1
Download Manuel du propriétaire du poêle à granulés XXV
Transcript
0DQXHOG
LQVWDOODWLRQHWG
XWLOLVDWLRQ
0DQXHOGXSURSULpWDLUHGXSRrOHjJUDQXOpV;;9
5
$9,6'(6e&85,7e
9(8,//(=/,5((17,Ê5(0(17&(0$18(/$9$17/¶,167$//$7,21(7/¶87,/,6$7,21'(&(&+$8))$*(
'
$0%,$1&(¬*5$18/e6/(1215(63(&7'(&(6,16758&7,2165,648('(3529248(5'(6
'200$*(6'(6%/(6685(692,5(/$0257
3285/(6e7$7681,6(7/(&$1$'$+202/2*8e328581(,167$//$7,21(10$,62102%,/(
81(,167$//$7,21,1$335235,e('(&(32Ç/(+$50$13(873529248(581,1&(1',('20(67,48(
32859275(6e&85,7e9(8,//(=/,5(/(6,16758&7,216'
,167$//$7,21
&217$&7(=/(6$8725,7e6/2&$/(6'8%Æ7,0(1728/(6(59,&('(35e9(17,21'
,1&(1',(3285
&211$Ì75(/(65(675,&7,21628/(6(;,*(1&(6(10$7,Ê5('
,167$//$7,21(7'
,163(&7,21
&217$&7(= /
$'0,1,675$7,21 /2&$/( $'0,1,675$7,21 081,&,3$/( '8 %Æ7,0(17 3203,(56
6(59,&('(35e9(17,21'(6,1&(1',(6(7&32856$92,56,813(50,6(671e&(66$,5(
&(0$18(/(67e*$/(0(17',6321,%/((1)5$1d$,6&217$&7(=9275(&21&(66,211$,5(+$5
0$1/2&$/&(*8,'('
87,/,6$7,21(67',6321,%/((1)5$1d$,6&+(=9275(&21&(66,211$,5(
'(+$50$1+20(+($7,1*
&216(59(=&(6,16758&7,216
6SpFL¿FDWLRQVGXFRPEXVWLEOH
&RPEXVWLEOHHWHQWUHSRVDJHGXFRPEXVWLEOH
/D TXDOLWp GX FRPEXVWLEOH VRXV IRUPH GH JUDQXOpV SHXW
GpSHQGUHGHVRQIDEULFDQWHWYDULHUG¶XQVDFjXQDXWUH
+HDUWK +RPH 7HFKQRORJLHV UHFRPPDQGH G¶XWLOLVHU
XQLTXHPHQW OHV FRPEXVWLEOHV FHUWL¿pV 3), ,QVWLWXW GHV
FRPEXVWLEOHVVRXVIRUPHGHJUDQXOpV
0DWpULDXFRPEXVWLEOH
)DEULTXpVjSDUWLUGHVFLXUHHWRXGHFRSHDX[GHERLV
0DwVGHJUDQGHFXOWXUHpJUHQpPpODQJpDYHFGHV
JUDQXOpVGHERLV
/¶RULJLQHGXFRPEXVWLEOHGpWHUPLQHJpQpUDOHPHQWOD
WHQHXUHQFHQWUHV
SHXYHQW VH UHWUDQVIRUPHU HQ VFLXUH TXH OH V\VWqPH
G¶DOLPHQWDWLRQDXUDGHODSHLQHjDFKHPLQHUDXIR\HU
7DLOOH
/HVJUDQXOpVG¶XQGLDPqWUHGHjPPRX
/DORQJXHXUQHGRLWSDVGpSDVVHUPP
/D ORQJXHXU GHV JUDQXOpV SHXW YDULHU HQWUH OHV ORWV G¶XQ
PrPHIDEULFDQW
3HUIRUPDQFH
'HVJUDQXOpVjSOXVIRUWHWHQHXUHQFHQGUHVQpFHVVLWHURQW
GHVPDLQWHQDQFHVSOXVIUpTXHQWHV
/HVJUDQXOpVGH©KDXWHTXDOLWpªSURGXLVHQWOHPD[LPXP
GHFKDOHXU
6L YRXV EUOH] GHV JUDQXOpV G¶XQH ORQJXHXU GpSDVVDQW
PP O¶DOLPHQWDWLRQ HQ FRPEXVWLEOH HWRX O¶DOOXPDJH
SHXYHQWrWUHLUUpJXOLHUV
0DWpULDX[jWHQHXUHQFHQGUHVpOHYpH
%RLVGXUVDYHFXQHWHQHXUHQPLQpUDX[pOHYpH
eFRUFHHWIHXLOOHVXWLOLVpHVFRPPHFRPEXVWLEOHVVRXUFHV
*UDQXOpV © VWDQGDUG ª PDwV HW DXWUHV FRPEXVWLEOHV GH
1RXV YRXV UHFRPPDQGRQV G¶DFKHWHU YRWUH FRPEXVWLEOH
ELRPDVVH
HQ JURVVHV TXDQWLWp VL FHOD HVW SRVVLEOH 7RXWHIRLV QRXV
0DWpULDX[jWHQHXUHQFHQGUHVEDVVH
YRXV UHFRPPDQGRQV G¶HVVD\HU SOXVLHXUV PDUTXHV DYDQW
%RLVWHQGUHSLQVDSLQHWF
G¶DFKHWHUXQSURGXLWHQJURVVHVTXDQWLWpV
&RPEXVWLEOHVDYHFXQHWHQHXUHQPLQpUDX[SOXVEDVVH
$77(17,21%UOHUGHVFRPEXVWLEOHVWHOVTXHGXFKDUERQ
*UDQXOpVGH©SUHPLqUHªTXDOLWp
ULVTXHGHSURGXLUHGXPRQR[\GHGHFDUERQHJD]TXLSHXW
0DwVGHJUDQGHFXOWXUHpJUHQp
rWUH 0257(/ 1H MDPDLV EUOHU GHV FRPEXVWLEOHV DXWUHV
/¶KXPLGLWpGRLWrWUHpJDOHRXLQIpULHXUHj
TXHFHX[¿JXUDQWVXUO¶pWLTXHWWHGHVpFXULWpGXSRrOH
'RLWrWUHSXUHWQHFRQWHQLUDXFXQGpFKHW
4XDQGYRXVSDVVH]GHVJUDQXOpVGHERLVjXQPpODQJHGH
'RLWrWUHPpODQJpDYHFGHVJUDQXOpVGHERLVMXVTX
j PDwVJUDQXOpV LO HVW JpQpUDOHPHQW QpFHVVDLUH GH 5e*/(5
/HV PRUFHDX[ GH WLJH OHV UpVLGXV H[WUrPHPHQW ¿QV HW /¶$/,0(17(85 VXU XQH SRVLWLRQ SOXV EDVVH /RUVTXH
OHVUpVLGXVG¶pSLVGHPDwVSHXYHQWERXFKHURXEORTXHU OD GHPDQGH GH FKDOHXU HVW PD[LPXP YpUL¿H] TX¶DXFXQ
O¶DOLPHQWDWHXU
JUDQXOpVQRQEUOpVQHWRPEHQWGDQVOHEDFjFHQGUHV
$77(17,211HEUOH]SDVGHFRPEXVWLEOHFRQWHQDQW
(QWUHSRVDJH
GHVDGGLWLIVWHOVTXHO¶KXLOHGHVRMD
&RQVHUYH]OHVJUDQXOpVGHERLVGDQVOHXUVDFG
RULJLQHj
,OVULVTXHQWGHSURYRTXHUXQLQFHQGLHGDQVODWUpPLH
IHUPHWXUHpWDQFKHMXVTX¶jOHXUXWLOLVDWLRQ
&HODULVTXHG¶HQGRPPDJHUOHSURGXLW
/H PDwV pJUHQp GRLW rWUH VWRFNp GDQV GHV UpFLSLHQWV
/LVH] OD OLVWH GHV LQJUpGLHQWV ¿JXUDQW VXU O¶HPEDOODJH 6L
IHUPpVKHUPpWLTXHPHQWSRXUOHSURWpJHUGHO
KXPLGLWpHW
YRXVDFKHWH]GXPDwVGHJUDQGHFXOWXUHOHVHXOLQJUpGLHQW
GHVDQLPDX[QXLVLEOHV
OLVWpGRLWrWUHOHPDwV
1¶HQWUHSRVH]SDVOHFRPEXVWLEOHGDQVOHVGpJDJHPHQWV
$9(57,66(0(17'DQJHUG¶HPSRLVRQQHPHQWFKLPLTXH
GHVpFXULWp RXGDQV OHVHQGURLWV RLOSRXUUDLW JrQHU OH
1HEUOH]3$6OHPDwVGHVHPHQFHWUDLWp
QHWWR\DJHHWODPDLQWHQDQFHGHURXWLQH
/HV SHVWLFLGHV FKLPLTXHV VRQW GDQJHUHX[ YRLU PRUWHOV
TXDQGLOVVRQWDYDOpV
%UOHUGXPDwVGHVHPHQFHWUDLWpDQQXOHUDODJDUDQWLHGX
SURGXLW
$77(17,21
6FRULHV
4XDQG LOV VRQW FKDXIIpV OHV PDWpULDX[ LQRUJDQLTXHV HW
OHVDXWUHVPDWpULDX[QRQFRPEXVWLEOHVWHOVTXHOHVDEOHVH
WUDQVIRUPHQWHQVXEVWDQFHVYLWUHXVHVDSSHOpHVVFRULHV
/HFRQWHQXHQPDWpULDX[LQRUJDQLTXHVGHVDUEUHVGpSHQG
GH OHXU SURYHQDQFH &¶HVW SRXUTXRL FHUWDLQV FRPEXVWLEOHV
SURGXLVHQWGDYDQWDJHGHPkFKHIHU
+XPLGLWp
%UOH] WRXMRXUV GHV FRPEXVWLEOHV VHFV 6L YRXV EUOH]
GHV FRPEXVWLEOHV WUqV KXPLGHV LO IDXGUD GH O¶pQHUJLH
SRXU OHV VpFKHU FH TXL GLPLQXHUD OH SRXYRLU FDORUL¿TXH
GHV FRPEXVWLEOHV 'HV JUDQXOpV GH FRPEXVWLEOH KXPLGHV
7HVWpHWDSSURXYpSRXUrWUHXWLOLVp6(8/(0(17DYHF
GHVJUDQXOpVGHERLVRXXQPpODQJHGHPDwVpJUHQp
HWGHJUDQXOpVGHERLV/¶XWLOLVDWLRQG¶DXWUHVW\SHVGH
FRPEXVWLEOHVHQWUDvQHUDO¶DQQXODWLRQGHODJDUDQWLH
$9,6
+HDUWK+RPH7HFKQRORJLHVQ¶DFFHSWHDXFXQH
UHVSRQVDELOLWpTXDQWjODSHUIRUPDQFHGXSRrOHRXj
O
HQWUHWLHQVXSSOpPHQWDLUHH[LJpHQUDLVRQGHO
XWLOLVDWLRQ
G¶XQFRPEXVWLEOHjSOXVJUDQGHWHQHXUHQFHQGUHVRXHQ
PLQpUDX[
3RrOHjJUDQXOpV;;9
&HWWHpWLTXHWWHHVWVLWXpHjO
DUULqUHGXSRrOH
9HXLOOH]FRSLHUOHQXPpURGHVpULHHWOH
FRQVHUYHUSRXUYRXV\UpIpUHUXOWpULHXUHPHQW
63
e&
,0
(1
1XPpURGHVpULH
3RrOHjJUDQXOpV;;9
,QWURGXFWLRQ
1RXVYRXVUHPHUFLRQVG
DYRLUDFKHWpOHSRrOHjJUDQXOpV+DUPDQ;;9/HSRrOHjJUDQXOpV+DUPDQ;;9HVWOHVXPPXP
GHO
pOpJDQFHLODOOLHGHVIRQFWLRQQDOLWpVVDQVpJDOXQHJUDQGHFRPPRGLWpHWXQH¿DELOLWpLQFRPSDUDEOH
/HGHVLJQWUqVpWXGLpGX;;9FDSWLYHUDFKDTXHIR\HU/HVIHXLOOHVGHFKrQH¿QHPHQWFLVHOpHVVRQWG
XQHJUDQGHTXDOLWp
G
H[pFXWLRQHWIRQWGHFHSRrOHXQYpULWDEOHFKHIG
°XYUH/HVSLqFHVPRXOpHVG
XQHJUDQGHEHDXWpVRQWIDEULTXpHV
DX[eWDWV8QLV
&RQVWUXLWFRQIRUPpPHQWDX[QRUPHVULJRXUHXVHVGH+DUPDQOH;;9HVWOHSOXVVRSKLVWLTXpGHWRXVOHVSRrOHVjJUDQXOpV
+DUPDQ%DVpVXUODWHFKQRORJLH+DUPDQEUHYHWpHHQPDWLqUHGHSRrOHVjJUDQXOpVFHSRrOHGXqPHDQQLYHUVDLUH
YDHQFRUHSOXVORLQ/HFRXYHUFOHGHWUpPLHHQYHUUHYRXVSHUPHWGHYRLUOHQLYHDXGHFRPEXVWLEOHWDQGLVTXHODYLWUH
IURQWDOHUpÀpFKLVVDQWHGHYLHQWWUDQVSDUHQWHVRXVO
HIIHWGHODOXPLQDQFHGXIHX
8QQRXYHDXFRQFHSWGX;;9ODSRVVLELOLWpG
XWLOLVHUO
RSWLRQGpSDUWIXPpHVGHVVXV*UkFHjFHWWHLQQRYDWLRQOH;;9
SHXWUHPSODFHUDLVpPHQWXQSRrOHjERLVHQSODoDQWO
DGDSWDWHXUGpSDUWIXPpHVSDUGHVVXVOHGpSDUWIXPpHVDUULqUH
7RXWHVQRVFDUDFWpULVWLTXHVSUpIpUpHVVHUHWURXYHQWGDQVOH;;9OHVSOXVKDXWHVLQQRYDWLRQVHQPDWLqUHGHSRrOHj
JUDQXOpVHWOHVW\OHWUqVVRLJQpGHODIRQWH
3RXU YRWUH VpFXULWp /RUV GH O¶LQVWDOODWLRQ G¶XQ SRrOH
SRXUFRPEXVWLEOHVVROLGHVLOHVWpJDOHPHQWUHFRPPDQGp
G¶LQVWDOOHU GHV GpWHFWHXUV GH IXPpH HW GH PRQR[\GH GH
FDUERQHjFKDTXHpWDJHGHODPDLVRQ'HODIXPpHSHXW
V¶pFKDSSHU GX SRrOH RX GHV RGHXUV SHXYHQW VH GpJDJHU
SHQGDQWOHSUHPLHUDOOXPDJHHQUDLVRQGHODFXLVVRQGHOD
SHLQWXUH,OHVWSUpIpUDEOHGHODLVVHUOHVIHQrWUHVRXYHUWHV
SHQGDQW OHV SUHPLqUHV KHXUHV GH FRPEXVWLRQ SRXU DpUHU
OD SLqFH HW pYLWHU OH GpFOHQFKHPHQW GHV GpWHFWHXUV GH
IXPpH7HVWH] UpJXOLqUHPHQW YRV GpWHFWHXUV GH IXPpH HW
GHPRQR[\GHGHFDUERQH
7DEOHGHVPDWLqUHV
0RQWDJHHWLQVWDOODWLRQ
,QVWDOODWLRQ 6RQGH(63GHFRPPDQGH
eYDFXDWLRQGHODIXPpH
5pJODJHGHODWHQVLRQGHWLUDJHEDV
)RQFWLRQQHPHQWDXWRPDWLTXH
)RQFWLRQQHPHQWPDQXHO 6RQGHLQWpULHXUH
(QWUHWLHQ
0RGqOH;;9
/DERUDWRLUHG
HVVDL2PQL7HVW/DERUDWRULHV
5DSSRUWQR6F
7\SH&KDXIIDJHG¶DPELDQFHjJUDQXOpV
3HXWpJDOHPHQWrWUHLQVWDOOpGDQVXQHPDLVRQPRELOH
1RUPHV$670(8/&6HW8/&
25'&0
2SWLRQV
'pSDQQDJH 6SpFL¿FDWLRQV
6FKpPDGHFkEODJH
5HPDUTXH&HWDSSDUHLOHVWpJDOHPHQWFHUWL¿pSRXU
XQHLQVWDOODWLRQHQDWHOLHU
3DQQHGHFRXUDQW
DOLPHQWDWLRQGHVHFRXUV
*DUDQWLH
&HUWL¿FDWLRQGXSRrOH
0RXQWDLQ+RXVH5RDG
+DOLID[3$
,QIRUPDWLRQVVXUOHEUODJHGXPDwV
/LVWHGHVSLqFHVGHUHFKDQJH
3RrOHjJUDQXOpV;;9
5(0$548(6,03257$17(6
/H FRPEXVWLEOH GRLW rWUH HQWUHSRVp GDQV XQ HQGURLW
IUDLVHWVHFORLQGXSRrOH1HVWRFNH]SDVOHFRPEXVWLEOH
GDQV OD ]RQH GH GpJDJHPHQW RX GDQV O
HVSDFH UHTXLV
SRXU OH FKDUJHPHQW GX FRPEXVWLEOH HWRX OH QHWWR\DJH
GHVFHQGUHV
$77(17,21
/(60$7e5,$8;,1)/$00$%/(6&200(/
+(5%(
/(6)(8,//(6(7&'2,9(176(75289(5¬81(
',67$1&( 0,1,080 '( &0 3,('6 '( /$
6257,('8&21'8,7'()80e(¬/¶(;7e5,(85
'8%Æ7,0(17
1
87,/,6(= 3$6 '( 3,Ê&(6 28 '( 62/87,216
,03529,6e(6/25648(9286,167$//(=&(32Ç/( 1(%5Ó/(=$8&81'e&+(728/,48,'(,1)/$00$%/(
7(/648('(/¶(66(1&('81$3+7(28'(/¶+8,/(
1
,167$//(=3$6'(5(*,675('(&21'8,7'$16/(
'(027(85
6<67Ê0('
e9$&8$7,21'(6*$='(&(7$33$5(,/
(QUDLVRQGHVWHPSpUDWXUHVpOHYpHVOHSRrOHGRLWrWUH
1(&211(&7(=3$6&(77(81,7e¬81&21'8,7 LQVWDOOp j O
pFDUW GHV ]RQHV GH SDVVDJH GHV PHXEOHV HW
'()80e(87,/,6e3$581$875($33$5(,/
GHVULGHDX[
$GXOWHVHWHQIDQWVGRLYHQWrWUHDOHUWpVGHVGDQJHUVGHV
$77(17,211(/(&211(&7(=¬$8&81(*$,1( VXUIDFHVFKDXGHVHWGRLYHQWVHWHQLUjO
pFDUWD¿QG
pYLWHUWRXW
286<67Ê0('(',675,%87,21'
$,5
ULVTXHGHEUOXUHDXVVLELHQGHODSHDXTXHGHVYrWHPHQWV
$9(57,66(0(17
/(65(*$5'6/$3257('(9,'$*('(6
&(1'5(6(7/(&289(5&/('(/$75e0,('2,9(17
5(67(5)(50e63(1'$17/()21&7,211(0(17
$77(17,21
&+$8'3(1'$17/()21&7,211(0(17e/2,*1(=/(6
(1)$176 /(6 9Ç7(0(176 (7 /(6 0(8%/(6 7287
&217$&73(873529248(5'(6%5Ó/85(6
/HVHQIDQWVQHGRLYHQWSDVrWUHODLVVpVVDQVVXUYHLOODQFH
ORUVTX
LOVVRQWGDQVODPrPHSLqFHTXHOHSRrOH
1HSRVH]DXFXQYrWHPHQWQLDXFXQPDWpULDXFRPEXVWLEOH
VXUOHSRrOHRXjSUR[LPLWp
/
LQVWDOODWLRQHWODUpSDUDWLRQGHFHSRrOH+DUPDQGRLYHQW
rWUHHIIHFWXpHVSDUXQHSHUVRQQHTXDOL¿pH,OHVWFRQVHLOOp
GHIDLUHLQVSHFWHUOHSRrOHDYDQWXVDJHHWDXPRLQVXQHIRLV
SDUDQSDUXQHSHUVRQQHTXDOL¿pH8QQHWWR\DJHSpULRGLTXH
HVWUHTXLVGXUDQWODVDLVRQGHFKDXIIDJHHWjOD¿QGHFKDTXH
KLYHUD¿QGHJDUDQWLUOHERQIRQFWLRQQHPHQWGXSRrOH9RLU
OHVLQVWUXFWLRQVGHQHWWR\DJH
0RQWDJHHWLQVWDOODWLRQ
'pÀHFWHXUGHÀDPPHV
,QVWDOOH] OH GpÀHFWHXU
GH IODPPHV HQ IRQWH
DXGHVVXV GX SRW GH
FRPEXVWLRQ $VVXUH]
YRXVTXHOHGpÀHFWHXU
GH IODPPHV HVW ELHQ
SRVp VXU OHV SDURLV
YHUWLFDOHV GX SRW GH
FRPEXVWLRQ HW TXH
O
DUULqUH GX GpÀHFWHXU
UHSRVH FRQWUH OD EULGH
GHPRQWDJHGXSRWGH
FRPEXVWLRQ
,QVWDOOH]OHFRQGXLWGHIXPpHHQUHVSHFWDQW
VFUXSXOHXVHPHQWOHVGpJDJHPHQWVVSpFL¿pV
SDUOHIDEULFDQW&HUWDLQHVPDUTXHVGHFRQGXLWGH
IXPpHSRXUJUDQXOpVH[LJHQWXQGpJDJHPHQWGH
FPSDUUDSSRUWDX[FRPEXVWLEOHVWDQGLV
TXHG
DXWUHVQHUHTXLqUHQWTXHFP
3RrOHjJUDQXOpV;;9
)LJXUH
/H FRUGRQ pOHFWULTXH HVW UDQJp j O
LQWpULHXU GX SDQQHDX GH
UHFRXYUHPHQWDUULqUHJDXFKH3RXUUHWLUHUOHFRUGRQGHVVHUUH]
OHVGHX[ERXORQVjWrWHKH[DJRQDOHGHHWIDLWHVFRXOLVVHU
OHSDQQHDXYHUVO
H[WpULHXU
,QVWDOODWLRQ
,QVWDOODWLRQ
,QVWDOOHUOHSRrOHVXUXQHSURWHFWLRQGHVROQRQFRPEXVWLEOHTXLVHSURORQJH
G
DXPRLQVSRXFHVPPjO
DYDQWSRXFHVPPDXGHOjGHV
F{WpVHWGHSRXFHVPPjO
DUULqUHGDQVO
DOLJQHPHQWGHO
DUULqUHGH
SRPP
ODWUpPLH/HVPHVXUHVGHO
DYDQWHWGHVF{WpVGHODSURWHFWLRQGHVROGRLYHQW
rWUHSULVHVjSDUWLUGXIR\HURXGHO
RXYHUWXUHGHIHQrWUH/DSURWHFWLRQGHVRO
GRLWpJDOHPHQWrWUHSODFpHVRXVOHFDUQHDXKRUL]RQWDOHWVHSURORQJHUGH
SRXFHVPPDXGHOjGHFKDTXHF{WpGHODFRQGXLWH
SR
5(0$548(SRXULQVWDOODWLRQFDQDGLHQQHXQLTXHPHQW&RQIRUPpPHQW
PP
jODQRUPH8/&6VLOHSRrOHHVWLQVWDOOpVXUXQSODQFKHUFRPEXVWLEOH
XWLOLVHUXQHSURWHFWLRQGHVROQRQFRPEXVWLEOHSRXUFRXYULUOD]RQHVRXVOH
UDGLDWHXUTXLGRLWVHSURORQJHUG
DXPRLQVSRPPDXGHOjGX
F{WpGHFKDXIIHHWG
DXPRLQVSRPPDXGHOjGHVDXWUHVF{WpV
)LJ
8WLOLVHUXQHSURWHFWLRQGHVROHQW{OHGHFDOLEUHDXPLQLPXP,OHVW
pJDOHPHQWSRVVLEOHG
XWLOLVHUGHVFDUUHDX[GHFpUDPLTXHGHVSLHUUHVGHV
EULTXHVRXDXWUHFRPPHSURWHFWLRQGHVRO
([LJHQFHVGH
eORLJQHU DXWDQW TXH SRVVLEOH OH SRrOH GHV PXUV FRPEXVWLEOHV FRPPH LOOXVWUp
SURWHFWLRQGXVRO
GDQVOHV¿JXUHVHW
1RWHUTXHOHVGpJDJHPHQWVLOOXVWUpVFRUUHVSRQGHQWDX[GpJDJHPHQWVGHVpFXULWp
- &{WpV
PLQLPXPPDLVQHODLVVHQWSDVEHDXFRXSGHSRVVLELOLWpG
DFFqVSRXUOHQHWWR\DJH
RXO
HQWUHWLHQ&HFLGRLWrWUHSULVHQFRQVLGpUDWLRQORUVGXSODFHPHQWGXSRrOH
. $YDQW
%UDQFKHUOHFRUGRQG
DOLPHQWDWLRQjXQHSULVHjODWHUUH9&$HW+]
,OHVWUHFRPPDQGpG
XWLOLVHUXQOLPLWHXUGHVXUWHQVLRQSRXUSURWpJHUODFDUWHGH
/ $UULqUH
FLUFXLWLPSULPp6
DVVXUHUpJDOHPHQWTXHODSRODULWpGHODSULVHGHFRXUDQWj
ODTXHOOHOHSRrOHHVWEUDQFKpHVWFRUUHFWH
$YDQW G
LQVWDOOHU OH FDUQHDX UDFFRUGHU XQ UpJXODWHXU DXWRPDWLTXH GH WLUDJH
3URWHFWLRQGX
7RXUQHU OH FDGUDQ GX UpJXODWHXU GH O
DOLPHQWDWLRQ VXU © 7HVW ª (QUHJLVWUHU OD
VROPLQLPDOH
SUHPLqUH OHFWXUH 5DFFRUGHU OH FDUQHDX DX SRrOH HW V
DVVXUHU TXH WRXWHV OHV
SR;SR
SRUWHVHWOHVIHQrWUHVGHODPDLVRQVRQWIHUPpHV(QUHJLVWUHUODGHX[LqPHOHFWXUH
PP;PP
GXWLUDJHBBBBBBB6LODGHX[LqPHOHFWXUHHVWLQIpULHXUHjODSUHPLqUHOHFWXUH
GHSOXVGHSRYpUL¿HUOHVUHVWULFWLRQVSRVVLEOHVRXOHEHVRLQG
DLUH[WpULHXU
5(0$548(/D
YRLUSDJH3RXUSOXVG
LQIRUPDWLRQVVXUODSURFpGXUHGHWHVWGXWLUDJHVH
PHVXUH©.ªDpWp
UHSRUWHUjODSDJH
,QVWDOODWLRQGDQVXQHPDLVRQPRELOH
3OXVLHXUV H[LJHQFHV GRLYHQW rWUH UHVSHFWpHV SRXU LQVWDOOHU OH SRrOH GDQV XQH
PDLVRQPRELOH6HUHSRUWHUjOD5pJOHPHQWDWLRQ+8'1&)5
/HSRrOHGRLWrWUHERXORQQpDXVRO8WLOLVHUGHVDWWDFKHVSLqFHVQ%
HWGHVYLVWLUHIRQGGHSR
/HSRrOHGRLWrWUHUDFFRUGpjXQHFRQGXLWHG
DLUH[WpULHXU9RLUSDJH
/DSURWHFWLRQGHVROHWOHVGpJDJHPHQWVGRLYHQWrWUHUHVSHFWpVFRPPHLOOXVWUp
FLGHVVXV
/HSRrOHGRLWrWUHPLVjODWHUUHSDUO
LQWHUPpGLDLUHGHODVWUXFWXUHPpWDOOLTXH
GHODPDLVRQPRELOH
/DFKHPLQpHGRLWrWUHFRQIRUPHDX[H[LJHQFHVGHODQRUPH&$18/&6
UHODWLYHVDX[FKHPLQpHVSUpIDEULTXpHV&6XLYUHOHVGLUHFWLYHVGXIDEULFDQW
VHUDSSRUWDQWjODKDXWHXUHWDX[GpJDJHPHQWVSDUUDSSRUWDX[FRPEXVWLEOHV
8WLOLVHUOHVPrPHVFRPSRVDQWVGXIDEULFDQWSRXUFUpHUXQSDUHYDSHXUHI¿FDFH
DX[HQGURLWVRODFKHPLQpHRXG¶DXWUHVFRPSRVDQWVUHMRLJQHQWO¶H[WpULHXUGHOD
PDLVRQPRELOH1(3$60e/$1*(5'(6&20326$176'(',))e5(176
)$%5,&$176/DKDXWHXUGHODSDUWLHVXSpULHXUHGHODFKHPLQpHHWGXFKDSHDX
GHFKHPLQpHGpSDVVDQWODOLPLWHGHSRGRLWrWUHDPRYLEOHSRXUIDFLOLWHUOH
WUDQVSRUWGHODPDLVRQPRELOH
$77(17,21/HSRrOHGRLWrWUHYHQWLOpVXUO
H[WpULHXU
$77(17,21
/
,17e*5,7e6758&785$/('862/'(63$52,6(7'8
3/$)21'72,7'(/$0$,62135e)$%5,48e(1('2,73$6
Ç75($))$,%/,(3$5/
,167$//$7,21'8)2<(5
SR
PP
SR
PP
)LJ
e8
&DQDGD
PP
PP
PP
/
SULVHjSDUWLUGHOD
YLWUHDX[e7$76
81,681,48(0(17
-
e7$7681,6
3527(&7,21'862/
.
-
&$1$'$
SR
PP
SRPP
GXWX\DXDX
PXU
SRPP
GHO
DUULqUHGH
ODYHQWLODWLRQ
GXFRQGXLW
GHIXPpH
VXSpULHXUDX
PXU
$9(57,66(0(17
1(3$6,167$//(5'$1681(&+$0%5(¬&28&+(5
)LJ'pJDJHPHQWVGXWX\DXGHYHQWLODWLRQVXSpULHXUHQRSWLRQ
3RrOHjJUDQXOpV;;9
eYDFXDWLRQGHODIXPpH
([LJHQFHVFRQFHUQDQWO
pYDFXDWLRQGHODIXPpH
$9(57,66(0(17/
H[WUpPLWpGXFRQGXLWGHIXPpHQHGRLW
SDVrWUHHQFDVWUpHGDQVOHPXURXOHEDUGDJH
5(0$548( 1
XWLOLVH] TXH GHV SDVVHPXUV G
pYDFXDWLRQ
LQWpJUDX[GH+DUPDQUpIRXGHVSDVVHPXUV
GHFRQGXLWGHIXPpHDJUppV3/HWGHVFRXSHIHX[GRLYHQWrWUH
XWLOLVpVORUVTXHOHFLUFXLWG
pYDFXDWLRQWUDYHUVHGHVPDWpULDX[
FRPEXVWLEOHV
5(0$548( /RUV GH OD PLVH HQ SODFH GH O
H[WUpPLWp GX
FRQGXLWGHIXPpHSUHQH]WRXMRXUVHQFRPSWHOHVHIIHWVGXYHQW
SUpGRPLQDQWD¿QGHQHSDVSURYRTXHUGHFHQGUHVYRODQWHV
RXGHIXPpH
'HSOXVUHVSHFWH]OHVSRLQWVVXLYDQWV
$ /H GpJDJHPHQW DXGHVVXV GX QLYHDX PR\HQ GX VRO GRLW
rWUHG
DXPRLQVFP
% /H GpJDJHPHQW SDU UDSSRUW j XQH SRUWH RX XQH IHQrWUH
RXYUDEOHGRLWrWUHG
DXPRLQVFPVXUOHF{WpFP
DXGHVVXVGHODSRUWHIHQrWUHHWFPHQGHVVRXV
GHODIHQrWUHDYHFSULVHG
DLUH[WpULHXULQVWDOOpHFP
VXUOHF{WpRXVRXVODIHQrWUHSRUWH
& ,O HVW UHFRPPDQGp GH ODLVVHU XQ GpJDJHPHQW GH FP
SDUUDSSRUWjXQHIHQrWUHIHUPpHHQSHUPDQHQFHD¿Q
G
pYLWHUODIRUPDWLRQGHFRQGHQVDWLRQGHVVXV
'/HGpJDJHPHQWYHUWLFDOSDUUDSSRUWjXQHVRXVIDFHYHQWLOpH
VLWXpH DXGHVVXV GH O
H[WUpPLWp GX FRQGXLW j XQH GLVWDQFH
KRUL]RQWDOHPD[LPXPGHFPSLHGVGHO
D[HGHO
H[WUpPLWp
GRLWrWUHG
DXPRLQVFP
(/HGpJDJHPHQWSDUUDSSRUWjXQHVRXVIDFHQRQYHQWLOpH
GRLWrWUHG
DXPRLQVFP
) /H GpJDJHPHQW HQWUH OH FHQWUH GX FRQGXLW HVW XQ FRLQ
H[WpULHXUGRLWrWUHG
DXPRLQVFP
*/HGpJDJHPHQWSDUUDSSRUWjXQFRLQLQWpULHXUGRLWrWUHGH
FP
+1
LQVWDOOH]SDVXQFRQGXLWGHIXPpHjPRLQVGHFPSLHGV
DXGHVVXVG
XQFRPSWHXUUpJXODWHXUGHJD]GLVWDQFHPHVXUpHj
SDUWLUGHODOLJQHPpGLDQHKRUL]RQWDOHGXFRPSWHXUUpJXODWHXU
([WUpPLWpGXFRQGXLWGHIXPpH
3RrOHjJUDQXOpV;;9
3ULVHG
DLU
, /H GpJDJHPHQW SDU UDSSRUW j OD VRUWLH G
pYDFXDWLRQ G
XQ
UpJXODWHXUGHVHUYLFHGRLWrWUHG
DXPRLQVFPSLHGV
- /H GpJDJHPHQW SDU UDSSRUW j XQH HQWUpH G
DLU QRQ
PpFDQLTXH GX EkWLPHQW RX XQH HQWUpH G
DLU GH FRPEXVWLRQ
G
XQDXWUHDSSDUHLOGRLWrWUHG
DXPRLQVFP
./HGpJDJHPHQWSDUUDSSRUWjXQHHQWUpHG
DLUPpFDQLTXH
GRLWrWUHG
DXPRLQVPSLHGV
$YHFSULVHG
DLUH[WpULHXUHLQVWDOOpHFPSLHGV
/ /H GpJDJHPHQW DXGHVVXV G¶XQ WURWWRLU RX G
XQH DOOpH
JRXGURQQpH VLWXpH HQ WHUUDLQ SXEOLF GRLW rWUH G
DX PRLQV
FPSLHGV
0/HGpJDJHPHQWVRXVXQHYpUDQGDXQSRUFKHXQHWHUUDVVH
RXXQEDOFRQGRLWrWUHG
DXPRLQVFP%6
DSSOLTXH
pJDOHPHQW
5(0$548(/HGpJDJHPHQWSDUUDSSRUWjODYpJpWDWLRQHWj
G
DXWUHVFRPEXVWLEOHVH[WpULHXUVSDLOOLVSDUH[HPSOHGRLWrWUH
G
DXPRLQVFPPHVXUpjSDUWLUGXFHQWUHGHODVRUWLH
RXGHO
DEDWYHQW&HUD\RQGHFPFRQWLQXHMXVTX
DX
QLYHDXGXVRORXDXPRLQVFPSLHGVVRXVODVRUWLH
/HVGpJDJHPHQWVH[LJpVSHXYHQWYDULHUHQIRQFWLRQGHV
FRGHVHWUqJOHPHQWVFDQDGLHQVHWRXORFDX[
8QFRQGXLWGHIXPpHXWLOLVpSDUGHX[PDLVRQVQHGRLWSDV
VH WHUPLQHU GLUHFWHPHQW DXGHVVXV GX WURWWRLU RX GH O
DOOpH
JRXGURQQpHTXLOHVVpSDUH
$XWRULVpXQLTXHPHQWVLODYpUDQGDOHSRUFKHODWHUUDVVH
RXOHEDOFRQVRQWHQWLqUHPHQWRXYHUWVVXUDXPRLQVF{WpV
VRXVOHSODQFKHU
5(0$548(/HUDFFRUGGHFKHPLQpHQHGRLWSDVWUDYHUVHU
XQJUHQLHUGHVFRPEOHVXQHDUPRLUHRXXQHVSDFHIHUPp
VLPLODLUHXQSODQFKHURXXQSODIRQG
5(0$548($X&DQDGDSRXUWUDYHUVHUXQPXURXXQH
FORLVRQ HQ PDWpULDX FRPEXVWLEOH O
LQVWDOODWLRQ GRLW rWUH
HQFRQIRUPLWpDYHFODQRUPH&$1&6$%&DQDGD
=RQHRO
H[WUpPLWpGXFRQGXLWGHIXPpHQHSHXWSDVrWUHLQVWDOOpH
eYDFXDWLRQGHODIXPpH
5(0$548(,03257$17(
'HV FRQGXLWV GH IXPpH SRXU SRrOHV j JUDQXOpV
KRPRORJXpVRXGRLYHQWrWUHXWLOLVpVVDXIHQ
FDV G
LQVWDOODWLRQ G
XQ DGDSWDWHXU GpSDUW IXPpHV
GHVVXVGHFPHQRSWLRQ
(Q FDV G
XWLOLVDWLRQ G
XQ DGDSWDWHXU SRXU GpSDUW
IXPpHGHFPLOHVWUHFRPPDQGpG
LQVWDOOHU
XQ FRQGXLW GH IXPpH GH FP j UDFFRUGV
pWDQFKHVOHVMRLQWVjYHUURXG
DFFURFKDJHQHVRQW
SDVUHFRPPDQGpV¿[H]OHVMRLQWVjO
DLGHG
DX
PRLQVYLVHWpWDQFKpL¿H]jO
DLGHGHVLOLFRQHKDXWH
WHPSpUDWXUH'DQVFHUWDLQVFDVLOVHUDQpFHVVDLUH
G¶pTXLSHU OD FKHPLQpH H[LVWDQWH G¶XQH GRXEOXUH
SRXUREWHQLUXQWLUDJHDGpTXDW
$77(17,21
1(&211(&7(=¬$8&81(*$,1(28
6<67Ê0('(',675,%87,21'
$,5
)LJ
SUHVVLRQVWDWLTXHSRVLWLYH
SUHVVLRQVWDWLTXHQpJDWLYH
eYDFXDWLRQGHODIXPpH
8QYHQWLODWHXUGHWLUDJHHVWXWLOLVpSRXUH[WUDLUHOHVJD]
GHFRPEXVWLRQGXIR\HU/HYHQWLODWHXUFUpHXQHGpSUHVVLRQ
GDQV OH IR\HU HW XQH SUHVVLRQ SRVLWLYH GDQV OH V\VWqPH
G
pYDFXDWLRQ GH OD IXPpH FRPPH LOOXVWUp VXU OD ¿JXUH 3OXV OH FRQGXLW GH IXPpH HVW ORQJ HW SOXV LO FRPSRUWH GH
FRXGHVSOXVODUpVLVWDQFHjO
pFRXOHPHQWGHVJD]HVWpOHYpH
(QFRQVpTXHQFHLOHVWUHFRPPDQGpG
XWLOLVHUOHPRLQVGH
FRXGHV SRVVLEOH HW XQ FRQGXLW GH IXPpH G
XQH ORQJXHXU
LQIpULHXUHRXpJDOHjPSLHGV/DSRUWLRQKRUL]RQWDOH
ODSOXVJUDQGHQHGRLWSDVGpSDVVHUP6LYRXVDYH]
EHVRLQG
XQFRQGXLWGHSOXVGHPSLHGVDXJPHQWH]
OHGLDPqWUHLQWpULHXUGHjFPjD¿QGHUpGXLUH
ODUpVLVWDQFHjO
pFRXOHPHQWGHVJD]3RXUOHSDVVDJHGX
FRQGXLW GH IXPpH j WUDYHUV GHV PXUV HW GHV SODIRQGV
FRPEXVWLEOHVYHLOOH]jXWLOLVHUGHVFRQGXLWVGHIXPpH
SRXUSRrOHjJUDQXOpVKRPRORJXpV/
XWLOLVDWLRQG
XQFROOLHU
GH GpPDUUDJH Q
HVW SDV WRXMRXUV QpFHVVDLUH /H SUHPLHU
WURQoRQGXFRQGXLWGHIXPpHGRLWrWUH¿[pjODEXVHGXSRrOH
DYHFDXPRLQVDWWDFKHV/HVGHX[DWWDFKHVIRXUQLHVVRQW
GH W\SH DXWRSHUFHXVH 7RXWHIRLV HQ UDLVRQ GH O
pSDLVVHXU
GXPDWpULDXLOHVWUHFRPPDQGpGHSHUFHUXQDYDQWWURXGH
SRXUFKDTXHYLV6XLYH]OHVLQVWUXFWLRQVGXIDEULFDQW
GXFRQGXLWSRXULQVWDOOHUFRUUHFWHPHQWFKDTXHUDFFRUG
&RQGXLWGHIXPpH
/HFRQGXLWGHIXPpHGXSRrOHjJUDQXOpVJpQpUDOHPHQW
GpQRPPp FRQGXLW GH IXPpH / RX 3/ FRPSUHQG GHX[
FRXFKHVVpSDUpHVSDUXQ¿OPG
DLU&H¿OPG
DLUMRXHOHU{OH
G
LVRODQWTXLUpGXLWODWHPSpUDWXUHGHODVXUIDFHH[WpULHXUHD¿Q
GHSHUPHWWUHXQGpJDJHPHQWLQIpULHXURXpJDOjFP
'DQVODSOXSDUWGHVFDVOHVWURQoRQVGHFRQGXLWV
HPERvWHQW
HQWUHQWHX[GHPDQLqUHjrWUHpWDQFKHVjO
DLU7RXWHIRLVLO
HVWSDUIRLVLPSRVVLEOHG
REWHQLUXQHpWDQFKpLWpSDUIDLWH3RXU
FHWWHUDLVRQHWpWDQWGRQQpTXHOH;;9IRQFWLRQQHDYHFXQH
SUHVVLRQG
pYDFXDWLRQSRVLWLYHDMRXWH]pJDOHPHQWGHVMRLQWV
GHVLOLFRQHDXQLYHDXGHVMRQFWLRQV
7RXV OHV UDFFRUGV GX FRQGXLW GRLYHQW rWUH DWWDFKpV SDU
WURLVYLVDXPLQLPXP1RXVQHVRXOLJQHURQVMDPDLVDVVH]
O
LPSRUWDQFH G
DVVXUHU OD SDUIDLWH pWDQFKpLWp GHV MRLQWV
HW MRQFWLRQV GX V\VWqPH G
pYDFXDWLRQ VLWXp j O
LQWpULHXU
GX GRPLFLOH 8QH IXLWH SHXW VH SURGXLUH SDU OH PRLQGUH
SHWLW WURX G
pSLQJOH HW VL FHOD DUULYDLW YRXV QRWHULH] XQH
RGHXU GH IXPpH RX GH FUpRVRWH GDQV OD SLqFH 'DQV FH
FDV UHFKHUFKH] OD IXLWH /HV IXLWHV VRQW SOXV IDFLOHPHQW
GpWHFWDEOHVDXGpPDUUDJH9RXVSRXYH]DXVVLXWLOLVHUGHV
JUDQXOpVIXPLJqQHVSRXUWHVWHUO
pYDFXDWLRQGHODIXPpHHW
XQHpYHQWXHOOHIXLWHDYDQWG
DOOXPHUOHSUHPLHUIHX
,167$//(=/(&21'8,7'()80e((1
5(63(&7$17/(6'e*$*(0(176'211e6
3$5/()$%5,&$17
3RrOHjJUDQXOpV;;9
eYDFXDWLRQGHODIXPpH
eYLWHUODIXPpHHWOHVRGHXUV
/HÀH[LEOHG
DLUIUDLV
VHUDFFRUGHLFL
7X\DXÀH[LEOH
SLqFHUpI
SLHGV
)LJ
&DSRWLQWpULHXUSLqFH
UpI
5pJODEOHSRXUXQHpSDLVVHXUGHPXU
HQWUHFPHWFP
0RLWLpH[WpULHXUH
0RLWLpLQWpULHXUH
)LJ
3DVVHPXUG
pYDFXDWLRQLQWpJUDO
/HSDVVHPXUGLUHFWG
pYDFXDWLRQGHODIXPpHGH+DUPDQ
SLqFH UpI IDFLOLWH O
LQVWDOODWLRQ GH YRWUH SRrOH
jJUDQXOpVDYHFXQHSULVHG
DLUH[WpULHXU,ODVVXUHjODIRLV
ODSURWHFWLRQPXUDOHQpFHVVDLUHSRXUO
pYDFXDWLRQHWSHUPHW
G
DYRLU XQH VRXUFH G
DLU SRXU OD FRPEXVWLRQ ,OHVWFRQVWUXLW
GHPDQLqUHjSRXYRLUrWUHPRQWpVXUGHVPXUVG
pSDLVVHXU
FRPSULVHHQWUHFPHWFPSHUFpVG
XQH
RXYHUWXUHFDUUpHGHFP
$X&DQDGDODQRUPH8/&6H[LJHTXHWRXVOHV
DSSDUHLOVPpQDJHUVGRWpVXQHSULVHG¶DLUH[WpULHXUVRLHQW
¿[pVjODVWUXFWXUH
3RrOHjJUDQXOpV;;9
3UHVVLRQQpJDWLYHDUUrWHWSDQQHGHFRXUDQW
3RXUGLPLQXHUOHULVTXHGHUHIRXOHPHQWGHODIXPpH
RX GH UpLQÀDPPDWLRQ GX IR\HU j JUDQXOpV SHQGDQW
XQHSDQQHGHFRXUDQWRXO
DUUrWGXSRrOHXQWLUDJH
QDWXUHOGRLWH[LVWHUPrPHVLOHYHQWLODWHXUGHWLUDJHQH
IRQFWLRQQH SDV 8QH SUHVVLRQ QpJDWLYH GDQV OD PDLVRQ
HQWUDYHUDOHWLUDJHQDWXUHOjPRLQVG
HQWHQLUFRPSWHORUV
O
LQVWDOODWLRQGXSRrOH
/
DLUFKDXGPRQWHGDQVODPDLVRQHWV
pFKDSSHSDUOH
KDXW &HW DLU FKDXG GRLW rWUH UHPSODFp SDU GH O
DLU IURLG
SURYHQDQWGHO
H[WpULHXUHWTXLFLUFXOHGDQVODSDUWLHEDVVH
GHODPDLVRQ/HVpYHQWVHWOHVFKHPLQpHVVLWXpVDXVRXV
VROHWGDQVOHVSDUWLHVEDVVHVGHODPDLVRQSHXYHQWVHUYLU
jDPHQHUGHO
DLUIUDLVGHSXLVOHKDXWGHODPDLVRQ
$LUH[WpULHXU
+DUPDQ +RPH +HDWLQJ HW +HDUWK +RPH
7HFKQRORJLHV UHFRPPDQGHQW YLYHPHQW GH SUpYRLU
XQH HQWUpH G
DLU IUDLV GDQV WRXWHV OHV LQVWDOODWLRQV
HQSDUWLFXOLHUVLHOOHVVRQWVLWXpHVDXVRXVVROHWDX
UH]GHFKDXVVpH
/HVFRGHVGXEkWLPHQWH[LJHQWTXHWRXVOHVDSSDUHLOV
EUODQWGXFRPEXVWLEOHVRLHQWDOLPHQWpVHQDLUFRPEXUDQW
6L O
DLU FRPEXUDQW IRXUQL j FHUWDLQV FKDXIIDJHV HVW
LQVXI¿VDQWFHX[FLSHXYHQWUHIRXOHUODIXPpH
4XDQGO
pYDFXDWLRQV
HIIHFWXHSDUXQPXUODWpUDO,OHVW
SUpIpUDEOHTXHODSULVHG¶DLUVRLWSODFpHVXUOHPXUH[WpULHXU
GXPrPHF{WpTXHODVRUWLHGXFRQGXLWGHIXPpHPDLV
HQGHVVRXV
4XDQGO
pYDFXDWLRQV
HIIHFWXHSDUOHWRLW,OHVWSUpIpUDEOH
GHSODFHUODSULVHG
DLUVXUOHPXUH[WpULHXUVLWXpIDFHDX
YHQWSUpGRPLQDQWVRXIÀDQWSHQGDQWODVDLVRQGHFKDXIIDJH
/D SULVH G
DLU IUDLV GRLW UpSRQGUH QRQ VHXOHPHQW DX[
EHVRLQVGXSRrOHjJUDQXOpVPDLVDXVVLjO
HQVHPEOHGHV
EHVRLQVGHODPDLVRQ,OHVWSRVVLEOHTXHG
DXWUHVDSSDUHLOV
GRPHVWLTXHVFRQVRPPHQWXQHSDUWLHGHO
DLUUpVHUYpDX
SRrOHHQSDUWLFXOLHUGXUDQWXQHSDQQHGHFRXUDQW'DQV
FH FDV GHV SULVHV G¶DLU VXSSOpPHQWDLUHV GRLYHQW rWUH
LQVWDOOpHV SUqV GX IR\HU &RQVXOWH] XQ VSpFLDOLVWH ORFDO
HQFKDXIIDJHHWFOLPDWLVDWLRQSRXUFRQQDvWUHOHVEHVRLQV
GHYRWUHPDLVRQ
3RXULQVWDOOHUODSULVHG
DLUH[WpULHXUXWLOLVH]XQÀH[LEOH
QRQFRPEXVWLEOHG
XQGLDPqWUHLQWHUQHGHFP
'pFRXYUH]OHWURXVLWXpVXUOHSDQQHDXDUULqUHGXSRrOH
SRXUSRXYRLUUDFFRUGHUOHÀH[LEOH/DORQJXHXUPD[LPDOH
GHFHÀH[LEOHHVWGHPSLHGV6LYRXVDYH]EHVRLQ
G
XQÀH[LEOHSOXVORQJDXJPHQWH]OHGLDPqWUHLQWHUQHj
FP/HFRXYHUFOHLQWpULHXUSLqFHUpI
GRLWrWUHXWLOLVpSRXUHPSrFKHUOHVRLVHDX[OHVURQJHXUV
HWFG
HQWUHUGDQVOHWX\DXVDXIVLOHSDVVHPXU+DUPDQ
HVWXWLOLVp
eYDFXDWLRQGHODIXPpH
$9,6
8WLOLVH]H[FOXVLYHPHQWGHVFRPSRVDQWVVSpFL¿pVSDUOHIDEULFDQWGHFRQGXLWGHIXPpHRXOHIDEULFDQWGXSRrOH
\FRPSULVHQFHTXLFRQFHUQHOHSDVVHPXUHWODFRXURQQH/
XWLOLVDWLRQGHFRPSRVDQWVLQDGDSWpVRXGHIRUWXQH
SRXUOHFLUFXLWG
pYDFXDWLRQULVTXHGHSURYRTXHUGHVGpJDJHPHQWVGHIXPpHRXG
DFFURvWUHOHGDQJHUG
LQFHQGLH
0pWKRGHSULYLOpJLpHQ
FPSLHGV
SDUUDSSRUWDX[
PDWpULDX[
FRPEXVWLEOHV
&HWWH PpWKRGH SHUPHW XQH H[FHOOHQWH pYDFXDWLRQ GH
OD IXPpH HQ FRQGLWLRQV QRUPDOHV HW SHUPHW O
LQVWDOODWLRQ
GXSRrOHSOXVSUqVGXPXU/HFRQGXLWSHXWrWUHLQVWDOOpj
FPGXPXUPDLVLOHVWUHFRPPDQGpGHODLVVHUXQH
GLVWDQFH GH FP SRXU IDFLOLWHU O
DFFqV DX SDQQHDX
DUULqUH/DSDUWLHYHUWLFDOHGXFRQGXLWGHIXPpHGRLWPHVXUHU
GHjPjSLHGV&HWWHVHFWLRQYHUWLFDOHSHUPHW
GHJDUDQWLUXQWLUDJHQDWXUHOHQFDVGHSDQQHGHFRXUDQW
5HPDUTXH1HSRVH]DXFXQMRLQWGDQVOHVSDVVHPXUV
/D]RQHRPEUDJpHUHSUpVHQWHOH
GpJDJHPHQWPLQLPXPSDUUDSSRUWDX[ FPPLQHQWUHOHPXU
PDWpULDX[FRPEXVWLEOHVWHOVTXHOHV HWODVRUWLH
EXLVVRQVSDLOOLVRXKHUEHVKDXWHV
)LJ
FPSLHGV
SDUUDSSRUWDX[PDWpULDX[FRPEXVWLEOHV
)LJ
0pWKRGHSULYLOpJLpHQ
&HWWH PpWKRGH SHUPHW pJDOHPHQW XQH H[FHOOHQWH pYD
FXDWLRQ GH OD IXPpH HQ FRQGLWLRQV QRUPDOHV PDLV H[LJH
O
LQVWDOODWLRQGXSRrOHSOXVORLQGXPXU/DSDUWLHYHUWLFDOHGX
FRQGXLWGHIXPpHGRLWPHVXUHUGHjPjSLHGV
HWGRLWrWUHjDXPRLQVFPGHWRXWPXUFRPEXVWLEOH
&HWWHVHFWLRQYHUWLFDOHSHUPHWGHJDUDQWLUXQWLUDJHQDWXUHO
HQFDVGHSDQQHGHFRXUDQW
6LOHSRrOHHVWLQVWDOOpHQGHVVRXVGXQLYHDXGXVROYHLOOH]
jFHTXHODVRUWLHGXFRQGXLWGHIXPpHVHWURXYHjDXPRLQV
FPSLHGV
SDUUDSSRUWDX[ FPDXGHVVXVGXQLYHDXGXVRO/DVRUWLHGRLWDXVVL
PDWpULDX[
rWUHjFPSLHGGXPXUH[WpULHXUGHO
KDELWDWLRQ
FRPEXVWLEOHV
5HPDUTXH1HSRVH]DXFXQMRLQWGDQVOHVSDVVHPXUV
$77(17,21
0DLQWHQH]WRXVOHVPDWpULDX[ULVTXDQWG
rWUH
DIIHFWpVSDUOHVKDXWHVWHPSpUDWXUHVGHVJD]
GHFRPEXVWLRQjDXPRLQVFPSLHGV
GHO
H[WUpPLWpGHFRQGXLWGHIXPpH
)LJ
FPSLHGV
SDUUDSSRUWDX[PDWpULDX[FRPEXVWLEOHV
3RrOHjJUDQXOpV;;9
eYDFXDWLRQGHODIXPpH
0pWKRGH±,QVWDOODWLRQGDQVXQH
FKHPLQpHH[LVWDQWH
&HWWH PpWKRGH SHUPHW XQH H[FHOOHQWH pYDFXDWLRQ GH
OD IXPpH HQ FRQGLWLRQV QRUPDOHV &HWWH PpWKRGH SHUPHW
pJDOHPHQWGHJDUDQWLUXQWLUDJHQDWXUHOHQFDVGHSDQQHGH
FRXUDQW 6L O
pWDW GH OD FKHPLQpH HVW GRXWHX[ YRXV SRXYH]
LQVWDOOHUXQHGRXEOXUHFRPPHGDQVOHFDVGHODPpWKRGHQ
/D FKHPLQpH GRLW rWUH LQVSHFWpH HW QHWWR\pH DYDQW
O
LQVWDOODWLRQGXSRrOH6LYRXVFRQVWDWH]TXHODFKHPLQpHQ
D
SDVGHFKHPLVHHQWHUUHFXLWHRXTXHODFKHPLVHHVW¿VVXUpH
RXpFDLOOpHLQVWDOOH]XQHFKHPLVHHQDFLHULQR[\GDEOHGDQV
ODFKHPLQpH'DQVODSOXSDUWGHVFDVOHGLDPqWUHLQWHUQHGH
FHWWHGRXEOXUHGRLWrWUHGHFP,OHVWSRVVLEOHG
XWLOLVHU
XQHGRXEOXUHDXVVLELHQULJLGHTXHVRXSOH5HSRUWH]YRXVj
ODPpWKRGH
9HLOOH]jLQVWDOOHUOHFRQGXLWGHIXPpHGHIDoRQjSRXYRLU
OHQHWWR\HUIDFLOHPHQW
$9(57,66(0(17
/$&+(0,1e((7/(5$&&25''(
&+(0,1e('2,9(17Ç75(0$,17(186
35235(6(7(1%21e7$7
)LJ
0pWKRGHQ±,QVWDOODWLRQGDQVXQHFKHPLQpH
H[LVWDQWHDYHFDGDSWDWHXUGHGpSDUWIXPpH
GHVVXVGHFPSLHGVHQRSWLRQ
&HWWHPpWKRGHSHUPHWGHUDFFRUGHUGLUHFWHPHQWXQFRQGXLW
GHIXPpHGHFPSLHGVjSDURLXQLTXHHQWUHOHKDXWGX
SRrOHHWODFKHPLQpHHQPDoRQQHULHRXGHFODVVH$
&HWWH PpWKRGH HVW VRXKDLWDEOH SRXU OHV SHUVRQQHV TXL
UHPSODFHQWXQSRrOHjERLVRXjFKDUERQHWGRQWODPDLVRQ
SRVVqGHGpMjXQHFKHPLQpH
7286/(65$&&25'6'(&21'8,7'2,9(17
Ç75(9,66e63$5752,69,6$80,1,080
FP
(QWUHOHFRQGXLW
HWOHPXU
3RrOHjJUDQXOpV;;9
)LJ
/$&+(0,1e('2,7&219(1,5¬/$&20%867,21
'(&20%867,%/(662/,'(6
eYDFXDWLRQGHODIXPpH
0pWKRGHQ±,QVWDOODWLRQGDQVXQ
IR\HUH[LVWDQWeWDWV8QLVHW&DQDGD
&HWWHPpWKRGHSHXWrWUHDGRSWpHDYHFRXVDQVGRXEOXUH
GHFRQGXLWGHIXPpH6DQVGRXEOXUHO
HVSDFHDXWRXUGX
UHJLVWUHGRLWrWUHVFHOOpDXPR\HQG
XQHSODTXHG
DFLHU8QH
LVRODWLRQQRQFRPEXVWLEOHODLQHGHYHUUHODLQHPLQpUDOH
RXLVRODWLRQpTXLYDOHQWHSHXWrWUHLQVWDOOpHVXUODSODTXH
G
DFLHU SRXU UpGXLUH OD FRQGHQVDWLRQ DX PLQLPXP 'DQV
FHWWH PpWKRGH XQ FKDSHDX GRLW pJDOHPHQW rWUH LQVWDOOp
VXUODFKHPLQpHSRXUODSURWpJHUGHODSOXLH
$X[eWDWV8QLVHWDX&DQDGDLOHVWSDUIRLVH[LJpTXHOH
FRQGXLWG
pYDFXDWLRQGHODIXPpHDLOOHMXVTX
HQKDXWGHOD
FKHPLQpHFRQIRUPpPHQWjODUpJOHPHQWDWLRQ8/&6
9HLOOH]jXWLOLVHUGHVUDFFRUGVKRPRORJXpVGHFRQGXLW
G
pYDFXDWLRQSRXUSRrOHjJUDQXOpV3UpYR\H]GHVMRLQWV
HQVLOLFRQHRXGHVEDQGHVG
DOXPLQLXPHQSOXVGXV\VWqPH
G
pWDQFKpLWpXWLOLVpSDUOHIDEULFDQW6LYRXVXWLOLVH]FHWWH
PpWKRGHDXJPHQWH]jFPODWDLOOHGXFRQGXLW
$9(57,66(0(17
/$&+(0,1e((7/(5$&&25''(
&+(0,1e('2,9(17Ç75(0$,17(186
35235(6(7(1%21e7$7
)LJ
0pWKRGHQ±,QVWDOODWLRQGDQV
XQHFKHPLQpHH[LVWDQWHeWDWV8QLV
HW&DQDGD
&HWWH PpWKRGH SHUPHW XQH H[FHOOHQWH pYDFXDWLRQ GH
ODIXPpHHQFRQGLWLRQVQRUPDOHV&HWWHPpWKRGHSHUPHW
pJDOHPHQWGHJDUDQWLUXQWLUDJHQDWXUHOHQFDVGHSDQQH
GHFRXUDQW
$YHF FHWWH PpWKRGH LO IDXW LQVWDOOHU XQH GRXEOXUH GH
FPVXUWRXWHODORQJXHXUGXFRQGXLWGHIXPpH$YHF
XQHGRXEOXUHULJLGHRXVRXSOHXQFKDSHDXGRLWpJDOHPHQW
rWUHLQVWDOOpVXUODFKHPLQpHSRXUODSURWpJHUGHODSOXLH
7286/(65$&&25'6'(&21'8,7'2,9(17
Ç75(9,66e63$5752,69,6$80,1,080
/$&+(0,1e('2,7&219(1,5¬/$&20%867,21
'(&20%867,%/(662/,'(6
)LJ
3RrOHjJUDQXOpV;;9
eYDFXDWLRQGHODIXPpH
0pWKRGH Q ,QVWDOODWLRQ GDQV XQH
FKHPLQpH H[LVWDQWH DYHF XQ FRQGXLW
G
pYDFXDWLRQ SRXU SRrOH j JUDQXOpV GH
FPDVVRFLpjXQWX\DXGHSRrOH
jVLPSOHRXGRXEOHSDURLGHRXFP
RX
&HWWHPpWKRGHSHUPHWjO
LQVWDOODWHXUG
XWLOLVHUXQWX\DX
GHSRrOHjVLPSOHRXGRXEOHSDURLGHRXFPRX
MRLQWpWDQFKHPDLVSDVjYHUURXG
DFFURFKDJHHWXQH
FKHPLQpHHQPDoRQQHULHRXGHFODVVH$H[LVWDQWHSRXU
O
pYDFXDWLRQGHODIXPpHGXSRrOH
/HSRrOHGRLWXWLOLVHUXQHpYDFXDWLRQSRXUJUDQXOpVHW
XQFRXGHjGHJUpVjSDUWLUGXUDFFRUGGHSRrOHSXLVXQ
DGDSWDWHXUGHFRQGXLWDJUppSRXUO
DMXVWHPHQWjODWDLOOH
GXFRQGXLWG
pYDFXDWLRQTXLVHSURORQJHGDQVOHUDFFRUG
GH FKHPLQpH /H VRXWLHQ GH O
HQVHPEOH GRLW UHVSHFWHU
WRXWHVOHVUHFRPPDQGDWLRQVGHVIDEULFDQWVGHVFRQGXLWV
HWUDFFRUGV
(QUDLVRQGHODQDWXUHGXFRPEXVWLEOHOHVGpJDJHPHQWV
HQWUHOHFRQGXLWG
pYDFXDWLRQHWODWUpPLHGRLYHQWUHVSHFWHU
OHVGLUHFWLYHVpGLFWpHVSDUOH1)3$RXOHVUpJOHPHQWDWLRQV
ORFDOHV
)LJ
FPPLQ
$9(57,66(0(17
0LWUH
/$&+(0,1e((7/(5$&&25''(
&+(0,1e('2,9(17Ç75(0$,17(186
35235(6(7(1%21e7$7
6ROLQ
FPPLQ
FPPLQ
(QWUHWRLVH HW VXSSRUW
SDUHIHX[ GX IDEULFDQW
GHFRQGXLWVG
pYDFXDWLRQ
SRXUSRrOHVjJUDQXOpV
FPPLQ
$XFXQHLVRODWLRQ
RXDXWUHPDWpULDX
FRPEXVWLEOHQH
VRQWDXWRULVpVj
PRLQVGHFP
GXFRQGXLWGH
IXPpHGXSRrOHj
JUDQXOpV
FPPLQ
0pWKRGHQ±,QVWDOODWLRQjWUDYHUVOH
SODIRQG
3RXU IDLUH SDVVHU OH FRQGXLW GH IXPpH j WUDYHUV XQ
SODIRQGDXPR\HQG
XQSDVVHPXURXG
XQSDVVHSODIRQG
VXLYH]OHVUHFRPPDQGDWLRQVGHVIDEULFDQWVGHVFRQGXLWV
G
pYDFXDWLRQ 5HPDUTXH 1H SRVH] DXFXQ MRLQW GDQV
OHVSDVVHPXUV
7286/(65$&&25'6'(&21'8,7'2,9(17
Ç75(9,66e63$5752,69,6$80,1,080
/$&+(0,1e('2,7&219(1,5¬/$&20%867,21
'(&20%867,%/(662/,'(6
)LJ
3RrOHjJUDQXOpV;;9
eYDFXDWLRQGHODIXPpH
&RQ¿JXUDWLRQPLQLPDOH
GXFRQGXLWGHIXPpH
)LJ
FPPLQ
HQWUHOHPXUHWODVRUWLH
'pJDJHPHQWPLQDXGHVVXVGXQLYHDXGXVRO
8QHSULVHG
DLUIUDLVHVW
UHFRPPDQGpHGDQVFHWWH
FRQ¿JXUDWLRQGXFRQGXLWGHIXPpH
SRXUUpGXLUHOHVRGHXUVGHIXPpH
HWGHFUpRVRWHGDQVODSLqFHHQ
FDVGHFRXSXUHGHFRXUDQW
)LJ
'pJDJHPHQWPLQ
GHFP
DYHFWRXWPDWpULDX
VXVFHSWLEOHG
rWUH
DIIHFWpSDUOHVKDXWHV
WHPSpUDWXUHVGHVJD]
GHFRPEXVWLRQ
&RQ¿JXUDWLRQVGXFRQGXLWGHIXPpH
3RXUGLPLQXHUOHULVTXHGHUHIRXOHPHQWSHQGDQWXQDUUrW+HDUWK+RPH7HFKQRORJLHVUHFRPPDQGHYLYHPHQW
/
LQVWDOODWLRQGXFRQGXLWGHIXPpHDYHFXQWURQoRQYHUWLFDOG
DXPRLQVPSLHGVVHWHUPLQDQWGHSUpIpUHQFH
DXGHVVXVGHODOLJQHGHWRLWXUH
/
LQVWDOODWLRQG¶XQHSULVHG
DLUH[WpULHXUjDXPRLQVPSLHGVHQGHVVRXVGHODVRUWLHGXFRQGXLWGHIXPpH
3RXUpYLWHUTXHODVXLHQHVRXLOOHOHVPXUVH[WpULHXUVGHODPDLVRQRXTXHODVXLHRXGHVFHQGUHVQHSpQqWUHQWGDQV
ODPDLVRQ
0DLQWHQH]XQGpJDJHPHQWVXI¿VDQWDYHFOHVIHQrWUHVSRUWHVHWSULVHVG¶DLU\FRPSULVOHVFOLPDWLVHXUV
1HSODFH]SDVOHVGpERXFKpVGHVFRQGXLWVG¶GHIXPpHVRXVGHVVRI¿WHVYHQWLOpV/HFRQGXLWGRLWGpSDVVHUOHWRLW
eYLWH]G
pYDFXHUODIXPpHGDQVGHVDOF{YHV
/HVGpERXFKpVGHVFRQGXLWVGHIXPpHQHGRLYHQWSDVrWUHSODFpVVRXVOHVWRLWVHQVXUSORPEOHVWHUUDVVHVRXOHV
YpUDQGDV
0DLQWHQH]XQGpJDJHPHQWPLQLPXPGHFPHQWUHODVRUWLHGXFRQGXLWGHIXPpHHWOHPXUH[WpULHXU
6LGHVGpS{WVDSSDUDLVVHQWVXUOHPXUYRXVGHYUH]VDQVGRXWHDXJPHQWHUFHWWHGLVWDQFHSRXUWHQLUFRPSWHGHV
FRQGLWLRQVORFDOHV
+HDUWK+RPH7HFKQRORJLHVQ
DVVXPHDXFXQHUHVSRQVDELOLWpHWQ
RIIUHDXFXQHH[WHQVLRQGHJDUDQWLHHQ
FDVGHGRPPDJHVFDXVpVSDUODIXPpHUHIRXOpHSHQGDQWXQDUUrWRXXQHSDQQHGHFRXUDQW
3RrOHjJUDQXOpV;;9
