Download E MODULE COMPACT CRM BB MI Module
Transcript
0DQXHOG¶LQVWDOODWLRQ 0RGXOHK\GUDXOLTXH 02'8/(&203$&7&50%%0, 7$%/('(60$7,Ê5(6 ,1 7 52'8&7 , 2 1 *XLGHG¶LQVWUXFWLRQV 'HVFULSWLRQGHO¶DSSDUHLO 'LVSRVLWLIVGHVpFXULWp 3ODTXHVLJQDOpWLTXH 6FKpPDK\GUDXOLTXH &RQVLJQHVGHVpFXULWpHWUpJOHPHQWDWLRQV 'RFXPHQWDWLRQSURGXLW 'RFXPHQWVDVVRFLpV ([SOLFDWLRQGHVV\PEROHV &RQVLJQHVGHVpFXULWp 5pJOHPHQWDWLRQV 5HF\FODJH $SSDUHLO (PEDOODJH ,1 6 7$/ / $7 , 2 1 (PSODFHPHQWGHO¶DSSDUHLO ,QVWDOODWLRQGHO¶DSSDUHLO /LVWHGXPDWpULHOOLYUp 5HFRPPDQGDWLRQVDYDQWLQVWDOODWLRQ 'LPHQVLRQV 0RQWDJH &RQQH[LRQK\GUDXOLTXH &RQQH[LRQpOHFWULTXH 0LVHHQVHUYLFH 5pJODJHVVSpFL¿TXHV 0RQWDJHGHO KDELOODJH ,QIRUPDWLRQVXWLOLVDWHXU 0$ , 1 7 (1$1 & ( 'pSDQQDJH 0DLQWHQDQFH 3LqFHVGHUHFKDQJH 'RQQpHVWHFKQLTXHV ,1752'8&7,21 ,1752'8&7,21 (PSODFHPHQWGHODSODTXHVLJQDOpWLTXH *XLGHG¶LQVWUXFWLRQV 'RFXPHQWDWLRQSURGXLW /HPDQXHOIDLWSDUWLHLQWpJUDQWHGHO¶DSSDUHLOHWGRLWrWUHUHPLV jO¶XWLOLVDWHXUORUVTXHO¶DSSDUHLOHVWLQVWDOOpFRQIRUPpPHQWDX[ UpJOHPHQWDWLRQVHQYLJXHXU /LVH]FHPDQXHODWWHQWLYHPHQWD¿QGHFRPSUHQGUH O¶LQWpJUDOLWpGHVLQIRUPDWLRQVHWGHJDUDQWLUXQHLQVWDOODWLRQ XQHXWLOLVDWLRQHWXQHQWUHWLHQHQWRXWHVpFXULWp 1RXVGpFOLQRQVWRXWHUHVSRQVDELOLWpHQFDVGHGRPPDJHV RFFDVLRQQpVSDUOHQRQUHVSHFWGHVFRQVLJQHV¿JXUDQWGDQV OHSUpVHQWPDQXHO 'RFXPHQWVDVVRFLpV 1RWLFHG HPSORLGXPRGXOHK\GUDXOLTXH 0DQXHOG LQVWDOODWLRQGXV\VWqPH 1RWLFHVGHVDXWUHVpOpPHQWVGXV\VWqPH ([SOLFDWLRQGHVV\PEROHV a '$1*(55LVTXHGHEOHVVXUHFRUSRUHOOH e '$1*(55LVTXHGHFKRFpOHFWULTXH b $77(17,215LVTXHGHGpJUDGDWLRQGH O¶DSSDUHLORXGHVRQHQYLURQQHPHQW i /pJHQGH 3ODTXHVLJQDOpWLTXH /DSODTXHVLJQDOpWLTXHFRPSRUWHOHVpOpPHQWVVXLYDQWV OHQRPGXIDEULFDQW OHQXPpURGHVpULHGHO DSSDUHLO ODSUHVVLRQPD[LPDOHGXFLUFXLWFKDXIIDJH ODSUHVVLRQPD[LPDOHGXFLUFXLWSRPSHjFKDOHXU ODWHQVLRQG DOLPHQWDWLRQGHODSRPSH 6FKpPDK\GUDXOLTXH $ ,03257$17,QIRUPDWLRQXWLOH 'HVFULSWLRQGHO¶DSSDUHLO 'LVSRVLWLIVGHVpFXULWp 8QHVRXSDSHGHVpFXULWpHVWLQVWDOOpHVXUFHWDSSDUHLO % /DVRXSDSHGHVpFXULWpV RXYUHGqVTXHODSUHVVLRQGDQVOH FLUFXLWSRPSHjFKDOHXUGpSDVVHEDU[3D 3ODTXHVLJQDOpWLTXH /DSODTXHVLJQDOpWLTXHLQGLTXHOHSD\VRO¶DSSDUHLOGRLWrWUH LQVWDOOp * ) ( ' & /pJHQGH 5RELQHWGHUpJODJHGXGpELW 6RXSDSHGHVpFXULWp 5RELQHWYRLHVDYHFYDQQHG DUUrWSRXUOHUHPSOLVVDJH 5RELQHWYRLHVDYHFYDQQHG DUUrWSRXUOHUHPSOLVVDJH 0DQRPqWUH (FKDQJHXUjSODTXHV 3RPSH B6DXQLHU'XYDO ,1752'8&7,21 $ % & ' ( ) * 5RELQHWG DUUrWUHWRXUFLUFXLWFKDXGLqUH 5RELQHWG DUUrWGpSDUWFLUFXLWFKDXGLqUH &ODSHWDQWLUHWRXUGpSDUWFLUFXLWFKDXIIDJH &ODSHWDQWLUHWRXUHQVRUWLHGHO pFKDQJHXU &DSWHXUGHWHPSpUDWXUHGXGpSDUWFLUFXLWFKDXIIDJH 5RELQHWG DUUrWGpSDUWFLUFXLWFKDXIIDJH 5RELQHWG DUUrWUHWRXUFLUFXLWFKDXIIDJH 5HWRXUFLUFXLWFKDXGLqUH 'pSDUWFLUFXLWFKDXGLqUH 'pSDUWFLUFXLWFKDXIIDJH 5HWRXUFLUFXLWFKDXIIDJH (YDFXDWLRQGHODVRXSDSHGHVpFXULWp 5HWRXUFLUFXLWYHUVODSRPSHjFKDOHXU 'pSDUWFLUFXLWGHODSRPSHjFKDOHXU &RQVLJQHVGHVpFXULWpHW UpJOHPHQWDWLRQV e &RQVLJQHVGHVpFXULWp 8QHLQVWDOODWLRQLQFRUUHFWHSHXWSURYRTXHUXQ FKRFpOHFWULTXHYRLUHGpWpULRUHUO¶DSSDUHLO 9LGDQJH]O¶DSSDUHLOVLYRXVGHYH]UHPSODFHUGHVFRPSRVDQWV GXFLUFXLWK\GUDXOLTXH 3URWpJH]WRXVOHVFRPSRVDQWVpOHFWULTXHVGHO¶HDXORUVTXH YRXVLQWHUYHQH]VXUO¶DSSDUHLO 8WLOLVH]XQLTXHPHQWGHVSLqFHVGpWDFKpHVG¶RULJLQH 8WLOLVH]XQLTXHPHQWGHVMRLQWVWRULTXHVHWGHVMRLQWVQHXIV 9pUL¿H]O¶pWDQFKpLWpGHVFRQGXLWHVG¶HDXORUVTXHYRXVDXUH] UpDOLVpYRWUHLQWHUYHQWLRQ 3URFpGH]jXQWHVWGHIRQFWLRQQHPHQWHWYpUL¿H]ODVpFXULWp GXV\VWqPHXQHIRLVYRWUHLQWHUYHQWLRQWHUPLQpH 5pJOHPHQWDWLRQV /RUVGHO¶LQVWDOODWLRQHWGHODPLVHHQIRQFWLRQQHPHQWGH O¶DSSDUHLOOHVDUUrWpVGLUHFWLYHVUqJOHVWHFKQLTXHVQRUPHVHW GLVSRVLWLRQVFLGHVVRXVGRLYHQWrWUHUHVSHFWpVGDQVOHXUYHUVLRQ DFWXHOOHPHQWHQYLJXHXU 1RUPH1)&UHODWLYHjO¶LQVWDOODWLRQGHVDSSDUHLOV UDFFRUGpVDXUpVHDXpOHFWULTXH 1HGpVDFWLYH]MDPDLVOHVGLVSRVLWLIVGHVpFXULWpHWQ¶HVVD\H] MDPDLVG¶HQPRGL¿HUOHVUpJODJHV 1RUPH1)&UHODWLYHjO¶REOLJDWLRQGHUDFFRUGHPHQW GHVDSSDUHLOVpOHFWULTXHVjXQHSULVHGHWHUUH 3UHQH]LPSpUDWLYHPHQWHQFRQVLGpUDWLRQOHVWHFKQLTXHVHW SUpFDXWLRQVGHPDQXWHQWLRQVXLYDQWHV 5qJOHPHQW6DQLWDLUH'pSDUWHPHQWDO 6DLVLVVH]O DSSDUHLOSDUVDEDVH 6LQpFHVVDLUHSRUWH]GHVYrWHPHQWVGHSURWHFWLRQFRPPH GHVJDQWVGHSURWHFWLRQHWGHVFKDXVVXUHVGHVpFXULWp $VVXUH]YRXVTXHOHVWHFKQLTXHVXWLOLVpHVSRXUVRXOHYHU O¶DSSDUHLOJDUDQWLVVHQWYRWUHVpFXULWp 5HF\FODJH i /HUHF\FODJHGHO¶HPEDOODJHGRLWrWUHHIIHFWXpSDUOH SURIHVVLRQQHOTXDOL¿pTXLDLQVWDOOpO¶DSSDUHLO 0DLQWHQH]YRWUHGRVGURLW eYLWH]GHYRXVWRXUQHUDXQLYHDXGHODWDLOOH /¶DSSDUHLOHVWSULQFLSDOHPHQWFRQVWLWXpGHPDWpULDX[UHF\FODEOHV eYLWH]GHWURSSHQFKHUODSDUWLHVXSpULHXUHGHYRWUHFRUSV &HV\PEROHVLJQL¿HTXHFHWDSSDUHLOQHGRLW SDVrWUHMHWpDYHFOHVRUGXUHVPpQDJqUHVTX¶LO IDLWO¶REMHWG¶XQHFROOHFWHVpOHFWLYHHQYXHGHVD YDORULVDWLRQGHVDUpXWLOLVDWLRQRXGHVRQUHF\FODJH 8WLOLVH]WRXMRXUVODSDXPHGHODPDLQSRXUVDLVLUO¶DSSDUHLO 8WLOLVH]OHVSRLJQpHVFRQoXHVSRXUODPDQXWHQWLRQ 3ODFH]ODFKDUJHOHSOXVSUqVSRVVLEOHGHYRWUHFRUSV )DLWHVYRXVDLGHUGqVTXHFHODV¶DYqUHQpFHVVDLUH /¶XWLOLVDWHXUQHGRLWHQDXFXQFDVWRXFKHUQLUpJOHUOHV FRPSRVDQWVVFHOOpV /RUVGHVEUDQFKHPHQWVSRVLWLRQQH]FRUUHFWHPHQWOHVMRLQWV D¿QG¶pYLWHUWRXWULVTXHGHIXLWHG¶HDX $SSDUHLO &RQ¿H]O¶DSSDUHLOjXQSRLQWGHFROOHFWHDSSURSULpSRXUOH WUDLWHPHQWODYDORULVDWLRQOHUHF\FODJHGHVGpFKHWV&HSRLQW GHFROOHFWHGRLWDFFHSWHUOHVDSSDUHLOVD¿QGHOHVUpFXSpUHU SRXUOHVUHF\FOHUVRLWGDQVOHFHQWUHG¶pOLPLQDWLRQVRLWSDUXQ SUHVWDWDLUHDJUpp i (QUHVSHFWDQWFHWWHGLUHFWLYHYRXVIDLWHVXQ JHVWHSRXUO¶HQYLURQQHPHQWYRXVFRQWULEXH]j ODSUpVHUYDWLRQGHVUHVVRXUFHVQDWXUHOOHVHWjOD SURWHFWLRQGHODVDQWpKXPDLQH / DSSDUHLOFRQWLHQWGHVSLqFHVPpWDOOLTXHVFRPSRVDQWV (OOHVGRLYHQWrWUHPDQLSXOpHVHWQHWWR\pHVDYHFSUpFDXWLRQ 6R\H]SDUWLFXOLqUHPHQWDWWHQWLIVDX[ERUGVFRXSDQWV 5HVSHFWH]OHVFRQVLJQHVGHVpFXULWpGHEDVHDYDQWGHSURFpGHU jO¶HQWUHWLHQRXDXUHPSODFHPHQWGHVSLqFHVGpWDFKpHV 1RXVYRXVFRQVHLOORQVGHUHF\FOHUO¶HPEDOODJHGHO¶DSSDUHLOGH PDQLqUHUHVSRQVDEOH $UUrWH]O¶DSSDUHLO &RXSH]O¶DOLPHQWDWLRQpOHFWULTXHGHO¶DSSDUHLO 7ULH]OHVGpFKHWVGHPDQLqUHjVpSDUHUFHX[TXLSHXYHQW rWUHUHF\FOpVFDUWRQVSODVWLTXHVHWFHX[TXLQHSHXYHQW SDVrWUHUHF\FOpVFHUFODJH &RXSH]OHFLUFXLWK\GUDXOLTXHGHO¶DSSDUHLOjO¶DLGHGHV YDQQHVG¶LVROHPHQWOHFDVpFKpDQW (OLPLQH]FHVGpFKHWVFRQIRUPpPHQWjODUpJOHPHQWDWLRQHQ YLJXHXU B6DXQLHU'XYDO (PEDOODJH ,167$//$7,21 ,167$//$7,21 (PSODFHPHQWGHO¶DSSDUHLO $YDQWGHFKRLVLUO¶HPSODFHPHQWGHO¶DSSDUHLOOLVH] DWWHQWLYHPHQWOHVPLVHVHQJDUGHUHODWLYHVjODVpFXULWp DLQVLTXHOHVFRQVLJQHVGXPDQXHOG¶XWLOLVDWLRQHWGXPDQXHO G¶LQVWDOODWLRQ 9pUL¿H]TXHODVWUXFWXUHGXPXUVXUOHTXHOGRLWrWUHLQVWDOOp O¶DSSDUHLOSHUPHWGHVXSSRUWHUOHSRLGVGHO¶DSSDUHLO 9pUL¿H]TXHO¶HVSDFHGDQVOHTXHOGRLWrWUHSRVpO¶DSSDUHLO SHUPHWXQHLQVWDOODWLRQFRUUHFWHHWTXHO DFFHVVLELOLWpHVW UHVSHFWpH9RXVGHYH]YRXVDVVXUHUTXHOHVUDFFRUGV G DOLPHQWDWLRQHQHDXVRQWDFFHVVLEOHVSRXUrWUHYpUL¿pV &DGUHpFDUWHXU [ 6DFKHWG DFFHVVRLUHV -RLQWô 9LVGH¿[DWLRQGXFDGUHpFDUWHXU -RLQW [ [ [ [ 5HFRPPDQGDWLRQVDYDQWLQVWDOODWLRQ &RQFHSWLRQGXFLUFXLWFKDXIIDJH /HVpPHWWHXUVGHFKDOHXUSHXYHQWDXVVLELHQrWUHjEDVVH WHPSpUDWXUHSODQFKHUFKDXIIDQWUDGLDWHXUjFKDOHXUGRXFH TX jKDXWHWHPSpUDWXUHSDQQHDXHQDFLHU ,QVWDOODWLRQGHO¶DSSDUHLO /LVWHGXPDWpULHOOLYUp [ [ [ [ [ [ ([SOLTXH]FHVH[LJHQFHVjO¶XWLOLVDWHXU 6DFKHWGHGRFXPHQWV 0DQXHOG LQVWDOODWLRQGXV\VWqPH 0DQXHOG LQVWDOODWLRQGXPRGXOH 1RWLFHG HPSORLGXPRGXOH 'HPDQGHGHJDUDQWLH &DUWHSUHXYHG DFKDW 9pUL¿H]OHFRQWHQXGHVFROLV /¶DSSDUHLOGRLWrWUHLQVWDOOpGDQVXQHSLqFHSURWpJpHGXJHO 3UHQH]OHVSUpFDXWLRQVTXLV¶LPSRVHQW /HVVHFWLRQVGHVFDQDOLVDWLRQVVHURQWGpWHUPLQpHVHQXWLOLVDQW ODFRXUEHGpELWSUHVVLRQUHSRUWH]YRXVDXFKDSLWUH0LVHHQ VHUYLFH/HUpVHDXGHGLVWULEXWLRQVHUDFDOFXOpVHORQOHGpELW FRUUHVSRQGDQWjODSXLVVDQFHUpHOOHPHQWQpFHVVDLUHVDQV WHQLUFRPSWHGHODSXLVVDQFHPD[LPDOHTXHSHXYHQWIRXUQLUOHV JpQpUDWHXUVGHO LQVWDOODWLRQ /HWUDFpGHVWX\DXWHULHVVHUDFRQoXD¿QGHSUHQGUHWRXWHVOHV GLVSRVLWLRQVQpFHVVDLUHVSRXUpYLWHUOHVSRFKHVG¶DLUHWIDFLOLWHU OHGpJD]DJHSHUPDQHQWGHO¶LQVWDOODWLRQ'HVSXUJHXUVGHYURQW rWUHSUpYXVjFKDTXHSRLQWKDXWGHVFDQDOLVDWLRQVDLQVLTXHVXU WRXVOHVUDGLDWHXUV /HYROXPHG¶HDXWRWDODGPLVVLEOHSRXUOHFLUFXLWGHFKDXIIDJH GpSHQGHQWUHDXWUHVGHODFKDUJHVWDWLTXHjIURLGGXYDVH G H[SDQVLRQGHODFKDXGLqUH,OHVWUHFRPPDQGpGHSUpYRLUXQ URELQHWGHYLGDQJHDXSRLQWOHSOXVEDVGHO¶LQVWDOODWLRQ 'DQVOHFDVG¶XWLOLVDWLRQGHURELQHWVWKHUPRVWDWLTXHVLOHVW LPSpUDWLIGHQHSDVHQpTXLSHUODWRWDOLWpGHVUDGLDWHXUVHQYHLOODQW jSRVHUFHVURELQHWVGDQVOHVORFDX[jIRUWDSSRUWHWMDPDLVGDQV OHVORFDX[RVRQWLQVWDOOpVOHVWKHUPRVWDWVG¶DPELDQFH 6¶LOV¶DJLWG¶XQHDQFLHQQHLQVWDOODWLRQLOHVWLQGLVSHQVDEOHGH ULQFHUOHFLUFXLWUDGLDWHXUVDYDQWG¶LQVWDOOHUOHQRXYHODSSDUHLO 6LXQpOpPHQWGXV\VWqPHQ¶HVWSDVPLVHQSODFH LPPpGLDWHPHQWSURWpJH]OHVGLIIpUHQWVUDFFRUGVD¿QTXH SOkWUHHWSHLQWXUHQHSXLVVHQWFRPSURPHWWUHO¶pWDQFKpLWpGX UDFFRUGHPHQWXOWpULHXU /pJHQGH )DoDGHGXPRGXOHK\GUDXOLTXH [ [ 0RGXOHK\GUDXOLTXH &RQFHSWLRQGXFLUFXLWSRPSHjFKDOHXU /HWUDFpGHVWX\DXWHULHVVHUDFRQoXD¿QGHSUHQGUHWRXWHVOHV GLVSRVLWLRQVQpFHVVDLUHVSRXUpYLWHUOHVSRFKHVG¶DLUHWIDFLOLWHU OHGpJD]DJHSHUPDQHQWGHO¶LQVWDOODWLRQ'HVSXUJHXUVGHYURQW rWUHSUpYXVjFKDTXHSRLQWKDXWGHVFDQDOLVDWLRQV 3RXUpYLWHUWRXWHWUDQVPLVVLRQGHVYLEUDWLRQVDX[FRQVWUXFWLRQV HQYLURQQDQWHVXWLOLVH]GHVÀH[LEOHVSRXUOHVUDFFRUGVG HDX b &DORULIXJH]O¶HQVHPEOHGHVWX\DXWHULHVj O¶DLGHG¶XQLVRODQWUpVLVWDQWDX[89HWDX[ WHPSpUDWXUHVH[WUrPHV B6DXQLHU'XYDO ,167$//$7,21 'LPHQVLRQV i 0RGXOHK\GUDXOLTXH 0RQWDJH (QIRQFWLRQGHO LQVWDOODWLRQYRXVDYH]ODSRVVLELOLWp G LQVWDOOHUOHFDGUHpFDUWHXUOLYUpDYHFO DSSDUHLO $VVXUH]YRXVTXHOHVPDWpULDX[XWLOLVpVSRXUODUpDOLVDWLRQ GHO¶LQVWDOODWLRQVRQWFRPSDWLEOHVDYHFFHX[GHO¶DSSDUHLO 'pWHUPLQH]O¶HPSODFHPHQWGHPRQWDJH5HSRUWH]YRXVDX FKDSLWUH(PSODFHPHQWGHO DSSDUHLO /D¿[DWLRQGHO DSSDUHLOGHYUDrWUHDGDSWpHDX[ FDUDFWpULVWLTXHVGXPXUSRUWHXUHWGHYUDWHQLUFRPSWHGX SRLGVGHO DSSDUHLO )L[DWLRQDXPXUVDQVFDGUHpFDUWHXU i 3RLGVGHO DSSDUHLONJ &DGUHpFDUWHXU )L[H]O DSSDUHLOVXUOHPXUFRQIRUPpPHQWDXVFKpPDFL GHVVXV B6DXQLHU'XYDO ,167$//$7,21 )L[DWLRQDXPXUDYHFFDGUHpFDUWHXU &RQQH[LRQK\GUDXOLTXH i 8QHpWLTXHWWHVLWXpHjO LQWpULHXUGHODIDoDGHSHUPHW G LGHQWL¿HUOHVUDFFRUGHPHQWVK\GUDXOLTXHVGX PRGXOH /pJHQGH 0RGXOHK\GUDXOLTXH &DGUHpFDUWHXU 9LV /pJHQGH (WLTXHWWHGHUDFFRUGHPHQWK\GUDXOLTXH $ )L[H]OHFDGUHpFDUWHXUVXUOHPRGXOHK\GUDXOLTXHj O DLGHGHVYLV % /pJHQGH 2XWLOFRXSDQW 3LqFHPpWDOOLTXH i (QIRQFWLRQGHO LQVWDOODWLRQYRXVDYH]ODSRVVLELOLWp GHGpFRXSHUODSLqFHPpWDOOLTXHD¿QGHSDVVHU YRVUDFFRUGHPHQWVVXUOHF{WpGHO DSSDUHLO * ( ) ' & /pJHQGH $ 5HWRXUFLUFXLWFKDXGLqUHô % 'pSDUWFLUFXLWFKDXGLqUHô )L[H]O DSSDUHLOVXUOHPXUFRQIRUPpPHQWDXVFKpPDFLGHVVXV B6DXQLHU'XYDO ,167$//$7,21 & ' ( ) * 'pSDUWFLUFXLWFKDXIIDJHô 5HWRXUFLUFXLWFKDXIIDJHô (YDFXDWLRQGHODVRXSDSHGHVpFXULWp 5HWRXUFLUFXLWYHUVODSRPSHjFKDOHXU 'pSDUWFLUFXLWGHODSRPSHjFKDOHXU $YDQWG¶HIIHFWXHUWRXWHRSpUDWLRQSURFpGH]jXQQHWWR\DJH VRLJQpGHVFDQDOLVDWLRQVjO¶DLGHG¶XQSURGXLWDSSURSULp D¿QG¶pOLPLQHUOHVLPSXUHWpVWHOOHVTXHOLPDLOOHVVRXGXUHV KXLOHVHWJUDLVVHVGLYHUVHVSRXYDQWrWUHSUpVHQWHV&HV FRUSVpWUDQJHUVVHUDLHQWVXVFHSWLEOHVG¶rWUHHQWUDvQpVGDQV O¶DSSDUHLOFHTXLHQSHUWXUEHUDLWOHIRQFWLRQQHPHQW 1¶XWLOLVH]SDVGHSURGXLWVROYDQWjFDXVHGXULVTXH G¶HQGRPPDJHPHQWGXFLUFXLW /pJHQGH &kEOHGHODSRPSH 3UHVVHpWRXSHGXFkEOHGHODSRPSH &kEOHGXFDSWHXUGHWHPSpUDWXUHGpSDUWFKDXIIDJH 3UHVVHpWRXSHGXFkEOHGXFDSWHXUGHWHPSpUDWXUHGpSDUW FKDXIIDJH &RPSRVDQW 7HQVLRQG DOLPHQWDWLRQVHFWLRQGXFkEOH 3RPSH 9[PPð &DSWHXUGHWHPSpUDWXUH 9[PPð 3DVVH]OHFkEOHGHODSRPSHGDQVOHSUHVVHpWRXSH 5DFFRUGH]OHFkEOHVXUOHERUQLHU5(/GXERvWLHUGH JHVWLRQGHO LQVWDOODWLRQ 1HEUDVH]SDVOHVWXEXOXUHVPRQWpHVHQSODFH FHWWHRSpUDWLRQULVTXHG¶HQGRPPDJHUOHVMRLQWV 6HUUH]OHSUHVVHpWRXSH 1 XWLOLVH]TXHOHVMRLQWVG RULJLQHIRXUQLVDYHFO DSSDUHLO 3DVVH]OHFkEOHGXFDSWHXUGHWHPSpUDWXUHGDQVOH SUHVVHpWRXSH 9pUL¿H]TX LOQ \DSDVGHIXLWH5pSDUH]VLQpFHVVDLUH 5DFFRUGH]OHFkEOHVXUOHERUQLHU17&GXERvWLHUGH JHVWLRQGHO LQVWDOODWLRQ 6HUUH]OHSUHVVHpWRXSH &RQQH[LRQpOHFWULTXH e 8QHLQVWDOODWLRQLQFRUUHFWHSHXWSURYRTXHUXQ FKRFpOHFWULTXHYRLUHGpWpULRUHUO¶DSSDUHLO/H EUDQFKHPHQWpOHFWULTXHGHO¶DSSDUHLOQHGRLWrWUH HIIHFWXpTXHSDUXQSURIHVVLRQQHOTXDOL¿p /HFkEODJHH[WpULHXUGRLWrWUHUHOLpjODWHUUH/DSRODULWpGRLW rWUHFRUUHFWHHWFRQIRUPHDX[QRUPHVHQYLJXHXU 5( $ 5HSRUWH]YRXVDXPDQXHOG LQVWDOODWLRQGXV\VWqPHSRXU HIIHFWXHUODPLVHHQVHUYLFHGHO LQVWDOODWLRQ 17 & $ 0LVHHQVHUYLFH &RXUEHGpELWSUHVVLRQGHODSRPSH /HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVGHGRPPDJHV FDXVpVjGHVWLHUVSDUXQHPLVHjODWHUUHLQFRUUHFWHGH O¶DSSDUHLO&HODLQFOXWOHQRQUHVSHFWGHVQRUPHVHQYLJXHXU / % % /pJHQGH 9LWHVVH 9LWHVVHUpJODJHXVLQH $ 3UHVVLRQGLVSRQLEOHN3D % 'pELWGDQVOHFLUFXLWSRPSHjFKDOHXUOK 5pJODJHVVSpFL¿TXHV 5HSRUWH]YRXVDXPDQXHOG LQVWDOODWLRQGXV\VWqPHSRXU HIIHFWXHUOHVUpJODJHVGHO LQVWDOODWLRQ B6DXQLHU'XYDO 0$,17(1$1&( 0RQWDJHGHO KDELOODJH $VVXUH]YRXVTXHOHVURELQHWVG DUUrWVRQWRXYHUWV 9pUL¿H]OHERQIRQFWLRQQHPHQWGHVRUJDQHVGHUpJXODWLRQ H[WHUQHVWKHUPRVWDWG DPELDQFHVRQGHH[WpULHXUH 0DLQWHQDQFH 5HSRUWH]YRXVDXFKDSLWUH&RQVLJQHVGHVpFXULWpSRXU FRQVXOWHUODOLVWHGHVRSpUDWLRQVjHIIHFWXHUDYDQWGH SURFpGHUjODPDLQWHQDQFHGHO DSSDUHLO 5HSRUWH]YRXVDXPDQXHOG LQVWDOODWLRQGXV\VWqPHSRXU HIIHFWXHUODPLVHHQVHUYLFHGHO LQVWDOODWLRQ 0DLQWHQDQFHDQQXHOOH 9pUL¿H]OHERQIRQFWLRQQHPHQWGHVRUJDQHVGHVpFXULWp 9pUL¿H]ODSUHVVLRQGHVFLUFXLWV &RQWU{OH]O pWDQFKpLWpGHVUDFFRUGHPHQWV 9pUL¿H]TXHOHVFRPSRVDQWVGHO DSSDUHLOQHVRQWSDVXVpV RXFDVVpV 3LqFHVGHUHFKDQJH /pJHQGH )DoDGHGXPRGXOHK\GUDXOLTXH 0RGXOHK\GUDXOLTXH 'qVTXHOHVUpJODJHVGHO LQVWDOODWLRQVRQWWHUPLQpV HPERvWH]ODIDoDGHVXUOHPRGXOHK\GUDXOLTXH $¿QGHJDUDQWLUODVpFXULWpGXIRQFWLRQQHPHQWGHO¶DSSDUHLODLQVL TXHVDORQJpYLWpXWLOLVH]GHVSLqFHVG¶RULJLQHDJUppHVSDUOH IDEULFDQW i 8WLOLVH]XQLTXHPHQWGHVSLqFHVGpWDFKpHVG¶RULJLQH QHXYHVHWDJUppHVSDUOHIDEULFDQW $XWHUPHGHO¶LQVWDOODWLRQO¶LQVWDOODWHXUGRLW $VVXUH]YRXVTXHOHVSLqFHVGpWDFKpHVVRQWFRUUHFWHPHQW LQVWDOOpHVHWSRVLWLRQQpHVGDQVOHERQVHQV$SUqVWRXWH LQVWDOODWLRQGHSLqFHHWWRXWHQWUHWLHQFRQWU{OH]O¶DSSDUHLOHW YpUL¿H]TX¶LOIRQFWLRQQHFRUUHFWHPHQW H[SOLTXHUjO¶XWLOLVDWHXUOHIRQFWLRQQHPHQWGHO¶DSSDUHLO GHVGLVSRVLWLIVGHVpFXULWpHWVLQpFHVVDLUHIDLUHXQH GpPRQVWUDWLRQHWUpSRQGUHDX[TXHVWLRQV 'RQQpHVWHFKQLTXHV ,QIRUPDWLRQVXWLOLVDWHXU GRQQHUjO¶XWLOLVDWHXUWRXVOHVGRFXPHQWVUHODWLIVjO DSSDUHLO UHPSOLUOHVGRFXPHQWVOHFDVpFKpDQW LQIRUPHUO¶XWLOLVDWHXUVXUOHVSUpFDXWLRQVjSUHQGUHSRXUQH SDVHQGRPPDJHUOHV\VWqPHO¶DSSDUHLOHWOHORFDO UDSSHOHUjO¶XWLOLVDWHXUGHIDLUHHIIHFWXHUXQHQWUHWLHQDQQXHO 'HVFULSWLRQ 8QLWp 3UHVVLRQPD[GXFLUFXLWFKDXIIDJH 'pSDQQDJH 3D [ EDU 3D [ 9+] 9 +DXWHXU PP /DUJHXU PP 3URIRQGHXU PP NJ 3UHVVLRQPD[GXFLUFXLWSRPSHjFKDOHXU 7HQVLRQG DOLPHQWDWLRQGHODSRPSH 7HQVLRQG DOLPHQWDWLRQGXFDSWHXUGHWHPSpUDWXUH 0$,17(1$1&( 9DOHXU EDU 'LPHQVLRQV 3RLGVQHW $YDQWGHSURFpGHUjXQGLDJQRVWLFVSpFL¿TXHSURFpGH]DX[ YpUL¿FDWLRQVVXLYDQWHV 9pUL¿H]TX¶LOQ¶\DSDVGHFRXSXUHGXUpVHDXpOHFWULTXHHW TXHO¶DSSDUHLOHVWFRUUHFWHPHQWEUDQFKp B6DXQLHU'XYDO 6RXVUpVHUYHGHPRGL¿FDWLRQVWHFKQLTXHV 6$$XFDSLWDOGH(XURV 5&61$17(6 6,5(1 B 9$,//$17*5283)5$1&(6$ ©/H7HFKQLSROHªDYHQXH3DEOR3LFDVVR )RQWHQD\VRXV%RLVFHGH[±)UDQFH 7pOpSKRQH 7pOpFRSLH 6LWH,QWHUQHWZZZVDXQLHUGXYDOIU