHIURLGLVVHPHQW
‡ 3UpFLVLRQGXFRQWU{OH“ƒ&
‡ 6\VWqPHUpIULJpUDQWWUqVG\QDPLTXHRIIUDQW
XQHJUDQGHHIILFDFLWppQHUJpWLTXH
‡ 0RGXOHGHUHIURLGLVVHPHQWSHUPHWWDQWGµRSWLPLVHU
ODFRQ¿JXUDWLRQGXFRPSUHVVHXUVHORQODSXLV
VDQFHVRXKDLWpH
6\VWqPHUpIULJpUDQWDYHFFRPSUHVVHXUj
GHX[pWDJHVUHIURLGLSDUHDX
‡ 0RGXOHVjXQpWDJHGHX[pWDJHVRXHQFDVFDGH ‡ 8QHPpWKRGHRSWLPLVpHDGDSWpHjODSODJH
GHWHPSpUDWXUHVXWLOHVVRXKDLWpH
‡ &RQGHQVDWHXULQR[UHIURLGLSDUHDXRXSDUDLUHQ
YHUVLRQEULGH
‡ &RQFHSWLRQpWDQFKHVDQVMRLQWV
‡ 9DQQHGHFRXSXUHDXWRPDWLTXHVXUOµDUULYpHGµHDX
GHUHIURLGLVVHPHQW
‡ 9DQQHGHUpJXODWLRQGµHDXGHUHIURLGLVVHPHQWj
OµDUULYpHGµHDX
‡ /LPLWHXUGHWHPSpUDWXUHUHWRXUGµHDXGHUHIURLGLV
VHPHQW
‡ (FKDQJHXUWKHUPLTXHIDFLOHjQHWWR\HU
‡ 3DVGHPpODQJHHQWUHOµKXLOHHWOµHDX
‡ 5pGXFWLRQGXULVTXHGHFRQWDPLQDWLRQGH
OµpFKDQJHXUWKHUPLTXH
‡ 5HIURLGLVVHPHQWHI¿FDFHGXUpIULJpUDQW
‡ 3UpYHQWLRQGXULVTXHGHFRUURVLRQRXGµHQWDUWUDJH
‡ 9DQQHGHFRPPDQGHjWURLVYRLHVDYHFVRXIÀHWV
‡ 6pSDUDWLRQGXFLUFXLWGHFKDXIIDJHHWGHUHIURL
GµpWDQFKpLWpHWDFWXDWHXUVXUODYHUVLRQEULGH
GLVVHPHQWSRXUGHVWHPSpUDWXUHVGHIRQFWLRQQH
PHQWH[WUrPHV ‡ (TXLOLEUDJHGHVSXLVVDQFHVGHUpIULJpUDWLRQ
PLQLPDOHV
‡ 5HIURLGLVVHPHQWHWFKDXIIDJHSURJUHVVLIV
‡ $XFXQHFRQWUDLQWHWKHUPLTXHDXSDVVDJHGX
PRGHHQUHIURLGLVVHPHQWDXFKDXIIDJH
‡ *UDQGHGXUpHGHYLHGXJURXSHLQGXVWULHO
FKDXGIURLG
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
9RVDYDQWDJHVHQXQFOLQGµRHLO
‡ 5pVLVWDQFHpOHFWULTXHGHFKDXIIDJHUpJXOpHHQ
‡ /DSXLVVDQFHGHFKDXIIHHVWDGDSWpHDX[
FRQWLQXYHUVLRQjEULGH
EHVRLQVHQpQHUJLH
‡ eODUJLVVHPHQWjODKDXVVHGHODSODJHGH
WHPSpUDWXUH
‡ 9DSHXUSRXUOHFKDXIIDJH
‡ $EVHQFHGHSLFDXGpPDUUDJH
‡ &R€WVGµH[SORLWDWLRQOLPLWpV
‡ 3URJUDPPHFRPSOHWGHWHVWVVXUEDQFGµHVVDL
‡ (VVDLGHIRQFWLRQQHPHQWjFKDXGHWIURLGDYHFÀXLGH
/$8'$DYDQWH[SpGLWLRQpTXLSHPHQWODEHOOLVp&(
FDORSRUWHXUjWHPSpUDWXUHPD[LPDOHHWPLQLPDOH
(VVDLIRQFWLRQQHOGHWRXVOHVFRPSRVDQWVHW
‡ YpUL¿FDWLRQVGHWRXWHVOHVYDOHXUVGHFRQVLJQH
‡ ,QVWDOODWLRQUDSLGHPHQWRSpUDWLRQQHOOHSpULRGHGH
PLVHHQVHUYLFHUpGXLWH
‡ (VVDLGHSUHVVLRQGHIXLWHDYHFÀXLGHFDORSRUWHXU ‡ 3UpYHQWLRQRXpOLPLQDWLRQGXULVTXHGHIXLWH
‡ 7HVWGXERvWLHUGHFRPPDQGHHWGHODSUpFLVLRQGH
‡ 7UDoDELOLWpGHODSUpFLVLRQGXFRQWU{OHSRXUOHV
ODWKHUPRUpJXODWLRQ
SURFHVVXVOHVSOXVH[LJHDQWV
(WDEOLVVHPHQWGµXQSURFqVYHUEDOGµHVVDL
‡ GRFXPHQWDWLRQGHVFRQWU{OHVUpDOLVpV
‡ 7UDoDELOLWpGHVFHUWL¿FDWVGHSHUIRUPDQFH
‡ (VVDLGHUpFHSWLRQHQXVLQH)DFWRU\$FFHSWDQFH
‡ ,QVWDOODWLRQDGDSWpHDX[H[LJHQFHVGXFOLHQW
7HVWHQSUpVHQFHGXFOLHQW
IRUPDWLRQLQLWLDOHHWHVVDLGHIRQFWLRQQHPHQW
HIIHFWXpVDYDQWODOLYUDLVRQ
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
/$8'$.+
.+
6\VWqPHVGHUHIURLGLVVHPHQWUHIURLGLV
SDUHDXRXSDUDLU
1RUPHVHWGLUHFWLYHVDSSOLFDEOHV
(1j6\VWqPHVGHUpIULJpUDWLRQHW
SRPSHVjFKDOHXU
3('&('LUHFWLYHpTXLSHPHQWVVRXV
SUHVVLRQ
$'5pJOHPHQWDWLRQWHFKQLTXHDSSOLFDEOH
DX[UpFLSLHQWVHWDX[WX\DXWHULHVVRXVSUHVVLRQ
&('LUHFWLYHPDFKLQHV
&('LUHFWLYHEDVVHWHQVLRQ
&('LUHFWLYH&(0
',1(16pFXULWpGHVPDFKLQHV±
pTXLSHPHQWpOHFWULTXHGHVPDFKLQHV
',1,QVWDOODWLRQVGHWUDQVIHUWWKHUPLTXHIRQF
WLRQQDQWDYHFGHVIOXLGHVFDORSRUWHXUVRUJDQLTXHV
‡
‡
‡
‡
‡
‡
‡
‡
/µpYROXWLRQ FRQVWDQWH GHV PpWKRGHV GH IDEULFDWLRQ GDQV OD SOXSDUW GHV
VHFWHXUV QpFHVVLWH GH IRXUQLU GHV SODJHV GH WHPSpUDWXUH GH IRQFWLRQQH
PHQWWRXMRXUVSOXVODUJHV3RXUPDvWULVHUOHWUDLWHPHQWHQEDWFKVGHSUR
FHVVXVIRUWHPHQWH[RWKHUPLTXHVLOIDXWGHVV\VWqPHVGHWKHUPRUpJXODWLRQ
SDUWLFXOLqUHPHQW G\QDPLTXHV FRPPH OHV V\VWqPHV GH FKDXIIDJH HW GH
UHIURLGLVVHPHQW /$8'$ /HV DSSDUHLOV .U\RKHDWHUV UpSRQGHQW DX[ VWDQ
GDUGVOHVSOXVH[LJHDQWVHWLQWqJUHQWGµRUHVHWGpMjOHPHLOOHXUGHODWHFK
QRORJLHHQPDWLqUHGHWUDQVIHUWWKHUPLTXH*UkFHjFHWWHWHFKQRORJLHOHV
.U\RKHDWHUVVRQWRSpUDWLRQQHOVVXUXQHSODJHGHWHPSpUDWXUHVDOODQWGH
jƒ&$FWXHOOHPHQWVHXOHVOHVSURSULpWpVSK\VLTXHVGHVÀXLGHV
FDORSRUWHXUV H[LVWDQWV UHVWUHLJQHQW OµpWHQGXH GX FKDPS GµDSSOLFDWLRQ GH
FHVpTXLSHPHQWV
*UkFHjOHXUFRQFHSWLRQPRGXODLUH
FHVV\VWqPHVVRQW
(YROXWLIV
0RGLILDEOHV
&RPELQDEOHV
'RWpVGµpTXLSHPHQWVGHVpFXULWpDYHFGHV
FRPSRVDQWVWHVWpV
$VVRFLpVjGHVFDSWHXUVGHWHPSpUDWXUHpWDORQQpV
'RWpVGµXQPRGXOHGHFRPPDQGH3,'pWDORQQp
DYHFSURJUDPPDWHXUHWDIILFKDJHSRXUUpJXODWLRQ
DYHFUDPSHV
'RWpVGµXQERvWLHUGHFRPPDQGHLQWpJUpRXVpSDUp
'RWpVGHYDVHGµH[SDQVLRQ
‡
‡
‡
‡
‡
‡
‡
‡
6\VWqPHGHUHIURLGLVVHPHQW.U\RKHDWHU.+:
(DX
Wasser
Wasser
(DX
PIC
Stickstoff
$]RWH
M
Wasser
(DX
TZA++
TZA++
LZA–
(DX
Wasser
TIC
F
FIZA–
M
TIC
3
3RPSHGHFLUFXODWLRQ
6pSDUDWHXUDLUHDX
6
9DVHGµH[SDQVLRQ
9
9DQQHGHVpFXULWp
9
&RQWU{OHXUGHSUHVVLRQ
&
$I¿FKHXUGHQLYHDX
$
6RXSDSHGµpEXOOLWLRQ
6
$I¿FKHXUGHWHPSpUDWXUH
$
(FKDQJHXUWKHUPLTXHÄ5HIURLGLVVHPHQW³
(
9DQQHÄ5HIURLGLVVHPHQW³
9
9DQQHjWURLVYRLHV
9
$I¿FKHXUGHGpELW
$
&DSWHXUGHWHPSpUDWXUHÄ5HIRXOHPHQW³
&
&RQWU{OHXUGHWHPSpUDWXUH
&
&DSWHXUGHWHPSpUDWXUHÄ&RQVRPPDWHXU³
&
(YDSRUDWHXU
(
&RPSUHVVHXU
&
&RQGHQVDWHXU
&
9DQQHÄ5HIURLGLVVHPHQW³
9
9DQQHGHUpJXODWLRQÄ5pIULJpUDWLRQ³
9
9DQQHÄ5pIULJpUDWLRQ³
9
9DQQHÄ5HIURLGLVVHPHQW³
9
&DSWHXUGHWHPSpUDWXUHÄ5HWRXU³
&
5pVLVWDQFHpOHFWULTXH
5
'LUHFWLYHVXUODSURWHFWLRQDQWLGpÁDJUDWLRQ&($7(;
6\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSRXULPSODQWDWLRQHQ]RQH
(;RXDYHFERvWLHUGHFRPPDQGHDQWLGpÀDJUDWLRQLQWpJUpRXERvWLHU
GHFRPPDQGHVpSDUp
&DUDFWpULVWLTXHV
6FKpPDGHWX\DXWHULHDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
&HUWLILFDWGHSURWHFWLRQDQWLGpIODJUDWLRQSRXU
OµHQVHPEOHGHOµLQVWDOODWLRQHWVpSDUpPHQWSRXU
FKDTXHFRPSRVDQWFRQFHUQp
6FKpPDGXFLUFXLWDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
6RXIIOHWVGµpWDQFKpLWp
-RLQWVJUDSKLWH
5DFFRUGVjEULGHHQWUHWLHQHWPDLQWHQDQFHVLPSOLILpV
9HUVLRQWHFKQLTXHpWDQFKH
6\VWqPHHWERvWLHUGHFRPPDQGHHQYHUVLRQ([G
RX([S
&HUWLILFDWGHFRQIRUPLWp&(
&HUWLILFDWGHFRQWU{OHLQGpSHQGDQW
‡
‡
‡
‡
‡
‡
‡
‡
‡
‡
636
3/&
7RXVOHVV\VWqPHVVRQWGLVSRQLEOHVDYHFXQ
FRQGHQVDWHXUUHIURLGLSDUDLU
6\VWqPHGHUHIURLGLVVHPHQW.U\RKHDWHU
.+:([
'RQQpHVWHFKQLTXHVGHVPRGXOHVVWDQGDUGVYRLUSDJHVj
7RXVOHVV\VWqPHVSHXYHQWrWUHOLYUpVDYHFXQHSURWHFWLRQDQWLGpÀDJUDWLRQ
&DUDFWpULVWLTXHVWHFKQLTXHV
.+:/([
.+:/([
.+:/([
.+:/([
.+:/([
.+:/([
)OXLGHFDORSRUWHXU
7HPSpUDWXUHGHIRQFWLRQQHPHQW ƒ&
«
«
+XLOHWKHUPLTXHOLTXLGHVVSpFLDX[
«
«
«
«
'pELWGHODSRPSH
PK
«
«
«
«
«
«
3XLVVDQFHGHFKDXIIH
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&RPSUHVVHXUjXQpWDJH
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
.+
6\VWqPHVGHUHIURLGLVVHPHQWUHIURLGLV
SDUHDXRXSDUDLU
YHUVLRQDQWLGpÁDJUDWLRQ
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHj ƒ&
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&RPSUHVVHXUjGHX[pWDJHV
&DSDFLWpFU\RJpQLTXHjƒ&
N:
'HX[FLUFXLWVHQFDVFDGH
&DSDFLWpFU\RJpQLTXHjƒ&
N:
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
'LPHQVLRQV/[3[+PLQ
PP
[[
[[
[[
[[
[[
[[
'LPHQVLRQV/[3[+PD[
PP
[[
[[
[[
[[
[[
[[
3RXUOHVYHUVLRQVGRWpHVGHPRGXOHVSOXVSXLVVDQWV
/$8'$68.'9HW.+
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
([HPSOHG¶DSSOLFDWLRQ
6\VWqPHGHUHIURLGLVVHPHQW/$8'$DVVRFLpjXQ
O\RSKLOLVDWHXU
([HPSOHGµDSSOLFDWLRQ
‡&RQWU{OHGHODWHPSpUDWXUH
SHQGDQWODO\RSKLOLVDWLRQ
6LOµLQGXVWULHDJURDOLPHQWDLUHHVWODSULQFLSDOHXWLOL
VDWULFH GH OD O\RSKLOLVDWLRQ HQ WHUPHV TXDQWLWDWLIV
OD ELRWHFKQRORJLH HW OHV SURGXLWV SKDUPDFHX
WLTXHV FRPPH OHV YDFFLQV RQW pJDOHPHQW EHVRLQ
GµDSSDUHLOVHWGHV\VWqPHVUpSRQGDQWDX[FULWqUHV
GHTXDOLWpOHVSOXVVpYqUHV'DQVOHVHFWHXUSKDU
PDFHXWLTXHODO\RSKLOLVDWLRQHVWXQSURFHVVXVLP
SRUWDQWTXLLPSRVHGHVFRQWUDLQWHVH[LJHDQWHVVXU
OHV\VWqPHGHFKDXIIDJHHWGHUHIURLGLVVHPHQW/D
O\RSKLOLVDWLRQHVWXWLOLVpHVXUSOXVGHWUHQWHFDWpJR
ULHVGLIIpUHQWHVGHVXEVWDQFHVHWGHPDWpULDX[OHV
PDUFKpVFLEOHVOHVSOXVVLJQL¿FDWLIVpWDQWOµLQGXVWULH
SKDUPDFHXWLTXHHWODELRWHFKQRORJLHDLQVLTXHOHV
WHFKQLTXHVGHSURORQJDWLRQGHODGXUpHGHYLHGHV
SURGXLWVDOLPHQWDLUHV
(Q DSSOLFDWLRQ SKDUPDFHXWLTXH SRXU DVVpFKHU
GHVSURGXLWVjƒ&LOIDXWHQUpDOLWpDSSRUWHUGX
FKDXIIDJH&µHVWHQHIIHWOHVHXOPR\HQGHIRXUQLU
OµpQHUJLH QpFHVVDLUH j OµpYDSRUDWLRQ GHV OLTXLGHV
FRQWHQXV GDQV OH SURGXLW /H SURFpGp HVW UpDOLVp
VRXV YLGH OHV VROYDQWV VµpYDSRUHQW j WUqV EDVVH
WHPSpUDWXUH ,O IDXW H[WUDLUH OD YDSHXU HQ SHUPD
QHQFHSRXUHPSrFKHUOµpTXLOLEUDJHGHVUpDFWLRQV
HWOµDUUrWGXSURFHVVXVGµpYDSRUDWLRQ3RXU\SDU
YHQLURQGRLWJpQpUHUXQHUpIULJpUDWLRQSXLVVDQWHj
XQDXWUHSRLQWGDQVOHVFRQGHQVDWHXUVjJODFHOH
V\VWqPHUpIULJpUDQWJpQqUHXQHWHPSpUDWXUHFU\R
JpQLTXHTXLSHXWGHVFHQGUHjƒ&/DYDSHXU
HVWSUpFLSLWpHVRXVIRUPHGHJODFHOHVROYDQWHVW
SUDWLTXHPHQWJHOp
/HFRQWU{OHWKHUPRVWDWLTXHGXSURFpGpGHO\RSKLOL
VDWLRQHVWFRPSOH[HHWH[LJHDQW2QXWLOLVHHQHIIHW
GHV FKDPEUHV GH GpSUHVVLRQ ORXUGHV TXL QpFHV
VLWHQWXQHJUDQGHTXDQWLWpGµpQHUJLHGHUpIULJpUD
WLRQ PrPH VL OµRQ SURFqGH DX UHIURLGLVVHPHQW
DYDQWOHGpEXWGHOµpYDFXDWLRQ/HVFRQGHQVDWHXUV
j JODFH VRQW VRXYHQW FRQVWLWXpV GµXQ pYDSRUD
WHXUGLUHFW'9RXUpDOLVpVLQGLUHFWHPHQWjOµDLGH
GHFDVFDGHVjGHX[FLUFXLWV68.HWRXDYHFXQ
pFKDQJHXUWKHUPLTXHjOµD]RWHOLTXLGH.3/$8'$
HVWjPrPHGHIRXUQLUODFRQ¿JXUDWLRQTXLFRQYLHQ
GUDDX[FRQGLWLRQVGXSURFHVVXVGµDSSOLFDWLRQ
/DO\RSKLOLVDWLRQHVWODPpWKRGHGHVpFKDJHODSOXVUHVSHFWXHXVHGXSUR
GXLW/HSKpQRPqQHSK\VLTXHGHVXEOLPDWLRQVXSSRVHODWUDQVPLVVLRQGLUHFWH
GHOµpWDWVROLGHjOµpWDWGHYDSHXUVDQVSDVVHUSDUOµpWDWOLTXLGH/HSURGXLW
JHOp HVW VpFKp VRXV YLGH VDQV GpFRQJpODWLRQ &HWWH WHFKQLTXH RIIUH GH
QRPEUHXVHV SRVVLELOLWpV GµDSSOLFDWLRQ /HV SURGXLWV VHQVLEOHV j OD WHP
SpUDWXUH GRLYHQW LPSpUDWLYHPHQW rWUH VpFKpV DX SOXV SURFKH GX SRLQW GH
FRQJpODWLRQSRLQWGHIXVLRQ
&RPPH OHV SURGXLWV SKDUPDFHXWLTXHV RX OHV SURGXLWV DOLPHQWDLUHV VRQW
SODFpVGLUHFWHPHQWGDQVODFKDPEUHGHO\RSKLOLVDWLRQFHWpTXLSHPHQWHVW
VRXPLV j XQH SURFpGXUH GH YDOLGDWLRQ WUqV VWULFWH ,O IDXW VWpULOLVHU DSUqV
FKDTXHORWWUDLWp+RUPLVODFRPSDWLELOLWpPDWpULHOOHLOIDXWLPSpUDWLYHPHQW
JDUDQWLUODFRQIRUPLWpGHODTXDOLWpGHVXUIDFHDX[VWDQGDUGVGHSURSUHWpOHV
SOXVH[LJHDQWV1DWXUHOOHPHQWOHFRQWU{OHGHODWHPSpUDWXUHHVWpJDOHPHQW
OµXQGHVDVSHFWVHVVHQWLHOVGHFHWWHSURFpGXUHGHYDOLGDWLRQ
8QFR€WGµDFTXLVLWLRQOLPLWpXQH
HIILFDFLWpDFFUXH
/HVV\VWqPHVGHUHIURLGLVVHPHQW/$8'$GHODVpULH
'9DSSRUWHQWXQHVROXWLRQGHEDVHSRXUFUpHUXQV\V
WqPHUpIULJpUDQWSURFHVVXV3DUpYDSRUDWLRQGLUHFWH
jSUR[LPLWpLPPpGLDWHGHOµDSSOLFDWLRQRQpYLWHOHV
SHUWHVGµpQHUJLHLQXWLOHVGµXQHSRPSHHWGHWUDQVIHUWV
WKHUPLTXHV
/HUpVXOWDWXQFR€WGµDFTXLVLWLRQOLPLWpXQHHIILFDFLWp
DFFUXH
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
/DO\RSKLOLVDWLRQ
6\VWqPHGHUHIURLGLVVHPHQW'9:
([HPSOHGHV\VWqPHGHUHIURLGLVVHPHQW'9UpDOLVpjO¶DLGHGXFRQILJXUDWHXUGHPRGXOHV/$8'$
/$8'$75
7KHUPRUpJXODWHXUVjFLUFXLW
VHFRQGDLUH
'HVV\VWqPHVXWLOLVDQWOµpQHUJLHSULPDLUHGHjƒ&
([HPSOHVGµDSSOLFDWLRQ
‡
([SORLWDWLRQGHVVRXUFHV
GµpQHUJLHSULPDLUHGLVSRQLEOH
KXLOHWKHUPLTXHYDSHXU
VDXPXUHRXKXLOHIURLGH
‡
&RQWU{OHGHWHPSpUDWXUHGDQV
XQPpODQJHXU
‡
&RQWU{OHGHODWHPSpUDWXUHGHV
UpDFWHXUVHQDSSOLFDWLRQ
FKLPLTXHSKDUPDFHXWLTXHRX
ELRWHFKQRORJLTXH
‡
8WLOLVDWLRQGDQVOHFDGUHGµHVVDLV
GHPDWpULDX[HQUHFKHUFKHHW
HQSURGXFWLRQ
‡
&RQWU{OHGHODWHPSpUDWXUH
GµXQpFKDQJHXUWKHUPLTXHRX
GµXQpYDSRUDWHXU
8WLOLVHUHI¿FDFHPHQWOµpQHUJLHSULPDLUH
/HVJURXSHVLQGXVWULHOVFKDXGIURLG/$8'$jFLU
FXLWVHFRQGDLUHGHODVpULH75FRPSRUWHQWXQRX
SOXVLHXUV PRGXOHV pFKDQJHXUV WKHUPLTXHV ,OV
IRQFWLRQQHQW VXU OH SULQFLSH GX FRXSODJH GLUHFW
GHV ÀXLGHV RX LQWqJUHQW XQ PRGXOH UpVLVWDQFH
pOHFWULTXH/HVDXWUHVPRQRJUDPPHVFDUDFWpUL
VDQWODVpULHFRPPHSDUH[HPSOH+.7IRQWUp
IpUHQFHDXQRPEUHGHPRGXOHVGHFKDXIIDJHRX
GH UHIURLGLVVHPHQW DLQVL TXµDX[ IRQFWLRQV WKHU
PRVWDWLTXHV &HV DSSDUHLOV JpQqUHQW XQ GpELW
GHOLTXLGHjWHPSpUDWXUHFRQWU{OpH,OVVRQWFRP
SDFWVHWFRPSOqWHPHQWLVROpVHWVRQWGRWpVGµXQ
ERvWLHUGHFRPPDQGH7RWDOHPHQWSUpUpJOpVHQ
XVLQHLOVVRQWOLYUpVSUrWVjrWUHUDFFRUGpV
/HVDWRXWVGHODJDPPH75
/¶DYDQWDJHSRXUYRXV
‡ 0RGXOHGHFRPPDQGHQXPpULTXH
‡ 0DvWULVHGHODWHPSpUDWXUHGHUHIRXOHPHQWRX
GHODWHPSpUDWXUHGXFRQVRPPDWHXUSURGXLW
‡ 3URJUDPPDWLRQGHODWHPSpUDWXUHPRGHUDPSHV
‡ 'p¿QLWLRQH[WHUQHGHFRQVLJQHVSDULQWHUIDFH
3UR¿EXV0RGEXVRXDXWUHV
‡ 3UpVpOHFWLRQGHVGXUpHVGHFKDXIIDJHHWGH
UHIURLGLVVHPHQW
‡ 3UpFLVLRQGXFRQWU{OH“ƒ&
‡ (FKDQJHXUWKHUPLTXHHQDFLHULQR[\GDEOHRX
‡ 8WLOLVDWLRQGHODYDSHXUIRXUQLHSDUOHFOLHQW
HQWLWDQHSRXUOHFKDXIIDJHYDSHXU
‡ &RQFHSWLRQRSWLPLVpHHQIRQFWLRQGHVPDWp
ULDX[HWGHVFRQGLWLRQVGHIRQFWLRQQHPHQW
PDLVpJDOHPHQWGHODVXUIDFHGHWUDQVIHUW
WKHUPLTXHXWLOH
‡ 7UDQVIHUWGHIRUWHVSXLVVDQFHVGHFKDXIIDJH
‡ (FKDQJHXUWKHUPLTXHHQDFLHULQR[\GDEOHRX
‡ eFRQRPLHGµpQHUJLH
HQWLWDQHVXUODYHUVLRQEULGH
‡ 8WLOLVDWLRQGHGLIIpUHQWVÀXLGHVFDORSRUWHXUV
SULPDLUHV
‡ &RQFHSWLRQpWDQFKHVDQVMRLQWV
‡ $GDSWDWLRQUDSLGHGHODWKHUPRUpJXODWLRQ
‡ 8QODUJHFKRL[GHFDORSRUWHXU
‡ $XFXQFRQWDFWDYHFGµDXWUHVÀXLGHVFDORSRUWHXUV
‡ &RXSODJHGLUHFWGHVÀXLGHV
‡ $XFXQHSHUWHGHSXLVVDQFHORUVTXµRQXWLOLVHXQ
FDORSRUWHXULGHQWLTXHGDQVOHV\VWqPHSULPDLUH
‡ 9DVHGµH[SDQVLRQLQXWLOH
‡ 8QWDULIDYDQWDJHX[
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
9RVDYDQWDJHVHQXQFOLQGµRHLO
‡ 3URJUDPPHFRPSOHWGHWHVWVVXUEDQFGµHVVDL
‡ (VVDLGHIRQFWLRQQHPHQWjFKDXGHWIURLGDYHF
/$8'$DYDQWH[SpGLWLRQpTXLSHPHQWODEHOOLVp&(
ÀXLGHFDORSRUWHXUjWHPSpUDWXUHPD[LPDOHHW
‡ (VVDLIRQFWLRQQHOGHWRXVOHVFRPSRVDQWVHW
YpUL¿FDWLRQGHWRXWHVOHVYDOHXUVGHFRQVLJQH
PLQLPDOH
‡ ,QVWDOODWLRQUDSLGHPHQWRSpUDWLRQQHOOHSpULRGH
GHPLVHHQVHUYLFHUpGXLWH
‡ (VVDLGHSUHVVLRQGHIXLWHDYHFÀXLGHFDORSRUWHXU ‡ 3UpYHQWLRQRXpOLPLQDWLRQGXULVTXHGHIXLWH
‡ 7HVWGXERvWLHUGHFRPPDQGHHWGHODSUpFLVLRQ
‡ 7UDoDELOLWpGHODSUpFLVLRQGXFRQWU{OHSRXUOHV
GHODWKHUPRUpJXODWLRQ
SURFHVVXVOHVSOXVH[LJHDQWV
‡ (WDEOLVVHPHQWGµXQSURFqVYHUEDOGµHVVDL
GRFXPHQWDWLRQGHVFRQWU{OHVUpDOLVpV
‡ 7UDoDELOLWpGHVFHUWL¿FDWVGHSHUIRUPDQFH
‡ (VVDLGHUpFHSWLRQHQXVLQH)DFWRU\$FFHS
WDQFH7HVWHQSUpVHQFHGXFOLHQW
‡ ,QVWDOODWLRQDGDSWpHDX[H[LJHQFHVGXFOLHQW
IRUPDWLRQLQLWLDOHHWHVVDLGHIRQFWLRQQHPHQW
HIIHFWXpVDYDQWODOLYUDLVRQ
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
/$8'$75
75
7KHUPRUpJXODWHXUVjFLUFXLW
VHFRQGDLUH
1RUPHVHWGLUHFWLYHVDSSOLFDEOHV
3('&('LUHFWLYHpTXLSHPHQWVVRXV
SUHVVLRQ
&('LUHFWLYHPDFKLQHV
&('LUHFWLYHEDVVHWHQVLRQ
&('LUHFWLYH&(0
(16\VWpPHVGHFKDXIIDJHGDQVOHV
EkWLPHQWV&RQFHSWLRQGHVV\VWqPHVGH
FKDXIIDJHjHDX
',1,QVWDOODWLRQVGHWUDQVIHUWWKHUPLTXH
IRQFWLRQQDQWDYHFGHVIOXLGHVFDORSRUWHXUV
RUJDQLTXHV
$'5pJOHPHQWDWLRQWHFKQLTXHDSSOLFDEOH
DX[UpFLSLHQWVHWDX[WX\DXWHULHVVRXVSUHVVLRQ
',1(16pFXULWpGHVPDFKLQHV±
pTXLSHPHQWpOHFWULTXHGHVPDFKLQHV
‡
‡
‡
‡
‡
/HVWKHUPRUpJXODWHXUVjFLUFXLWVHFRQGDLUHXWLOLVHQWOHVVRXUFHVGµpQHUJLH
H[LVWDQWHVFRPPHODYDSHXUOµHDXRXODVDXPXUHGHUHIURLGLVVHPHQW2Q
DSSHOOHFHVVRXUFHVGHVV\VWqPHVSULPDLUHVGRQWOµREMHFWLIHVWGµLQWpJUHU
OµLQVWDOODWLRQ j OµLQIUDVWUXFWXUH H[LVWDQWH HW GµRSWLPLVHU OµXWLOLVDWLRQ GH
OµpQHUJLH WKHUPLTXH SULPDLUH GLVSRQLEOH 'H FHWWH IDoRQ RQ QµDSSOLTXH
TXµXQVHXOFLUFXLWGHÀXLGHFDORSRUWHXUV\VWqPHPRQRÀXLGHDXFRQVRP
PDWHXU SOXW{W TXH GµXWLOLVHU XQ FLUFXLW YDSHXU XQ FLUFXLW GµHDX GH UHIURL
GLVVHPHQW XQ FLUFXLW GH VDXPXUH /H IDLW GH QµXWLOLVHU TXµXQ VHXO ÀXLGH
FDORSRUWHXUSUpVHQWHGHVDYDQWDJHVVLJQL¿FDWLIVODWHPSpUDWXUHHVWFRQ
WU{OpHHQFRQWLQXHWGHIDoRQUHSURGXFWLEOHVXUOµHQVHPEOHGHODSODJHGH
WHPSpUDWXUHLOQµHVWSOXVQpFHVVDLUHGHSDVVHUGµXQFDORSRUWHXUjXQDXWUH
/HUHFRXUVjXQHKXLOHWKHUPLTXHSHUPHWGHOLPLWHUODSUHVVLRQGHIRQFWLRQ
QHPHQW/HÀXLGHFDORSRUWHXUFUpHpJDOHPHQWXQpFUDQGHVpSDUDWLRQHQWUH
OHSURGXLWHWOµHQYLURQQHPHQW
‡
‡
‡
*UkFHjOHXUFRQFHSWLRQPRGXODLUH
FHVV\VWqPHVVRQW
(YROXWLIV
0RGLILDEOHV
&RPELQDEOHV
'RWpVGµpTXLSHPHQWVGHVpFXULWpDYHFGHV
FRPSRVDQWVWHVWpV
$VVRFLpVjGHVFDSWHXUVGHWHPSpUDWXUHpWDORQQpV
'RWpVGµXQPRGXOHGHFRPPDQGH3,'pWDORQQp
DYHFSURJUDPPDWHXUHWDIILFKDJHSRXUUpJXODWLRQ
DYHFUDPSHV
'RWpVGµXQERvWLHUGHFRPPDQGHLQWpJUpRXVpSDUp
'RWpVGHYDVHGµH[SDQVLRQ
‡
‡
‡
‡
‡
‡
‡
‡
7KHUPRUpJXODWHXUjFLUFXLWVHFRQGDLUH
75+.7
9DSHXU
Dampf
(DX
Wasser
6DXPXUH
Sole
TZA+
TZA
A+ TZA++
FIZA–
6DXPXUH
Sole
Wasser
(DX
PIC
$]RWH
Stickstoff
LZA–
M
TIC
&RQGHQVDW
Kondensat
TIC
3
3RPSHGHFLUFXODWLRQ
6pSDUDWHXUDLUHDX
6
9DVHGµH[SDQVLRQ
9
9DQQHGHVpFXULWp
9
&RQWU{OHXUGHSUHVVLRQ
&
$I¿FKHXUGHQLYHDX
$
6RXSDSHGµpEXOOLWLRQ
6
$I¿FKHXUGHWHPSpUDWXUH
$
(FKDQJHXUWKHUPLTXHÄ5pIULJpUDWLRQ³
(
9DQQHÄ5pIULJpUDWLRQ³
9
9DQQHjWURLVYRLHV
9
$I¿FKHXUGHGpELW
$
&DSWHXUGHWHPSpUDWXUHÄ5HIRXOHPHQW³
&
&RQWU{OHXUGHWHPSpUDWXUH
&
&DSWHXUGHWHPSpUDWXUHÄ&RQVRPPDWHXU³
&
(FKDQJHXUWKHUPLTXHÄ5HIURLGLVVHPHQW³
(
9DQQHÄ5HIURLGLVVHPHQW³
9
(FKDQJHXUWKHUPLTXHÄ&KDXIIDJH³
(
9DQQHÄ&KDXIIDJH³
9
9DQQHÄ&KDXIIDJH³
9
9DQQHÄ&KDXIIDJH³
9
9DQQHÄ5pIULJpUDWLRQ³
9
&DSWHXUGHWHPSpUDWXUHÄ5HWRXU³
&
&DUDFWpULVWLTXHV
6FKpPDGHWX\DXWHULHDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
&HUWLILFDWGHSURWHFWLRQDQWLGpIODJUDWLRQSRXU
OµHQVHPEOHGHOµLQVWDOODWLRQHWVpSDUpPHQWSRXU
FKDTXHFRPSRVDQWFRQFHUQp
6FKpPDGXFLUFXLWDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
6RXIIOHWVGµpWDQFKpLWp
-RLQWVJUDSKLWH
5DFFRUGVjEULGHHQWUHWLHQHWPDLQWHQDQFHVLPSOLILpV
9HUVLRQWHFKQLTXHpWDQFKH
6\VWqPHHWERvWLHUGHFRPPDQGHHQYHUVLRQ([G
RX([S
&HUWLILFDWGHFRQIRUPLWp&(
&HUWLILFDWGHFRQWU{OHLQGpSHQGDQW
‡
‡
'LUHFWLYHVXUODSURWHFWLRQDQWLGpÁDJUDWLRQ&($7(;
6\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSRXULPSODQWDWLRQHQ]RQH
(;RXDYHFERvWLHUGHFRPPDQGHDQWLGpÀDJUDWLRQLQWpJUpRXERvWLHU
GHFRPPDQGHVpSDUp
‡
‡
‡
‡
‡
‡
‡
‡
3RVVLELOLWpGHFRXSOHUGLUHFWHPHQWGHV
IOXLGHVFDORSRUWHXUV
7KHUPRUpJXODWHXUjFLUFXLWVHFRQGDLUH75+.([
'RQQpHVWHFKQLTXHVGHVPRGXOHVVWDQGDUGVYRLUSDJHVj
7RXVOHVV\VWqPHVSHXYHQWrWUHOLYUpVDYHFXQHSURWHFWLRQDQWLGpÀDJUDWLRQ
&DUDFWpULVWLTXHVWHFKQLTXHV
75
)OXLGHFDORSRUWHXU
7HPSpUDWXUHGHIRQFWLRQQHPHQW ƒ&
'pELWGHODSRPSH
«
&
&DUDFWpULVWLTXHVWHFKQLTXHV
Wp L WL
W K L
«
75([
75 ( 7HPSpUDWXUHGHIRQFWLRQQHPHQW ƒ&
«
«
75([
75 ( «
75([
75 ( 75([
75 ( 75 ( 75([
«
«
(DXHDXJO\FROKXLOHWKHUPLTXHOLTXLGHVVSpFLDX[
PK
(QHUJLHSULPDLUH
7UDQVIHUWpQHUJpWLTXH
7UDQVIHUWpQHUJpWLTXH
«
«
LQGLUHFWSDUpFKDQJHXUWKHUPLTXHRXUpVLVWDQFHpOHFWULTXHFRXSODJHGLUHFW
)OXLGHFDORSRUWHXU
)RQFWLRQVWKHUPRVWDWLTXHV
75
eOHFWULFLWpYDSHXUKXLOHFKDXGHHDXFKDXGHDLUHDXGHUHIURLGLVVHPHQWVDXPXUHKXLOHIURLGHD]RWH
7UDQVIHUWpQHUJpWLTXH
7UDQVIHUWpQHUJpWLTXH
'pELWGHODSRPSH
75
+FKDXIIDJH.UHIURLGLVVHPHQW7UpIULJpUDWLRQ7VUpIULJpUDWLRQH[WUrPH
(QHUJLHSULPDLUH
75
(DXHDXJO\FROKXLOHWKHUPLTXHOLTXLGHVVSpFLDX[
PK
)RQFWLRQVWKHUPRVWDWLTXHV
75
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
75
7KHUPRUpJXODWHXUVjFLUFXLW
VHFRQGDLUHYHUVLRQDQWLGpÁDJUDWLRQ
«
«
«
+FKDXIIDJH.UHIURLGLVVHPHQW7UpIULJpUDWLRQ7VUpIULJpUDWLRQH[WUrPH
eOHFWULFLWpYDSHXUKXLOHFKDXGHHDXFKDXGHDLUHDXGHUHIURLGLVVHPHQWVDXPXUHKXLOHIURLGHD]RWH
LQGLUHFWSDUpFKDQJHXUWKHUPLTXHRXUpVLVWDQFHpOHFWULTXHFRXSODJHGLUHFW
/$8'$.3
7KHUPRUpJXODWHXUVjFLUFXLW
VHFRQGDLUH
6\VWqPHVPRQRÀXLGHVGHjƒ&
8QGHJUpGHSXUHWppOHYpHSRXUOHVSURFHVVXVH[LJHDQWV
([HPSOHVGµDSSOLFDWLRQ
‡
6\QWKqVHjEDVVHWHPSpUDWXUH
SRXUXQGHJUpGHSXUHWppOHYpH
‡
8WLOLVDWLRQGDQVOHFDGUH
GµHVVDLVGHPDWpULDX[HQ
UHFKHUFKHHWHQSURGXFWLRQ
/HV JURXSHV LQGXVWULHOV FKDXGIURLG j WKHUPRUp
JXODWHXUV j FLUFXLW VHFRQGDLUH /$8'$ VpULH .3
.U\RSDF FRPSRUWHQW WRXMRXUV OHV PRGXOHV VXL
YDQWV SRPSH GH FLUFXODWLRQ YDVH GµH[SDQVLRQ
UpVLVWDQFH pOHFWULTXH DLQVL TXH OH V\VWqPH VSp
FLDO .U\RSDF XQ pFKDQJHXU WKHUPLTXH PLV DX
SRLQWSRXUDVVXUHUOµpYDSRUDWLRQGHOµD]RWHOLTXLGH
&HV\VWqPHSHUPHWGHFRQWU{OHUHQWRXWHVpFXULWp
OHVUpDFWLRQVjEDVVHWHPSpUDWXUH/HFKDXIIDJH
HVWREWHQXjSDUWLUGHVPRGXOHVODUJHPHQWpSURX
YpVGHQRVV\VWqPHVjWUDQVIHUWWKHUPLTXH/HV
DSSDUHLOV .U\RSDF JpQqUHQW XQ GpELW GH OLTXLGH
j WHPSpUDWXUH FRQWU{OpH ,OV VRQW FRPSDFWV HW
FRPSOqWHPHQW LVROpV HW VRQW GRWpV GµXQ ERvWLHU
GHFRPPDQGH7RWDOHPHQWSUpUpJOpVHQXVLQHLOV
VRQWOLYUpVSUrWVjrWUHUDFFRUGpV/HVSUREOqPHV
GHJHOGDQVOHVpFKDQJHXUVWKHUPLTXHVVRQWGH
OµKLVWRLUH DQFLHQQH /HV ÀXLGHV FDORSRUWHXUV GLV
SRQLEOHV GDQV OH FRPPHUFH SHXYHQW GpVRUPDLV
rWUHUHIURLGLVMXVTXµDXSRLQWGHVROLGL¿FDWLRQGDQV
GHVFRQGLWLRQVSUDWLTXHV/DWHFKQRORJLH/$8'$
SHUPHWGµDSSURFKHUFHSRLQWDYHFODSOXVJUDQGH
SUpFLVLRQ&RQFHSWLRQFRPSDFWHKDXWQLYHDXGH
VpFXULWpHWSUL[RSWLPLVpFRPSWHQWpJDOHPHQWSDU
PLOHVDWRXWVGXV\VWqPH.U\RSDF
/HVDWRXWVGHODJDPPH.3
/¶DYDQWDJHSRXUYRXV
‡ 0RGXOHGHFRPPDQGHQXPpULTXH
‡ 0DvWULVHGHODWHPSpUDWXUHGHUHIRXOHPHQWRX
GHODWHPSpUDWXUHGXFRQVRPPDWHXUSURGXLW
‡ 3URJUDPPDWLRQGHODWHPSpUDWXUHPRGHUDPSHV
‡ 'p¿QLWLRQH[WHUQHGHFRQVLJQHVSDULQWHUIDFH
3UR¿EXV0RGEXVRXDXWUHV
‡ 3UpVpOHFWLRQGHVGXUpHVGHFKDXIIDJHHWGH
UHIURLGLVVHPHQW
‡ 3UpFLVLRQGXFRQWU{OH“ƒ&
‡ 5pVLVWDQFHpOHFWULTXHGHFKDXIIDJHUpJXOpH
‡ )DLEOHWHPSpUDWXUHGHILOP
HQFRQWLQXYHUVLRQjEULGH
‡ )DLEOHFKDUJHGHVXUIDFH
‡ *UDQGHGXUpHGHYLHGHOµKXLOHWKHUPLTXH
‡ &KXWHGHSUHVVLRQOLPLWpH
‡ /DSXLVVDQFHGHFKDXIIHHVWDGDSWpHDX[
EHVRLQVHQpQHUJLH
‡ (FKDQJHXUWKHUPLTXH.U\RSDFDFLHULQR[\GDEOH
‡ (FRQRPLHGµpQHUJLH
HQYHUVLRQEULGH
‡ 8WLOLVDWLRQGHODUpIULJpUDWLRQGHOµD]RWHHQ
‡ 8QVHXOÀXLGHFDORSRUWHXU
pYDSRUDWLRQWUDQVIHUWYHUVXQÀXLGHFDORSRUWHXU
‡ $XFXQSUREOqPHGHJHOjEDVVHWHPSpUDWXUH
jOµpWDWOLTXLGH
GDQVOHVpFKDQJHXUVWKHUPLTXHVOHVÀXLGHV
FDORSRUWHXUVGLVSRQLEOHVGDQVOHFRPPHUFHSHX
YHQWrWUHUHIURLGLVMXVTXµDXSRLQWGHVROLGL¿FDWLRQ
‡ 9DQQHGHFRPPDQGHjWURLVYRLHVDYHFVRXIÀHWV
‡ 6WDELOLVDWLRQGHVSXLVVDQFHVGHUpIULJpUDWLRQ
GµpWDQFKpLWpHWDFWXDWHXUVXUODYHUVLRQEULGH
PLQLPDOHV
‡ *UkFHjODGpULYDWLRQSUpYHQWLRQGHVFKRFVGH
YDSHXUGDQVOµpFKDQJHXUWKHUPLTXH
‡ 5HIURLGLVVHPHQWSURJUHVVLI
‡ &KDXIIDJHHI¿FDFH
‡ $EVHQFHGHEDVFXOHPHQWWKHUPRVWDWLTXHGDQV
OµpFKDQJHXUWKHUPLTXHHQSDVVDQWGXUHIURLGLV
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
9RVDYDQWDJHVHQXQFOLQGµRHLO
VHPHQWDXFKDXIIDJH
‡ 3URJUDPPHFRPSOHWGHWHVWVVXUEDQFGµHVVDL
‡ (VVDLGHIRQFWLRQQHPHQWjFKDXGHWIURLGDYHF
/$8'$DYDQWH[SpGLWLRQpTXLSHPHQWODEHOOLVp&(
ÀXLGHFDORSRUWHXUjWHPSpUDWXUHPD[LPDOHHW
‡ (VVDLIRQFWLRQQHOGHWRXVOHVFRPSRVDQWVHW
YpUL¿FDWLRQVGHWRXWHVOHVYDOHXUVGHFRQVLJQH
PLQLPDOH
‡ ,QVWDOODWLRQUDSLGHPHQWRSpUDWLRQQHOOHSpULRGH
GHPLVHHQVHUYLFHUpGXLWH
‡ (VVDLGHSUHVVLRQGHIXLWHDYHFÀXLGHFDORSRUWHXU ‡ 3UpYHQWLRQRXpOLPLQDWLRQGXULVTXHGHIXLWH
‡ 7HVWGXERvWLHUGHFRPPDQGHHWGHODSUpFLVLRQ
‡ 7UDoDELOLWpGHODSUpFLVLRQGXFRQWU{OHSRXUOHV
GHODWKHUPRUpJXODWLRQ
SURFHVVXVOHVSOXVH[LJHDQWV
‡ (WDEOLVVHPHQWGµXQSURFqVYHUEDOGµHVVDL
GRFXPHQWDWLRQGHVFRQWU{OHVUpDOLVpV
‡ 7UDoDELOLWpGHVFHUWL¿FDWVGHSHUIRUPDQFH
‡ (VVDLGHUpFHSWLRQHQXVLQH)DFWRU\$FFHS
WDQFH7HVWHQSUpVHQFHGXFOLHQW
‡ ,QVWDOODWLRQDGDSWpHDX[H[LJHQFHVGXFOLHQW
IRUPDWLRQLQLWLDOHHWHVVDLGHIRQFWLRQQHPHQW
HIIHFWXpVDYDQWODOLYUDLVRQ
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
/$8'$.3
.3
7KHUPRUpJXODWHXUVjFLUFXLW
VHFRQGDLUH
1RUPHVHWGLUHFWLYHVDSSOLFDEOHV
3('&('LUHFWLYHpTXLSHPHQWVVRXV
SUHVVLRQ
&('LUHFWLYHPDFKLQHV
&('LUHFWLYHEDVVHWHQVLRQ
&('LUHFWLYH&(0
',1,QVWDOODWLRQVGHWUDQVIHUWWKHUPLTXH
IRQFWLRQQDQWDYHFGHVIOXLGHVFDORSRUWHXUV
RUJDQLTXHV
$'5pJOHPHQWDWLRQWHFKQLTXHDSSOLFDEOH
DX[HQFHLQWHVHWDX[WX\DXWHULHVVRXVSUHVVLRQ
',1(16pFXULWpGHVPDFKLQHV±
pTXLSHPHQWpOHFWULTXHGHVPDFKLQHV
‡
‡
‡
‡
‡
3RXU JDUDQWLU OH QLYHDX GH SXUHWp WRXMRXUV FURLVVDQW DWWHLQW SDU OHV
PpWKRGHVGHSURGXFWLRQPRGHUQHVOHVUpDFWLRQVVRQWGpFOHQFKpHVjWUqV
IDLEOHWHPSpUDWXUH3RXUUpSRQGUHjFHWWHQpFHVVLWp/$8'$DLQWpJUpOH
V\VWqPH.U\RSDFGDQVVDJDPPHGHPRGXOHV,FLRQH[SORLWHODFDSDFLWp
FU\RJpQLTXHGHOµD]RWHHQpYDSRUDWLRQHQODWUDQVPHWWDQWjXQÀXLGHFD
ORSRUWHXU/HVV\VWqPHV.U\RSDFjFLUFXLWVHFRQGDLUHIRQFWLRQQHQWVXUOH
SULQFLSH GX UHIURLGLVVHPHQW j OµD]RWH OLTXLGH GX F{Wp SULPDLUH 3RXU FHV
DSSOLFDWLRQV GH UHIURLGLVVHPHQW H[WUrPHV RQ XWLOLVH GHV ÀXLGHV FDORSRU
WHXUVFRQoXVVSpFL¿TXHPHQWSRXUOHVWUqVEDVVHVWHPSpUDWXUHV/$8'$
D PLV DX SRLQW XQH WHFKQLTXH H[FOXVLYH TXL SHUPHW GH UpVRXGUH OHV
SUREOqPHV GH JHO KDELWXHOOHPHQW UHQFRQWUpV 8Q VXSSRUW LQWHUPpGLDLUH
DGDSWpWUDQVIqUHOµpQHUJLHGHUHIURLGLVVHPHQWGHOµD]RWHjEDVVHWHPSpUD
WXUHƒ&DXÀXLGHFDORSRUWHXUGRQWODWHPSpUDWXUHHVWFRQWU{OpHDX
GHJUpSUqV
‡
‡
/$8'$DREWHQXODSURWHFWLRQGHFHWWHPpWKRGHLQQRYDQWHSDUOHEUHYHW
HXURSpHQQXPpUR
*UkFHjOHXUFRQFHSWLRQPRGXODLUH
FHVV\VWqPHVVRQW
(YROXWLIV
0RGLILDEOHV
&RPELQDEOHV
'RWpVGµpTXLSHPHQWVGHVpFXULWpDYHFGHV
FRPSRVDQWVWHVWpV
$VVRFLpVjGHVFDSWHXUVGHWHPSpUDWXUHpWDORQQpV
'RWpVGµXQPRGXOHGHFRPPDQGH3,'pWDORQQp
DYHFSURJUDPPDWHXUHWDIILFKDJHSRXUUpJXODWLRQ
DYHFUDPSHV
'RWpVGµXQERvWLHUGHFRPPDQGHLQWpJUpRXVpSDUp
'RWpVGHYDVHGµH[SDQVLRQ
‡
‡
‡
‡
‡
‡
‡
‡
7KHUPRUpJXODWHXUjFLUFXLWVHFRQGDLUH.U\RSDF.3
FIZA–
TIC
$]RWH
Stickstoff
OLTXLGH
flüssig
PIC
$]RWH
Stickstoff
LZA–
TI
$]RWH
Stickstoff
JD]HX[
gasförmig
TZA+
TZA++
TZA+
M
3
3RPSHGHFLUFXODWLRQ
6pSDUDWHXUDLUHDX
6
9DVHGµH[SDQVLRQ
9
9DQQHGHVpFXULWp
9
&RQWU{OHXUGHSUHVVLRQ
&
$I¿FKHXUGHQLYHDX
$
6RXSDSHGµpEXOOLWLRQ
6
5pVLVWDQFHpOHFWULTXH
5
$I¿FKHXUGHWHPSpUDWXUH
$
(FKDQJHXUWKHUPLTXHÄ.U\RSDF³
(
9DQQHÄ5pIULJpUDWLRQH[WUrPH³
9
9DQQHjWURLVYRLHV
9
$I¿FKHXUGHGpELW
$
&DSWHXUGHWHPSpUDWXUHÄ5HIRXOHPHQW³
&
&RQWU{OHXUVGHWHPSpUDWXUH
&
&DSWHXUGHWHPSpUDWXUHÄ&RQVRPPDWHXU³
&
&DSWHXUGHWHPSpUDWXUHÄ5HWRXU³
&
&DUDFWpULVWLTXHV
6FKpPDGHWX\DXWHULHDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
&HUWLILFDWGHSURWHFWLRQDQWLGpIODJUDWLRQSRXU
OµHQVHPEOHGHOµLQVWDOODWLRQHWVpSDUpPHQWSRXU
FKDTXHFRPSRVDQWFRQFHUQp
6FKpPDGXFLUFXLWDYHFQRPHQFODWXUHGHV
FRPSRVDQWV
6RXIIOHWVGµpWDQFKpLWp
-RLQWVJUDSKLWH
5DFFRUGjEULGHHQWUHWLHQHWPDLQWHQDQFHVLPSOLILpV
9HUVLRQWHFKQLTXHpWDQFKH
6\VWqPHHWERvWLHUGHFRPPDQGHHQYHUVLRQ([G
RX([S
&HUWLILFDWGHFRQIRUPLWp&(
&HUWLILFDWGHFRQWU{OHLQGpSHQGDQW
‡
‡
'LUHFWLYHVXUODSURWHFWLRQDQWLGpÁDJUDWLRQ&($7(;
6\VWqPHVGHFKDXIIDJHHWGHUHIURLGLVVHPHQWSRXULPSODQWDWLRQHQ]RQH
(;RXDYHFERvWLHUGHFRPPDQGHDQWLGpÀDJUDWLRQLQWpJUpRXERvWLHU
GHFRPPDQGHVpSDUp
‡
‡
‡
‡
‡
‡
‡
‡
N2
6\VWqPHpJDOHPHQWGLVSRQLEOHHQFRQWDLQHU
SRXULQVWDOODWLRQjOµH[WpULHXU
7KHUPRUpJXODWHXUjFLUFXLWVHFRQGDLUH.3([
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
.3
7KHUPRUpJXODWHXUVjFLUFXLW
VHFRQGDLUHYHUVLRQDQWLGpÁDJUDWLRQ
'RQQpHVWHFKQLTXHVGHVPRGXOHVVWDQGDUGVYRLUSDJHVj
7RXVOHVV\VWqPHVSHXYHQWrWUHOLYUpVDYHFXQHSURWHFWLRQDQWLGpÀDJUDWLRQ
&DUDFWpULVWLTXHVWHFKQLTXHV
.3([
)OXLGHFDORSRUWHXU
.3([
.3([
.3([
.3([
+XLOHWKHUPLTXHOLTXLGHVVSpFLDX[
7HPSpUDWXUHGHIRQFWLRQQHPHQW
ƒ&
«
'pELWGHODSRPSH
PK
«
«
«
«
«
3XLVVDQFHGHFKDXIIH
3XLVVDQFHGHFKDXIIH
N:
«
«
«
«
«
&DSDFLWpFU\RJpQLTXHjƒ&
N:
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
MXVTXµj
'LPHQVLRQV/[3[+PLQ
PP
[[
[[
[[
[[
[[
'LPHQVLRQV/[3[+PD[
PP
[[
[[
[[
[[
[[
3RXUOHVYHUVLRQVGRWpHVGHPRGXOHVSOXVSXLVVDQWV
/$8'$75HW.3
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
([HPSOHG¶DSSOLFDWLRQ
7KHUPRUpJXODWHXUVjFLUFXLWVHFRQGDLUH/$8'$SRXU
V\QWKqVHjEDVVHWHPSpUDWXUH
3RXUDOLPHQWHUVLPXOWDQpPHQWSOXVLHXUVpTXL
SHPHQWV LO IDXW QDWXUHOOHPHQW XQH TXDQWLWp
GµpQHUJLH FRQVpTXHQWH 2Q HQYLVDJHUD GLIIp
UHQWHV PpWKRGHV GH JpQpUDWLRQ GX IURLG HQ
FRPSDUDQW OHXU HIILFDFLWp pQHUJpWLTXH HW OHXU
FR€WUHODWLI
([HPSOHGµDSSOLFDWLRQ
‡ /$8'$.U\RSDF6\QWKqVH
jEDVVHWHPSpUDWXUHSRXUOD
IDEULFDWLRQGHSURGXLWV
FKLPLTXHVGHJUDQGHYDOHXUHW
GHSURGXLWVSKDUPDFHXWLTXHV
LQWHUPpGLDLUHVHWILQDX[
/DWHFKQRORJLH.U\RSDFXWLOLVHOHSRXYRLUUpIUL
JpUDQW GH OµD]RWH HQ pYDSRUDWLRQ XQ VXSSRUW
LQWHUPpGLDLUHWUDQVIpUDQWHQVXLWHFHWWHpQHUJLH
GH UHIURLGLVVHPHQW j XQ IOXLGH FDORSRUWHXU j
OµpWDW OLTXLGH 2Q REWLHQW DLQVL GHV WHPSpUD
WXUHV GH IRQFWLRQQHPHQW VLWXpHV HQWUH HWƒ&DYHFXQV\VWqPHPRQRIOXLGH$FWX
HOOHPHQWVHXOHVOHVSURSULpWpVSK\VLTXHVGHV
IOXLGHVFDORSRUWHXUVGLVSRQLEOHVVXUOHPDUFKp
UHVWUHLJQHQWOHVSRVVLELOLWpVGµDSSOLFDWLRQ
/D SKRWRJUDSKLH FLGHVVXV UHSUpVHQWH OHV LQ
VWDOODWLRQV $OOHVVD6\QWHF VXU OD ]RQH LQGXV
WULHOOH GH +|FKVW $OOHPDJQH &HWWH VRFLpWp
HVWVSpFLDOLVpHGDQVODPLVHDXSRLQWGHSUR
FpGpV HW OD IDEULFDWLRQ GH SURGXLWV FKLPLTXHV
FRPSOH[HV GH JUDQGH YDOHXU /D SOXSDUW GHV
V\QWKqVHV FKLPLTXHV RQW OLHX H[FOXVLYHPHQW
j EDVVH WHPSpUDWXUH RX VH SURGXLVHQW GH
IDoRQ SOXV VpOHFWLYH j IURLG 3DU H[HPSOH OD
V\QWKqVH j EDVVH WHPSpUDWXUH GH OD UpDFWLRQ
GH VXEVWDQFHV YLVXHOOHPHQW DFWLYHV FRQVWLWXH
XQHVROXWLRQVDWLVIDLVDQWH
/HVFRQWUDLQWHVVpYqUHVTXLVµLPSRVHQWjODV\QWKqVHEDVVHWHPSpUDWXUH
RQWSRXUFRQVpTXHQFHOµREWHQWLRQGµXQJUDQGQLYHDXGHTXDOLWpHWGHVp
FXULWp 'H PrPH OD FRXUEH GH WHPSpUDWXUH HVWHOOH DXVVL VRXPLVH j GH
QRPEUHXVHVH[LJHQFHV/HSULQFLSHGHVSURFpGpVFKLPLTXHVHQXQVHXOORW
VXSSRVHGHUpDOLVHUOHFKDXIIDJHHWOHUHIURLGLVVHPHQWHWGµREWHQLUOHVJUD
GLHQWVGHWHPSpUDWXUHVXUXQHGXUpHSUpFLVHFHTXLSRVHGHVSUREOqPHV
FRPSOH[HVHQWHUPHVGHJHVWLRQGHOµpQHUJLH3RXUGp¿QLUFHVSURFpGpV
FRPSOH[HVDYHFXQPD[LPXPGHSUpFLVLRQHWHQRSWLPLVHUOHVSDUDPqWUHV
RQGRLWSRXYRLUGLVSRVHUGHOµHQVHPEOHGXVDYRLUIDLUHWHFKQRORJLTXHGDQV
XQVHXOERvWLHUGHFRPPDQGH/HV\VWqPHGHFRQWU{OHGRLWSRXYRLUUpDJLU
UDSLGHPHQWDYHFXQHSUpFLVLRQVXSpULHXUHDXGHJUp
7KHUPRUpJXODWHXUjFLUFXLWVHFRQGDLUH
.U\RSDF.3([
/HVJURXSHVLQGXVWULHOVFKDXGIURLG/$8'$FRPSRU
WHQWWRXMRXUVGHVPRGXOHVVWDQGDUGVTXHOµRQSHXW
DVVRFLHUDX[GLIIpUHQWVV\VWqPHVSRXUGLIIpUHQWHV
DSSOLFDWLRQV
/HV\VWqPH/$8'$.U\RSDFFRPSRUWHKDELWX
HOOHPHQWOHVPRGXOHVVXLYDQWVSRPSHGHFLUFX
ODWLRQYDVHGµH[SDQVLRQUpVLVWDQFHpOHFWULTXHHW
OµpFKDQJHXUWKHUPLTXHEUHYHWp.U\RSDF
0RGXOHV)OXLGHVFDORSRUWHXUV$SSOLFDWLRQV$YDQWDJHV6\VWqPHV([HPSOHG¶$SSOLFDWLRQ
'HJUDQGHVH[LJHQFHVHQPDWLqUHGH
TXDOLWpHWGHVpFXULWp
([HPSOHGHV\VWqPH.U\RSDFUpDOLVpjO¶DLGHGXFRQILJXUDWHXUGHPRGXOHV/$8'$
*ORVVDLUH
/$8'$*ORVVDLUH
$QDO\VHGHULVTXHV
/µDQDO\VHGHULVTXHVGRLWrWUHUpDOLVpHSDUOHIDEULFDQWGHOµLQVWDOODWLRQWKHUPRUpJXODWULFH
&HOOHFLVHUWjPHWWUHHQpYLGHQFHOHVULVTXHVLQKpUHQWVjOµLQVWDOODWLRQHQVHUpIpUDQW
DX[FRQGLWLRQVGµH[SORLWDWLRQSUpYXHV/¶LQVWDOODWLRQVHUDFRQoXHHWIDEULTXpHHQWHQDQW
FRPSWH GH OµDQDO\VH GH ULVTXHV 'DQV OH PDQXHO G¶XWLOLVDWLRQ OH IDEULFDQW DYHUWLUD
O¶H[SORLWDQWGHVULVTXHVUpVLGXHOVTX¶LOHVWLPSRVVLEOHG¶pFDUWHUSDUGHVVROXWLRQVWHFK
QLTXHVDLQVLTXHGHVPHVXUHVjPHWWUHHQSODFHSDUO¶H[SORLWDQW
$7(;
/DGLUHFWLYH(&HQFRUHDSSHOpH$7(;DIXWSURPXOJXpHSDUOµ8(SRXUKDUPR
QLVHUOHVH[LJHQFHVIRQGDPHQWDOHVGHVpFXULWpHWGHVDQWpDSSOLFDEOHVDX[pTXLSHPHQWV
V\VWqPHV GH SURWHFWLRQ HW FRPSRVDQWV GRQW O¶XWLOLVDWLRQ HVW VRXPLVH DX[ UqJOHPHQWD
WLRQVVXUOHV]RQHVjULVTXH/DGp¿QLWLRQGHVpTXLSHPHQWVFRQFHUQHpJDOHPHQWOHULVTXH
G¶H[SORVLRQGHVGLVSRVLWLIVGHVpFXULWpG¶HVVDLHWGHFRQWU{OHGHVWLQpVjXQHXWLOLVDWLRQ
KRUV]RQHjULVTXH/DGLUHFWLYH(&VµDSSOLTXHDX[pTXLSHPHQWVpOHFWULTXHVHWQRQ
pOHFWULTXHVDX[V\VWqPHVGHSURWHFWLRQHWDX[FRPSRVDQWVPR\HQVGHSURGXFWLRQpOHF
WULTXHVHWQRQpOHFWULTXHV
&DSDFLWpFU\RJpQLTXH
'DQV OH FDV GHV pFKDQJHXUV WKHUPLTXHV UHIURLGLV SDU XQ ÀXLGH OD FDSDFLWp GpSHQG
WRXMRXUV GH OD GLIIpUHQFH WKHUPLTXH HQWUH OH ÀXLGH UpIULJpUDQW HW OH ÀXLGH FDORSRUWHXU
/D FDSDFLWp GLPLQXH j PHVXUH TXH OD WHPSpUDWXUH GµHQWUpH EDLVVH HW WHQG YHUV ]pUR
ORUVTXHFHWWHGHUQLqUHDWWHLQWODWHPSpUDWXUHGXÀXLGHUpIULJpUDQW&HWWHFDUDFWpULVWLTXH
HVWODPrPHSRXUXQHUpIULJpUDWLRQ/DFDSDFLWpFU\RJpQLTXHVHUDSSRUWHWRXMRXUVjXQH
WHPSpUDWXUHGµHQWUpHGp¿QLH/$8'$VHEDVHVXUXQHHDXGHUHIURLGLVVHPHQWRXOµDLUj
XQHWHPSpUDWXUHGHƒ&SRXUOHVGRQQpHVGHSXLVVDQFHGHVPDFKLQHVIULJRUL¿TXHV
&DSDFLWpGHFKDXIIDJH
'DQVOHFDVGµXQFKDXIIDJHpOHFWULTXHODFDSDFLWpGHFKDXIIDJHHVWLGHQWLTXHjODSXLV
VDQFHDEVRUEpHSDUODUpVLVWDQFHpOHFWULTXHLQWpJUpH(OOHFRUUHVSRQGWRXMRXUVjODFD
SDFLWpGHFKDXIIDJHPD[LPDOHHWGHPHXUHFRQVWDQWHjWRXWHVOHVWHPSpUDWXUHVGHWUDYDLO
DYHFXQFKDXIIDJHpOHFWULTXH$YHFGHVpFKDQJHXUVWKHUPLTXHVFKDXIIpVSDUXQÀXLGH
ODFDSDFLWpGHFKDXIIDJHGpSHQGWRXMRXUVGHODGLIIpUHQFHWKHUPLTXHHQWUHOHÀXLGHGH
FKDXIIDJHHWOHÀXLGHFDORSRUWHXU/DFDSDFLWpGHFKDXIIDJHGLPLQXHjPHVXUHTXHOD
WHPSpUDWXUHGµHQWUpHDXJPHQWHHWWHQGYHUV]pURORUVTXHFHWWHGHUQLqUHDWWHLQWODWHPSp
UDWXUHGXÀXLGHGHFKDXIIDJH/DSXLVVDQFHGHODSRPSHHVWXWLOHPDLVQµHVWSDVSULVH
HQFRPSWH
&KDXIIDJHHQFRQWLQX
(FKDQJHXUWKHUPLTXHFKDXIIppOHFWULTXHPHQWRXSDUXQDXWUHPR\HQWUDYHUVpHQFRQWLQX
SDUXQÀXLGH8QUpFKDXIIHXUVHUWDYDQWWRXWjUpFKDXIIHUOHÀXLGHTXLOHWUDYHUVH/HGpELW
GHÀXLGHHVWJpQpUDOHPHQWDVVXUpSDUXQHSRPSH
(WXGHGHVULVTXHV
/¶pYDOXDWLRQGHVULVTXHVUpDOLVpHSDUOµH[SORLWDQWGRLWWHQLUFRPSWHGHVGRQQpHVWHFK
QLTXHVGHVpFXULWpDSSOLFDEOHVGXPDQXHOG¶XWLOLVDWLRQIRXUQLSDUOHIDEULFDQW1RWDPPHQW
PRQWDJHHWLQWpJUDWLRQGHO¶XQLWpWKHUPRUpJXODWULFHGDQVOµLQVWDOODWLRQJOREDOHPLVHHQ
VHUYLFHH[SORLWDWLRQPDLQWHQDQFHHWLQVSHFWLRQDLQVLTXHWRXWHLQGLFDWLRQFRQFHUQDQWXQ
XVDJHLQDSSURSULpGDQVODPHVXUHRFHWXVDJHLQDSSURSULpQ¶HVWSDVGpMjHPSrFKpSDU
ODFRQFHSWLRQOHVPHVXUHVWHFKQLTXHVPLVHVHQRHXYUH
(YDSRUDWHXU
9RLUÀXLGHIULJRUL¿TXH
)OXLGHFDORSRUWHXU
'p¿QLWWRXWÀXLGHXWLOLVpSRXUWUDQVSRUWHURXH[WUDLUHOµpQHUJLHGXFRQVRPPDWHXU/HÀXL
GHFDORSRUWHXUHVWDPHQpGHO¶DSSOLFDWLRQSDUODSRPSHGHUHFLUFXODWLRQGHOµLQVWDOODWLRQ
WKHUPRUpJXODWULFH3OXVODTXDQWLWpGHFDORSRUWHXUUHFLUFXOpHHVWLPSRUWDQWHSOXVODGLIIp
UHQFHWKHUPLTXHHVWIDLEOHDXQLYHDXGXFRQVRPPDWHXU3OXVODGLIIpUHQFHWKHUPLTXHHVW
IDLEOHSOXVODUpJXODWLRQHVWSUpFLVH
)OXLGHIULJRULÀTXH
6XEVWDQFHGXSURFHVVXVIULJRULJqQHVHWURXYDQWGDQVOHV\VWqPHIULJRUL¿TXHIHUPp/H
FRPSUHVVHXUOµDVSLUHKRUVGHOµpYDSRUDWHXURHOOHSDVVHjOµpWDWJD]HX[VRXVOµHIIHWGH
OµDEVRUSWLRQWKHUPLTXH'DQVODSDUWLHODSOXVFKDXGHGHOµpYDSRUDWHXUXQÀXLGHUHIURLGLW
VRXVOµHIIHWGHOµpOLPLQDWLRQGHODFKDOHXU'DQVODSDUWLHKDXWHSUHVVLRQGXFRPSUHVVHXU
OHUpIULJpUDQWVHOLTXp¿HGDQVOHFRQGHQVHXUVRXVOµHIIHWGXGpJDJHPHQWGHFKDOHXU/H
FRQGHQVHXUHVWUHIURLGLSDUHDXRXSDUDLU
*03)'$
/µXQLWp WKHUPRUpJXODWULFH GRLW rWUH TXDOL¿pH SRXU OHV SURFHVVXV DX FRXUV GHVTXHOV OD
WHPSpUDWXUHGHUpDFWLRQRXOHSLORWDJHGHODWHPSpUDWXUHHVWFULWLTXH/DTXDOL¿FDWLRQ
VµHIIHFWXHVHORQOHVSUDWLTXHV*03©*RRG0DQXIDFWXULQJ3UDFWLFHª/RUVTXµXQPpGL
FDPHQWSDUH[HPSOHHVWIDEULTXpSRXUOHPDUFKpDPpULFDLQOHSURFHVVXVGHIDEULFDWLRQ
HWOµpTXLSHPHQWGXSURFHVVXV\FRPSULVOµLQVWDOODWLRQWKHUPRUpJXODWULFHVRQWVRXPLVDX[
H[LJHQFHVGHOD)'$DPpULFDLQH©)RRGDQG'UXJ$GPLQLVWUDWLRQª
*UDQGHXUGHUpJODJH
&RPPDQGHGHUpJODJHGµXQUpJXODWHXUTXLDJLWVXUOµpOpPHQWGHFRQWU{OH
&LUFXLWGHUpJXODWLRQ (QJOREH OµHQVHPEOH GHV UpJXODWHXUV YRLU 3RLQW GH UpJXODWLRQ ,O FRPSUHQG DXVVL OHV
FDSWHXUVHWOHVVLJQDX[DLQVLTXHOHXUWUDLWHPHQWHWOHXUDFKHPLQHPHQWSDUH[WUDQVIRU
PDWHXUERUQHVGHFRQQH[LRQHWOLJQHVpOHFWULTXHV
+DXWHXUGHUHIRXOHPHQW
/DKDXWHXUGHUHIRXOHPHQWHVWXQHYDOHXUWKpRULTXHXWLOLVpHjODSODFHGHODSUHVVLRQ
GHUHIRXOHPHQWGDQVODFRXUEHFDUDFWpULVWLTXHGHODSRPSH/¶DYDQWDJHGHODKDXWHXU
GH UHIRXOHPHQW HVW TX¶HOOH SHXW V¶DSSOLTXHU j WRXV OHV OLTXLGHV 2Q FDOFXOH HQVXLWH OD
SUHVVLRQGHUHIRXOHPHQWSRXUOHOLTXLGHUHIRXOpHQPXOWLSOLDQWODGHQVLWpSDUODKDXWHXU
GHUHIRXOHPHQWYRLUSUHVVLRQGHUHIRXOHPHQW
&RQFHSWLRQPRGXODLUH
'p¿QLWODVWUXFWXUHPRGXODLUHSHUPHWWDQWGHFRQFHYRLUHWGHUpDOLVHUWRXWW\SHG¶LQVWDOODWLRQ
GHWKHUPRUpJXODWLRQjSDUWLUG¶pOpPHQWVLGHQWLTXHV&HSULQFLSHSHUPHWGHUpDOLVHUGHV
pFRQRPLHVORUVGHVpWDSHVGHSODQL¿FDWLRQGHFRQFHSWLRQGHPLVHHQVHUYLFHGHGRFX
PHQWDWLRQHWGHPDLQWHQDQFH/DFRQFHSWLRQPRGXODLUHGHQRVLQVWDOODWLRQVYRXVJDUDQWLW
pJDOHPHQWXQQLYHDXGHVpFXULWpRSWLPDO
,QWHUIDFHpOHFWULTXH
3HUPHWG¶pFKDQJHUGHVGRQQpHVHWSHXWrWUHpWDEOLHVXUXQHEDVHDQDORJLTXHOHSOXV
VRXYHQW GHV VLJQDX[ QRUPDOLVpV P$ RX 9 RX QXPpULTXH 6¶DJLVVDQW GHV
LQWHUIDFHVQXPpULTXHVRQUHWURXYHOµLQWHUIDFHVWDQGDUG56RXGHVV\VWqPHVSOXV
SHUIRUPDQWV SHUPHWWDQW GH FRPPXQLTXHU DYHF SOXVLHXUV DSSDUHLOV 56 RX DXWUH
V\VWqPHEXVLQGXVWULHO
&RQGHQVHXU
9RLUÀXLGHIULJRUL¿TXH
0RGXOH3OXJ3OD\
/HVXQLWpVWKHUPRUpJXODWULFHVHWOHVPRGXOHVVRQWOLYUpVVXUOHVLWHGHIDEULFDWLRQDYHF
GHVSRLQWVGHUDFFRUGHPHQWELHQGp¿QLVDYHFWRXWHODWX\DXWHULHHWO¶LVRODWLRQQpFHV
VDLUHV,OQHUHVWHTXµjOHVDVVHPEOHUYRLU&RQFHSWLRQPRGXODLUH
&RXUEHFDUDFWpULVWLTXHGHODSRPSH
6FKpPDUHSUpVHQWDQWODKDXWHXUGHUHIRXOHPHQWSDUUDSSRUWDXYROXPHGHUHIRXOHPHQW
'LUHFWLYHGHVpTXLSHPHQWVVRXVSUHVVLRQ'*5/(*
$X[WHUPHVGHOD'*5/OHVLQVWDOODWLRQVWKHUPRUpJXODWULFHVVRQWFRQVLGpUpHVFRPPH
O¶DVVHPEODJHGHGLYHUVpTXLSHPHQWVVRXVSUHVVLRQYDVHGµH[SDQVLRQWX\DXWHULHUR
ELQHWWHULH VRXSDSH GH VpFXULWp HWF$ FHW pJDUG OHV H[LJHQFHV GH VpFXULWp GH EDVH
VRQWGpFULWHVGDQVOµDQQH[H,GHOD'*5//DSURFpGXUHGµpYDOXDWLRQGHODFRQIRUPLWpj
DSSOLTXHUDXJURXSHHVWIRQFWLRQGHODFDWpJRULHjODTXHOOHLODSSDUWLHQWODTXHOOHGpSHQG
SDUDLOOHXUVGHODFDWpJRULHGHOµpTXLSHPHQWVRXVSUHVVLRQLQVWDOOp$FHWpJDUGOHVSLqFHV
GRWpHVGµXQHIRQFWLRQGHVpFXULWpQHVRQWSDVSULVHVHQFRPSWH/DFDWpJRULHGp¿QLVVDQW
OHVULVTXHVSRWHQWLHOVGpSHQGSDUFRQWUHGHODSUHVVLRQGHIRQFWLRQQHPHQWPD[LPDOHGX
ÀXLGHFDORSRUWHXUGXYROXPHHWGXW\SHGµpTXLSHPHQWVRXVSUHVVLRQ/HIDEULFDQWGRLW
DYDQWODPLVHVXUOHPDUFKpGHOµLQVWDOODWLRQHWFRQIRUPpPHQWDX[FRQGLWLRQVGHIRQFWLRQ
QHPHQWLQWpJUHUOHJURXSHjXQHFDWpJRULHHWODVRXPHWWUHjXQHSURFpGXUHGµpYDOXDWLRQ
GHODFRQIRUPLWp/µLQVWDOODWLRQWKHUPRUpJXODWULFHGRLWrWUHGpVLJQpHSDUOHFRGH&(HWj
SDUWLUGHODFDWpJRULH,,SDUOHQXPpURGµLGHQWL¿FDWLRQGXEXUHDXGHFRQWU{OHGpVLJQp
'LVSRVLWLIVGHVpFXULWpFHUWLÀpV
(QJpQpUDOWRXWHVOHVLQVWDOODWLRQVWKHUPRUpJXODWULFHVVRQWVRXPLVHVjODGLUHFWLYHFRQ
FHUQDQWOHVpTXLSHPHQWVVRXVSUHVVLRQYRLU'*5/&(6HORQOHÀXLGHFDORSRUWHXU
HWODWHPSpUDWXUHOHVLQVWDOODWLRQVGRLYHQWrWUHpTXLSpHVGHGLYHUVGLVSRVLWLIVGHVpFXULWp
VRXSDSHVGHVpFXULWpSUHVVRVWDWVWKHUPRVWDWVRXQLYHDXVWDWV&HVGLVSRVLWLIVVHUYHQW
jSURWpJHUOµLQVWDOODWLRQWKHUPRUpJXODWULFHORUVGµXQGpSDVVHPHQWGHVVHXLOVDXWRULVpV
(FDUWGHUpJXODWLRQ
&RUUHVSRQGjOµpFDUWGµXQHYDOHXUUpHOOHSDUUDSSRUWjODFRQVLJQHSUpGp¿QLH
9RLU&LUFXLWGHUpJXODWLRQHW&DUDFWpULVWLTXHGHUpJXODWLRQ
(FDUWGHUpJXODWLRQSHUPDQHQW
'DQVOHFDVGµXQUpJXODWHXUSURSRUWLRQQHOLOUHVWHWRXMRXUVXQ³pFDUWGHUpJXODWLRQSHU
PDQHQW³/DYDULDEOHGHUpJXODWLRQVHUDWRXMRXUVSURSRUWLRQQHOOHjOµpFDUWGHUpJXODWLRQ
7RXWHFRPPDQGHGHUpJXODWLRQHVWDVVRFLpHjXQpFDUWGHUpJXODWLRQ
1LYHDXGHSUHVVLRQDFRXVWLTXH
9DOHXUGHUD\RQQHPHQWDFRXVWLTXHGp¿QLHSDUODQRUPH',1(1,62&RQWUDLUH
PHQWDXQLYHDXGHSXLVVDQFHDFRXVWLTXHOHQLYHDXGHSUHVVLRQHVWWRXMRXUVIRQFWLRQ
GµXQHGLVWDQFHGp¿QLH(QSUDWLTXHOHVGHX[PHVXUHVVRQWLQGLTXpHVHQG%$
3DUWLHSULPDLUH
'pFULWOHVÀXLGHVFDORSRUWHXUVSULPDLUHVYDSHXUHDXGHUHIURLGLVVHPHQWDLUVDXPXUH
D]RWHOLTXLGHHWFTXLGRLYHQWrWUHUDFFRUGpVjOµLQVWDOODWLRQWKHUPRUpJXODWULFH
&HVpQHUJLHVSULPDLUHVSHXYHQWrWUHjO¶pWDWGHJD]GHYDSHXURXGHOLTXLGH
3DUWLHVHFRQGDLUHSDUWLHOLTXLGHFDORSRUWHXU
'pVLJQHODSDUWLHGHOµXQLWpWKHUPRUpJXODWULFHSDUODTXHOOHOHÀXLGHFDORSRUWHXUHVWLQWUR
GXLWHQÀX[FRQWLQX/HVÀXLGHVFDORSRUWHXUVKXLOHWKHUPLTXH HDXVRQWVpOHFWLRQQpV
HQIRQFWLRQGHOHXUSODJHGHWHPSpUDWXUHGHIRQFWLRQQHPHQWHWGXW\SHGµXWLOLVDWLRQ
3ODJHGHWHPSpUDWXUHDPELDQWH
3ODJHGHWHPSpUDWXUHDXWRULVpHGDQVODTXHOOHOµLQVWDOODWLRQSHXWIRQFWLRQQHUFRQIRUPp
PHQWDX[VSpFL¿FDWLRQV
3RLQWGHUpJXODWLRQ
3DUWLHGXFLUFXLWGHUpJXODWLRQVXUODTXHOOHLOIDXWDJLUHQIRQFWLRQGHOµREMHFWLIYLVp/HV
SRLQWVGHUpJXODWLRQSHXYHQWrWUHGHVFDQDOLVDWLRQVGHVFDSWHXUVHWGHVVXUIDFHVWKHU
PRFRQGXFWULFHVDYHFOHXUVSDURLVHWOHXUUHYrWHPHQW/DGLVWDQFHTXLVpSDUHODVWDWLRQGH
PHVXUHGXUpJXODWHXUHWOHVUHWDUGVSDUH[HPSOHORUVGHVWUDQVIHUWVGHFKDOHXUJpQqUH
XQWHPSVGHUpDFWLRQFDUDFWpULVWLTXHGµXQSRLQWGHUpJXODWLRQ&µHVWFHWHPSVGHUpDFWLRQ
TXLSHUPHWGHFODVVHUOHVSRLQWVGHUpJXODWLRQVHORQTX¶LOVVRQW³ERQV´RX³FRPSOH[HV´
3RPSHWRXUELOORQQDLUH
3RPSH FHQWULIXJH GRQW OH URWRU D XQH IRUPH JpQpUDQW XQH DFFpOpUDWLRQ SpULSKpULTXH
/D FRXUEH FDUDFWpULVWLTXH SUHVTXH OLQpDLUH GµXQH URXH j DFFpOpUDWLRQ SpULSKpULTXH VH
GLVWLQJXH IRQGDPHQWDOHPHQW GH FHOOH GµXQH URXH UDGLDOH (Q FDV GH SUHVVLRQ GH UH
IRXOHPHQWpOHYpHHWGHYROXPHGHUHIRXOHPHQWIDLEOHODIRUPHWRXUELOORQQDLUHQpFHVVLWH
XQH pQHUJLH PRWULFH WUqV LPSRUWDQWH /HV SRPSHV WRXUELOORQQDLUHV FRQYLHQQHQW WRXW
SDUWLFXOLqUHPHQWDX[YROXPHVGHUHIRXOHPHQWIDLEOHVHWDX[SUHVVLRQVpOHYpHV
3UHVVLRQGHUHIRXOHPHQW
,O VµDJLW GH OD SUHVVLRQ PHVXUpH SDU XQ PDQRPqWUH j OD VRUWLH GµXQH SRPSH RX GµXQ
FRPSUHVVHXU/DSUHVVLRQGHUHIRXOHPHQWG¶XQHSRPSHVµREWLHQWpJDOHPHQWjSDUWLUGH
ODFRXUEHFDUDFWpULVWLTXHGHODSRPSHYRLU+DXWHXUGHUHIRXOHPHQWHWGHODGHQVLWpGX
OLTXLGHFDORSRUWHXU
3UHVVLRQV\VWqPH
3UHVVLRQTXLVµpWDEOLWGDQVOHFLUFXLWGHÀXLGHFDORSRUWHXUFRQVWLWXpHGHODSUHVVLRQGHOD
SRPSHGHODSUHVVLRQGHYDSHXUjODWHPSpUDWXUHGHIRQFWLRQQHPHQWHWGHODSUHVVLRQ
GH VXUFKDUJH /D SUHVVLRQ PD[LPDOH GRLW rWUH SDUWLFXOLqUHPHQW VXUYHLOOpH FDU WRXWHV
OHV SLqFHV DOLPHQWpHV SDU OH ÀXLGH FDORSRUWHXU GRLYHQW SRXYRLU VXSSRUWHU OD SUHVVLRQ
V\VWqPHPD[LPDOHYRLU'LUHFWLYHGHVpTXLSHPHQWVVRXVSUHVVLRQ
3URFpGpGHUpIULJpUDWLRQ
9RLUÀXLGHIULJRUL¿TXH
3URWHFWLRQ,3
6HORQODQRUPH(1GHX[FKLIIUHVpYDOXHQWOHGHJUpGHSURWHFWLRQpOHFWULTXH/H
SUHPLHUFKLIIUHFRUUHVSRQGjODTXDOLWpGHODSURWHFWLRQFRQWUHOHVFRUSVpWUDQJHUVSRXV
VLqUHHWOHFRQWDFW/HVHFRQGFKLIIUHFRUUHVSRQGjODSURWHFWLRQFRQWUHOµHDX/DSUR
WHFWLRQ,3LQGLTXHSDUH[HPSOHXQHSURWHFWLRQFRQWUHODSRXVVLqUHHWXQHpWDQFKpLWp
SpULSKpULTXHDX[pFODERXVVXUHVGHWRXVOHVF{WpV
5HIURLGLVVHPHQWHQFDVFDGHVXUGHX[FLUFXLWV
0RQWDJHHQVpULHGHGHX[FLUFXLWVUpIULJpUDQWVGRWpVGHÀXLGHVIULJRUL¿TXHVSUpVHQWDQW
GHVSURSULpWpVWKHUPRG\QDPLTXHVGLIIpUHQWHV2QXWLOLVHOHVV\VWqPHVFU\RJpQLTXHVj
GHX[pWDJHVDYHFSURFHVVXVIULJRULJqQHSDUFRPSUHVVLRQSRXUOHVWHPSpUDWXUHVLQIp
ULHXUHVjƒ&/HSUHPLpUpWDJHjKDXWHWHPSpUDWXUHJpQqUHGDQVOµpYDSRUDWHXUGHV
WHPSpUDWXUHVGµHQYLURQƒ&6XUODSDUWLHFKDXGHGHOµpYDSRUDWHXUOHUpIULJpUDQWGX
VHFRQGpWDJHVHFRQGHQVHpWDJHEDVVHWHPSpUDWXUHjHQYLURQƒ&SXLVVµpYDSRUH
GHQRXYHDXjHQYLURQƒ&HWUHIURLGLWOHÀXLGHFDORSRUWHXUjHQYLURQƒ&
5HIURLGLVVHXUHQFRQWLQX
(FKDQJHXUWKHUPLTXHUHIURLGLpOHFWULTXHPHQWRXSDUXQDXWUHPR\HQWUDYHUVpHQFRQWLQX
SDUXQÀXLGH8QUHIURLGLVVHXUVHUWDYDQWWRXWjUHIURLGLUOHÀXLGHTXLOHWUDYHUVH/HGpELW
GHÀXLGHHVWJpQpUDOHPHQWDVVXUpSDUXQHSRPSH
5pJXODWHXUHVFODYH
9RLU5pJXODWHXUH[WHUQH
5pJXODWHXUGHWHPSpUDWXUHV
&RPSRVDQWDFWLITXLFRPSDUHDXPRLQVXQHYDOHXUGHWHPSpUDWXUHUHOHYpHjXQHYDOHXU
GHFRQVLJQHHWGpFOHQFKHXQHFRPPDQGHGHUpJXODWLRQYRLU9DULDEOHGHUpJXODWLRQVH
ORQOµpFDUWREVHUYpYRLU(FDUWGHUpJXODWLRQ&HWWHYDULDEOHGHUpJODJHDJLWVXUO¶pOpPHQW
GHFRQWU{OH¿QDOTXLJpQqUHjVRQWRXUXQHPHVXUHGHVWLQpHjFRQWUHFDUUHUOµpFDUW&HV
UpJXODWHXUVGHWHPSpUDWXUHVSHXYHQWDYRLUXQHDFWLRQSXUHPHQWPpFDQLTXHSDUH[OH
WKHUPRVWDWGµXQUDGLDWHXURXDGRSWHUXQHFRQFHSWLRQpOHFWURQLTXHDQDORJLTXHRXQXPp
ULTXH2QDVVRFLHVRXYHQWSOXVLHXUVPRGHVGHIRQFWLRQQHPHQW
5pJXODWHXUSULQFLSDO
9RLU5pJXODWHXUH[WHUQH
5pJXODWLRQGHO¶LQMHFWLRQ
/D FDSDFLWp FU\RJpQLTXH GHV XQLWpV GH UHIURLGLVVHPHQW /$8'$ HVW FRQVWDPPHQW Up
JXOpH JUkFH j OµDMXVWHPHQW GH OD TXDQWLWp GµLQMHFWLRQ SRXU FHQW /D YDQQH GH
UpJXODWLRQ SODFpH DYDQW OµpYDSRUDWHXU GDQV OD FRQGXLWH GµDOLPHQWDWLRQ GX UpIULJpUDQW
IRQFWLRQQHHQFRQWLQX(QFDVGHFRPPXWDWLRQHQSDUDOOqOHGHSOXVLHXUVFRPSUHVVHXUV
XQHFRQQH[LRQHQFDVFDGHSHUPHWGHPHWWUHHQSODFHXQIRQFWLRQQHPHQWSDUWLHOOLPLWDQW
OµXVXUHHWODFRQVRPPDWLRQGµpQHUJLHYRLU5pJXODWLRQGXFRPSUHVVHXU
5pJXODWLRQGHVFRPSUHVVHXUV
9RLU5pJXODWLRQGHOµLQMHFWLRQ
5pJXODWLRQHQFDVFDGH
9RLU5pJXODWLRQH[WHUQH
jFHSRLQWH[WpULHXUjO¶LQVWDOODWLRQ'DQVODSUDWLTXHRQREWLHQWFHUpVXOWDWHQPHWWDQW
HQSODFHXQHUpJXODWLRQHQFDVFDGHYRLU5pJXODWLRQHQFDVFDGH/HUpJXODWHXUPDvWUH
pWDEOLWFRPPHYDULDEOHGHUpJXODWLRQYRLU9DULDEOHGHUpJXODWLRQODFRQVLJQHGXUpJX
ODWHXUHVFODYHYRLU5pJXODWLRQ(VFODYHFRQQHFWpHQDYDOOHTXHOjVRQWRXUUpJXOHOD
WHPSpUDWXUHG¶DGPLVVLRQGXÀX[FDORSRUWHXU
6XUSUHVVLRQFLUFXODWLRQGHJD]LQHUWH
/DFLUFXODWLRQG¶XQJD]LQHUWHD]RWHVXUOHYDVHGµH[SDQVLRQSHXWHPSrFKHUOµR[\GDWLRQ
GX ÀXLGH FDORSRUWHXU HW OD SpQpWUDWLRQ GH YDSHXU GµHDX SURYHQDQW GH OµDLU 6L OH ÀXLGH
FDORSRUWHXUHVWDPHQpHQGHVVRXVGHVRQSRLQWGµpEXOOLWLRQODVXUSUHVVLRQGRLWrWUHDXVVL
IDLEOHTXHSRVVLEOHHQYLURQEDUD¿QTXHORUVGXFKDXIIDJHODSUHVVLRQQµDXJPHQWH
SDVWURSHQUDLVRQGHODUpGXFWLRQGXYROXPHJD]HX[6LOHFDORSRUWHXUHVWDPHQpDX
GHVVXVGHVRQSRLQWGµpEXOOLWLRQHWGHODSUHVVLRQDWPRVSKpULTXHEDULOHVWQp
FHVVDLUHGHGLVSRVHUGµXQHVXUSUHVVLRQDXPRLQVpJDOHjODSUHVVLRQGHODYDSHXUD¿Q
GµpYLWHUWRXWHFDYLWDWLRQ'DQVOHVGHX[FDVXQHVRXSDSHGHVpFXULWpGRLWrWUHLQVWDOOpH
VXUOHYDVHGµH[SDQVLRQ
*ORVVDLUH
3RPSHUDGLDOH
3RPSHFHQWULIXJHGRQWOHURWRUDXQHIRUPHGLWHUDGLDOH/DFRXUEHFDUDFWpULVWLTXHQRQ
OLQpDLUHGµXQHURXHUDGLDOHVHGLVWLQJXHIRQGDPHQWDOHPHQWGHFHOOHGµXQHURXHWRXUELO
ORQQDLUH(QFDVGHSUHVVLRQGHUHIRXOHPHQWIDLEOHHWGHYROXPHGHUHIRXOHPHQWpOHYp
ODIRUPHUDGLDOHQpFHVVLWHXQHpQHUJLHPRWULFHWUqVLPSRUWDQWH/HVSRPSHVFODVVLTXHV
XWLOLVpHV HQ FKLPLH VRQW GHV SRPSHV UDGLDOHV HOOHV FRQYLHQQHQW WRXW SDUWLFXOLqUHPHQW
DX[KDXWHXUVGHUHIRXOHPHQWIDLEOHVHWDX[GpELWVpOHYpV
6\VWqPHEXV
9RLULQWHUIDFH
6\VWqPHPRQRÁXLGH
6\VWqPHIRQFWLRQQDQWDYHFXQVHXOÀXLGHFDORSRUWHXU8WLOHORUVTXHOHFKDXIIDJHOHUHIURL
GLVVHPHQWHWODUpIULJpUDWLRQVµHIIHFWXHQWVLPXOWDQpPHQWHWTXHOHVXQLWpVGHFKDXIIDJH
HWGHUHIURLGLVVHPHQWIRQFWLRQQHQWHQVHPEOH
6\VWqPHUpIULJpUDQW
9RLUÀXLGHIULJRUL¿TXH
7HPSpUDWXUHGHIRQFWLRQQHPHQW
3ODJHGHWHPSpUDWXUHTXHOHÀXLGHFDORSRUWHXUSHXWDWWHLQGUHHQVRUWLHUHIRXOHPHQW
7HPSpUDWXUHGXÀOP
/D WHPSpUDWXUH PD[LPDOH GX ¿OP LQGLTXpH SDU OH IDEULFDQW SRXU OHV ÀXLGHV FDORSRU
WHXUV RUJDQLTXHV HVW OD WHPSpUDWXUH j ODTXHOOH OH ÀXLGH FDORSRUWHXU FRPPHQFH j VH
GpVDJUpJHUFUDTXHOHU(QSDUWLFXOLHUORUVTXHOHVÀXLGHVFDORSRUWHXUVRUJDQLTXHVVRQW
FKDXIIpVjOµDLGHGµXQFKDXIIDJHpOHFWULTXHLOIDXWYHLOOHUjODFRQFHSWLRQWKHUPLTXHSRXU
pYLWHUTXHOHFDORSRUWHXUQHVRLWGpWUXLWSDUXQHWHPSpUDWXUHGHVXUIDFHRXHQFRUHGH
¿OPWURSpOHYpH
7KHUPRUpJXODWLRQ
&HWHUPHVµDSSOLTXHjO¶DSSRUWHWjOµH[WUDFWLRQFRQWU{OpHVGµXQHpQHUJLHGHUHIURLGLVVH
PHQWHWGHFKDXIIDJHSRXUDWWHLQGUHXQHWHPSpUDWXUHFRQVWDQWHVXUOHFRQVRPPDWHXU
7\SHGHUpJXODWLRQ
2QGLIIpUHQFLHOHVGLIIpUHQWVUpJXODWHXUVHQIRQFWLRQGHOHXUVFDUDFWpULVWLTXHVGHUpJODJH
UpJXODWLRQSURSRUWLRQQHOOHUpJXODWHXU3LQWpJUDOHUpJXODWHXU,HWGLIIpUHQWLHOOHUpJX
ODWHXU'(QPDWLqUHGHWKHUPRUpJXODWHXUODFRPELQDLVRQGHFHVGLIIpUHQWHVFDUDFWp
ULVWLTXHVDIDLWVHVSUHXYHVRIIUDQWXQHJUDQGHOLEHUWpGHSDUDPpWUDJHOHVUpJXODWHXUV
3,'PRGHUQHVVµDGDSWHQWWUqVELHQDX[SRLQWVGHUpJXODWLRQFRPSOH[HVFHTXLH[SOLTXH
OHXUVXFFqV
8QLWpWKHUPRUpJXODWULFH
7HUPH JpQpULTXH VµDSSOLTXDQW DX[ GLYHUV V\VWqPHV GH FKDXIIDJHUpIURLGLVVHPHQW SHU
PHWWDQWVXUXQHSODJHGHWHPSpUDWXUHGRQQpHGHUpJXOHUWKHUPLTXHPHQWXQFRQVRP
PDWHXUjOµDLGHGµXQOLTXLGH
9DQQHGHUpJXODWLRQ
&RPSRVDQWDFWLIGXFLUFXLWGHUpJXODWLRQTXLFRPSDUHDXPRLQVXQHYDOHXUGHWHPSpUD
WXUHUHOHYpHjXQHYDOHXUGHFRQVLJQHHWGpFOHQFKHXQHFRPPDQGHGHUpJXODWLRQYRLU
9DULDEOHGHUpJXODWLRQVHORQOµpFDUWREVHUYpYRLU(FDUWGHUpJXODWLRQ&HWWHYDULDEOHGH
UpJODJHDJLWVXUO¶pOpPHQWGHFRQWU{OH¿QDOTXLJpQqUHjVRQWRXUXQHPHVXUHGHVWLQpH
jFRQWUHFDUUHUOµpFDUW
9ROXPHGHUHIRXOHPHQW
'pELWYROXPpWULTXHGµXQHSRPSHRXGµXQFRPSUHVVHXU/HYROXPHGHUHIRXOHPHQWGp
SHQGGXSRLQWGHIRQFWLRQQHPHQWHWGHVFDUDFWpULVWLTXHVYRLU&RXUEHFDUDFWpULVWLTXHGH
ODSRPSHGHVFRPSRVDQWVFRQFHUQpV
9ROXPHGHUHPSOLVVDJH
3RXUXQHLQVWDOODWLRQ/$8'$TXDQWLWpGHUHPSOLVVDJHV\VWqPHYROXPHUHFRPPDQGpH
SRXUJDUDQWLUXQIRQFWLRQQHPHQWVDQVSDQQH
9ROXPHVGHGLODWDWLRQYDVHG¶H[SDQVLRQ
/RUVTXH OH ÀXLGH FDORSRUWHXU HVW FKDXIIp HW DPHQp j OD WHPSpUDWXUH VRXKDLWpH LO VH
GLODWH &H YROXPH GH GLODWDWLRQ GpSHQG GX FRHI¿FLHQW GH GLODWDWLRQ GH OD PRGL¿FDWLRQ
WKHUPLTXHHWGHODFRQWHQDQFHGHOµLQVWDOODWLRQ/HYDVHGµH[SDQVLRQLQVWDOOpGDQVOµXQLWp
WKHUPRUpJXODWULFHGRLWSRXYRLUJpUHUFHYROXPHGHGLODWDWLRQGHIDoRQVpFXULVpH/HGL
PHQVLRQQHPHQWGXYDVHGµH[SDQVLRQSRXUOHVKXLOHVWKHUPLTXHVUpSRQGDX[H[LJHQFHV
GHODQRUPH',13RXUOµHDXFKDXGHHQYLURQSRXUFHQWSDU¨7 .3RXU
OHVKXLOHVPLQpUDOHVHQYLURQSRXUFHQWSDU ¨7 .3RXUOHVKXLOHVGHVLOLFRQH
HQYLURQSRXUFHQWSDU¨7 .
5pJXODWLRQH[WHUQH
6L OD YDOHXU UpJXOpH QµHVW SDV OD WHPSpUDWXUH GH UHIRXOHPHQW PDLV XQH WHPSpUDWXUH
PHVXUpHjOµH[WpULHXUGHO¶LQVWDOODWLRQGHWKHUPRUpJXODWLRQRQDVVXUHOHVXLYLGHODWHPSp
UDWXUHGHUHIRXOHPHQWGXÀXLGHFDORSRUWHXUGHPDQLqUHjDWWHLQGUHODYDOHXUGHFRQVLJQH
1RWUHJDPPHGHSURGXLWV
7KHUPRVWDWVñ5HIURLGLVVHXUVñ%DLQVPDULH
6\VWqPHVGHUHIURLGLVVHPHQWLQGXVWULHOVñ6\VWqPHVGHFKDXIIDJHLQGXVWULHOVñ7KHUPRUpJXODWHXUVLQGXVWULHOVjFLUFXLWVHFRQGDLUH
9LVFRVLPqWUHVñ7HQVLRPqWUHV
Instruments
smart solutions & service
Tel. +41 44 456 33 33
Fax +41 44 456 33 30
www.igz.ch [email protected]
I±6RXVUpVHUYHGHPRGLILFDWLRQVWHFKQLTXHV
IGZ Instruments AG
Räf felstrasse 32
CH – 8045 Zürich
/$8'$'55:2%6(5*0%+&2.*
%RvWH3RVWDOHò/DXGD.|QLJVKRIHQò$OOHPDJQH
7pOò)D[
(PDLOLQIR#ODXGDGHò,QWHUQHWZZZODXGDGH

Documents pareils

instructions et entretien

instructions et entretien ,PSRUWDQW &HPDQXHOIDLWSDUWLHLQWpJUDQWHGXGLVWULEXWHXUHWGRLW rWUHOXDYHFDWWHQWLRQ,OFRQWLHQWOHVLQIRUPDWLRQVFRQ FHUQDQWO·LQVWDOODWLRQO·HQWUHWLHQHWO·HPSORLFRUUHFWGX GLVWULEX...

Plus en détail

Les nouvelles offres de formation

Les nouvelles offres de formation /D VpULH VFLHQFHV HW WHFKQRORJLHV GH O¶LQGXVWULH HW GX GpYHORSSHPHQW GXUDEOH 67,'  TXL HQWUH HQ DSSOLFDWLRQ j OD UHQWUpH  UHPSODFH OD VpULH VFLHQFHV HW WHFKQRORJLHV...

Plus en détail