Download Document d\Application Rock Up B Soudable
Transcript
/H *URXSH 6SpFLDOLVp Q ©7RLWXUHV &RXYHUWXUHV eWDQFKpLWpVª GH OD &RPPLVVLRQ FKDUJpHGHIRUPXOHUOHV$YLV7HFKQLTXHVDH[DPLQpOHPDUVODGHPDQGHUHODWLYH j O¶LVRODQW WKHUPLTXH QRQ SRUWHXU VXSSRUW G¶pWDQFKpLWp 5RFN 8S % 6RXGDEOH IDEULTXp HW GLVWULEXp SDU OD VRFLpWp 5RFNZRRO ,VRODWLRQ /H SUpVHQW GRFXPHQW DXTXHO HVW DQQH[p OH GRVVLHU WHFKQLTXH pWDEOL SDU OH GHPDQGHXU WUDQVFULW O¶DYLV IRUPXOp SDU OH *URXSH 6SpFLDOLVp Q ©7RLWXUHV &RXYHUWXUHV eWDQFKpLWpVª VXU OHV GLVSRVLWLRQV GH PLVH HQ °XYUHSURSRVpHVSRXUO¶XWLOLVDWLRQGXSURFpGpGDQVOHGRPDLQHG¶HPSORLYLVpHWGDQVOHV FRQGLWLRQV GH OD )UDQFH HXURSpHQQH &H GRFXPHQW DQQXOH HW UHPSODFH O¶$YLV 7HFKQLTXH HW0RG 'pILQLWLRQVXFFLQFWH $9,6 'HVFULSWLRQVXFFLQFWHGXSURFpGp 'RPDLQHG HPSORLDFFHSWp 3DQQHDX[ LVRODQWV QRQ SRUWHXUV HQ ODLQH PLQpUDOH GRQW XQH IDFH HVW UHFRXYHUWHGHELWXPHGHGLPHQVLRQV ,GHQWLTXHDXGRPDLQHSURSRVpSDUOH'RVVLHU7HFKQLTXH ORQJXHXU×ODUJHXU[PPHW[PP pSDLVVHXUVjPP XWLOLVDEOHV HQOLWVVLPSOHV RXHQOLWVVXSHUSRVpVDXGHVVXVGHSDQQHDX[5RFN8S%1XFI $YLV7HFKQLTXHFRQVWLWXDQWODFRXFKHLVRODQWHLQIpULHXUH ,OVV HPSORLHQWVXUpOpPHQWVSRUWHXUV HQ PDoRQQHULH FRQIRUPH j OD QRUPH 1) 3 UpI '78 HQFOLPDWGHSODLQHSHQWHQXOOHDGPLVHRXGHPRQWDJQH RX HQ EpWRQ FHOOXODLUH DXWRFODYp FRQIRUPH DX &DKLHU GX &67% G¶RFWREUH ©&RQGLWLRQV JpQpUDOHV G¶HPSORL GHV GDOOHV GHWRLWXUHHQEpWRQFHOOXODLUHDXWRFODYpDUPpHªGHSHQWH≥ &HW$YLVQHYLVHSDV OHVWHUUDVVHVHWOHV]RQHVWHFKQLTXHV $SSUpFLDWLRQVXUOHSURFpGp 6pFXULWpDXIHX 'DQV OHV ORLV HW UqJOHPHQWV HQ YLJXHXU OHV GLVSRVLWLRQV j FRQVLGpUHU SRXUOHVWRLWXUHVSURSRVpHVRQWWUDLWjODWHQXHDXIHXYHQDQWGHO H[Wp ULHXUHWGHO LQWpULHXU • 9LVjYLVGXIHXYHQDQWGHO¶H[WpULHXU OHV WRLWXUHVVRXV SURWHFWLRQ ORXUGH VRQWVXVFHSWLEOHV G¶XQFODVVH PHQW0 OHFODVVHPHQWGHWHQXHDXIHXGHVUHYrWHPHQWVDSSDUHQWVHVWLQ GLTXpGDQVOHV$YLV7HFKQLTXHVSDUWLFXOLHUVDX[UHYrWHPHQWV HQWUDYDX[QHXIVRXGHUpIHFWLRQV /HV WRLWXUHV SHXYHQW rWUH SODWHV RX LQFOLQpHV HW OHV WHUUDVVHV VRQW LQDFFHVVLEOHV \ FRPSULV FKHPLQV GH FLUFXODWLRQ WHUUDVVHV HW ]RQHV WHFKQLTXHVH[FOXHV /HVSDQQHDX[5RFN8S%1XVRQWFROOpVjO ($&RXDXOLDQW),; 83 ,OVV HPSORLHQWFRPPHVXSSRUWGHUHYrWHPHQWG¶pWDQFKpLWpHQV\VWqPH DGKpUHQWSDUVRXGDJHjODIODPPHRXYHUWHHQDSSDUHQWRXVRXVXQH SURWHFWLRQORXUGHUDSSRUWpH 0LVHVXUOHPDUFKp /HVSURGXLWVUHOHYDQWGHODQRUPH1)(1VRQWVRXPLVSRXUOHXU PLVH VXU OH PDUFKp DX[ GLVSRVLWLRQV GH O¶DUUrWp GX IpYULHU SRUWDQW DSSOLFDWLRQ SRXU OHV SURGXLWV G¶LVRODWLRQ WKHUPLTXH PDQXIDFWX UpV SRXU OH EkWLPHQW GX GpFUHW Q GX MXLOOHW PRGLILp FRQFHUQDQWO¶DSWLWXGHjO¶HPSORLGHVSURGXLWVGHFRQVWUXFWLRQ ,GHQWLILFDWLRQ / pWLTXHWDJH GHV SDOHWWHV FRPSRUWH OH QRP FRPPHUFLDO OHV GLPHQ VLRQVODVXUIDFHODGDWHGHIDEULFDWLRQO¶XVLQHG¶RULJLQHOHQXPpURGH O¶$YLV7HFKQLTXHOHPDUTXDJH$&(50,HQFDVGHFHUWLILFDWLRQ 6HORQO¶pSDLVVHXUGHVSDQQHDX[ LOV Q¶RQW TX¶XQH VHXOH GHQVLWp PP ≤ pSDLVVHXU ≤ PP HW FRPSRUWHQWOHVXIIL[H©ª LOVRQWXQHGRXEOHGHQVLWpPP≤pSDLVVHXU≤PPHWFRP SRUWHQWOHVXIIL[H©ª /HVSURGXLWVPLVVXUOHPDUFKpSRUWHQWOHPDUTXDJH&(DFFRPSDJQp GHVLQIRUPDWLRQVYLVpHVSDUO¶DQQH[H=GHODQRUPH1)(1 $SWLWXGHjO HPSORL • 9LVjYLVGXIHXLQWpULHXUOHVGLVSRVLWLRQVUpJOHPHQWDLUHVjFRQVLGp UHU VRQW IRQFWLRQ GH OD GHVWLQDWLRQ GHV ORFDX[ GH OD QDWXUH HW GX FODVVHPHQWGHUpDFWLRQDXIHXGHO¶LVRODQWHWGHVRQVXSSRUW /HVSDQQHDX[5RFN8S%6RXGDEOHVRQWFODVVpV(XURFODVVH) 3UpYHQWLRQGHVDFFLGHQWVORUVGHODPLVHHQ°XYUHRXGH O HQWUHWLHQ (OOH SHXW rWUH QRUPDOHPHQW DVVXUpH &HSHQGDQW OD VXUIDFH GHV SDQ QHDX[5RFN8S%6RXGDEOHHVWJOLVVDQWHORUVTXHKXPLGH ,VRODWLRQWKHUPLTXH /H SDUDJUDSKH GX 'RVVLHU 7HFKQLTXH GRQQH OHV UpVLVWDQFHV WKHUPLTXHVGXSDQQHDXLVRODQWG¶pSDLVVHXUjPPFHUWLILpHVSDU O¶$&(50, SRXU O¶DQQpH ,O DSSDUWLHQGUD FHSHQGDQW j O¶XWLOLVDWHXU GHYpULILHUTXHOHV&HUWLILFDWV$&(50,VRQWWRXMRXUVYDOLGHVIDXWHGH TXRLLO\DXUDLWOLHXGHVHUHSRUWHUDX[5qJOHV7K8SRXUGpWHUPLQHUOD FRQGXFWLYLWp WKHUPLTXH GH O¶LVRODQW RX j OD FRQGXFWLYLWp WKHUPLTXH GpFODUpHλ'PDMRUpHGHFIOHIDVFLFXOHGHV5qJOHV7K8 3RXUOHVFRQVWUXFWLRQVQHXYHVTXLHQWUHQWGDQVOHFKDPSG¶DSSOLFDWLRQ GH OD 5pJOHPHQWDWLRQ 7KHUPLTXH OD SDURL GDQV ODTXHOOH HVW LQFRUSRUpH O¶LVRODQW VXSSRUW G¶pWDQFKpLWp 5RFN 8S % 6RXGDEOH GHYUD VDWLVIDLUH DX[ H[LJHQFHV GX WDEOHDX 9,,, GX IDVFLFXOH ©&RHIILFLHQW 8EkWªGHV5qJOHV7K8TXLGpILQLWOHFRHIILFLHQW8VXUIDFLTXHPD[L PXPDGPLVVLEOHSRXUODWRLWXUH $FFHVVLELOLWpGHODWRLWXUH /H5RFN8S%6RXGDEOHXWLOLVpFRPPHVXSSRUWG¶pWDQFKpLWpFRQYLHQW DYHF OHV GLVSRVLWLRQV SUpYXHV DX[ $YLV 7HFKQLTXHV SDUWLFXOLHUV DX[ UHYrWHPHQWV RX VHORQ OHV QRUPHV 1) 3 HW 1) 3 UpI '78 HW '78 DX[ WRLWXUHV LQDFFHVVLEOHV DYHF FKHPLQV GH FLUFXODWLRQ HQ FDV GH UHYrWHPHQW DSSDUHQW VHORQ OHV GLVSRVLWLRQV SUHVFULWHVGDQVOH'RVVLHU7HFKQLTXH (PSORLHQFOLPDWGHPRQWDJQH /HV SDQQHDX[ 5RFN 8S % 6RXGDEOH SHXYHQW rWUH HPSOR\pV HQ SDUWLH FRXUDQWHDVVRFLpjXQSRUWHQHLJHGDQVOHVFRQGLWLRQVSUpYXHVSDUOH *XLGHGHVWRLWXUHVHQFOLPDWGHPRQWDJH&DKLHUGX&67%GH VHSWHPEUHHWGHODQRUPH1)3UpI'78